Full text of Commercial and Financial Chronicle : May 18, 1918, Vol. 106, No. 2760

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
VOL. 106

Railway & Industrial Section
Bankers' Convention Section

_______

SA T U R D A Y, M A Y 18 1918

(fifava

PUBLISHED WEEKLY.

For Ono Y ea r................................................................................................... $10 00
F or Six M onths................................................................................................ 6 00
European Subscription (including postage)............................................. 13 00
European Subscription six months (including postago)........................ 7 50
Annual Subscription in London (including postago)............................ £ 2 14s.
Six Months Subscription in London (including postage)...................... £ 1 11s.
Canadian Subscription (including p o s ta g o ).............................................$ 1 1 50
S u b s c r i p t io n i n c l u d e s f o l l o w i n g S u p p l e m e n t s —

B ank and quotation (monthly) I it ait.w a y and industuial (3 times yearly)
R ailw ay E aknings (monthly)
E lecthio R ailw a y (3 times yearly)
S tate and City (semi-annually) | 1! annuls ’ Convention (yearly)

Standing Business Cards

-P er In ch S p a ce
20
00
211 0 0
no 0 0
. 87 00

Tw o Months
Three Months
Six Months

C hicago O ffice —39 South La Salle Street, Telephone Majestic7396.
L ondon Office —Edwards & Smith, 1 Drapers’Gardens, E. C.

W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
Front. Fine and Dcpoyster Sts., New York .
Published evory Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addressoss ol both, Office of tho Company.

CLEARIN G HOU SE RETURNS.
Tho following table, made up by telegraph, &c., indicates that tho total bank
clearings of all the clearing houses of the United States for tho week ending to-day
have been $6,731,715,869, against $6,474,243,365 last week and $5,700,046,287
the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending May 18.

Per
Cent.

1918.

1917.

$3,117,585,068
430,366,224
337,553,532
261,415,514
150,952,113
130,609,635
91,930,409
92,961,027
56,978,510
53,315,899
52,705,894

$2,673,138,177
433,802,535
295,429,063
192,657,054
117,900,812
118,172,277
79,532,577
00,842,078
54,750,177
36,680,128
33,707,890

+ 17.8
— 0.8
+ 14.3
+ 35.7
+ 28.0
+ 10.5
+ 15.0
+ 52.8
+ 4.1
+ 45.3
+ 56.1

$4,806,374,425
799,813,762

$1,090,798,768
075,011,207

+ 17.3
+ 18.5

S5,600,218,187
1,125,497,682

31,771,812,975
928,233,312

+ 17.5
+ 21.2

$6,731,715,869

$5,700,016,287

+ 18.1

The full details for tho week covered by tho above will be given next Saturday.
Wo cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence In tho abovo tho last day of tho week has to he In
all cases estimated, as we go to press Friday night.
Detailed figures for tho week ending May 11 follow:
Week ending May 11.
1918.

1917.

Inc. or
Dec.

1910,

1915.

$
$
%
$
$
+ 1.3 2,577,122,516 2,051,460,074
Now York-------- 3.510,362,896 3,456,625,412
100,393,497 350,230,291 + 12.4 229,158,532 117,748,870
Philadelphia----76,099,614 + 68.9
128,545,108
Pittsburgh..........
58,506,605
46,140,210
61,513,991
42,218,027 + 52.8
40,177,217
31,492,725
21,909,966
18,558,930 + 12.7
14,872,430
Buffalo_________
12,198,310
11,617,759 + 29.7
15.106,061
Washington------9,018,062
8,494,372
4,900,000
5,059,748 — 3.2
4,589,865
Albany_________
5,887,092
6,014,198
7,085,487
+ 7.1
Rochester..........
5,883,504
4,890,623
3,588,570
+ 0.3
3,600,000
Scranton.......... .
3.058,117
3,027,825
4,063,282
+
14.7
1,601,387
Syracuse............
3,111,395
3,027,579
3,011,019
+ 0.3
3,200,000
Reading........ .....
2.441,109
2,008,773
3,168,108
+ 7.8
3,416,605
Wilmington____
2,802,140
1,995,488
1,933,062
+
8.2
2,393,001
1,682,743
1,037,667
Wilkes-Barre___
3,550,180
+ 7.1
3,808,474
2,370,238
2,173,631
Wheeling_______
2,504,870 + 20.4
3,105,720
2,223,478
Trenton________
1,821,807
1,255,144
+
10.8
1,024,946
1,391,603
921,612
York. ................
2,120,191 + 24.2
2,633,435
2,070.238
Lancaster ..........
1,510,110
1,876,442 + 20.1
2,385,263
1,477,343
F rio ...... .............
1,044,288
1.124,300 — 19.8
903,819
930,900
Binghamton . . . .
799,000
710,180 + 76.3
1,252,089
900,000
Greonsburg____
839,711
1,373,086 + 24.6
1,711,388
Chester..............
1.175,525
728,202
690,422 + 13.3
Altoona .......... .
782,808
615,519
613,858
550.438 — 24.0
418.018
482.300
Montclair . . . . _
518,136
+ 4.0 2.066,060,954 2,334,705,819
Total Mlddlo. 1,188,392,029 4,004,586,473
Boston_________
Providence____
Hartford _ ------New Haven........
Springfield_____
Portland............
Worcester--------Fall R iver.........
New Bedford__
Lowell_________
Holyoke..............
Bangor................
Tot. New F,ng_

307,490,431
11,234,100
8,778,109
5,194,986
3,850,038
2,850,000
3,028,910
2,808,109
1,873,889
1,324,107
767,348
750.000
350,550,027

220,893,008 +39.2
9,180,800 + 22.4
8,976,512 — 2.2
5,000,000
+ 3.9
3,913,391 — 2.4
2,900,000 — 1.7
3,247,481 + 11.7
2,590,808
+ 8.4
1,899,636 — 13.7
+ 7.4
1,233,017
832,880 — 7.8
673.039 + 11.3
261,421.271 + 34.1

196,321,373 163,136,380
7,867,400
8,569,900
7,776,403
0,375,050
4,517,131
4,255,781
3,959,029
3,518,107
2,405,452
2,025,000
.3,025,698
3,082,233
1,506,898
1.412,074
1,426,299
1,070,216
1,052,780
979,402
839,818
743,606
718.038
439,238
232.776.9201 191.857.072
Note.— For Canadian clearings soo "Commercial and Miscellaneous News."




NO. 2760
Week ending May 11.

Clearings at—

T erm s o f S u b s c rip tio n — P a y a b le in A d v a n c e

T erm s o f A d v ertisin g

Electric Railway Section
State and City Section

Chicago________
Cincinnati_____
Cleveland______
Detroit . _____
Milwaukee____
Indianapolis___
Columbus______
T oledo_________
Peoria .......... .....
Grand Rapids__
D a y to n ________
Evansville_____
Ft. Wayne...........
Youngstown___
Springlfled, 111..
Rockford______
Akron__________
Lexington______
Canton_______
Quincy.............. ..
Bloomington__
South Bend__
Decatur________
Mansfield______
Springfield, O...
Danville..............
L im a ____
Jacksonville, 111.
Ann Arbor______
Adrian______
Owensboro___

1918.

1917.

Inc. or
Dec.

1916.

S

S

%

S

1915.

S

Lansing______
Tot .Mid .West.

502,120,514
61,319,216
79,558,138
53,792,616
27,732,886
13,602,000
10,301,200
10,348,986
5,600,000
5,142,512
3,919,788
4,590,779
1,398,343
3,275,872
2,205,249
2,121,137
5,480,000
800,000
2,807,044
1,496,710
1,550,920
1,526,069
1,187,125
1,076,885
1,143,216
031,443
1,013,282
506,471
344,468
78,701
1,000,000
1,050,000
808,880,930

501,795,905
39,844,300
66,744,451
54,901,770
25,301,723
14,588,057
10,491,000
11,270,402
5,500,000
4,893,910
3,387,618
3,357,882
1,510,349
3,537,987
2,088,762
1,643,523
5,290,000
510,511
3,S09,13G
1,100,479
1,20 4,963
1,100,000
839,710
913,256
1,178,068
589,131
829,092
402,745
407,621
129,373
581,805
1,233,301
774,189,881

— 0.5
+ 53.9
+ 19.2
— 2.0
+ 9.2
— 6.9
— 1.2
— 8.2
+ 1.8
+ 5.0
+ 15.7
+30.9
— 7.6
— 7.4
+ 9.9
+ 29.1
+ 3.6
+ 48.1
— 26.3
+33.3
+ 28.7
+38.7
+ 41.4
+ 10.9
— 3.0
+ 7.1
+ 22.2
+ 25.8
— 26.3
— 39.4
+ 71.9
— 14.8
+ 4.5

369,653,386
33,530,650
39,513,910
40,326,856
19,699,486
10,590,345
8,539,500
8,914,057
3,173,421
4,123,800
3,323,069
1,606,870
1,390,199
2,002,082
1,424,623
1,275,127
3,488,000
714,001
2,404,020
989,836
801,461
989,597
666,870
652,024
880,980
631,668
695,705
300,131
375,361
87,041
383,233
1,010,958
561,191,156

317,109,170
25,916,250
32,928,051
29,333,353
16,096,422
8,436,437
6,767,700
6,718,250
2,698,107
3,738,079
2,285,213
1,436,569
1,422,021
1,564,898
1,095,198
1,187,951
1,991,000
709,534
2,250,000
691,611
599,194
812,480
446,156
553,689
935,292
001,422
575,000
275,472
251,817
84,885
371,609
732,387
470,621,817

San Francisco__
Los Angeles____
Seattle_______
Portland_______
Salt Lake C ity ..
Spoknno________
Tacom a..............
Oakland........ .....
San Diego........ ..
Sacramento____
Pasadena_______
Fresno_________
Stockton _______
San Jose________
Yakim a________
R e n o __________
Long Beach........
Total Pacific..

114,043,599
27,918,000
35,550,893
21,517,777
12,439,196
8,100,000
4,405,338
6,974,269
1,972,636
3,790,744
1,170,SOI
1,970,029
1,725,738
927,534
827,670
610,000
1,050,000
245,654.314

90,151.731
30,145,000
20,584,033
17,675,152
12,727,594
0,500,000
2,994,638
5,3S9,650
2,456,094
2,755,974
1,339,193
1,636,295
1,526,153
808,805
068,989
600,352
736,585
198,696,238,

+ 27.2
— 7.3
+ 72.7
+ 21.9
— 2.3
+ 24.6
+ 47.1
+ 29.4
— 19.7
— 37.0
— 12.6
+ 20.4
+ 13.0
+ 14.7
+ 23.81
+ 1.6
+ 42.6
+ 23.6

63,372,832
25,224,315
15,381,700
13,217,994
8,399,304
5,164,100
2,397,981
4,199,055
3,257,209
2,376,950
1,018,084
1,116,267
1,373,996
763,928
470,948
431,330
700,521
148.S96.714

48,279,404
22,332,851
11,582,115
10,093,611
6,576,822
3,680,383
1,974,395
3,393,988
2.0S6.296
1,918,409
889,350
919,701
1,046,346
619,951
381,496
305,241
584,221
116,694,580

Kansas City___
Minneapolis___
Omaha_________
St. Paul________
Denver................
St. Joseph..........
Dos Moines........
Duluth_________
Sioux City_____
W ichita..............
L incoln.......... .
Davenport..........
T o p e k a .... .........
Cedar Rapids__
Waterloo............
Helena_________
Fargo__________
Colorado Springs.
Pueblo_________
Frem ont_______
Aberdeen............
Billings________
Hastings............
Tot. Oth. West

199,853,741
28,345,304
65,823,257
13,670,856
23,209,310
19,008,272
10,800,000
4,187,879
9,201,451
7,786,032
4,687,448
3,089,673
2,800,000
2,204,271
2,900,000
1,977,289
2,072,651
830,500
6S6.635
974,704
1,415,875
1,149,601
600,000
405,274,749

139,766,999
34,613,456
35,140,558!
14,336,389;
14,528,3581
17,215.2311
8.500.000
6,019,263
6,930,602
6,752,824
4,122,274
2,470,801
2,662,445
2,741,922
2.971.000
2,258,698
1,933,363
997,663
624,997
591,008
971,298
1,038,146
698,881
307,886,206

+ 41.6
— 18.1|
+ 87.3|

86,368.644'
23,848,900,
22,849,890
— 4 . 6 ,’
14,280,749
+ 59.8[
13,250,000!
+ 10.4
8,734,579!
+ 27.11
6,145,151
— 30.4'
4,086,959
+ 32.8
4,261,462
+ 15.4
4,307,422
+ 13.7
3,040,785
+ 25.1
1,48S,892
+ 5.3
1,692,863
— 19.6
1,673,505
— 2.4
2,090,028
— 12.4
1,429,606
+ 7.2
1,595,320
+ 16.7
867,191
+ 9.9
486,137
+ 64.8
475,298
+ 45.7
893,700
+ 10.7
761,378
— 14.1
345.771
+ 31.6 201,860,233

74,601,191
21,041,485
19,378,882
13,826,715
9,910,650
7,272,654
5,890,587
3,437,070
3,280,676
3,511,173
2,812,247
1,377,759
1,734,750
1,779,818
1,635,319
1,206,296
1,221,082
678,567
417,687
431,599
62S.631
496,932
243,046
176,817,816

St. Louis_______ 155,814,128 134,661,921
54,765,309
33,694,599
New Orleans___
Louisville.......... .
23.238,143
19,512,779
Houston. ______
13,184,102
11,238,410
Galveston_____
3,400,000
4,500,000
Richmond_____
45,412,101
24,496,701
Atlanta________
24,544,210
49,937,872
Fort Worth____
12,860,063
12,691,634
11,057,138
Memphis........ .
10,971,015
13,356,585
10,083,530
Nashville______
6,795,059
5,502,761
Savannah _____
5,617,291
N orfolk________
7,051,493
4,054,515
2.965,897
Birmingham___
Knoxville______
3,203,549
2,501,586
5,417,180
4,461,973
Jacksonville . . .
5,417,518
3,462,715
Chattanooga___
2,590,790
Augusta ..............
2,060,979
4,000,000
Little R ock____
3,173,515
2,300,000
1,914,632
Charleston_____
8,588,881
7,015,841
Oklahoma_____
1,481,234
M obile_________
1,300,000
1,500,000
1,122,896
Macon ............ ..
2,000,000
Austin........ .......
1,918,593
372,879
291,100
Vicksburg______
589,284
425,000
Jackson.... .........
11,183,822
7,579.061
T ulsa.......... .......
2,636,066
1,473,766
M uskogee_____
D a lla s ........... .
11,857,729
20,770,657
2,476.918
1,671,578
Shreveport____
Total Southern 475,485,310 352,740,841
Total all.......... 6,474,213,365 5,899,520,910
Outside N. Y . 2"963,8007469 2.442.895.498

+ 15.7
96,869,721
79,665,402
+ 62.5
23,865,598
16,428,475
+ 19.1
14,954,126
17,767,710
+ 17.3
9,011,593
7,830,636
— 24.4
4,618,853
3,608,652
+ 85.4
16,837,267
9,738,680
+ 103.5
16,904,278
13,061,743
+ 1.3
7,688,606
8,291,757
+ 0.8
7,429,214
6,439,340
+ 32.5
1,660,234
6,282,086
+ 23.5
5,468,584
3,924,141
+25.5
4,506,040
3,688,881
+ 36.7
2,627,500
2,416,781
+ 28.1
1,599,961
2,178,350
+ 21.4
3,291,061
4,405,594
4-56.5
2,949,061
2,112,070
1,570,642
+ 25.7
1,792,570
+ 26.1
2,492,2341
1,874,439
+ 20.2
2,099,483
1,644,917
+ 22.4
3,556,952
2,862,508
1,143,812
+ 13.9
967,762
3,494,096
+ 33.7
2,499,044
+ 2.6
2,400,000
2,463,402
+ 27.8
236,235
253,501
+ 38.6
501,271
432,230
+ 47.6
2,923,437
1,367,735
+ 78.9
1,174,684
630.S95
+ 75.2
7,287,080
+ 48.2
...............
________
+ 34.8 258,549,800 200,911,068
+ 9.7 4,375,335,777 3,491,608,172
+ 21.3 1.798,213.261 1,440,048,09$

3046

THE CHRONICLE

THE FINANCIAL SITUATION.
The stock market has continued its upward course
the present week, in even more pronounced fashion
than last week. In numerous instances the advances
in prices have been much more spectacular than those
of the previous week. The pace has been fast and
furious. In not a few cases prices have been carried
up to dizzy heights, recovering in two weeks the
losses of the last two years. Reactions have fol­
lowed and have been wholesome and healthy. Trad­
ing has been steadily growing in volume, yesterday
having been the seventh successive full day (Satur­
day is always a half-holiday) on which aggregate
transactions exceeded 1,000,000 shares per day.
Indeed, the latter part of the week, there was one
day when the dealings came nearer 2,000,000 shares
than 1,000,000 shares, aggregate sales on Thursday
having been 1,747,600 shares, though yesterday
(Friday) they got down to 1,096,862 shares again.
The question whether in some few or even in
numerous cases, the rise has not been carried beyond
the limit of prudence is not so important as the cir­
cumstance that during the last two weeks there has
come a complete revival of confidence. Previously
there had been a steady decline in values, continuing
with greater or smaller interruptions for a year and
a half— barring the spurt upward at the very close
of 1917 (occasioned by Government assumption of
the control of the railroads) and continuing into the
new year— with violent declines on numerous
occasions, the aggregate shrinkage reaching huge
dimensions. The sudden change now, when least
expected, is not only welcome, but significant. It
seemed for a long time as if the country’s entry into
the war and the consequent necessity of Government
borrowing on an unparalleled scale, had so altered
standards of values that market prices of securities
were doomed indefinitely to a downward course.
No point of depression seemed too low; and confi­
dence not only kept waning, but appeared to be
altogether gone. It is now evident that some value
is left in securities, even taking the very worst view
of things; and hope is again reviving.
Confidence grows upon what it feeds; and the im­
provement already recorded is apparently harbinger
of further improvement to come. Gloomy views
are being relegated to the dead past and brighter
visions once more find acceptance. It is well that
this should be so. The altered tone will be of great
service in financing the gigantic needs of the coun­
try in connection with the war. The new Third
Liberty 4 ^ s have been about the only weak feature
this week in a rising security market, the bonds hav­
ing dropped to 97.52 and closing yesterday at 97.84.
But that indicates nothing except that with the
Government borrowing in billions, the supply tem­
porarily exceeds the demand, and that with the pros­
pect of future loans impending, the credit of the
Government at the moment is not extablished on a
basis. In the meantime, the advance in gen­
eral prices on the Stock Exchange cannot fail to
have a beneficial effect, even on the Government bond
market, and after the temporary selling pressure has
been removed, market values of Government bonds
should also respond to the tonic effect of Stock Ex­
change improvement.
One of the stimulating events of the week, giving
new life and vigor to the upward movement of prices,
has been the announcement, contained in the daily



[Vol. 106 .

papers Tuesday morning, that the advisers of the
Director-General of Railroads had recommended an
advance in freight and passenger rates of very sub­
stantial proportions. An advance of not less than
25% , it was estimated, would be necessary. This
had a quickening effect and railroad shares responded
with an advance of several points all around, in­
dustrial properties for the time being yielding prece­
dence in that respect to the railroad shares, though
later the industrial list again took the lead in a still
more pronounced rise.
Some critics profess inability to see why an ad­
vance in traffic rates should exert any influence upon
the value of railroad shares, keeing that the increased
rates will not swell the treasuries of the different
companies but will go into the coffers of the Govern­
ment, the rental to be paid to the companies being
based entirely upon past income and being wholly in­
dependent of the rates that may be charged during
the period of Government control. It is true that
the companies will receive no greater compensation
from the Government for the use of their property
even if rates are raised as contemplated. But that
point has reference merely to the immediate present.
In its larger aspects the proposed increase in rates
is of the utmost importance to the shareholders of the
roads. The Wage Commission appointed by the
Director-General of Railroads has just recommended
a huge all-around increase in wages estimated to add
$300,000,000 to the annual pay-roll of the carriers.
At the same time fuel, materials and supplies are all
on a substantially higher basis than twelve months
ago. Even without these added outlays railroad
operating costs have been steadily rising for several
years. And yet the Inter-State Commerce Com­
mission denied authority to the carriers to put
in effect higher schedules of rates, such advances as
were actually permitted being isolated and trifling,
and very grudgingly granted.
If now under the further great advance in wages
and the other increases in operating cost the Govern­
ment should undertake to administer the railroads
for a longer or shorter period without seeking an
offset in the shape of higher rates, then, when after
the ending of the period of Government control the
properties were returned to their owners the latter
would get them back under conditions that would
mean practical bankruptcy under private manage­
ment. In that contingency, the companies would
find themselves saddled with permanently higher
pay rolls and with the same difficultly in obtaining
recompense through increased rates as during the
period before control was yielded up to the Govern­
ment.
That grave menace against the solvency of the
entire railroad system of the country will be avoided
if rates are now advanced in a substantial manner
as proposed. Under the proposed increase the prop­
erties when returned to their owners will be on a
paying basis. The Inter-State Commerce Commis­
sion may again evince a disposition to treat the car­
riers in the old fashion and engage in attempts to
revise rates downward, but the process will now be
difficult where before the mere say-so of the Com­
mission was deemed sufficient in public estimation.
Manifestly if the higher level of rates is necessary
during the period of Government control, it will be
hard to find plausible ground for lowering the level
under private management when all the main elements
making for higher operating costs remain in force.

M ay 18 1918.]

THE CHRONICLE

This explains why the contemplated advance in
rates was greeted with such enthusiasm on the Stock
Exchange and was followed by a large and general
advance in prices throughout the railroad list. The
step affords assurance that the railroad properties
will have a future ahead of them, when Government
control ends, a thing which until this week's an­
nouncement appeared in grave doubt. We observe
a disposition in certain quarters to question whether
there is really any need for any
such
large and general advance in rates as is now sug­
gested. A moment’s consideration will show that
the necessity for higher rates is extremely urgent
and that it must be of very considerable propor­
tions. Take the question of railroad wages alone.
In the report of Mr. M cA doo’s Wage Commission
there is a table going to show the prodigious ad­
vances in wages already made during 1916 and 1917
and the further increases now to be made upon the
recommendation of the Commission. Taking the
number of men employed at the end of 1917 it is
found that on the basis of the wages prevailing
during the year ending June 30 1915 the payroll of
the carriers would have been §1,611,567,384; on the
basis of the wages prevailing in 1917 this same
number of men actually earned 81,917,4.19,220,
while on the basis of the wages recommended by
the Wage Commission the pay roll will be no less
than 82,205,432,938. Here therefore is an increase
of $593,865,554 or 36.85%.
As the advances in
rates thus far granted have been of very limited
extent, applicable only on special classes of freight,
and reaching merely a meagre total in the aggre­
gate, a general increase now of 25% cannot be
regarded as any too large. If it errs it is in being
too small, considering how prices of fuel, materials,
and supplies have risen in addition to wages.
But even if this were not so, this is no time for
splitting hairs. To say that unified control in
Government hands should offer the possibility of
important savings and economies is to invite con­
sideration of trivial matters at a time when the
carriers are threatened with an avalanch that may
at any time engulf them in destruction. Petty
means of that kind were always employed in the
arguments adduced before the Commerce Com­
mission when the carriers petitioned for an advance
in rates and that body, unfortunately, was only too
ready to yield to the same. It was this narrow and
short-sighted policy of the Commission that reduced
the carriers to such a state that when the country’s
dire need came with the declaration of war against
Germany the roads found themselves unable to cope
with the extra burdens imposed upon them. Public
sentiment will not tolerate trifling of that nature on
the present occasion. This is a time for wholesouled action in a whole-souled way.
Gold production in the Transvaal, while at a
little greater per diem than in all earlier months of
1918, showed some decline from all months in 1917
except December, and furnished a smaller output
than for the corresponding period of preceding
years back to and including 1915. It is evident,
therefore, without specific advices to that effect,
either that heavy rainfall was still a more or less
potent factor in holding down production, or that
the quantity or efficiency of labor or both was below
normal. This is predicated on the assumption that
there has been no appreciable decline in the quality



2047

of the ore mined. Briefly, the average daily yield
of the mines for April was 23,903 fine ounces, giving
a total of 717,099 fine ounces for the month, this
comparing with 24,759 fine ounces and 742,778 fine
ounces in 1917 and 25,156 fine ounces and 754,672
fine ounces in 1916. For the four months the out­
put reaches a total well below last year, 2,787,321
fine ounces contrasting with 3,033,827 fine ounces
and there is a falling off of 305,101 fine ounces from
the four months of 1916.
Building constructions returns for the United
States for the month of April 1918 reflect, as did the
statements for preceding periods of the current
calendar year, the decided lack of activity in building
operations throughout the country, outside of those
carried on for account of the Government. It must
always be borne in mind, however, that war construc­
tion work for the Government is of very large
magnitude. Quite recently it was announced that
11 million square feet of storage warehouse floor
space was to be immediately erected in this vicinity
as a part of the war program. Indicating the
magnitude of this undertaking and the effect it
will have upon the available supplies of building
materials and their prices, the Dow Service Daily
Building Reports recalls that the Equitable Building,
known as the largest structure of its kind in the
world, contains barely 5,000,000 square feet of
space. Carrying the comparison further for the
purpose of illustrating what a factor the demand for
building material by the Government has been in
the movement of prices, the same authority cites
that in a single cantonment 30 million feet of lumber,
10 carloads of nails, a car of wire screening, 1,557,997
feet of electric wiring, 191,565 feet of water supply
pipe, &c., &c., were used, and it required 2,903
freight cars to haul materials such as brick, cement,
plaster blocks, &c., needed in the basic construction.
There are now, it is stated, eighteen of these can­
tonments; some of them much larger than the one
referred to above, and with these largely completed,
excepting for some extensions here and there, ware­
house and storage space for food and supplies is
now engaging official attention, and the construction
program for the Treasury and Interior Departments,
it is stated, still remains to be taken up. Meanwhile,
no official orders have been received in the local
district to curtail building operations, but from
patriotic motives very few projects except those
having a direct bearing upon war time necessities
are being proceeded with, although much alteration
work is being carried on.
As regards ordinary building operations, we note
that the outlay comtemplated under the permits
issued at 166 cities of the country in April falls very
much below last year. Specifically, the total esti­
mated expenditure for these 166 cities reaches only
$52,667,358, against $85,876,756 in April 1917 and
$97,401,207 in 1916. Greater New York’s prospec­
tive expenditure is but $6,506,814, against $10,184,­
287 and $17,378,493 with all boroughs except Booklyn sharing in the decrease from a year ago, and for
the 165 outside cities the total at $46,160,544
contrasts with $75,692,469 and $80,062,714, respect­
ively. Among the larger cities reporting notable
losses are Chicago, Boston, Philadelphia, Kansas
City, Denver, San Francisco, St. Louis, Minneapolis,
Los Angeles, Richmond, Newark, Pittsburgh, De­
troit, Cincinnati, Indianapolis and Toledo. Among

2048

THE CHRONICLE

those showing conspicuous gains are St. Paul,
Seattle, Washington, Baltimore, Oakland and Day­
ton.
For the four months of 1918 the aggregates of all
sections exhibit more or less striking losses from 1917.
Twenty-five New England cities report a decrease
of 183^2 million dollars, 39 in the middle group,
exclusive of Greater New York, a decline of 2334
millions and 29 in the Middle West a falling off
of 50 millions, 18 millions of which at Chicago and
11 millions at Detroit. The South (32 cities)
makes a better ’showing than elsewhere, but even
at that the falling off is 534 millions. Inactivity
at Los Angeles is the special feature of the exhibit
made by the 15 Pacific Coast cities, where a combined
drop of 7 millions is disclosed. The “ Other Western”
section of 25 cities reports a falling off of some 634
millions. In all for the 165 cities outside of Greater
New York we have for the four months an aggregate
of $131,533,771 against $241,985,064 a year ago
and $244,363,953 in 1916, and including New York’s
totals of $21,247,913 and $45,214,124 and $57,912,­
675, respectively, the exhibit for the whole country
stands at $152,781,684, against $287,209,188 a year
ago and $302,276,628 in 1916.
Building operations continue to cut an unimportant
figure in the activities of the Dominion of Canada.
This is denoted by the fact that for 26 Eastern cities
the April building permits call for an outlay of only
$2,424,500, against $2,842,917 in 1917 and for 17
Western localities the respective totals are - but
$614,696 and $425,814. For the four months the
aggregate for the 39 cities is $7,769,524 ($5,400,286
East and $2,369,238 West), against $8,746,270 in
1917 and some 30 millions in 1914.
Too great significance, as an indication of a pos­
sibility of early peace negotiations is, we believe,
being attached to the statement made in the House
of Commons on Thursday by the British Secretary
of Foreign Affairs, Mr. Balfour. The Secretary
declared explicitly that “ if any representatives of
any belligerent country desire seriously to lay
before us any proposals, we are ready to listen to
them.” This is no development of a new position
so far as Britain is concerned. Obviously the
Secretary must have seen a necessity for reiterating
it if for no other reason than to check the propaganda
of mischief-making pacifists at home. Any other
policy would merely be playing the game of the
Prussians who are so insidiously endeavoring to
divide the Allies and who are in this work being so
actively aided by the so-called pacificts. The oc­
casion for Mr. Balfour’s address was the recently
published letter of Emperor Charles to Prince
Sixtus of Bourbon which on the surface seemed to
have offered a direct avenue for peace on acceptable
terms. The speaker took particular pains to ex­
plain why the contents of the letter had not been
communicated to President Wilson at the time it
was received. Mr. Balfour said that the American
Government was at that time no better informed
regarding the letter in question than he was' him­
self (he being in the United States at the time),
but if anyone supposed that on that account he had
ever shown any want of confidence in the Govern­
ment or President of the United States he was
under a complete delusion. He had no secrets
from President Wilson. Every thought he had
on the war or the diplomacy connected with the



[Vol. 306.

war was as open to President Wilson as to any
other human being. He did not think it possible
for Great Britain and the United States to carry
on the great work in which they were engaged, or
to deal with the complicated day to day problem
without complete confidence and so far as he was
concerned complete confidence would always be
given. Mr. Balfour in his explanations was replying
to formal questions submitted by Walter Runciman,
former President of the British Board of Trade.
We give his remarks at length on a subsequent page.
The view that the Sixtus letter was a genuine
effort for peace and that it was dispatched by
Emperor Charles without the knowledge of the
Kaiser is not borne out by developments at the
conferences which have been held this week at the
German great headquarters. An official French
telegram quotes by way of Zurich the Berlin news­
papers as indicating that the agreement made at
the conference between the Emperors appears to
have concerned three points:
1. The duration of the alliance was fixed for
twenty-five years.
2. Germany and Austria are to sign a military
convention imposing upon each much stricter
military obligations than did the preceding treaty.
3. The economic relations will be regulated so as
to realize the plan of Mitteleuropa.
The dispatch adds that the conference dealt with
an agreement purely in theory and principle whose
practical realization would necessitate further negoti­
ation. “ It is enough on the other hand,” said the
dispatch, “ to read the Austrian semi-official note
published upon the subject of the interview to realize
that Vienna will desire at the same time to lull
the mistrust of the Entente and the suspicions of
the non-Germans of the Dual Monarchy, while
dwelling upon the defensive character of the agree­
ment and declaring with a certain hypocrisy that
this cannot be in opposition to the ideas of the
sovereignty of nations. It is the old manoeuvre.
To appreciate the worth of such statements one only
has to observe that in the same note it is affirmed
that the Central Empires were attacked. This
gross lie shows the character *of this document.”
At the conference Germany agreed to the solution of
the Polish question desired by Austria on condition
that Austria concluded a fifteen year convention.
It is reported from Vienna that complete union
between Austria-Hungary and Poland may shortly
be expected. Another dispatch declares that the
Austro-German alliance is fixed for twenty years
and that it includes a military convention and
provides for the closest economic and customs rela­
tions. However, the most reasonable view of the
news is that thus far only preliminary negotiations
for such an agreement have been completed and
that important legislation, finally, will be involved.
The enemy has not yet been able to resume his
drive in Flanders and Picardy— a feature which
seems to bear the interpretation that his losses were
so severe as to make a complete reorganization of
his plans for offensive necessary. The official re­
ports from the Allied authorities show|that prepar­
ations of a most comprehensive character are being
made to throw back the renewed assaults whenever
they finally arc made. All military authorities
acknowledge that the drive to the Channel ports or

M ay 18 1918.]

THE CHRONICLE

to Paris must be completed or the German military
machine must concede defeat. American gunners
have been at work in the general bombardments that
have been going on. A number of patrol engagements
have taken place during the week in this sector, but they
do not appear at any point to have merited designa­
tion as battles. North of Kemmol where the Germans
on Tuesday gained a footing on Hill 44, the position
was recovered late in the week by the persistent
counterattacks of the French, who succeeded in
expelling the enemy from the shell holes along the
slopes to which he had been tenaciously clinging.
N ot alone were the Germans forced to recede, but
the French advanced their lines and took some
prisoners.
Another satisfying feature has been the activity
on the Italian front where the Italians have con­
ducted a strong offensive, especially on the Asiago
Plateau east of the Brenta River. The AustroGerman troops instead of launching their long
expected assaults on the Italian line have been com­
pelled to fight to their utmost to maintain the
positions occupied since last November. General
Foch is in command of the general operation of the
Italians as well as the British, French and Americans
and seems to be timing the Italian movement for
its effect in the Western theatre of military activity.
The Italian operations appear to have centred on
the comparatively small section of the battle line
between Monte Asalone and Monte Pertica. These
two heights, about three miles apart, rise to an
altitude of about 3,000 feet, while between them is
a sort of “ saddle” on which the enemy forces have
taken up strong positions. Both the Vienna and
Rome official statements tell of heavy fighting on
this particular front, Rome announcing that Italian
troops have entered Austrian trenches on Monte
Asalone. In addition, the Italians have success­
fully conducted a daring raid on the Austrian naval
base at Pola during which an Austrian battleship of
20,000 tons is reported to have been torpedoed and
destroyed. The Italian naval forces were aided
in their operations by the co-operation of an aerial
squadron.
A dispatch from London by way of Ottawa
on Sunday contained the announcement from
the War Committee of the British Cabinet that “ So
confident was the Entente of its ability to with­
stand any drive the Germans can launch that it has
been decided not to use the American army until it
becomes a complete and powerful force.” This
news was a great surprise to our own authorities at
Washington, who have been responding so liberally
to the urgent requests that American troops be sent
across the Atlantic as rapidly as possible. Inquiry
developed the fact that a misinterpretation of the
message had occurred and that no such decision to
keep our troops off the firing line had been arrived
at. It is gratifying to learn that the Government of
India has decided to recruit at once more than 500,000
men. The Provincial Governments have reaffirmed
resolutions of loyalty passed at the Delhi confer­
ence, promising all possible aid.
The British Admiralty will next week publish its
monthly statement of losses to mercantile shipping
through mines and torpedoes during the four-week
period which has elapsed since the publication of the
weekly statements was suspended. There is a wide­
spread disposition to expect a favorable showing



2049

when the statement does in fact appear. Some idea
of its character may be deduced from an official
French statement of Georges Leygues, French
Minister of Marine, before the Naval Committee of
the Chamber of Deputies, declaring that the German
submarine campaign is declining and that the Ger­
man Government is aware of the fact, but has made
great efforts to conceal it. He said that the situ­
ation was most favorable, and that the number of
submarines sunk in the first three months of 1918
through Allied measures was greater than the number
built by the enemy. The Minister referred to the
statement made in the Reichstag on April 18 by
Vice-Admiral von Cappelle, German Minister of
Marine, in which he said that 600,000 tons of Allied
shipping were sunk monthly. The figure, the
French Minister] said, was incorrect. It was
reached in the past in April, May and June of 1917.
But in July it declined, and in November it had
fallen below 400,000 and had since diminished con­
tinuously. In February, March and April 3,723
French steamers and 788 French sailing vessels passed
through the danger zone where a few months ago
losses by torpedoings had been very heavy. Not
a single ship was sunk during those months. The
favoring results were due to the methodical character
of the war against submarines; through the close
co-ordination of the Allied navy; to the intrepidity
and spirit animating the officers and crews of the
aerial squadrons and through the intensification
of the use of old methods and the employment of
new ones.
M . Duval, who was director of the suppressed
Germanophile newspaper, “ Bonnet Rouge,” was
condemned to death at Paris on Wednesday by court
martial for treason. The six other defendants were
sentenced to imprisonment for terms ranging from
two to ten years. Every decision of the court
martial ivas voted unanimously. Former Premier
Joseph Caillaux, however, who is reputed to be the
brains of the whole “ defeatist” propaganda, and who
is alleged to have had illegal relations with Germany
even when he was Premier and Minister of the
Interior at the time of the Agadir crisis in 1911,
remains to be tried. Caillaux was taken into court
on Tuesday from his prison cell to testify in the
treason trials growing out of the “ Bonnet Rouge”
affair. He attempted to make an eloquent speech
for effect upon his own trial, but was admonished by
the presiding officer to confine his remarks within
proper limits.
Financial London has had a very quiet week.
The tone of the markets continues firm and high
grade securities are reported by cable correspon­
dents to be scarce. For the war bonds, the shorter
maturities are in demand though sales of the current
issue are not at present on an encouraging scale.
London appears to be giving a favoring interpreta­
tion to the war news. The success of the American
war loan has also created a good impression and
suggestions are being made in the city that the
American plan of preceding each large loan by the
sale of short term certificates to banks should be
imitated. The British war bond sales have been
checked temporarily by the Man Power Bill, but
another rush campaign is pending. The London
correspondent of the “ Evening Post” cables the
assurance that “ Wall Street may safely accept the

2050

THE CHRONICLE

conclusion that such political developments as the
Irish quarrel and the Maurice letter have no sig­
nificance of a weakening of the whole country’s
determination to back the war. It is greater than
ever in financial London and elsewhere.” Specu­
lative interest during the week has centred largely
in tin shares; industrial issues as a whole were firm
and in some instances active. Rubber securities
were heavy owing to the unsatisfactory outlook for
the industry. Japanese bonds also are in demand
another £260,000 of the sterling issues having been
canceled. Brazilian securities were stronger in
sympathy with the rise in Rio exchange. Shipping
shares also were firm. The London Stock Exchange
will be closed to-morrow (Saturday) and on Monday
for the Whitsuntide holidays.
The British Chancellor, Andrew Bonar Law, an­
nounced in the House of Commons on Wednesday
that savings certificates and the 4 % and 5% war
bonds which the Bank of England is issuing produced
£619,000,000 from Oct. 1 1917 to April 1 1918.
There had been a recent falling off in subscriptions,
he added, but he was considering steps for a stimu­
lation of the campaign, and was not in the least de­
spondent over the prospects of obtaining the monej^
required in this way. The Chancellor insisted there
would be no change in the new duties. Sir Albert
H. Stanley, introducing the Board of Trade estimates
in the House of Commons on Thursday, declared that
British imports this year would not represent more
than half those of 1913, and that the imports of 1917
were only about two-thirds of those of the year pre­
ceding the outbreak of the war.

[Vol. 106.

incurred £16,789,000, against £9,717,000 last week.
Advances totaled £7,982,000, in comparison with
£15,000,000 a week ago. Treasury bills outstand­
ing now stand at £972,850,000. This compares with
£958,135,000 the week before. The Treasury bal­
ances aggregate £14,305,000, as against £14,853,000
in the preceding week.

Trading in securities on the Paris Bourse remains
quiet and without sign of weakness, according to the
brief cable reports received daily from that centre.
Reports that the tax on luxuries was to be abolished
has been disproved by a statement issued by the
Ministry of Finance expressing satisfaction at the
results achieved despite the fact that many persons
anticipated payments for goods in order to avoid the
tax, while others postponed the payments hoping that
the tax would be repealed. The new tax provides for
10% assessment on luxuries. It produced nearly
15,000,000 francs in the first month in which it was
enforced, the month including the Easter holidays,
when business always is expected to be dull. It is
intimated that municipal hog-raising in Paris on a
large scale may result from the war. This has been
proposed as a remedy for the lack of food and the
superabundance of rotting waste.
The proposal
contemplates municipal markets for the sale of fresh
pork, eliminating middlemen’s profits and providing
competition against dealers who, notwithstanding
all efforts to control retail prices, have found means
of steadily pushing up profits. It is estimated that
the gross revenue from the enterprise would be 100,­
000,000 francs a year, all of which would be nearly
clear gain for the city. An agreement has been
The official report of bond sales for the week end­ signed between the French and Turkish Governments
ing M ay 11 registers a total through the banks of for the repatriation of French and Turkish civilians.
£9,214,000, which compares with £9,114,000 for
It was asserted by a Socialist member of the Ger­
the week preceding. The post offices for the week
of M ay 4 sold £448,000, bringing their total up to man Reichstag on Wednesday in a debate on the
£28,136,000. The preceding week’s record by the appropriations for the Imperial Economic Depart­
post offices was £511,000. Sales of certificates dur­ ment that four-fifths of the textile industries of
ing the week of M ay 4 totaled £2,729,000, making Germany were completely paralyzed and that the
the aggregate indebtedness under this head £191,­ position of the idle textile workers was rapidly
799,000. The sharp decline in recent sales sug­ growing desperate. The speaker demanded that
gests that a reduction of interest rates offered by the adequate provision be made for them so as to keep
banks on deposits will become necessary. Some be­ skilled textile workers in readiness for a resump­
lieve that such a measure already is overdue, in order tion of the industries after the war. At present,
he said, they were being compelled to accept menial
to drive deposits into war bonds.
The British revenue statement for the week ended employment from the authorities at starvation
M ay 11, made a somewhat poorer showing, there wages. The speaker also complained that attempts
having been a marked decline in revenues while were being made by a small group of capitalists,
expenditures were slightly expanded. Treasury bills with the knowledge of the Government, to monopo­
outstanding were increased by more than £75 - lize the cellulose industry which promised to be
000,000. The amount of Treasury bills sold re­ extremely important in the future. He attacked
corded a falling off for the week, though they were Dr. Karl Helfferich, formerly Vice-Chancellor, on
considerably in excess of those repaid. The week’s the ground of having a mania for creating syndicates
expenses were £57,460,000 (against £55,178,000 which were fatal to industries and calculated es­
for the week ending M ay 4), while the total outflow, pecially to ruin the textile industry. The Prussian
including repayment of Treasury bills and other Lower House has rejected a motion to restore the
items, amounted to £121,244,000, comparing with provisions for equal suffrage in the franchise reform
£144,236,000 the week before. Repayments of bill, the vote being 236 to 185. The vote was on
Treasury bills totaled £57,320,000, against £82,­ paragraph 3 of the bill which was the most impor­
870,000 last week. Receipts from all sources tant part of the Prussian franchise measure, pro­
amounted to £120,696,000, in contrast with £141,­ viding as it does for one vote for each man in Prus­
530,000 the week preceding. Of this total, revenues sia, thus prohibiting plural voting as well as
contributed only £9,276,000. A week ago the total giving universal male suffrage. This paragraph
was £15,015,000. Issues of Treasury bills were was omitted from the measure in committee a fort­
£72,099,000, which compares with £87,287,000 night ago. It is reported that Premier von Ilertling
in the preceding week; war savings certificates were of Prussia was empowered by the Kaiser to dissolve
£1,400,000, against £1,000,000, and other debts the Prussian Diet in case they refused to pass the




M ay 18 1918.]

THE CHRONICLE

3051

bill. Advices from Berlin state that it is evident grad and Norway; 63^% in Sweden, and 4 }^ % in
that the German Government does not intend to Switzerland, Holland and Spain. In London the
come to any decision regarding the dissolution of private bank rate continues to be quoted at 32^%
the Prussian Diet until the suffrage bill returns for sixty days and 3 9-16% for ninety days. Call
from the Upper House three weeks hence. The money in London remains at 2J^%. So far as we
Lower House has adjourned until June 4.
have been able to ascertain, no reports have been re­
Advices by way of Amsterdam state that Ger­ ceived by cable of open market rates at other Euro­
many’s new taxation proposals embrace some pean centres.
remarkable features. The Imperial Exchequer has
The Bank of England’s weekly statement records
just published details of no fewer than 11 financial
measures by which Imperial taxation is to be in­ an increase in its gold item of £342,684. Note cir­
creased by $750,000,000. The new taxes on drink culation was expanded £294,000; hence there was a
take in everything with the exception of water and small gain in total reserve, namely £49,000. The
coffee substitutes. They apply also to exchange proportion of reserve to liabilities declined to 17.22%,
and certain business transactions, luxuries and war against 18.18% last week and 20.42% a year ago.
profits, while postal rates are increased. The There were increases shown in deposits, notably
proposals are said to have their amusing side. Beer, £3,884,000 in public deposits, and £5,690,000 in
for instance, is to be more highly taxed, while the other deposits, while Government securities gained
general complaint is that beer cannot be had as a £1,445,000. Loans (other securities) registered an
rule. The spirit monopoly is to bring in more than expansion of £5,690,000. The English Bank’s gold
$150,000,000, though practically no spirits is drunk. holdings now stand at £61,708,187. This compares
The ta'x on coffee and tea is to be raised, though with £54,840,779 in 1917 and £60,093,847 the year
Reserves aggregate £30,181,000, as
none can be bought. Such fruitful sources of revenue preceding.
as large incomes, fortunes and inheritances are against £34,776,284 a year ago and £43,872,882 in
apparently left untouched. The “ Frankfurter Zei- 1916. Loans total £105,552,000. At this date last
tung” is quoted by cable as contrasting very un­ year the amount was £108,231,263 and in 1916 £79,­
favorably the German system of financing the war 879,276. Clearings through the London banks for
with the British system. It says the latter is the week were £392,970,000, as compared with
based on a wide distribution of the burdens of £384,900,000 a week ago. Our special correspondent
taxation and rests on a much sounder foundation is no longer able to give details by cable of the gold
than the German financial policy, which is character­ movement into and out of the Bank for the Bank
ized by private egoism, petty fear of taxation, week, inasmuch as the Bank has discontinued such re­
particularism and dilettantism. The paper con­ ports. We append a tabular statement of comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
cludes that the self-sacrificing heroism of the British
1918.
1917.
1916.
1915.
1914.
M a y 15.
M a y 16.
M a y 17.
M a y 19.
M a y 20.
£
£
£
£
£
taxpayer and the farseeing statesmanship of the
Circulation.-........... 49,976,000 38,511,495 34,670,965 34,002,225 28,675,800
British Government ought to be an example and Public deposits------ 41,457,000 52,995,952 60,654,066 130,382,328 19.508,861
Other deposits------- 133,820,000 117,226,143 78,583,336 94,624,846 39,456,130
stimulus to Germany. The London “ Times” on Govern’t securities. 57,316,000 44,963,406 33,187,474 51,043,491 11,046,570
Other securities___ 105,552,000 108,231,263 79,879,276 145,533,540 39,891,345
Tuesday published extracts from a speech made by Res’vo notes & coin. 30,181,000 34,776,284 43,872,882 46,154,709 25,720,735
Coin and b ullion ... 61,708,187 54,810,779 60,093,847 61,706,934 35,946,535
Professor von Schulze-Gaevernitz, a well-known Proportion of res’ve
to liabilities........
17.20%
20.42%
31.51%
20.50%
43.60%
5%
5%
5%
5%
3%
German economist, delivered in last week’s Reichs­ Bank rate................
tag debate on the organization of the German trade
The Bank of France in its weekly statement shows
offensive after the war. The Professor argued that in a further increase in its gold item this week. The
order to raise the value of German securities and' gain is 579,700 francs, bringing the total gold hold­
to
replenish
stocks of raw materials it is ings up to 5,380,979,700 francs, of which 2,037,108,­
necessary since no considerable influx of foreign 484 francs are held abroad. The total at this time
loans was in prospect to promote export trade. last year was 5,264,419,586 francs (1,948,706,126
“ Immediately after the war,” he said, “ we shall have francs being held abroad and 3,315,713,459 francs in
to re-establish our export capacity on higher levels
vault), and in 1916 4,722,897,510 francs (all in
than before the war since we shall more than ever
vault). Silver this week was increased by 420,000
need imports. First and foremost the export of francs. Treasury deposits recorded an advance of
goods of high value must be promoted. The task
42,591,000 francs. Bills discounted declined 80,­
of promoting exports is confronted with the menace
405,000 francs, advances decreased 6,077,000 francs
of serious impediments. I do not attach tragic
and general deposits fell off 34,070,000 francs. Notes
importance to the threatened economic war after the in circulation were contracted to the extent of 7 ­
war. The hunger for goods will overcome every
808,000 francs. The total of notes now outstanding
other consideration. Goods will be bought wherever
is 26,676,068,000 francs. This compares with 19,­
they arc to be found. A more serious danger in my
344,045,330 francs last year and 15,445,556,185francs
opinion is the spirit of economic nationalism that has
in 1917. On July 30 1914 the period just preceding
got abroad, especially in England. But graver still
the outbreak of the war, the amount was 6,683,184,­
in view of the universal demand is the universal
785 francs. Comparisons of the various items with
scarcity of raw materials. We have no choice,
the statement of last week and corresponding dates
therefore, but to secure for ourselves considerable in 1917 and 1916 are as follows:
colonies capable of supplying us with raw materials.
BANK OF FRANCE’S COMPARATIVE STATEMENT.
C h a n g e s ----------- Status as o f ------------As an additional expedient we shall conclude treaties
fo r W eek .
M a y 16 1918. M a y 17 1917. M a y 18 1916.
H oldings —
F rancs.
Fran cs.
Fran cs.
Francs
providing for a supply of raw materials on the model InCold
Franco.............. Inc.
579.700 3,343,871,216 3,315,713,459 4,722,897,510
of the peace treaties with Rumania and the Ukraine.” Abroad.................... No change. 2,037,108,434 1,948,700,126 ____________
No change has been noted in official discount rates
at leading European centres from 5 % in London,
Paris, Berlin, Vienna and Copenhagen; 6 % in Petro-




T o ta l.................. Inc.
579,700 5,380,979,700 6,264,419,586 4,722,897,510
Silver...................... Inc.
420,000
256,244,000
257,232.035
354,268,558
Bills discounted...Dec. 80,405,000 2,169,831,000
483,355,743
422 418 158
Advances------------- Dec. 6,077,000 1,005,S03,615 1,142,724,689 1,218,551,687
Noto circulation...Dec. 7.S08.000 26,676,068,000 19,344,045,330 15,445,556,185
Treasury deposits..Inc. 42,591,000
89,553,000
67,838,673
106.034 603
General deposits...D ec. 34,070,000 3,060,254,000 2,511,567,148 1,995,536 319

2052

THE CHRONICLE

This week's statement of the Imperial Bank of
Germany, issued as of M ay 7, shows the following
changes: Total coin and bullion increased 159,000
marks; gold expanded 193,000 marks; Treasury
notes were increased 7,350,000 marks; notes of other
banks gained 1,443,000 marks; bills discounted de­
clined 310,200,000 marks; advances decreased 2,640,­
000 marks; investments advanced 2,708,000 marks;
other securities were reduced 76,357,000 marks; notes
in circulation decreased 18,461,000 marks; deposits
showed a contraction of 198,061,000 marks, while
other liabilities declined 161,015,000 marks. The
German Bank’s stock of gold on hand is reported at
2,344,186,000 marks, as against 2,532,920,000 marks
in 1917 and 2,462,000,000 marks the year before.
Last week’s statement of New York associated
banks and trust companies, issued on Saturday,
made a more favorable showing and registered a
substantial increase in both aggregate and surplus
reserves— a feature which may be attributed largely
to the heavy initial payments on Liberty Loan sub­
scriptions, resulting in a great increase in Govern­
ment deposits; these rose during the week from
$294,696,000 to $524,874,000. Loans were likewise
substantially increased, viz., $97,749,000. Net de­
mand deposits, however, showed the unusually large
reduction of $144,313,000, to $3,643,578,000 (Gov­
ernment deposits of $524,874,000 deducted). Net
time deposits declined $4,873,000. Cash in own
vaults (members of the Federal Reserve bank) in­
creased $2,475,000, to $108,041,000 (not counted as
reserve). Reserves in the Federal Reserve bank of
member banks expanded $46,470,000, to $562,112,­
000. The reserve in the vaults of State banks and
trust companies increased $220,000, to $17,546,000,
but reserves in other depositaries for account of
State banks and trust companies declined $72,000,
to $7,891,000. Aggregate reserves were expanded
by $46,618,000, and now total $587,549,000, com­
paring with $763,194,000, the amount held in 1917.
The increase in surplus amounted to no less than
$65,608,150, in part owing to a reduction in reserve
required of $18,990,150. This brought the total of
excess reserves up to $102,807,730, and once again
across the $100,000,000 mark. These figures are on
the basis of only 13% reserves for member banks of
the Federal Reserve system (but not counting $108,­
041,000 cash in vaults held by these banks), and
compare with $147,199,000 at the same time last
year, on the basis of 18% reserves, including cash in
vault of member banks. The bank statement in
fuller detail is given in a subsequent section of the
*‘Chronicle.”
In the general money situation conditions remain
substantially as they were a week ago. Time com­
mitments are confined to early maturities, which
require somewhat higher rates. Some arrange­
ments for instance have been concluded for thirty
and sixty day funds at 6 % , comparing with
5 % % last week. For later dates whatever business
has been transacted has, speaking broadly, repre­
sented renewals. Stock Exchange houses have ex­
perienced slight if any relief from conditions which
have existed for two months or more, whereby
they have been confined to demand loans to pro­
vide accommodation for Exchange transactions.
The position has been aggravated of course by the
renewal of activity in Stock Exchange business



[Vol. 106,

and a number of houses are known to have refused
large buying orders because of their inability to
secure funds on a permanent basis, considering the
risk of having their loans called without opportunity
to transfer them to fixed channels as too great to
justify taking the business. A feature of the week
has been the posting in the Exchange of a separate
rate for all-industrial securities as collateral for call
Loans. This of course is no direct change in actual
practice and is merely official recognition of what
has heretofore been the rule. It has been the cus­
tom for brokers desiring call loans on all-industrial
collateral to pay an extra Y of 1% above the re­
newal call money rate. Referring to reports that
the dissolution of the money market committee
is being considered, now that the Third Liberty
Loan has been marketed successfully, it may be
stated that there is no such intention. The policy
will be the same of continuing the organization in
force as a matter of safeguard in order that it may be
called together at any time. There will most likely
be some relaxation as to the meetings which until
another new loan becomes necessary will possibly
be held only when specifically called by the chairman.
After the M ay 28 installment of the loan and the
payment of income and similar taxes by the middle
of June it is possible that money market affairs
may take on a much easier position. Figures are
not available as yet as to the proportion of the new
loan which has been paid for in full but unofficial
statements from Washington declare that the pro­
portion is large and that it is expected to be still
further increased when the next installment pay­
ment becomes due.
Dealing with specific rates for money, call loans
this week again ranged at 3 @ 6 % , the same as last
week. Monday 4 YY7o was the high with 3 % the
low and 4 % the rate for renewals. On Tuesday the
maximum was 5 % , while the low was 4 % , which
was also the rate for renewals. Wednesday, 4 %
was again the minimum and ruling rate, though the
high advanced to 6% . Thursday’s range was 5 Yz@
6 % and 5 Y i% the renewal basis. On Friday,
renewals were made at 5 Y t% ’> the highest was 6% ,
and 5% low. In time money the situation remains
about unchanged. The tone was firm with no
increase in the supply of loanable funds noted, and
6% continues to be the bid rate for all maturities
from thirty days to six months. A few trades were
made for thirty and sixty days at this figure, but
practically no business was done for longer periods.
Last week some loans were made for thirty days at
5 J/2@ 5% . At the corresponding date in 1917, sixty
and ninety day funds were quoted at 4 ) ^ @ 4 ^ % , and
four, five and six months at 4 % @ 5 % .
Commercial paper rates remain as heretofore at
5 % @ 6 % for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice character.
Names less well known still require 6 @ 6 Y % - A
fair degree of activity was shown, although there
was a falling off in the supply of offerings.
Banks’ and bankers’ acceptances were more
active than for quite some time. A number of
institutions were in the market as buyers and brokers
predict a decidedly broader market in the early
future. It is stated that there will be another large
amount of acceptance bills drawn against the Cuban
sugar credit arrangement in the course of a few days.
Bills thus far drawn approximate $7,000,000, and
it is understood that about $20,000,000 will be taken

M ay 18 1918.]

THE CHRONICLE

during the next two or three weeks. Members of
the banking syndicate that agreed to finance the
Cuban sugar crop, were notified that they would
have to advance another $4,000,000 on Friday
(yesterday). This will make the second call, the
first having been for $10,000,000. Of the funds to
be raised on the present call, 30% will be loaned on
promissory notes and the balance used to purchase
acceptances. Rates continued firm, and practically
unchanged. Quotations in detail for leading classes
of bills for spot delivery, as well as for delivery
within thirty days, are as follows:
------ Spot

D elivery -----Thirty
D a y s.
4%@4*-& 4 A @ 4

D elivery
within
30 D a ys.
4 A bid

N in ety Sixty
D a y s. D a ys.

Eligible bills ol member banks------- 4 % @ 4 %
Eligible bills of non-member bks._4 % ,@ 4 As 4As& 4A 4 % @ 4 %
Ineligible bills_____ _______ _____ 5 A & 4 A
5A @ 4A 5A @ 4A

4% bid
6
bid

No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve
banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in
the following:

San F ra n cisco.

K a n sa s City.

4
4A
4A

4A
4A
4A

5

5

5

5A 5

4

4

4A

4A

4
4
4
4
4
4
4
4
4
4
4A 4 A 4A 4 A 4 A 4 A 4 A 4 A 4 A 4 A

A tla n ta .

a
3
«

D a lla s.

4
4A
4A

Ch icago.

4
4A
4A

Cleveland.

B oston.

3

N ew Y ork .

CLASSES
OF
D IS C O U N T S A N D L O A N S

P h ilad elph ia.

DISCOUNT RATES OP FEDERAL RESERVE BANKS.

2053

at 4 7545 @ 4 75)4, cable transfers at 4 7645 @
4 76 7-16 and sixty days at 4 7 2 )4 @ 4 72)4* On
Monday trading was quiet, with the volume of
business transacted small; rates were not changed
from 4 7545@4 75)4 for demand, 4 7645@4 76 7-16
for cable transfers and 4 72 )4 @ 4 72)4 for sixty
days. No new feature of moment developed on
Tuesday and quotations continued upon the levels
of the previous day. Wednesday’s market for
sterling exchange was dull and narrow, although
the undertone remained firm, with all classes of
bills ruling unchanged. Dulness was still the most
prominent feature on Thursday; whatever business
passed was put through at the pegged rates which
prevailed the whole week. The granting of another
substantial credit by Washington this week to Britain
was an additional factor in the prevailing inaction,
since this so largely obviates the necessity for the
use of exchange. On Friday the market was steady
and still unchanged. Closing quotations were4 72)4
@ 4 72J4 for sixty days, 4 7547)4@ 4 75)4 for demand
and 4 7645@4 76 7-16 for cable transfers. Com­
mercial sight bills finished at 4 75 )4 @ 4 7534, sixty
days at 4 7 1 )4 @ 4 71 )4, ninety days at 4 70@ 4 70)4,
documents for payment (sixty days) at 4 71)4@
4 71)4, and seven-day grain bills at 4 7 4 )4 @ 4 74)4Cotton and grain for payment closed at 4 7 5 )4 @
4 75)4.

D iscounts —

Within 15days, lncl. member
banks’ collateral notes . . .
16 to 60 days’ maturity . . _
61 to 90 days’ maturity _ _ _
Agricultural and Uve-stock
paper ovor 90 days--------Secured by U. 3. certificates
of Indebtedness or Lib­
erty Loan bonds—
Within 15 days. Including
member banks’ collat­
eral notes............. .........
16 to 90 days’ maturity.. .
Trade Acceptances —

4A
4a
4A

4

!\

4
4A

4A

5

5A

4

4

4A
4A

4A

5

4
4A
4A

4
4A

5A

LA

5

5 A 5A

5

4
4A
4A

1 to 60 days' maturity........ 4 A 4 A 4 A 4 A 4 A 4 A 4K 4 A 4 A 4 A 4 A 4 h a
61 to 90 days’ maturity------- 4 A 4 A 4 A 4 A 4 A 4 A 4 A 4 A 4 A 4 A 4 A 4 A
• Rate ol 3 to 4 H % for 1-day discounts in connection with the loan operations
ot tlie Government.
a 15 days and under 4% .
N ote 1. Acceptances purchased In open market, minimum rate 4% .
N ote 2 . Rates lor commodity paper have boon merged with those for commercial
paper of corresponding maturities.
N ote 3. In case tho 60-day trade acceptance rato Is higher than the 15-day dis­
count rate, trade acceptances maturing within 15 days will be taken at tho lower rate.
N ote 4. Whenever application Is made by member banks for renewal of 15-day
paper, tho Federal Rcscrvo banks may charge a rate not exceeding that for 90-day
paper of tho samo class.

In sterling exchange the situation requires no
extended comment, as it remains as arbitrary as
ever. Credits which are granted periodically to our
allies render exchange operations almost unneces­
sary from the official standpoint. Announcement
was made on Tuesday that the Treasury had ex­
tended an additional credit of $200,000,000 to Great
Britain, $100,000,000 to France and $100,000,000
to Italy, and $3,000,000 to Serbia, making the
total loans granted to the Allies to date, $5,766,­
850,000. The new credits are expected to care for
the expenditures of Great Britain, France and
Italy in the United States until the beginning of
June. New York funds at Montreal are again com­
manding a high premium, $20 per $1,000 having been
paid early in the week, though at the close the rate was
$14 75. It is considered probable that with the
opening up of navigation and the movement of grain
abroad some plan of co-operation between Mon­
treal and New York will be reached for rectifying
this unnatural situation.
Regarding quotations in greater detail, sterling
exchange on Saturday as compared with Friday of a
week'ago, ruled firm with demand bills again quoted



A firmer and more confident tone developed in
the Continental exchanges and quotations at nearly
all centres were well maintained. Encouragement
over the latest developments in the war situation
was held mainly responsible for the better feel­
ing. The outstanding feature of the week’s oper­
ations has once more been the movements in Ital­
ian exchange, which attracted attention during
the earlier part of the week by establishing another
new low record in the rate for lire. Sight bills
dropped to as low as 9 08, mainly on selling by
•Italian bankers. Later there was a partial rally,
but this was followed by a renewal of weakness,
until announcement was received from Washington
of the granting by the United States Government
of an additional $100,000,000 credit to Italy. This
exercised a strengthening influence and the quota­
tion recovered to 8 99. Francs showed increased
firmness and a slight net advance for the week was
recorded. Russian exchange remains deadlocked
at the nominal figures now prevailing. No dealings
are being put through in German and Austrian
exchange and quotations for reichsmarks and kronen
are no longer obtainable. The unofficial check
rate at London on Paris finished at 27.15, as
compared with 27.25)4 last week. In New York
sight bills on the French centre closed at 5 71)4,
against 5 71)4; cables at 5 69)4, against 5 69)4;
commercial sight at 5 71)4, against 5 72)4, and com­
mercial sixty days at 5 77)4, against 5 77)4 the
week previous. Lire finished at 9 03 for bankers’
sight bills and 9 02 for cables. This compares with
9 02 and 9 01 a week ago. Rubles continue to be
quoted at 14 for checks and 15 for cables. Greek
exchange remains without change from 5 13)4 for
checks and 5 12)4 for cables.
So far as the neutral exchanges are concerned,
transactions were featured by a further sharp rise
in Swiss francs to 3 95 for checks. This represents
another new high level in the current movement.
The situation remains substantially the same and,

THE CHRONICLE

2054

as explained in these columns last week, the prevail­
ing strength in this exchange is sympathetic with the
conditions in the European markets. Guilders
continue to rule strong, with additional fractional
advances recorded. The Scandinavian exchanges
did not share to so marked an extent in the current
firmness as exchange on other neutral countries.
Quotations showed a slightly easier tendency in the
initial dealings, although a firmer tone developed
before the close. Pesetas were steady, and without
important change. Bankers’ sight on Amsterdam
closed at 50% , against 48% ; cables at 51, against
48% ; commercial sight at 50 7-16, against 48 7-16,
and commercial sixty days at 50 5-16, against
48 5-16 last week. Swiss exchange finished at
3 95 for bankers’ sight and 3 90 for cables. A
week ago the close was 4 15 and 4 11, respectively.
Copenhagen checks closed at 30% and cables 31% ,
against 31 and 31% . Checks on Sweden finished
at 34% and cables at 35, against 33% and 33% ,
while checks on Norway closed at 31.60 and cables
31.90, against 31% and 31% . Spanish pesetas
finished at 28 for checks and 28% for cables, as con­
trasted with 27.80 and 28.05 in the preceding week.
As regards South American quotations, the check
rate on Argentina is now 45.14 and cables 45.24,
against 45.58 and 45.68. For Brazil the rate for
checks has advanced to 25.48 and for cables is 25.58,
against 25.28 and 25.38 a week ago. The Chilian
rate has remained at 15% , and Peru at 55%.- Far
Eastern rates are as follows: Hong Kong, 75.50@
75.60, against 75% @ 75.85; Shanghai, 108%@109
(unchanged); Yokohama, 52.10@52.30, against 52.25
@ 52.35; Manila, 4 9 % @ 5 0 (unchanged); Singapore,
5 6 % @ 5 6 % (unchanged), and Bombay, 36% @ 37
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,832,000 net in cash as a result of the cur­
rency movements for the week ending M ay 17.
Their receipts from the interior have aggregated
$7,439,000, while the shipments have reached $3,­
607,000. Adding the Sub-Treasury and Federal Re­
serve operations and the gold exports, which to­
gether occasioned a loss of $75,591,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $71,759,000, as follows:
W eek ending M a y

17.

Banks’ Interior m ovom ent--............
Sub-Treasury anti Federal Reserve
operations and gold exports_____
T o ta l__________ ________ _______

In to
Banks.

N et Change in
Bank H old in gs.

Out o f
Banks.

$7,439,000

$3,607,000 Gain $3,832,000

35,823,000

111,414,000 [loss 75,591,000

543,262,0001 $115,021,000 ll.oss S71,750,000

The following table indicates the amount of bullion
in the principal European banks:
M ay

16 1918.

M ay

17 1917.

Banks o f
Gold.

England-.
Francea..
Gcrmany.
Russia * ..
Aus-IIun c
Spain___
Italy------Netherl’ds
Nat.Bel.h
Swltz’land
Sweden . .
Denmark.
N orw ay-.

Silver.

T otal.

Gold.

Silver.

|

T otal.

£
£
£
£
£
£
54,840,779
61,708,187
61,708,187 54,840,779
133,754,848 ld,200,6o6 143,954,848 132,628,538 10",280',666 142,908,538
118,164,650 8,629,500 126,794,150 126,654,850 1,087,300 127,742,150
129,650,000 12.375.000 142.025.000 147,659,000 12.109.000 159,768,000
11,008,000 2.289.000 13,297,000 17.600.000 4.280.000 21,880,000
81.589.000 28.436.000 110.025.000 55.878.000 29.991.000 85.869.000
33.455.000 3.195.000 36.650.000 34.273.000 2.656.000 36.929.000
580,100 50,249,100
610,900 60,763,900 49.669.000
60.153.000
15.380.000
600,000 15.980.000
600,000 15.980.000 15.380.000
15.070.000 13,691,500
15.070.000
13,691,500
14.321.000
10.727.000
14.321.000 10.727.000
10.269.000
' 136',666 10.405.000 9.121.000
‘ m'.OOO 9.253.000
6,734,000
6,734,000 7.170.000
7.170.000

Tot .week. 691,256,685 66,471,400 757,728,085 675,292,667 61,715,400 737,008,067
Prev.week 690,992,454 66,343,650 757,336,104 674,070,089 62.098,100 736,174,189
a Gold holdings of the Bank of France this year are exclusive of £81,484,340
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 those given by "British Board or Trade Journal” for Dec. 7
1917; figures for 1917 estimated on the basis of the Dec. 7 1917 totals,
h August 6 1914 In both years.




[Vol. 106.

THE PARTITION OF EASTERN EUROPE.
Dispatches from Europe describing this week’s
conference of the German and Austrian Emperors
at the German Staff Headquarters, quote German
newspapers as declaring that the conference selected
monarchs for the newly created independent States
of Lithuania, Courland, Esthonia and Poland.
Whether true or not, these reports are much in line
with the recent dispatches from Finland stating
positively that negotiations were under way for
placing a younger son of the Kaiser on the throne
of that now independent country.
They have been supplemented by statements in
some detail regarding a proposed Austro-German
alliance for a period of twenty years, providing for
joint military pledges and for close economic rela­
tions; also by a very definite intimation from the
Kaiser himself that the little State of Lithuania
with its two million population will, in return for
Germany’s political protection, be expected to
“ participate in the military burdens of Germany.”
This, the Lithuanians are themselves quoted as
saying, would have to mean contributions either of
money or of supplies or of men for the German army;
and, since this exhausted State has neither money
nor supplies to give, it must mean men. As to
what Germany is doing in the Ukraine by way of
forcible commandeering of foodstuffs, and in central
Russia by way of political coercion and insistence
of complete disarmament, that is already an old
story.
Whatever else may be thought of this new chap­
ter in the war, it is plain that it opens up novel and
important considerations. In purpose and circum­
stance, the policy thus pursued obviously has two
aspects— the political and the economic. Politically,
it represents an attempt by Germany to gain in
Eastern and Southeastern Europe what she may
have to lose in Central and Western Europe, either
in territory or in sphere of influence. It is a plan
for the building up from the Baltic to the Black
Sea and the Adriatic of a virtual federated empire
under the complete domination of Germany— with
all that this would involve in the future political
history of Europe.
Economically, it seems clear that the attempted
grasp at the raw materials and productive resources
of this chain of States (including Austria, Turkey
and the Balkan countries, and not excepting Ru­
mania, on whom the severest economic conditions
have been imposed by the recent treaty) is suggested
primarily by Germany’s own belief that the muchdiscussed “ economic boycott” after peace by the
present Entente countries will be an accomplished
fact. Nothing has been more remarkable than the
fact that, while Allied statesmen and business men
have been cautious and highly non-committal,
and sometimes actually hostile, in their references
to such a program, German statesmen like Dr.
Helfferich and German men of affairs like Ballin,
have accepted it as a strong probability. Hence,
undoubtedly, one motive for the close economic
pact between these Eastern States, to Germany’s
absolute personal advantage, for the period after
war.
What bearing, then, have these extraordinary
developments on the war itself and on the social,
political and economic future? They inevitably
bring to recollection the later political achievements

M ay 18 1918.]

THE CHRONICLE

of Napoleon Bonaparte, with which on the surface
the analogy is singularly close. Following his
crushing victories of 1805 over Austria and Prussia,
the new reconstruction of Europe in the interests
of the French Empire began with the naming of his
brother Louis Bonaparte as King of Holland in
June of 1806. In December 1806, by virtue of a
treaty between France and Saxony, the Elector of
the last-named country was created King, and in
1807 the Duchy of Warsaw, of which Prussia had
been deprived, was given to this new sovereign.
Simultaneously, the territory torn from Prussia
beyond the Elbe, including Hesse-Cassel, was created
into the so-called Kingdom of Westphalia, and
another brother, Jerome Bonaparte, was made its
sovereign in August 1807. In June 1808, the
Spanish king and his heir having been forced to
abdicate, Napoleon made his brother Joseph king
of that country, and two months later proclaimed
his brother-in-law Murat the King of Naples. In all
these changes not the slightest pretense was made of
consulting the wishes of the people; the policy was
carried so much further that in 1809 Napoleon
annexed the Papal States to France, and in 1810
formally annexed Holland to his Empire.
What the longer result of this procedure was in
the Napoleonic period, history tells us. To the
world at large it embodied a military and political
career of dazzling brilliancy. The rulers whose
territory was thus alienated submitted sullenly; but
the people never submitted. During a few years,
Napoleon even carried out the policy intimated by
Emperor William in his reminder to Lithuania, and
when Russia was invaded in 1812 a great part of
Napoleon’s army was made up of subjects of these
conquered states. But the outcome was the uprising
of all Europe against the conqueror, and his downfall.
Yet even after the final overthrow of Napoleon, the
crowned heads of Europe and their ministers, in
conference at Vienna, proceeded to parcel out Europe
anew to another set of favored sovereigns. Popular
aspirations and popular rights were as little regarded
as they had been by Napoleon except where (as with
Prussia) the State was strong enough to make its
own stipulations. It was fully thirty years before
the people rose effectively against this autocratic
tyranny.The first comment which most experienced people
will make on Germany’s present-day effort to
duplicate Napoleon’s program is that it challenges
what is undoubtedly the sentiment of modern society.
Political events and political consciousness have
moved very far along the road since 1809, or 1815,
or even 1848. The Berlin program is so violently
reactionary, it avows so shamelessly the right of
kings to parcel out people and to name rulers for
independent States, that its success would mark
reversion, not to the status quo before the war but
to the political ideas and concessions of 100 or 150
years ago. If there is such a thing as solidarity
in modern society and in modern thinking, the
permanent success of such an achievement would be
inconceivable.
But what is to stop it? . This question is un­
doubtedly being asked by the German military
cabal. The German newspapers themselves are
beginning to answer it. One of the most outspoken
Imperialist papers of South Germany has lately
said that “ we have learned in the last four years
that only reality rules in diplomacy and that the



2055

words of the polished language of the court decide
neither friendship nor equity, peace nor war.”
Other newspapers, chiefly from the opposition,
point out that the economic pact is bound to break
on the financial side, notably because Austria has
individually a far greater interest in economic
affiliation with her present antagonists than with
her present allies.
The larger question of doubt rests with the cam­
paign of the Western front. What Germany is
seizing in the East, she can retain only by virtue
of a treaty with the Entente countries. If things go
wrong for Germany in the West, she will have to
reckon, not only with her western enemies, but with
her own people and with the angry and discontented
populations of the Eastern States on which she has
imposed her yoke. In any case, a permanent
German Empire of this sort, founded on force, on
breach of treaty agreements, and on absolute denial
of popular rights, would be so great an anomaly in
twentieth century civilization that it could hardly
mean anything less than a continued era of interna­
tional conflict.
It is not easy for the human mind to recognize
such a possibility. But the question must still be
tried out on the main battlefront. It would
be interesting to know how much of the spirit of
increasing hope and confidence, voiced with such
unexpected emphasis on the stock market of the
fortnight past, had its origin in a growing belief
that Germany’s Western campaign is destined to
utter and complete failure.

THE FIFTY-FIFTY SCHEME OF

TAXATION.

The question of a new revenue bill may be settled
now, or it may be deferred to November. But
whether at the present session, or later, the proposed
fifty-fifty division between tax-revenues and bonds
must be settled if we are to preserve even the sem­
blance of business stability in this country.
I f it is deferred until after the election it will have
a partial determination by the voice of the people.
This it has never had; this it should have. Who
was it authorized M r. Claude Kitchin or M r. Secre­
tary M cAdoo, as alleged, or any one in Congress, or
out of it, to say that half the cost of this war, as it
proceeds, should be paid by direct taxes levied
annually? Does anyone believe that business can
stand up under such an increasing burden?
Make the people pay. D on’t burden the next
generation (and certainly there is ground for this in
ethics and economics in normal times), don’t mort­
gage the labor of the unborn, don't bequeath a debt
to the children of the country, as a principle of
national finance. Bonds will ultimately fall into
the hands of the rich, and the people will be the
slaves of the “ bloated bondholders.” Must a man
be legally benefited against his will, must he be
given a legacy of public improvements for which he
must pay, and have no choice (being unborn) as
to whether he wants the improvements? Economy
in government is the watchword. Let the people
own the proceeds of their toil and enterprise and
bequeath them to those who follow. Let these
build what they will and pay as they go. All such
is part of a half truth.
But who talks of economy now? Who is asking
that war expenditures be stinted because they cost
too much money? Why drag in this old half truth
to do duty now when it is generally accepted that

2056

THE CHRONICLE

‘ Sve are in it, we must win it” at any cost in men ancl
m oney? It is superlative nonsense to say the least
of it. In other times the antipathy to bond issues
did have a basis in economy of governmental admin­
istration and in the right of each generation to regu­
late its own affairs and its rate of progress. But
that day is dead. It is proposed to bequeath some­
thing better than economy to the next generation.
Even liberty to live and prosper, freed from auto­
cratic rule. And in the dizzy dance of billions to
accomplish that end, for which the Secretary calls
and M r. Claude Kitchin votes (and we enter no
protest to this), for the reason that the war must be
won, we are pouring out money in such staggering
amounts that the rankest pacifist has forgotten the
meaning of economy.
But, while “ reason holds her sway in this dis­
tracted globe” what citizen can say that business
can go on, impeded as it is by all the other inter­
ferences of war, and produce revenue according to
these demands? Is there a rational person who
believes that “ business,” taken as a whole, can
function in war-time to produce an equal volume?
Is it not gradually diminishing (as a whole), despite
war profits, and essential industries, and war de­
mands? And as it diminishes does it not lose the
ability to pay taxes? And does anyone believe that
this diminishing volume is not an inverse ratio to the
mounting ratio of costs of this war? What sane
man then can believe that it is possible for a “ busi­
ness” retrograding from a normal peace level to pay
half the costs of war as they proceed, as they increase
in ratio, as against the taxes “ before the war,” with­
out sapping its life and strength, without increasing
its death rate, without in fact, confiscating it in part,
and in many individual cases in whole? Why then
lay these enormous taxes on this shredded theory of
no bonds and no debts? Why set this arbitrary
fifty-fifty program, that has no reason, justice,
utility, or expediency in it? Why fifty-fifty under
any circumstances? What financier or economist
ever set such a measure?
How does the mathematical genius of any Con­
gressional leader arrive at this “ golden mean,” this
most happy division, this fair and impartial tax
rate? As to Representative Kitchin, is he not the
man who boasted that he would “ vote with his eyes
shut” ? But can he think with his brain shut?
Clearly and unmistakably it is shown that we are
paying a greater ratio of war costs now in direct
taxes than any other country. Why increase this
still further? It is a cooked-up conclusion that the
people ought to pay down out of their pockets half
the cost of the war, though we send seven millions
of men to France instead of two or three, half, no
matter what the cost may yet be. Curious— and
shall we say it, typically Congressional?
Why not try to arrange a tax schedule according
to what “ business,” industry, toil, whatever you
please to denominate the united and complete pro­
ductive capacity of a people, can afford to pay, and
still function, still produce in highest measure the
actual things we need? There is something sinister
about this “ fifty-fifty divvy” anyhow. It sounds
too fair— and many a time and oft on the Rialto it
conceals a fraud. Certainly Congress would not
camouflage the people— and yet if all the obligations
accompanying our war means are estimated in their
potentiality this fifty-fifty of current appropri­
ations will fall far short of an equal division of



[Vol . 106 .

possible costs. What about future sinking funds,
interest, pensions, claims for damages, insurance,
losses in conflict, wastage through unavoidable mis­
takes (let us charitably put the airplane fiasco in this
category) possible railway deficits, any and all con­
tingencies not now forseen, why not create a fund
for these, year by year, and lay a direct tax to meet
them? This would be a true fifty-fifty division?
Let us have done with this foolish conclusion, as­
sumption, or whatever it is. There is no sound
reason why there should be an attempt to observe
this ratio. There are insurmountable reasons against
it. And we are proceeding blindly when we allow
such a vagrant policy to creep into and influence
consideration of these momentous and far-reaching
problems.
M r. Kitchin would wait. He is a bit canny in
some things. There is an election coming. It
might not be well to go “ before the people” with this
issue tossed on the troubled waters of discussion.
He is convinced that fifty-fifty is right, and he is of
the belief that even excess profits taxes, reaching
sixty per cent in some cases now, should be doubled,
if necessary, or so it is asserted, he believes and
declares. But he would wait until after the elec­
tion. Mr. Kitchin is a leader in the Democratic
Party— he is not a grub, a glow-worm, a phoshporesccnt gleam in the swamps of the ancient do-nothing
policies of his party— he is a bright and shining
light. And he would wait— a more opportune time.
W hy? If fifty-fifty is the quintescence of right,
justice, and democracy, why wait?
There is no sacred ratio. Direct taxes are enor­
mous now. Many of the schedules arc unjust as
they exist. There is no reason why the industry
and thrift of this generation should be made to pay
an unjust, an inequitable portion of the burden of
the war to carry out the theory of a fifty-fifty
division; accumulated wealth, the hard-earned for­
tunes of the past, are already sacrificed on the
altar of country. Bonds there are, bonds there will
be— bonds and still more bonds in the future. And
the people are subscribing to these credits, and will
do so. Shall we then proceed to “ double” these
direct taxes regardless of the effect upon our in­
dustries and our actual production and power to
produce? If there is #to be an increase
in the
amount to be raised by taxes let that amount be
reached by wisdom with reference to our current
ability to pay and continue to live that we may
work, and to do business that we may produce,
— all to the end that we shall continue to grow
stronger in the prosecution of a war, the mission of
which is liberty, equality, and fraternity throughout
the' earth.

THE SECOND RED CROSS WEEK.
By proclamation of the President, the week May 20
to M ay 27 has been set apart as Red Cross week,
that the American people may contribute another
hundred million dollars to this beneficent work.
There is no doubt that the amount will be sub­
scribed .
One can scarcely find words in which to commend
this humanitarian organization, now upon a mag­
nificent business basis and embracing the whole world
in its healing and helpful touch. If we witness upon
the one hand the direst calamity that has ever^bcfallcn mankind, it is a melancholy pleasure to know
that this sanctified service follows close in its wake.

M ay 18 1918.]

THE CHRONICLE

And while it cannot properly be characterized as
man’s second thought, in its ethical and charitable
nature it is certainly his better thought. Knowing
no race, creed or country, it visits a suffering world
with that divine compassion which once made the
blind to see and the lame to walk out of a love that
knew no bounds and asked no rewards.
In the ordinary course of our pulsing, eager and
ambitious life, as a people, we set aside sums from
our tax-revenues for the support and maintenance of
institutions devoted to the care and uplifting of the
very poor, the unfortunate and the afflicted, and we
regard it as the smallest part of a common duty.
Sometimes, it may be, we forget, and grow a little
careless of the individual responsibility, in this col­
lective action. If it should be so, this Red Cross
work is opportunity to correct this attitude and dispel
this apathy. It is not enough that organized charity
and benevolence exist under State forms; on each is
laid the command to help some one, somewhere.
What more urgent appeal, what more favorable
opportunity, what more worthy cause, than the war
work of this American Red Cross, to show that “ the
gift without the giver is bare” — whereby one can
give of his dollars and know that on some spent field
of battle they are transformed into the water that
cools famished lips, into the balm that soothes the
throbbing of pain, and into the ministrations of
science that bring health and hope to those who give
all that others may live in peace and freedom.
It would be interesting to recount, even though
briefly, the varied activities to which this second
hundred million dollars will be put. But they are
doubtless familiar to all our readers. It should not
be overlooked, however, that all this money is ex­
pended with the idea of permanent betterment.
N ot only is this vast emergency to be filled to the
utmost in the most expeditious and beneficial way,
but always with the idea in view of making each
dollar spent a continuous blessing. Literally it may
be said that broken men are to be mended, and devas­
tated homes and hamlets restored, wherever possible.
It is this business planning for the future which gives
added force to these huge expenditures, and which
should accelerate and enlarge the free giving upon
the part of the people. However the heart may bleed
in the presence of this awful, huge and continuing
suffering, it is a comfort to know that as much good
as can be will be carried over into the aftermath when
the passions and enthusiasms of men will die out
and the sorrows of memory add their pain to the
vacant hearthstones of the world.
A generous and loyal people have just provided
four billions and more of money for the conduct of a
war waged in the belief that war will be no more
forever, in the triumph of liberty over force, of
conciliation over conquest. It is meet upon the
conclusion of this salutary effort, the thought of our
citizenry should turn to the inevitable consequences
of the war, and this call for a hundred millions for
healing and help should be likewise oversubscribed.
If the sermon has been a militant one, this Red
Cross contribution comes as a benediction. And as
men and women go back to the occupations and
activities of life they may feel that all has been done
that may be in this crisis which tries men’s souls and
tests the civilization upon which all must still rely
who believe that man is worthy of life and immor­
tality. And as we have faith in the readiness with
which this new call will be met, so\we have confi­



2057

dence in the definite and orderly way in which the
money will be expended— giving help now where most
’tis needed, and building a stronger and better race
for the days that are to come.

^rnFco^rvf WARJL4
N ea rly ev ery individual iii the civilized world,
both among the belligerent and neutral countries,
has felt directly or indirectly the burden of war.
From the cost of the myriad of commodities which
go to make up the engines of war down to the com­
monest necessities of life, all have increased by leaps
and bounds— Argentine beef in London, and British
cloth in Buenos Ayres both have doubled. It is not
in the nature of things that the cost of capital should
during this very general advance in commodities and
labor, remain stationary. Money will always seek
the highest return comensurate with safety. Rest­
less, always for higher wages, the enormous com­
petition for funds has gradually raised the cost on
nearly every successive war loan to a higher yield.
In considering the costs of funds to the belligerents
we use here only the return on long time internal
loans. Foreign issues and short time internal
treasury borrowing rarely reflect true national credit
at the various dates of issue.
Great Britain’s First War Loan was issued in
December 1914 on a 3.95% yield. The Second War
Loan was issued in June 1915 at a
yield. The
Third War Loan was issued in January 1916 at a
5.41% yield and the Fourth War Loan in October
1917 at a 5.50% yield, a net increase in cost between
the First and Fourth Loans of 1.55% . We have
here omitted the portions of the Third and Fourth
War Loans which were issued “ income tax com­
pounded” since their tax exemption created for them
an artificial market and an abnormally low yield.
The cost to the borrower naturally exceeded the
actual return at the issue price through the remis­
sion of income taxes thereon otherwise collectible.
France’s First War Loan for National Defense
was issued in February 1915 at a 5.60% yield. The
Second Loan for National Defense was issued in
November 1915 at 5.68% . The Third War Loan
was issued in October 1916 at 5.63% , and the Fourth
War Loan issued in November 1917 at 5.83% — a net
increase between the First and Fourth Loans of
.23% .
Italy’s First Loan for Military Preparation was
issued in January 1915 at 4.70% . The First War
Loan was issued in July 1915 at 4.85% . The
Second War Loan was issued in January 1916 at
5.18% . The Third War Loan was issued in Febru­
ary 1917 at 5.55% , and The Fourth War Loan in
January 1918 at 5.88% — a net increase between the
First and Fourth Loans of 1.18%.
Russia’s First Internal War Loan was issued in
November 1914 at 5.30% . The Second in March
1915 at 5.35% . The Third in M ay 1915 at 5.70% .
The Fourth in December 1915 at 6.25% . The
Fifth in March 1916 at 6.25% , and the Sixth in
November 1916 at 6.25% — a net increase of .05% .
Germany has issued eight war loans at regular
intervals, the first in September 1914 and the last
on March 28 1918. All of these loans have been
issued in two separate classes of securities— rentes
of the Empire and Treasury bonds. All of the
rentes bear 5% interest and are redeemable at the
pleasure of the Government at or after 1924, while
the rate on the Treasury bills has varied between

2058

THE CHRONICLE

4 34% and 5 % , with a maturity ranging between 1920
and 1932. The yield at issue price on the Treasury
bills has shown some variance, but on the rentes of
the Empire the yield has been practically stationary
— 5.13% a#The first loan and 5.10% on th^eighth.
The German'Government has fixed the iss^p price
without regard to money market conditions.
Austria’s First War Loan was issued in November
1914 at 6.15% . The Second War Loan in M ay 1915
at 6.35% . The Third War Loan in October 1915
at 6.35% . The Fourth War Loan in April 1916 at
6.45% . The Fifth War Loan in November 1916 at
6.40% . The Sixth War Loan in July 1917 at 7.15%
and the Seventh War Loan in November 1917 at
7.40% — a net increase of 1.25% between the First
and Seventh Loans.
Hungary’s First War Loan was issued in Novem­
ber 1914 at 6.50% . The Second War Loan in M ay
1915 at 6.50% . The Third War Loan in October
1915 at 6.75% . The Fourth War Loan in April
1916 at 6.90% . The Fifth. War Loan in November
1916 at 6.35% . The Sixth War Loan in June 1917
at 6.95% , and the Seventh in January 1918 at 7.15%
— a net increase in cost between the First and Seventh
Loans of .65% .
Canada’s First War Loan was issued in November
1915 at 5.30% . The Second War Loan in September
1916 at 5.25% . The Third War Loan in March
1917 at 5.35% , and the Fourth in November 1917
at an average of 5.70% — a net increase in cost be­
tween the First and Fourth Loans of 0.40% .
In the United States, the First Liberty Loan was
issued in M ay 1917 at a cost of 3 )4 % • The Second
Liberty Loan in October 1917 at 4 % and the Third
has just been placed at 434% — a net increase in cost
between the First and Third Loans of 24 of 1% .
When pausing to consider the staggering sums
which have been borrowed by the Powers, the above
increases hardly appear to indicate more than the
healthy operation";of supply and demand. M oney
costs to our Government during the Civil War more
than doubled, and England’s during the Napoleonic
Wars|perhaps trebled.
•

THE OVERMAN BILL GOES ON THE STATUTE
BOOK— ABDICATION OF CONGRESSIONAL
FUNCTIONS.
On April 29 the Overman bill finished its course
in the Senate by the remarkable vote of 63 to 15
(more than four to one) and on Tuesday it went
through the House by the still more remarkable
vote of 295 to 2. Thus the long controversy comes
to its end. Nothing can be added to what has
heretofore been said concerning this “ prepared”
and demanded grant of almost unlimited powers,
and nothing need be retracted. The objections
raised, chiefly in the Senate, are well-founded.
Mr. Gillette of Massachusetts, one of the two in
the House who refused to consent to it, said that
not only does the bill part with the powers of Con­
gress over organization of the departments (and
here it is well to note that all the departments are
legislative creations) but parts with the power and
the check constitutionally provided through re­
quiring confirmation of appointments by the Senate,
“ because under it the President can assign duties
which have been given to a man confirmed by the
Senate to another who has not been.”
There is no more visible necessity for a further
grant of unspecified powers than when the bill first



[Vol . 106.

appeared, and none was shown at that time. Noth­
ing which obviously would be or possibly might
be for the more effective prosecution of the war
has been denied by Congress, and nothing of such a
character is likely to be; no niggardliness of support
would be tolerated by the country, which has defi­
nitely decided against any small or half-hearted
procedure. Nobody has ventured to offer as excuse
for the shortcomings in our most essential lines of
military preparations a lack of power in the Execu­
tive; the utmost claim (and even that has not been
put on any firmer ground than opinion) is that a
freer hand for the President is necessary in order
to concentrate responsibility, weed out inefficiency,
and produce the results whose lack has been so
disappointing in two of the most important fields.
This bill has “ passed” Congress, but it has ob­
tained consent, not approval. It was so distasteful
at first that a sponsor to present it in the Senate was
found with difficulty and the indications were that
it could not get a favorable report unless materially
modified. It does not seem to have become less
distasteful since, and it is consented to because
insisted upon tenaciously and because not even the
most outspoken Congressman is willing to seem to
take the attitude of obstruction. So we have men
in each branch, perhaps enough to defeat the bill
had they stood by their own judgment and inclina­
tion, voting to literally “ pass” what they do not
approve. “ We have passed one law and had to
pass another to make it operative,” said Senator
Overman; “ now let’s be done with it by passing a
bill that will let the President organize things the
way he wants, so he won’t have to ask any more
legislation from us.” And another Senator, de­
claring that he has not confidence in the President’s
judgment, said he wants to give free rein; “ let’s
have this camouflage over” said he, “ and put the
responsibility where it belongs; the President wants
more power, let’s see what he can do with it.”
This is not the right spirit of facing a clear and
non-transferable public duty. The issues at stake
are so vast that the reputation and the future of
any man are as nothing in comparison with them.
There must be one chief commander, for war cannot
be conducted by a committee; a single judgment
must decide, and must be approved or condemned
without appeal by results, but the cause cannot
be committed (whether by an unconscious partisan­
ship or by a weary attempt to shift responsibility)
to the complete infallibility of one man. The world
is in a grapple with absolutism, and it should beware
of adopting even the idea of what it fights.
Perhaps we should not trouble greatly at present
over things extra-constitutional, merely because
they are such. We have greatly strained that ancient
and marvellously wise document; we have even
laid it on the shelf, paying some respect to it by
going along in a few well-worn ruts of government
but not referring to it as a chart for determining
the course. It is among the things silent in the
clash of arms, and if we do not succeed in retaining
a country we lose the Constitution. Everything
done, and everything proposed which would once
have startled us, is put on the plea of emergency,
said to be necessary for a better prosecution of the
war. But after the war has been successfully
prosecuted to the end shall we return to the old
known paths? Shall we remember that we dared
hazardous short-cuts because necessity does not

M ay 18 1918.]

THE CHRONICLE

hearken to caution and shall we return to walking
soberly when the shock of conflict is over? It
seems too uncertain that we shall, unless we now
keep sternly to the resolution to take these risks
only as we must and to abandon them not merely
‘ ‘after” but as soon as the war is^over.
The Executive is carrying out policies,' and neces­
sarily, that being its function; but it is^also making
them, it is legislating, it is insisting, it is demanding
that questions be waived. The latest instance of
this is the President’s direct personal protest that
a pending resolution in the Senate would mean ^a
direct vote of want of confidence,” and virtually an
attempt at serious interference with Executive
action. Without discussing this at length, a move­
ment to investigate cannot be justly taken as an
expression of lack of confidence; investigation may
be the surest means of confirming or increasing
confidence. That certain investigations are needed
and cannot be avoided is painfully evident; and
certainly no sound mind can entertain the sugges­
tion that a desire in Congress to aid the war and to
learn the facts as a preparation for aiding can be
construed as a desire to hinder. Congress is one
of the three fundamental departments of Govern­
ment. Its function is not simply to promptly pass
whatever is offered to it from the outside, and to
levy taxes enough to cover all appropriations asked
of it. It has powers of check, of initiating, of ex­
ercising its own judgment. It is independent, not
dependent; it is not subordinate, but co-ordinate.
It may not sulk, it may not abdicate, it may not
shunt its responsibility elsewhere; it has no right
to consent to what it disapproves, merely for the
sake of being agreeable. It has a part assigned
it, and it cannot refuse to bear that part without
a clear dereliction from public duty.
Too far we have drifted along this path of ap­
parent least resistance. Is it not quite time a halt
were called upon it?

INAUGURATING M AIL DELIVERY BY AIR
CRAFT—OTHER DESIDERATA CONCERN­
ING POSTAL MATTERS.
According to previous announcement, the first
aircraft mail runs started on Wednesday between
Washington and New York, in both directions.
The slight mishap natural to a first attempt does not
detract from the interest, nor is that impaired by
the rather moderate speed attained, the time of the
southward trip being not up to the average and less
than 1% hours better than that of the rail. Judged
merely as a feat and in respect to its spectacular
features, this first trial has been beaten by some
previous flights, and that some mail matter of re­
stricted bulk and weight can be carried through the
trackless way overhead more swiftly than on steel
ribbons below has not been open to doubt.
Yet it is not surprising, although one enthusiastic
reporter of the feat deems it so, that “ the public
failed to rise completely to the opportunity of sharing
in an event which was inevitably remindful of the
first steamboat and the first steam locomotive, as
well as prophetic of what is to come in the sky when
the invention of the Wrights is converted from
wartime use to the peaceful commerce that was in
the vision of the pioneers.” It would be incorrect
to put Wednesday’s attempt on a;plane of epoch­
making comparable to the day when the first boat
successfully^ moved on "the Hudson, by ^steam and



2059

the other day when George Stephenson “ delivered
himself” by proving the steam locomotive to be
potentially more than a clumsy draught horse on
tram lines from coal mines. To the two-dimension
or two-medium travel on land and water which we
have long had and had supposed sufficient the war
has added another two, under-water and through
the great ocean that envelops the globe. It is in­
conceivable that under-water navigation can ever
become more than a war means, although one could
wish it might incidentally lead to a large recovery
of value which the sea has swallowed; but as to the
realm above there is no discoverable limit which
may not be reached and passed. The boldest fore­
look of prophetic imagination cannot reach past the
vision of an English lecturer, sketched in the
“ Chronicle” several months ago, of long trans­
continental and globe-girdling air routes, laid out
in tiers or lanes superimposed upon one another.
This vision, which included every purpose of travel,
science and commerce, is not to be pronounced im­
possible; but in this, and not in any short mail route
for special matter, lies the prophecy for the future.
What the world will undertake and accomplish,
after the demon of land-lust and murder has been
driven out and a term of real and lasting peace is
assured, lies beyond all moderate imagining; yet
we may feel confident that the plan of creation will
go on and that war, the great stimulator as well as
the great destroyer, will produce some compen­
sations. The day of deliverance for aerial navi­
gation was when the Wrights first “ flew,” adding
real flight to gliding and volplaning, the latter being
only in essence what the boy’s kite did long ago.
It might be better not to expend or excite ourselves
overmuch in trying to establish swifter and better
mail routes at present, while we are laboring to
establish our title to stand on the earth itself. Mean­
while, we might do better to try to improve existing
mail transmission, and the complaints of poor
service have been so many and so persistent that it
is not supposable they can be without just cause.
The narrow view which has long been taken in
Washington regarding the value of great cities in
the commercial and industrial work of the country,
and the hostility to expenditures for better mails
transmission in them might well be revised. For
instance, suppose the hostility to the pneumatic
tube, still not laid aside wholly, were thus laid aside?
Further, suppose the matter of undoing the thought­
less mischief inserted in the revenue law concerning
second-class mail matter were promptly taken up
and put through?
.

AN OPPORTUNITY IN THE WAR FOR OFFEN
DERS AGAINST THE LAW—OUR
SYSTEM OF PENOLOGY.
The Harriman National Bank prints a modestly
displayed advertisement to urge that “ the patriotism
of the prisoners at Sing Sing in organizing a Liberty
loan campaign among themselves suggests an op­
portunity for prison reformers that they have not
grasped.”
The social state claims and must assert the right
of self-protection; therefore society sequesters and
supports as a public charge the defective, the in­
sane, the incompetent as to labor, and the breakers
of statute. The treatment of none of these classes
is ideally good, and doubtless that of the convicted
criminal is the worst. A child’s training, said a

3060

THE CHRONICLE

wise observer, should begin several generations
back; we permit the bad kind to go one gen­
eration back. We have a compulsory school system,
but it does not yet supplant the bad education of
the street, of the “ gang,” of the growth to the time
of young manhood without acquiring manhood and
gaining any practical knowledge. Without in­
tending it, and without realizing either the fact
or its destructive cost, we keep our prisoner class
continually recruited from those who are moved
along toward it by a powerful drifting cur­
rent.
Some progress towards remedying this defect is
doubtless making, and will be more rapid as the
seriousness of it is realized. Treatment of the
convicted law-breaker is worse and might be sooner
remedied. Our penology undertakes to act as a
deterrent, and lamentably fails, even in respect
to the highest crime, murder. It attempts to punish
the offender, which is something beyond human
power; it professedly aims to prevent his coming
back by piling on the imprisonment term for second
and later offenses, but it leaves him no escape from
continuing in crime. He is sentenced to imprison­
ment at hard labor, but the labor profits nobody
except the shady politicians and the contractors
who are allowed to exploit the unfortunate. Or­
ganized labor besottedly bans the prison-product,
and once (about thirty years ago) procured passage
of a law in this State that practically shut the
prisoners up to an idleness against which some of
them protested unanswerably. Having been taught
nothing useful to him, the convict who has fulfilled
his term receives a suit of clothes and a small sum
of money, and is bidden, almost Pharisaically,
to go and sin no more. Without a cultivated power
which he can use, with the prison-mark on him,
with society drawing its industrial and other skirts
from contact with him, the only way open to him
for getting a living is to filch one, and then society
deals increased severity to him as a confirmed
offender who prefers evil courses and must therefore
be left to wallow in them.
Society thus undertakes what it cannot adequately
do— punish; it neglects and shuts its eyes to what it
might do— recover. Its system aims to be punitive,
whereas it should aim to be curative.
Much could be instructively said, and much
might be thought, upon this subject.
But the
Osborne idea was clearly sound (and no scheme
lacking that idea can be sound) in this: it individual­
ized the offender instead of making him a numbered
wearer of a prison garb; it treated each case as
separate and sought to cure, thereby saving the
man for himself and for society; it had faith in a
germ of good in him. There will never be much
improvement in our wicked and destructive penology
until the Osborne idea gets a firm hold.
How far fallen is a fallen man; how hopeless is
a confirmed and abandoned criminal? If any
person in human form is found who can look on
some deed of self-forgetful heroism and not be
thrilled thereby in the least, then, humanly speak­
ing, such a person may be commended, and without
hope, to that grace which is said to be able to save
“ to the uttermost.” Has any such person, im­
penetrable to the heroic note, ever been discov­
ered ?
T o return now to the Harriman suggestion; it is
this:



[Vo l . lot).

“ Whyi^'not givejthe inmates of the jails and re­
formatories a chance to redeem themselves at the
battlefront? Possibly all of them would jump at
the chance to get out, and undoubtedly most of
them would perhaps be animated by a higher pur­
pose. We have thrilling stories from France of
the Apache, for example, redeeming himself at the
front and now wearing the Croix dc Guerre, and of
many a British ne'er-do-well distinguishing himself
by deeds of valor and heroism. We cannot con­
ceive that an American would less distinguish him­
self.'
Observe that the convict counts himself forgotten
and despised by the world and denied his fair chance.
He is an Ishmael, against mankind and with man­
kind against him; seeing no alternative but crime
before him, his hope is that he may practice it with
fewer interruptions. Certainly there is something
pathetic in a Loan campaign among these out­
casts, since each is a Philip Nolan in being a “ man
without a country.”
In this State alone, pursues this unusual adver­
tisement, some 5,000 men are in confinement and
in the United States not less than 100,000; “ here is a
body of men not all nor altogether responsible for
the acts that have put them away, and, in part at
least, sufficiently responsible mentally to fight for
America.” Various suggestions for utilizing con­
vict labor in the present shortage have previously
been made; for example, in roadbuilding and agri­
culture. Among the imprisoned may be a few
possible “ aces” in aviation; some capable of the
thrilling personal exploits we are reading of in the
work of our men at the front; some capable of in­
ventive service or of hospital service; but are there
not potential fighters and heroes among them, once
give them the appeal of opportunity?
The advertisement asks our prison reformers to
give these men a chance to retrieve themselves
(which certainly they have not had) “ and, in popular
phrase, to come back,” reminding us as well that
we are paying taxes for keeping these who might
save themselves and be made over into real men,
conscious of manhood, while serving us. Obviously
there may be practical difficulties in the way of the
full application of the idea, but the idea itself should
not be heedlessly rejected. Incidentally, the ad­
vertisement is interesting as an example of how
serious thought and fertile suggestion have been
put of late into the form of paid-for instead of vol­
untary communications.

RAILROAD GROSS AND NET EARNINGS FOR
MARCH.
As was to be expected, March returns of the gross
and net earnings of United States railroads are a de­
cided improvement on the returns for the two months
immediately preceding, when the conditions were
about as adverse as they have ever been in railroad
history. In one particular, however, there is still
great need of a change for the better, namely in
the matter of the net earnings. These net results
continue unsatisfactory, though they are not so ex­
tremely bad as they were in January and February.
The trouble arises out of the great augmentation in
expenses. This addition to the expenses and rise
in operating cost is of tremendous extent, and pos­
sesses special significance a t the present time in view
of the news this week that the Railway Administra­
tion at Washington has been advised that there must
be an all-round advance in rates of at least 25% , and

THE CHRONICLE

M ay 18 1918.]

that the Director-General of Railroads, M r. M cAdoo,
has the matter under consideration and is likely to
act favorably on some such proposition.
Our compilation for the month of March affords
evidence that gross earnings continue to expand in
a satisfactory way, the unfortunate feature being
that the whole of the increase, and more too, is being
absorbed by augmented expenses. As was pointed
out by us in reviewing the preliminary compilation of
the gross earnings for that month, the indications are
that after the freight congestion and embargoes ex­
perienced in January and February much delayed
freight came forward in March, besides which West­
ern roads had the advantage of a larger grain and
live stock movement and there was also some increase
in the cotton movement in the South. Furthermore,
in the case of a number of roads running west and
northwest from Chicago, certain drawbacks en­
countered in 1917 in the way of bad weather and
snow blockades were averted the present year, there
bring no such obstructions of a serious nature in
these cases in 1918. On the other hand, however,
March this year contained five Sundays, as against
only four last year, thus giving one less working day
in 1918.
Notwithstanding this loss of a working day in
1918, the aggregate of the gross for the month the
present year reaches 8362,701,238, as against only
8312,276,881 in March 1917, thus showing an in­
crease in the handsome amount of 850,484,357, or
16.22%. The increases in expenses, however, over­
topped this large gain in gross by nearly 85,000,000.
In other words, with 850,484,357 addition to gross
earnings, there was 855,232,827 increase in expenses,
leaving, therefore, a reduction in the net earnings in
amount of 84,748,470, or 5.36% , the aggregate of the
net for March 1918 being only 882,561,336, as against
887,309,806 for March 1917. This is without reck­
oning the taxes, which, if deducted, would still
further increase the loss in net. With the upward
tendency of expenses thus clearly revealed, there
comes now the recommendation of the M cAdoo
Wage Commission proposing an advance in wages of
all classes of railroad employees to an extent and in a
way such as will add 8288,000,000 per year to the
pay-roll of the carriers. In that and the enhanced
cost of fuel, materials and supplies, is found the basis
for a general and large increase in rates, such as we
are told is now to be made. In the following we show
the March comparative totals of gross earnings, oper­
ating expenses (not including taxes) and net earnings.
These arc our footings, based on the monthly returns
filed with the Inter-State Commerce Commission
at Washington. It should be understood that the
Commerce Commission now requires monthly re­
turns only from carriers earning in excess of 81,000,­
000 per annum. Previously all carriers earning more
than 8100,000 per year gross were obliged to make
these monthly reports. Even with the compilation,
however, confined to roads with gross earnings
of over a million dollars a year, the greater part of
the mileage of the country is represented in our totals.
In a word, our compilations cover altogether 230,336
miles of road, which is about 92% of the entire rail­
road mileage of the country.
Inc. ( + ) or Dec. (—).
1918.
1917.
Amount.
%
Miles of road..............................
230,330
228,835
+1,501
0.05
Gross earnings........................... $302,701,238 $312,270,881 +$50,484,357 10.22
Operating expenses.................... 280,199,902 224,907,075
+55,232,827 24.50
March (192 Roads)—

Net earnings..........................$82,501,330




$87,309,800

— $4,748,470

5.30

2061

What gives additional significance to the aug­
mentation in expenses the present year is that this
follows a similar state of things in March last year.
To be exact, for March 1917 our compilation regis­
tered 827,249,215, or 9.27% gain in gross, but this
was attended by an increase in expenses of no less
than 835,160,455, or 17.31%, leaving hence a loss in
net of 87,911,240, or 8.18% . For the two years
combined, therefore, gross earnings have risen in
amount of 877,733,572, but expenses have moved
up in the huge sum of 890,393,282, thus reducing
net (in face of this great growth in revenues) in
amount of 812,659,710. On the other hand, in
March 1916 we had an extraordinarily favorable
exhibit, the gain in gross then being 858,731,563, or
24.66% , and the gain in the net 829,378,627, or
42.96% . Yet this improvement in March 1916
itself followed poor or indifferent returns in the years
immediately preceding, the 1916 improvement con­
stituting, therefore, in no small measure merely a
recovery of antecedent losses. Thus, for March
1915 our tabulations recorded a loss in gross of
815,194,218, or 5.99% , though this was attended
by a small gain in net— 81,000,350, or 1.48% . In
March 1914 there were slight gains in both gross and
net (8660,166 in the case of the gross and 83,104,528
in the case of the net), but these small gains resulted
entirely from the absence of certain adverse develop­
ments which in the year preceding had heavily cut
down revenues w’hile augmenting expenses. In
other words, in March 1913 earnings had been very
unfavorably affected by the great floods which
occurred in the Middle and Middle Western States
in the closing week of that month. These floods not
only caused immense property damage and the loss
of many lives but resulted in a complete suspension
of railroad operations for a few days on a good part
of the railroad mileage in Ohio and Indiana, and on
all the lines connecting therewith from the East, the
West and the South. It thus happened that the
roads which in 1913 had their earnings heavily re­
duced, regained in 1914 some of the loss and hence
were able to report increases— in a few cases of con­
siderable amount— which increases served to that
extent to offset the losses on other roads or to over­
come them altogether.
There was no falling off in gross in March 1913 on
the roads as a whole in the United States, but in the
net, because of the augmentation in expenses, there
ivas an actual falling off. In brief, our compilation
for March 1913 showed 84,275,145 decrease in net
earnings, due to an augmentation of 814,870,984
in expenses at a time when the addition to gross earn­
ings (the floods having greatly cut down the normal
rate of addition) was but 810,595,839, or 4.46% .
As a matter of fact, however, net earnings at that
time had been making poor exhibits for several suc­
cessive years. Our compilations for March 1912
registered 812,955,678 gain in gross (5.77% ), of
which only 8848,494 was carried forward as a gain in
the net. Going a year further back we find that
there was an actual loss in both gross and net in
March 1911; by the figures of the Inter-State Com­
merce Commission, 811,264,790 in gross and 89,148,­
129 in net. In the year preceding, large expenditures
were also a conspicuous feature of the returns; ac­
cording to the tabulations of the Inter-State Com­
merce Commission, there was an increase in gross in
March 1910 of no less than 832,887,440, but the gain
in net was no more than 88,664,106. In March 1909

there were very striking gains in both gross and net—
$22,190,078 in the former and $14,303,842 in the
latter; but these gains followed largely as the result
of the heavy losses sustained in 1908, the year fol­
lowing the 1907 panic. In 1908 the Commission
had not yet begun to give out the comparative fig­
ures. Our - own compilations then were somewhat
incomplete, owing to the circumstance that earnings
were running so poorly that a number of big compan­
ies withheld their figures, not caring to disclose the
magnitude of their losses. On an aggregate of only
152,058 miles of road, our statement then showed a
decrease of $21,531,681 in gross and of $6,543,631
in net. We estimated that for the entire railroad
mileage of the country the falling off in gross for the
month must have been about $34,000,000, with a
shrinkage of $10,000,000 in net. In the following we
give the March totals back to 1896. For 1911, 1910
and 1909 we use the Inter-State Commerce figures,
but for preceding years we give the results
just as registered by our own tables each year— a
portion of the railroad mileage of the country being
always unrepresented in the totals, owing to the re­
fusal of some of the roads then to give out monthly
figures for publication.
Net Earnings.

Gross Earnings.
Y ear
Given.

[Vol. 106.

THE CHRONICLE

2063

Y ear
P receding.

I n c . ( + ) or
D ec. (— ).

S

S

S
1896 . . . 52,393,093 51,220,449 + 1,172,644
55,792,864
+ 869,471
1897. . 56,662,338
.
1 8 9 8 .. 65,920,850
.
57,313,697 + 8,607,153
1899 . . . 71,322,133 06,789,833 + 4,532,300
1900 . . . 81,946,098 72,318,540 + 9,627,558
1901 . . . 96,738,826 88,0S4,673 + 8,654,153
1902 . . . 97,290,104 92,943,633 + 4,346,471
1903 . . . 106,208,702 91,541,576 + 14,667,126
1901. . 110,945,055
.
+ 2S7.426
110,657,629
1 9 0 5 .. . 120,507,724 110,277,421 + 10,230,303
1900 . . . 129,838,70.8 116,861,229 + 12,977,479
1907 . . . 141,580,502 128,600,109 + 12,980,393
1908 . . . 141,193,819 162,725,500 —21,531,681
1 9 0 9 .. 205,700,013
.
183,509,935 + 22,190,078
1910.. . 238,725,772 205,838,332 + 32,887,440
1911 . . . 227,564,915 238,829,705 — 11,264,790
224,608,654 + 12,955,678
1 9 1 2 .. 237,564,332
.
1 9 1 3 .. 249,230,551
.
238,634,712 + 10,595,839
+ 660,166
1 9 1 4 .. 250,174,257
.
249,514,091
1 9 1 5 .. 238,157,881
.
253,352,099 —15,194,218
238,098,843 + 58,731,563
1 9 1 6 .. 296,830,406
.
1 9 1 7 .. 321,317,560
.
294,068,345 + 27,249.215
1 9 1 8 .. 362,761,238
.
312,270,881 + 50,484,357
M a rch .

Y ear
G iven.

S
16,004,390
17,992,125
21,833,910
23.570.797
26,782,183
32,780,439
31,299,387
33,406,751
30.625.797
36,878,227
40,349,748
40,907,927
39,328,523
69,613,713
78,322,811
69,209,357
69,038,987

64.893,146
67,993,951
68,452,432
97,771,590
88,807,466
82,501,336

Y ear
Preceding.

I n c . ( + ) or
D ec . (—).

S

$
—40,839
+ 1,424,780
+ 3,788,044
+ 1,704,084
+ 2,886,403
+ 3,877,243
+ 562,836
+ 4,559,843
— 3,662,363
+ 5,223,825
+ 5,036,842
+ 03,814
— 0,543,031
+ 14,303,842
+ 8,664,106
— 9,148,129
+ 848,494
— 4,275,145
+ 3,101,528
+ 1,000,350
+ 20,378,027
— 7,911,240
— 4,748,470

16,051,229
16,567,339
18.045.806
21,872,713
23,895,780
28,903,196
30,736,551
28,S46,908
34,291,160
31,654,402
35,312,906
40,904.113
45,872,154
55,309.871
69.058.705
78,357,486
68,190,493
69,168,291
04,889,423
67,452,082
68,392,963
96.718.706
87.309.806

Note.— Includes for March 141 roads In 1896, 127 In 1897, 137 In 1898, 123 In
1899, 126 In 1900, 123 In 1001, 126 In 1902, 107 in 1903, 101 In 1904, 101 In 1905,
96 In 1906, 94 In 1907; In 1908 the returns were based on 152,058 miles of road; in
1909, 233,702: In 1910, 239,691; In 1911, 244.081; in 1912, 238,218: In 1913,240,510;
in 1914, 245,200; In 1915, 246,848: In 1916, 247,363: in 1917, 248,185: In 1918,
230,336. Neither the Mexican roads not the coal mining operations of the anthra­
cite coal roads are Included in any of these totals.

In the case of the separate roads, the showing is in
keeping with the general results. Here, however,
it happens that there are numerous instances where
the gains were of such large magnitude that even a
very pronounced augmentation in expenses was not
sufficient to extinguish the same altogether. This
is true, for instance, of the New York Central Rail­
road, which, with $2,989,117 addition to gross, has
managed to save $68,733 for the net. It is also true
of several (blit not all) of the prominent Southern
systems and a few in the Southwest. Thus the
Louisville & Nashville reports $1,888,345 gain in
gross and $553,323 gain in net; the Southern Rail­
way $2,427,390 gain in gross and $1,131,281 in net;
the Missouri Pacific $1,077,075 gain in gross and
$196,871 in net; the Missouri Kansas & Texas $700,­
019 gam in gross and $77,268 in net; the Rock Island
$1,347,877 in gross and $303,095 in net; and the St.
Louis Southwestern $508,115 in gross and $236,271
in net. On the other hand, the Norfolk & Western,
with $651,476 increase in gross, has $561,215 decrease
in net; the Chesapeake & Ohio, with $722,986 in­
crease in gross, has $12,881 decrease in net; the At­
lantic Coast Line, with $641,431 increase in gross,
has $20,066 decrease in net; the Atchison, with
$1,050,474 increase in gross, has $778,249 decrease
in net; the St. Louis-San Francisco, with $931,963



increase in gross, has $146,310 decrease in net; the
Southern Pacific, with $1,668,373 increase in gross,
has $1,028,239 decrease in net, and the Union Pacific
with $2,125,095 increase in gross, reports $978,096
loss in net.
The Chicago & North Western has added $1,445,­
599 to gross and $417,136 to net; the Northern Pa­
cific $1,110,950 to gross and $269,000 to net, and the
Illinois Central $1,812,636 to gross and $453,498 to
net. But the Burlington & Quincy, with $1,501,990
gain in gross, falls $529,017 behind in net; the Mil­
waukee & St. Paul, with $1,167,983 increase in gross,
has $596,757 decrease in net, and the Great North­
ern, with $677,890 gain in gross, loses $595,957 in
net. Among the Eastern trunk lines we have already
referred to the improvement on the New York Cen­
tral. In the case of the other systems in the same ter­
ritory there is a different story to tell. The Pennsyl­
vania on the lines directly operated east and west of
Pittsburgh, though having added $5,099,857 to gross,
falls $2,759,606 behind in net; the Baltimore & Ohio,
with $2,314,520 increase in gross, suffers $368,992
decrease in net, and the Erie, with $1,051,963 gain
in gross, suffers $733,153 decrease in net. In New
England, the Boston & Maine, with $434,960 gain in
gross, has $275,658 loss in net, and the New Haven,
with $620,409 increase in gross, loses $482,112 in net.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether in­
creases or decreases, and in both gross and net.
PRINCIPAL. C H A N G E S IN G R O S S E A R N I N G S IN M A R C H .
Tnrrpn
In crea ses •
ennsylvania (3)......oS.5,099,857 Chic & Eastern Illinois.. 5371,512
365,184
N o w York Central_____ 62,989,117 Long Island-........
335,464
Southern Railway_____ 2,427,300 N Y Chicago & St Louis.
329,218
Haltimoro Sc Ohio_____ 2,314,520 Chic St Paul Minn & O m
284,800
Union Pacific (3)_______ 2,125,095Pero Marquetto_______
282,680
Louisville & Nashville.. 1,888,345 Contral of N o w Jersey..
281,975
Illinois Central_______
1,812,636 Internat & Great North.
276,470
Southern Pacific (7)___ 1,668,373 Buffalo Roch Sc Pittsb..
262,919
Chicago Burl & Quincy.. 1,501,900 Kansas City Sc Southern.
259,880
Chicago & North West.. 1,445,599 Chicago Great Western.
254,464
Michigan Central_____ 1,409,289 Chicago & Alton______
249,590
Rock Island (2)....... 1,347,877 Texas & Pacific_______
244,991
Clevo Cine Chic & St L_. 1,252,291 Wabash_______
195,203
Chicago Milw Sc St Paul. 1,167,983 Colorado & Southern (2)
177,921
Northern Pacific______ 1,110,950 Elgin Joliet & Eastern..
171,522
Missouri Pacific_______ 1,077,075 Toledo Sc Ohio Central..
165,594
Erio (2).............
1,051,963 Wheeling & Lako Erio..
N e w Orl Sc North East..
164,630
Atch Top & Santa Fo (3) 1,050,474
~
164,456
931,963 N Y Phila Sc Norfolk...
St Louis-San Fran (3)__
156,356
Chesapeake & Ohio____
722.986 N o w Orl Tex & M e x (3).
155,559
Missouri Kansas & Texas
700,019 Alabama Great Southern
151,105
Great Northern_______
677,890 D clawaro Lack & West..
147,260
651,476 Georgia.......
Norfolk Sc Western____
132,605
641,431 N Y Ontario Sc Western.
Atlantic Coast Lino____
131,217
620,409 Western Maryland____
N Y N e w Haven & Hartf
123,780
532,428 Lako Erio Sc Western__
Central of Georgia_____
117,433
St Louis Southwest (2). .
508,115 Toledo St Louis Sc West.
109,365
Yazoo Sc Miss Valley__
503,670 Louisiana Ry Sc Navig’n
102,752
Philadelphia Sc Reading.
502,287 Minneapolis Sc St Louis.
102,510
444,030 Cine N e w Orl Sc Tex Pac
N Y Chicago Sc St Louis.
101,202
434,960 Florida East Coast____
Boston Sc Maine
429,124
Pittsburgh Sc Lake Erie.
... ,
Lehigh Valley........
417,880
Representing 85 roads
Seaboard Air Lino_____
408,632
in our compilation..$48,237,741
N o t e .— All the figures in the abovo are on the basis of the returns filed
witli the Inter-State Commerce Commission. Where, howover, theso
returns do not show the total for any system, wo have combined tho
separate roads so as to make tho results conform as nearly as posslblo^to
those given in the statements furnished by tho companies themselves.
a This is tho result for tho Pennsylvania RR., together with tho Penn­
sylvania C o m p a n y , and tho Pittsburgh Cincinnati Chicago & St. Louis,
tho Pennsylvania RR. reporting $3,868,104 incroaso, tho Pennsylvania
C o m p a n y $645,756 gain and tho P. C.O.&St. L. $585,997 gain. Includ­
ing all ,ines owned and controlled which make monthly returns to tho.IntcrStato Commerce Commission, the result is a gain of $5,819,587. '
ZJS
b Those figures cover merely tho operations of tho N o w York Central
itself. Including the various auxiliary and controlled roads, like tho Michi­
gan Central, tho “Big Four,” Ac., tho Whole going to form tho New*York
Central S y s te m , tho result is a gain of $6,556,168 In gross and a gain.of
$1,675,258 in n e t.
P R I N C I P A t T C H A N G E S ' I N “N ET E A R N I N G S - IN M A R C H . i>,1

Tnrrpn^p^

D ecrea ses

Erio (2).. ...........
$733,153
596,757
Chicago Milw & St Paul.
595,957
Great Northern_______
561,215
Norfolk Sc Western____
529,017
Chicago Burl & Quincy. _
482,112
N Y N e w Haven &• Hartf
468,875
Philadelphia Sc Reading.
435,588
Delaware Lack &\Wcst..
368,992
Baltimore Sc Ohio_____
312,398
Central of N o w Jersey. .
280,077
Maine Central_______
275,058
Boston & Maine_______
265,183
Lehigh Valloy________
212,877
Delaware Sc Hudson--193,330
Wabash_____________
182,577
Virginian____________
179,053
Mobile & Ohio.......
166,442
Canadian Pac in Maine.
Grand Trunk Western..
158,245
St Louis-San Fran (3)__
146,310
Minn St Paul & S S M . _
140,239
Representing 22 roads
Seaboard Air Lino_____
129,275
128,931
In our compilation.. $7,956,028 Western Maryland____
D e c r e a s e s . Denver & Rio Grando__
123,377
111,694
Pennsylvania (3)_a$2,750,600
Bessemer Sc Lako Erio..
Southern Pacific (7)_ 1,028,239
Union Pacific (3)_
978,096
Representing 45 roads
’ l£» *-4
1n our. compilation..$ 13,321,522
Atch Top & Santa Fe (3) 778,249
Southern Railway_____$1,131,281
Michigan Central_____
900,154
Clov Cine Chic Sc St L__
555,384
Louisville & Nashville..
553,323
Illinois Central_______
453,498
Chicago Sc Northwest__
417,136
Yazoo Sc Miss Valley...
345,802
Rock Island (2).......
303,005
Pero Marquetto_______
280,903
Northern Pacific______
269,000
St Louis South West (2).
236,271
Elgin Joliet Sc Eastern..
225,898
Nashville Chatt & St L. .
211,260
Central of Georgia_____
211,109
Missouri Pacific_______
196,871
N Y Chicago & St Louis.
179,114
159,326
Long Island_________
N e w Orl Texas Sc Mex. (3)
124,765
Internat’lSc Great Nor. .
101,364
N o w Orl & North East..
100,564

a This Is the result for tho Pennsylvania RIt., together witli tho'Ponnsylvania C o m p a n y , and tho Pittsburgh Cincinnati Chicago Sc St. Louis, the
Pennsylvania RR. reporting S2.658,437 docreaso, tho Pennsylvania C o m ­
p a n y $357,722 loss and tho’.P. C. C. Sc St. L. $256,553 gain. Including all
lines owned and controlled which’make monthly returns to tho Inter-State
Commerce_CommissIon,. tho result Is a loss of $2,599,972.

2063

THE CHRONICLE

M ay 18 1918.]

When the roads are arranged in groups or geo­
graphical divisions, according to their location, it is
found that all the groups and divisions record substantial improvements in the gross, but that four of
the seven divisions record losses in the net. Those
forming exceptions to the rule and showing improved
net are the Southern Division, the Middle Western
and the Southwestern groups. For March last year
all the divisions except the Southwestern and the
Pacific group showed reduced net. Our summary
by groups is as follows:

AO O F F E R I N G S O F B R I T I S H T R E A S U R Y B I L L S .
There were no offerings this week by J. P . Morgan & Co.
of the ninety-day British Treasury bills.

A D D I T I O N A L C R E D I T S TO G R E A T B R I T A I N , F R A N C E ,
IT A LY

AND

S E R B IA .

On M a y 14 credits of $200,000,000 to Great Britain,
$100,000,000 to France and $100,000,000 to Italy were au­
thorized by Secretary of the Treasury M cA doo. The fol­
lowing day, M a y 15, an additional credit of $3,000,000 was
granted to Serbia by the United States. W ith this week’s
advances the total credits to the Allies established by the
United States since our entry into the war reach $5 ,7 6 6 ,­
SUMMARY BY GROUPS.
Great Britain, $ 2 ,995 ,­
........ Gross Earnings------------------------ 850,000, apportioned as follows:
Section or Oroup—
1918.
1917.
Inc.(.+)or Dec.{ ). 000,000; Franco, $1,665,000,000; Italy, $650,000,000; Russia,
March—
5
*
S
%
$325,000,000; Belgium, $107,850,000; Cuba, $15,000,000;
Group 1 ( 8 roads), New England— 15,530,173 14,535,104
+995,109 0.85
Group 2 (34 roads), Enat&Mlddlo— 97,096,780 84,102,502 +12,934,218 15.39 Serbia, $9,000,000.
Group 3 (29 roads), Middle W e s t .... 43,503,755
Groups 4 * 5 (34 roads), Southern... 51,452,770
Groups 0 & 7 (29 roads), Northwest.. 70,298,004
Groups 8 & 9 (40 roads), Southwest.. 67,025,583
Group 10 (12 roads), Pacific Coast_ 21,794,173

37,284,022
41,879,813
05,370,145
49,111,800
19,926,809

+0,279,133 10.85
+9,572,957 22.80
+10,921,859 10.70
+7,913,717 10.10
+1,867,304 9.00

Total (192 roads).............................. 302,701,238 312,270,881 +50,484,357 10.22
-Net Earnings------ Mileage-----1917. Inc.(+)or Dec (—).
1918.
1918.
1917.
S
%
S
— 1,299,844 38.51
3,375,568
2,075,722
Group No. 1_____
7,388
7,421
Group No. 2______ 28,208 27,113 14,132,932 19,604,600 — 5,471,008 27.75
8,540,986 + 1,344,394 15.74
9,885,380
Group No. 3 ........... 21,347 21,292
Groups Nos. 4 & 5 .. 38,200 38,303 15,710,899 14,088,092 + 1,628,807 11.50
— 20,189 0.11
18,757,872
18,737,083
Groups Nos. 0 & 7 -- 05,900 05,090
+ 245,054 1.67
Groups Nos. 8 <&9 .. 52,801 52,583 15,988,104 15,743,110
7,199,580 — 1,175,024 16.33
0,024,556
Group No. 10__ . . . 16,480 10,307
T o ta l.................... 230,330 228,835 82,501,330 87,309,800 —4,748,470 5.30
NOTE.— Group I. Includes all of tho New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
tho extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana; all of Michigan except tho northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined lncludo tho Southern States south of tho Ohio and
cast of tho Mississippi Rover.
Groups VI. and VII. combined lncludo 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, togotlicr with Colorado north of a lino parallel to the State lino
passing through Denver.
Grouvs VIII and IX. combined Include all of Kansas, Oklahoma, Arkansas and
In d ia n Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver tho whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fc and cast of a lino running from Santa Fo to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.

' (ftx iv v e n t ‘g x r c n ts
EC O N O M IZIN G

atuT gisextssiaus

ALONG

THE

R IG H T L IN E S .

[From “Tho Sun” of N o w York, M a y 10 1918.]
T o th e E d ito r o f " T h e S u n :"
D e a r S ir — Allow me to enter m y protest right at tho start at tho initiation
of tho so-called Economy Campaign, apparently originated in official
circles in Washington.
I instanco a statement that Secretary McAdoo Is having his shoos half
soled instead of buying a new pair. If tho Secretary will consult tho census
reports and tho Department of Commerce, ho can find out how many
persons depend for their livelihood on tho manufacture of men’s, women's,
and children’s shoes.
Tho enclosed, from tho N o w York "Evening Sun,” of this date, contains
a quotation which seems to bo official, showing that tho Quartermaster’s
Department of tho army is not encountering any scarcity of leather.
Tho statement was made, somo timo ago, that supplies of leather and
hldos in this country were greater than ever before. Tho samo thing appllos
to many other branches of business, manufacturing, wholesalo and rotail.
Of courso, if thero is a scarcity of any necessary commodity, as in wheat
or sugar, the American people will bo found ready and willing to curtail
their consumption, as far as necessary, or do without altogether. To stop
tho usual currents of business is to roduco tho ability of tho business com­
munity to pay taxes or invest in Liberty bonds.
Thero may bo “non-essentials” where curtailment of production will
roleaso needed supplies, such as coal and steel, whero they aro needed for
ship building, munitions, or other things necessary for an onergotic prosecu­
tion of the war.
„
Tho manufacturers of automobiles aud pianos have already protested
that they aro not in this class.
Mr. Vanderllp, somo weeks ago, made an address in favor of personal
economies, with tho reservation that ho thought that his preaching would
do no harm, for ho thought that it would bo generally disregarded.
Reports from England show that the munitions and other war workers
aro receiving such high wages that business in many lines is greatly stimu­
lated, and that money thus put In circulation, made possiblo tho paymont
of tho heavy taxes, income and other, and also provido capital for taking
up tho enormous Government loans.
M y suggestion Is that wo should go slow about interfering with tho
currents of trado and not disturb tho habits of tho people in any way that
will cause business depression, which might lead to disaster. Also that a
close study should bo made of methods and results in other countries at
war.
If thero aro not any profits, excess or other, to tax, it might bo difficult
to finance tho enormous demands which aro being suggested to Congress.
Yours very truly,
J O S E P H D. H O L M E S .
N o w York, M a y 15 1918.




Y IE L D FROM B R IT IS H W A R S A V IN G S C E R T IF IC A T E S.

A n Associated Press dispatch from London on M a y 15
stated that Savings Certificates and the 4 and 5 % war bonds
which the Bank of England is issuing produced £6 19,000,000
from Oct. 1 to April 1, according to an announcement by
Chancellor Bonar Law in the House of Commons on tho 15th
inst. Ho is said to have stated that there had been a recent
falling off in subscriptions, but ho was considering steps for
stimulation of tho campaign and he was not in the least
despondent over the prospects of obtaining the money re­
quired in this way.

C R E A T IO N

IN

BANK

OF E N G L A N D

OF

O FFIC E

OF

COMPTROLLER.

Tho creation by tho directors of the Bank of England of a
now post, to be known as “ Comptroller of the B an k,” and
tho appointment to tho new position of Sir Gordon Nairne,
at present Chief Cashier, was announced on M a y 5. The
new official will bo equivalent to a general manager, and it is
said tho positions of Governor and Deputy Governor wil
not bo affected.

FRANCE ISSU ES “ ONE M O N T H

B O N D S .”

It is learned through a Paris press dispatch of M a y 10 that
“ one-month bonds” for the national defense have just been
created by the Ministry of Finance. This dispatch says:
A person investing in thoso bonds may collect interost on tho first of each
•month at tho rate of 3.69% a year. Tho bonds may bo carried two or
throo months, in which event tho investor would receive interest at tho rate
of 4.20% for tho second and third months, bringing the rate for tho period
of three months to 4%.
Bonds calling for 100, 500 and 1,000 francs will bo placed at tho disposi­
tion of tho public on M a y 31. Tho purchase price will bo 99.70, 498.50
and 997 francs, respectively.
Tho innovation affords an opportunity for manufacturers, traders and
other persons unable to Invest their capital for long periods to find remun­
erative and suro Investments, tho State becoming their banker. The bonds
will bo placed on sale in every Post Office.

SIR T H O M A S W H I T E O N C O N F E R E N C E S L O O K IN G
TO
ADJUSTMENT
OF
EXCHANGE
BETWEEN
U N IT E D

STATES A N D

CANADA.

Tho immediate necessity for “ much greater economy” if
tho rato of exchange between Canada and tho United States
is to bo kept normal and tho Canadian dollar quoted at par
internationally, was emphasized, by Sir Thomas W h ite,
Canadian Minister of Finance, on M a y 16, according to a
Toronto dispatch of that date. Tho statement was made
by him with his arrival in Canada after conferences in W ash­
ington and Now York relative to war financing, mention
of which was mado in our issue of M ay 4. Sir Thom as,
according to Toronto advices, stated that he secured per­
mission from tho Capital Issues and Priorities Board for the
issuance of certain Canadian securities in N ew Y ork. He
also, so tho samo advices state, had conferences with the
British W ar Mission as tho result of which it is possiblo that
largo additional war contracts for. munitions and other
supplies will bo placed in Canada. Ho stated that the
present financing of Allied purchases in Canada amounts
to $25,000,000 covering munitions, shipbuilding and other
accounts, as well as the $40,000,000 contract for cheese
to which must bo added at a later date the financing of the
Western wheat crop movement. H e said good progress
was being made in connection with the readjustment of the
United States-Canada exchange problem.

3064
C IT Y

OF

THE CHRONICLE
TORONTO

IM P O SE S

TAX

ON

MORTGAGES.

The city of Toronto, O nt., acting in accordance with an
A ct passed by the last Legislature, is imposing a tax of onotenth of 1 % of the amount of a mortgage for its registration,
while the registrar’s fee has been increased to $1 50 for each
instrument. Concerning the new law the “ Financial Post”
of Toronto published the following in its issue of M a y 11:
Wh e n you examine it closely,” declared one loan company manager to
the "Financial Post” “Its unfairness is apparent. Tho city is levying this
tax on the man who is compelled to borrow, whereas buyers of property
are not under any charge for the registration of deeds. The mortage loan
usually has a life of five years, whereas tho deed exists indefinitely. A
charge is laid on the mortgage, which only requires tho protection of the
registry office for a limited period, while the deed which enjoys perpetual
protection is tax-free. If tho Imposition is levied on account of services
rendered, surely the tax should go on the deed boforo it goes on tho mort­
gage.”
The loan companies themselves are not tho sufferers from the tax. It
must bo paid by tho borrower and when a mortgage is registered by tho
loan company tfco tax is assessed on the mortgagor. One recent instance
was cited where a mortgage amounting to $35,000 was arranged. Tho tax
on this, together with the registrar’s fee, took an extra $36 50 out of the
borrower’s pocket.
“Another objectionable feature of the tax,” continued tho loan company
manager, “is the way in which the authority for its imposition was secured.
Tho city did not ask for the power to levy such a tax in the city bill, but on
the last day of the session a section was slipped into tho Statute Law
Amendment Act, giving any city with a population of 200,000 and over tho
authority to impose tho tax. There was practically no opportunity to
show objections and tho measure wont through. The city promptly passed
a by-law putting the tax into force.”
Of course it is generally recognized that taxation must become more
severo and now that the tax is operative it will have to be met. But there
is a feeling that tho way tho power was secured and tho way tho levy is
mado on a limited section of tho population, it is not as equitable a tax as it
might be. There is some apprehension that it may curtail building.
This, however, is not likely as, in comparison with tho total cost of build­
ing, the amount of the tax is small.

P R O V I N C E O F Q U E B E C R E F U S E S L O A N TO M O N T R E A L .

[Vol . 108 .

These funds have all gone directly into food production. The mortgages
are all drawn on the amortization principle, and extend over a long period
of years. A payment each year covers both tho principal and interest
and at the end of a definite period the mortgage is extinguished.
A n important work is also going forward under tho rural crodits scheme
which provides short-term money for production purposes.
N E W CALL ON M E M B E R S F IN A N C IN G C U B A N SUGAR
CROP— F U R T H E R O F F E R I N G O F A C C E P T A N C E S .

The syndicate participating in the Cuban sugar credit of
$100,000,000 called for the payment yesterday (M ay 17)
of the second installment. Last week tho first installment, of
1 0 % , or $10,000,000, was called for; this week’s call was for
$4,000,000. On the 16th inst. the second offering of ac­
ceptances drawn under the credit was disposed of in the open
market. Tho offering, amounting to $2,800,000, was taken
chiefly by local institutions. Last week an initial offering
of $6,958,000 of sugar acceptances was disposed of.
U.

S.

GOLD

CO IN S

LEGAL

TENDER

IN

WESTERN

M E X IC O .

Reports from Mexico City on M a y 10 stated that the
Mexican Cabinet had approved a law making American
gold coins legal tender in tho States of Sonora and Sinaloa,
in Western M exico. The law will be in effect until the Gov­
ernment can resume operations at the old mint at Sinaloa.
L IC E N S E S

FOR

EXPORTS

OF

STAMPS.

Liconses for the exportation of postage stamps, rovenue
stamps and other stamps of a similar character will be
granted for transmission only by registered or first-class
mails, according to an announcement of tho W ar Trade
Board issued as follows on M a y 13:

Tho \Var Trado Board announces that, until further notice, liconses
authorizing the exportation of postage stamps, rovenuo stamps and other
stamps of similar character, either canceled or uncancolcd, may be granted
for tho transmission only by registered or by first class mails. The parcel
containing tho stamps shall bear, plainly marked on tho wrapper, tho license
number, tho description of contents, and the name and address of tho con­
As was generally oxpectod, tho deputation of Montreal Aldermon rein­ signee, followed by the words: “In care of tho Executive Postal Censor­
forced by a deputation from the Proprietors’ League wero refused the ship Committee, 641 Washington Street, N o w York City.” Tho name
1.000,000 contribution that they asked the province to make in order to and address of tho consignor must also appear on tiro wrapper, and the
help the city out with its deficit of nearly 3,000,000 that faced it until tho postage must be fully prepaid to the country of final destination.
Applications for licenses should bo sont to the Bureau of Exports, Wash­
new taxes wero proposed. One of tho chief reasons for tho request was that
tho city of Montreal was contributing such a large portion of tho rovenuo ington, D. C., or any of the branch offices of the War Trado Board.
of tho province, and some lines of taxation, licenses, &c., moro properly
I’ostago stamps appear on the export conservation list of April 15 1918,
belonged to the city’s coffers than to those of the province.
and since that dato revenue stamps and other stamps of similar character!
Tho premier, Sir Lomer Gouin, pointed out that tho realty tax rate in canceled and uncanceled, havo been added to tho conservation list.
Montreal was less than in Toronto, and that if Montreal’s request wero
granted similar ones would have to be met from a number of other muni­
cipalities. Moreover, the rovenuo of tho province was sufficient only for its E X P O R T S O F U N I T E D S T A T E S C O I N A N D C U R R E N C Y
needs, and it was important that tho credit of tho province should bo main­
T H R O U G H M A I L S P R O H IB IT E D .
tained. Tho citizens of Montreal should havo cause for thankfulnoss if
The
Post
Offico Department in tho following notice calls
tho present year were finished without a deficit such as the city had had
for several years past.
attention to the fact that oxports of United States coin on
The Provincial Treasurer, Hon. Walter Mitchell, stated that the only currency through tho mails are prohibited.
way for tho province to secure tho $1,000,000 was to borrow it, and this tho
city could do as well as the province. Facing tho provinco was a- serious
OFFICE O F S E C O N D ASSISTANT P O S T M A S T E R - G E N E R A L .
loss coming from tho wiping out of the liquor traffic and this must bo se­
„
. ,
W a s h in g to n , M a y 6 1918.
cured somewhere else.
Bocauso of tho numerous instances coming to tho attention of tho de­
With tlio positive refusal of a provincial contribution to help out, it seems partment of attempts to sond through tho mails to foreign countries coin
likely that the Aldermen will agree to the real estate tax which Increases and currency prohibited by Order No. 731 of Sopt. 36 1917, tho order is
the present one by 45 cents on tho $100.
hereby repeated, so that postmasters may givo publicity to its provisions
with a view of preventing the deposit in tho mails of lotors containing ’
coin and currency addressed to foreign countries.
Order No. 731 is as follows:
F I N A N C I N G OF F A R M E R S B Y M A N I T O B A
In conformity with tho proclamation, and tho regulations thereunder
GOVERNMENT.
issued by tho President on Sept. 7 1917, concerning tho export or ship­
W ith regard to the financing of farmers by tho Manitoba ment of coin, bullion and currency, it is hereby ordorod that United States
Government a Winnipeg dispatch in the “ W all Street coin or currency, gold coins, whether of United States or foroign mintage,
and gold bullion, aro prohibited transmission through tho regular or parcelJournal” of M a y 14 said:
post mails to countries outside of tho United States and its possessions.
Manitoba Government, after loaning some $10,000,000 under tho
Section 42, page 111, and section 188, pago 140, of tho Postal Guido for
farm loan scheme to farmers at 6 % ,has decided to advance the rates. To July 1917 are modified accordingly.
just what figure it will bo advanced has not yet been determined as difficulty
Tho above prohibition Is not applicable to foroign currency and foreign
has been experienced in financing the scheme further. Tho money has silver coins, which remain subject to tho provisions of paragrph (d) of
cost tho Government 5>$% and tho plan has been conducted at a slight section 42, above mentioned.
loss to date, but has boon very beneficial to farmers.
O T T O P R A E G E R , S eco n d A s s t . P o s lm a s le r -G e tie r a l.

Tho “ Financial Post” of M a y 11 had the following to say
in respect to the rofusal by tho Provincial Government to
loan tho city of Montreal $1,000,000 in view of the city’s
prospective deficit of nearly $3,000,000:

F O O D B O N D S TO B E S O L D I N

M A N ITO B A .

A campaign to secure half a million dollars from the farm­
ers of the Province for tho farm loans scheme, according
to tho “ Financial Post” of Toronto, will soon bo initiated by
th o Manitoba Farm Loans Association. A booklet is now
being prepared and will bo distributed through tho various
municipalities. Food bonds will be sold bearing 5 % in
amounts and for periods to suit the purchaser. The in­
terest and principal are both guaranteed absolutely by tho
Provincial Government and the bonds, it is said, “ are al­
most as liquid as m oney.” The sale will be pressed chiefly
in the country through trained agents. Continuing, the
“ Financial Post” says:

FEDERAL

RESERVE

BOARD

D E N IE S

A P P L IC A T IO N

O F S M E L T I N G CO . TO I N C R E A S E G O L D
SH IPM EN T S

TO

M EXIC O .

It was announced on M a y 13 that the Federal Reserve
Board had denied an application of the American Smelting
& Refining Co. to increase its gold shipments to Mexico.
For the last several months the company has been shipping
gold bars at a rate above $500,000 monthly in obedience
to a decree of the Mexican Government that mining con­
cerns shipping gold and silver out of Mexico in ores and baso
bullion must return the full value of the gold and 2 5 % of
the value of the silver in the form of refined gold. Under
a recent ruling tho amount of gold return demanded for
It is
Tho Manitoba Farm Loans Association will advance this month to silver taken out of Mexico was increased to to 5 0 % .
farmers between $150,000 and $200,000.
stated that inasmuch as compliance with this order would
In tlie first throe months of the year considerably moro than half a
million dollars was loaned. The record for the successive months is as increaso the gold exports to Mexico of tho Amorican Smelt­
follows: In January, $255,000: in February, $150,000, and In March, ing & Refining Co. to above $1,000,000, it became neces­
$175,000.
sary for the company to secure tho authorization of tho




THE CHRONICLE

M ay 18 1918.]

Federal Reserve Board to expand its gold shipments. This
permission is said to have been denied on the ground that
under the existing arrangement Mexico is receiving all the
gold that the country needs. It was announced that the
company’s officials would submit word to the Mexican
Government of their inability to supply the demanded gold
increase. It is further stated that it is hoped that the
authorities at Mexico City will revoke the new decree.
M O D IF IC A T IO N

OF

FEDERAL

CHECK

CO LLECTIO N

CHARGES.

Announcement that the Federal Reserve Board had ap­
proved the recommendation to suspend or eliminate for the
timo being servico chargos for the collection of cash items,
this elimination of charges to apply to checks received from
member banks and from other Federal Reserve banks to
become effective Juno 15, and had also sanctioned other
important changes and modifications of the collection sys­
tem, was contained in the “ Federal Reserve Bulletin” for
M a y . The announcement was made as follows:
Tlio following letter, sent out by tho Federal Reserve Board under date
of April 5 to Federal Reserve banks, gives the substance of tho changes
made by tho Board in tho existing practice as to collection at Fedoral Re­
serve banks, and indicates some of tho important developments in tho goeral collection system:
Tho Federal Reserve Board has carefully considered the report submitted
by tho transit managers of tho Federal Reserve banks, indorsed by tho
Governors of tho banks, which was discussed in conference in Washington
recontly, and has reached the following conclusions:
1. Tho Board approves tho rocommondatlon to suspend, or eliminate for
tho timo being, servico charges for tho collection of casli items; this elimi­
nation of ciiarges to apply to checks received from member banks and from
other Federal Reserve banks and to becomo effective on and after Juno 15
1918.
2. Tho Board approves the recommendation that tho 10-cent charge on
collection Items between Federal Reserve banks and their member banks
bo eliminated for tho present and until further notice, but that a chargo
of 15 cents per Item bo made on all such items returned unpaid, this rulo
to becomo effective Juno 15 1918.
3. Tho Board approves the recommendation that telegraphic transfers
bo bought and sold at par, each Federal Reserve Bank absorbing the tele­
graphic oxpenso, but with tho proviso that checks on other Federal Roservo
cities or Federal Reserve branch cities bo taken at par, subject only to
deferred availability In accordance with regular timo schedules.
4. Tho Board approves in princplo tho recommendation that tho dis­
count rato on mail transfers shall bo based upon tho 15-day rato, but,
because it Is desirable that tho rate for such transfers shall remain as nearly
uniform as possible and not vary too frequently, suggests that for tho time
being and until further notice a chargo of 10 contsper day per thousand,
or at tho rato of 3.65%, bo fixed as tho rate for admail transfers.
5. Tho Board approves tho recommendation of the transit managers,
indorsed by the Governors, “that all mall transfers to banks in’ other
Federal Reserve cities bo made by draft on the Federal Reserve bank and
sent direct to tho bank to which tho transfer is ordered, rathor than to tho
Federal Reservo Bank.”
6. The Board approves tho suggestion that there shall be a general re­
vision of all timo schodulos, effective Juno 15 1918, which shall tako into
consideration recent changes in mail train schedules, and tho creation of
now collection centres at branch bank cities.
7. Tho Board approves tho recommendation that "trado acceptances,”
wlierover payable, bo handled as collection items, not as chocks or cash
items, but suggests that “bankers’ acceptances" be treated as cash itoms.
The Board has under consideration and expects to approve within a few
days a plan for linking together by private telegraph system the 12 Federal
Reservo banks with its office at AVashington, and expects to havo these
additional facilities available within a short timo.
A number of other recommendations relating to details and standard
accounting methods havo not been considcerd by tho Board and are loft
for your determination.

The Chicago “ Tribune” of M a y 11, in referring to a
meeting in Chicago last weolc to consider tho scheme for
handling checks under the new arrangement, said:
The Federal Reserve Board has determined to adopt tho proposed plan
for abolishing collection charges under tho par collection of cloaring checks
through tho Reserve banks. Representatives of the twclvo Roservo banks
meeting in Chicago this week havo arranged a systom for handling checks
under tho now scheme.
This moans that tho Federal Roservo system will spend several million
dollars annually doing work which tho banks havo paid for in tho past
through a charge of l lA cents on each check cleared. This chargo was
simply to cover the cost of clearing checks.
Tho actual reason for tho change is that tho Reserve banks aro making
so much money they are searching for places to spend it to tho best benefit
of the banks. Under tho law the Reserve banks cannot pay moro than
0 % dividends to tho banks owning them. Consequently, this is one of
several innovations designed to repay tho banks in moro liberal measuro.
Thoro is not ono of tho twclvo Reserve banks that is not earning far
moro than its 6 % dividend, and but two that havo not paid tho dividends
in full to Jan. 1.
The change is expected to help in bringing country banks into tho Federal
Roservo systom. It does not affect tho right of tho banks to mako a col­
lection charge sufficient to cover the interest on the amount of tho chock
while collection is being effocted.

Tho following bearing on the samo subject appoared in
Philadelphia advices published in the “ W all Street Journal”
of M a y 10:

3065

over the railroads. One of the first acts of the new Director-General
was to revise train schedules. This revision seriously interfered with the
normal course of the mails. Points which could be reached and an answer
received in two days now take three days and other points correspondingly.
Because of this condition tho Federal Reserve Bank of Philadelphia
found that it could not collect items promptly so as to make the funds
available for member banks’ reserves, as provided in the time schedules.
The result was that the member banks, in drawing upon these items before
they were actually received, made the Reserve bank carry the “float.”
The Reserve bank then proposed to revise its timo schedules and m e m ­
ber banks protested. Tho proposition was laid before the Federal Reserve
Board and a conference of representatives of all Reserve banks called to
discuss the matter. The conference recommended that a revision be made
in schedules and that the service charge bo eliminated. These recommen­
dations were approved at the conference of Reserve banks Governors held
in AVashington a month or so ago and were finally approved by the Federal
Reserve Board.
_________________________
WAR

F IN A N C E

M A T IO N

OF

C O R P O R A T IO N O R G A N IZ E S — C O N F IR ­
ITS

D IRE CTO RS

AND

C APIT AL

ISSU E S C O M M IT T E E .

The W ar Finance Corporation Avas formally organized
yesterday. The members of the Corporation, which is
created under the Act approved on April 5, were to have
been sworn in on the 13th inst., but the delay in their taking
the oath of office was due to the illness of Secretary of the
Treasury M cAdoo. The Corporation consists of five direc­
tors, ono of whom is the Secretary of the Treasury. The
nominations of the other directors have all been confirmed
by the Senate. Of the four named by President Wilson on
April 29, one, Allen B . Forbes, declined the nomination.
In his place the President sent to the Senate on M a y 4 the
name of Clifford M . Leonard, of Illinois. The Senate ap­
proved M r. Leonard’s nomination and that of Eugene M eyer
Jr., of New York, on M a y 7. The nominations of the other
two directors, viz.: William P . G . Harding, of Alabam a, and
Angus W . M cLean, of North Carolina, were confirmed by
the Senate on M a y 4. Messrs. Harding and Leonard have
been appointed for a term of two years each, and Messrs.
M eyer and McLean for a term of four years each. The
names of those whom President Wilson selected on April 29
to constitute the Capital Issues Committee (also provided
for under the Act of April 5 ), were confirmed by the Senate
on M a y 10. They are Charles S. Ham lin, of Massachusetts,
of the Federal Reserve Board; John Skelton W illiam s, of
Virginia, Comptroller of the Currency; Frederic A . Delano,
of Illinois, of the Federal Reserve Board; James B . Brown,
of Kentucky, President of the National Bank of Commerce
of Louisville; John S. Drum , a banker, of California; Henry
C . FloAver, President of the Fidelity Trust C o. of Kansas
C ity, M o .; and Frederick H . G off, President of the Cleve­
land Trust C o ., of Cleveland, Ohio.
The W ar Finance Corporation organized yesterday with
Secretary M cAdoo ex-officio chairman and with Governor
Harding of tho Federal Reserve Board as executive officer.
Under designation of the President, M r . Hamlin was elected
Chairman of the Capital Issues Committee. Sherman
Allen, formerly Assistant Secretary of the Federal Reserve
Board, was elected Treasurer of both and Acting Secretary
of both, until a Secretary for each is selected. H e will
remain Treasurer of both.
In welcoming the members of the Capital Issues Commit­
tee yesterday, Secretary M cAdoo said:
You havo a very important part to perform in this great financial service
that must be rendered to the country In order to carry forward successfully
the operations of this war. Tho responsibility Is great and because it Is
great, I know that you will be all the more inspired by the task.

W ith the induction into office of the directors of the W ar
Finance Corporation, Secretary M cAdoo addressed them as
follows:
Gentlemen, you have been appointed by tho President and confirmed by
tho Senate to those very responsible positions as directors of this groat
corporation, the AVar Finance Corporation, which marks an epoch in the
finances of the country. I want to congratulate you on the great oppor­
tunity which you have to render a very distinctive service to your country
in this perilous time of war. There can be no chart for this corporation,
nor can any true picture of its necessary activities be drawn at this time.
It must evolve with the progress of events and our duty is to see that in
that evolution it performs the great functions which have been committed
to it and that it exercises its great powers always and at all times in the
public interest.
_________________________
A P P L IC A T IO N S PASSED ON B Y C A P IT A L ISSU ES
C O M M IT T E E — C A P IT A L
ST. L O U I S A N D

C O N SER VATIO N

IN

M IL W A U K E E .

Tho following statement concerning the applications
passed on last week by the Capital Issues Committee of the
Fedoral Reserve Board was issued by the Committee on
M a y 12:

Representatives of tho twelve Federal Reservo banks met at Chicago
this wook to roviso tho time schedules for tho collection of checks. The
revision is in connection with tho proposal of tho Fedoral Reserve Board
to eliminate tlio service chargo of 1 to 2 cents an item. F.limtnation of this
The Capital Issues Committee announces that the number of applications
servico chargo was proposed to the Foderal Reserve Board by represen­ considered during the week just passed was greater than in any previous
tatives of tho Federal Reserve banks and tho Board has endorsed tho plan. wook of its existence. The committee determined 37 cases, aggregating
Back of tho revision of time schedules is an interesting story, partly $27,487,277 56, of which $4,811,000 were disapproved. In addition to
woven about war conditions and tlio action of the Government in taking tho amount formally disapproved, postponement for the period of tho war




was secured Informally of Issues aggregating $4,990,000. The $22,670,­
277 56 approved Included $6,774,084 of refunding obligations, so that tho
now issues approved aggregated $15,899,193 56. N o w issues for the
corresponding period last year amounted to $14,196,500.
The Committee stated that spread of tho knowledge of Its aims and
purposes continued to be reflected in voluntary postponement of security
issues, tho case being cited of tho city of St. Louis, Mo., which has adopted
a policy of financial preparedness consistent with tho national welfaro.
Tho city has notified the Committee that it is going ahead with securing
local authority to create certain debts and advertising tho issues of bonds
therefor so that they m a y bo marketed roadily at tho proper timo, but that
it will submit for approval by tho Committee only such issues as aro for
urgont and essential purposes. The city is at present advertising some
14,000,000 of bonds which it doos not purpose to market until tho con­
clusion of tho war. Other municipalities in Federal Reserve District No.
8 aro adopting tho same patriotic course. Tho Milwaukee momber of tho
sub-committee of tho Minneapolis Federal Reserve District reports that
tho city of Milwaukee, in bringing its needs into conformity with the
national interest, has reduced presently contemplated bond issues from
$5,740,000 to $1,050,000.
Tho pursuit of this policy of capital conservation throughout tho country
will givo to the nation that financial strength which will enable it to shorten
to a material dogreo tho period within wliich tho war can bo ended with
victory for Democracy.
FEDERAL

[Vol. 106

THE CHRONICLE

2066

RESERVE

BOARD

UNNECESARY

ON

C U R T A IL M E N T

OF

C R E D IT S.

Bearing upon the request mado by the Secretary of the
Treasury in February that the banks and tho trust com­
panies set asido 1 % of their resources for investment in
Treasury Certificates of Indebtedness the Fedoral Roserve
Board in its April “ Bulletin” said:
The request which tho Secretary of the Treasury mado on Fob. 6 1918 to
every bank and trust company of tho country that it should set asido 1 %
of its resources each week for investment in tho Treasury certificates of
indebtedness, has brought to tho Federal Reserve banks many inquiries
as to how tho banks could mako available so largo a sum for tho use of tho
Government and at tho same timo maintain their usual business with their
depositors and customers. There is welcomo evidence that tho bankers
of tho country aro giving thoughtful consideration to tho question of con­
serving credit for tho Government, and tho Federal Rosorvo Board thinks
it tho appropriate timo to issuo a statomont expressing its viows upon tho
principles which should guido tho action of tho banks.
It is clear that if tho war requirements of tho Government aro to bo
financed without undue expansion of banking credits, not only must there
bo somo reduction of existing credits, but thero will have to bo applied a
rigid check upon tho further expansion of credit in directions not clearly
essential for tho prosecution of tho war, and for tho health and necessary
comfort of tho people. It is no moro possible to superimpose upon tho
volume of pro-war credits tho immonso volumo of additional credit required
by tho Government for war purposes than to superimpose upon tho volumo
of pro-war production of goods tho immonso volumo of additional goods
required by tho Government to prosecuto tho war. Our problom is to
convert les s ossontiai into m o r e essential credit, and to convort les s essontial
to m o r e essential production and distribution of goods. Tho saving of
credit and money goes hand in hand with tho saving of labor and materials
In tho program of adjusting tho business of tho nation to a war basis, and
our best hopo of avoiding competition between tho Government and its
citizens for credit, money, labor and materials, which can only result in
credit and price inflation and higher costs of living, is saving.
As far as expenditures aro financed by tho sale of new securities they aro
scrutinized under tho leadership of tho Capital Issues Committeo of tho
Federal Reserve Board; as trustees of tho individual banking credit of tho
country, however, tho bankers aro charged with the duty of studying and
understanding tho program in order that each and overy ono may In turn
educate his borrowers and tho people of his community to tho necessity of
saving credit as well as food and other materials, and may thereby conserve
tho credit of Ills bank for tho uso of tho Government as far as may bo
practicable. It will bo cloar to bankers, also, that credit conservation
is necessary not only for Government financing, but also for tho protection
and preservation of tho banks thomsolvos, individually and collectively,
since unduo expansion of bank credits leads inovitably to unsafe and un­
sound economic conditions, and no stone should bo loft unturned to keep
our banking institutions sound and strong.
It is not tho purposo of tho Board to suggest the specific ways in whicli
credit should bo conserved, or unnecessary expenditures curtailed; oach
banker must determine tills for himself. Tho Board can only discuss tho
subject in general terms, with emphasis on tho necessity that while credit
conservation should bo undertaken promptly it should bo carriod out grad­
ually, with reasonable discretion and with tho least possiblo avoidable
embarrassment to tho business of individuals and industries. Proper
education of borrowers and customers to tho deeds of tho situation will
accomplish far moro than abrupt discrimination or pressuro.
In tho absonco of any official classification of tho moro essential and tho
less essontial things and enterprises it will bo necossary for each bankor
in determining how ho may do his share in tho conservation of credit to
use his own judgment. Thero seem to bo, howover, two clearly dofined
groups of loans:
(a ) Loans to facilitate production or distribution.
(b ) Loans for non-productivo or non-distributivo purposes.
L o a n s f o r N o n -p r o d u c ti v e o r N o n -d is t r ib u tiv e P u r p o s e s .

Loans for non-productive or non-distributivo purposes are usually loans
for non-essential purposes. Tho following aro types of this class of loans:
Loans for purchasing or carrying property, whether real estate or per­
sonal securities.
Loans for additions to or improvements of proporty not used in produc­
tion or distribution.
Loans to States or municipalities for improvements.
By inquiring tho purposo for which each new loan is required, and de­
clining wherever practicable to grant loans of theso classos, and by gradually
causing existing loans of theso classos to bo reduced or eliminated, bankers
could conserve credit without causing hardship and also givo many pcoplo
an impetus to save at a time when saving is of vital importance to tho nation.
But discretion must be used in not forcing borrowers to rcduco loans to
an oxtent that is unreasonable or would cause avoidablo hardship or e m ­
barrassment; much can bo accomplished by sound advice and tho exortlon
of moral pressuro.
L o a n s to F a c ilita te P r o d u c tio n o r D is t r ib u ti o n .

Tho three main groups of borrowers for productive or distributive pur­
poses aro farmers, manufacturers and merchants.




1. F a r m e r s . — Tho farmers are being asked to produco more than over
boforo and loans for productive purposes must have tho right of way. But
tho kind of loans which should bo discouraged or declined aro:
(а) Loans for the acquisition of additional property, unless the area
under production is to bo increased thereby and Immediate results may bo
oxpocted;
(б) Loans for any construction not necessary to tho productiveness of
tho farm within tho year; and
(c) Loans for tho purchase of articles of comfort and luxury.
In sections whero farming profits have beon largo, an endoavor should
bo made to induce farmers to apply a good portion of thorn to tho reduction
of long-standing loans or to the financing of their soasonal requirements,
theroby conserving bank credit.
2. M a n u f a c t u r e r s . — Manufacturers who aro making largo profits should
be urged to reduce or extinguish their debts rather than increase capacity
and output unloss the industry is ono which is clearly necessary to tho
prosecution of tho war. All manufacturers should bo urged to carry as
small inventories as practicable; to eliminate from thoir products dements
which add to its cost but not to its Intrinsic value and serviceability, or
which aro introduced simply for fashion or appearance, and to avoid as far
as practicable introducing now styles during tho period of the war.
Manufacturers whoso product is not clearly required oithor for tho prose­
cution of the war, or to maintain tho health and efficiency of our civilian
population, should be urged to assist tho Government by adapting at least
a part of their plants to tho manufacture of articles cloarly required for
thoso purposes. Bankers would do well to scrutinize carefully tho credits
of thoso engaged in industries not cloarly assontial for those purposes, since
such industries are likely to bo the first ones to suffer interruption from
transportation, fuel or power embargoes.
3. M e r c h a n t s . — Almost tho same suggestions that havo boon mado with
regard to tho production of goods by manufacturers m ay bo applied to
tho distribution of goods by merchants, namoly reduction of stock carried,
reduction or elimination of that portion of thoir stock consisting of atrlclos
of mero fashion or luxury and tho substitution of plainer and moro sorvlcoablo articles, and tho avoidance of tho introduction of now stylos in cloth­
ing, articles of personal comfort, &c.
Tho Board fools that it would bo impractlcablo to doal with tho subject
moro specifically at tho present time, but urgos that ovory bankor assist
in tho movomont, to tho best of his ability.
(а) B y studying and understanding tho economic necessity for tho
conservation of credit.
(б) By a careful analysis of each loan In his Institution to ascertain thoso
which aro tho least ossontiai to tho prosecution of tho war.
(c) By applying to oach application for a now loan tho tost "Is it nocossary
for tho prosecution of tho war or tho hoalth and safoty of our civilian
population?"
(d) By discussion with other bankers in tho same placo or neighborhood
as to methods of credit conservation which it may bo practicable for them
to undertake.
(c) By urging his local trade organizations and board of trado to study
tho subjoct and mako definito recommendations for tho conservation of
credit and tho conversion of less ossontiai to moro essential production
and distribution.
(/) By discussing tho matter with his customers with a viow to educating
them to tho necessity of keeping their demands for credit at a minimum.
(g ) By exerting his influence upon his noiglibors and his municipality to
reduce expenditures for -improvements to a minimum during tho period
of tho war. Postponement of overy improvomont not absolutely nocessary
for health and safoty should becomo a national policy.
(h ) B y acting always with discretion and reasonableness.
T ho conservation o f credit and m onoy will result in tho saving o f labor
and materials which tho Governm ent needs for tho prosecution o f tho war;
and overy improvom ont or expenditure which an Individual, a corporation
or a m unicipality refrains from making during tho war roprosonts a require­
ment to bo fulfilled whon tho war is over.

Merchants and manufacturers will readily understand that prosont
saving is laying up for the future an important reserve purchasing power
which they may count on during whatover period of readjustment may fol­
low tho end of tho war: and it must bo apparont to ovory bankor that tho
larger tho savings his customers mako tho larger tho doposits such savings
will inovitably croato.
It is hoped by tho Board that tho Fedoral Resorvo banks will make
themselves tho leaders in this campaign by organizing in thoir rospoctlvo
districts committees of bankers, merchants and manufacturers so that
rosults may bo reached by a mutual understanding and a united effort for
tho public good rather than by a policy of enforcing hard and fast rulos.
If at any timo tho assistance or advice of tho Board should bo desired it
will bo given gladly. It is realized that each industry and branch of buslInoss must bo taken upon its own merits and that proper treatinont involves
in a groat many cases a redirection of industries and redistribution of labor.
This is a problom which has boon actively studied and in many casos com­
prehensively dealt with by various dopartmonts and boards of the Govern­
ment. Wherever your committees desiro tho advico or co-oporation of thoso
Government agencios the Board will bo glad to act as intermediary and ad­
visor in such casos.
PR O TEST OF

NEW

YORK

HOUSES A G A IN S T
D E PO SIT S I N

AND

C H IC A G O

C LE AR IN G

B IL L G U A R A N T E E IN G
N A T IO N A L

BANKS.

A protest against tho Shafroth bill which would guarantee
doposits of $5,000 or less in national banks has been entered
by tho entire membership of the New York Clearing IIouso
Association. The text of tho bill, which was introduced
by Senator Shafroth on April 23 and ordered favorably
reported April 24 by tho Senate Banking and Currency
Committee, was printed in our issuo of M a y 4. For tho
purpose of indemnifying tho United States against loss on
account of advances, it proposes to levy and collect “ yearly
from each national bank a tax not in excess of ono-tonth of
1 % of tho aggregate of all deposits averaging $5,000 or loss,
and a tax not in excess of one-tenth of 1 % on $5,000 of the
aggregate of each of the other doposits averaging moro than
$ 5 ,0 0 0 .” The protest of tho Clearing IIouso was forwarded
undor date of M a y 13 by Walter E . Frew, Chairman of tho
Clearing House Committee, to tho U . S. Senators and
Representatives from New York Stato and to tho members
of the Banking and Currency Committoes of both Houses.

M at 18 1918.]

It is argued that the proposed guarantee would bo at the
expenso of tho convervativoly managed and successful banks.
W o give the protest herewith:
N EW Y O R K CLEARING HOUSE.
77-83 Cedar Street.
N e w Y o r k , M a y 9 1918.
undersigned, constituting the entire membership o f tho Now
York Clearing House Association, earnestly protest against tho enactment
into law o f Senate Bill No. 4426, and dosiro respectfully to present tho follow­
ing briof expression o f thoir viows on the principle and policy o f tho guar­
antee o f deposits:
Sonato Rill 4426 now ponding in tho United States Senato puts a promlum
upon incompetence. It proposes that the Government of tho United States
guarantee all deposits in national banks o f 85,000 and loss, and that tho Gov­
ernment guarantee up to $5,000 in all deposits in excess o f that amount; of
course this guarantee is to be made good at tho expense o f tho conservatively
managed and successful banks.
Should such a proposition bo enacted into law, any national bank,
however inexperienced its official managers; however limited its capital
resources compared to tho field of its activities; however given to risky
adventuro; however venturesome in buying deposits by paying oxcossive
rates o f interest; however wanting in the proven qualities which time and
experionco havo shown to bo indisponsiblo to successful bank management,
such a bank would, nevertheless, bo able to solicit business, truthfully
claiming that their deposits were protected, as above stated, by tho com­
bined financial strength o f tho whole national system. Good banks would
thus be compelled to givo o f their strength to induco tho creation o f and
then to support Incompetent rivals.
Such a proposition is in violation o f common justlco and common fair­
ness. Tho stockholders in a bank in one locality would bo mulcted in
loss to compensate for tho mismanagement o f banks hundreds or oven
thousands o f milos distant and over which no mutual control or relationship
exists.
Our pcoplo should bo allowed to oxerciso wholesome discrimination In
tho banks tlioy select, as well as in thoir business activities in general.
Individuality and individual Initiative are cardinal qualities o f success,
and these qualities would bo impaired if people are to bo taught by legisla­
tion to roly upon tho Government to help them In thoir ordinary individual
transactions and in tho oxerciso o f ordinary Judgment.
Tho said bill is wrong in principle; it imposes an unjust burden upon
conservative bank management, and would exercise a deleterious influence
upon every community, should It bocomo law.
S ir — Tho

Tho Chicago Cloaring House Association has also taken
measures in protest against tho proposed legislation. A t a
meeting of the Clearing House Committee on M a y 10
James B . Forgan, Chairman, was authorized to address
tho Illinois Senators and Congressmen and the members of
tho Sonato Banking and Currency Committeo a lotter voicing
thoir disapproval of tho bill. M r. Forgan’s lotter is printed
in tho Chicago “ Herald and Examiner” as follows:
Tho taxation o f tho sound and conservatively managed national banks,
which form tho overwhelming majority, for tho benefit o f the depositors
of the very few, which aro unsound and recklessly managed, wo consider
unjust and inoquitablo for tho following reasons:
It proposes to tax good banks to support bad; to penalize honesty,
ability, oxporionco and training to compensate for incompetency, dishonesty
and ignoranco; It removes from banking tho essential characteristic on which
success in tho business has been based, viz., the necessity for maintaining
reputation for character, prudenco, foresight, sagacity and conservatism.
It proposes to places tho reckless and speculative banks on tho samo lovel
with tho best managed and tho most conservative, which will load to com­
petition calculated to drag all of them down to the least meritorious.
Under tho protection o f such an Act banks by granting their customers
accommodations contrary to all sound banking principles and methods
would tako business away from tho sound ones, while to tho extent o f their
contributions to tho guaranty fund sound institutions would be required
to support the unsound In thoir recklessness, besides giving thorn a standing
and crodit which thoy could not otherwise obtain.
The proposed legislation theroforo does not give tho honest and well
managed banks a square deal; it placos a premium on dishonest and reckless
banking and will go far to destroy tho Incentive of banks and bankers to
establish for thomsolves a good namo and reputation in thoir various
communities.

M r . Forgan is also quoted as saying:
Tho bill is ono o f tho most absurd things I havo over soon. It Is vicious
in Its possibilities. Its sponsors seem to bcliovo tho nation has considorablo
money hidden In tho ground. But oven thoy cannot figuro on adding moro
than 1% to present deposits, for which they want to tax us practically
ono-tenth o f 1 % •

Tho Cincinnati Clearing IIouso on M a y 8 likowiso adopted
resolutions of protest against the bill proposing to guarantee
national bank doposits. President E . A . Seiter was author­
ized to address Senators Pomereno and Harding and Congress­
man Longworth urging them to oppose tho passage of the
bill.
E X E C U T I V E C O U N C I L OF A . B. A . OPPO SE D TO B A N K
G U A R A N T Y B ILL.

Tho Exooutive Council of tho American Bankers’ Associa­
tion at its annual spring meeting at H ot Springs, A rk ., last
wook adopted a resolution recording its opposition to tho
bill pending in Congress providing for tho guaranty of do­
posits not in oxcoss of $5,000. Tho Council, while not
opposed to tho bill defining usury, voiced its disapproval of
tho ponaltios imposed, becauso, it is assorted, they would
includo penalization for constructive usury as tho rosult of
errors or oversight.




2067

THE CHRONICLE
CHATTANOOGA

SA V IN G S B A N K
JOINS
RESERVE S Y S T E M .

FEDERAL

M.
B . Wellborn, Chairman of the Board, Federal Reserve
Bank of Atlanta, on M a y 13 stated that the Chattanooga
Sgvings Bank, Chattanooga, Tenn., is the first State bank
to join the system in that part of Tennessee within the A t­
lanta Federal Reserve District. It has a capital of $750,000
and surplus of $225,000, and is one of the largest and most
substantial State banks in the district.
M A S S A C H U S E T T S S A V I N G S B A N K S A U T H O R I Z E D TO
IN VEST IN BANKERS' ACCEPTANCES.

A bill passed by the 1918 Massachusetts Legislature
amonding tho savings bank investment law of that State
by adding a new section permitting savings institutions to
invest 3 0 % of their deposits in bankers’ acceptances, or bills
of exchange, was signed by Governor M cC all on M a y 15.
Tho now Massachusetts law is practically the same as the
one enacted by N ew Y ork ’s Legislature this year and ap­
proved by Governor Whitm an on April 22 (see full text in
our issue of April 27, page 1738), except that the New York
law fixos the limitation at 2 0 % . Both States restrict their
savings banks to the purchase of acceptances of tho banks
of thoir own State with the further restriction that the ac­
ceptances must bo of tho character approved by the Federal
Reservo Board and hence eligible for sale or rediscount with
any Fedoral Reserve bank. Tho text of the now law in
Massachusetts follows:
In bankers’ acceptances and bills o f exchange of tho kinds and maturities
made eligible by law for rediscount with Federal Reservo banks provided
tho same aro accepted by a bank, banking association or trust company
incorporated under the laws of the United States or of the Commonwealth
of Massachusetts,.and having its principal place o f business within tho Com­
monwealth of Massachusetts. Not moro than 30% of tho deposits and
tho incomo derived therefrom shall be invested by any savings bank In
bankers’ acceptances or bills of exchange, nor shall any savings bank invest
in the acceptances of any one accepting bank or trust company to an
amount in excess of 6% of its deposits and income derived therefrom.
The aggregate amount of the liability of any bank, banking association or
trust company held by any savings bank shall not exceed 25% of the paidup capital and surplus of such bank, banking association or trust company.
OFFERIN G OF F A R M L O A N B O N D S B Y T H E F L E T C H E R
J O I N T S T O C K L A N D B A N K OF I N D I A N A P O L I S .

Taylor, Ewart & Co. of Chicago and other prominent
banking institutions are offering to investors at par and in­
terest a block of 5 % tax-free Federal farm loan bonds, issued
by Tho Fletcher Joint Stock Land Bank of Indianapolis.
Tho bonds aro dated M a y 1 1918 and are due M a y 1 1938,
subject to call at par and accrued interest on any interest
date after five years from date of issue. The bonds are
coupon in form exchangeable for registered bonds which in
turn aro re-exchangeable for coupon bonds. They are in
denominations of $1,000, $500 and $100. The interest is
payablo semi-annually, M a y 1 and N o v . 1, at the bank of
issuo. The offering says:
.
By Act o f Congress those bonds aro declared Instrumentalities o f the
Government o f tho United States and are prepared and engraved by the
Treasury Department. They are secured by first mortgages on farm
land in tho States o f Illinois and Indiana, or United States Government
bonds.
These bonds and the collateral pledged as security havo been approved
by tho Foderal Farm Loan Board o f tho United States Government.
The Flotchor Joint Stock Land Bank o f Indianapolis operates under
Federal charter and Government supervision, and may be designated
by tho Secretary of the Treasury as a financial agent of the Government
and a depositary o f public funds.
By tho provision of the law these bonds aro declared a legal investment
for all fiduciary and trust funds, and may bo accepted at par as security
for all public doposits, including Postal Savings Deposits.
Tho Attornoy-Gencral o f the United States has rendered an opinion
approving tho constitutionality o f the Act and the validity o f the pro­
visions exempting the bonds from taxation.
T I M E E X T E N D E D FOR F I L I N G OF R E T U R N S COVER­
I N G “ L O A N E D A N D BORROWED S H A R E S .”

Notice that the time for the filing by members of tho Stock
and Produco exchanges of returns relative to transactions in
“ loaned and borrowed shares” had been extended to Juno 1
was issued as follows on M a y 15 by Francis M . Riley,
Special Agent of Internal Revenue at the N ew York Custom
House.
In accordance with Treasury Regulations No. 40, issued by the Com­
missioner o f Internal Revenue for tho enforcement of tho War Revenue
Tax Act of Oct. 3 1917, it is hold that floor brokers as well as other persons
making transactions on the various Stock and Produce exchanges are re­
quired to register, to keep the records, and to make tho monthly roturns
as sot forth in Articles 2, 8 and 9, o f Part I, and in Articles 2, 6 and 8, of
Part II, o f Regulations No. 40.
Tho roturns, including the returns on the borrowed and loaned shares
and all transactions on the various stock and produco exchanges .fare re­
quired to bo filed in this office on or before the 15th of tho month following
the month of tho transactions. These returns aro now due, but owing to
tho urgent appeals o f many brokers for extension o f time for filing tho

2068

THE CHRONICLE

returns, their petition was forwarded to tlio Department in Washington
with tho result that their request was granted by the Commissioner of
Internal Revenue, who has extended tho tlmo for filing the returns to
Juno 1 1918, and that date is fixed as tho limit for making these returns.
Tho attention o f all persons coming within tho requirements o f this law
and tho regulations authorized, is directed to this important matter, and
all such persons aro, therefore, notified to comply with tho law, and to
register, to keep tho records, and to make tho returns as prescribed.
No further indulgonco will bo granted after Juno 1 1918.
Respectfully,
FRANCIS M . R IL E Y . S p e c ia l A g e n t o f I n t e r n a l R e v e n u e .

F. I . K E N T ’ S S P E E C H O N P A R OF U . S. D O L L A R A N D
C R I T I C I S M S OF S E N A T O R O W E N .

Objection to tho argument concerning the U . S. dollar at
par abroad recently advanced by Fred. I. K ent, Vice­
President of tho Bankers Trust C o. of Now York and head
of tho Foreign Exchange Division of tho Federal Reservo
Board, was raised in tho Senate on M a y 1 by Sonator Owen,
Chairman of the Senate Committee on Banking and Cur­
rency. M r . Kent’s viows were sot out beforo tho National
Foroign Trado Convention at Cincinnati on April 18 and tho
keynote of his remarks was “ tho cry of tho orator for a dollar
at par throughout the world may bo valuable in time of
peace as commercial propaganda, but it has no place in timo
of war, particularly with a world’s war, such as exists to­
d a y.” In taking exception to M r. K ent’s idoas Sonator Owen
contends that it argues against putting tho dollar at par, and
ho adds that in his opinion tho article “ in its argument that
the dollar should remain at a discount abroad, is adapted
to servo tho German interests, becauso tho effect of it is to
prevent the American dollar buying its full value in neutral
countries, and just to tho extent that the American dollar is
deprived of its purchasing power, to that extent the taxes of
tho American people and their sacrifices in this war will bo
rendered abortivo, unproductive and useless.” W o give tho
following furthor criticisms of M r. K ent’s speech by Sonator
Owen:
I f It Is a good thing, as M r. Kent thinks, that tho dollar should bo at
30% discount, as It Is at present In Spain, then It would be a better thing
according to M r. Kent, to have it at 50% discount, or at 60% discount,
and the bigger tho discount tho better for tho American peoplo. It is a
“ reductio ad absurdum.” The argumont is false and serves Germany’s
Interest.
Among others I have been crying “ for a dollar at par,” as the Chaiman
o f tho Banking and Currency Committee of tho United States Senate. A
dollar at par abroad is just as important as a dollar at par at home, precisely
In degree to tho American business involved.
M r. Kent’s advice Is Injuring America, and thereby serving Germany,
and on behalf of the American prople— whatever the good purposes o f the
advisor— I denounce tho advice as hostile to the Interests o f America.
K e e p i n g th e p o u n d s te r lin g a t p a r “ h a s a p l a c e ” in Great Britain’s policy.
K e e p i n g th e I n d i a r u p e e a t p a r “ h a s a p l a c e ” In East India policy, and tho
United States Senate and House o f Representatives passed a bill, at tho
requesl of the Treasury Department, to melt 350,000,000 o f silver dollars,
among >ther things, to preservo tho parity of British currency in India,
which vicrman propaganda was deliberately trying to break down.
Tho dvice of foreign exchange expert, M r. Kent, that tho cry o f a dollar
at par aas n o p la c e in timo o f war I shall answer, and will show tho utter
faliacj of his arguments, which aro so misleading and so certain to injure
America.
Any man who argues against doing what reasonably lies within our power
to put tho American dollar at par is giving advice Injurious to the United
States, even if ho bo In charge o f tho Foreign Exchange Division under
tho Federal Reservo Board. Tho National Foreign Trado Council neods
better advice than it got at Cincinnati from M r. Kent. Tho United
States Treasury needs a new set o f advisers, because their advisers are ad­
vising against tho interests o f the people of tho United States, and I am not
willing to be silent when this injury to America is being perpetrated.
Tho President o f the United States is In favor o f keeping the dollar at
par, notwithstanding M r. Kent.
*
The Secretary o f tho Treasury is in favor o f keeping tho dollar at par,
notwithstanding Mr. Kent.
Tho Assistant Secretary o f tho Troasury, M r. Leffingwoll, is In favor of
keeping the dollar at par, notwithstanding M r. ICont, and tho Chairman of
the Committee on Banking and Currency o f the Senate, and the Chairman
of the Banking and Currency Comndttee o f tho IIouso o f Representatives
are both in favor of keeping the dollar at par.
The obvious reason why tho dollar should bo kept at par is that wo a r e
c o m p e lle d to buy many necessities for ourselves, as well as for our allies, of
neutrals, and to that extont wo must. In making war purchases, have our
dollar buy as much as possible, and not as Ilttlo as possible. Any person
of good sense might understand this unless ids brain had become hopeiossly
confused In tho tangle o f his excessivo knowledge as an expert.
It Is argued that the United States will find it advisable to curtail its
exports to neutral countries and to hold our imports within reasonable
limits, and says:
"An a d v e r s e ex c h a n g e ra te Is the k ey to such forco, and is a groat regulator
o f trade. It puts such difficulties in tho way o f our Imports that without
other pressure we ondeavor to do without them in so far as possible.”
Ceitahdy If our gold dollar buys 60 cents’ worth In Spain, our merchants
do regard it as a serious difficulty, becauso thoy must impose this excess
charge on Spanish commodities on their own consumers, with the merchants’
profit In addition. It is a very serious difficulty, obstructing trado, inter­
fering with legitimate commerce. It is precisely for this reason that such
a difficulty should be romoved, and imports and exports controlled by our
other mechanism provided by law by means o f a license systom. We pro­
vided for that by a licenso system.
To argue that th is o b v io u s ev il is a b e n e f it because it Is a moans of provont
Ing Americans from buying their necessities is illogical and senseless. Tho
things they aro obliged to havo thoy will buy at tho market cost.
The
purchase and sale of things non-essential to war can be and has beon stopped
by tho license mechanism otherwise provided by law.




[Vol 106 .

The discredited American gold dollar puts tho United States in tho’ attitudo of having its currency dishonored and its financial credit abroad im­
paired. It givos psycholigical encouragomont to tho Gorman and psycho­
logical discouragement to tho Allies. It has no commercial sonso in lb for
tho roason that just as Franco borrowed money from Spain at 7% — 3%
abovo tho normal— and to that extent avoided tho tax, wo could borrow
and avoid tho tax we pay o f 40% on imports. It Is hotter to pay 3%
per annum than 40% with oach turnover. Tho morchant kconly feels this.
A bank expert does not. His class profits on fluctuating high oxchango
rates.
M r. Kent’s articlo emphasizes tho fact that tho Foderal Reserve Board,
through its Division of Foreign Exchange, knows tho oxact cash balances
each Wednesday night which every country in tho world lias in tho United
States, and ho states that tho neutral countrios aro putting heavy balances
into tho United States. If this is true, then these balances havo boon
transferred to tho United States by bankers by tho sale of credits acquired
in neutral countries (by tho salo of their commodities, payable in terms of
their own money), and tho Now York bankers may soil such pesetas at a
high rate to merchants compelled to compete injuriously for such pesetas
or croncrs or guilders. I would discourago this profiteering. M r. Kent’s
advico would encourage it. I look at tho problem from tho viewpoint of
the Importer, exporter, consumor, and producer. Tho banking oxport
looks at tho problom from tho opposite sido. His class profits on fluctuating
oxchango.
Moreover, tho neutral countries aro voluntarily sending tiioir balancos
to America, which is tho only thing required to bring tho dollar immoditaely
to par if sufficiently encouraged, but M r. Kent is opposed to encouraging
tho putting of tho dollar at par, if his genoral thesis bo correct. While it
is to our obvious advantage, as Mr. Kent says, to oncourago theso countries
to put their balances in tho United States, what becomes of M r. Kent’s
argument that it is to our advantage to keep tho dollar below par when lie
would encourage theso balances whicli would bring tho dollar to par. Tho
one argument contradicts tho other.
We can put tho dollar to par in soverai different ways.
First, by forbidding tho sale o f pound sterling for dollars and compelling
tho Spanish merchants to buy dollars with pesetas. And this only moans
limiting arbitrago until tho dollar roaches par.
Second. Wo may accomplish it by placing United States bonds payablo
in pesetas in Spain, and thus buy pesetas nccossary to moot tho urgont,
though limited demand of our importers.
Third. Wo can accomplish it by encouraging what M r. ICont says Is
taking place without encouragomont. That is, encouraging foroign banks
to keep balances in tho United States at interest, and wo can afford to pay
them 0% or 7% for such balancos, rather than compel our merchants to
pay 40% for oxchango and tho customer In tho United Statos 40 to 50%
for commodities.
Moreover, if tho dollar was at par; if tho policy of tho United Statos was
to keep tho dollar at par, thoso balances o f neutral countries would greatly
expand, because then foreign bankers would know that thoy would not
suffer any lass in tho future by tho depreciation of tho Amorlcan dollar
by this adverso exchango. When thoy know that thoy will got their prin­
cipal back with intcrost In terms of their own currency at par they will
deposit their balances hero more readily.
Fourth. Wo can bring tho American dollar to par by Imposing an extra
tax on goods required by Spain, putting tho oxport tax at tho currency rate
of the exchango. whatever it is. It would not take Spain long to discover
tho wisdom of exchanging pcsotas for dollars at par, but I do not behove
in such a friction-arousing policy.
Fifth. Another way to put tho dollar at approximate par Is by negotiat­
ing with the Government of Spain, witii tho co-oporation of Franco and
Great Britain, and seeking their just treatment as a matter of amity and
commercial decency. This, however, would requiro a constant series of
negotiations, and whiio o f value, is not of as much value as using tho absolute
power which wo havo to requiro commercial justico through tho regulation
o f individual transactions.
It will bo remembered wo put upon tho finance-corporation bill a provi­
sion that thoso bonds might bo issued in terms of foroign money, and wo put
in tho Third Liberty Loan bill that tho bonds of tho United States might
bo Issued in terms of foreign money, so that a porson acquiring thoso bonds
in foreign countries would know ho would got his principal and interest
back without tho discount of an adverse exchango rate. Congress did that
very thing for tho purpose of bringing tho dollar to par, showing that tho
Senate of tho United States desires to put tho dollar at par, that both
Houses desire to put it at par, and yot tills expert of tho Troasury Is advising
tho bankers of tho United Statos and argues in favor of keeping tho dollar
at a discount.
.
The Congress of tho United States oxprossly authorized tho President of
tho United States not only to embargo gold and silver, if deslrablo, but also
to embargo credits; and whon wo put an embargo on tho salo of dollars per
pound sterling and compol Spain to buy tho dollars sho requires of us with
pesetas, thus giving us pcsotas In oxchango for thoso dollars, wo havo an
immodiato remedy without dealing unjustly In tho slightest dogreo with
Great Britain.
Becauso Spain imported from us last yoar 392,000,000 of goods and we
imported from her only 336,000,000, sho owed us on a not balanco 355.000,­
000. Yet tho American dollar has come to so low a lovol that it only brings
60 cents in Spain, whon, In point of fact, if wo compolled Spain to buy hor
dollars from us exclusively wo could malco a dollar worth 60% abovo par,
becauso sho is obligod to havo our dollars.
Our loans to our allies havo been injuriously, If not wrongfully, usod
against us. On M a y 21 1917 In Dos M oines, Iow a, lio n . W . G . M cA d oo
delivered at a meeting o f businoss men and bankers o f Iowa an address,
in which ho explained that tho loans alroady authorized to bo mado our
allies o f 33,000,000,000— and that was enough to consum o our credit trado
balanco for that year— would go to “ five billions or six billions,” and said
in relation to tho bond issue: “ T h is m o n e y is n o t g o in g to be ta k en o u t o f th e
c o u n tr y .
All o f this financing is largely a m attor o f shifting credits: it Is
not going to involvo any loss o f gold; it is not going to invoivo any loss of
values,” and so forth.

Tho monoy was takon out by hundreds of millions. Wo shippod, I
understand 80,000,000 gold dollars to Spain last yoar, through London.
Spain owed U3 355,000,000. Wo lot Groat Britain havo that $55,000,000
to pay Spain, and wo furnishod $88,000,000 moro o f our gold to pay British
balances duo Spain; and on top of that our dollar has boon pormittod to go
to a tromendous discount, and ovory dollar wo buy now is costing our
consumers 50% moro than it ought. In our normal purchases In Spain it
would cost us ono-half of $30,000,000, or $18,000,000, per annum. In
that ono country there Is a great not loss to Amorica. Is that to tho
advantage o f tho United Statos in a groat war? It Is against tho Interests
of tho United States it is in tho Intorost of Gormany, and I objoct to it most
seriously. I filed my objection in tho Troasury Department. I argued
this matter beforo tho Foderal Roscrvo Board, with Mr. Kont present, and
Mr. Kont told mo to my faco it Is hotter for tho dollar to bo at a discount.
That argument was mado in tho Foderal Rosorvo Board room; and, after I
prosontod tho answer fully on tho floor of tho Sonato, to havo tlds oxport

M ay 18 1918.]

THE CHRONICLE

go out in tlio United States carrying on a falso propaganda is unendurable
and ought not to be permitted by tho Government o f tho United States.
Tho money was taken out by hundreds o f millions, involving loss of gold
and values, and then Congress passed an Act authorizing tho President to
control tho sale o f dollars or transfer o f credits. Tho President put tho
power in tho hands o f the Secretary o f tho Treasury by his proclamation
of Oct. 12 1917, and Mr. M cAdoo trusts it, apparently, to Mr. Kent
who now seriously argues against keeping tho dollar at par, as tho President
and tho Secretary of the Treasury dosiro, and as tho Congress desires it
shall bo done.
Wo must stand by our allies, aud wo can do so and still protect tho
dignity o f our own currency. Wo ought to protect tho American dollar,
and as economically as possible. Wo can bo as generous as wo ploaso with
our allies and still proservo tho honor and dignity o f tho American dollar.
What was tho anxiety shown by tho British Government a fow days ago
when an appeal was mado to us for $350,000,000 o f silver. It was to keep
tho rupeo at par. Did Groat Britain think it important? Sho thought it
vital. Tho rupeo was being put below par by a well-organized Gorman
propaganda in India. I will not stand for any propaganda to put tho Ameri­
can dollar bolow par for this country; I do not caro what tho motive of tho
man is, and I assume, indeed, I am glad to boliovo, that his motives aro not
bad. I do not think his motives aro nocessarily bad. I mcroly think that
ho lacks common sense.
If necessary for us to borrow from these neutral countries, who aro
without effort placing their balances hero and paying them a high rato, 0% ,
7% , it would only be 2 or 3% margin por annum on enough money from the
Spanish banks to pay for our imports from Spain at par, whereas Mr. Kent
would adviso us to pay 40% discount on our goods shipped from Spain as a
moans of winning tho war. It is bad advico, and if Mr. Kent does not know
better ho ought to bo retired. If ho does really know better— and I do not
think ho does— ho ought to bo indicted for aiding tho enemy.
It is a serious thing, putting tho dollar at a discount. It is a very serious
thing. Supposo the American dollar were to fall to a discount to-day in
tho Unitod States, what would It mean? It would mean that overy gold
dollar would go in hiding. That is what it would mean. It would moan
that overy contract in tho Unitod States would bo suddonly thrown upon a
fictitious basis aud dislocated. It would mean tho most complete upsot of
all our business life. Every man knows that, and wo have taken infinite
pains to storo up gigantic quantities o f gold for tho purposo o f keeping tho
American dollar at par in tho Unitod States, so that ovoryono who deposits
in our 25,000 banks should know that ho can got his deposit in gold on de­
mand. To say that tho dollar should be at a discount abroad whilo it is
at par at homo has no logic, has no justification, and is mischievous In
tho highest degree.
Mr. SMOOT.— For that reason the man who hold tho bonds during the
Civil War period that ultimately had to bo paid by tho Government of
tho Unitod States in gold was not willing to disposo o f them for currency
at a depreciation o f 40 and 50%.
Mr. OW EN.— M r. Kent emphasizes tho fact o f tho bank balances of
neutral countries piling up in tho Unitod States; also that tho neutral coun­
trios havo stripped themselves of commodities to soli thorn at a high price to
Germany, and thoy must after tho war look to us for commodities. This is
true; and it means that tho normal demand for commodities from America
after tho war would give us the equivalent of probably in excess o f an annual
commodity trado balance o f a thousand million dollars. In addition to this
will como interest charges from Europo amounting to a half billion moro,
and in addition to this will como tho mercantile marine freight credits of
American ships, so that America may bo expected to havo a flow of balances
duo her amounting to two or three billion dollars por annum after tho war
is over.
All of these neutrals will need their trado balances then in tho Unitod
States, and thoy need, and thoy know they noed, thorn now to begin tho
arranging o f credits in America to supply thorn with needed commodities
after tho war, for America will bo in a position to control commodities all
over tho world boeauso of tho balances which will bo duo hor.
Mr. Kent docs not see that theso facts compriso an overwhelming argu­
ment why tho dollar should go to par and stay at par, because tho necessity
of tho world for tho American dollar will bo gigantic. Wo havo tho right to
anticipate their needs for this dollar and placo our own bonds abroad and
invito neutral balances hero. Indeed, our trado balanco last year was
$3,000,000,000. That must bo paid with dollars, or commodities, or gold,
or securities. Indeed, it forms tho basis upon which tho American dollar
would go to a premium if it wero permitted to do so, which wo ought not
to allow, however, as the dollar should bo used as a standard measure
of value, throughout tho world, if wo want money to protect overy other
placo as tho financial center o f tho world.
Tho bankers should not bo permitted to tamper with our financial yard­
stick, ovon if thoy do prolit by It or profiteer by it, as I verily beliovo some
o f them aro doing now; I hope not with M r. Kent’s knowledge.
M r. Kent justifies our gold embargo and onlarges upon our exact knowl­
edge of balances held by noutral countrios in America. This Is tho end of
tho argument of Mr. Kent in telling why tho Resorvo Board allows United
States currency to remain at a discount. Ilis alleged explanation o f three
columns is no explanation whatover. It explains nothing. And tho laud­
atory hoadlines of tho articlo, with its boast that it is a scientific exposition,
is utterly inaccurate but very sorvicoablo as a pioco o f propaganda. IIo
makes no adequate or convincing explanations whatover to justify keeping
tho dollar at a discount.
Tho uttorly fallacious argument has boon made that whilo Importers
lost lioavily exporters gained.
That argument appears on pago 158 o f tho ‘ 'Federal Resorvo Bulletin”
of March 1 1918. As a matter o f fact, an exporter neither gains nor loses.
A man who takes a thousand dollars' worth o f goods from Now York to
Barcelona gets his $1,000, and if ho pays tho freight and commission ho gets
his froight and commission back and $1,000. I f ho gets 3 posotas for a dol­
lar, ho immediately sells his pesotas for dollars and gets tho dollars back
and it comes out tho samo, SI,000; and that is all there is o f that.
As a matter of fact, in a country whore tho currency is depreciated, work­
men aro temporarily paid lass and goods aro mado for loss and exports aro
stimulated by this fact o f tho goods being mado cheaper at tho expense of
labor.
Mr. Kent is advertised as having comploto control o f all foroign-oxchango
transactions. If ho had exercised tho powers given to tho President and
rastrlcted tho transfer o f United Statos credits abroad, tho American dollar
would havo been at par now. It can be brought to par within a very short
time in most o f tho noutral countries.
It is perfectly plain to any man who will follow this with tho least atten­
tion. If wo forbid tho sale o f dollars for pounds sterling, then tho only way
Spain can got dollars from us to pay hor $92,000,000 o f bills to us is to buy
dollars from our marlcot by tho sale o f hor commercial bills in paymont for
shipmont from tho Unitod States to Spain. Spain would havo thon to
buy $92,000,000 worth o f dollars from us, loss our purchases o f $36,000,000
of commodities from Spain, or sond gold for it, and therefore our dollars
would immediately go to par. Thoy would go to par insido of a week. Con­
gress gavo that power to tho President, and ho gavo it to tho Secretary of




2069

tho Treasury, and the Secretary o f tho Treasury gave it to M r. Kent, and
M r. Kent advises us now not to do it, notwithstanding the President wants
it done and Congress wants it done.
Tho Spanish Government in 1916, finding that there was danger o f Span­
ish credits and Spanish commodities migrating from Spain to furnish the
sinews o f war to the belligerents, passed an Act prohibiting the placing
in Spain o f foreign or Spanish securities except with tho approval o f the
Council of Ministers. I wish, without reading, to put the Spanish royal
decree and A ct o f tho Cortes in tho “ Record” for tho information of Sena­
tors. I will not take the time to read it.
Tho VICE-PRESIDENT. Without objection, permission to do so will
be granted.
The matter referred to is as follows:
[Translation.]
ROYAL DECREE.
In accordance with the Council of Ministers, I hereby authorize tho
Minister of Finance to present in the Cortes a project of law prohibiting
tho introduction into Spam of foreign securities without tho authorization
of tho Government.
Given in tho royal palace this 14th day of Juno, 1916.
ALFONSO.
T h e M i n i s t e r o f F i n a n c e , S a n tia g o A l b a , to t h e C o r te s :

Tho abnormal conditions controlling tho economic life of all countries
in consequence of tho present European war demand in our own country
as in others, the adoption of measures of an exceptional character to p r e v e n t,
as far as feasible, th e e m ig r a tio n o f S p a n is h f u n d s to tho detriment of the
development of national wealth, and th e w ith d r a w a l f r o m th e S ta te of the
m e a n s f o r c a r r y in g o u t, at tho proper moment, s u c h c r ed it o p e r a t io n s as may bo
demanded by public interests.
Bearing these considerations in mind, and without forgetting that
measures of this nature must always have such elasticity as may permit
tho Government to alter them as tho case and circumstances may de­
mand, tho undersigned Minister, in accord with the Council of Ministers
and with His Majesty’s authorization, has the honor to submit to the de­
liberation of the Cortes the following
PROJECT OF LAW .
Article 1. After the promulgation of the present law, and until a date
which shall be fixed by decree agreed upon at a Council o f Ministers
there shall be prohibited: Announcing, issuing, putting in circulation or
for sale, pawning or Introducing i n th e S p a tiis h m a rk et securities of the
dobt and other legal tenders of foreign governments, as well as stocks,
obligations, or titles of any kind of companies or corporations not Spanish.
Nevertheless, on tho proposal of tho Minister of Finance, th e C o u n c il
o f M i n i s t e r s shall be able to grant, in respect to provisions in the pre­
ceding paragraph, tho exemptions ho may judge proper.
Article 2. The Government likewise, on tho proposal of the Minister
of Finance, may prohibit the introduction into Spain of Spanish securi­
ties, of corporations or societies, also Spanish, whenever these stocks are
domiciled abroad. Those who desire to introduce them aro hereby obliged
to report to the Government as to such introduction and destination.
Articlo 3. Tho violation of the present law shall bo punished with a fine
of 1,000 to 10,000 pesetas, and in caso of repetition, with a fine of from
10,000 to 25.000 pesetas.
Articlo 4. Tho Minister of Finance will dictate the proper orders for the
execution of this law.
Madrid, June 14 1916.
SANTIAGO ALBA,
T h e M in is te r o f F in a n ce.

M r. OWEN. It was precisely tho samo principle which caused Congress
as a war measure, to pass the Trading-with-the-Enemy Act, approved
Oct. 6 1917.
'
It was tho same principle that caused Congress to pass tho Espionage Act,
approved June 15 1917.
On Oct. 12 1917 the President vested in the Secretary o f tho Treasury
tho control of foreign exchange, exporting, gold transfer, credits, &c.
At tho same time tho President vested in the War Trade Board tho au­
thority to Issue licenses for exports or imports in paragraphs 2 and 3 of his
Executive order o f Oct. 12 1917.
M r. GALLINGER. M r. President, alluding to M r. Kent, I will ask
tho Senator from Oklahoma if ho has knowledge as to whether or not
any member of the Federal Reserve Board Indorses M r. Kent s views ?
It has been suggested, or at least I havo heard it suggested, that at least
one member of the Federal Reserve Board was in harmony with Mr. Kent.
M r. OWEN. I think that the Influences surrounding M r. Kent have
been porsuasivo with some members o f tho Board. I should not like
to quote their names, unless they wish to put themselves on record with
regard to it; but I think one or two members of tho Board have been led
to that belief; and it is perfectly obvious that they have been grossly mis­
led.
M r. GALLINGER. I do not wish to mention any name myself, but
it has been suggested to me that such is the fact.
M r. OWEN. I think it is the fact. That Is the reason why I regard this
advice as particularly mischievous, because the members of the Federal
Reserve Board who have lived only within our domestic lines, who have
not been engaged in international banking, and who havo had no particular
reason to havo studied this matter, necessarily would rely upon such alloged export advico; I should not bo inclined to blame them for accepting
tho opinion p f a man whom they regard as very high authority; but when I
see tho advico is wrong, I feel it my duty to tho country to speak out and
show why It is wrong, because It is injuring American interests in this war,
and I do not think we ought to permit it.
I submit a statement of the exports and imports from tho neutral coun­
tries of Europo with the United States, showing a not balance due us o f
about $200,000,000 last year. These balances must increaso because those
countries havo denuded themselves in large measure in supplying the bel­
ligerents, around them, and they have to call onjjus more and more for
supplies.
B a la n ce o f T r a d e i n th e C o m m e r c e o f th e U n ite d S ta les w ith the N eu tr a l
C o u n tr ie s o f E u r o p e D u r i n g th e C a le n d a r Y e a r 1917.

------------- E x c e s s
C o u n tr ie s —

Im p o r ts .

E x p o rts.

Im p o r ts .

o f -----------E x p o rts.

........... $31,411,411
$977,453 $32,388,864
Denmark__________
...........
67,775.797
90,520,301
Netherlands_______ 22,744.504
6,280,233
Norway___________
--------56,586,617
62,866,850
...........
55,587,690
92,469,320
Spain_____________ 36.881.630
20,900,854
Sw edon___________ 18,069,487
...........
2,831.367
$332,623
...........
19,502,045
Switzerland________ 19,834,668
Tho international credit trade balances to the neutral countries of
Europo were largo, and they received in lieu thereof gold and credit and
securities, the securities being merely a form of credit. The Government
of tho United States can control both imports and exports under the law.
It can, as far as the neutral countries aro concerned, immediately bring
the dollar to par, because they owe us more than we owe them, and we
only neod to require them to buy the dollars thoy owe us in terms of their
own currency to give the American consumers tho benefit, through their
merchants, of foreign currency at par.
Inducing tho foreign banks to place their balances in the United States
directly is another way to do it to accomplish the same end.
Selling Unitod States bonds in these neutral countries is another way to
accomplish it.

2070

THE CHRONICLE

All o f these factors should be employed and through every available
agency the dollar should be brought to par and kept at par as a means of
helping us win this war.

M r . K ent’s speech before the National Foreign Trade
Council was printed as follows in the “ Congressional Re­
cord” at the instance of Senator Owen:
Tho cry o f the orator for a dollar at par throughout the world may be
valuable In time o f peace as commercial propaganda, but it has no place in
time o f war, particularly with a world’s war, such as exists to-day.
The United States, in order to carry out her part in the war, is going to
b<S obliged to supply from her own resources and from those o f many other
countries o f the world commodities to the value o f many billions of dollars.
Regardless of her great wealth, there is a positive limit to her ability to
furnish such supplies. In order to win the war she must be in a position
to do so for a longer period than the enemy. The length o f time that she
can continue to furnish needed supplies will depend upon her ability to
conserve her resources. Thero aro many products which she can obtain
from within her own territory that will outlast tho war needs. There aro
many others, however, which need supplementing from other countries
o f the world if we would maintain tho highest efficiency o f the war engines
which we produce and o f the men who operate them.
O ur B est C ou rse.

Our greatest interest, therefore, and that o f our allies, demands that
we maintain such commercial relations with the neutral countries which
have commodities that will be needed by us as will enable the United
States to continue the purchase o f such commodities constantly for a
long period. Whilo thero aro probably none o f theso commodities which
we can not (if need bo) develop substitutes for, yet if we can continue
their purchase from other countries, partly in exchange for things which
wo can better spare than the articles received for them, we will have ac­
complished two most Important results— we will have maintained our
foreign trade with other nations and so have held their interest in this
country, and we will have saved tho time o f that portion o f our population
which might otherwise have had to bo engaged in creating and manufac­
turing substitutes, in work that will result to our greater advantage. We
will also bo helping to keep the countries with which we trade in a healthier
financial condition, which should be o f great benefit in helping us to find
a market for our goods when the war is over and our manufacturing in­
terests turn from war industries.
M u s t C u r ta il E x p o r t s .

As the war goes on, the United States will find that it will have to cur­
tail its exports to neutral countries, as Great Britain, France, and Italy
jave been obliged to do, so that it is reasonable to suppose that tho bal­
ance o f trade with many neutral countries will bo constantly against us
throughout the war. This being true, and it being greatly to tho advan­
tage o f neutral countries to havo our market for their goods continuo In as
largo a way as possible, we must have some strong force to hold our imports
within reasonable limits. An adverse oxchange rato is the key to such
force and is a great regulator o f trade. It puts such difficulties in the way
o f our imports that without other pressure we ondoavor to do without them
in so far as possible.
The countries o f export, in order to keep a market for their goods, will
strive to find ways to allow continuation o f such exports as we must have,
even to the point o f allowing funds to pile up in this country or through
tho extension o f credits.
F u n d s A c c u m u la te .

As funds accumulate here which cannot be exported thero will be an
Increasing tendency on their part to purchase commodities from this
country with them, which will offer a great inducement to the people
of the United States to strive along with their war work to pay a part
o f their accumulating indebtedness through current exports.
In Argentina, for instance, we find that for the protection o f its people
the Argentine Government considered it to its very groat interost to make
an arrangement with tho United States under which Argentine funds
would be loft on deposit in this country until after the war, provided the
disbursement o f tho equivalent in Argentina was made for oxports from
Argentina to tho United States. It is also true that the exports from tho
United States to Argentina increased from $76,874,258 In 1916 to $107,­
641,905 in 1917, even though we were not at war in tho first year and wero
at war in the second. As long as exchange continues against us with
Argentina the same tendencies will continue active, and when tho war Is
over we will bo as much less in debt to Argentina as the amount o f oxports
which we have been able to furnish her year by year, that havo been with­
drawn from this country by her in order to get her funds homo and make it
possible, together with tho extension of such credits as she can afford, to
keep our markot for her goods open.

[Vol. 106,

first by tho sale of sterling exchango in this country by Spain; and, second,
by the sale by this country to South American countries of Spanish pesetas.
H e l p i n g G rea t B r it a in .

As Great Britain was not in position to furnish Spain with such commodi­
ties as she required, Spain transferred her sterling balances to tho United
States. Tho transfers wero sufficiently largo, togother with other items,
to force tho oxchango against us, which has resulted in greatly Increasing
the desire o f Spain to import from tho United States, and wo find that such
imports increased from $45,697,462 in 1915 to $64,316,888 in 1916, and to
$92,469,320 in 1917. At the same time the operation was of great value
to tho Allies, as it enabled Groat Britain to obtain from Spain commodities
required by her in France, which could bo delivered without submarine
loss. When selling pesetas to South America for he high prices obtained,
we were helping pay for much-needed goods from those countries, and as
thoy could be delivered to us without danger from submarines, it was to
our greater interest, while such sales wore being made, to import from South
America and pay in pesetas than to import from Spain and pay in pesetas.
D o ll a r s P i l e U p .

The Spanish exchango having been against us has resulted in tho piling
up of dollars in this country to tho credit o f Spanish bankers, which has
again, as has already been shown, produced a groat domand for our exports.
When the war is over, as tho Spanish currency is nearly 100% metal cover,
there Is good reason to believe that sho will prefer to use such funds as may
have accumulated by that time in this country for the purchase o f our goods
as she requires them, and that sho will largely continuo such o f her balances
here as may not bo needed for this purchaso.
W e now come to a group o f countries— the neutral countries adjacent
to Germany— In all o f which oxchango rules against this country, and
whore in overy case it is undoubtedly of great value to us. Theso coun­
tries are Denmark, Netherlands, Norway, Sweden and Switzerland.
Taken as a whole, our exports to those countries havo boon over tlireo
times as groat as our imports from thorn, and yet tho exchango has ruled
constantly against us for a long period. Exchange has boon turned against
us through the salo in the United States of sterling oxchange and through
tho remittance to tho neutral countries concerned o f Gorman monoy. The
transfer of funds to theso countries by Germany has been most detrimental
to tho Allies, as it has onablod that country to pay for much-needed im­
ports that she might otherwise have been unable to obtain in the desired
quantities.
N eu tr a l M o n e y H e r e .

Tho purchaso by this country of storling exchange from all of tho coun­
tries in this group has resulted in tho accumulation in tho United States
of huge balances belonging to tho banks of tho neutral countries mentioned.
As In tho case of the other countries which wo havo considered, this caused
a strong tendency to Import from tho United Statos, but aftor wo entered
tho war and placed an embargo upon oxports to such countries, except
whero we could feol reasonably certain that thoy would not provo of value
to tho enemy, such oxports havo been reduced. T o Denmark, from
S56,329.490 in 1916 to $32,388,864 in 1917; to Netherlands, from $113,­
730,162 In 1916 to $90,520,301 In 1917; to Norway, from $66,209,717 to
$62,866,850; and to Swedon, from $47,967,590 to $20,900,854. To
Switzerland there has been an increaso, as shipments havo been made
to help obtain Imports from that country to Franco. Tho figures wero
$13,654,256 In 1916 and $19,502,045 in 1917. As wo wero not at war the
first three months of tho year, theso figures do not tell tho whole story.
As a result tho balances maintained in tho United States by theso coun­
tries are very large.
In connection with transfers for German account, the accumulation
of such balances and the difficulty involved In withdrawing thorn at the
moment is o f great value to tho Allies. The oxchangos being high, it
means that every successful transfer made for German account results
in that country receiving a much smaller sum to bo used in payment for
imports In tho country of destination. It .also has greatly increased the
difficulty of making such transfers at any rato, for, as balances continue
to grow here, oven loaning against them In tho noutral countries concerned
becomes more difficult. Even so, the need o f Germany for funds in these
countries Is so great that wo cannot oxercise too much vigilance in pre­
venting their transfer.
Practically all of theso countries aro understood to havo so stripped
themselves of much-needed commodities in order to obtain the high prices
being paid by Germany that aftor tho war thoy will bo obliged to roplace
them through import.
Their situation as to gold is also an easy one, so that wo should be able
to pay back these balances after the war without friction if wo aro prepared
to supply the goods that those countries will requiro.
M a i n t a i n S te r lin g .

All o f theso countries havo increased the balance o f oxchange against
us by selling drafts on London in the New York markot. If it had not
A s to A r g e n t i n e W o o l.
bcon for such sales the United States might havo boon justified in continu­
On our part wo have, for instance, been induced to conservo and in­ ing the shipment of gold, becauso of tho tromendous supply hold by us.
crease our supply o f wool, so as to be able to import less from Argentina. When, however, wo wero taking over sterling credits which thoso na­
As a result as tho war goes on, wo can hopo to keep our relations with Ar­ tions sold to us, becauso wo wore holping maintain the sterling exchange
gentina in such position that she will look upon us as being a country of great rato, the accommodation was on our side and wo wore warranted In hold­
value to her, and, further, that she will accept us as her banker, so to speak, ing our gold until after tho war, unless wo should find it to our advantage
in that her surplus funds made through her war profits will have been to reloaso it sooner. This is particularly truo In tho case of tho noutral
accumulated in this country only to a natural extent, and not to such countries adjacent to Germany, whero wo havo furnished them millions
tremendous sums that she will become concerned for their safety or In actual of dollars moro In goods than thoy have given to us, and whore we have
need o f them. The oxchange rato bolng against us and acting as a de­ taken sterling off their hands whonover thoy considered it to their Interest
terrent to our imports and a stimulant to our exports will havo helped to to sell it in our market. Our gold ombargo, therefore, is not in tho nature
preservo a natural and proper relationship o f benefit to both countries, of a refusal to pay. It is merely a statement to tho world to this effect:
in so far as is possible whilo the requirements o f war exist. There is also That wo do not at the moment proposo to waste our gold by oxchanging
excellent reason to believo that after tho war is over, Argentina may prefer it for imports which we can get along without, and that neither do wo pro­
in large part our commodities to our gold, and that she will deslro to con­ poso to pay gold for sterling oxchange which wo are purchasing with dollar
tinuo tho banking relationship which she has established.
exchange at a higher rato than its normal value based on tho present cash
In Chile a similar condition exists, with one or two minor differences. position o f the British Government with tho rost of tho world, but in thus
Our present domand for nitrate, which Chile alone is able to supply in conserving our gold until aftor the war wo aro holding It as a reservo against
large quantities, has seemingly made us moro or less dependent upon tho deposits which aro accumulating in tho United States to tho credit of
her; and the exchange rate, being against us, might appear to bo entirely tho other countries of the world.
in her favor. Actually this has not proved to be truo and will clearly
E x a c t B a la n c e s K n o u m .
bo less so as tlmo goes on. I f Chile is to hold our market for her nitrate,
it is to her interest that we bo deterred from establishing plants to manu­
In the meantimo we will allow such balances to be used as freely as
facture nitrate from the air to the same extent that has been done in Ger­ may be desired for tho purchaso of such goods in tills country as tho exigen­
many. I f she would do this, she must mako some arrangement that will cies of tho war justify us in allowing to bo oxportod, or through invostmont
enable us to continuo to import her nitrate without prohibitive expense In securities or property of any othor kind In this country.
or over extension. That this situation Is becoming more clear to her people
In this connection it will Interest you to know that tho Federal Reserve
Is shown in the fact that tho prico of nitrate has fallen off in recent months. Board, through Its Division of Foreign Exchango, is in possession of the
Again we find that our exports to Chile increased in 1917, whon wo wero at exact cash balanco as it oxists at tho closo o f business each Wednesday
war, over 1916, when we were not at war, the figures, respectively, being night between the United Statos and overy country of tho world. It Is
$57,483,996 and $33,392,887.
also in possession o f exact knowledge as to what causes tho changes in
In Spain the exchange is also against us, oven though In this case the such balances from wook to wook. As thoso figures dovelop, tho position
balanco o f trade has been in our favor. In 1907 wo imported from Spain o f our country to tho world will bo as clearly boforo tho Federal Reserve
$36,881,630, whereas wo oxportod to Spain goods to tho valuo o f $92,­ Board as is that o f a banker to his depositors. This will mako it possible
469,329. This difference was offset through tw o principal operations— for us to apply a banker’s knowledge to tho quostlon o f tho probable do-




M ay 18 1918.]

2071

THE CHRONICLE

mands that will bo made upon us from timo to timo and so enable us to indicated that thousands of subscribers had paid in full for
determine how thoy may best bo mot. Thoro will bo no need for leaping their purchases, instead of the 5 % required on subscriptions.
in tho dark, but every problem as arises can be considered from the scien­
tific basis of completo understanding of the situation as a whole as it de­
It was stated on the 12th inst. that final figures on the
velops, and if wo provo ourselves wise custodians of tho world’s money
wo can hopo to remain as tho world’s bankers for many a year to come.
Liberty bond subscriptions gathered by tho Rainbow D ivi­

HOUSE RESOLUTION CALLING FOR INFORMATION
CONCERNING TREASURY BALANCE ON APRIL 1.
A resolution calling on tho Secretary of the Treasury to
report to the House the amount of tho Treasury balance on
April 1, togother with the name and location of each deposi­
tory and the amount of interest received from each, was
adopted by tho House on M a y 13. The resolution was of­
fered by Representative Madden, who stated that it was dosigned to give Congress knowledge concerning the necessity
for new rovenue legislation at this session of Congress. The
resolution as adopted reads as follows:

sion of the N ew York Federal Reserve District showed that
tho 86 business and professional organizations comprising
this group accounted for 8564,767,950 bonds. This was
2 5 .5 % larger than the allotment of 8450,000,000 decided on
beforo the campaign began. In the second loan campaign
tho grand total of subscriptions gathered in was 8409,367,­
150.
_____________

SUBSCRIPTIONS OF NEW HAVEN RAILROAD'S
EMPLOYEES TO THIRD LIBERTY LOAN.

Last week we gave figures regarding the subscriptions
of tho Pennsylvania Railroad’s employees to the Third
Liberty Loan. Below are the figures which have come to
House Resolution 345.
R es o lv e d , That tho Secretary of tho Treasury bo requested, if not incom­ us this week as to the subscriptions of the employees of the
patible with tho public interest, to report to tho nouso tho amount of tho Now York New Haven & Hartford R R .:
Treasury balance on tho 1st day of April 1918, where tho same is on deposit,
and tho rato of interost being received from each depositary.

When tho resolution was offered for consideration on M a y
11, Representative Garner reserved the right to object. On
tho 13th inst., in explaining the reason for his attitude, ho
said:
I want to say that on last Saturday I objected to tho consideration of
tho resolution because tho Treasury Department had not been consulted,
and neither had any committco oxamined tho resolution. Since that timo
I havo talked to tho Treasury peoplo having chargo of this information
which this resolution seeks, and they say there isno objection to tho passago
of tho resolution except tho tremendous amount of labor that will bo in­
volved in reporting tho 4,000 depositaries, tho names of them, and tho
amount in oacli one. I do not object to tho resolution if tho gentleman from
Illinois deslros to take upon himsolf tho responsibility of asking for tho in­
formation, in viow of tho tremendous amount of labor that will bo involved
In furnishing it. As I remarked, I shall not object to it, though I doubt tho
advisability of having this amount of work performed for more information.
I cannot imagiuo what the gentleman’s purpose is in getting it.

N e w H a v e n , C o n n ., M a y 11 1918.
Final returns on subscriptions to the Third Liberty Loan show that
employees of tho N e w York N o w naven & Hartford Railroad Co., the
Central N o w England Ry., the N e w England Steamship Co., and the N q w
Bedford Martha’s Vineyard & Nantucket Steamboat Co. subscribed to a
total of 30,988 bonds, amounting to $1,981,600. The subscriptions were
as follows;
C om pany—
N o . o f S u b s c r ip t io n s .
A m o u n t.
28,115
N o w York N e w Haven & Hartford R R ______
$1,789,150 00
1,648
111,150 00
Central N o w England R y --- -------------1,153
N e w England Steamship Co-- ________ -77,150 00
N e w Bedford Martha’s Vineyard & Nantucket
72
Steamboat C o _____________ _________
4,150 00

30,988

$1,981,600 00

LIBERTY LOAN ASSOCIATION WARNS AGAINST
COLLECTORS.

J. E . Raasch, Treasurer of the Liberty Loan Association
of Banks and Trust Companies of New York C ity, the
If there is anybody connected with tho Government of tho United States organization which handles the coupon books for tho pay­
that ought to bo In possession of tho information sought in this resolution,
this is tho body, and I a m not asking for any information that ought not to ment of Liberty bonds on tho weekly and monthly install­
bo in possession of tho Congross; neither a m I asking for information with ment plan, announced on the 13th inst. that the association
any purpose except that wo m a y be properly informed. And tho mcro
does not employ collectors to gather tho weekly payments
question that it requires a little more work to furnish it ought not to enter
on the Liberty bonds. The association has no traveling
into tho consideration of the problem at all.
M r. Garner suggested that “ if it is good policy to havo this collectors of any kind whatsoever, but payments on the
information, why not havo a general law requiring tho Sec­ bonds must be made at places authorized by the associa­
retary of the Treasury to roport to Congress every thirty tion. A special appeal is made to the public, in the event
days how much money he has on hand at the first of each that any person representing himself as a collector should
month, tho name of tho depositaries, and the amount of in- call upon any holder of a coupon book, to take immediate
torosthois getting from eachono.” “ I merely mention th at,” steps to apprehend tho alleged collector. Payments for
said M r . Garner, “ to indicate that the gentleman must havo bonds on the association’s installment plan should be made
somo public service in view, and would ho mind detailing to at tho authorized agencies consisting of incorporated banks,
the House what it is.” Indicating his willigness to do this, certain stores having sub-stations of the post office and a
few.of tho paymasters of the military and naval forces. A
M r . Madden said:
I a m very anxious to find out, as far as this information wil* help to con­ list of tho places where payments may bo made is included
voy tho knowledge, whother, in tho faco of tho present situation, we need tho in tho coupon book.

M r . Maddon in reply stated:

new revenue law. That is one of tho things about which I a m anxious to
find out, and I think this will help in that direction.

NEW ISSUE OF TREASURY CERTIFICATES OF IN ­
DEBTEDNESS IN ANTICIPATION OF TAXES.
A now issuo of Treasury certificates of indebtedness ac­
ceptable in payment of income and excess profits taxes was
announced by Secrotary of the Treasury M cAdoo on M a y 13.
Tho certificates will boar date M a y 15 and will mature
Juno 25. Secretary M cAdoo’s announcement said:
United States Treasury certificates of indebtedness dated M a y 15 1918,
maturing Juno 25 1918, acceptable in paymont of incomo and excess profits
taxos, bearing interest at tho rato of 4 % por annum, and in all respects
identical with tho certificates dated April 15 1918 except as to tho date of
Issuo and from which thoy boar interest, will be made available promptly.
In tho moanwldlo Federal Reserve banks are authorized to issuo interim
receipts calling for definitive Treasury certificates dated M a y 15 as above,
instead of certificates dated April 15. This will rcllove subscribers for
certificates of tlds character of tho necessity of paying so much on account
of accrued interest. Subscriptions for thoso certificates at par and accrued
interest will bo received by tho Federal Rescrvo banks, and thoy aro au­
thorized until further notice to make allotment in full and receivo paymont
with tho subscription. Moro than $70,000,000 of tho certificates dated
April 15 havo boon sold to date, making the total amount of certificates
maturing Juno 25 1918 to date about $1,430,000,000.

RESULTS OF THIRD LIBERTY LOAN CAMPAIGN.
It was announced last night (tho 17th) that tho subscrip­
tions to the Third Liberty Loan had exceeded four billion
dollars, tho total being reported as 84,170,019,650, with
tho number of subscribers aggregating 17,000,000. Tho
figures for tho Federal Roserve District of N ew York reach
81,114,930,706, or 1 2 4 % of its allotment.
On M a y 14,
it was stated that tho Third Liberty Loan payments received
at Washington on that day, amounting to 8624,000,000,




BONDS OF SECOND LIBERTY LOAN OUTSTANDINGPAYM EN T OF INTEREST.
In announcing on M a y 15 the payment of tho first semi­
annual interest duo on tho 4 % Second Liberty Loan bonds,
tho Treasury Department stated that there wrero on the 15th
of April 523,673 registered bonds of that loan outstanding,
hold by 306,908 individual owners. The following is the
announcement showing tho amounts of bonds of the various
denominations outstanding:
Tho Troasury Department at the close of business last night mailed to tho
holders of registered bonds of the Second Liberty Loan the checks covering
tho first semi-annual interest payable to-day. The books of the Second
Liberty Loan closed on April 15, in order that tho preparation of tho
interest payment might be unhampered by transfers and exchanges, and
on that date thero wero 523,673 registered bonds of this loan outstanding,
representing an aggregate face value of $409,733,500. The bonds are held
by 306,908 individual owners, In the following denominations:
D cn o m in a tio n .

N o . o f D cn o m iB o n d s . n a t io n .

N o. of
B on ds.

8,693
$50.......... ........110,390 $5,000......... _______
8,931
100---- ---- - ......-.244,935 10.000---- ---- ------776
500--....... ....... 68,537 50.000........ ... ....
1,000---------- ........ 80,477 100,000.... .... — .....
934
During tho closed period 306,908 interest checks, in aggregate amount of
$8,194,670, were prepared, tho operations including printing, examining,
signing, adding, cutting. Inclosing in envelopes and sealing— a total of
over 2,000,000 operations. The aggregate amount represents to a cent
tho total amount of interest on the registered bonds outstanding April 15,
and tho checks aro drawn to the order of the individuals in whose names the
bonds wore registered.
United States bonds aro issued only at the Treasury Department. Metal
stencils aro preparod bearing tho names and Post Office addresses of the
registered holders and tho amount of interest which each holder will receive
semi-annually. Thoso stencils are used In all operations where it is neces­
sary to use tho namo or address of a registered holder or tho amount of
interest duo. Through tho use of such stencils the ledger and interest

2073

THE CHRONICLE

[Vol. 106

So great has becomo tho European demand for flour that tho Food
Administration is urging farmers not to hold whoat for seeding their noxt
crop except in a few States whero tho period of harvesting winter wheat
overlaps the period of planting.
While it has been tho practlco in many communities for farmers to hold
over wheat for seed, tho Food Administration regards it as unnecessary.
It is almost beyond belief that in any part of tho country tho yield from tho
next harvest will bo insufficient to moot all seed roquiromonts for tho
succeeding crop. It has never failed in tho past; thero is no reason to
believe it will now. In somo sections conditions aro such that it would
There are outstanding $3,808,766,150 bonds oftheSecond be practically impossible to put in a successful crop oxcept with seed that
Liberty Loan issue, which bear interest at 4 % , this week’s had been held over from tho previous year. Tho Food Administration
recognizes these conditions, however, and applies its requests only to those
payment thus calling for a distribution of $76,175,323.
sections where tho only reason for holding over wheat would bo to protect
against the possibility of failure of tho crop now growing— a contingency
which at present seems very remoto.
THE VARIOUS LIBERTY BOND ISSUES.
Even should thero bo local crop failures, it would bo ontiroly feasible to
In calling attention to the various issues of Liberty bonds, ship in from other sections seed that Is known to be adapted to conditions
tho Treasury Department, Bureau of Publicity, Liberty ruling in tho afflicted communities.
Never beforo has thore been such urgent need for whoat. Every carload,
Loan, in its weekly statement to the press on M a y 1, said:
every bushel, and every grain that can possibly leavo tho farm may within
Thcro aro at present issued and outstanding four issues of Liberty bonds, the next few months play an important part in our war program. Through­
and soon thero will be six issues. They are as follows:
out the country millions of peoplo aro cutting their consumption to tho
1. Tho original bonds of the First Liberty Loan: theso bear 3 K %
barest minimum, many of them going ontiroly without whoat. The roleaso
Interest and maturo Juno 15 1917, but aro redeemable at tho Government’s of thousands of bushels ordinarily hold for seed would do much to roliovo
option on or after Juno 15 1932. They havo a conversion privilego.
tho present situation and to insure exportation conditions.
2. The original bonds of tho Second Liberty Loan; they bear 4 % in­
At tho present rate of consumption each bushel would provide broad for
terest and maturo Nov. 15 1942, but aro redeemable at tho Government’s at least one soldier in Europo until tho noxt harvest rcliovos tho necessity
option on or after Nov. 15 1927. They havo a conversion privilego.
for such individual sacrifice at homo. And with every indication of
3. Bonds of the second issue which havo been obtained by tho con­ bumper crops tho wheat seed can easily bo thrown on tho markot.
version of bonds of tho first issue into bonds of tho second; they bear 4 %
interest and maturo Juno 15 1947, but are redeemable on or after June 15
1932. They havo a conversion privilego.
LICENSES FOR EXPORTS OF WHEAT FLOUR TO CUBA
4. Tho original bonds of tho Third Liberty Loan; they bear 4 .1 4 %
NO LONGER AVAILABLE TO PRIVATE TRADERS.
interest and maturo Sept. 15 1928, and aro not redeemable until maturity.
They havo no conversion privilego.
According to an announcement of tho W ar Trade Board
Tho other two issues which will soon bo outstanding will bo 4 1 4 % bonds
obtained by tho conversion of bonds of tho first Issue, and 4 H % bonds on M a y 13, individual licenses for the exportation of wheat
obtained by conversion of bonds of the second issuo, into bonds of tho flour to Cuba will no longer bo issued to private traders; it is
Third Liberty Loan. They will havo no conversion privilege:
proposed to issuo a special oxport license to tho United States

accounts are opened and tho bonds themselves aro Inscribed, and later
the same stencils aro utilized in printing the interest chocks.
Prior to the war, the Treasury prepared approximately 150,000 checks
annually for tho payment of interest on registered bonds of all loans, the
Issue of these 150,000 checks being distributed through tho year. In tho
present payment of interest on registered bonds of the Second Liberty Loan
moro than twice that number of checks wero prepared. In other words,
the work Involved in this one interest payment on one loan was equal to
two years’ work of this character for all loans prior to the war.

ACTION ON PROPOSED NEW REVENUE LEGISLATION.

Food Administration Grain Corporation for shipment to
tho Cuban Council of National Defonse, tho Grain Cor­
poration making its purchases through tho United States
Food Administration Milling Division. W o give the
Board’s announcement herewith:

Tlie question of undertaking new rovenue legislation at
tho present session of Congress, which as announced in our
issuo of Saturday last, has been recommended by Secretary
Tho War Trado Board announces that, pursuant to a plan for closer
of tho Treasury M cAdoo, is expected to be tho subject of a
co-opcration with tho Cuban Government in caring for the minimum
conference next weok between Representative Kitchin, requirements of wheat flour for Cuba, individual licenses for tho exporta­
Chairman of tho W ays and Means Committee of tho House, tion of wheat flour will no longer bo issued to privato traders.
A special export licenso will bo issued to tho United States Food Ad ­
and Senator Simmons, Chairman of the Sonate Finance
ministration Grain Corporation for tho shipment of wheat flour to tho
Committee. Considerable opposition to tho consideration Cuban Council of National Defonse. The Grain Corporation will mako
of a now revonuo measure has been aroused, sinco it would their purchases of flour through tho United States Food Administration
mean the abandoning of plans for adjournment about July 1. Milling Division. Tho Cuban Council of National Defense will take care
of tho distribution of tho flour in Cuba, acting in conjunction with Souor
Representative Cordell H ull, of Tennessee, is one member Armand Andro, tho Cuban food administrator, and in consultation with
of Congress who is reported as endorsing Secretary M cA doo’s Consul-General Henry II. Morgan, tho representative of tho War Trado
suggestions, and he is said to have advised President Wilson Board in Cuba, who will act in an advisory capacity in tho distribution.
The adoption of this plan becamo necessary bocauso of the shortage of
of his views with regard to tho need of further revenue legis­ wheat flour in tho United States, which mado it difficult for privato traders
to obtain from tho mills sufficient supplios of tills commodity to comploto
lation.
On M a y 15 tho Treasury Department sent to the Senato in shipments to Cuba against tho oxport licenses actually issued. Great
hardship has resulted in certain parts of tho island from this failure on tho
response to a resolution by Senator Pomerene, of Ohio, a part of privato traders to effect the necossary shipments.
Therefore, notice is given to all privato tradors that, hereafter and until
statement that the present revenue law will, under present
further notice, no applications from thorn for export licenses for tho ship­
estimates, raise $4,095,699,000, as against $3,000,000,000 ment of wheat flour to Cuba will bo considered. Thoso who aro now In
estimated when the bill was drafted. It m ay be that when possession of unoxpired licenses for tho exportation of wheat flour to Cuba
tho final income tax and excess profits tax figures are in aro informed that thoy may mako shipmont against theso licenses.
N o renowals of theso outstanding liconses will bo granted, and shippers
an even more favorable balance may bo shown. The should thcroforo uso every precaution not to bring wheat flour to seaboard
“ Tim es,” which reports this, adds:
for shipmont under theso licenses unloss thoy aro certain of being ablo to
The figures, however, aro said by tho Treasury Department to bo quite
accurate, so far as it has prepared and totaled bills which it will send tho
various taxpayers for collection. Tho details aro income and excess profits,
$3,643,899,000; customs, $180,000,000; miscellaneous, $270,000,000, of
which $40,000,000 is from increased postal rates; sale of public lands,
$1,800,000.

On the. 17th inst. tho same paper said:
Wh o n ho meets Secretary McAdoo next weok to discuss finances, Mr.
Kitchin will present figures Intended to show that tlioro will bo moro than
sufficient money to vigorously prosecute war activity until noxt March.
Tho total appropriations for tho next fiscal year, Mr. Kitchin said to day
(tho 16th) would reach about'.$29,20 ),000,000, divided as follows:
A r m y ..........
.$11,700,000,000
N a v y .... .....................................
1,500,000,000
Fortifications......................
6,000,000,000
Shipping— ...............
3,000,000,000
Loans_________________________________________
6,000,000,000
Ordinary................................
1,000,000,000
In tho opinion of Mr. Kitchin, nor moro than $18,000,000,000 can bo
expended by tho Government out of tho flsacl appropriation for noxt year.
It is estimated by him that moro than $4,000,000,000 will represent tho
incomo from tho present revonuo bill. In addition, ho points out, the
Government has obtained $6,000,000,000 in loans and has authorization
to Issuo certificates of indebtedness for $7,000,000,000. Returns from
miscellaneous sources, ho said, would amount to $750,000,000. The
Government, by March next, ho continued, would havo a total estimated
incomo of about $18,000,000,000, moro than would bo required for its uso
up to March, by which tlmo other rovenuo legislation could be put into
operation.
_________________________

FARMERS URGED NOT TO HOLD WHEAT FOR N EX T
SEEDING CROP.
Because of the European demand for flour farmers have
been urged by the U . S. Food Administration not to hold
wheat for seeding their new crop oxcept in certain States.
The Food Administration’s announcement says:




effect tho shipmont beforo the licenso expiros.

PRODUCE EXCHANGE COMMITTEE TO WORK WITH
FEDERAL BODY IN DISPOSING OF BARLEY AND
RYE FLOUR SURPLUS.
Tho appointment by tho N . Y . Produce Exchango of a
committee to co-oporato with tho U . S. Food Adminis­
tration for tho purpose of remedying tho glutted situation
in the corn meal, rye and barloy flour markets, was an­
nounced on the 14th inst. A statement issued by tho
Exchango said:
At tho requost of tho Grain Corporation of tho United States Food
Administration, tho President of tho N o w York Produco Exchango has
appointed tho following committeo for tho purposo of rolioving, If possiblo,
tho situation in corn-meal, barloy and ryo flour. Thoso wishing to dispose
of any of theso products should stato tho following; quantities, grado and
brand, cost and prico dosired. You aro earnestly requested to givo this
immediate attention, reporting tho samo to tho committee, now located
in tho Trado and Transportation Offlco on the Exchango floor. Tho
committeo consists of II. J. Grconbank, Chairman; II. Galbraith, R. O,
Sherwood, It. L. Sweet and II. W. Gladwin.

LIFTING OF MICHIGAN CENTRAL GRAIN EMBARGOCHICAGO BOARD OF TRADE EXPEDITES
GRAIN SHIPMENTS.
According to Chicago advices of M a y 14 tho embargo
placed by Michigan Central R R . Jan. 3 restricting tho hand­
ling of grain through Michigan Central elevator akKonsington, 111., has beon cancollod. T h o order is effective at once.
It was also reported on M a y 14 that tho transportation
department of tho Chicago Board of Trado had notifiod
members that tho Lako Carriers’ Association has ronowod

M ay 18 1918.]

THE CHRONICLE

last season’s amendment, whereby, to effect most efficient
and prompt handling at Buffalo, all grain loaded at Lake
Superior ports and consigned to Buffalo will bo assigned for
unloading at Buffalo under direction of U . S. Food Adminis­
tration’s representative.

CANADIAN MEASURES TO FORCE OUT HOARDED
WHEAT.
The following, bearing on the measures taken by Canada
to release hoarded wheat, is taken from “ Financial America”
of M a y 15, which credits tho information to Winnipeg
advices of that date.

2073

NEW RUBBER PRICES ANNOUNCED BY WAR TRADE
BOARD.
Advices which the Rubber Association of America, Inc.,
received from the W ar Trade Board on the 16th inst. had
a disconcerting effect on the trade, since it announced the
fixing by the Government of prices on intermediate and lowgrades of rubber effective two days prior to the receipt of
the advices. The “ Journal of Commerce” yesterday, in
pointing out the criticism directed against the schedule^because of this, and because of tho fact that it did not observe
tho usual trade differentials between prices on various
grades, said:

There was moderately heavy trading on both Tuesday and Wednesday
Steps aro being taken to forco tbo farmers in tho prairie Provinces to and contracts -were entered into on those days at prices ranging from three
release the wheat, of which it is estimated 15,000,000 bushels aro still on to six cents above the fixed levels. Dealers in many instances have ac­
tho farms. Drastic action is being urged by tho Hoard of Grain Super­ quired the rubber to fill these orders at high prices and now fear that they
visors for Canada.
will bo obliged to carry out the contracts at tho Government price, incurring
Tho Hoard is now trying to have all tho wheat that remains of last year’s considerable losses.
crop shipped from the farmers either to tho mills or tho representatives of
The lottcr of the Board to the Rubber Association, which
Alllod Governments.
In attempting to prevent farmers from holding back any of tho grain, tho latter was directed to promulgate to tho rubber trade,
tho following order, dealing with tho shipment of wheat to flour mills in read as follows:
Canada was Issued:
1—
That no flour mill in Canada shall receive into their mills west of thoSupplementing its letter of April 30, fixing maximum prices on standard
Great Lakes any wheat without securing permit from the Hoard of Grain qualities of crude rubber, the War Trado Hoard requests that your imme­
diately cause proper notice of the contents of this letter to be given to the
Supervisors of Canada.
rubber manufacturers and importers and others interested in the subject.
2—
That no permit will bo given to any mill that has on hand sufficient
You may use copy of this letter for tho purpose.
wheat to kcop it In operation for ten days.
In further protection against speculative dealing and profiteering, and
3—
This order is in effect from M a y 10, inclusive.
supplementing
tho option and guarantee clause which you were directed
In a scries of six orders tho Hoard of Grain Supervisors then regulated
to
have inserted in the present rubber guarantee, the following prices are
tho shipment of various quantities of wheat from elevators to mills, and
the interchange of other quantities of wheat representing excess stocks, fixed, effective M a y 14 1918, for grades other than those fixed on April 30:
P la n ta tio n Q u a litie s —
P er L b.
Off standard Latex crepe__________________________________________ 62c.
Off color Latex____________________________________________________ 61
No. 1 amber crepe_________________________________________________ 60
No. 2 amber crepo__________________________________________________ 60
No. 3 amber crepo (medium color)__ ________________________________58
No. 4 amber crepe (darkish c o lo r )_______ ___________________________ 57
CONTROL OF CANADIAN WOOL EXPORTS.
Prime, clean, light brown crepe, thick(and or) thin_________________ 60
Announcement that tho export of Canadian wool to tho Medium color brown, clean crepe, thick(and or) thin________________ 58
United States and elsowhero would bo controlled to the extent Good dark brown crepe, thick (and or) thin________________________ 54
Spccky brown crepo, thick (and or) thin___________________________ 50
of making suro that Canadian usors wouid get tho first chance Massed or rolled crepe_____________________________________________44
Colombo
scrap No. 1 quality_______________________________________ 46
of obtaining all they need was made in the Toronto “ Globe”
Colombo scrap No. 2 quality_______________________________________ 44
of M a y 7, from which wo quote further as follows:
Standard quality smooth smoked sheets____________________________ 60
This is tho decision of tho Canadian War Trado Hoard as a result of tho Standard quality unsmoked sheets__________________________________61
recent conference with representatives of tho allied wool trades. At that
M e x i c a n G u a y u le —
conference it was decided to ask tho United States War Trado Board to
Guayule crudo, with 20% guarantee o f shrinkage___________________ 35
permit a greater degree of freo trado in wool between tho two countries.
Clean,
dry and treated Guayule, such as Duro, Triangle, Box, TorUnder thoso circumstances, tho now decision to order all wool growers
reon and Alto brands____________________________________________48
to grant a ten-day option of purchase to Canadian buyers beforo applying
P a ra G ra d es —
for an export license seems to be a direct change of front, but thoso in the
trade know that it is not. Canadian wool growers will ship about 10.000,­ Upriver m edium __________________________________________________ 63
Upriver,
weak, fine________________________________________________ 56
000 pounds of wool this year, and tho greater portion of this, under any
circumstances, will go to tho United States, but Canadian mills want to Upriver coarse_____________________________________________________40
make suro of gotting a goodly portion of tho short wools grown in Canada. Upper Caucho Ball________________________________________________ 40
It appears that tho unfortunate situation, so far as tho Canadian mills Xingu Ball________________________________________________________ 38
aro concerned, is that there Is insufficient combing facilities in Canada; Lower Caucho Ball________________________________________________ 36
that is probably why all Canadian-grown wools cannot be handled in Can­ Islands fine________________________________________________________ 59
ada, and the wool grower, to got a market that will mako it profitable for Islands coa rso_____________________________________________________27
Carricta ___________________________________________________________28
him to stay in business, must go south of the international border. * * *
Tho price of Canadian wool to the users is fixed as of July 30 1917; this
C e n tr a l A m e r i c a n G ra d es —
means an average of 65 cents a pound. This is something of a reduction Central scrap: Esmeralda, Corinto, Mexican, Bluefleld______________ 39
to tho Canadian user, as ho has been asked to pay in tho neighborhood of Central slab: Guatemala, Columbian, Mexican and other slabs of
80 cents for some of the better qualities of wool. On tho other hand, it
similar nature___________________________________________________ 32
does not mean a direct loss to tho wool growers in that tho price ho will
A f r i c a n G ra d es —
get from tho Canadian users is similar to that ho will got from the United
States buyer. Tho American Government has recently decided to take Red Congo Ball___________________________________________________ 48
Black
Congo: Kassai, Lopori, Equateur, Sangha and similar grades..50
over the United States wool clip and pay a similar price to that recommondcd
Bonguollas: 3 2 shrinkage, 29c.; 28% shrinkage_____________________33
for tho Canadian wool, and Canadian wool when in the United Statos Is
placed in tho samo position as United States wool, so that wherever tho Niger paste and flake______________________________________________ 28
Canadian grower ships his wool on tho North American continent ho will Red Kassai: Nuggets, cords and similar grades_________________ 1 ____ 42
got tho samo price. Tho wool grower is moro interested in finding a per­ Massais___________________________________________________________ 55
manent market for his wool than gotting high prices at this juncturo. Ho Rio Nunez________________________________________________________ 55
could not got higher prices if ho wanted to.
M is c e l la n e o u s —
Mattogrosso fine__________________________________________________ 53
Mattogrosso coarse_______ _________________________________________ 38
Fonang (this includes Java)________________________________________ 37
ONE MONTH’S COTTON SUPPLY FOR SPAIN
Caucho tails_______________________________________________________ 35
All tho above valuation are on the basis of c.i.f. N e w York.
LICENSED—OIL SHIPMENT.
You will ploaso take due measures to procure the proper guarantees
A month’s supply of cotton lias boon liconsed by tho War from all signatories of the rubber undertaking to tho effect that the Gov­
ernment
shall have an option at the aforesaid prices to the same extent
Trado Board for Spanish consumption to bo transported
as already givon on tho grades the maximum price of which has heretofore
from tho United States to Spain by vossels of that country, been set.
Yours very truly,
(Signed) F R E D B. P E T E R S O N , D ir e c t o r .
according to an announcement mado on M a y 13. In licens­

botwcon various mills, all in Western Canada. Tho exact amounts of
wheat to bo shipped aro specified and tho timo limit in which shipments
must bo mado. The disposition of 1,196,000 bushels is regulated in all.

ing only this comparatively small quantity of cotton for
shipment to Spain, officials aro said to have declared that
the Unitod Statos was following the practice of licensing
only ono month’s supply of any commodity at ono timo for
export, with a view to proventing a drain upon tho country’s
resources by permitting tho unrestricted shipment of Ameri­
can goods to various countries. In addition approximately
8,000,000 barrols of oil which had beon licensed for shipment
to Spain had beon hold up ponding the settlement of Spain’s
domand that tho oil bo shipped in tin containers instead of
in barrols. The W ar Trade Board refused to permit tho
oil to leave tho country in tin containers becauso of tho
scarcity of tho metal for domestic uses. A compromise
has boon reached, whereby tho oil will bo shipped in bulk
across tho Atlantic. Arrangements are now being mado
for tho chartering of a tank steamer to transport the product.




The crude rubber prices previously fixed wero announced
in our issue of M a y 4; last week wo referred to the placing
of rubber on tho list of restricted imports.

COMMITTEE TO CONSIDER STEEL DEMANDS
OF ALLIES.
A conference between the Steel Committee of the American
Iron & Steol Institute, headed by Judge E . H . G ary, and tho
W ar Industries Board, was held in Washington yesterday.
A statement concerning the deliberations issued in the after­
noon by Bernard M . Baruch, Chairman of the Board, said:
Tho War Industries Board presented to the steel industry the increasing
demands for steel to supply tho military necessities for this country and
its Allios, and wo have been discussing tho means of meeting this demand.
Tho matter is still under investigation, and a joint committee of the steel
industry and tho War Industries Board is going to ascertain the facts and
report later.

2074

THE CHRONICLE

It was later announced that James A . Farrell, E . G .
Grace, II. G . Dalton, J. A . Topping, and E . A . S. Clarke
would represent tko Steel Institute, and Aloxandor Legge
and J .'L . Roplogle the W ar Industries Board. It was also
said that it was probable that Gen. Hugh L . Johnson would
likewise sit for the W ar Industries Board. The conference,
it is understood was held at the instance of the W ar Indus­
tries Board for the purpose of having an investigation made
of the entire steel situation, with a view to increasing the
production of the important commodity, to determine G ov­
ernment steel needs so far as possible, and to mako plans for
the curtailment of steel supplies of the less essential industries.
A n Associated Press dispatch in the N ew York “ Evening
Post” last night said:
Tho W a r Industries Board has not receded from its position that the
steel mills be required to devote their entire output first to war orders and
that any surplus may bo distributed for commercial uso under strict Govern­
ment supervision.
Representatives of tho industries told tho Board they were ready to
carry out tho program 100%, but asked for definito facts as to those needs
on which there is a difference of opinion.
Tho Government representatives at tho meeting said tho steel men would
havo to increaso their capacity if any surplus is to bo available for commer­
cial uso, and that they would havo to find somo means of restricting com­
mercial demands.
Curtailment of loss essential industries was discussed at length, and tho
Joint committee, after a careful study, will mako recommendations to
Chairman Baruch, who will make final decision.
Tho joint committee was instructed to start its investgation at once and
roport as quickly as possible.

WAR INDUSTRIES BOARD CONFIRMS STEEL PRICE
INTERPRETATION.
The following statement was issued on M a y 15 by E . II.
G ary, Chairman of the Committee on Steel and Steel
Products of the American Iron and Steel Institute:
The W a r Industries Board has confirmed this committee’s interpretation
of President Wilson’s announcement of Dec. 28 1917, viz.: that all deliveries
of Iron ore, pig iron, bar iron, steel and steel products, mado on and after
April 1 1918, under contracts entered into on and after Dec. 28 1917, shall
not bo invoiced at prices higher than the maximum prices in effect at time
of delivery, as specified in President Wilson’s announcement of March
27 1918. It is hoped that all buyers and sellers of any of tho above products
will bo governed by this ruling.

PLATINUM, IRIDIUM AND PALLADIUM
MANDEERED BY GOVERNMENT.

COM­

Supplementing tho order of last February, whereby the
Government took over control of tho production, refining
and distribution and use of crude and refined platinum for
the period of the war, it was made known on M a y 14 that
all stocks of platinum, iridium and palladium, held by re­
finers, importers, manufacturing jowellers and dealers,
inclusive of tho supply coming into their possession up to
June 30 had been commandeered by the W ar Industries
Board. The commandeering order, effective M a y 1,
provides for the purchase of platinum by the Government
at $105 per Troy ounce; the price fixed for iridium is $175
while that for palladium is $135 per ounce. The privilege
of using 2 5 % of their present stocks if thoy sign a waiver
of all claims for compensation from the Government, be­
cause of the requisition, was extended by the Board to
manufacturing jewelers. In addition, jowelers will not be
compelled to make delivei v of manufactured platinum now
in their hands, provided t y sign a similar waiver of Gov­
ernment compensation. In order that an idea m ay be had
by the Board of the stocks of the tlrree metals held in the
country, all persons affected by tho commandeering order,
must forward within five days a sworn inventory of thoir
stocks. Jowolers aro required to submit not later than Juno
30, an estimato of the amount of tho metals included in tho
manufactured articles upon which tho labor has exceeded
2 0 % of their value.
Those affected by the order who fail to comply with its
terms, aro liable to tho seizure by tho Government of thoir
entire stook of metal. The opinion was said to have been
expressed by officials on M a y 14 that the prices set for Gov­
ernment purchases of platinum, iridium and palladium
aro considered to allow a sufficient margin of profit to those
handling tho metals, and also will tend to prevent specula­
tion, such as was indulged in before the order was issued.
Before tho issuance of the order, platinum was purchased
b y jewelers for sums as high as $150 an ounce, in an effort
to satisfy the domand for jewelry manufactured from tho
metal, in comparison to prices averaging $40 an ounce five
years ago. Tho actual commandeering of the stocks of
the three metals was hastened, officials said in explanation
b y tho closing of this country's Russian source of platinum
through the peaco pact botween Russia and Germany. The
resultant reduction of the supply mado necessary comman­




[Vol . 106.

deering action if the country’s war needs for platinum and
tho other metals in great demand were to bo cared for. As a
result, the United States now is wholly dependent upon the
negligible domestic production of platinium and supplies
of tho metal from South America and the Orient. The
order issued jointly by the W ar Department and tho Chemi­
cal Division of the W ar Industries Board declared:
By virtue of tho authority vested In him by tho Constitution and laws
of tho United States tho Prosidont of tho United States, Commandor-inChief of tho Army and Navy, does hereby requisition for public use con­
nected with tho common defense all tho supply now hold by or under con­
trol of or in tho possession of, togothor with such additional supply of pla­
tinum, iridium and palladium as shall up to Juno 30 1918, bo hold by or
como under tho control of tho following superseding order No. 510, datod
Feb. 23 1918. * * *
Compensation for alloys, swoops, scraps, &c., containing platinum.
Iridium or palladium, covered by requisition, will bo “dotormined upon
analysis and will bo paid to tho persons entitled thereto.”

A description of stocks of the three metals as requisitioned
by the Board includes settlings, bezels and findings contain­
ing any percentage of platinum or iridium or palladium,
tubing sheets, plate wire, gauze, sponge, chloride; partly
manufactured products; scrap and filings; ores, concentrates
or mixtures containing either more or less than 7 5 % of the
metals; manufactured articles, or in process; alloys, pla­
tinum, and iridium or palladium in any form.

EXECUTIVE ORDER DIRECTING SALE OF NICKEL BY
A LIEN PROPERTY CUSTODIAN.
Tho following Executive order, authorizing the sale by
tho Alien Property Custodian of 279,232 pounds of nickel,
was issued under date of M a y 9 by Prosidont Wilson:
EXECUTIVE ORDER.
An Executive order concerning a sale to bo conducted by tho Alien
Property Custodian, pursuant to tho ‘‘Trading-With-thc-Enoiny Act” and
amendments thereof.
By virtue of tho authority vested in m o by "an Act to dofino, regulate,
and punish trading with tho enemy, .and for other purposes," approvod
Oct. C 1917, known as the "Trading-With-tho-Enomy Act,” and tho
amendment to such Act embodied in "an Act making appropriations to
supply urgont deficiencies in appropriations for tho fiscal year ending Juno
30 1918 and prior fiscal years, on account of war expenses, and for other
purposes,” approved March 28 1918, I hereby. In tho public Interest, mako
tho following determination, order, rule, and regulation:
Tho Alien Property Custodian Is hereby authorized to sell at prlvato sale,
without public or other advertisement, tho following property, to wit:
279,232 pounds more or less, of nickol; property of Ilammar & Co., H a m ­
burg, Germany, Ilammar & C o . (Ltd.), Stockholm, Swedon, and othor
enemies unknown; samo now being in tho possession of tho American
Dock Co., Tompklnsvtllo, Staton Island, N. Y.
'
Such sale may bo made in ono or more lots and may bo conducted at tho
place whero tho property, or tho major portion thereof, is situated, or else­
where, and upon such terms and conditions as to tho Alion Property
Custodian or his duly authorized agent may seem proper.
M y reasons for the foregoing determination, order, rule, and regulation
aro:
(а ) That tho property described is not customarily sold and cannot
usually bo sold to advantage either at public sale aftor public or other
advertisement, or at tho place whore such property, or the greater portion
thereof, is situated.
(б) That tho property described may bo sold to such manufacturers
as may be designated by tho Ordnance Department of tho War Depart­
ment for war purposes, and therefore for direct utilization by tho United
States Government.
(c) That unnecessary expense, delay, and inconvonlonco may bo avoided.
W O O D R O W WILSON.
Tho White House, M a y 9 1918.

SENATE RESOLUTION CALLING FOR INQUIRY INTO
PRICES OF FARM IMPLEMENTS.
The Senate on M a y 13 adopted a resolution directing the
Federal Trade Commission to investigate tho causo for the
high price of farming implements, to determine whether there
exists “ any unfair methods of trade or competition” and “ any
act, combination, agreement or conspiracy to restrict, de­
press or control prices, production or supply” of farm im­
plements. Tho following is tho resolution:
R es o lv e d , That tho Federal Trado Commission bo, and Is horoby, di­
rected, under tho authority of tho Act entitled "An Act to croato a Fed oral
Trado Commission, to defino its purposos and dutlos, and for othor pur­
poses,” approved Sept. 26 1914, to Investigate and roport to tho Senate tho
causo or causes for tho high prices of tho articles hereinafter mentioned,
required to bo bought and used by tho farmers of tho country on tho farms,
and to investigate and report tho facts rolatlve to the oxistenco of any un­
fair methods of trade or competition by manufacturers and dealers In any
of tho articles hereinafter mentioned in respect to any act, combination,
agreement or conspiracy,to rostrlct, depress, or control tho prices, produc­
tion, or supply of any of tho articles enumerated as follows, to wit.: Agri­
cultural implements and machinery of evory kind and description.
And that tho Federal Trade Commission roport whether, undor tho facts
found, tho farmers are required to pay an unreasonable prico for tho things
thoy aro required to purchase and use on tho farms in tho production of
food products, and whother they aro thereby prevented from making a fair
profit for their labor and money expended toward production.

PROPOSED CUT IN FARM TOOL OUTPUT.
W ith a view to determining what varieties of agricultural
implements may bo eliminated by manufacturers without
hampering farm work a study of the matter has boon under­
taken by the Commercial Economy Board of tho Counoll

M ay 18 1918.]

THE CHRONICLE

of National Defense in co-operation with the implement
Industry. On the basis of information now being gathered
the Board will probably issue formal recommendations
specifying types and sizes that should bo eliminated. The
object is to consorvo materials, labor, capital, and manu­
facturing facilities for war use. The Council in a state­
ment said:
At the request of the Board, following a conference in Washington with
the war service committeo of tho Implement industry, four divisional com­
mittees of tho National Implement and Vehicle Association met in Chicago
in March to formulate suggestions to the Board. These committees had
to do respectively with steel plows and tillage implements, chilled plows,
grain drills, seeders, &c., and farm elovators. Each recommended various
stylos and sizes for elimination, numbering altogether nearly 2,000. The
list was made up of types which had been gradually added by the manu­
facturers In tho course of peace-time competition, but which could bo dis­
pensed with as a war measure, tho committees bolioved, without serious
inconvenience to anyone. In tho report of tho committeo meetings it was
stated that special regard had been given to tho needs of tho farmer, and
nothing recommended for discard which was believed to bo necessary to
modern, economical agriculture.
Tho wagon department of tho association has recently mot in Louisville,
Ky., and made similar sudggestions.
Such of theso recommendations as tho Board deems suitable, together
with others from different sources, aro to bo brought to tho attention of
all implement manufacturers and jobbers and as many retail dealers as it is
practical to reach through quostionaires. Thus all branches of tho trade,
and practically all units, will havo opportunity to express their views
before tho Board formulates its recommendations.
Tho first of tho quostionaires, addressed to tho manufacturers of portable
grain elevators, has just been sent out by tho Board. Others are In prepa­
ration.
It will be seen that tho simplification of implement lines will not only
savo labor in tho implement factories and steel mills by making possible
longer runs on the machinery; it will also release a portion of tho machinery
for work on munitions, ships’ parts, &c. In addition it will cut down
tho amount of stock the joDbcrs and retailers will have to carry, thus re­
leasing capital for tho purchaso of Government securities.
Tho study Is a part of tho Board’s general work of conserving commercial
an industrial resources and facilities. Similar measures have already
been taken in tho woolen cloth and clothing, tho shoo and leather, tho
paint and other lines, in each caso with tho co-operation of tho industry.

FEDERAL TRADE COMMISSION'S C O M P L A IN T
A G A I N S T ST A N D A R D OIL CO M P A N Y
OF I N D I A N A .
Tho Standard Oil Company of Indiana is charged with
violation of tho Clayton anti-trust Act and the Federal
Trado Commission Act in a complaint filed against it by
the Federal Trado Commission made public on April 30.
It is alleged in tho complaint according to a statement
issued by the Commission that “ in order to stifle and sup­
press competition,” the company sells its gasolino and
korosene products only to those dealers and agents who will
handlo and deal in tho other products of the respondent
and who make diligont effort to cause the salo of these
products to bo as largo as possible and who refrain from
dealing in or handling tho gasolino of any of tho respon­
dent’s competitors.” The complaint also alleges that the
company refuses to sell and deliver its products in carload
lots or in such manner or quantity that those products can
bo roshipped to other territories where higher prices prevail,
except that such sales aro made to othor Standard companies
It is further alleged that tho company “ generally confined
tho sale of its products in its territory to retail distributors
at wholesale or tank wagon prices, but in certain local or
competitive areas within its territory, whoro rotail dealers
do not handlo tho products of tho respondent in quantities
desired, tho respondent sells direct to tho consumer at tank
wagon or wholesale prices, thereby punishing rotail dealers
and compelling them to deal in tho products of the Standard
Oil Company of Indiana under conditions and restrictions
imposed by it.” Tho company is also charged with mainttaining a system of contracts called “ commission agency
agreements.” Tho allegations aro detailed in tho follow­
ing statement of the Federal Trado Commission:
A comprehensive complaint, charging not only violation of Section 5
of tho Federal Trado Commission Act, but also of Sections 2 and 3 of tho
Clayton Act, has been Issuod by tho Federal Trado Commission against
tho Standard Oil Company of Indiana.
The complaint alleges that tho respondent company maintains a system
hi tho contract anti salo of its gasolino and kerosene products whereby
thoso products aro shipped from its refineries to numerous depots called
tank-wagon stations, situated in various localities throughout Michigan,
Indiana, Illinois, Wisconsin, Minnesota, Iowa, Missouri, Kansas, North
Dakota, South Dakota, and Oklahoma, and from thoso tank-wagon
stations tho products of the company aro delivered into tho storago tanks
of its customers by means of tank wagons operated by tho respondent
company.

3075

prevent customers in territory other than that described above from ob­
taining gasolino and kerosene products at a price as low as that maintained
by tho respondent company in itsterritory plus freight differentials, which
price is kept below that of the market in localities outside of the territory
of the Standard Oil Company of Indiana.
S a le s to D e a le r s a n d C o n s u m e r s .

Tho complaint charges also that the respondent generally confines the
salo of its products in its territory to rotail distributors at wholesale or tankwagon prices, but in certain local competitive areas within its territory,
where rotail dealers do not handle the products of the respondent in quan­
tities desired, the respondent sells direct to the consumer at tank-wagon or
wholesalo prices, thereby punishing rotail dealers and compelling them to
deal in the products of tho Standard Oil Company of Indiana under con­
ditions and restrictions imposed by it.
It is charged also that the respondent company makes a practice of loan­
ing tanks and other equipment used in handling its products to customers
and prospective customers in competitive areas, both doalers and con­
sumers, upon the condition and agreement that this equipment shall be used
exclusively in the storage and handling of tho products of the respondent.
This practice, it is stated in the complaint, causes customers to confine
their purchases exclusively to tho products of the Standard Oil Company
of Indiana.
It is charged also that the company maintains a system of contracts
called “commission agency agreements,” by tho terms of which the respon­
dent if obligated to pay dealers 1 cent a gallon on all pump-selling products
handled by such dealers as a rental for tho tanks and also for the services
of tho dealers in handling its products, but such agreements are made
on tho express provision that such dealers shall not handlo the products
of any competitor. AVhere dealers do not possess the necessary equip­
ment, the complaint sets forth, tho Standard Oil Company of Indiana
furnishes it, and where tho dealer has equipment an additional monthly
rental is paid for the exclusive use of it in tho handling and sale of the
respondent’s products.
The respondent also maintains, the complaint charges, a system of con­
tracts known as “commission agent agreements,” by tho terms of which
tho Standard Oil Company of Indiana is obligated to pay, and does pay,
consumers in certain competitive areas, with little or no opportunity of
reselling to other consumers, a commission, rebate, or discount of 1 cent a
gallon on the outgo, provided, however, that tho consumers involved use
tho respondent’s product exclusively, tho commission paid being based on
tho gallonage outgo and also that used by these customers themselves.
S a le o f O th er P r o d u c ts .

It is charged, in the complaint, also, that the respondent, to stifle and
suppress competition, sells its gasoline and kerosene products only to those
dealers and agents who will handlo and deal in tho other products of the
respondent, and who make diligont effort to cause the salo of theso products
to bo as large as possible and who refrain from dealing in or handling the
gasolino of any of the respondent’s competitors.
It is alleged in the complaint, to, that, through its agents and employees
and by means of advertisements in newspapers, magazines, and trade
journals, the Standard Oil Company of Indiana has made representations
concerning;
(а) Tho quality, grade, ingredients, and effectiveness of its products and
thoso of certain of its competitors.
(б) Tho officers of competitive corporations and tho officers of pur­
chasing corporations which were not handling products of tho respondent.
(c) Tho alleged methods of certain of its competitors of selling their
products by measures short of the amount purchased.
(d ) The ability of certain of its competitors to continue in business and
make deliveries of their products, and
(e ) That in the event lubricating oils other than those of tho respondent
were used upon certain agricultural machinery the guarantees upon the
machinery issued by the manufacturers would not be binding, and
( f ) That certain of its products which were blends of gasoline with heav­
ier oils or a result of a “cracking process” were held out as gasoline without
indicating the degree of adaptability for tho use for which sold, and that
theso representations were false, misleading, and designed to deceive the
trado and the general public.
V a r ia tio n i n P r i c e s .

It is charged also that the Standard Oil Company of Indiana varies the
prico of petroleum in different areas within its territory by selling it at a
lower price In highly competitive areas than tho price for which it is sold
whero competition is less active and in highly competitive is less active and
in highly competitive areas renders services and incurs selling expenses for
which no charge above the wholesale price is made. For the same services
and expenses, if incurred in areas whero competition is not as active, a
charge is added to the tank-wagon price, the complaint avers.
Touching the Clayton Act, the complaint charges that for several years
past the Standard Oil Company of Indiana has discriminated in price and
is now discriminating in price between different purchasers of petroleum
products, and that the effect of this discrimination may bo to substantially
lessen competition or tend to creato a monopoly.
C o n tr a c ts a t F i x e d P r i c e s .

It is charged also that tho respondent is now and for several years past
has sold and made contracts for sale, and is now doing so, of large quan­
tities of petroleum products, and has fixed, and is fixing, the price charged
therefor or discount or rebate upon such price on the condition, agreement,
or understanding that tho purchasers of theso products shall not use or
deal in tho merchandise, supplies, or commodities of competitors. The
effect of such sales and contracts, it is alleged, may bo to substantially
lessen competition and tend to create a monopoly.

U. S. TROOPS REVIE WED BY K I N G GEORGE— MESSAGE
FROM THE K IN G .

A parade of American troops,— men forming part of
the New United States National Arm y— took place in
London on M a y 10, and besides being reviewed by King
Georgo and Queen M ary, the Dowager Queen Alexandra,
C o m p e titio n S tiflin g C h a r g e d .
It is charged that with tho purposo and effect of stifling competition tho tho Duko of Connaught and Ambassador Pago, a personal
Standard Oil Company of Indiana refuses to sell and deliver Its products messago from tho King was received by each of the American
in carload lots, or in such manner to quantity that those products can bo
troopers. Some 2,700 men participated in tho parade,
roshipped to othor territories where higher prices provail, except that
such sales aro made to other Standard companies. It is charged also that tho paraders including two G . A . R . veterans, who were
tho Standard Oil Company of Indiana sells and ships all of its surplus pro­ accompanied by three younger men carrying a banner with
duction to other Standard companies in different territories who do not
interfere with tho gonoral business and marketing system of Standard the inscription “ United States Civil W ar Veterans. N ot
Tho troops were
companies generally, and that this system Is dosigned and calculated to for Ourselves but for Our Country.”




[Vol. 106.

THE CHRONICLE

3076

practically all from Now York C ity. They marched in
columns of fours from Wellington Barracks over a three
mile route, circling that section of London in which are
located the Government offices, the Embassies and the
principal public buildings. The first of the men filod out
of the parade ground at Wellington Barracks at quartor to
twelve, passed the war office a half an hour later, the United
States Embassy at quarter to one and reached Buckingham
Palace five miniutes after one. W ith the arrival of the
troops at Buckingham Palace King George and Queen
M a ry , Queen Alexandra and the Duke of Connaught ap­
peared at the main entrance and walking across the court
yard received Gen. Biddle. Members of the W ar Cabinet,
including Premier Lloyd George, Chancellor Bonar Law,
Viscount Milner, and J. Austen Chamberlain, witnessed
the parade from the balcony at the W ar Office. Ambassa­
dor Page reviewed the troops from a point just in front
of the Embassy steps. The occasion is the first, it is stated,
on which London had witnessed the soldiers of the National
Arm y in marching order. The personal message received
by each of the troopers from King George was in an envelope
bearing the Royal arms, the outside of the envelope being
marked: “ A message to you from His M ajesty King George
V .” The message itself was on the note paper of Windsor
Castle, was written in fac-simile of the King’s handwriting
and was as follows:

The Administration’s plans for increasing the army were
submitted by Secretary Baker to the House Committee
on Military affairs on M a y 3. Approximately $15,000,000,­
000, it is stated, will be needed to finance the army during the
next fiscal year. The “ Times” of the 4th inst., referring to
the proposed plans, said in part:

S o ld ie rs o f th e U n it e d S ta tes: The peoplo of the British Isles welcome
you on your way to take your stand beside the armies of the many nations
now fighting in tho Old World the great battlo for human freedom.
Tho Allies will gain new heart and spirit In your company. I wish I
could shako hands with each one of you and bid you God-speed on your
mission.
G E O R G E R. I.

Enlisted men ------- . --------- ------------------ -------------- — ........... ....... 1,765,000
Officers............................................. 120.000

U N IT E D

STATES A R M Y PLANS— FRENCH REPORT
CONCERNING NUM BE R ABROAD.

W ith regard to an announcement which tho Paris cables
reported on M a y 16 had appeared in Premier Clemenceau’s
newspaper “ L ’Homme Libre” that the United States had
promised to have 1,500,000 fighting men in France by the
end of 1918, Secretary Baker, it was said, refused to make
any comment. The French newspaper was said to have
stated that these troops must have their own organization
and services, which would mean at least 2,000,000 special­
ists, workers, men in the Quartermaster’s Department and
others. The dispatch added:

Secretary Baker refused to go into the question of figures involved in
the proposed increase in military man power, but it became known at the
Capitol that the estimates he submitted were based on a force of not fowcr
than 3,000,000 men and 160,000 officers being in the field by July 1 1919.
The plan contemplates having 130,000 officers and 2,168,000 men, or a
total of 2,298,000 in the field and in camps by July 1 1918, and approxi­
mately an additional million to bo placed in the field before the end of the
fiscal year.
‘‘I don’t want to say anything in figures,” said Secretary Baker when
asked how large an army was contemplated, “because I don’t want to be
tied down to numbers. M y objection to using numbers grows out of the
fact that wo want to raise just as large an army as will be needed, and I
want the American peoplo to feel confident that we are not going to be
handicapped by numbers but intend to raise an army that will be large
enough In every respect."
Secretary Baker made it clear that the total of $15,000,000,000 involved
in the estimates as revised for the new army bill did not cover the whole
cost of tho army for the next fiscal year. The 815,000,000,000, he explained
was In addition to tho largo sums that would bo carried in tho Fortifications
Appropriation bill, which covers the cost of heavy ordnanco both hero and
overseas. Nor does It includo the Military Acadomy bill. It was em ­
phasized that although estimates were submitted on the basis of an army
of a certain slzo, Congress was being asked for blanket authority for tho
President to raiso all tho men noeded, and the approximate figuros of $15,­
000,000,000 could bo increased by doficioncy appropriations.
This country now has In camp and in tho flold, it was explained to tho
committee, tho following enlisted men and officers:

Total ........................... 1................. 1.885,000

On M a y 15 the “ Times” stated that the summary of the
Arm y Appropriation bill, now being drafted finally, issued
on that day by the House Committee on Military Affairs,
showed that Secretary Baker, aftor his visit to Europe, in­
creased the estimates for the army for tho next fiscal year
by $4,038,753,286. W e quote further from the “ Tim es”
as follows:

This Increase was made necessary by a decision to oxpand tho army to
3,000,000 and to increaso equipment In many details. Tho tentative bill
carries $11,771,666,847 86, which does not includo about $4,000,000,000
which will bo carried in the Fortifications bill for heavy artillery, making
tho entire amount which will be provided for tho army in tho noxt fiscal
year reach about $15,000,000,000.
The Army bill for tho present fiscal year was $5,248,654,298 48, which is
about $10,000,000,000 less than will bo required for the army in the noxt
fiscal year. While an effort will bo made to reduce tho items in the Army
bill proper and tho Fortifications bill, it is behoved that this Congress will
appropriate from $12,000,000,000 to $14,000,000,000 for the army next
The newspaper went on to say that certain misunderstandings which year.
The summary made public by the committee shows tho differences bohad existed had been cleared up, and that under no circumstances would
tween the original estimates submitted by Secrotary Baker and tho revised
Allied workers or soldiers displace Fronch workers in factories.
The presence of American workers on French soil would be in direct estimates furnished by him after his trip to tho battlefields of Europe,
omitting those unchanged:
consequence of the presence o t_ A m erican flghtors on the front.
O rig in a l E s tim a te .

“ W ith tho receipt of tho above report it was reealledjthat
Secretary Baker had some weeks ago told the Senate M ili­
tary Committee that'tho United States had hopes of getting
1,500,000 men to tho front during!tho year. On the 8th
inst. he authorized the statement that his forecast to Con­
gress in January that 500,000 troops would be dispatched
to France early the present year had been surpassed. The
following was Secretary} Baker’s statement of the 8th:

N e w E s tim a te .

Signal Service.................. $1,138,240,314 77 $1,039,488,103 77
Maintenance offico of Provost Mar­
15,762,000 00
shal-General _________________
____________
Pay, &c., of tho army____________ 1,003,934,176 40 1,589,950,745 14
Subsistence of army—
Supplios, servico and transportation.
830,557,398 00
Quartermaster Corps___________
298,405,055 57
552,868.390 00
Regular supplies, Quartermas’r Corps
231,754,055 54
37,456,789 00
Incidental expenses, Quarterm. Corps
10,457,814 59
Transportation of army and its sup­
plies...........
654,180,015 72 1,251,592,903 00
In January I told tho Senate Committee that there was strong likelihood Water and sowers at military posts—
70,569.605 00
19,735,546 00
that early In the present year 500,000 American troops would bo dispatched Clothing and camp and garrison oq’age 1,832,515,020 61 1,230.190,089 00
to Franco. I cannot either now or porhaps later discuss tho number of Storage and shipping facilities......
143,603,037 00
........ .
American troops in France, but I a m glad to bo able to say that the fore­ Horses for cavalry, artillery, &c____
77,484,081 00
28,755,991 00
cast made in January has been surpassed.
Barracks and quartors............
26,839,967 00
187,190,800 00
Military
post
exchanges__________
1,247,512
00
2,994,950 00
A t the same time the Secretary announced that as a rosult
Roads, walks, wharves and drainage.
3,043,443 00
35,117,175 00
of a personal investigation of machine-gun production that Construction and repair of hospitals..
83,053.612 00
25,000,000 00
there was no shortage of light or heavy types of these weapons Quarters for hospital stewards______
89,100 00
66,000 00
343,110 00
4,260,438 00
either in France or America, and no shortago was probable. Shooting gallcrios and ranges_______
12,780 00
Maintonanco of Army War College__
12,200 00
M r. Baker said there had been no question as to tho supplies Claims for damage and loss to private
30,000 00
10,000 00
property____________________
of light type Browning guns, which were coming forward
25,500,000 00
30,000,000 00
in quantities. He would not say whether shipment of these Ordnanco servico________________
Ordnanco stores, ammunition______
390,000,000 00 1,096,486,991 00
guns to France had been started. As to tho heavy Brown­ Small arms targot practice......—
159,273,725 00
75,200,000 00
257,324.325 00
Manufacture of arms_____________
50,000,000 00
ings, he said:
443,699,260 00
Ordnanco stores and supplies_______
93,400,000 00
Early manufacturers’ estimates as to the production of tho heavy type, Automatic machino rifles.........
574,870,000 00
237,144,000 00
perhaps, were more optimistic than was justified. Tho estimate of the Armored motor cars______________
347,972,500 00
75,550,000 00
Ordnance Department in January has been mot and is being met. Some Authorization for ordnanco supplies..
600,000,000 00
...........
of these heavy guns have been produced and thero is every indication of Civilian military training_________
2.640,000 00
6,018,000 00
forthcoming production in increasing and substantial numbers.
2,788,096 00
Reserve Corps, Quartermaster Suppl’s
2,135,671 00

The statement of the 8th regarding the movement to
France was^the’ first official utterance indicating even indi­
rectly the number of men sent abroad. Tho first force to
go was never described except as a division, although as a
matter of fact it was constituted into two divisions soon
after its arrival on the other side. It was stated that the
fact that more than 500,000 have gone this year also shows
the accelerated rate at which tho men have been moving
forward since the winter passed and eased the shipping and
embarkation situation.




MOTHERS' D A Y

RECEIVED SPECIAL RECOGNITION
M A Y 12 THIS YEAR.

Mothers’ D ay, observed last Sunday, M a y 12, received
especial distinction this year. On tho 11th inst. the House
adopted a resolution (concurred in by the Senate on the
same day) requesting that the President recommend in the
observance of tho day that tho prayers of the peoplo be
offered to invoke Divine blessing especially on those mothers
having sons serving in the war. In response to the resolu­
tion the President issued a message on the 11th calling

M ay 18 1918.]

THE CHRONICLE

2077

for the special remembrance of the mothers of sons in the
service, his message, reading as follows:

WORK OF 'ECONOMY BOARD OF N A T I O N A L DEFENSE
COUNCIL TRANSFERRED TO D IV IS IO N OF
I take the liberty of calling special attention to the fact that this Is
W A R IN D U ST RIE S BOARD.

Mothers’Day, and I take advantage of tho occasion to suggest that during
this day our attention be directed particularly to tho patriotic sacrifices
which aro being so freely and generously made by the mothers of our
land In unselfishly offering their sons to boar arms, and, if need be, to
die in defense of liberty and justice, and that we especially remember these
mothers in our prayers, praying God for Ills Divino blessing upon them and
upon their sons whose whole-hearted service is now givon to the country
which we love.
W O O D R O W WILSON.

Secretary of W ar Baker and Secretary of the N av y
Daniels both issued messages on the 11th inst. in tribute
to the mothers of America, Secretary Baker’s message
saying:
T o th e M o t h e r s o f A m e r i c a :

I bring you a messago from your boys In Franco. They aro cheerful and
earnest and full of fight— as proud of their country as their country is
proud of them.
From you they yet draw inspiration, and to you they send a message
filled with determination and with hope. They hope to make this war
the last war that America will ever have to fight against a military despotism
and they want to fight till that hope has been achieved.
They ask you to bo of good cheer, to be with them fondly in your thoughts,
and to sustain your hearts in tho day of battle as they will sustain theirs.
_ N E W T O N D. B A K E R .

Tho transfer to the W ar Industries Board of the -work of
the Commercial Economy Board of the Council of National
Defense in carrying out plans for conservation in the clothing,
garment, shoe, paint and agricultural implement industries,
as well as in various wholesale and retail trades, was an­
nounced on M a y 9. A . W . Shaw, Chairman of the Board,
will still serve as Chairman of the new division, which will
be known as the Conservation Division of the W ar Industries
Board. The W ar Industries Board in its announcement
said:
The plans for conservation which the Commercial Economy Board has
been carrying out during the last year in the clothing, garment, shoe, paint,
agricultural implement and other industries and in various wholesale
and retail trades will be continued, and similar plans of conservation put
nto effect in other trades and industries.

FIRST WOOD SHIP COMPLETED UNDER N E W SHIP­
PIN G BOARD PROGRAM.

Announcement that the first contract wood ship, the
North Bend, to be completed under the now program of the
U . S. Shipping Board, would begin her initial voyage M a y 15
T o th e M o t h e r s o f D e f e n d e r s o f D e m o c r a c y :
Tho courago of tho mothers in the homes is reflected by the bravery of was made by the Board on M a y 10. The Board’s announce­
the men at the front. It is always true that tho morale of a nation’s ment said:
Secretary Daniels in his message said:

soldiers and tho ideals for which.thoy fight aro born in the spiritual heroism
of a nation’s mothers. Let the Nation join in international prayer to all
mothers of defenders of democracy to cheer and strengthen them, their
sons, and the Nation itself to fight to win the fight that must be won.
Our country stands before tho world as a nation fighting for tho Ideals of
nations, and tho world knows that the mothers of America aro sending men
of Ideals to the front. In that lies our strength. Faith and prayer aro the
two basic supports of national idoalism. International prayer, for all
mothers of democracy— there are 13,000,000 of them— cannot but aid
every soldier in camp or trench as well as strengthen every mother at homo.
J O S E P H U S D A NIELS.

The vessel will leave from a Pacific port for a short coastwise trip,
returning with a cargo of coal. The voyago will be in the nature of a trial
trip and, if successful, the North Bend will be assigned to ply between
San Francisco and Honolulu, on her outbound voyage carrying coal and
returning with a sugar cargo.
The vessel was built at the yards of the Kruse, Banks Shipbuilding Co.,
of North Bend. Ore. She is of the Hough type. 3,500 tons.

N E W EXPORT RULES TO PREVENT EXPORT OF
GOODS NOT N E ED ED BY ALLIES.

The National Association of Mothers of Defenders of
Democracy, in announcing on M a y 11 that it had set aside
the 12th inst. as a day of prayer, said:

Additional rules and regulations with respect to the issu­
ance of licenses for articles for export to the Allies were
announced by the W ar Trade Board on M a y 12. All
Tho result desired is to cheer, console and strengthen tho hearts of the exports to the United Kingdom, France, Italy and Belgium,
mothers who havo sons in the camp or trench, and to secure through
excluding their respective colonies, possessions and protec­
mothers’ letters to sons a higher spiritual soldier morale.
torates, come under the regulations which became effective
The following is the resolution adopted by the House and
M a y 15. Written approval of the Mission in the United
agreed to by the Senate:
States of the country to which exportation is to be made
R esolv ed b y th e H o u s e o f R ep re s e n ta tiv e s (the S en a te c o n c u r r in g ,) That with
tho npproach of Mothers’ Day the attention of the Nation bo directed to must accompany all applications to the W ar Trade Board
tho patriotic scariflce made by tho mothers of our land In freoly offering for export licenses. On filing a license the applicant must
their sons to bear arms and. if neod bo, die in dofonse of liberty and jus­
tice; that in appreciation of this great sacrifice tho President of tho United agree with the W ar Trade Board not to purchase, nor acquire
States bo, and he is hereby, respectfully requested to recommend in tho for export, nor to take any steps in the process of producing,
observance of Sunday, M a y 12 1918, as Mothers’ Day, that tho people manufacturing or fitting for export the articles specified
of tho United States offer fervent prayers to Almighty God for His Divine
blessing on tho mothers of our country, especially those having sons serving in the application until a license actually has been granted.
under our flag throughout tho world.
All licenses granted on or before M a y 14 will be revoked
July 1, and new licenses must be obtained for any goods not
Every soldier of the American Expeditionary Forces in
then exported against the old licenses. The Board’s an­
Franco was requested to write a letter to his home on
nouncement concerning the new regulations follows:
Mothers’ D ay, The idea, it is stated, originated with the
The War Trade Board announces, after consultation with the U. S. Food
“ Stars and Stripes,” the official newspaper of the American Administration, tho U. S. War Indsutries Board, and the Missions of the re­
forces in Europe, and was approved by headquarters. It spective European Allies, that for the purpose of preventing the useless con­
sumption of materials and labor in making articles for export which for the
was announced on M a y 9 that General Pershing had issued present may not bo exported, and for the porpose of saving tonnage by pro­
the following order to all the units of the American Ex­ hibiting the exportation of articles which have not been recommended by
tho Government of the country of destination as being necessary for their
peditionary Forces:

essential requirements, tho War Trade Board has adopted the following
additional rules and regulations with respect to the issuance of licenses
to export any commodity to the United Kingdom, France, Italy and
Belgium (excluding their respective colonies, possessions and protectorates).
On and after M a y 15 1918, applicants before filing applications for licenses
to export any commodity to the above named countries must obtain thereon
the written approval of the Mission in the United States of the country
to which the exportation is to be made. To secure this approval applicants
The mothers, it is stated, may expect the letters to begin should forward their applications, duly executed, in triplicate, with proper
supplemental
sheet attached thereto, including supplemental sheet X-ll
arriving early in June,______________________
or X-12 as may be required, to:
The British War Mission, Munsey Building, Washington, D. C., for
LETTERS OF U . S. SOLDIERS ABROAD FREE OF
shipments to the United Kingdom.
POSTAGE CHARGES.
The French High Commission, 1954 Columbia Road, N. W., Wash­
In calling attention to the fact that letters written and ington, D. C., for shipments to France.
Tho Italian High Commission, 1712 N e w Hampshire Ave., N. W.,
mailod by soldiers assigned to duty in a foreign country are Washington, D. C., for shipments to Italy.
free from postage requirements Third Assistant PostmasterTho Belgian Commission. Room 202, Council National Defense Building,
Washington, D. C., for shipments to Belgium.
General Dockery has issued the following statement:
One copy of approved applications will be forwarded by the Missions
OFFICE O F T H I R D ASSISTANT P O S T M A S T E R - G E N E R A L .
directly to the Bureau of Exports, Washington, D. C.; one copy retained,
■ W a s h in g t o n , A p r i l 25 1918.
and
the other copy returned to the applicant for his convenience in keeping
Some postmasters aro erroneously charging postago duo on letters
written and mailed by soldiers, sailors, and marines assigned to duty in a a record.
Applicants will be required to agree with tho War Trade Board not to
foreign country engaged in the present war. Attention is, therefore,
invited to Paragraphs 3 and 4, Section 406, Postal Laws and Regulations, purchase, nor acquire for export, nor to tako any steps in the process of
producing,
manufacturing, or fitting for export the articles specified in
as amended by Order No. 362, dated Oct. 3 1917, appearing on pago 29
of the October 1917 supplement to the “Postal Guide,” from which it will tho application until an export license has been duly granted.
Exporters of foodstuffs, fodders, or feeds, and shippers of articles con­
bo seen that such letters may bo mailod and delivered to the addressees
tained on Schedule A, set out below, will also be required to agree that
free of all postal charges.
after
export licenses have been issued they will not make any purchase,
The provisions of amended Paragraph 2, Section 406, Postal Laws and
Regulations, relative to tho rating of soldelrs’, sailors’, and marines' let­ nor acquire for export, nor tako any steps In the process of producing,
ters with postago due at the singlo rate, to bo collected on delivery, do not manufacturing, or fitting for export the articles specified in tho application
apply to such letters when written and mailed by soldiers, sailors, and unless they first obtain the written approval of the United States Food
marines assigned to duty in a foreign country ongagod in tho presont war, Administration or of the United States W a r Industries Board.
Applicants should use Form X, together with any supplemental informa­
since, as abovo stated, such letters are freo.
required by the rules and regulations of tbo War Trade Board,
A.
M . D O C Ktion
E R Ysheets
,
and in addition thereto Supplemental Information Sheet X-ll.
T h ir d A s s i s ta n t P o a s tm a s te r -O e n e r a l.
8:
I wish every officer and soldier In tho American Expeditionary Forces
would write a letter homo on Mothers’ Day. This Is a llttlo thing for each
one to do, but theso letters will carry back our courage and our affection
to the patriotic women whose lovo and prayers Inspire us and cheer us on
to victory.
.
PERSHING.
T o A l l C o m m a n d in g O ffic e r s , M a y




If, prior to M a y 15 1918, any of the articles specified on such applications
•were purchased or acquired for export, or If any steps were taken in the
process of producing, manufacturing, or fitting for export such articles,
applicants must agree that, after export licenses have been issuod, exporta­
tion thereunder will not be made until the written approval of the United
States W a r Industries Board has been received with respective to articles
special on Schedule A, or of the United States Food Administration with
respect to foodstuffs, fodders or feeds. In such caso the applicant should
use Supplemental Information Sheet X-12 in place of Sheet X-ll.
’Applicants should not apply to the United States W a r Industries Board
or to th.e United States Food Administration for approvals until they are
actually in receipt of export licenses.
O n July 1 1918 all outstanding licenses granted on or before M a y 14 1918
will be revoked. Any goods not then exported against such licenses may
thereafter be shipped only if licenses are secured after being applied for as
above set forth.
S ch ed u le A .

Schedule A as of M a y 13 1918 is as follows:
Plates
Aluminum (metal)
Sheet bars
Asbestos.
Slabs
Boilers, high pressure, steam
Tin plate
Carbon electrodes
Wire rope
Chemicals, as follows:
Lumber, all kinds
Acetates, all
Machine
tools, as follows:
Acetic anhydride
Blotters (all sizes)
Acetone
Grinders (internal, plain and
Arsenic compounds, all
universal)
Catbon dlsulphido
Boring machines (horizontal and
Chrome compounds, all
vertical)
Cyanides
Borlng'mills
Dyestuffs, all
Lathes (30-inch swing and larger)
Ethyl methyl ketone
Milling machines, No. 3 or Uni­
Explosives
versal and-larger
Formaldehyde
Planers (all sizes)
Glycerin
Badial drills (4-foot arm and
Manganese compounds, all
larger)
.
Nitrobenzol
Manganese compounds, all
Potassium salts, all
Manganese ore.
Pyrites
Mercury .
Saccharin
Mica
Cromium ore
Nickel (metal)
Copper, metal
Optical Instruments
Copper wire and cable
Optical glasses
Ferro alloys, all
Sodium, metallic, and any metal or
Graphito (crucibles and electrodes)
ferro alloy thereof
Iron and steel products, consisting of:
Spicgoleisen
Billets
Blooms
Tin (pig or block)
Tungsten, Tungsten steel and ore
Boiler tubes
Ingots
Wolframite
Pig Iron

II. M . C 0 0 N L E Y A S SECOND VICE-PRESIDENT OF
EMERGENCY FLEET CORPORATION.
The appointment was announced on M a y 9 by Chairman
Hurley of the U . S. Shipping Board of Howard Coonley of
Boston, as 2d Vice-President of the Emergency Fleet Cor­
poration, and N aval Instructor J. L . Ackerson, U . S. N .,
as assistant to Charles M . Schwab, Director-General of
Shipbuilding. M r . Coonley is President of the Walworth
Manufacturing Company of Boston, a director of the Second
National Bank of Boston, the Link Belt C o ., tho Coonloy
Manufacturing C o ., the American Mutual Liability C o .,
B . F . Avery & Sons, In c., the Advance Rumely C o. and the
Rivet Lathe and Grinder C o ., and a Vice-President of the
Boston Chamber of Commerce and the Associated Industries
of Massachusetts. In his new post M r . Coonley will relieve
Charles A . Piez, a Vice-Prosidont of the Emergency Fleet
Corporation, of much of tho routine work, enabling M r.
Prez to devote himself exclusively to problems directly
relating to shipbuilding and construction work. N aval
Constructor Ackerson was aid to Rear-Admiral Capps, a
former General Manager of the Emergency Fleet Corpora­
tion. He had since continued as aid to M r . Piez.
M r.
Ackerson holds the rank of Commander.

FURTHER REQUEST B Y N A V Y D E P A R T M E N T T H A T
N E W S CONCERNING M O V E M E N T OF
VESSELS BE DISCO NTINUED.
A further request that the publication of nows items and
advertisements indicating the location or movement of
vessels be discontinued, was contained in the following
statement issued by the Committee on Public Information
on M a y 9:
Tho Committee on Public Information is again requested by tho Navy
Department to urge upon newspapers and upon all ship owners, ship agont
and brokers to discontinue tho publication of news items and advertisements
which in any degree indicato the location or movement of vessels. Naval
authorities have clearly demonstrated to the committee that the publica­
tion of oven the most fragmentary or trivial items of this nature may revoal
clews upon which the enemy can build up information of extreme detriment
to our prosecution of tho war.
This notice is not issued because of any now circumstances endangering
ocean shipping— none has arisen— but because it is felt that the voluntary
censorship has not yet achieved tho fullest possible measure of essential
secrecy in the protection of merchant shipping.
Tho Committee on Public Information, therefore, urges onco more that
all references to the names of ships, dates of sailing and arrival and all
information of routes, schedules, cargoes, location and movement of ships
be deleted from all nows and advertising copy in newspapers, magazines,
folders, circulars, charts, &c. This request applies to all American, Allied




[Vol. 106

THE CHRONICLE

3078

and neutral shipping in the Atlantic, Pacific, South American and coast­
wise trades.
The Committee on Public Information depends confidently upon the
press and upon ship owners and agents, realizing the seriousness of the
situation, to co-operate to the fullest extent With the naval authorities in
the protection of tho tonnage available for supplying our troops abroad
and the troops and populations of the countries associated with us in the
war.

N A T I O N A L W A R LABOR BOARD INTER VENES I N
CONTROVERSY A T BETH LE H EM STEEL PLA N T .
In making known on M a y 11 that the National W ar Labor
Board had intervened, at the instance of the Department
of Labor, in the dispute between workers at the Bethlehem
Steel plant and the company, tho Board gave out the follow­
ing statement:
At the request of tho Department of Labor, tho National War Labor
Board has assumed jurisdiction in tho caso of tho Bethlehem Steel Co., at
whose plant at Behtlohem, Pa., exists a dispute between a group of workers
and tho employing company, which tho Federal conciliators assigned to
the task havo found impossible to compose.
Tho Board has decided to tako up the case at onco and to call witnessesfor a hearing to begin on Tuesday next, M a y 14. This action was taken
after consideration of the following letter from tho Department of Labor.
M a y 11 1918.
T o th e H o n . W illia m H o w a r d T a ft a n d
th e H o n . F r a n k P . W a ls h ,
C h a ir m e n W a r L a b o r H oa rd , W a s h in g to n , D . C .:
D e a r S ir s . — The Department of Labor respectfully represents:

That on or about tho 15th of April 1918 complaints were received from
employees of tho Bethlehem Steel Company, at Bethlehem, Penn., that
disputes had arisen between said employees and said company involving
conditions of employment in said plant: that Conciliators Fred L. Felck
and E. P. Marsh wero directed to go to Bethlohom and investigate con­
ditions with a view of bringing about an amicable settlement between the
contestants; that they were joined by representatives of tho Department
of Labor and Industry of Pennsylvania, and after full and patient hearing
of both sides to the controversy our conciliators reported to this Depart­
ment that an amicable adjustment had been reached and that tho machin­
ists who had ceased work had returned.
That on or about April 23 additional complaints reached this Department
from tho electrical workers of said company and Conciliators E. P. Marsh
and J. L. Spangler wero directed to go to Bothlohem, and in conjunction
with Senator Walter McNlchol of the Department of Labor and Industry
of Pennsylvania, again take up tho matter with tho employees and tho
company for a final adjustment; that after a caroful and exhaustive exam­
ination on tho part of the conciliators thoy found that the machinists had
quit work and the electrical workers, while remaining at work, wero dis­
satisfied and threatened to quit their places; tho Department is satisfied
that every effort at conciliation made by its representatives on tho ground,
but that thoy failed to bring the parties together on any terms whatever;
after notifying the employees that no adjustment could bo brought about
the employees requested this Department to request that the War Labor
Board should assume jurisdiction and fully Investigate tho merits of the
controversy with a view of a permanent adjustment and settlement.
This Department has exhausted its efforts through its conciliators to
reach a satisfactory result and, therefore, respectfully roquests that the
War Labor Board by vlrtuo of its authority under tho proclamation of the
President investigate tho merits of the controversy and bring about peace­
ful and harmonious relations between employers and employees.
Respectfully submitted,
H. L. K E R W I N ,
A s s i s ta n t to th e S e c r e ta ry o f L a b o r .

L. S P A N G L E R ,
E. P. M A R S H ,
3.

C o m m is s io n e r s o f C o n c ilia tio n .

F E L I X FRANKFURTER M A D E C H A IR M A N OF POLI­
CIES BOARD OF W A R LABOR A D M IN IS T R A T IO N .
Announcement was made on M a y 11 of the appointment
by Secretary of Labor Wilson of Folix Frankfurter of C am ­
bridge, M a ss., as Assistant to tho Secretary of Labor in
charge of linking up the activities of tho Department of
Labor with tho industrial service sections of the W ar and
N a v y Departments, tho Shipping Board and W ar Indus­
tries Board. The Department of Labor in announcing the
appointment said:
By Executive order of the President on Jan. 4 1918, Secretary Wilson
was made War Labor Administrator in addition to ids duties as Secretary
of the Department of Labor. Secretary Wilson immediately callod to­
gether an advisory labor council, headed by former Gov. John Lind, of
Minnesota, and the Council, which included representatives of both labor
and management, mado a unanimous report, in which it recommended the
establishment of several bureaus under tho Labor Administrator to deal
with tho subjects of employment, housing, wago adjustments, conditions
of work, womon in industry, &c. Threo of theso bureaus havo already
been established, and tho appointment of Mr. Frankfurter presages the
filling of tho other recommended positions in tho Labor Administration
as soon as Congress makes tho necessary appropriations.
A policies board will bo created to assist Mr. Frankfurter in tho work
of co-ordinating tho activities of tho Department of Labor with tho pro­
duction sections of tho War Department, tho Navy Department, and tho
Shipping Board. Tills Board, of which Mr. Frankfurter will bo Chairman,
will represent tho Dopartmont of Labor, the National War Labor Board,
tho War Department, the Navy Department, tho Dopartmont of Agricul­
ture, tho Shipping Board, tho Railroad Administration, and the War In­
dustries Board.
. Mr. Frankfurter has been assistant to tho Secrotary of War slnco tho
outbreak of tho war. Recently ho roturned from a mission abroad, during
which ho familiarized himself with tho labor situation both in England
and Franco and tho machinery which has been established by tho Gov­
ernments of those countries to deal with tho problems. Previously ho was
secretary and counsel to tho President’s Mediation Commission, which
mado exhaustive studies of labor conditions in tho mountain regions?and
on the Pacific coast, and wliicli dealt with tho serious conditions prevailing
last fall in tho copper, oil, and lumber industries and In tho packing-house
industry in Chicago and tho Middlo West.
£1 ^

M at 18 1918.]

THE CHRONICLE

2079

Tho Committee on Public Information issued the follow­
ing statement:

and to purpose only those righteous acts and judgments which are in con­
formity with His 'will; beseeching Him that Ho will give victory to our
Mr. Felix Frankfurter, whoso appointment as Assistant to tho Secretary armies as they fight for freedom, wisdom to those who take counsel on our
of Labor under tho Executive order creating tho War Labor Administration behalf in these days of dark struggle and perplexity, and steadfastness to
carrying with it the chairmanship of tho new Policies Hoard of tho War our people to make sacrifice to tho utmost in support of what is just and
Labor Administration, was announced by tho Department of Labor Satur­ true, bringing us at last the peace in which men’s hearts can bo at rest be­
cause it is founded upon mercy, justice, and good-will.
day, has issued the following statement:
In witness whereof I have hereunto set m y hand and caused tho seal of
“Production is vital to tho winning of tho present battlo and for tho
tho
United States to bo affixed. Dono in tho District of Columbia this
winning of tho war— uninterrupted maximum production. Production
moans supplies for tho fighting forces, and production is wholly dependent eleventh day of M a y ,in tho year of our Lord nineteen hundred and eighteen,
on labor. There must bo an adequato labor supply wisely distributed and of tho independence of tho United States tho one hundred and fortyto meet tho needs of war industries. Thero must bo sound and just con­ second.
W O O D R O W W I L SON.
ditions under which labor is employed.
By the President.
“To secure tho maximum uninterrupted production requires cffectivo
R O B E R T LANSING,
administration of industrial relations. Tho various labor agencies of tho
S e creta ry o f S ta le.
Government must, therefore, be focused to a single direction. Unification
of effort and uniformity of conditions must bo secured. Tho grave abuses
On the 16th inst. President Wilson asked that M em orial
of labor turnover, resulting in inefficiency and discontinuity of employ­
ment, must bo stopped at once and this can only bo dono by creating sta­ D ay be observed as usual and announced that in proclaiming
bilizing conditions.
M a y 30 a day of prayer he did not intend to suggest a modi­
“Responsibility for securing these results lias been horotoforo vested by fication of the usual memorial exercises. The statement
tho President in Secretary Wilson as Labor Administrator. Secretary
Wilson lias asked mo to assist him in carrying out this task. Tho assurance was issued in response to inquiries as to whether the usual
of heartiest co-operation has boon given by the threo groat production exercises should be changed. A request that the President
departments of the Government, tho W a r Department, tho Navy D e ­
partment, and tho Fleet Corporation. Stops will at once bo taken by tho suggest to the Allied Governments that the designate
Government as employer, through whatever department it may bo opera­ M a y 30 as a day for fasting and prayer for successful ter­
ting, toward uniformity of treatment so as to securo stability of conditions mination of the war and an honorable lasting peace was
and, therefore, tho needed production. I shall have tho benefit of tho
oxpericnco and support of tho ablo industrial services of the different de­ made in a resolution introduced in the. House on the 16th
partments of tho Government, as well as tho help that will como through by Representative. Campbell, of Kansas.
familiarity recently gained abroad with tho way England and Franco deal
with similar problems. All are agreed on tho end to bo attained— maxi­
m u m production under tho fairest conditions, which alono will assure tho
IF. J. L A U C K SECRETARY TO N A T IO N A L W AR
quickest winning of tho war.”

LABOR BOARD.

PRO MINENCE OF CIT IZENS OF GERM AN N A M E S
I N THE COUNTRY’ S W A R A C T IV IT IE S .
From tho “Evening Post” of N o w York, M a y 15 1918.]

Baruch, Rosenwakl, Stottinius, Goetlials, Warburg,
Frankfurter, Deeds, Schwab— no, dear reader, this is not
a roll-call of tho Kaiser’s Privy Council. It is merely a list
of some of the*men[with German blood in their veins who have
beon entrustcdjjwith groat powers under tho American G ov­
ernment infthis crisis in the nation’s history. Each one is
given tremendous responsibility. M ost of them were born
in this country; one of them has relatives in tho enemy’s
service. Tho parents of most of them wero born in Ger­
many, so that it is, in a way, proper to speak of them as
German-Americans. But as Americans none aro more
loyal, nono more useful. In Schwab’s hands wohavoplaced
tho vital shipping question, the crux of tho whole war
situation. Rosenwakl and Stettinius aro doing most of
tho purchasing for tho Government, while upon Goothals’s
shoulders rests the responsibility of the vital Quartermaster
Corps. To M r. Frankfurter has just been given tho vast
responsibility of controlling and regulating those who aro
laboring for the Government in factories, yards, and plants.
Surely, this roll of honor ought to give those pause who see
nothing but disloyalty among German-Americans and aro
allowing themselves to bo swept by prejudice into opposing
Gorman-written newspapors, however loyal and however
useful thoy m ay be, tho German languago, and everything
that smacks remotely of Germany.

W.
Jett Lauck has been appointed Secretary to the
National W ar Labor Board. Simultaneous with his ap­
pointment (made known M a y 9), M r . Lauck announced
his resignation as Assistant Chief of tho Industrial Service
Section of the Signal Corps. Ho was previously statistician
to tho W age Adjustment Board of tho Emergency Fleet
Corporation. Since tho United States entered the war
M r . Lauck has prepared for tho Railway W age Board two
studies of economic conditions in war time, entitled “ Wages
and the W a r ,” and “ The Cost of Living and the W a r ,”
and has also prepared a history of British industrial expe­
rience during the war. This latter was published as a Senate
document. In recent years M r . Lauck has been attached
to tho Immigration Commission as executive in charge
of industrial investigations and to the Tariff Committee
appointed by President Taft as chief examiner, in which
capacity ho made studies of production costs here and abroad.
Ho was also consulting statistician for the United States
Commission on Industrial Relations, and has been asso­
ciated with the railroad brotherhoods as expert on railway
economics.

PRESIDENT WILSON’ S PROCLAMATIO N D ESIG NA­
TING N E X T W E E K AS RED CROSS W E E K .

The second drive for the 8100,000,000 W ar Relief Fund
of the American Red Cross will open’ on M onday next, M a y
20, and continue throughout the week. Tho campaign will
bo brought under way to-day with a notable parade in this
city and a meeting to-night at tho Metropolitan Opera
PRESIDENT PROCLAIMS M E M O R IA L D A Y , M A Y 30 House, at which President Wilson will officially open the
drive. Cleveland H . Dodge, Chairman of the National Red
A S D A Y OF FA STING A N D PRA YER.
Memorial D ay, M a y 30, has this year been proclaimed Cross W ar Fund Committee, will preside at the meeting.
by President Wilson as “ a day of public humiliation, prayor II. P . Davison, Chairman of the W ar Council of tho American
and fasting” when tho people of the nation aro asked to as­ Red Cross, will also address the meeting. M r . Davison,
semble in their soveral places of worship to pray for victory after a trip of several months in Europe, arrived home on
“ to our armies as they fight for freedom * * * bring­ tho 16th. During his trip abroad he visited the American,
ing us at last tho peace in which men’s hearts can bo at rest French, and Italian fronts, and had personal talks with
because it is founded upon mercy, justico and good will.” General Pershing and other officers and privates of the
United States Arm y; with the King of England, the King
Tho proclamation follows:
of Italy, tho President of France, Prime Minister Clemenceau
B Y TIIE P R E S I D E N T O F T H E U N I T E D STATES,
of France, as well as generals, statesmen, and civilians. A
A PROCLAMATION.
proclamation issued by President Wilson on M a y 4 proclaim­
W h e r e a s , Tho Congress of tho United States, on tho second day of April
ing tho week “ Red Cross W eek” and calling upon the people
last, passed tho following resolution:
to again “ give generously to the continuation of the important
R eso lv ed , By tho Senate (tho IIouso of Representatives concurring),
That it being a duty peculiarly incumbent in a time of war humbly and de­
voutly to acknowledge our dependence on Almighty God and to implore work of relieving distress, restoring the waste of war, and
His aid and protection, tho President of the United States be, and lio is
hereby, respectfully requested to recommend a day of public humiliation, assisting in maintaining the morale of our own troops and the
prayer and fasting, to bo observed by tho peoplo of the United States with troops and peoples of our allies,” was made public on the 7th.
religious solemnity and tho offering of fervent supplications to Almighty
God for tho safety and welfare of our cause. His blessings on our arms, Tho following is the text of the proclamation:
and a speedy restoration of an honorable and lasting peace to tho nations
of tho earth; and
It has always been tho roveront habit of tho peoplo of tho
United States to turn in humblo appeal to Almighty God for His guidance
in tho affairs of thoir common life;
N o to , th e r e fo r e , I, Woodrow Wilson, President of tho United States of
America, do hereby proclaim Thursday, tho thirtieth of May, a day al­
ready freighted with sacred and stimulating memories, a day of public
humiliation, prayer, and fasting, and do exhort m y follow-citizens of all
faiths and creeds to assomblo on that day in their several places of worship
and thero,fas well as in their homos, to pray Almighty God that Ho may
forgive our sins and shortcomings as a people and purify our hearts to see
and love tho truth, to accept and defend all things that aro just and right.
W h erea s,




PROCLAMATION.
Inasmuch as the W a r Fund of 1917, so generously contributed by the
American people to the American Red Cross for the administration of relief
at home and abroad, has beon practically exhausted by appropriations for
tho welfare of tho men in our military and naval forces and for those de­
pendent upon them, and for the yet more urgent necessities of our allies,
military and civilian, who have long borno tho brunt of war;
And, inasmuch as the American Rod Cross has been recognized by law
and international conventions as tho public intrumentality for war relief;
And, inasmuch as tho year of our own participation in tho war has
brought unprecedented demands upon tho patriotism and liberality of our
peoplo, and made evident the necessity of concentrating tho work of relief

[Vol. 106.

THE CHRONICLE

2080

in one main organization which can respond effectively and universally
to the needs of humanity under stress of war;
And, inasmuch as the duration of the war and the closer and closer co­
operation of the American Red Cross with our own army and navy, with
the Governments of our allies and with foreign relief organizations havo
resulted in the discovery of new opportunities of helpfulness under condi­
tions which translate opportunity into duty;
And, inasmuch as the American Red Cross "War Council and its Commis­
sioners in Europo have faithfully and economically administered tho
people’s trust;
Now, therefore, by virtue of m y authority as President of tho United
States and President of the American Red Cross, I, Woodrow Wilson, do
hereby proclaim the week beginning M a y 20 1918, as “Red Cross Week,”
during which tho people of the United States will bo called upon again to
givo generously to the continuation of tho important work of relieving
distress, restoring the waste of war, and assisting in maintaining tho morale
of our own troops and tho troops and peoples of our allies by this manifesta­
tion of effort and sacrifice on the part of those who, though not privileged
to bear arms, are of one spirit, purposo, and determination with our warriors.
In witness thereof, I have hereunto set m y hand and caused the seal of
tho United States to bo affixed.
Done in tho District of Columbia, this 4th day of May, in tho year of
our Lord, one thousand nine hundred and eighteen, and of the independence
of tho United States of America the one hundred and forty-second.
W O O D R O W WILSON.
B y tho President:
R O B E R T L A N S I N G , S e c r e ta ry o f S ta te .

In the first drive, conducted during the week of June 18
last year, approximately 8100,000,000 was pledged to the
American Red Cross by the American people.
Supplementing President W ilson’s proclamation, M ayor
H ylan of New York likewise issued a proclamation on the
13th inst., urging that “ our contributions be & magnificent
manifestation of effort and sacrifice on our part,” and
directing that during the week the flag of tho American
Red Cross be displayed upon public buildings; tho citizens
are also called upon by M ayor Hylan to appropriately deco­
rate their buildings and to display both tho flag of the coun­
try and the colors of tho Red Cross. The M ayor’s procla­
mation reads as follows:
CITY OF N E W YORK.
Office of the Mayor.

men who havo left its employ to enlist should bo given overy possible caro
and advantage while in tho servico, in order that after tho war they may
return as well, if not better, equipped for work. It is really an investment
in tho futuro efficiency of a corporation that tho employees who aro in
time to return to work for it should bo physically, mentally and morally
developed during the time they aro fighting the battles of their employers.
I know that if tho Committeo on Corporation Campaign succeeds in
impressing upon tho corporations of N o w York first tho legal and moral
right of tho corporation to contribute directly to tho Rod Cross, and second
tho direct benefit tho corporation itsolf derives from such support, our
task of raising a largo amount of money should bo comparatively easy,

William C . Breed, Chairman of tho Committee of One
Hundred, also had the following to say at the dinner:
W e want people to understand that tho payment for their subscriptions
may extend over a period of four months, beginning July 1, Aug. 1, Sept. 1
and Oct. 1. In order to carry tho idea to tho peoplo of tho democratic
and broad campaign which wo havo planned, wo havo organized along six
different lines of solicitation. Those six different lines aro tho teams
campaign, with which you aro familiar; tho corporation campaign, tho
housc-to-houso campaign, the industrial campaign, tho profit-sharing days
and entertainments and benefits.

Ex-Supremo Court Justice Charles E . Hughes has written
an opinion indorsing the constitutionality of tho law permit­
ting direct contributions from corporations to the Red Cross
funds, in which he says:
The question is not ono of permitting tho uso of corporato moneys for
what aro or may bo called “worthy objects” outsido the corporato enterprise,
but for tho maintenance of tho very foundation of tho corporato enterprise
itself. Tho Government has not undertaken, through its borrowing and
taxing powers, to support all tho activities that aro essential to tho conduct
of the war. It is tho established policy of tho Government that some of
those important activities, such as thoso of tho Red Cross, should bo sup­
ported in part or altogether independently of Governmental .appropriation.
But this policy is designed to enlist and courago the activo co-oporation
of tho public and does not in any way alter tho fact that theso agonicos
aro essential to tho successful prosecution of tho war. It would bo, in
m y judgment, a very narrow and wholly unwarrantable viow of tho present
situation to say that tho support of tho activities of tho Red Cross, ab­
solutely necessary as they aro to tho protection of our forces and tho main­
tenance of their morale, isnot a matter of direct and vital importance to cor­
porato undertakings, and that an Act of tho Legislature recognizing tho plain
relation of our military efficiency to tho success of business enterprise, and
authorizing support by corporations of the agencies having tho character
described, is beyond tho legislative power.

Tho first large individual subscription— $100,000 from
Charles Hayden— was announced by M r . Breed on M a y 13.
Ono of tho features of the campaign in this city will be a
huge red cross which has been designed to mark tho progress
of the drive. Starting from Houston Street on Monday
next, it will be moved one block for each million dollars
subscribed, its arrival at 100th Street signalizing tho accom­
plishment of the efforts to securo tho $100,000,000 sought.
Tho needs of the American Red Cross will be brought before
tho people of tho country by a contingent of 7,500 speakers,
led by General Pershing’s “ veterans” and 200 wounded
French, British, Canadian and Australian officers and pri­
vates. Participants in fighting at Ypros, Vim y Ridge,
Sanctuary W ood, Gallipoli, Saloniki, Verdun, the Marne
and the Somme will undertake to make clear to Americans
what the hospitals, tho nursing, tho ambulances, tho surgical,
supplies and canteens and other servico agencies maintained
by tho American Red Cross mean in saving life, reducing
suffering and maintaining the moralo of tho armies. Former
President Taft will head tho civilian speakers, who will in­
clude Charles E . Hughes, Alton B . Parker, Charles W .
Fairbanks, Leslie M . Shaw, Georgo Wickersham, Senators
Now York City is called upon to raise $25,000,000 of the Kenyon, Watson, Norris and Cummins, Commissioner of
$100,000,000 goal. In outlining the work of his department Education Claxton, Hugh Gibson, William Allen W hite,
in the drive, Col. William Boyce Thompson, who is in Booth Tarkington, Meredith Nicholson, Hughes Leroux,
charge of the Committee on Corporations Campaign, had the formerly Editor of “ Le M atin ” of Paris; Frederick W ard,
following to say at a “ get-together” dinner of the team Otis Skinner and William Hodge.
A report of the work of tho American Red Cross, made
Captains and Division Chairmen at the Hotel Biltmore
public
on M a y 11, shows that tho total war fund receipts,
on M a y 9:
including interest to April 15 last, was $110,134,360 47, of
I feel that thero are only two points needed to be touched upon witli
which $17,401,069 04 was refunded to chapters, leaving an
corporations to insure their subscribing.
The first question is whether a corporation has tho legal right to uso its available appropriation fund of $92,733,291 43, of which
funds for such a purposo or whether in so doing tho directors undertake
a personal liability. On this point I recently heard two eminent lawyers $82,217,943 82 had been appropriated during the first year
and nine days of American participation in tho war. The
express opinions.
Ono of these, discussing this matter yesterday, gavo it as his opinion appropriations wero as follows:
P r o c la m a tio n .

Tho President of tho United States has by proclamation designated the
week beginning M a y 20 1918 as “Red Cross Week,” during which the peoplo
of tho United States will be called upon to givo generously to the continu­
ation of the important work of relieving distress, restoring tho waste of
war and assisting in maintaining tho morale of our own troops and tho
troops and peoples of our Allies.
Tho war fund of 1917, so generously contributed by the American peoplo
to the American Red Cross for tho administration of rolief at homo and
abroad, has been practically exhausted by appropriations for tho welfaro
of tho men in our military and naval forces, for thoso depondont upon them
and for tho yet more urgent necessities of our Allies.
With tho full co-operation of all our citizens, N o w York will continuo to
set an example to tho American peoplo in generous contribution to tho
American Red Cross, which is tho recognized public instrumentality for
war rolief.
Lot our contributions bo a magnificent manifestation of effort and
sacrifice on our part, who, though not privileged to bear arms, aro of ono
spirit, purposo and determination with our warriors.
I hereby direct that during tho week of M a y 20 to 27 the flag of tho
American Red Cross shall bp displayed upon public buildings in tho city,
and I call upon all inhabitants of tho city appropriately to decorato their
buildings and to display therefrom, besido tho flag of tho United States,
tho colors of tho Red Cross.
In witness whereof I havo hereunto sot m y hand and caused m y seal
to bo affixed.
Done in tho City of N o w York, this 13th day of M a y in tho year of our
Lord 1918.
J O H N F. IIYLAN, M a y o r .

that a corporation has the inherent right to uso its corporato funds for tho
maintenance and protection of its affairs, and that tho winning of this war
is certainly essential for such protection.
The Red Cross is recognized by the Government as ono of its chief non­
military Instruments necessary for tho conduct of tno war. As President
Wilson stated in his proclamation, “it is recognized by law and international
conventions as a public instrumentality for war relief.”
Tho laws which havo recently been enacted in tho States of N o w York
and N e w Jersey aro an endorsement and encouragement to tho directors
to do something which in itself is permissible for tho good of tho corpora­
tion. If there should bo isolated cases of a director being doubtful, wo
can quote tho remark of Judgo Morgan J. O ’Brien, who said: "Thero would
bo just as much chance of a stockholder of a corporation getting a judgmont
against a director for voting a Red Cross contribution as thero would bo
of convicting an American soldier of murder bccauso ho had shot a German
spy.”
Tho second point which must bo explained to tho corporations is that it
is for their economic good to support such work as tho lied Cross is doing
for our soldiers abroad. It is to tho Interest of tho corporation that tho




France...
Italy__
Russia...
Serbia ...
Rumania

$30,936,103
. 4,588,826
. 1,206,907
.
894,581
. 2,676,369

Great Britain..... $3,260,231
Belgium_________ 2,086,131
Other foreign rolief work. 4,476,300
United States..... 9,723,123

A Red Cross dividend, amounting to $1,177,084, has been
declared by E . I. du Pont do Nemours & Co. on its common
stock to aid tho Red Cross drive. Tho dividend, tho decla­
ration of which was announced M a y 12, is for 2 % , tho largest
amount, it is stated, yot set asido by any corporation to help
America win the war against Germany. Tho D u Pont com­
pany was among tho first last year to adopt tho corporation
dividend method for Rod Cross purposes. A t that time
dividends of only 1 % wero declarod.

M ay 18 1918.]

THE CHRONICLE

TOUR OF CO NTINE NT BY II. P. D AVISO N OF
A M E R IC A N RED CROSS.
Henry P . Davison, Chairman of tho W ar Council of tko
Amorican Red Cross, who arrived in the United States, as
noted above, on tho lGth, had been in Europe about three
months, making an inspection of tho work of tho organiza­
tion on tho Continent. On April 4 ho was rocoivod at
Romo by King Victor Emanuel, who personally thanked
him for the “ manner in which tho Amorican Rod Cross has
shown to Italy the support and sympathy of tho American
pooplo.” IIo was also accordod a rocoption by the Italian
Commandor in Chief, Gen. Diaz, Premier Orlando, and
other Italian dignatarics. On April 10 M r. Davison and
his party, which included Robert P . Perkins and Ivy Leo,
were givon a notablo welcome at Venice, and they also
received a cordial reception at Bologna and Florence. M r.
Davison likewiso toured the battlofronts of Franco. A t
London on M ay G when askod as to tho improssions ho had
gainod from his tour of tho Continent, M r. Davison was
quoted as saying to an Associated Press representative:
Any attompt to describe tho situation in Europe since March 21 is almost
futile, if not impossible. Only those who have been in Franco sinco tho
beginning of tho prosont offensive and have scon conditions tlicro for them­
selves can have any appreciation of tho situation tlicro.

In answer to the correspondent’s query as to what had
most impressed him during the trip, M r. Davison repliod
that ho had been most impressed by the apparent result of
tho Brost-Litovsk treaty, which, togother with tho troaty
with Rumania, has eliminated from tho minds of tho Allied
pcoplos in Europo any question of a peace by negotiation.
Ho added:

2081

prolonged and indefinite investigation of the whole conduct
of tho war; and by putting in charge of the investigation
to bo conducted by the Department of Justice a man who
is not only a prominent political opponent, but one who has
a national reputation as a fearless and successful investigator,
tho President has removed all ground of criticism that might
have attached to an investigation conducted by a member
of his own Cabinet.
The Chamberlain resolution, as introduced on M a y 9,
was so worded as to authorize an unlimited and indefinite
investigation by the Senate Military Committee into any
and everything connected with the conduct of the war. B y
its terms the committee was authorized to inquire into the
progress of aircraft production “ or into any other matters
relating to the conduct of the war by or through the W ar
Departm ent.” A t the samo time the committee was given
power to hold sessions during Congressional recesses; to
summon witnesses and pay all necessary traveling expenses;
to demand tho production of books, & c., and to employ
such agents or assistants as might be necessary. N o limit
was set either to the time within which to make a final report,
or to the amount that might bo expended. In effect, under
tho resolution, the Military Committee was erected into a
permanent committee of inquiry into the conduct of the
war.
To this resolution the President at once took exception.
Tn a letter, dated M a y 14, to Senator Martin of Virginia,
Democratic leader in the Senate, he declared that an in­
vestigation of tho kind proposed by the resolution “ would
constitute nothing less than an attempt to take over the
conduct of the war,” and that its passage would be regarded
by him as “ a direct vote of want of confidence in tho A d­
ministration.” The President’s letter to Senator Martin
was as follows:

Thcro is no longer any talk about Alsace-Lorraine or Belgium or of
indemnity. Thcro is just ono cry. and that is "This world will not bo safe
until tho military power of Gormany is crushed.” Tho same conviction is
held in Switzerland, Holland and other small neutral countries, for it is
now demonstrated as never before that a treaty with Germany is indeed a
T H E W n i T E H OUSE.
scrap of paper and there is no security of lifo and property so long as sho
M a y 14 1918.
possesses military power.
M
y
D
e
a
r
S
e
n
a
to
r
:
Tho day for considering terms of peace will como only when Gormany is
I
a
m
sincoroly
obliged
to
you
for
calling
m
y
attention
to Senato Reso­
boaton. You may roly upon it that no Amorican man or woman familiar
with tho conditions In ICuropo will withhold their young men or their lution 241, which in effect proposes to constitute tho Military Affairs
Committee
of
tho
Senato
a
committeo
on
the
conduct
of
the
war.
troasuro, as they are conscious that sacrifice without limit in this time is
I deem it m y duty to say that 1 should regard the passage of this reso­
tho only way in which tho world may bo assured of its freedom.
They know, as you do, that tho next two or three months will bo tho criti­ lution as a direct vote of want of confidence in tho Administration. The
cal months of tho war, and they are not to be misled by any lull in tho offen­ purposo which it undoubtedly expresses has been expressed again and
again in various forms during the presont session and has always seemed
sive or satisfied with any temporary successes.
W ith regard to allegations in tho German newspapers to originate in a rooted distrust of those who aro at presont in charge of
tho oxocutivo functions of the Government. Thoso executive functions
that ho had ordored tho American Rod Cross not to aid any aro very clearly understood. They have been defined both by tho Con­
stitution
and by long experience, and no ono can doubt where the respon­
German woundod, M r. Davison, in a copyright cable to tho
sibility for thorn lies or what the methods aro by which those who are
Now York “ Times” on M a y 6 was credited with saying:
responsible can bo held to their duty.
I never expected any appreciation from tho Germans, but I did think they
Such activities on the part of a particular committeo of the Sonate as
might still have some slight regard for tho truth. As a matter of fact, wo this resolution would look forward to would constitute nothing loss than an
already have somo Gorman wounded under treatment in Amorican hospitals attempt to tako over tho conduct of the war, or at tho least so superintend
in Franco.
________ ____________ ___
and direct and participate in tho executive conduct of it as to interfere in
tho most serious way with tho action of the constituted Executive.
INCOME A N D EXCESS PROFITS TAXES A N D
I protest most earnestly against tho adoption of any such action and shall
hope
that every Senator who intends to support tho present Administration
CONTRIBUTIONS TO RED CROSS.
in tho conduct of tho war will vote against it. Those are serious times,
Collector Edwards of tho Internal Rovenuo Bureati this and it is absolutely necessary that the lines should bo clearly drawn between
weok announced tho receipt of advices regarding contribu­ friends and opponents.
Cordially and sincoroly yours,
tions mado by partnerships to Amorican Rod Cross, &c. from
W O O D R O W WILSON.
Commissioner of Internal Rovenuo Daniel C . Ropor. A
Hon’T H O M A S M A R T I N , U n ite d S la tes S en a te.

tologram rocoived by him from M r. Roper said:

Tho President’s objection to the unlimited scope of the
Chamborlain resolution had boon known for some days, and
tho resolution, consequently, had been held up in the Com ­
mitteo on Audit and Control, to which it had been referred
becauso of its authorization of expenditures from the con­
tingent fund. Tho President’s letter to Senator M artin,
howover, objecting to the passage of the resolution in any
form, creatod an altogether new situation. While Senators
Thompson of Kansas, and Jones of New Mexico, Democratic
members of tho Audit Committee, had been willing, before
tho President’s letter reached the Senato, to vote to report
tho resolution, with modifications so as to eliminate a broad
PRESIDENT WILSON OBJECTS TO AIR CRAFT
investigation into the conduct of the war, they at once
IN V EST IG AT IO N BY SENATE COM MIT TEE.
shifted, putting themselves on record as against reporting it.
Tho aircraft situation became moro than over the centre Thoy Avero overruled, howover, by Senators Smoot and
of public attention this week by reason of two important Franco, Republicans, and M cKellar, Democrat, together
moves by President Wilson. In a letter to Senator Martin constituting a majority of the committee, who agreed to
tho President protested against tho passage of tho Cham- roport tho resolution so modified as to meet the specific
borlain resolution, providing for a sweeping investigation by objections of tho President. Tho phrase “ or unto any other
tho Scnato Committee on Military Affairs, and declared matters rolating to the conduct of the war by or through the
that ho would regard the passage of such a resolution as a W ar Department” was eliminated and a proviso added that,
direct vote of want of confidence in tho Administration. bosidos going into aircraft, the investigation should embrace
A t tho samo time the President mado known that ho had ordnance production and tho Quartermaster-General’s D e­
askod Charles Evans Hughes, former Supremo Court partment. A furthor proviso was added, to the effect that
Justico, and M r. W ilson’s Republican opponent at tho last “ nothing in this resolution shall be held to authorize the
Presidential olection, to act with the Attornoy-General in Military Affairs Committeo to take over or in any manner
conducting a judicial inquiry into the charges of graft and direct or superintend tho executive branch of tho Govern­
criminal delay in aircraft production. B y tho former move ment in tho conduct of the war,” and a limit of $10,000 was
tho President, it is bclioved, has successfully headed off a sot on tho oxponditures authorized. W ith these modificaContributions mado to a charitable organization, such as tho Amorican
Red Cross,
by a partnership, are not deductible from income of tho
partnership for tho purposo of computing tho amount of their excess profits
tax; tho only contribution permissible as a deduction by tho partnership,
aro thoso that aro connected with tho trado or business of tho partnership,
and which, theroforo, constitute an oxpenso of tho business.
On tho individual income tax returns mado by tho members of tho partner­
ship, for tho purposo of ascertaining tho amount of income subject to incomo
tax, tho proportionate part of tho charitablo contributions made by tho
partnership, may bo included with tho individual partner’s personal con­
tributions and tho ontiro amount deducted, provklod tho total of the per­
sonal and proportionate part of partnership contributions does not cxcood
15% of taxpapor's not incomo.




2082

[Vol. 10€

THE CHRONICLE

tions tho committee, by a vote of 3 to 2, voted to report the
amondod resolution reading as follows:
R es o lv e d , That the Committee on Military Affairs, or any sub-committee
thereof, be and is hereby authorized and directed to inquire into and report
to tho Senate the progress of aircraft and ordnanco production in tho
United States, or into tho status of tho Quartermaster-General's supplies
or expenditures in any of those branches of tho W a r Department; that said
committee, or any sub-committee thereof, may sit during tho sessions or
during any recess of the Senate; to require by subpoena or otherwise the
attendance of witnesses and the production of books, documents and papers;
to take the testimony of witnesses under oath, either orally or by deposition;
to obtain documents, papers and other information from tho sovcral depart­
ments of tho Government or any bureau thereof; to employ stenographic
help, at a cost not to exceed $1 per printed page, to report such testimony
as m ay be necessary; to employ such agents or assistants as may be neces­
sary; and that all oxponses, including traveling expenses, contracted hcrounder, shall bo paid from the contingent fund of tho Senate, not exceeding
tho sum of 310,000; provided that nothing in this resolution shall bo hold
to authorize the Military Affairs Committee to take over or in any manner
direct or superintend tho executive branch of tho Government in the con­
duct of tho war.

Sonators Thompson and Jones later announced that they
would submit a minority roport and carry the fight against
tho resolution to tho floor of the Senate. In a conferonco
with Senator Thompson on Thursday the President let it
be known that ho was not only opposed to the resolution,
ovon in its amended form, but that ho would expect every
supportor of tho Administration to vote against it. This
was said to mean a fight, as many Senators are firmly con­
vinced that there is a wide public demand for a full in­
vestigation, in addition to tho judicial inquiry as proposed
by tho Dopartmont of Justice, into tho possible criminal
foatures of tho charges. Sonator Chamberlain was quotod
in press dispatches on Thursday as saying:

Tho Military Affairs Committeo is a co-ordinato branch of tho Govern­
ment, a part of tho constituted authority thereof, and is ono of tho facilities
that proposo to carry out tho request of tho President as contained In that
letter, for an investigation, to tho utmost of its ability and in perfectly good
faith.
I regrot exceedingly that tho President feols that .avoto for this resolution
or for tho resolution in a modified form as it may bo modified by tho com­
mitteo and by tho Senate would bo looked upon by him as an act of dis­
loyalty to him.

Senator Thomas of Colorado, a membor of tho Military
Committeo, on Thursday made public a letter he had re­
ceived from Secretary of W ar Bakor, indicating that the
Secretary was not averse to any investigation tho Military
Committeo might want to undertake, and offering tho aid
of tho Department. Tho Secretary’s letter road as follows:
W A R DEPARTMENT.
W a s h in g to n , M a y 11 1918.
I have received your lotter of M a y 10, enclosing a
copy of Senate Resolution 241, introduced by Sonator Chamborlain, pro­
viding for tho investigation by tho Military Affairs Committeo of tho Sonato
of the progress of aircraft production and into any other matters relating
to tho conduct of tho war by or tlirough tho War Dopartmont. I do not
know how far additional powers aro needed by tho Military Affairs Commit­
teo of tho Sonato, and clearly tho War Dopartmont could havo no wish
adverso to tho most comploto inquiry by tho Sonato .Military Affairs C o m ­
mitteo. I point out, howover, that overy facility which tho W ar Dopart­
mont has is freely at tho disposal of tho Sonato Military Affairs Committeo,
whether any additional authority is conferred by resolution or not.
Respectfully yours,
N E W T O N I). B A K E R , S e c r e ta ry o f W a r .
lion. William II. Thompson, United States Sonato.
M y D e a r S e n a to r : —

Tho request of Major-General Goorgo C . Squier, Chiof
of tho Signal Corps, and Colonols E . A . Deeds and R .L .
Montgomery, his assistants, for a military court of inquiry
to invostigato their conduct in the carrying out of the air­
I have mado no poll and havo asked no Sonator to vote for tho resolu­ craft program, was domed by Secretary Bakor on tho ground
tion. I know thero is a distinct sentiment for a thorough investigation
of tho aircraft program and other foatures of war activity. If Senators that as tho Dopartmont of Justice and tho Sonato Military
voto according to their inclination, tho resolution will bo adopted. No Affairs Committee were to investigate, a third investigation
Sonator wants to set up a snooping committee to harass the President, would only tend to hamper tho work of getting at tho facts.
but. most of the Sonators believe in exposing inefficiency and mistakes, so
Press dispatches from Washington on tho 9th quotod M r .
as to improve the war machino.
Senator Chamberlain also gave out tho following state­ Bakor as saying:
The Department is anxious to facilitate and oxpedito in overy possiblo
ment explaining his reasons for offoring tho resolution of way tho inquiries instituted by tho Dopartmont of Justico and tho Senate
Military Affairs Committee. A third examination of tho samo sot of facts
inquiry:

It was not tho purposo of tho Military Affairs Committeo or any member
of it, when Senate Resolution 241 was prepared and introduced, to interfere
in the least with tho constitutional powers and prerogatives of tho President
in tho conduct and management of tho war. Charges and countercharges
havo been made from tlmo to time in roferonco to tho loyalty, tho efficiency,
and tho methods of somo of those who havo had immediate chargo of air­
craft production. Notwithstanding tho fact that a roport on this subject
has been presented to tho Senate by tho Militaty Affairs Committee,
theso charges will not down. As a matter of fact, they havo increased in
frequency since that report was filed, and by the fact that other reports
along tho same lines havo been mado upon this samo subject.
To avoid seeming injustice, I want to say that no charges havo been
mado reflecting either upon General Squier or Admiral Taylor of tho Air­
craft Production Hoard, but somo of thoso responsible for aircraft produc­
tion for tho army have been charged with gross oxtravaganco, and thero is
littlo If anything to show, so far as production is concerned, for tho im­
mense sums of money that havo been spont in tho production of aircraft.
Chargos and countercharges have been mado with roferonco to tho manu­
facture of ordnanco. delays havo boon suggested which might havo been
cured, and it has been charged, too, that thero has been oxtravaganco in
this department and that the production of ordnance might bo speeded up
by an inquiry which would lot tho people know tho status thereof.
In somo other branches of the sorvico tho conditions are tho samo; and
yot it Is but fair to say that conditions seom to bo improving in those several
branches of the sorvico, and it is hoped that tho time will soon como when
quantity production will become an accomplished fact and tho needs of tho
army for tho successful prosecution of tho war mot.
The purpose of tho resolution in question was to broadon tho power of
the committee to ascertain tho facts with reference to thoso subjects which
I havo mentioned, including, of course, tho Quartermaster’s Department
and tho question of tho cross-licenso agreement entered into with reforonco to
tho production of aircraft, and it was not tho purposo of any member of tho
committeo to interfere with tho Administration in tho conduct of tho war in
any way whatover, but to ascertain how tho appropriations wero being oxponded and what tho progress of manufacture and dolivery was along tho
lino indicated.
Tho President has no more ardent supporters in tho United States than
tho Sonators comprising tho Military Affairs Committee of tho Senate; in
all they havo dono, their single purposo has been to aid, and not to hinder,
and I think tho country pretty generally understands that tho rosults of their
efforts havo been to aid rather than to hinder.
During tho Civil War tho joint committeo of tho Senate and IIouso was
an entirely different committeo from tho Military Affairs Committeo of tho
Sonato, and its purposo was broader and its work extended over a very
much broader fiold. That committeo inquired into victories and defeats
of the army, tho character, and quality of tho personnel thereof, and a
multitude of subjects which this committeo has never had any idoa of
inquiring into; nor does tho resolution propose any such inquiry, nor that
tho committeo shall in any way interfero with tho military control of tho
■army. Tho Military Affairs Committeo has no such purposo as this view,
and some, at least, of tho members of tho committeo thought it was but
accepting tho invitation of tho President in his letter to Sonator Thomas
somo day ago whon tho ho proposed a further investigation into tho subjects
under consideration. In that letter it will bo remembered tho President
said:
You wero kind onough to consult m o tho other day about tho wholosalo
charges in regard to tho production of aircraft whicli havo boon lodged by
Mr. Gutzon Borglum. I take tho liberty of writing you this lotter in order
to say moro formally what I said to you then informally, nainoly, that
every instrumentality at thoVllsposalfof tho Dopartmont of Justico will bo
used to invostigato andlpursuo charges of dishonesty, or malversion of
any kind. If tho allegations mado by Mr. Ilorglum aro considered worthy
of serious consideration, and I .sincoroly hopo that tho matter will bo
treated as ono for soarching official investigation by the constituted author­
ities of tho Government. a j a
<■» .!




at tho samo timo might delay tho inquiry. For that reason I shall hold
thoso applications unacted upon for tho immediate presont.

PRESIDENT WILSON APPOIN TS CHARLES E. HUGHES
TO CONDUCT AIR CRAFT IN V EST IG AT IO N .
Tho appointment by Prosidont Wilson of Charlos E .
Hughes, former Justice of tho Supremo Court and oxGovornor of Now York, as a special assistant to tho Attornoy-Gonoral Gregory in investigating tho chargos of graft
and profiteering in aircraft production as roforrod to in dotail in another articlo, was announced on M a y 15, tho cor­
respondence between President Wilson and M r . Hughes
being given to the press by the Committeo on Public Infor­
mation by authorization of tho President. It is stated that
M r . Hughes will conduct a legal investigation, undor tho
nominal direction of tho Attornoy-Genoral, to determine
whether tho charges mado by Gutzon Borglum justify
criminal proceedings. President Wilson’s lotter to M r.
Hughes was as follows:
TIIE

WHITE

H OUSE.

M a y 13 1918.
You havo doubtloss noticed that very serious
charges of dishonesty havo been mado in connection with tho production
of aircraft.
.
Becauso of tho capital importance of tills branch of tho military sorvico, I
fool that thoso chargos should bo thoroughly investigated and with as littlo
delay as possiblo, in order that tho guilty. If tlioro bo any such, may be
promptly and vigorously prosecuted and that tho roputations of thoso
whoso actions have been attacked may bo protoctcd, in caso tho chargos aro
groundless.
I requested tho Dopartmont of Justico to use ovory instrumentality at Its
disposal to investigate theso chargos, and, with tho approval of tho Attor­
noy-Genoral, I a m writing to bog that you will act with him in making tills
investigation. I feel that this is a matter of tho very greatest importance
and I sincerely hopo that you will fool that it is possiblo to contribute your
very valuable services in studying and passing upon tho questions involved.
Cordially and sincerely yours,
W O O D R O W WILS O N .
lion. Charles E. Hughes, 9 Broadway, N o w York City.
M y D ea r Judge H ughes:

M r . Hughes’ letter accepting tho Prosidont’s invitation
to conduct the investigation was as follows:
N e to Y o r k , M a y 15 1918.
Tho President, tho White IIouso.
M y D e a r M r . P r e s id en t:
I beg to acknowledge rccoipt of your lotter of
M a y 13. Appreciating fully tho gravity of tho mattor, I shall bo glad
to co-operato with tho Attornoy-Genoral in making a prompt and thorough
Investigation of the charges of dishonesty in connection with aircraft
production. You may bo assured that nothing will givo m o greater pleas­
ure than to render any assltanco within m y power. I assumo that tho
Attorney-General will adviso mo of his wishes for a conforonco with a vlow
to tho making of definito and adequato plans for tho Investigation, and I
shall endeavor to arrango m y affairs so that theso plans may bo carried out
with as little delay as possiblo. I romain, with groat respect,
Very sincoroly yours,
C H A R L E S E. H U G H E S

M ay 18 1918.]
GUTZON

THE CHRONICLE

BORGLUM ACCUSED OF SELF-INTEREST
I N AEROPLANE GRAFT CHARGES .

Gutzon Borglum, tho New York sculptor, who charges
wholesale graft, profiteering and incompetency in the carry­
ing out of the aeroplano program, was himself accused of
seeking to capitalize his alleged influence with President
Wilson in testimony laid before tho Senate on M a y 10.
Documents were presented and read into the record by
Senator Thomas of Colorado which were intended to show
that M r. Borglum, while engaged on the inquiry under­
taken by him with President W ilson’s aid and consent,
was dealing with a manufacturing concern with tho purpose
of forming an aircraft production company which would
receive assistance in getting contracts through M r . Borglum’s reputed standing at tho W hite House. The. docu­
ments, including sworn statements, lotters and telegrams,
were furnished from the files of the Arm y Intelligence
Offico.
In submitting tho data, Senator Thomas mado a brief
comment to tho effect that “ This shows M r . Borglum’s
criticism of tho aircraft program to be entirely without
morit.” A special dispatch to tho New York “ Tim es”
reported that though tho documents produced a flurry in
some quarters in Washington, they caused scarcely a ripple
in Congress. “ M r . Borglum is not tho issue,” said Sena­
tor Hitchcock, a leader in tho Senate investigation. “ Tho
Committee will not oven consider his criticisms. Tho real
issuo, and what wo are trying to get at is why we liavo prac­
tically no airplanes in return for moro than $640,000,000
appropriated by Congress. Nothing should bo allowed
to obscure th at.”
A formal statement given out by M r . Borglum, denying
the charges mado against him, and asserting that they wero
“ framed up” to kill tho aircraft investigation, is given in
another article.
Tho principal document of the series presented by Senator
Thomas consisted of a longthy statement by Kenyon W .
M ix , whoso father is said to bo tho controlling factor in tho
Dodge Manufacturing Company of Mishawaka, Ind. Ac­
cording to M r . M ix tho Dodgo concern was anxious to onter
tho fiold of aircraft production and possessed certain designs
of the German Albatross type, but needed tho assistance
of somo ono with actual experience in tho designing and
building of aeroplanes. Becoming acquainted with Borg­
lum and Hugh C . Gibson, an engineer associated with tho
Now York office of tho British Munitions M inistry, a propo­
sition was broached to form a new company to enter tho
airplane field. M r . Borglum, according to M ix , under­
took to supply a staff of experts with tho best foreign ox;perionce, and to mako financial arrangements with Now
York banks if necessary. Soveral conferences wero held,
at ono of which M r . M ix claims that he was assured by
Gibson that Borglum’s connections wero with tho highest
authorities in tho American Government and that “ he
could put through anything that had morit.” M r . M ix ’s
statement continued in part as follows, as given in tho New
York “ Times” on M a y 11:
On Jan. 9 1918 I called Mr. Gibson at tho British Ministry by telephone
and was instructed to meet him in tho afternoon at tho offico of Mr. C o m p ­
ton, an engineer, on tho eighteenth floor of tho Hudson Terminal Build­
ing. II. It. Suplco [Chlof Engineer of tho Dodgo Mfg. Co.] accompanied
m o on this visit. Arriving at that offico, wo wero introduced to Mr.
Compton, a designer of aircraft propellers and parts, who, wo understood,
was in tlio employ’of Mr. Borglum and Mr. Gibson and was engaged in tho
work of preparing drawings for experimental propoller businoss. W o also
mot Lieutenant Roberts of tho British Army, who stated that ho had been
invalided out of servico, and was availablo to privato enterprises. * * *
Mr. Suplco and Mr. Roberts then discussed tho comparative values of
American and foreign planes. Mr. Gibson and myself retired to Mr.
Compton’s privato offico and discussed tho matter of tho now company.
Mr. Gibson stated to m o in this conference that Mr. Borglum’s connection
was with tho highest authorities in tho American Government, and showed
m o a telegram from a man by tho name of Nichols stating that Mr.Borg­
lum could put through anything that had merit. Mr. Gibson also stated
that Mr. Borglum could not in any way bo identified with tho now com­
pany openly and that his interest would bo represented by a Mr. Harris,
w h o m ho wished m o to meet on tho following day. H e told m o that Mr.
Borglum was doing big things In Washington, but that it was up to Mr.
Borglum to oxplain for himself what they were, after which ho left tho con­
ference, leaving Lieutenant Roberts, Mr. Suplco, Mr. Compton, and
myself together. W o discussed tho relative valuo of various planes for an
hour or two, and adjourned, to meet on Saturday.
On Saturday morning Jan. 12 1918 I called at Mr. Gibson’s offico in tho
British Ministry, having instructed Mr. Suplco to meot m o at 2:30 in Mr.
Compton’s offico. * * * Mr. Gibson endeavored to got Mr. Borglum
on tho tolcpkono, but was unable to do so. About noon Benjamin Harris,
President of tho Standard Smolting and Refining Company, In company
with Mr. Grant, an attorney, called at Mr. Gibson’s offico, and tho four of
us went to luncheon together.
Immediately following luncheon, wo proceeded to Mr. Compton’s offico,
and, although Lieutenant Roberts was missing, ho being compelled to go
to Chicago on urgent businoss, wo proceeded to discuss cither tho uso of
tho present Dodgo equipment for tho building of speed scouts, or tho for­
mation of a now company to do this work, along tho linos indicated In tho




2083

letter written to Mr. Borglum and which was not sent, known as “Ex­
hibit C ” herein.
Prosent at this meeting were Mr. Benjamin Harris, representingfMr.
Borglum, Mr. II. C. Gibson, Mr. Compton, Mr. Grant, above referred
to, Mr. H. H. Supleo (present as consulting engineer of tho Dodge M a n u ­
facturing Company), and myself.
*

*

*

*

*

*

*

*

*

*

*

At this time I did not as yet know Mr. Borglum’s connections in Wash­
ington, nor what his ability to furnish designs would be, and consequently
I hesitated at making a final commitment of our position beyond saying
that should such a company bo created, tho Dodgo Manufacturing C o m ­
pany stood ready to furnish to tho construction company all oxporimenta
work on tho first piano and all laminated wood materials, in addition to a
plant necessary for tho assembling of tho plane.
M M
This meeting adjourned, pending m y visit to Washington to soo Mr.
Borglum.
On Monday Jan. 14 1918, an additional meeting with Mr. narris’developed tho fact that as Mr. Borglum’s agent ho was not sure of tho part
Mr. Gibson or Mr. Compton was to play in the organization, although he
seemed certain of tho ability of tho Dodgo Manufacturing Company to
deliver as represented.
I arrived in Washington Jan. 15 1918, and called upon Mr. Borglum in
his rooms at the Albany apartment house, second floor, in tho afternoon.
Mr. Borglum’s first question to m o was, “Mr. Mix, do you know what I
a m doing in Washington?” M y reply was, “Not exactly, but I have a
good idea.” Whereupon Mr. Borglum produced a letter, addressed to
him and signed by Woodrow Wilson, President of tho United States, which
extended to Mr. Borglum official permission and authority to proceed
upon somo investigation, which had boon mentioned in Mr. Borglum’s
letter to tho President and which was dated Dec. 25 1917, which letter was
only mentioned in tho President’s communication shown to mo.
Tho letter to Mr. Borglum, and signed by tho President, went on to
state that ho (Mr. Borglum) would havo tho co-operation of tho Secretary
of AVar and that Stanley King, ono of Mr. Baker’s assistants, would bo
assigned to Ids uso until investigation was completed and tho facts ready
for presentation to tho White House.
Mr. Borglum then went on to state that he had been given R o o m 225 of
tho War Department and a corps of assistants, among w h o m wore Mr.
Nichols, whoso identity I havo not yot formerly connected with tho Aeromarine Plano and Motor Co. of N e w York and a Second Lieutenant of tho
United States Army, acting as stenographer.
Mr. Borglum then informed m o that they had uncovered enough rotten­
ness in tho Signal Corps, and in tho Aircraft Production Board to make
impossible tho success of tho American air program under tho present
regime. Ho informed m o that ho had but to requisition correspondence,
orders, foundation plans, &c., from any department of tho Signal Corps
and they would bo forthwith placed in his hands, no stated, however,
that ho was having considerable difficulty in getting this material, owing
to tho reluctance of army officers to let him seo it. n o seemed to par­
ticularly condemn Colonel E. D. Deeds, making various extreme charges
against him, and also Colonel Montgomery.
H o referred to conference had with Major-Gen. Squier and went on to
say further in connection with this gontioman that ho had found nothing
against him in his investigation.
Mr. Borglum stated that the Navy Department was tho only depart­
ment of tho aviation section In which ho had found efficiency and spoke
in very high terms of Rear Admiral Taylor, n o stated that ho had enough
information on Colonel Montgomery’s activities to havo him displaced
on tho Aircraft Board.
On tho evoneing of Tuesday Jan. 15 1918, Mr. Borglum, Mr. Nichols,
Mr. Supleo, and myself dined at tho Metropolitan Club and afterwards re­
mained in tho library of tho club for conference. I asked Mr. Borglum
just what was to be gained by an exposition of thoso men and just wherein
ho thought he might servo tho country by tearing down that for which ho
had no substitute to offer. Mr. Borglum protested ho did not want to
tear down tho present organization of tho Aircraft Board, but that ho
would build up a structure around it, composed of men of unquestion­
able business methods and who would rush tho American air program to
a rapid completion.
Mr. Borglum stated that ho did not know at that time how to build scout
planes or any other aircraft, which could bo depended upon to surpass
thoso now being constructed, but that through his friendship with tho
White House and acquaintance with Mr. Gibson, tho engineer in tho e m ­
ploy of tho British Ministry of Munitions, ho would havo access to tho best
foreign and American designs and practices. Ho then asked m o to mako
suggestions as to a new personnel for tho Aircraft Board, and to suggest
such men as I thought would be ablo to carry through tho program rapidly
and efficiently.
At this point I bccamo suspicious, not of Mr. Borglum’s methods, but of
his ability to aid tho country by working along tho lines ho had suggested
during tho afternoon and evening conferences.
It is a mystery to m o why a man, vosted with this high authority, should
mako a confidant of mo in matters of such extreme importance and se­
crecy, anil why ho should desire m y opinion, which must of necessity be a
very weak ono, upon tho personnel of a now Aircraft Board.
I decided something was radically wrong. Tho thought occurred to mo
that possibly this man, through his friendship with tho President, had ob­
tained authority which makes him decidedly dangerous to tho interests of
tho country in that ho might removo from activity thoso people now re­
sponsible for tho industrial development of aircraft without a hopo of sub­
stituting in their stead a now working force.
It occurred to m o that much valuable tfmo might bo lost; it further
struck m o that If lie would take m o into his confidence In this matter ho
might tako others loss cautious of their country’s interest, and ho might
givo wide publicity to tho matters discussed with mo, and that ho might
show to others his credentials from tho President as evidence of his au­
thority.
Such a method, to m y mind, would bo fatal, particularly if it bocamo'
public property and through tho medium of gossip our aircraft program
became known to tho enemy.
I discussed this matter with Mr. Suplco, and stated to him on tho con­
clusion of that mooting that so far as tho now company was concerned I
thought it host to drop ail discussion or it, inasmuch as Mr. Borglum did
not havo tho designs to submit for construction, but was probably relying
upon his official powers to requisition and get certain Information from tho
Government which could bo turned over to tho new company for con­
struction.
Upon loaving Mr. Borglum and while escorting Mr. Supleo homo, I
stated that I was going to take tho position of being very anxious to start
tho company, was going to call for designs and was going to suggest to Mr.
Borglum that it might be entirely possible for him to get these designs
along tho linos indicated, with the purpose In mind of seeing whether or
not Mr. Borglum was willing to uso his official authority as a means to
further a privato interest.

2084

THE CHRONICLE

After leaving Mr. Suploo I wont back to Mr. Borglum’s room and dis­
cussal the new company with him further, hinting at tho matters abovo
referred to. and upon being questioned by Mr. Nichols as to just what I
meant, Mr. Borglum spoke up, stating to Mr. Nichols, ‘ Don t you sco
what ho is suggesting? lie means, cannot wo get tho designs from which
planes may be constructed at onco? IIo assured m o that this might bo
entirely possiblo and again impressed upon m y mind that ho, of courso,
could not be identified With tho now organization; that Mr. Harris of N o w
York would havo to represent him in allnegotiations.
. The following day Wednesday Jan. 16 1918, I decided that hero was a
matter which should bo looked into at onco. and went to P. S. Hardesty,
who is m y father’s confidant and a friend of Mr. Coffin, and put tho case
squarely beforo him, asking him what I should do. Mr. Hardesty hesi­
tated for some timo, becauso ho did not, I boliovo, appreciate the serious­
ness of tho situation should Mr. Borglum misuse his authority.
Mr. Hardesty finally consented to place a portion of the facts beroro
Mr. Coffin, without disclosing his source of information, and did so in
tho afternoon. Mr. Hardesty then reported to m o that Mr. Coffin seemed
interested, and, after consulting C. A. Kenyon, an attorney and m y
undo, as a result of further consultation with Hardesty, it was decided
that it wero best to lay tho facts before Mr. Coffin without roservo.
Consequently, I went to Mr. Coffin’s office with Mr. Hardoyst on the
morning of Jan. 17 1918, whoro I met Colonel Deeds, Genera 9qmor,
Colonel Montgomery, and other members of tho Aircraft Board. I aid
not, however, talk to any one other than Mr. Coffin and Genoral Squior,
and then only in tho briefest possiblo manner acquainted them with tho
situation, as I havo written it herein, stating also to Goneral Squier that on
the night of Jan. 15 1918. at 6 o’clock, I had boon in Mr. Borglum s rooms
at tho N e w Albany, and had seen a United States Army officer, with tlio
grado of Second Lioutenant, taking dictation from Mr. Nichols on tho
^Whilo writing this a letter arrived from II. C. Gibson on tho stationery of
tho British Ministry of Munition and marked Exhibit "H,” which speaks
for itself.
[Written in Mr. Hardesty’s office at his suggestion.]
U n ite d S ta tes P o s t O ff ic e .

Since writing tho abovo manuscript tho following has transpired: On
Sunday Jan. 20, in company with m y undo, C. A. Kenyon, I called upon
Vice-President Marshall at his apartments at tho Willard Hotel and aid
beforo him tho full details of tho ontiro matter. Tho papers and exhibits
wero left with him, ho giving instructions that they wero to bo called for
at his office in the Senato Building tho following day at 2:30 p. m.
On Monday, tho 21st, Mr. Kenyon and myself called, as requested,
and tho exhibits were returned to us with Mr. Marshall’s assurance that ho
had taken tho matter up with Secrotary Baker, and that it would be at­
tended to in detail.
.
.

The Exhibit H mentioned by M r . M ix near the end of
his letter was a lotter written by Hugh C . Gibson ftoni tho
British Ministry of Munitions of W ar, under date of Now
Y ork, Jan. 16, and addressed to M r . M ix . It reads:
Dusenburg states that it is Italian about 550 (a peculiar mark hero prob­
ably means hor:-e power, referring to an airplane engino) being built to
special order of Government U. S., and won t say any more.
This looks interesting. N o doubt you and Mr. B. can get tho rest of tho
Information.
Hope to hoar as to how you aro progressing.

Senator Thomas also presented a statement made by M r.
Suplee, tho Chief Engineer of tho Dodge Manufacturing
Company. It follows:
Memorandum for tho Confidential Information of Military Intelligence
Section, U. S. A.
1. That in all of tho rolations concerning tho matter of promotion or
stock company for tho manufacture of airplanes, during which I was present
at several conferences with the projectors of this enterprise as a consulting
engineer, I desiro to stato that thero was never any other understanding
of this project but that Mr. Borglum was to bo represented In tho corpora­
tion by Mr. Harris, and that his solo asset in tho transaction was to bo,
first, his personal friendship and association with President Wilson, w h o m
he stated ho could do anything he wanted with.
2. As a further asset In this commercial venturo, Mr. Borglum stated
and gavo every ono concernal In this matter to understand, that his po­
sition with tho Aircraft Production Board and tho Aerial Section of tho
Signal Corps, U. S. A., was such that he could obtain for their uso plans
and technical details which this company could uso. and thus save con­
siderably. both in timo and monoy, in beginning operations.
3. That ono of tho partners of this concern was to havo been Hugo
C. Gibson, who Is connectal with tho British Ministry of War in the United
States offices at 120 Broadway, N o w York City, who proposed that cer­
tain patents, which ho controlled, would bo used by this company, and
who also stated that ho would bo able to influence orders for airplanes
In such a way that this company might receive tho bonol’it tliorofrom.
4. That I was given to understand by Mr. Borglum that tho present per­
sonnel of tho Aircraft Board was highly distasteful to him, and ho was
constantly criticizing their work. That ho definitely proposed to chango
this personnel by virtue of his friendship with Prosidont Wilson, and that
he asked m o to suggest mombers for tho now board which would be moro
friendly to him in his projects. That I avoided giving him any definite
answers along this lino. That In tho ovont of a nowly constituted Aircraft
Board being formed, thero would then bo no difficulty In securing advantage
to tho proposed organization.
__
H E N R Y H A R R I S O N SUPLEE.
Jan. 30 1918.
, , ,„
... . .
Tho abovo is a true copy, mado by m y own hand, of the original state­
ment which I dictated and signed on Jan. 30 1918, of which statement
only two copies wero mado and signed; one of these being delivered to tho
Military Intelligence Section, U. S. A., and tho othor to F. S. llardosty,
consulting engineer, of Washington, D. O.
consulting e B
.
H E N R Y H A R R I S O N SUPLEE.

Tho correspondonco produced by Senator I homas also
included tlireo letters from Gutzon Borglum, ono each to
Goneral Squier, Secretary Bakor and President Wilson,
writton in September last, and urging tho merits of a now
type of aeroplano which tho sculptor claimed to havo in­
vented, as well as an airplane brake and othor dovicos. Tho
lotter to Genoral Squier concluded: _

[Vol . 106

BORGLUM’ S D E N IA L OF CHARGES M A D E A G A IN S T
h i m in air c r a f t in v e s t ig a t io n .
In a formal statement given out on M a y 11 Gutzon Borg­
lum denied absolutely that he had sought to enter tho
aircraft field on a commercial basis, eithor boforo or after
being authorized by President Wilson to investigate the
aircraft situation. Ho characterized tho charge that he
had sought to uso his alleged influence with tho President as
a business asset as a “ frame up” designed to offend tho Presi­
dent and head off a proper investigation. M r. Borglum
assorted that Kenyon W . M ix , his main accuser, first came
to his notice through a statement M ix had prepared, charg­
ing the aircraft department with culpablo retardation and
delays, charges which, Borglum says, M ix dropped after
receiving large contracts for his own concern.
^
The statement given out by M r . Borglum was printed
as follows in tho daily papers on M a y 12:
Let us dispose of tho two questions separately, raised by Deed’s former
agent. Mix, and Mix’s engineer. Their first and foremost charge is that
I used tho President’s authority improperly and in a manner unthinkable
betweon men in mutual confidence. I deny this. It is a “frameup,”
shaped especially to offend, as it properly should, tho President. M y
regret is that it seems to havo boon successful, and ho published, unfairly
to m o and without warning, some of his letters to mo. About this timo
I roootved further Information from a confidant of tho President that tho
Administration now possessal a club that would put m o out of business
if I did not quit.
Their second charge Is that I was party to or in sorao way or another
was secretly engaged in alrplano production, using m y position and con­
fidence of tho President to this advantage. I deny that falsehood In overy
detail as unfounded, without reason or support. I wish also to add,
regarding Mix, that ho camo to m y attention through his own charges
against the Aircraft Board, and submitted a lengthy typed statomont,
charging tho aircraft department with culpablo rotardation and delays
prejudicial to the Interests of tho country. Tho original of this statomont
was returned to Mr. Mix at his oamost pleadings, after ho had confessed
that ho had been in touch with a uniformed member of tho Board, and, by
his own statement, had been heavily commissioned by that member. Mix
is a witness for specific charges of “crookedness” ho himself charges
against Colonel Deeds and Deals’s "partners,” and will, if tho Government
docs not persist in whitewashing this ontiro business, bo compelled to ap­
pear as a party with Deeds in matters Mix himself designated as “crooked."
Regardin'* Mr. Baker’s statement of pro-Gorman influcnco: This un­
fortunate statement from an officer of tho Government whoso offico has
resisted successfully every effort to investigate and get at tlio truth upon
any subject relating to tho war, and whose department is so amply sup­
plied with advisers, close in tho confidonco of tho Secretary, of teutonic
origin is ludicrous. I do not here impugn tho patroitism of any of these
men ’ I do say, candidly and emphatically, that it is unfair to ask
German blood, though born in America, to bo as prompt as war demands
in tho execution of their orders against their Fatherland. Never has a
department of a government of a groat nation submitted an agent of its
executive to such contemptiblo, unjustified sloughing and genoral Inter­
ference as was prosecuted against m o In m y work, and I challongo Mr.
Baker or any department of tho Government to investigate or to explain
and justify In any way tholr conduct in this.
Every American knows now that tho War Department has systematically
directed tho opposition to investigate; that every subterfugo has been
resorted to gain timo. Every investigation and there havo boon many
has been instituted with a prayer and iiopo that a clean bill would bo se­
cured and it is now clear that this final “framo-up” was deliberately
planned and laid in preparation to destroy tho valuo and validity of m y
nvestigation.
, , ,, „
...
It should not bo forgotten that I havo been accused indirectly of tho
leath of Blakeley, a fino, sober youth, who lost his lifo at Mlncola on tho
7th of January through tho failure of tho Liberty motor; also, that I havo
icon accused of stealing a trunkful of blueprints of a famous Italian air>lano and that these, witii tho present charges and possibly others, havo
>een in the hands of tho Military Intelligence Department, Secretary
laker M r Coffin, and now, I learn, of Vico-ITcsidont of tho United
ItatesMarshall, togothor with the Prosidont of tho United States, and that
io use was mado of them, and that I have never boon given an opportunity
0 explain or know of them officially until It bocatno apparont last week,
hat I would stand by tho subject until It was Investigated.
I a m sorry, moro than 1 can say, that wo should Suddenly bo thrown into
1difference over a proper affair, an honost investigation that honest men
lever object to, and I cannot but think that the Secretary of War’s blow at
no is othor than a colossal blunder. Personally, I a m not of tho remotest
mportance in this matter. Tho nation demands to know why a billion
loilars In eleven months has provided us with no planes. Next, it donands to know who is responsible. Thero lias a graver quostion arison:
,Vho Is it that is so powerful, and whoro aro they, that makos it impossible
aid dangerous to tho character and honor of men that thoy shall ask this
lU O Stlon?

xr»r

Hugo C . Gibson, mentioned in tho statomont mado by
Konyon W . M ix, is an export attachod to tho British M in ­
istry of Munitions in this country. In a statomont issued
on tho 12th ho admitted that ho had participated with M ix
and Borglum in tentativo plans for starting a company to
build airplanes, but maintainod that Borglum chopped out
just as soon as ho received tho lottor from Prosidont \\ ilson
authorizing him to mako an investigation of airplane mat­
ters. M r . Gibson mado public a lottor writton by M ix ,
and tending to show that tho proposal for a commercial
enterprise originated with M ix and not Borglum. This
lotter, M r . Gibson said, was suppressed in tho correspon­
dence mado public at Washington by Sonator Thomas,
although his answor to tho lottor was givon. M r. Gibson’s

I will go further. I will, if tho Govommont will order such a fleet statement was as follows:
agreo to deliver such a fleot 1,000 miles by continuous flight from the ba.su
Mr. Borglum in December lntondcd to ongago in a commercial enter­
of manufacture, ready for duty, and provide bonds for..the faithful pet­ prise in which I should havo boon Interested. After ho had rccelvod aus’rmance of all agreements.




M ay 18 1918.]

2085

THE CHRONICLE

thorlty from President Wilson to investigate tho aircraft situation, ho
withdrew entirely from any of tho tentative arrangements being made for
that commercial enterprise, giving as his roason to mo, that ho considered
dual activity as entirely incompatible with tho position ho then found
himself in. Since ho made that statement to mo ho has not even dis­
cussed tho proposed commercial undertaking, and in fact has consistently
avoided any discussions on such occasions when I have touched upon the
subjoct in conversation.
I do not understand tho object of tho statement purporting to como from
Mr. Iienry Harrison Supleo. I met him on not more than two occasions,
and had neither authority or opportunity, nor did I say I could, or might
influence orders for airplanes.
In reply to a Question as to Mix’s affidavit, “Mr. Borglum had no con­
fidential connections with tho Government that I know of at the time.” In
reply to a question as to why Mr. Borglum was valuable in connection
with tho commercial enterprise, “Mr. Borglum was interested in a pro­
peller design of his own, or a suggestion, and discussed it with m e because
I knew something about propellers.” Tn reply to a question did Mr.
Borglum como to you? “IIo did not como to me— I did not go to him;
a mutual acquaintance introduced us. Our commercial relations ceased
when ho told m o that ho had tho letter from President Wilson.”

In an open letter to President Wilson, under dato of M a y
12, M r . Borglum renewed his charges that he had been in­
terfered with by the W ar Department in his investigations,
and for tho first time mentioned the namo of Secrotary
Baker in connection with the affair, charging him with
“ preventing mo securing ovidonco, bullying and threatening
witnesses through his assistant, Stanloy K in g.” M r.
Borglum concluded by protesting his loyalty and demanding
a full investigation of tho "whole situation. His letter reads
as follows:

"I do not wish hero to discuss the powerful and sinister forces which are
gratified over every means that can bo employed to produce disagreement
among ourselves and I therefore beg of you to believe that I shall do any­
thing in m y power to establish harmony .and confidence among good
Americans.
“You and I have disagreed on no single feature and tho angry and hostile
attitude of thoso in charge of tho aircraft program has been created and
incited merely by men whoso interests and ideals are alien to this nation’s
immediate needs.
“I a m loyal to you as our President, and, even better, I a m loyal to your
thought as so often expressed touching tho state of the world and this
nation’s mission, and I shall remain so, but I a m not loyal to nor can I
support men or methods inimical to our country’s good, planned to deceive
you and the nation and discredit us In the eyes of the world.”

OPENING

OF N E W

YORK

ST ATE

BARGE

CANAL.

Tho N oav York State Barge Canal, completed at a cost of
over 8100,000,000, was opened to through traffic between
the Hudson Itiver and the Great Lakes on M a y 15. The
formal opening ceremony Avill take place July 4. The main
lino of the canal follows in part the route of the old Erie
Canal from Troy to Buffalo. The opening of the Canal
to traffic on Wednesday was marked by the entrance of
fifteen light barges at Troy bound for Buffalo. W ith re­
gard to the use of the new Avaterways, State Engineer
and Surveyor Frank M . Williams on M a y 14 said:

N e w York State throws open to tho use of the public the greatest poten­
tial improvement in the State’s transportation system since tho last trunk
lino railroad was built within its borders, some forty or fifty years ago.
Tho best tiling about tho Barge Canal Is that it is available now, when
" M y D e a r M r . P r e s id e n t:
On Tuesday or "Wednesday I shall place be­ it is so urgently needed. It seems almost providential that a great trans­
fore tho Sonato of tho United States, through Senator Brandegeo of m y portation agency, equal to a trunk line railroad, should be opened at this
State, detailed evldcnco, together with affidavits attached and relating time, when increased facilities are in such great demand to handle the
to tho falsehoods and deliberate ‘frame up’ by a confessed tool of Col. country’s food products, implements of war and supplies of coal.
Tho work was of great magnitude, and contained engineering problems
Deeds and this m a n ’s engineer.”
Mr. Borglum then quotes an article in tho "Evening Star” which said of greater complexity than those which the engineers, under General
that Col. Van Deman, head of tho intelligence section, General Staff, Goothals were called upon to solve at Panama.
The designing of the
declined to discuss in any way tho activities of his office in connection structures and all construction work was placed in the hands of the State
with tho inquiry, and that "it became known yesterday that tho intelli­ Engineer and Surveyor, and that officer has been tho responsible head
gence section has not seen tho report, does not know to w h o m it has been during tho whole period required to carry out the project. Other depart­
sent and declined to enter into an investigation of Mr. Borglum’s ac­ ments and boards havo had more or less to do with some phases of the
tivities on tho ground that ho was a personal representative of(tho Presi­ work, but tho State Engineer has been the actual construction head.
dent."
On April 17 Director-General M cAdoo made knoivn tho
"It Is a matter of gravest concern to m o that credenco could bo givon to
charges of such a nature, or that they could havo been in your possession decision of tho Railroad Administration to construct and
and I have received no intimation of tho falsehood until Mr. Marshall in­ put into operation a line of barges to be operated by the
timated that thoro was somo sort of charge or charges of disloyalty to
Government on the Erie Canal. G ov. W hitm an in an­
you.
"This is so untliinkablo that I dismissed and declined oven to discuss nouncing at the time his approval of M r . M cA d oo’s action,
them. Tho publicity of your letters to me, through wide and artfully mado it clear that tho Federal Government Avould simply
arranged and widely advertised charges against mo, presented by Senator
Thomas, together with tho deliberate interferences by departmental aid havo charge of the operation of the canal and that the
you placed at m y servico, namely Stanloy King and Gen. Squicr, Stanloy property of the N ew York Stato Barge Canal system would
King acting directly under tho Secretary of War, together with other sub­
ordinates, deputized to interfere with m y investigation efforts, constitutes remain in charge of M ajor-G en. W . W . Wotherspoon, State
Superintendent of Public W orks. In the New York “ Even­
a very grievous chapter in America’s effort to got production of airplanes.
“It is absurd to stato that pro-Germans are clamoring for investigations, ing Post” of M a y 14 there was published under M r . W otherwhllo tho Secretary of AVar Is a party to statements untruo and unfounded,
issued to deceive tho nation and serving no other possible purpose except spoon’s pen a lengthy account of tho construction of the
to warn Germany to hurry her own airplane production as ’wo are just canal, from which we take the following:
(and forovor) at the peak of production.’
Tho whole system covers a canal mileage of 459 miles, to which m ay be
"Never, I bcliovo, In the history of this country lias a group of men boon added connecting waterways, such as tho Hudson River, Lake Champlain,
given so completely a nation’s resources, together with tho Administra­ and tho Cayuga and Seneca Lakes, with a mileage of 291 miles; making
tion and people’s confidence, as havo tho aircraft group, and never havo a total of 750 miles of commercial waterways within the boundaries of the
such confidences been more wantonly abused.
Stato. If tho 69 miles of tho Canadian canals between Lake Champlain
“I refer hero to Major-Gen. Squicr, Howard E. Coffin, Col. Deeds and and tho St. Lawrence River should be added, a grand total of 788 miles
Col. Montgomery. These civilian and military members appear every­ is obtained. For purposes of comparison it is interesting to note that tills
where in tho program planned to meet our military needs, and tlioy appear total Is much in excess of tho track mileage of either tho Delaware, Lacka­
everywhere in tho deliberate and elaborate machinery that placed and held wanna & AVestern Railroad, the Lehigh Valley Railroad, or, in fact, any
tho colossal contracts among tho fow— they appear everywhere in tho fine railroad system within N o w York State excepting tho N e w York Central.
Tho building of tho twelve-foot waterway has been a wonderful project,
network of falsehood and camouflage, and thoy included Mr. Baker as their
partner In the common statements to tho publio— tlioy deliberately lied and its successful accomplishment by a singlo State should bo a source of
to you and framod up their statements, particularly their failures— mis­ gratification to Its citizens. Including tho terminal docks and other
leading Congress before tho Senate Military Committeo, and tlioy are equipment, tho cost has been approximately $154,000,000. Tho period
directly responsible for no engines, no planes, no propellers and vanished of construction has extended over practically thirteen years, but when all
the elements havo been considered, it will bo seen that there has been
appropriations.
“Tlioso mon sliapod tho course of our production, selected tho producers, no undue dolay.
created their agents who have tangled up and delayed production, and thoy
Upon tho approval by the people of the referendum in the fall of 1903,
are responsible. It was this group who refused to consider tho emergency tho preparation of plans and specifications for tho first contracts was
and need of a nation at war and calmly planned tho creation of what every promptly begun and bids were received on six important pieces of work
Informed man knows was impossible to produco In time— tho airplano in tho closing months of 1904. The first contracts were awarded in Jan­
uary 1915, and the work was commenced in the spring of that year.
motor.
Xt was those mon who refused tho opportunities available to our Govern­
Tho original estimate of $101,000,000 was found insufficient, and a
ment to secure any of many of tho tried airplano engines of Europo, and it supplemental bond Issue of $27,000,000 was required and authorized in
was those same men who havo held themselves aloof, uninformed as thoy 1915.
AVith the completion of tho improvement N e w York has provided a
are, from practically experienced aeronautical guidanco, and in consoqucnco wo find ourselves M a y 12 1918 without a single American made systom of canals which Is excelled by none In the world. N o other inland
waterways, excepting, of course, such waters as tho Great Lakes, tho Mis
piano actually fighting for us with the Allies in Europe.
“Had there not been this malicious effort to discredit m o with you and 8issippl and Ohio rivers, can accommodate boats of so large a size. The
impugn m y honor on tho floor of the Senato, I might havo. with tho rest locks havo insido dimensions of 300 feet by 45 feet. N o fixed bridge has
of America, though with shame and anger, still been holding m y poaco, been built with a lesser clearance under it than 15M foot, and the channel
Waiting and watching for tho interminable shifting from ono department has a minimum depth of 12 feet throughout. It is possible, therefore, for
to tho other of responsibilities that can lio only at tho door of tho executive a barge 300 feet long, 42 feet wide, with a draft of 9 or 10 feet, whoso height
abovo tho waterline does not exceed 15 feet, to navigate tho channel.
membors of tho Aircraft Board.
“Tho scurrilous slander by Dcods’s frfond was a foul and unfair blow and AVith proper design, such a boat might carry 2,500 tons of cargo.
tho circumstances of its importance anti its purposo to invalidate mo,
G.
A . Tomlinson of Duluth, "whose appointment as
discredit mo, give it abnormal public interest and unusual publicity.
This, Mr. President, compels m o to demand that tho investigation by tho General Manager of tho Erie Canal operations Avas an­
Military Committeo of the Senate shall bo complote, exhaustive in tho nounced by Director-General M cAdoo on April 17, had the
matters relating to aircraft production.
following to say on M a y 14 concerning the Government’s
"But ns thoso charges havo been brought before tho Senate tho inter­
ference by the AVar Department, under Mr. Baker, preventing m o secur­ plans:
ing proper ovidonco, bullying and threatening witnesses by his assistant,
AVo shall start 75 boats from hero and 25 from Buffalo. AVlthin a week
Stanloy King, togother with Mix’s charges, thoy must bo oponly and pub­ thoro will bo 165 vessels moving, or at least that many as soon as they are
licly brought before Congress.
„ „
released from present storage contracts. I have to-day let contracts for 50
“I know that you will agree with m e in this, that I havo a right to do- steel barges, with tho promise that delivery will begin within 45 days.
mand It,as you know no harm can como to anyone but thoso who are guilty, Next week It is proposed to let contracts for concrete boats, how many I
both for tho delay, rather complete failure .and tho loss of our air program, do not care at this time to specify.
tho wasting of tho funds appropriated, together with tho persistont and
AVo havo mado considerable bookings of grain and flour for tho barges,
malicious effort now to suppress an open.lnvostigation.
and oxpect to find cargoes for tho boats both ways. AVe are issuing through




2086

THE CHRONICLE

[Vol. 106

bills of lading for the canal and tho Great Lakes and tho canal and tho rail­ of tho wages in effect during the year ended June 30 1915, a
roads. These bills of lading will bo the samo kind as those issued for ship­
total increase of $593,865,554. In otlior words, it is pro­
ments on tho railroads, sinco tho administration of both tho canal and the
posed to add (roughly) $300,000,000 more to a previous in­
railroads is now centred In tho Federal Government.
Arrangements are being made for tho use of ono of tho piers in lower N e w crease of considerably more than that amount. The follow­
York City, and we hope very soon to install a local merchandise service
ing is tho table as given in the report:
covering all local points between Buffalo and Albany.

GOV.

W H I T M A N SIGNS N . Y. L A W ( ROBINSON )
COMPELLING IDLERS TO WORK— COWEE
BILL VETOED.

Governor Whitman of New York on M a y 13 signed the
Robinson bill requiring all able-bodied men betweon tho
ages of 18 and 50 to be regularly employed in a useful occupa­
tion, A t tho same time tho Governor vetoed the Cowee bill,
which had also passed tho Legislature, and had provided
for conscription of men between tho ages of 18 and 60, not
already employed, in order to effect the uninterrupted
continuance and development of the agricultural, industrial
and other industries of tho State. In a memorandum
accompanying both measures, G ov. Whitm an said:

STATEMENT SHOWING, AS TO TIIE NUMBER OF EMPLOYEES OF ALL
CLASS 1 RAILROADS FOR THE MONTH OF DECEMBER 1917, THE
AGGREGATE ANNUAL COMPENSATION THAT WOULD HAVE
BEEN EARNED IF THE SAME NUMBER OF MEN WERE
CONTINUOUSLY EMPLOYED FOR ONE YEAR AT THE
AVERAGE MONTHLY RATE OF EARNINGS.
A—OI the year ended June 30 1915 (seo Column 2).
B—or the year ended Dec. 31 1917 (seo Column 3).
C—As computed by applying tlds Commission’s Schedule oi Increases to tho
averago earnings for 1915 (seo Column 4).
(1)

O C C U P A T IO N S .

1 General officers, $3,000 p.
a. and upwards______
2 General officers, below
$3,000 per annum.........
3 Division officers, $3,000
p. a. and upwards, ___
4 Division officers, below
53,000 per annum_____
5 Clerks, $900 p. a. and upwards (except No. 37),,
6 Clerks, below S900 p. a.
(except No. 37)_______
7 Messengers and attendants
8 Assistant engineers and
draftsmen.......... .........
Tho text of both measures was published in our issuo of
9 M. W. & S. foremen (excl.
Nos. 10 and 28)______
April 20.
_____________________________
10 Section foremen______
11 General foremen—M. E.
RAILROADS CALLED UPON TO REPORT PROGRESS OF
department........... .......
12 Gang and other foremen—
A D D IT IO N S A N D BETTERMENTS.
M. E. department____
13 Machinists........... .......
Ir Tho issuanco by Director-General of Railroads M cAdoo 14
Boiler makers_____
of a circular requesting tho railroads to report as to tho pro­ 15 Blacksmiths_______
16 Masons and bricklayers__
gress mado in constructing and putting into operation all 17 Structural ironworkers__
18 Carpenters____
additions and bottormonts approved by tho Railroad A d­ 19 Painters and upholsterers.
Electricians_____ . .
ministration, was mado known on M a y 13. Tho roads are 20
21 Air-brake men___
also asked to indicato whether they have available tho neces­ 22 Car Inspectors______
23 Car repairers_____
sary funds to carry on the proposed work. Tho following is 24 Other skilled laborers__
25 Mechanics’ helpers and apthe notice:
prentices........... .........
26 Section men_______
U. S. R A I L R O A D A D M I N I S T R A T I O N .
27 Other unskilled laborers.
Office of Director-General.
28 Foremen of const, gangs
W a s h in g t o n , M a y 8 1918.
and work trains___
29 Other men In const, gangs
Circular No. 25.
and work trains.......
Each carrier shall at once make a report in duplicate, sending ono original
agents and sollcto tho Director of tho Division of Capital Expenditures and tho other 30 Traveling
Itors_____ ____ _
original to tho regional director, giving full advice as to whether tho carrier 31 Employees In outside agoncics________ ____ ___
is proceeding with all practicable expedition to construct and put into
operation all additions and betterments on its lines which may have been 32 Other traffic employees.
dispatchers and diapproved by tho Director of tho Division of Capital Expenditures, and all 33 Train
rectors ________
equipment which may have been so approved and which the carrier may 34 Telegraphers, tclephoners,
and block operators
be constructing in its own shops.
and tclephonIf a carrier shall not have commenced any project so approved, or, hav­ 35 Telegraphers
ers operating Interlockers
ing commenced it, shall not bo prosecuting it vigorously to completion, the 36 Levcrmen (non-telegraphers)......... ........
carrier shall specify in tho above-mentioned report each such project and
stato fully tho reasons why it has not been commenced, or why, if com­ 37 Telegraphers—Clerks__
38
Agent-telegraphers_____
menced, it is not being vigorously prosecuted to completion.
39 Station agents (non-teleIf a carrier shall not havo on hand or arranged for tho necessary funds to
graphers)......................
construct and put into operation without delay all tho additions and better­ 40 Station masters and assistants________ ______
ments which havo been so approved, and ifit anticipates that this condition
41 Station servlco employees
is likely to delay any of such work, the carrier shall in addition make a
(except Nos. 5, 6, 37,38,
report at onco to the Director of tho Division of Financo, stating its finan­
39, 4 0 *6 6 )........... ......
42 Yardmastcrs............. .....
cial needs in order to enable it to comploto all such work expeditiously.
43 Yardmaster’s assistants
W . G. M c A D O O ,
(not yard clerks) ..........
D ir e c to r -G e n e r a l o f R a ilr o a d s .
44 Yard engineers and motormen______ ______
45 Yard firemen and helpers.
TABLE SHOWING E S T IM A T E OF INCREASED COST 46 Yard conductors (or foremen)______ ____
RESULTING FROM RAILROAD W AG E C O M M IS ­
47 Yard brakemen (switchmen
or helpers)_______
SION'S A W A R D .
48 Yard switch tenders.........
49
Other
yard
employees___
[n last 'week’s announcement regarding the findings of 50 Hostlers.........................
the RaLroad W age Commission, besides noting that the in­ 51 Engtnehouse-men___
52 Road freight engineers and
creases recommended would serve to add 8288,003,718 to
motormen.................
53 Foad freight firemen and
the pay-roll oi 1917, it was stated that ihe roads had on their
helpers_____________
Road freight conductors.
own account in 1916 and 1917 increased wages in an amount 54
55 Road freight brakemen &
flagmen................
equivalent to approximately $350,000,000, if applied to tho
56 Road passenger engineers
present number of their employees. It was not clear as
and motormen___
passenger firemen *
to just what was meant by this, but a table which serves to 57 Road
helpers..................
explain it is embodied in tho report, and this wo reproduce 58 Road passenger conductors
59 Road passenger baggagemen__________
below, Tho table shows (as to tho number of employees
60 Road passenger brakemen
of all Class 1 railroads for the month of December 1917)
and flagmen
................
Other road train employees
the aggregate annual compensation that would havo been 61
62 Crossing flagmen and gatem en...........................
earned if tho same number of men had been continuously
63 Drawbridge operators...
employed for ono year at tho averago monthly rate of 64 Floating equipment employces______ _____ _
earnings (a) of tho year ended Juno 30 1915; (6) of tho year 65 Express
service employees
ended D ee. 31 1917; and (c) as computed by applying tho 66 Policemen and watchmen.
67 Other transportation cmW age Commission’s schedule of increases. From this it
ployces........... .............
68 All other employees_____
Tho purposo of tho two measures is to forco ’every able-bodied male
person within tho Stato to do his sharo toward remedying tho conditions
duo to tho present shortage of labor. They both contain provisions which
Will confine their operations to tho class of persons which should bo reached.
Although thero may be some question as to tho constitutionality of both
measures, yet if any advantage, however small, may bo obtained in tho
prosecution of tho war by reason of increased production, some measure
of this kind should bo enacted.
I a m informed that if this bill is not signed, many undesirablo persons
will continuo to como to this Stato from N o w Jersoy in order to oxcapo the
operation of tho law of that State.

appears that tho aggregate payroll under tho proposed in­
creases will bo $2,205,432,938, as against $1,917,419,220 on
tho basis of the wages in effect in December 1917, an increase
of $288,013,718, and as against $1,611,567,384 on tho basis




(2)

(3)

(4)

N u m ber A n n u a l Com - A n n u a l C om - A n n u a l C om pensatton
pensatton
of
pcnsallon
E m p lo yBased u pon
Based u pon
Based u pon
ees o f
the Average
the Average
the
Class 1
M o n th ly
M o n th ly
C o m m issio n ’s
Railroads
Earnings
Paym ent
Schedule o f
In Service
D u rin g the
D u rin g the
Increa ses.
D u rin g
Yea r E nded
Yea r E nded
D ec. 1917 June 30 1915. D ec. 31 1917.

3,956

7,210,044

7,245,651

8,346,340

10,569

20,493,792

18,051,535

23,893,712

95,806

108,126,648

117,358,518

145,089,840

111,477
9,561

72,464,508
4,149,852

75,942,591
4,915,119

102,174,950
6,444,492

13,576

15,219,240

15,512,481

20,506,404

8,999
45,168

9,962,976
34,851,624

10,798,800
40,049,562

13,531,714
49,140,790

1,765

2,706,168

2,917,121

3,288,806

20,267
46,041
11,545
9,115
1,551
970
59,695
12,431
10,802
6,672
22,245
74,918
59,559

23,049,156
47,442,492
15,652,752
8,445,228
1,223,928
871,140
45,845,760
9,420,216
10,167,078
5,414,724
19,614,756
55,954,752
50,794,290

27,423,683
64,282,444
20,744,079
11,478,337
1,435,916
982,183
40,190,873
11,799,505
11,151,553
7,238,580
25,423,366
74,420,544
63,537,541

31,384,795
66,120,601
21,436,444
11,907,771
1,725,738
1,228,307
64,642,522
13,282,505
14,330,468
7,634,761
27,056,806
78,896,200
71,619,957

96,387
270,855

58,283,292
122,469,792
67,430,880

79,322,646
163,520,581
84,579,000

83,345,10.8
187,474,992
96,426,158

121,000
2,890

2,925,600

2,974,850

4,095,840

41,503

21,355,788

26,117,008

31,316,508

6,594

9,798,420

10,819,171

12,022,601

1,939
698

1,899,828
669,828

2,049,911
927,056

2,059,759
944,457

5,770

9,208,224

10,369,382

11,063,681

23,040

18,289,152

21,092,659

25,787.704

8,592

7,059,528

8,207,078

9,953,934

3,976
12,509
21,586

2,905,050
9,955,104
17,743,692

3,391,846
11,154,525
20,473,889

4,090,975
14.030,781
25,018,606

16,116

15,013,020

10,749,681

21,108,358

659

721,920

845,839

980,512

130,075
4,325

78,388,404
0,803,508

91,421,913
7,843,128

111?,095,418
8,211,226

m

2.S90

4,119,630

4,974,846

5,120,290

22,244
22,942

33,835,788
20,920,356

39,980,470
25,234,364

41,215,373
29,497,702

21,953

29,078,700

34,910,539

37,507,941

56,145
5,741
4,519
9,096
62,177

61,936,920
4,132,836
2,790,036
8,835,852
42,215,700

74,906,413
4,855,508
3,037,310
11,316,879
52,004,843

84,122,725
5,827,299
3,961,851
12,409,071
59,524,137

37,954

69,509,088

79,994,887

80,394,731

40,960
30,177

40,252,032
47,651,892

52,155,187
55,909,885

62,079,477
57,382,408
108,125,671

75,325

77,581,740

90,543,663

14,739

31,563,864

32,885,067

35,073,760

14,526
11,811

18,628,728
21.765.7S0

19,607,623
23,208,615

23,975,173
25,109,004

6,070

6,339,264

7,139,018

8,703,399

16,465
3,976

16,839,744
3,292,128

17,999,538
3,249,664

23,469,551
4,041,900

18,153
1,513

8,024,124
1,004,568

9,726,377
1,152,900

12,980,844
1,410,441

10,531

0,901,176

10,102,178

9,730,658

12,878

9,140,808

11,505,474

12,888,539

6,497
21,915

4,054,128
13,288,380

5,481,049
14,590,130

5,750,862
18,869,600

Total______________ 1,939,399 1,011,567,384 1,917,419,220 2,205,432,938
Total amount of such Increase------ $593,865,554 $288,013,718
36.85
15.021
Per cent of Increase................ .......

M ay 18 1918.]

THE CHRONICLE

T h o re p o r t a lso s a y s :

This estimate is mado by applying to tho averago monthly earnings of
oacii class of employees tho rate per cent of increaso prescribed for that
amount as disclosed by tho tablo of increased rates in tho main body of
the report.
The figures contained in this tablo do not include tho increases awarded
to those employees who are in tho service of what are known as Class II
and Class III roads, under tho Inter-State Commerce Commission’s classi­
fication, nor do they include those of tho sleeping and parlor car companies.
All of tho above, in so far as they are under Government control, come
within tho conclusions of this report.
25%

INCREASE IN RAILROADS' RATES URGED UPON
DIRECTOR-GENERAL McADOO.

R e c o m m e n d a tio n s

th a t

raised a p p r o x im a te ly 2 5 %

fre ig h t

and

p asse n g e r

r a te s

be

are said to h a v e b o on m a d o to

D ir e c to r -G e n e r a l M c A d o o b y h is a d v iso r s.

R e p o r t s to th is

e ffe c t o n M a y 13 w ero c o u p le d w ith th o a n n o u n c e m e n t t h a t
e s tim a te s ,

m ado b y

R a ilr o a d

A d m in is tr a tio n

o ffic ia ls , in ­

d ic a te th a t a n in crease o f a t le a s t 2 5 % in fre ig h t a n d p a sse n g e r
ra te s w ill b e n e ce ssa ry this y e a r to m e e t th o h ig h er co s ts o f
fu e l, w a g e s , e q u ip m e n t, a n d o th e r o p e ra tin g e x p e n se s , n o w
s e t a t b e tw e o n § 6 0 0 ,0 0 0 ,0 0 0
la s t y e a r .

a n d § 7 5 0 ,0 0 0 ,0 0 0

Director-General McAdoo is expected to act Within tho noxt six weeks
and to put increases into effect immediately. Shippors will bo permitted
to appeal to tho Inter-Stato Coinmerco Commission under tho Bailroads
Act, and final decision will bo with President Wilson.
Such an increaso as is proposed Would bo tho biggest in tho history of
American railways, as tho percentage is larger than any over sought by
tho railways under private management, and would apply alike to tho
entire country. Both class and commodity schedules Would bo effected.
Bate experts of tho Inter-Stato Commerco Commission and tho Itailroad
Administration aro now at work on now schedules. Any increases to bo
ordered would bo arranged in a manner to preservo rato relationship betweon
communities and regions, officials said to-day, so that industries and com­
mercial interests would be subject to tho samo degreo of rato competition as
at present. Passenger faros would bo raised under tho plan suggested
to about 3 cents a milo from tho existing general rato of a little less than
2 K cents.
Tho proposed Increases, it is estimated, would yield about $900,000,000—
$700,000,000 in freight and $200,000,000 in passenger revenues. This
would leave a margin abovo tho estimated increase in operating expenses
eventually; but sinco tho new rates would not go Into effect until tho year
was half over, their yield would fall sovoral hundred million dollars short
of meeting tho expected deficit this year.
It is roughly estimated by Ballroad Administration officials that tho
roads this year will spend between $300,000,000 and $350,000,000 moro
for wages than last year, between $120,000,000 and $150,000,000 moro
for coal, and between $180,000,000 and $250,000,000 moro for cars,
locomotives, rails, ties, terminal facilities, barges for inland waterways
and other supplies and equipment. Thaso figures may bo lowered by
later developments; but officials who have studied tho situation closely
aro inclined to believe that they aro more likely to prove higher.
The estimate of increased wages is based on tho probability that the
Director-General will approve a general scheme of higher pay for workmen
in accordance with tho Bailroad Wago Commission’s recommendations,
which called for an addition of $300,000,000 to tho $2,000,000,000 payroll
of last year.
Although tho question of tho exact prices tho railroads are to pay for coal
under Government operation has not been settled, officials in’charge of
purchases are said to havo decided that it will bo necessary to pay at least
65 conts moro a ton than under contracts now oxpiring. Tho railroads’
coal consumption amounts to about 175,000,000 tons a year.
Tho cost of extensions aud betterments, particularly at terminals, now
being planned, can bo determined at this time only In most general terms,
but officials point out that tho financial burden of theso will bo felt within
six months, and that ovontually thoy must be mot out of higher freight
revenues.
An oxtenslve scheme of economies to bo effected by pooling, short hauls
elimination of competition and other new practices possible under Govern­
ment management, Is being doveloped slowly, but it is said that those will
not begin to show big results in reports of oxponses for almost another year.
B y that timo it is planned to reduce rates if it is found possible to do so
and still maintain tho railroads in normal condition.
Mr. McAdoo has repeatedly expressed tho opinion that tho railroads
under Government operation should bo self-supporting. Bor this reason,
ho is represented as prepared to raise rates, and explain to shippers that,
sinco prices of every other kind of service and materials have gono up.
freight and passenger rates must be expected to follow.
It is contended that to raise passenger rates to 3 conts a mile will not roduco travel to any groat extent, and tho Director-General is opposed to
taking any radical steps to curtail j)assenger traffic. H e has frowned upon
proposals to follow Great Britain’s example of raising passenger rates 50%
and thereby cutting off considerable travel. Commuters’ rates aro likely
to bo affected to a less extent than others, and may not bo raised. Bailroad
reports for tho first threo months this year show that, although operating
rovonues wero 6 % greater than last year, operating oxponses wero 25%
greator, and tho net revonue from operations was only one-half of last
year’s.
Tho Director-General has it in his power, acting as representative of the
President, to put now rates into effect at any timo without consulting tho
Inter-Stato Commerco Commission, or ho may apply to tho commission
for authority to chango schedules ifho wislios. His advisors in the Bailroad
Administration, however, aro insistent that speedy action bo taken to
furnish tho railroads now revenues, and it is considered probable that ho
will adopt tho former courso.

TRANSCONTINENTAL PASSENGER SCHEDULES
REDUCED BY RAILROAD ADMINISTRATION.
A c u r ta ilm e n t o f tlio tr a n sc o n tin e n ta l p a sse n g e r sch e d u les
e ffe c tiv e J u n o 2 to e ffe c t a s a v in g o f 1 1 ,7 2 8 ,0 0 0 m ile s p er
y e a r w as o rd ered b y D ir e c to r -G e n e r a l o f R a ilr o a d s M c A d o o
lo w in g

13.

Tho

R a ilr o a d A d m in is tr a tio n m a d o th o fo l­

a n n o u n c e m e n t in




th e m a tte r :

Director-General McAdoo has approved tho recommendation of Begional
Director Aishton for a reduction in the mileage of transcontinental pas­
senger trains starting from Chicago aggregating 11,728,000 miles per an­
n u m and it is proposed that the revised schedules shall take effect on
June 2.
This economy has been accomplished by abandoning duplicate service
between Chicago and tho Pacific coast cities and assigning to the short and
direct routes to each city the fastest through service. Under this plan the
Atchison, Topeka & Santa Fo Bailway will be the preferred route to Los
Angeles; Chicago & North Western, Union Pacific, Southern Pacific to
San Francisco; Burlington, Northern Pacific to Portland; and the Chicago.
Milwaukee & St. Paul to Seattle. Tho fast trains will make the run in
72 hours to each city. There will be a secondary train carrying all classes
of equipment scheduled in 78 hours. Tho other transcontinental roads
will operate such service as may b§ necessary to accommodate their inter­
mediate travel on reasonable schedules.
On the same date the mail schedules will be adjusted so that there will
bo a parity of mail service between Chicago and each of tho rival commer­
cial centres on the Pacific coast. The fast mail trains will cover the dis­
tance between Chicago and Pacific coast terminals in 65 hours.
Tho public will be adequately served under the new arrangement, al­
though it is probable that more upper berths will be sold in the future than
in tho past.
The passenger committee for the western district has now started work­
ing on tho rearrangement of the schedules to the Southwest, where im­
portant economies can also be effected without affecting public convenience.

m o ro th a n

T h o press d isp a tc h e s a lso h a d th o fo llo w in g to

s a y re g a rd in g th e c o n te m p la te d in cre ase s:

on M a y

2087

ALLIES WILLING TO CONSIDER FAIR AND HONOR­
ABLE PEACE.
I n fu rn ish in g e x p la n a tio n s r e la tiv e to th e le tte r fo E m p e r o r
C h a rle s to P rin c e S ix tu s o f B o u r b o n , r e c e n tly m a d e p u b lic
by

th o P re s id e n t o f th e F re n c h R e p u b lic

(an d p rin te d in

o u r issu e o f A p r il 1 3 ) , th o s ta te m e n t w a s m a d e in th e H o u s e
o f C o m m o n s b y th e B r itis h S e c re ta ry fo r F o r e ig n A ff a ir s ,
A r th u r J . B a lf o u r , o n M a y 1 6 , th a t n o e ffo r t a t c o n v e rs a tio n s
h a d e v e r b e e n m a d e b y th e C e n tr a l P o w e rs in th e in te r e st
o f a fa ir a n d h o n o r a b le p e a c e , a n d h e a d d e d :

If any representative of any belligerent country desires seriously to lay
before us any proposals we aro ready to listen to them.
A d v ic e s

to

th is e ffe c t w ere c o n ta in e d in

p a tc h e s fr o m L o n d o n o n M a y

th e p ress d is­

1 6 , a n d th o fu rth e r a c c o u n t

o f w h a t'; M r . B a lfo u r h a d to s a y is g iv e n a s fo llo w s in th e
N e w Y o r k “ T i m e s ” o f y e s te r d a y :

The letter in question had been examined by a committee of the French
Chamber, said Mr. Balfour, and tho conclusion had been reached that it
did not provide an adequate or satisfactory basis for an honorable peace.
Mr. Balfour, in his explanations, was replying to questions submitted
by Walter Bunciman, former President of tho Board of Trade, who asked
whether, when Emperor Charles’s letter was communicated to the French
Government, and by the French Government to the British Prime Minister,
it was communicated to any other of the Allies, and had the American
Government any information as to what was passing; did the Prime .Minister
inform the Foreign Office at the time of tho fact that the communication
had been shown to him; why were tho negotiations dropped— was it on
purely territorial grounds, was it because a demand was made by France,
not only for Alsace-Loraine, but for the 1814 line, or even the 1790 line?
Mr. Balfour said that Mr. Bunciman put questions to him which naturally
excited a great deal of interest, both here and abroad.
“I must remind the House, however,” he continued, “that there is a very
natural tendency to treat this subject as if it were one in which the British
Government alone were concerned and that the opposition or critics of the
day had the right, in tho public interest and their own, to extract tho last
drop of information which it was in the power of the Government to give.
That might bo tho natural mood for the Houso to bo in when discussing
ordinary subjects of domestic controversy, but it is not the mood suited
to tho delicate question of international policy.
“In international affairs it is not a good thing necessarily to discourage
informal attempts at conversations. But wo havo never at any time
initiated conversations of that sort. W o havo never turned down conversa­
tions when other people wished them.
“If any representative of any belligerent country desires seriously to lay
before us any proposals, we arc ready to listen to them. Of course, we are
not going to deal with them without tho cognizance of our allies.
Tho mere fact that such conversations aro of an informal character makes
that a very improper subject for discussion in tho House. That is true
as a general proposition and emphatically and especially true of tho subject
now under discussion.
The letter to which public attention is directed was a private letter
written by Emperor Charles to a relativo (Prince Sixtus of Bourbon) and
conveyed by him to President Poincare and the French Premier under
soal of tho strictest secrecy, but with no permission to communicate it
to anyono except tho Sovereign and Premier of this country. The letter
was communicated to the French and English Premiers under these pledges.
While I cannot conceive of a moro inconvenient method of dealing with a
groat transaction, tho inconvenience in this case Was not due to any wish
on tho part of tho British Government or tho British Premier. Directly
you depart from the ordinary method of conducting international affairs
you land yourself in inevitable difficulties.
“I was in America at the timo of these transactions, and, as they were
over when I returned, I did not go into them as intimately as I might have
done.”
As to whether any person had been informed of these negotiations, Mr.
Balfour said that tho American Government was at tho timo no better
informed of tho facts regarding Emperor Charles’s letter than he was
himself, but if any one supposed that on that account he had ever shown
any want of confidence in the Government or President of the United States,
he was under a complete delusion. He had no secrets from President
Wilson. Every thought he had on the war or the diplomacy connected
with tho war was as open to President Wilson as to any other human being.
Ho did not think it possible for Great Britain and the United States to
carry on tho great work in which they were engaged or to deal with tho
complicated day to day problems without complete confidence, and so far
as he was concerned complete confidence would always bo given.
Eeferring to tho Stockholm conference, tho Foreign Secretary expressed
tho opinion that it would not have paved tho way to the settlement of the
war.
“The courso taken by the British Government with regard to the Stock­
holm conference,” ho continued, "had no connection, near or remote, with
Emperor Charles’s letter to Prince Sixtus, or with the negotiations or con-

£088

vocations resulting therefrom. Thoy were treated as wholly soparato
and absolutely unconnected subjects.
" W o do not know, and will only know when the secrets of tho archives of
Europo are opened to tho world, and perhaps not even then, oxactly what
were the motivas which influenced Emperor Charles and tho German E m ­
peror in these various transactions. Perhaps we will never know what the
motives were which actuated Count Czernin, Emperor Charles and tho
German Emperor. I a m inclined to think that it was part of a poace of­
fensive, by which I mean peace proposals initiated by one party which did
not desire peace, but which desired to divide its opponents.
“Tho falsehood exposed by Premier Clemenceau was that tho whole war
was being conducted in order that France might obtain Alsace-Lorraine
and Italy should have nothing. W h e n we are dealing with people so cynical
as tho Central Powers, some kind of counterattack is almost obligatory.
Therefore, tho counterattack delivered by M . Clemenceau appears to have
been thoroughly effective, in tho sense that it exposed, in the cleverost man­
ner, the motives animating Central European diplomacy.
“N o effort at conversations made by the Contral Powers has ever been
made in tho interest of a fair and honorablo peace, but in order to divide
tho Allies. There is no evidence now or at any time that tho German
Government circles contemplated tho possibility of what wo should regard
as a reasonable peace— a peace which would sectiro tho freedom of the
world, tho freedom of thoso who are in danger of German domination.
"This question has beon oxamined, and, no doubt, with fuller knowledge
of the facts than I can state to tho House, by a committee of tho French
Chamber. Tho British have not tho machinery for tho sort of investigation
conducted by the French. The French had the machinery and used it
freely, and tho conclusion reached was that the Emperor Charles letter did
not provido an adequate or satisfactory basis for an honorablo peace.
“It might be said that other motives than judicial consideration of his­
torical facts animated the verdict. If there existed any prejudices at all,
these would surely have been in favor of a peace which would give the I rencli
Alsace-Lorraine, because tho suggestion was that Charles should make a
proposal, which could havo been afterward imposed on Germany, by which
tho war should como to an end and Franco should claim Alsace-Lorraine.
Tho Secretary said that if tho proposal had roally contained the seeds of
an honorablo pcaco, tho Committee of tho French Chamber would surely
have oxprossed rogrot that the opportunity had beon thrown away by tho
French Government or the French Premier. N o ono, he added, was moro
desirous than tho British Government that tho war should bo brought to
an honorablo termination, and if any method whereby that could bo ac­
complished were shown to the Government, it would be accepted.
“But," Mr. Balfour wont on, “we are fighting as ono among many allies
gainst tho Contral Powers, who never at any timo, and now loss than over,
have had tho least intention of meeting our wishos— I a m talking about our
legitimate wishes and I mean wishes on which tho wholo Ilouso and the
whole country aro entirely In agreement. Thoso great aims of ours can
only bo obtained by absoluto loyalty between tho Allies.”
Referring to the statement made by Mr. Runciman that Franco had asked
for a bigger Alsace-Lorraino than that of 1870, Mr. Balfour said there was
no question of this bigger Alsace-Lorraine being tho war aim of tho Allies.
Mr. Balfour added that tho conversations which Gaston Doumcrguo,
formerly French Premier and Foreign Minister, had with tho Russian E m ­
peror in 1916 regarding a bigger Alsace-Lorraino which Franco would de­
mand, were not known to Great Britain until very much later. They had
no international bearing, ho said, did not pledge Great Britain, and the
British Government never gave tho least encouragement to any such notion.
Mr. Balfour said that an extended Alsace-Lroraine was not a subject
which should ever bo contemplated seriously, and ho did not think it over
was a fixed part of tho foreign policy of tho French Government for any
length of time. Tho Foreign Minister also said that tho pourparlers over
tho Austrian Emperor’s letter wero not interfered with by tho demand of
France for an extension of territory beyond her boundaries of 1870.
Replying to a cpiestion by Robert Outliwalto as to whether Prince Sixtus
of Bourbon paid two visits to England in connection with tho peace pro­
posals and whether ho was in communication on this subject with Premier
Lloyd George, Mr. Balfour said that tho subject was not ono which could beS
dealt with by question and answer.
Former Premier Asquith, who followed Mr. Balfour, said that while in
his judgment there had not beon and could not bo any contraction, so thoro
should not he any expansion of tho clear aims and purposes for which
Great Britain had entered and was prosecuting tho war and desiring to
bring It to a successful issue.
.„
-„lf
Mr. Asquith said that he desired to record tho satisfaction which ho felt
at the Instructive and opportune statement mado by Mr. Balfour. It was a
satisfaction to tho world at large, he said, that tho British Government has
closed no door on any overtures and approaches toward an honorablo pcaco.
“To whatever quarter,” said Mr. Asquith, “bo itwith adequato authority
and in real good faith, an appeal is mado, if It is based on substantial con­
siderations, itwill not bo mado to deaf ears. Tho wholo Ilouso is glad of i
assuranco that not only in matters of tills kind, but in all matters, wo have
kept no secrets from President Wilson. W o could not carry on a struggle
of this kind without complote mutual confidence.”
With regard to tho supposed claim of France to tho lino of 1814, Mr. l squith said ho gathered that tho allegation that President Poincare put for
ward this demand was totally without foundation, so far as Mr. Balfour
knew. lie regarded with still moro satisfaction Mr. Balfour’s declaration
that this had never been ono of the war alms of the British Government,
and, so far as ho knew ,lt had not beon, and was not, tho settled policy or
the French Government.
“Is that right?” he asked tho Secretary, and Mr. Balfour replied: I think
S°Mr. Asquith said that ho was extremely glad and ho thought tho world
would bo glad to hear it.
. . ,
After a brief general discussion, Lord Robert Cecil, Minister of Blockade,
gave an explanation of his “peace offensive” Interview, which was given to
the press on Friday, M a y 3, and in which ho said that a “peace offensive
would bo directed very largely against England and that the Contral 1owers would put out offers which thoy might think would bo attractive to tho
British. H o said that a peaco offensive was an entirely different thing
from a peace effort. A peaco offensive would bo designed to help tho Ger­
man armies in tho field, and ho believed that ono would bo forthcoming
when ho gavo tho interview.
"As to the suggestion that I Intended to convey tho Idea that any offer
that Germany might mako would have to bo rejected,” ho said.
I say
there is not ono syllable that I uttered which could be construed by any
fair-minded man to mean that. I repeat that any offer that Is mado,
como from what source it may, provided it has a reputable and trustworthy
source deserves consideration by tho Government.
Philip Snowdon, Laborito, made an attack upon tho demands of Italy,
saying that thoy wero “selfish and unreasonable.” Itoplying, Lord Rob­
ert said that ho was forced to repudiate that sentiment with all the strongth
he could muster.
“Tho attack Is without foundation and undosorved, ho said.
I or
what purposo it was mado, oxcopt to assist tho enemy, I cannot under­




[Vol. 106.

THE CHRONICLE

stand. W o believe the aims of Italy to bo as high and pure as thoso of an
other belligerent, and wo value her assistance to the greatest possible dogree. W e aro determined to preservo our allcgianco with her, as wo aro
with all tho other Allies.”
Referring to Russia, Lord Robert said:
“W e have no quarrel with Russia at all. On tho contrary, with tho
Russian people wo havo always desired to bo on tho closest possible terms
of friendship. W o aro anxious to do all wo can to support and assist tho
Russian people to proservo Russia as a groat country, not only now, but in
tho period after tho war.”
., _
.
Lord Robert denied that Groat Britain had any quarrol with tho Bol­
shevik! over their domestic policy, saying:
“That is a matter for Russia, and Russia alone; wo havo no other desire
than to seo Russia great, powerful, and non-German.
T h o W a s h in g t o n d isp a tc h e s o f M a y 1 6 , in in d ic a tin g th a t
P re s id e n t W ils o n m ig h t c o m m e n t u p o n M in is te r B a lf o u r ’ s
s ta te m e n t, s a id :

Either through a public address or a diplomatic note President Wilson
in the near futuro may take occasion to comment upon and supplement
tho statement mado to-day by Foreign Minister Balfour in tho British
Ilouso of Commons in connection with tho Austrian poaco feolors through
Princo Sixtus of Bourbon.
^
It was authoritatively stated to-day that tho Amorican Government
fully reciprocates Mr. Balfour’s expressions of confidence and regard,
and has no intention of permitting tho machinations of tho enemy to mar
tho perfect understanding which governs tho relations between tho United
States and tho Entente. Moreover, thoro is no public sentiment in this
country such as that which appears to exist in a small but active Englaish
pacifist circle, holding it tho duty of that Government to consider any
kind of poaco proposal.
_
There is no disposition in Washington to complain because this Gov­
ernment was not advised of tho Sixtus letter, for it Is realized that tho
peculiar conditions under which tho correspondence with tho Austrian
Emperor’s brother-in-law was conducted imposed obligations of confi­
dence. It is pointed out, also that tho United States Government has not
entered into any such formal undertaking as bound the Entente Allios
not to consider poaco proposals separately, though [’resident Wilson has
declared in his spcechos that any peaco that would bo acceptable must
ombody fundamentals upon which America and tho Entonto Allios aro in
complote accord.
____

GERMAN DOMINATION OF AUSTRIA SEEN IN PRO­
POSED NEW TREATY.
An

im p o r ta n t

G erm an y

and

co n fe re n ce

E m peror

b e tw e e n

C h a rle s

of

E m p e r o r W i lli a m
A u s tr ia -1 lu n g a r y

h e ld a t th o G e r m a n G r e a t H e a d q u a r te r s o n M a y

of
w as

12.

An

o ffic ia l s t a te m e n t, issu ed a t B e rlin o n th o 1 3 t h , said th a t a
c o rd ia l d iscu ssio n to o k p la ce a n d th a t “ th o g u id in g lines of
th o c o n te m p la te d c o n tr a c tu a l a g re e m e n ts a lr e a d y e x ist in
p r in c ip le .”

T h e o b je c t o f th e m e e tin g w a s to str e n g th e n

a n d a m p lif y th o allia n ce b e tw e e n th e tw o co u n tr ie s .

Tho

G e r m a n o ffic ia l s ta te m e n t rea d as fo llo w s :

Emperor Charles visited Emperor William at Groat Headquarters on
Sunday. In addition to his personal sulto, the Emperor was accompanied
by Foreign Minister Burian, Field Marshal von Arz, Chief of'the General
Staff, and Princo Hohenlohe, Austrian Ambassador at Berlin. Germany
was represented by Chancellor von Hcrtllng, Field Marshal von Hindonburg, General von Ludondorff, Foreign Secrotary von Kuohlmann and
Count von Wedol, Ambassador at Vionna.
A cordial discussion took place, and all tho fundamental, political,
economic and military questions affecting tho present and futuro relations
of tho two monarchies wero thoroughly discussed. There was complete
accord on all these questions, tending to deepen tho oxistlng alliance, lho
guiding lines of tho contemplated contractual agreements already exist in
principle.
E u ro pean

re p o rts

are

c o n tr a d ic to r y

as

to

d e ta ils ,

but

ag re e t h a t th o a llian ce ca lls fo r th o c lo se st m ilit a r y , e c o n o m ic
a n d c u s to m re la tio n s , in h a r m o n y w ith th o ‘ M itte le u r o p a
id e a .

T h e in te r p r e ta tio n g e n e ra lly p la ce d u p o n th o c o n fe r­

en ce b e tw e e n th e E m p e r o r s is th a t A u s t r ia -H u n g a r y , p ressed
b y e c o n o m ic d iffic u ltie s a n d th o se e th in g u n re st a m o n g her
m a n y d is c o rd a n t ra ce s, h a s b e e n c o m p e lle d to p la co herself
u n r e s e rv e d ly

under

th e

d o m in a tio n

of

her

s tro n g e r

a lly .

I t is n o lo n g er a q u e s tio n o f a d e fe n siv e an d o ffe n s iv e allia n ce
b e tw e e n e q u a ls , a c co rd in g to th is v io w , b u t o f an org a n ic
u n io n

b e tw e e n

th e

tw o

co u n tr ie s ,

in

w h ic h

A u s tr ia

w ill

a s s u m o a p o s itio n s o m e w h a t a n a lo g o u s to th a t o f B a v a r ia
or

Saxony.

The

co rr e sp o n d e n t o f

th o

‘ F r a n k fu r te r

Z e i-

tu n g ” is q u o te d in W a s h in g t o n d is p a tc h e s a s s a y in g :

It is tho greatest Austrian question In Its entirety, which has been raised
— tho question of tho existonco of Austria as an individual State, an exist­
ence which already tho Germans in tho country and all tho Slavs disown
to-day. Tho Slavs wish to mako of this State an ontiro scries of small
sovereignties, with a particular foreign policy. Tho Germans, on tho
contrary, desire tho return of tho Germanic confederation, which would
put an end to tho separist tendencies of tho small nations. Ono secs that
tho conference of tho two omperors has for its object tho rendering of tho
political fusion between tho two empires so strict that thoro no longer
will be any other term for characterizing it than that of tho depondcnco
of ono of tho monaerhios upon tho other.
Henceforth, Austria-Hungary will havo no moro liberty as regards Berlin
than Bavaria or Saxony has.
A s im ila r v io w as to A u s t r ia -H u n g a r y ’ s fu tu ro is ta k e n b y
th e L o n d o n p ro ss.

Tho

“ D a i ly

C h r o n ic lo ” , as q u o te d

in

p ress d isp a tc h e s o n tho 1 5 t h , s a id :

An indepondont Austria-Hungary is impossible, clilofly bccauso not ono
of its constituent nationalities wants it. Tho Austro-Gcrman and Magyar
dominant minorities ruling over Slav majorities do not want an independent
monarchy, but a monarch dependent on Germany, which can help thorn
maintain their unnatural position.

THE CHRONICLE

M ay 18 1918.]

2089

On tho other hand, tho Czcclio-Slovaks and Jugoslavs do not want a h o ld in g su c h f u n d s , so as to p ro v id e t h a t in v e s tm e n ts m a y
dual monarchy In any form, independent or otherwise. They want in­
b e m a d o in shares or p a r ts o f b o n d s an d m o r tg a g e s h e ld b y
dependent Czecho-Slovak and Jugoslav States.
Between these two schools any attempt by Emperor Charles to reassert tr u s t c o m p a n ie s a n d title g u a r a n ty c o r p o r a tio n s , u n d e r cer­
tho independence of tho Ifapsburgs is doomod to fail helplessly. Furtive ta in c o n d itio n s .
T h e la w a s it n o w re a d s is g iv e n b e lo w ,
offors from him to tho Allies of tho kind of peace ho would like to make
havo tho same significance as would belong to similar offers mado from th o p o r tio n s a p p e a rin g in ita lic s b e in g th o m a tte r a d d e d th is
year:
Munich and Dresden.
Meanwhile, wo do well to realizo that all attempts, whether in onomy A N ACT, To amend the decedent estate law and the personal property
camps or in our own,to trade on tho idea of Austria-Hungary as a separate
law, in relation to the investment of trust funds in parts of mortgages
Power are profoundly deceptive. “Austro-Hungarian independence” is a
held by trust companies and title guaranty corporations.
phraso which has only ono valuo, namely comouflago for German sovereignty
T h e P e o p l e o f th e S ta te o f N e w Y o r k , r e p r e s e n te d i n S e n a te a n d A s s e m b l y ,
over Central Europe.
d o e n a c t a s f o ll o w s :
M a x im ilia n

H ard en ,

h ow ever,

as

q u o te d

in

p ress

d is­

p a tc h e s , d w e lls o n th o d iffe re n t in terests o f th o tw o m o n a r c h ­
ie s .

D is c u s s in g A u s t r ia -H u n g a r y ’s n e ed fo r p e a c e , ho said

in a n a rtic le in “ D io Z u n k u n ft :”

For a country so deeply in debt as Austria-Hungary, which will havo to
pay Germany alone more than 700,000,000 crowns annual interest, a new
billion loan could bo raised only in tho United States.
Tho latter country, however, can on no battlefield bo compelled to ontertain such a deal, and should tho United States refuso tho money, then tho
transformation of Austria’s war industries to peaco conditions would bo an
impossible task and tho country would find itselfon tho brink of an abyss.
Is it not natural that Austria-Hungary should seek a peace which would
leavo tho possibility of an understanding with America? Austria-Hungary,
more than any other State, needs America’s friendship.

TRADE AGREEMENT BETWEEN UNITED STATES
AND NORWAY.
■
S u p p le m e n tin g la s t w e e k ’ s a n n o u n c e m e n t o f th o sig n in g
o f th o ge n e ra l c o m m e rc ia l a g re e m e n t b e tw e e n

th o U n ite d

S ta te s a n d N o r w a y (referred to o n p a g e 1 9 6 4 o f la st S a tu r­
d a y ’ s issu e o f tho “ C h r o n ic le ” ) th o W a r T r a d e B o a r d on
M a y 1 0 issu ed th o fo llo w in g s ta te m e n t:

Tho W a r Trade Board announces that, in consequence of the conclusion
of a general commercial agreement with Norway, oxports to that country
of commodities embraced In tho schedules attached to that agreement aro
about to bo resumed. A copy of tho schedules, enumerating tho com­
modities and tho quantities of each which Norway is entitled to import
from this country or from other sources, Is appended to this announcement.
Exports from tho United States will bo licensed subject to tho goneral
policy of conservation and to tho goneral rules and regulations of tho
War Trade Board.
Tho W a r Trade Board further announces that no purchases for export
nor arrangements for tho manufacture for export of any artido should bo
mado beforo an export license has been secured.
Exporters should apply to tho Bureau of Exports, Washington, D. O.,
using application Form X and such supplemental Information sheets
concerning commodity as aro required.
Upon receipt of such applications for export licenses properly executed
and after duo consideration by tho War Trado Board, tho particulars
thereof may bo forwarded to tho Board’s representative abroad. This
Information will bo sent by mail, unless tho applicant requosts, on Sup­
plemental Information Sheet X-106, that it bo. cabled at his oxpenso.
Upon receipt of a roply tho application will bo given further consideration
and when a decision is roachod tho applicant will bo promptly advised.
Applicants should not forward funds with their applications. If cablo
charges are incurred thoy will bo advised In duo courso tho amount theroof.
Various commodities Included In tho schedules of oxports to Norway
havo hitherto boon consigned to ono or another of tho Norwegian Import
Associations, which aro now in process of reorganization. Tho War Trado
Board will not consider applications for licenses to export any of those
commodities until tho appropriate Import Assiocation shall havo issued a
now certificate of guarantco covering tho consignment specified In tho
application. Guarantees issued by such associations prior to M a y 10
1918 will not bo accepted. Prospective Importers of such artlclas should
obtain tho appropriate certificate of guarantee, dated subsequent to M a y
10 1918 from tho propor association and forward tho serial number thereof
and tho name of tho association Issuing tho same to tho prospective exporter
in tho United States.
Exporters in applying for export licenses for such artlclas should furnish
on Form X-106, in addition to all other information required, tho serial
number of tho certificate and tho namo of tho Norwegian Import Asso­
ciation.
Every export liconso horaaftor issued for shipment to Norway will havo
in connection with tho usual liconso number (as 999,999) an identification
Jotter and numerals (as A-47).
Attention is called to Treasury Decision No. 37541, which requires that
this liconso number, including tho appended lottor and numerals (as 999,999-B-47) bo placed by each shipper on all four coplos of tho export declara­
tion covering tho shipment and that tho samo numbor with identification
letter and numerals bo entered on tho ship s manifest opposite tho descrip­
tion of tho goods destined to Nonvay. Tho manifest must also boar tho
usual Custom IIouso number of shipper’s export declaration.
Export licenses will bo valid only for shipmonts to bo mado on vessels
flying tho Norwegian flag.
C o n c e r n in g
M ay

13

th e

a g re e m e n t

th o

c a b le s

fr o m

London

on

sa id :

Referring to tho trado agreement botween Nonvay and tho United States
tho “Morgen Bladot” or Christiania, according to a dispatch to tho "Times”
from tho Norwegian capital, says tho Allies intend to establish in Chris­
tiania a sort of branch of tho War Trado Board, to facilitate commercial
transactions. Tho staff, it adds, will bo installed in tho American Lega­
tion, where roprosentattvos of British, French, .and ..Italian.commercial
interests will confer.

GOVERNOR WHITMAN SIGNS AMENDMENT
DECEDENT ESTATE AND PERSONAL
PROPERTY LAW.
G overnor
Now

Y ork

W h itm a n

has

sig n ed

L e g isla tu re th is y e a r

a

b ill

p a sse d

by

(n o w C h a p te r 5 4 4 ,

TO

th e
L aw s

1 9 1 8 ) a m e n d in g th o d e c e d e n t e sta te a n d p erso n a l p r o p e r ty
la w , in re la tio n
by

an

o x e c u to r,

to th o in v e s t m e n t o f fu n d s h e ld in tr u s t
a d m in is tr a to r ,




tru ste e

or

o th e r

p e rso n

Section 1. Section 111 of Chapter 18 of the laws of 1909, entitled “A n
Act relating to estates of deceased persons, constituting Chapter 13 of the
consolidated laws,” is hereby amended to read as follows:
Sec. 111. Investment of trust funds. An executor, administrator,
trustee or other person holding trust funds for investment may invest the
samo in tho same kind of securities as those in which savings banks of tills
State aro by law authorized to invest tho money deposited therein, and
the income derived therefrom, and in bonds and mortgages on unincum­
bered real property in this State worth 5 0 % more than the amount loaned
thereon, a n d i n s h a r e s o r p a r ts o f s u c h b o n d s a n d m o r tg a g e s , p r o v id e d th a t
a n y s h a r e o r p a r t o f su c h b o n d a n d m o r tg a g e s o h eld s h a ll n o t be s u b o r d in a te
to a n y o th er s h a r e s t h e r e o f a n d sh a ll n o t be s u b je c t to a n y p r i o r in te r e s t th e r e in ,
a n d p r o v id e d f u r th e r that b o n d s a n d m o r tg a g e s i n p a r ts o f w h ic h a n y f i d u c i a r y
m a y in v e s t tru st f u n d s tog eth er w ith a n y g u a r a n tie s o f p a y m e n t , i n s u r a n c e p o l i ­
c ie s a n d o th e r in s tr u m e n ts a n d e v id e n c e s o f title re la tin g th e r eto s h a ll b e h e ld f o r
th e b e n e fit o f s u c h f id u c i a r y a n d o f a n y o th e r p e r s o n s in te r e s te d i n s u c h b o n d s
a n d m o r tg a g e s b y a tr u st c o m p a n y o r title g u a r a n ty c o r p o r a t io n o r g a n iz e d
u n d e r the la ics o f th is S ta te, a n d that a c e r tific a te s e llin g f o r t h that s u c h c o r ­
p o r a tio n h old s s u c h i n s tr u m e n ts f o r th e b e n e fit o f s u c h f i d u c i a r y a n d o f a n y
o th er p e r s o n s w h o m a y b e in ter e s ted i n s u c h b o n d s a n d m o r tg a g e a m o n g w h o m
th e c o r p o r a tio n h o ld in g s u c h in s tr u m e n ts m a y b e i n c lu d e d , b e e x e c u te d by
s u c h c o r p o r a tio n a n d d eliv ered to e a c h p e r s o n w h o b e c o m es in te r e s te d i n s u c h
b o n d a n d m o r tg a g e .
E v er y c o r p o r a tio n is s u i n g a n y s u c h c e r t i fi c a t e sh a ll
k e e p a r e co r d in p r o p e r b ook s o f a c c o u n t o f a ll c e r tific a te s is s u e d p u r s u a n t
to th e f o r e g o i n g p r o v is io n s .
An executor, administrator, trustee or other

person holding trust funds may requiro such personal bonds or guarantees
of paymont to accompany investments as may seem prudent, and all
premiums paid on such guarantees may bo charged to or paid out of in­
come, providing that such charge or payment be not more than at the
rato of 34 of 1 % per annum on tho par value of such investments. But no
trustee shall purchaso securities hereunder from himself.
Sec. 2. Section 21 of Chapter 45 of the laws of 1909, entitled “An Act
relating to personal property, constituting Chapter 41 of tho consolidated
laws,” is hereby amended to read as follows:
See. 21. Investment of trust funds. A trustee or other person holding
trust funds for investment may invest the samo in tho same kind of securi­
ties as those in which savings banks of this Stato are by law authorized
to invest tho money deposited therein, and tho income derived therefrom,
and in bonds and mortgages or unincumbered real property in this State
worth 5 0% more than tho amount loaned thereon, a n d i n s h a r e s o r p a r t s o f
s u c h b o n d s a n d m o r tg a g e s, p r o v id e d that a n y s h a r e o r p a r t o f s u c h b o n d a n d
m o r tg a g e s o h eld s h a ll n o t be s u b o r d in a te to a n y o th e r s h a r e s t h e r e o f a n d sh a ll
n o t be s u b je c t to a n y p r i o r in ter e s t th e r e in , a n d p r o v id e d f u r th e r that b o n d s a n d
m o r tg a g e s i n p a r ts o f w h ic h a n y tr u s te e m a y in v est tr u st f u n d s to g eth er w ith
a n y g u a r a n tie s o f p a y m e n t , i n s u r a n c e p o l ic i e s a n d o th e r in s tr u m e n ts a n d
e v id e n c e s o f title r e la tin g th e r eto sh a ll b e h eld f o r th e b e n e fit o f s u c h tr u s te e a n d
o f a n y o th er p e r s o n s in ter e s ted i n s u c h b o n d s a n d m o r tg a g e s b y a tr u st c o m ­
p a n y o r title g u a r a n ty c o r p o r a tio n o r g a n iz e d u n d e r th e la w s o f th is S ta te a n d
that a c e r tific a te s e ttin g f o r t h that s u c h c o r p o r a t io n h o ld s su c h in s tr u m e n ts f o r
th e b e n e fit o f s u c h tr u s te e a n d o f a n y o th er p e r s o n s w h o m a y b e in te r e s te d i n
s u c h b o n d s a n d m o r tg a g e s a m o n g w h o m th e c o r p o r a t io n h o ld in g s u c h i n s tr u ­
m e n ts m a y be in c lu d e d , b e e x e cu te d b y s u c h tr u st c o m p a n y o r title i n s u r a n c e
c o r p o r a t io n a n d d e liv e r e d to ea ch p e r s o n w h o b e c o m es in te r e s te d i n s u c h b o n d
a n d m o r tg a g e .
E v er y c o r p o r a t io n is s u i n g a n y s u c h c e r t i fi c a t e s h a ll k e e p a
r e co r d i n p r o p e r b ook s o f a c c o u n t o f a ll c e r tific a te s i s s u e d p u r s u a n t to the
fS r e g o in g p r o v i s io n s .
A trustee or other person holding trust funds may

require such personal bonds or guaranties of payment to accompany in­
vestments as may seem prudent, and all premiums paid on such guar­
anties may bo charged to or paid out of income, providing that such charge
or payment bo not more than at the rato of 34 of 1 % per annum on the
par value of such investments. But no trustoo shall purchase securities
hereunder from himself.
Sec. 3. q’his Act shall take effect immediately.

RULES GOVERNING VOTING BY SOLDIERS.
R u lo s w ith re g a rd to v o tin g b y sold iers are e m b o d ie d in a
lo tto r

ad d re sse d

by

S e n a to r J a m o s K .
fo llo w s

in

th e

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

II.

P.

M c C a in

to

V a r d a m a n o f M is s is s ip p i, p u b lis h e d a s

“ O ffic ia l

B u lle t in ”

of

M ay

4.

S old iers

s ta tio n e d w ith in th e b o rd ers o f th o U n it e d S t a t e s , it w ill b e
s e e n , aro to b o a llo w e d to v o t e , b u t a s fa r as th o se o n fo re ig n
soil

aro

co n ce rn e d

th e

co n c lu sio n

th e ir v o to c a n n o t b e ta k e n
w ith

m ilit a r y

WAIl

DEPARTMENT,

has

w ith o u t

been
serious

re a ch e d

th a t

in terfe re n ce

e ffic ie n c y :

THE

A D J U T A N T - G E N E R A L ’S OFFICE,

W a s h in g t o n , A p r i l 22 1918.
l i o n . J a m e s K . V a r d a m a n , U n it e d S ta tes S en a te;
D e a r S ir . — In response to your request for information relative to the

arrangements which havo been made for taking the votes of soldiers at
tho various Stato elections I have the honor to inform you as follows:
It has been decided by the department that, 60 far as the soldiers sta­
tioned within tho borders of tho United States are concerned, their votes
at cither a primary or a general election may be taken by the several State
governments without serious interference with military operations or with
tho training and discipline of tho men. Pursuant to this decision the fol­
lowing order was issued to all commanding officers in the United States:
"Upon application by the Secretary of State or other proper officer of a
Stato Government to the commanding officer of a department or division
for permission to tako and secure the vote of tho officers and soldiers of
said State serving in said command and within tho borders of the United
States for either a primary or general election of said State such command­
ing officer shall specify a place or places where all such officers and sol­
diers in such command may exercise their Stato franchise and shall allow
the properly qualtflod election officers of such State the opportunity to
secure the votes of its citizens in such command at the place or places so
designated and at or during such specified period or poriods of time, and

2090

[Vol. 106

THE CHRONICLE

conforming as near as may bo to tho request of said State officer In this ch a rg e e m p lo y e e s o n a c c o u n t o f m e m b e rs h ip in th e te leg ­
respect as shall not Interfere with military efficiency. Tho place or places r a p h e r s ’ u n io n s p e n d in g a d ecision b y th e B o a r d o f C o m ­
so designated shall bo in such proximity to each and all sections of tho
O n t h a t d a te M r . K o n o n k a m p w as re p o r te d to
troops as will permit them, under the regulations prescribed, to make p la in ts .
deposit of their several ballots. Such election officers shall be permitted, h a v e a n n o u n c e d t h a t h e w o u ld n o t s a n c tio n a strik e p o n d ­
ifthey desire, to erect at said place or places such inclosuro or inclosures as
in g a n a d ju s tm e n t o f th e c o n tr o v e r s y .
H is an n ou n cem en t
may be necessary for the conduct of such election, and at said place or
places, but not elsewhere, to dlssomininato information and litorature for w a s sa id to h a v e fo llo w e d th o re ce ip t o f a to lo g ra m fr o m
the instruction of tho voter as to tho method to bo pursued by him in tho N o w c o m b C a r lto n , P re s id e n t o f th e W e s t e r n U n io n , re fu sin g
marking and casting of his ballot; but this latter privilege shall not be con­
strued to permit the dissemination of information or literature calculated to c o m p ly w ith th e B o a r d ’s re q u e s t t h a t th o c o m p a n y refra in
fr o m d isc h a rg in g e m p lo y e e s w h o jo in th e u n io n u n til a fte r
to influence the voter in the exercise of his franchise.”
As to tho soldiers in France or on other foroign soil in the theatre of war, th e B o a r d c o u ld h e a r b o th sid es to th o c o n tr o v e r s y . M r .
the department has reached tho decision that their vote can not be taken
C a r lto n agreed to a p p e a r M a y 8 to s ta te th e re a son s w h y th e
without serious interference with military efficiency. Very respectfully,
H. P. M c C A I N ,
c o m p a n y h a d d e te r m in e d n o t to re ta in in its e m p lo y m e n w h o
T h e A d ju t a n t-G e n e r a l.

a ffilia te w ith

th e u n io n .

E a r lie r in th o d a y M r .

K onen-

k a m p h a d to ld th e B o a r d th a t th o q u e s tio n o f a strik o re ste d

RULES FOR MAILING LETTERS AND PARCELS TO
PRISONERS OF WAR.

w ith tho m e n , a n d th a t ho w o u ld g o to N o w Y o r k an d C h i­

A circu lar g iv in g th e ru les g o v e r n in g th e m a ilin g o f lo tte rs

p lia n c e w ith th o re q u e s t o f th e B o a r d n o t to s a n c tio n a s tr ik e ,

and
by

p arce ls
th o

in te n d e d

W ar

fo r

p rison ers

D e p a rtm e n t.

Tho

o f w a r h a s b o on issu ed

D e p a rtm e n t

m akes

th e

c a g o to co n fe r w ith

th e m .

In

a n n o u n c in g la te r h is c o m ­

M r . K o n e n k a m p sa id th e m e n a p p re c ia te d th a t “ th is is n o t
th e tim e to a c c e p t c h a lle n g e s to fig h t” if p oa ce c a n b o h a d

fo llo w in g a n n o u n c e m e n t ro la tiv o th o ro to :

b y o th e r m e a n s .

For tho information of friends of American soldiers who are prisoners of
war tho W a r Department has prepared tho following circular rclativo to the
possibility of communication with thorn:
Prisoners of war aro entitled to receivo and send letters, money orders,
and valuables, as well as parcels by post (not exceeding 11 pounds in weight)
when intended for international mail, free from all postal duties.
Domestic mail and money orders aro subject to tho rogular postago
charges and money-odor foes, respectively, as no provision is made for tho
free transmission in tho domestic mails of the United States of matter
mailed by a prisoner of war in this country to a person residing therein
nor for the mailing by a person in this country of matter addressed to a
prisoner of war who is detained in tho United States.
All mall should bo plainly addressed to the prisoner of war, giving his
rank, full name, and tho namo of tho prison camp whero held (if known),
followed by "Prisoner of W a r Mail, via N e w York.” Mail intended for
prisoners of war of enemy countries interned in the United States should
be addressed to them by namo, followed by tho designation of tho war
prison barracks whero interned.
In addition, all prisoner-of-war mail should bear tho namo and address
of tho sender written in tho upper loft hand comer, and in tho caso of par­
cel-post packages tho relationship of tho sender to the prisoner of war
addressed should bo clearly stated, immediately following the sender's
namo. Parcel-post packages for prisoners In enemy countries may not
be sent by organizations or societies, and only one such package per month
may be sent to any one prisoner of war, tho limit of weight for each package
being 11 pounds. If more aro received tho one apparently from tho prison­
er’s next of kin will bo forwarded and tho others hold in N e w York ponding
communication with tho sender, with whose consent such excess packages
m ay bo forwarded to some other prisoner of war who, in that particular
month, has received no package from any source. If such consent bo not
given tho packagos will be returned to the sender.
Only tho following articles may bo included in packagos sent to prisoners
of war: Belts (not made of leather), brushes (hair, hand, tooth, shaving,
and shoe), buttons, candy (hard), cigars, cigarettes, comb, crackers or
biscuits, gloves (not made of leather), handkerchiefs, lcnlfo (pocket),
noedles and thread, pencils, pons, penholders, pins, pipes, safety razors
and blades, shaving soap, powder or cream, scarf, shirts, shoo laces (not
made of leather),smoking or chewing tobacco, soap (toilot),socks, sweaters,
tooth powder (paste or liquid mouth wash), towels, underwear, personal
photographs, periodicals published prior to tho beginning of tho war.
Letters and parcels received for, or dispatched by, prisoners of war will
bo subject to a caroful censorship. N o communication will bo permitted
to contain any statement, allusion, or suggestion of a nature to be of
assistance to an enemy or ally of an enemy, nor shall any statement therein
contained relate to any commercial transactions. Mail articles for prison­
ers of war shall not bo registered.
All of those provisions apply to prisoners of war of any nationality wher­
ever they may be confined, whether in neutral, allied, or enemy countries.

Tho labor members of tho National War Labor Board have urged m e
not to sanction a strike despito tho attitudo of tho tolcgraph companies
in refusing to establish a truce between now and noxt Wednesday, and I
have consented to await tho decision of tho Labor Board.
Tho labor members laid stress upon tho necessity of complying with tho
President’s proclamation, even though such a courso Involves ovon greater
and more extensivo lockouts than have already taken placo so that it might
bo shown to tho nation that labor is loyal to tho Government at all times.
In taking this stop, I realize that it will meet with somo criticism from
our members, who resent tho arrogant attitudo of tho officials of tho West­
ern Union and Postal Tolegrph companies. Tho assurance that tho Board
has power to sustain its decision, however, will give our people confidence
that their rights will bo recognized In tho end.
Tho intimation of President Carlton that wo could not tie up tho tele­
graph companies if wo wished is nothing now. Ills predecessor, Colonel
Clowry, was equally confident In 1907. W o fool that this Is not tho time
to accept challenges to fight and wo want peaco. If possible to get it hon­
orably.

H is s ta te m e n t sa id :

O n th e 1 0 th in s t . th e N a t io n a l W a r L a b o r B o a r d a n n o u n c e d
t h a t fo rm e r P r e s id e n t W illia m H . T a f t a n d F r a n k P . W a l s h ,
j o in t C h a ir m e n o f th o W a r L a b o r B o a r d , h a d b e e n in s tru c te d
to a c t a s m e d ia to r s , th o B o a r d ’s s ta te m e n t b e in g a s fo llo w s :

Mr. Taft and Mr. Walsh have been directed by tho Board to take up
the mediation of tho differences between the Western Union and Postal
Telegraph companies and tho telegraph operators with a viow to an amlcablo adjustment of their differences. Tho Board takes this occasion
earnestly to request all persons faithfully to abide by its declarations of
principles to govern the relations between workers and employers, of dato
March 29 1918 and proclaimed by tho President in Ills proclamation of the
8th of April 1918, to the end that all employees shall bo retained and con­
tinue in their respective employments and tho maximum of production
thus maintained.
•

RECOMMENDATIONS OF REPRESENTATIVES
CAPITAL AND LABOR CALLED TO OUTLINE
RELATIONS DURING WAR.

OF

T h e c r e a tio n fo r th o p e rio d o f th o w a r o f a N a t io n a l W a r
L a b o r B o a r d fo r th e s e ttle m e n t b y m e d ia tio n o f la b o r d is­
p u te s , w a s re c o m m e n d e d in th o re p o r t
C o n fe re n c e B o a r d
W illia m

p re se n te d

to U .

of

th o

W ar

Labor

S . S e c re ta ry o f L a b o r

B . W i ls o n o n M a r c h 2 9 .

T h o C o n fe re n c e B o a r d

w h ic h w a s d ele g a te d to a id in th e f o r m a tio n o f a

n a tio n a l

la b o r p ro g ra m fo r th o d u r a tio n o f th e w a r , w a s n a m e d in

WILLIAM II. TAFT AND FRANK P. WALSH TO ACT AS
MEDIATORS IN TELEGRAPHERS CONTROVERSY.
I n th e c o n tr o v e r sy w h ic h h a s arisen d u rin g th o la s t fe w

F eb ru ary,

its

m o m bers

co n s is tin g

of

f iv e

r e p re se n ta tiv e s

o f e m p lo y e rs ch o se n b y th o N a t io n a l In d u s tr ia l C o n fe re n c e
B oard

and

A m e r ic a n

fiv e

re p re s e n ta tiv e s

F e d e r a tio n

of

L ab or.

of

la b o r ,

In

oh o sen

a d d itio n ,

by

tw o

th e

re p re ­

w e e k s b e tw e e n th e m e m b e r s o f th o C o m m e r c ia l T e le g ra p h e rs

s e n ta tiv e s

U n io n o f A m e r ic a a n d th e W e s t e r n U n io n a n d P o s ta l T e le ­

P re sid o n t o f th e U n it e d S t a t e s , a n d F r a n k P . W a ls h o f K a n ­

g r a p h c o m p a n ie s, th e N a tio n a l W a r L a b o r

sas

M ay

B oard

ru led on

1 0 th a t u n d e r th o n a tio n a l la b o r a g re e m e n t ontored

in to o n M a r c h

29

and

ap p roved

b y P re sid e n t W ils o n on

C ity ,

of

th o

p u b lic ,

fo r m e r ly

n a m o ly ,

C h a ir m a n

of

m a k in g

tw e lv e

co n fe re e s

in

a ll.

They

d ec isio n

p rin c ip le s a n d

d isch a rge

e m p lo y e e s

b e ca u se

th e y

are or­

A s a re su lt o f th e d iffe re n ce s b e tw ee n th o c o m ­

T a ft,

ex-

tho F e d e r a l C o m m is s io n

feren c es in W a s h in g t o n o n F e b . 2 5 .

m ade,

H .

o n In d u s tr ia l R e la tio n s , w ore m e m b e r s o f th o C o m m it t e e ,

A p r il 8 th e c o m p a n ie s m u s t n o t , if th e y are to a b id e b y tho
g a n iz e d .

W illia m

p olicie s w h ic h

sh o u ld

began

th e ir

con­

W i t h referon co to th e
g o v o rn

re la tio n s b e ­

tw e e n w o rk e rs a n d e m p lo y e e s d u rin g th o w a r , i t w a s a g re e d

p a n ie s a n d th o te le g ra p h e rs, b r o u g h t a b o u t th r o u g h tho d is­

b y th o C o n fe re n c e B o a r d th a t there s h o u ld bo n o strik es or

c h a r g e , it is u n d e r s to o d , o f 1 0 0 e m p lo y e e s be ca u se of their

lo c k o u ts d u rin g th e w a r .

a ffilia tio n

th e r ig h t o f w o rk e rs a n d

w ith

A m e r ic a , a

th e

C o m m e r c ia l

strik e o f 3 0 ,0 0 0

T e le g r a p h e rs

te leg ra p h e rs w a s

U n io n

of

th r e a te n e d ,

u n io n s a n d

to ta k e e ffe c t A p r il 2 8 u n le ss im m e d ia te m e a n s o f m e d ia tio n

b a rg a in

w ere in s t itu te d ,

fu rth e r m o r e

T h e strik e w a s a v e r te d th ro u g h a n ap p ea l

o f S e c re ta ry o f L a b o r W i ls o n ; i t w a s a n n o u n c e d o n A p r il 2 8
t h a t a n in v ita tio n

to

p re se n t th o . te leg ra p h o rs’ g rie van ces

T h o re p o rt re c o g n ize d a n d a ffir m e d
e m p lo y e rs

in a sso c ia tio n s

c o lle c tiv e ly
a g re e d

th r o u g h
th a t

to o rg a n ize in

trad e

o f gro u p s re s p e c tiv e ly a n d

to

c h o sen re p r e s e n ta tiv e s ; i t w a s

e m p lo y e rs

sh o u ld

n o t d isch a rg e

w o rk e rs fo r m e m b e r s h ip in tra d e u n io n s , n o r fo r le g itim a te
trad o u n io n a c tiv itie s , a n d t h a t th o w ork o rs sh ou ld n o t use

b e fo re th e N a t io n a l W a r L a b o r B o a r d h a d b e e n re ce iv ed b y

co e rciv e

S y lv e s te r J . K o n e n k a m p o f C h ic a g o , P re sid e n t o f th e C o m ­

th e ir o r g a n iz a tio n s n o r to in d u c o e m p lo y e r s to b a rg a in or

m e rc ia l T e le g r a p h e r s’ U n io n .
a

m e e tin g w h ic h

M r.

T h e a n n o u n c e m e n t fo llo w e d

K onenkam p

said w a s

a tte n d e d

by

m e a su re s o f a n y

d ea l th e r e w ith .

k in d

to in d u c e p erso n s

to jo in

T h e re p o r t a n d its re c o m m e n d a tio n s w ere

c o n ta in e d in th o fo llo w in g c o m m u n ic a tio n to S e c r e ta r y o f

a b o u t 2 6 0 te leg ra p h e rs to p r o te s t a g a in s t th o a lleged d is­

L a b o r W ils o n m a d e p u b lio o n M a r o h 3 1 .

ch a rg e o f o p e ra to rs w h o h a d jo in e d th e u n io n .

W a s h in g to n , D . G ., M a r c h 29 1918.
I lo n o r a b t e W illia m B . W il s o n , S e c r e ta ry o f L a b o r :
S ir :
The Commission of representatives of employers and workers!

On M a y 1

th e W e s t e r n U n io n a n d P o s ta l T e le g r a p h c o m p a n ie s w ere
re q u e ste d b y

th e N a t io n a l W a r




L ab or B oard

n o t to d is­

elected in accord with tho suggestion of your lottor of Jan. 28 1918 to aid

M ay 18 1918.]

THE CHRONICLE

2091

In the formulation, in tho present emergency, o f a national labor program, which operate to delay or limit production, or which have a tendency to
present to you, as a result o f their conferences, the following:
artificially increase the cost thereof, should be discouraged.
(а) That there bo created, for the period o f the war, a National War
M o b i li z a t io n o f L a b o r .
Labor Board o f the same number and to bo selected in tho same manner
For the purpose of mobilizing the labor supply with a view to its rapid
and by tho same agencies as the Commission making this recommendation:
and
effective
distribution,
a permanent list of the number of skilled and
(б) That tho functions and powers o f the-National Board shall bo as
other workers available in different parts of the nation shall be kept on file
follows:
’
1. To bring about a settlement, by mediation and conciliation of every by tho Department of Labor, the information to be constantly furnished:
1. By tho trade unions.
controversy arising between employers and workers in tho field o f produc­
2. By State employment bureaus and Federal agencies of like character.
tion necessary for the effective conduct o f tho war.
3. By the managers and operators of industrial establishments through­
2. To do tho same thing in similar controversies In other fields o f national
activity, delays and obstructions in which may, in tho opinion of tho out tho country.
These agencies should be given opportunity to aid In the distribution
National Board, affect detrimentally such production.
3. To provide such machinery by direct appointment, or otherwise, for o f labor, as necessity demands.
selection of committees or boards to sit in various parts of tho country
C u sto m o f L o c a litie s .
where controversies ariso to socuro settlement by local mediation and con­
In fixing wages, hours and conditions of labor regard should always be
ciliation.
had to the labor standards, wage scales, and other conditions, prevailing
4. To summon tho parties to the controversy for hearing and action by in tho localities affected.
tho National Board in case of failuro to secure settlement by local media­
T h e L iv in g W a g e .
tion and conciliation.
1. The right of all workers, including common laborers, to a living wage
(c) If tho sincere and determined effort o f tho National Board shall fail to
bring about a voluntary settlement, and tho members of tho Board shall is hereby declared.
2. In fixing wages, minimum rates of pay shall be established which
bo unablo unanimously to agreo upon a decision, then and in that case
and only as a last resort, an umpire appointed in tho manner provided in will insuro the subsistence of tho workers and his family in health and
reasonable
comfort
tho noxt paragraph shall hoar and finally decide tho controversy under
(Signed).
simple rules o f procedure proscibed by the National Board.
LOYALL A . OSBORNE,
FRAN K J. HAYES,
( d ) The members of tho National Board shall choose tho umpire by
L. F. LOREE,
W M . L. HUTCHESON,
unanimous vote. Failing such choice, tho namo o f tho umpire shall be
W . II. VAN DERVOORT,
TIIOMAS
J. SAVAGE,
drawn by lot from a list of ten suitable and disinterested persons to be
VICTOR A. OLANDER,
O. E. M ICHAEL,
nominated for the purpose by tho President o f tho United States.
T. A. R IC K E R T,
B. L. W ORDEN.
(e) Tho National Board shall hold its regular meetings in the City of
FR AN K P. WALSH.
W M . II. TA FT.
Washington, with power to meet at any other place convenient for the
Board and the occasion.
O f th e fo re g o in g th e re p re s e n ta tiv e s o f e m p lo y e r s , c h o s e n
( f ) Tho National Board may alter its methods and practico In settlement
b y th e N a t io n a l In d u s tria l C o n fe re n c e B o a r d w ere M r .
of controversies hereunder, from time to time as experience may suggest.
O s b o rn e o f N e w Y o r k C i t y , V ic e -P r e s id e n t W e s t in g h o u s e
(g ) Tho National Board shall refuso to take cognizance o f a controversy
between employer and workers In any field o f industrial or other activity E le c t r ic & M a n u f a c t u r in g C o . , C h a ir m a n o f th e e x e c u tiv e
wliero there is by agreement or Federal law a means of settlement which
c o m m it te e o f th e N a t io n a l In d u s tr ia l C o n fe re n c e B o a r d ;
has not been invoked.
(/») Tho place o f each member o f tho National Board unavoidably de­ M r . V a n D e r v o o r t o f E a s t M o l i n e , 111., P re s id e n t o f R o o t &
tained from attending ono or more of its sessions may bo filled by a sub­ V a n D e r v o o r t E n g in e e rin g C o .; M r . L o r e e , N e w Y o r k , o f
stitute to bo named by such member as his regular substitute. Tho sub­
th e D e la w a r e & H u d s o n C o .; M r . M i c h a e l, R o a n o k e , V a . ,
stitute shall have tho same representative character as his principal.
(i) Tho National Board shall have power to appoint a Secretary, and to P r e s id e n t o f th e V irg in ia B r id g e & I r o n C o . , a n d M r . W o r ­
create such other clerical organization under it as may be in its judgment d e n , V ic e -P r e s id e n t o f th e S u b m a r in e B o a t C o r p o r a tio n ;
nocossary for tho discharge o f its duties.
C h a r le s F . B r o o k e r , o f A n s o n ia , C o n n ., P r e s id e n t o f th e
(J) Tho National Board may apply to the Secretary o f Labor for author­
ity to use tho machinery of tho Department in its work o f conciliation and A m e r ic a n B r a s s C o ., h a d o r ig in a lly b e e n a sk e d to se rv e a s a
mediation.
r e p r e s e n ta tiv e o f th e e m p lo y e r s , b u t w ith h is in a b ility to
(A;) Tho action of tho National Board may bo Invoked in respect to con­
troversies within its jurisdiction, by tho Secretary o f Labor or by either a c c e p t th e in v ita t io n , M r . W o r d e n w a s n a m e d in h is p la c e .
side in a controversy or its duly authorized representative. Tho Board,
M r . W a ls h on M a y 10 an n ou n ced th a t M r . L oree h ad been
after summary consideration, may refuse furthor hoaring If tho caso is not
u n a b le to c o n tin u e his m e m b e r s h ip w ith th e B o a r d , a n d t h a t
of such character or importance to justify it.
(l) In tho appointment of committees of its own mombors to act for tho F . C . H o o d o f th e H o o d R u b b e r C o . o f B o s t o n h a d b e e n
Board in general or local matters, and in tho creation of local committees, n a m e d to su cc ee d h im .
tho employers and tho workers shall bo equally represented.
T h e re p re s e n ta tiv e s o f th e w o rk e rs , ch o se n b y th e A m e r i­
(m) Tho representatives of tho public in tho Board shall preside alter­
nately at successive sessions of tho Board or as agreed upon.
c a n F e d e r a tio n o f L a b o r w ere:
M r . H a y e s o f I n d ia n a p o lis ,
(n ) Tho Board in its mediating and conciliatory action, and tho umpire I n d . , P r e s id e n t U n it e d M i n e W o r k e r s o f A m e r ic a ; M r .
In his consideration of a controversy, shall bo governed by the following
H u t c h e s o n , P re s id e n t U n it e d B r o th e r h o o d o f C a rp e n te r s
principles:
PRINCIPLES AND POLICIES TO GOVERN RELATIONS BETW EEN
WORKERS AND EMPLOYEES IN W AR INDUSTRIES
FOR TIIE DURATION OF THE W AR.
Thero Should Bo No Strikes or Lockouts During tho War.
R ig h t

To

•

O rg a n iz e .

1. Tho right o f workers to organizo in trado unions and to bargain colloctivoly, through choson representatives, is recognized and affirmed.
This right shall not bo denied, abridged or interfered with by tho em­
ployers in any manner whatsoever.
2. The right of employers to organizo in associations of groups and to
bargain collectively, through choson representatives, is rocognizod and
affirmed. This right shall not bo donied, abridged or interfered with by
tho workers in any manner whatsoever.
3. Employers should not discharge workers for membership in trade
unions, nor for legitimate trado union activities.
’ 4. Tho workers, in tho excrciso of their right to organizo, shall not uso
coorclvo measures o f any kind to induce persons to join their organizations,
nor to induce employers to bargain or deal therewith.
E x i s i li n g C o n d itio n s .

1. In establishments wliero tho union shop exists tho samo shall con­
tinue and tho union shop exists the samo shall continuo and tho union
standards as to wages, hours o f labor and othor conditions o f employment
shall bo maintained.
2. In establishments whero union and non-union men and women now
work togother, and tho omployer meets only with employees or represen­
tatives engaged in said establishments, tho continuance o f such condition
shall not bo deemed a grievance. This declaration, however, is not in­
tended in any manner to deny tho right, or discourage tho practico of tho
formation of labor unions, or tho joining of tho samo by tho workors in
said establishments, as guaranteed in tho last paragraph, nor to provont
tho War Labor Board from urging, or any umpire from granting, under
tho machinery herein providod, improvement of their situation in the mat­
ter of wagos, hours o f labor, or other conditions, as shall bo found desirable
from time to time.
3. Established safe-guards and regulations for tho protection of tho health
and safoty o f workors shall not bo relaxed.
W om en in In d u stry .

If It shall bo bccomo necessary to employ womon on work ordinarily
performed by men, they must bo allowed equal pay for equal work and
must not bo allotted tasks disproportionate to their strength.
H ou rs o f L a bor.

Tho basic eight hour day is recognized as applying in all cases In which
existing law requires it. In all othor cases tho question of hours of labor
shall bo sottlod with duo regard to Governmental necessities and tho wel­
fare, health and proper comfort o f tho workers.
M a x im u m

P r o d u c tio n .

Tho maximum production of all war industries should be maintained
and mothods of work and operation on tho part o f employers or workers




a n d J o in ers o f A m e r ic a , In d ia n a p o lis , I n d . ; M r . O la n d e r o f
C h ic a g o ,

re p re s e n ta tiv e

A m e r ic a ; M r .

In te r n a tio n a l

S eam en’s

U n io n

R ic k e r t o f C h ic a g o , P re s id e n t U n it e d

m e n t W o r k e r s o f A m e r ic a , a n d M r . S a v a g e .

of

G ar­

M r . Savage

re p la c e d J . A . F r a n k lin o f K a n s a s C i t y , K a n . , P r e s id e n t o f
th e B r o th e r h o o d o f B o ile r m a k e r s a n d Ir o n S h ip b u ild e rs o f
A m e r ic a ,
u n a b lo

w ho
to

had

serv e.

been

nam ed

S e p a r a te

o r ig in a lly ,

s ta te m e n ts ,

but

w ho

w as

s u p p le m e n ta r y

to th e re p o r t w ere issu ed b y M e s s r s . T a f t a n d W a l s h .

The

fo llo w in g w a s M r . T a f t ’ s s ta te m e n t:

I am profoundly gratified that the conference appointed under the
direction of Secretary Wilson has reached an agreement upon the plan
for a National Labor Board to maintain maximum production by settling
obstructive controversies between employers and workers. It certainly
is not too much to say that It was due to the self-restraint, tact and earnest
patriotic desire of the representatives of tho employers and the workers
to reach a conclusion. I can say this with duo modesty, because I was
not ono of such representatives. M r. Walsh and I were selcted as repre­
sentatives of the public. Personally it was ono of the pleasant experiences
of my life. It brought me into contact with leaders of industry and leaders
of labor, and my experience gives me a very high rospect for both.
I am
personally indebted to all of the Board, but especially to M r. Walsh, with
whom as the only other lawyer on the Board, it was necessary for me to
confer frequently in the framing of the points which step by step the con­
ference agreed to. Of course the next question is “ Will our plan work?”
I hoj)o and think it will if administered in the spirit in which it was formu­
lated and agreed upon.
T h e s ta te m e n t m a d e b y M r . W a ls h fo llo w s :

The plan submitted represents the best thought of capital and labor
as to what tho policy of our Government with respect to industrial relations
during the war ought to be. Representing capital were five of the largest
employers in the nation, but ono of whom had ever dealt with trado unions,
advised and counselled by ex-President Taft, one of the world’s proven
great administrators and of the very highest American typo of manhood.
Tho representatives of the unions upon tho Board were the national officers
o f unions engaged in war production and numbering in their ranks con­
siderably over one million men and women.
Tho principles declared might be called an Industrial chart for the Gov­
ernment securing to the employer maximum production, and to the worker
tho strongest guaranty of his right to organization and the healthy growth
of tho principles of democracy as applied to industry, as well as the highest
protection of his economic welfare while the war for human liberty every­
where is being waged. If the plan is adopted by the Government, I am
satisfied that there will bo a ready and hearty acquiescence therein by the
employers and workers of the country so that tho volume of production
may flow with tho maximum of fruitfulness and speed. This Is absolutely
essential to an early victory. The industrial army, both planners and
workers, which are but other names for employers and employees, is .second

only In importance and necessity to our forces in the theatre o f war.
loyal co-operation, and enthusiastic effort, will win the wat.

Their

GERMAN

COMBINATION TO BOYCOTT PRO-ALLY
NEUTRALS.

E r n e s t B o h m , S e c re ta ry o f th e C e n tr a l F e d e r a te d U n io n ,
a c c o r d in g t o th e N e w Y o r k " T i m e s ” o f A p r il 1 , s ta te d th a t
h e b e lie v e d th e re c o m m e n d a tio n s o f th e W a r L a b o r C o n ­
fe r e n c e

[Vol. 106

THE CHRONICLE

2092

B oard

w o u ld

be

a d o p te d

by

P r e s id e n t

W i ls o n ,

w o u ld b e a c c e p te d b y a ll u n io n s , a n d w o u ld p r e v e n t serious
str ik e s t o th e e n d o f th e w a r .

H e w a s fu r th e r q u o te d as

T h e f o r m a tio n a t B r e m e n o f a h u g e c o m b in e to b o k n o w n
a s th e “ E u ro p o e s c h e H a n d e ls g e s e lls c h a ft” b y a n u m b e r o f
G erm an

and

G erm an

O r ie n ta l

S te a m s h ip

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

Com pany

d isp a tc h e s fr o m

s a y in g :

It looks to mo like a very fair platform. Whilo it deprives organized
labor o f the right to obtain redress o f its grievances by strikes, it seems to
provide full hearings for all grievances under conditions which should in­
sure fair awards. It is difficult to predict how any plan which is only on
paper will work out, but I do not believe thore will be any more strikes of
consequence.
T h e a p p o in t m e n t o f th e C o n fe re n c e B o a r d w a s referred
to in th e se c o lu m n s F e b . 2 3 .

T h e fo llo w in g is P re s id e n t

W i ls o n ’ s p r o c la m a tio n o f A p r il 8 a p p r o v in g th e cr e a tio n o f
th e N a t io n a l W a r L a b o r B o a r d a n d o u tlin in g its p o w e rs:

B Y THE PRESIDEN T OF THE UN ITED STATES OF AM ERICA.
A

C om pany,
and

th e

c o n c e rn s,

th e

N o rth

Lohm ans

in c lu d in g
G erm an

w as

C h r is tia n a o n A p r il 2 8 .

th e

L lo y d

re p o r te d

The

in

p u rp o se o f

th e c o m b in a tio n , i t w a s s t a t e d , w a s to c o n tr o l a n d c e n tra liz e
th e im p o r t tra d e in w a r p ro d u c ts o f a ll k in d s , a n d in ra w
m a te ria ls f r o m R u s s ia , P e r s ia , M a n c h u r ia , C h in a , T u r k e s ta n ,
R u m a n ia a n d F in la n d .

T h e d isp a tc h e s a d d e d :

It is intended to organize a union o f all exporters in those countries who
had pre-war business relations with Germany and to exclude neutrals who
deal with Entente countries from all products handled and from all com­
merce with the Central Powers.
It Is purposed also to organize a boycott and undermine the financial
and commercial position of pro-Entento neutrals and to form in the Cen­
tral Powers a commercial block, which will include friondly neutrals.
Officially tho combine will liquidate one year after peace is signed, but
will continue unofficially.

P r o c la m a tio n .

in January 1918 the Secretary of Labor, upon the nomination
of the President o f tho American Federation of Labor and the President
o f the National Industrial Conference Board, appointed a War Labor
Conference Board for the purpose o f devising for the period of tho war a
method o f labor adjustment which would be acceptable to employers and
employees; and
W h e r e a s , Said Board has made a report recommending the creation for
the period o f the war o f a national war labor board with tho same number
of members as, and to bo selected by the same agendas, that created the
War Labor Conference Board, whoso duty It shall bo to adjust labor disputas in the manner specified, and in accordance with certain conditions
set forth in tho said report; and
W h e r e a s , the Secretary of Labor has, in accordance with the recommen­
dation contained in the report of said War Labor Conference Board dated
March 29 1918, appointed as members o f the National War Labor Board
Hon. William Howard Taft and Hon. Frank P. Walsh, representatives
of tho general public of tho United States; Messrs. Loyall Z. Osborne,
L. F. Loree, W . H. Van Dcrvoort, C. E. Michael and B. L. Worden,
representatives o f the employers o f tho United States; and Messrs. Frank
J. Hayes, William L. Hutcheson, William II. Johnston, Victor A. Olander
and T . A. Rickert, representatives o f tho employees o f the United States;
N o w , th e r e fo r e , I. Woodrow Wilson, President o f the United States of
America, do hereby approve and affirm tho said appointments and mako
duo proclamation thereof and of tho following for the Information and
guidance o f all concerned:
The powers, functions and duties o f the National War Labor Board shall
be: To settle by mediation and conciliation controversies arising between
employers and workers in fields o f production necessary for the effective
conduct o f the war, or in other fields of national activity, delays and ob­
structions which might, in the opinion of the National Board, affect
detrimentally such production; to provide, by direct appointment or other­
wise, for committees or boards to sit in various parts o f the country where
controversies arise and secure settlement by local mediation and concilia­
tion; and to summon the parties to controversies for hearing and action
by tho National Board in event of failure to secure settlement by mediation
and conciliation.
The principles to bo observed and the methods to be followed by tho
National Board in exercising such powers and functions and performing
such duties shall be those specified in the said report of tho War Labor
Conference Board dated March 29 1918, a complete copy o f which is here­
unto appended.
The National Board shall refuso to take cognizanco o f a controversy
between employer and workers in any fiold o f industrial or other activity
whore there Is by agreement- or Federal law a means o f settlement which
has not been invoked.
And I do hereby urge upon all employers and employees within tho United
States the necessity of utilizing tho means and methods tints provided for
the adjustment o f all Industrial disputes, and request that during the pend­
ency of mediation or arbitration through tho said means and methods
there shall be no discontinuance of Industrial operations which would
result in curtailment of the production o f war necessities.
In witness whereof, I havo hereunto sot my hand and caused the seal
of the United States to bo affixed.
Done in tho District o f Columbia, this eighth day o f April in tho year of
our Lord 1918, and o f the independence of the Unitod States tho 142d.
(Soal.) W OODROW WILSON.
By the President:
ROBERT LANSING, S e c r e ta ry o f S ta te.
W h erea s,

BANKING AND FINANCIAL NEWS.
N o sales o f b a n k s to c k s w ere m a d e a t th e S to c k E x c h a n g e
th is w e e k .

T w e n t y -f iv e sh ares o f tr u s t c o m p a n y s to c k an d

n o b a n k s to c k s w ere so ld a t a u c tio n .
S h a res. TRUST COM PANY.
L o w . H ig h . C lo s e .
25 Metropolitan Trust C o______ 30 6 H 306M 306?^

A

L a st p r e v i o u i s a le .

April 1915— 407

N e w Y o r k S to c k E x c h a n g e m e m b e rs h ip w a s re p o r te d

p o s te d fo r tra n sfe r th is w e e k , th o c o n sid e ra tio n b e in g s ta te d
a s $ 5 3 ,0 0 0 , a g a in s t $ 5 5 ,0 0 0 th o la s t p re ce d in g tr a n s a c tio n .
A t th eT an n u al e le ctio n o f th e N e w Y o r k S to c k E x c h a n g e
on M a y

13 H . G . S . N o b l e w a s r e -e le c te d

C h a rle s M . N e w c o m b e , T re a s u r e r.
w h ich \w as]ftho o n ly o n e v o t e d ,

P resid en t] a n d

O n th o re g u la r tic k e t,

H en ry

C.

L a w re n ce w a s

e le cted T ru s te o o f th e ^ G r a tu ity F u n d fo r a p oriod o f fiv e
years.
in g

T h o fo llo w in g w ere e le cte d m e m b e r s o f th o G o v e r n ­

C o m m i t t e e ] : to ’ serv e

fo u r

years:

O liv er

C.

B illin g s ,

D e x te r B la g d e n , J a y F . C a rlis le , D o n a ld G . G o d d o s , R o b e r t
G ib son T W illia m

A.

G reer,

K e llo g g , J a m e s B . M a b o n

R.

T.

H.

H a ls e y , J .v P r e n tic e

and Sam uel F .

S tr e it.

H en ry

lT” M o n t g o m e r y w a s e le c te d a m e m b e r o f th o G o v e r n in g
C o m m itt e e to serv e three y e a r s , a n d E d w in M . C a r te r , to
s e r v e 'tw o y e a r s , w h ile J e ro m e J . D a n z ig w a s e le c te d to serv e
on e y e a r .
R o b e r t J . H illa s , P re s id e n t o f th e F id e lit y & C a s u a lty C o .
o f A m erica ', lias been e le c te d a tru ste e o f th e F ra n k lin T r u s t
C o . , a n d L u c iu s W ilm e r d in g h a s a lso b e e n eloctod a tru ste e
o f th e s a m e c o m p a n y to fill th e v a c a n c y cre a te d b y th e d e a th
o f R . B a y a r d C u t t in g .
A t a m e o tin g 'th is w e e k o f th o ]'tru ste es o f th o N e w Y o r k
T r u s t C o m p a n y , o f th is c i t y , A r th u r J . C u m n o c k o f C a tlin
& C o . w a s e le cted a tru ste e t o fill a v a c a n c y .
A c t in g o n a p ro p o sitio n t o in crease th e c a p ita l o f th o F if th
A v e n u e B a n k o f th is c it y f r o m $ 1 0 0 ,0 0 0 to $ 2 0 0 ,0 0 0 w ill b e
ta k e n b y th o sto ck h o ld e rs a t a sp ecial m e e tin g to b& h e ld on
M a y 27.

T h e s to c k is in sh are s o f $ 1 0 0 e a c h ; it is q u o te d

a t $ 3 ,5 0 0 b id a n d $ 4 ,0 0 0 a s k e d .

__ ^

•

T h e b o n d d e p a r tm e n t o f th e E q u ita b le T r u s t C o . o f N e w
Y o r k h as issu ed a n in te r e stin g p a m p h le t , sh o w in g in g ra p h ic
fo r m th e p rice ra n ge a n d y ie ld o f s ta n d a rd ra ilro a d b o n d s

VIEWS AS TO FREE PORT AT SAVANNAH.

fr o m 1 9 1 3 to 1 9 1 8 , a n d o u tlin in g th o m a n y in v e s tm e n t o p ­

A q u e stio n n a ir e , a sk in g fo r a n e x p re ssio n o f o p in io n fr o m
v a rio u s m a n u fa c tu r e rs h a v in g a la rg e fo re ig n tr a d e , as to

p o r tu n itie s a v a ila b le a m o n g th e u n d e r ly in g b o n d issues o f
re o rga n ized ra ilro a d s.

th e a d v a n ta g e s to b e d e riv e d b y th e m in th e e v e n t o f th e
e s ta b lis h m e n t
sent

A

out

by

n um ber

fo llo w in g

of

a

fre e

W illia m
of

p ort

in te r e stin g

su m m ary

of

at

Savannah,

w as

r e c e n tly

M o r r is Im b r ie & C o . o f N e w
th e

re p lies
a n sw e rs

w ere
w as

Y ork.

r e c e iv e d .
m ade

p u b lic

The

e le cted a n A s s is ta n t S e c r e ta r y .

on

M arch 2 8:

Would land non-dutiable goods
In favor of establishing Free
Zones __...........................93.5%
in Free Zone_____ ______35.0%
Would not land non-dutiable
Especially in favor_______ 23.8%
Aorjilnct.
fi
gnnds thorfl
Would use Free Zone for re­
Uncertain ........................... 45.0%
packing, &c_...................33.0% Would benefit from exhibits in
in Free Zone____ _______35.0%
Would not use it for re­
Would not benefit________ 30.0%
packing_______________ 33.0%
Uncertain ______________ 33.0% Uncertain__________________35.0%
Would find it advantageous to
manufacture in Free Zone.26.0% F i n a n c i n g M e th o d s —
Federal................................. 42.0%
Would not find It advantage­
ous to manufacture_____ 54.0%
Private_____ ____________6.0%
Uncertain________ _______ 20.0%
State..................................... 6.0%
Combination of Federal and
Think Free Zone would elimi­
nate delay in loading and
other methods..................23.0%
unloading______ _______30.0%
Uncertain________________23.0%
Would not eliminate delay. .20.0%
Uncertain_______________ 45.0%




A t a m e e tin g o f th e d ire ctors o f th o R h o d e Is la n d H o s p it a l
T r u s t C o . o f P ro v id e n c e o n M a y 1 4 , G . B u r to n H ib b e r t w a s

A n n o u n c e m e n t o f th e a s s ig n m e n t in B o s t o n o f C o d m a n ,
F le tc h e r &

C o .,

m e m b e rs

of

th e B o s t o n

and

s to c k e x c h a n g e s, w a s m a d e o n th e 1 5 th in s t .

Now

Y ork

B . A . B r in k ­

le y , o f th e firm o f M c L o lla n , C a r n e y & B r in k le y , w as n a m e d
as a ssig n e e .

I t w a s la te r s ta te d th a t a n in v o lu n ta r y p e ti­

tio n in b a n k r u p tc y h a d b e e n file d in th e U . S . D is t r ic t C o u r t
a t B o s to n a g a in s t A lfr e d C o d m a n , L a u ren ce B . F le tc h e r a n d
S a m u e l C o lt , c o n s titu tin g th e firm o f C o d m a n , F le tc h o r & C o .;
fo u r cr e d ito rs , w h o se c la im s a g g r e g a te d $ 0 0 0 , file d th e p e ­
titio n .

I t is u n d e r s to o d th a t th e f ir m ’s lia b ilitie s a p p r o x i­

m a te $ 5 0 0 ,0 0 0 a n d its a ss e ts $ 3 0 0 ,0 0 0 .

A c c o r d in g to M r .

F le tc h e r , th e im m e d ia te ca u sos o f th e a s s ig n m e n t w ere large

A n in te r e s tin g a n a ly s is o f th e d is tr ib u tio n o f shares o f th e

c a s h w ith d ra w a ls b y c u sto m e r s, a la w s u it a n d a n a t ta c h ­
m e n t.

H e b e lie v e s th a t th e v a lu e o f th e fir m ’ s se a ts o n th e

N ew

Y ork

and

2093

THE CHRONICLE

M ay 18 1918.]

B o sto n

s to c k

e x ch a n g e s w ill v e r y

n e a r ly

B a n k o f B r itis h N o r t h A m e r ic a (th e c o n s o lid a tio n o f w h ic h
w ith th e B a n k o f M o n t r e a l h a s p r a c tic a lly b e e n a c c o m p lish e d

T h e assign ee b e lie v e s th a t a t cu rre n t

a n d to w h ic h referen ce w a s m a d e in th e se c o lu m n s in ou r

m a r k e t prices fo r secu rities a ll cre d ito rs c a n b o p a id a t s o m e ­

issu es o f M a r c h 2 3 a n d A p r il 1 3 ) w a s g iv e n in th e a n n u a l

th in g b e tte r th a n 5 0 c e n ts o n th e d o lla r , if c la im s are n o t

s ta te m e n t o f th e b a n k re c e n tly

u n d u ly p re sse d .

sh o w e d 2 0 ,0 0 0 sh ares (p a r £ 5 0 ) w ere h e ld b y

c o v e r th e lia b ilitie s.

T h e firm w as fo r m e d J a n . 1 1 9 1 7 .

to th a t it w a s k n o w n as W . G . N ic k e r s o n &

Co.

P rio r
A lfr e d

s u b m itte d .

T h is

a n a ly s is

1 ,8 9 5 s to c k ­

h old e rs a n d th a t th e in d iv id u a l h o ld in g o f e a ch sto c k h o ld e r

C o d m a n , se n ior m e m b e r o f th e f ir m , h o ld s a s e a t o n th e

w a s a p p r o x im a te ly 1 0 sh a re s.

N ew

tw o -th ir d s o f th e s to c k w a s h e ld in G r e a t B r ita in a n d Ire la n d

Y ork

S to c k

E xch an ge.

L.

B.

F le tc h e r h as b e e n

m e m b e r o f th e B o s t o n E x c h a n g e sin ce J a n . 2 4 1 9 1 1 .

a

M r.

and

p r a c tic a lly

th e

w h o le

I t a lso sh o w e d th a t a lm o s t

of

th e

re m a in in g

o n e -th ir d

C a n a d a , o n ly 6 5 1 sh ares b e in g h e ld e lse w h e re .

C o lt w a s a d m it te d to th e fir m a y e a r a g o .

in

T h e head

o ffice o f th e b a n k is a t L o n d o n .
0.

H o w a r d W o l f e h a s resig n ed as C a sh ie r o f th e P h ila d e l­

p h ia N a tio n a l B a n k o f P h ila d e lp h ia , P a . , e ffe c tiv e M a y 2 0 ,
to e n g a g e in Y . M . C . A . fie ld se rv ice w ith th e A m e r ic a n
A rm y

in F r a n c e .

H o r a c e F o r te s c u e ,

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

w as

T h e p ro p o s e d a m a lg a m a tio n o f th e N o r t h e r n C r o w n B a n k
(h ea d

o ffic e W in n ip e g )

w ith

th e

R oyal Bank

of

Canada

a p p o in te d C a s h ie r , a n d w ill p e r fo rm th e d u tie s o f b o t h o f­

(h ea d o ffice M o n t r e a l) referen ce t o w h ic h h as b e e n m a d e

fic e s.

in th e se c o lu m n s in re c e n t issu e s o f th e “ C h r o n ic le ”

w as

u n a n im o u s ly ra tifie d b y th e sto c k h o ld e r s o f th e fo rm e r
L.
A . L e w is o f W illia m s p o r t , P a ., h a s b e e n a p p o in te d C a s hin
­ s titu tio n o n M a y 7 .
A s th e d ire c to rs a n d sh areh old ers
ier o f th o B r o a d S tr e e t B a n k in P h ila d e lp h ia , su c c e e d in g o f th e R o y a l B a n k o f C a n a d a
h a d p r im o r d ia lly g iv e n
E r w in G . S te in , w h o re sig n ed fo llo w in g h is e le c tio n as S e c re ­
th e ir c o n s e n t to th e p la n , th e m e rg e r is n o w a n assu re d
ta r y a n d T re a su r e r o f th o R o x b o r o u g h T r u s t C o .

f a c t a n d w ill g o in to e ffe c t o n th e se c o n d o f J u ly .
offic ia l

T h e d ire ctors o f th o A lle n to w n N a t io n a l B a n k a t A lle n ­
to w n ,

P a .,

o n A p r il 2 0

a p p o in te d

as

C a sh ie r F r a n k

M .

of

th e

m e rg e r

p rin te d

“ G a z e t t e ” o f M a y 8 s a y s in p a r t:

in

th e

The

M o n tre a l

“ T h e N o rth ern C row n

B a n k agrees to sell a n d th e R o y a l B a n k o f C a n a d a agrees

C r e ssin a n , fo r m e r ly A s s is ta n t C a sh ie r , to fill th o v a c a n c y

to

c a u se d b y th e re sig n a tio n o f J o h n F . W e n n e r .

r ig h ts ,

T h e o th e r

n o tic e

p u rc h a se

a ll

cred its

th e

and

re a l

and

e ffe c ts

of

peron al

p ro p e rtie s ,

th e N o r t h e r n

a s s e ts ,

C row n

Bank

A s s is ta n t C a s h ie r , C h a s . S . D ilc h e r , w h o is said to h a v e pre­

o f w h a te v e r k in d , a n d w h e re so v e r s itu a te d , a n d w h e r e b y

ferred to re ta in h is p re se n t p o s it io n , re c e iv e d a su b s ta n tia l

in c o n s id e r a tio n fo r s u c h sale a n d p u rc h a se th e R o y a l B a n k

in crease in sa la r y in re c o g n itio n o f his fa ith fu l se rv ic e s .

M r.

o f C a n a d a ag re e s to a llo t a n d issu e to th e N o r t h e r n C r o w n

W e n n e r w ill c o n tin u e as a d ire cto r a n d m e m b e r o f th o e x e cu ­

B a n k , or to its n o m in e e s , te n th o u s a n d e ig h t h u n d re d a n d

tiv e c o m m it te e .

e ig h ty -th r e e ( 1 0 ,8 8 3 ) fu lly p a id sh ares o f th e c a p ita l s to c k

M r . W o n n e r a sk e d th a t he b e re lie v e d fr o m

th e d u tie s o f C a sh ie r in fu rth era n co ’ o f h is desiro to b o fre ed

o f th e R o y a l B a n k o f C a n a d a o f th e p a r v a lu e o f 8 1 0 0 e a c h ,

fr o m bu sin e ss c a re s.

a n d a m o u n tin g in all to th e p a r v a lu e o f o n e m illio n e ig h t y -

H e h a d b e e n C a sh ie r sin ce J a n u a r y

1909.

^____

e ig h t th o u s a n d th ree h u n d re d d o lla rs ( 8 1 ,0 8 8 ,3 0 0 ) a n d to p a y

to th e N o r t h e r n C r o w n B a n k th e s u m o f fiv e h u n d re d a n d
J.
S . M . P h illip s , h e re to fo re V ic e -P r e s id e n t o f th o C o n ti­s e v e n ty -s ix th o u s a n d n in e h u n d re d a n d s e v e n ty d ollars
n e n ta l T r u s t C o . o f P itts b u r g h , h a s resig n ed in ord er to b e ­
( 8 5 7 6 ,9 7 0 ) in c a sh a n d w h e r e b y th e R o y a l B a n k o f C a n a d a
c o m e th e e x e c u tiv e h e a d o f th o T h o m a s S p a c in g M a c h in e C o .
u n d e r ta k e s t o a s s u m e , p a y , d isc h a rg e , p e r fo rm a n d ca rr y
o f th a t c it y .

o u t a ll th e d e b ts , lia b ilitie s , c o n tr a c ts a n d o b lig a tio n s o f th e
N o r t h e r n C r o w n B a n k (in c lu d in g n o te s issu e d a n d in te n d e d

A

ch a n g e in th e n a m e o f th e G e r m a n -A m e r ic a n S a v in g s

fo r c ir c u la tio n o u ts ta n d in g a n d in cir c u la tio n a n d lea seh o ld

B a n k C o . o f C le v e la n d , to th e A m e r ic a n S a v in g s B a n k C o .,

o b li g a t io n s ) .”

h as b e e n a p p r o v e d b y th e d ire c to rs.

T h e sto c k h o ld e r s w ill

o f th e N o r t h e r n C r o w n B a n k , 1 1 2 in n u m b e r , o f w h ic h 9 7

6 w ith re g ard to a m e n d in g th o a rtic le s

w ill r e m a in o p e n a n d w ill b e c o m e b r a n c h e s o f th e R o y a l

o f in c o rp o ra tio n in fu rth e ra n c e o f th e p ro p o se d c h a n g e , a n d

B a n k o f C a n a d a , g iv in g th e la tte r in s titu tio n 5 2 2 se p a ra te

ta k e a c tio n o n J u n e

th e n ow title w ill b e a d o p te d a fte r J u n e 1 6 1 9 1 8 .

•

o ffic e s .

U nder

th e

c o n s o lid a tio n

a ll

O h io

S ta te S u p e r in te n d e n t

of

B a n k s, P . C . B org,

a n n o u n c e d o n M a y 4 th a t th o a ffa irs o f th o d e fu n c t C o lu m ­
b u s S a v in g s &
ru a ry

A

of

T r u s t C o ., w h ic h clo se d its d oo rs in F e b ­

1 91 2 , h ave now been w ound u p .
of 1 %

A

fin a l d iv id e n d

w ill sh o r tly b e d istr ib u te d to th e d e p o sito rs,

m a k in g a to ta l re tu rn to th e m o f 6 8 . 7 5 %

b ra n c h e s

T h e c a p ita l o f th e e n la rg e d b a n k w ill b e 8 1 4 ,0 0 0 ,0 0 0 ;

it w ill h a v e a reserve fu n d o f 8 1 5 ,0 0 0 ,0 0 0 .
Tho

th e

T h e p a r v a lu e

o f th e sh ares w ill b e as h e re to fo re , 8 1 0 0 p er sh a r e .
o ffice rs o f th e R o y a l B a n k w ill b e u n c h a n g e d .
S.

H o lt

is P r e s id e n t,

E.

L.

P e a se

The

S ir H e r b e r t

is V ic e -P r e s id e n t a n d

M a n a g in g D ir e c to r a n d E . F . B . J o h n s o n , K . C . , S e c o n d
V ic e -P r e s id e n t.

o f th oir c la im s .

I n h is s ta te m e n t th o S u p e r in te n t o f B a n k s se ts fo r th th a t
T h e o p e n in g fo r b u sin e ss o f th e N e w

th e h e a v y loss to b o th d e m a n d a n d sa v in g s d ep o sito rs w a s
d u o la r g e ly to th e sh rin k a ge in re d u c in g th e a sse ts to liq u id

T ru st C om pan y of N ew

fo rm .

S t . , oc cu rre d o n M o n d a y , M a y 6 .

F o r e x a m p le , th e o ffice b u ild in g in w h ic h th e b a n k

w a s h o u se d w a s carried in th e a sse ts a t 8 1 ,0 5 0 ,0 0 0 , b u t w a s

d e p o sito r s.

fo r

J . H . T h a r p is P r e s id e n t.

L o sse s

on

bonds

and

se cu ritie s,

p rin c ip a lly th ro u g h th e sale o f th e sto c k
U rbana
Loans

&

W estern

and

d isc o u n ts

of

R a ilw a y ,

a m o u n te d

sh ow e d

loss

a

losses o n asse ts w ere 8 1 ,0 7 1 ,3 8 6 .

su sta in e d

The

&

T h e oc ca sio n w a s m a rk e d

in s titu tio n

has

a

c a p ita l

of

8 2 0 0 ,0 0 0 .

T h e d ire ctors in c lu d e P e te r P .

th e C o lu m b u s

G lu c k o f S h e p a rd & G lu c k , c o tto n b r o k e r s , N e w

to

L ie u te n a n t J o h n M . C a ff e r y , U . S . A . ; R o b e r t W e r k , m a n u ­

8 3 5 2 ,5 9 4 .
T o ta l

fa c tu r e r ,

N ew

T h o C o lu m b u s S a v in g s

S c h w in g

L um ber

of

Bank

b y th e p re s e n ta tio n o f s o u v e n ir p a ss b o o k s to all firs t d a y

so ld to th o D e p o s it o r s ’ R e a lt y C o m p a n y in J a n u a r y 1 9 1 4
8 6 3 3 ,3 5 0 .

L ib e r t y

O r le a n s , lo c a te d a t 2 2 9 B a ro n n e

8 2 0 9 ,5 2 6 .

O rlea n s;

le a n s ; J a m e s I I . T h a r p , P re s id e n t; A . P . C a n tr e lle , p la n te r

d e p o sits

and

T re a su r e r

to

d iv id e n d s w ill b e
a w a it

th e

d e p o site d

w ith

th e

S ta te

of

T e rre b o n n e

M anager

of

&

R a p id e s ,

D ib e r t

D o n n e r , L a .; A .

H ig h w a y

B.

S ta r k

C o m m is s io n ,

B u ie ,

A s s o c ia tio n , its n a m e b e in g c h a n g e d to th o fo rm e r in 1 9 0 1 .
A

S ta te

P re s id e n t o f

D uncan

P re s id e n t

s u m a g g r e g a tin g m o re th a n 8 1 2 ,0 0 0 re p re se n tin g u n c la im e d

th e

S c h w in g ,
O rle a n s;

& T r u s t C o . w a s fo u n d e d in 1 8 8 3 as th e C o lu m b u s S a v in g s
A t th e tim o o f th e failu re it h a d a c a p ita l o f 8 6 1 0 ,0 0 0 .

of

Sam uel P .

Com pany, N ew

O rlea n s;

H oum a,
&

L a .;

B row n

L.

N ew

W .

L um ber

O r­

G ilb e r t,

Com pany,

H u n d le y , c a p ita lis t, A le x a n d r ia ,

L a .;

a n d C h a rle s A . S m ith , p la n te r a n d b a n k e r , V a lv e r d a , L a .

rig h tfu l o w n e rs.

T h o o th e r o ffice rs se rv in g w ith P re s id e n t T h a r p are S te rlin g
A t th e a n n u a l m e e tin g o f th e M e r c a n t ile T r u s t C o m p a n y

A r m s t r o n g , C a s h ie r ; J o s . T . V illio , A s s is ta n t C a s h ie r .

o f S a n F r a n c is c o , J o sep h H y m a n w a s e le c te d a V ic e -P r e s id e n t
a n d J . C . B o v e y w a s m a d e A s s is ta n t S e c r e ta r y .

T h e fu ll

lis t o f o ffice rs e le c te d fo llo w s : H e n r y T . S c o t t , P re s id e n t;
John D . M c K e y , F . G . D ru m

a n d J o se p h H y m a n , V ic e ­

G eorge N .
Bank

of

F r a n c is c o ,

P r e s id e n ts ; W . F . B e r r y , S ec re ta ry a n d C a sh ie r ; O . E llin g -

L ow ry

h ou se,

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

F.

O.

C ooke

and

T h os.

M .

P a te r s o n ,

A s s is ta n t

to

O ’B r ie n , P re s id e n t o f th e A m e r ic a n N a tio n a l

San

th e in s titu tio n

a n n o u n c e s th e re tu rn o f
on

M ay

1,

in

th e

R u s s e ll

c a p t iv it y

of

M r . L o w r y , la te in 1 9 1 4 , se v e re d h is co n ­

S ecreta ries a n d A s s is ta n t C a sh ie rs; J . C . B o v e y , A s s is ta n t

n e c tio n w ith

S e c re ta ry ; R . M . S im s , T r u s t O ffic e r, a n d P a u l M c D o n a l d ,

D e p u t y G o v e r n o r o f th e F e d e ra l B a n k o f S a n F r a n c is c o .

A s s is ta n t T r u s t O ffic e r.




th e A m e r ic a n N a t io n a l, in ord er to b e c o m e

I n 1 9 1 5 M r . L o w r y le ft th e F e d e ra l R e s e r v e B a n k to b e c o m e
P re s id e n t o f th e F ir s t N a tio n a l B a n k o f O a k la n d .

2094

THE CHRONICLE
B y M e s s r s . M i l l o t t , R o e & H a g e n , B o s to n :

THE ENGLISH GOLD AND SILVER MARKETS.
We

re p rin t

th e

fo llo w in g

fr o m

th e

w e e k ly

circu lar

of

S a m u e l M o n t a g u & C o . o f L o n d o n , w r itte n u n d e r d a te o f
A p r il 2 5 1 9 1 8 :

GOLD.
The Bank o f England gold reserve against Its note issue shows a trifling
decreaso of £18,735, as compared with last week’s return.
SILVER.
The price has now reached a point at which silver costing a dollar per
fino ounce on the other sido o f the Atlantic can bo supplied to this market
at a reasonable profit (insurance, carriage, &c., included.) Unless some­
thing unexpected happens future movements o f the price are likely to”bo
on a very limited scale.
An important act of legislation has been passed by the U. S. Senato,
which, whilst demonstrating the cordial co-operation In finance between
the U. S. A. and Great Britain, relieves the strain of providing silver for
Indian coinage. Tho bill grants power to melt 350,000,000 silver dollars
about 271,000,000 fino ounces), and to dispose o f the bullion, to bo re­
placed by subsequent purchases. As information has been cables from
India that tho Indian Government has secured 150,000,000 ounces from
tho U. S. Government, a further 121,000,000 ounces aro available for such
purposes as the U. S. Government may decide.
Tho amount of 150,000,000 ounces is sufficient to provido 4,363 laes of
rupees, a sura which should bo adequate to meet currency demands for
sonm considerable time. It was announced in Parliament yesterday that
about 198,000,000 fine ounces had beon purchased for coinage between
February 1915 and Mar. 31 1918 (average price 39.03d.) Tho holdings of
silver by the Indian Treasury on Jan. 31 1915 was 3,030 lacs, and on
Mar. 31 1918 1,079 lacs— a reduction of 1,951 lacs. As 198 million ounces
o f silver can bo minted into 5,760 lacs o f rupees, tho net absorption in the
period mentioned was 7,711 lacs. Therefore, even at tho high rate of
absorption indicated, 150 million fino ounces of silver would suffice to
maintain tho silver holding at the same level for about 21 )5 months.
The Indian currency returns given below, show an increaso injtlio silver
holding of 215 lacs. By a new arrangement tho total on April 15 includes
silver in, or en route from the United States.
( I n la cs o f r u p e e s ) .
M a r . 31.
Notes in circulation_______ _______________ 9,979
Reserve in silver coin and bullion,...................1,079
Gold coin and bullion in India...........................2,685
Gold out o f India_______ ________ __________
67
Tho stock in Shanghai on tho 20th Inst, consisted of about 32,600,000
ounces in syceo and 14,700,000 dollars, as compared with about 32,250,000
ounces in sycee and 14,700,000 dollars on tho 13th Inst.
Quotations for bar silver per ounce standard:
April 19.................................. . 4 7 X d . Average_________________ 18.75d.__
' 20...........
48Md. Bank r a t e _____________________ 5%
' 22------------------------------- 49d!
Bar gold per ounce standard.77s. 9d.
23
.................... 49d.
24
............................................................
4 9 fixed
X d . for forward de­
No quotation
“ 2 5 - .................................. 4 9 X d . livery.
The quotation to-day for cash delivery is twopence above that fixed a
week ago.

ENGLISH FINANCIAL MARKETS—PER CABLE.
T h e d a ily c lo sin g q u o ta tio n s fo r se cu ritie s, & c ., a t L o n d o n ,
a s re p o rte d b y c a b le , h a v e b e e n as fo llo w s th e p a s t w e e k :
Lon d on ,
~~a y "11..
M
W eek ending M a y 17.
_
iS_
at.
Silver, p e r o z ..................d.■ 49)5
49)5
Consols, 2)5 percents.
. Holiday
British, 5 per cents__
British, 4 'A per cents______
“
French Rentes (in Paris)..fr.
French War Loan (in
Paris)______________ fr.
.

""a y 13. M a y -14.
- M
- -a y 15. M a y 16. M a y 17.
M
M on.
T u es.
W ed.
T h u rs.
F r i.
48 %
48)5
48)5
48)5
48)5
56 %
56)5
50 X
56)5
56)5
93 X
93)5
93 X
93)5
93)5
99)5
99 X
99)5
99)5 ■
99)5
58.75

58.75

58.75

87.65

87.65

88.70

59.00

T h e price o f silv e r iin N e w Y o r k o n th e sa m e d a y s h as been :

Silver In N. Y., per oz._.cts.i. 99)5

99)5

99)5

99)5

99)5

99)5

TRADE AND TRAFFIC MOVEMENTS.
A N T H R A C I T E C O A L S H I P M E N T S . — T h e sh ip m e n ts
o f a n th ra c ite c o a l fo r A p r il, as ro p orted to th o A n th r a c ite
B u r e a u o f In fo r m a tio n a t P h ila d e lp h ia , P a ., w ere 6 ,3 6 8 ,3 7 3
to n s , as a g a in st 5 ,5 9 2 ,2 9 9 to n s fo r th e sa m e m o n th la s t y e a r .
S h ip m e n ts fo r th e c a le n d a r y e a r to d a te a g g r e g a te 2 5 ,0 9 5 ,6 1 5
to n s , a s c o m p a re d w ith 2 3 ,7 0 0 ,5 3 1 to n s fo r th e c o rresp on d in g
p eriod in 1 9 1 7 .
T h e officia l re p o rt s a y s :

The shipments of anthracite In April 1918 amounted to 6,368,372 tons,
an increase of 776,074 tons, or almost 14%, over those o f tho corresponding
month o f last year.:- Despite several record-breaking months during tho
coal year ending March 31, and the romarkablo showing for tho entiro
year, the April 1918 shipments aro close to the high monthly average main­
tained during tho year.
T h e sh ip m e n ts b y th e v a rio u s carriers in A p r il 1 9 1 8 a n d
1 9 1 7 a n d fo r th e r e sp e c tiv e c a le n d a r y e a r s to d a te w ero
a s fo llo w s:
_
.
— —— April---------------------- J a n . 1 to April 30—
R oa d —

1918.
1917.
1918.
Philadelphia & Reading..tons. 1,2.33,512 1,004,028 4,612,691
Lehigh Valley
1,175,027 988,873 4,557,708
Central R It. of New Jersey------ 649,621
626,501 2,678,799
Delaware Lackawanna & West. 1,008,018 893,458 4,191,132
Delaware & Hudson................... 771,558 639,495.2,870,480
Pennsylvania.........................
448,374 433,314 1,885,859
?Trl^ ” A -7 -V -.—* f .................. 695,186
664,609 2,806,696
N \ Y :° .nt5 l0 * Western......... 185,650 145,179
734,044
Lehigh & New England------------ *201,432 *196,842
*758,206
Total ...............................

1917.
4,494,951
4,119,278
2,565,921
3,957,169
2,518,025
1,838,144
2,777,434
639,061
*790,548

6,368,373 5,592.299 25.095,615 23,700,531

♦After deducting (to avoid duplication) tonnage delivered to the Central
R R . o f Now Jersey at Hauto by tho Lehigh <fe New England R R ., and in­
cluded as part of the tonnage of tho latter. This amounted to 120,735 tons
in April 1918 (against 101,378 tons in April 1917) and to 475,360 tons for
tho four months ending April 30 1918, against 340,794 tons for tho four
months ending April 30 1917.

Com m ercial antlJH is cel Lmc ous gtews
Auction Sales.—

o th e r se cu ritie s, th e fo llo w in g
not usually dealt in at the Stock Exchange, w ero re c e n tly sold
a t a u c tio n in N e w Y o r k , B o s to n a n d P h ila d elD h ic.

A m ong

B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
Slocks.
Per cent. Shares. Stocks.

Shares.

Per cent.

5 Bruns.-Balkc-uoliendcr, pref.. 96
25 Metropolitan Trust________ 306)5
0 So. Bethlehem Brew., pref.$4 porsh.
100 Queens County Water.......... . 103
$ 0 Interborough-Met. Co. com.
100 Manhattan Bridge Threc-Ccnt
stock scrip, v. t. c _ .......... $4 ) 4
Line, v. t. c __ ____ _____ 80
10 Bklyn. Academy of Music___ 10)4
600 Bay State Gas............ ......... $28
B on ds.
Per cent.
3 Amer. Light & Trac., common. 194)4 $5,000 QueensCo.WatcrCo.5s, 1940'89%




[Vol. 106

$ per sh .
Shares.
Stocks.
$ per sh . Shares. Slocks.
18 Waltham Watch, pref.... ............ 80
55 Nat. Sliawmut Bank.................193
5 Mass. F. & Marine Insurance.. 126
27 Hamilton Woolen------------------ 95
12 Gray & Davis, Inc., pref____90
10 U. S. Worsted, 1st pref............. 90
5 Avery Chcm., pref. cl. A, ex-dlv. 80
5 Bausch Mach. Tool, pref..........45
5 Sullivan Machinery............. ..132
8 Waltham Watch, common........16)5
B y M e s s r s . R . L . D a y & C o . , B o s to n :

S per sh.
Slocks.
3 per sh. Shares. Stocks.
5 Waltham Watch, pref., dlv. on 80
32 Nat. Shawmut Bank------------- 193)4
100 Gray&Davls, Inc..corn.,$25ea. 18
15 First Nat. Bank, Boston........ 410
2 Essex Co., $50 each,ex-dlv___185)4
7 Merchants Trust, Lawrence__ 150
30 Rivert Latho & Grinder,
10 LudlowMfg. Associates, ex-dlv.130
common_____________ 60)4-61
10 Merrimack Mfg., common-----75
2 Quincy Mkt. C. S. & W., com.142
101 Everett Mills______________ 130)4
4 Lancaster Mills-------------------- 9554 50 Waltham Watch, common___ 16)4
4 Pacific Mills............................ 142)4 is Gillette Safety Razor, ex-dlv.. 88)4
2 Draper Corporation................112)4
20 Boot Mills, preferred-------------100)1
6 Merrimack Chemical, $50 each 9 7 X 25 Hood Rubber, common...........128)4
2 Plymouth Cordage....... ...........205
5 Nashawena M1113— ................115)4
3 Lawrence Gas____ ____ ____ 111
11 Sullivan Machinery------ --------130)5
10 Waltham Grinding Wheel, com.100

Shares.

B y M e s s r s . B a rn e s & L o f la n d , P h ila d e lp h ia :

$ per sh .
Stocks.
$ per sh . Shares. Slocks.
100 PoolcyFurniture, $50each. S105 lot
130
10 North Penn Bank...........
90 Pioneer Smoke Indicator, $50
15 Contlncntal-Eqult. Trust, S50
each_____ ____ _______ SI lot
each___________________ 85
58 Farmers’ &Meehan. Nat. Bk. 165
8 Phlla. Bourse, com., S50 each 5)4
25 Kensington Nat.Bk., SSOea.IOO
1 Standard Oil Co., N. Y........ 267
40 Market St. Nat.Bank______ 180
3 Phlla. Bourse, pref.,$25 each 19
5 Quaker City Nat.Bank____ 128
37 Kimberly Cons. Mines, $1 ea. 10c.
2 Miners’ Nat. Bank, Potts40 West End Cons. Mining, $5
vllle, $50 each___________ 88
each_________________ $25 lot
1 Franklin Trust____ _______ 152)4
2 National Transit, $50 ea..$25 lot
15 Liberty Title & Tr., $50 ea.. 103
52 Caddo OH & Rofg. of La----- 7)4
9 Fire Assn, of Phlla., $50
200 Tecopa Cons. Mg., $1 ea.-Sll lot
each_______________ 304-304)4
115 Amer. Pipe & Construction..4-4)4
5 Independence F. I. Security,
63 Atlantic City Co......... .......$11 lot
$25 each...................
21
2,720 Grecnwater Copper Mines &
15 Mfrs.’ Casualty Insurance.. 15
Smelter. $5 each.......... $28 lot
1 J. B. Stetson, common........315
17 Giant Port. Cement, S50 ea. 1)4
12 United Gas & Elec., 1st pref. 40)4
68 Edison P. Cement, $50 ca\$26 lot
15 Virginian Power, common.. 10
30 Edison P. Cem., pf., $50 ea/
Chicago Ry. Co. partlc. ctfs.
10 Auto Manufacturing----------$3 lot
for 25 equal parts........... -S3 lot
25 Maurco Tobacco, $10 each.$20 lot
B on ds.
Per cent.
520 Ohio Tono. Mg., partlc. ctf.S4 lot
100 Goldfield Bclm. Mg., $1 ca.l$2 lot S2.000 Phlla , city, 3)4s, 1934___ 88)4
1.000 Helena Gas & El. 1st 6s, 1931 74)4
$25 Giant Port Cement,scripctf.)
400 Ohio Tonopah Mg., $1 each.$3 lot 2.000 WIlkes-B.Sch. Dlst.4J4s,’31 99
500 Salt Lake & Og. 1st 5s, 1934 85
500 Calorls Mfg., $25 each........$12 lot
1.000 PIttston Sch. Dlst. 4J4s,’29. 99)4
600 U. S. Pneu. Horse Collar,
$1 each ...------ ------------- $2 lot 3.000 Lancaster Water Filtration
1st 6s, 1935___________ 100
3 American Cement, $50 each.$2 lot
1.000 Boro, of Dunmore gen. 4)4s,
10 Anaconda Sonora Copper,
1930 .........................
99
$10 each.......................... .$! lot
Shares.

Canadian Bank Clearings.— T h e e loarin gs fo r th o w e e k
e n d in g M a y 9 a t C a n a d ia n c itie s , in c o m p a ris o n w ith tho
s a m e w e e k in 1 9 1 7 s h o w a d ecreaso in th o a g g r e g a te o f 4 . 6 % .
W eek ending M a y

9.

Clearings at —

1918.
Canada—
Montreal______________
Toronto............................
W innipeg........................
Vancouver____________
Ottawa_______________
Calgary............................
Victoria_______________
Quebec____________ ___
Hamilton_____________
Edm onton____________
H alifax.......... ................
St. Joh n ..........................
London_______________
Regina........ .....................
Saskatoon_____________
Mooso Jaw____________
Lethbridge......................
Brandon ______________
Brantford......... ...............
Fort William____ _____
New Westminster______
Medicine Hat__________
Peterborough............ .....
Sherbrooke____________
Kitchener__ :__________

I n c . or
D e c.

S
$
%
,370,152 95,552.082 —3.3 76,519,044 47,334,031
,827,857 02,495,883 + 10.1 53,388,235 37,547,258
,381,055 64,305,682 —37.2 35,204,931 21,957,077
,115,852 7,582,207 + 33.4 5,923,230 5,821,760
,956,399 6,349,533 + 9.6 5,032,349 3,559,781
,148,945 6,538,140 — 6.0 4,230,912 2,057,321
,986,485 1,769,685 + 12.3 1,622,282 1,589,054
054,322 4,790,577 —3.0 4,020,830 1,820,279
,216,159 4,441,288 + 17.5 3,366,902 2,853,686
,520,896 2,926,102 + 20.3 2,165,173 1,814,383
,408,981 2,873,049 + 55.5 2,300,062 1,938,828
1,805,768 1,561,914
,437,793 2,196,626 + 11.0
,616,114 2,248,950 + 16.4 2,331,439 1,812,877
433,819 2,852,932 + 20.4 1,891,080 1,340,100
772.304
,684,403 1,733,290 — 2.8 1,071,971
897,972
569,501
,354,421 1,100,828 + 23.0
4S0.190
290.305
769,998 + 18.3
910,931
477,854
496,308 + 6.0
471,961
526,577
430,013
821,798 + 19.6
645;507
982,865
418,196
938,204
405,001
530,273 + 77.0
273,155 + 74.0
208,037
283,407
475.603
331,281
209,897
661,070 —29.5
466,451
550,761
354,158
708,266
077,137 + 13.4
509,848
782,949 + 14.4
895,302
548,046
758,522
736,455 + 3.0

Total Canada............. 202,896,434 275,512,003

4.0 206,228,014 137,021,250

National Banks.— T h o fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is fr o m th e office o f th o C o m p tr o lle r o f th e
C u r r o n c y , T r e a s u r y D e p a r tm e n t:
.
APPLICATIONS FOR CH ARTER.
For organization of national banks:
Tho First National Hank of Cutler, Cal.
Capital_________
Tho First National Bank of Hastings, Pa.
Capital_________
Tho Liberty National Bank of Oklahoma City, Okla. Capital
Tho First National Bank of Magna, Utah. Capital________
Tho First National Bank of Arcadia, Cal.
Capital_________
Tho First National Bank of Montoroy Park, Cal. Capital__
Exchange National Bank of Duncan, Okla. Capital-----------Tho First National Bank of Atascadero, Cal. Capital--------Tho Seymour National Bank, Seymour, Iowa. Capital-----To succeed tho Bank of Seymour.
First National Bank of Ralls, Toxas. Capital---------------------To succeed tho private bank of W . E. McLaughlin Ralls.
Tho Farmers & Merchants National Bank of Calipatrla, Cal.
Capital__________________________________________________
To succeed tho American Stato Bank of Calipatrla.
For conversion of State banks:
Tho Lambert National Bank, Lambert, Mont. Capital____
Conversion of the First Stato Bank of Lambert.
National Central Bank of Baltimore, Md. Capital-----------Conversion of tho German Bank of Baltimoro City.
Tho Interstate National Bank of Ilelona, Ark. Capital--------Conversion of the Interstate Banking & Trust Co. of Ilolona.

$2.5,000
.50,000
250,000
25,000
25,000
25,000
50,000
25,000
50,000
60,000
25,000
25,000
400,000
200,000

Total capital____________________________________________ $1,235,000
CHARTERS ISSUED.
Original organizations:
Tho Calera National Bank, Calera, Okla. Capital---------------$25,000
Tho American National Bank of Valliant, Okla. Capital-----25,000
Conversions of Stato banks:
Tho First National Bank of Bancroft, Idaho. Capital--------25,000
Conversion of tho Bancroft Stato Bank, Bancroft.
Tho First National Bankof Ilober Springs,Ark. Capital-------25,000
Conversion of the Bank of Hobor Springs.
Total capital__________________________________________ $100,000
INCREASES OF CAPITAL APPROVED.
The First National Bank of Fairmont, Minnesota. Capital
Increased from $50,000 to $100,000. Amount..............................
$50,000

M ay 18 1918.]

THE CHRONICLE
DIVIDENDS.

Tho following shows all the dividends announced for the
future by large or important corporations.

Dividends announced this week are -printed in italics.
N a m e o f C om i

P er
W h en
Cent. Payable.

Railroads (Steam).
Ateh. Topeka & Santa Fe, com. (quar.).
Boston A Albany (quar.)
Canadian Pacific, com. (quar.) (No.88)
Chestnut Hill (quar.)...
Cleveland & Pittsburgh, reg. guar, (qu.)
Special guaranteed (quar.)

Books C losed.
D a ys In clu sive.

IK
2K
2K
75c.
87 Kc
50c
Cripple Creek Cent.,com.(qu.)(No.34).
IK
Preferred (quar.) (No. 50)____
1
Illinois Central (quar.) (No. 130).
IK
Norfolk A Western, common (qua
IK
Norfolk & Western, adj. pref. (quar.)__
1
N orth P ennsylvania (q u a r.) .....
SI
Pennsylvania (quar.). . ................
75o.
Phila. Germantown & Norristown (qu.) SI.50
Pittsburgh Bessemer P Lake Erie, pref. S1.5C
Plttsburgh A West Virginia, pref. (qu.).
IK
Plttsb. Y oungstow n A A sh ta b ., -pref. (qu.)
IK
Reading Company, 1st pref. (quar.)___
50c.
Reading C om pany, 2d p ref. (quar. ) .
50c.
Southern Pacific Co. (quar.) (No. 47)..
IK
Unlon Pacific, common (quar.)___
2K

June
Juno
June
Juno
June
June
June
June
Juno
June
May
May
May
Juno
Juno
June
Juno
June
July
July
July

1
29
29
4
1
1
1
1
1
19
18
25
31

IK
K
K
K
/K
SI.50
2
IK
2K
IK
75c.
IK
1
3
♦IK
♦IK
IK

June
June
June
July
July
May
June
Juno
Juno
June
Juno
Juno
Juno
June
Juno
Juno
June

1 Holders
1 Holders
1 Holders
1 Holders
1 Holders
16 Holders
1 Holders
1 Holders
15 Holders
29 Holders
1 ♦Holders
1 Holders
1 Holders
1 Holders
15 ♦Holders
15 ♦Holders
1 Holders

Street & Electric Railways.
Cent. Arkansas Ry. A Lt., pref. (qu.)..
Cities Service, com. A pref. (monthly)..
Common (payable In common stock).
Cities Service, com . A p ref. (m onthly )__
Com m on (payable in com m on stock ) __
Citizens' T raction, Pittsburgh ________
Detroit United Ry (quar.) (No. 56)..

Eastern W iscon sin E lec. C o., p ref. (q u .).
E l Paso E lectric C o., com . (q u a r .)(N o . 28)
M anha ttan Bridge Three-Cent L in e (quar.)

Norfolk Railway A Light_______

N orthern Ohio E lec. C orp ., p ref. ( q u a r .)..
N orthern T exas E lec. C o., com . ( q u a r .)..

Pensacola Electric Co., pref. (No. 20)-W esl P enn R ys., p ref. (quar.) (N o . 4)----W est P enn T rue. A W ater P ow ., p f. (qu.)
W is c o n sin -M ln n . L . A
p ref. (quar.)

Miscellaneous.

A cceptan ce Corporation (q u a r .) ______
A cm e Tea, 1st p ref. (q u a r .) --- ----

4

1
1
1
13
11
1
1

Holders of reo May 3o
Holders of rec, May 31a
Holders of reo, Juno la
May 21 to June 3
Holders of reo. May 10a
Holders of reo, May 10a
Holders of reo May 15a
Holders of reo May 15a
Holders of rec May 3a
Holders of rec , May 31a
Holders of rec April 30a
May 16 to May 10
Holders of rec , May la
May 21 to June 3
Holders of rec . May 15
Holders of rec . May 15a
Holders of rec , May 20
Holders of reo . May 28a
♦Holders of rec , Juno 25a
Holders of reo, May 31a
Holders of reo, June la
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
reo.
rec.
rec.
rec.
reo.
rec.
roc.
rec.

Carbon Steel 2d pref. (annual)...
Carwen Steel T o o l.....................
Corro de Pasco Copper (quar.) (No. 10).
Extra............................... ........
Chesebrough M anufacturin g (quar.)

E x t r a _____ _________ ___
Consolidated Arizona Smelting (quar,)..
Consolidated Gas (quar.)............
Continental Motors, com. (quar.)_____
C ontinental Oil (q u a r.) --- ---Copper Range Co. (quar.) (No. 46)___
Cosden & Co., preferred (quar.).........
Crescent PIpo Lino (quar.)--------- ------Crex Carpet..........................................
C ru cib le Steel, p ref. (quar.) (N o . 63)___
Cudahy Packing, com m on (g u a r .) .....
Cu ban-A m erican Sugar, com m on _____
Preferred (quar. ) . . . .... ..... ..
Deere A Co , preferred (quar.)_______
Diamond Match (quar.).............. .........
Distillers Securities (quar.)..................
Extra........ .................................... .
Dominion Glass, Ltd., com. (No. 1)___
D om in ion T extile, L td ., com mon ( q u a r ,)..
du Pont ( E . I . ) de N em ours A C o., c o m ..

Eastern Steel, common (quar.).............
First and second pref. (quar.)______
Eastmin Kodak, common (quar.)_____
Common (extra).................... ...........
Preferred (quar.)------ ------------------Eastman Kodak, common (extra).........
Electric Investment, pref. (quar.)------

Fairbanks, M orse A C o., p ref. ( q u a r . ) . . .
Federal M in in g A Smelting, p f. ( q u a r .)..
Federal U tilities, I n c ., p referred . .... .

Foundation Co., common— .................
General Asphalt, pref. (quar.) (No. 44).
General Chemical, common (quar.)----General Cigar, Inc., pref. (quar.)-------General Development (quar.)....... .......
Gillette Safety Razor (quar.).................
Extra___________________________
Qlobe Oil (m on th ly) .......... -....
Goodrich (B. F.) Co., common (quar.).
Goodrich (B. F.) Co., pref. (quar.)----Great N orthern P a p er .............
Greene Cananoa Copper (quar.)-------Gulf States Steel, com. (In com. stock)..
Ilarblson-Walker Refract., com. (qu.).
Com m on (extra ) ... .......... .
Preferred (quar.)_________ _______
Hart, Schaffncr A Marx, Inc., com. (qu.
nartman Corporation (quar.)...............
Hercules Powder, com. (Red Cross dlv.)
Preferred (q u a r.) .. ........ ...
Hoywood Bros. A Wakefield, common..
Com. (oxtra pay, In Liberty L’n bds.)
Homcstako Mining (rnthly.) (No. 525).
lllin o is P ip e L in e. .............. .
Independent Brewing, Plttsb., com . (q u .).

Preferred (q u a r.) ___
Inland Steel (quar.)___ . . . . . . . .
International Cotton Mills, common...
Preferred (quar.)..............................




15a
15a
15a
15a
15a
10
16a
20
5a
20
15a
20a
16a
15a
1
1
20

May 15
May 14
Juno 1 ♦Holders of rec. May 20
June 15a
May 15a
May 15a
Mayd31a
June 29
June 2
May 20
June la
June la
June la
Aug. 15a
June 30
May 15
May 15
May 11a
May 11a
May 20a
May 10
June 15a
June 15a
May 20
May 20
May 20a
May 31
15 Juno 10 Holders of rec. May 31
Juno 15 ♦Holders of reo. May 31
♦SI
*1K July 1 ♦Holders of rec. June 15
♦75c. Juno 15 ♦Holders of rec. May 31
*75c. Juno 15 'Holders of roc. May 31
6
July 30 Holders of rec.’ July 26a
50o. Juno 10 June 2
to
Juno 9
$1
June 1 Holders of rec. May 20a
25c. Jtino 1 Holders of rec. May 20a
*3 June 20 ♦Holders of rec. Juno 1
*50c. Juno 20 ♦Holders of rec. June 1
5c. Juno 1 Holders of rec. May 17a
IK June
Holders of rec. May 9a
IK May 25 May 19 to May 26
♦3
June 17 ♦Holders of rec. May 17
SI.50 Juno 15 Holders of rec. May 22
8K c Juno 1 May 19 to May 31
75c June 15 May 24 to June 16
3
Juno 15 Holders of reo. May 31a
IK Juno 29 Holders of rec. June 15
♦IK Juno 15 ♦Holders of rec. Juno 5
2K July 1 Holders of rec. Juno 15
IK July 1 Holders of reo. June 15a
IK Juno 1 Holders of reo. May 15a
2
June 15 Holders of reo. May 31a
K July 18 Holders of rec. July 2a
IK July 18 Holders of rec. July 2a
1
July 1 Holders of reo. Juno 15
2
July 2 Holders of roc. Juno 15
♦15
May 18 ♦Holders of roc. May 8
2K July 15 Holders of reo. July 1
IK June 15 Holders of rec. Juno 1
2K July 1 Holders of reo. May 31a
7K June 1 Holders of reo. April 30a
IK July 1 Holders of rec. May 31a
10
Aug. 1 Holders of rec. June 29a
IK [May 22 Holders of reo. May 11
*1K June 1 ♦Holders of rec. May 21
IK Juno 15 Holders of rec. May 25
IK June 1 Holders of rec. May 15
$1
June 15 Holders of rec. Juno la
IK June 1 Holders of roc. May 23a
2
Juno 1 Holders of reo. May 22a
IK Juno 1 Holders of reo. May 24a
Si
June 1 Holders of rec. May 15a
$1 75 June 1 Holders of reo. May 1
SI June 1 Holders of rec. May 25
15c. Juno 10 Holders of reo. May 25
1
Aug. 15 Holders of rec. Aug. 2a
IK July 1 Holders of rec. Juno 21a
IK June 1 Holders of rec. May 25a
May 27 Holders of reo. May 10a
2
[2 5
Juno 3 Holders of reo. May 15a
IK Juno 1 Holders of rec. May 20a
6
June 5 Holders of rec. May 23
IK July 20 Holders of roc. July 10a
May 3! Holders of rec. May 20a
1
IK Juno 1 Holders of reo. May 20a
1 May 21 May 14 to
May 21
6 to
May 15
IK May 15 May
St June 1 Holders of reo. May 17a
<5 Juno 1 Holders of reo. May 17a
50c. May 25 Holders of rec. May 20a
Juno 29 ♦Holders of rec. May 31
*8
25c. Juno 15 June
1 to
Juno 14
May 30
87Kc May il May 22 to
Juno 1 Holders of reo. May 10a
2
Juno I Holders of rec. May 16
SI
IK Juno 1 Holders of reo. May 16
IK
*1K

American Beet Sugar, pref. (quar.)___
IK July 1 Holders of rec.
Juno 1 Holders of rec.
American Cotton Oil, common (quar.)..
1
Juno 1 Holders of rec.
Preferred....................... ..........
3
American Express (quar.)______
IK July 1 Holders of rec.
American Radiator, common (quar.).. 3
June 29 Juno 21 to
Amer. Smelt. & Refg., com. (quar.)___
IK Juuo 15 May 25 to
Preferred (quar.)______________
IK June i May 11 to
A m er. Sugar R efining, cc m .(q u r .)(N o . 107) P1K July 2 Iloldors of rec.
Com m on (ex tr a ) ... ....... .
mK July 2 Holders of rec.
Preferred (q u a r ) (N o . 106) . . . . ____ p l K July 2 Holders of rec.
Amer. 8umatra Tobacco, pref..............
3K aept. 2 Holders of reo.
12Kc. July 1 May 15 to
American Thread, preferred_____
Juno 1 Holders of reo.
05
Amer. Tobacco, common (quar.).
$2 May 27 April 21 to
Anaconda Copper Mining (quar.)_____
Associated Dry Goods, 1st pref...
IK June 1 Holders of reo.
Second preferred................... .
IK Juno 1 Holders of reo.
Juno 15 Holders of rec.
5
A tla n tic R efinin g (q u a r .) -----1
MayrflS Holders of rec.
Atlas Powder, com. (Red Cross d lv .)...
Bethlehem Steel, common (quar.)
2K July 1 Holders of rec.
Common, Class B (quar.)____
2K July 1 Holders of rec.
May 21 May 10 to
British Columbia Packers’ Association.. 5
British Columbia Fishing & Packing___
2K May 21 May 10 to
Brown Shoo, Inc., common (quar.)___
IK June 1 Holders of rec.
Buckeye Pipe Line (quar.)___ _ ____
$2 Juno 15 Holders or reo.
Burns B ros., com A exlra, pay. In L .L .b d s.)
C alifornia Packing C orp ., com . ( q u a r . ) . . .
Preferred (q u a r.) ____ ______
Cambria Steel (q u a r.) _________
E x t r a ... ..............

May
May
May
Juno
June
May
May
May
June
June
May
May
May
May
June
June
May

N a m e o f C om pany.

2095 ^
W h en
Payable

Books Closed.
D a ys In clu sive.

Miscellaneous (Concluded).
Int. Harvester Corp., pref. (qu.)(No.21)
IK June 1 Holders of rec. May 10
Int. Harvester of N.J.,pref.(qu.)(No.45)
IK June 1 Holders of rec. May 10
SI June 1 Holders of rec. May 15a
International Nickel, com. (quar.)........
IK July 1 Holders of rec. June 2Pa
Jewel Tea, Inc., pref. (quar.)___ _______
Kerr Lake Mines, Ltd. (quar.)(No. 3 ).. 25c. Juno 15 Holders of rec. June la
Kings Co. El. Lt. & Pow. (qu.)(No.73). 2
June 1 Holders of rec. May 21a
Lake of the Woods Mill.,Ltd.,com.(qu.) 2K June 1 Holders of rec. May 25
Preferred (quar.)_______ __________
IK June 1 Holders of rec. May 25
Lanslon Monotype Mach, (quar.) (No. 31) nl K May 31 Holders of rec. May 21a
Lehigh Coal A Navigation (quar.)........ $1 May 31 Holders of rec. April 30
Liggett A Myers Tobacco, com. (quar.). 3
June 1 Holders of rec. May 15a
5
May 31 Holders of reo. May la
Lindsay Light, common (quar.)____
Common (extra)_________ ________
5
May 31 Holders of rec. May la
Preferred (quar.)______________
IK
May 31 Holders of rec. May la
Mahoning Investment_______________
3
June 1 Holders of rec. May 23
Manatl Sugar, com. (quar.)_______
2K
June 1 Holders of rec. May 15
Manhattan Shirt, common (quar.)____
1
June 1 Holders of rec. May 18a
Marconi Wireless Tel. of Amer.(No. 2). 25c. Aug. 1 July 16 to Aug. 1
Massachusetts Gas Cos., pref_______
2
June 1 May 16 to May 31
Maxwell Motor, Inc., 1st pref. (quar.).. fclK July 1 Holders of rec. June 14a
May Department Stores, com. (quar.).- IK June 1 Holders of rec. May 15a
Mexican Petroleum, common (quar.)____ *r2
July 10 ♦Holders of rec. June 15
Preferred (quar.)__________________ *2
July i ♦Holders of rec. June 15
MidrConllncnl Cons.Oil A Util. Corp.(qu.) *30c. June 1 ♦Holders of rec May 15
Middle West Utilities, pref. (quar.). . . . o IK June 1 Holders of rec. May 20a
Minnesota Sugar, common (quar.)___ _
*2K June 1 ♦Holders of rec. May 15
Preferred (quar.)__________ ______ *1K June 1 ♦Holders of rec. May 15
IK
June 1 Holders of rec. May 18a
Moline Plow, first preferred (quar.)__
Montreal Cottons, Ltd., com.(quar.)_____
1
June 15 Holders of rec. May 31
Preferred (quar.)_______________
IK
June 15 Holders of rec. May 31
National Acme (quar.)_________ ____
75c June 1 Holders of rec. May 15a
National Biscuit, com. (quar.)(No. 80). IK July 15 Holders of rec. June 29a
Preferred (quar.) (No. 81)............
IK
May 31 Holders of rec. May 18a
National Cloak A Suit, com. (qu.) (No. 6) IK July 15 Holders of rec. July 8a
Preferred (quar.) (No. 16)________
IK
June 1 Holders of rec. May 21a
June 30 June 20 to June 30
National Grocer, common (quar.).......... 2
Preferred............. ........ .....................
3
June 30 June 20 to June 30
National Lead, pref. (quar.)............
IK
June 15 Holders of rec. May 24a
National Sugar Refining (quar.).. .....
IK
July 2 Holders of rec. June 10
Nebraska Power, pref. (quar.)_______
IK
June 1 Holders of rec. May 211
New River Co., pref. (quar.)______
IK
May 29 Holders of rec. May 18a
Niagara Falls Power (quar.)_______
2
July 1 Holders of rec. June 15a
Niles-Bement-Pond, com. (qu.) (No. 64) 3
June 20 Holders of rec. June 3a
IK
May 20 Holders of rec. May 9a
Preferred (quar.) (No. 75)______
Ogilvie Flour Mills, Ltd., pref. (quar.)... IK June 1 Holders of rec. May 22
Ohio Cities Gas. com. (quar.)............ . SI.25 June 1 Holders of rec. May 17a
Ohio Fuel Oil (quar.)_____________
50c.May May 25
21 to May 26
Ohio Oil (quar.)......... ............................ *S1.25 June 20 ♦May 23 to June 16
E xtra _____________ _____ _____ _ *$4.75 June 20 ♦May 23 to June 16
50c.
June 15 Holders of rec. Juno 1
Pacific Mail Steamship, common____
Common (extra).................. ................
SI June 15 Holders of rec. June 1
Paclflo Mall SS., preferred (quar.)........
IK June
Holders of rec. May 17a
Pan-Amer. Petrol. A Transp., com. (qu.)* r$1.25 July 10 ♦Holders of rec. June 15
Preferred (quar.)_________________ _
IK July
♦Holders of rec. June 15
Pennsylvania Lighting, common............. . *1K May 31 ♦Holders of rec. May 211
Philadelphia Electric (quar.)................ . *43 Kc June 15 ♦Holders of rec. May 22a
KJune 15 Holders of rce. June la
Pittsburgh Brewing, common____________
Preferred (quar.)_________ _______ _
IK May 31 Holders of rec. May 20a
Pittsburgh Steel, pref. (quar.)______
IK
June
Holders of reo. May 15a
Porto Rlcan-Amer. Tobacco (quar.)__ g3
June
Holders of rec. May 15a
Pratt A Whitney, pref. (qu.) (No. 69)..
IK May 20 Holders of rec. May 9a
Pressed Steel Car, com. (qu.) (No. 13)..
IK June
Holders of rec. May 15a
IK
May 28 Holders of rec. May 7a
Preferred (quar.) (No. 77)............
Quaker Oats, preferred (quar.)........
IK
May 31 Holders of reo. May la
Quaker Oats, common (quar.)____ ____
*3
July 15 ♦Holders of rec. July la
*1
July 15 ♦Holders of rec. July la
Common (extra)______________
Preferred (quar.)_____________ *1K
Aug. 31 ♦Holders of rec. Aug. la
Republic Iron A Steel, com. (qu.) (No.7 ).
IK Aug.
Holders of rec. July 20a
Preferred (quar.) (No. 59)___________
IK July
Holders of rec. June 18a
Riverside Eastern Oil, common (quar.). 3Kc May 25 Holders of reo. April 30a
Riverside Western Oil, com. (quar.)... 37Kc May 25 Holders of rec. April 30a
Royal Dutch Co____________________ $2.40 May 31 Holders of rec. May 21a
St. Joseph Lead (quar.)_____________ *50c. June 20 June 9 to June 20
IK
June 15 Holders of rec. May 31a
Savage Arms Corp., common (quar.)_
First pref. (quar.)........... .................
IK June 15 Holders of rec. May 31
Second preferred (quar.)........... ........
IK June 15 Holders of rec. May 31
8hattuck Arizona Copper Co................
25o. July 20 Holders of rec. June 29a
Extra........................................ ........
25c. July 20 Holders of reo. June 29a
Solar Refining_________ _____ ______
5
June 20 June 1 to June 20
Southern Pipe Line (quar.)..............
6
June
Holders of rec. May 15
1
May 31 Holders of rec. May 21a
Standard Milling, common (quar.).......
Common (payable In common stock). /1
May 31 Holders of rec. May 21a
Preferred (quar.) (No. 34)............
IK
May 31 Holders of rec. May 21a
July
Standard Oil Cloth, common (quar.)____ *1
♦Holders of rec. June 15
Preferred Class A and B (quar.)______ *1K July
♦Holders of rec. June 15
Standard OH (Calif.) (quar.) (No. 38).. 2K June 15 Holders of rec. May 15
3
May 31 May 7 to May 31
Standard Oil (Indiana) (quar.).............
Extra...................
3
May 31 May 7 to May 31
Standard Oil (Kansas) (qu.) (No. 46)..
3 June 15 June 1 to June 16
Extra____________
3
June 15 June 1 to June 16
Standard Oil (Nebraska)............................*10
June 20 ♦Holders of rec. May 20
Standard Oil of New Jersey (quar.)_____ *5
June 1 ♦Holders of rec. May 20
Standard Oil of N. Y. (quar.)..............
3
June 15 May 21 to May 30
*3
July
Standard Oil (Ohio) (quar.)...................
♦June 1 to June 19
Extra ...............
*1
July
♦June 1 to June 19
Steel Products, pref. (quar.)__________
IK June Holders of rec. May 15
Studebaker Corporation, common (qu.)
1 June
Holders of rec. May 20a
Preferred (quar.).................................
IK
June Holders of rec. May 20a
Swift A Co. (quar.) (No. 129)..............
2
July
May 19 to dJune 30
Special (payable in stock) (No. 130). . . e25 July 15 May 19 to June 30
Symington (T. II.) Co., preferred (quar.).
2
May 15
Pref. (extra account accum. dies.) ____ h2
May 15
Underwood Typewriter, common (qu.).
IK July 1 Holders of rec. June 15a
Preferred (quar.)________________
IK July1Holders of rec. June 15a
Union Stock Yards, Omaha (quar.)_______
IK June1 May 22 to May 31
United Cigar Stores of Am., pref. (qu.)_
IK June 15 Holders of rec. May 31a
United Drug, 2d pref. (qu ) (No. 9)_____
IK June1 Holders of rec. May 15a
United Paperboard, pref. (quar.)________
IK July15 Holders of rec. July la
United Profit-Sharing.............................. lK c. June1 Holders of rec. May 10a
Extra...................................................
lK c.
June1Holders of rec. May 10a
U. S. Gypsum, preferred (quar.)________
IK June30 June 21 to June 30
U. S. Industrial Alcohol, com. (quar.)__ *4
June 14 ♦Holders of rec. May 28
U. S. Steel Corp., common (quar.)____
1K June 29 June 1 to June 3
Common (extra)___________
3
June 29 June 1 to June 3
May 7
Preferred (quar.) ............................
IK May29
Waltham Watch, preferred____________ *3
June 1 Holders of rec. May 20
Wayland Oil A Gas. common (quar.)..
10c. June II Holders of rec. June 1
Western Grocer, common..............
4
June 30 June 20 to June 30
Preferred.......................................
3
June 30 June 20 to June 30
W’house,Church,KerrACo.,Inc., com.(qu) *1K June 10 ♦Holders of rec. June 1
Preferred (quar.)._____ ___________
*1K June 10 ♦Holders of rec. June 1
Weymnn-Bruton Co., common...............f20
Oct. 1 Holders of reo. Sept. 16a
White (J. G.) A Co., Inc., pref. (quar.).
IK June 1 Holders of rec. May 15
White (J. O.) Engineering, pref. (quar.)
IK June 1 Holders of rec. May 15
White (J. G.) Management, pref. (qu.).
IK June 1 Holders of rec. May 15
Whlto Motor (quar.)______________
$1
June 29 Holders of rec. June 15a
Woods Manufacturing, common (quar.)
IK June 1 Holders of rec. May 29
Woolworfh (F W.). com. (qil.MNo. 24)
2
June 1 May 2 to May 15
Woolworth (F. W.) Co., pref. (quar.)__ IK Juy 1 Holders of rec. June 10a
• From unofficial sources, a Transfer books not closed for this dividend. 6 Less
British Income tax. d Correction. « Payable In stock. / Payable In common
stock, g Payable In scrip, h On account of accumulated dividends, t Payable In
Liberty Loan bonds, k Payable In first preferred 6% dividend certificates due
July 1 1920. (R ed Cross dividend, m Declared four extra dividends payable
K % as above, K % 'Oct. 2 to holders of record Sept. 3, K % Jan. 2 1919 to holders
of record Dec. 2 1918, and K % payable April 2 1919 to holders of record March 1
1919. n Payable In 6% dividend certificates due May 31 1919. o Payable In tenyear 6% dividend certificates, p Declared also regular quarterly dividend No. 103
on com. and No. r 7 on pref., 1K % each, payable Oct. 2 to holders of rec. Sept. 3.
r Payable one-half In cash and one-half In 2d Liberty Loan bonds.

fV0L. 106

THE CHRONICLE

3096

Member Banks of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Mem ber Banks and dated M a y 11. Because of the large
number of banks for which returns are furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly state­
ment issued under date of D ec. 14 1917 and which was published in the “ Chronicle of Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
a i A i L i u t m a n u w .N U E^ . £ vB AND* OTHE£ SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 3 1918.
Large increases in demand deposits as against net withdrawals of Government deposits, mainly from N e w York City ban.cs, together with liquida­
tion insome volume of certificates of indebtedness and of loans secured by Government war obligations are indicated by the weekly statement of
“ ""rSS&JSrt “
d m W v ! a ! S d f . ?n‘cSd“ g“L S S y ° 5 o K . “S o
of 5.4 million,, though central romrroclty bonk., report .reduction
under this head of about f.6 millions. Certificates of indebtednwsfor the first time since April 5 show » decreswe for theweek,d^ely ^V^uo^Uns'tfrotion of certificates Issued in anticipation of tax payments. Total holdings of U. S. securities declined 17.6 millions during the week, while loans pro­
tected by such securities decreased 4.4 millions. As against these decreases, other loans and investments show an increaso of 52.2 midions and total
loans and investments an increase of over 30 millions. Of the latter, Government securities and loans supported by such securities constituted 2 0 % or
siightly I^^tha^^^he^ast w e ^ in ^ P ^ tal ho]d by the Floral Reserve banks, show a loss of 18.3 millions, and cash in vault a gain of 6.3 millions.
For the central reserve city banks reductions of about 29 millions in reserve and of 2.4 millions in cash are shown.
, .
.. Aq q
Aggregate net demand deposits increased during the week by 159.5 millions, time deposits decreased 2.8 millions and Government deposits— 63.3
millions. For tho central reserve city banks an Increase of 119.9 millions in net demand deposits is shown as against reductions of 37.1 millions in
time deposits and 68.8 millions in Government deposits. The ratio of loans and investments to total, including Government, deposits shows a decline
from 110.8 to 110.1%. For the central reserve city banks this ratio declined from 107 to 106.2%. Tho ratio of combined cash and reserve to total
deposits of all reporting banks declined from 13.9 to 13.6%, while for tho central reserve city banks this ratio shows an even larger decline from 15.3
l° 1 Exress reserves of all reporting ban_cs declined from 97.5 to 60.9 millions.

For the central reserve city banks, a decline from 76.7 to 33.3 millions

1. Data for all reporting banks In each district.
M em b er Banks.

N ew Y ork .

Boston.

Philadel. Cleveland. Richm 'd.

A tlan ta.

66

35

$
$
S
S
s
50,809,0 12,975,0 42,9)7,0 21,978,0
U. 8. bonds to secure circulat’n 14,621,0
Other U. 8. bonds, including
Liberty bonds__________ _ 16,376,0 166,624,0 14,056,0 38,703,0 18,729,0
U. S. certlfs. of Indebtedness.. 44,868)0 1,011,648,0 66,742,0 81,827,0 23,466,0
Total U. 8. securities_____ 75,865,0 1,229,081,0 93,773,0 163,437,0 64,173,0
Loans sec. by U. 8. bonds, &c. 33,582,0 148,207,0 27,653,0 37,867,0 12,273,0
All other loans & Investments. 772,229,0 4,001)301,0 614,794,0 928,965,0 324,372,0
Reserve with Fed. Res. Rank. 66)720,0 599,641,0 55,040,0 84,354.0 26,778,0
Cash in vault............... ......... 27,782,0 127,320,0 20,230,0 35,764,0 15,029,0
Net demand deposits_______ 662,882,0 4,426,836,0 584,884,0 709,801.0 256,037,0
Time deposits______________ 98,879,0 284,790,0 15,490,0 228,335,0 43,337,0
Government deposits----------- 43,342,0 342,067,0 43,372,0 56,690,0 10,358,0

$
13,545,0

41

Number of reporting banks...

80

49

98

Two ciphers (00) omitted.
St. L ou is. M in n ea p . K a n . City

Chicago.

32

96

S
$
19,042,0 17,392,0

D allas.

San F ran.

47

40

70

32

T otal.

686

$
S
S
S
5,747,0 14,012,0 17,312,0 35,299,0

S
266.239.0

9,527,0 15,473,0
20,579,0 62,614,0
47,418,0 103,286,0
3,895,0 4,448,0
171,802,0 482,565,0
16,782,0 45,515,0
11,090,0 19,662,0
151,595,0 382,290,0
24,090,0 102,205,0
6,647,0 3,639,0

369.078.0
1.526.329.0
2.160.646.0
311.937.0
9.959.763.0
1.162.521.0
375.646.0
9.269.625.0
1.419.056.0
606.020.0

36,610,0 14,402,0 8,916,0 10,636,0
18,026,0
25,224,0 100,265,0 38,470,0 18,560,0 42,166,0
56,795,0 156,517,0 70,261,0 33,223,0 66,814,0
23,240,0 8,377,0 2,627,0 3,252,0
6,516,0
251,564,0 1,351,613,0 371,9S2,0 233,388,0 455,188,0
23,528,0 145,081,0 35,526,0 19,502,0 44,054,0
64,157,0 14,603,0 9,691,0 17,034,0
13,224,0
180,741,0 1,050,156,0 272,869,0 185,881,0 399,653,0
74,253,0 368.869,0 75,659,0 46,350,0 56,799,0
42,785,0 23,831,0 11,862,0 10,067,0
11,360,0

2. Data for banks In each Central Reserve city, banks In all other Reserve cities and other reporting banks.

M ay

3.

A p r il

Number ot reporting banka...

66

U. 8. bonds to secure circulat’n
Other U. S. bonds. Including

36,465,0

20.

M ay

66
$
36,323,0

3.

M ay

3.

M ay

14
40
$
S
1,443,0 10,392,0

3.

A p ril

M ay

3.

A p ril

26.

M ay

3.

A p ril

26.

M ay

3.

A p ril

20.

686

S
266,239,0

681
S
267,693,0

175,951,0 161,441,0 154,977,0 32,440,0 31,262,0 369,078,0
1,100,205,0 388,900,0 394,303,0 54,122,0 53,861,0 1,526,329,0
1,324,295,0 722,095,0 721,879,0 132,747,0 132,078,0 2,160,646,0
104,735,0 141,408,0 131,966,0 21,362,0 *19,651,0 311,937,0
4,746,306,0 1,439,562,0 4,417,271,0 770,OSS,0 743,944,0 9,959,763,0
729,535,0 411,295,0 401,516,0 50,627,0 49,776,0 1,162,521,0
163,849,0 178,157,0 173,002,0 36,078,0 32,483,0 375,646,0
4,913,737,0 3.605,620,0 3,604,681.0 630,395,0 591,671,0 9,269,625,0
469,342,0 808,523,0 791,535,0 178,300,0 161,023,0 1,419,056,0
446,837,0 202,493,0 *200,637,0 25,502,0 *21,828,0 606,020,0

362,190,0
1,548,369,0
2,178,252,0
*310,352,0
9,907,521,0
1,180,827,0
369
9,110,089,0
1,421,900,0
*609,352,0

120

120

$
48,300,0

148,690,0 151,687,0 15,491,0 10,016,0 174,197,0
988,990,0 1,000,768.0 02,470,0 31,847,0 1,083,307,0
1,174,145,0 1,188,778,0 79,404,0 52,255,0 1,305,804,0
130,549,0 135,271,0 12,145,0 6,473,0 149,167,0
3,671,101,0 3,671,200,0 815,348,0 263,694,0 4,750,143,0
571,677,0 604,353,0 101,588,0 27,334,0 700,599,0
114,908,0 118,130,0 38,911,0 7,592,0 161,411,0
4,121,824,0 4,045,438.0 717,866,0 193,920,0 5,033,610,0
243,395,0 277,779,0 133,372,0 55,466,0 432,233,0
326,006.0 392,820,0 32,115.0 19,901,0 378,025,0
Government deposits_______

26.

Total.

Country Banks.

Other Reserve Cities.

Chicago. St. L ou is. Total Central R es. Cities.

N ew Y ork.
T w o ciphers om itted.

S
48,139,0

418

S
171,754,0

416

148

145

5
$
$
172,599,0 46.185,0 46,955,0

•Amended figures

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on M a y 11:
Aggregate gains of 23.2 millions in gold reserves traceable in part to cash payments of Liberty bonds and accompanied by larger increases In
deposits and investments are indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on M a y 10 1918.
R E S E R V E S . — Substantial gains in reserves reported by the Philadelphia, Richmond, St. Louis, Kansas City, Dallas and San Francisco banks are
accompanied by gains in deposits and additional note issues, also by liquidation of balances duo from other Federal Reserve banks.
I N V E S T M E N T S — Discounts on hand show an increase of 65.6 millions for the week, tho N e w York bank alono reporting an Increase of 48.9
millions. Of the total, nearly two-thirds, or 612.3 millions, as against 606.7 millions tho week beforo, is represented by paper secured by Government
war obligations. Acceptances on hand fell off about 11 millions, all the Western and Southern banks with tho exception of Richmond, showing smaller
holdings thmi the week before. Holdings of U. S. bonds declined 1.1 millions, Philadelphia and Chicago reporting tho largest decreases under this
head. An increase of about 75 millions in Government short-term securities is reported by the N e w York bank. This amount of certificates was iMued
to the Bank in anticipation of payments to Government account for Liberty bonds and will be liquidated in a few days. Total earning assets show
an increase for the week of 123.2 millions.
C A P I T A L _Admission to membership of State banks and trust companies and payment for Federal Reserve bank stock accounts, largely for the
increaso of 869,000 in paid-in capital, mainly of the N e w York, Atlanta, and Dallas banks.
DEPOSITS.— Government deposits show an increase of 64.6 millions, mainly at the N o w York, Cleveland, St. Louis and San Francisco banks.
Members’r^erve deposits show a net gain of 73.6 millions, N e w York, Philadelphia and Cleveland reporting the largest Increases under this head.
F E D E R A L R E S E R V E N O T E S . — Net issues of Federal Reserve notes during tho week totaled 36.4 millions. Tho amount of Federal Reserve
notes in actual circulation is stated as 1,569.6 millions, an increase of 13 millions for the week.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have been rovised in order to conform with new form adopted by the
Federal Reserve Board as of June 22. In the second table we show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reserve Agents' Accounts (the third table following) gives dotails
regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between the latter
and the Federal Reserve banks.
C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s M a y 10 1918.
28 and
M a r . 22 1918 May 11 1917.
29 1918.

M a rch
M ay

10 1913. M a y 3 1918. A p ril 26 1918 A p ril 19 1918. Apr. 12 1918 A p r il 6 1918.

$

$

$

$

S

S

Gold coin and certificates In vault------Gold settlement fund—F. R . Board__
Gold with foreign agencies-----------------

480.580.000
437.444.000
52,600,000

3
482.832.000
437.771.000
52,500,000

486.820.000
439.477.000
52,500,000

488.829.000
413.819.000
52,600,000

488.762.000
407.971.000
52,500.000

483.780.000
381.163.000
52,500.000

489.948.000
399.668.000
02,500,000

470.529.000
379.800.000
52,500,000

336.841.000
221.759.000

Total gold hold by banks..............
Gold with Federal Reserve Agent____
Gold redemption fund_______________

970.524.000
885.027.000
27,534,000

973.103.000
862.296.000
24,541,000

978.797.000
824.218.000
23,985,000

955.148.000
854.822.000
23,179,000

949.233.000
857.492.000
23,546,000

917.443.000
873.077.000
23,404.000

942.010.000
852.192.000
21,496,000

902.895.000
878.805.000
21,114,000

558.600.000
438.323.000
2,687,000

R ESO U RCES.

S

$

Total gold reserves______________ 1,883,135,000 1,859,940,000 1,827,090,000 1,833,149,000 1,830,271,000 1.813,924.000 1,815,704,000 1,802,814,000 999,610,000
36,149,000
59,558,000
08,359,000
63.509,000
64,724,000
65,153,000
63,945,000
60,043,000
59,365,000
Legal tender notes, silver, &c_________
Total reserves.................... ............. 1,912,500,000 1,919,983,000 1,890,945,000 1,893,307,000 1,894,995,000 1,877,433,000 1,874,003,000 1.802,372,000 1,035,759,000
39.534.000
939.041.000 873.412.000 902.183.000 803.045.000 712.807.000 573.883.000 583.228.000 543.119.000
Bills discounted— members____ ______
97.155.000
286.036.000 297.029.000 302.399.000 308.277.000 318.857.000 320.503.000 304.065.000 328.880.000
Bills bought In open market..................
871.999.000
01,039,000
226.036.000
4,240,000

136,689,000
36.222.000
81.539.000
14.853.000

Total earning assets...................... 1,373,799,000 1,250,589,000 1,286,162,000 1,212,585,000 1,231,815,000 1,224,411,000 1,201,585,000 1,163,314,000
9,957,000
20,945,000
8,801,000
479,000
1,815,000
10,314,000
Due from other F. R. banks— net___
aO,494,000 *23,030,000
Uncollected Items...................... .............
462,220,000 399,635,000 378,531,000 387,176,000 383,009,000 346.997.000 339,130,000 367,821.000

269.303.000
1,345,000
310.685.000

376,622,000
537.000
550.000

312,030,000
400,000
5,913,000

U. 8. Government long-term securities.
U. 8 . Government short-term securities
All other oarnlng assets______________

Total deduc’ns from gross deposits
redemp. fund agst. F. R. bank notes
All other resources...-----------------------5%

Total resources.......................... ..




40,116,00!)
106,762,000
1,844,000

455,726,000
404,000
60,000

1,170,471,000 1,204,537,000 1,116,322,000 1,031,064,000
46.675.000
54,237.000
41.446.000
t i l , 415,000
46.295.000 142.143,000
37.470.000
136,146,000
3.771,000
3,293,000
2,722,000
2,537,000

376,005,000
537.000
329.000

388,845,000
528.000
359.000

387,655,000
409.000
281.000

384.824,000
537.000
324.000

900.380.000
60,403.000
200.400.000
3,222.000

356,954,000
637.000
324.000

887.293.000
58,190,000
252.579.000
3,523,000

300,075,000
537,000
3,724,000

3,772,495,000 3,548,023,090 3.506,839,000 3.499,217,000 3,512,495,000 3.459,659,000 3,445.984,000 3,403,395,000 1,623,405,000

THE CHRONICLE

M ay 181918.]

8097

Mar. 28 and
Mar. 22 1918. May 11 1917.
29 1918.
May 10 1918. May 3 1918. Apr. 26 1918. Apr. 19 1918. Apr. 12 1918. April 5 1918.
LIABILITIES,.
$
3
3
$
S
S
J
3
74.223.000
74.011.000
75,118,000
74.748.000
74.494.000
75.049.000
74.963.000
74.829.000
Capital paid In.................... ..................
1,134,000
1,134,000
1,134,000
1,134,0 0
1,131,000
1,134,000
1,134,000
1,134,000
Surplus------- ------------------------------------91.505.000
138.529.000
75.499.000 100.523.000 104.818.000 104.086.000
73.888.000 130.668.000
Government deposits........................ —
Due to members—reserve account____ 1,548,137,000 1,474,518,000 1,497,416,000 1,469,860,000 1,494,537,000 1,473,294,000 1,499,400,000 1,480,025,000
Collection Items............. ...................... 309.773.000 257,593,000 235.174.000 256,220,000 238.270.000 226.139.000 216.897.000 229,115,000
81.751.000
81.059.000
82.067.000
88.322.000
85.321.000
Other deposits, lncl. for. Gov't credits. 110.611.000
91.563.000
81.890.000

S
56,859,000
242.421.000
740.726.000
134.447.000

Total gross d ep osits..................... 2.107.050.000 1.897.562.000 1.945.148.000 1.889.901.000 1.918.651.000 1.886.318.000 1.901.442.000 1.882.396.000 1,117,594,000
F. R . notes In actual circulation.......... 1.569.618.000 1.556.660.000 1.526.232.000 1.514.287.000 1.499.377.000 1.479.920.000 1.452.838.000 1.429.509.000 438,218,000
7.860.000
7.978.000
7.978.000
7,895,000
8,000,000
7,878,000
F. R . bank notes In circulation, net ltab.
7.980.000
7,895,000
Yd,734",666
9.933.000
8.367.000
10,585,000
8.369.000
11,171,000
11,697,000
9.638.000
11,467,000
All other liabilities............................ —
Total liabilities.................... .......... 3,772,495,000 3,548,023,000 3,566,839,000 3,499,217,000 3,512,495,000 3,459,659.000 3,445,984,000 3.403,395,000 1,623,405,000
69.4%
61.4%
60.0%
59.6%
61.9%
63.6%
58.9%
Gold reserve against net deposit liab..
62.9%
63.7%
100.8%
60.1%
60.6%
63%
Gold res. agst. F. R. notes In act. clro’ n
58.8%
58.1%
58%
57%
50.6%
Ratio of gold reserves to net deposit and
80.4%
61.4%
60.8%
60.3%
60.3%
Fd. Res. noto liabilities combined..
58.5%
60.4%
59.3%
60.8%
Ratio of total reserves to net deposit and
83.3%
62.7%
63.4%
60.3%
62.4%
Fed. Res. note liabilities combined..
62.4%
62.9%
62.5%
61.3%
3
S
$
Distribution by Maturities—
3
3
S
$
$
1-15 days bills discounted and bought. 773.785.000 744.943.000 673.064.000 581.700.000 536.016.000 394.352.000 359.987.000 345.123.000
75.474.000
1-15 days U. 3. Govt, short-term secs.
5.719.000
12.541.000 105.716.000 224.395.000 217.613.000 186.681.000
4.733.000
55.000
34,000
1-15 days municipal warrants—
..
20,000
40,000
14.000
14.000
15.000
99.869.000 100.295.000 127.065.000 126.263.000
16-30 days bills discounted and bought. 125.590.000 113.033.000 194.238.000 200.131.000
2.787.000
2.224.000
650.000
4.399.000
2.529.000
1.349.000
6.621.000
4.959.000
16-30 days U. S. Govt, short-term secs.
13.000
32,000
21.000
21.000
31,000
16-30 days municipal warrants-----------31-60 days bills discounted and bought. 183.404.000 199.314.000 217.535.000 206.190.000 282.036.000 279.343.000 267.267.000 249.549.000
6.271.000
5.032.000
1.986.000
2.109.000
3.781.000
15.744.000
8.544.000
4.248.000
31-00 days U. 3. Govt, short-term secs.
3.000
40.000
492,000
36,000
7.000
730.000
499,000
513,000
31-60 days municipal warrants-----------97.913.000 106.431.000 113.781.000 103.898.000 117.899.000 123.498.000 142.660.000
61-90 days bills discounted and bought. 120.498.000
2.901.000
14.866.000
9.122.000
1,190,000
8.572.000
13.004.000
15.703.000
61-90 days U. 3. Govt, short-term seos.
6.454.000
455.000
487,000
469,000
26,000
496,000
61-90 days municipal warrants..............
'‘2 1.sbb.OOO
9.476.000
8.404.000
8.497.000
V,ooo
14.520.000
9.845.000
Over 90 days bills dlso’ted and bought.
13.319.000
19,839,000
27,396,000
13.578.000
13.698.000
15.263.000
Over 90 days U.3 .Govt .short-term secs
14.365.000
13.656.000
14.365.000
1.000
1.000
1,000
1,000
1,000
Over 90 days municipal warrants------Federal Reserve Notes—
Issued to the banks--------------- ----------- 1,707,522,000 1,671,168,000 1,640,656,000 1,639,056,000 1,625,698,000 1,607,627,000 1,563,987,000 1,558,705,000
137,904,000 114,508,000 114,424,000 124,769,000 126,321,000 127,707,000 111,149,000 129,196,000
Held by banks__________ _______ _____

$
38.850.000
54,000
22.153.000
9.153.000
37.442.000
3.058.000
36.378.000

" Y , 33V,666
1.866.000

’ Y , 087’,666
470,401,000
32,183,000

In circulation............ — ................. 1.569.618.000 1.556.660.000 1.526.232.000 1.514.287.000 1.499.377.000 1.479.920.000 1.452.838.000 1.429.509.000
Fed. Res. Notes (Agents Accounts)—
Rocelved from tho Comptroller---------- 2.335.760.000 2.309.560.000 2.276.700.000 2.243.360.000 2.211.560.000 2.168.400.000 2.130.860.000 2.100.160.000
Roturned to the Comptroller-------------- 369,468,000 360.102,000 352,604,000 340,814,000 336,527,000 328,008.00) 324,263,000 309,705,000

438.218.000

Amount chargeable to Agent------- 1,966,292,000 1,949,458,000 1,924,096,000 1,902,546,000 1,875,033,000 1,840,392,000 1,806,597,000 1,790,455,000
In hands of Agent------------ --------- -------- 258,770,000 278,290,000 283,440,000 263,490,000 249,335,000 232,765,000 242,610,000 231,750,000

619.537.000
149.136.000

Issued to Federal Reserve banks.. 1,707,522,000 1,671,168,000 1,640,656,000 1,639,056,000 1.625,698,000 1,607,627,000 1,563,987,000 1,558,705,000
How Secured—
By gold coin and certificates...... ...........
253,452,000 249,955,000 245,954,000 243,530,000 245,251,000 252,391,000 253,524,000 271.658,000

470,401,000

679.900.000
47,021,000
560.126.000

32.078.000
21.028.000
156,270,000

T o t a l................................................ 1,707,522,000 1,671,168,000 1,040,656,000 1,639,056,000 1,625,698,000 1,607,627,000 1,563,987,000 1,558,705,000

470,401,000

852,674.000

32,776,000

By cllgiblo paper........ ............................
Gold redemption fund............................
With Foderal lleservo Board................

822.495.000
48,554,000
583.021.000

808.872.000
49,061,000
563.280.000

816.438.000
50,521,000
527.743.000

748.234.000
50,043,000
561.249.000

768.206.000
48,504,000
563.737.000

734.550.000
50,038,00
570.648.000

711.795.000
4S.926.000
549.742.000

Eligible paper delivered to F. R . Agent. 1.178,056,000 1,118,009,009 1,170.359.000 1,077,622,000 1.006,691,000 876,860.000 863,471,000
* Net amount due to other Federal Reserve banks. 6 This Item Included foreign Government credits, f Revised figures.

761.060.000
141.523.000

261,025,000

WEEKLY STATEMENT o f RESOURCES and LIABILITIES o f EACH o f the 12 FEDERAL RESERVE BANKS at CLOSE o f BUSINESS MAY 10 1918.
Boston.

Two ciphers (00) omitted.

New York. Phtladel. Cleveland. Rlchm'd.

Atlanta.

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

San Fran.

Total.

$
\■
RESOURCES.
Gold coin’and certlfs. In vault. * 10,393,0
Gold settlement fund____ _____ 61,046,0
3,675,0
Gold with foreign agencies______

3
3
S
345,459,0 9,285,0 23,050,0
63,797,0 57,572,0 49,274,0
18,112,0 3,675,0 4,725,0

$
3
5,153,0 29,384,0
7,054,0 23,784,0
1,838,0 2,888,0

$
480,580,0
437,444,0
52,500,0

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

432,368,0 70,532,0 77,0 49,0 22,961,0 19,341,0 99,003,0 27,237,0 28,055,0 48,755,0 14,045,0 56,056,0
248,154,0 83,735,0 100,073,0 31,200,0 33,354,0 146,376,0 29,037,0 34,875,0 37,032,0 19,220,0 73,855,0
167,0
788,0 1,262,0
12,500,0 2,500,0
695,0
917,0
1,685,0
1,768,0 1,529,0
1,773,0

970,524,0
885,027,0
27.5S4.0

75,114,0
48,116,0
2,000,0

3
S
5
$
$
$
337,0
6,417,9 6,604,0 30,622.0 2,019,0 11,857,0
14,710,0 11,162,0 61,030,0 23,118,0 14,098,0 45,793,0
1,837,0 1,575,0 7,350,0 2,100,0 2,100,0 2,625,0

Total gold reserves----- ------- 125,230,0
Legal-tender notes, silver, &c__
2,484,0

693,022,0 156,767,0 177,817,0 55,081,0 54,380,0 247,152,0 57,S03,0 64,703,0 86,575,0 34,527,0 130,078,0 1,883,135,0
59,365,0
196,0
296,0 2,778,0
549,0
398,0
802,0 5,572,0
1,835,0
105,0
1,469,0
42,881,0

Total reserves_______ ______ 127,714,0
Bills discounted for members and
Federal lleservo banks._____ 50,265,0
Bills bought In open market___ 18,862,0

450,024,0 38,429,0 55,149,0 51,637,0 24,073,0 87,882,0 43,852,0 20,910,0 51,325,0 27,705,0 37,790,0
1,555,0 18,849,0
126,650,0 25,727,0 14,417,0 5,695,0 6,885,0 45,665,0 8,999,0 10,128,0 2,604,0

Total bills on hand............... .. 69,127,0
U. 8. long-term securities_____
616,0
U. 9. short-term securities___ _.
1,421,0
All other earning assets..............
..........
Total earning assets_________ 71,104,0
Duo from other F.R. banks—Net
1,698,0
Uncollected Items........................ 23,216,0
Total deduc'ns from gross dep. 24,914,0
5% redemption fund against Fed-

735,903,0 158,236,0 178,366,0 55,479,0 55,182,0 252,724,0 59,638,0 04,808,0 86,871,0 37,305,0 130,274,0 1,942,500,0
939,041,0
286,036,0

576,674.0 64,156,0 69,566,0 57,332,0 30,958,0 133,547,0 52,851,0 31.03S.0 53.929,0 29,260,0 56,639.0 1,225,077,0
40,116,0
1,915,0 8,865,0 3,981,0 2,461,0
1,577,0
926,0 7,161,0 2,233,0
1,347,0 7,800,0
1,234,0
1,896,0 1,720,0 106,762,0
1,217,0 4,571,0
77,335,0 2,390,0 9,337,0
1,523,0 1,324,0 3,517,0
511,0
1,844,0
35,0
1,135,0
152,0
35,0
201,0
55,0
231,0
..............
..........
..........
655,586,0 67,393,0 86,703,0 60,089,0 33,263,0 144,456,0 55,796,0 34,322,0 67,400,0 36,272,0 60,855,0 1,373,079,0
_____
*6,494,0
8,202,0
8,816,0 21,599,0 8,496,0 6,281,0 7,972,0
77,358,0 42,860,0 49,701,0 41,194,0 29,175,0 50,307,0 49,013,0 14,638,0 38,104,0 18,072,0 27,952,0 462,220,0

......

___

77,353,0 42,860,0 57,903,0 41,194,0 37,991,0 71,906,0 5S,139,0 20,919,0 46,076,0 18,072,0 27,952,0
267,0
65,0

455,726,0
404,0
66,0

137,0

1,0

*VTotal resources...... ........... - - . 223,792,0 1,463,847,0 269,054,0 322,972,0 156,762,0 126,437,0 469,086,0 173,573,0 120,049,0 200,614,0 91,786,0 219,081,0 3,772,495,0
0,460,0
75,0
Government deposits............... ..
1,661,0
Duo to mombers— Reserve acc't. 91,501,0
Collection Items........................... 18,129,0

Capital paid In-------------------------

Oth. deposits lncl. for Gov’t crcd.
Total gross deposits........ ....... 114,291,0
F. R . notes In actual circulation. 102,484,0
Ail other liabilities— ........ .......

482,0

75,118,0
19,736,0 6,909,0 8,508,0 3,803,0 2,977,0 9,707,0 3,524,0 2,773,0 3,471,0 2,938,0 4,312,0
1,134',0
38,0
649,0
216,0
110,0
40,0
1,834,0 14,056,0 138,529,0
33,028,0
1,945,0 27,778,0 9,486,0 4,470,0 S,250,0 20,670,0 8,54 4,0 6,807,0
675,135,0 109,734,0 117,703,0 44,413,0 40,386,0 192,555:0 49,660,0 42,706,0 6 4,637,0 41,164,0 75,493,0 1,548,137,0
57,052,0 23,183,0 22,990,0 31,789,0 21,069,0 23,546,0 34,913,0 11,177,0 45,223,0 6,963,0 13,739,0 309,773,0
763,0
3,955.0
62,457,0
391,0
1,992,0
4,459,0 110,611,0
102,566,0
5,0 3,214,0
61,0
40,0
266,0
930,23.8,0 136,904,0 168,737,0 86,079,0 65,930,0 227,565,0 105,304,0 62,467,0 116,667,0 53,916,0 108,510,0 2,107,050,0
511,004,0 125,241,0 145,092,0 66,658,0 57,490,0 230,506,0 64,198,0 54,440,0 71,741,0 34,740,0 108,024,0 1,569,618,0
7,878,0
7,788,0
11,697,0
331,0
857,0
235,0
547,0
192,0
7,220,0
1,092,0
106,0
635,0

......

......

Total liabilities_____________ 223,792.0 1.463,847,0 269,054,0 322,972,0 156,762,0 126,437,0 469,086,0 173,573,0 120.049.0 200,614,0 91.786,0 219,081,0 3,772,495,0
♦Difference between not amounts duo from and net amounts duo to other Federal Reserve banks, z Net amount due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS MAY 10 1918.
Two ciphers (00) omitted.

Boston.

New York. Phtladel. Cleveland. Rlchm'd.

Atlanta.

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

San Fran.

TotaT,

$
Federal Reserve notes—
Received from Comptroller__ 149,560,0
Roturned to Comptroller........ 27,084,0

S
< $
S
3
$
$
$
S
3
$
$
3
853.080.0 184,200,0 183,960,0 103,060,0 91.620.0 312,320,0 88.900.0 73.980.0 101,700,0 68.500.0 124,880,0 2,335,760,0
181.832.0 28,805,0 14,547,0 19,870,0 15.629.0 15,289,0 13.141.0 12.764.0 16,328,0 15.238.0 8,941,0 369,468,0

Chargeable to F. It. Agent_____ 122,476,0
In hands of F. R. Agent.............. 14,920,0

671.248.0 155,395,0 169,413,0 83,190,0 75.991.0 297,031,0 75,759,0 61,216,0 85,372,0 53.262.0 115,939,0 1,966,292,0
258,770,0
102.200.0 17,540,0 16,240,0 5,710,0 16.545.0 46,480,0 8,630,0
5,195,0 7,510,0 17.800.0

Issued to F. R . Bank________ 107,556,0
Hold by F. It. Agent—
Gold coin and certificates........ 31,000,0
Gold redemption fund............
5,016,0
Gold Sett. Fd., F. It. Board.. 11.500.0
Kllglblo paper, min. reel'd___ 59.440.0

569.048.0 137,855,0 153,173,0 77.480.0 59.446.0 250.551.0 67.129.0 56.021.0 77.862.0 35.462.0 115,939,0 1,707,522,0
11.581.0
2.503.0
173.248.0
13.102.0
22,018,0
" 548,0 1,943,6 2,273,0 2,672,0 2.055.0 5,459,0
9,906,0
1.681.0
1,700,0
0,016,0 8,055,0
65,000,0 77,0.89,0 70,000,0 29.500.0 29.170.0 145.828.0 27.094.0 19.500.0 34.360.0 5.554.0 68.396.0
320.894.0 51,120,0 53,100,0 46.280.0 26.092.0 101.175.0 38.092.0 21.146.0 40.830.0 16.242.0 42.084.0

T otal.......... ................ ........... 107,556,0
Amount of eligible paper deliv­
ered to F. R. Agent.. . . _____ 69,127,0
F. R. notes outstanding.............. 107,556,0
F. R. notes held by banks..........
5,072,0

576.674.0 5.8.406.0 09,556,0 57.051.0 26.533.0 124.237.0 44.670.0 27.752.0 49.170.0 29.260.0 45,620,0 1.178.056.0
569.018.0 137,855,0 153,173,0 77.480.0 59.446.0 250.551.0 67.129.0 56.021.0 77.862.0 35.462.0 115,939,0 1.707.522.0
722,0 9,915,0 137,904,0
1,581,0 6,121,0
1,956,0 20,015,0 2,931,0
58,044,0 12.614.0 8,081,0 10.822.0

253.452.0
48,554,0
583.021.0
822.495.0

569,018,0 137,855,0 153,173,0 77,480,0 59,446,0 250,551,0 67,129,0 56,021,0 77,862,0 35,462,0 115,939,0 1,707,522,0

F. R. notes In actual ctrcula'n. 102,484,0 '*511,004.0 125,241.0 145.092.0 66,658.0 57,490.0 230.506.0 64.198.0 54.440,0 71.741,0 34,740,0 106,024,0 1.569.618,0




[Vol. 106

THE CHRONICLE

2098

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statemen
shows the condition of the New York City Clearing House members for the week ending M a y 11. The figures for the
separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given:
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .
CLEARING HOUSE
MEMBERS.
Week Ending
May 11 1918.

Capital.

Net
Profits.

Nat. Banka Mar. 4
State Banka Mar. 14
Truat Co’8 Mar. 14

Members o f Federal
Reserve Bank.
Bank of N Y, N B A .
Bank of Manhat C o.
Mercnahts’ National.
Mech A Metals Nat.
Bank of America___
National City............
Chemical National..
Atlantlo National.. .
Nat Butch & Drovers’
American Exch N at.
Nat Bank of Com m ..
Pacific Bank
Chath & Phenlx N at.
Hanover N ational...
Citizens’ National . . .
Metropolitan Bank..
Corn Exchange Bank
Importers & Trad Nat
National Park Bank.
East River National.
Second National___
First National_____
Irving National____
N Y County National
German-Amerlcan__
Chase National........
Germania Bank........
Lincoln National___
Garfield N ational...
Fifth National_____
8eaboard National..
Liberty National___
Coal A Iron National
Union Exch National
Brooklyn Trust Co._
Bankers Trust C o ...
U S Mtge A Tr C o ..
Guaranty Trust C o ..
Fidelity Trust C o ...
Columbia Trust C o ..
Peoples Trust Co___
New York Trust C o.
Franklln Trust C o ...
Lincoln Trust
Metropolitan Tr C o.
Nassau Nat, Bklyn..
Irving Trust C o____
Farmers Loan & Tr Co

3
5.263.300
2,341,800 6.019.400
2,000,000 2.481.000
6 , 000,000 10,356,600
1.500.000 0,572,500
c48.917.000
25.000.
000
8.874.600
3.000.
000
839,500
1.000.
000
300.000
90.100
5.730.800
5.000.
000
25.000.
000
21,269,300
500.000 1.002.900
3.500.000 2.501.400
16.856.000
3.000.
000
2.550.000 2.825.400
2.128.600
2.000.
000
3.500.000 7.510.200
1.500.000 7.659.500
5.000.
000
17,028,500
75.100
250.000
1.000.
000
3.816.700
10 .000 .000 29,722,800
4.500.000 5.386.600
298.200
1,000,000
885,900
750.000
10 ,000,000 11,966,900
816,400
400.000
1,000.000 2.008.500
1,000,000 1.352.300
405.200
250.000
1.000,000 3.578.700
4.039.000
3.000.
000
884,800
1.000.000
1.000.000 1,241,100
1.500.000 2.155.400
11,250,000 12.980.400
2,000.000 4.691.500
25,000,000 26.125.400
1,000,000 1.213.200
6.210.700
5.000.
000
1.000.000 1.331.800
11,032,700
3.000.
000
1.168.700
1 . 000 . 000
568.200
1, 000,000
2,000,000 4.070.900
1,000,000 1.148.000
1.500.000 1.082.200
5,000,000 10.525.000

,

S

2 000,000

Loans,
Discounts,
Investments,
tic.

Legal
Tenders.

Gold.

Silver.

National
Bank
and
Federal
Reserve
Notes.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with
Legal
Deposi­
taries.

Average.
Average.
Average.
Average.
Average.
$
S
S
S
%
$
119.000
101,000 5.117.000
142.000
31.000
607.000 1.537.000 11,286,000
354.000
1.388.000
385.000
143.000 2.761.000
149.000
128,000
254.000 23.427.000
200.000 2.465.000
8.262.000
374.000
348.000
303.000 4.478.000
211,000
8.209.000 3.029.000 1.254.000 1.371.000 83.804.000
322.000
549.000
217.000
725.000 10.928.000
80,000
185.000
89.000
118.000 2.251.000
54.000
32.000
8,000
46.000
336.000
760.000
543.000
524.000 11.516.000
224.000
754.000 1.574.000 36.953.000
259.000
121.000
422.000
151.000
425.000
80.000
1.705.000
590.000 1.414.000 1.776.000 10.451.000
647.000
406.000 1.225.000
5.188.000
770.000 17.219.000
30.000
745.000
95.000
303.000 4.644.000
699.000
257.000
511.000 3.173.000
849.000
441.000
244.000 2.190.000 4.607.000 15.271.000
461.000
41.000
70.000
2 2 0 .0 0 0
3.762.000
460.000
54.000
484.000
882,000 20.295.000
17.000
134.000
2,000
40.000
369.000
350.000
55.000
445.000 2.307.000
62.000
753.000
354.000
16.000
550.000 16.110.000
963.000
460.000 2.057.000 1.244.000 14.554.000
■I I ,0110
185.000
46.000
502.000
1.350.000
16.000
24.000
2 2.000
75.000
921.000
3.287.000 2.710.000 2.149.000 1 .020.000 34.090.000
42.000
26.000
226.000
120.000
1.226.000
136.000
149.000
416.000
677.000 3.443.000
10.000
147.000 1.583.000
41.000
244.000
328.000
43.000
59.000
728.000
40.000
305.000
346.000
367.000
243.000 0.908,000
28.000
90.000
133.000
461.000 9.219.000
125.000
6,000
442.000 1.616.000
48.000
383.000
26.000
287.000
14.000
1.818,000
60,000
192.000
94.000
501.000 3.305.000
795.000 26.372.000
157.000
212.000
569.000
126,000
339.000
268.000 5.986.000
93.000
180.000
551.000 1.760.000 57.292.000
2.870.000
57.000
114.000 1.458.000
47.000
89.000
502.000
47.000
439.000 9.394.000
137.000
274.000
520.000 2.534.000
107.000
69.000
12.000
17.000
18.000
228.000 7.339.000
177.000
65.000
91.000
241.000 2.068.000
127.000
39.000
278.000 1.907.000
8,000
47.000
92.000
297.000
389.000 5.149.000
99.000
230.000
11.000
86.000
1.420.000
814.000 1.560.000 4.440.000
251.000
187.000
62.000
29.000
3.789.000
233.000 17.232.000
Average.

Average.
3
45.847.000
57.089.000
27.097.000
160.629.000
32.689.000
560.933.000
75.944.000
15.534.000
2.788.000
110.261.000
394.852.000
12.123.000
85.931.000
136.363.000
41.013.000
23.073.000
112.699.000
35.931.000
190.179.000
3.005.000
20.777.000
288.420.000
96.089.000
10.707.000
6.047.000
286.786.000
6.559.000
19.123.000
11.980.000
7.007.000
45.457.000
81.643.000
12.186.000
13.755.000
37.021.000
261.929.000
60.593.000
472.541.000
11.579.000
89.969.000
27.407.000
83.311.000
30.372.000
15.226.000
54.832.000
15.108.000
38.187.000
137.020.000

Average for week.. 102,091.800 326.395,600 4,365,671,000 40,269,000 13,547,000 25,736,000 29,978,000 511,515,000
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

condltl
condltl
condltl
condltl

on
on
on
on

Wtnte Banks.
G reenw ich........... .
People’s____________
Bowery.....................
Fifth Avenue............
German Exchange__
West S id e ...............
N Y Produce E xch ..
State...........................

actual
actual
actual
actual

condltl
condltl
condltl
condltl

40.305.000
39.932.000
39.862.000
39.891.000

13.529.000 25,347,000
12,932,000.25,273,000
13.075.000 24,910,000
12.529.000 24,803,000

28.860.000
27.429.000
28.405.000
27.518.000

Not Mem bers of Fed eral Reserve Bank.
500.000 1.433.100
820,000
14.779.000
502,100
200.000
35,000
3.560.000
816,900
250.000
275.000
4.881.000
100.000
2.392.100
878.000
18.388.000
200,000
868.700
407.000
6.027.000
326,600
56,600
216.000
4.142.000
1,116.700
1 000,000
840,000
20.700.000
520,400
1,500,000
27.328.000 2,660,000

358.000
185.000
34.000
92.000
13.000
40.000
116.000 1,185,000
78.000
174.000
121.000
140.000
508.000
569.000
409.000
409.000

793.000
315.000
214.000
645.000
136.000
50,000
530.000
612.000

257.000
1.491.000
280.000
250,000

99,805,000 6,131,000 1,543,000 2,948,000 3,295,000

5,691,000

4,078.600
on
on
on
on

Trust Companies.
Title Guar A Trust..
Lawyers Title A T r ..
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

11
4
27
20

4.429.784.000
4.336.507.000
4.351.607.000
4.323.482.000

.

Totals, avge for wk
Totals,
Totals,
Totals,
Totals,

May
May
April
April

7.706.600

May 11
May 4
April 27
April 20

5 ,11 1,000

246.637.000
0,999,000
18.448.000
10.380.000
6.028.000
45.085.000
64.861.000
11.443.000
14.107.000
28.509.000
200.084.000
40.243.000
369.255.000
8,879,000
60.553.000
22.408.000
52.049.000
16.303.000
12.441.000
41.013.000
10.090.000
30.171.000
120.671.000

13,707,000 1,300,000
100,000

31,000
258.000

2,566,666

444.000
420.000
5.421.000
21.320.000
4.291.000
30.101.000
470.000
12.596.000
1.638.000
4.153.000
1.585.000
1.833.000
1.894.000
495.000
250.000
10.555.000

176.468.000
181.407.000
180.610.000
177.578,000

15.042.000
3.363.000
4.276.000
19.976.000
5.771.000
4.172.000
20.175.000
28.594.000

5,000

48,000

773,000

101,369,000

53,000

152.000
151.000

1 . 222.000

143.000
327.000

6.044.000
6.095.000
6.310.000
6.183.000

1.417.000
1.497.000
1.456.000
1.424.000

2.918.000
3.001.000
2.984.000
2.806.000

3.418.000
3.220.000
3.468.000
3.177.000

5.405.000
621,000
5.016.000 1.589.000
5.701.000
540.000
5.882.000 1.197.000

99,999,000
101.510.000
102.950.000
102.771.000

53.000
54.000
54.000
54.000

Not Mem bers of Fed eral Reserve
Bank.
11,751,800
5.000.
000
42.409.000 1,721,000
23.665.000
5,169,200
4.000.
000
654,000

158.000
192.000

169,000
60,000

408.000
190.000

1.236.000 1,326,000
1.238.000
270,000

24.721.000
14.436.000

937.000
414.000

9,000,000 16,921,000

66,074,000 2,375,000

350,000

229,000

598,000

2,474,000 1,596,000

39,157,000

1,381,000

68.336.000
65.007.000
65.081.000
64.584.000

370.000
334.000
340.000
347.000

190.000
283.000
163.000
199.000

615.000
580.000
482.000
550.000

2.486.000
2.947.000
2.896.000
2.335.000

2.096.000
1.170.000
1.339.000
2.514.000

39.757.000
40.044.000
40.648.000
40.305.000

1.437.000
1.370.000
1.519.000
1.522.000

condltl
condltl
condltl
condltl

National
Bank
Circula­
tion.

Average.
Average.
Average.
S
$
S
34.815.000 2,039,000
789,000
59.801.000
1 , 000,000
393,000 1,856‘ood
20.356.000
146.826.000 19,037,000 3,779,000
27.389.000
550.887.000 8.265.000 1.751.000
63.603.000 3.528.000
442.000
13.270.000
521,000
145.000
2.335.000
296.000
83.302.000 5.819.000 4.901.000
278.729.000 6.368.000
90,000
13.150.000
72.812.000 7.040.000 1.909.000
368,000
128.942.000
" 363",666 1 .022.000
32.339.000
23.361.000
104.793.000
310,000
26.624.000
51.000
148.182.000 3,722,000 4.358.000
3.029.000
50.000
940.000
15.837.000
150.244.000 4,823,000 8.095.000
640.000
97.771.000
833,000
10.911.000
199.000

3.503.722.000
3.046.237.000
3.689.141.000
3.610.427.000

202.000

1,151,000

Net
Time
Deposits.

894.000
399.000
249.000
70,000
996.000
414.000
398.000

50,000

3,575,139,000 178,279,000 36,361,000

562,112,000
515,642,000
541,926,000
515,387,000
838.000

Net
Demand
Deposits.

36.561.000
36.221.000
38.0/4,000
35.941.000

Grand aggregate.avge 205.168,400 351,023,200 4,531,550,000 48,775,000 15,440,000 28,913,000 33,871,000 519,680,000 2,369,000 a3,715,665,000 179:713,000 30.361,000
Comparison prev wk.
+ 17,045,000 + 139,000 +475,000 + 737,000 +2420000 -22,243,000 + 157,000 — 44,389,000
,349,000 + 204,000
Grand ag’gate, actual
Comparison prev wk.
Grand
Grand
Orand
Grand

ag'gate,
ag'gate,
ag’ gate,
ag'gate,

actual
actual
actual
actual

May 1 1 . .. 4,598,721,000 48.917.000
+ 97,749,000 + 574,000
condition
condition
condition
condition

May 4 __ 4,500,972,000
April 2 7 . . . 4,515,657,000
April 20.._(4,486,730,000
April 13 . . . 4,459,533,000

n U. S. deposits deducted.’ $353,827,000.

48.343.000
48.787.000
48.684.000
48.559.000

28,461,000 32,893,000 570,003,000 2.717.000 b3,643,478,000 177.958.000
— 96,000 + 1664000 + 46398000 — 12,000 — 144,313,000 — 4,873,000
14,763,000 28,557,000
14,871.000,28,057,000
14,300,000|27,808,000
14,125,000 28,220.000

b U. S. deposits deducted, 3524,874,000.

31,229^000
32.355.000
31.245.000
31.064,000

523.605.000
550.523.000
523.601.000
550,008.000

¥.750+00 3.787.791.000 i
317o •"
1.879.000 3.732.739.000 182.189.000
2.574.000 3.753.503.000 179.151.000
2,850,000 3,770,812,000180,820,00035,956,000

c Includes capital set aslle for foreign branches, 36,000,000.

STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
In Vault.
Members Federal
Reserve Bank.
State banks........
Trust companies*
Total
Total
Total
Total

3
13,917,000
3,552,000

Reserve
In
Depositaries

Total
Reserve.

Actual Figures.
a

Reserve

Required.

Surplus
Reserve.

Inc. or Dec.
from
Previouslyeek

Cash
Reserve
Reserve
In
In Vault. Depositaries

Total
Reserve.

b
Reserve
Required.

Surplus

Reserve.

I n c . or D ee.
from
PrevtousW eek

$
$
$
3
S
$
$
3
$
$
$
511,515,000 511,515,000 470,116,440 41,398,560 — 16,691,440
d
562,112,000 562,112,000 460,777,900 101,334,100 + 65,145,120
5.691.000 19,603,000 18,246,420
+ 416,140 13,797,000 5.405.000 19,202,000 17,999,820
1,361,580
1,202,180
+ 644,980
2.474.000 6,026,000 5,873,550
152,450
— 51,900 3,749,000 2.486.000 6,235,000 5,963,550
271,450
— 181,950

May 11. 17.469.000 519.680.000
May 4. 17.540.000 541.923.000
Apr. 27. 17.620.000 510.217.000
Apr. 20. 17,318,000' 538.792.000

537.149.000 494,236,410
559.403.000 500,223,210
557.843.000 496,728,000
556.110.000 '501,258,090

42,912,590 — 16,327,200 17.546.000 570.003.000
59,239,790 — 1,877,210 17.326.000 523.605.000
8t, 117,000 + 6,265,000 17.818.000 550.523.000
54,851,910 + 2,700.740 17.296.000 523.604.000

587.549.000
540.931.000
568.341.000
540.900.000

484,741,270
503,731,420
496,635,010
499,227,380

102,807,730
37,199,580
71,705.990
41,672.620

+ 65,608,150
— 34,506,410
+ 30,033,370
—24,393,670

* Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks and trust companies, but In tho case of members of the Fedoral Reserve Bank
lnoludos also amount of reserve required on net time deposits, which was as follows: May 11, 35,348,370: May 4, 35.476,170: April 27, 35,396, 220: April 20, 35,401,560.
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 Include8
also amount of reserve required on net time deposits, which was ns follows: May 11, 35,294,040; May 4, 35,442,210; April 27, $5,418,480; April 20, $5,327,340,
c Amount of cash In vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was ns follows:
May 11, 3109,530,000; May 4, $105,688,000; April 27, $105,740,000: April 20, $104,235,000.
d Amount of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank, was ns follows:
May 11, $108,041,000; May 4, $105,566,000; April 27, 3106,252,000; April 20, $101,741,000.




M at 18 1918.

THE CHRONICLE

T h e S ta t e B a n k in g D e p a r t m e n t re p o r ts w e e k ly figu res
s h o w in g th e c o n d itio n o f S ta t e b a n k s a n d tr u s t c o m p a n ie s
in N o w Y o r k C i t y not in the Clearing H ou se, as fo llo w s :

2099

STATE BANKS AND TRUST COMPANIES IN NEW YORK C IT Y.
Week ended May 11.

S U M M A R Y OF STATE H A N K S A N D TR U S T C O M P A N I E S IN G R E A T E R
N E W YORK. NOT I N C L U D E D IN C L E ARING H O U S E S T A T EMENT.
(.Figures Furnished bg Stale Banking D ep a rtm en t.)
M a y 11.

D ifferen ces from
previous week.

Loans and Investments.....................$772,188,400 Inc. S3,162,700

Speclo.... ...... -............ .......
14,136,600 Dec. 799,600
Currency and bank notes...................
13,707,100 Inc. 218,400
Deposits with the F. R. Bank ol New York _______
52,480,600 Dec 1 417 000
812,360,100 Inc.’ 5,’l79!200
Total deposits... .......................
Deposits, eliminating amounts duo from reserve de­
positaries and Irom other banks and trust com­
panies In N. Y. City, exchanges and U. S. deposits. 722,693,300 Inc 1 921 500
Reserve on deposits....................... 133,360,500 Dec. 1,824,’500
Percentage of reserve, 20.4%.
RESERVE.
--- Slate Banks --—Trust Companies---Cash In vaults...... ....... --$14,420,200 11.19%
364,914,700 12.89%
Deposits In banks and trust cos __ 17,617,900 13.68%
36.075,500
7.17%
T o ta l..............................................$32,038,100

24.87%

$100,990,200

Capital as of Mar. 14
Surplus as of Mar. 14
Loans and lnvestm’ ts
Currency & bk. notes
Deposits with the F.
R . Bank of N . Y ..
Reservo on deposits.
P. C. reserve to dep.

W eek
'
Ended —

Jan. 12............. .
Jan. 19________
Jan. 26________
Fob. 2__
Fob. 9 ............ .
Fob. 10......... .
Fob. 23...............
Mar. 2...............
Mar. 9________
Mar. 10. .........
Mar. 23...............
Mar 30...............

April
April
April
April
May
May

6 ............ .

13...............
20................

27________

4 _________

u...........

*

Loans
and
Investm ents

D em and
D ep osits.

Sp ecie.

Legal
T enders.

S
4,893,792,4
4,892,797,1
4,899,129,5
5,006,037,0
5,038,372,7
5,049,992,0
5,116,015,8
5,150,840,2
5,127,304,4
5,001,380,8
5,034,741,0
5,089,258,3
5,055,925,8
5,126,203,6
5,203,090,6
5,276,947,7
5,286,693,4
5,306,256,9

$
4,520,394,9
4,578,900,7
4,479,558,6
4,480,506,5
4,517,827,5
4,501,204,7
4,428,375,5
4,433,280,6
4,319,035,1
4,369,257,5
4,409.310,1
4,446,491,7
4,468,927,4
4,466,133,2
4,4S7,819,0
4,454,190,8
4,482,747,3
4,415,207,5

$
104,736,0
10 4,678,7
101,471,0
97,829,7
90,292,1
95,857,3
93,416,1
92,655,7
90,537,4
90,131,4
90,004,8
91,076,7
91,749,8
92,493,5
92,069,3
92,079,0
90,948,5
91,076,0

$
102,483.2
98,375,5
97,599,0
95,280,8
93,282,0
101,927,9
101,803,0
102,961,4
83,762,6
81,255,4
84,204,8
86,187,0
80,601,6
85,430,6
83,894,9
86,019,3
85,057,7
85,279,8

Total
Cash in
Vault.

20.06%

Reserve in
D ep o si­
ta ries.

$
$
207,219,2 613,402,6
203,054,2 612,272,4
199,070,0 019,095,8
193,110,5 627,476,3
189,574,1 049,108,3
197,785,2 598,152,4
195,279,1 567,452,0
195,017,1 570,836,9
174,300,0 560,387,0
171,380,8 574,445,1
174,929,6 569,773,5
177,263,7 578,017,3
178,351,4 603,729,1
177,92 4,1 590,421,2
175,904,2 594,991,3
178,098,3 592,019,7
176,006,2 588,899,3
176,355,8 573,373,4

•Included with "Legal Tenders” aro national bank notes and Fed. Reserve notes
held by State banks and trust cos., but not those held by Fed. Reservo members.

In addition to the returns of “ State banks and trust comanios in New York City not in the Clearing H o u se,” furnished
y tho State Banking Department, the Department also
presents a statement covering all the institutions of this
class in tho City of New York:
For definitions and rules under which the various items
are mado up, see “ Chornicle,” V . 98, p. 1661.
The provisions of tho law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of doposits and what deductions are permitted in
the computation of the reserves were given in tho “ Chronicle”
April 4 1914 (V . 98, p. 1045).

E

Trust Companies.

Differences from
previous week.

May 4
1918.

Differences from
previous week.

$
$
$
$
23,618,400
95.050.000
41.225.300
163,861,000
471,715,000 Inc. 4,320,000 2.007.225.000 Dec. 5,608,300
16,187,800 Dec.
22,600
19,649,090 Dec.
802,300
27,773,500 Inc. 1,094,000
16.460.000 Inc.
634,300
40.411.300
599,698,400
109,894,300
24.1%

Dec.
591,500 197,412,400 Dec. 3,683,800
Inc. 14,125,200 2.038.187.000 Dec. 31,065,700
Inc.
268,000 306,848,800 Dec. 5,927,500
Inc.
5%
19.4% Inc.
4%

Boston Clearing House Banks.— W e give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

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 are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)

Stale Banks.
May 11
1918.

BOSTON CLEARING HOUSE MEMBERS.
May 11
1918.

Change from
previous week.

4,979,000 Inc.
$5,000
Loans, dlsc’ts & Investments. 488.573.000 Inc. 6,443,000
Individual deposits, lncl.U.S. 434.752.000 Inc. 23,494,000
Duo to banks______________ 131.499.000 Dec. 3,624,000
17.360.000 Dec. 1,442,000
Exchanges for Clear. House. 19.007.000 Inc. 2,193,000
Due from other banks.......... 89.440.000 Inc. 1,749,000
Cash In bank & In F.R. Bank 60.914.000 Dec.
515,000
Reservo excess In bank and
Federal Reserve Bank___ 14.613.000 Dec. 2,064,000

May 4
1918.
$4,974,000
482.430.000
411.258.000
135.123.000
18,808,000
16.814.000
87.691.000
61.429.000

April 27
1918.
908.000
,184,000
014.000
279.000
543.000
361.000
679.000
807.000

16.677.000 16,095,000

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending M a y 11, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” in not a part of legal reserve. For trust companies
not members of tho Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
T w o cip h ers

(00) om itted.

Week ending May 11 1918.
Memb'rs of
F. R. Syst.

Capital................ .....
Surplus and profits.
Loans, dlsc'ts & Invostra'ts
Exchanges for Clear .House
Due from banks_________
Bank deposits.......... .........
Individual deposits_____
Time deposits___________
Total deposits................
U.S. dcposlts(not Included)
Res’ve with Fed. Res. Bk.
Res'vo with legal deposit’s
Cash In vault*............ .....
Total reserve &.cash held.
Reserve required________
Excess res. & cash In vault

$25,975,0
67.261.0
574.437.0
23.737.0
129.136.0
167.111.0
433.273.0
4,240,0
604.624.0

Trust
Cos.

Total.

$5,500,0
13.908.0
46.127.0
399.0
213.0
1,236,0
30.789.0
32,025,0

56.016.0
16.442.0
72.458.0
44.878.0
27.580.0

""4,972’,6
1,882,0
6.854.0
4.711.0
2.143.0

$31,475,0
81.169.0
620.564.0
24.136.0
129.349.0
168.347.0
464.062.0
4.240.0
636.649.0
65.565.0
56.016.0
4.972.0
18.324.0
79.312.0
49.589.0
29.723.0

May 4
1918.
$31,475,0
81.173.0
610.856.0
25.189.0
136.385.0
167.274.0
467.699.0
4.355.0
639.328.0
41.851.0
48.427.0
4.550.0
17.682.0
70.659.0
49.076.0
21.583.0

27
1918.

A p ril

$31,475,0
81,182,0
606.940.0
20.509.0
128.226.0
106.408.0
463.119.0
4.410.0
633.937.0
41.056.0
46.990.0
4.488.0
17.978.0
69.456.0
49.814.0
19.642.0

•Cash In vault Is not counted as reserve for F. R . bank members.

Non-Member Banks and Trust Companies.— Following is tho report made to the Clearing House by clearing nonmembor institutions which are not included in tho “ Clearing House return” on the preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U S E .
CLEARING
NON-MEMBERS.

Capital.

N et
P rofits.

Week Ending May 11 1918. /N at. banks Mar. 4\
(State banks Mar. 14/
Members o f
Federal Reserve Bank
Battery Park Nat. Bank__
W. R . Grace & Co.’s bank..
First Nat. Bank, Brooklyn..
Nat. City Bank, Brooklyn..
First Nat. Bank, Jersey City
Hudson Co. Nat., Jorsoy City
First Nat. Bank, Hoboken.
Second Nat. Bank, Hoboken
Total.

$
$
400.000
462,900
500.000
642.400
300.000
655.500
300.000
594.400
400.000 1,319,000
250.000
787,300
220.000
632.500
125,000
275,800

L oa ns,
D iscou n ts,
Investm ents,
A c.
;
A verage.

$
8.127.000
4.978.000
7.110.000
6.555.000
7.550.000
5.190.000
7.643.000
5.684.000

Cold.

Legal
T enders.

Silver.

Average

Average.

Average.

$

72.000
3.000
12.000

4.000
228,000
95.000

$

$

N ational
Bank
A Federal
Reserve
N otes.

Reserve
with
Legal
D ep o si­
taries.

A dditional
D ep osits
with Legal
D tp o s l
la ries.

N et
D em and
D ep osits.

N et
Tim e
D ep osits.

N ation a l
Bank
Circula­
tio n .

Average.

Average

Average

Average

A verage.

A evrage.

$

$
168,000

436.000
116.000
623.000
217.000 1 , 000,000 2,872,000
138.000
407.000
745.000
237.000
332.000
873.000
34,000
288.000
496.000

43,000

170.000

12,000
27.000
334,000
7.000

12,000

2 ,000
88,000

70.000
156,000
74.000
44.000
98.000

$
893.000
861.000
641.000
569.000

$
$1
6.356.000
125.000
3.083.000 1.250.000
5.671.000
572.000
5.298.000
414.000
7.387.000
4.301.000
lT
2.943.000 3.514.000
2.648.000 2.565.000

16,000

5 666

11.000

8.000

6 .0 0 0

50.000

2,495,000 5,369,800 52,849,000

431,000

454,000

497,000 1 , 002,000 4,991,000 6,213,000

37,687,000 8,952,000

480,300 2.499.000
1,003,400 10.494.000
620,800 13.347.000
146,900 5.341.000
523,000 8.937.000
213.700 4.111.000
663,400 7.392.000
798.700 25.514.000
174,800 5.736.000

71,000
691.000
653.000
155.000
501.000
32,000
365.000
154.000
153.000

5,000
167.000

77.000
144.000
124.000
97.000
435.000
153.000
633.000
489.000
391.000
521.000
807.000
78.000
57.000
251.000
265.000
203.000
407.000
506.000
114.000
251.000
182.000
202.000
16,000
483.000
142.000
457.000
607.000
718.000 1,059,000 1,406,000 1.0S6.000
108.000
282.000
281.000
639.000

2.085.000
11.382.000
13.448.000
4.492.000
8.707.000
4.425.000
7.610.000
23.440.000
4.973.000

64.000
400,000

859,000 2,728,000 3,141,000 4,731,000 3,126,000

80,562,000

1,138,000

State Banks.
N ot M em b ers o f the
Federal Reserve Bank.

Bank of Washington nelghts.
Colonial B a n k ____________
Columbia Bank____________
International Bank________
Mutual Bank______________
Now Nethorland Bank_____
Yorkvlllo Bank____________
Mechanics' Bank, Brooklyn.
North Sldo Bank, Brooklyn..
Total.

100,000

500.000
1 , 000,000

500.000
200.000
200,000

100,000

1,600,000
200,000

4,400,000 4,625,000 83,371,000 2,775,000

IT,666
88,000

85.000
80.000
399.000

21,000

347.000
150.000
56.000
121.000

Trust Companies.
N ot M em b ers o f the
Federal Reserve Bank.

Hamilton Trust Co..Brooklyn
Mechanics’ Tr. C o., Bayonne

500.000 1,007,800
344,000
200.000

9.725.000
8.137.000

383,000
19,000

54.000
24.000

24,000
101,000

148.000
128.000

326.000
509.000

308.000
255.000

6.527.000 1.052.000
5.089.000 3.095.000

1,351,800 17,862,000

402,000

78,000

128,000

276,000

835,000

563,000

11,616,000 4,147,000

Grand aggrogato.................... 7.595.000 11.346.600 154,082,000
Comparison provlous wook..
+ 2,140,000
ii^Excoss rosorvo___________ $182,330" doeroaso
Grand aggrogato May 3___ 7.595.000 11.346.600 151.942.000
Grand aggrogato Apr. 27___ 7.595.000 11.340.600 151.357.000
Grand’aggrogato Apr. 20___ 0.895,000 11,442,000
........... . 150.745,000
Grand'aggrogato Apr. 13___ 0.895,000 11,442,000,148,143,000
Grandiaggrogato Apr. 6 _____1 0,895.000 11,616,700'145,512,000
a U. 8. doposits deducted, $12,690,000.

3,608,000

Total.




700,000

1,391,000 3,353,000 4,419,000
— 98,000 + 261,000

+ 22,000 + 130,000

3.586.000 1,261,000 3.451.000 4.158.000
3.879.000 1.373.000 3.404.000 3.893.000
4.068.000 1.385.000 3.475.000 3.566.000
3.986.000 1.248.000 3.031.000 3.526.000
3.928.000 1.245.000 3.457.000 3.484.000

$
188,000
290.000
119.000
396.000
196.000
219.000
99,000
1,507,000

(Vol. 106.

THE CHRONICLE

2100

jlurak crsr ©alette.
W all Street, Friday N ight, M a y 17 1918.

The Money Market and Financial Situation.— Ac­
companied by a volume of business which has not been
exceeded of late years the security markets have this week
recorded an advance in prices equally unusual. This is
notably true of the stock market, mention of which is made
somewhat in detail below.
A few of the alleged causes for this rather unique move­
ment may be found in this week’s report of weather and
crop conditions which, like those preceding, aro of an ex­
ceptionally favorable character; in the practical certainty that
railway rates, both freight and passenger, will be substan­
tially increased; tho great industrial activity all over the
country; the financial situation and outlook; the military
situation in Western Europejand also perhaps in tho more
or less vague, indefinite hope that with so much peace talk
as is now in tho air something tangible will crystalize that
m ay finally end the war.
. .
.
In the last analysis, however, this week s record of Stock
Exchango operations has been made possible only because
of participation therein by tho outside public, which for
many months past has kept entirely aloof from the market.
This factor has been supplemented, of courso, by an eager
and alert professional element, which has bought or sold
freely, and perhaps recklessly, with every change or hoped
for change of sentiment.
.
Tho money market has been inclined to irregularity, with
call loan rates fluctuating between 3 and 6 % .

Foreign Exchange.— Sterling exchange has remained
without significant change. In the Continental exchanges
the features have been the weakness in lire and tho excep­
tional strength in Swiss francs and guilders.
To-day’s (Friday’s) actual rates for sterlingfexchange were
4 7 2 % @ 4 7 2 % for sixty days, 4 7 5 4 7 % © 4 7 5 % forLchoques
and 4 7 6 4 5 @ 4 76 7-16 for cables. Commercial on banks,
sight 4 7 5 % @ 4 7 5 % , sixty days 4 7 1 % @ 4 7 1 % , ninety
days 4 70 @ 4 7 0 % , and documents for payment!(sixty days)
4 71 % @ 4 7 1 % . Cotton for payment, 4 7 5 % @ 4 7 5 % , and
grain for payment 4 7 5 % @ 4 7 5 % .
To-day’s (Friday’s) actual rates for Pans bankers francs
were 5 77 % for long and 5 71 % for short. Germany bankers’
marks were not quoted. Amsterdam bankers’ guilders were
49 13-16 @ 5 0 5-16 for long and 49 15-16 @ 5 0 7-16 for short.
Exchange at Paris on London, 27.15 fr.; week’s range,
27.15 fr. high and 27.16 fr. low.
Exchange at Berlin on London, not quotable.
The range for foreign oxcliange for the week follows:
S te r lin g A c t u a l — ■ S ix ty D a y s .
High for tho week—
4 72%
Low for the week__ 4 72%
P a ris B a n kers’ F ra n cs— •
High for tho week—
5 77 H
Low for tho week—
5 78
A m s te r d a m B a n k e r s ’ G u ild ers — •
High for the week—
50 5-16
L o w for tho week__
47 15-16

C h ec k s .

C a b les.

4 75 %
4 7545

4 75 7-16
4 7645

5 71 Vs
5 71*4

5 69 %
5 69 Vs

50K
48 %

51
48%

Domestic Exchange.— Chicago, 10c. per 81,000 dis­
count. Boston, par. St. Louis, 15c. per 81,000 discount
bid. San Francisco, par. Montreal, 814.375 per $1,000
premium. Minneapolis, 10c. per $1,000 discount. Cin
cinnati, par.
State and Railroad Bonds.— N o sales of Stato bonds
have beon roported at the Board this week. Tho market
for railway and industrial bonds has been! moderately active
and unusually strong, tho latter in sympathy with tho
market for shares. Of a list of 17 notably activo'issues 14
have advanced and only 1 has declined,* 2 remaining un­
changed. Of the former Hudson & Manhattans are con­
spicuous for an advanco of from 2 % to 4 % points. Inter.
Mercan. Marino 6s aro 4 % points higher than last week,
N ew York Railways 5s 4 points and others are up 1 % to
2 % points.
.
.
In addition to those mentioned the activo list includes
B alt. & Ohio, Ches. & Ohio, Burlington, Rock Island,
M o . Pac., So. P ac., Erie and New York Central issues.
United States Bonds.— Sales of Government bonds
tho Board include $2,000 4s reg. at 1 0 5 % ; $1,500 3s reg.,
9 9 % ; $13,000 3s coup., at 9 9 % ; Liberty Loan 3 % s ,
98.92 to 99.04; L. L . 1st 4s, at 94.60 to 95.82; L. L. 2d 4s,
94.60 to 95 .78, and L. L . 4 % s at 97.52 to 98.40. For

at
at
at
at

to­
day’s prices of all the different issues and for weekly range see
third page following.

Railroad and Miscellaneous Stocks.— As noted above
tho stock market has surpassed ell recent records in the
matter of activity and strength. This is a continuation
and perhaps culmination^of tho movemont began last week.
It increased in intensity up to about noon on Thursday
when a long list of activo shares had advanced within', the
week from 3 to 8 points and tho daily transactions, averag­
ing 1,325,000 shares, were the largest, for so long a period,
in recent years.
Of the railway list New Haven led tho movement in an
advance of 8 % points. Reading had gained 4 % , Now
York Central and Baltimore & Ohio 3 % , St. Paul and
Southern Pacific 2 % and Atchison, Canadian Pacific,
Chesapeake & Ohio, Union Pacifio and Northern Pacific
2 points and upwards.



Of manufacturing and industrial shares A m . Sum. T ob.
led with an advance of 1 1 % , followed by Both. Steel and
Gen. Motors with a gain of 7 % and 8 points respectively.
Tho reaction which began on Thursday was somewhat
augmented in a few cases to-day, but this was largely offset
by a corresponding recovery in other issues.
For daily volume o f business see page 2109.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek ending M a y

17.

Sales
fo r
W eek.

Range fo r W eek .
L ow est.

H igh est.

Range sin ce J an .
Low est.

1.

H igh est.

P ar. Shares $ per share. S per share. 8 per share. 8 per share.
Acme Tea, 1st pref-.lOO 100 SO May 17 80 May 17 80 May 80 May
Jan
200 59% May 15 59% May 15 59% May 80
Adams Express___ 100
Amcr Cities, pref— 100 100 10% May 13 10%May 13 10% May 10% May
Jan 100 May
A m Sumatra Tob, pf.100 900 97 May 11 100 May 14 81
Apr 61 May
400 58% May 15 61 May 13 54
Associated Oil---- 100
Atlanta Blrm & AU..100 200 9 May 13 9 May 14 8% Jan 9 % Apr
Jan 101% Feb
112 100% May 16 100%May 16 100
Barrett, preferred__100
Jan 1% Mar
Batopllas Mining-- 20 1,900 1> May 11 l%May 13 1
Feb
Mar 85
Bklyn Union Gas— 100 100 84% May 11 84%May 11 80
Brunswick Terminal. 100 2,000 7% May 11 9 May 16 6% Jan 9 May
400 8 May 16 8 May 16 8 May 11% Feb
Butterlck....... 100
100 71 May 15 71 May 15 03% Jan 71 May
Calumet & Arizona__10
Mar 41% Apr
700 37% May 10 38% May 13 26
Central Foundry__ 100
Apr
Jan 53
Preferred______ 10(x 400 48% May 14 49 May 13 41
Apr 10 May
100 10 May 14 10 May 14 7
Chicago & Alton__ 100
Chic & East Ills pref
Jan 9% May
500 5 May 13 9% May 14 5
trust receipts___ 100
Feb
Jan 56
Cluett.PeabodyACo .100 100 52 May 15 52 May 15 45
30
Jan 37 May
37
May
15
37
May
15
Comput-Tab-Record 100 235
Cons Interstate.Call..10 800 8 % May 13 9 May 14 7% Apr 10 ifJan
Continental Can, pf.100 300 101 - May 16 104 May 16 103 Mar 105 [Mar
Feb 48 |May
200 4 8 May 15 58 May 15 44
Continental Insur__ 25
Apr 50 jMay
100 50* May 15 50 May 15 40
Crex Carpet______ 100
98
Jan 105 !Mar
108
«
May
15
106
May
15
25
Detroit Edison... 100
Apr 50%jMay
Elec Storage Battery.100 100 50% May 14 50% May 14 48
Jan 28% Mar
500 26%May 13 26%May 13 22
Elk Horn Coal_____ 50
Federal Min & Smelt.100 200 11% M a y 14 12 May 15 9% Apr 13%3 Jan
Jan 36% Feb
900 33% May 14 36%May 17 27
Preferred..... .100
Feb
Jan 180
General Chemical— 100 200 175 May 13 176 ftMay 13 165
Mar
Jan 45
General Cigar, Inc..100 200 43 f May 15 43 - May 15 34
Jan
Mar 44
200 40% May 13 41%Mny 13 37
Hartman Corp’n__ 100
200 53 May 14 55% May 16 53 |May 56% Feb
International Salt__100
Feb
100 33 ’ May 15 33 May 15 30% Apr 40
Jewel Tea, Inc____ 100
Feb
105 92%May 17 92% May 17 89% Apr 94
Kings Co Elec L & P.100
Jan 103 [May
Kress(811)ACo.,pref.100 100 103, May 14 103 May/14 100
- May! 13 165 [Jan 195% Feb
900 105 > May 16 ISO’
Liggett & Myers___10C
500 102% May 15 103'- May; 11 101 %? Jan 107% Mar
Preferred______ 100
Manhat Elec Supply.100 100 46. May 14 40 * May! 14 46 May 46 May
Mar 100 May
Manhat (Elev) Ry--100 900 96 May 14 100 May 17 94
Mar
400 87% May 14 89 Mayll4 8 0 % ’ Jan 90
M S t P A S S M ... 100
172 119% May 16 110%May|l6 119%[May 119% May
Nashv Chatt A St.L.lOC
33
fMay
26%
4
Jan
33
May)
1
1
z31%May
15
3,500
National Acme.... 50
Apr 7% iJan
Nat Uys Mex 2d pref 100 900 5 May 16 6 May] 16 5
Apr 24% May
N O Tex A Mex v t c.100 2,200 21 May 13 24% M ay 16 17
Jan
14
»
Jan 16
16
May
15
16
May
14
200
N Y Chic & St Louis.100
Apr
100 41%May 15 41%May 15 41%{May 42
2d preferred____ 100
New York Dock__ 100 1,000 20% May 14 25 May 17 18% Jan 25 May
Feb
300 16 May 15 16%May 16 16 May 21
Norfolki Southern__100
Jan
Apr 69
800 61%May 13 63% May 17 59
Nova Scotia'S;* C..10C
100 42 May 16 42 May 16 41% Mar 44% Jan
Ohio Fuel Supply__ 25
Feb
Owens Bottlc-Mach.-25 200 60 May 11 60 May 15 55% Jan 65
Jan
100 6 May 15 6 May 15 4% Apr 6
Peoria & Eastern__ 100
Pettlbone-Mulllken..l00 100 37 May 14 37 May 14 29% Jan 37 Mny
100 53% May 16 53% May 15 53%. May 53% May
PltssC C & St I,__ 100
Jan
Apr 98
100 93 May 13 93 May 13 90
Plttsb Steel, pref___100
Jan
Apr 30
St L-S Fran, pref A. 100 2,200 26% May 13 29 May 16 21
Jan 80% May
Savage Arms Corp..l00 1.100 76% May 11 80% May 16 53
Jan
Jan 162
So Porto Rico Sugar.100 101 160 May 16 160 May 16 158
Jan 101% May
Standard Milling ...100 700 99 May 11 101% May 15 84
Jan
200 80% May 17 81% May 13 80% May 89
Preferred______ 100
Apr 21% Jan
Third Avenue Ry__100 1,600 17%May 14 21 May 15 16
Tol St L & W tr rects.. 300 5% May 14 5% May 14 5% May 5% May
800 9 May 1< 10% May 15 8% Mar 12% Jan
Pref trust receipts__
400 41 May 1‘ 42 May 15 39 May 42 May
Transue & W ’ms..no par
Feb
Underwood, pref___100
200 106 May If 106 May 16 106 May 112
200 70%May If 70%May 16 69% Jan 70% Feb
United Drug_____ 100
Jan
200 78 May 10 79 May 16 77% Apr 80
2d preferred.... 100
Apr
Mar 17
10C 12% May 14 12%May 14 8
U S Realty & Impt-.IOC
83%
Jan
70%
May
71%May
13
70%
May
1
7
60C
Wells, Fargo Express 10C

O u tside M arket.— Trading on tho “ curb” this week
broadened considerably, and at times business was verv
heavy. There was a sharp upturn to prices, now high
records being established in a number of instances, but
succeeding reactions and rallies resulted in considerable
irregularity. Aetna Explosives com. continued the promin­
ent feature and sold up from 13 % to 1 6 % , a now high point,
reacted to 1 4 % , with a final rally to 1 5 % . Air Reduction
com. advanced from 70 to 7 5 % , with tho final transaction
at 75. Burns Bros. Ice improved at first over 5 points to
3 0 % , but broke later to 24, with the closo to-day at 26.
M otor stocks were without special feature though Chevrolet
M otor rose from 120 to 130 and sold finally at 127. United
M otors, after early advance from 2 3 % to 2 6 % , moved down
to 24, and ends the week at 2 4 % . Smith M otor Truck was
under pressure, dropping from 2 9-16 to 2 tho closo to-day
being at 2 1-16. Tho aeroplane issues wero only moderately
active. Wright-M artin Inc. gained 2 points to 1 1 % and
finished to-day at 1 1 % . Curtiss Aorop. & M . com ., after
early loss of half a point to 3 4 % , recovered to 36 tho final
figure to-day being 3 5 % . Poulson Wireless, one of the
newer issues, attracted attention, registering an advance
from 4 points to 1 5 % . Submarine B oat, after an improve­
ment of 1 % points to 1 9 % , reacted to 17 %hand;dosed to-day
at 1 7 % . Oil shares were rather quiet, but maintained a
firm tone. Standard Oil shares wero a little more prominent.
Houston Oil com. advanced from 4 3 % toT48, reacted to 4 4 %
and to-day jumped to 56, closing at 5 5 % . Island Oil &
Trans, improved 1 % points to 4 % , and ends} tholwcok' at
4 % . Merritt Oil from 22 on irregular movements, reached
2 3 % and sold finally at 2 2 % . Midwest)Rcfining[moved up
from 108 to 119 and down to 115. Oklahoma Prod. & Ref.
advanced from 6 % to 8 , and closed to-day at 7 % . Mines
without special featuro. Bonds dull. Canadian!Govt. 5 %
notes wero heavily traded in and roso from 9 6 % to 9 7 % , a
new high record.
„
A complete record of “ curb” market transactions for'the
week will be found on page 2109.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYtNO TW O PACES

Par record of

HIGH AND LOW SALE PRIORS— PER SHARE, NOT PER CENT.
Saturday
May 11.

Monday
May 13.

Tuesday
May 14.

Wednesday
May 15.

Thursday
May 16

$ per share S per share S per share S per share $ per share
85
84*4 85
85
85
80*4 87
88
8(5*4 87*8
82
82
82
82
*81
82
81*4 82
82
82
92
92
01
91*2 92*2 92*4 92% 92% 93
91*8
53
5314 53*2 54% 54% 56*2 55*2 56% 55
56%
50
54% 54*8 55*8 56
*54
55
55^4 *5412 55*4
40
40
42
*40
41*8 44% 44
40*4 41
45*2
146% 147*2 147 147*2 147% 149*2 148 149
149 150
57% 58*2 58% 59*2 59% 60*3 50% 00% 59*2 00*8
7% 7*4
7*2
*6% 7*2 *7
7*4 7%
7%
22
22*4 23*8 23% 23
21
21*2 *21*2 22
23*4
41*4 42*2 42
4212 42*4 45
43
43*8 45
43*2
72
75
70*4 70% 71% 72
73*4 74*4 73
74%
93
93
92*2 92*2 93
93*4 93
93*4 93% 03*2
20%
*68%
58%
*33'
*57
*20
*47
*42
*105
105
*3*2
*0*4
15%
30'4
*21
01*4
30%
*95
712
*38*2
*10
*50
*8
*15
*59*2
*113*2
*9*2
*434
*7*4
22*2
*53
72
33%
*1!)
106*2
87*2
44
_____

28%
*09*2
85%
*35
*35
11
*19
*37
16%
85%
23
00*4
16
*40
123
571
9%
17*4
8%
41%
*23*2
*14%
*25
*16
*51%
9
*19
*35
*15%
*34
*1*2
1%
30*s
85*4
*84
*93*2
73%
*S3%
45
*90%
7812
*37*2
*78
*12%
*59
31
50
63
33%
*75'i
66*4
98%
8%
44
*135
81%
*103%
65
112*4
112*4
113%
98
§168
*93*2
54%
*93
*22
15%
*44
07%
108*s
62
80
90*4
85%
106
23*2
*

2101

during the week of (took* usually inactlra. aaa preceding page

Friday
May 17

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PUR SHAKE
Range Since Jan. 1.
On baste of 100-share lots.
Lowest.

H igh est.

PER SHARE
Range for Pretiot11
Year 1917
Lowest

Highest

S per share
Railroad,
Par S per share. $ per share. $ per share %per share
9,300 Atch Topeka A Santa F e ..l0 0
86*4 87
81 Mar23
88 May 15
75 Deo 107%Jan
1,000
Do prel_____________ 100
*81% 82*2
80 Jan 30 82*2 Jan 2
75 Dec 100% Feb
*92
92*4 12,000 Atlantic Coaat Line R R ...1 0 0
893s Apr 22 94% MaylG x79% Dec 119 Jan
38,800 Baltimore A Ohio________ 100
54%
49 Jan 24 56*8 Mayl5
85 Jan
38% Deo
800
55
Do
pref_____________ 100
53 Apr 25 57*2 Jan 5
76% Jan
48% Deo
43% 44% 6,600 Brooklyn Rapid Transit.. 100
38% Feb 25 48*4 Jan 2
82 Jan
36 Deo
8,800 Canadian Pacific_________ 100 135 Mar25 150 MaylG 126 Deo 167*8 Mar
148 149
58% 59*4 24,700 Chesapeake A Ohio_______ 100
4934 Jan 15 60*8 Marl4
55*4 Jan
42 Nov
2,100 Chicago Groat Western__ 100
6 Apr 9
8*4 Jan 2
14% Jan
n Dec
2,000
22*2 23
Do p r e f ......................100
18% Apr 9 25 Jan 3
41% Jan
17*2 Dec
43% 44% 17,700 Chicago Mltw A St Paul.. 100
37*4 Apr 22
47*4 Jan 2
92 Jan
35 Nov
71*4 73% 14,200
60*4 Apr 11 79*4 Jan 5
Do pref_____________ 100
62% Deo 125% Jan
....
2,200 Chicago A Northwestern.. 100
95 Jan 3
89*2 Mar25
85 Deo 124% Jan
Do pref.........................loo 137 Jan 29 137 Jan 29 137*2 Deo 172% Feb
21
20*1 21% 21% 23% 23
24% 23
24
42,700 Ohio Rook Isl A Pac temp otfs.
22% 23
18 Apr 22 24%Mayl5
38*2 June
16 Deo
09- 71
60*2 08*2 69
71
71% 70% 71
70% 70% 4.S00
7% preferred temp ctfs___
5634 Jan 15 71*4 Mayl5
84% Apr
44 Deo
61
00
59*4 59
00% 00*4 60*4 59*1 60% 5,500
58*4 59
6% preferred temp otfs___
46 Jan 15 61 M ayl4
71 Apr
35*4
Deo
37
34
34
37
38
*36
38
*33
35
400 Olev Cln Ohio A St Louis.. 100
26 Feb 21 38 M ayl4
24 Nov
51 Jan
04*4 *54
61*4 03% 63% *60
04*4
200
64*4 64*4
Do p r e f ................ ...1 0 0
5334 May 7 61% M ayl7
80 Jan
61*4 Oct
20*4 *20
21% 21% 21*2 *21% 2134 21
20*4 21
21
800 Colorado A Southern____ 100
23 Jan 2
18 Apr 22
30 Jan
18 Nov
49
50
*47
50
49
*48
50
*47
50
*47
51
100
Do 1st pref__________100
47 Apr 3 50*2 Jan 4
44*8 Nov
57% Jan
*42
48
48
*45
46
*43
47
*43
46
*43
46
Do 2d pref__________loo
40 Apr 4 45 Mar 14
46 M ar
41 Sept
107% 107% 108
108% n o *110 112
111*4 1 11*4 *108 111
1,100 Delaware A Hudson______100
100*2 Apr 11 115% Feb 1
151%
Jan
87
Nov
165 *162 105
165 165
165 165
*165 170
000 Delaware Lack A Western..50 160 Apr 17 z 180 Jan 4 167*2 Deo 238 Mar
4
5
5
5
5
*3% 5
5
5
*4
300 Deliver A Ulo Grande___ 100
6 Jan 3
2i4Jau 4
17
Jan
5
Deo
8
7*4 *6*4 7*4
10%
9
9*2
9% 9%
9
9*4 3,500
Do pref........................ 100
5 Apr 23
13% Jan 2
41 Jan
978 Deo
15% 15*3 15*4 15*4 17
10% 17% 16% 17*4 15% 10*4 38,450 Erie...................................... ioo
14 Apr 17
17*8 M ayl5
34*4 Jan
13% Deo
33% 34*i 33
30*4 30*4 31% 31% 35
34% 31*4 33% 34,500
Do
1st pref__________TOO
23*8 Jan 16 35 M ayl4
49%
Jan
1
8*4 Dec
22
24*4 21
24% *23
24
21*4 21*4 22
*23
24
2,200
Do 2d pref_________ 100
18*2 Jan 25 24*4 May 14
39*4 Jan
15*8 Dec
92
91% 93% 91*4 92
01% 92
91% 92
91*4 91% 9,000 Great Northern pref_____ 100
86 Jan 15 93*4 M ayl4
79*4 De« 118*4 Jan
31
31% 33*4 32*8 33% 32*2 34% 33*8 34% 32% 33*2 65,900
Iron Ore properties..No par
25*8 Jan 15 34*8 M ayl6
38% Mar
22% Nov
97
96*4 00*4 97% 97*2 97% 97% 97% 97*8 *96
98
500 Illinois Central........ ..........100
92 Jan 7 97*2 Mayl4
85*4 Deo 106*8 Jan
7*2 7%
7% i)
7*2
8%
9
7% 7*2
8*2 8% 17,300 Interboro Cons Corp_.A'o par
9% Jan 3
6*4
Mar25
5*4 Deo
17*8 Jan
41
41
41*i
40
40%
45
40*2
43*2 46
43
43
7,800
Do pref.........................ioo
38% May 2 47*2 Jan 3
72% Jan
39*2 Deo
17
19% 19
10*2 10% 16% 17*2 18
20
18% 19% 9,200 Kansas City Southern___ 100
15*8 Apr 17 20 May 16
25% Jan
13*2 Nov
51
51
51% 52*2 52% *50
*50*2 51
53
*50
53
500
Do prel.........................ioo
45 Jan 5 5278 May 15
58% Jan
40 Nov
10
10
*8
9% 9*2 *9% 10
10% 10% 10
10
600 Lake Erie A Western____ 100
8% May 1 10*2 Feb 19
25% Jan
8% Nov
24
*15
25
25
*15
*15
25
*17
25
*15
25
Do prof........................ioo
18 Apr 23 21 Feb 25
53*4 Jan
23 Oct
60*4 00*4 62
60*2 60
00*4 61
00% 61% 59*2 60*4 19,500 Lehigh Valley____________ 50
55 Jan 15 6278 Marll
79% Jan
50%
Deo
115 1.15% 116 116
116 *113*4 110
117 117 *115 117
000 Louisville A Nashville___ 100 110 Jan 2 118 Mar 14 103 Deo 133*4 Jan
10*4 *9*2 10% 10% 11% 11% 11% 11% 11% 11
11
2,300 Mlnneap A St L (ne«i).__100
7*2 Apr 17
ll% M a y l5
32% Jan
67
8
Deo
5
5
4%
5*8 518
6% 6
5
6
5% 5% 5,300 Missouri Kansas A Texas. 100
43s Jan 5
6%Jan 2
11 Jan
3% Deo
8*2 *7*3 8*2
9
8*2 912
9*8 *9
12
300
*8 , 9
Do pref......................... 100
9*2 Jan 7
6*2 Jan 29
7 Nov
20*2 Jan
22*4 22*2 23*8 23*4 24*4 24% 24% 24
24*4 23*2 24*4 52,300 Missouri Paolflo tr ctfs___ 100
20 Jan 15 24*8 Jan 2
34
Jan
19%
Nov
54
54*8 55*8 55
53*4 54
55
54*4 51*4 54*2 54*4 2,100
41 Jan 15 55*8 M ayl4
Do pref tr o t fs ......... 100
61 Jan
37*2 Dec
72*4 72*8 73
73
75*4 73*4 74*.| 74
75
73*2 74% 38,450 New York Central_______100
67*2 Jan 15 75*4 May 14
82% Deo 103%Jan
34*2 34% 36% 36% 40% 40*4 42*8 38*4 42*4 38*4 41% 163,200 N Y N H A Hartford____ 100
27 Apr 11 42*4 MaylG
52% Jan
21*2 Sept
20*2 20
21*4 2,700 N Y Ontario A Western...10 0
20*8 20*2 21% 21% 21% 21*i 21*4 *21
18*4 Jan 22 2178M ayl5
17 Nov 29*4 Jan
100*2 106 106% 106% 108*8 107 108
107 107% 100% 106% 6,200 Norfolk A Western______100
102 Jan 24 10S%Mayl4
138% Jan
92%
Deo
87*2 87
87
87*2 89
87% 88*4 87*2 87% 87% 87% 10,200 Northern Pacific................ 100
81*8 Jau 24 89 May 14
75 Deo 110% Jan
44
43% 44
44% 44% 44*4 44*4 11,750 Pennsylvania_____________ 50 x43% May 1 47*4 Jan 2
43% 45
44% 45
40% Deo
57*8 Jan
—
14
13*2 13*4 13
13% 2,800 Pere Marquette v t 0......... 100
12*2 12% 12% 13*2 *13
9*2 May 1 14 Jan 4
36*4 Jan
12 Deo
57
5778 *53
58
300
Do prior pref v t 0___100
52*2 Apr 3 58*4 Feb 19
73% Jan
45 Nov
35
*32
37
35
100
Do pref v t o______ .100
30 Apr 5 37 Jan 11
57 June
37
Oct
29
29
29*8 29% 31
20,600 Pittsburgh A West Va___ 100
30% 31% 29% 30*4 29*4 30
22% Jan 2 31*4 M ayl5
35*4
June
18*4
Deo
70
69*2 *08*2 091- 08*2 69*2 1,800
69*4 69*4 69*4 70*4 xG9
Do preferred_________100
61 Jan 10 70*4 Mayl4
53% Apr
68 Jan
90 349,650 Reading ....................
88*8 90*4 88
86*2 80*4 88% 87% 89*8 87*4 89
go
70*8 Jan 15 90*4 May 16
104%
Jan
60%
Nov
39
*34
39
40
*35
38
38
40
38
200
♦34% 38
Do 1st p re f.;_________50
35 Jan 12 39 Mayl5
34 Nov 45 Jan
*30
38
38
38
*30
38
30
38
*36
*34% 39
100
Do 2d p re f............
50
35 Mar30 38% MarlO
45*2 Jan
33% Deo
11
11% 11*4
11*4 13*8 13% 13*4 13% 13*4 13
13*4 14,300 8t Louls-San Fran tr ctfs. 100
14 Jan 2
9% Apr 3
12 Dec
26*8 June
223| *21
22
22
*20
*22
21*4 23*4 _____
23*8
700 St Louis Southwestern___ 100
23*4 Mayl5
19*8 Marl2
32 Jan
22 Dec
41
41
40
*37
41
*37
39*2 39*2 40
*37
49*2
300
Do pref.........................100
34*2 Feb 13 40*2 Jan 3
53 Jan
34 Deo
8
7*4 8*4
8% 8*4
7% 7*2
8*8 *7
8*4 5,800 Seaboard Air Line________ 100
8% Jan 4
7
Apr
17
18 Jan
7*4
Deo
18
17% IS
18*2 17*4 18% 17*4 17*4 0,900
10% 10% 17
Do pref........ ................100
19*4 Jan 3
15% Apr 19
39% Jan
16% Deo
85*4 845S 85*4 85*2 87% 86*2 87*s 80*8 87
S5*s 8534 32,000 Southern Pacific Co.......... 100
88*4 Feb 27
80*2
Jan
24
98% Mar
75*4 Deo
24% 25% 24 . 24% 72,000 Southern Railway.............1 0 0
23*3 23
23*4 23*4 25*4 24% 26
20% Apr 30 26 M ayl5
33% Jan
21*2 Dec
02% 62% 02% . 62% 5,000
00% 01
01*2 61% 62% 02
63
Do pref.........................100
57 Jan 21 63 May 15
51% May
70% Jan
16
16
16
*14
16*2 17
17
17*2 17*2 17 . 17% 1,000 Texas A Pacific__________ 100
19% Feb 20
14 May 4
19*4 Jan
11%
Nov
44
*40
45
44% 44% 44
*42*2 47
*42% 47
44
200 Twin City Rapid Transit.. 100
42% May 9 65*4 Jan 31
95
Jan
62
Deo
121% 123*2 124*8 124*2 126*2 124*.i 125% 124% 120
124% 120% 62,600 Union Pacific____________ 100 109*4 Jan 15 126% May 14 101% Dec 149% Jan
70
*69
70
71
70*2 70% 70% 71
71 .
70% 71*4
1,250
69 Jan 3 74*4 M a rll
Do pref.................... ..10 0
85
Jan
09*4
Deo
9*2
10
10
9*4
9*2
9% 10
10
10
10
10% 4,700 United Railways Invest...10 0
434 Jan 15 10*8 May 8
11*8 Jan
4% Dec
17% *17*4 18*2 10*2 17*2 17*2 18
18
IS
18% 18% 3,000
10*2 Apr 9 20 May 7
Do pref________
100
23*4 JaD
11% Deo
8*2 9*4
9% 9*2
8-8
8*8 8%
9%
9*8
9% 0% 7,600 W abash_________________jgo
9*2 M ayl5
7 Apr 26
15*4 Jan
7 Nov
41% 41% 41% 41*2 43*2 42*2 43*8 42
43
42
42*4 Tl4,000
39*8 Apr 12 44*2 Jan 2
Do pref A ............. IIIlOO
58 Jan
38*4 Deo
23% 23*4 25
23% 23
24% 25% 24% 24% 24% 2412 6,900
20*4 Jan 15 25*4 M ayl5
Do pref B ................... 100
30*2 Jan
18 Dec
16
15
15% 15% 15
*14% 15% 15
15% 15
15*4 7,700 Western Maryland (new). 100
13 Jan 15 17*4 Feb 15
23 Apr
12 Deo
26
29
27
28*2 *20
25
20
*25
28
1,100
31% Feb 15
20 Jan 29
Do 2d pref__________ 100
41 M ar
20 Dec
17
16% 17
17
16% *16
18
17*2 18
l'700 Western Pacific__________ 100
17*4 IS
Jan 2 18 MaylS
13
18% May
10%
Dec
52
52
52
53
53
*49*2 52
53
53
53
53
1,100
46 Jan 3 58 Feb 6
Do preferred...........IIlOO
48 July
35*2 Dec
9-8
9% 10
9
9%
8% 8*8
9*2 9*2
9
9% 3^000 Wheeling A Lake E Ry.._lOO
Apr
22
10*4 Jan 2
8
22% Jan
7*2 Deo
21
21
*19
20% 20% 21
22
*21
23
21
21
400
17% Apr 17 22*4 Feb 18
Do preferred................ 100
60% Jan
10% Nov
36
37
*35
37
♦37
37
38*2 38
38*2
1,100 Wisconsin Central............ 100
734 May 2 39% Jan 3
54% Jan
33 Deo
industrial & Miscellaneous
15% 15% 15% 15% 15% 16
*15% 10
10% 15% 10
1,000 Advance Rumely_______ 100
11 Jan 19 16*2 May 9
7% Nov
18% Jan
30
*34
*34
36
35*4 35
35
*35
35*2 *34
35%
100
25% Jan 15 36% May 9
Do pref........................ 100
19 Oct
37% Jan
58*2
49 Jan 2 60% May 17
Ajax
Rubber
Ino__________
50
80
Jan
45*8
Deo
1%
1*4
1%
1*2 1*2 *1*2
1%
1%
1%
1*2 1% 1,300 Alaska Gold Mines________ 10
2% Jan 12
l% Apr 27
11% Jan
1 Dec
1% 1*2 *1%
1%
1*4 1®4
1*4
1*2 l*l
1*4
*1*2
900 Alaska Juneau Gold Mln'gllO
3% Jan 21
1*2 Apr 1
8% M ar
1*4 Deo
31
31% 30
31
30
30*2 32*4 33*4
33% 34*4 94,200 Allls-Chalmera Mfg v t e. 100
17*4 Jan 15 35%M ayl6
32% May
15 Dee
85*4 85*2 85*2 85*2 85*2 85*2 85*2 85% 85% 86
86
900
72*4 Jan 4 86 Mayl7
Do
preferred v t 0___100
86% Mar
65 Deo
87
*84
85
85
86% *84
87
*84
90
85
85
000 Amor Agricultural Chem__l00
90 Feb 13
78
Jan
2
72
Deo
95*2 May
95
*9.3
*03
95
95
95
*93*2
*03
95
94% 94*2
100
89% Jan 17 95 Apr 29
Do
pref........................ 100
91 Deo 103% Jan
74% 74
75
73*4 74% 73% 74% 74*4 74*4 74*2 74% 6,500 American
84
Feb
27
70 Apr 17
Beet Sugar____ 100
63 Deo 102% Feb
92
85
§85
*83
94
*83
90
*83
90
*83
DO
10
84 Jan 9 91*2 May 8
Do
pref-------------------- 100
78i* Dec
98 Jan
45% 45*3 40*4 45*8 46*4 40
47*2 47*4 49*2 48
50*4 130,100 American Can___________ 100
34% Jan 15 50*4Mayl7
29% Nov
53 May
*96% 98
98
§90*4 90% 90*4 90% 90% 96*4 96*8 96*8
550
89*4 Jan 23 97 Apr 30
Do
pref-------------------- 100
87 Deo 111% June
79% 79% 79% 81% 80*s 81% 79*8 80% 38,100
80*s 79*4 80
68*4 Jan 14 81% MaylG
American Car A Foundry. 100
57 Feb
80% June
110 110%
Do
pref........................ X00 106 Jan 3 110*4 May 1 100 Nov 118*4 May
38*8 38*2 x37% 39% 38
38*2 *37*4 39
38*8 37
37% 3,000 American Cotton Oil___ 100
25 Jan 16 x39% Mayl5
21 Deo
50% Jan
81
_____
*78
81
*78*4 81
78
78
*78
81
100
81*2 Mar 8
78 MaylG
Do
pref........................ 100
80 Deo 101% Jan
13% 13% 13% 13
1312 13
13% 13*2 14
13*2 13*4 3,200
1178 Jan 10 14% Feb 26
17% Mar
10 Feb
60% 60*4 61*2 01% 03% 62*4 03% 8,500 American Hide A Leather. 100
60
00*4 61% 00
60 Jan 2 637S Mayl7
Do
pref-------------------- 100
43% Deo
75 Jan
33*1 33% 33*4 33
32% 35% 31% 341.J 32
35
33
11,900
35%
Mayl3
American
Ice____________
100
11%
Jan
2
16% Aug
8%
July
51
53
50
51
51
52
50
50*2 51
50% 50*4 6,000
38*4 Jan 16 53 Mayl3
Do preferred_______ IlOO
55 July
35 Dec
53
53
53*8 52% 54*4 53% 5-1*4 54
54
53
50
20,000 Amer International Corp 1100
58%
Feb
1
52
Apr
25
62*4
Aug
48
Oct
351.1
35
34%
34% 35*4 35
35*2 34*4 35*2 34*2
35% 33,600 American Linseed________ 100
27 Jan 7 35*4 M a yl6
29% Aug
15*4 Feb
75*4 75% 75*4 75*2 7512 *75*4 75*4 75*2 75% 75
75
1,100
69% Jan 7 75*4 Mayl3
48 Feb
Do pref................1 0 0
75 Nov
07*4
60*2
09*4
67%
00*2
G
O
60%
07*2
71*4 67*4 09*4 53,400 American Looomotlve___ 100
53% Jan 15 71*4Mayl6
82*4 Jan
4e% Deo
_____
_____
98 ' 98
_____
98*2 100 100
98
98
800
Do pref.......................1100 x95 Jan 4 100 Feb 18
93 Deo 106% Jan
8*2 9*8 *7*3 9% *7% 9% _____
8%
*7% 9*2
400 American Malting______ 100
7*4 May 1 13% Feb 6
19*4 Mar
8%
Deo
*47
49%
_____
48
44
49*1
48
45%
48% 2,000
48
42% Apr 25 58*s Feb 6
Do
1st pref__________100
50 Dec
71*2 July
141 144 *140% 145
140
110 110
90 Feb 21 144 Mayl4
American Shipbuilding__ 100
88 Nov
93 Nov
82*8 81% 82*4 81*8 82% 81*4 82% 82*2 84*2 81% 83% 58,250 Amer Smelting A Refining. IOO
74% Apr 11 86*2 Feb 19
67% Deo 112*4 June
_____
104% 104*1 *104 105
101% *103*2 105
*103*2 *05*2
'200
Do pref...............
100 104 Jan 5 106*4 Mar 2 x99*8 Nov 117% Jan
67*4 07% 68
65% 05*s 07% 00% 67% 66
67
67*? 9,200 Amer Steel Foundries____ 100
58 Jan 15 68% Feb 19
75 June
60*s Deo
111 115*4 114 115
114*2 112 114*2 113 114% 114% 116
22,650 American Sugar Refining.. 100
98 Jan 16 116 M ayl5
89*8 Nov 126*8 June
110 n o *110 112% 110% 110%
112*4 *112 112*4 113 113
500
Do pref.........................100 108% Mar23 113% May 8 106 Deo 121% Jan
117
119 120
124 126*2 124*2 126*4 125*4 128*4 125*4 129% 79,025 Am Sumatra T o b a cco ... 100
60*4 Jan 5 129%Mayl7
621, Deo
30 May
99
98% 98% 99
98% 98% 98% 99
99% 98*4 99% 8,100 Amer Telephone A Teleg.. 100
95% Apr 30 109*4 Feb 1
95*4 Deo 128% Jan
108
107 170
168 169 *158 108 *155 105 *155 105
1,553 American Tobacco_______IOO 140% Jan 5 170 Mayl3 123 Deo 220 Mar
98
*93*2 90
95
96
*93
*93
96
95
*93*2 97
100
94 Jan 24 99 Feb 23
Do pref (now)............... 100
89 Deo 109*4 Jan
55*4 55
56% 55% 56*4 55*2 56*4 50*4 57*4 55*4 60*2 24,000 Am Woolen of Maaa______100
44% Jan 15 57*4 May 16
68*4 June
37*8 Feb
__
95
95
*93
95
94% 94%
95
200
92 Jan 4 957s Marl2
Do pref_____________ 100
87 Nov 100 June
24% 22
25
22
21*4
25*4
22*4 24
25*4 *23
25
1,800 Am Writing Paper p re f... 100
20*4 Apr 11 31*2 Feb 5
54% Mar
17
Nov
16*4 15*2 17*2 17% 19*4 17*2 18*4 1.8
18% 17
17% 23,500 Am Y.lno Lead A 8 ________ 25
1278 Jan 18 19*4 M ayl4
41*8 Jan
10*2 Deo
40*8 46*4 48% 49% 49*8 47*2 47*3 48
48
48
48
800
49*8 May 14
41
Jan
2
Do
pref______________
25
39*2
Deo
72*2 Jan
67% 07*4 69*8 07*4 08*4 08*8 09*a 09
71*2 08% 70 129,000 Anaconda Copper M ining..50 *59% Jan 18 71%Mayl6
87 May
51% Nov
109*2 109*2 111% 108% 111
108% 109*2 109% 112
110% 112% 2%000 Atl Gulf A W I 8S Line___100
97*4 Jan 5 120*4 Feb 18
87% Sept 121% Jan
02
*02
62
*02
63
*62
62% 62
63
03
63*4
840
64% Mar 18
58
Jan
5
Do
p
ref.........................100
66 Jan
54
Feb
87% 80*8 88% 85*2 87% 88*2 97
95*2 101*4 94% 98*2 88,700 Baldwin Locomotive Wks.100
76% July
43 Feb
56% Jan 15 101*4 M ayl6
100 100
93 Jan 2 100 Feb 28
102% Jan
93
Deo
Do
pref_____________
100
90*4 90% 90*4 89% 89*2 90
91
90
92
92% 92% 1,000 Barrett Co (The)________ ioo
93 Feb 19
85
Jan
4
136
Jan
82
Deo
88*2 88*2
94% 00
74% Jan 15 96 MaylG
Bethlehem Steel Corp___ 100
66% Deo 515 Jan
86% 80*4 88*8 801s 88% 87*4 88% 89% 94
89% 92 274,500
72*8 Jan 15 94 May 16 x06% Deo 156 June
Do
class
B
common.
.
.
100
106*4 106% 100% 106% 106% 100% 100*2 100*4 100*4 100% 100*8 2,030
96*2 Jan 15 106% Apr 29
93 Deo 101% Oct
Do
cum conv 8% pref__
24*i
24% 24*4 24% 24*4 24% 24
23*2 24
*23*4 24
3,000 Booth Fisheries_______No par
21 Jan 21 26 Feb 18
“ n<1 *ske<* Drloe,: no 8aIea on
day* 1 Ex-rlghts. f Less than 100 shares, a Ex-dlv. and rights.
Ex-dividend. OBefore payment of first Installment.




New York Stock Record—Concluded—Page 2

2103

Pot record of sate* during tba weak of stocks usually Inactive. nee second page preceding.

H IG H A N D L O W BALM PR IC E S — PBR S B A R B , N O T PB B C B N T .
Saturday
M a y 11.

M on d a y
M a y 13.

Tuesday
M a y 14.

W ednesday
M a y 15.

Thursday
M a y 16

Friday
M a y 17

lalesfor
the
W eek
Shares

STOCKS
H E W Y O R K STOCK
biXC/HANUlii

PER S H A R E
Range Since Jan . 1.
On basis o f 100-share lots.
Low est.

H igh est.

PER SH A R E
Bangs fo r Previous
Y ear 1917
Lowest

1

Highest

lnduitrlal&Mlsc.(Con.) Par $ per share. $ per share. $ per share 3 per share
$ per share $ per share S per share $ per share $ p er share $ per share
89 Jan 125% Apr
500 Burna Bros_______ ______________ 100 108 Feb 5 134 May 8
13118 132 *130 134 125 133 134 134 132% 132% 131 134
87gApr 25 10% Feb 15
Butte Copper & Zinc v t0____ 5
8,250
10
10%
10%
10%
10%
10%
9%
1
0
*
4
9%
9*4
9% 9%
33%Mayl4
52% Jan
12% Doc
16%
Jan
2
Butte
<fc
Superior
Mining..10
55.950
24
27
*18*2 19is 18% 25*8 27 33% 28 31% 27% 29
42% Aug
33% Nov
36% Jan 3 45% MaylO
4334 44% 1.900 California Packing_____ N o par
*44 4412 44% 44% 43 43% 43% 43% 44 44
30% Jan
19%Mayl6
10%
Deo
12
Jan
7
California
Petroleum
_______ 100
16,900
1
8
3
,
1
19%
1834
19%
1734 19
17% 18
17
18% 17% 18
62% Jan
55%
Mayl7
29%
Nov
36
Jan
5
Do
pref
..............................
..100
9.700
50% 50% 50*4 51% 53% 53% 65% 5434 55% 50.600
48
50% 50
55 Dec 101% Jun
61%Jan 15 733g Feb 27
Central Leather........................ 100
69%
703
4
697g
72
68%
69%
68%
68%
68%
6934
67% 68%
1157,
Jan
zl07
Mar
8
102%
Marl4
97
Dec
....................................
100
Do
pref
300
►103%
104%
►103
104%
104 104 104% 104% 1*103 104% 10-1 104
41 Feb
25 Deo
29% Mar 6 35% MaylO
34% 35% 35% 35% 35 35% 9,400 Cerro de Pasco Cop . . . N o par
34% 35
34 34% 34% 35
95 Feb 25
56 Nov 104*4 Mar
68%
Jan
2
Chandler
Motor
Car
________ 100
1,200
83
8334
82%
83
*81%
83
82
82%
82
82
*80 82%
11% Nov 27% Mar
14% Apr 4 17% Jan 2
Copper____________________ 25
16% 16% 16% 16*8 16% 16% 16% 16% 163.i 17% 16% 17% 15.800 Chile
35% Nov 63*4 Mar
39 Mar25 47% Mayl6
43% 43% 44% 44% 45% 45% 47% 45% 45% 18.600 Chino Copper................................. 5
43 43% 43
60%
MaylO
29%
Nov 58 June
3434
Jan
29
Colorado
Fuel
A
Iron
_______
100
54.800
48
49
48%
50%
44%
49
4334
44%
43 43% 43% 45%
2834 Mar25 35 Jan 30
25% Nov 477g Apr
Columbia OasAElec............. 100
34% 34% 34% 34% 34 34% 34% 3434 34 343.1 34 343g 6.300
70% Deo 134% Jan
84 Jan 5 92% Feb 7
1.700 Consolidated Gas (N YJ..100
88
88% 88% 89 91% 9034 9034 88
88
88
*87 89
677g MaylO 95 Feb 19
76 Nov 103% June
70% *68% 70% *67 70% 70% 70% 7234 75% 4.300 Continental Can. Inc_______ 100
70 70 *68
37% July
18 Feb
2978 Jan 15 43*4Ma‘yl3
43% 134,400 Corn Products Refining____ 100
42% 4334 42
43% 42% 43% 42% 433g 42
40% 42
88% Nov 112*8 Jan
Do pref____________________ 100 z90% Jan 7 99 May 9
1,000
99 99
98% 98% 98% 98% 9834 98% 99 99
74%
MaylO
917, July
62
Jan
12
45%
Deo
Crucible
Steel
of
America.
100
115,100
■76%
72%
7134
747g
69%
71%
71
70
72% 69
68% 70
83 Deo 117*4 Jan
86 Jan 31 91% May 16
Do pref____________________100
300
*90% 91% 91% 91% 91% 91% *90% 913,1
91
91
*90% 91
24% Nov 55% Jan
27% Apr 10 33% Feb 20
32% 33% 31% 33% 31% 32% 70.400 Cuba Cane Sugar_______ N o par
30% 32% 32% 33% 32% 33
94% Jan
74% Deo
78% Mart5 83 Feb 18
Do pref____________________ 100
2,100
81
8134 81
81% 81% 81*4 813,1 81% 81% 8134 8134 81
11% May 44% Oct
istillers’Securities Corp.100 z33 Jan 2 633g Mayl3
58% 60% 59% 63% 60*4 63% 6134 63% 6134 63% 61% 62% 193.200 D
24% Jan3
10 Jan 4
7
May
6
6%
Nov
Dome
Mines,
Ltd
........................ 10
1.300
7%
7%
8
8%
7%
7%
*7
8
7
7
*7
8
41% Aug
31*4 Mar25 39 Feb 13
28 Feb
353g 38,300 Gaston YV A W Ino. . N o par
35% 34
32% 34% 3334 36% 33% 35% 34 3434 34
5.100 General Electric_____________ 100 127% Jan 7 153 MaylO 118 Deo 171*4 Jan
148 148 148% 149 149% 149% 149% 152 151% 153 150 151
14134Feb 9
146%
Jan
74%
Nov
10634
Jan
15
General
Motors
Corp
_______ 100
36.700
125
127%
125%
128
124%
12534
121
126
123
126
il9 123%
93 Jan
79 Apr 17 88 Feb 1 72% Deo
Do pref.................................... 100
*79 80% 79% 80% 1.100
79% 80
80
80
80
79% 79% 80
61% Jan
32% Deo
38 Jan 2 z50% Feb 6
44
4534 *44% 45% 2.300 Goodrich Co (B F)................... 100
*42 46
45 46% 44 44
*44 45
96 Jan 10 100 Fob 19 z91% Doo 112 Jan
Do pref................................. .100
*96 100 *96 100 *96 100
*96 100 *96 100 *95 100
65 Nov 92*g Jan
74 Jan 25 80 MaylO
78% 78% 2,600 Granby Cons M 8 & P _____ 100
78
80
76
78% 78
78 *76 78
*77 79
34 Nov 47 Jan
38% Jan 17 45 Feb 6
1,600 Greene Cananea Copper.. 100
44
427g 43% 43% 437g 44
43
42% 42% 42% 42% 43
111%
Apr
25
77 Nov 137 Jan
86
Jan
15
8,225
Gulf
States
Steel
t
r
ctfs.--100
88
88
105 106 105 106 105 10934 z86% 9134 88% 92
Do 1st pref tr ctfs_____ 100 102 Jan 10 102 Jan 10 101% Nov 110 June
*96 ___ *96 ___ *96 --*96 --- *96 __ *96
4234 Mar 4
27%
Nov 40 June
34
Jan
5
Haskell
A
Barker
Car..
N
o
par
3.300
41
41%
41%
42
41%
417g
4134
42
41%
41%
*40 41%
38 Nov 66%June
42% Jan 15 5034MaylO
53% 54% 54% 55% 5334 5434 54 54% 54% 5634 54% 55% 77.950 Inspiration Cons Copper____ 20
7% Nov 217g May
10 Jan 8 16% Mayl3
15% 1534 3.800 Internal Agrloul Corp__ 100
16
16
16% 15% 16
15
15% 15% 16% 16
26% Nov 60% July
38 Jan 5 54% May 13
Do pref__________ _______ .100
5.900
50 52
55
55 *51
54% 5234 53% *51
47% 49% 50
500 Intern Harvester of N J..100 111%Jan 2 13134 May 8 100% Nov 123 Jan
130 130 ♦126 131 *126 130 *127 129 128 129% *127 130
367,Mar
17% DOC
21 Jan 15 31«4 Feb 23
26% 29% 72.100 Int Mercantile Marine_____ 100
243.1 25% 25% 27
25% 26
25
25% 25% 26
83%Jan 2 102% Feb 18 62% Feb 106% Oot
Do pref___________________ 100
94% 96% 93% 95% 93% 9434 95% 98% 96 102 283,700
92% 94
47*8 Mar
24% Deo
27 Jan 15 31 Mayl3
30% 30*4 z287g 29% 29% 2934 29% 2934 31.700 International Nickel (The).25
29% 30% 30% 31
18% NOV 49% Jan
24% Jan 15 45% Mayl5
41 42% 41% 43% 413.1 4434 44 45% 43% 443,1 42% 44 42.100 International Paper____ 100
77% June
05%
Jan
3
50%
Nov
58
Jan
22
Do stamped pref__ 100
63% 1.900
62% 63% 63 63% 63
623.1 63
64
62% 63 ♦62
64% Jan
367g Dee
41 Apr 2 47%Jan 11
*43 45% 45% 45*4 4334 4334 44 44% 44% 443.1 44 46% 2,000 Kelly-Sprlngfield Tire... 25
347g
MaylO
60% May
26
Nov
29
Mar25
Kennecott
Copper
.
.
.
.
N
o
par
333g
347g
25.600
3334
34%
32%
33%
3234 33% 3234 33*8 32% 33%
7334Jan 12 91% MaylO
68 Nov 10378June
88% 91% 8834 90% 38.400 Lackawanna Steel______ 100
85% 86i,i 86% 89*8 87% 8834 87 89
10% Nov 30 Jan
12 Apr 2 18%Mayl5
153.1 17-% 17% 18% 17% 1734 17% 17% 3.900 Leo Rubber A Tire__ N o par
14
14% 15% 16
12% Nov 27% Jan
17% Jan 8 23 MaylO
Loose-Wiles Biscuittrctfs.100
*22 23%
23% *22 23% *22% 23%
*22 23% *22
64 Jan
55 Jan
53 Feb 15 63 Mayl4
Do 2d pref........ 100
*62% 75
200
62
63
63
*62 63 *62
78%
Feb
28
70
Nov 89*4 Feb
74
Marl8
Mackay
Companies
_________
100
*73
75
*73
75
*74
75
*73
75
*73 75%.
64
Apr
22
67% Jan
57%
Deo
57
Jan
4
Do
pref
____________________
100
*64% 65
*64 65 *64 65 *64% 65 *64% 65
19% Nov 61*4 Jan
23% Jan 15 32% Feb 19
27 27 '26% '27*4 27% 28% 2.900 Maxwell Motor, Ino_________100
26% 27
26
26
*25 26
64*4 Fob 8
74% Jan
51
Apr
24
49
Deo
900
Do
1
s
t
pref
............................
100
55
55%
54
54%
*53%
54%
54%
54%
54%
55
*53% 55
13 Nov 40 Jan
19% May 9 26 Feb 6
Do 2d pref.............................. 100
800
2 1%
20
2134 21
*20
22
20 *19% 21
*19 20 *19
79 Jan 5 102% MaylO
67 Doo 106% Jan
96% 97% 97 98% 99 102% 9834 101% 114.700 Mexican Petroleum________ 100
97 99% 97% 99
847* Nov 977, Jurn
87 Jan 15 95 Feb 23
Do pref___________________ 100
200
94
91
*91
94
27% Apr 12 33%Jan 31
25 Nov 43% Apr
29% 29 29% 29% 303,i '29% 30% 7.700 Miami Copper________ ___________ 5
28*4 28% 29
*28% 29
67% June
43% Mar23 61 MaylO
39% Dee
55% 58 189.200 Midvale Steel A Ordnance..50
48% 49% 49% 50% 50% 52% 51% 5434 56% 61
66 MartO 73 Jan 4 z58% Deo 109% Jan
900 Montana Power_____________ 100
69
68
68% 68% 68% *68
67% 67% *66% 68 *66% 69
95% De j 117% Mar
95 Marts 100% Jan 3
Do pref...... ....100
* 9 8 % -- * 9 8 % ___ * 9 8 % __ * 9 8 % ___ * 9 8 % ___ * 9 8 % ___
39 June
13% Deo
13% Apr 8 187gApr 22
16% 17 11,200 Nat Conduit A Cable N o par
16
17% 17% 18
1534 16 *15% 16% 15% 16
24 Feb
46*4 Oot
37% Jan 7 54 Mayl7
51% 54 19,700 Nat Enam’g A 8tamp’g.__100
51% 51% 513,i 51% 52
52% 51
50% 50% 51
90% May 99% July
96 Jan 2 99% Feb 20
Do prof____________________ 100
*96 98 *96 98 *95 97% *95 97% *95 97% *95 97%
61% Apr 4
63%
Mar
377*
Dec
43%
Jan
7
National
Lead
________________
100
1.900
58%
60
60
61
61%
61%
61
61
61% 61%
59 61
9934 Mar 2 105 Apr 11
99 Deo 114 Jan
Do pref____________________ 100
*105% 107 ♦105% 107 *105% 106 *105% 106 *105% 106 *105% 105%
10 Nov 26*8June
1734 Mar25 217g MaylO
*20% 20% 20% 20% 20% 20% 20*4 21% 21% 217g 20% 2 1% 8,360 Nevada Consol Copper_______ 6 117%
Jau 12 138 Feb 27
98 Nov 186 Mar
*128 131% *128 132 *125 129 129 132 133 135% 132% 132% 2.800 New York Air Brake_______ 100
72% Mar
42% May 1 46% Feb 23
39 Deo
1,000 North American Co ............. .100
*43 45
43 43
43
43
42% 43
*42% 45
*42% 45
317g Oot 14378 Apr
35% Mar25 42% MaylO
3934 40% 40% 40% 40% 40% 40% 42% 41% 4234 z39*4 40% 46.900 Ohio Cities Gas (The)_____ 25
10%
Apr
8
7*4 Sept
3%
Nov
4%
Jan
22
Ontario
81lver
Mining
_____
ICO
7,200
9% 10%
934 10
934 934
934 934
9% 10
934 93i
30%June
18 Fob
23%Jan 21 32% Apr 19
31% 31% 2,800 Pacific Mall SS................................. 5
32
32
32% 32
31
31% 31% 31% 31% 32
98
Jan
96
Feb
27
87
Nov
86
Jan
8
*92%
93%
923g
92%
Pan-Am
Pet
A
Trans,
pref.100
400
*9134
92
92
92
92
92
92
92
35 Deo 106% Jan
39% Jan 2 65 Jan 31
9.700 People’s G I A C (Chic)..100
42% 473i 46 47% 453.1 48
42 42
42% 43
44 44
42 Jan
24% Deo
21 Apr 12 30 Jan 3
28% 29% 3.300 Philadelphia Co (Plttsb)...50
27% 277g 28% 29
27% 27% *27 28
27 27
11*4June
34 Jan 16 43% Mar 1 25 Deo
41% 423.i 40% 42% 40 413i 13,500 Pierce-Arrow M Car____ N o par
40% 41% 41% 42% 413.1 43
88 Nov 98% Aug
8934Jan 26 97% Marl2
Do pref.................................... 100
*94 97%
100
97
97 *93 101 *92% 97% *97 98
*95% 97
58% Fob 28
64%
Sept
37%
Deo
Jan
15
42
5334
55%
_____
100
Pittsburgh
Coal
of
Pa
24.800
54%
56%
533i
55%
53%
54
53%
54%
53% 53%
90 Aug
74 Deo
7914 Jan 2 84 Feb 19
Do pref____________________ 100
800
83% 83% 83% 83% *82 8334 83% 83% *82 84 *82 84
83% Jan
5734 Apr 20 69% Feb 19
49 Deo
61*4 61% 62% 61% 61% 9,010 Pressed Steel Car____________ 100
61% 62% z61
61
62
60% 61
93 Apr 27 97% Feb 13 z90 Nov xl07 Jan
*92% 95 *92% 95
Do pref____________________ 100
96
*93 95 *93 95 *92% 95 *93
98 Apr 17 109% Mar 5 99 Deo 131 Jan
102% 101% 104% 104% 2,800 Public Serv Corp of N J____ 100
*97 98% 98% 98% *97 100 100 102
1.500 Pullman Company__________ 100 100% Jan 7 119 MaylO 106% Deo 167% Jan
11734 119 *117% 119
118% 119 *117 119 118% 118% 119 119
45% Jan 7 58%Mayl6
36% Nov 68 June
56
57%
16.900
.............
100
.
5634
583
4
Railway
Steel
Spring
56% 56% 57%
5534 563a 56% 56% 56
95 Jan 2 98 Fob 15 88% Doo 101 Jan
♦98 101
200
Do pref.................................... 100
97% 98 *95 100 *95 100
*95 98
26%
MaylO
22%
Jan
15
19% Nov 32% Apr
2534
26
Ray
Consolidated
Copper..
10
13,750
‘25%
26%
253g
25%
25%
2
5
3
,
1
25% 25% 25% 25%
94%June
60 Fob
90% 92% 101.800 Republic Iron A Steel_______ 100 z72% Jan 15 96 MaylO
913i 96
87% 883 88% 91% 89% 91% 90 92
92% Jan 2 99% Feb 19
89 Deo 1057* May
Do pref................................. 100
300
*98% 100 *99 100
99 99
98% 98% *98 99
*98 981
73% Nov
83
Mayl7
70%
Mar23
59
May
Royal
Dutoh
Co
o
t
f
s
dep
____
2.900
81
83
80
80%
80
80%
80
80% 79% 80%
797s 80
6% Apr 17 11 Jan 31
l7g Nov 68 Jan
8
93a 1.900 Saxon Motor Car Corp...100
7% 7%
*7
8%
7
7
*6% 7%
*6% 71
1,800 Soars, Roobuck A Co _______ 100 139 MaylS 150 Fob 15 123% Deo 233% Jan
*142 1431 142% 143% 140 141 139 140 140 140 140 141
29*4 Mar
15 Deo
15% Jan 17 18% Feb 19
IS
1.900 Shattuck Aria Copper............. 10
16-’4 1634 17% 18 *17
17
16% 17% 16
16% 161
69*4 Mar
25% Apr 11 39 Feb 5 25% Deo
29% 307g 28*4 29% 19.100 Sinclair Oil A Ref’g...N o par
28 28% 28% 28% 283i 30
27% 281
33% Nov 74*4 Mar
39 Jan 24 05%Mayl6
627g 65% 63 64
5,600 Sloss-SheffleldSteel A Iron 100
6234 63
63
633
56%
Fob
1
9
110%
Jan
33%
Apr
24
40
437a
3
9
3
.
1
41
33%
Nov
58.100
Studebaker
Corp
(The)...
100
37% 39% ■37% 39% 39% 40
"37" 377
95 Feb 6
85 Nov 108%Jan
863gMay
Do pref__________ 100
IOO
*75 90 *75 90
90 90
90 *75 90
*75 90 *75
34% Marts 45% May 3
30% Nov 61*4 June
5.300 Superior Steel Corp’n_____ 100
43% 44% 44% 45% 4334 44
43% 44% 43% 44
43*4 441
95 Fob 1C 95 Feb 16 96 Deo 102% July
Do 1st pref............................100
*95 99 *95 97 *95 99 *95 97 *96 ___ ♦95 99
12% Jan 2 18% Apr 25
11 Nov 19% June
1734 18% 17% 17% *13,900 Tenn Copp A C trotfs.No par
17
17% 17% 17*4 17% 18
17
171
Jan 7 160% Fob 2 114*4 Doo 243 Jan
149% 1517 150 152% 150% 152 151% 156 156 1593i 155 158 23,200 Texas Company (The)_____ 100 136%
63%
May
14
80% Aug
48%
Mar2S
42%
Deo
58
5
9
3
4
Tobacco
Products
Corp__100
59%
61%
80 168
62% 613i 6334 60% 62%
59 61»( 61
Do pref____________________ 100 z87% Marl!) 95 Mayl4 z88 Deo 106 Mar
947a 9234 923i 92% 92% 1.900
92% 943 9434 95 *86
*87 92
104%
Mar
2
107
Aug
z83
Doo
100
Apr
9
*100
103%
Underwood
Typewriter
____
100
*100
103%
*100
103%
*100
103%
*98% 1021 *99% 102
59*8 Deo 112 Jan
400 Union Bag A Paper Corp. .100 65 Jan 24 80 Mayl3
79% 79% 79 79
80 80 *78 80
80
80
*79 80
49*8 June
34% D60
37 Jau 2 44% MaylO
42% 44% 43 43
4.500 United Alloy Steel_______ N o par
44
44% 43% 43% 43% 44
44 441
81% Nov 12778 Aug
8334 Mar28 99 Jan 23
91% 941
94
94% 923i 93% 91 923| 91% 923 91% 913; 15,400 United Cigar Stores................100 101%
98% Doo 120*4 Mar
Jan 6 106 Apr 10
12
Do pref____________________ 100
*103 112 *103 112 *103 115 §103 103 *103 115 *103 115
133 Fob 18 zl05 Deo 164*8 Jan
116%
Jan
1
6
1.900
126%
128
United
Fruit
__________________
100
126
127
125
125
125%
1
2
5
3
4
125%
125%
125 125
19
May
7
10 Nov 24% June
11%
Apr
0
16
1
6
3
a
U
S
Cast
I
Pipe
A
Fdy
_____
100
3.800
1534
16%
15% 153; 153i 1534 1534 1534
*14% 151
63 Jan
41 Martfl 47% Feb 1 42 Deo
46
Do pref____________________100
400
4334 433; *43 45% 45 45% *44
*42 463 *4234 451
134
MaylO
98%
Nov 171% June
114
Jan
5
13034
1327S
131%
134
_____
100
U
8
Industrial
Alcohol
42.900
131
132%
130
1
3
2
3
a
130 1311 130 133%
106
June
99
Marti
88
Nov
947
g
May
1
Do pref..................... .. 100
40C
96% 96%
97 97
96 96
*95 97
*95 97
67 Aug
45 Deo
51 Jan IS 60% MaylO
58% 60% '58' 59V 22.20C United States Rubber_____ 100
583i 59% 58% 581
60
57% 573i 58
114*4
Jan
105%
Mayl7
01
Deo
z95
Jan
I
f
105
1051
Do
1
s
t
preferred
________
100
*104
105
50C
*103 1041 104% 1041 *103% 105 105 105
67*4 Jan
32% Apr 12 48%Fob 19
40 Deo
43% 433
43
44
2.800 U 8 Smelting Ref A M ............. 50
42 43
42 42
42
42
42
42
52% Jan
43%
Nov
45%
Feb
1
42%
Apr
1
2
*42%
4
4
3
;
*42%
441
Do
pref
_____________________
50
*42%
441
...............
*42%
441
*42%
4
4
3
j
*42% ...
86% Mart." 113% MaylO
79% Deo 136% May
107% 1091 110 112 109% 1113 10934 1117 111% 1133. 110 % 1121 143422C United States Steel Corp.. 100 108
Mart." 112% Jan 31 102*4 Deo 121 % Jan
Do pref.........................100
3.50C
110% 1101 110 110% 110 110' 110% 1101 11)')% 1101 110% 1101
87%
MaylO
70% Deo 118*4 May
7634
Marti
Utah
Copper
____________________
10
84
851
83%
87%
30.100
82%
837
82‘2 831
82
83
82% 821
24*4 Jan
15% Feb 18
9% DOO
11% Jan
14
143a 14
14
1,800 Utah Securities v tc________ 100
14
141
1334 13’ 13-3.1 133
*13
14
48% May 8
26 Nov 48 May
46% 47% 46% 461
5.800 Vlrglnla-Carollna Chem. . . 100 33>4 Jan
46% 46’ 46% 47
46% 471
47% 471
112%
Jan
109
May
2
97
Deo
98
Jan
I
f
*106
109
*106
108%
Do
pref
___________________
100
*106 1081 *106 108* *106 1081 *108 1081
77 Mar
70% Mar22
46 Feb
60 Jan
68
732 Virginia Iron O A 0 ................ 100
70
70 568
69 69 *68% 70
68% 681 *63% 70
95%
Apr
15
*76
Dee
09*4
Jan
85%
Jan
2
,
1
2
.
"
93
93
93
94
Western
Union
Telegraph.
100
94%
941
94%
913
94% 941
94% 941
66 May
33*4 Deo
38% Jan 17 47% MaylO
45% 47% 44% 46% 41.900 Westlnghouse Eleo A Mfg..50
42% 42% 42% 427f 42% 46'
42
421
70% Jan
52 % Deo
59 Jan 11 64% Fob 20
70 *60 72
Do 1st preferred__________ 60
70 *62
70 *62 70 *62
*62
70 *62
52% Jan
45% Fob 20
33*4 Nov
36*4 Jan
41
1,100 White Motor.................................... 60
40% 40% 40% 40% 40% 40% 41
*39% 401 ♦40 42
38% Jan
15 Nov
16% Jan 1C 22 Jan 3
181.1 19% 1934 213S 116.600 Willys-Overland (The)_______ 25
17% 18
17
17*
17% 17% 17% 173
82% Marl9
69 Nov 100 Mar
75 Jan
Do pref (new)...................... 100
1.01S
81
81
80 80
80
80
80% 80'
61 MaylO
84% Mar
45% Jan
42 Nov
5734 581
8.800 Wilson A Co, Ino, v t 0...100
57 59% 587g 60% 5734 61
57
571
56% 571
997g Deo 161 Jan
10C Woolworth (F W) ____________ 100 110 Mart. 120% Jan 3
*114 115 114% 114% *114% 116 *114 115 *1143.1 115' *114 115
126%
Jan
114%
May
17
11434
May
U
113
Deo
114*4
1143
*114
116
Do
pref
________
___________
100
10C
*115
116
*114
116
*113%
115
*113% 115
37>g Junfl
51% May 7
23% Fob
34 Jan
1.700 Worthington P A M v t 0.100
50’.i 50% 493.4 493
49% 50’ *49% 51
50
51
*49% 5U
91% Apr 6
97% June
88
Nov
85% Fob
Do pref A ...............................100
167
88% 881 *87 91 *87 90 *87 90
*89
91
*89 91
68% May 6
60 Mai 1 63 Jun a
59 Jan 1
681 *66
69
Do prof B ................ .............. 100
400
69 *66
*66% 69
68
68 *67 681 *66
** Bid and asked prices; no sate* on this day,
Jirtulnat** of I.j j j ih

* 12 c-llvida-! t.




| Leas than 100 shares

t Et-rights

a S*-dlv. and rights.

9 Pat 110 per share.

a Par 1100 per share.

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
In Jan.

1909

2103

th e E x c h a n g e m eth o d o f q u o tin g b o n d s w a s c h a n g e d a n d p r i c e s a r e n o u > ~ “ a n d i n t e r e s t " — e x c e p t f o r in te r e s t a n d d e fa u lte d b o n d s .
P rice
Friday
M a y 17

B O ND S
IV. Y. HTO O K EXCHANGES

Week ending May 17

Bid

U. S. Government.
0 0 3Xs Liberty Loan.. 1932-47 J -D
0 8 4s converted Irom lit Lib­
erty Loan_________1032-17 J -D
0 3 48 2d Liberty Loan. 1927-42 M- N
U 8 4Xs converted from 1st
Liberty Loan----- 1932-47 J -D
U 8 4Xs converted from 2d
Liberty Loan...... 1927-42 M- N
U 8 4Xa 3d Liberty Loan. 1928 M- S
0 8 2a consol registered— 41930 Q- J
U 8 2a consol coupon___ <11930 q - J
U 8 3a registered.......*1918 q - F
U 8 3a ooupon________ *1918 Q - F
U 8 4s registered........1925 Q - F
U 8 4s ooupon......... 1925 Q - F
U 8 Pan Canal 10-30-yr 2s.*1936 Q - F
O 8 Pan Canal 10-30-yr 2s reg '38 Q -N
U 8 Panama Canal 3s g-- 1901 Q -M
U 8 Philippine Island 48.1914-34 Q - F
Foreign Government.
Amer Foreign Seour 5s___ 1919 F -A
Anglo-French 5-yr 5a Exter loan. A -O
Argentine— Internal fiaol 1909.. M- 8
Bordeaux (City ol) 3-yr 6s.1919 M- N
Chlneso (HukuangRy)— 5sof’ll J -D
Cuba— External debt 5s OI1904. M- 8
Exter dt 5a of 14 ser A...1949 F - A
External loan 4Xa_____ 1919 F - A
Dominion of Canada g 5s__1921 A -O
Do
do
1928 A - O
Do
do
1931 A -O
French Repub 6Ha secured loan.
Japanese Govt— £ loan 4Xs.1925 F -A
Second series 4X8..... 1925 J - J
Do do “German stamp".
Sterling loan 4s.......1931 J - J
Lyons (City of) 3-yr 0s... 1919 M- N
Marseilles (City of) 3-yrCo..1919 M - N
Mexico— Exter loan £ 5s of 1899 Q - J
Gold debt 4s of 1904___ 195-1 J -D
Paris, City of, 5-year 0a__ 1921 A -O
Tokyo City— 5a loan of 1912__ M- S
U K of Gt Brit A I 2-yr 58— 1918 M- S
3-year 5 X % notes.... 1919 M - N
5-yoar 5 X % notes.....1921 M - N
Convertible 5 X % notea.1919 F- A

Range
Since
J an . 1.

W eek'*
Range or
Last Sale

A sk Low

H igh

No

Loto

H igh

98.98 8ale 98.92

99.04 4403 97.20 09.30

95.10 8ale 04.60
94.90 Sale 94.60

95.82 477 94.00 98.40
95.78 11076 94.60 97 98

97.84 Sale 97.52 98.40 15911 97.52 99.10
97 98 97% Apr T8
97 97%
97 --- 97% Apr ‘18
97% 97%
99%
99 99%
99% Sale 9938
99%
99 99% 9938
98% 99*s
105 10534 105% 105%
105 105%
105 --- 105% May’18
105 105%
9 0 % ___ 97*4 Oct ‘17
90%___ 97% Feb ‘18
97% 97%
80 --- 84 Deo ‘17
100 Feb ‘15
90% Sale
92*s Sale
81% 83%
89% Sale
60 60
98% Sale
93% Sale
80% 83%
95% 96
92% Sale
9134 Salo
9812 Sale
8334 Sale
83% 88
71 ___
89% Sale
8912 Sale
40% 45
30 40
85 Sale
77 79%
99% Salo
97*8 Salo
95% Sale
09% Sale

96%
97
102
91%
93 1032
83% Apr ‘18
89
90
GO Apr ‘18
98%
98%
93%
93%
84 Apr '18
95%
96
92%
93
9134
93
97%
9812
8334
8334
83% May’18
7734
78%
74% Mar’18
89
90
89
90
40% May’18
33% Deo ’17
8434
8534
75%
78%
99%
99%
97X«
08
94%
95%
99
09%

94%
88%
78
84
53%
90%
90%
80
93%
90%
88%
94
80%
83%
77
74%
84
84
40

071*
93
83%
90%
60%
98%
93%
84
90
95*4
94
98%
92%
92%
81
70
90
90
42%

81% 89%
68 78%
97 9 9 %
95% 98
91% 95%
91% 100

tT k ete are price* on the bati* o f t5 to £

•late and City Securities.
S Y City— 4XsCorp stock-1900 IY1- 8
4Xs Corporate stock___1904 M- S
4Xs Corporate stook__ 1900 A - O
4Xs Corporate stock__ 1906 J -D
4Xs Corporate stock__ 1903 M- 8
4% Corporate Stock....1959 M - N
4% Corporate stook.... 1958 M- N
4% Corporate stock.... 1957 M - N
i % Corporate stock reg .1956 M - N
New 4Xa.......... 1957 M- N
4 X % Corporate stock...1957 M - N
3 X % Corporate stock...1954 M - N
II Y State— 4a... ..... 1901 M- 8
Canal Improvement 4s__1901 J - J
Canal Improvement 4s__1902 I Canal Improvement 4s...1900 J Canal Improvement 4Xs.l904 ■* Canal Improvement 4X8.1905 J Highway Improv’t 4X9— 1903 MHlghway Improv’t 4Xs„ 1905 MVlrglula funded debt 2-3S— 1991 J 0s deferred Brown Bros otfa— __
R a ilro a d .
Ann Arbor 1st g 4s________ 51995
Atchison Topeka & Santa Fogcn
g 4s....................................1995 A - O
R egistered______________ 1995 A - O
Adjustment gold t s......... 51995 Nov
R egistered....... ............ 51095 Nov
Stamped_____________*1995 M -N
O onvgold4s.....................1 9 5 5 J - D
Oonv 4s Issue of 1910____ I960 I - D
East Okla D lv 1st g 4 s— .1928 M - 8
Rocky M tn D lv 1st 4 s . . .1005 J Trans Con Short L 1st 48.1958 J - J
Oal-Arl* ls t A re f4 X s " A " lO 0 2 M - 8
8 Fe Pres A Ph 1st g 68— 1042 M - 5
A tl Coast L 1st gold 48— 51952 M - 8
Gen unified 4 X s ................1904 J - D
Ala M id 1st gu gold 58— 1028 M - N
Bruns A W i s t gu gold 48.1938 J - J
Charles A 8av 1st gold 7s . 1930 J - J
L A N coll gold 4s........... 01952 M -N
8av F A W 1st gold 6s____1934 A - O
1st gold 6S........................ 1934 A - O
8118p Oca A G gu u 4s____1018 J - J
B a lt A Ohio prior 3 X s ......... 1925 J - J
R egistered....................51925 Q - J
1st 60-year gold 4s........... 51943 A - O
R egistered__________ 51948 Q - J
10-yr conv 4 X s ................. 1933 ------Refund A gen 6s Series A . 1995 j - D
Pitts Juno 1st gold 0s___ 1922 j - J
PJuno A M D lv 1st g 3 X s 1925 M - N
P L E A W Va Sys ref 4s— 1941 M - N
Southw D lv 1st gold 3 X S - 1925 J - J
Cent Ohio R 1st o g 4 X 8 — 1930 M - S
O lL o rA W con lot g 68— 1933 A - O
Monon R ive r 1st g iig 6 s . . l9 l9 F - A
Ohio R ive r R R 1st g 68— 1036 J - D
General gold 6 s .______ 1937 A - O
Pitts C lev A T o l 1st g 0 8 -1 0 2 2 A - O
Baffalo R A P gen g 5s_____ 1937 M - 8
Consol 4 X 8 _____
1057 M -N
A ll A West 1st g 4s gu____ 1998 A - O
C lear A M ab 1st gu g 5 s . . 1943 J - J
Rooh A Pitts 1st gold 08— 1921 F - A
Consol 1st g 0s________ 1922 J - D
Canada Sou cons gu A 6 s.... 1902 A - O
Oar C linch A Ohio 1st 30-yr 5s '38 J - D
Central of G a 1st gold 5 s..p l9 4 5 F - A
Consol gold 6s....... ............ 1045 M -N
Chatt D iv pur money g 4s 1951 j - D
M ao A N or D lv 1st g 68— 1040 J - J
M id G a A A tl D lv 6s......... 1947 J - J
M obile D lv 1st g 5 s........... 1040 j - J
Oen R R A B of G a ooI r 5 s — I fl37 M -N
Gent of N J gen’I gold 5s___ 1987 j - J
R egistered....... ............ 51987 q - J
Am Dock A Im p gu 6 s . . .1021 j - j
Leh A H ud R tv gen gu g 6 s .‘20 J - J
N Y A Long B r gen g 4 s .. 1041 M - S
Cent Vermont 1st gu g 4s..el02O q - F
Obesa A O fund A Inapt 58— 1929 J - J
1st consol gold 5s......... . ..1 0 3 9 M -N
R egistered...................... 1039 m -N

91% Sale 91
92
91% 92 90% May’18
91% Salo 01% 02
9734 Sale 97
9734
9734 Salo 96%
9734
87% 87% 87%
8734
873g 87% 87%
87%
87%
87%___ 87%
85% 87 85% Mar’18
97% 98 95 Apr ’18
9735
_________
90i2
May’18
77% 80 78 May’18
94% 90 101 July’17
9 4 % ___ 94% Apr ’18
94% 98 100 Nov’17
94% 90 95
95
100 107*4 10034 Mar’18
100 104% 103 SepF17
105%___ 105 Apr ’18
100 104% 100% Apr ’18
mm - 79
74 Deo ’17
48% 50 50
50
52

54

55

Mar’18

8734
87%
87%
93%

92
90%
92
97*4
97*4
87*4
87%
87*4
80
93% 06%
93% 97
70 78%
94% 97%
94% 90
105 100*4
104% 107%
100% 100%

44

52

55 59
81%
82% 45 80 85%
80 Apr ’18
80 80
70 70 73% May’18
71*4 70
73 85% Nov'17
“74*% 76% 76% Ma y ’18
71% 78
87 89 87
87
81% 87
87% 88% 85
87*f
82 87*4
80 91% 91% Oot ’17
08 80 78 Aug'17
77 79% 77 Apr ’18 --- 77 80%
7934 __ 83 May’18
79 82*4
80 100 9934 July’17
8334
83*4 Salo 83%
84*4
77 79*8 79%
79%
82%
95*8
9934 Oct ’17
70% __ 85 Sept’17
107%
129% Aug ’lfi
72% 7353 73%
73%
70 73%
107 m__ 115 July’17
95% —
105 July’15
99%
9 8 % --- 99%
99 99%
88*4 Salo 88%
89
85% 89%
___ 8734 90% Sept’17
78% Sale 77
78%
76 78%
92»4 Mar’17
79% 7934 80
80
70% 80
81 82 80%
82
80 83%
112 Jan ’12
82% 80% 83ta May’18
82 83%
73 70 72%
75%,
72 70
___ 85%
84%
84%
81 85
8 3 % --- 100 Apr ’17
9 2 %___ 95% Apr ’18
95% 95%
101% Nov’16
"()i% II11 99% Oot ’17
88 Salo 88
88
88
88
09% Mar’18
99% 99%
99% 107 99 Mar’18
99 99%
85% 09*2 99% Oot ’17
75 --- 97 Nov’le
85 ___ 103% Feb ’ 18
10034 102 101
101
101 103
100% 102% 103% Apr ’18
99% 103%
91 92 91
01%
80% 91%
70 84 84 Deo ’17
97% 102 97% May’18
9012 97%
___ 89%
90 May’18
87*4 90
72 79 78 Aug’ 17
85 —
90 May’18
90 90
85 101% 97% June’17
90 ___ 104% Apr ’17
___ 93
90 Aug ’17
103 Sale 103
103
100 104
100 103 102
102
102 104
99 --- 99 May’18
98% 09%
94% 101% 100 Apr *18
100 100
92 ___ 100% Jan *13
60 75% 65 Mar’18
05 05
83% 87 80 Apr ’18
80 80
96 %
90% Sale 00%
05 100%
104% Jan ’ 17
82% Salo
__
8034

BONDS
N. Y. S T O C K E X C H A N G E
Week ending May 17

Price
Friday
M a y 17

W eek's
Range or
Last Sate

Range
Since
J an . 1.

Chesapeake & Ohio (Con )—
High
Bid
A sk Low
L ow H igh
General gold «xa_____ 1992 M - 8 78 Sale 78
78
72 78
Registered_________1992 M- S
86% Mar’17
30-year convertible 4Xs— 1930 F - A
75%
43 65% 75%
75% Sale 74%
30-year oonv secured 6s...1946 A - O
8134 Bale 81
S238 275 76 82%
Big Sandy 1st 4s______ 1944 J -D 70 75 84 Apr ’17
Coal River Ry 1st gu 48-1946 J -D 65 ___ 85% Nov’16
Craig Valley 1st g Be... 1940 J - J
96% Feb ’16
Potts Creek Br 1st 4a___1946 J - J 63
84% Jan ’13
R & A Dlv 1st con g 4s...1989 J - J 73 "82" 73 Nov’17
2d consol gold 4s____ 1989 J - J 62 82% 71 Oct T7
65%___ 88% Sept’16
Greenbrier Ry 1stgu g 4s.1940 M - H
- 93% 113% Feb '16
Warm Springs V 1st g 5s..1941
Ohio A Alton R R ref g 3s__1949
51% 52 52 Apr ’18
50 62
41 Sale 40
41
Railway 1st lien 3Xa... 1950 J - J
35% 47%
Chicago Burlington & quincy
99% 101 99% Apr ’18
Denver Dlv 4s...._____ 1922 F - A
97% 99%
75
IllinoisDiv 3Xa.......1949 J - J 7534 70 75
73 75%
IllinoisDiv 4a........ 1949 J - J 8334 87 85% May’18
82 87%
99 101
98 May’18
Iowa Dlv sinking fund 58.1919 A - O
98 99%
97%___ 97 Jan ’18
Sinking fund 4a..... 1919 A - O
97 97
Joint bonds. See Great North
4 91% 94*8
94%
91% 92% 93
Nebraska Extension 4s...1927 M - N
91
Mar’18
Registered_________1927 M - N
91 91
General 4s___ _______ 1958 M- 8 81 83 82%
83
5 80 84%
28
10 25 30
Ohio A E 111ref A Imp 4s g— 1955 J - J 27 30% 28
27
31
28
U 8 Mtg A Tr Co ctfs of dep..
59 22 29
29
1st consol gold 6a______ 1934 A - O 100 100% 100
100
1 98 101
General consol 1st 5s___ 1937 M - N __ - 84% 87 June’17
__
__
.
74
70
U 8 Mtg A Tr Co ctfs of dep
Feb ’18
70
70
70 July’17
Guar Tr Co ctfs of dep...
61
97*4 Feb ’13
Purch money 1st coal 5s..1942 F - A
__
10
32
Mar’17
Chic A Ind O Ry 1st 5a...1936 J - J
59% 27 64 60%
Chicago Great West 1st 48— 1959 M- S 593s saie 58%
99
Chlo Ind A Louisv— Ref 08.1947 J - J 99 105 99
1 98 100%
Refunding gold 58..... 1947 J - J 80 97*4 100*2 Apr *17
84% Apr ’17
Refunding 4s Series O ___1947 J - J
70 Nov’16
Ind A Louisv 1st gu 4s...1950 J - J
Chlo Ind A Sou 50-yr 4s__ 1950 J - J 71 78% 96% Jan ’17
97*8 Deo ’16
Ohio I, 8 A East 1st 4X8— .1969 J - D
Chicago Milwaukee A St Paul—
75
Gen’Igold 4s Series A„_el989 J - J 74*4 76*4 73%
73*4 79
92% Feb ’10
Registered________ «1989 Q- J
81 81% 81
82
Permanent 4s___ ____ 1925 J - D
70% 82
69
Gen A ref Ser A 4Xs__ o2014 A - O 6834 sale 68
64*4 70
77 78*4 78
78%
Gon ref conv Ser B 5s...02014 F - A
70 80
Gen’lgold 3Xs Ser B __ €1989 J - J ..... 71% 72% Aug ’17
General 4Xs Series C...el989 J - J 81% 82% 80% Apr ’18
8OI2 84%
63 72 66% May’18
25-year debenture 4s... 1934 J 66% 74
74 Sale 74
74%
Convertible 4Xa______ 1932 J - D
71% 75%
95%___ 97 Jan T8
Ohio A L Sup Dlv g 5S— .1921 J 97 97
94 Feb ’18
Chlo A M o Rlv Dlv 5s...1920 J 94 94
90 97% 97
97
10 95% 98%
Chlo A P W 1st g 5s___ 1921 J __
.
83%
79
Deo
’
17
C M A Puget Sd 1st gu 4s.1949 I 98 100
99%
99%
Dubuquo Dlv 1st s f08— .1920 J 99% 99%
97% 108 104% Sept’ 17
Fargo A Sou aasura g 6s..1924 J 96*4 103% 98 Jan ’18
La Crosse A D 1st5s... 1919 J 98
98
__ - 99 100% Sept’17
WIs A Minn Dlv g 6s.. 1921 J 98 ---- 97%
97%
WIs Valley Dlv 1st 0s___1920 J 97% 97%
85 --II 85 Apr ’18
Mllw A No 1st ext 4Xs. 1934 J - D
35 85
811,i --- 81% Feb ’18
Cons extendod 4X8— 1934 J - D
81% 81%
88
89 Jan '18
Ohio A Nor West Ex 4s 1880-1926 F - A
89
89
Registered..... 1886-1926 F - A 85 "897a 86% Oot ’17
70% 73 70% May’18
General gold 3Xs..... 1987 M - N
70 73%
81% Oct ’16
Registered........ j,1987 q - F
General 4a__________ 1Q87 M - N "80% "82% 80%
82%
79% 85%
Stamped 4s---- IIIIIl987 M - N ..... 83 81 May’18
81 81
99%
___
99% May’18
general 5s stamped.... 1987 M - N
99%
103
Sinking fund 6s... 1879-1929 A - O 104
_. Registered..... 1879-1929 A - O
94%
100
Sinking fund 53____1879-1929 A - O
92*4___ ;
Registered..... 1878-1929 A - O
953s 102
95 Mar’18
Debenture 5s____
1021 A - O
95 96%
91 97 :
Registered____IIIIII1921 A - O
100 100
93% 97 97 May’18
Sinking fund deb 5s___"1933 M - N
93% 97
92%
97
94%
94%
Registered......... 1933 M - N
94% 94%
Des PlainesVal 1st gu 4XS1047 M- S 77%!__ :
Frem Elk A M o V 1st08— 1933 A - O 104%-----:
101 105
52
88 Jan ’17
-J
ManGBANWlst3Xs-1941
M U w A S L 1stgu3X«— 1941 - J
Mil L S A West 1st g 08—1921 M- S 10 1% 102% I
100*4 1 02 %
98
mmmm 98 Apr ’18
Ext A Imp s fgold 5s— .1929 F - A
98 98
Ashland Dlv 1st g 6s...1925 M- S 102 — II j
102
Mich Dlv 1st gold 03— 1924 J - J
Mil Spar A N W 1st gu 4s.1947 M- S 75% ‘78% 73% May’18
73% 73*4
St L Peo A N W 1stgu 58.1948 J - J 93 95 98 Oct ’17
CJhtoago Rock IslA Pao—
76% 77 76
76
Railw ay general gold 4s.— 1988 J - J
77*4
71%
Registered________ 1988 J' - J“ *70 — — [ 71%
71*8 71*8
68
80 62% 68%
Refunding gold 4s... — 1934 A - O 68 Sale 66
20-year debenture 58....1932 J - J 70 80 70 May’18
66 71
04%
R I Ark A Louis 1st4Xs. .1934 M- S 64% Sale 63%
62 64%
87 96 90 Feb ’18
R & N — 1st g 58-1934 A - O
96 96
92 100
97% June’17
£ H I F A N W 1stgu 58— 1921 A - O
97 May’18
Choo Okla A G gen g 5s..01919 J - J 94%
05 100
76 "90" 97% July’15
Consol gold 5s...... 1952 M - N
55% GO 60
60
Kcok A Des Moines 1st68.1923 A - O
57 60
69 Sale 68
09
St Paul A K O 9h L 1st4Xs ’41 F-A
59 09
112 10G% May’l
Chlo St P M A O cons 6s__1930 J -D 105 __
102 106%
81
85% Mar’18
85% 85%
Cons 0s reduced to 3 Xs 1930 J -D
Debenture 6s„ .......1930 M- S 90% 90 85% Mar’18
85% 85%
North Wisconsin 1st6s__1930 i - J 100% __ 1
St P A S City 1st g 0s__ 1919 A - O 100% 103 1
100 % 100 %
Superior Short L 1st 5s g.pl930 M- 8 8412 95 1
Chlo T H A So-Eaat 1st 5s..1960 J -D __ 75 82 Jan ’17
Chlo A West Ind gen g 6s..#1932 q - M 103% 105 1103% May’l
103% 104
00
Consol 50-year 4s.... 1952 j - j 66 Sale 65%
64 64
90 May’17
CIn n A D 2d gold 4Xs— 1937 j- j
88 Mar’ll
C Find A Ft W 1stgu 4s g.1923 M-N
m
m
m 96 90 Jan ’17
Day A Mich 1st cons 4X8.1931
J m
63%
Clev Cin Ch A St L gen 4s.1993 J -D 63 63% 63
59 63%
20-year deb 4Xs...... 1931 J - J 73% 74% 74% Apr ’18
65% 74%
General 5s Series B ___ 1993 J -D 75 85 80 Apr ’18
80 80
Cairo Dlv 1st gold 4s__ 1939 J - J 61% 81% 83% Mar’17
62 65% 65 May’18
Cin W A M Dlv 1st g 48-1991 J - J
65 65
63% 70 64 May’18
St L Dlv 1st coll tr g 48— 1990 M - N
63
66
Spr A Co! Dlv lstg 4s— .1940 M- 5 61% .... 73% June’17
W W Val Dlv 1st g 4s___1940 J - J 63
__
102*
1
O I St L A O consol 6s— . 1920 M - N
1stgold 4s---- ---- *1930 q - f 75% 87 87 Dee ’17
88% May’15
Registered...... *1936 Q - F
Cin S A Cl cons 1st g 68— 1923 J - J 87% --- 1
O C O A 1 gen cons g 6s..1934 J - J 101 105 1
Ind B A W 1st pref 4s___1940 A - O 60
O Ind A W 1st prof 5s...41938 q - j
48 53
Peoria A East 1st cous 4s.1940 A - O
40 61%
12% 20
13
Income 4s_________ 1990 Apr
12% 13
85% 87%
Cleve Short L 1st gu 4X8— -1981 A - O
85 90
84% 80
80
Colorado A Sou 1st g 4s.. 1929 F - A
82*4 86%
71 72
Refund A Ext 4Xs.... 1935 M - N
06 73
71%
Ft W A Den O 1st g 6s. 1921 J -D 96
00 97
84
Conn A Pas Rlvs 1st g 4s...1943 A - O
95 94
! Feb ’10
Cuba R U 1st 50-year 5s g._ 1952 J - J —
Del Lack A Western—
Morris A Ess 1st gu 3X8-2000 J -D 73 79% ’
73% 75%
102
N Y Lack A Wist 6i__ 1921 J - J 101*4 102 11
100 % 102 %
95% __ 1
Construction 5*_____ 1923 F - A
95% 98
90% __ !
Term A Improve 4s__ 1923 M - N
93*4 93*4
Warren 1st ref gu g SXs— 2000 F - A

•No priceFrldA/; lateetUtla week. uDueJan J Due April. e Due May. pDuaJuue. hDueJuly. * Due Aug. oDueOol. pDueNev. « Due Deo. sOptlonsale.




BO N D S
Y .8 T O C K K X O H A N Q B
Week ending M a y 17

21

P r ie s
F rid a y
M a y 17
B id

Delaware A Hudson—
1st lion equip i 4 H a ____ 192a J - J
1st A re! 43______________ 1943 M -N
30-year conv 5s........... .......1935 A - O
A lb A S u s q conv 3 H s ____1940 A - O
iensa A Saratogu 1st 7 s . . 1921 M -N
D enver & R io Grande—
1st cons g 4s____________1936 J - J
Ooneol gold 4 H s — . _____ 193U J - J
Improvement gold 6 s ___ 1928 J - D
1st A refunding Ss.............. 1955 F - A
S lo G r June 1st g ug 5 s ...1 9 3 9 J -D
Rio O r Sou 1st gold 4 s . . . 1940 J - J
Ouarauteed..................... 1940 J - J
Rio O r West 1st gold 4 s . . 1939 J - J
Mtge A coll trust 4s A . .1949 A - O
D et A M ack— 1st lien g 4 s .. 1995 J - D
Gold 4s.............................. .1995 J -D
D et It lv T u n — T er T u n 4 H a 1961 M - N
D u l M lisabe A Nor gen 6 s .. 1941 J - J
D u l A Iro n llaug e 1st 5 s ___ 1937 A O
1937 A - O
Registered...............
D ul Sou Shore A Atl g o s .. . 1937 J - J
Elg in Joliet A East. 1st g 53.1941 M -N
Erie 1st consol gold 7s______ 1920 M - S
N Y A Erie 1st ext g Is __ 1047 M -N
3d ext gold 5s.................. 1919 M - S
3d ext gold 4 * 3 .............. 1923 M - S
4th ext gold 6s________ 1920 A - O
6th ext gold 4s................1928 J -D
N Y L E A W 1st g fd 7 3 ..1920 M - S
Erie 1st eona g 4s p r io r ... 1996 J - J
Registered....................... 1996 J • J
1st consol gen lieu g 4s. 1996 J - J
Registered................... 1996 * - J
Penn coll trust gold 4s. . 1951 F - A
50-year conv 4s Sorles A 1053 A - O
do
Series B ______1953 A - O
Gen oonv 4s Serloa D __ 1953 A - O
Ohio A Erie 1st gold 6 s . . . 1982 M -N
Olev A M ahon V ail g 5S..1938 J - J
Erie A Jersey 1st s f 6a__ 1955 J - J
Uenessee Ulver 1st s f 6 s..19 5 7 J
J
Long Dock consol g 6 s . . . 1935 A - O
Goal A K it 1st cur gu 0 s . 1923 M -N
Dock A Im pt 1st oxt 5 s .. 1943 J - J
N Y A Green L gu g 5 s .. 1946 M -N
N Y Stiaq A W 1st ref 53.1937 J - J
2d gold i H s . ................. 1937 f - A
Gonoral gold 5a............. 1910 F - A
Term inal 1st gold 5 s ...1 9 4 3 M -N
M id of N J 1st ext 5 j ___ 1940 A - O
W llk A East 1st gu g 5s .1942 J - D
E v A In d 1st cons gu g Os__ 1926 J - J
B vau sv A T H 1st cons 6 s .. 1921 J - J
1st general gold 6s__ __ 1942 A - O
M t Vornon 1st gold 6 S ...19 2 3 A - O
8 ull Co Branch 1st g 5a . . . 1930 A - O
Florida E Coast 1st 444s...1 9 5 9 J - D
Fort St O D Co 1st a 4 4 4 s ..1941 J - J
F t Worth A Rio G r 1st g 4s. 1928 J - J
G alv Hous A Hen 1st 0s
1933 A - O
Great N o r O B 4 Q c o ll 4 s .. 1921 J - J
Registered........... ........ A1921 Q - J
la t A ref 4 H s Series A __ 1961 J - J
R e giste re d...................... 1961 J - J
St Paul M A M an 4s_____1933 J - J
1st consol gold 6s_____ 1933 J - J
R egistered.................. 1933 J - J
Reduced to gold 4443.1933 J - J
R e giste re d..............1933 J - J
M ont ext 1st gold 4a...1 9 3 7 J - D
R e g iste re d ............. 1937 J - D
Pacific ext guar 4s £ ...1 9 1 0 J - 4
« M in n N or D lv 1st g 41.1948 A - O
M inn Union 1st g 6 a ..
1022 J - J
Mont O 1st gu g 6a........... 1937 J - J
R egistered..............1937 J - J
1st guar gold 5a......... 1937 J - J
W ill A S E 1st gold 5 a .. 1938 J - D
Green Bay A W deb ctfa “ A ” ____ Feb
Debenture otfa " B " ................... Feb
G ulf A S I 1st ref A t g 3a . .61952 J - J
Hooking Val 1st cons g 444**1999 J - J
R e g iste re d ..................... 1999 J - J
C o l A H V 1st ext g I s . . .1918 A - O
Ool A T o l 1st ext 4a......... 1953 F - A
Houston Beit A Terra 1st 5 s. 1937 J - J
, Illinois Central 1st gold 4 a .. 1951 J - J
R egistered____________ 1051 4 - J
let gold 3 > 4 a ..................... 1951 J - J
R egistered...................... 1951 4 - 3
Extended 1st gold 3 4 4 a ... 1951 A - O
R egistered_______
1951 A - O
1st gold 3s sterling........... 1951 M - 8
R egistered______
1951 M - S
Collateral trust gold 4 a ... 1952 A - O
R egistered...................... 1952 A - O
1st refunding 4s............. 1955 M - N
Purchased lines 344a..........1952 J - J
L N O A Texas gold 4 a ... 1953 M - N
R e giste re d................. 1953 M - N
Cairo Bridge gold 4s......... 1950 J - D
Litchfield D lv 1st gold 3s. 1951 4 - J
Loulsv D lv A Term 8 3449.1953 J - 4
R egistered____________1953 J - 4
Middle D lv reg 6 s..
1921 F - A
Omaha D lv 1st gold 3 s . ” l951 P - A
at Louis D lv A Term g 3s 1951 J - 4
Gold 3 44s— .................... 1951 J - 4
R e giste re d.................. 1951 J - 4
dprlogf D lv 1st g 344s— .19 51 4 - J
Western lines 1st g 4s___ 1951 P - A
R e giste re d ________
1951 F - A
Bellev A C ar 1st 6s........... 1923 4 - D
Carb A Shaw 1st gold 4s 1932 M - 8
Ohio St L A N O gold 6 s .. 1951 4 - D
R egistered...................... 1951 4 - D
Gold 3448................... 1951 4 -D
R e g iste re d .................. 1951 4 -D
Joint 1st ref 5a Series A . 1963 J - D
Meraph D lv 1st g 4e— .1951 J - D
Registered ................ 1951 J - D
8t Louts Sou 1st gu g 4a 1931 M - S
In d III A Iowa 1st g 4a........ 1950 J - J
In t A Great N or 1st g 6 a .. .1919 M -N
James Frank A Clear 1st 4s 1959 4 - D
Kansas C ity Sou 1st gold 3a. 1950 A - O
Registered ........................1950 A - O
R ef A Impt 5 a ........... Apr 1950 J - 4
Kansas C ity Term 1st 4a__ 1960 4 - J
Lake Erie A West 1st g 5»— 1937 4 - J
2d gold 5 s ..................... 1941 J - 4
North Ohio 1st guar g 6 a .. 1915 A - O
Lob Val N Y Is t g u g 4 4 48 -19 40 J - 4
Registered ...... ................ 1940 J
4
Lehigh Val (Pa) cons g 48— 2003 M -N
General oona 444s______2003 M -N

W e e k 's
R a n g e or
L a s t S a le

A s k C ow

33

H ig h

9334 9534 91 Apr ’ 18
82'2 Sale 8212
84
8738 9212 8 8 May’ 18
72
72 Sale 72
101i8 ___ 11278 Deo ’ 16

BONDS
N. Y . STO C K E X C H A N G E
Week ending M a y 17

R ange
S in c e
J a n . 1.
Low

Leh V Term R y 1st g u g 53— 1941 A R eglsterod______________ 1941 A Leh Val Coal Co 1st gu g 6s. 1933 J R e g iste re d .................
1933 J 1st Int reduced to 4s_____1933 J Leh A N Y 1st guar g 4s___ 1945 M tteglstered .......................... 1945 MLong laid 1st cous gold 5s..A 1931 Q 1st consol gold I s _______ *1931 Q General gold 4s_________ 1938 J F erry gold 4 H a ..................1922 M ­
, Gold la ................................1932 J Unified gold 4s....................1949 M Debenture gold 5s..............1934 J 20-yoar p m deb 5a_____1937 M G uar refunding gold 4 s . . . 1949 M Reglatered____________1949 MN Y B A M B 1st con g 5.1.1935 A N Y A R B 1st gold 5s____1927 M N or 8h B 1st con g gu 5s.o l9 32 Q Louisiana A A rk 1st g 5s__ 1927 M Loulsvlllo A N asbv gon 6s. .1930 J Oold 5s.................................1937 M Uulfled gold 4s___________1910 J R e giste re d____________1910 J Collateral trust gold 5 a . . . 1931 M ­
E H A Nash 1st g 6a_____1919 J L C ln A Lex gold 4 H s __ 1931 M N O A M 1st gold 63..........1930 J 2d gold 6a........................1930 J Paducah A Mom D lv 4 s .. 1946 F St Louis D lv 1st gold 6S— 1921 M 2d gold 3a........................ 1980 M A tl Knox A C ln D lv 4 s .. .1955 M A tl Knox A Nor 1st g 51— 1946 J Render Bdgo 1st s f g 6 s .. 1931 M Kentucky Central gold 4a. 1937 J Lex A East 1st 50-yr 5s gu 1965 A L A N A M A M 1st g 4 4 js 1945 M ­
L A N-South M Joint 13 — 1952 J R e g iste re d ...................A1952 Q N Fla A S 1st gug 5a.........1937 F N A C Bdge gea gu g 4 H s . 1945 J Pensac A A tl 1st gu g 6 a ..1921 F B A N A la co a a g u g 5 1 ...1 9 3 6 K Gea cons gu 50-year 5 s. 1963 A L A Jeff Bdge Co gu g 4 s . . . 1945 MM anlla R R — Sou linos 4 a ... 1936 M M ex Internat 1st cons g 4.1— 1977 M Stamped guaranteed......... 1977 MM ldland T erm — 1st s f g 5s. 1925 J Minneapolis A St Louis—
1st gold 7 s .......................... 1927 J Paolflo E xt 1st gold 6s___ 1921 A 1st consol gold 5a................1934 M ls t A refunding gold 4 s. . . 1949 M Ref A ext 50-yr 5a Sor A . . 1962 Ci Dos M A F t D 1st gu 43— 1935 J Iowa Central 1st gold 51— 1938 J Refunding gold 4a......... 1951 M M 8 tP A S 8 M o o n g 4 s In t g ii.l9 3 8 J tst C h ic Torm s f 4a_____1941 M ­
M 8 S M A A 1st g 48 Int g u .’26 J
M ississippi Central 1st 5s__ 1949 J •
M issouri Kansas A Texas—
1st gold 4s...........................1990 J
2d gold 4s........... .............. j/1990 F
1st ext gold 5s.................... 1944 Mle t A refunding 4s_____.2004 MT ru st C o certfs of dep.............
Gen sinking fund 4 H s — .1930 J ■
St Louis D lv lat ref g I s . .2001 A ■
5% secured notes “ ext” ’ 16 —
D a li A Waco 1st gu g 6 s . . 1940 MK an C ity A Pao 1st g 4s— 1990 F
M o K A E 1st gu g 6s___ 1942 A
M K A O kla 1st guar 6 s ..1042 M ­
M K A T of T 1st gu g 6a. 1942 M
Sher Sh A So 1st gu g 5s 1942 J
Texas A O kla 1st g u g s s .. 1943 MM issouri Paolflo (reorg Co)
1st A refunding 5 s ............ 1965 . .
1st A refunding 5 s _______1923 . .
lat A refunding 6 a _______1926 —
Genoral I s _____________________
Missouri Pao 1st cons g 6 s .. 1920 M
40-year gold loan Is ........... 1945 M
3d 7s extended at 4 % ___ 1938 M
Boonv St L A 8 1st 6a gu.1951 F
Cent B r U P 1st g 4s......... 1948 J
Pao R of M o 1st ext g 4s. . 1938 F ■
2d extended gold 5 s___ 1933 J
8 t L lr M A 8 g e n o o n g 5 a .l0 3 1 AGen eon stamp gu g 5s .1931 A
Unified A ref gold 4 s .. . 1929 J
R egistered________ 1929 J
R l v A G D l v l s t g 4 i — .1033 M
Verdi V X A W 1st g 5s . 1926 M
Mob A Ohio new gold 6s.
1927 J
1st ext gold 6a..................41927 Q
General gold 4a_________ 1938 M
Montgomery D lv 1st g 53.1947 F
St Louis D lv 6s.................. 1927 J
St L A Cairo guar g 4s._ 1931 J
N ashv C hatt A St L 1st 5 s . . 1923 A
Jasper Branch 1st g 6 s . . .1023 J
N at R y so f M ex pr lien 4 H i- 1957 J
Guaranteed general 4 s . . .19 77 A
N at of Mex prior lien 4 H s . . 1926 J
1st oonsol 4s_____________1951 A
New Orleans Term 1st 4 s . . . 1953 J
N O T ex A M exico 1st 68— .1925 J
Non-eum Inoomo 5s A ___ 1935 A •
New York C entral R R —
Oonv deb 6a_____________1935 M
Consol 4s Series A ..............1998 F
Ref A Ir a p 4 H s ’’A” ......... 2013 A
New York Cent A H ud R lv —
G ua r 3 H a .......................... 1997 J
R e giste re d____________1997 J
Debenture gold 4s..............1934 M
R egistered____________1934 M
Lake Shore coll g 3 H 1____ 1903 F
R e giste re d......................1998 F
M ich Cent coll gold 3 H e . . 1998 P
R egistered...................... 1998 F
Battle Or A S tu r 1st gu 38.1089 J
Beech Creek 1st gu g 4s_. 1936 J
R e giste re d___________ 1936 J
2d guar gold 5s..............1038 J
R e g iste re d _________ 1936 J
Beech C r E x t 1st g 3H s-91951 A
C art A Ad 1st gu g 4s___ 1931 J
Gouv A Oawe 1st gu g 68.1942 J
Mob A M ai 1st gu g 48— 1091 M
N J Juno R guar 1st 4s__ 1986
N Y A narlern g 3 H s ___ 2000
N Y A N orthern let g fis.1923

9314 94

SO’2 86I2
85'2 90
71
70

65
66
60 >2 69
63
71
71
71
72
76l4
72
74
48U 5514
5212
5514
37 Aug '17
6 U4 Apr ’ ll
39 July '17
6358
6 3i2 6 7i2
6U4 66 63*8
50
55
51 May’ 18
52
58
82 Deo '16
7512 July'16
73 771a
76*4
77>2
7 7 14 Sale
9712 10078 9913 Deo '17
97
97
91 101
10512 Mar '08
:::: ~ s f ~ 87 Mar’lS
82 87
8712 102 104 Jan '17
101
100 101
101 10138 101
78
Apr
'18
78 173
79
98>2
96's 96>8
961s------ 96's Mar’lS
93la 95
96 ------ 9312 Jan ’ 18
95I4 ------ 0'Ji2 July ’17
94*4 Nov’ 15
100 ------ 10712 Deo ’ 16
65
69
6712
67>2 6814 6/12
81 Deo ’ 16
127 491a 57U
57
56 Sale 55
____ 73
73 June’ 10
78*8
75t4 79
7 7 i2 79 i2 78
42
49U
4812 Sale 4814 4914
49 Sale 47
49U
42l2 49T
4 3i2 56
53'4 Sale 51*4 5334
91
87*4 93
91 ------ 91
80 --- 1067s Jan 17
____ 100
100 May’ 18
9 3l2 100
96 10378 103*4 Aug ’ 17
107 ------- 1101* Nov’ 17
103 Jan ’ 18
103 103
's o “ : : : : 10212 July’ 17
85
88 ---- 85 Jan '18
75
65
7458 74*4 Feb T8
— . 62 100U Deo ’06
61 Apr ’ 18
____ 62
61
01
7 7 1 2 ------ 108 Jan T7
76
94 103 Jan T7
____ 74
02 Feb '18
62
62
23ia Jan '17
90 ------ 97 Nov’ 17
501*------ 8512 Juue’17
103 Nov’ 11
95 June’ 12
81
81
75 9212 81 May’ 18
92 Aug TO
55 ------ 501a Oct T7
____ 88
85'a June’ lG
92
9438
0334 Sale
93*4 94
93U
93U
9134 9314
8 8 7s
90
88
90
86*2 89
96 June’ 16
86lg 891a
88 ---- 891a Apr T 8
108 103
107 113 108 Apr T 8
99's 117 118 Apr T7
95 May’ 18
9312 95
9312 95
85iS 99 1021a MayT 6
85 Apr T 8
8234 8 6
8 1i2 85
95>a Mar’16
81
89
85>2 Nov’ 15
8OI4 86i2 80's Deo T7
100T
10038 ____ 100U
105 ------- 113 Juno’ 17

IOOI4 100U

9 ll 8 ------ 93ia Apr T8
93 ------- 109*4 Aug ’ 16
____ 79 i2
69*4 Deo T6

925S 9312

136'4 May’OG

9ls
9is 913
78 78 May’ 18
78 75i2 May’18
OSia Jan T4
7012 871j 8214 Aug T7
70 i2 - - - - 75 Feb T8
90i8 Apr T7
____ 95
87 Mar’ 18
88
95
92 Sopt’ 17
69
93
73>s Deo T7
73
90
84 Nov’ 15
G3
71
625s------ 80 Juno’ 17
625s ..
8
77
77

80

7
9 i8
7612 83
75>s 78
071a 75
87

95

J u ly ’09

775s A p r T 8
95U Sept’ 12
79 i2
79 7912 79 i2
71
6 U4 75 71
7158 7612 76is M a y ’ 18
70 84 72 Fob T 8
7034 --- 89 A p r T 7
56U--- 74 Fob T 4
65l2 785s 65U M a y ’ 18
83 Aug T 2
95*8--- 102 Juno’ 18
5814 --- 53U A p r ’ IS
62 M a r’ 18
58 66
6512 6834 63 A p r T 8
63 ------ 80 June’ 16
805s N o v’ 10
____ 7914
72l2 79 79 M a r’ 18
92 N ov’ 10
____ 107*4 117ia M a y ’ 10
90 Jan T 7
0 7 3 s ------ 97 M a r’ 18
114 Fob ’ l l
63 ------ 90 Oot ’09
75
81
6 5 U ------

86ia 9212 87

M a y ’ 18
70 ig N ov’ 17
6 3 14 90
65 N ov’ 17
76 i2 ____ 89 Feb ’ IS
7334 93 89 A p r T 7
93
93
93
96
82ia Juno’ 17
77
85
56
0212 59 A p r T8
63 Oto ’00
80
80 Sale 79
76 Sale 70
76'4
85 M a r’ 18
78*2 90
____ 81
80*8 Feb T 7
____ 85
89U M a r’ 17
87
91*4 85 A p r ’ 18
89 Oot T 7
83ls 93
78 A p r T 8
7712 78
85i2 89*4 87 A p r T 8
a

D ue Ja n .

72 i2 78i4
79
70
74
72

83
71
7012
72

64lg 71
5SU 58U
62
62
63
63
79

79

97

98

86iS 91
80

80

90

93

68

6U2

73*4 80
74>a 78
78
92
85

94*4

78
87

78
90i2

9 Duo Feb.

P r ic e
F rid a y
M a y 17
B id

H ig h

66 Sale
71 Sale
____ 75
55 Sale
____ 95

• N o prloe F riday, latest bid and asked this woelx.




[Vol. 106

New York Bond Record—Continued—Page 2

3 10 4 :

g

D ue June.

A Due J u ly .

0 Duo Oot.

W eek ’s
R ange or
L a s t S a le

A sk Low

IO U 4 103 102
113
____ 103
100 ____ 100
105
80*4 . . . .
------ . . . . " 8 7 "

H ig h

is
=0
S o

95 A pr ’ 18 ____
94T June'10 . . . .
85i4 Feb *17 ____
90 J u ly ’ 17 —
99U Oot '06
89 M a y ’ 17 ____
____ 78
97 Jan T 8 ____
------ 97
2
7378
7 3 7s Sale 72*4
7 3 i2 7 5 ‘2 75 M ay'18 —
95 Jan ’ 11
94 ____ IO.3 I4 Apr T 8
92>2 A p r T 8 —
94 100
82
9314 100 Aug TO
M a r’ 18 ___
8514 87>2 90
1
1005S 112*4 109*8
1093s
97
99
94>8 A p r T 8
2
8612
86'2 8678 86is
965g Jan T 7
81
86
99 M a r’ 18 — ____ 00
100*8____ 103*8 J u ly '1 7
91
9512 87 A pr T 8 — 1 0 l78 100 106 Aug T 7
93*4____ 104i8 peb T 7
7218 80's 9012 Apr '12
100U — — 1001s Ja n T 8 —
513S 5814 58U M ar'18 . . . .
7612 7 7 T 74 A pr T 8 —
Qflljj
108*4 Jan T 7
1 0 1 '8 ------ 10518 Aug T 7
73 M ay '18 . . . .
73 78 81
95i2 M a y ’ 18 —
951s 96
8134 91*4 94 Aug T 7
0714 813s 67*4 Apr '18 —
95 Feb ’05
9534 101*4 96*4 Ja n T 8 —
8 2l2 ------ 9 778 M a y ’ 10
100*8 10S12 10212 Feb T 8 __ .
9534 100
99 A pr T 8 ____
9134 100
93>2 Jan T 8 —
A p r’ 17
58l2 ____ 79

104
103
75
4312
46
60
81
84*4 81
44
41
45
86 Sale 86
92
89 U ____ 85's
____ 94
95

m i "0 0 "
3014 50
55
87
5212 55
____ 60
____ 49

H ig h

102
101
____
—

9134 95

... . .. ..
_____ ____
—
—

___

___

97

97
75

72
73

79*2

92l2 9212
8714 90
109 10934
93*4 94ig
83
8813

99

99

87

87

1001s 1001s
58
5814
74
70
73
74
91*4 96
67*4 07U
96*4 96*4
10212 102l2
99
90
9312 931a

7 7 M a r’ 10
75 N o v’ 10
91*2 Juno’ 17

* 1 1 — Too "
74 >2 7934
45
46
44
47

03
6378
32>2 40
23
41*4
4 3 14 Sale
4712
27
29
____ 40
30
40

L ow

102
M a r’ 18 —
M a r’ 17
M ar'18 ____ OOL
Oot '13
____ ____
—
A pr " 1 7 —

9518 100>8
8 0 8 ____
86
94T
____ 95

. . . . ----

R ange
S in c e
J a n . 1.

Fob T 8
104 101
Oot TO ____ . _ ____
71
75
M a y ’ 18
9 41
4512
45t»
Apr T8 —
40
40
Fob T 6
A p r M8 ____ 75*4 81
10 40*2 4014
45<s
5 831S 86H
88
Jan T 7
N o v'17
Deo TO

22
63ls
641s
31 M a y ’ 18 —
3'258 N ov ’ 17
12
•43*4
45

6018 OUs
35
28
40

45

29
40

27

34

58
30

58
37

29
N o v '16

11

6012 A p r T 7
58 Ja n T 8 ____
36 A p r T 8 —
55*8 Deo T 7
50l2 Apr T 8
61 D o o ’ 10
40 Ja n T 8 —

49

50lg

40

40

6 79
81
82
86
92
OOU
90*4 11 90
887s M a y ’ 18 . . . . 8018 90
58i2
5914 302 55lg 5934
99
09
3 9812 991a
60 J u ly ’ 17
82 A p r T 7
100 Fob T 3
71 78 ------ 1 97'2 Doo T 3
78 i2 Apr T 8 — - 78 i2 80
78 is 83
88 ____ ! 100*4 Apr T 8
5 9012 95>8
0312
0 3i2 ____ 9312
102 J u ly ’ 14
9 7212 7 6 "
74*8
76
7513 70
8078 Oct ’ 17
2 66i2 71
70
70
0912 71
78 Sopt’ 15
10012 102*2 IO U 2 M a r’ 18 . . . . IO U 2 lODa
1 92
92 ____ 95
05
95
62 ____ 0512 A pr '18 —
6512 051a
80 ____ 93 J u ly ’ 17
90 Aug '17
87'8 92
77 D e o '17
71 's 85
8 9712 i o i
9712
97t2
98's 100
973g 102U U0t4 M ar '17
25
30
30 M a y ’ 17
35 Aug T 6
21 ____ 967s Feb T 3
30 Oot TO
4 00
04
03 ____ 037s
01
93
94
9414
9334 M a y ’ 18 ____ 92
71 40
403s Sale 45
47
4978
81
85
9014 9 l l 8
87*2 89
58*4 Sale
99
99U
56*4____

94
75
80

Sale
Sale
84

7 U 4 74
69
7312
80H Sale

02ia 65>4
____ 64»s
63
03*4
...................
8 0 '2 ____
84

____

6 512____

04 14 194 91 >2
75
2 7 1 1S
2 80
84
.
70 M a y ’ 18
70
12 70
70i»
70*t
7912
80>2 11 74*4
92 Deo T 8
1 61
6 U2
04 12
6734 Sopt'17
63*4 M a r’ 18
0212
75 M a r’ 17 — - —
06'8 Apr T 7
95*4 N o v’ 16
104 M a y ’ 16
935s
743.1
8312

89

74*4
70*4
801a
651a
0S78
—

N o v ’ 10

79>2____ 7 IB 2 A p r T 8 —
0 7 1 3 ____ 89*4 Feb TO
7 1 ' s ------ 80 M a y ’ 17
9 5 U ____ 101 June’ 17 . . . .
s Option sale.

941a
75
85

70H
...

70ia
....

M at 18 1918.1
B U NDS
N. Y. S TOCK E X C H A N G E
Week ending May 17

New York Bond Record—Continued—Page 3
3|

N Y Cent A FI It R R (C’e».)—
N Y Ac Pu 1stcon3 gu g 4a 199
Pino Crook reg guar 03__ 193<
R W A O eon letext 5s..h 1922
Rutland lat con g 4 H J__194
Og A L Cham letgu 4a g194*
Rut-Canada latgu g 4a.1941

Price
Friday
M a y 17
Did

iVeek’ i
Range or
Last Sale

A m Low

u to )

No

A-O
74% Mar’U __
69*2 -J -l 100%___ 113 May’ll
A -C 97% 991 98 Mar’li __
J0 7 %--- 80% Aug ’1"
60 ___ 63 Mar’15 __
JJ6 7 %___ 70 Jau 15 __
_ r 101 Nov'U
J -.
2d gold 6a......... 1990 A -0
-- ■ 103 NOV’U
91 --- 9 4 Apr ’15 ___
Utica A Blk Rlv gu g 4a..1922 J Lake Shore gold 3 Ha__ 1997 J -D
73*4 Sale 7314
74
5
Registered________ 1997 J - D ___ 73 72% Mar’U __
Debenture gold 4a___ 192* M- S 85% 80 85 May’IS ___
81% Sale 34%
25-yoar gold 4a______ 193: m -n
85
(
M->
8342 Nov i?
J - . ---..
Mahon Cl R B 1st 53__ 1933 J - J 8 8 % ___
A-G
90*4___ 103 May'17
101%___ 130% Jan '0£ ___
PittsM o K A Y 1stgu 8S.,1931 J 101%___ 123% Mar'll
2d guaranteed 03____ 193 J MoKeea A B V lat g 0g.l9U J - . _______
M- 8 89 ___ 99*2 Aug ’1
85*4 93 92 Apr ’IS __
Hoiletered........ 1931 Q-M
la...... .
19If J - • 7 5 % ___ 80 N o v T
87 Fob '1
Registered________ 191C J M- S
72" ___ 79% July*17
letgold 3 Ha....... 1952 M-N
75 81
74 Apr ’IS
20-yoar debenture 4a__1920 A-G
N Y Ohio A St L latg 4a..1937 A -C 79 82 79 May’U
A -C 75 ___ 85 Nov’U
01 6 4 62 Apr ’1
Dobonture 4a_____ 1931 M-N
79
Woat Shore lat 4a guar...2361 J - J 77 78*2 78%
11
Registered________ 23<3I J - J 75 70 76% May’15
M- P<
100% Jan ’ll
9838 July’17
J -J
N YCunnoct latgu4Ha A..1953 F -A 7 9 % --- 85*2 May’18
N Y N II A Hartford—
M- £ 53 ___
IY1- 8 51 ___ 50 Oot *17
51
11
Non-conv debon 3Hs__ 1954 A - O 51*8___ 50
57%
3
Nou-oonv doben 4a.... 1955 J - J 53 ___ 57%
53 .... 58
53
1
Non-oouv doben 4a.... 1956 M-N
J - J 51 55 46 Doc T7
90
10
Conv debenture 6a..... 1918 J - J 89*2 Sale 87
F -A
50 Oot ’17
J - J --- 57*2 91% Jan ’12
Non-conv doben 4s__ 1955 1 - J --- 57% 79*2 Apr ’16 __
A-G
J-J
09%--- 77% Aug ’17
Harlem B-Pt Clies 1st Is.1954 M - N
B & N Y Air Line 1st 4a..1955 F -A G3 ___ 79*8 Deo ’17
Cent New Eng lat gu 4s.. 1961 J - J --- 74
74 Apr ’17
Hartford 8t Ry lat 4s__ 1930 M- 5
Ilouaatonlo R cons g 5a... 1037 M - N ___ _ _ 100% May’15
Naugatuck H R 1st 4s__ 1951 M - N
87 July’ll
N Y Prov A Boston 4a...1942 A - O
83 Aug *13
N YVV'obos.fcl) 1stser I
J - J 50*4 Salo 49
60-h 18
A -G
J - J 81 _ _
J - J 60 ___ 70 80lit’17
57 Apr 'Hi
Providence Secur dob 4s__i957 M - N --- 60
33% Feb ’14
__ _____
64 00 «i
oit2

sv A Con Kant 1st 4><s... 1913 J - J
N Y O A W ref lat g 48__.(71992 M- 8
M- S
General 4s_______ ’__L1955 J -D
Norfolk Sou lat A refA 6a.. 1061 F -A
Norf A Sou latgold 5a____ 1911 M - N
Norf A VVeat gou gold 03__ 1931 M - A
F -A
A-O
N A W Ity let ooQ3 g 4a..1996 A O
A O
Dlv’llatlieu A gen g la.1941 J - J
10-25 yearoonv la___ 1932 J -D
10-20-yuar conv 4a___ 1932 M- S
10-25-ycar oonv 4 Ha- --1938 M- 5
Pocah G A O Joint 4a...1941 J -D
J -J
Sclo V A N E 1stgu g 4a..1989 M- N
Northern Pacific prior lien
railway* land grant g 4a.1997 Q- J
Registered___ _____1997 U- J
Ooneral liengold 3a... a2047 0 - F
Registered....... ,i2017 0 - F
St Paul-Duluth Dlv g 4s__1996 J -u
St P A N P gen gold 03... 1923 F -A
Registeredcertificates..1923 Q - A
St Paul A Duluth lat 5a..1931 F - F
lat consol gold 4i____ 1968 J -D
Wash Cent 1stgold 4a__ 1918 G - M
Nor Pao Term Co lat g 6a..1933 J - J
Oregon-Wash lat A rot 4a... 1901 J - J
Pacific Coaat Co 1stg 5s__ 1946 J -D
Paducah A Ilia lat s f4HS..1955 J - J
Pennsylvania RIt lat g 48..1923 M - N
Conaol gold 5a_______ 1919 M- S
Registered........ 1919 >-M
Con3ol gold 4a........ 1943 M - N
Conaol gold 4a_______ 1918 M - N
Conaol 4Ha......... 1900 P - A
Gouoral 4Ha____ ____1965 J -D
Alleg Vat geuguarg 4a...1942 M- S
DRRRAB'golatgUlag ..1936 r - A
Phila Balt A W lat g 4a.. 1913 H-N
1-J
Sunbury A Lewis lat g 4a.1936 - J
U N J R R A Cau gon Is ...1944 M- 8
Pennsylvania Oo—
Guar lat gold 4Ha.... 1921 - J
Roglatored________ 1921 - J
Guar 3 Ha oolltrustreg A. 1937 M- 5
Guar 3 Ha oolltrustser B .1941 F - A
Qunr 3r<s trust otfs 0 — 1912 •D
Guar 3 Ha trust otfa D...1944 f -»
Cluar la-25-yoar gold 43..1931 A O
40-yoar guar IsotfaSer E. 1952 rf-N
Cln Lob A Nor gu lag__1942 M-N

97 Sale
94% 97
75 is ___
7 4 % ___
71*2--71*2 83%
84 ___
80 ___
___ 87%

07
97
95% Apr *13
87 Feb ’17
70 Jan '18
81*i July’17
37% Deo ’16
84 May’IS
80 Deo’17
80 Oot -17

Cl A P gen gu 4Ha acr A. 1942 - J
Series B .......... 1912 \-Q
Int roduood to3Hs„1942 \ -o
Horioe O 314s— ... .1948 M-N
Buries 11 314s..... 1950 ? - A
Erie* Pittsgug314sU..1940 - J
Sorlos 0 ........ 1940 - J
Or It.k let 1stgu g 4143-1911 - J
Ohio Connect latgu 4a._ 1943 M- 5
Pitta Y A Ash 1st oona 5a.1927 M-N
Tol W V * O ku 4Hs A..1031 - J
Sorlea B 4Hs.__.... 1933 - J
Series O 48....... 19 42 *M- %
P O CAS t l , KU4J4SA .1910 \ 0
Series B guar_______1942 )-O
Berios C guar. ...... 1942 M ff
Sorlea D 4a guar____ 1945 M-N
Berles E3Hsguar gold.1919 - A
Sorlea F guar 4s gold— 1953 -O

93 ___
9()18 ....
8 0 % ___
80%___
8 0 %___
7 5 %--75%___
8 4 % ___
90 91
95*2___
82% 98
82% 92
75 ___
91*2___
91*2 100
91*2 99
8 8 %___
88 92
8 8 % ___

90% May’IS
01 Doe -15
96% Fob '12
90% Oot '12
88*2 Feb ’17
88 Apr '17
90's July' 12
99 Mar’18
93 May’ll
93 May’10
98% Apr *17
92 Doe '17
88% 8opt'17
92 Nov’17
92 Dec '17
99 June* 17
88 Fob ’18
88
83
95*2 May’17

98

98%

03
70

03
70

92
7L%
72*2
82
81%

94
75%
72*2
86%
80*2

92

92

72% 80*2
75*2 82
61 63%
70 80
22% 70%
35*2 88
50*2 51
52 57%

as

83*2 90

45

2 04

50%

03%

60 Apr’IS
00's
00's
8 4% Apr '13
100 Apr ’IS
122 Nov’10
ll)7ls Oot -17
83
83U

70 78
--- _.
108 110
ioo no
8112 83
95>a ....
75 37

75% Apr '18
74% 70*2
1237s May-17
117% May’17 _ ._
105 May’IS
105 105%
81 M a y ’IS
80% 85*8

00
I 00
82%
100

77% ..
8 4 % ___

92

60
04
84%
100

7 81% 85

Nov’17

82U Salo 82
82U 28 79
79 81% 80
80
2 80
53*2 Salo SSlj
gsijj
2 50%
---- ...
61% Juno*17
75*4 __
91% May* 17
103 109 103 May’18
102
100% 103 104% HODt’17
93*2___ 107 Oot ’10
67 .
01 70 30% Deo ’ 10
107U 1037s 1 10's oot '17
73-73 Sale 7.3la
733, 10 71
82 y4 8 Us
841,
1 82
--- 100 100% Fob ’17
93 ___ 99*2 July'17
100 ... 101) May'18
100
99*4___
88 _
88 Jau ’is
sy
80% Salo 837s
17
OS's Salo OG'-S
971s 18 95%
90 Salo 89S.|
00
24
83 87*2 89*2 Nov’17
75*2___ 84*2 Sop ’ 10
84 ___ 92 Aug* 17

84%
80 ’
01*2
103

75
90

Deo '17

* No price Friday; latest bid and asked. a Due Jau. 5 Due Feb

itized for
for FRASER
FRASER
Digitized
://fraser. stlouisfed.org/


III gh

72% 74%

--- 05
60% Salo
31 ___
100%___
103%___
103*2___
83*4 Sale

79

BONDS
N. Y. S TOCK E X C H A N G E
Week ending May 17

Range
Since
Jan. 1.

0

7 90% 98
95% 90
70

70

84

84

96% 90%

88
1 87

88
83

M ay. g Due June,

3105
Price
Friday
M a y 17

W eek's
Range or
Last Sale

P O O 4 8t L (Cos.)
Bid
4tk Low
H igh
Series G 4a guar_____ 1957 M - N
88*8 96 91 Nov* 17
Series I cons gu 4H9-- -1903 F - A 9 0%___ 92% Oct ’17
C St L A P 1stoona g 5s.. 1932 A - O 10034___ 100i2 May’18
Peoria A Pekin Un lat0a g._ 1921 Q - F
100 June*17
2d gold 4 Ha........ 61921 M - N
87 Mar’16
Pare Marquette lat Ser A 5a 1956
81% 82 82
82
lat Series B 4a...... ..1950
65 68
66
66
Philippine Ry 1st30-yr a f4a 1937 J • J -- - 55 44 Apr '18
Pitts Sh Ac L B lat g 6a.... 1910 A -O 96 ___ 99 Jan '18
lat consol gold 6a...... 1913 J - J 96 ___ 9714 Deo '17
Reading Co gen gold la___ 1997 J - J 84 Sale 84
8434
Registered_________1997 J - J
88l2 Oct '17
Jersey Central coll g 4a._ .1951 A - O 83% gale 8334
8334
Atlantlo City guar la g___ 1951 J - J
St Joa A Gr Tal 1st g 4a____1947 J - J 63 ___ 60 Deo ’17
St Louis A San Fran (reorg Co)—
Prior Lien aer A 4s..... I960 J - J 5078 Sale 59l2
00U
Prior lien sor B 5a..... 1950 J - J 7-4% Sale 73i2
7 1%
Cum adjust acr A da___ 41955 A -O 65 >2 Sale 6 412
6578
Income aeries A 6a.... 51960 Oct 50 Sale 49i2
51
St Loula Ac San Fran gen Oa.1931 J - J 102 110 101 Apr ’18
General gold 5a...... 1931 J - J 92% 99 92 Apr 'IS
St L A S F RR cona I 4a..1990 J - J
78 May’16
Houthw Dlv lat g 5s... 1947 A -O
90 M ay‘17
K O Ft 8 4 M cona g fls._1928 M - N 101 ___ 1003s M ay’18
K C Ft S A M Ity ref g 4a. 1930 A -O 67i2 Sale 67*2
69
K C 4 M 1 U Q 1st gu 5s.1929 A -O 81% 80% 88 July'17
St LS W 1st g 4a bond ctfs._ 1989 M -N
66 Sale 66
67*2
2d g 4s Income bond ctlH.pl989 J - J 52% 6334 5012 Jan ’18
Conaol gold 4a... ....1932
D
59 60 61
61
lat terml Ac unlf 5a..... 1952
J 54 59 58
58
D
Gray'a Pt Ter lat gu a 5a.1917
93% Jan '14
S £ * A Pass lat gu g 4a__ 1943
J "GO* "63" 60
GO
St 4 M P IstakfdgSa....1919 J - J
100% Feb ’17
Seaboard Air Line g 4a____ 1950 A - O
67
7 n2 Mar* 18
Gold 4a stamped...... 1950
O 6814 72U 71*2 Mar'18
Adjustment 5a... ... <?1949
51
5312 Sale 5234
Refunding 4a....... 1959
54%
54U 51% 54%
Atl Blnn 30-yr lat g 4a..el933
62 76 75 Mar’18
Car Cone lat con g 4a__ 1949
77 Jan '18
Fla Cent A Pen 1stg5a_..1918
975s 99-34 99U June'17
90
lstlandgro«g5a._. 1930
101 Deo *15
Consol gold 5a...... 1913
9212 95 10334 Deo ’16
Ga Ac Ala Ry lat con 5a..01945
90 95 97 Aug '17
Ga Car Ac No lat gu g 5a..1929
92*2___ 97 Sept’17
Soab 4 Roan 1st 5s.... 1920
91*4___ 95 Oct '17
Southern Pacific Co—
73*2
Gold 4a (Cent Pao oolI)__U949 J -o 73i2 Sale 727g
Registered........41949 J D --- 72
90 Feb '14
20-year cony 4a______ g 1929 M- S 7934 Sale 79%
7934
20-year conv 5s....... 1934 J -D 94 Sale 93
95
Cent Pao latrefgu g 4a...1949 F - A S0«2 81 80i2
81
Registered.. ..... 1949 F - A
87i2 8ept’10
Mort guar gold 3H8--U929 J -O 85 87 87is Feb *18
Through St L latgu 4a.1954 A - O
73 75 72i2 Feb ’18
901* 100 100 Oct '17
Q H & 8 A M 4 P lat 53..1931 M - N
2d exten 5a guar..... 1931 J
86 97 96*4 Jan 'IS
Glia V G 4 N lat gu g 53._1924 M - N
95
100U Jan '16
Houa E Ac W T lat g 5a...1933 M - N
85 95 99i2 Apr *17
1st guar 5a red...... 1933 M - N
85 95 100 Oct '16
O A T C lat g 5a lntgu.__1937 J - J 91U 104 103*2 Aug *17
Gen gold la Int guar... 1921 A - O 91% 99 92 May’IS
.
N VV dly tat g oa *30 M - N
109I2 N ov '15
A * N W 1st gu g 63____1941 J
101*2 Dec '16
Louisiana Wost 1st Oa___ 1921 J - J 97*2 105*2 100U Oct '17
Morgan's La A T lat 0a._ 1920 J - J
1045s 100 Apr ’18
No of Cal guar g 6s.... 1938 A- O 92i2 ___ 102% Oct '17
Ore * Cal lat guar g 6a... 1927 J
913s 965s 9614 Feb '18
91*4___ 107*2 Sept’16
So Pao of Cal— Gu g 5a...1937 M - N
80 Pao Coaat 1st gu 4.sg. 1937 J 90 ___ 93*2 Aug '17
San Fran Terml lat 4a... 19.50 A - O
7978 Sale 7712
79%
Tox A N O con gold 5s.__1943 J - J ___ 85
95 Nov’16
So Pao R R lat ref la....1955 J 80*4
80is Sale 795s
Southern— 1st oona g 6a... 1991 J 93
9Qi2 93 92%
Registered.... ... 11994 J 91 ___ lOOU Aug'16
Develop Ac gon 4a Sor A... 1959 A - O
G278 Sale 6212
63
Mob Ac Ohio colltr g 4a__1938 M- 9 65 Sale 65
65
M e m I)lv lat g 4H«H>d._.l996 J
92 ___ 87 Jan '18
St Lopla dly lat g 4a... 1951
685a 71 64% Apr '18
Ala Ceil lat g 0a...... 1918
99 104 10238 Scpt’16
S678 . . .
Ala Gt Sou lot cons A 5s 1943
87% Mar’18
Atl Ac Char A L lat A *Ha 1941
81 87 90 July'17
lat30-yr 5a ser B .... 1914
93U 9312 92%
9314
Atl Ac Dauv lat g 4a.....1948
Mar'18
2d 4s------ ------ 1948
__ 80 70U
81*2 Mar’16
Atl A Yad latg guar la...1919
__
75 Feb '17
E T Va Ac Ga DJv g6a__ 1930
92% 97 90 Mar'18
Con lat gold 5s_____ 1950
91% 95 94*2 May’18i
E Ten reo lien g 5s____ 1938 M90 94 99 July'17
Ga Midland let 3a..... 1940
50
51 Mar'18
Ga Pao Ry 1st g Os__ 1922
100%
103 Deo '17
Knox A Ohio 1st g fls___1925
100% 102%
Apr ’18
Mob A Blr prior lion g 5s.191.5
85 95 106 Sept'16
Mortgage gold 4i.....1915
62 72 68 Juu 'IS
Rich A Dan deb 53 atrnpd.1927
93*8 103 95 Jan '18
Rloh A Meek lat gu 4a__1918
73 Sept’12
80 Car A Ga 1st g 5a____1919
98 Sale 98
98
__
Virginia Mid eerD 4-5a._ 1921
102*2 June*11
Series E 5a..........1026 M- S 9 3 % ___ 93 Apr '18
Sorlea F 5a... ..... 1931 M- 8 91 ___ 101% Deo '16
General5a........ 1930 M - N 93*2 94% 93*2
93*2
V a A S o V n lstgu 5s..2003lJ - J 95 100 105 Mar’17
65 84 72*2 Jail '18
___1st cona50-yoar 5a...1958 A - O
W O A W lat oy gu 4a__ 1924
93% Mar'17
Spokane Intornat 1st g 6a...1955
95*4 Mar'17
85 99*2 85*2 May’18
Ter A of St L lat g lHa-- 1939
latcon gold 5a.... 1891-1944
87*2 95 95 Feb '18
Gen refund a fg la____ 1953
82*4 82 Jan '18
St L M Bridge Tor gu g 5s 1930
101*2 95*2 July’17
Tex A Pao lat gold 5a.... 2000
84 87% 85*2
85*2
2d gold Inc 5a........*2000
40
40% Feb ’18
La Dly B L 1st g 5a_______ 1931
J
93
89 Apr '17
106% Nov'04
™ ^ M i n W A N v7
5sl930 F
Tol A O O lat gu 6a...... 1935 J - J 88 03% 93 Apr '18
Western Dlv 1st g 5a.... 1935 A - O
96% 100 Jan ’17
Genoral gold 5a....... 1935 J -D
80 90 Feb *17
Kan A M lat gu g 4a....1990 A - O
67% 70*2 70 Nov’17
2d 20-year 6a_____ .1927 J - J
91 9134 Deo '17
To! P A W lat gold la.... 1917 J - J 35
50 52 Auv '17
Tol St L A W pr Hen g 3H« 1925 J - J
80 80 Feb '18
50-year gold 4a........ i960 A - O 48 49 48*2
48%
Coll tr4a g Her A ..... 1917 F -A
18% Mar’06
Trust co otfaof deposit...
13
Tor Ham A Buff lat g 4a..*1946 J -O 70 85 80 Apr ’17
Uldter A Del 1st eon g 6a...1928 J -D
95 90 Nov’17
lat refund g 4a______ 1952 A -O
70 58 Sept’17
Union Pacific tat g 4a....~1947 J - J 87 88% 88
88'*4
Registered_________1947 J - J 86 83 86 May'18
20-year conv 4a___ ... 1927 J - J 80 Sale 87*4
89
lat A ref 4s......... j2008 M- S 80*2 Salo 79%
80*2
Ore R R A Nav eon g 4a._1946 J -D SO Sale 80
SO
Ore Short Line lat g fla...1922 F - A 101% 103 101%
101%
lat conaol g oa______ 1946 J - J 93% 96 90
96
Guar refund 4a_____ 1929 J -D
85*:
85*i 85*2 81%
80 93 98 Deo '17
Utah A Nor gold 6a___ 1926 J - J
lat extended 4a_..__l933 J - J 80% 89 89 Feb '18
80%
Vandalla cona g 4a Ser A ___ 1955 r - a
80 Jan '18
80% 82% 81% June’17
Oonaola 4 8orlea B .....1957 M -N
h

Due Ju ly * Due Aug.

D uc Oot p Due Nov.

<j

Due Deo

a

Range
Since
J a n . 1.
Low

n ig h

too 100*2
79*2
6212
44
99

82*4
66
50
99

81

86

81*4 86

55*2 61
7412
60 67*2
41
51
101

IOU4

91

95%

100U 102*2
62 69
65
50%
57
52

68*2
50*2
64
59*2

59

60*2

71*2 71*2
70 71*2
49 5534
5 1 »4

50*4

73
77

75
77

71*4 70
75*2 80%
86% 95
77% 82
86 %

71

88
72%

96*4 9684

87

92%

100 100
"93% 96%
73

81%

7034 82%
90% 93%
59
65
87
04%

03
68%
87
69%

87% 87%
91 95
70*4 70*4
96
97%
51

63

98% 101
68

68

95

95

96% 98
93

93

93

94

72*2 *72%
85*2 85*2
95 95
82 82%
83 86%
46% 40%
90

93

SO
45

80
53

85% 89
86

86

8234 89
75*2 SI34
7934 82*2
100% 104
94*s 97%
81% 85%

Option sale

89
80

Bid

W eek'*
Range or
L a il Sale

A ik Low

H igh

■3T3
a5

N o . Low

35 Sopt’17
Vera Crua & P 1st gu 4X9--1934 J - J
6
91
90 ~ 90h 9078
Virginian 1st 53 Series A ___ 1962 M - N
6
95
9-1*2 95 943s
Wabash let gold 6a______ 1939 M - N
2d gold 5b........... 1939 F -A 8434 88 8434 Apr ’18
90 105 Oct To
Debenture Series B ____ 1939 J - 3
1st lien equip a Id g 5a___1921 M- S ”9 6 " 93 100*4 Mar’18 ....
78 May’17
lat lien 50-yr g term 4a__1954 J - J 65
99*2 8opt’17
Det & Ch Ext latg 5a___1941 J - J 92*4 102
77 80 Aug T2
De3 Moloea Dlv l$itg 4a..1939 J - J
74*2 75 Apr T7
Oni Dlv lat g 3X8..... 1941 A- O
80 84*4 Jan T7
Tol \ on Dlv lat g la__ 1941 M - 8
Wash Term! lat gu 3Xs___ 1945 F -A 65*8 80 70 Doc T7
let 40-yr guar 4a______ 1945 F -A 80 85 85 Deo T7
19
01*8
0
West Maryland lat g 4a__ 1952 A- O 60 62
10438 90 Jan ’IS
Weat N Y * Pa lat g 5a__ 1937 J - J
70
Apr
T
8
853s
A
-O
Gen gold 4a_________ 1943
30 Oct T7
40
Income 5a__________ x?1943 Nov
8
83
Western Pao lat aer A 5s__1946 M - 8 83 ”84 83
Wheeling A L E lat g 6a__ 1926 A- O 9234 96 10034 Apr T7
9934 100 Feb T7
Wheel Dlv lat gold 5a___1928 J - J
9834 99*8 Mar’17
Exten A Impt gold 5a__ 1930 F -A
2
00
Refunding 4ijs series A..1966 M- 8 60 65 60
R R lat consol 4a______ 1949 M- S 65*a 60 55*2 Apr T 8
Wlnaton-Salem 8 B lat 4a..1960 J - J 05*8 85*8 85 May’17
Wla Cent 50-yr lat gen 4a...1949 J - J 72*4 73 72*4 May’18
74*4
75 75*4 74*4
Sup A Dul dlv A term lat4a’36 M - N

1CO0
•O'*
I
CO-* 1

Street Railway
8034
2
Brooklyn Rapid Tran g 58.-1945 A - O 81 8334 8034
68*4 May’ 18
lat refund conv gold 4a__2002 J - J 65
973s "58
6-year secured notea 5o__1918 J - J 97*4 97‘2 07*4
94 Oct T7
Bk City lat con 4a._1916-1941 J - J ___ 94
80 May’ 12
Bk Q Co A 8 con gu g 5a..1941 M - N ___ 90
Bklyn Q Co A 8 1st5a___ 1941 J - J ___ 99*2 101 May’13
2
79
Bklyn Un El lat g 4-6S...1950 F - A 79*2 80 795s
9
80
Stamped guar 4-5a____1950 F - A 78 80 80
60 70 73 Sopt’17
Kings County E 1st g 4a..1949 F - A
78
July’
17
73
F
A
65
Stamped guar 4a____ 1949
Nassau Eleo guar gold 48.1951 J - J 55*2 00 55 May’18
83*4
823s 83*4 83*4
Chicago Rys lat 53...... 1927 F-A
100*8 Fob T7
Conn Ry A L lat A refg 4Xsl051 J - J 84
85 Apr T 8
Stamped guar 4Xs____ 1951 J - J 84
7212
73 "28
Det United 1st cona g 4XS--1932 J -J 70
84 Jan T4
YtSmltb Lt A Tr lat g 5a__1936 M- 8
6078
Hud A Manhat 6aSer A ___ 1957 F - A 5934 Sale 5678
2 2 7s
22*2 Salo 1778
Adjust Income 6a______ 1957
90 100 Fob T7
N Y A Jersey lat 5a____ 1932 F - A
54
77
54*2 Salo 52*2
laterboro-Metrop coll 4Xs.l958 A - O
54
85
Interboro Rap Tran 1st 5a._196b J - J 813s 85 84*8
77 78*2 78I4 Apr T 8
Manhat Ry (N Y) cona g 48.1990 A - O
"
’5
79
78*8
78*s
78
A
O
Stamped tax-exempt____1990
Metropolitan Street Ry—
Bway A 7th Av 1st o g 58.1943 J -D 76 85
85 95 May’17
Col A Oth Av lat gu g 6a..1993 M- S
75 80 Sept’17
Lex Av A P P 1stgu g 5a..1993 M- 8 —
30 Mar‘14
Met W 8 El (Chic) lat g 4s..1938 F - A
MIlw Eleo Ry A Lt cona g 5d 1926 F - A 92*2 __ 100*2 Juno’17
93 Nov’16
Refunding A exten 4X8..1931 J ■ J 82
0834 Aug T7
MInneap St lat cona g 6s__ 1919 J - J 9834 —
97*2 July’17
Montreal Tram lat A ref6a.1941 J - 3
74 Aug ’17
86
New Orl Ry A Lt gen 4Xs..1935 J - J —
N Y Munlolp Ry 1st a f6s A 1966 J - J
3
N Y Rya lat R E A ref4a__1942 J - J 52 Sale
118
80-year adj Inc 6a____ al942 A - O 22 Salo
1
68
M
N
60
N Y State Rya latcona 4X8.1962
69 99
Portland Ry 1st A ref 5a___ 1930 M-N
64 75*2 62*a Apr T 8
Portld Ry Lt A P lat ref 58.1942 F - A
90*2 Feb T7
Portland Gen Eleo lat 5a.1935 J - J
95 July’17
St Jcs R y L H A Plstg 6a..1937 M - M 80 100
10212 Mar’17
St Paul City Cab cona g 5s..1937 J - J
57
9
Third Ave lat ref 4a_____ 1960 J - J 50*2 57 57
36*4 53
Adj Ino 5a__________ «1960 A - O 30 Salo 33*2
90*8 May’18
Third Ava Ry lat g 6s....1937 J - J 90
Trl-Clty Ry A Lt lat a f6s..1923 A - O 9134 92*2 92 Apr T 8
70 Mar’18
Undergr of London 4X8___ 1933 J - J 70
58 56 Mar’18
66
Income 6a... ..... ...1948
84 Oot '08
Union Elev (Ohio) lat g 6s..1949 A - O
69 58 Feb T 8
United Rya Xnv 5a Pitta 138.1026 M - N
United Rya St L 1st g 4a___1934 J - J 5034 53*4
51
St Louis Transit gu 6a___ 1924 A - O
25
7
25
United RRs San Fr a f 4s__1027 A - O 25
Va Ry A Pow lat A ref 5a..1934 J - J 77 78 79 Mar’18
Gao and Electric Light
103 Sept’li
Atlanta G L Co lat g 6a___1947 J -D 85
91 92 90 Apr Ti
Bklyn Un Gaa 1st eons g 5a.1945 M - N
62 64 June’l;
Buffalo City Gaa lat g 6a__1947 A-O
Apr ’ll
Clncln Gas A Eleo latAref 5a 1956 A - O 8912 92-2 90
75 May’i:
Colombia G A E lat 6a____1927 3 - J 77 —
97 Feb T<
Columbus Gaa lat gold 6a..1932 J - J
Consol Gaa conv deb 6a__ 1920 Q- F i o T Sale 100*8 101
92*4
ConaGaaE LAP of Balt 6-yr5a’21 M - N —
Detroit City Gas gold 5a__1923 J - J
Detroit Edison 1st colltr5a.1933 J - J 95*2 98
100
lat A ref 5a aer A _____ *1940 M- 8
Eq G L N Y 1st cona g 6s..1932 M- 8 92 100*8
100
Gaa A Eleo Berg Coos 6a..1949 J -D
Havana Eleo oonaol g 6a___1952 F - A 88*2
90
Hudson Co Gaa lat g 5a__ 1949 M - N
Kan City (Mo) Gaa lat g 5a.1922 A - O 81
90 1
80*2
Kings CO El L A P a 5a... 1037 A - O
99*4 1
100
Purchase money 6a.____ 1997 A - O —
>
Convertible deb 6a____ 1926 M- 8
”—”” 110
70
Ed El 111Bkn 1st con g 4a.1939 J - J 74
98 98*8 98*8
Lao Gaa L of St L lat g 5a..el919 Q- f
Ref and ext 1stg 5s____ 1934 A - O 89*8 93 89 85 Milwaukee Gaa L lat 4a___1927 M - N
Newark Con Gaa g 5s____ 1948 J -D
N Y Q E L H A P g 5s.... 1948 J -D 873i 90
08«8 09*2 08*2
Purchase money g 4a___ .1949 F - A
Ed Eleo 111 lat cona g 6a..1995 J - J 93
101
N Y A Q El L A P 1st con g 5a 1930 F - A —
Pacific G A El Co— Cal G A E
8858 02
88*2
Corp unifying A ref 5s__1937 M - N
Paclflo G A E gen A ref 5s..1942 3 - J 79*4 80 79
Pao Pow A Lt lat A ref20-yr
80*2 92 95 .
6s International Series__1930 F - A
100 .
Pat A Passaic G A El 6s___1949 M- S
98*2 98*2
Poop Gas A O latconag 8a..1943 A - O
7334 73*2
Refunding gold 5a____ 1947 M- S —
99
Registered_________1947 M- S
91 90
Ch G-L A Coke latgu g 6a 1937 J - J —
100 .
Con G Co ofCb 1stgu g 6sl936 J -D
93 89 :
Ind Nat Gaa A Oil 30-yr 6al936 M - N —
94
M u Fusl Gaa lat gu g 6a..1947 M - N
9914
Philadelphia Co conv 6s___ 1919 F - A
78 80 78
Conv daben gold 5s____ 1922 M - N
Stand Gaa A El conv a f0a..l926 J -D 87*4 __ 93
97*2 :
Syracuse Lighting 1st g 6s..1951 J -D 81*2
84
Syracuse Light A Power 5s..1954 J - J 70 —
Trenton G A El lat g 5a___1049 M- 8
98
Union Elec Lt A P lat g 5s..1932 M- 8
Refunding A extension 5s.1933 r/i-N ____ - 85
92»t
United Fuel Gas 1st sf6s__1938 j - J
83*2 82*2
Utah Power A Lt 1st 6s___ 1944 F - A
101 .
Utica Eleo L A P 1st g 6a...1950 J - J
957s 90 .
Utica Gaa A Eleo ref5a____1957 J - J
9178 105 J
Wcetohetser Ltg gold 6a___ 1950 J -D

Range
Since
J an . 1.

" II

H igh

88*4 93
92*4 953a
8434 80*2
98*4 100*4

58
90
70

62
99
70

79*4 84

60 CO
55X 60
71»4 72*2
72 70*8
7978 8334
65 09
92*4 9734

79
79

87*2
85*2

85
08

85
77

4878 01
1434 2278
5134
79
70
77

57*2
85
8OI2
82

70*4 85

49 51
1734 22
68 08
62*2 62*2

52*3
27*3
9018
91
70
56

57
38*2
95
90
80
60

58
55

60
55*4

25
70

25
80*s

*90 " "95*4

20 99*4 102
92*2 9212
94*4 95*2
5 92 98
91*2 9212
94 94

"in

__
99
2
___
___

99*4

97*4 98*2
8S78 9138
85 8678

___ 87*4 893S
2 08 73
1 8034 9212
5 78*2 80*4

___
12
___

98*2 98*2
73*2 81

_
__ 78
__

84

__

__
_

— —

___ 9712 9712
15 80*s 84
___
___ .......

Bid

Wee*’*
Range or
L a it Sale

A ik Low

H igh

Range
Since
J an . 1.
Higt>

N o . Low

Miscellaneous

Industrial

2
96i2 Salo 96*2
96*2
A m Ag Ckem lat 0 6a____ 1928 A - O
91*4 28
Conv doben 5a____ ___ 1924 V -A 94 9634 93*s
82 87*2 83 Apr ’18 ___
Am Cot Oil debenture 6s__1931 M - N
100
l
A m Hide A L lat a fg 6a__ 1919 M- 8 100 101 100
30
89
88*2 Salo 88I2
A m 8m A R 1st 30-yr 5a aorA d’47
A m Thread lat coll tr 4a__ 1919 J - J 97*4 98i2 98*4 M ny’18 ___
110 Deo *17
117
Gold 4a........ ....1951 F - A 71*2 78*2 71 Apr T 8
5
8478
A m Writ Paper 1st a f5a__ 1919 J - J 8438 Salo 84*2
1
Baldw Loco Works lat 5a...1940 M - N 10034 Salo 100*4 100*4
1
8278 85 83*2
83*2
Cent Foundry lat a f 0a.-.1931 F - A
0
95*2
95 95*2 95
Cont Leather 20-year g 5a..1925 A - O
81 Mar’18
F -A ___ 81
9734 99 97*4 May’18
Corn Prod Rof a fg 6a.... 1931 M - N
98 99 98*8
98*8 15
lat 25-ycar a f 5a...... 1934 M - N
88 271
87 Salo 80
Distil Seo Cor conv lat g 6a.1927 A - O
100 104 May’17
1
75
Oeneral Baking lat 25-yr 6a.1936 J -D *___ 70 75
0
73
73 Salo 73
Gen Electric deb g 3Xs___1942 F - A
4
9814
Debenture 5s________ 1952 M- S 9734 98*4 98
J - J 80 99 100 Oot ’13
72U 23
72*8 73 72
Int Agrlcul Corp lat20-yr 5a 1932 M - N
Int Paper Co—
Conao! conv a fg 5a____ 1935 J - J 97 ___ 99 Jan T 8 ___
11 1
46
Liggett A Myers Tobao 7a..1944 A -O 112*2 1137s 112
92
5
5a................ 1951 F - A 92 Salo 92
14
Lorlllard Co (P) 7s______ 1944 A - O 11 1 1 1 178 11134 112
89*8 913S 90 May’18 __
6a................ 1951 F - A
Moxlcan Petrol Ltd con 6aA 1921 A - O 108*2 109 106 Apr T 8 ___
2
lat lien A ref 8s series C..1921 A - O 106*2 108*2 100*8 107*2
Nat Knam A 8tpg lat 5a__1929 J - D --- 98 98 May’18 ___
Nat Starch 20-yr deb 5s___1930 J - J 93 ___ 93 Apr T 8 ___
94*4 96 95 Apr T 8 ___
National Tube lat6a_____ 1952 M - N
99 Salo 99
99*4 10
N Y Air Brako lat conv 6a..1928 M - N
Railway Steel Spring—
05 ___ 96*8 Feb T 8 ___
Interoceau P lat a f5a__ 1931 A - O
Slnolalr Oil A Refining—
61
93 Sale 90*2
93
lat a f 7a 1920 warr’nta attob
73
91 Salo 883S
91
do without warrants attach
89 9212 92*2 May’18 __
Standard Milling lat6a___ 1930 M - N
99
12
The Texas Co conv deb 6s..1931 J - J 99 Salo 98*4
Union Bag A Paper 1st 5a..1930 J - 3 837s 89 82*4 Aug T7
J - J 82*2 85 8812 M ay’17
50
2
U S Roalty AI conv deb g 5a 1924 J - J 50 Salo 50
100
1
U S Rubber 10-yr col tr 6a..1918 J - O 100 Salo 100
81 444
lat A ref 6a aeries A ____ 1947 J - J 8078 Salo 7934
04
97
10
97
Salo
F
A
U 8 Smelt Ref A M conv 6a.1926
7
95
95 95*4 94*2
V-Car Chern lat 15-yr 5s...1923 J - D
95 98 98 May’18 ---Conv deb fla________ *1924 A - O
98
7
Weat Eleotrlo lat5s Deo__ 1922 J - J 97 Salo 97
Coal Iron & Stool
90
2
Beth Steel latext a f6a___ 1928 J - J 0412 00 90
2
91
91
00*2 01
1stA rof5a guar A ..... 1942 M - N
8Hs 43
20-year p m A Imp a f 5a.1936 J - J 81 Salo 7934
95 July T 7
j -D ___ 90
85 Jan T 8
Debenture 5s_______ 01926 M- S ___ 01*8
Cababa C M Co 1st gu 6a...1922 J -» _______ 101 Deo ’ll __
83 86 80
80
6
ColF A ICoaenn ffi.a ...1043 F -A
75
74*8 Salo 7458
30
Col Indus lat A coll6a gu__1934 F - A
Cons Coal of M d latAref 5s.1950 J -D 80*2 00 80 May’18 ___
J-D
98*2 Sept’17
94 Fob T 8
Gr Rlv Coal A O lat g 6a__A1919 A - O
82 833S 83*4
83*2
5
111Steel dob 4X8....... 1940 A - O
0534 Salo 95*2
957s 27
Indiana Steel 1st6a______ 1952 M - N
; -i) 95 _
Lackaw Steel 1st g 6a.... 1923 A - O 05 00 95 May’18 ___
90*2 49
lat cona 5a Series A ____ 1950 M - 8 05 Salo 93
92
179
Midvale SteelA O conv a f6.al936 M- S 887a Salo 88*3
75
5
87*8
Pooah Con Collier lat a f58.1957 J - J 87*4___ 87*8
97*4 29
07*4 Salo 94*2
ltepub I A S 10-30-yr 5a a f.1940 A - O
St I.Rook Mt A P 5a stmpd.1955 J - J 70*4 87 80 Apr T 8 __
1
95*2
Tenn Coal I A R R gen 5a..1951 J - J 05*2 00 95*2
087s Salo 98*2
99*8 152
U S Steel Corp— lcoup...dl963 M - N
98
98
1
S F 10-00-yr Ssfreg___dl963 M - N
86 ___
M-N
80 DOC T 6
Vlotor Fuel lat a f5a_____ 1953 j - j ___ 75
80*8 84 Apr ’18 —
Va Iron CoalACoke lat g 6a.1949 M- S 86
Telegraph a Telephone

82*2 40
A m Telep A Tel colltr4s...1929 J - 3 82*2 Salo 81*s
85*2 Fob T 8 ___
Convertible 4a_______ 1936 IY1 - R ___ 86
2
80*2
20-yr convertlble4Xs___1933 M - S 80 87 80*2
9433 40
03 Salo 92
30-yr tomp coll tr 6a... 1940 J - a
4
98*8
08 10012 08*3
Cent Diet Tel lat 30-yr 5a..1043 J - D
Commercial Cable lat g 4s..2397 Q - J 08*8___ 73 Nov’17
Registered____ _____ 2397 Q- 3 08*s___ 08*8 Jan T 8 __
Cumb T A T 1st A gen 5a...1937 3 - J 01*4 04 91*2 Apr T 8 ___
08 Apr TO
Keystone Telephone lat5a..1936 J - J ___ 07
2
00
Mloh 8tate Teleph 1st 5s...1924 F - A 00 02*4 00
07 Mar’18 ___
07*2
08
M-N
N Y A N J Telephone 5a g-.102C
88
80 87*4
8738 10
N Y Telep latA gen a MXS-193C M-N
OlSj
7
Pao Tel A Tel lat 5a..... 1931 J - J 91*2 Salo 01*2
05
3
South Bell Tel A T lat a f Oa 1941 J - J 92 90 03
0
03
West Union coll tr cur 5a...l93f J - J 93*8 95 03
2
85 80 857a
8578
Fd and real eat g 4Xs__ 105( M-N
Mut Un Tel gu ext 5a___1941 M - N ___ 10 1*J 101*2 Sept’17 ---04 Nov’H
Northwest Tel gu 4Xa g— 1934 J - J

* No priceFriday; latestbid and asked. aDuoJan. dDuoAprll e.DuoMay. pDuoJune. ftDuoJuly.




P rice
Friday
M a y 17

64 66*2
66*2 Apr T 8
68
Adams Ex coll tr g 4a____ 1943 M- S 68
Alaska Gold M deb Oa A __ 1925 M- S 20 ___ 10 Apr T 8 ___ 18*4 26*8
19 Apr T 8 ___ 19 20
Conv deb Os aeries B___ 1926 M- S 18 20
M-N
85*2
6 8238 8714
Armour & C o lat real eat 4Xa’39 J -D 85*2 Salo 84*4
90 Fob T 8 ____ 90 90
Booth Fisheries deb a f6a...1926 A - O
92
13 897a 93
Braden Cop M coll tr a 1 6a.1931 F - A 90*2 92 91*2
79 84 82 Fob T 8 __ 82 83
Bush Terminal lat 4a____ 1952 A - O
80 81*2
Conaol 5a___________1955 J - J 80 85 80 Mar’18
76‘2 90
76*2 M ay’18 ___ 74 79
Bldgs 5a guar tax ex... 1960 A - O
58 58
68 Mar’18
Chic C & Conn Rya 8 f 53.1927 A -O
Ohio Un Stat’n latgu 4Xs A 1963 J - J 8914 90 88*2 May’18 __ 80*4 90
Chile Coppor 10-yr conv 7s.1923 M - N 105*2 Salo 10334 105*2 33 1023a 107*2
7978 Salo 79*2
80*4 283 73 80*4
Coil tr Aconv 6a aer A part Pd A - O
A -O 72*2___ 87 Oot T7
Computing-Tab-Reo a f6a..1941 j - j 83 84 83 May’18 __ 78i2 83
0684
1 91 97
Granby Cona M S A P con 6aA ’28 M-N
9034 Salo 90*4
90
95 Apr T 8 __ 01
96 97
Stamped___________ 1928 M-N
91 92*4 00'>3 Apr T 8 __ 90*2 94
Great Falla Pow lat a f 5a..1940 M - N
97*4 Salo 92*2
97*2 1707 00 97*2
Int Mercan Marino a f6a__1941 A - O
89*4 15 86*4 92
Montana Power lat 6a A __1943 J - J 88 ___ 88*8
J - J 81 8978 90 July’17
6 0 __ 83 Apr’14
A-O
J -J
65*8
2 65 60
N Y Dock 50-yr 1st g 4s___1951 F - A 650a 6734 653a
9634 97
Niagara Falla Power lat5s..1932 J - J 98 99 96*4 Mar’18
A-O
98*s 102 105*2 Oot TO
M- N ___ 93U 89*a Oct ’17
8OI4 86*4 86*4
87*2
87
3 86
Nor States Power 25-yr 5s A 1941 A - O
2 8512 87*2
86*2
Ontario Power N F lat5a.-.1943 F - A 80 90*4 86*2
81 Juno’17
Vl-N ___ 95
4 73*2 8212
78 Sale 77*2
78
Pub Serv Corp N J gen Sail1959 A - O
93
92 92*8 92*2 May’18 ___ 88
Tennessee Cop lat conv 6a..1925 M - N
J - J 89U ^ 103>2 Jan ’14
95*4 Salo 95*4
90*4 12 93*2 9034
Wilson A Co 1st 25-yr a f0all941 A - O
Manufacturing &

55 50
81*2 80*2

89*2 90
75 80

mi

BONDS
N. Y. STO C K E X C H A N G E
Week ending May 17

B on di
Sold

Price
F riday
M a y 17

P eriod

BONOS

If. T. B T O C K E X C H A N G E
Week ending May 17

[Vol. 106.

New York Bond Record—Concluded—Page 4
Infereat

3106

k

Duo Aug, oDuoOct. pDuoNov. jDuoDoo.

t

92*2 100*2
90*4 05*2
82 83
98*4 100*8
86*4 89*2
0678 98U
71
79
9912
80
03

74*2
87
101*4
83i2
97*4

97*4 97*2
95 98*8
75 88
75 75
74
71
94*4 100
68*2 73*4
08 99
110 117
80 95
110 115
85 93
105*4 100
100 107*2
05 98
91*4 92*4
93 95*4
98*4 100
90*8 90*8
86 9312
84*2 91
92*2
88
96*2 101*8
45 52
100 100*8
70 81
92*8 98
90 97*4
94*4 98
95 98

93*8 99
87 93*a
78*2 81*4
85
83
73
83
04
81
95

85
—
80
76
80
94
85*2
97

9478 00*2
88 96*0
80*2 92
85*2 87*8
03 9814
80 80
9212 97*2
96*2 100
00*4 up 'a
83

85*a

80*4
81
88
90
08*a

83*8
85*j
91*2
95*8
99*j

681a 68*a
00 03*a
86*4
07
85*4
90*4
00*8
00
80
—

90
97
89
92*a
95
03*8
88
----

Option sale.

8H ARB

Saturday
May 11.

PR ICB S— N O T

May 13.

124
63
97
29
160
5

124 12434
6234 6334
95
95
2834 2934
160 160
*212 5
*14

Tuesday
May 14.

PER

CENTUM

Wednesday
May 15.

P R IC E S .

T h un

day

May 16.

Friday

May 17.

127% *127% 135 127 127
67% 65% 60% 65
07%
98
98% 98
34 3434 32% 33%
35
165 100 160
Last Sale 2
5
Jan’18
10U Mar’18
Last Sale 4%' Nov’16
*30
30 Mar* 18
4
Last Sale 147 Apr’18
148%
148% *
148% ♦
148% *
Anr’IS
*83
♦83
120 120 *120 124
115 115
•111 115 " ♦111 115
*63
*63 65
65 *63 65
*61
6212 65
Last Sale 115 Mny’18
♦112
♦112
*112
*112
SO M.’iv’1S
♦SO
84 ♦SO 84 ♦SO 84
80
80
80
80
80
80 *79
80
80 80
6
0
5
0%
0%
7%
5
5
412 4l2
*4% 51g
27*4 33
30
27 28%
23l2 23
24*2 24
22U 22l2 22
39 42% 39
41%
3334 3412 34l2 36ig 3612 40U 40% 42
Last Sale 90 Jan’18
97
97 *94
97
97 *94 97
*94 O6I2 *94
24% 24%
22
22
25 *22 25
*20
*20 22
Last Sale 88 Apr’18
*88 98 *89 100 *89
*86
__
47
47
40% 47
*46>4 46*4 46
46'2 46 40
—
—
54 *54%
54
54% 54% 55 55
*54
84% 84% *84% 86
8334 833g *84
♦8334 85
85 *84 86
*9334
95 95
95
94% 9434 9434 9434 933i 93*4 *93% 95
2%
Ug Ug
2% 2% *2
1% 2%
*1*2 Us *U2 Ug
11
14
12%
11S4 12
14% 11
1134 11
11 *11
*11
113*8 11334 113 114
115 115% *114 11414 __ __
113 114
112 112
112 112 *111 112 110 1103,
1123. mis 113 113
98% 99% 98% 99%
98% 99
98i2 993g 98*2 99
98% 99
56*4 57
503,
57
*56
5534 *56ig 563.1 581-1 501.1 *56
*55
9434 95
94% 94l2 94M 94% 94 94% 943g 95% 94% 95
70
74
75
70
75
*70
75 75
75
*70
84
*80 84 *82
80
80 *80 84
*80
84
13% 13%
14
14
1314 1334 14 *13
14
*13
11012 noi2 109% 109% 110 11134 111 112
109 109
110*4 111
*62 03
*62% 64
63
*62 03 *02
03
*62
6212 63
241g 24*2 24*2 245g 24% 24% 24% 2334 ?4% 24 24
24
1684 17
16 ' I6I4 16
16
17
10% 10%
16
leu 16
5% 5*8
5
5
4%
5
*412 5
5*4
142 142
142 142
141% 141% 141 142
140 140
142 142
*14712 14812 14834 14912 149% 14914 149*4 150 15138 15U4
6
6
*514 6
6
0% *5% 0
*514 6
15 *13
15
15 *13
1212 1212 *13
15 *13
4% 4%
334 334
*3% 37g
3»4 3*4
4 Mi 4%
3*4 4 Mi
*89i2
Last Sale 90 May’18
*89l2
*89i2
*90
87 87
85
91
83
*81
81U 8*U4 82i2 82% 83
84
64
64
06
60
*65 6512 66
66
*04
06 *62 06
111 111
110 111
♦110 111 *11012 ni *110 111
110% 111
♦.Ij
*34 2
.99 Anr’IS
88% 89% __ __
89
89
*8812
*8812
*8812
92% Aus 17
*88% 89% 887g 88% 887g 88% 89% 89% *88% 89% ___ __
0334 Oil,
63
03
02 | 62
*62 65
*59
64
*60 65
119% 119% 119% 119% ___ ___
117 117 *119 i
__
*33 35 —
34!g 34 1 34% 34 34
33
34
34
1.33., __ ___
*13
1312 13i2 131* *13 1 13*4 13% 13*i *13
140 141% 141%143
14112 14212 142 143 143 143% 61093, 113
50 __
50>g *49 50% 60
*48 4912 4912 50 * .
12
125% 125M 12534 125lg 128 126 120% 126 127 126% 128
4634 48% 46% 47%
47
40
44 4512 4512 40% 40 47
25% 25M 25
25M 25U 25U 25% 25% 25% 25% 25% 25%
109% 1113g 109% 111% 111% 11334 110% 112
108% 109U 11Olg 112
110 110% 109% 110
*110'4 11034 *110 11012 110% 110% 110 110
7% 8
73g 734
7
73.1
7
7*8
7% 8%
67s 7
13,
1
1
*1
*1
1
1
*1
IMi
1% *1
1%
70
75 75
74
75% 76
79
76
78
78
74
75
Ug 1% *Ug 1% *1% 1%
134 U 4 *13g 134 *U.l U 4
.50 *.40
.45 *.25
.50 ♦.35 .60 *.35 .50
*.35
.50 .45
50
52
50 50
50
52
50
52
*49 50 *49i2 50
19% 17% 18% 1734 18% 17
17%
1514 15U 1512 17M 17
48 48
48% *47% 49
4634 403.1 48
*45 47
13%
14
133g 13
13% 14
13% 13
13
1234 13
14
.32 .28
.30 .30
•3C *.25 .30 *.25 .32
.32 *.25
*.25
33
30
30 ♦27% 28% | 27 27%
1812 24% 28
*18*2 20
72
707g 7Us 70'g 70-2 70% 71
73% 72% 723,
71
71
•435 445 *440 445 445 445 *440 450 *447 450 ii*445 450
13 *12
13
13 *12
13
13% *13
*12
13 *12
1334
44% 45*1 46% 473g *45 4534
♦43 433i . 43ig 43ig *4312 44
48%
47%
48%
48M
48%
4
7
3
.
1
50
47U
4812
48% 493,
47U
1
3
.
1
*134 2
134 13.1 *Ug
1*4 1*4 *134 1%
13, 13.,
63g 0%
534 0%
5*2 5*8
5'2 53g
6% C>34
512 5'8
93g 10%
9
9% 0*8
Olg *9lg 91.1
9
0
9% 10
434 5
5
5% 5%
*412 5
5%
5% 5%
♦412 5
80 *77 80
SO *77
Last Sale 77 Mav’18
*77 79 *77
43 *4134 42% *42% 4334
Last Sale
*42% 4312 *42
712 7%
7% 7%
734 8
8
*714 734
8
*712 8 ♦__
4
.50 *.50
.50 .50 *.75
.80 .50
.81
.80
09% 093., *07 68
06% 70
66% 6712 67 07
66
67
84 *83 84
*83
83
84
83
84 *83
*83
*83 84
2234 23
2212 23% 22*4 24
23% 25
22l2 23
*23% 24%
51.1 57g *5% 5*4
5% 57g
534
514 534 *534 5%
5%
1*4 1*4 *1% 13,
1% 134
114 1’2
1*4 U 4
IMi IMi
8
3
.
1
8
7
7!8
8% *73, 8
6'2 7
8%
0*8 Olg
*234 3
3
2*4 23,
*23, 3
3
2'2 2*2 *2i2 3
*412 5% *4% 5%
5
*U4 5
5
*4% 5
*414 5
6%
5% 0
*53, 6%
*5
5U
5'.i 5*2 *5
5*4 6
2
2
112 1»4
1'2 13.1
2%
2
2 Mi
*1% Ua
2%
2
2
1%
I
3
i
2 Mi
*2
2>g
U4
1% 1%
1% 1%
64
04% *04
64
65
06
66% 041., 65
6212 6312 63
2012 20% *20*4 21% *21% 22
*20>4 21
*20% 21%
*2014 21
2
2
2% 2%
*178 2'g
2
2
1»4 134 *134 2
17 *15
15
.7
10
*15
17 *15
1612 *15
4
15
15
Last Sale 17 Mar' 1S
15
15 *
*
4
*
*_
_
75
75
75
75
75
75
834 83, *8% 9
8% 8*8
83.1 8*4
83i 87g
8% 87g
16% 15% 173g 10% 17%
15
1512 15U 153g 1514 15% 15
.75 *.50
.80 *--.80 .75
.80 *
*.65
.70 *.65
.80
*34 1%
*3.1 1%
*34 I'l
*34 1%
*34 1'4
1>1 1%
42%
44
42%
44
42
42
45
41%
42
44
40
44%
52
5334 52% 5434 54
52
54
51
51
4934 50
5512
19% 19% 19% *19
19*4 19
19%
19
19% 191. 1934 19
74
73% 73% 74
73
78
*72
74
72
72
77
77
253,
Last Sale 25 Apr*13
*25l4 26 *2514 26 •*253g 2,!, ♦25
523t *M2
54
54
5434
*50
52*4 5212 52*.11 52*4 523, 53
.85 .85
.85
1
.85
*% 1
*.80 .85
*34 1% *.65
4*g 4%
4% 4%
4
4ig 414
4
4
4
4% 4%
Last Sale 17 Mav’ls
*16
17%' *16% 18
17 *17
18 *16
*13g 2
*1*8 2
i% 1% *1% 2
1% Us *13g 2
*.11
.13. *.15
.17 *.15
.17
.17 *.15
.17 .17
0*g 6%
*5I2 6I4
Olg Oig
6
0%
*5i2 0
6
0
2% 2%
2'4 214
*214 23g
2% 2*4 *2% 23,
2'4 2*g
312 4lg
4
4
4%
4
*3ii 312
4*4
3% 4
4
__
1
1
*.95
*.90
.96
*.95
1
IMi IMi1 *.99 1%
421.il 4212 42*2 42U 42% 42% 42*4 43% 41 1 43
42
43
43% 44
43% 44
*4334 44%
4312 431?! 43'4 43*2 43l2 « %
2
2
2
2
2M«
2 Mi 2 Mi' *2 Mi 2'g
2
10l2 lO'i 10% 10% 10%
10% 103, 10
*10 1 10% 10
10%
82% 82Ig! 8214 8214 83% 83% *83% 83*4 *84% 85
84% 84%
2
2% 2%
*2
2M
2% 2%
2% 21.1
2U
2 Mi 2%
*2% 3
3
3
*2*2 2»4 *25g 3
*2% 3
*212 3
1 IMi *1% 1%
♦llg Ul *Hs
U4
*1% 2
1% 2
28
*28l2 30
28
28
28% 29
28% 30
28
29% 30
*34
1
1
1
*’4 1'4 *.80
1% *1
1% *1
1%
124
01%
*93
29
*151
*212
*13

* Bid and asked prices,

3107

BOSTON STOCK EXCHANGE—Stock Record

M at 18 1918.]

125 127 127
64 65U 05
98
*98
34
30 35
160 160 *151
*2%
*2i2 5
*14
*14

a E i-dlvld en d and rights,




e Assessment paid.

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Range Since J a n .

Lowest.

1.

Highest.

Railroad*
220 Boston A Albany______ inn 122% Apr 17 129 Jan 3
0,915 Boston Elevated______ KKl 37 Jan 2 67% Mayl5
45 Boston A Lowell------ 10*1 87 Marlt 100 Jan 2
2,881 Boston A Maine______ 19(1 19 Jan 23 35 May 14
30 Boston A Providence__ .104 150 Apr 15 168% Jan 17
2 Jan 2f
Boston Suburban Eleo..no par
2 Jan 26
10% Mar J 11 Feb 1
Boston & Woro Eleo ..no par
Do ore!.
__ ..no oar 30 Mar 6 30 Mar 6
Ohio Juno By A U S Y __ .100 147 Apr 17 147 Apr 17
101 82% Apr IS 85 Jan 30
24 Connecticut Btver____ 100 104 Feb 14 120 Mar 6
60 Fitchburg prel_______ .101 53 Jan 22 65 Jan 3
Georgia Uy A Klee stampdiOC 114% May 1 116% Jan 9
Do prof.... .... 10f 80 Mar 8 81 Feb 25
95 Maine Central.... ... 100 80 Jan 26 85 Jan 3
7% Mayl6
2 Jan 2
4,860 Mass Eleotrlo Cos_____ 10(1
8% Jan 22 33 Mayl6
9,223 Do prof stamped____ 10U
9,862 N Y N U A Hartford__ 100 27 Feb 25 42% Mayl6
Northern New Hampshire 109 90 Jan 1C 90 Jan 10
10 Old Colony__________ 100 92 Feb 21 98 Jan 2
295 Rutland, pref....... 101) 20 Jan 2 25 JflD 8
Vermont A Massachusetts. 100 83 Jan 24 88 Apr 18
265 West End Street...... 50 37 Feb 2C 47% Apr 1
38 Do pref.......... 69 47 Jan 16 62 Apr 1
5 Araer Agrlcul Chemical. 100 78% Jan 2 89% Feb 14
62 Do pref_____ ____ 10(1 88% Jan 2 95% Apr 30
2% Mar 2
.76Jan 21
1,130 Atner Pueumatlo Service. 2b
8 Jan 29 15% Mar 4
1,090 Do pref..... .... 5(1
99 Jan 2 115%Mayl5
217 Amer Sugar Refining__
577 Do prof.___ ____ 10(1 108 Jan IE 1133* May 9
2,662 Amor Telep * Teleg___ 10(1 9512 Apr 3C 109 Feb 6
30 American Woolen of Mass.lOO 45% Jan t 57 Mayl6
359 Do pref_________ 109 90 Jan 3 963l Mar 12
60% Jan 2 75 Mayl4
81 Ainoakeag Manufacturing __
76 Jan 7 80 Feb 1
10 Do pref_____ ____
305 Art Metal Construe Inc. ..10 11 Feb 21 14 May 7
355 Atl Gulf A W 188 Lina-. 100 98 Jan 15 120% Feb 16
10 Do pref_________ 109 58%Jan 17 63 Mayll
785 Booth Fisheries_____ no par 21 Jan 25 26 Feb 16
10 12 Jan 29 17% May 1
2,615 Cuban Port Cement...
5% Mayl5
4 Jan 31
2,895 East Boston Land______ 10
86 Edison Electric Ilium___ 109 *137 Jan 15 154% Jan 2
89 General Electric.... . 190 128 Jan 16 151% Mayl6
6% Feb 6
5 Apr 3
200 Internal Port Cement... 19
100 Do prof...... .. 59 12 Apr 23 14 Feb 5
5'g Marl8
3% Apr 29
13,380 Island OH & Trans Corp. .10
McElwaln (W H) 1st pref 100 8912 Apr 24 92% Feb 28
573 Massachusetts Gas Cos.. 100 *77% Jan 15 91 Mayl6
32 Do pref....... . 100 63 Apr 10 70 Jan 3
53 Mergenthaler Linotype... 100 110 Apr 24 124 Jan 31
1i'l .99 Apr 18 .99 Apr 18
5 New Eng Cotton Yarn__ 100 88 Jan 15 89% MaylO
111;)
137 New England Telephone.. 100 87 Mar28 100 Jan 3
95 Nova Scotia Steel & C __ 100 58% Apr 12 69 Jan 2
30 Pullman Company.. .. 100 102 Jan 7 119%Mayl6
1,055 Punta Allegro Sugar____ 50 29 Jan 3 35 Feb 23
45 Reoeo Button-Hole_____ 10 11 Jan 29 13% MarlO
2,631 Swift A Co........... too 6109% Mayl7 146% Apr 9
20 Torrlngton__________ 25 45 Jan 29 50% Jan 4
658 United Fruit_________ 100 115% Jan 17 133 Feb 18
9,040 United Shoe Mach Corp.. 25 41 Jan 2 48% Mayl6
25 Jan 19 26% Mar 8
165 Do prof__________
12,401 U S Steel Corporation__ too 87 Mar25 11334 Mayl6
74 Do pref..... .... 100 103 Mar25 zl 12 Feb 1
83gJan 24
5 Jan 2
12,515 Ventura Consol Oil Fields 5
1*4 Jan 25
1 Jan 10
325 Adventure Con_______ 25
267 Ahtneek____________ 25 73 May 6 83 Jan 3
234Jan 22
1% Apr 25
165 Alaska Gold__________ 10
.25Jan 7
.45Mayl3
25 Algomah Mining______ 25
305 Allouei....... .. ... 25 49 May 9 54 Feb 27
5,658 Amer Zlno, Load A Smelt. 25 12% Mar23 19% Maylt
100 Do prof__________ 25 41 Jan 2 48%Mayl4
2,390 Arizona Commercial.... 5 11 Jan 5 14% Feb 18
.45Jan 7
.25Feb 1
190 Butto-Bulaklava Copper.. 10
590 Butte & Sup Cop (Ltd)... 10 17 Mar25 33 Mayl4
965 Calumet A Arizona_____ 10 62% Jan 15 73% MaylO
9 Calumet A Uecla______ 25 427 Feb 28 464 Jan 4
12 Jan 14 14% Feb 19
1)5 Centennial........... 25
150 Chino Copper______ ... 5 40% Mart6 473g Mayl6
2,201 Copper Range Co_____ 25 43% Mart5 50 MaylO
2% Mar 1
1% Apr 10
250 Daly-West........... 20
6% Mar 8
5 Jan 2
5,740 Davls-Daly Copper____ 10
8% Mar25 10% Jan 2
2 .97.
r>|East Butte Copnor Min... 10
6 Fob 18
4 Jan 29
560 Franklin____________ 25
Granby Consolidated___ 100 74% Jan 29 79 Mar28
Greene Cananea...... 100 39 Jan 17 44% May 9
7 Apr 22 10% Jan 2
235 Hancock Consolidated__ 25
1 Jan 3
% Apr 8
325 Indiana Mining... .... 26
2,120 Island Crook Coal...... 1 50 Jan It 70 Mayl5
10 Do pref........... 1 80 Jan 24 84 Feb 18
1,525 Imo Itoyale Coppor_____ 25 19% Jan 14 26 Jan 2
6 Feb 19
5 Jan 2
700 Kerr Lake___ _______ 6
D 4 MaylS
.99 Jan 24
890 Keweenaw Copper_____ 26
8% Mayl4
5 Mar25
25
1,640 Lake Copper Co.... .
2 Jau 2
3% Mar 5
175 La SalleCopper... .... 25
4% Apr 30
8 Feb 13
100 Mason Valley Mine____ 5
7 Jan 2
4% May 3
Mass Consol_________ 25
.65 Mar26
2% MaylO
1,070 Mayflower-Old Colony... 25
2% Feb 5
1% Mayl5
3,000 Michigan___________ 26
346 Mohawk___ _________ 25 *58 Jan 9 66% Mayl6
25 Nevada Consolidated___ 6 18% Jau 30 20% Mayl4
1% Apr 22
2% Feb 9
420 New Arcadian Copper__ 26
110 Now Idrta Quicksilver__ 6 13% Jan 2 17% Mar 7
100 17 Jan 2 20 Jan 2
35 Do prof_______ _ 100 73% May 3 80 Jan 31
9 Apr 11
405 Nlplsslng Mines_______ 6 8Vf« Jan 11
5,822
15 13% Apr 1* 17% MaylO
.25 Feb 14
95 Marl9
50 North Lake__________ 25
%Jan 4
1% Mar30
100 OJIbway Mining_______ 25
462 Old Dominion Co______ 25 393* Mar25 45% Jau 3
267 Osceola. ___________ 25 49 May 8 65 Jan 9
2,270 Pond Creek Coal_______ 10 17% Jan 12 20% Feb 20
192 Qulnuy............. 25 69 Mar27 78 Mayl6
Hay Consolidated Coppor. 10 21% Mar22 25 Apr 22
190 St Mary’s Mineral Land.. 25 48 May 6 57 JaD 2
.65Jan 20
1% Feb 21
500 Santa Fe Gold A Copper.. 10
5% Jan 2
3 Apr 10
935 Shanuoa.. __________ 10
10 16 Jan 15 17 May 8
1% Apr 22
2 Jan 3
195 South Lake.......... 25
20 Jan 8
.11 Jau 23
100 South Utah M * S_____ 6
4 Feb 19
6% Mayl5
195 Superior......... .... 26
2 May 3
1,160 Superior A Boston Copper. 10
5*4 Jan 3
3% Jan 14
4% Feb 13
1,835 I’rlnlty______ _______ 25
1% Feb 21
.85 May 1
350 Tuolumne Copper______ !
950 U S Smelt Redo A Min... 60 36 Apr 13 49% Feb 19
262 Do pref__________ 50 42% Apr 13 46 Jan 2
2 Jan 30
935 Utah Apex Mining_____ 5
2% Feb 8
2,005 Utah Consolidated_____ 5
9 Mar20 12 Jan 16
240 Utah Coppor Co_______ 10 77% Mar23 85 Feb 19
2 Jan 30 3%i Apr 8
2,580 Utah Metal A Tunnel___
1
2% Jan 26
3 Jan 3
50 Victoria____________ 25
1 Jan 10
2 Jan 3
555 Wlnoua_____ ......... 25
228 Wolverine___________ 25 27 May 7 36 Jau 3
.40 Mayl9 1%i Mar 7
100 Wvandott___________ 25
6 Ex-atock dividend.

ft E x-righ ts,

* Ex-dlvIdend.

to

HaU-pald.

Range fo r Precious
Y ear 1917
Lowest

H ighest

120 Deo 175 Jan
27 Deo
79 Jan
70% Deo 133 Mar
15 Deo
45 Mar
150 Deo 213 Jan
2 July
3 July
9 June 30 July
30 Aug
148 Nov 150 Jan
83% Deo
102% Nov 140 Mar
44 Deo
78% Mar
116 Deo 133 Jan
78 Deo 100% Mar
1 Deo
6% June
6 Deo
31% July
21% Sept 52% Jan
90% Oct 105 Apr
85 Deo 135 Jan
84% Feb
83 Deo 110 Jan
34 Deo
56% Mar
z45 Deo
74 Jan
73 Deo
88 Deo
1 Deo
7% Deo
90 Nov
105 Dec
96 Deo
38% Nov
*87% Deo
60 Deo
75 Deo
6 Deo
88 Sept
55% Feb

94*4 May
103% Jan
2% Jan
14 Mar
126% June
12 1% Jan
128% Jan
58 June
100% June
75 July
97% Jan
14% Deo
1 2 1% Jan
66 Jan

9 Deo
3% Deo
133% Deo
118% Deo
4 Deo
10 Deo

20% June
10 Jan
226 Jan
170% Jan
18% Jan
33% Jan

92% Deo
71 Deo
63 Deo
110 Deo

102" Jan
100% Mar
81 Mar
169 Jan

35 Jan
93
*59
107
29
10
116

Deo
Nov
Deo
Deo
Deo
Nov

•105 Dec
37% Deo
25 Oot
79% Deo
103*4 Deo
4% Deo

95 Mar
124% Mar
112 Jan
166% Jan
46 Jan
16 Mar
1627g Apr
68 June
155% Jan
68% Jan
30% Mar
8% Jan

4t. Jan
1 Oot
70 Deo 108 J&n
1 Dec
1 1 % Jan
% Sept
1% Jan
45 Deo
70 Mar
11 Deo
41% Jan
40 Nov 73 Jan
8% Nov 15% June
.25 Deo
2% Jan
62 Jan
12% Deo
85% Jan
411 Deo 690 Feb
11 Deo
27% Jan
63 Mar
39% Deo
68 Jan
3 Jan
1% Apr
3% Nov
7% Jan
8% Deo
16 Jan
4 Deo
9 Mat
35 Nov
7 Deo
% Deo
62 Nov
80 Nov
20 Deo
4% Apr
1% June
0 Oot
l% Deo
4% Nov

20% Jan
4 Mar
76% June
94 Apr
36 Jan
0 Aug
4*4 Jan
18 Jan
6 Jan
8% A uk

1 Nov

3 May

67 Deo
98 Jan
16 Nov 26% Mar
6 Jan
1% Deo
10 Nov
22 Jan
65 Deo
92% Mar
9% Sept
6% July
11% Oot
24% Mar
.30 Nov
2% Jan
.98 Deo
2% Jan
33 Nov 67% Mar
53% Dec
95 Mar
16 Nov 28*4 June
80 Nov 94% Feb
20 Nov 32% Apr
48 Deo
80% Mar
.58 Deo
2 Jan
6% Oot
10 Jan
19 Oct
.89 Deo
6U Jan
10 Deo
3! Jan
3% Dec
16% Mar
2*g Deo
8% Jan
3 Nov
8% July
2 % Jan
1 May
40% Deo
67% Jan
43% Nov 52% Jan
3% Sept
1% Mar
21% Feb
9% Dec
71 Dec 118% May
2% Dec
6% Jan
2 Oot
6 Jan
2 Oot
u% Jan
81 Dec
63% Mar
15 AUB
2% Jan

3108

THE CHRONICLE

[Vol. 106

Chicago Stock Exchange.— The complete record of
transactions at the Chicago Stock Exchange from May 11
to May 17, both inclusive, compiled from the official sales
Boston Bond Record.— Transactions in bonds at Bos­ lists, is given below. Prices for stocks are all dollars per
ton Stock Exchange M a y 11 to M a y 17, both inclusive:
share, n o t per cent. For bonds the quotations are per cont
Friday
of par value.
Last Week's Range Sales
Range since Jan. 1.

Outside Stock Exchanges

Sale
Price. Low.

Bonds—
U S Lib Loan 3443-1932-47
1st Lib Loan 4s.1932-47
2d Lib Loan 4s__ 1927-42
3(1 HbLoan4MS.-.192S
A m Agric Chem 5s...1928
A m Tel & Tel coll4s..1929
Convertible 444s_._1933
Atch Top & S Fe 4s..1995
Atl G & W I SS L 531959
Gt Nor-C B & Q 4s... 1921
Mass Gas 4,'is_____ 1929
4 44s.. ........ 1931
N E Telephone 5s__ 1932
Punta Alegre Sugar 6a 1931
United Fruit 4% a __ 1923
U S Smelt It & M conv 6s.
Ventura Oil conv 7s..1922
Western Tel & Tel 5s.1932

98.80
94.74
95
98
9644
82
94
90

97
87
87%

for
High. Week.

98.74
94.54
94.54
97.50
9644
82 %
8644

99.10 $55,200
95.64 28,950
95.78 156,135
98.40 57,100
96%
6,000
82 % 4,000
86 %
1,000
4,000
8 1 % 82
7-1% 75 % 13,000
93 % 94
5,000
90
90 % 6,000
85
85
2,000
90
90
3,000
80
7.000
80 %
94
04%
9,500
95
95
1.000
90
97
10,000
87
90
5,000
87% 88 % 9,000

Low.

High.

90.52 Jan 99.26 Apr
Jan
94.54May 98
94.54 Feb 97.90 Mar
97.50May 101 May
92
Jan 00% Feb
Jan
80 % Apr S3
86% May 8644 May
84% Feb
81% May
74% May
Jan
79
92
Mar 04% Jan
88
Jan 0 1 % Mar
84
Jan 05% Apr
89
Jan 01% Feb
77 May 81
Apr
02% Mar 05% Feb
93
Jan 05% Feb
04% Jan 07% Jan
Jan
80
Jan 90
87
Apr 90 % Mar

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from M a y 11
to M a y 17, 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 W eek’s Range
fo r
o f P rices.
W eek .
Sale
Par. P rice. Low .
H igh . Shares.

1st preferred______ 100
2d preferred_______ 100

Atlan Coast L (Conn). 100
Atlantic Petroleum____ 10
Baltimore Tube......... 100
Cons Gas. E L & Pow.. 100
Consolidation Coal___ 100
Preferred___________ 5
Davison Chemical..no par
Elkhorn Coal Corp........50
Houston Oil tmst ctfs-.lOO
Preferred trust ctfs..l00
Mer & Min Trans V T.100
Monon Valley Trac___ 25
Mt V-Woodberry Mills
Preferred v t r_____ 100
Northern Central_____ 50
Penn Water & Power.. 100

73

6%

fi34

7

86

3%
34 %
26%

54%
69

43
65
71
15

72 %

Citizens’ R y, L & P

Va Mid 4th ser 3-4-5s small
Wash Balt & Annap 5sl941

07 V,
93'
70
81

26%

United Rv & Elec_____ 50 1 8 %
Wash Balt & Annap___ 50
Wayland Oil & Gas_____ 5 - ........
Bond:?.
Chicago Railway 5S..1927
Newport News 5s.. 1940
Consol’d Gas gen 4 U3.1954
ConsG, E L&P444S.1935
5% notes____________
Consol’n Coal ref 5s..1950
Convertible 6s........1923
Cosden & Co ser A 6s. 1932
Series B 6s_______ 1932
Elkhorn Coal Corp 6s. 1925
Fairmont Coal 5s___ 1931
Hous Oil dlv ctfs__ 1923-25
Norf & Ports Trac 5s. 1936
Norfolk Ry & Light 5s 1949
United Ry & Elec 4s. .1949
Income 4s___ ____ 1949
Funding 53 small.. . 1936

95
92
79
81
3
73
9044

87%

72
72

66

31

18 %

26
3
83

3
74%
07%
86%
2%

35 '
26%

87%

82%

100

274
7,405

100

73 %

834
188

72%

66

31
19 %
26%

3

83

01% 01% 01%
86H 86%

53 %

191
151
3,3 13

704
327
16
150

85
87% 87 %
84
84

95

10
25
100
.220

55
69
72
15

85

99

154
15

20
8

1,416
373

R ange sin ce Jan .
L ow .

50
80
50
81

H ig h .

Jan

07
93
70

May 90
Mar
3%
73 May 80
94
Jan 102
86 May 106
63/$
8Vf
3%
4'
30
Jan 88%
22%
Jan 29

May
Jan
Feb
Jan
Feb
Jan

2%

83%
40

64
56
15

Jan
Apr
Jan
May

68

70
60
30

18%

100

24
3

S2.000

82

1,000 85
5,000 86%
10,000 81
13,000 91
1,000 81

99
15,500 9844
80! i 30,000 78%
19,000 78%
81
1,000 96
96
96
92
92
1,000 91
5,000 88
94
95
70% 70%
3,000 70%
1,000 90
91 % 0 1 %
2,000 73
78% 74
53% 53 % 7,000 5 3 %
100 75
76% 76%
02 0,300 92
93
93
100 93
82% 82%
6,000 80

08%
70%
70%

1.

Jan
Jan
Jan
May
Jan
Apr
Jan

87%

55
74
92

16%

74
73 %

66

31

24%
20%
3%

85

Jan
Mar
May
Jan
Mar
Jan
Feb
Feb
May
Feb
Mar
Jan
Mar

May 85 May
Mar 88% Feb
Jan 84
Feb
Apr 05
Jan
Jan 86% May
May 103% Jan
Mar 8 2 % Feb
May 83 % Jan
May 08% Jan
Apr 03% Feb
Jan 99
Jan
Apr 80
Feb
Apr 92
Mar
Jan 7 7 % Feb
May 5 8 % Jan
Apr 8 2 % Feb
96
Feb
May 93 May
Jan 83 % Feb

Pittsburgh Stock Exchange.— Tho complete record of
transactions at the Pittsburgh Stock Exchange from M a y 11
to M a y 17, both inclusive, compiled from the official sales
lists, is given below. Pricos for stocks are all dollars per
share, not per cent. For bonds the quotations are per cont
of par value.
Stocks— '

Friday
Last Week’s Range
Qunlp
”J I 11
O
(t>
Par. Price. Low. High.

American Rolling Mill..25 54%
American Sewer Pipe..100
A m Wind Glass Mach. 100 56%
Preferred_______ 100 78%
Consolidated Ice, com. .50
Crucible Steel, pref___100
Indep Brewing, com__ 50
2
Preferred ......... 50
8
La Belle Iron Works__100 115
Lone Star G a s ___ . 10 012344
Mfrs Light & Heat___ 50 51%
Nat Fireproofing, com..50
Preferred...... ..50 ___
Ohio Fuel Oil........ 1
Ohio Fuel Supply____ 25 42%
Oklahoma Natural Gas.25
Peop Nat Gas & Pipe...25
Plttsb Brewing, com__ 50 " 3%
Preferred........ 50 10
Pittsburgh Coal, com..100 55%
Preferred_______ 100
Fittsb-Jerome Copper
__1 45c
Plttsb & Mt Shasta Cop..1 43c
Pittsburgh Oil & Gas.. 100
Plttsb Plate Glass, com 100
Ross Mining & Milling...1 ___
United Coal Corp, com.100 ___
U S Steel Corp, com__100
West’house Air Brake..50 “ 97"
West’housc Elec & Mfg.50 45
Bonds.
Amer Sewer Pipe 6s..1920
Plttsb Brewing 6s__ 1949 52




54% 54%
14
14
55% 57%
78% 78%
3%
3%
00% 00%
2
1%
7%
8
114% 115

119

124

60%

52%

3
8
16

3
8
16

41%
23%
33%
2%
0

42%
23%

34
3%

54

10
55%

83%

83%

44c
38c

50c
44o
7
6%

114% 114%

He

11c

30% 30%
108% 113%
03% 07%
42% 47
85

52

85
52

Sales
for
WppY
rrtc/C.
Shares.

Range since Jan. 1.
Low.

40 53%
210 12%
1,115 40
165 77
2
20
50 89
860
1%
295
6%
315 106
745 95
900 50
3
220
75
8
10 15%
955 41
170 23%
100 33%
340
1%
175
8%
430 45
20 70%
29,900 40c
23,100 21c
1,085
5%
10 114%
8c
1,000
50 30%
603 87%
461 03%
3,215 30
$500
2,000

85
50

May
Jan
Jan
Feb
Feb
Mar
Jan
Mar
Mar
-Jan
Apr
Jan
Mar
Jan
May
Apr
May
Mar
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Jan
May
Mar
Apr
Jan
May
Jan

High.
55
Apr
15% Jan
58
Feb
06% Jan
3% May
00% May
2
Feb
0 % Jan

115
124
53
4
0%
16
45
25
34%
3%

13

58%
84

1
48c
7%

117
17c

30%
113%
07%
47
85

52

Feb
Apr
Jan
Mar
Feb
Jan
Jan
Jan
Jan
May
Jan
Feb
May
Feb
Mar
Mar
Jan
Mar
May
May
May
May
May
Apr

Stocks—

F ridy
Sales
Last W eek ’s Range
fo r
Sale
o f P rices.
W eek .
P ar. P rice. L ow .
H igh . Shares.

American Radiator__ 100
Amer Shipbuilding__ 100 136
Preferred_______ 100
Booth Fisheries, common
New_______ (no par) 23M
Preferred _____
100
ChlcCity & C Ry pt sh com
Preferred__________
Clilc Pneumatic Tool..100 70
Chic Rys part ctf “2”__
12
Commonw-Edison___100 102M
Cudahy Pack Co, com. 100
Deere & Co, pref____ 100
Diamond Match____ 100
Hartman Corporation. 100 42
Illinois Brick_______100
Lindsay Light______ 10
Middle West Util, pref.100 ... .
National Carbon, pref.100 ____
No A m Pulp * Pap (no par)
Peop Gas Lt & Coke... 100 47k
Pub Serv of Nor Illinois
C o m m o n _______ 100 ____
Quaker Oats Co, pref..100
Senrs-Roebuck, com__100 140H
Preferred..
100
Stewart Warner Spcedom
C o m m o n ___ ____100 58
Swift* Co... . ___ 100 143M
Do rights..........
2%
Swift ex stock dlv______ 1 1 0 %
Union Carbide & Carbon
Co......... (no par) 5 1 %
Unit Paper Board.com.100 2 1 %
Ward, Montgom & Co, pf
Wilson & Co, com... 100 58
Preferred_______ 100 —

240
135
87%

250
144%
03%

23%

24%

S3
2M
14%

83
2M
17
70 %

67

20 72
93 95
1,844 139
45 117

42%

74
07%

Jan
Apr
Jan
Jan
Jan
Jan
May
Jan
Apr
Jan
Jan
Apr
x lO
May
50 May
112
Apr!
2 May
40M Apr

74
98
144
117M

41%

13

54
21%

1.

H ig h .

10 240 May 265
Feb
1,895 87
Jan 1 4 4 % May
100 84% Mar 0 3 % May

56
114M
6M
48

103M
114
OR 3^
114

139
117

L ow .

1,080
10
25
2,321
1,280
295
899
106
74
124
215
125
1,075
27
20
100
2,695

12
102
113M
95
1121 4
52
20M
50
114M
6M
42

Range sin ce J an .

18%

80
2
14
47M
8
102
107M
94 M
102
30
48

26
86
2%

18
71%

15
108
114%

97
114
44
58
28
65
120
6%

55

Jan 77
Jan 100
Jan 157
Apr 120M

Fob
Feb
May
Mar
Apr
Mar
Feb
Apr
Jan
May
Jan
Jan
Jan
Jan
Mar
May
Jan
Feb
Jan
Fob
Mar

56% 63%
1 4 0 % 144
2%
2%
110 1 1 2 %

995 47
Jan 59 May
4,764 124
Jan 146
Apr
2,568
2 % May
2 % May
1,557 110 May 1 1 2 % May

51 % 5 2 %
21% 22%
1 0 2 % 103

5,942
605
309
1,920
83

57
97

61
98

47 %
14%
102
46
95

Apr 5 4 % Feb
Feb 2 2 % May
Apr lit)
Feb
Jan 61 May
Jan 0 0 % Mar

Bonds.
8 7 % 88
Chicago City Ry 5s .1927
$8,000
55
Chic City * Con Rys 5s ’27
55 M 25,000
96
2,000
Chicago Telephone 5s.1923
96
Commonw-Edison 5s.1943 91M 91
6,000
01%
89
89
Commonw Elec 5s.1943
5,000
94.74 95.54
Lib Loan 1st 4s...1932-47
550
Lib Loan 2d 4s__ 1927-42 94.80 94.60 95.54 7,500
Liberty Loan 4 s
98
98.10
400
Peoples Gas Light & Coke
7 4 % 74 M
5,000
refunding gold 5s__1947 74 %
0 4 % 95
12,500
Swift & Co 1st g 5s...1944 95
96
Wilson & Co 1st 6s...1941 96
95
8.000
x

84% Jan
52
Jan
96
Jan
90
Mar
89 May
94.70May
94.60 May
98 May

8 8 % Apr
59
Mar
96 H Jan
0 4 % Mar
92
Feb
97.50 Jan
97.52 Mar
98.10May

74 M May
92 % Apr
94
Apr

81%
95%

96

Feb
Jan
Mar

Ex-dlvldend.

Philadelphia Stock Exchangei.— The complete record
of transactions at the Philadelphia Stock Exchange from
May 11 to May 17,,both inclusive,, compiled from the official sales lists, is given below. Prices for stocks are all dollars per share, n o t per cent. For bonds the quotations are
per cent of par value.
Stocks—

Friday
Sales
fo r
Last W eek’s Range
W eek .
Sale
o f P rices.
H igh . Shares.
Par. P rice. Low.

American Gas of N J..100 75
Baldwin Locomotive.. 100
Buff * Susa Corp v t c.100 6 2 %
Preferred v t c____ 100 4 7 %
Cambria Iron_______50 ____
Consol Trac of N .1__ 100 ____
Elec Storage Battery.. 100 50
G eneral A sphalt

100

Preferred___ ____100
Insurance Co of N A __ 10 2 5 %
J C. Brill Co........100 25
Lake Superior Corp__100 17 %
Lehigh Navigation... 50 65 %
Lehigh Valley....... 50 6 0 %
Midvale Steel & Ord__ 50 5 5 %
Mlnehlll & S II______50 50
Pennsylvania....... 50 44%
Philadelphia Co (Pitts).50 20
Pref (cumulative 6%).50 3 3 %
Phlla Electric of Penn..25 2 5 %
Phlla R T vot trrects__50 2 6 %
Philadelphia Traction..50 ____
Phlla & Western..... 50
Reading___________50 ■*89”
Tono-Belmont Devel__ 1
3%
Tonopali Mining..... 1
2%
Union Traction______50 41M
United Cos of N J__ 100
United Gas Improvt__ 50 6 7 %
U S Steel Corporation. 100 110%
Warwick Iron * Steel__10
8%
West Jersey & Sea Sh...50
W m Cramp & Sons__ 100

75
87

75

100%

62%
47%
40%
66%
40%
14 %

62%
47%

48
25M
22
16
65 %
60%

48
26
25
18M
67
61M
59M
50
45H
29

48%

60
44
26
32M
25 M
25%

41
66M
52%
14%

33%
25%
26%

67
5

67
6
90
3M
2 15-16 3
40M 4111
189M 189%
66 % 0 7 %
108% 1 13 %
85%
3%

8%

40
77

8%

40
77

51
325
220
34
125
4
3,996
10
100
117
85
21,103
677
97
3,875
10
2,183
85
482
1,388
1,996
103
105
2,960
1,500
314
47
15
232
18,499
15
50
100

Range sin ce J an .
Low .

1.

H ig h .

May 89
Jan 1 0 0 %
Jar 05
Jan 48
Apr z43
64%
Jan 67
Mar 5 2 %
48
14M M ;»y 17
Jan 51 %
47
24
Jan 2 6 %
18
Jan 2 6 %
Jan 1 8 %
12
Jan 67
61%
55
Jan 03
43%
Jan 5 0 %
50 Mar 51 %
4 3 % May
47%
21M Apr 29
29
Apr 33%
24 % Apr 2 5 %
2 3 % Mar
30
66
Apr 7 1 %
5 May
8
Jan 90
71
3
Jnn
3%
2 % May
4
38% Apr 4 2 %
1 87 % May 195
65M Apr 7 2 %
80 % Mar 1 1 3 %
7 % Apr
8%
3 0 % Apr
48
74
Jan 85
75
58%

58
46
40

Jan
May
Mar
Mar
Mar
Mar
May
Feb
Feb
Apr
Feb
May
May
Mar
May
Jan
Jnn
May
May
Feb
Jan
Feb
Apr
May
Mar
Jan
Jan
Feb
Jan
May
Mar
Mar
Feb

Bonds.
U S Lib Loan 344S-1932-47
1st Lib Loan 4s 1932-47
2d Lib Loan 4s.11927-42 0 4 .7 0
3d Lib Loan 444S--1928 97.90
Amer Gas & Elec 5s..2007 80
do
small... 2007 78
Beth Steel pur mon 5s.1936 81M
Elec & Peop tr ctfs 4s.1945 7 2 %
do
small
1945
Keystone Tclep 1st 5s.1935 8 0 %
Lake Super Corp 5s..1924 55
Leh Val gen cons 4s..2003 ____
Gen consol 4Ms__ 2003
Lehigh Val Coal 1st 5s 1933 101
Penn R R consol 4M8.1960
P W & B ctfs 4s__ 1921
Philadelphia Co cons & coll
trust 5s stamped__1951
Phlla Electric 1st 5s..1966 0 4 %
do
small___ 1966
First s f 4s...... 1966
Reading gen 4s
1997
United Rys Invest 5s.1926 58

98.70
94 60
94.40
97.50
80
78
80
72

99.10
95.80
95.60
98.50
80
79
81M
73 %

73%
80%
54%
77%
88 %

73%
80%

101

65
77M
88%
101

07%
05%

07%
05%

81%
94 %

81M

84 M

04%
06%
76
85

55%

68

0 6 %

76

$8,250
4,600
33,500
14,350
8,000
400
11,000
21,000
1,400
2,000
23,000
5,000
2,000
4,000
2,000
2,000

Jan 09.30 Apr
97
94.60May 97.90 Jan
94.40May 97.60 Mar
97.60May 98.52May
78% Apr 82
Jan
7 7 % Mar
82
Jan
79
Mar • 8144 May
70
Mar 7 3 % May
70
Apr 74
Jan
89
Feb 90
Jan
Jnn 65 May
47%
77 May 80
Jan
Apr 0144 Feb
88
0 0 % Mar 101
May
90
98% Jan
Mar
Apr 90
05
Apr

6,000
18,000
500
1,000
18,000
14,000

73
03
04
75
81M
54

Apr
Mar
Jnn
Mar
Apr
Apr

8144
90
9644
70
85
60

May
Jon
Mar
May
Jan
Jan

M ay 18 1918.]

THE CHRONICLE

Volume of Business at Stock Exchanges
TRANSACTIONS A T T H E N E W Y O R K S T O C K E X C H A N G E
DAILY. W E E K L Y A N D YEARLY.

3109
Friday f
Last W eek ’ s Range
Sale.
o f P rices.
P rice. L ow .
H igh .

Sales
for
W eek .

Shares.

Range since Jan.
L ow .

1.

High.

Former Standard Oil
Subsidiaries.
Auglo-Amer OH r____ £1
12
12
100
Feb 17 H Jan
nx Mar
Buckeye
Pipe Llne.r...50 ___
00
96
15 93
100
Feb
Week ending
Stocks.
Railroad, State, Mun.
Crescent Pipe Llne.r__50 ___
36
36
36
15
May
36 May
May 17 1918.
Ac.,
A Foreign
U. S.
Illinois Pipe Llne.r___100
187 189
35 180
Mar 192
Jan
Shares. | Par Value.
Bonds.
Bonds.
Bonds.
Indiana Pipe Line r__ 60 ___
97
97
Mar 99
15 93
Apr
Ohio Oil r. .
25 337
336
344
55
300
Jan
Jan
365
Saturday_______
510,700 $49,369,000
$589,000
$461,000 $2,935,000 Prairie Oil & Gas.r__ 100 ___ 490 495
55 418
Jan 500
Feb
Monday___ ____ 1.211.000 112,211,500
1.017.000 1,731,000 5.780.000 Prairie Pipe Line r__ lot ___ 275 275
10 255
Feb 279 May
Tuesday_______ 1,215,100’ 111,603,000
1,656,000;
612,000 6.549.000 Solar Refining.r.... 100 ___ 310 310
10
310
May
310 May
Wednesday_____ 1,120,700; 106,049,500
1,957,000; 1,096,000 4.641.000 Southw Pa Pipe Llnes.rlOO
95
95
10
95 May
May
Thursday_______ 1.747.000 159,474,000
2.129.000
739,000 6.498.000 Standard Oil (Calif),r.100 ___ 216 217
70 212
Mar 23^
Jan
Friday........ 1,096,802 102,522,000
2,073,000j
591,000 4,204,500 Standard Oil (Ky)__ 100 ___ 335 335
10 335
May 335 May
Standard
O
il
of
N
J.r..l0(l
547 554
70 510
Mar 579
Feb
Total........ 6,907,962 5841.229,000 59,421,0001 55,230,000 530,607,500 Standard Oil of N Y .r 100
278
266 278
483 252
Jan 285
Feb
Other Oil Stocks
Allen Oil.r.......... 1
2.400
X
Sales at
X
X
lA t May 11-16 Jan
Week ending May 17.
Jan. 1 to May 17.
Amer Ventura Oil.r___ 1 15c
10c 15c 34.700
6c Jan 16c Feb
N eto York Slock
Barnett Oil A Gas.r___ 1
*7-16 9-16 24,500
X
Exchange.
*7
X , May
1 3-16 Jan
1918.
1917.
|
1918.
1917.
Boston-Wyoming Oil.r...1 24c
21c 25c 37.000 20o Mar 33c Jan
Cosden & Co, oom.r___ 1
7
7.500
7
OX
Stocks— No. shares__
6H Jan
6,907,962
856 Feb
3,723,273
53,705,842
72,595,880
....
10
Dixie
Gas.r...
10H 1 0 X 10H
600 10H Feb 1056 Mar
Par value....... $641,229,000 $340,431,500 $5,022,407,550 $6,544,512,330
Elk Basin Petroleum.r.. .5 .. . .
1.400
OH
6H
Bank shares, par...
7
Feb
6H Jan
$13,400^
$12,000
$44,700 Elklaud Oil A Gas r... 1 ____
3-32
2.900
Bonds.
X
*n May
X
Jan
Esmeralda OH Corp.r.. 1
12c
10c 13c 40.750
Government bonds__ $30,007,500
8c Apr
6-16 Jan
$10,000
$341,516,000
$334,000 Federal Oil.r________ 6
2X
2X
5.400
State,mun.,&c.,bonds
3X
4
Feb
5.230.000
2X JaD
4,731,500
82,672,000
162,000,000
Ulenrook
Oil.r_______10
4
3
X
33.000
RR. and mlsc. bonds..
4X
Jan
5
Jan
9.421.000 11,129,000
111,954,000
261,815,500 Hanover OH & Ref.r... _
4H
4,020
4X
1 * Jan
4X
7)6 Jan
Houston Oil com.r__ luO 5 5 X
13.200 39X J qd 56 May
44H 56
Total bonds_____ $45,258,500 $15,879,500
$536,142,000! $424,149,500 Internat Petroleum___ 5 ____
800
13
X
12
X
13H
Feb 1456 Mar
Island OH A Trans.r... 10
4H
3H 4 X 71.000
Jan
IX
5H Mar
Kansas-Utah Cons Oil
1,000
DAILY TRANSACTIONS A T T H E BOSTON, PHILADELPHIA A N D
X
X May
H
56 May
Kenova Oil_______
3-16 5-32 3-16 26,100
3-32 Jan
56 Feb
B A L T I M O R E EXCHANGES.
Kinney Oil r_________
2.500
X
X
X
X Apr
1
Apr
Mays Oil.r________ 1
11c 14c
4.900 lie May 14c May
Merritt OH Corp.r___ .lo
10
8,200
22
17H Mar 24 H . Jan
23 H
Boston.
Philadelphia.
Baltimore.
Metropolitan Petroleum .6
.6 11-16
X 13-16 11.000
X
Jan
X
Feb
Week ending
Midwest OH com.r_____
.1 1.03 1.00 1.06 31.000 87c Apr
1.24 Jan
May 17 1918.
Shares. Bond Sales. Shares. Bond Sales. Shares. 'BondSales.
Preferred r________ .i
1
1H 1 1-16 I X
8.500
1
Apr
156 Jan
Midwest Refining.r__ .
50
60 115
108 119
7,765 97
Mar 119 May
Saturday......
9,399
$19,950
5,542
$14,100
699
3
$29,300 Mineral Wells Pet.
2H 3H 3.900
1H Jan
3H May
Monday.. ....
20,134
82,400
7,466
35,400
870
42C
18,100 N Y Chino OH________
43c
44c
39c
2.500
Apr 44c Apr
Tuesday_______
30,035
90,100
9,891
56,600
2,012
19.000 N Y-Oklahoina Oil com.r]
56
7-16 2,150
Jan
56 Feb
X
Wednesday____
45,652
69,200
13,925
24,200
Northwestern Oil com.r.] 64c
1,593
19,500
61c 65c 24.200 56c Jan 89c Feb
Thursday______
47,833
53,250
19,796
32,700
2,961
27.000 Oklahoma Oil com.r__ 1
354c
3c 354c 38.000
3o Jan 8H 0 Mar
Friday.......
21,717
09,000
6,631
41,900
Preferred,r ..... Ill]
8,442
27.000
8c
1,000
8c
8c Apr 16c Feb
Oklahoma Prod A Ref. 6
25.800
754
654 8
8 May
O X Apr
Total....... 175,125 $383,900
63,251 $204,900
16,5121 $139,900 Okmulgee Prod A Ref. . . 6
656
554 754 67,500
2H Jan 1156 Mar
Omar Oil A Gas com__ 1
35e
23c 35c 27.000 21o Apr 40o Jan
Pan-Am Petrol com r...50
50
100
50
40
Jan 53
Feb
Penn-Kentucky Oil.r__ 6
5
*554
5
Jan
554 4,255
556 Feb
New Y o rk “ C u rb ” M arket.— Below we give a record of Queen Oil.r........ . . 1
12c
lie 25c 53.000 lie May
860 Jan
54 3-16
3-32 Feb
the transactions in the outside security market from M a y 11 Rice Oil.r....... . 1
54 63,675
% Apr
Royal Oil.r______Hill
2,600
54
56 Apr
156 Mar
to M a y 17, both inclusive. It covers tko week ending Fri­ Sapulpa Refining.r.. 5
854
854 834 6,200
8
Mar 10
Jan
Sequoyah Oil A ltef... 1 13-16
day afternoon.
11.400
54
56 Jan
156 Mar
Stanton Oil.r... .. 1
1
6.700
154 2
156 Mar
2H
Mar
It should be understood that no such reliability attaches Stockton Oil r..
io
10
200
10
956 Mar 10 Mar
] 1 1-16 85c
to transactions on the “ Curb” as to those on tho regularly Texana Oil A Ref.r.
154 60.000 78c Apr 156 May
Tuxpam Star Oil r
1 454c
4c 754c 1045000 3 He Apr 22c Mar
organized stock exchanges.
United AVestern Oil.r.. 1 5-16
54 5-16 22,000
3-16 Mar
H Jan
On the New York Stock Exchango, for instance, only United Western Oil new.r
11-16 13-16 1 11-16 10,000
H Apr
256 Feb
Oil r_______ip
456 *4
454 3.100
3H
Jan
656
Mar
members of the Exchange can engage in business, and they Vlotorla
Mining Stocks
are permitted to deal only in securities regularly listed— that Alaska-Brit Col Metals.. 1 44o
40c 45c 13,700
5-16 Apr
9-16 Jan
54c 58c
3.750 50c Mar
is, securities where the companies responsible for them have America Mines.r_____ 1 55c
55c May
Atlanta Mines_______ l
7c 854c 9.800
7c May
13c Feb
complied with certain stringent requirements before being Aurora Silver Mines.r__5 754c
2.100
554 6
6 May
2H Feb
admitted to dealings. Every precaution, too, is taken to Big Ledge Copper_____ 6
54
56 10.400
Jan
X
1H
Mar
Booth _r._..........1
A,
3o Jan
6c Apr
insure that quotations coming over the “ tape,” or reported Boston A Montana Devils 57c
53c 58c 65,700 41c Jan 96o Mar
Bradshaw Copper.r... 1
in tho official list at the ond of the day, are authentic.
1,200
H
H
H
56 Jan
156 Jan
Det Copp A Zlnc._l 9-32 9-32 11-32 10,000
Jan
H Mar
X
On the “ Curb,” on the other hand, thero are no restric­ Butte
Butte A N Y Copper__ !
1
3,600 11-16 Jan
IX
IX
156
May
tions whatever. Any security may be dealt in and any one Caledonia Mining...... 4 1 c
40c 42c 11,700 40o Mar 660 Jan
Calumet
A
Jerome
Cop
r
1
1
l
1-16
15,000
•1
Jan
1H
1H Mar
can moot there and make prices and have them included in tho Canada Copper Co Ltd. . 6
156 1 13-16 5.700 1 6-16 Jan
2H Jan
lists of those who make it a business to furnish daily records Cash Boy...
854c 10c
5.000
3Ho Jan 19o Feb
Silver M A M r" i
56
56 4.500 42o Jan
156 Mar
of tho transactions. The possibility that fictitious transac­ Cerbat
Cerro Gordo Mines
1.000
56 1
X May
156 Jan
tions may creep in, or even that dealings in spurious securi­ Coco River Mining.r__ 1
855
2
254
I5t Mar
2H Jan
Consol Arizona Smelt__ 6
1 15-16 256 6.300
ties may bo included, should, hence, always bo kept in mind
156 Feb
256 Jan
Consol Copper Mines__ 5
7
6H * 7 X 37,000
5
Jan *756 May
particularly as regards mining shares. In the circumstances’ Consol-Homestead.r
1 5-16
5,800 220 Feb
X 5-16
5i Mar
1
1
it is out of the question for any one to vouch for the absolute Copper Valley Mining. 1.1
2,925
IX
H Jan
256 Mar
Cons Gold M A M )
3.700
4X
454
4X
4H Mar
5H Jan
trustworthiness of this record of “ Curb” transactions and Cresson
El Salvador Silver.1 ____
72c
6 6C
72c 17,500 65o Mar 72c May
we give it for what it may be worth.
Emm a Copper, r...... i 7-32 3-16 • X 57,425
56 Apr
56 Feb
Eureka Croesus Min r__.l
154 1 7-16 I X 15.100
56 Feb
156 May
First National Copper__5
2
Friday
200
2X
Apr
Sates
256
Jan
Fortuna Consol’d.r___ 1
35c 35c
1,000 3£
East Week's Range for
Week ending May 17
Jan 40c Jan
Range since Jan. I .
Globc-Domlnlon Copper. 1
9-16
1.500
Sale.
X
of Prices.
Mar,
Week.
156 Jan
Golden Rule Mines.r__ 1 11-16 7-16 11-16 4,230
Stocks—
Par Price. Low. High. Shares
*6 Apr
% May
Low.
High.
Goldfield Consolidated 10
7-32
4,600
X
11 May 7-16 Jan
Goldfield Merger.r.
] _
3c
3c
5.000
Aetna Kx lot) r .(no pan
3o
Jan
5c
Feb
13X 1 0 X 129.000
O X Feb
May Great Bond r.... .... 1
4%
4c
5c
Preferred..........
2,560
*70
72
4c May
10c Feb
455 4 1 X Jan 1654
72 May Green Monster r .. 50r
11-16
2.000
Air Reduction.r..(no par)
X
H Apr
1
Apr
70 75X
1,175 68
Apr
77
Mar
Mining.......25c 4 13-16 4 H 4 13-16 3,225
Amor & Brit Mfg, prof.100 22
22
22
256 Jan
6
JaD
50 15
Jan 22 May Hecla
International Mines, r... 1 13c
12c 15c 60.900
Amcr Tin & Tungsten.r.l 7-16
8c Jan 20o
Feb
Vs
X
6,800
X May
54
Jan
16c
Iron
Blossom.r.....
13-32
13-32
300
Brit-Amer Tob ord’y...£l
5-16 Apr 11-16 Jan
15X 16
800 14 X Apr 1656 Jan Jerome Prescott r ____ 1
8,250
Ordinary bearer... £1
H
X
56 May
9
Apr
1GH 17
1,700 1456 Apr 18
Feb
Verde Copper V * 1
Burns Bros Ice r
..100
3.500
X 11-16
24 3 0 X 27,600 19
56 Mar
56 Jan
Apr 30 54 May Jerome
Jim Butler r._... _ 1 7pc
73c 80c 24,300 65o Jan 90o Jan
Garbo Steel com.r.. 100
110 110
25 77
Jan 116
Apr
Josevig-Kennecott Copp.l 5-16
1.610 3-16 Jan 7-16 Mar
X 5-16
Car Leg * Powcr.r___ 25
2X
2X
605
2
Jan
354 Mar Jumbo Extension____ 1 O X c
9c 10c
8.400
9
9
9c May 24c Jan
Carwon Steel Tool___ 10
100
856 Jan
954 Apr Kewanus r.... ..
j
4c
5c
8,000
4c May
120 130
Chevrolet Motor.... 100
9c Feb
8,200 100
Jan 135
Feb Lainpazos Silver... I"i
1
5-16
12,750
*1H
Cities Service com.r.. 100
213 213X
X Feb
2 May
45 200
Fob 21954 Jan La Leona Silver.r..... 5
15$
1H
1H 8,825
56 May
Cuprlto-Esmeralda Sul­
456 Apr
La Hose Consol Mines__5
15-32
400 25c Jan
H
phur.r........... .
% Apr
1
IX
IX
5.900
1 May
154 May Louisiana Consol._
1
9-16
14.000 7-16 Jan
X
Cuprite Sulphur.r....
1
15.000 54 May
56 May
X
1
254 Feb Magma Chief.r...... I]
5-16
12,600
Apr
X
Curtiss Acrop & M com (f) 35H 34H 36
X May
2,850 25
Jan 41X Feb Magma Copper....... 5
35
37
33*
2.300
Apr
42
2%
3
Kuiortton Phonograph ...
Jan
25
1,008
2
Apr
4 56 Jan Marsh Mining r___
]
5c
5c
40 Jan 8H 0 Mar
2,000
34
34
Freeport Texas Sulphur.r
25 33 May 3954 Apr Mason
Valley____ IIIIs
4%
1.400
4X
4X
91
95
4H Apr
Gllletto Safoty Hazor_r.(t) '95'
550 77X Mar 95
656 Jan
May
40c 41c
McKlnley-Darragh-Sav.. 1
37c Apr 60c Jan
1.100
35
35
Holly Sugar Corp, com,(t)
100
35 May 40
Jan
Chief _______
7c
9c 56.200 6Hc Apr 6-16 Jan
8c
Keyst Tire A Rub. coin 10 19
18H 19
3.200 12 X Jan 19 May Monster
Mother Lode r...... ]
53c 100,900 25o Jan
66c Apr
85
85
Krcsgo (SS) Co, com.r.100
100
6954 Jan 85 May National Leasing r__IIIl 4856c 48c
4c
5c 40.000
3o Jan
80 Feb
Lake Torpedo Boat.r..100 "5 U
5,670
5X
6
256 Apr *0 May Nat Zlno A Lead r.... 1 4 54c 25c
30c 30.000 15o Jan 380 Feb
28c
44
48 X
Lima Locomotive com rlOO
1,750 4254 Apr 47 May Nevada
Ophlr r.... 16c
18c 18c
500 13c Feb 21c
Jan
Marconi Wlrel Tel of Am.6
2.400
3X
3%
3*4 Jan
354 Mar Nevada Hand r_.. I0c 21c
21c 22c
3.900 13e Feb 270 Mar
Maxim Munitions r. .10 9-16 7-16 9-16 35.000
X, Apr
1
Jau New Cornelia r...... 5 19
17H 19X
3.500 16H Jan 1956 May
N Y Transportation__ 10
14H 14H
700 14
Feb 19
Feb
Nlptsslng Mines...... 5
g
9
1.400
9
8X
Jan
North Am Pulp a Pap (t)
9 May
2X
3X
1.500
2
Apr
356 May Nixon Nevada........1 75c
58c 75c 12,100
58c May
Penn Seab Steel..(no par)
43
44
1H Mar
500 43 May 44
May Ohio Copper r........1
1
33.200
Apr
IX
156
Pocahontas-Logan Coal.r 5
1H Mar
2X
3X
3 IS
900
3
Jan
354 Jail
Mines.r.. ’ 1
3
2J6
3
2,000
2% Jan
Poulsen wireless r__ loo 15H nx i s h
4H Mar
9.900 10
Apr 1554 May Onondago
Provincial
Mining.....
1
51c
53c
3.000 43c Jan 54c Apr
Republic Motor Truck,r(t)
32
34
300 31
Apr
4054
Mar
Hercules Mining r__6
4X
4,700
St Joseph Lead.r.... 10 "l 5X
4X
456
3H Jan
456 Jan
15H 155-6 1.200 1454 Jan 1756 Feb Ray
Red Warrior Mining r . 1
1.400
X
Smith Motor Truck.r...10 2 1-16
X
56
56 Jan
2
2 % 40,800
56 Mar
1
Jau
254 Apr Rex Consolidated Mg.Hi
8c
10c
9c
7.500
8c May
Standard MotorConstrr 10 13H 12 X 13 X
16c Feb
6,000
8
5
4
Jan
I3H
Mar
Rochester Mines...... j
43c
54c 47,400 27o Jan 5to May
Submarine Bom v t.o..(t) 17H 1 7 X 1 0 X 16,200 1154 M ar
2054
May
tn
Toy
Mining_
_
Hill
l
i
e
lie
10c
rblotren Coot Amor r 5
1.000
Apr 18c Jan
4 5s
4X
456 8,300
4
M ar
5
Mar Seneca Copper...(no par)
3.900
10 X 1 2 X
Todd Shipyards Corp.r.(t)
7H Jan 1256 May
90
96
598 73
Jan 8054 Apr Senorlto
Copper... . . . 1
1 3 -1 0
5.500
X
Trlanglo Film Corp v t c.5
X
56 Jan
56 Mar
11-16
X
1.500 11-16 Apr
1
Jan
Sliver
F
i
s
s
i
l
e
S
i
l
v
e
r
,
r..
1
X 13-16
9.900
ilulled Motors r ino par) 24 X
56 Mar
56 Mar
23
2B X
8.400 1954 Jan 3054 Fen Silver King of Arizona... 1 13-16
7-32
X
5.400
7-32
7-32
Apr
7-16
Jan
U S Aeroplano Corp.r...5
3
IX
214
6,250
154 May
3 May Sliver Pick Consol r... 1
3 He 3He
100
3HC Apr
7c Feb
U S Light A Heat, com rlO
2X
2 X 62.000
2X
1
Mar
256
May
Silver Plume Cons.r... 1 '73c' 73c 73c
2,600 47c Feb 76o Apr
(J8 Stpamshlo...... 10
7
OX
7 X 22,000
4 56 Jau
7 54 May Standard Silver-Lead__ 1
X 7-16
7-16
3,000
56 Jan
Wrlght-Martln Aire r (t) nx
H Apr
956 1 1 X 56,000
6 54 Jan 1154 May Stewart..... ........1 7-32
7-32 7-32 8,200
3-16 Jan
Jan
X




Mining Stocks (Con cl .)—

[Vol. 106

THE CHRONICLE

3110
Sales
Friday
fo r
Last W eek's Range
W eek .
o f P rices.
Sale
H igh . Shares.
P rice. Low .

Range sin ce J a n .
Loro.

1.

H ig h .

160 Apr
7o Jan
7%c_8%c 6,600
Success Minin?------- 1 8%c
3% May
Jan
2
500
3
3%
Superior Cop (prosp’t) (t)
3%
Mar
Jan
3
100
3
5-16
3
5-16
Tonopali Belmont Dev r 1
1% Jan
3,475
1 % Jan
Tonopali Extension___ 1
1 % 19-16 1 11-16
4
Jan
2 % May
625
2% 3
2%
Tonopah Mining...... 1
% Jan
300 3-10 Jan
3-16 3-16
Trl-Bulllon S & D ..... 6
21o M&r
16c 20c 17.000 10c May
Troy-Arlzona.r— .... 1 17c
1% Mar
1 May
1,000
1
1
Tuolumne Copper----- 1
5% Feb
3% May
3% 3 9-10 3 15-16 6,165
United Eastern------ 1
900 36% Jan 50% Mar
40%
United Verde Exten.r.SOc 40% 40
9c Fob 60o Mar
6.500
29c 31c
U S Lead A Zlno i . r ... 1 31c
4c May 22c Mar
500
4c 4c
4c
Ward Misting & MllUng.rl
1% \ Feb
% Apr
100
%
%
Washoe Copper-------1
65c
Jan 88o Feb
8,000
80c 88c
West End Consolidated.-5 88c
5c May 18c Feb
1,000
. 6c 6c
White Caps Extens__ 10c
% Jan
7,700 11-32 Jan
% 13-32
White Caps Mining__10c
8o Feb 14c Jan
3.500
12c 13c
Wilbert Mining.......1
Bonds
99% 99% 99% $59,000 98% Mar 99% Jan
A m Tel* Tel 1-yr 0s...
98% May 98% May
1 ,0 0 0
98% 98%
B & O 5% notes(2-yr) 1919
98
93% 162,000 90% Jan 98% Apr
Beth Steel 5% notes..1919 98 %
94% Jan 97% May
338,000
96%
97%
Canada (Dom oO 5s..1919 97%
3.000 98% Jan 100% Apr
100% 100%
. Gen'l Elec 6 % notes.. 1920
Jan 100% Apr
0% notes_______ 1919 100% 100% 100% 16.000 99
Mar 102 May
30.000 98
100% 102
Procter & Gamble 7s r 1919
Mar 101% Apr
7.000 99
101% 101%
7s-r........... 1921
98% Mar 101%'May
6.000
101 % 101%
7s.r........... 1922
1,000 98% Mar 102%. May
7s.r.......
1923 102% 102% 102%
Jan
Mar 58
5.000 38
38
39
Russian Govt 6%s.r.l919
Jan
Apr 52
3.000 33
36
37
5%s....
--­ 37
99
May
97%
Feb
98% 98% 10.000
Southern Ry 5 % notes r 19
West’housc Elec & Mfg
99% 99% 64,000 98% Mar 99% Apr
1-year 0% notes...
•Odd lots, f No par value, i Listed as a prospect. IListed on the Stock Ex­
change this week, where additional transactions will be found, o New stock.
r Unlisted, u Ex-cash and stock dividends, w When Issued, x Ex-divldend.
V Ex-rlghts. z Ex-stock dividend.

S T O C K OP M O N E Y IN T H E C O U N T R Y — The follow
ing table shows the general stock of money in the country, as
well as the holdings by the Treasury and the amount in cir­
culation on the dates given.
-S tock o f M o n ey M a y \ '\S ---- M o n ey in Circulation -in U . S.
a lle ld in T r e a s . M a y 1 1918. M a y 1 1917.

S

5

S

S

G Treasury)101'bU"l0n ‘“..3.042.711,222 239,947,082cl.064,222,631 678,211,423
Gobi certificates'
.............
937,585,869 1,812,883,009
71,209,574
Standard sliver8doliarslIII 538,532,139 16,946,171
77,048,167
Qlll/pr portiflmtp3
________
—
,(J|)J,740 480,731,823
subsidiary siwer::::::::: 228,034,831 12 ,772,325 215,202,500 191,507,957
1,990,006
1,808,001
Treasury notes of 1890.
United States notes... . 340,681,010 8,334,715 338,340,301 338,589,355
Federal Reserve notes— til,650,964,290 20,480,570 1,524,223,755 449,093,725
11,033,165
101,570
11,581,385
Federal Reserve Bank notes 11,742,955
National bank notes____ 722,288,177 16,549,875 705,738,302 701,531,320

New York City Realty and Surety Companies
Bid

Alliance R ’lty 58
Amer Surety- 108
Bond & M G. 182
Casualty Co.
City Investing 14*
60
Preferred.

Ask

68
115
192
100
19
67

Bid

Lawyers Mtge 87
Mtge Bond.. 82
Nat Surety.. 105
N Y Tltlo &
60
Mtge--

Bid

A sk

95 Realty Assoc
(Brooklyn). 67
87
169 U S Casualty. 175
US TitleGuar __
60 West A Bronx
TitleA M G 160

A sk
75

190
60
175

Quotations for Sundry Securities
All bond prices aro “and Interest” oxcopt where marked “ f ” .
Standard Oil Stocks P ersia n
Par' Bid. A ik .
12%
Anglo-American Oil new. £1 12
Atlantic Refining............ 100x920 930
Borne-Scrymser C o_____ 100 425 450
97
Buokoyo Pipe Line Co____ 50 *95
Chesebrough Mfg new___ 100 315 330
Colonial Oil........................100 10 40
Continental Oil_________ 100 425 150
Crescent Pipe Line Co____ 50 *35 38
Cumberland Pipe Line.. 100 155 160
Eureka Pipe Line Co____ 100 205 215
Galena-Signal Oil oom— 100 134 138
Preferred______ ______ 100 123 127
Illinois Pipe Line...............100 187 192
Indiana Pipe Line Co---------50 *95 100
International Petroleum. £1 *13% 13%
14
National Transit Co__ 12.50 *13
Now York Transit C o .-.100 210 220
Northern Pipe Line Co_100 110 115
Ohio Oil C o...................... 25 336 340
37
Ponn-Mex Fuel C o______25 *33
*9"i 101*
Pierce Oil Corporation__ 25
Prairie Oil & Gas.............. 100 490 498
Prairie Pipe Line_______ 100 274 278
Solar Refining...................100 310 320
Southern Pipe Lino C o ..100 188 193
South Penn O il............... 100 275 285
95
Southwest Pa Pipe Lines. 100 92
Standard Oil (California) 100 217 220
Standard Oil (Indiana).. 100 630 610
Standard Oil (K ansas)...100 450 475
Standard Oil (Kentucky) 100 330 340
Standard OH (Nebraska) 100 *460 480
Standard OH of New Jer.100 550 555
Standard OH of Now Y ’k 100 278 282
Standard Oil (Ohio).........100 400 410
99
Swan* F lrch ________ 100 93
Union Tank Line Co___ 100 100 103
Vacuum Oil____________ 100 350 360
32
Washington Oil------- . . 10 *27
Bonds.
Per Cent.
Pierce OH Corp oonv 68.1924 74

Ordnance Stocks— Per Share.
Aetna Explosives prof— 100 70
4
Total............. 6,540,954,630 321,192,308 5,318,546,717 4,736,841.963 American 4 British M fg. 100
Preferred____________ 100
15
Population of continental United States estimated at 105,581,000. Circulation Atlas
Powder common__ 100 177
Preferred____________ 100 01
P°a Tills statement of money held In the Treasury as assets of the Government
* Wilcox.......... 100 114
does not Include deposits of public money in Federal Reserve banks, and In national Baboock
Bliss
(E W) Co common. 50 *325
banks and special depositaries to the credit of tlio Treasurer of tho United States
Preferred_____________ 60 *65
amounting to $924,362,661 53.
, ,
Fdys & Forglngs.100 120
c Includes $439,504,857 50 Federal Reserve Gold Settlement Fund deposited with Canada
Carbon Steel common__ 100 109
Treasurer United States.
,_
. .
1st preferred_________ 100 9(1
<1 Includes own Federal Reserve notes held by Federal Reserve banks.
2d preferred.............
100 08
N o te .
— On May 1 1918 Federal Reserve banks and Federal Reserve^Agentsi held
Patent Fire Arms
against Federal Reserve notes $559,085,860 gold coin and bullion, $241 869,780 Colt’s
M fg............................... 25 *60
gold certificates and $100,259,965 Federal Reserve notes, a total of S901,215,605.
ont (E I) do Nemours
against $412,665,119 on May 1 1917.______________^
__ dul’
* Co common________ 100 288
Debenture stook_____ 100 91
Eastern Steel........ ..........100 90
CURRENT NOTICE
Empire Steel A Iron oom. 100 3o
Preferred____________ 100 73
— H a r r i s . F o r b e s & C o . o f t h i s c i t y a r o d i s t r i b u t i n g a c ir c u la r g i v i n g a
Heroulea Powder com__ 100 250
r e c o r d o f e a r n in g s f o r t e n y e a r s o f 1 0 0 p u b l i c u t i l i t y c o m p a n i e s w it h w h o s o
Preferred____________ 100 111
s e c u r it ie s t h e y h a v o b e e n id e n t i f i e d .
T h o c ir c u la r s h o w s a n u n i n t e r r u p t e d
NHes-Bement-Fond com . 100 127
a n n u a l in c r e a s e in th o a g g r e g a t e g r o s s e a r n i n g s .
T h e a g g r e g a t o n e t e a r n in g s
Preferred....................... 100 90
f o r 1 9 1 7 a m o u n t e d t o o v e r 2 % t i m e s t h e a g g r e g a t o a n n u a l b o n d in t e r e s t
Penn Seaboard Steel (no par)
c h a r g e s o f th e so c o m p a n ie s .
T h is t a b u la t io n w d l b o u s e fu l t o t h o In v e sto r
Phelps-Dodge
Corp------- 100 208
o r i n s t i t u t i o n s i n t e r e s t e d in p u b l i c u t i l i t y s e c u r it ie s
_ _
Scovlll Manufacturing...100 474
W i l l i a m R . C o m p t o n C o . , H a l s o y , S t u a r t & C o . , R . W . P r e s s p r ic h &
Thomas Iron...............
60 *25
C o . o f t h is c i t y a n d t h o H i b e r n i a B a n k a n d T r u s t C o . o f N e w O r le a n s
Wlnoliostor Repeat Arms.100 700
a r o m e m b e r s o f a s y n d i c a t o w h i c h h a s p u r c h a s e d a n d .'w ill s h o r t l y o f f e r f o r
Woodward Iron________ 100 48

77
6
25
180
93
116
400
75
140
112
98
71
70
295
93
95
38
78
252
113
131
10U2
2 46
275

RR. Equipments—

P erC t. Zlasis
Bid. A

Baltimore A Ohio 4%s--)uff Rooh A Pittsburgh 4%s
Equipment 4s........
Canadian Paolflo 4%s---Caro Cltnohflold A Ohio 5s..
Central of Georgia 5s----Equipment 4%s-----Chicago A Alton 4a-----Chicago A Eastern 111 5%a..
Equipment 4%s-----Chlo Ind A Loulsv 4%s--Chlo St Louis A N O 5s--Chicago A N W 4%s----Chicago R I A Pao 4%s-Colorado A Southern 5s-Erlo 6s_______________
Equipment 4%s-----Equipment 4s---- --Hocking Valloy 4a-----Equipment 5s-------Illinois Central 5s------Equlpmont 4%s.. ....
Kanawha A Michigan 4% g...
Louisville A Nashville 5s-Michigan Central 58----Minn St P A S S M 4%S-Missouri Kansas A Texas 5s.
Missouri Paolflo 5s-----Mobile A Ohio 6s_______
Equipment 4%s______
Now York Central lines 5s..
Equipment 4%s__ ___
N Y Ontario A West 4%s..
Norfolk A Western 4 % a..
Equipment 4s________
Pennsylvania R R 4%a--Equipment 4s.......
St Louis Iron Mt A Sou 5a..
St Louis A San Francisco 6s
Seaboard Air Lino 5s....
Equipment 4%s... .
Southern Paolflo Co 4%s._
Southern Railway 4%s--Toledo A Ohio Central 4s...
Tobacco Stocks— Per

6.20 5.
6.10 5.
0.10 5.
6.50 6.
7.00 6.
6.00 6.
6 .00 5.
7.00 0.
7.50 6.
7.00 0.
6.35 0.
5.90 5.
5.75 6.
0.90 0
0.50 6.
6.40 6.
6.10 0
0.40 6
0.25 0
0.25 0
6.10 6
0.10 5
0.50 6
5.90 5
8.20 5
6.00 5
7.00 0
7.00 0
0.40 6
6.40 0
0.20 5
0.20 6
0.25 6
6.80 5
5.80 6
5.75 5
5.75 5
7.00 0
0.75 0
7.00 0
7.00 6
6.00 5
6.20 5
0.50 6

Sha r s .
Par Bid

American Cigar oommon.lOO
Preferred____ ____ 100
Amer Maohlne A Fdry._100
Brltlsh-Amor Tobao ord .£1
Ordinary, bearer... .£1
Conley Foil____ ____ 100
Johnson Tin Foil A Met .100
MaoAndrowa A Forbes..100
Preferred..__ ____ 100
Reynolds (R J) Tobacco. 100
B com stock.......100
Preferred........ .100
Young (J S) Co......100
Preferred......... 100

A

98 1(
85 9
70 8
*16% 1
*15% 1
180 21
75 12
170 18
93 1(
280 31
220 2f
97 10
125 15
100 10

Short-Term Notes— Per Cent.
A m Cot Oil 5s 1918 ...MAS 99% 0
.
6s 1919.... .....M A S 97 «
Amer TelATcl 6s 1919 ..FA A 99%
Balto A Ohio 6s 1018 ..JAJ 99% If
6s 1919... ..... JAJ 98% !
Beth Steel 6s 1919..FAA 15 98% !
Canadian Pao 6a 1024.M AS 2 08% !
Ohio A West Ind Os’ 18.M A S 99%
30 Del A Hudson 5a 1920 FAA 975*
825 Eric R R 5s 1019.... .A-C 907,
55 Gen Eleo 6a 1020.... JAJ 100% 1<
6% notes (2-yr) '19. JAI) 1006* 1(
s a lo $ 3 , 0 0 0 , 0 0 0 S t a t e o f M i s s i s s i p p i 5 % % b o n d s . .,j j
General Rubber 5a 19I8.JAD 09%
PuMIc
Utilities
— J B . H a r r is & C o ., 6 0 B r o a d w a y , N . Y . , h a v o a p p o in t e d C h a r l c s X
975*
87 Groat Nor5s 1920... M A S
Amer Gas A Elec com— 60
H u n t e r J r . S a le s M a n a g e r o f t h e ir i n v e s t m e n t s e c u r it ie s d e p a r t m e n t .
42 Hocking Valley 6a 1918 M A N 99*8
Preferred................ — 60
98
197
K
C
Rys
6%a
1918--JAJ
Amer Lt A Trao oom___ 100
97 K C Term Ry v%a ’18.MAIN 9S%
Preferred................ — 100]
40
4%s 1021........ JAJ 93%
New York City Banks and Trust Companies Amer Power A Lt com__ 100|
. 72 Laclede Gas L 6s 1019. .FAA 97%
Preferred____________ 1001
. 20 Morgan*Wright 6s Deo 1 ’It 98% .
Amer Publlo Utilities comlOO
Banks. | Bid. A s k . Trust Co’s. B id. A sk .
B anks—N .Y . B id.
. 50 N Y Cent 5s 1919...MASlf 98%
N
ew
Y
ork.
300
Preferred_____________100
280
America*__ r 485 500
213 Penn Co 4%s 1021.. JAD 15 95% 96%
Cities Service Co com__ 100
225 Manhattan *. 325 335 Bankers Trust 365 370
Amer Exch_ 220
% 76 Pub Ser Corp N J 6a ’10.MAP 95 97
Central Trust (378 388
Preferred_____________100
305
Atlantic......... 170 180
23 Rom Arms IT.M.C Is’lOFAA 93»2 95
265
Columbia_
_
257
Coin’w’lth
Pow
Ry
A
L.100
308
215 Meeh A Met. 29$
Battery Park. 200
47 Southern Ry 6s 1919..M-S
....
98% 987*
Preferred_____________100
Merchants__ 210 2.30 Commercial.. 100
Bowery *___ 400
95% Utah Sco Corp 0a ’22.M-S 11 85 87
Elec Bond A Share prof. .100
Bronx Boro*. 150 200 Metropolitan* 165 175 Empire.... 290 300
%
9
342
99% 9912
337
Winches
RopAnns7s’
19.MAF
Equitable
Tr.
Federal
Light
A
Traction.100
Bronx Nat__ 160 175 Mutual*... 375
35
Preferred_____________100
Bryant Park* 145 155 New Noth*.. 200 215 Farm L A Tr 380 390
Industrial
210
>
2
75%
200
Fidelity...
Great
West
Pow
5s
1940.JAJ
140
New
York
Co
95
Butch A Drov 80
and Miscellaneous
18
Fulton.... 240 255
Mississippi Rlv Pow oom . 100
Chasa............ 345 360 New York__ 415
% 42 American Brass.... — 10( 235 2
Guaranty Tr. 335 340
Preferred....................... 100
Chat & Phen. 240 245 Pacific *___ 270
Amorlonu
Chlolo com-- 10( 35 38
%
73%
1
.
3
5
145
First
Mtge
68
1961.--JAJ
515
500
Chelsea Ex *. 100
63 07
40
Preferred..... ....1(X
385 395 People’s *__ 200 220 Irving Trust ISee Irving North'n States Pow com . 100
Chemical. .
80 American Hardware--- 10i 127 132
\Nat Bank
Preferred_____________100
210
215 Prod Exch*.. 200
Citizens__
36 40
00
Amor
Typefounders
oom.
1
0
(i
93
100
Law
Tit
A
Tr
North Texas Eleo Co oom 100
370 380 Public_____ 200 215
C it y ...........
80 84
75
Preferred__ ____ 10
105
Preferred____________ loo
Coal & Iron.. 205 215 Seaboard __ 450 470 Lincoln Trust 97
1
93 90
%
34%
Borden’
s
Cond
Milk
com.
10
Mercantile
Tr
Pacific
Gas
A
Eleo
oom
..
100
425
400
Second....
Colonial *___ t400
93
96
82
Preferred......
...
10
A Deposit 190 200
1st preferred.................100
Columbia*__ a.50 160 Sherman__ 125 135
20 Celluloid Company... 10 l 145 55
Pugot S<1 T rL A P o o m .1 0 0
Commerce__ 177 ISO State*..... 110 115 Metropolitan. 13063.1 __
•66
08
Columbia
Graphoph
Mfg
(
t
1
43
MutuaUWcstPreferred_____________100
130
Comm’l Ex*. 390 410 23d Ward*... 115
24
Preferred... ..... 10 ) 68 70
Chester)__ 115 125
Republic Ry A Light----- 100
Union Exch.. 150 160
Common­
34
)
*33
Freeport
Texas
C
o
...
(
1
1
01
N
Y
Life
Ins
Preferred_____________100
tJnltcdStntes*
500
190
180
wealth •___
1% 1*8
1% 82 Havana Tobacco Co— 109
A Trust... 875 900
South Calif Edison com . .100
Continental*. 135 145 Wash H ’ts*.. 275
4
98
Preferred......... 10 ) 2
175 N Y Trust... 585 600
Preferred....................... 100
Corn E xch*.. 310 320 Westell Ave*. 160
7
lat g 5s Juno 1 1922..J-lJ /44 48
Standard Gas A El (D el). 60
95 West Side*.. 125 150 Scandinavian 260 270
Cosmoplltan * 85
8 10
i 20 Intoroontlnen Uubb com 100
Preferred.........................50
Yorkvlllo *__ 525 575 Title Gu A Tr 235 245
Cuba (Bk oO. 175
i
4 Internal Banking Co__ 10 ) 100
___ Tennessee Ry LAPoom lO O
Transatlantic 175
Brooklyn.
60
70
East River__
) 12 International Salt____ 10) 50% '65%
Preferred....................... 100
Fifth A v e * ... 3500 1000 Coney Island* 140 155 Union Trust. 1378 388
5
7
1st gold 5s 1951.... A-' } 68 70
United Oas A Eleo C orp .100
F if t h ............ 215 230 First...... 255 270 U H Mtg ATr 395 405
L 45 International Silver pref 1( 0 78 81
1st preferred________100
First........ ..... 860 880 Flatbush__ 125 135 United States 910 930
Lehigh
Valley Coal Salea. 50 *82 84
7
10
2d
preferred________ 100
165 Westchester.. 130 140
Garfield........ 170 185 Orecnpoint .. 150
) 32 Otis Elevator common— 100 45 50
Brooklyn.
United Lt A Rys oom___ 100
Hillside •__ 110 120
Gotham........ 200
5
66
Preferred...
-.... 10 0 71 74
530
500
Brooklyn
Tr.
1st
preferred________
100
110
Greenwich*.. 335 350 Homestead *.
2 14 Remington Typewriter—
Western Power oommon.lOO
650 660 Mechanics’ *. 110 120 Franklin... 230 240
Hanover___
0 15% 16
9
51
Common........--10
265
275
Hamilton_
_
95
Preferred_____________100
Montauk
*_
245
230
Harrlman__
1st preferred-------1C 0 74 70
Imp & T ra d ., 480 500 Nassau.... 200 207 Kings Countj 620 650
2d preferred..----- 1C 0 49 51
National City 265 275 Manufacturers 125 145
tlrvlng (tr
Royal linking Pow com.-1C0 125 135
certificates) 275 280 North Sklo*.. 175 200 People's... 265 275
Trctem-d _________ 11 0 92 94
80
390 400 People’s___ 130 110 Queens Co__ 70
Liberty__
Singer M f g .... .... 11 0 170 175
'• » Banks marked with a (*) are State banks, t Sale at auction or at Stock Ex
• Per share. 6 Basis. A Purchaser also pays accrued dividend, e New stock.
change this week. t Includes one-third share Irving Trust Co. t New stock
/ Flat price, n Nominal. x Ex-dlvldend. y Ex-rlghts. (t) Without par value.
y Ex-rlghts.




M ay 18 1918.]

THE CHRONICLE

2111

amt f^ailrxraxl gnUXliQmu.
i

.

RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric rail­

ways are brought together separately on a subsequent page.
L a te s t O ro s s E a r n in g s .
ROADS.
W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

Jan. 1

to L a te s t D a t e .

L a te s t G ro ss E a r n in g s .

Jan. 1

to L a te s t D a t e .

ROADS.
C u rren t
Y ear.

P r e v io u s
Y ear.

S
Ala & Vicksburg. April
196,398 145,577
644.373
742,053
Ann Arbor.
4th w k Apr
85.686
81,353
898,898
885,588
Atch Topeka & S Fe March
12395100 11620 520 33,770,127 32.225,869
Gulf Colo & S Fe. March
1,638,454 1,333,183 4,679,728 3,912,821
Panhandlo & S Fo March
520,095 549,472 1.417.239 1,541,725
Atlanta Birm & Atl 3d w k Apr
73,053
78,015 1,309,229 1,183,879
Atlanta & West P ’t March
175,878 144,296
507,657
400,842
Atlantic City____ March
223,297 176,004
538,863
444,731
Atlantic Coast Lino March
4,690,707 4,049,275 13,261,685 11.550,091
Atlantic & St Lawr. March
173,066 159,200
471,927
498,641
Baltimoro & Ohio March
12007286 9,692,766 28,515,241 28,130,774
B & O Ch Ter R R March
160,469 176,189
323,931
450,580
Bangor & Aroostook March
436,908 478,457 1,051,801 1,239,594
Belt R y of Chicago. March]
350 435 318 270
769 152
852 994
Bessemer & L Erie March
645.697 667,350 1.670.517 1,660,246
Bingham & Garfield March
255,584 235,689
726,552
663,702
Birmingham South March
122,350 100,646
345,809
287,920
5,169,541 4,734,582 13,217,506 13,254,744
Boston & Maine.. March
Buff Koch & Pitts.. 1st w k M a y 277.265 309,733 5,294,256 4,578,773
192,519 141,229
Buffalo & Susq RIt. March
402,358
585,590
Canadia Nor Syst.. 2d w k M a y 857,000 882,000 14,485,200 13,396,400
Canadian Pacific.. 1st w k M a y 3,033,000 3,065,000 48,832,034 46,190,127
366,671 289,396
Caro Clinch! & Ohio February
684,579
643,176
1 776 313 1 243 885 4 963 505 3 575 829
Central of Georgia. March
3,198,902 2,916,222 8,271,148 8,243,842
Cent of N o w Jersey March
480,985 452,364 1,227,501 1,210,417
Cent N e w England- March
388 684 355 503
March
Central Vermont
972,278
944,073
252,570 194,340
Chariest & W Car.. March
672,238
632,231
Ches & Ohio Linas March
5,188,751 4,465,765 12,965,321 12,365,846
Chicago & Alton__ Marcli
1,876,521 1,672,058 4,546,523 4,582,155
Chic Burl & Quincy March |
11193853 9,691,863 29,212,823 27,875,409
Ch Det & C G T Jet March
84,002
88,190
245,154
281,250
Chicago & East III_ March
2.101,700 1.730,188 5,027,909 4,822,203
Chicago Great West 1st wk M a y 294,707 278,924 5,805,8S6 5,327,178
Chic Ind & Louisv. 1st w k M a y
175,338 175,827 2,925,821 3,093,910
Chicago June HU.. March
335,699 279,150
760.384
778.689
ChicMilw & St P__ March
9,925,215 8,757,232 24,740,500 23,622,970
Chic & North West March ]
9,406,683 7,961,084 23,285,837 22,525,632
Chic Peoria & St L March
195,421 166.199
504.114
477,764
Chic Itock Isl & l>ac March
8,236,856 6,935,679 21,008,451 19,641,187
Chicago it I & Gulf March
358,831 312,131 1,051,496
924,528
Chic S t P M & O m . March]
1,963,193 1.633,975 5,241,086 4,527,557
Chic Terre II & S E March
361,188 290,027
842,680
876,460
Cine Ind & Western March)
282,738 237.802
749,031
681,033
Coal & Coke
March
105,800 109,319
300.374
293,455
Colorado Midland. February
120.787
96.278
218.633
247,428
Colorado & South _. 1st wk M a y
311,021 305,120 6,752,206 5,991,672
Ft W & Denv C. March
643,973 470,947 1,849,890 1,497,307
Trinity & Braz V March
89,074
78,541
259,602
238,072
Colo & Wyoming.. March
93,540 100,917
250,609
293,048
Crip Crk & Col Spgs February
70,799 102,990
150,434
217.544
Cuba Railroad-. March
1,233,503 230,108 3,629,902 1,386,858
Delaware & Hudson March
2,547,824 2.461,349 6,619,626 6,377,598
Dol Lack & West. March
4,855,762 4,704,657 13,445,959 13,106,059
Denv & Rio Grande March
2,344,269 2,286,313 6,722,032 6,229,352
Denver & Salt Lake March
160,547 120,555
295,877
378,540
Detroit & Mackinac 1st w k M a y
25,381
26,283
449,406
430,066
Dotroit Tol & Iront March
173,899 226,588
377,633
627.633
March
Det & Tol Shore L.
178,794 172,071
434,171
470,132
121.266 103,935
Dul & Iron Range. . March
326,360
311,331
Dul Missabo & Nor March
169,272 171,155
455,190
496,652
84,919
Dul Sou Shore & Atl 1st w k M a y
68,624 1,273,904 1,355,124
Duluth Winn & Pac March
158,829 222.129
414,822
588,910
86,615
East St Louis Conn March
80,204
223,690
239,635
1,447,130 1.269,209 3,350,543 3,525,173
Elgin Jollot & East- March
1,253,909 1,230,720 3,702,164 3,637,815
El Paso & So West March
6,301,952 5,412,142 15,567,713 14,855,222
Erie___________ March
Chicago & Erio.. March
870,956 708.802 1,976,938 1.869.429
Total Erio Syst.. March
7,172,907 6,120,944 17,544,651 16,724,651
Florida East Coast March
995,097 893,895 2.579.239 2.573,582
Fonda Johns & Glov March
89,231
90.199
244,074
247,303
Ft Smith & Wastom March
111,497
83,227
323,646
268.545
Galveston Wharf.. March
92,474 119,017
239,648
335,175
Georgia Railroad.. Marcli
455,807 308,547 1,337,370
862,155
Grand Trunk Pac.. 3d wk Apr 117,248 106,951 1,880,237 1,345,526
Grand Trunk Syst. 1st wk M a y 1,434,727 1,135,091
- - 20,437,684 19,552,933
3d
wk
Apr
1,080,134
Grand Trunk Ry
812,905 13,571,258 13,392,803
Grand Trk West- 3d wk Apr 217,094 200,1931 2,623.307 2,639,319
61,694
Dot G II & Milw. 3d wk Apr
71,8941
840,307
922,477
6,401,854 6.736.188123.879:719 23,347,558
Groat North System April
193,341 170,050,
Gulf Mobilo & Nor. March
552,282
505,060
Gulf & Ship Island. March
209,770 160,5131 589,498
483.115
Hocking Valley___ March
855,527 756,266! 2,210.775 2,050,613
Illinois Central___ Marcli
8,883,534 7.070,898 22,427,061 20,094,369
Internat & Grt Nor March
1,150,316 868,341 3,191,803 2,587,513
K O M o x & Orient. Marcli
106,721
90,831
298,162
270.689
K O M J t O o f Tox. March
99,910 107,204
306,249
313,059
Kansas City South. March
1,365.308 1,075,376 3,808,732 3.142.429
Toxark & Ft Sm. March
113,311
86,298
292,301
256,577
91,990
Kansas City Term. March
97,248
281,750
268,683
187,364 176,535
Lehigh & Hud River March
462,902
504,327
293,733 264,537
Lehigh & N o w Eng. March
682,359
768,850
4,739,972 4,322,092 11.193,750 11,284,987
Lehigh Valley____ March
1,120,747 1,114,200 3,104,489 2,811,618
Los Angoles & S L.. March
161,710 123,043
Louisiana & Arkan. March
355,099
451,318
290,274 180,909
Louislanalty & Nav March
709,588
562,637
7,846,227 5,957,882 20,814,878 17,258.904
Louisville & Nashv. March i
226,217 176 088
Lou Hond & St L-. March
602 692
507 468
1,160,808
Maine Central____ March
1.169,965 3,008,201 3,200,342
277,777 211,264
Midland Valley___ March
764,638
015.555
18,979
Mineral Range___ 1st wk M a y
21,026
412,248
379,487
MInnoap & St Louts 4th wk Apr 229,631 194,503 3,581,046 3,297,190
Minn St P & S S M . 4th wk Apr 830,555 748,297 9,079,711 9,428,286
M o Kan & Texas.. 1st w k M a y 803,984 813,978 16,176,923 13,501,296

W e ek o r
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

$
S
S
M o & Northern Ark March
128,363 121.274
354,861
341,617
M o Okla & Gulf__ March
168.415 140.599
459,692
457,764
Missouri Pacific__ March
7,338,205 6,261,131 19,470,927 18,227,182
Monongahela____ IMarch
210,717 176,573
496,260
551,740
Monongahela Conn. March
194,499 201,818
451,191
524,091
Nashv Ohatt & St L March
1,619,268 1,175,238 4,216,713 3,473,549
Nevada-Cal-Oregon 4th wk Apr
88,153
4,677
67,878
6,475
Nevada Northern..March
540,672
602,450
202,047 193,446
Newburgh & So Sh. March
94.246
199,300
72,571
192,630
N e w Orl Great Nor.March
391,378
178,735 117,564
484,881
N O Tex & Mexico.. March
336,738
229.101 107.897
568,068
Beaum S L & W . March
141,898
386,947
235,837
74,738
• St L Brownsv&M March
308,027 340,036
946,030 1,090.382
N o w York Central.March
20120437 17158064 50,197,277 46,693,755
Boston & AlbanyMarch
1,899,723 1,773,665 4,952,032 4,882,748
Lake Erio & W .. March
806,090 682,310 1,893,064 1,976,291
Michigan Central March
5.595.256 4,185,968 1,3145,854 11,697,234
Cleve C C & St L March
5,367,638 4,115,347 12,999,516 11,438,068
Cincinnati North March
217,133 172.276
526,364! 523,982
Pitts & Lake Erie March
2,482,820 2,053.697 6,174,545 5,543,219
Tol & Ohio Cent. March
736,606 565,084 1,729,460 1,509,026
Kanawha & MichMarch
350,349 256,881
891,878
748,159
Tot all lines above March
37576053 30963312 92,509.990 85,012,471
N Y Chicago & St L March
1,665,171 1,329,707 3,772,964 3,827,860
N Y N I I & Hartf.. March
7.544.256 6,923,847 19,451,769 19,360.413
N Y Ont & Western March
815.944 683.339 2,182,576 1,879,976
N Y Susq & Wast.. March
858,582
325,335 308,019
834,809
Norfolk Southern.. March
492,612 481,792 1,262,054 1,307,253
Norfolk & Western. March
5,770,591 5.119,115 15,634,688 14.608.612
Northern Pacific__ March]
7,716,353 6.605,403 19,912,619 18,324,993
Minn & Intemat’l March
100,199 100.009
290,068
264,599
Northwest’n Pacific March
362.163 325,802 1.025.100
908,905
Pacific Coast C o __ March
519,848 367,427 1,595,671 1.081,932
Pennsylvania R R __ March
25449 567 23989182 63,845,576 64.060.437
Balt Ches & Atl.. March
182.979
101,811
87,647
143,569
Cumberland Vail March
356,645 387,588
948,831 1,022,147
Long Island____ March
1,412,500 1,047,316 3.632.100 3.028.820
Mary Dei & Va.. March
163,012
80,317
70.711
111,110
N Y Phil & Norf. March
518,174 355,016 1,219,681 1,117,288
W Jersey & Seash March
690,066 590,238 1,630,179 1,567,824
Penn West Lines__ March
6,541,363 5.895,608 15.324,617 15,689,033
Grand Rap & Ind March
579,827 552,098 1.380,468 1,468,818
Pitts C C & St L March
6,926.656 6,340,660 16,311,383 16,757,661
Penn System—
Lines East____ _ March
28954 886 26859 795 72,399,043 72,056,355
Lines West_____ March
14229429 12967439 33.495,2.35 34,396,768
Linos E & W ___ March
43184316 39827 236 105894278 106453123
Peoria & Pekin Un. March
117,694 104.997
295,321
293,354
Pore Marquette
2,281,208 1,996,409 5,085.760 5.275.206
March
l’ittsb & Shawmut. March
107,633 104,555
286,623
284,436
Pitts Shaw & North February
97,867
229,612
226,168
99,736
Port Reading_____ March
214.324 175,616
445,950
401,555
Reading Co—
Phila & Reading. March
6,125,582 5,619,826 15.264,522 15,619,201
Coal & Iron Co.. March
4,677,668 3,934.539 12.624.188 11,253,470
Total both cos__ March
10803250 9,554.365 27,888.710 26,872,671
Rich Fred & Potom March
443,901 387,880 1,206,768 1,109,548
Washing’n South. March
250.318 196,526
564,594
677,416
Rutland_________ March
354,731 358,271
962,453
957,386
St Jos & Grand Isl. March
237,244 186,899
525,159
654,155
St Louls-San Fran. March
5,243,208 4,456,162 13,820.371 13,040,125
Ft W & Rio Gr_. March
87,217
66,082
198,988
284,444
St L S F & Texas. March
121,874
98,091
295,553
389,264
St Louis Southwest. 1st wk M a y 311.000 294,000 6,801,790 5,596,797
San Ant&Aran Pass March
367,539 299,931 1,070,119
862,654
Seaboard Air Line. . March
3.094,174 2,685,542 8.327.602 7,804,053
South Buffalo____ March
146,560 .23,919
315,161
302,501
Southern Pacific__ March
12332 023 11251 114 34,024,092 29,006,108
Arizona & East.. March
387.944 406.517 1,097,630 1,180,337
Galv Hous & S A. March
1,734,452 1,640,329 5.046.162 4.649.821
Houston & Tex C March
775,218 598,923 2.170.497 1,800,063
Hous E & W Tex. March
168,260 158.274
448,445
495.449
Louisiana & West March
347,269 289,191
811.980
988,260
Morgans La & Tex March
681.001 527,149 1.867.940 1,497,775
Texas & N o w Orl March
600,136 505.007 1,725.373 1,469,950
Southern Ry Syst.. 1st wk M a y 2,581,497 2,093,194 45,327,676 37,057,821
Ala Groat South. March
679.476 523.917 1.785.865 1.508,441
Cin N O & Tex P. March
1,153.558 1.051,048 2,829.535 2,988,978
N o w Orl & Nor E March
517,906 353.275 1,419,009 1,116,625
Mobilo & Ohio__ 1st wk M a y 229,569 249,389 4,447,611 4,454,801
Georgia Sou & Fla 1st w k M a y
61,579
978,860
48,756 1,129,419
Spokane Intornat'll March
80,646
73,828
172,388
211,654
Spok Port & Seattle March
542,571 486.897 1,836,831 1,386,685
Tonn Ala & Georgia 4th wk Apr
2,975
3,086
40,453
36,838
Tonnasseo Central . March
401,622
196.416 134,618
471,917
Term RIt Assn St L March
304,302 275,914
834,789
830,631
St L M B Term.. March
277,408 250.009
722,986
719.492
Texas & Pacific___ 1st wk M a y 417,501 411,483 8,060,623 7,328,871
Toledo Peer & West March
131,557 101.405
296,353
344,744
Toledo St L & West lstwk M a y 143,746 116,824 2.321.865 2,228,973
Ulster & Delawaro. March
63,496
60,763
160,629
165,699
Union Pacific____ March
6,899,885 5,413,677 18,247,139 14,783,042
Oregon Short L__ March
2,564.239 2,300,884 7,^20,536 6,240.315
Ore-Wash R R & N March
1,920,015 1,544,484 5,054,408 4,305,841
Union R R (Balt).. March
178.987 173.599
476,971
482,099
Union R R (Pa)___ March
423,871 426,242 1.054,411 1,117,007
Vicks Shreve & Pac April
684,286
197,637 158,359
822.851
Virginian_______ March
827.950 910,506 2,306,615 2,505,563
Wa b a s h ________ March
3,623,135 3.378,144 8,551.050 9,009,317
Western Maryland- March
1,242,720 1,111.503 3,064,855 3,118.688
Western Pacific___ March
772,287 763,227 2.348.498 1,829,584
Western Ry of Ala. March
190.163 144.277
379,902
539,743
Wheel & Lake Erio. March
865.476 699,882 2.250.188 1.956,173
Yazoo & Miss Vail. March
1,863.666 1.359,997 4,888.130 4.014.733

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*

W e ek ly S u m m a r ie s .

3d weok
4th wook
1st weok
2d weok
3d wook
4th wook
1st wook
2d woek
3d week
4th wook
1st week

Fob
Fob
Mar
Mar
Mar
Mar
Apr
April
April
April
May

26 roads)___
20 roads)___
25 roads)___
21 roads)___
21 roads)___
22 roads)___
23 roads)___
23 roads)___
23 roads)___
20 roads)___
20 roads)___




C u rr e n t
Y ear.

•5
10.693.488
11,651,809
10,925.448
It.274.910
12,096,910
17,157.972
11,748,501
12,067,738
12,143,406
17,140,721
11.031,713

P r e v io u s
Y ear.

In crea se or
D ecrea se.

$
9,728,415
+965,
10,305,007 + 1.346,
9,890,084 + 1,035,
10,499,359
+ 775,
10,096,017 + 2 , 000,
15,512,003 --1,045,
10,088,402 --1,060 ,
10,970,595 + 1,097,
10,505,525 + 1.637,
13.673.863 +3,466,
10.147,753
+883,

%

M o n th lg S u m m a r ie s .
M ile a g e .

9.82
13.07
10.47
7.40
19.82
10.56
9.72

10.01

15.75
24.25
8.71

C u r. Y r. P rev. Y r.

Jtmo_____ .242,111
July ........245.699
August___ ,.247.099
S eptem ber. .245.148
October__ -247,018
Novoraber. .242.407
Docombor . .247,988
January__ .240.016
February.. .230,336
March___ .238,891
April____ . 65.723

C u rren t
Y ea r.

P r e v io u s
Y ea r.

In crea se or
D ecrea se.

$
$
241,,550 351.001.04.5 301.301,303 + 49,690,242
244 ,921 353.219.932 300.391,957 + 40.323.025
216 ,190 373.320.711 333.555.138 +39,771.575
243,,027 304.830,036 330,978.443 +33.901.638
245,,967 .389.017.309 315,079,977 +43.937.332
241 ,621 360.062.052 326,757,147 +33.30 4,905
247 ,265 313.875.052 317.836,380 +20.038.066
239 ,885 232.391.665 294,002,791 — 11,603,126
228, 835 302,761,238 312,276,881 +50,484,357
237 ,463 28.5.776,20.3 260,627,752 +25,148,451
05 ,003 60.374.316 53.312.6.51 +7,061,665

%

$

10.49
15.09
11.92
10.24
12.73
10.19
8.18
3.95
16.22
9.65
12.98

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the first week
of M a y . The table covers 20 roads and shows 8 .7 1 % in­
crease in the aggregate over the same week last year.
F ir s t

w ee k

(Vol. 106

THE CHRONICLE

3112

of

1918.

M ay.

1917.

In crea se. D ecrea se.

S
S
Buffalo Rochester & Pittsburgh
309,733
277,265
Canadian Northern_________
734,500
827.500
Canadian Pacific___________ 3,033,000 3,065,000
278,924
Chicago Great Western______
294,707
Chicago Ind & Louisville_____
175,827
175,338
Colorado & Southern_______
305,120
311,021
26,283
Detroit & Mackinac________
25,381
Duluth South Shore & Atl____
84,919
68,624
Georgia Southern & E'loriad___
48,756
61,579
Grand Trunk of CanadaGrand Trunk Western
1,434,727 1,135,091
Detroit Gr Ilav & Milw
Canada Atlantic____
Mineral Range__________
18,979
21,026
803,984
813,978
Missouri Kansas & Texas_____
Mobile & Ohio________ ____
249,389
229,569
St Louis Southwestern_______
294,000
311,000
Southern Railway System____ 2,581.497 2,093,195
411,483
Texas & Pacific.... ....... .
417,501
Toledo St Louis & Western___
143,746
116,824

e

:1

11,031,713 10,147,753

$

$
32,468

93,000
32,000
15,783
489
5,901
902
16,295
12,823

7,097
6,911
25,041
28,400

17.00C
488,302
6,018
26,922

____

981,680
883.900

97.720

F ix ed C h gs.
cfc T a x e s .

B a la n ce ,
S u r p lu s .

210
247
840
988

1,335
618
1,275
1,804

1,125
371
435
816

United Gas & Electric Corporation.
G ro s s
E a r n in g s .

M a r ’18
Citizens Gas &
Fuel (Terre Haute)
’17
12 mos ’18
•17

Colo Spgs Lt, II
& Power Co

M a r ’18
’17
12 mos ’18
’17
Columbia Gas Co M a r ’18
Columbia, Pa
’17
12 mos ’18
T7
Conestoga TracM a r ’18
tlon Co
’17
Lancaster, Pa 12 mos ’18
’17
M a r ’.8
Consumers E L
& Power Co, N e w
’17
Orleans, La
12 mos ’18
’17
Edison Elec Co
M a r ’18
Lancaster, Pa
’17
12 mos ’18
’17
Elmira W L &
M a r ’18
R R Co
’17
12 mos ’18
’17
Harrisburg L
M a r ’18
& P Co
’17
12 mos ’18
’17
Houston G &
Mar ’18
F Co
’17
12 mos ’18
’17
Houston Hts W & M a r ’18
L Assn
’17
12 mos ’18
’17
International
M a r ’18
System, Buffalo,
’17
12 mos ’18
N Y
’17
Lancaster G L
Ma r ’18
& F Co
T7
12 mos ’18
’17
Leavenworth L H M a r ’18
& P Co
’17
12 mos ’18
’17
Lockport L 11
M a r ’18
& P Co
’17
12 mos ’18
’17
Richmond L H
Mar T8
& P Co, Richmond,
’17
Ind
12 mos ’18
’17
Mar ’18
Union Gas &
Elec Co, BloomingT7
toil, 111
12 mos ’IS
’17
Wilkes-Barre Co
M a r ’18
’17
12 mos ’18
’17




N e t , a fte r
T a xes.

.

1918.
$
114,728
54,100

1917.
$
105,529
51,982

Revenue from transportation.... .
Operations other than transportation.

.
.

60,628
3,190

53,547
3,402

Total operating revenues_________

.

63,818

56,949

.
68,183
. loss 4,364
.
660
.
1,308

60,911
loss 3,967
3
1,821

Operating income_________________________ loss 5,679

loss 5,787

Operating expenses_________________
Net operating revenue________________
Uncollectible revenue from transportation.
Express taxes_______________________

F ix ed
C h a rges.

B a la n c e .
%

N a m e o f R oa d
or C om pany.

W eek or
M o n th .

C u rr e n t
Y ear.

P r e v io u s
Y ea r.

./an. 1

to L a te s t D a te .

C u rr e n t
Y ear.

P r e v io u s
Y ea r.

$
S
8
14,284 27,158
46,413
Atlantic Shore R y __ April
97,840
214,663
221,368
76,107 71,203
Bangor Ry & Electric March
61,699
20,322 18,277
57,545
Baton Rouge Elec Co March
58,916 87.478 1.058,729
Berkshire Street Ry. December
999.886
/8094000 /7549000 723240.000 /216S7.000
Brazilian Trac, L & P March
25,142
22,729
Brock & Plym St Ry. March
7.978
8,412
Bkiyn Rap Tran Syst December 2422,455 2452,706 30,563,718 29,304,948
104,345
Cape Breton Elec Co March
39,516 33,754
117,238
79,268
25,239 23,629
74,262
Cent Miss V El Prop. March
422.326 , 316,334
151,533 106,691
Chattanooga Ry & Lt March
1885,750 1609,013 7,742,035 6,866,811
Cities Service C o ___ April
76,169
68,798
35,397 32,362
Clove Paincsv & East February
1035.308 1017,153 3,468,293 3,188,645
0 Columbia Gas & El. March
205,439
170.594
96,461 80,987
Columbus (Oa) El Co February
986,278
362,526 332,389 1,077,562
Colum (O) Ry.P & Lt March
1756,688 1558,538 5.076,359 4,706,991
C o m ’w ’th P, Ry & Lt March
837.647 808,198 10.023.102 9,506,435
December
Connecticut Co .
508,078 454,581 1.512,461 1.402,187
Consum Pow (Mich). March
692,381
687.913
245.270 236,387
C u m b Co (Me) P & L March
582.957
494,590
194,294 149,775
Dayton Pow & Light March
1090,297 977,668 4,650.805 4,166,104
(/Detroit Edison___ April
Detroit United Lines March... 1473,572 13V0.447
146,721. 133,101
Duluth-Superior Trac March
418',922
379,315
938.972
847,817
328,221 287,052
East St Louis & Sub­ March
252.327
228,421
87,459 76,062
Eastern Texas Eloc.. March
107.532 108,183
E1 Paso Electric CoL. March
325,767
335.781
473.691
290,540 229,813
600,881
g Federal Lt & Trac. February
691,596
469,829
215,591 157,469
Galv-Hous Elec Co.. March
108.918 112,733
329,773
Grand Rapids Ry Co March
318,657
348,451 328,982
713,724
670,667
Great West Pow Syst February
89,857 87,120
ITarrisburg Railways . February
189,661
179.790
642,110 545,397 1,904,191 1,597,210
Havana El Ry, L & P March
61,125 59.741
170.791
173,992
Honolulu R T & Land March
31,834 30,497
Houghton Co Trac Co March
87,922
84,499
587,792 544.366 1.702.657 1.583,467
b Hudson & Manhat. March
1214,044 1089.54.' 3,611,597 3.307.064
Illinots Traction___ March
3682,520
3649.670
Interboro Iiap Tran. March
10.475.001 10,553.367
78,900 61.510
210.401
174,603
Jacksonville Trac Co March
19,283 18.759
61,203
58,686
Keokuk Electric Co. March
11.259
14,941
41.865
33,244
Key West Electric Co March
141,162 118,243
282.717
247,748
Lake Shore Elec Ry. February
64,766 67.227
154,140
183,723
Lewist Aug & Waterv March
17.153
15,871
Long Island Electrlc. December
245,164
251,122
291.955 270,131 3,281.505 3,078.297
LouBvIlle Railway.. December
732.370 649,445 2.231.327 1.971,476
Milw El Ry & Lt Co. March
217,386 168.291
499.478
Milw Lt, Ht & Tr Co March
617,363
218,584 201,328
608.790
Nashville R y & Lt__ March
622,033
146,998 89,458
N c w p N & I I R y . G & E March
256,033
408,877
32.785 32.577
413,986
K V A Long Island-. December
470.19"
160,216
11,265 12,115
167.906
N Y & North Shore-. December
67,830 112,713 1,132.362 l,391.330
N Y & Queens C o — December
982,684 1051,492 2,678.420 2.962,644
N e w York Railways. March
357.816
394.259
24.377 25.296
N V & Stamrord Ry. December
555.411
564.654
46,844 49,155
N Y Westches A Bost December
18,117
216.215
200.070
18.275
Northampton Trac.. December
599,202 530,618 1,680,690 1.512,629
North Ohio Elec Corp March
299,172 199,545
786,837
529,223
North Texas Electric March
6,828
0,314
Ocean Electric (LI). December
158,304
153,965
Pacific Oas & Elec__ December 1770,392 1669.126 19.813,3.81 18.615.498
25.848 25,394
79,732
g Paducah Tr & Lt Co March
78.264
37.036 25,221
Pensacola Electric Co March
79,177
109,407
2656,490 2510,812 7.388,000 7.143,949
Phila Rapid Transit- March
621,145 474,478 1,788,513 1,424,617
Port (Ore) Ry, L& Pdo. March
919.289 720.178 1.879,379 1,508.048
q Puget Sd Tr. Lt & P February
481,786 376,822 1,426,618 1.114,250
(/Republic Ry & Light March
Rhode Island Co
. December
498,252 481.639 6.000,602 6.811.996
Richmond Lt & RR. December
30.416 31,945
447,638
406,738
Santiago El Lt & Tr. January
49,713
55.477 49,713
65.477
Savannah Electric Co March
221,600
272,949
94.377 77,252
Second Avenue (Ree) December
766,250
60,617 58,382
856,000
15.100
Southern Boulevard. December
182,958
15.694
218,643
Southern Cal Edison. March
490.560 670,117 1.586,844 2.040,979
23,571
Staten IsPd Midland. Docomber
346.612
19.321
331.428
Tampa Electric Co.. March
92,932 80.760
260,483
272,441
Third Avenue R y __ December
336.419 318.420 4,117.833 3.590.943
T) D E B & B RR. December
37.254 32.932
421,808
455,016
127.651 127.491 t,766,080 1.672,888
42dStM&StN Avlty December
Union Ry Co(NYC) December
209.282 222.716 2,910,070 2,544.253
65,555 41.154
Yonkers Railroad. . Decomber
664.967
824,806
54,718 68,660
632,805
733,081
N Y City Inter!) Ry December
678,447
50,113 64,250
677.840
Relt Line Ry Corp.. Deceinbor
822,298 860,363 2,264,615 2,457,040
Third Avenue S ystem March
835,293 910,605 2,457.390 2.641,912
Twin City Rap Tran. March
Virglnia Ry & Power. March
647,820 516,043 1,872,136 1.519,714
125.011
336,740
164,302 68.052
Wash Balt & Annap. February
441,131
Westchester Electric. December
654.914
43.616 37.259
W estchester81reetR R December
216.023
225.734
17,564
14 763
York Railways_____ March
277.254
262.810
90.661 88,465
95,992 __ 78,403
Youngstown & Ohio. March
35.409 28,737
b Represents Income from all sources,
c Those figures are for consoli­
dated company
f Earnings now given In rnllrois. a Includes constituent
companies.

3,637
8,404
4,696
3,963
93,821
46,034
62,862
46,137
12,459
289
3.052
12,459
57,400
149,515
62,933
149,765
def.208
336
def.50
323
3,917
2,665
3,882
3,053
27,282
20,285
27,031
22,570
324,713
184,518
183,175
325,302
6,692
6,828
6,546
6,697
90,171
81,073
78,935
92,511
9,446
17,955
20,462
8,505
110,878
220,188
215,442
96,535
19,334
20,508
25.371
19,507
232,220
237,223
277,410
234,210
15.911
13,094
27,352
13,802
238,732
173,445
304,231
162,534
8,765
6.866
8,158
6,876
146,295
82,089
81,504
142,586
130
1,252
129
974
1,554
14,963
1,512
12,560
170,021 def56,605
155.140
109,009
546,946
1,943,682
1,850,918 1,328,956
2,219
. 551
2,101
5,405
25,617
49.380
25,216
75,421
2,884
def3,755
2,884
2,807
Electric Railway and Other Public Utility Net Earn­
34,608
def9,028
34,578
20,884 ings.— The following table gives the returns of E L E C T R IC
def4,870
7,836
6,030
2,727 railway and other public utility gross and net earnings with
5,216 charges and surplus reportod this week:
77,619
65,9o9
33,756
--- G ro s s E a r n in g s --- --- N e t Eai rn in g s --4,593
477
P r e v io u s
C u rr e n t
C u rr e n t
P r e v io u s
4,800
1,797
Y ear.
Y ear.
Y ear.
Y ear.
C o m p a n ie s .
56,484
3,459
$
S
$
$
56,776 def33,482
27,158
.Apr
14,284
3,539
3,740
def1,962
3,378
97,840
46,413
6,085
Jan 1 to Apr 30.
1,310
710
3,420
1,224,591
1,169,112
318,226
.Mar
395,918
42,882
4,031
__
_
3.572,343
3,420,337
758,039
918.850
41,282
27,697
Mar
935,273
819,913
188,970
171,208
21,662
10,563
___ 2,689,173 2,979,479
393,243
572,079
20,082
12,065
651,322
186,896
037,812
212,982
247,433
106,595
1,928,059 1,857,095
397,129 '574,438
239,938
139,134
.Mar 1,828,246 1,797,146
482,252
563,245
___ 5,582,570 2,351,205 1,511,757 1,554,390
5,626.352 73.038.771 ? 1,987.578
.Mar
48,302
279,209
250,905
11,373
6,444,083 4 3,494,941 £.2.949.142
38,421
103,303
___ 812,172 736,274

12,041
25.821
8,659
21,656
139,855
302,596
109,000
278.503
12,749
46,093
45,384
15,511
206,916
577,581
212,699
552,231
127
2,332
273
2,045
32,755
6,582
6,936
27,925
47,568
110,428
49,602
102,843
509,232
1,218,251
1,135.069
508,478
13,521
30,946
28,676
13,243
171,244
373,945
171,446
356,347
27,402
63,538
28,967
59,668
331,066
741,092
630,583
311,977
111,617
39,843
106,305
44,879
1,271,050
469,443
1,225,508
511,627
88,166
29,006
75,878
41,155
928,903
412,178
466,766
819,678
15,632
51,371
15,034
44,407
228,384
615,478
224,090
511,275
2,632
1.382
2,237
1,104
16,518
31,830
14,072
28,260
113,416
639,018
264,149
715,027
8,037,243 2,490,628
8.035,285 3,179,874
19,087
2,771
18,944
7,506
247,768
74,997
230,068
100,637
22,094
def871
20,401
5,691
243,171
25,579
55,462
217,139
38,402
2,966
8,758
33,875
394,728
82,835
99,666
349,340
16,411
5,071
18,649
6,597
184,796
59,944
159,218
23,294
14.005
1,415
14,037
4,131
185,918
46,914
183,176
68,979
85,489
32,226
69,967
32,148
856,091
354,028
760,248
379,073

’17 15.529.861

Total from transportation.
Express privileges— Dr___

L a te s t G ro ss E a r n in g s .

2,047
9,994
19,820

$
Bellofonto Central..Apr ’18
’17
4 mos T8
’17

— M o n th o f J a n u a ry W e s te r n E x p r e s s C o .—

299,636

In the following we give all statements that have come
in the present week covering a later or a different period
from that to which the issue of the “ Railway Earnings’ '
Section is devoted. W e also add the returns of the indus­
trial companies received this week.
N et
E a r n in g s .

EXPRESS COMPANIES.

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

Net Earnings Monthly to Latest Dates.—In our “ Rail­
way Earnings” Section or Supplement, which accompanies
to-day’s issue of the “ Chroniclewe 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 Supple­
ment for full details regarding the Mar. results for all the sepa­
rate companies.

G ro ss
E a r n in g s .

------------------ j

M ay 18 1918.]
— G r o s s E a r n i n g s ----C u rren t
P r e v io u s
Y ear.
Year.

C o m p a n ie s.

------N e t
C u rren t
Y ear.

E a r n i n g s -----P r e v io u s
Y ear.

$
$
Cumberland Tel & Tel.-Mar 818,273
246,953
281,473
756,340
Jan 1 to Mar 31_____ 2,375,514 2,215,529
808,605
731,230
Iowa Tolephono______ M a r 302,020
332,764
112,052
115,707
Jan 1 to M a r 31_____ 1,053,951
987,721
335,994
313,311
Michigan State Tel____ M a r 679,817
661,322
46,688
136,553
Jan 1 to M a r 31_____ 2,036,072 1,963,973
242,879
405,290
N o w England Tel_____ M a r 1,862,899 1.745,708
364,633
449,463
Jan 1 to Mar 31_____ 5,762,014 5.387,706 1,569,252 1,388,215
N e w York Telephone___Mar 5,314,467 4,979,888 1,719,641 1,835,505
Jan 1 to M a r 31.....15,551,788 14,607,731 5,099,453 5,510,208
Northwestern Tel Exch.Mar
535,802
499,924
127,442
200,838
Jan 1 to Mar 81..... 1,565,030 1,459,875
375,722
434,525
741,482
668,945
Southern Bell Tel.....Mar
240,274
212,271
Jan 1 to Mar 31_____ 2,160,222 1,939,470
633,830
640,882
Southern N e w Eng Tel.Mar 412,123
386,482
99,669
111,765
Jan 1 to M a r 31_____ 1,219,836 1,137,644
298,976
335,412
Western Union Teleg...Mar 7,197,029 6.095.305 1,946,873 2,120,279
Jan 1 to M a r 31_____20,160,690 16,875,129 5,044,193 5,601,069
Wisconsin Telephone__ Mar ' 419,718
411,017
154,550
142,481
Jan 1 to Mar 31..... 1,277,644 1,221,999
355,994
404,305
a Not earnings hero given aro after deducting taxes,
b Net earnings hero given aro before deducting taxos.

Cities Service C o __ Apr ’18
T7
4 mos T8
T7
Colorado Bow Co.-Mar T8
T7
12 mos '18
T7
Detroit Edison Co.-Apr T8
'17
4 mos T8
T7
Havana Elec By, M a r T8
Light & Bower
T7
3 mos T8
T7
Keystone Teleph ..Apr '18
’17
4 mas ’18
’17
Nev-Cal Elec Corp Fob ’18
(and subsidiary cos) ’17
2 mos T8
’17
Newport News & Mar ’18
Hampton By, Gas
’17
& Elect
3 mos ’18
_____
’17
x

2113

THE CHRONICLE

G r o ss
E a rn in g s.

N e t a fter
T a xes.

$
1,885,750
1,609,013
7,742.035
6,866,811
103,461
93,517
1,222,036
1,084,295
1,090,297
977,668
4,650,805
4,166,104
642,110
545,397
1,904,191
1,597,210
134,147
130,196
539,026
514,270
162,814
126,624
318,012
257,632
146,998
89,458
408,877
256,033

$
1,848,497
1,578,125
7,603,522
6,751,069
59,216
53,103
699,614
604,448
300,319
303,160
1,367,290
1,457,471
335,920
308,011
1,036,367
919,008
58,166
63,934
233,407
248,446
85,581
65,377
175,029
134,629
37,030
27,418
115,814
86,825

F ix e d
C h a rges.

$
212
225
823
1,049
347,092
329,415
101,896
84,733
393,395
339,675
129,766
165,457
386,973
487,462
28,552
27,792
114,399
111,167
52,563
47.006
102,647
91,317
20,275
20.683
60,918
61,857

B a la n c e ,
S u r p lu s.

S
1,848,285
1,577,900
7,602,699
6,750,021
1385,161
*315,902
198,423
218,427
973,894
1,117,796
*222,757
*163,849
*684,950
*467,297
29,614
36,142
119,008
137,279
*33,629
*18,453
*73,110
*44,354
*17,797
*7,025
*56,649
*25,498

After allowing for other income received.

ANNUAL REPORTS

BALAN CE

Road & equlp’t. 188,592,657 180,987,
Sink, funds, &c_
28,914
26,
Misc.phys.prop.
579,970
549,
Inv. in affil.cos.:
Stocks-pledged
1,865,303 1,743,
do unpledged
323,888
92,
Bonds-unpledg
221,552
93,
do pledged..
249,024
........
Notes.........
483,351
321,
Advances........
809,548
333,
Other investm’ts
831,787 4,334,
Cash................ xl,830,018
2,384,
Special deposits.
976,593 1,000,
Loans & bills roc
51,282
31,
Traffic,&c.,bals.
393,053
563,
Agts. & conduc.
428,964
244,
Indlvid’ls & cos.
1,082,142
867,
U. S. Governm’t
301,652
223
Mat’ls & supp..
3,124,827 2,007
Miscellaneous-.
171,4S7
514
Deferred assets.
416,784
31
Prepaid Ins., &c.
27,276
35
Disc.on fund.dt.
5,126,635 5,234
Unexp. proceeds
equip.tr Ser.“ S” 1,350,0S0
____
U.S.Govt .trans­
port. due by
foreign roads
758,727
____
Suspense acc’ts.
324,972
310
Other unadjus­
ted debits___
998,112
1,233, 06.r

S e a b o a r d Air L i n o R a i lway.
(Report for Fiscal Year ending Dec. 31 1917.)
T h o remarks of President W . J. H a r a h a n aro given at
length o n a subsequent page.
C O M M O D I T I E S (O F F R E I G H T T O N S ) C A R R I E D F O R C A L . Y R S .
A g r i c u l tu r e .
A n im a l s .
M in e s .
F o r e s ts .
M fr s . A c .

1917 ....1,311,785
1916 ----1,352.347
O P E R A T IO N S A N D

105,136
111,265

2,619,944
2,587.833

2,758,381
2,728,194

F IS C A L R E S U L T S FOR C A L E N D A R

3,933,461
3,716,021
YEARS.

1917. ...
1916.
1915.
Averago miles operated......
3,461
3,452
3,409
5,313,345
4,758,025
4,514,680
Passengers carried..........
Passengers carried 1 mile..... 340,554,835
250,334,497 221,038,787
Aver, per passenger per mile...
2.244 cts.
2.137 cts.
2.163 cts.
Earnings per pass. tr. mile--SI .42920
$1.10279
$1.03338
Tons carried...............„ 10,728,707
10,495,660
8,920,220
Tons carried 1 mile.......... 2,056,940,268 1,872.519,125 1,477,770,506
Averago per ton per mile----0.956 cts.
0.973 cts.
1.044 cts.
Aver, tons per train mile.....
359.05
355.15
307.05
Earnings per freight tr. mile...
$3.43430
$3.45413
$3.20689
Earnings per milo of road.....
$8,767
$7,586
$6,042
IN C O M E A C C O U N T FOR C A L E N D A R

YEARS.

R ev en u es —
1917.
1916.
1915.
Freight..................
$19,674,328 $18,211,895 $15,434,241
Passenger...................... 7,777,069
5,348,979 4,781,523
Mail express, &c................
2,092,593
1,922,458 1,707,563
Incidental... .................
801,156
701,155
717,549

Total operating rovenuo........ $30,345,146 $26,184,487 $22,640,876
O p e ra tin g E x p e n s e s —

Maintenance of way, &c---------- $3,215,505 $3,187,544 $2,630,459
Maintenance of equipment........ 5,105,472
3,909,974 3,275,144
Traffic.......... ............ , 931,259
907,086
785,581
Transportation...............
11,347,770
8,660,088 7,928,829
General, &c__________
913.722
716,139
750,914
Miscellaneous operations__________
203,449
151,076
123,668
Total oper. oxpensos____________ $21,717,178 $17,531,907 $15,494,595
Not earnings____________________ $8,627,968 $8,052,580 $7,146,281
Taxes, &c______________
1,390,087
1,223,581 1,119,604
Operating Income...........
$7,237,881 $7,428,999 $6,026,677
Income from securities____________
43,691
62,018
121,085
Bents received.......
197,396
241.551
183,572
Income unfunded securities________
114,120
131,931
63,263
Miscellaneous________
36,169
24,931
35,186
Gross lncomo.................. $7,629,257
D e d u c tio n s —
IIire of equipment...............
$405,354
Rentals..........
225,562
Int. on funded debt_____________
4,591,358
Int. on equip, tr. oblig...........
237,357
Miscellaneous.........
65,658
Interest Adjust. Mtgo. bonds (5%).. 1,250,000
Discount on securities...........
133,426

$7,889,431 $6,429,784
$143,992
193,688
4,375,646
282,437
31,657
1,250,000
222,202

C r . $3,675

219,950
3,974,328
340,902
93,476
1,250,000
307,553

Total deductions................$6,908,616 $6,499,622 $6,182,535
Balauco, surplus.................
$720,641 $1,389,809
$247,249




31.

DEC.

Liabilities —

Common stock.
Pref. 4-2% stock
Prcf. 6% stock.
Equip, oblig’ns.
Mtg. bonds prop
companies___
1st mtge. bonds.
Ref. mtg. bonds
1st & Consol .M.
bonds, Series A
Coll, trust bds..
Adjust. M. bds.
Non-negot. debt
to affil.cos.,&c.
Loans&bills pay.
Traffic,&c.,bals.
Accts. & wages.
Miscellaneous..
Int., &c., matur
Divs. matured .
Accrued Interest
Tax accruals__
Opcrat’g res’ves
Accrued dcprec.
Interchangeable
mileage tickets
Oth.unadj.cred.
Approp’d surp_.
Profit and loss..

Total........... 211,348,628 203,165,774

1916.
1917.
S
$
37,019,400 37,019,400
23,894,100 23.S94.100
37,300
37,300
5,655,860 5,501,022
36.662.000 36.717.000
12.775.000 12.775.000
20.004.000 20.004.000
27,273,500 26,221,500
4,000,000
25,000,000 25Vobb’,o66
113,561
253,067
669,071
3,301,147
566,785
875,338
1,942,005
235,815
161,952
3,594,910

44,233
709,512
2,189,335
302,986
853,633
146,000
1,S62,8S6
181,558
367,765
3,121.467

208,231
424,568
236.969
y6,343,050

177,679
193,357
50,387
5,795,654

101,000

Total............211.34S.628 203,165,774

x Includes as of Dec. 31 1917, $1,207,659 cash with Treasurer and $622,­
389 cash in transit, y After deducting $376,402 discount on bonds charged
off and adding $124,691 adjustments, expenses of merger and consolidation
and $78,462 miscellaneous (net).
N o t e . — In addition to tho liabilities in the hands of the public, as shown
above, the following amounts wero on Dec. 31 1917 owned by the company
but pledged as collateral: $99,890 equipment obligations (also $604,340
held in treasury), $2,950,000 mortgage bonds of proprietary companies,
$27,000,000 1st M. bonds, $30,507,000 Bef. M. bonds, and 85,594,000
1st & Consol. M. bonds. Series A (also $500 held in treasury). In addition
to tho abovo stocks held by the public as above, $3,021,600 common stock,
$2,235,800 pref. 6 % and $1,105,900 pref. 4-2% aro held in treasury.
This company is liable as a guarantor of tho Athens Terminal Co. 1st M.,
$100,000: Birmingham Term. Co. 1st M . (Seaboard proportion, 1-6),
81,940,000; Jacksonville Term. Co. 1st M . (Seaboard proportion, 1-3),
$40O,O0O; Jackson Term. 1st & Bef. Mtge. (Seaboard proportion, 1-4),
$2,100,000; Macon Dublin & Savannah BB. 1st M., $1,529,000; Raleigh &
Charleston BB. prier lion & consol, mtges., $550,000: Richmond-Washinton
Co. coll, trust M . (Seaboard proportion, 1-6), $10,000,000; Savannah &
Statesboro Kit. 1st M., $185,000; Southeastern Investment Co., note
$165,000: Tampa Northern BB. notes, $200,000; Tampa & Gulf Coast
BB. 1st M., $750,000, and Wilmington By. Bridge Co. (Seaboard propor­
tion, H), $217,000.— V. 106, p. 2012, 1127.

A tc h iso n Topek a & S a n ta Fe R ailw ay.
(23 rd Annual Report— Year ending Dec. 31 1917.)
The report, signed by President Edward P . Ripley, is
printed at length on subsequent pages, together with statis­
tical tables.
E Q U IP M E N T

A n n u a l Reports.— A n index to annual reports of steam
railroads, street railways a n d miscellaneous companies which
have been published during the preceding m o n t h will be given
o n the last Saturday of each month.
This indox will not
include reports in tho issue of the “ Chroniclo” in which it is
published. T h o latest index will bo found in tho issue of
April 27. T h o next will appear in that of M a y 25.

SHEET,

1916

1917.

L o c o m o t iv e s .

1917. .2.069

IN

S E R V IC E

DEC.

31 1917.

F r e ig h t C a r s .

P a ss. C a rs.

W o rk E q u ip .

68,278

1,669

4,305

F l o a t .E j ..A c .

19

C O M M O D I T I E S O F F R E IG H T T O N N A G E C A R R IE D FO R C A L . Y E R A S .
A g ric u ltu re

A n im a ls

A lin e s

F o r e s ts

M a n u f a c 's M i s c e t l a n ’s

1917-.6,218,029 2.107,286 15,500,323 2.573.428 6,922.334 2.297,601
1916.-7,355,633 1,843,625 13.885.253 2,276,051 5,735.447 2,138,747
GENERAL

S T A T IS T IC S .

D e c . 31---- Y e a r s e n d . J u n e 30—
1917.
1916.
1916.
1915.
Aver, mileage operated.
11,284
11,259
11,247
11,115
Bassengers carried____ 14.607.029 14,399,429 14.892,445 14,598,264
Bass, carried one mile. .1553314,898 1362721,302 1584460,499 1341675,114
Bate per pass, per mile. 2.307 cts.
2.236 cts.
1.992 cts.
2.074 cts.
Bcv. fr’t (tons) carried. 35.619,001 33,234,756 31,193,939 26,093,880
Fr ’t(tons)carr.l m .(000) 12,905,999 11,136,119
9,845,097
8,263,466
Rate per ton per mile__ 0.906 cts.
0.923 cts.
0.929 cts.
0.974 cts.
Aver, tons per train mile
519.58
486.19
468.10
442.04
Earns, per pass, train m.
$1.35
81.15
$1.18
$1.09
Earns, per fr’t train m._
84.16
$3.92
$3.74
,83.55
Gross earnings per mile.
$14,669
$12,815
$11,893
$10,587
— Y ears

IN C O M E

ACCOUNT

OF

THE

end.

SYSTEM

(C o m p a re

a

F o llo w in g

P a g e).

31---- Y e a r s e n d . J u n e 30—
1917.
1910.
1916.
1915.
O p e r a tin g R e v e n u e s —
S
S
$
.$
Freight............. 116,907,908 102,732,152 01,432.429 80,504,393
Bassenger.... ...... 35,834,527 30.476,908 31.568.600 27.823,064
Mail, express and misc. 12,787,084 11,081,178 10,761,363
9,338,130
— Years

end.

Total oper. revenues. 165,529,519
O p e r a tin g E x p e n s e s —
Maint. of way & struct. 20,162.853
Maint. of equipment... 27,153.323
Traffic expenses...... 2,758,804
Transportation expenses 51,932.093
General expenses_____ 3.542,175
Miscell. operations____
202,942
Transporta’n for invest. C r . 529,312

D ec.

144,290,238 133,762.392 117,665,587
19.694.633
22,657,797
2,714,714
40,411,952
3,176,803
23,001
Cr.265,412

19,518,635 16,514.468
20,514,960 19,764,535
2,755.736
2,649,175
38,281,054 34,827,705
2,904,040
2,476,595
_______
_______
C r . 243,465
C r . 140,925

Total oper. expenses. 105.222,878 88,413,487 83,730,960 76,091,553
B.C. oper. exp. to rev..
(63.57)
(61.27)
(62.60)
(64.67)
Net operating revenue.. 60.306,641 55,876.751 50,031.432 41,574.034
Taxes........
11,932,361
6,768,156
6,210,366 5,497,317
Uncollectibles.......
■ 27,580
31,001
41,073
25,316
Operating income___ 48.340.700 49.077,594 43.779,993 36,051,401
Income from investm’ts. 1.424,5801 3,477,855 / 820,865
688,478
Interest, discount, &c._ 2,468,949/
12,486,264 2,308,672
Total income....... 52,240,229
D e d u c t—
Interest on bonds*.... 11.852.977
Bentalsof track. &c___ 1.372.7231
Hire of equipment---476,3551
Miscellaneous_______
352.626J
Breferred divs. (5%)... 6,208,685
C o m m o n divs. (6%)--.xl3,177.995
Approp. fuel res. fd., &c.
85,280
Invest, hi phys. prop’ty 8,348,180

52,555.449 47,087,123
12.364,166
2,069,094
6,208,685
12.813.750
Not stated
Not stated

Total............ 41,874,821 33,455,695
Balance, surplus_____ yl0,365,408 zl9,099,754

39,048,551

12,529,733 12,785,747
(1,134,242 1,072,170
( 334,481
819,722
523,129
252,996
6.208,685
5,708,686
12,482,280 11,841.330
55.482
54,503
7,000,000
6,513,397
40,268,032 39.048,551
6,819,091
None

♦Includes accrued interest on adjustment bonds.
x In addition to the above four quarterly dividends of 146% each paid
in 1917, the company also deducts a fifth dividend of 14£% on common
stock from 1917 income, y After deducting the aforementioned fifth
dividend of 144%, $3,308,408 paid from 1917 income, the surplus as shown
in tho 1917 report was S7.057.000. z Before deducting in 1916 appropria­
tions for investment in physical property and for fuel reserve fund, the
amounts not being stated for that year, owing to change in fiscal period.
Tho total accumulated surplus Dec. 31 1917, after deducting a further
$5,580,466 appropriated for investment in physical property and $294,251
sundry adjustments, was $33,230,068.

E N D I N G D E C . 31 1917.
Gross income____$28,494,708
Interest on bonds_____ 5,868,268
Rents, &c_______
1,138,875
Pref. dlvs. (2)4%). 3,104,342
Com. diVs. (3%)--.x6,605,490
49,253
Operating Incomo___$26,369,146 Miscellaneous____
Other income________
2,125,562 Inv. In pbys. property.. 1,363,072
R E S U L T S FOR

S IX

M ONTHS

Gross earnings________386,858,024
Operating expenses____ 54,846,368
Tax accruals_________
5,628,161
Uncollectibles________
14,348

Surplus__________ y$10,365,408

Gross Incomo______ $28,494,708

x In addition to the above, two quarterly dividends of 1)4% each paid
during tho six months ending Dec. 31 1917 the company also deducts a
third dividend of 1)4 % on tho common stock, y After deducting tho afore.mentioned third dividend of 1)4%, $3,308,408 paid during the 6 months’
period tho surplus was $7,057,000.
.
" B A L A N C E S H E E T O F T H EflS Y S T E M D E C . 31. 'IS 3 (33 &
U n c i . A t c h . T o p . & S . F e R y ., G u lf C o lo . & S. F e R y ., P a n h a n d le A S . F e
R y . a n d R io G ra n d e E l P a s o

&

S a n ta F e R R .)

1917.
1916.
1916.
1917.
Liabilities—
S
S
Assets—
S
$
RRs., franchises
Common stock-220,455,500 216,577,500
Preferred stock. 124,173,700 124,173,700
& prop's, incl.
stks., bds., & c.691,003,997 687,057,646 Bonds (seo “ Ry.
& Ind.” Sec.).287,969,989 297,229,761
For add’ns&bet1,323,894
terments, &c_. 14,844,078
6,946,351 Traffic, &c., bal. 1,090,472
Invcstm’ts, new
Accts. Sc wages. 17,211,009 10,647,041
acquisitions__ 13,098,121 11,992,855 Miscellaneous.. 3,025,987
1,045,318
Other Inv., &c. _a35,414,248 26,014,864 Int.,&c.,matur_ 1,657,895
1,188,390
Cash........ ......... 36,015,608 38,362,667 Unmatured dlvs.
3,104,342
Time deposits.. 1,751,000
6,412,750
660,000 declared_____
3,265,654
231,124
229,111 Accr’d Int., &c. 3,256,284
Special deposits.
2,015,609
Loans & bills rec 2,575,508
756,078 Tax liability... 6,217,002
1,500,453
Traffic, &c., bal. 2,726,948
1,983,742 Oper. reserves.. 3,328,551
1,463,938 Accr’d deprec’n. 36,217,618 30,932,993
Agts. iSc conduc. 2,288,908
5,926,189 Unadj.,&c.,accts. 5,491,235
3,179,518
Miscellaneous.. 7,836,277
Material & supp 23,701,611 17,468,229 Add’ns to prop,
through Income
Cash for fuel re­
reserve fund.. 1,973,774
1,915,867 and surplus__ 86,085,092
85,255 Sinking fund re­
Oth. def’d assets
152,158
70,559
97,931
Unadjust, debits 1,281,619
1,333,038 serves, &c___
1,915,867
Fuel lands res’ ve 1,973,774
Profit and loss.. 33,230,068 32,047,785
T o ta l_______837,894,978 802,200,829

T o ta l.............837,894,978 802,200,829

a Includes in 1917 $18,366,000 (agst. $10,639,000) representing ternporary investments
lortin
term
short
notes and other quickly convortiblo socurities which are in tho nature of current assets. -V. 106, p. 2010, 1899.

New Orleans Texas & Mexico Ry. (Gulf Coast Lines).
(2 d

[Vol. 106.

THE CHRONICLE

2114

Annual

R e p o r t— Y e a r e n d e d

D e c , 31

1917.)

President J. S. Pyeatt presents the report, which is wholly
statistical.
(Compare map on page 89 of “ R y . & Ind. See.” )
Properties included: N o w Orleans Toxas & Moxico Ry. Co., St. Louis
Brownsville & Moxico Ry. Co., Beaumont Sour Lako & Wostern Ry. Co.,
Orango & Northwestern RR. Co., N o w Iboria & Northern RR. Co.,
Iboria St. Mary & Eastern Ry. Co. and Louisiana Southern Ry. Co.
(leasehold).
On road averaging 919.70 miles in length, against 959.01 milos in 1916,
tho railway operating revonuos in 1917 Increased $250,851, while operating
expenses decreased $127,951, so that net railway operating rovonuo in­
creased $378,802. Taxos, &c., increased $143,322: and non-oporating in­
como increased $207,596, duo chiefly to crodit balanco on hiro of equip­
ment, $121,261, and incomo from funded securities, expanded $41,770,
and from unfunded securities, $35,121.
Deductions from incomo (as reported by tho company] incroasod $412,510,
with tho result that tho balanco, surplus, was $1,253,687, an increase of
$30,569. Tho deduction from incomo in 1917 included 1st M. lntorost,
.$352,200, and 3)3% interest on incomo bonds paid Oct. 1 1917, $524,174.
Tho incomo interest paid April 1 1917, $233,726 (making 5 % for year 1917),
was charged by tho company against profit and loss. Deducting tho entiro
5 % incomo Interest from tho earnings of 1917 wo got a surplus balanco for
tho year, as shown in tho tablo below, of $1,019,961.— Ed.
Tho operating ratio, excluding taxos, was 62.95% in 1917, against
67.41% in 1916.
P r o fit a n d L o s s A c c o u n t Y e a r e n d e d D e c . 31 1917.
Credits— Balanco Jan. 1 1917. S757.792 Debits— Invest. In phys. prop.
$10,840
Balance from Inc. acct. 1917._ 1,253,687 Int. on Incomo 5s, Apr. 1 1917 233,726
06,763
Miscellaneous debits________
Accounts old St. L. & 3. F.
UR. written o ff___________
185,599
Credit balanco Dec. 31 T7. -SI ,993,013
SubsUl. co. Int. written back ..
98,489

During tho year 20 miles of 75-lb. main lino rail was
M a i n t e n a n c e ,. & c .
renewed with 80-lb. rail and 7 milos of main track was ballasted with
gravel and shell; 52.93 miles of main lino and 25.36 miles of branch lino ties
wero renewed with cypress ties. There romains but 79.14 milos of dirt,
main lino track, the balanco of the main lino, 206.47 milos, is ballasted
with gravel and 277.79 milos with shell. A sito for a freight depot and
facilities at Beaumont, Tex., was purchased, and tho depot is now occupied,
providing adequate froight facilities at this point.
During tho year tho company acquired on basis of book valuo all of tho
equipment owned by N e w Iberia & Northern RR. Oo. and Iboria St. Mary
& Eastern Ry. Co., as follows- Locomotives, 7; coal cars, 217; flat cars, 16;
cabooso cars, 2; gas electric motors, 2; work cars, 2. There was purchased
at a cost of $662,952 200 goldola and 300 box cars. There wero built at
company shops 21 flat, 2 caboose and 11 work cars, at a cost of $18,686;
betterments cost $14,884.
N e w C o n s t r u c t io n .— An extension of tho Iberia St. Mary & Eastonr RR.
from Shadysido? to Patterson, La., 8.73 miles, was constructed, tho cost
to Dec. 31 being $85,286. Opened for traffic Dec. 23 1917.
F i n a n c i a l .— During tho year tho co. recoived under reorganization plan:
Cash, St. Louis S. F. Ry. C o .......... .... ............. $463,651
St. Louis S. F. Ry. 5 % non-cumulatlve Incomo 5s__________ 463,651
do
6 % pref. stock (voting trust certificates)_________ 522,325
San Bonito & Rio Grande Valley Ry. stock---------------- 70,000
do
First Mortgage bonds_________________________ 953,735
r^Thero will also ovontually bo received: Cash, St. Louis S. F. Ry. Co.,
$36,183: St. Louis S. F. Ry. Co. 5 % non-cum. incomo bonds, $36,183, and
6 % pref. stock (trust certificates) $114,211.
During the year equip, trust obligations wero roducod $262,771.
Thero wero no securities issued during the yoar. All capital expendi­
tures wero provided for out of earnings or surplus.
W e ig h t o f R a ils i n L i n e s O w n ed o r L e a s e d — T o ta l T r a c k , 820.80 M i l e s .
5 6 -lb .

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

7.89
9.89

6 0 -lb .

7 0 -lb .

7 5 -lb .

8 0 -lb

1.00 198.79 106.86
1.00 201.84
86.86
L e a s e d — T o ta l T ta c k , 820.80 M i l e s .
B a lla st ------ M i l e s o f T ie s ---- -

B a lla st a n d T i e s i n L i n e s O w n ed o r
--- M i l e s o f
G ra v el.
D ir t.

1917 ............... 213.47
1916 .......
209.47

6 5 -lb .

82.67 423.59
82.67 438.54
S h ell.

329.54 277.79
330.54 274.79

P in e.

C yp ress.

294.63 502.53
369.74 424 24

O th er.

23.64
27.82

A g g r e g a te L e n g th a n d N a tu r e , o f B r id g e s ( in F e e t) i n M a i n T r a c k .
T o ta l F e e t.
S teel a n d I r o n .
M ason ry.
T r e s tle s .

1917 ............... 117,274
1916 ....
117,274

5,330
5,330

134
134

111,810
111,810

S ta tistics— C o m m o d itie s C a rr ie d f o r C a le n d a r Y e a r s .
( I n t o n s .) A g r i c u l t .
A n im a ls . A lin e s .
F o r e s ts.
A l a n a f a c . A I e r .,A t c .

1917
......... 842,603127,970559,3461,151,173 706,374
1916....598,901
130,964 470,323
1,065,929
437,925

168,509
135,586

S ta tistic s f o r C a le n d a r Y e a r s .

1917.
1916.
1917.
1916.
752,811
784,255
Av. miles opor.
920
959 Passengers carried
Rev. tons carr’d 3,555,975 2,839,628 do carr’d 1 m .73,748,378 76,674,880
ilo 1 mllo.375,45t,172 341,713,682 Rev. p. pass. p. m. 2.39 cts. 2.36 cts.
57,242
$6,684
Rev.p.tonp.m. 1.177 cts.
1.24 ets. Oper. rev. per milo




C O N S O L ID A T E D

IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .

[Incl. N. O. Tex. & Mox. Ry., St. L. Brownsv. & Mox. Ry.. Boaum. Sour
Lake & \V. Ry., Orango & N. W. RR., N o w Iboria & N. RR., Iboria
St. Mary & East. Ry. and Louisiana Southorn Ry. (leasehold).]
O p e ra tin g R ev e n u e — •
1917.
1916.
1915.
$4,420,432 $4,237,343 $3,362,338
1,761,533
1,818,193
1,100,424
Mail, express, &c.
479,264
354,841
333,486
$6,661,229
$1,005,563
844,818
211,976
1,891,119
General_______________________
262,187
Transportation for investment_____ Cr.22,337

$6,410,378
$986,549
797,557
186,732
1,957,480
424,718
C r . 31,759

$4,796,249
$811,163
740.027
133,991
1,703,439
298,932
Cr.12,719

$4,193,326

$4,321,277
$2,089,101
142,291

$3,674,833
$1,121,416
146,690

$2,182,291 $1,946,810
25,049
146,311
72,946
C159.281

$974,726

Maintenance of equipment.
Traffic expenses________

Taxes, &c-

285,612

Hiro of equipment.

47,098

Gross incomo_________________ $2,487,884 $2,044,805 $1,021,824
D e d u c tio n s —
Hire of equipment______________
$37,775
$263,173
393,938
Joint facilities rents_____________
$336,418
11,277
Separately oporated properties (loss).
*19,899
142
107
Miscellaneous__________________
165
337,608
Interost on 1st Mtge. bonds_______
352,200
Int. on 5 % non-cum. incomo bonds—
524,174
Charged against incomo (3)4%)-233,726
aChargod agst. p. & 1.surp. (1)4 %)i
110.103
Interest on equipment notes_______
88,912
70,728
179,160
Interest on receiver’s certificates___
35,524
3,915
3,348
Other interest__________________
1,554
56,153
Amortization of discount________ _
10,228
Total deductions______________$1,467,923
Balanco, surplus_______________ b$l,019,96l

$821,687
$1,223,118

$780,619
$241,205

* Represents net loss from operations of tho N o w Iboria & Northorn RR.
and tho Iberia St. Mary & Eastern Ry. a Tho company in its annual
report for 1917 deducts 1)4% ($233,726) Incomo bond lntorost from profit
and loss account, but shown abovo for simplicity, b After deducting
$233,726, 1)4% incomo bond interest paid April l, chargod by company
against profit and loss account. Tho othor 3)4%. paid Oct. 1 1917, is
charged by company against tho year’s incomo.
c Includes in 1917 an
incomo of S41.770 from funded securities and $84,517 from unfunded
securities.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
(Including tho companies abovo montionod.)
1917.
1910.
1917.
1916.
Liabilities—
$
$
Assets—
S
$
Road and cquip’t . 35,171,020 35,129,069 Capital stock___ 15,005,300 15,005,300
Deposits In lieu of
1st Mtge. 6% bds. 5,870,000 5,870,000
3,750 5% non-cum. in­
mtgo. property.
3,778
100,915
MIsc. phys. prop.
112,686
come bonds___ 15.15S.000 15,158,000
408,766 Equip, obligations xl ,207,000 1,469,771
Stocks of affil. cos. 408,776
961,096 Traffic, &o., b a l.. 1,062,402
308,757
Bonds of affil. cos. 1,057,009
Accounts & wages 847,181
790,781
Advances, &c., to
121,013 Miscellaneous___
affiliated cos__
285,409
144,820
33,581
Int. mat’d unpaid
Other investments 1,070,328
168,835
20,730
Cash____________ 2,956,088 1,553,771 Unmat’d Int. accr.
37,750
43,900
101,285
Tlmodrafts&depos. 380,000 1 ,000,00 0 Tax liability____
8,317
0,384 Operating reserves
Miscellaneous___
37,830
188,000
229,S50
150,630
131,188 Accrued doprcc'n.
534,231
372,511
Agents & cond’rs.
510,889 Oth. unadj. credits 951,639
931,315
Individuals & cos. 302,833
20,418 Add’ns to property
20,814
U. 3. Post Offlce.
thro. inc.& surp.
686,596 1,132,125
869,496
858,657
U. 3. War D ep t..
7,546 Approp. for rehab,
8,803
Express companies
410,317
235,000
235,000
of N . Ib. & N .
Material & supplies 042,294
1,750 Profit and loss
35,323
y l ,993,013
757.792
Interest receivable
357,134
203,470
Deferred assets__
383,988
Unadjusted debits 680,554
Total ................ 44,373,905 42,091,208

Total.......44,373,965 42,094,268

x Includes N. O. T. & M., series "B,” $672,000: and St. L. B. & M .
recoivor’s equipment notes, $535,000. y After adding $185,590 cancella­
tion of sundry accounts with St. L. St S. F. RR. prior to receivership and
$98,489 sundry lines accrued interost wrltton back and deducting $233,726
to interost incomo 5s installment April l 1917 and $68,820 miscol. (not).
— V. 106, p. 929, 822.

C hicago B u rlin g to n & Q u in cy R R .
(64£/i Annual Report— Year ending D ec. 31 1917.)
President Hale Holden says in substanco:
R e s u lts . — Tho operating revenues woro $13,151,502 greater than in 1910,
but tho operating expenses increased $13,390,639, resulting in an increase
in tho operating ratio as compared with tho yoar 1916, from 59.74% to
64.27%, largely tho result of increased cost of materials and labor.
Paymonts to station employees incroasod $887,582, to yard onglneinen,
conductors and brakomen, $1,241,777, and to road pnglno and trainmen,
$1,690,274. Tho cost of locomotive fuel incroasod $3,473,335; ongino house
and train supplies and expenses Incroasod $758,514.
The ton milos of rovenuo froight carried increased 20.3%, with an incroaso in froight train milos run of only 10.4%. This increased operating
efficiency is likowlso reflected by tho incroaso hi total average tons per
freight train mile from 670.16 to 726.63 tons.
Tho total rovonuo tons carried increased 6,086,417 tons, or 15.5%.
Thero was a decreaso of 1,039,909 tons of grain, or 19.1%, duo in part to
earlier movemont of tho 1916 crop, as woll as becauso of shorter crops in
territory sorved by theso lines. Tho incroaso in bituminous coal tonnage
was 3,963,078 tons, or 33.8%, principally destined to the Northwest and
influenced also by lack of Eastern coal. Petroleum and its products in­
creased 713,277 tons, or 62.5%, almost entirely from Wyoming fields;
during tho past year this item of traffic was ono of tho most important
sources of operating rovonuo. Tho livestock movomont was tho heaviest
in our history.
.
N e w R o llin g S tock . — Throughout tho ontiro year thero has boon demand
for moro equipment than available, largoly caused by tho absence from
homo of largo numbers of our cars. Fifty now heavy-typo freight loco­
motives wero added during tho year; also 4,962 new freight-train cars and
29 all-stool passenger cars.
B o n d s . — Tho funded dobt outstanding was reduced by tho cancellation
and retirement of bonds of tho par valuo of $657,000, and tho purchaso by
the co. and by sinking fund trustees of bonds of tho par valuo of $858,700.
T a x e s . — Tho total increase in taxes levied by all States through which
tho lines operato amounted to 25.76%, and by tho Federal Government
364.63%, making a total incroaso in all taxos of 74.27%. Of tho Federal
taxes. $2,491,292 is for war taxos.
.
.
A d d it i o n s , etc.— Expenditures during tho yoar for investment in road and
equipment included: (a ) Freight terminals in Chicago, $315,263; (b ) yard
and terminal facilities at Clydo, 111., $883,924; (c) connection with Army
cantonment at C a m p Grant, 111.; (d ) track elovation in Aurora, III.; (e )
tho Burlington-South Chicago Terminal RR. was incorporated, and pur­
chased a considerable tract of land noar tho mouth of tho Calumet River
in South Chicago, with trackage and dock facilities, adjacent to tho Belt
Railway of Chicago; (/) facilities for rapidly increasing coal business on tho
Beardstown division, 33 miles of second track (23 miles placed in service).
$646,013, and additional yard and terminal facilities, $271,273; (g ) new
locomotive shops at West Burlington, Iowa, wero completed at a cost of
$590,437, bringing tho total cost to dato to $1,501,845; (h ) automatic
signal work, $460,653, &c., &c.
Tho reconstruction of tho brklgo across tho Missouri River at Kansas
City was completed during tho year, and tho now doublo track bridge
placed In operation.
..........
..
C h ic a g o U n io n S ta tio n C o . — Work on tho now facilities of tho Chicago
Union Station Co. at Chicago has proceeded during tho year, involving

M ay 18 1918.]

THE CHRONICLE

tho clearing of the site for tho station building and a largo amount of work
upon and beneath tho surface of public streets and elsewhere as required
by this project. Tlicro were, however, substantial delays on account of
labor troubles and difficulty and delay in securing necessary materials.
For these reasons and bocauso of conditions resulting from tho European
war, it is evident that tho completion of these facilities will bo delayed
beyond tho time anticipated when tho work was begun.
T R A F F IC S T A T IS T IC S FOR C A L E N D A R

YEARS.

,
1917.
1916.
1915.
Average miles operated-----9,373
9,370
9,368
O p e ra tio n s —
Revenue passongers carried--22,670,409
22,879,435
22,728,128
Revonuo pass, carried 1 mile— 1,186,681,521 1,097,092,168 1,111,848,183
Rato por pass, per mile.......
2.054 cts.
1.990 cts.
1.838 cts.
Revenue freight (tons)------45,364,552
39,278,135
32,996,554
Rovonuo freight 1 mile....... 13143,186,000 10923,326,000 8,899,951,000
Rato per ton per mile------0.662 cts.
0.708 cts.
0.721 cts.
Aver. No. tons per train mile..
629.39
574.69
519.25
Earnings per pass, train
' milo.
"
SI.63
81.51
81.42
Earnings por freight train mile.
S4.17
84.07
$3.75
Operating revenues per mile__
813,052
$11,653
$9,990
IN C O M E

ACCOUNT

FOR

CALENDAR

YEARS.

1916.
$77,310,516
21,833,534
10,047,154

1915.
$64,211,845
20,438,622
8,939,255

Gross earnings____________ $122,342,707 $109,191,204
Maint. of way and structures.. $12,984,569 $12,203,997
Maintenance of equipment___
18,196,489
17,053,852
Traffic oxpenses.........
1,681,061
1,662,805
Transportation expensos_____
42,293,223
32,014,949
Gonoral, &c., oxponsos_______
5,477,002
2,300,102

$93,589,722
S12.025.216
14,833,787
1,577,138
28,810,985
2,879,954

Froiglit revenues---- ------Passongor revenue.........
Mail, express, &c----------

Total operating expenses___
Tax accruals______________
Uncollectibles_____________

1917.
$87,008,590
24,373,780
10,960,337

$78,632,344
$43,710,363
8,400.175
29,432

$65,235,705
$43,955,500
4,820,197
36,315

$60,127,079
$33,462,643
4,262,552
24,157

$35,280,756
3,133,604

$39,098,988
2,991,317

$29,175,934
1,304,867

$38,414,360
Total income______
D e d u c tio n s —
$6,790,177
Interest on funded debt
2,218,150
Rents. &c__________
1,397,031
Sinking fund_______
8,057,963
Additions, &c______
Fund for accr’d tax. not yet duo
‘ '
of inc_
Mlscoll. appropriations
(
Regular dividends (8 %).
'8',867",128
Extra dividends (10%).
11,083,910

$42,090,304

$30,480,802

$6,960,493
2,135,086
1,864.287
8,864,595
2,400,000
6 ,000,000
8,867,128

$7,077,552
1,731,357
1,783,800
3,340,669

Operating incomo.
Othor incomo______

8,867,128

Total deductions_________ $38,414,360
$37,091,589 $22,800,507
Balanco, surplus___________ _
Nono
$4,998,715
$7,680,295
(1) Operations of Colorado & Southern Lines.
C a le n d a r
Y ears.

C ross
E a r n in g s .

N e t (a f t e r
O ther
In terest,
T a x es).
I n c o m e . R e n ts ,A c .

$

S

S

*5

D ie s .
P a id .

B a la n c e ,
S u r. o r D e f.

S

S

1917 --- 18,685,811
1910 --- 10,469,279
(2) Operations
1917___
871,889
1916___
895,878
* Includos In 1917
tho 1st prof, only in

5,981.642 860,290 3,521,311 *680,528 sur.2,640,094
5,625,619 722,161 4,184,206 170,000 sur.l,993,575
of Quincy O m a h a & Kansas City Railroad.
27,441 11,781
42,956
dof.3,734
108,396 12,974
39,913
sur.81,456
4 % oach of 1st and 2d prof, stocks, against 2 % on
1916.
G E N E R A L B A L A N C E S H E E T D E C . 31.
[For further details of Dec. 31 1917, balanco shoot soe a subsequent pagoj.
1917.
1910.
„
1917.
1916.
A ssets —
S
S
Liabilities —
s
$
Uoail & cqulp’t-473,342,588 453,315,910 Capital stock..110,839,100 110,839,100
Inv. in affll. cos.:
Funded debt.-.174,972,200 176,487,900
Stocks.......... 30,204.612 27,552,292 Traffic,&e.,bals. 2,318,630
1,765,514
Bonds........... 1,619,237
1,238,123 Accts. & wages. 9,284,532
6,397,245
Notes______
425,295
Matured Inter’t,
Advances___ 1,422,950 1,797,535
dividends, &c. 1,734,219
1,712,632
Other investm’ts 6,145,198
328,372 Misc. accounts. 1,552,303
467,705
1,463,711 Accr’d lnt., &c. 1,069,262
Miso.phys.prop.
932,658
1,079,168
Dep. mtg. prop,
Accrued taxes.. 5,702,895 2,701,636
76,536
229,613 Insur. reserves. 1,529,703
sold..............
1.409.M5
Cash................. 10,172,988 19,848,418 Oper’g reserves. _______
440,000
Demand loans &
Accrued dcprec. 39,811,733 35,969,880
25,000
deposits------25,000 Unadjusted,&c.,
Tlmo deposits.. 1,092,632 12,346,500
accounts----- 2,695,654
1,945,435
Loan3 & bills rec 4,085,740 4,318,801 Add’ns to prop. 49,212,219 40,527,499
788,948 Funded debt re­
Traffic, &o.,bal. 1,407,052
Agts. & conditc. 5,389,035 3,896,880
tired............. 16,083,694 15,430,693
Mater. & supp. 15,694,241
7,571,611 Sink.fd.reserves 24,824,504 24,079,659
Mlso. accounts. 4,874,011
2,900,220 Approp. surplus
215,315
3,024
Sinking funds. .
not specifically
Unextlng. disc’t
invested........ 7,938,101
8,504,857
on fund. debt. 2,240,995 2,270,913 Profit and loss.. 115,604,586 114,481,547
Other unadjust.,
accounts. 5,807,250 4,409,743
Total........... 505,173,333 544,305,614
— V. 106, p. 2010, 2005.

Total........... 565,173,333 544,305,014

Grand Trunk Railway of Canada.
(Report fo r Fiscal Year ending D ec. 31 1917.)

Chairman Alfred W . Smithers, London, April 12, wrote
in substance:
R e s u lts . — Tho onormous lncroaso In working oxponsos isentirely duo to tho
conditions caused by tho war. The total of gross receipts, amounting to
£10,725,482, shows an incroaso of £905,742, tho largest traffic carried in
tho history of tho company. Instoad of this increasod business yielding a
profit, tlio whole amount was absorbed in oxponsos, which showed tho unoxamplod incroaso of £1,774,867. In order to meet this serious stato of
affairs, tho most strenuous and continuous efforts were made during tho
year to obtain from tho Railway Commission of Canada permission to
incroaso'rates. An incroaso of 15% was grantod as from March 15 1918.
Tho gross receipts show an incroaso of £905,742, or 9.22%; tho working
exponsas, including taxes, an incroaso of £1,774,867, or 24.56%: and tho
train mileage a docreaso of 3,051,932, or 13.34%.
C a p ita l A c c o u n t . — Tho total charges to capital account for tho year
amounted to £444,856 5s. 4d. Of tills sum £42,329 Is. lid. was for tho
acquisition of securities of tho Lachino Jacques Cartior & Maisonnouve
Railway and Montreal & Southern Counties Railway companies.
G ra n d T r u n k P a c i f i c R a ilw a y — L o a n . — A further loan of 87,500,000 was
authorized by tho Canadian Parliament in tho session of 1917 to tho Grand
Trunk Pacific Ry. Co. for tho purposo of assisting that company ponding
tho Government’s decision as to futuro arrangements. (V. 105, p. 1314.)
O P E R A T IO N S
O p e r a tio n s —

AN D

F IS C A L

Miles worked by engines
Passongers carried____
Tons freight carried--do onomilo (000)...
Average por ton milo...
E a r n in g s .—
Passengers..........
Mall and express.....
Freight and Iivo stock..
Miscellaneous........

RESULTS

FOR

CALENDAR

YEARS.

19 17 .
1916.
1915.
1914.
4,008
4,007
4,015
4.015
12,132,884 13.132,611 12,082,238 12,781,000
25,272,449 22,710.527 20,696,509 21,473,864
4,703,165
4,632,376
3,748,316
3,886,370
0.76 cts.
0.67 cts.
0.70 cts.
0.68 cts.
£
£
£
£
2.320,861
2,442,343
2.109,240
2,386,332
509,306
488.176
423,198
396,247
7,339,114
6,386,714
6,382,701
5,436,808
556,201
502,507
377.549
377,381

Total oarnings..... 10,725,482




9.819,740

8,292,688

8,596,768

2115

E xp en ses—
1917.
Maintenance of way,&c. 1,233,979
Maint. of e q u i p m e n t . 1,927,539
Traffic expenses______
244,439
Conducting transp’n__ 4,981,983
General expenses, &c__
369,544
Taxes.... ..........
245,410

1916.
909,215
1,506,052
239,515
3,987,763
364,614
220,868

1915.
1,002,729
1,406,930
237,621
3,293,433
365,449
205,095

1914.
1,076,061
1.375,300
280,895
|3,944,620

Total----- ------Net oarnings-........
Othor income_______

9,002,894
1,722,588
546,152

7,228,027
2,591,713
509,520

6,511,257
1,781,431
759,270

6,841,919
1,754,849
682,744

2,268,740

3,101,233

2,540,701

2.437.593

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

Deduct—

165,043

Rental of leased lines__
155,206
155,206
155,208
155,206
lnt. on bonds & debens. 1,506,639 1,506,639
1,508,442
1,492,034
313,048
299,920
lnt. on secured notes__
223,750
100,000
Reserve for contingencies
_____
400,000
Dot. Gr. Ilav. & Milw.. defl43,626 def40,239
def1,880 def103,742
Grand Trunk West. Ry. *def95,199 surll9,208 defl22,177 defl35,348
Tol. Sag. & Musk. Ry..
def28,741 defl6,156
def20,563 def26,147
Div. on guar, stock___
(4%)500,000 (4)500,000(334)437,500
do 1st pref.stk.(5%)
_____
170,842
do 2d pref.stk. (5%)
126,420
Total-----------Balance, sur. or def___

2,242,460
sur26,280

3,096,214
sur5,019

2,530,017
surl0,684

2,449,977
defl2,384

* Covers an 18 months’ period.
(1) Detroit Grand Haven & Milwaukee Ry.
G ro s s

N et

R e n ta ls ,

O p er. D e f.

12 months to—
R e c e ip t s .
R e c e ip t s . & c . , C h g s. o f S u b .C o s .
Doc. 31 1917— £699,334 £43,852 £187,478 _____
Doc. 31 1916—
672,930
101,409 141,647 ______
(2) Grand Trunk Western Ry.
18 months to
Doc. 31 1917— £3,019,870 £662,479 £727,887 £29,792
BALAN CE SHEET DECEM BER

B a la n c e ,
D eficit.

£143,626
40,238
£95,200

31.

1917.
1916.
1917.
1916.
Assels—
£
£
Liabilities —
£
£
Property acct.. 87,897,081 87,452,224 xShare capital.. 49,569,368 49,569,368
Toleclo Sag. <fe
Terminable bds. 3,738,190 3,740,090
Mus. 5% bds.
Debenture stock 31,926,125 31,926,125
(£320,550)...
246,575
246,575 Gan. Govt. adv.
Other securities . 2,388,797
1,794,806
for cons.of line 3,111,500 3,111,500
Cash_________
404,503
1,846,708 Notes:
Stores, fuel, <tc. 1,892,084
992,669
5-yr. 5% sec’d 2 , 000,000
2 , 000,000
Adv. to cont. cos.
3-yr. 5M% s. 1, 000,000
1 ,000,000
Grand Trunk
5-yr. 5H% s. 2,500,000 2,500,000
West. R y ..
46,219 Crl61,256
2-yr. notes due
Det. G. H. &
1917_____
821,917
Mil. R y ...
40,404
6,413
2-yr. notes due
Tol. Sag. & Mus.
1913_____
410,959
410,959
Ry. for adv’es
79,434
79,434 Notes payable..
475,405
123,287
Det.G.II.& Mil.
Equip, tr. notes 1,499,795
1,182,534
Ry. for pay’ts
Wages unpaid..
542,576
467,045
under guar__
991,491
847,865 Accrued interest
616,156
635,777
Gr. Tk. West.
Accts. due by co 3,877,742
1,668,810
Ry. for adv’es
233,517
138,316 lnt. coup, held
Trading sidings
for adv.:
bearing lnt__
244,308
246,238
Gr. Tk. R y ..
233,517
138,316
Accts. due to co. 7,105,729 6,944,512
T.S.& M. Ry.
79,434
79,434
Equip, tr. notes
423,469
509,433 D. G. H. & Mil.
Investment in:
Ry. int. coup,
Five insur. fd.
237,871
221,487
held for pay’ts
991,491
847,865
Sp’l comp. fd.
60,182
58,208 Res. for cont’es.
400,000
400,000
Outst’ng traffic
Fire insur. fund
237,0S4
224,633
accounts___ 1,024,165
164,101 Compensat’n fd.
60,182
58,208
Profit and loss..
46,307
481,868
Total----------103,315,831 101,387,740

Total______ 103,315,831 101,387,740

x Embraces (authorized and issued) 4 % guaranteed stock, £12,500.000*
first xireference 5 % stock, £3.420,000; second preference 5 % stock, £2,530.­
000; and third preference 4 % stock, £7,168,055: and ordinary stock (auth.
£24,797,761), £23,955,437; total Issued, £49,573,492, loss £4,125 calls in
arrears; balance, £49,569,368.— V. 106, p. 1577, 1461.

United Gas & Electric Corporation, New York.
( Annual Report— Year ended D ec. 31 1917.)

Chairman George Bullock, N . Y . , M ar. 6, wrote in sub.
S itu a tio n D u e to W a r . — W e have suffered, like all other public utilities
by tho increased cost of labor, material and. taxes.
Three regular quarterly dividends of 1 % % and one dividend of 1 %
aggregating 6 X % . were paid upon tho first pref. stock during the year
1917 [but only 4 H % paid outof 1917 income.— Ed.]. Heavy Government

on Dec. 27 1917 to defer dividends on the preferred stock. Expenditures
for capital purposes in 1918 will be reduced to tho lowest limit possible but
a cortain amount of new construction will be necessary, absorbing the
funds heretofore used for dividends.
E a r n in g s , A c . — The gross income from sale of gas in 1917 increased over
1916 10.8%, and from electricity increased over 11%. The gross earn­
ings increased $1,127,119, but operating oxponsos and taxes for the year
increased $1,456,352. The increase in net earnings usually following such
a largo increase in gross has been offset to a great extent by increases in
operating cost covering coal, oil, wages and taxes, approximately as fol­
lows: Coal and oil, $342,000; labor, $292,000; taxes, $189,000: total in­
creases as aforesaid, $823,000.
I n c r e a s e i n R a te s . — Increased rates have been socured by several of the
subsidiary companies operating in Colorado, Illinois, Kansas, N e w York
and Pennsylvania, and additional applications are ponding.
A d d it io n a l O il P r o p e r t ie s . — The oil and natural gas companies are, in a
conservative manner, increasing their holdings in oil and natural gas prop­
erties. Tho development of these properties now under way promises
very satisfactory results. An absorption plant to extract gasoline from
natural gas before delivering it, is practically completed. Contracts have
been ontored Into for tho sale of the gas to distributing companies and
manufacturing concerns. These operations are expected to yield a very
satisfactory revenue.
F i n a n c i n g i n 1917.— The securities sold and retired by the subsidiary
companies omoraco:
Citizens’Gas & Fuel Co., Terre Haute, Ind., 7 % pref. stk.$52,500 I ie tir e d ‘
Conestoga Trac. Co., Lancaster, Pa., car trust ctfs_____75i000
$9~665
Consumers’ Electric Light & Power Co., N e w Orleans,
La.,*jlst Mtge. 5 % bonds due Jan. 1 1936__________ 43,000
Edison’Electric Co., Lancaster, Pa., 1st & Ref. Mtgo. 5s
(also 857,500 stock)............ .......... .... 175,000
..
Elmira Water, Light & RR. 1st Consol. Mtge. 5 % bonds
duo Sept. 1 1956------------------------------ 284,000
.. .
International Ry. Co., Buffalo, Ref. & Impt. 5 % bonds
duo Nov. 1 1962 (V. 103.jp. 1032; V. 104, p. 2010)___ 2,755.000
_____
International Trac. Co. 6 % 3-Yr. notes duo Aug. 1 1920
(V. 105, p. 497)---- ---- ------- ----- --------1.700,000 xl85,000
narrisburg Light & Power Co. 1st & Ref. Mtge. 5 % gold
bonds duo Aug. 1 1952 (V. 105. p. 2459)____________ 211,000 ..
Houston Gas & Fuel Co. 7 % pref. stock______________ 50,000 —
Lockport Light, Heat & Power Co. 1-Yr. 6 % notes (V.
105, p. 502; V. 106, p. 1131)_____________ ________ 350,000
___
Richmond (Ind.) Light, Heat & Power Co. 1st 6s, 1939_______
7,500
Union Gas & El. Co., Bloomington, III., 1st M. 5s (also
$50,000 1st pref. stock)------------------------- 34,000
10,000
x Retirements; Buffalo & Niagara Falls El. Ry. 2d M. bonds, $10,000:
International 1’raction Co. car trust ctfs., $25,009; serial socured notes,
$100,000, and serial debenture notes, $50,000.

[Vol. 106

THE CHRONICLE

3116

C a p ita l E x p e n d itu r e s A g g r e g a tin g $3,950,822 i n 1917 f o r A d d it i o n s , B etter­
m e n ts a n d E x te n s io n s .

C O N S O L . B A L A N C E S H E E T D E C . 31 ( I N C L . U N I T E D G A S & E L E C .
CORP. A N D
U N I T E D G A S <& E L E C . E N G I N E E R I N G C O R P .) .

Internat’l Ry. Co., Buf­
Citizens’ Gas & Fuel Co.,
falo, N. Y .... ...... $2,578,139
Terre Haute___________ $49,028
Leavenworth Lt., Heat &
Conestoga Trac. Co., Lan­
& Power C o ________
130,346
caster, Pa_____________ 67,257
Elmira Wator, Lt. & RIl.Co. 190,038 Lockport Light, float &
98,464
Power C o __________
Edison EL Co.,Lancaster,Pa. 157,522
212,442
Harrisburg Lt. & Pow. Co..244,835 Willces-Barro Company..
127,715
Houston Gas & Fuel C o ___ 95,036 Miscellaneous_________
Tho largo items mainly represented: H a r r is b u r g — Steam engines, elec­
tric meters, furnaces, boilers and accessories, underground conduit system
and fuel pumping system. I n t e r n a ti o n a l — N e w Niagara Falls line, cars,
turbines, reconstructing tracks and gonoral equipment. W ilk e s -B a r r e —
Steam plant equipment.
R e n e w a ls .— During 1917 thero was expended or appropriated from earn­
ings for repairs, maintenance and renewals and replacements $2,156,115,
an incroaso of $104,946 over 1916. Tho balance in renewals and replace­
ments reserve on Dec. 31 1917 for all of the subsidiaries was $2,355,820.
E a r n in g s o f S u b s id ia r ie s .— Tho current surplus earnings of tho subsidiary
companies , after paying their preferred stock dividends, amounted to
$1,829,526, ot' which amount $1,111,973 was paid out in common stock
dividends. The balance, or 39.23% of the current surplus earnings of tho
subsidiaries, was appropriated to the renewal and replacement reservos or
added to existing surpluses. The accumulated surplus of the subsidiary
companies after all adjustments amounted Doc. 31 1917 to $2,123,392.

Subsidiary cos.—
Stocks .............. 39,519,867 39,308,969
43,330
Bonds................
190,385
26,789
Other Investments
1,010
Oil & gas cos.—
Stocks________
162,085
Bonds........ ........ 2,692,990
13,832
Fixtures, supp.,&c
17,512
Due by assoc, cos.:
365,566
Open accounts.
981,611
611,478
Demand notes.. 670,166
93,845
Divs. accrued..
22,081
1,083
Bond Int. accr’d
73,843
231,051
Miscellaneous___
284,639
Debt disc. & e xp .. 1,591,295 1,536,725
Advances made for
a517,375
--------purch. of secure.
Miscell’s deferred
21,938
25,171
charges........ .....
773,397
Cash.......... ...........
249.579

1st pref. stock___ 9,284,800 9,284,800
2d pref. stock___ 11,663,500 11,663,500
Common stock__ 12,250,820 12,250,820
Coll. tr. s. f. bondsb9,300,000 8,461,000
7% purch. money
--------certif. of Indobt. 1,925,800
Notes payable___ c6!3,500 c750,000
1st prof. divs. de­
162,484
clared but unpd.
110,250
Int. accrued on 6s.
122,835
Due to sub. cos.:
27,489
Open accounts .
42,408
16,665
16,665
Bond int. accr’d
344,001
146,297
Miscellaneous____
40,552
51,367
Suspe’nso, &c........
Dlsc’t on ncquls'ns
<133,501
of treas’y stock. d33,501

T o t a l . ............. 46,482,273 43,578,386

Total,.................46,482,273 43,578,386

A ssets —

1917.

1916.

$

$

1917.

Liabilities —

1916.

S

S

Surplus............. . eS03,076

625,028

a Tho transfer of which had not boen completed at Doc. 31 1916.
b Auth., $15,000,000; Issued, $10,000,000; In treasury $700,000 (of which
P R O P E R T IE S U N D E R O P E R A T IN G S U P E R V IS IO N O F T I I E U N I T E D
$665,000 deposited as collateral security for notos payable),leaving a balance
0 U A S & E L E C T R IC E N G IN E E R IN G C O R P O R A T IO N .
of $9,300,000 as abovo. Of this latter amount $1,111,000 bonds are
(1) G a s . — Citizens’ Gas & Fuel Co. (Terre Hauto, Ind.); Columbia owned by a sub. co., which in Its turn has utilized the same as collateral
(Pa.) Gas Co.; Houston (Tex.) Gas & Fuel Co.; Lancaster (Pa.) Gas Light to a mortgago. c Secured by treasury bonds, d Including stock acquired
& Fuel Co.; Louisiana Gas & Fuel Co., Inc. (Shreveport, La.), and Rich­ in Susquohauna Amalgamation, e Dividends on the first prof, stock of tho
mond (Ind.) Light, Heat & Power Co.
corporation to the extent of 1 0 % % . and on tho 2d prof, stock from Jan. 1
(2) E le c tr ic . — Consumers’ Electric Light & Power Co. (Now Orleans, 1914 (in all, 14%) have accrued, but have not beon declared.
La.); Edison Electric Co. (Lancaster, Pa.); Gretna (La.) Light & Power
Tho United Gas & Eloctric Oorp. also has contingent liabilities as follows:
Co., Inc.; Houston (Tex.) Lighting & Power Co., 1905, and Lancaster In rospect of its guarantee of principal and intorost of $1,537,300 par value
(Pa.) Electric Light, Heat & Power Co.
of First Ref. 5 % Mtgo. bonds of tho WIlkos-Barro Go., duo 1960.
(3) E le c tr ic R a ilw a y s .— Conostoga Traction Co. (Lancaster, Pa.); In­
A summary of tho operations of tho American Cities Co. and its constit­
ternational Traction Co. (Buffalo, N. Y.), which controls International uent companies for tho calendar yoar 1917 was published in V. 106, p. 2012.
Ry. Co., operating in Buffalo, Niagara Falls, Lockport and vicinity; and Tho report at length will be published another woek.— V. 106, p. 2015,1462.
Memphis (Tenn.) Street Ry. Co.
(4) G as a n d E l e c tr i c .— Loavonworth (ICans.) Light, Heat & Power Co.,
Lake Shore Electric Railway Co.
and Union Gas & Electric Co., Bloomington, 111.
(5) E le c tr ic a n d R a ilw a y s .— Knoxville (Tenn.) Ry. & Light Co., and
(17</i
A n n u al Report— Year ending D ec. 31 1917.)
Littlo Rock (Ark.) Ry. & Electric Co.
(6) E le c tr ic a n d S tea m H e a t .— Harrisburg (Pa.) Light & Power Co.
President E . W . Moore says in substanco:
(7) G a s, E le c tr ic a n d R a ilw a y s .— Elmira (N. Y . j Wator, Light & RR., and
S y stem E a r n in g s . — Tho gross incomo of tho system increased $167,460,
N e w Orleans (La.) Ry. & Light Co. Systom.
operating expenses and taxos increased $187,978, so that, although
(8) G a s , E le c tr ic a n d S tea m H e a t .— Colorado Springs (Colo.) Light, Heat but
interest
paid decreased $15,314, the surplus from tho operations of tho year
& Power Co.; Lockport (N. Y.) Light, Heat & Power Co., and Wilkesdecreased $5,204.
'
, ,
Barre (Pa.) Company.
.
_ , ,
, „ _
C u t-O ff. — Tho grading and laying of track and installing of overhead
(9) G a s , E le c tr ic , R a ilw a y s a n d S tea m H e a t .— Birmingham (Ala.) Ry., linos
was
continued
on
the
Huron
cut-off,
a
l
i
t
t
l
o
moro
than
two
milos
be­
Light & Power Co.
„
„,
.
,u
Bridges in this section were completed and fences erected.
(10) W a ter W o r k s .— Houston Heights (Tex.) Wator & Light Association. ingR ocompleted.
llin g S to ck . — Of tho 18 cars ordered in 1917, 12 wero delivered.
P o w e r D e p a r tm e n t — P u r c h a s e o f O h io S ta le P o w e r C o . — Tho Fremont
R E S U L T S OF O P E R A T IO N S O F S U B S ID . P R O P E R T IE S FOR C A L . Y R S .
power plant was closed down permanently .Tan. 1, tho power for tho Toledo
division thereafter being purchased from tho Ohio State Power Co. Tho
1917.
1916.
1915.
machinery was sold, and in addition to tho funds recolved from tho sale
Gross earnings__________________ $16,287,276 $15,160,157 $13,472,278 old
Operating oxpensos (incl. malnt.)___
8,998,329
7,731,247 6,798,319 of machinery, there was chargod off at tho close of the yoar for depreciation
on this plant tho sum of $100,000. As of Aug. 1 1917 this company,
Not income................... $7,288,947 $7,428,910 $6,673,959 in connection with tho American Gas & Electric Co. of N o w York, pur­
Taxes _...........
$1,156,371
$967,100
$809,661 chased tho ontire capital stock of the Ohio State Power Co., each owning
0% thereof, and It is now being handled jointly by the two companies.
Fixed charges__________________ 3,575,989
3,503,166 3,432,308 5
This purchase was mado nocossary on account of the former owners’failure
Bal. avail, for renew., fin’g& divs.$2,556,587
$2,958,643 $2,431,990 properly to maintain and oporate tho plant. T w o additional 750-b. p.
boilors aro being installed in this plant, so that it will bo in position to fur­
nish all current needed by American Gas & Eloctric Co. and ourselves.
C O N S O I-T D A T E D ilN C O M E iA C C O U N T F O R \ C A L E N D A R iY E A R S .
L ig h tin g D e p a r tm e n t . — Extensions in tlio lighting systom at Castalla,
Borlln Heights, Vermilion, Bay Village and Bellovuo woro made, the H u m ­
I n c l . U n ite d G a s <& E le c . C o r p . a n d U n it e d G a s & E l e c . E n g in e e r in g C o r p .)
ber of customers now served being 1,629.
1917.
1916.
I m p r o v e m e n t s . — Total expenditures for additions and improvements
Divs. of sub. cos. actually declared during tho year
and misc. diroct earns, after deduction of exp._ $1,228,459 $1,176,588 chargeable to capital account were for Lake Shore Electric Ry. (net),
D e d u c t — Int. on 6 % coup, notes (retired dur. year)
-----$49,106 $21,735, and for total system, $33,465.
N o t e s E x te n d e d . — The $200,000 Lorain Street RR. Co. threo-year col­
Int. on 7 % purchase money certif. of indebtedness
102,517
------Interest on Bonds_________________________
542,448
453,098 lateral trust 6 % notes which matured on Jan. 1 1918 wero extended for a
Amortization of debt discount and expense----54,500
64,500 period of two years.
N e w C a r T r u s t . — In July an issue of $176,000 6 % car trust certificates
Interest on notos payable___________________
39,355
4,201
maturing In ono to ton years was sold to cover tho purchase of 18 now cars.
S y stem R e s u lts . — The results of operation of tho Lake Shore Electric Ry.
Balance........................ -......
$489,639
$615,683
systom (conprlsing the Lako Shore Electric Ry., Lorain Street RR., San­
A d d — Balance of oxtraord. credits consisting of sun­
dusky Fremont & Southern Iiy., People’s Light & Power Co. and Belle­
dry profits less sundry losses on transactions in
vue Illuminating & Power Co.) woro:
stocks of sub. cos., incl. in 1917 $140,000 appre­
ciation in cortain holdings still owned by corp..
106,225
------1917.
1916.
I
1917.
1916.
Gross lncomo.$l,788,012 $1,618,551 Interast paid. $421,333 $436,648
Total................. -...............
$595,864
$615,683 Not (aft. tax.) $575,321 $595,8401 Surplus----- $153,988 $159,192
Dividends on first pref. stock declared during year(43^)417,816 (7)649,936
GROSS E A R N I N G S O F L A K E S H O R E E L E C T R I C P R O P E R .
1908.
1910.
1912.
1914.
1915.
1916.
1917.
Balance of surp. at Dec. 31 as per bal. sheet bolow.sur$178,018 dof.$34,253
Amount added to surplus of sub. cos. not declared
„„„ „ „ $828,321 $952,044 $1,052,518 $1,120,328 $1,097,042 $1,252,234 $1,419,751
as dividends_______________________
189,374
163,570 L A K E S H O R E E L E C T R I C R Y . P R O P E R , Y E A R S E N D I N G D E C . 31.
O p e r a tio n s —
1917.
1916.
1915.
1914.
Total.................................
$367,422
$129,317 Passengers
carried..... 6,241,350
5,768,899
5,210,750
5,715.083
Earnings per passenger. 18.36 cts.
18.00 cts. 17.57 cts.
16.52 cts.
U N I T E D G A S & E L E C . CO R P. E A R N S . F R O M A L L SO U R C E S FOR
Number car miles..... 3,593,009
3,518,305 3,361,869
3,379,537
C A L . Y E A R S (IN C L . E Q U I T Y I N N E T E A R N IN G S F R O M S U B .
Gross Income per car mile 39.51 Cts. 35.59]cts. 32.63 cts.
33.15 cts.
C O S ., E X C L . O F A M E R I C A N C I T I E S C O . A N D I T S S U B S .
Net earnings per car mllo 12.94cts.
12.75cts. 11.24 cts.
12.33 cts.
W HETHER

A C T U A L L Y R E C E IV E D I N
D I V I D E N D S OR N O T ) .

T IIE F O R M OF

1917.
Direct earnings (loss exponses) of United Gas & El.
Oorp. and not earnings of its sub. cos. (excl. of
Amer. Cities Co. and its sub. cos.) after deduc­
tion of dlvs. on their prof, stocks, incl. equity of
direct sub. cos. in the operations of tlieir respectivosub. co3. on basis of holdings at ond of period $1,417,832
A d d — 'Profits from dealings in socurs. hold, includ.
$140,000 appreciation on tho holdings of a sub.
co. still owned by the corp., less sundry current
106,225
surplus charges_________________________

1916.

Balance, after providing for amort. & all fixed chgs

$367,422

46,564

$779,253
(7)649,936
$129,317

M A R C H 31 Y E A R S .
1917-18. 1916-17.
1916-17
1917-18.
S
S
31 Y ea rs.
S
$
Gross earnings__ 16,221,162 15,493,048 Net income...........$1,965,757 $2,912,548
773,275
Net, after taxes.. 5,601,311 6,407,269 Renewals, &c____ 371,273
719,699
705,275
Interest, rents,&c. 3,638,554 3,494,721 Preferred dlvs___
Net Income_____ 1,965,757 2,912,548 Surplus................ 874,785 1,433,998
Net income of sub. cos. for year ending March 31 ldi§, as above.$1,965,757
D e d u c t — Rosorve for renewals and replacements-----------371,273
Proportion of earnings applicable to stock of sub. cos. owned by
public____________________________________________
621,648

E A R N IN G S O F S U B S I D I A R Y C O M P A N IE S FOR
M ar.

Balance_________________________ — ----------..... $972,836
Not income from bond investments and other sources___
252,299

Add—

Total for bond intorost, &c___________________________ $1,225,135
Int. on Un. G. & El. Oorp. bonds, $553,522; on certif. of
of indobtoduoss, $136,124, and amort, of dobt disc., $55,625-- 745.271

D ed u ct—

Balance_______________________.....________ ___ ... $479,865




$905,627
7,294
116,533
67,588

$934,560
6,832
116,366
62,570

Passengers_______ _— $1,135,352
Parlor, &c., car rovonuo
8,921
184,663
Frolght, including milk.
Ronts, powor, &c_____
90,815

$1,027,692
8,687
143,376
72,479

Gross income______ $1,419,751
Oper. expenses & taxes.
954,724

$1,252,234 $1,097,042 $1,120,328
703,652
803,600
719.060

$1,293,595

Total...... -........... -...... -...... $1,524,057 $1,340,159
D e d u c t — Int. on 6 % coupon notes U. G. & El.Oorp ------$49,106
Int. on 7 % pur. money certif. of indebtedness___
$102,517
------Interast on bonis_________________________
542,448
453,098
Amortization of debt discount and expease----54,500
54,500
Interest on notes payable------------------39,355
4,201
Balance............................
$785,238
Dividends on first preferred stock___________(4%%)417,816

IN C O M E A C C O U N T O F L A K E S H O R E E L E C T R IC R Y . P R O P E R , Y E A R S
E N D I N G D E C . 31.
1915.
1914.
1916.
E a r n in g s —
1917.

Net earnings------Other incomo-------

$465,027
25,000

$448,634
25,000

Total incomo------Interest----Divs. on 1st pref. stk.

$490,027
334,577

$473,634
$339,898

Balance, surplus____

$155,450

$133,736

D ed u ct—

BALAN C E SH EET DEC.

$377,982
25,000

$416,677
25,000

$441,677
$402,982
$329,832
$336,444
(3%) 30,000 (6%)60,000
$36,538

$51,845

31.

1917.
1916. 1
$
$
Liabilities—
A sse ts —
I Common stock__
Cost of road and
equipment____ 14 ,137,084 14,069,575 j First prof, stock..
Securities In treas. 449,957
318,000 Second prof, stock.
Bonds__________
Sinking fund T. F.
274,300 Car trust notes__
& N ................ 288,149
BIII3 payablo____
Duo from co’s and
248,751 Accounts payablo.
319,8-11
individuals___
110,308 Int. accr. not due.
120,863
Material & supp..
19,785 'faxes accr.not duo
Mlsc. accounts__
30,451
4,212 Mlsccll. accounts.
3,869
Prepaid insurance.
3,039 Accr. dcpr.-cqulp.
4,319
Cash...... ..............
Surplus account..

1916.
1917.
S
S
4,500,000 4,500,000
1,000,000 1, 000,000
2,000,000 2 , 000,000
0,195,000 0,195,000
170,000
273,256
404,032
173,342
109,787
47,114
48,998
30.580
32,900
2,378
3,343
34,221
0,213
796,420
826,561

Total............... 15,360,513 15,054,631
Total............... 15,306,513 15,054,031
Lorain Street Railroad.
C a le n d a r
Y ear—

G ro s s
In com e.

E xp en ses &
T a xes.

N et
E a r n in g s .

In terest
P a id .

$54,505
$69,300
1917.... .
$149,415
64,500
76,200
1916.... ... 205,389
129,188
Sandusky Fremont & Southern Ry.
S08.fi15
S72.nnfi
S25.709
$32,250
1017. __
31,322
32,250
61,394
1916.... .. 92,716

B a la n c e ,
S u r. o r D e f .

sur.$14,795
sur. 11,700
dof.$6,541
def. $928

M ay 18 1918.]

THE CHRONICLE

Bellevue Illuminating & Power Co.
$20,678
$10,261
____
1917.......$30,939
1916
. 27,904
18,301
9,603
....
People’s Light & Power Co.
1917
.$17,991
$12,967
$5,023
__
10,229
5,080
....
1916.----- 15,309
— V. 105, p. 2543.

sur.$10,261
sur. 9,603
sur.$5,023
sur. 5,080

N ew port News & H am p to n R y ., G as & E lectric Co.
{Report fo r Fiscal Year ending Dec. 31 1917.)
Pres. J. N . Skannahan on March 19 submitted the report
of Allen & Peck, Inc., Managers, which said in substanco:
^ R e s u l t s .—

The total operating revenues show an Increase of $343,596
over 1916, or 34%. The very substantial increase In the revonue of each
department is due, as you do doubt are aware, to the activities at this port
incident to tho war. While tho gain in gross earnings shows every indica­
tion of continuing, nevertheless tho tremendous increase in tho cost of both
labor and material makos it doubtful whether the net earnings will not
show a decrease in the coming year.
.
Tho operating expenses as a whole Increased $200,760, or 3 6 % over 1916
This increase was duo not only to the growth in business, but to the greatly
increased cost of labor and material. These increases camo very largely
during tho latter months of the year, labor conditions being particularlyunsettled, duo to the amount of Government work being performed
Income deductions increased $21,427, of which $5,888 was the cost of
ronting rolling stock.
Tho not income was $287,283, an increase of $98,851 over the year 1916
Of this amount $106,619 has boen credited to “reserve for depreciation’
extraordinary renewals or purchase of bonds” [and $64,382 was sot aside
for tho 5 % paid on common stock in M a y 1918.— Ed.].
C a p it a liz a tio n . — During tho year your directors changed the authorized
capital stock to $2,000,000 preferred and $2,000,000 common; also changed
tho rate of dividend on tho preferred stock from 6 % to 7%, cumulative in
each caso. Tho outstanding $1,000,000 par value of 6 % cumulative pre­
ferred stock was canceled and In lieu thereof $850,000 now proferred and
$150,000 common stock was issued. The directors also arranged for the
salo of $250,000 of the now preferred stock at par, $155,900, of which has
already been Issued. (See V. 105, p. 716, 998, 2272).
To provido funds to pay for tho capital improvements mado during the
calendar year 1916, there was taken down from tho trustee $151,000 par
valuo of the company s 5 % first and refunding bonds.
I m p r o v e m e n ts a n d B e tte r m e n ts .— Theso aggregated $266,653. including
railway, $164,106; gas, $40,002; electric, $51,669; ice, $10,&76.
C O N S O L ID A T E D I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
O p e ra tin g R e v e n u e s —
1917.
1916.
1915.
1914.

Railway--- --------Gas— ------------Electric light & power..
Ice________________

$541,227
185,847
369.555
260,678

$414,519
142,779
253,890
202,523

$355,624
161,919
214,778
183.851

$322,868
139,347
172,289
179,357

Gross earnings----- $1,357,308
Operating expenses___
$759,302
Taxes..............
57,721

$1,013,711
$558,543
35,519

$916,171
$524,506
28,880

$813,861
$489,821
27,292

$419,650
3,273

$362,785
3,089

$296,748
6,373

$543,201
Total income_______
$422,923
Bond int. and discount. 242,252
$228,687
Other int., rents, & c __
13,665
5,804
Pref.dividends (6%). ._
59,957
60,000
C o m m o n dividends__ (5%) *64,382 (3%)33,750
71,209
Depreciation________
106,619

$365,874
$227,740
8,171
60,000

$303,121
$225,690
4,218
60,000

Net earnings.......
Other income________

$540,284
2,917

Balanco, surplus.

$56,326

Distilled Ice Co. held by outsiders.

2117

L ig h tin g a n d C o m m e r c ia l P o w e r . — During the year we secured 5,623 new
customers and added 4,342 h.p. in motors. The street-lighting contract
with the city of Akron which expired Oct. 1 1917 was renewed for 5 years
at the same rates.
A k r o n T e r m in a l. — The new terminal and general office building at Main
and federal streets, Akron, it is now anticipated, will be completed and
ready for occupancy by M a y 1 1918.
c. F<iT\an $ a L ~r.,A ?. of,d ,®9- 1 1917, the company sold $1,000,000 Secured
Serial 7 % gold bonds (V. lOo, p. 2456) of an authorized $1,450,000, m a ­
t i n g serially $25.00° W
1 1919, $50,000 Dec. 1 1920, $100,000 Dec. 1
192i, then $lo0,000 yrly. 1922 to 1925, and $225,000 on Dec. 1 1926.
liieso bonds are secured by pledge of $1,500,000 First Lien & Refunding
Mortgage gold bonds.

$4/993 700]tanv nf05ref*1802k WaS increased by sal° of 3>842 shares lto
The proceeds from’tiie sale of those bonds and pref. stock were used to
reimburse the treasury for additions, improvements and extensions.
RESULTS

FOR

CALENDAR

YEARS

B A L A N C E S H E E T D E C E M B E R 31
1917.
1916.
S
<
U M m * T .0,913.725 0,808.483 Preferred stock... 1,005,900 1,000,000
. 225,853 135,242 Common stock... 1,275,000 l,125,0o0
23,943
Organization exp.... 23,943
do Newp.N.Dist.
11,308
Investments_____ . 41,308
Ice Co.wlth public
7,900
7,900
31,088
Capital surplus...
14,733
14,733
79,220 Funded debt.... x4,814,500 4,064,000
Materials & suppliesi 105,484
Bills payable.....
20,000
80,000
94,902 Accounts payable... 144,534
. 154,899
76,283
. 46,115 *23,387 Consumers’ deposits 31,487
26,453
Cash tor bond lnterOld Dom. Land Co.
--3,000
134,361 132,223 Provision for Income
3,828
Prep’d lnsur. & taxes! 3,571
& excess prof. tax. 20 078
619 Acer, bond, &c., int. 109,491
Def’d chges. to oper.
30,736 Reserve for dividends 29,950 106,160
49,328
60,000
Reserves........ 138,095
98,539
Surplus........ 144,999
84,882
7,759,075 7,343,950 Total........ 7,759,675 7,343,950
* At Dec. 31 1916 tho company was entitled to receive additional bonds
of its first and refunding Issue to a par valuo of $151,000.
x Includos in 1917 Citizens Ily., Lt. & Pow. Co. 1st 5s, $69,000- Newport
Nows & Old Point ity. & Elec. Co. 1st 5s, $900,000, and Gen. Mtge. 5s,
$44,000; Hampton Roads Trac. O o . Isfc4Hs, $68,000, and Newport News
& Hampton Ry., Gas & Elec. Oo. 1st & Ref. 5s, less In treasury, $3,735,500.
— V, 106, p. 1231, 602.
C O N S O L ID A T E D

A ssets —

C O M B IN E D

1916.
244.33
$3,709,038
139,518
1,188,853

Total earnings-----$6,389,609
Maint. of way & struct- $574,370
472,571
Maint. of equipment__
Operation— power plants 1,446,787
Conducting transport’n. 1,173,372
349,791
Taxes ......
General____________
560,571
Oper. exp. and taxes. $4,577,462
Not earnings_________ $1,812,147
Deduct-Int. on bds.,&c. $632,069
Pref. dividends (6%)-..
290,196
C o m m o n dividends (5%)
477,752

Average miles operatedPassengers___________
Freight, &c.__.......
Light and power_____
Parks-------------Miscellaneous income..

P R O P E R T IE S .

60,363

1915.
241.04
$2,926,306
108,927
763,715
58,058
33,745

1914.
236.77
$2,817,271
88,259
643,977
49,796
36,782

$5,170,442
$551,944
360,924
642.166
805,348
268,141
537,455

$3,890,751
$307,737
348,792
397,467
682,598
220,511
415,905

$3,636,085
$358,974
299,389
402,171
652,893

$3,165,978
$2,004,463
$619,520
271,107
450,000

$2,373,010
$1,517,741
$628,309
199,281
450,000

72,670

524,002

$2,237,429
$1,398,656
$606,898
182,364
450,000
Balanco, surplus....
$412,130
$663,836
$240,151
$159,394
N o t e . — Included in operating expenses in 1916 and 1917 is a charge of
$295,000 for depreciation of cars and equipment, against $60,000 in 1915.

31.
1917.
1916.
1917.
§
Liabilities—
S
Cost road & cquip.30,769,722 27,910,259 Common stock..alO ,000,000
Securities owned.. x597,151 1,383,429 Preferred stock__4 ,993,700
Casli dopos. In Lieu
Bonds......... 15 ,075,000
of mtg.prop.sold
64,966
5,000 Accounts, &c..pay­
Subs, to com.stock 899,900
able _______
694,168
188,304
Real estate....
127,675 Accrued, &c., int. 304,629
282,010
Cash.........
214,221 Paving assessm’ts. 103,047
Cash for int. & pf.
Taxes accrued, not
dlvs. Jan. 1___ 240,789
245,433
due........
211,671
Notes receivable..
2,485
11,408 Consumers’depos.
29,365
Accts. receivable. 375,858
236,420 Pref. div. payable
Material & supp.. 926,169
444,099
Jan.1_______
74,859
Cost of re-financ’g 516,523
508,270 Notes payable__
577,051
Miscellaneous___
35,438
46,558 Sundry accounts..
60,866
Depreciation, &c. 1,688,427
Income account..*! 086,533
CONDENSED BA LA N C E SH EET D EC.

A ssets —

Total.......34,899,317 31,127,771

25,080

$23,474
$44,884
$13,212
'%,„dlvld.°,nd 011 company’s common
.$632 paid on stock of Newport News

OF

1917.
246.51
$4,263,961
275,295
1,769,511
14,556
66,285

1916.
S
9,000,000
4,645,500
14,075,000
416,587
297,104
126,910
11,146
69,683
$6*932

1,322,284
1,106,624

Total...... .34,899,317 31,127,771

a Includos $999,900 subscribed for but unissued, x Includes $559 650
U. S. certfs. of indebtedness and Liborty bonds. * In 1917, after deduct­
ing $350,000 provision for depreciation of road and equipment in addition
to $295,000 included In operating expenses, $11,076 provision for injuries
and damages; adjustment of taxes for year 1916, $20,546; contingencies.
$20,021; doubtful accounts receivable, $13,559; written off and miscel­
laneous, $61.674.— V. 106, p. 2011. 608.

Augusta-Aiken Railway & Electric Corporation.
{Report fo r Fiscal Year ending D ec. 31 1917.)

Pres. F . Q . Brown, N . Y . , M a y 1, wrote in substance:

R e s u lts . — Gross earnings from all sources amounted to $925 524 operating
expenses and taxes aggregated $523,100; and net earnings from operation
were $402,424. Interest on bonds required $330,689 and other interest
and amortization of debt, discount and expenses $9,781. The surplus
available for sinking fund, replacements and renewals, depreciation and
other financial requirements amounted to $61,954.
Earning in tho electric department increased $68,777 or 17.4% and
expenses $31,159 or 24.4%. Railway earnings increased $75,797 or 20%
and expenses $62,798 or 27.9%. Miscellaneous earnings decreased $57 506
duo to salo of tho hotel and land properties, and expenses decreased $14 177
Railway earnings for the first six months of 1917 were about the same
as in 1916, but during the remainder of the year were approximately $74 000
greator. This increase was attributable to the establishment of an armv
training camp (Camp Hancock) within two miles of Augusta. Of the total
increase in railway operating expenses approximately S37.000 was due to
the Incroase In wages and cost of materials and supplies, and about $25 000
was duo to extra service for the army camp. This additional business
apparently resulted in net earnings of $50,000.
P o w e r C o n tr a c ts . — Contracts closed during the year added 7,916 h. p.
additional to the connected power load on the Savannah River plant of
Northern Ohio Traction & Light Company.
which only 1,520 h. p. was actually being supplied up to Dec. 31 1917
Presently when this total additional load is all connected, the available
{Report fo r Fiscal Year ending Dec. 31 1917.)
primary power output of the hydro-electric plant will bo substantially
President B . C . Cobb, Jan. 22, wroto in substance:
sold out, and the earnings from this source during the current year wii
bo materially increased. Returns from lighting and small power customers
R e s u lts . — Tho year 1917 was ono of many difficulties. Tho coal shortago
particularly has hampered the operation of our power plants, and tho in­ in 1917 were satisfactory, showing an incroase of $28,697.
E x p e n s e s . — Operating expenses in both departments were abnormally
creased cost, regardless of quality, lias boon very groat. W o aro hopoful
of obtaining bettor coal servico during tho coming year. Some increases high on account of constantly increasing wages, and tho excessive cost of
in intorurban faros and electric power rates wero placed In offcct during tho all supplies, &c. Under a ruling of the I.-S. C. Commission $16,353.
covering firo loss in 1916, was charged into the oper. expenses for 1917
C a p ita l O u tla y . — All expenditures for construction not absolutely essential
wero kept at a minimum, but to provide transportation and lighting facilities
for C a m p Hancock cost us $53,435, and lino extensions and transformers
against $208,141. wliilo depreciation in both years stood at $295,000. to connect new business cost $34,254. Tho total amount chargeable to
After deducting theso and also all mcoino charges ($632,069 against $019,­ capital was $117,840 and for maintenance $149,154.
B o n d s . — During the year issue of $123,000 5 % Sinking Fund Gold bonds,
520),
tho >
balance
available
for
dividends
was
$1,180,078,
contrasting- with
O1 O
O
.l It 4
)
It., l!.. ..f ..rw
.io,*:>
n
vA
V
IV
tncn tit iV
ltm
-L
t nnxnl..
It.
.
.
held in the treasury, was rescinded, and a like amount of cash was received

A d d it i o n s a n d I m p r o v e m e n t s . — Ihe expenditures for additions and im­
provements mado during tho year aggregated $2,977,186, including; Track,
roadway and structures, $855,657; power houses, sub-stations and equip­
ment, $1,225,829; cars and equipment, $461,243; commercial light and
powor distribution, $328,074; miscellaneous, $106,384.
Approximately 0.23 miles of track wero renewed with heavier rail laid
in tho caso of city linos on steel ties with concrote baso.
R o llin g S to ck . — The following new equipment was placed In operation on
tlio systoin: 41 somi-steel pay-enter typo city passongor motor cars; 10
all-steol city passongor trail cars; 1 50-ton locomotive; 3 du m p cars. W o
havo also contracted for 8 steel freight and express cars.
P o w e r S ta tio n s . — Tho increase in output of power was 29%.
In 1916 we
wero installing two 20,000 k.w. turbo-gonerators. The first of theso bogan
operating to its capacity late In Sept. 1917. The socond unit is oxpoctod
to be in operation by M a y 1 1918.
1917.
1916.
P er
P o w e r O u tp u t—

K .W .I I .

K .W .I I .

C e n t.

Gorgo stoam powor plant........ 150.204,576 110,669,060 Inc. 35.72
Canton steam power plant....... 16,952,574
17,220,437 Dec. 1.55
Hydro-electric plant... ......... 0,784,400
0,949,400 Doc. 2.37
Powor purchased--------------432,340 .................. .
Total...................................................174,373,890




134.838,897 Inc. 29.32

The balanco sheet shows rather a notable decrease in bills payable and
improved collection of accounts receivable.
O u tlo o k . — General business in Augusta, particularly with the retail
merchants, is the best even known, due largely to the proximity of C a m p
Hancock and also to the fact that cotton last year brought high prices and
was abundant.
.
1917.
$925,524
523.100

1916.
$838,456
431,721

1915.
$732,990
381,255

31.
1914.
$738,374
393.886

Net earnings_______
$402,424
Int. on Aug. Ry. & El.
Co. 1st 5s_________ '
$46,239
Corp. 5s__________
146,950
Ga.-Caro. Pow.Co.5s..
137,500
Int. on floating debt__
7,832
Discount and expenses _
1,950
Prof. divs. (Aug.-Aik.
Ry. & El. Corp.)___

$406,735

$351,735

$344,487

$46,251
149,241
137,500
15,682

$46,667
151.000
137,500
13.401

$48,467
150,367
68.750
8,839

$58,061

$3,167

C O N S O L ID A T E D IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C .

Gross eamgs. (allsources)
Oper. expenses & taxes.

Net surplus_________

$61,954

(3)45.000
$23,064

[Vol. 106.

THE CHRONICLE

2118
C O N S O L ID A T E D

1917.
$

31.
1916.
1917.
S
S
Common stock__ 2.250.000 2.250.000
Pref. 6% cum___ 2.250.000 2.250.000
Aug.-Aiken Ily. A
Elec. sk. fd. 5s. 2.939.000 2.979.000
Augusta Ry. & El.
920,000
Co. 1st M. 5s.. 912,000
Ga.-Caro. Pow.Co.
1st s. f. 5s____ 2.750.000 2.750.000
268,700
191,863
llllls payable........
Notes A accounts
133,332
126,397
payable, &c___
388,682
397,590
Reserves.............
169,481
194,118
Surplus________

BALANCE

1916.
$

A ssets —
Property, plants,
franchises, & c ..11,729,740 11 ,636,144
58,274
Materials & supp.
85,684
Accts. & bills rcc.,
291,744
110,847
less reserve___
22,479
16,274
Cash............... .
Notes receivable
4,274
600
(discounted) . . .
Unamortlzed debt
59,762
31,895
discount, &c__
35,860
Miscellaneous___
33,164
659
Cash for sink, fund
2,765

Total___ ____ 12,010,969 12,109,195
— V. 106, p. 2010, 1343.

SHEET DEC.

Liabilities —

Total............... 12,010,969 12,109,195

Spokane & Inland Empire Railroad.
(11 lh Annual Report— Year ended D ec. 31 1917.)
Pres. L . C . Gilman, Portland, Ore., M ar. 3 , wrote in sub.:
R e s u lts . — The freight earnings on the interurban lines show a decrease of
$42,098, or 12.0%, urnlOr 1916. Tho interurban passenger earnings also
show a decrease amounting to $5,502, or 1.6%.
Tho decreaso in interurban freight earnings is duo almost entirely to tho
poor grain crop harvested this season from tho country tributary to our
fines, caused by the unusual condition of a late, cold spring and a hot, dry
summer. Tho grain traffic handled this season was approximately 819,747
bushels, against 1,390,168 bushels for last season. On Jan. 1 1918, when
tho accounts were closed, there was 34.4% of tho grain crop in tho ware­
houses still to bo moved. During tho latter half of 1917 tho shipmont o
lumber was seriously curtailed by tho car shortage brought on by tho war
Automobile competition obtains to about tho samo extent as stated in
tho last annual roport. Our revenuo from street car linos in tho city of
Spokane shows an Increase of $4,542, or 1% . The incroaso in rovonuo from
“other sources” amounts to $28,022, or 40.7%, due largely to rental re­
ceived from equipment being held by foreign linos.
Operating expenses show a substantial incroaso in ovory department,
except cost of power. As tho contract with tho Washington Water Power
Co. has oxpired, wo are now operating entirely with our own power.
Tho Adamson Law forcod heavy increases in wage schedules of motormen and trainmen and it has been necessary to mako voluntary increases
in tho compensation of other employees. Largo advances in the cost of
material have occurred. These conditions have necessarily greatly in­
creased the cost of operation, maintenance and betterment.
P o w e r . — Our power plant at Nino Milo, on tho Spokano River, with a
maximum capacity of 20,000 h. p. and a continuous capacity of 15,000 h. p.,
is furnishing all tho power for operating tho company’s linos, as well as
commercial powor for manufacturing, Irrigating and lighting purposes In
Spokano and vicinity.
, ,
.. ,
A d d it i o n s a n d B e tte rm e n ts . — Tho items charged to capital account during
tho past year compriso mostly expenditures for bridgos, trestles and cul­
verts, including tho completion of tho Rock Creek trestlo and rebuilding
Bridgo No. 1-3, first crossing of tho Spokane River in tho City of Spokano.
(Extensive tie-renewals also were made.)
B o n d s . — $86,500 bonds have been retired during tho past year.
O u tlo o k . — Tho territory served by tho intorurban lines lias a bottor crop
prospoct than last year, and there is also a good prospect of a heavy movomont of lumber during tho coming season, provided tho necessary supply
of equipment Is available.
„
. ,
.
At tho time of writing this roport tho policy of tho Government in refer­
ence to taking over short lines for operation has not been fully determined,
but It now seems probable that this property will bo oporated during tho
war and for a certain period thereafter under Government control.
IN C O M E A C C O U N T .
—Y e a r s e n d . D e c . 31—

now special work layout at 15th St. and N o w York Avo. was completed
at a cost of over $56,000.
V a lu a tio n . — Tho hearing for tho prosontation of argument by counsel
has been postponed from timo to time. With this oxception, tho hearings
in tho mattor of valuation have been completed.
W a s h in g to n & M a r y la n d R a ilw a y L i n e . — Tho operation of tho Washington
and Maryland Railway lino, provided for in agreement entered into iato in
December 1916 has been delayed by tho failure of that company to com­
plete Its extension in Tacoma.
O P E R A T IO N S A N D

F IS C A L

RESULTS.

1914.
1915.
1917.
1916.
8,180,797
7,812,728
Car mileage... ...... 7,871,530
7,769,389
Revenue passengers,No. 64,285,993 53,482,546 51,003,735 52,227,070
Transfer passengers,No. 19,412,983 16,487,820 17,180,921 17,452,370
Gross earnings________$2,783,538 $2,289,251 $2,206,494 $2,255,992
$137,336
$102,631
Maintenance of way,&c. $199,479
$167,755
88,795
119,817
154,646
99,350
Maint. of equipment__
156,865
167,515
Operation of power plant
297,092
190,367
596.461
671,614
Transportation_______
664,485
691,278
170,735
190,707
General, miscell., &c__
217,627
188,662
Total oper. expenses. $1,533,329 $1,237,410 $1,152,284 $1,150,192
$1,051,841 $1,054,210 $1,105,800
Net earns, from oper__ $1,250,209
6,532
17,146
8,928
Other income________
16,262
$1,060,742 $1,122,946
$1,060,769
Total net income___ $1,266,471
$142,108
$135,800
$142,813
Taxes..............
$186,283
283,711
281,368
281,779
Interest, &c_________
283,658
Dividends_________x(6K)750,000 _ (5)600,000 (5)600,000 (5H) 660,000
Total.... ......... $1,219,941 $1,024,592 $1,017,168 $1,085,819
$43,574
$37,127
Balance____________
$46,530
$36,177
x Extra dividend of l \ i % paid Dec. 20 1917 (V. 105, p. 2183).
B A L A N C E S H E E T D E C . 31.
1917.
1916.
1916.
1917.
L iabilities —
S
S
A ssets —
S
S
12,000,000
Road, equip., Ac. 17,939,351 17,709,945 Capital stock_12,000,000
Funded debt. 5,600,000
5,006,000
Cash for accr.taxcs
8,924
8,527
313,8S3 Accts.Awagcs pay.
Insur., Int., Ac. 413,170
84,587 Mat. Int. A dlvs.
f>0,939
Cash In bank____
Unpaid___ 211,178
193,744
124,792
61,695
Material A supp..
23,358
23,358
131,100 Acer. Int. not duo.
79,422
Notes A accts. rec.
30,850
31,725
Miscellaneous___
88,782
300 Tickets.................
84,669 Duo doprcc. rcs.on
Unadj. accts., Ac.
81,890
acct. temp. adv. n88,002
180,000
Liberty bonds___
3,713
11,489
181,205 Deferred liabilities
*150
Deferred assets...
Insurance reserve. 194,1501
Accrued doprcc’n. 328,941) 471,033
Other unadj. crcd. 137,832)
284,208
329,547
Profit and loss__
Total............... 18,908,490 18,030,684
Total............... 18,908,496 18,630,6S4
* Includes in 1917 insurance reservo fund, $194,150 loss $194,000 Invest­
ment in O. T. Co. 5 % bonds. Tho insurance reservo fund consists of $194,000
of tho company’s bonds, purchased and paid for out of said fund and in
addition $150 cash deposited in bank.
a Duo depreciation reserve fund on account of temporary advances to
road and equipment account, and duo depreciation reservo fund on account
of accrued interest (Liberty Bond Loan).— V. 106, p. 1460, 497.

Tide Water Oil Company.
(29//i Annual Report— Year ending D ec. 31 1917.)
On subsequent pages will bo found tho company’s annual
report for tho calendar year 1917, including tho remarks of
President It. D . Benson, and tho income and surplus accounts
and balance sheets for tho Iato fiscal year, both for tho com­
pany itself and for tho co. and its subsidiaries combined.

— Y e a r s e n d . J u n e 30—
1915.
1916.
1916.
1917. _
O p e ra tin g R ev e n u es —
$270,127 O P E R A T I O N S O F C R U D E O I L R E F I N E R Y A N D A V E R A G E P R I C E S
$303,684
$350,045
$307,947
Freight
__________
R E C E IV E D P E R B A R R E L .
401,644
354,526
357,860
352,298
Passenger__________
498,977
470,884
465,170
469,713
Street railway system. _
- C r u d e O il P r o d u c tio n (b b ls .).- A n . P r ic e p e r B B l.
72,577
64,741
68,930
96,952
Other revenuo_______
1917.
1916.
1917.
1916.
Pennsylvania........ ..1,261,063.55
1,606,213.28
$3 75
$2 85
Total oper. rovonue.. $1,226,910 $1,242,005 $1,193,835 $1,243,325 Illinois...............
1,281,350.42
1,090,222.35
2
12
1 62
O p e ra tin g E x p e n s e s —
1,218,743.44
2 00
1 40
$239,443 Oklahoma............ 1,455,308.12
$220,867
$293,595
$296,539
W a y and structures___
195,378
201,077
254,557
295,470
Equipment_________
Total.............
3,997,722.09
3,915,179.07
...........
119,015
119,240
100,778
44,534
Power .
________
368,140 T I D E W A T E R O I L C O . I N C O M E A C C O U N T F O R C A L E N D A R Y E A R S .
348,292
354,246
384,075
Transportation_______
16,624
18,937
17,120
17,836
Traffic.............
1917.
1910.
1916.
1917.
126,370
129,987
117,014
119,411
General, &c_________
S
S
S
$
Total oper. expenses. $1,157,865 $1,137,311 $1,036,036 $1,067,284 Gross sales........ 22,959,630 17,009,363 Net lncomo.......... 3,058,309 3,043,294
010,073
Depreciation____
530,440
Cost
of
sales—
$176,041
S
157,799
$104,694
$69,045
Not earnings.. _____
Crudo stocks
152.280
132,615
117,825
86,690
Auxiliary oper. (net)—
Balance........... 3,048,230 2,512,849
12,726,343 9,975,598
$328,321
$290,414
$222,519
$155,735
Net oper. rovonuo__
2,884,689 1,687,573 Dlvs. from sub.cos 3,938,215 2,970,496
121,403
150,000
113,356
121,468
Taxes accrued_______
Total............... 0,980,451 5,489,345
ers A merch’g
$178,321
$169,011
$109,162
$34,267
Operating income___
2,417,731 2,144,416 Dlvs. declared.(19)0,000,656(10)2050000
expense
2,456
4,478
4,616
4,668
Other incoino_______
4,930,873 3,201,776
$180,777
Balanco, surplus 9A5.795 2,839,345
$173,489
$113,778
$38,935
Gross lncomo______
Previous surplus..11,413,440 *1,245,345
D e d u c tio n s —
$235,239
$232,015
$230,204
$225,759
Int. on funded debt--231,225
Total...............12,339,235 4,084,690
242,255
243,365
271,355
Int. on unfunded debt..
337,437 Add-Incr's'd val’n
2,108
582
519,418
162
3,823
Miscellaneous________
of stocks of sub­
$468,571
$474,853
$473,731
S500.937
Total deductions___
sidiary cos____
_____ 7,328,750
5,450,291 3,539,214
$287,794
$301,364
$359,953
$462,002
Balanco, deficit-----Total.............12,339,235 11,413,440
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31.
271,042 Com. dlv. paid In
1,029,786
1917.
1916.
1917.
1916.
224,877
stock (10% )... 2,900,000
..........
762,196
Federal taxes___
Liabilities—
S
S
A ssets —
$
$
10,000,000
Road & equlpm't.25,616,536 25,618,938 Common stock_10,000,000
Tot.sur.Dco.31_ 9,439,235 11,413,44
3,658,309 3,013,294
20,204 Preferred rights.. 6,397,700 6,397,700
20,097
Sinking funds, Ac.
* Denotes dividend paid Jan. 2 1916, deducted.
4,604,000
96,285 Funded debt_ 4,439,000
96,285
Stock.
105,379 Non-negot. debt to
105,379
Notes.
T I D E W A T E R O I L C O . B A L A N C E S H E E T D E C E M B E R 31.
affiliated cos.:
4,922
6,706
Advances.
1917.
1910.
1917.
1910.
4,467,860
Notes____ 5,668,253
26,569
116,773
Cash....................
Liabilities —
.8
8
A ssets —
S
S
315,255
Open accounts .
20
1,883
Loans & notes ree.
Capital
stock___
31,900,000
29,000,000
Property
A
equlp't
8,108,505
7,278,320
467,953
Interest
accrued
165,324
54,463
76,193
Mlsc. accts’ recelv
Reservo
for
flro
Stocks
of
sub.
cos.20,079,137
20,300,299
27,623
166,292 Loans & notes pay 291,676
Material & supp.. 203,962
losses........... .
300,000
240,000
523,000
146,596 Liberty bonds___
6,521 Accounts & wages. 156,335
2,577
Other ctirr. assets.
255,857 Dividend payablo
23,130 Other Investments 252,002
Miscellaneous___
41,813
348
Deferred assets__
Jan. 2 1917......................
870,000
37,136 Short-termsecurs. 3,673,089
Accrued Int., &c_.
36,548
Prepaid rents and
947,019 1,720,415 Current accounts
20,745 Cash.................
44,037
954 Unadj. credits, &c.
5,966
insur. premiums
payablo
...........
372,209
405,555
Accts.
A
notes
rec.
2,352,413
1,855,277
89,353
110,146
5,916 Tax liability____
17,007
Otli. unadj. debits
700,300
115,469
724,945 Finished,Ac..prod. 3,041,392 2,996,341 Accrued taxes___
Profit and loss___ 1,890,817 1,230,780 Accrued dcprec’n. 822,314
390,179 Surplus as por In14,950 Crude oil stocks.. 478,551
Corporate surplus.
17,383
coino aco’t abovo 9,439,235 11,413,440
Supplies A mater. 1,772,208 1,041,697
Total...............28,190,529 27,337,245 Due from sub. cos. 1,150,537 0,027,537
Total...............28,190,529 27,337,245
Total (each sIdo)42,711,744 42,044,404
118-.542
Deferred Items__
273,771
—V. 106, p. 500.

Capital Traction Co., Washington, D. C.
(Report for Fiscal Year ending D ec. 31 1917.)
Tho annual report, signed by Pres. Goorgo E . Hamilton
and the directors, says in substance:
R e s u lts . — The increase in receipts duo to the largo growth of tho popula­
tion of tho District of Columbia incident to tho war; tho growth in operating
costs, largely augmented by tho abnormal incroaso in tho costs of labor,
material and supplies, especially of coal; tho difficulty of obtaining sufficient
labor, oven at tho higher rato of wages paid; tho stress and strain of meeting
traffic conditions created and mado difficult by tho suddon Influx of popula­
tion, all unito in making 1917 a record year.
.......
Tho gross revenue increased $501,621 over 1916, which has been absorbed
as follows: (1) $295,919 by increase in the cost of operation Including for
labor and material an additional $191,964, and depreciation reservo
$102,954: (2) an Increase of $43,470 in taxes; (3) $150,000 In extra dividends
paid to the stockholders; (4) $46,530 carriod to surplus.
E x t e n s i o n s . — Tho extension of our tracks on 18th and 19th Streets and
Virginia Avo. was begun iato in tho year. Tho Installation of a compieto




C O N S O L ID A T E D

IN C O M E A C C O U N T FOR C A L E N D A R

YEARS.

1917.
1916.
Total volume of business dono by tho TIdo Water
Oil Co. and its sub. cos., as represented by their
combined gross sales and earnings, oxcluslvo of
inter-company salesand transactions_________ $32,811,473 $28,020,805
Total expenses, incident to operations, Iticl. repairs,
maint., peasions, royalties, administration, &c.;
insurance and all other charges____________ 17,667,4881 12,139,413
Federal taxes_____________________________ 2,245,832/
Net earnings.......
.................. $12,898,152 $15,881,391
lncomo from Investments___________________
161,521
---Total income............................$13,059,673 $15,881,391
Depreciation_____________________________
3,684,950 3,886,990
Net Income for calendar year______________ $9,374,723 $11,994,401
Less— Outside stockholders* proportion_______
520,683
971,693
x TIdo Water Oil Co. stockholders’ proportion__ $8,854,040 $11,022,708

1917.
Tide Water Oil Co. stockholders’proportion of net income (see
above) for calendar year 1917------------------------- $8,854,040
Previous surplus Jan. 1 1917, carried forward-------------- i3,023,617

C O N S O L ID A T E D P R O F IT A N D LO SS A C C O U N T FOR C A L . Y E A R

Total available for cash and stock dividends------------ $21,877,657
Cash dividends— March 1917 (2%), $037,888; Juno (7%), $2,­
232,854; Sept. (5%), $ ,594,950; and Dec. (5%), $1,594,950;
6,060,656
2,900,000
Dividend paid in stock (10%) Feb. 1917.
Total surplus Dec. 31 1917, as per balanco sheet below_____$12,917,001
xNET

E A R N I N O S O F T I D E W A T E R O IL C O . A N D S U B S I D I A R Y COS.

C a le n d a r Y e a r s —
1917.
Tide Water Oil C o _________ ____ $3,048,236
aTho Tide Water Pipe Co.,Ltd---- 1,524,020
aAssociatcd Producers C o ------ __ b2,020,846
aTldal (formerly Okla) Oil C o ----- 2,267,650
aOther subsidiaries______________ loss 6,711

1916.
$2,512,849
1,639,865
74(5,456
5,664,145
459,393

Total (as above).............. $8,854,040 $11,022,708

1915.
*$481,647
1,406,293
525,197
1,285,267
922,550
$4,620,953

* Exclusive of dividends of subsidiary companies included in 1915 report,
a Proportion due outside stockholders deducted, b Includes in 1917
$1 ,374,475 appreciation by adjustment of excess depreciation in prior years.
C O N S O L . B A L A N C E S H E E T D E C . 31 ( .I N C L U D I N G S U B S I D I A R I E S ) ,
( F o r d e ta ils o f 1917 b a la n c e s h eet s e e a s u b s e q u e n t p a g e . )
1917.
1916.
1917.
1916.
Liabilities—
$
S
Assets—
S
S
Prop. & e<iuipm't-31,974,838 26,764,861 Capital s to c k ___ 31,900,000 29,000,000
376,981
Other Investments 775,063
261,550 lies've for fire loss 429,932
Minority Interests
Short-term secure. 3,673,089
........
Cash____________ 1,290,291 1,968,431
In sub. cos____ 1,898,945 1,701,398
Accts. & notes rec- 3,552,303 8,398,159 Deferred assets...
46,027
___
Prepayments____
49,058
77,809 Dlv. pay. Jan.2’ 17
870,000
Crude oil & prod.. 7,281,987 7,564,329 Curr. ace'ts pay’Io 1,190,936 1,576,854
Supplies & mater. 1,966,749 1,415,533 Accrued taxes___ 2,180,536
350,143
Deferred Items.......................
448,321 Surplus as per in­
come acc’t abovel2,917,001 13,023,617
T o ta l................ 50,563,378 46,898,993

T o ta l................ 50,563,378 40,898,993

— V. 106, p. 1143, 507.

Sinclair G u lf C orporation , New Y o rk .
(F i n a n c i a l

S ta te m e n t— Y e a r

2119

THE CHRONICLE

M ay 18 1918.]

e n d in g

D e c . 31

1917.)

31 1917.
Net earnings of sub. cos.— Sinclair Gulf Oil Co. (Jan. 9 to Dec. 31
1917), Freeport & Tampico Fuel Oil Corp. and sub. cos.
(Feb. 21 to Dec. 31 1917), Sinclair Navigation Co. (April 1 to
Dec. 31 1917) and Sinclair Cuba Oil Co. (Oct. 1 to Dec. 31 ’17) $4,710,478
L e s s — General and administrative expense, $113,725; reservo for
taxes, $466,797; int. on bonds and notes, $515,718_______ 1,096,240
IN C O M E A C C O U N T FO R T H E P E R IO D

E N D IN G

DEC.

Balance
............ .... ............. ....... ..$3,614,238
Miscellaneous income_____________________________
93,035

Add—

Total.... ...... ........... ................ ..... $3,707,273
Amount set asido for depreciation and depletion of prop­
erties and for amortization of steamship charters, &c------2,613,996

D ed u ct—

Net incomo, carried to surplus (see balanco sheet below)---- $1,093,277
C O N S O L I D A T E D B A L A N C E S H E E T , D E C . 31 1917.
A s s e t s ( T o t a l $56,154,585)—
Ileal estate, oil and gas leases, oil wells and equipment, refinery,
terminals, tank cars, steamships, steamship charters, & c ___ $49,877,244
Investments in subsidiary companies-------------------598,618
Casli in banks and on hand---------------------------- 2,260,351
Notes and accounts receivable loss reserves for doubtful ac­
1,764,326
counts and claims--------------------------------Inventory— Crudo oil and refined products_______________ 1,211,425
Deferred charges: Prepaid insurance, taxes, interest, &c_____
442,621
L i a b i l i t i e s ( T o t a l $56,154,585)—
Capital stock— Authorized (without par valuo), 1,000,000
shares; issued, 999,567 shares; less with trustee to exchange
for 10-yoar bonds, 276,415 shares, and In treasury, 9,300
shares; balanco, 713,852 shares. Valuo of equity of abovo
shares at Dec. 31 1917---- ------ ------- ---- ------- $39,550,366
First lien 10-year convertible 6 % gold bonds (auth., $20,000,­
000), issued, $16,351,000; less redeemed through sinking fund
and retired, $651,000; deposited with trusteo, $745,000; and
in treasury, $4,590,500; balanco--------------------- 10,364,500
Notes and equipment trust certificates issued for property pur­
chased, maturing 1919 and subsequently_____
_
__
311,227
Notes payable, $204,524; accounts payable, $634,092; accrued
taxes, interest, royalties, &c., $824,344_________ ______
1,662,960
Deferred credits— Miscellaneous earnings in suspense______
186,994
Minority stockholders— Freeport & Tampico Fuel Oil Corp__
__
___
307,500
Depletion and depreciation reservo ........... ........ .
2,677,761
Surplus incomo Dec. 31 1917, as abovo__________ ____ __
1,093,277
Contingent liabilities Dec. 31 1917 amounted to $96,750. [Comparo
oarlier financial statement, V. 105, p. 2009.1— V. 106, p. 1040, 506.

Am erican B eet Sugar C o., New Y o rk .
(R e p o r t f o r F is c a l Y e a r e n d in g M a r c h 31 1918.)

(2) E x tr a o r d in a r y C o n d itio n s i n S u g a r T r a d e .— Among the many important
features of tho year, tho most notable were unusual advances in cane raws
and refined, an acute sugar shortago, Government control of the sugar
Industry, tho discontinuance of trading in futures on the N e w York Sugar
Exchange, licensing tho trade, the agreement of tho Beet Sugar Producers
with the Food Administration, establishing, Oct. 1, a beet sugar selling
price of $7 25 per bag seaboard basis; the creation of an International Sugar
Commission and their agreement with a Cuban Commission for the pur­
chase of the new Cuban crop at tho equivalent of about $6 per 100 pounds
N e w York, duty paid; an arrangement with cane refiners for pro rata allot­
ments of raw sugars and fixing their gross profit at $1 30 per 100 pounds.
(3) P r ic e s a n d S tock s o f C a n e S u g a r .— The raw market, which a year ago
had advanced to $5 89 N e w York, duty paid, continued advancing without
important recessions to $7 77 in August. From this point thero were
gradual declines until early January, when the sale of the new Cuban crop
was effected at a price of approximately $6 N e w York. Stocks on hand in
Cuba and Atlantic ports by August were sufficient only for about ten weeks
normal supply, and were further reduced by early October to less than
two weeks' normal supply. Meltings of cane refiners at Atlantic ports
dropped from nearly 300,000 tons in M a y to 198,000 tons in September,
127,000 tons in October, 60,000 tons in November.
Tho cane refined market, which was $8 basis N e w York a year ago,
reached tho high point of $9 15 in August, declining by Oct. 1 to $8 35.
With tho arrival at Atlantic ports of new raws in January 1918, cane re­
fined declined to $7 45 basis.
'
(4) P r ic e s o f B eet S u g a r .— California beet producers entered the market
in July with new crop sugars at $7 65 per bag basis, advancing to $7 90
per bag, which price held until Oct. 1, when the new agreed price of $7 25
per bag became effective. Tho country was then.practically divided into
two price zones, viz., Illinois and West with Western beet and Western
cane at $7 25 per bag basis, advancing in December to $7 35 per bag; East
and South with Eastern and Southern cane $8 35 basis, declining in D e ­
cember to $8 15. As the Michigan and Ohio beet factories came into opera­
tion in October and November, tho beet zone was extended to Pittsburgh
and Buffalo. When, with tho arrival at Atlantic ports of new raws in
January, cane refined declined to $7 45 basis, beet refined was simul­
taneously advanced to $7 45 per bag, thus placing the entire country on
the same basis for both sugars.
Throughout the critical period of acute shortage, the domestic beet
sugar industry has played an important part, not alone in being practically
tho only distributor at times in a wide territory, but also in assisting the
Government towards establishing reasonable prices and effecting an
cquitablo distribution. With the close of this fiscal year, the country
generally is provided with fair supplies of sugar.
O p e ra tin g C o s ts .— Receipts from sugar decreased $2,386,748; expenses
increased $848,964; receipts per bag of sugar increased 87 cts., but expenses
per bag increased $ 1 97, so that net earnings per bag decreased $ 1 10 .
The average cast of sugar sold, including freight and other selling expenses,
was $6 21 per bag of 100 lbs., as against $4 24 per bag last year.
The increase in expense of $1 97 per bag is accounted for as follows;
Factory cost (beets, labor and supplies) increased $1 04; selling expenses
decreased 6 cts.; depreciation factory buildings and equipment increased
20 cts.; factory, corporate and Government taxes increased 70 cts.; ad­
ministrative and other expenses increased 9 cts.
Tho net earnings amounted to $1 51 per bag and, including the profit
from pulp sales and from other sources, amounted to $1 92, compared
with $2 SO last year.
T a x e s .— Charges for taxes amount to $1,399,965, compared with $342,­
115 in 1916-17, an increase of $1,057,849, which is due principally to the
increase in Government tax on net incomes and its war tax on profits.
R eserv e f o r W o r k in g C a p ita l a n d S u r p lu s .— This item March 31 1918
included: Reserve for working capital, $4,247,602; profit and loss, sur­
plus, $1,642,385; total, $5,889,987. Of this sum there is permanently
Invested in current and other operations, varying moro or lass with each
campaign, $2,898,666, making net liquid assets of $2,991,320.
O u tlook f o r N e w C r o p .— In tho 1918-19 campaign the company pill farm
16,600 acres, and 15,944 acras pill be farmed by tenants. There will be
11,668 acres planted to beets; 11,087 acres planted to alfalfa and other hay
crops, and 9,789 acres planted to barley, wheat, oats and other grain crops.
In Colorado and Nebraska tho acreage has been fairly maintained.
In California the contracted acreage is 20,519 acres less than was har­
vested last year, and the smallest since 1907, when there were 17,843 acres.
This decline is chiefly due to one of the most serious droughts in the history
of tho States, a drought not broken until March, when it was too late for
many beet lands to bo planted with any prospect of a profitable crop.
Tho decline was also due in part to (1) discouragement caused by partial
crop failure in 1917; (2 ) the competition of high prices for unregulated
farm products, as against tho usual price that could be paid for beets with a
regulated sugar price. The latter causes will apply to Colorado as well as
to California, and while in Colorado the decline is comparatively light, there
will bo no more beets than the Rocky Ford factory can economically slice,
and tho Las Animas factory will not operate. For similar reasons in Cali­
fornia, tho Chino factory will not operate, so that all beets secured there will
go to Oxnard.
O P E R A T I O N S F O R Y E A R S E N D I N G M A R C H 31.
1917-18.
1916-17.
1915-16.
1914-15.
2,155.963
1,752.662
1,710,995
Production (bags).... 1,686,544
1,629,298
2,186,067
1,904,332
1,763,765
Sales (bags)_________
Average cost per bag__
$6.21
$4.24
*$3.95
*$3.90
Unsold Mar. 31 (bags)..
334,346
277,100
307,204
458,874
I N C O M E A C C O U N T F O R Y E A R S E N D I N G M A R C H 31.
1914-15.
1917-18.
1916-17.
1915-16.
Gross sugar sales.....$12,584,367 $14,971,116 $10,479,293 $8,304,423
Exp6TlSCS~~~m

Factory cost of sugar sold $7,117,276
Selling exp. (freight, dis­
count, &c.)_______
877,775
Administration, int., &c.
394,102
Depreciation________
327.957
Factory & corp. taxes. - xl,399,965

$7,280,224

$5,894,276

$5,479,898

1,319,870
325,902

1,198,567
*313,125

990,563
*326,507

342,115

113,648

80,677

Total expenses_____$10,117,076 $9,268,112 *$7,519,616 *$6,877,645
$5,703,004 *$2,959,677 *$1,426,778
Net earnings________ S2,467,291
Pres. H . Ilioman Duval, N . Y ., April 27, wroto in subst.:
O ther I n c o m e —
198,023
197,500
124,758
314,324
R e s u lts .— Tho not incomo for tho year after paying 6 % on the preferred, Pulp receipts (net)____
106,852
60,401
26,265
166,161
and 8 % on common stock, was $1,035,188. Adding this amount to tho Int. & discount received
106,164 -Acc’t slightly changedsurplus April 1 1917, $1,254,747, makes a total of $2,889,935. from which Farm & live stk. oper.(net) 157,080
12,634 *def42,748
*23,841
30,332
thero was deducted 31,247,550 as an appropriation for additions and im­ Miscellaneous income..
provements to factories and lands. Tho profit and less surplus April 1
Gross income......$3,135,188
$6,126,677 $3,174,831 $1,601,643
1918 was thereforo $1,642,385.
$300,000
$300,000
$300,000
$300,000
A d d it i o n s a n d I m p r o v e m e n t s .— Tho appropriation of $1,247,550 includes Pref. dividends (6 %)...
$201,395 duo to increased cost of labor and material necessary for con­ C o m m o n dividends._(8%)1,200.000(20)3000 ,000(6%)900.000
tinuation of additions and improvements under way April 1 1917, Of which Purch. Riverside Lands,
328.233
Lamar, Colo_______
___
Grand Island absorbed $122,818. Tho balanco, $1,046,155, is for various
Depos. for retire, of Las
additions and improvements authorized during the year.
Animas Sugar Co.out­
At Oxnard, after experiments during tho last tlireo campaigns, a plant
810,042
standing bonds_____
___
is being erected at an estimated cost of $123,939 to extract from tho Steffens
729,641
176,989
1,243,697
-water (which is now run into tho ocean) potash, ammonia, Ac., tho market Deprecia’n & additions.
valuo of which has advanced so rapidly during tho war. This plant, it is
$476,989
$4,871,930 $2,739,683
Total deductions___ $1,500,000
oxpected, will bo ready for operation when tho factory begins work tho
$435,147 SI,124,654
$1,254,747
coming summer, and it is estimated that tho profit on Its production this Balance, surplus______$1,635,188
campaign will exceed its cost, and that hereafter, even with pcaco prevail­
* These comparisons are somewhat inaccurate, the corresponding figures
ing, tlie valuo of its products will insure continued profitable operation.
The factory management, as a rulo, supplies labor for the beet farmers in having been changed in later years.
all districts. Beet culture requires moro labor than any other agriculture,
B A L A N C E S H E E T M A R C H 31.
and to attract and retain labor 138 adobe houses were erected in Colorado.
1918.
1917.
1918.
1917.
An appropriation of $100,000 has now been mado to provido 63 houses in
L iabilities—
$
$
tho beet-growing districts contributary to the Oxnard plant in California.
Assets —
S
5
Common stock__ 15,000,000 15,000,000
Factories, lands,
M a r k e t R e tic le — (1) licet S u g a r P r o d u c t i o n .— Notwithstanding the material
equipment, & c.20,000,000 20,000,000 Preferred stock__ 5,000,000 5,000,000
incroaso in tho domestic beet acreage in 1917-18. warranting a sugar esti­
Acc’ts payable__
425,418
532,014
mate of 2 0 ,000,000 bags, unfavorable weather and labor conditions reduced Stocks & secur. of
276,797
other companies 261,350
256,130 Accrued taxes___ 1,327,239
tho actual outturn to 15,276,000 bags— tho smallest since 1914— against
16,400,000 bags in 1916-17. There aro now unsold 3,400,000 bags [of Cash____ _______ 1,702,229 4,835,351 Unpaid dividends. 1,278,383 1,281,552
.......... Unexp'd proceeds
beet sugar, say 100 lbs. to bag) compared with about 2 ,000,000 bags a Sscur.of U.S.Gov. 2,014,900
Las Anim. bds.
43,502
85,211
year ago.
Unsold sugar____ 1,618,247
942,689
983,523
709,981 Deprec. & add’ns. 1,011,306
Tho 1917-18 production of this company was 1,686,544 bags, against Ace’ts & hills re c.. 1,303,876
2,155,963 bags in 1916-17. Thero aro now on hand 334,346 bags, com­ Material & supp.. 2,730,136 1,311,193 Deprec. on equip­
ment, &c______
545,945
264,825
Comm'l live stock 437,916
169,639
pared with 277,100 bags of sugar a year ago.
Work. cap. res’ve. 4,247,602 4,247,602
Tho beet sugar distribution this season has been confined principally Exp. adv. account
campaign______
453,125
701,289 Surplus_________x l ,642,385 1,254,747
to tho territory from Pittsburgh and Buffalo west to tho Pacific Coast;
freo movement was seriously Interfered with for a considerable period by
T o ta l................ 30,521,780 28,926,271
T o ta l.............. .30,521,780 28,926,271
adverso transportation conditions and scarcity of equipment. Some beet
sugars were sont to North Atlantic States to relievo tho acute cane sugar — V. 106. p. 1124, 930.
x See first paragraph of text above
shortago thero.
__




2120

[Vol. 106.

THE CHRONICLE

Burns Bros, of N . J. and Burns Bros, of N . Y.
(Financial Report for Fiscal Year ending March 31 1918.)

Ernst & Ernst, public accountants, M a y 10 report:
The net profit for the year applicable to dividends amounted to $1,449,­
833 aftor providing for depreciation and all charge? applicable to operations
for the year, including war excess profit and income taxes $406,043.
C O N S O L ID A T E D I N C O M E A C C O U N T (I N C L . N . Y . A N D

N . J . C O S .).

M a r c h 31 Y e a r s —
1917-18.
1916-17.
1915-16.
1914-15.
Tonnage sold_______ Not stated
3,009,632 Not stated Not stated
Net sales___ T_______ $20,984,483 $15,235,910 $12,339,252 SI 1,844,723
•Cost of sales (incl. oper.
exp. and depreciation) 18,373,8101 14,314,5361
f 11,058,146
Gen. exp., incl. allow, for
1
doubtful accts. & taxes *1,431,545]
Not stated \

Net profits_______ SI,179,128
Other income_______
270,705

$921,374
368,410)

$1,449,833
Total income.....
Pref. (cash) divs. (7%)$114,319
C o m m o n (cash) divs,_(6%)418,394
C o m m o n (stock; divs-(4%)271,300

$1,289,784
x$l20,000
(5)275,000
-,___

I
l
$678,810
$127,156
(5)275,000
_____

$786,577
13,094
§799,671
§133,777
(5)275,000
_____

Balance, surplus....
$645,820
$894,784
$276,654
$390,894
* Includes war excess profits and income taxes, $406,043. x Approx
C O N S O L . B A L A N C E S H E E T M A R . 31 ( .In c l. N . Y . a n d N . J . C o s . ) .
1918.
1918.
1917.
Liabilities—
Assets—
$
S
8
Preferred stock
1,532,200
Real cat., bldgs.,
7 , 146,300
equipment, &e.a3 284,763 2,898,212 Common stock
Res. for com. dlv.
Leases, contracts
and good-will.. 4 887,470 4,887,470 Purch. nton. obllg. 461,500
Accts. payable__ 1 703,344
Invest. In Burns
165,001 Accrued accounts.
Bros. Ice Corp.
29,980
50,902
12,911 Reserves..............
Mlscellaneous___
19,471
b5S,931
Res. for war excess
Liberty bonds___
400,092
profits and Fed.
Cash...................... I ,189,991
Income taxes__
458,702
Notes & accts. rec. 3 ,578,GOO 3,351,879
515,764 Surp for retire’t of
791,445
Invent, (at cos t)..
202,481
179,909
pref. stk. & dlvs. 654,250
Deferrcd assets__
Profit and lo3 3 ...cl 951,334

1917.

$

1,699,900
5.500.000
1.375.000
167,975
1,600,799
39,808
18,344

561,250
1,470,735

Effective Oct. 15 1917, oight of tho vessels woro requisitioned by tho ■
U. S. Government and have since been operated by tho company for
Government account. On Nov. 18 1917 SS. Mariposa, southbound, struck
a reef and as a total loss was abandoned to underwriters.
C o p p e r R iv e r & N o r t h w e s t e r n R y . C o . — Operating incomo $1,210,304
K E N N E C O T T C O P P E R C O R P O R A T IO N — I N C O M E A C C O U N T .

31— M a y 2 7 ' 1 5 to
1916.
D e c . 31 ’ 1 5 .
108,372,785 57,555,183
25.88 cts. 17.996 cts.
1,101,733
591,692
64.48(5 cts. 50.557 cts.

— Y e a r s e n d in g D e c .

1917.
Copper produced (lbs.).... ...... 56,904,650
Average per lb__________________27.015 cts.
Silver produced (oz.)_____________
681,641
Average per oz_________________ 95.848 cts.
I n c o m e A c c o u n t __
Copper revenues______
$15,372,765
Silver rovenues......
653,340

$28,042,396 $10,357,706
710,461
299,142

Total revenues______________ x$16,026,105 $28,752,857 $10,656,848
K r n p n c/)«—

Mining and milling_______________ $1,317,500
Freight to smelter_______________ 1,574,771
Smelting and refining____________
864,657
Selling commission______________
158,635
97,044
Marino insurance_______________
General expense________________
196,302

$1,595,452
2,695,573
1,506,522
287,066
159,451
48,275

$687,979
1,257,863
785,757
105,287
55,890
32,179

Total expenses-................ $4,208,909 $6,292,339 $2,924,954
Net earnings__________
$11,817,196 $22,460,518 $7,731,893
Dividends from Utah Copper C o ____ 7,147,801 4,854,048
Dividends from Alaska SS. C o _____
190,833
941,858
Interest, discount, &c____________
118,635
216,266 deb.29,106
Incomo from mines______________
9,016
79,917
6,717
Grass incomo........
$19,283,481 $28,552,607
D e d u c t io n s —
Bond interest___________________ _______
$300
Int. and commission on notes payable $734,316
_______
Accrued taxes__________________
584,263
580,265
_______
87,419
Administration expenses_________
Depreciation.........
353,446
222,909
Depletion account—
For divs. on capital distribution ($2) 5,574,056
_______
Other depletion_______________
491,980 11,552,539
Dividends (cash)___ _____
10,311,665 15,320,283
Per sharo (cash) dividends paid__
($3.70)
($5.50)

$7,709,504
$350,000
' 185',707

'ebb",666

Total deductions........ ..... $18,049,726 $27,763,715 $1,135,707
T o ta l................ 14,022,031 12,433,810
Balance, surplus............. .
$1,233,755
$788,892 $6,573,797
x Operating rovenues from deliveries of metals produced during the yoar
a After deducting in 1918 $103,410 allowance for depreciation, b After
deducting $126,000 notes payablo. c After deducting $93,000 appropriated and adjustment on deliveries of 1916 production.
for retirement of pref. stock and dividends and $72,221 charges not appli­ I N C O M E A C C O U N T O F S U B S I D I A R Y C O M P A N I E S F O R C A L . Y E A R S .
cable to operations of yoar.
------ A l a s k a S S . C o . --- a C o p p e r R iv .
N . IK. R y .
Accumulated undeclared dividends on tho pref. stock amounted to $17,­
1917.
1916.
1917.
1916.
837 on Mar. 31 1918.— V. 106, p. 1580, 717.
Gross earnings.......$4,018,667 $3,816,087 $2,496,670 $2,911,207
Oper. expenses & taxes. 3,639,143
2,449,420 1,286,366
1,142,536
Kennecott Copper Corporation.
T o ta l................ 14,022.081 12,433,810

( Third Annu al Report— Year ending Dec. 31 1917.)
Pres. Stephen Birch, N . Y . , April 26, wrote in substance:
O p e r a ti o n s . — Ore was mined from our mines at Kennecott and Latoucho
during 1917 as follows:
D r y T on s.

%

A ssa y
C onner.

Tons
C o p p e r C o n te n t.

13./8
36,593.1
Kennecott_________________ 265,579
Latoucho__________________ 273,523
2.44
6,674.0
From tho above tonnage mined, 138,940 tons, containing 40,276.7 net
tons, or 80,553,400 lbs. of copper .were shipped to smelter, divided as follows:
A ssa u

Tons

% C o p p e r . C o p p e r C o n te n t.
89,799 38.57
34,635.2
Kennecott.... ............
Latoucho________________
49,141 11.48
5,641.5
^Comparison of tho copper content of the oro mined with tho content of
tho products shipped gives a metallurgical efficiency of 94.65% at tho
Kennecott plant. A similar comparison at Latoucho gives 8-1.53%. C o m ­
bining results at the two plants the over all efficiency was 93.1%. In
other words, plant losses represented but 6.9% of tho total copper content.
F- M i l l i n g a n d L e a c h i n g . — During the year 206,253 dry tons of oro, aver­
aging 8.92% copper, werejtreated at the Kennecott mill. This tonnage of
oro yielded 29,559 tons of concentrates of an average grade of 53.52%
copper. Tho recovery was 85.98%. At tho ammonia leaching plant at
Kennecott a total of 98,075 dry tons of mill tailings, containing an average
of .96%, or 18 pounds of copper in tho carbonate form, were treated with
a 'resultant recovery of 1,244,200 pounds of copper. Tho total average
milling recovery for the year, incl. leaching plant operations, was 89.4%.
At Latoucho there were milled during tho year 253,805 dry tons of oro
averaging 2.06% copper. Concentrates produced amounted to 29,423 dry
tons, containing 14.20% copper. Tho recovery for tho year was 80.28%.
D e v e l o p m e n t . — Development for tho year totaled 10,770 feet of drifts,
cross-cuts, shafts and raises at Kennecott and 5,320 feet at Latoucho. In
spite of the suspension of all development work during tho summer months,
duo to labor conditions, and a further curtailment later in tho year because
of power shortage, tho copper developed equalled that extracted during
tho year. A total of 14,419 feet of diamond drill exploration was also dono
at tho combined properties with gratifying results.
L a b o r . — On Juno 16 the mon employed at tho Bonanza and Jumbo mines
at Kennecott, Alaska, went out on strike for an increase in wages, with
abandonment of the existing “bonus” provision. By tho end of July some
200 men, most of them unskilled in mining work, had been brought in from
Cordova and Anchorago, and the strike was broken. On Aug. 2 tho strike
was declared off and conditions gradually improved, although tho averago
efficiency was still below normal at tho end of tho year. N o such serious
situation occurred at Latoucho, but tho shortago of labor, particularly
skilled labor, was also felt at this point.
M a n u f a c t u r i n g C o s t . — Thero was received at smelter during tho year,
after allowing for smelter deductions, 78,211,429 lbs. of deliverable refined
copper and 933,573 oz. of sliver. Of these receipts 56,904,650 lbs. of
copper and 681,641 oz. of sliver were settled for during tho year and taken
into profit ami loss, leaving 21,306,779 lbs. of copper and 251.932 oz. of
silver unsettled for Dec. 31 1917, inventoried at cost of production. The
increased cast of all material and supplies, tho higher wago scalo and docreased efficiency in labor have all had a marked effect on tho manufacturing
costs of production. On tho other hand, duo to Governmental action in
fixing tho price of copper at 23.He., tho corporation was unable to realizo
a price for its product commonsurate with the advanced casts.
D i v i d e n d s P a i d — C a p ita l R e q u ir e m e n ts .— On March 31 1917, Juno 30 1917
and Sept. 29 1917 distributions to stockholders amounting to $1 50 per
share each wore made. A special dividond of 20c. per sharo was paid
July 25 1917. Owing primarily to tho groat advanco in prices of all ma­
terial and equipment, and in a lesser degree to increased ocean freights to
Chilo, it is probablo that tho Braden Company, before completion of the
1 0 ,000-ton plant, will be in need of funds beyond current earnings and
finances in hand. The advisability of this corporation conserving, to a
degree, its cash to meet tills contingency, tho constantly increasing casts
in tho properties in Alaska, tho largo amount of cash needful to care for
Federal income and excess profits taxes and tho general uncertainties of tho
futuro, all lod your directors to bolievo that an especially conservative
dividend policy should be pursued, and to that end declarod a distribution
for tho quarter ended Dec. 31 1917 of $1 per sharo.
N o t e I s s u e . — On March 21 1917 tho corporation issued $16,000,000 short­
term notes in order to financo tho purchase of additional shares of tho stock
of tho Utah Copper Co. Of this amount $7,150,000 had been retired,
leaving $8,850,000 out at Dec. 31 1917 (V. 104, p. 1148: V. 105, p. 1621).
-■*S toc k A c q u i s i t i o n . — During tho year i82,000 shares of Utah Copper Co.
stock wore purchased, making our total holdings 616,504shares out of a total
of 1,624,490 shares outstanding (V. 104, p. 1148; V. 106, p. 1904).
Thoro woro also acquired during tho year 1,041 additional shares of
Braden Coppor Mines Co. stock through tho lssuanco of Kennecott Copper
Corporation stock in exchango therefor at tho rate of 1 sharo of Kennecott
stock for 3 H shares of Braden stock. Tho corporation owned Dec. 31
1917 2,585,691 shares out of a total outstanding Issue of 2,590,706 shares.
A l a s k a S te a m s h i p C o . — Net oaruings for tho year, aftor depreciation of
vassels and deduction of taxes and all other charges, amounted to $743,023.
Quarterly dividends of 1H % each wore paid and in addition a spocial divi­
dend of 2 % was declared and paid in December, making total 8 %.




D r y T on s.

Net earnings.......
Depreciation________
Dividends (8 % ) ......

$979,524 $1,366,667 $1,210,304 $1,768,670
$236,501
$155,345
_______
_______
360,000
*240,000
..... ............

Balance, surplus____
$383,023
$971,322
* On Dec. 30 1915 paid an extra stock dividond of 50%. $1,500,000.
a This company on Dec. 31 1917 has outstanding $23,020,600 1st M . bds.
For Braden Copper Mines Co. soo separata statement herewith.
K E N N E C O T T C O P P E R C O R P O R A T I O N — B A L A N C E S H E E T D E C . 31.
1917.
Assets—
S
Mining property*27,002,050
Construction &
equipment__ h 1,625,555
Investments ..xl02,568,396
Metals on hand
& in transit at
cost__________ 1,619,441
Ore and concentrates(at cost).
112,292
Mater’l on hand
and In transit766,030
Acc'ts collectible 3,342,400
Deferred acc'ts.
56,483
Markct’lo secur. 1,359,236
C a sh ................ 4,024,915

1917.
1916.
1916.
Liabilities—
§
$
S
17,578,355 Stock (outstand­
ing in 1917, 2,­
1,071,160 787,027 shares
84,806,252 without par or
nominal value);
stated capital. 15,000,000 15,000,000
9,648,513 Capital surp.y. 80,703,085 86,687,146
Property surp..y21,421,922
137,089 Notes payable.. 8,850,000
Acc’ts payable.
187,197
162,830
438,397 Accr.lnt.* taxes
668,8461
024,108
1,893,105 Deferred liabil..
61,710/
30,073 Treat’t, refining
2,970,000 & dellv.charges
4,117,934 (not duo)........
590,660
924,154
Devclop’t rcs'vo
437,411
396,927
Undlv. prof.(aft.
depletion)___ 8,596,444 zl.8,915,228

T o ta l............ 142,476,797 122,750,877

T o ta l............ 142,470,797 122,750,877

* In 1917 net book value aftor doplotion deduction. Ii After deducting
in 1917 $745,694 depreciation, x Includes in 1917 616,504 shs. Utah Cop­
per Co. stock, valued at $51,994,081; 2,565.691 shs. Braden Copper Mines
Co. par $10, $39,472,813; $23,020,000 par C. R. & N. W. By. Co. bonds,
$8,653,608; 48,174 shs. O. It. & N. W. Ry. Co. stock, *$123,854H shs.;
Alaska SS. Co. stock, $2,385,412; 500 shs. Katalia Co. stock, $57,459, and
10 shs. Alaska Dovel. & Mineral Co. stock, $5,021. y Property surplus
from mining property acquired loss capital distribution, z Boforo dcductug in 1916 $11,552,539 depletion.— V. 104, p. 1148, 955.

Pierce Oil Corporation (of Va.), New York.
(Fourth Annu al Report— Year ending D ec. 31 1917.)

Pres. Clay Arthur Piorco, N . Y . , Apr. 11 wrote in subst.:
M e r g e r .—

In December 1917 tho Piorco Oil Con), obtained a license to
transact business in Texas, and on Dec. 31 1917, acquired by purchase
32,378 shares of a total of 36,023 shares of beneficial interest of tho Pierco
Fordyco Oil Association. Since then practically all of tho remaining 3,645
shares of tho Piorco Fordyco Oil Association have been acquired by pur­
chase, and tho legal transfer of tho property is boing consummated.
In this acquisition tho Pierco Oil Corp. received surplus earned by tho
association from its operations amounting to $3,015,373. which togothor
with the earned surplus of tho Piorco Oil Corp. $2,845,36.3 makes a total
earned surplus of tho two companies to Dec. 31 1917 of $5,860,736, all of
which has been put back into tho property.
Tho properties acquired through tho purchaso of tho Pierco Fordyco
Oil Association includo land and recently constructed refineries at Fort
Worth and Texas City, Toxas, and an oight inch pipeline from tho Ilealdton field in Okla. to tho Fort Worth refinery (about 100 miles), which lino
was completed in Dec. 1917, at a cost of approximately $2,000,000. Tho
use of this lino in transporting crude oil from tho Healdton field to'tho
Forth Worth refinery will rasult in a largo saving as compared with tho
provious cost of transporting it.
The business of tho Piorco Fordyco Oil Association which was acquired
in Dec. 1909. from tho then Waters Piorco Oil Co. has always been very
profitable and its acquisition by this corporation will make possible through
consolidation largo economics in operation and management. During tho
year 1917 tho properties of both tlio corporation and tho association were
well maintained and thoir facilities largely increased.
R e f i n e r i e s . — At tho Sand Springs (Okla.) refinery additional crude stills,
steam stills, boilers, tankago and pipelines woro installed which increased
the capacity approximately 30%. A continuous plant for treating gasoline
by an improvod method was Installod eliminating evaporation. The
lubricating oil and wax plant begun In 1916 was completed in Dec. 1917,
and has a capacity to manufacture all of tho lubricating oils and paraffino
wax to supply tho Corporation’s trado in tho United States.
At tho T a m p ic o (M e x i c o ) r e fin e r y two additional 55,000 barrel storago
tanks wereIcrected and four new steam boilers woro installed. Tho gasoline
finishing plant was completed and largely increases tho gasolino capacity.
T h e F o r t W o r t h ( T e x a s ) r e fin e r y was doubled in capacity and a continuous
gasoline treating plant was installed. N e w Installations were made at
the T e x a s C it y r e f i n e r y . Increasing its refined oil, gasoline, lubricating oil
and paraffino wax capacity about 20 %, and a loveo was constructed
around tho entire plant against high water.

M ay 18 1918.]

M a r k e t in g F a c i l it i e s .— Tho corporation purchasod 327 new steel underframo tank cars and 74 auto trucks and automobiles, and tho association
purchased 154 now steel undorframo tank cars, and made material addi­
tions to its auto truck and automobile equipment. Horse drawn equip­
ment, &c., wero also addod to.
M a r i n e D e p a r tm e n t .— Our tank steamer Eupion was continuously in
service between our refinerios and the United Kingdom. Tank steamers
Moxicano and Pennant wero taken under the control of the U. S. Govern­
ment, but have been continued in our service. Our schooner El Gallo
was wrecked near Tampico, Mexico, but the insurance covered tho full
value. Tho motor ship Solarina was purchased and placed in service
between the Tampico, Mexico, refinery and our agencies on the Gulf Coast.
M e x i c o .— During tho year our business In tho Republic of Mexico steadily
improved in volume and profits. All sales were mado on a cash gold and
silver basis. Because of the shortago of locomotives and box cars tho
Constitutionalist railways were unable to handle all of our rail shipments
from tho Tampico refinery; therefore the corporation leased 2 locomotives
and 46 box cars and purchased 12 additional box cars, which together with
our tank car equipment in Mexico meet all present requirements.
P i p e - L i n e s .— The capacity of Tiger pumping station on our (8-inch)
pipo-line botwoen the Sand Springs, Oklahoma, Refinery and the Cushing
riold, Okla. (about 38 miles) was Increased by tho installation of now
pumps. Tho Pierce pipo-line (8-inch) connecting tho association's Fort
Worth (Texas) refinery, with tho Healdton, Okla., field (about 100 miles)
was completed in Dec. 1917 and since then has been In successful operation.
Additional gathering lines wero installed.
E a r n in g s .— The combined trading profits of the Pierce Oil Corp. and
tho Piorco Fordyce Oil Association for the year 1917 wero $3,954,771,
an increase of $317,262 over the calendar year 1916.
C O M B IN E D

P R O F IT A N D

LOSS A C C O U N T FOR C A L E N D A R

YEARS.

( Including P ierce Oil C orporation and P ierce Fordyce Oil A s s ’ n and Subsidiary Co’s .)
-P ie r c e Oil C orp’ n - -P ie r c e -F . Oil A s s ’ n -

— Total A ll C o's—

1917.
1910.
1917.
1916.
1917.
1916.
x T rading Profits —
$
S
S
S
$
S
United States.... 2,183,984 1,717,408 1,013,736 1,243,480 3,197,721 2,960,888
Mexico....... . 757,050 676,621
......... ...
757,050 676,621
2,941,034 2,394,028 1,013,736 1,243,480 3,954,771 3,637,509
Int. earned, Ac--91,588
96,295
36,969
29,456 128,557 125,751
Flood loss res. restored ------25,715
... .
25,715
____
Total incomo... 3,032,622 2,490,323 1,076,421 1,272,936 4,109,043 3,703,200
D ed u ction s—

Int. on floating debt 170,699
Bad debts...... - 82,118
Other charges.... 242,856

58,110
00,491
135,060

109,770
27,190
19,799

88,026
34,598
56,051

280,469 146,742
109,308 95,090
262,655 191,711

Net-income... .2,536,949 2,236,056
P rofit <fc L oss Charges —
Bond deb. & note int. 717,908 733,103
y Depreciation, Ac.. 701,262
70,174
Federal taxes (est.). 60,000
33,000
Federal taxes of pre­
....
vious yoars, adjus. 12,858

.........
232,183
15,129
120,000
21,234

Total deductions. 1,492,088 842,278
Not surplus...... 1,014,861 1,393,778
Surplus Jan. 1 1917.1,800,5021

355,034
36,363 1,847,121 878,641
564,628 1,057,298 1,009,490 2,451,076

919,662 1,093,661 3,456,611 3,329,717

2,851

.....

717,968 733,103
933,445 91,304
180,000 54,234
15,709

....

Surplus Dec. 31 1917 2,845,3631 ...................................
x Sales less producing and marketing expenses, y Depreciation of capital and
working assets Include depletion of oil leases.
C O N S O L I D A T E D B A L A N C E S H E E T , D E C . 31 1917.
P i e r c e O il C o r p . a n d P i e r c e F o r d y c e O il A s s n , a n d S u b . C o s .)
A s s e t s ( T o t a l $46,753,664)—

. (I n c l .

Oil lands, leaseholds and development, pipe lines, Ac. (incl. tho
capital stock and advances to Mexican Fuel Co. and Mid
West Producing Co.)________________________________ $22,438,370
Real estate occupied by refineries and distributing stations___ 2,678,895
Buildings, plant and equipment------------------------7,903,874
Cash, $869,526; notes and accounts receivable, $2,639,766;
total-- -------3,509,292
Inventories of merchandise, materials and supplies..... ....
5,265 825
Tank steamers and barges, $1,790,476; tank cars, $1,991,022;
total----- ----- --- -------- -------------------- . 3,781,498
Stablo and garago equip., $273,455; iron barrels & drums.
$409,238; drilling tools, &c., $61,105___________ _______
743,797
Propaid interest, insur., &c. $394,003; misccll. investments,
$38,109; total----------- ------------------ ------432.112
L i a b i l it i e s (T o ta l $46,753,664)—
’A
Capital stock— Auth. 1,320,000 shares of $25 each, $33,000,000,
loss $10 ,000,000 hold for conversion of 10 yr. 6 % debentures, •
$2,500,000 for 5 yr. 6 % convertible notes and $3,014,250
missued; balance.... --------.... .... ............ $17,485,750
Capital stock of suo. cos.— 3,645 shares of boneficlal interest of
Pierco Fordyce Oil Assn., which havo option of redemption at
106 In notes and cash or capital stock of a par valuo of
911,250
6 % convertible sinking fund debentures payablo at 105 of face
valuo July 1 1924
- ---.... ........ _.... 9,523,000
6 % 5-year convertible gold notes due Dec. 31 1920___
2 000 000
975,871
Car purchaso obligations deferred.... ....... ...... ....
Pipe lino construction loan _______ _________ __________ 1 000,000
Notos payablo, secured and unsecured, $2,741,412; accounts
payablo and accrued items, $2,612,402................. 6,353,814
Estimated Federal taxes.......-..... .................
180,000
— ........... .....
630,418
Steamship obligations----Surplus— Capital surplus, $5,848,198; surplus as per incomo
account of Pierco Oil Co. abovo, $2,845,363; total....
.
8,693.561
Contingent liabilities— Litigation pending, $50,000.— V. 106, p. 2014,
1905, 196.

Braden Copper Mines Co.— Braden Copper Co.
( Third A nnu al Report— Year ending D ec. 31 1917.)

Pres. William C. Potter, N. Y ., April 26, wrote in subst.:
Revised calculations of tho oro reserves as of Doc. 31 1917, mado by
Fred. Heilman, our consulting mining enginoor, show tho following tonnagos of oro developed and partially developed in tho property149.192.000 tons of positive oro of an average grado of___2.42% copper
90,000,000 tons of probable oro of an average grade of___1.88% copper
239.192.000 tons of an average grado of---------------- 2 .2 1 % copper
Tho not addition to total reserve over the last provious ostimato, mado
Nov. 17 1916, after allowing for 2,070,000 tons of oro mined and milled
during tho period, was 19,512,000 tons of oro and a corresponding increase
inlcoppor contents of 478,926 tons, lho net addition to “positive oro" was
17.512.000 tons and to “probablo ore ’ 2 ,000,000 tons.
S u m m a r y o f O p e r a tio n s o f th e B r a d en C o p p e r C o . f o r Y e a r 1917.
1st
2d
3d
4 th
12 M o s .
Q u ar.
Q uar.
Q u ar.
Q u ar.
1917.
Tons blister copper produced- 7,094
8,427 7,956
8,410
31,887
Dry tons oro treated........418,411 449,137438,599 493,547 1,799,694
Daily averago............ 4,649
4,936 4,767
5,365
4,931
For cent Ou. in oro treated___ 2.308
2.417 2.260
2.291
2.319
Dry tons concentrates prod-. 36,233
41,412 38,844 42,318 158,807
Per cont net copper saving.-. 77.26
78.08 77.08 74.24
76.61
-4In common with copper producers operating In tho U. S. tho manufactur­
ing cost of producing copper was materially increased during 1917.
As of Doc. 31 1917 tho Braden Copper Mines Co. had called for redemp­
tion $1,027,000 of its 15-yoar 6 % sinking fund gold bonds. In addition to
thoso tho treasury holds $21,000 bonds, leaving $13,952,000 outstanding.
Dolayod deliveries in construction material, machinery and supplios,
duo largely to precedence bolng given by manufacturers to Government
contracts, and lack or ocoan tonnage to transport tho freight to Chile, have
greatly retarded work of Increasing tho plant to a 1 0 ,000-ton per day ca­
pacity, and becauso of this and the increased cost of labor, material and
freight charges beyond anticipation the company will probably bo oblgod
to securo additional funds, as funds In hand and current earnings will bo
Insufficient to complete the plant as originally contemplated.




2121

THE CHRONICLE

Condensed Extracts from Report of Qen. Mgr. Sorensen, Feb. 18 1918.
Operation.— At the mine development has continued to give very satis­
factory results. With tho splendid tonnage of ore already assured the
policy pursued has been not to spend money in proving up more ore, but
to confine development expenditure to the workings necessary to get at
and prepare the known ore body for stoping and caving operations.
Amount of Development Workings on the Two Main Divisions of the Mine
in 1917 and up to Date.
---------- Tentente---------- ---------- Fortune---------- ------------ Total-----------1917. To Date. 1917. To Date. 1917. To Date.

Feet, N o ---- ----- 31,135
96,195 11,868 130,963 43,003 227,158
The average grado of ore shipped from the mine was 2.31% copper from
Teniente, being 3.07%, and from the Fortuna workings 2.11%. AH of the
former was clean ore from stopes with a little from development faces.
Construction.— The most important item in the way of construction at
the mino outside of development work such as the new main shaft for
Teniente, is the big underground compressor room, which when completed
will become tho central power house for the mine. By Dec. 31 the exca­
vation was 90% complete; the roof was 82% concreted and tho walls and
craneway 5 % complete. The new electric railroad tunnel Is the next big
item. A short temporary connection between tho new and tho old elec­
tric railways near the mill end is well along and the whole will be ready
for emergency use in March. A new 45-ton incline railway was designed,
materials ordered and construction work well under way for connecting
lower lovei, main line railroad at Sewell, to upper level. Designs were
completed for crushing and milling at Sewell, materials and equipment
ordered and construction work started. For the smelting and melting
plant at Caletones designs were about 80% complete and a great portion
of the materials ordered and construction work started. Designs were
completed and order placed for 5-milo aerial tramway for handling concen­
trate from Sewell to Caletones. The Coya power station has been en­
larged and a new 4,000 k.w. unit added; also a new transmission line be­
tween Coya and Sewell. A new 12,000 k.w. hydro-electric development was
designed and construction work well under way at Pangai.
Mining Claims Now Owned.— (1) No. of claims: (a) Taken up 1917, 274;
) total number of claims, 469. (2) Number of acres: (a) 1917, 3,385.2;
b ) total number of acres, 6,008.2.
COMBINED IN CO M E ACCOUNT FOR YEARS ENDIN G DEC. 31.

Si

(Including Braden Copper Mines Co. and Braden Copper Co.)
1917.
1916.
1915.
Copper produced (lbs.)__........ 41,010,502 42,153,270 36,397,398
Average per pound______________ 31.80 cts. 30.005 cts. 15.968 cts.
Copper revenues______________ .x$13,041,925 $12,648,111 $5,812,245
Operating costs— .... ........ __ $3,130,765 $3,383,706 $2,740,944
Delivery, &c., expenses...... .... 3,445,612
1,544,950
574,812
Administration expenses_________
123,349
129,000
81,250
$6,342,199 $7,590,456 $2,415,239
Net profit--------Miscellaneous income___________
876,937
385,095
61,055
Total income------------------ $7,219,136 $7,975,551 $2,476,294
Int. on Braden Cop. Min. Co. bonds. $859,038
$857,272
$828,518
251,711
172,514
Taxes, A c .......
Depreciation.........
619,475
658,331
..
Plant abandoned, &c____________
1,182,746
927,958
.
y
_______
Depletion of ore reserves______* __ 1,327,207
Miscellaneous__________________
115,847
79,400
___
Reserve fund for Chilean Government .. ....
200,000
______ I
Total deductions..........
$4,356,025 $2,895,475
$828,518
Balance, surplus......
$2,863,111 $5,080,076 $1,647,776
x Operating revenue from deliveries on copper produced during the year
and adjustment on deliveries of 1916 production, y Depletion to Dec. 31
1916, $4,393,060.
BRADEN COP. M IN E S CO.— BRADEN COP. CO. BAL. SHEET DEC. 31.

1917.
Assets—
s
Property............... 6,304,518
Construction,Ac.xl5,025,333
Int. In steamships. 426,665
Deferred charges. 3,795,584
Undistrlb. items in
1,706,505
transit......... .
Supplies & m dse.. 6,135,896
Cop.,Ac..on hand. 3,469,700
Treasury bonds__
20,475
Notes A accounts
337,501
collectible____
Cash In banks, Ac. 4,822,696
Other cash_______
2,211
Certlfs. of deposit.
......... Marketable secur.
........ ..

1916.
1917.'
1916.
S
Liabilities—
$
$
6,225,888 Cap. stock (B. C.
10,548,405
M .Co.) par $10.12,953,530 12,953,530
811,280 Bonds
do
-.13,973,000 15,000,000
3,339,301 Accounts payable- 2,058,614 1,170,295
Drafts payable-. . 2,696,761 1,503,072
1,208,360 Acer, freight, &c.,
3,619,140 on copper.
417,777
4,626,634 Accrued bond lnt.
375,018
349,325
490,400 Deferred credits..
178,202
431,834
Reserve fund____
200,000
73,460 Welfare reserve__
38,768
720,272 Res've for Income
2,090
t a x ............ .......
191,878
...........
3,885,000 Depletion reserve. 5,720,267
______
1,980,000 Earned surplus...z3,886,739 y5,478,705

Total-------42,047,084 37,530,2311 Total..... ..42,047,084 37,530,231
x After deducting in 1917 $1,608,707 depreciation reserve, y After de­
ducting $126,000 Balance of unamortized discount of bonds but before
adding $200,000 reserve fund no longer required by Chilean Govt, and
$206,621 profit on steamship operations in 1916 and before deducting
$4,393,060 depletion to Dec. 31 1916, $493,493 plant superseded or aban­
doned to Dec. 31 1916 and S65.145 adjustment for store loss, z After
deducting $1,170,000 unamortized discount on bonds.
The company Is controlled by Kennecott Copper Corporation— which
see above— V. 106. p. 2012.

V a cu u m Oil C o ., R o ch ester, N . Y .

31 1917.)
Secretary Wendell M . Smith, Rochester, N . Y ., May 14,
wrote in substance:
(R eport f o r F isca l Y ea r en d in g D e c .

After charging off $207,359 for insurance reserve, and setting aside
$2,617,922 for incomo and excess profit taxes, the profits for tho year
amount to $9,324,396.
The new refinery on the Delaware River, near Paulsboro, N. J., was
practically completed,the total cost,including some unfinished iterns being
approximately $5,500,000. The first crude was run in June, and by Dec 31
reasonably full operation was possible, and the plant is now a productive
factor.
Tho SS. Olean, a substantial cargo vessel, has been completed and added
to our fleet. The Vacuum was lost from torpedo attack, and the Roches­
ter sold. W e now have under construction an additional tank steamer
and an ocean-going barge.
Outlay for new construction, added to tho high cost of stocks material
and operation, excessive ocean freights and other unavoidable cash de­
mands, have made it advisable to conserve earnings.
IN COM E ACCOUNT FOR CALENDAR YEARS.

1917.
1916.
1915.
1914
Net earnings....... .$12,149,677 $9,386,768 $6,986,294 $2,177 546
$207,359
$164,831
$124,381
$101,903
Insurance reserve----Inc. A exc. profits taxes 2,617,922
.......
... ....
’
Not profits------- $9,324,396 $9,221,937 $6,861,913
Dividends (8 % ) ...... 1,200,000
1,200,000 1,200,000
B a l a n c e , s u r p l u s ----------- $ 8 , 1 2 4 , 3 9 6

$ 8 ,0 2 1 ,9 3 7

$ 5 ,6 6 1 ,9 1 3

BALAN CE SHEET DECEMBER
Assets—

1917.
t

Real cat., plant,
Ac., less deprec.12,776,636
Stocks of foreign
Vacuum Oil cos.19.234,821
Other Investments
40,880
Oov’t securities..
15,923
Mdse. A materials 18,194,883
Accts. receivable.*20,199,325
Cash A sec. in 1917 5,703,189

1916.

$2,075,643
1,200,000
$ 8 7 5 ,6 4 3

31.

'T

19J'-

W K 5
Capital stock--- 15,000,000 15,000,000
10,171,681 Due foreign Vac­
uum OH cos--- 8,619,992 3,110,845
14,243,326 Sundry account A
14,534
bills payable... 8,899,450 6,926,804
15,923 Insurance reserve- 699,316
491,957
13,718,262 Branch officeres.. 194,034
_____
18,534,903 Income and excess
841,619
profitstax res’ve 2,617,922
____
Surplus.......40,134,940 32,010,543

Total....... 76,165,658 57,540,149 Total....... 76,165,658 57,540,149
* Includes in 1917 $11,974,389 duo from foreign Vacuum OH companies,
against $12,794,692 in 1916.— V. 106, p. 1699/1143.

2122

THE CHRONICLE

[Vol. 106

.... .......
.... :..............
.
.. ■ J
by the electors of Cincinnati on April 17 1917, as based on tho city’s propo­
GENERAL INVESTMENT NEWS.
sition of Dec. 17 1916 (V. 106, p. 72). This ordinance modified the com­
pany’s 50-year franchise, granted in 1896, as permitted at 20 and 35-year
periods, and while granting a retention of the 5-cent fare and universal
RAILROADS, INCLUDING ELECTRIC ROADS.
transfor over the system as then to bo enlarged by tho 1514 miles of
rapid transit loop, which the city agreed to build at an estimated cost of
Atlantic City & Shore RR.— Fare Increase .—
$6,000,000, gave the company a lease of said loop for operation in connec­
Tho N e w Jersey I*. U. Commission has granted this company an increase tion with its own surface fines.
in fares, the rato between Atlantic City and Pleasantvillo being Increased
The new ordinance further provided that before the city should get any
2 cents and other zones being affected at the rate of 1 cent for every fare portion of the earnings of the entire system as rental for the loop, the
collected. Tho company will continue to sell strip tickets at six for 60 company would have a prior cumulative claim on earnings to cover: (a)
eents.— V. 101, p. 1884, 1806.
All operating expenses, taxes (except city’s franchise tax) and depreciation;
(b )
rentals for leased lines: (c) interest and sinking funds on bonds and notes;
Binghamton (N. Y.) Ry. Co.— W age Increase .—
(d ) interest and sinking fund on now capital; (e) an amount substantially »
This company has announced an increase of 2 cents per hour in wages. equal to 6% on the agreed valuation, less amount represented by bonds
and notes and securities of underlying companies.
— V. 100, p. 980.
This provision, which is in substance identical with tho provisions of
Boston Revere Beach & Lynn (Mass.) RR.— Fare Sched. other recent co-operative traction agreements, notably that of Philadel­
This company has filed schedules with the Massachusetts P. S. Commis­ phia, was declared by tho Court to be a pledging of the city’s credit in vio­
sion announcing its intention to raise fares all over its system to 7 cents. lation of Sec. 6 ,Article 8 ,of the Ohio State constitution, “which prohibits
a city by vote of its citizens or otherwise from raising money for or loaning
— V. 106, p. 497.
credit to or in aid of any company, corporation or association.”
Brooklyn Rapid Transit Co.— N eed o f Fare Increase .— itsConferences
were begun on M a y 11 by interests representing tho city,
Stating that he believed a 6-cent fare would be established, Pres. Timothy looking to a revision of tho franchise. Councilman Michael Mullen re­
S . Williams is quoted as saying: “It looks as though it would have to come. marked that while the building of the loop might be postponed until after
The cost of railroad operation is increasing so rapidly that some relief will tho war, it was incumbent to proceed with tho necessary legislation at
be necessary. This fact is being generally recognized everywhere.
this time. Among those present at tho meeting were Mayor Galvin,
“Recent incidents show that business communities are coming to recog­ Service Director Hornberger, Director of Street Railroads IV. C. Culkins,
nize the necessity of giving electric railways sufficient revenue to enable City Solicitor Saul Zielonka and Councilman George Schlichte, Sllff E.
them to supply the service which tho needs of business, increased by the Martin, Charles O. Rase and A. I. Murdock.
nation’s war program, demands. One is a petition to the Mayor of the
Tho “Cincinnati Enquirer” of M a y 12 says: “That tho Rapid Transit
city of Rochester, signed by practically every important manufacturer in Commission seeks to refrain from participation in negotiations looking
the city, asking that the N e w York State railways be permitted to charge to a revisioniof tho franchise was indicated yesterday when its representa­
a 6-cent fare.”
tives on tho Conference Committee, E. W. Edwards and Chris Schott,
Among tho principal cities where tho 6-cent faro is or will bo in force on failed to attend tho first public hearing of tho Council Committee on Street
June 1, it is stated, aro: St. Louis, Pittsburgh, Portland, Ore., N e w Haven, Railroads. Messrs. Edwards and Schott previously had said that the re­
Fall River, Lowed, Bridgeport, Hartford, Reading, N e w Bedford, Lynn, vision of the franchise ordinance should not be coupled with an agreomont
Lawrence, Waterbury, Wilkesbarre, Erie, Brockton, Haverhill, N e w relative to tho lease of tho proposed rapid transit loop, and thoir opinion
Britain, Salem, Lexington, Ky., Meriden, Nashua, Norwalk, Middletown, was concurred in by the other three members of tho Commission at a re­
Conn., Pottsville, Pa., Rutland, Vt., and Dover, N. H.— V. 106,p.2010,1900. cent meeting.”— V. 104, p. 72.

Carolina Power & Light Co., Raleigh, &c., N. C.—
(In c l. Yadkin River Power Co. and Asheville Pow. & Light Co.)
C a le n d a r Y e a r s —
1917.
Gross earnings-------------- $1,826,303
Net earnings, after taxes, &c__. $914,029
Int. on bonds ($394,368 in 1917), & C - .
429,057
Dividends on preferred stock-187,776
Dividends on common stock___
93,495
Depreciation...........
120,000

Colorado & Southern Lines.— Earnings .—
See Chicago Burlington & Quincy RR. under "Annual Reports” above.
— V. 106, p. 1126, 709.

1916.
1915.
$1,474,948 $1,363,693
Commonwealth Pow., Ry. & Lt. Co.— Sub. Co. Fares .—
$796,074
$696,348
See Manistee (Mich.) Railways.— V. 106, p. 1796, 1580.
444,319
418,901
121.678
91,591
21,750
____ Denver & Rio Grande RR.— Payment o f Overdue Coupons
120,000
85,000 Expected Shortly— Negotiations Pending.— Arrangement's are

Balance, surplus, for year------$83,701
$88,327
$100,856 understood to have been practically completed for the pay­
The consolidated statement as shown above includes the earnings and ment of the following coupons in accordance with tho plan
expenses of tho Carolina Gas & Electric Co. for the last six months of 1917 approved by the U . S. Circuit Court at Omaha M a y 10, viz.:
only, the period during which the company’s stock was owned by the Yad­
Denver & Rio Grande RR. coupons due Feb. 1 on First & Ref.
kin River Bower Co.— V. 106, p. 818. »
Mtgo. 5s, bonds outstanding_________________________ $32,922,000
Chesapeake & Ohio Ry.— Acquisition of Controlled Roads. Rio Grando Western Ry. coupons due April 1 on 1st Consol. 4s,
bonds outstanding_________________________________ 15,080,000
The shareholders on M a y 3 adopted the proposition to tako over tho
property and franchises of seven subsidiary corporations, notably Kanawha D. & R. G. coupons due June 1 on Impt. Mtgo. 5s, bonds outst. 8,335,000
Bridgo & Terminal Co. and Chesapeake & Ohio Northern Ry. Co. C o m ­ Rio Grande Jet. coup, duo Juno 1 on 1st M. 5s, bonds outst__ 2,000,000
pare V. 106, p. 2004, 1911, 1892, 1796, 1343.
The following also is understood to bo substantially cor­

Chicago & North Western RR.— Chairman .—
Marvin Hughitt, who recently resigned as Chairman (compare V. 106,
p. 1577), has been re-elected to that office.— V. 106, p. 1688.

rect, though negotiations are still pending with the au­
thorities at Washington:

The payment was assured by an advance of $1,500,000 by tho Railroad
Administration on account of tho first quarter’s rental by tho Equitable
Trust Co.’s purchase of $1,800,000 Treasury assets and. by the $625,000
cash in tho company’s treasury. It was made possible by tho acceptance
by Federal judges of a financial plan worked out by the Westom Pacific
RR. and tho Equitable Trust Co.
Judges Sanborn and Lewis, presiding over tho U. S. Circuit Court at
Omaha, hold that the plan was constructive daspite tho opposition by domi­
nating interests in the Denver road, who thought it would be hotter to
invest the money to bo provided by tho plan In tho property rather than to
pay it out for bond interast and for liquidation of unsecured claims. The
plan as approved by the Federal Judges calls for tho wiping out of $4,500,­
000 obligations of tho road and thereby of taking care of all obligations up
to and Including Juno 1 except the judgment of tho Equitablo Trust Co.,
amounting now, with interest, to about $37,000,000.
Under tho terms of the plan tho Railroad Administration agrees to ad­
F r a n c h is e P r o v i s io n s . — Tho proposed unified corporation to be given a
vance $1,500,000 on account of Rio Grando rental for the first three months
franchise for thirty years, subject to tho following restrictions:
of 1918, which on tho basis of the threo-yoar standard return suggested by
(а) The city to bo given the right to take over the lines within the life President Wilson would be approximately $2,100,000. Of tho total amount
of the franchise, provided it has tho funds.
to bo raised the Equitablo Trust Co. is advancing approximately $1,800,000
(б) City may designate a licensee to operate the lines at the expiration and is thereby releasing its claim to a like amount in tho ovent of the dis­
of the franchise.
solution of tho Denver & Rio Grando and tho distribution of its assets.
(c) City may take possession of tho lines at expiration of the franchise,
The Equitablo Trust Co. under tho torms of the plan will purchaso cer­
subject to the outstanding indebtedness.
tain treasury securities of tho Rio Grando which consists at present of
(d) Provided neither of tho above is invoked the companies are to operate Liberty bonds and Utah Fuel bonds. Tho road has in its treasury also in
without profit and to pay only operating expenses and interest on the neighborhood of $625,000 cash, which is released by tho order of the
securities.
Court to bo placed In tho general fund provided by tho plan. Thcro is
F a r e s . — The rato of fare to bo 5 cents, with transfer charge not to exceed
also on deposit with tho trusteo for tho various issues of Rio Grando bonds
2 cents between surfaco and rapid transit lines. Increases in fare and in the neighborhood of $900,000 which is to bo used toward the payment
transfer charge to bo authorized when necessary.
of coupons already matured. Tho carrying out of tho plan is approved
B o a rd o f C o n tr o l. — A body similar to the State P. U. Commission and
by tho Court not only clears up tho secured obligations of tho road up to
having similar power over Chicago traction lines to bo created and called and including June 1, but takes care of $900,000 unsecured claims in addi­
the Board of Regulation and Control. Appointment to tho board to bo tion. ("New York Sun,” M a y 14.)— V. 106, p. 2010, 1461.
made by the City Council.
R e tu r n . — The company to be allowed a maximum return of 6 % on the
Detroit Grand Haven & Milwaukee Ry.— Earnings .—
initial purchaso prlco, and, if earned, an additional amount ranging from
Seo Grand Trunk Ry. under "Annual Reports” abovo.— V. 96, p. 789.
two-tenths to five-tenths of 1 % on gross receipts. Earnings abovo these
to go in the traction funds.
Eastern Wisconsin Electric Co.— Rate Increase .—
Company to bo relieved of non-transportation charges, such as cleaning
Tho Wisconsin RR. Commission has granted this company permission
and sprinkling rights of way and contributing to tho cost of paving streets to make a surcharge of J4 cent per k. w. h. on all lighting and power busi­
on which it operates, only when necessary to guard against an increase in ness, effective M a y 1. V. 106, p. 1688, 924.
transfer charges or a raise in the rate or fare.
C ity 's R e tu r n . — City’
s traction fund be given same rate of return as
Fonda Johnstown & Gloversville RR.— Report.—
companies’ new money.
C a len d a r
G ro ss
N e t ( a ft .
O ther
l ite re s t, P r c f .D i v s . B a la n c e ,
Company to bo allowed a return on now money only at cost.
(6 %). S u r p lu s .
Y e a r s — E a r n in g s .
T a x es).
In com e.
R< n t s .& c
G u a r a n te e — R e f u n d in g . — Companies to bo guaranteed 6 % on initial capi­ 1917_______$1,064,318 $421,687
$23,780 $.’92,852 $30,000 $22,615
tal plus the actual cost of refunding outstanding bonds. In no event to 1916______
30,000
44,217
999,967
437,985
32,231
£95,999
exceed 5%. Cost of refunding to be governed by Board of Regulation and — V. 106, p. 709, 607.
Control.
T r a n s fe r C h a r g e . — Board to bo empowered to reduce transfer charge.
Freight Rates.— Proposed Increases on Railroads.—
Tho physical features of tho proposed plan, it is stated, havo been
See previous pages in this issuo.— V. 106, p. 1900, 1344.
tentatively adopted. They embody subway routes, new elevated lines and
extensions. [It is reported that tho transit lines are not in accord with
Grand Trunk Ry.— Canadian Government Contemplates
tho financial provisions as noted abovo.] Compare V. 103, p. 2237, 2428; Taking Over Grand Trunk and Grand Trunk Pacific-Re­
V. 104, p. 559; V. 106, p. 1344.
port.— A press dispatch from Ottawa on the 15th inst. stated
Chicago Union Station Co.— Construction .—
See Chicago Burlington & Quincy RR. under “Annual Reports” above. that Premier Borden on that day announced in the House of
Commons that negotiations wore undor way for tho acqui­
— V. 106, p. 1796.

Chicago Rapid Transit Plans.— Tentative Valuation, &c.
— The sub-committee on transportation of tho Chicago City
Council which is considering plans for the consolidation of
the surface and elevated lines and a subway system, has ar­
rived at an estimate of $220,000,000 as the actual value of
the surface and elevated properties.
Proposed Ordinance Provisions .— The aforesaid sub-com­
mittee has directed the preparation of an ordinance embody­
ing the following franchise and financial provisions as re­
ported in the Chicago press, with reference to unification;

Cincinnati & Dayton Traction Co.— Reorg. Status.—
W e are informed authoritatively as follows:
Tho reorganization of the Cincinnati Dayton & Toledo is not completed.
Tho Cincinnati & Dayton Traction Co. has been reorganized and a first
mortgage bond has been authorized. It is the expectation of tho reorg. com­
mittee to exchange theso bonds for various underlying issues now out.
A bondholders’committee has been appointed by tho Cincinnati & Hamil­
ton 6 % bondholders and also a committee has just been appointed by the
Southern Ohio Traction bondholders.
At a recont meeting with the Cincinnati & Hamilton bondholders nothing
could be done until tho Southern Ohio committee had been appointed and
some action taken by them, as the Cincinnati & Hamilton bonds aro under­
lying to tho Southern Ohio.— V. 106, p. 1900, 295.

Cincinnati Traction Co.— Negotiations fo r N ew Fran­
chise Ordinance Follow Decision o f Ohio Supreme Court Hold­
ing Illegal Leading Features of Franchise of 1917.—
The Ohio Supreme Court on March 15 handed down a decision holding
legal certain essential provisions of the Rapid Transit ordinance adopted




sition by the Canadian Government of tho Grand Trunk and
tho Grand Trunk Pacific railways. Tho Promier, according
to tho dispatch, said in substanco:
The Grand Trunk Pacific is a national enterprise to which tho credit of
the Canadian people has been committed, and, in m y judgment, it Is ex­
pedient to maintain lt and not permit it to go into liquidation. Tho taking
over of the Grand Trunk Pacific practically involves tho taking over of
the Grand Trunk as well.
Confidential negotiations havo been opened with tho Grand Trunk Ry.
W e made what we regard as a reasonable offer. They havo replied to us
by making a counter offer which was of such a nature that wo did not con­
sider we could ask Parliament to accept it. Tho Government then pro­
posed that if no agreement could bo readied tho question should bo sub­
mitted to arbitration without fixing any limit as was done in tho caso of
tho Canadian Northern Ry.
It may be possible— incleed, l think it is probable— that at some later
date but not in the immediate future, all the land transportation facilities
in Canada, in tho shapo of railways, may, so far as operation at least is
concerned, bo amalgamated into one system, under one management
For annual report seo a previous page.— V. 106, p. 1577, 1461.

THE CHRONICLE

M ay 18 1918.]

Hudson & Manhattan R R .— Possible Fare Increase .—
A c u r r o n t n o w s i t e m y e s t e r d a y e x p la i n e d t h e s t r e n g t h a n d a c t i v i t y in
t h e c o m p a n y ’s b o n d s a s d u o t o t h e e x p e c t a t i o n t h a t tlio D i r e c t o r -G e n e r a l
o f R a i l r o a d s w o u ld s h o r t l y o r d e r a n in c r e a s e o f f a r e s , p o s s i b l y f r o m 5 c e n t s
t o 1 0 c e n t s o v e r a ll lin o s w h e r e a t p r e s e n t 5 c e n t s is c h a r g e d , o x c e p t t r ip s
b e tw e e n C h r is to p h e r S t . a n d 3 3 d S t ., N o w Y o r k .
T h o fa r o b e tw e e n 3 3 d
S t . a n d I l o b o k o n is n o w 6 c e n t s .— V . 1 0 6 , p . 1 5 6 8 , 1 4 6 1 .

Illinois Central

R R . — Offering of Equipment Trust Cer­

tificates.— Tho National City C o. is offering at prices to yield

5 % % a block of 5 % Equipment Trust certificates, Series E ,
dated N ov . 1 1917, of which tho original amount outstand­
ing, $5,500,000, has been reduced to $5,225,000 through the
maturity of one semi-annual installment on M a y 1 1918.
Principal and dividends unconditionally guaranteed by the
111. Cent. R R . by endorsement. A circular shows:

2123

Monongahela Valley Traction Co., Fairmont, W. Va.
C a le n d a r Y e a r s —

1917.
1916.
1915.
Gross earnings-------------------$3,046,769 $1,582,786 $1,009,834
Oner, expenses, taxes, & c --* l,6.39,3811 1,027,683
725,156
Fixed charges_____________
454,026/

1914.
$968,389
724,366

B a l a n c e f o r d i v i d e n d s -------$ 9 5 3 ,3 6 1
$ 5 5 5 ,1 0 3
$ 2 8 4 ,6 7 8
$244,02*
* In c lu d e s in c o m e a n d ex ce ss p r o fits t a x .— V . 1 0 6 , p . 9 2 5 , 3 9 6 .

National Railways of Mexico.— N ew Officers.—
R a fa e l N ie t o a n d M a r io M e n d e z h a v e b e e n e le c te d C h a ir m a n a n d V ic e ­
C h a ir m a n o f th o b o a r d .
T h e a b o v e a n d C a r lo s B a s a v e y d e l C a s tillo
N o g r e t e . E d u a r d o d e L im a a n d F e r n a n d o G o z a le z R o a c o m p r ise t h e e x e c u ­
tiv e c o m m itte e .
A l b e r t o J . P a n i h a s r e s ig n e d a s e x e c u t i v e P r e s id e n t
a n d t h o v a c a n c y h a s n o t b e e n f i l l e d .— V . 1 0 6 , p . 1 7 9 7 .

New Orleans Texas & Mexico Ry.— Bond Call— Report.—
S e e S t . L o u i s B r o w n s v i l l e & M e x i c o R y . in l a s t w e e k ’s i s s u e .
For
r e p o r t , s e e a p r e c e d in g p a g e o f t h i s i s s u e .— V . 1 0 6 , p . 9 2 9 , 8 2 2 .

annual

New York Central RR.—

D i v i d e n d w a r r a n t s p a y a b l e M . & N . in N . Y . a n d P h i l a .
D enom .
Sub. Co. Notes Paid — L oan .—
8 1 ,0 0 0
(c * ).
P r i n c i p a l m a t u r e s a t t h o r a t o o f $ 2 7 5 ,0 0 0 e a c h M a y 1 a n d
This company is paying at its office the $8,000,000 5 % oneN o v . 1 to N o v . 1 1927.
R e d . a s a w h o le a t 102'A a n d d i v . o n N o v . 1 1 9 2 2
o r a n y d iv id e n d d a to th e re a fte r o n 9 0 d a y s ’ n o tic e .
year notes of Michigan Central R R . due M a y 15 1918.
S e c u r ity . — A f i r s t lie n o n 2 0 s w i t c h i n g l o c o m o t i v e s , 5 0 0 s t e e l u n d o r f r a m o
Tho payment is made partly from a $6,000,000 loan to the
a u t o - f u r n i t u r e c a r s , 5 0 0 s t e e l u n d e r f r a m e r e fr ig e r a t o r c a r s , 1 , 0 0 0 s t e e l u n d e r ­
f r a m e g o n d o l a c a r s , lO c h a ir c a r s , 5 0 p a s s e n g e r c o a c h e s , 8 c o m p o s i t e c o a c h e s ,
Now York Central by Central Trust C o ., N . Y . , for six
8 p a s s o n g e r a n d b a g g a g e c a r s , 1 0 p o s t a l s t o r a g e c a r s , 5 b a g g a g o a n d m a il
months, bearing 6 % interest and secured by stock of Mohawk
c a r s a n d 2 5 b a g g a g e c a r s , ail s t a n d a r d e q u i p m e n t , c o s t i n g a p p r o x i m a t e l y
$ 7 , 5 0 0 , 0 0 0 , o r o v e r 3 6 % in e x c e s s o f t h is is s u e .
Valloy Company and the Reading Company. The remain­
F u ll t it le t o t h is e q u i p m e n t w ill r e m a i n v e s t e d in t h e C o m m e r c i a l T r u s t
ing $2,000,000 was recently secured by Michigan Central as
C o . o f P h i l a ., t r u s t e e , a n d t h o Il lin o is C e n t r a l R R . h a s le a s e d t h o e q u i p ­
m e n t d u r in g t h o life o f t h e s e c e r t i fi c a t e s , c o v e n a n t i n g t o m a i n t a i n t h is
a loan from the Director-General. See V . 106, p. 1901.
e q u i p m e n t in g o o d r o p a ir , r e p la c e a n y w o r n o u t o r d e s t r o y e d , a n d p a y a s
Director-General McAdoo made the following statement:
p a r t o f t h e r e n t a l t h e r e f o r a ll d i v i d e n d w a r r a n t s a n d i n s t a l l m e n t s o f p r in ­
T h e D i r e c t o r -G e n e r a l w a s i n fo r m e d b y t h e c o m p a n y t h a t t h e b e s t t e r m s
c ip a l o f t h e s e c e r t i f i c a t e s a s t h e y s e v e r a l l y fa ll d u e .
o n w h ic h t h o m o n e y c o u ld b e o b t a i n e d a t t h is t i m e w o u l d b e 7 % p e r a n n u m .
D i v i d e n d s h a v e b e e n p a i d o n t h e c o m p a n y ’ s s t o c k c o n t i n u o u s l y s in c e
T h e N o w Y o r k C e n tr a l w as a d v is e d t h a t a 7 % r a te o n n o te s o f t h is c h a r a c te r
1 8 6 3 a t r a t e s v a r y i n g f r o m 4 % t o 1 1 % p e r a n n u m , t h e p r e s e n t r a t e b e in g
w a s n o t j u s t i f i e d , a s s u c h a t r a n s a c t i o n w o u ld h a v e t h e e f f e c t o f e n c o u r a g ­
7 % per a n n u m .
S ee an n u a l rep o rt, V . 1 0 6 , p . 1 6 9 3 , 1 6 8 9 , 1 6 7 5 .
i n g h ig h r a t e s f o r m o n e y .
T h e D i r e c t o r -G e n e r a l t h e r e u p o n m a d e in q u i r y
o f th o C e n tr a l T r u s t C o . o f N e w Y o r k a s t o w h e th e r it c o u ld a r r a n g e t o
— Earnings .—
p l a c e t h o $ 6 , 0 0 0 , 0 0 0 n e e d e d b y t h e N e w Y o r k C e n t r a l f o r s ix m o n t h s a t
C a le n d a r
G ro ss
N e t ( a fter
O th er
In terest,
B a la n ce ,
6%
p e r a n n u m i n t e r e s t , a n d w a s p r o m p t l y i n fo r m e d t h a t t h e C e n t r a l
Y ears—
E a r n in g s .
T a x es).
I n c o m e . R en ts , & c . S u r . o r D e f .
T r u s t C o . w o u ld g l a d l y p r o v i d e t h e f u n d s o n t h o t e r m s s u g g e s t e d .— V . 1 0 6 .
1 9 1 7 .....................
$ 5 , 1 2 1 , 8 7 8 $ 8 9 0 ,1 8 2 $ 1 0 0 ,1 4 3 $ 2 , 0 2 0 , 1 0 0 d e f . $ 1 ,0 2 9 ,7 8 1
p . 2002, 2016.
1916
_____________ 4 , 6 5 3 , 9 6 0 1 , 4 1 5 , 1 0 4
1 0 3 ,2 7 4
1 ,3 6 8 ,2 3 3
s u r . 1 5 0 ,1 4 5
— V . 105, p. 2183.
— Sale of Properties M a y 28.—

Indiana Harbor Belt RR.

Northern Electric Co.

Kanawha & Michigan Ry.— Annual Report.—
Y ear—

G ro s s .

N et.

1917
____ $ 3 , 6 0 6 , 9 9 1 $ 7 8 3 , 4 5 7
1 9 1 6 _______ 3 , 5 2 7 , 8 6 1 9 8 0 , 8 5 9
— V. 100, p. 601.

O th er I n c .
$ 6 8 7 ,9 0 0
5 5 2 ,0 5 0

I n t ., A c . D iv s .( 5 % ) .
$ 3 1 2 ,5 8 0
3 3 5 ,5 4 3

$ 4 5 0 ,0 0 0
4 5 0 ,0 0 0

B a la n ce .
$ 7 0 8 ,7 7 7
7 4 7 ,3 0 5

Kansas City Southern Ry.— N ew Director.—
J o h n F . H a r r i s h a s b e e n e l e c t e d a d ir e c t o r t o s u c c e e d H e r m a n S i e lc k e n ,
d e c o a s c d .— V . 1 0 6 , p . 2 0 0 5 , 1 9 1 4 , 1 8 9 2 .

Kettle Valley Railway.— Extension o f L in e .—
A contract has been let for tho construction of a 15-milo branch from
Princoton, 15. C., to Copper Mountain, to cost about $1,000,000. At
Coppor Mountain tho Canada Copper Corp., Ltd., is undertaking develop­
ment work. It is stated that the 15-milo extension will have 27 trestles,
four largo tunnels and heavy cuts and fills. (V. 105, p. 1805.)— V.99,p. 1366.
Leavenworth & Topeka RR.— Sold to Patrons .—
Citizens along this company’s lino have purchased tho property for
$80,000 and plans for a reorganization are under way. It is understood
that tho former attempt (V. 106, p. 1577J to purehaso tho line fell through
because subscriptions wero taken on tho basis of ownership in fee simple.
Title to tho property, however, is good as long as tho property is operated,
cessation of which would rosult in turning it back into tho hands of tho
court. Walter A. Johnson of Topeka, Kan., is mentioned as interested
in tho reorganization. Compare v. 106, p. 1577, 1231.
Lehigh Valley Transit Co .— N o Preferred Dividend .— •
At a meeting of tho directors Thursday, reports state, no action was
taken on tho quarterly 1 ) 4 . % preferred dividend. Owing to tho excessive
costs of operation, tho net earnings for tho quarter ended Mar. 31 1918
were not sufficient to cover tho dividend, and tho directors therefore
deemed it inexpedient to declare it.
N ew Fare Schedule.—
This company has filed with the Pennsylvania P. S. Commission a new
schedulo of tariffs, effective Juno 1, making increases in local and limited
passonger rates on tho Philadelphia and Slatington divisions and increasing
all commutation rates on all divisions.— V. 106, p. 2011, 597.
Mahoning & Shenango Ry. & Lt. Co.— Bonds— Stock.
F This company has applied to the Ohio P. U. Commission for authority
to issue $600,000 in bonds to bo sold at 90, and also $200 000 7% uref
stock.— V. 106, p. 1577, 396.
’
0 v
Michigan Central RR.—-Notes Paid O ff .— •
See Now York Central R lt. below.— V. 106, p. 2002, 2018.
Middle West Utilities Co. -P ref. Div. Payable in TenYear Certificates— Status.— The directors have decided to pay
tho pref. dividend Juno 1 in 10-year 6 % intorest-boaring certifi­
cates. The principal immediate influence that has caused
tho directors to take this action is tho very unfavorable con­
dition of tho securities market brought about by Govern­
ment needs, making the raising of funds for tho natural
necessities of a constantly increasing gross business difficult
even at excossivo rates of interest. Tho officials say:
Tho officers and directors themselves own a very largo percentage of
tho stock, and naturally, aside from their first duty to tho other stock­
holders, have given tho subject maturo deliberation before reaching tho
final conclusion. While tho normal demand for public sorvico, particularly
gas and electricity, has boon increasing constantly in recent years, tho
exigencies o f tho present time have caused in many localities an abnormal
increaso in tho demand. In tho 12 months ending March 31 1918 tho
aggregate gross income of tho company s substdiarios was $1,500,000 greater
than for 1916-17.
Tho increase in gross income for tho threo months ending March 31 1918,
as compared with 1917, was $328,000. or at tho rate of S1,312,000 por an­
num. Tho managomont is of tho opinion that a considorbulo percentage
of this increaso is a permanent increase.
Tho largo increase in gross income during the past year has boon neutral­
ized by increased operating expenses, and tho balanco over prof, stock
dividend will be less in tho annual report for the fiscal year ending April 30
than In tho previous fiscal year. '1 ho high prices of all materials and labor
entering into the cost o f operation with which practically all public utility
companies now have to contend aro being recognized by tho constitutor
authorities granting increased rates.
Somo of tlie subsidiaries of tlio company have already obtained by in­
creased rates for sorvico and by increasing tho selling prices of other prod­
ucts increases aggregating over $500,000 per yoar. The larger part of
thoso increases has not yet been reflected in thoir oarnings, since as of
Jan. 1 1918 only $160,000 por annum had becomo offectivo, while as of
M ay 1 1918 this amount was increased to $400,000 por annum.
In addition, other subsidiaries now havo beforo tho various Commissions
applications for increases approximating a further amount of $600,000.
Tlio management feels that with operating conditions no worse than in
tho yoar provious, and with the increases now offectivo and thoso to bo
obtained by tho subsidiaries within tho next few months from applications
ponding, tho not earnings for the fiscal year starting May I will bo satis­
factory. [Tho scrip dividend will bo paid Juno 1 to holders of record
M ay 2 9 .— V. 106, p. 1036, 715.
Missouri Pacific Ry.— N ew Director .—
Bortram Cutler o f Now York succeeds Carl Gray as a director.— V. 106,
p. 1910. 1892, 1689.




S p e c ia l M a s t e r F r a n c is K r u l l w ill s e ll o n M a y 2 8 a t p u b l i c a u c t i o n t h is
c o m p a n y ’s p r o p e r t i e s , & c . , in a c c o r d a n c e w i t h t h o p la n o f r e o r g a n iz a t io n
(V . 1 0 4 , p . 1 4 8 9 ).
U p s e t p r ic e h a s b e e n f i x e d a t $ 1 , 7 5 0 , 0 0 0 .
C om p are
V . 106, p . 20 11 , 1797.

02iark Valley Ry.— Possible Government Operation.—
A p ress d is p a tc h s t a te s t h a t t h e M is s o u r i P . S . C o m m is s io n h a s r e c o m ­
m e n d e d t o D i r e c t o r -G e n e r a l o f R a i l r o a d s M c A d o o t h a t t h o G o v e r n m e n t
o p e r a to fo r o n e y e a r t h e p r o p e r ty o f t h is c o m p a n y , r e c e n tly s o ld fo r ju n k .
C om p aro V . 106, p . 1901, 1578.

Pacific Gas & Electric Co.— Fuel Conservation .—
A California press dispatch states that the negotiations are still in progress
looking toward tho acceptance of a plan involving this company and tho
Caiifornia-Oregon Power Co. (V. 106, p. 1580) rclativo to the sale and
transmission of power, with a view to saving about S450.000 worth of fuel
per annum. Compare V. 106, p. 2011, 1689, 1578.
Pacific Great Eastern Ry.— Directors Resign .—
At a meeting on April 23 tho directors and stockholders formally severed
thoir connection with the road, which has been taken over by the Canadian
Government. Comparo V. 106, p. 929.
Passenger Rates.— Proposed Increases on Railroads. —
Soo previous pages in this issue.— V. 106, p. 2011, 1231.
Philadelphia Company.— Tenders .—
Tho Commercial Trust C o . , Philadelphia, will, until June 6, receive ten­
ders for the sale of $276,080 Consol. Mtge. & Coll. Trust 5 % 50-year gold
bonds dated Nov. 1 1901, at not exceeding 102H and int. Accepted
bonds will bo paid June 7.— V. 104, p. 2456.
Philadelphia Rapid Transit Co.— Strike Situation .—
Reports from Philadelphia state that tho strike of tho carmen called
Thursday a. m. has had comparatively little effect on the traction situa­
tion in that city.— V. 106. p. 2011, 1901.
Pittsburgh Railways.— W age Adjustm ent .—
On M a y 4 a tentative wage agreement was entered into to continue for
ono, yerr from M a y 1 . Tho settlement provides an increase in pay of 5
conts an hour distributed as follows: First six months’ service, 37 cents:
first year, 39 conts: second year, 41 cents; third year and thereafter, 4 5
conts. M o n reach the maximum pay after threo instead of five years’
service.— V. 106, p. 2011, 1797.
Portland (Ore.) Railway, Light & Power Co.— Stock.—
The company has filed a certificate of decrease of authorized stock from
$40,000,000 to $35,000,000, as authorized by tho stockholders April 3.
K. W. Clark & Co.. Philadelphia, on M ay 14 wrote in substance:
“ Tlio capitalization in 1912 was $25,000,000 of stock, 65% paid: later
on 10%. additional was paid, making tho stock 75% paid. The First &
Refunding bonds authorized in 1912 aro convertible into tho stock of the
company. In order to provide for any possible conversion, the authorized
capital stock was increased by $10,000,000.
“ A few years ago the plan of converting some of the 75%-paid stock
into first and second preferred stock was adopted and in order to carry out
tills plan tho authorized capital was increased by $10,000,000, making the
total authorized capital $45,000,000. When $5,000,000 of 75%-paid stock
was converted into $2,500,000 of first preferred and $2,500,000 of second
preferred stock, through the surrender of $5,000,000 par value of 75%-paid
stock, tho authorized capital stock was decreased by $5,000,000.
“ A second conversion into the $2,500,000 of first preferred stock and $2,­
500,000 second preferred stock was carried through in 1917, and another
$5,000,000 par value of 75%-paid stock was retired. At the recent annual
meeting of stockholders of the company, the authorized capital stock was
therefore reduced by another $5,000,000, making tho present authorized
issue $35,000,000, divided as follows:
Common stock, 75% paid, par value__________________
$15,000,000
First preferred stock, full-paid, par value______________
. 5.000,000
Second preferred stock, full paid, par value____________
. 5.000,000
Authorized to provide for possible conversion__________
. 10,000,009
Comparo V. 104, p. 1146.— (V. 106, p. 1797, 1578.)
Quincy Omaha & Kansas City RR.— Earnings .—
See Chicago Burlington & Quincy RR. under “ Annual Reports” above.
— V. 106, p. 1462.
St. Louis-San Francisco RR.— N ew Director .—
James N. Wallaco, President of the Central Trust C o., succeeds B. D.
Levy as a director.— V. 106, p. 2006, 930.
San Joaquin Light & Power Corp.— Bonds .—
The Cal. RR. Commission has authorized this company to issue $233,000
Senes O 6% First & Refunding bonds due Aug. 1 1950, making $1,000,000
issued— V. 106, p. 1345, 1127.
Southern Pacific Co.— Oil Land D ecision .—
A docision was handed down in the U. S. Circuit Court of Appeals on
M ay 6 reversing the decision of Judge Bean in the U. S. District Court at
Los Angeles canceling the company’s patents to 6,107 acres of oil lands in
tlio North Midway, Cal., section. This reversal restores tho property,
said to be valued at about $50,000,000. to the company. The Govern­
ment’s contention in tho suit was that the lands were secured by fraud,
and that tho railroad had always known that lands were mineral bearing
Former Vice-President Dead .—
Announcement is made of the death at Atlantic City, N. J., of William
Mahl, formerly Vice-1’ res. & Comptroller, who retired on April 7 1913
after 31 years of service with tho company.— V. 106, p. 1462, 297.

2124

THE CHRONICLE

[Vol. 106.

B aldw in Locom otive W ork s, P h ila d elp h ia.— M erger ,
Dividend and Other Rumors .—
For several weeks past rumors of possible events of importance for Bald­
win stockholders have been circulating on tho street, being offered in some
cases at least as “tips." Tho stories have included talk of record earnings,
T oled o & O h io C en tral R y .— Annu al Report.—
heavy locomotive and ordnance orders (in hand or expected), stock pur­
Y e a r s e n d . D e c . 31—
1917.
1916.
1915.
1914.
Operating revenues___ $8,088,541
$6,203,847 $4,722,352 $4,930,626 chases by tho du Ponts (denied by tho latter), merger plans, and the prob­
Not, after taxes________$1,602,324 $1,293,171
$835,641
$635,695 ability of a resumption of dividends on tho common stock.
The “Philadelphia Nows Bureau" on M a y 16 said:
' Other incomo.......
692,149
916,063
642,243
413,926
“In local official circles knowledge as to tho report that Midvale Steel &
Ordnance had acquired control of the Baldwin Locomotive Works was dis­
Total income....... $2,294,473 $2,209,234 $1,477,884 $1,049,621
claimed.
It was admitted that such outcome, frequently predicted, would
1,464,933
1,434,771
1,356,237
Interest, rents, &c____ 1,379,783
not bo illogical, as the steol company makes many parts used in locomotive
Balance, sur. or def..sur$914,690 sur$744,301 sur$43,113 def$306,616 manufacture, and it is recalled that W m . E. Coroy, Samuel M. Vauclain
and S. F. Pryor aro directors on both boards.
— V. 105, p. 2544.
“A significant circumstance may bo that whereas until within a few days
all the talk was against a dividend at this tiino on Baldwin common,
Toled o R ailw ays & L ig h t C o.— Fares .—
On and after midnight, M a y 9, tho company instituted tho following now it is considered seriously.
“It was recently pointed out that tho fact that tho Baldwin Locomotive
rates of faro: Cash fare, 5 cents; children under 8 , 1 cent, and children in
arms freo. Transfers will bo given out for 1 cont. Ratos previously wore Works wrote off all of its 1917 profits after payment of the 7 % dividend
on tho $20,000,000 preferred stock was not a bar necessarily to resumption
six tickets for 25 cents and freo transfers.
Carmen last week voted not to strike and to accopt a wage increase of of dividends on tho $20,000,000 common. Various interests were against
6 cents per hour instead of tho 10 cents originally demanded.— V. 106.P.716. such a courso, but as stated yestorday tho matter will come up for con­
sideration at tho board meeting next week.
“A while ago thero were rumors of stock dividends, or a big distribution
U n ited R ailw ays C o., St. L o u is.— Fare Increase .—
Permission of the Missouri P. S. Commission having been granted, to common shareholders. The answer to this of tlioso in a position to know
beginning Juno 1 this company will charge six cents for surface car fares is that nearly all of the company’s surplus was written off last year, and
in the city, and must at tho expiration of one year, in accordance with tho therefore a small cash dividend is likely when a dividend is declared.
recont; ordinance (V. 106, p. 1901), show cause for making the faro perma­ There was formerly 2 % per annum paid on tho common, and tho semi­
annual dividends were paid in July and December.
nent. Compare V. 106, p. 1901, 1689.
"Without counting Standard Steel Works profits, Baldwins earned
In granting the 6-cent fare tho Commission placed a temporary valuation
of $52,800,000 on the company’s proprty. With tho increased revenue tho $34 50 a sharo last year and earnings in 1918 to date aro understood to be
Commission estimated that the company would fail by $200,000 to earn at a better rate, approaching $1,500,000 in March, against not of about
a 6 % return on tho above valuation. Half fares for children are to remain $12,000,000 for tho whole year 1917. Baldwins, with such liberal earnings,
at
cents, and the universal transfer system will not bo disturbed. It is need not therefore limit dividends on the common to so low a rate as
estimated that the faro increaso as granted will yield $2,026,000 for tho year. formerly, but all authorities agroo that it is not tho dividend that justifies
Tho National War Labor Board on M a y 16 granted a temporary 10% tho prico for Baldwin shares. It is the huge business done by tho com­
wage increaso to tho employees of tho United Itys. Co., thus settling tho pany and tho equities thoro.”— V. 106, p. 2012, 1902.
striko situation in St. Louis.
B arn ey & Sm ith Car Co. (of W . V a .)— Deposit of Stock—
A press dispatch from St. Louis states that Pros. McCullough has gone to
Washington to petition the Government to relievo the company from tho
Formed to Reorganize. Sell or Lease the Property .—
payment of tho $3,500,000 Union Depot Consolidated Mtge. 6 % bonds duo Committee
Under
agreement dated April 23 1918 a committee composed of Law­
June 1 1918. It is understood that an extension of tho maturity date is rence Maxwell,
William Cooper Procter and Charles P. Taft has requested
sought for.— V. 106, p. 1901, 1689.
holders of the preferred anil common shares to deposit their stock with
tho Central Trust Co. of Cincinnati as depository. Tho committeo states
W a b a sh R ailw ay. -A n n u al R eportthat the working capital of tho company is wholly inadequate for tho opera­
1915.
C a le n d a r Y e a r s —
1917.
1916.
of the plant in full capacity as it should bo operated during the war,
2,519 tion efforts
Average miles operated__
___
2,519
2,519
to obtain such capital havo been without success.
___$40,471,999 $37,721,104 $30,687,318 and
The
agreement, on condition that a majority of tho stock is thus depos­
23,376,390
24,874,417
___ 28,468,896
ited,
authorizes
tho committee to take such stops as shall to them seem
971,768 necessary or proper
___ 1,459,221
1,175,238
to protect and advance tho interests of shareholders,
and
to
that
end
may voto all shares deposited horounder at any meeting
$6,339,160 of shareholders with
___$10,543,882 $11,671,449
ull power of attorney to reorganize, sell, assign,
447,457 dispose of or lease all for
509,772
Other income.
--571,787
any part of tho company’s properties upon such
terms
as
the
committee
m ay deem best.— V. 103, p. 14i1.
$6,786,617
___$11,115,669 $12,181,221
$1,060,442
___$1,631,818
$1,534,875
B eatrice Cream ery C o.— Common Dividend Increased .—
2,646,773
2,177,302
___ 2,206,935
A quarterly dividend of 3 % lias been declared on tho common stock,
3,909,229 payablo
3,162,546
___ 3,104.872
M a y 15 to holders of record M a y 7. The last quar. common
(1)462,000
--.(4)1,848,000
dividend, paid Feb. 13, was 2 X 4 % . — V. 106, p. 716, 711.
-sur.$2,324,045 sur$4,844,498 def$889,827
B ritish -A m erica n T obacco C o.— Interim Dividend .—
-V. 106, p. 2012, 1462.
A London cable dated M a y 16 states that this company lias declared an
interim
dividend of 6 % on tho ordinary shares, freo of British incomo tax.
W a g e s.— Report o f Railroad W age Com m ission .—
The "Railway Age” in its issue of M a y 27 publishes an abstract of the — V. 106, p. 931.
main report of tho Railroad Wage Commission to Director-General McB u ffa lo & S u sq u eh a n n a Iro n C o.— Bonds Called .—
Adoo recommending increases estimated to aggregate $300,000,000 a year
One hundred ($100,000) First Mtgo. 5 % gold bonds, dated July 1 1902
in tho wages of all railway employees receiving less than $250 per month. (Nos. 1101-1200 incl.) havo been called for paymont Juno 1 at par and
See also previous pages— V. 106, p. 2012, 716.
int. at N e w York Trust Co.— V. 104, p. 2013.
W isc o n sin Power, L ig h t & H ea t C o.— Acquisitions .—
B u rn s B roth ers, N . Y .— Extra Common Dividend .—
This company lias purchased tho entiro capital stocks of (a) Ripon Light
An extra dividend of 5 % in Liberty Loan 4s has been declared on tho
& Water Co., (6) Green Lake Electric Co., (c) Markcsan Electric Co., common stock, payablo Juno 10 to holders of record M a y 31.— V. 106, p.
(d ) Kingston Electric Co., (e) Wisconsin Light, Power & Milling Co.
These companies, wo aro informed, will bo consolidated at somo future date. 1580.
March Quarter .—
— V. 105, p. 911.
__________
B u tte & Superior Copper C o., L td
1918.
1917.
Net Value—
1918.
1917.
Sp rin gfield (V t.) Electric R y .— Receiver A p poin ted .—
Judge H. H. Blanchard, of Springfield, Vt., Treasurer of tho company,
has been appointed receiver for this company in consequence of the default
of the $100,000 First Mtge. 5 % gold bonds due Nov. 1917.— V. 70, p. 793

IN D U S T R IA L

AND

M IS C E L L A N E O U S .

Zinc concentrate..$1,405,271 $1,900,089 Total Income........ $1,651,080 $2,275,620
Lead concentrate.
236,518
333,228 Oper. costs, &c__ 1,323,099 1,214,599
9,291
42,302 Balance, surplus.. $327,981 $1,061,021
Misccll. income__

A d van ce-R u m ely C o.— Neio Directors .—
J.
Abrams, G. C. Aldrich, J. J. McCutcheon, J. B. Benson and J. A.— V. 106, p. 1580, 1129.
Bennett have, it is reported, been elected directors.— V. 106, p. 1575.
C alif orn ia-O regon Power C o .— Fuel Conservaton .—
See Pacific Gas & Electric Co. under Railroads above.— V. 106, p. 1580.
A m erican G lu e C o.— Earn in gs .—
1917.
1916.
1915.
C aliforn ia Packing C orp.— Dividend Increased —
Total income, after depreciation, &c. $1,917,833
$664,887
$248,530
A quarterly dividend of $1 per sharo lias beon declared on tho common
Federal taxes___________________
543,062
------stock, payablo June 15 to holders of record M a y 31. Tho last distribution
Insurance reserve_______________
12,000
------paid Mar. 15, was 50 cents a sharo.
Preferred dividends (8 % ) ________
160,000
160,000
160,000
Nion Tucker of Bond & Goodwin has succeeded as director J. Cheever
C o m m o n (cash) dividends_______ (10%)89,995 (6%)48,000 (6%)48,000 Cowdin of the same firm, who is a Captain in the aviation corps.
C o m m o n (stock) dividends______(25%)200,000
------V. 106, p. 819.
•
Balance, surplus-------------$912,776
$456,887
$40,530
Cam bria Steel C o. — Extra Dividend .— •
— V. 106, p. 1463, 930.
An extra dividend of 154% has beon declared on tho stock, along with
American La France Fire Engine Co.— D iv. Reduced. the regular quarterly 1)4%, both payablo Juno 15 to holders of record
A quarterly dividend of 1K % has been declared on tho stock, payablo M a y 31. About 97% of tho $45,000,000 stock is owned by Miclvalo Steel
M a y 15 to holders of record M a y 9. This compares with 1 X 4 % paid & Ordnance Co.— V. 106, p. 2012, 1455.
Feb. 15 last— V. 106, p. 1685.
Canada Copper Corp., Ltd.— Rail L in e .—
See Kettle Valley Ry. under “Railroads” abovo.— V. 105, p. 1805.
American Pneumatic Service Co.— Purchase by Govt.—
Canadian Cottons, Ltd.— Earnings .—
The U. S. Senate on M a y 14, by a vote of 33 to 23, adopted an amendment
to tho Postal Administration bill directing tho Postmaster-General to M a r . 31
T o ta l
N et
O ther
B on d P f.D iv s .
C om m on
B a la n c e
purchase the pneumatic tube mail systems of N e w York, Brooklyn, Phila­
Y ear—
S a le s .
P r o f it s . I n c o m e . I n t . , & c . (6 %). D iv id e n d s .
S u r p lu s
delphia, Boston, St. Louis and Chicago. An appropriation of $4,432,622
s
s
SS
S
$
v
was voted for tho purpose.— V. 106, p. 1463, 1124.
1917-18-7,786,128 *926,616 109>>10 509>00 21o',690 (4)4)122,198 274,538
1916-17.5,594,811 593,273 199,560 246,274 219,690 (4%)108,620 218,249
American Sugar Refining Co.— Four Extra Dividends .—
* After deducting war taxes.— V. 106, p. 1233.
Four extra quarterly dividends of 54 of 1% havo beon declared on tho
Chesebrough Manufacturing Co.— Extra Dividend.—
common stock, payable July 2 and Oct. 2 1918, and Jan. 2 and Apr. 2 1919,
to holders of record Juno 1, Sept. 3 and Dec. 2 1918 and Mar. 1 1919,
An e x t r a d iv id e n d o f 5 0 c e n t s a s h a r o h a s b e o n d e c la r e d o n th o s t o c k ,
respectively. Tho regular quarterly 154% will ho paid July 2 to holders a lo n g w it h t h e r e g u la r q u a r t e r ly $ 3 p e r s h a r o , b o t h p a y a b lo J u n o 2 0 t o
of record Juno 1.
h o ld e r s o f r e c o r d J u n o 1 .— V . 1 0 6 , p . 1 3 4 7 .
Pres. Earl D. Babst is quoted as follows: Notwithstanding tho present
uncertainty as to operating earnings tho directors feel justified in voting
C hicago T elep h o n e C o.— Rate Increase Petition — W ages.
those extra dividends at this time owing to tho increased incomo received
In his petition for an increase in rates, Pres. Sunny is recommending:
during the last three years on tho company’s investments.— Y. 106, p. (1 ) A horizontal increase of 14% on all oxchango rates. This would pro­
2012, 1346.
duce 32,450,000, but as this would bo burdensomo anil unfair to many
lie suggests (2) a flat-rato service lie changed to measured
American Telephone & Telegraph Co.— Sub.Co. N otes. subscribers
servico; but that (3) if in part the company is compelled to continuo tho
See Cleveland Telephono Co. below.— V. 106, p. 2012, 1798.
flat-rate service, this ciass of subscribers should bo required to stand 7 5%
in their rates.
, ,
American Water Works & Electric Co., Inc.— Earns .— increaso
A 10% increase in wages was recently given to telephone operators,
-- 3 M o s . to M a r . 31-- - -- 9 M a s . to M a r . 31-- amounting to $450,000, and other increases in pay-rolls in tho next 60 days
G ro ss E a r n in g s —
1918.
1917.
1917-18.
1916-17.
will call for additional expenditure of $800,000.— V.100, p. 609, 601.
Water works properties. $1,238,573 $1,114,854 $3,679,097 $3,359,146
Chile Copper C o.— Production (Lbs .) .—
West Penn Trac. prop’s
(incl. power co.).... 2,126,274
1,789,417
6,216,006
5,198,336
1918— A p r i l — 1917.
D e c r e a s e . I 1918— 4 M o s . — 1917.
In crea se.
7,700,000
8,157,124
457,124132.046,512 30,683,920 1,962,592
Total______
$3,364,847 $2,904,271 $9,895,103 $8,557,482 — V. 106, p. 1690, 1580.
A m . XV. XV. A E l . C o . N e t e a r n i n g s ________
$304,566
$349,925 $1,001,197 $1,086,544
Cities Service C o.— N um ber of Stockholders.—
Int. oncoll.tr. bonds-..
$196,753
$187,590
$590,348 $ 552,905
The number of stockholders increased more than 18% in 1917. On
Int. on coll. tr. notes-----3,000
----9,000 Dec. 15 1916 tho company had 10,111 stockholders and by Dec. 15 1917
Other interest.......
6,183
12,535
18,638
47,296 12.467; on April 15 1918 there wero 13,390.— V. 106, p. 1090, 1580.
C leveland T elep h o n e C o.— Application for N otes .—
Not incomo.......
$101,630
$146,800
$392,211
$477,343
This company has applied to tho Ohio P. U. Commission for authority
— V. 106, p. 1798. 501.
to issuo $8 ,000,000 6 % notes at par, tho proceeds to bo used as follows,
A ssociated Oil C om p an y .— Bonds Called .—
viz.: (1) $1,525,000 in part for installing for measured service equipment
Fivo hundred seventy-four ($754,000) First Refunding Mtgo. 5 % gold ordered by tho commission; (2 ) $3,000,000 to rottro a similar amount of
bonds, due Jan. 15 1930, havo beon called for payment July 15 at par and notes duo M a y 10 1918, and (3) $3,475,000 to take up obligations issued
from time to time.— V. 106, p. 1580.
int. at Union Trust Co. of San Francisco.— V. 106, p. 1574, l463.




M at 18 1918.1

2125

THE CHRONICLE

Cliff Electrical Distributing Co.— Consolidation.Seo Niagara Falls Power Co. below.— V. 106, p. 1580.
Coastw ise T ran sp orta tio n C o., B o s to n .— Earnings .—
Feb.28 Years— 1917-18.
1916-17.
1917-18. 1916-17.
Gross earnings ...$2,792,172 $1,611,904 Bond interest, &c. $100,519 $109,452
Net earnings........ $849,111 $341,166 Reserve for excess
Other incomo-----46,583
27,544
profits taxes__
333,611
Gross income___ $895,694 $368,710 Dividends.....
91,875
52,489
Surplus....... $369,688 8206,768
This company is controlled by the Consolidation Coal Co.— V. 100, p.
931. 503.

operations several years ago, have shrunk from around 500,000 tons per
annum to 100,000 tons, this loss has been more than offset by growth in
the domestic business. Fertilizer prices named for the spring trade were
about 10% higher than a year ago, and the 1917 quotations showed a good
advance over the previous season.
While the capacity of the fertilizer plants has not been disturbed, the
company has increased its mining activities and sulphuric acid operations.
— V. 106, p. 2013, 1904.

International Cotton M ills— Initial Common D iv .—
An initial quarterly dividend of 2 % ($1 per share) has been declared on
the common stock along with the regular quarterly \ % % on pref., both
payable June 1 out of surplus determined as of March 31 1918, to holders
of record M a y 16. at Old Colony Trust Co. Boston— V. 106, p. 1899.

Copper R ange C o.— Sub. Co. Dividend .—
A dividend of $5 per share on tlio 100,000 shares of stock of the Tri­
International Mercantile Marine Co.— Transfer .—
mountain Mining Co. lias been declared payable M a y 10 to holders of
Negotiations for the transfer of about 1,000,000 tons of shipping now
record M a y 6. Of *ho total distribution the Copper Range Co receives operated by the British subsidiary companies are understood to be proceed­
$496,725, holding 99,345 shares. The last dividend was paid in 1913 ing satisfactorily. President Franklin is quoted as saying that special
amounting to $200,000.— V. 106, p. 1798, 604.
meetings of the directors will continue to be called from time to time as
developments in the situation occur. The negotiations concerning the
C u rtiss Aeroplane & M otor C o.— Orders .—
proposed transfer are said to have extended over a period of six months.
British interests are reported to have made an offer of $125,000,000 for
See Willys-Ovcrland Co. below.— V. 106, p. 2013, 1464.
this tonnage, which includes the ships of tho Atlantic Transport, White
Star, Dominion and Leyland lines. These vessels were commandeered
D avis-D aly Copper C o .— Initial Dividend .—
The directors have declared an initial dividend of 50 cents per share, by the British Government in April 1917.— V. 106, p. 1581, 1348.
payable Juno 29 1918, to stockholders of record at tho close of business
Interstate Electric Corp.— Notes — Report.— A . E . FitJuno 3 1918.— V. 104, p. 1804.
D om in ion Textile C o .— Common Dividend Increased .—
A quarterly dividend of 2 % has been declared on tho common stock,
payable July 2 to holders of record Juno 15, thus placing tho stock on an
8 % p. a. basis. The last quarterly disbursement, paid April 1. was \ v %
(not 1 M % as given in V. 106, p. 1464).— V. 105, p. 815.
(E. I.) du P o n t do N em ours & Co — Red Cross Dividend—
A special Red Cross dividend of 2 % amounting to $1,177,084 has been
declared on the com. stock payable M a y 18 to holders of record M a y 8 .
Powder Packing Plant .—
It is reported that the Foundation Co. of N. Y. has been awarded a con­
tract for
construction of a powder packing piant at Seven Pinos (Yra.),to
cost about S3,000,000. Tho project will include an electric power plant,
heating equipment, large warehouse and 40 miles of railway trackage.
The I3u Pont Company will operate the plant for the Government.— V . 100,
p. i*yy» JLooi•
Electric A u to -L ite C orp o ration .— Reported M erger .—
See U. S. Light & Heat Corp. bolow.—

V.

106, p. 1233.

Empire Ga3 & Electric C o .— Bonds Authorized .—
ei
F'
C o m m is s io n h a s a u t h o r iz e d t h is c o m p a n y t o Is s u e
$ 1 7 1 ,0 0 0 5 % T h i r t y - Y e a r F i r s t R e f . g o ld b o n d s to b o s o ld a t n o t le ss t h a n
8 0 o n a c c o u n t o f e x t e n s io n s a n d im p r o v e m e n t s .— V . 1 0 6 , p . 3 0 1 , 1 9 3 .

Federal D y e stu ff & C hem ical C o .— N ew Receiver— Loan
Charles W. Holloway has been appointed an additional receiver with
John W. Herbert and Frank H. Platt.
Press reports stato that receivers have been authorized by Federal Judge
nough to accopt a loan of $150,000 from tho noteholders’committee (Alvin
W . Krech, Chairman) for tho purpose of financing the operation of the
company’s plant at Kingsport, Tenn. Tho need of tho loan was shown
by tho information that the compay had negotiated a contract with tho
Government for the manufacture of 9,000,000 lbs. of picric acid at 54c.
a lb.— V. 106, p. 1038.

G a sto n , W illiam s & W igm ors, I n c .— Control Purchased
by Interests Identified with the Guaranty Trust Co. and the
Chase National Bank .— The following has been given out:
Hornblower & Weeks announce that they have purchased from William
H. Williams and J. A. WIgmore of Gaston, Williams & W i g m o r o a suS
stantial amount of their holdings in the company. At a meeting of t.hn
directors held M a y 13, Messrs Williams and Wigmoro rested f?0m the
board. Mr. Harry Payne Whitnoy [a director of the Guaranty Trust Co.)
and Mr. G. RI. Dahl, Vice-President of the Chase National Bank, were
elected to fill tho vacancies.
’
In purchasing the stock from Messrs. Williams and WigmorS, Hornblower
& Weeks are acting for new interests in the company
Chas. H. Sabin, Chairman of tho Board, further announces that George
A. Gaston con nues as President of the company with full authority.
Charles A. Corliss, Pros, of Lamont, Corliss & Co has been added to
the board.— V. 106, p. 1690, 712.
^ ’ as Deen adUed t0

kin & Co. are offering at 97 and in t., yielding practically
8 J ^ % , an unsold balance of $50,000 of this company’s issue
of Two-Year 6 % notes due Sept. 1 1919, which were fully
described in V . 105, p. 1526.
Cal. Years—
1917.
1916.
Total income............ $669,662 $649,497
Net earn., after taxes. 261,815 261,822
Int. on underly’g secs.
not owned, &c____ 48,065 52,297
Miscellaneous............
5,101
______
— V. 106, p. 1799, 710.

.
1917.
Int. on cos. 6% bonds. $74,523
Preferred divs. (7 % ). 60,201
Commondlvs. (!% )__ 10,000

1916.
$62,452
54,894
______

Surplus___ ______ $63,924 $92,179

Island Creek Coal Co.— Results 3 M o s . to M arch 31.—
3 M o n th s to M a r c h 31—
1918.
1917.
1916.
Profits after charges------------ ----- .$616,496 $254,502 $220,762
Sales (tons)
446,099447,574598,609
413,364463.712558,465
Production (tons) -----------— V. 106, p. 1236, 714.
Jones Brothers Tea Co., Inc.— Sales for A p ril
1918— A p r i l — 1917
$1,109,130
S916.371
— V. 106, p. 1799, 1234.

I 1918— 4 M o s . — 1917
$192,7591$4,261,701
$3,520,089
In crea se.

&

4 M os.
In crea se.

S741.612

Kanawha & Hocking Coal & Coke Co.— Coupons .—
J. P. Morgan & Co., as fiscal agents, have sufficient funds on hand to
pay all outstanding past-due coupons. Said coupons will be paid on pre­
sentation at 23 Wall Street, N. Y.
W e learn that no action is to be taken on the Continental Coal & Coke
Co. coupons, that company having been sold under foreclosure.
Kaufmann Dept. Stores Co., Inc.— Stock Reduced.—
Shareholders recently voted to reduce the capital stock from $9,600,000
to $9,525,000, consisting of $7,500,000 common and $2,025,000 7 % cum.
preferred stock.— V. 106, p. 1684.
(S. S.) Kresge Co.— A p ril, cfee., Sales .—
1918— A p r i l — 1917.
$2,646,337 $2,360,758
— V. 106, p. 1581, 1348.

I 1918— 4 M o n t h s - 1 9 1 7 .
12.10% 189,811,023 $8,475,286

In crea se.

In crea ses

15.64%

Lake Torpedo Boat Co.— Investigating Committee.— ■
Dividends due on the company’s pref. stock for Jan. and April remaining
unpaid and no information being available on M a y 13, stockholders repre­
senting upwards of 25,000 shares of tho company’s capital stock and includ­
ing several of tho largo commission houses, resolved to appoint a committee
of five with full power to investigate tho company’s affairs and to reportback at a subsequent meeting to bo held upon the call of the chair.
Mossrs. Henry Michaels, A. S. King, William Keefe, E. Straus and E.
Vanderwood were chosen members of the committee with Mr. Keefe as
Chairman. Henry B. Ketcham, N. Y., was unanimously chosen as counsel
to the committee.— V. 10 2 ,p. 1166.

Lanston Monotype Machine Co.— Scrip Dividend .—
The directors have declared a dividend of I M % ($1 50 per sharejFon
the capital stock, payable in 6 % dividend certificates, deliverable M a y 31
G eneral M otors C orp o ration .— Acquisition.—
1918 to holders of record M a y 21. The dividend certificates will be dated
See Perlman Rim Corporation below.— V. 106, p. 1003, 1464.
M a y 31 1918 and will be due M a y 31 1919, -with interest payable semi­
annually Nov. 30 1918 and M a y 31 1919, and will be subject to redemption
at any time at the option of tho company at thoir face value, with interest,
G oodyear Tire & R u b ber C o.— Prcf. Stock Offering.—
Morrill, Lynch & Co N o w York, are offering this company’s 8 % cumu­ on two weeks’ notice.
Pros. J. Maury Dove in a letter to stockholders dated M a v 11 says:
lative second pref. stock. Comparo V. 105, p. 2459, 2362.— V. 106* p. 718.
“The present difficulty of obtaining regular supplies of raw ma'teriai and
prompt deliveries of machines sold has necessitated the employment of
G ran by C on sol. M in in g, Sm eltin g & Power C o., L t d - the
about $500,000 of earnings in working capital additional to that normally
necessary. The directors, in view of the company’s increasing business
P r o d u c tio n (lb s .)—
A n y o x . G ra n d \ % rk s.
T o ta l
m i 7*
and of tho necessity of employing additional working capital, camo to the
Month of April__________ 3,048,012
641,970 3 689 982 3 77514* conclusion that tho conservation of cash was in the best interest of the
Four months to April 30___12,534,908 3,015,753 15!550!661 13!203!30
stockholders, notwithstanding the fact that tho earnings warranted the
— V. 106, p. 1690. 825.
declaration of the usual dividend in cash.”
Earnings Feb. 28 Years.
Gulf Oil C o t p .— Sub. Co. Stock Increase .—
1917-18.
1916-17.1
1917-18. 1916-17.
The Gulf Refining Co., which is controlled by Gulf Oil Corn lias in­
Net profits.......... $502,033 $822,518 Dividends (6 % ).. $360,000 $360,000
creased its capital stock from $7,500,000 to $15,000,000
62,777! Balance, surplus.. $142,033 $399,741
Tills increase of capital stock was effected by tho sale of $7,500,000 of Depreciation.........................
stock at par. All of this stock lias been subscribed for; paid for and is now
Tho total surplus Dec. 31 1917 was $2,542,774, after deducting $120,022
issued and outstanding. There was no offer of sale of this stock to the amortization of machinery, &c.— V. 106, p. 504.
public, all of the increase being subscribed by tho stockholders of the
company.— V. 106, p. 1340, 1234.
Lehigh Portland Cement Co.— Cement Price Agreem ent.
See previous pages in this issue.— V. 104, p. 366.
Gulf Refining Co.— Stock Increased .—
Seo Gulf Oil Corp. above.— V. 100, p. 2013.
Liggett & Myers Tobacco C o . — To Authorize $21,496,400
Class B (non-voting) Common Stock, N ot M ore than 2 5 % o f
Hamilton Manufacturing Co.— Dividend Increased .—
A quarterly dividend of 2 H % has been declared on tho stock payable Same to Be Issued at A n y One T im e. — The stockholders will
M a y 15 to holders of record M a y 11. The dividends have thus been placed vote June 18 on increasing tho authorized capital stock by
on a 1 0 % p. a. basis, tho previous rate being 8 %, payablo semi-annually.—
sanctioning an issue of §21,496,400 "com m on stock B ,” with
V. 106, p. 927.
Harbison Walker Refractories Co.— Extra Dividend .—
An extra dividend of 6 % has been declared on the common stock, payable
Juno 5 to holders of record M a y 23.— V. 106, p. 1904.

the same rights to dividends and upon liquidation as the
present issued common stock, but without voting powers.

Statement by President C. C. Dula, Dated May 16 1918.
While the company started with inadequate cash resources It has, during
the several years of its existence, accumulated a large surplus which,
added to the recent issue of preferred stock, would have placed it in a very
See Niagara Falls Power Co. below.— V. 106, p. 1581, 611.
comfortable position but for the unforsecn and unusual conditions brought
about by the world war. As a result of the war practically everything
Illinois Pipe Line Co.—-Dividend Reduced .—
entering into the manufacture of tobacco has advanced more than 200% .
The directors liavo declared a dividend of $8 per share on tho $20,000,000
As the tobacco business is conducted on a cash bass these tremendous
outstanding capital stock, payablo Juno 29 to shareholders of record M a y 31
increases in cost, as is apparent, require much larger cash resources than in
Tho last payment, in Dec. 1917, was $10 per share.— V. 106, p. 1234, 713.
normal times. Thus far these resources havo been provided by borrowings
from banks. It may bo that we will find it prudent and practicable to
Inspiration Consolidated Copper Co.— Production (lbs.) continuo to finance the company by borrowing, but to provide against
any unforseen emergency it is highly desirable to have authority to issue
1918— A p r i l — 1917.
D e c r e a s e . I 1918— 4 mas-.— 1917.
D ecrea se.
stock whether it is availed of or not.
9,350,000
11,400,000 2,050,000129,300,000 44,350,000 15,050,000 more
Should it become necessary to issue more stock not more than 2 5 % of
— V. 106, p. 1904, 1799.
the amount authorized at this meeting will be issued at one time and at
three months’notice will bo given stockholders of the payment date.
International Agricultural Corp.— Debt Reduced, Etc .— least
[The proposed amendment to the articles of incorporation provide that
Tho following published statement has been pronounced correct:
the total authorized capital stock shall be $65,752,700, all in shares of $100
Tho bonded debt lias just been reduced to $10,275,700 through tho re­ each, viz.: $22,759,900 7 % cum. pref. stock; $21,496,400 common stock;
tirement of $448,200 by the sinking fund. Original issue was $13,000,000. and $21,496,400 common stock B. The pref. stock and common stock
There will end on June 30 another very favorablo year for this company. entitle tho holders thereof to full voting powers. C o m m o n stock B will
Although exports of phosphato rock, an important factor In tho company’s have no voting pbwers. “C o m m o n stock and common stock B with

Hydraulic Power Co. of Niagara Falls.— Consolidation —




respect to each share of either outstanding, shall have equal rights in the
matter of dividends” and in case of any liquidation ‘after payment to tho
holders of the preferred stock of its par value and the dividends accrued and
unpaid thereon, tho residue of tho assets shall bo ratably divided among
and paid to the holders of tho common stock and the common stock U,
share and share aliko, without distinction between shares of tho common
stock and the common stock B.”-— V. 106, p. 1904, 812.

McCrory Stores Corp.— A p r il , A c ., Sales.—
1918— A p r i l — 1917
$680,405
$573,369
— V. 106, p. 1691, 1341.

[Vol. 106.

THE CHRONICLE

2136

I 1918— 4 Mos.— l91?
18.6% |$2,526.763
$2,145,156

In crea se.

Owens Bottle-Machine Co.— E a r n s . G M o s .

Mackay Companies.— Labor D ecision. —
See Western Union Telegraph Co. bolow.— V. 106, p. 1581, 1465.

31.

1916-17.
$1,239,346
350,140
*833,400

1915-16.
$942,448
160,655

$2,422,886
245,198

$1,103,103
88,814

$1,196,905
470,737

$2,177,688
531,089

$1,014,289
300,868

$1,667,642

$2,708,777

$1,315,157

In crea se.

17.78%

to M a r .

6 M o n t h s to M a r . 31—
1917-18.
xManufacturing profit and loyalties. $1,233,197
Other income___________________
570,lo7
Profit from salo of stock------$1,803,354
y600,449
controlled companies. .

* Profit above book valuo realized from salo of common stock of Boldt
Co. held as investment, x After deducting cost of sales including manufac­
Manhattan Electrical Supply Co — Earnings — D ivs. — turing expenso and depreciation, y Includes estimated incomo and excess
profits taxes.— V. 106, p. 1904, 1132.
An authoritative statement shows:
4 m o s . to
12 m o s . to
A p r . 30 18. Dec. 31 17.
Pao-e Steel & W ire C o.— Dividends, A c .— Neiv President.
Sales.. ....... .................... ..... $1,711,160
$5,234,324
A semi-annual dividend of 3 % on the first prof, stock and 3 H %
Net profits after providing for all taxes were — ------ — S'125,885
In addition to tho regular quarterly dividends of lU % paid on tho first pref. has been declared payable M a y 31 to holders of record M a y 3 0 . The
prof, and second pref. stocks, tho company has maintained the usual quar­ annual meeting has been changed from tho fourth Wednesday in July to tho
terly dividend of 1 % on tho common stock, and on M a y 1 1918 paid an fourth Wednesday in August. Tho company, formerly known as tho 1 age
extra dividend of 1 % on tho common. After payment of these dividends Woven Wiro Fenco Co., adopted its present name Oct. 22 last.
B.
Lissbergor, of B. Lissbergcr & Co.. N. Y., succeeds tho late Austin
$282,400 of the pref. stocks have been retired out of earnings sinco Oct. 1
Clomont as President.— V. 106, p. 92.
1917.— V. 106, p. 1581, 1131.
P an -A m erican P etroleum & T ran sp ort Co .— D iv.—
Manufacturers’ Light & Heat Co.— Rate Increases.—
The regular quarterly dividend of $1 25 a sliaro on tlio common stock
This company has filed with tho Pennsylvania P. S. Commission a new
tariff of rates for natural gas, effective Juno 1, making increases in existing has been declared, payable half in cash and half in 4 % Liberty bonds on
rates and changes in classifications. Tho change affects Allegheny, July 10 to holders of record Juno 15. Tho regular quarterly 1H % on the
Beaver, Butler, Greene, Lawrence and Washington counties.— V. 10b, p. preferred stock will bo paid July 1 to holders of record Juno 15.— V. 106.
813, 710.
p. 933.
Earnings — 3 M onths to M arch 31.
Peerless T ru ck & M otor C orp.— Tenders.—
1918.
1917.
3 M o n th s—
1918.
1917.
The Bankers Trust Co., N. Y., as trusteo, will, until M a y 24, receive
$15,757 $17,820 tenders for tho salo of $500,000 10 year 6 % secured convertible gold notes
Gross earnings$2,675,397 $2,354,898 Bond int., &c_
2,517
2,749 of 1915. Accepted bonds will be paid Juno 3.— V. 106, p. 1132, 1123.
Net after taxes$l ,218,177 $1,045,063 Adjustments.
Other income.
13,372
22,200 Dividends ...(2)460,000 (4)920,000
Perlm an Rim C orp o ration .— Sale of A ssets. —
Gross income.$1,231,549 $1,067,263 Surplus..... $753,275 $126,694
— V. 106, p. 710, 813.
Shareholders on M a y 13 ratified a resolution to turn over the company s
assets to the General Motors Corp. Coinparo Y . 106, p. 1JOo.
M etro p olita n P etroleum C orp.— N ew President.—
Howard D. Boss has been elected President.— V. 106, p. 2014, 1799.
Pierce-Arrow M otor Car Co -E a r n s . 3 m os. to M a r .‘S I ’ 18
Operating profit______ $2 ,326,5521Pref. dividends (2%)- -----S200,000
M exican P etroleum C o., L td .— Dividend.—
Depreciation, war taxes
„or- S°i,mnon divs.’ ^ 1'25^--- o’:ic7
and interest
1,094,685 Balance, surplus-------- 7 719,367
The regular quarterly 2 % dividend lias beon declared on tho common
The company o'n M a y l paid a further dividend of $1 25 on th^O.OOO
stock, payable half in cash and half in 4 % Liberty bonds July 10 to holders
of record July i. The 2 % on pref. is payable July 1 to holders of record shares (with no par value) of common stock, calling for $312,o00. V . lUo,
Juno 15. Three months ago tho common dividend was increased from p. 1458, 403.
l i i % to the present basis.— V. 106, p. 933, 1131.
P ittsb u rg h Brew ing C o.— Common Div. Resumed.—
Midvale Steel & O rdnance C o.— Sub. Co. Extra D iv. —•
A dividend of A of 1 % has beon declared on tho common stock, payable
Juno
15 to holders of record Juno 1. The last dividend on tho common
M erger Talk, A c .—
stock was paid in Nov. 1914, tho same amount.— V. 106, p. 1582.
See Cambria Steel Co. above.
..
See Baldwin Locomotivo Works above.— V. 106, p. 2014, 1904.
P u llm an C o.— Government Orders.—
With tho recent order for 8,000 freight ears a Chicago dispatch says that
Mil liken B ros., In c .— Fifth Distribution.—
tho
company’s total orders on hand amount to 11.000 freight and 500 pas­
Stockholders will receive a fifth distribution of $10. share on the pref.
stock, payable on or after June 1 to holders of record M a y 15, at 1‘armors senger cars, insuring continued operation or tho freight-car manufacturing
Loan & Trust Co., N. Y. In Sept, an initial distribution of $10 a share plant for ten months. Tho company Is also working on shell orders.
was declared, in liquidating the company’s assets, and similar payments
Death of Secretary.—
were made Dec. 20 1917, Jan. 25 and Fob. 25 1918.— \ . 106, p. ilJ.
Announcement is made of tho (loath of rA. S. 'Wclnshcimer, Secietary of
M in n eso ta Sugar C o.— Stock Increase, A c . —
the company, at Chicago.— V. 106, p. 2014, 1905.
Tho shareholders have voted to reduco tho par value of tho common and
preferred stocks from $100 per share to $10 and to increaso tho authorized
Q uaker O ats C o.— Extra Dividend.—
common stock from $600,000 to $1,200,000.— V. 104, p. 2238.
An extra dividend of 1% has been declared on tho commoh stock along
with the regular quarterly 3%, both payable July 15 to holders of record
Moir H otel C o ., C h ica g o.— Earnings.— Bolgcr, Mosser & July 1. A like amount was paid April 15 last.— V. 106, p. 92.5.

Willam an of Chicago report for the calendar year 1917:
Total income.$2,295,5151Interest accrued ---------------- $183,200
Gross profits__ $526,177
Improvements, &c.....
110,865
Taxes accrued________
96,0001Surplus------- -— ---- $136,112
Tho Moir Hotel Co. owns and operates tho N o w Morrison Hotel.
Tho net earnings for tho 8 months from Aug. 1 1917 to April l 1918.
during which time tho entiro new building was available, were at tho ratoof
about $600,000 per annum.
N evada C on so lid a ted Copper C o.— For March Quarter.
1918.
1917. I
1918.
1917.
Gross produc. -lbs.17,435,164 18,852,321 iDepreciation... $160,740 $100,416
56,112
Net fr. mines, &c. $170,809 $3,238,475 Ore oxtlnguishm’t. -...
Dividends paid.- $1,999,457 $1,999,4571 Balance---- del.81,689,387S. 1,022,459
— V. 106, p. 1896, 1800.
New Y o rk & R ich m on d Gas C o.— Bond Rehearing.—
The N e w York P. S. Commission has directed a rehearing on the comany’s application for a bond issue amounting to $2,214,400. 'Iho roT
earing will be held on M a y 20 at 2:30 p. m. Tho Commission on Feb. 1
denied the company’s application for this issue. Coinparo V. 106, p. /19.

E

New Y o rk M u tu al Gas L igh t C o.— N ew Director.—
Geo. W. I’arkhurst (Sec.) has been elected a director to succeed R. M.
Galloway, deceased.— V. 106, p. 925.

R ay C on solid ated Copper C o.— M arch Quarter
1918.
1917.
1918.
1917.
Gross produC-lbs-20,522,558 21,813,772 Total income___ $1,105,803 $3,470,579
Net profits -... $1,025,230 $3,471,099 Dividends______ 1,577,179 1,577,179
Miscell. income-.
80,020
4,880 Balance.........- -del.$471,310 srl ,899,400
— V. 106, p. 1794. 1691.
.

(R. J.) R eyn olds Tobacco C o., W in sto n -S a le m , N. C.
— Offer of Remaining $5,000,000 Class B Stock .—
In November last tho shareholders voted to doublo tho authorized issue
of 7 % pref. stock, then $10,000,000 (which isstill tho amount outstanding),
and also to create a new issue of $10,000,000 class B common stock, tho
latter naving tho same rights and privileges as the $10,000,000 common
shares already outstanding, except that it will have no voting power unless
tho company fails for 90 days to pay tho regular dividend on common
shares. Of tho class B stock, $5,000,000 was offered to the common stock­
holders of record Feb. 15 1918.
. . .
r- , . _
Tho r e m a in in g $ 5 ,0 0 0 ,0 0 0 c la s s B c o m m o n s t o c k s n o w o ffe re d a t par
(SI0 0 a s h a r e ) to th o c o m m o n s t o c k h o ld e r s a n d th e c la s s B c o m m o n s t o c k ­
h o ld e r s o f r e c o r d a t th e c lo s e o f b u s in e s s M a y 2 8 i n th o p r o p o r t io n o f o n e
s h a r e f o r e v e r y th ro e s h a r e s o f p r e s e n t h o ld in g s o f c o m m o n s t o c k a n d c la s s I]
com m on sto ck.
S u b s c r ip t io n w a r r a n t s w ill b o .Is s u e d a b o u t * e b . 2 8 a n d
m u s t b o f ile d o n o r b e fo re July 1 1 9 1 8 . — V . 1 0 6 , p . 9 3 4 , 1 1 3 2 , 1 3 4 9 .

R och ester R y. & L ig h t C o.— Offering of Additional Pref.
N iagara Falls Power C o.— Power Bill Signed .— Governor Whitman has signed tho legislative bills authorizing the con­ Stock to Customers, A c .— Strike Ended .—
solidation of tho Cliff Klectrical Distributing Co. (V. 106. p. 1580). tho
The company is offering its customers an additional $500,000 of tho 7 %
Niagara Falls Power Co. and the Hydraulic Power Co. of Niagara Falls cumulative
pref. stock at $100 per share, payments to bo made if desired
(V. 106, p. 1581, 611), and authorizing the now company formed by tho in 10 monthly
installments. This stock is part of an issue of $4,000,000,
consolidation to utilize any water lawfully diverted by it from tho Niagara the
salo of which lias been passed by the Capital Issues Committee as not
River.— V . 106, p. 1904, 1582, 1228.
incompatible with the interests of the U. 8. 8eo previous offering of a
amount in V. 106, p. 1349.
,,
_ _.
,
,
North American Pulp & Paper Co. C o n s o l. E a r n i n g s .— similar
Tho strike of tho employees which wont into effect M a y 11 because or
1917.
1916.
demands for a 40-eent-per-hour wage scale was ended M a y 13 with an
C a l. Y e a r s —
1917.
1916.
Total incomo.SI ,318,740 $808,262 increaso, it is stated, of 4 cents per hour and a guarantee that every regular
Gross operat.
278,139 run shall bo 10 hours.— V. 106, p. 1465, 1349.
ing revenue $3,528,451 $3,963,110 Gen. expenses 257.340
839,482
Oper. expenses 2,839,097 3,363,097 Interest, &c._ 956,235
St. Joseph Load C o., New Y o rk .— Dividend.—
Balance, .stir.$105,165 df.$309,360
Opor. profit $6.80,354 $600,013
A quarterly dividend of 50 cents a share (par $10) lias been declared on
59,563
3,052 the stock, payable Juno 20 to holders of record Juno 8. A like amount
Other income. 629,386 208,249 Minority int.
was paid March 20, when tho dividend was reduced from 75 cents a share.
Total inc..$1,318,740 $808,262
Balanco.-.sur.$45,602df.$312,412 — V. 106, i>. 827.
At tho annual meeting on M a y 14 tho stockholders ratified tho plan for
tho merger of tho Chicoutimi Pulp Co. and tho St. Lawrence Pulp & L u m ­
Sharp M a n u fa c tu rin g C o.— Dividend Increased.—
ber Corporation, both subsidiary concerns, under tho tltlo of the former.
A quarterly dividend of 2 % has been declared on tho stock, payable
Reports of tho mooting indicate that tho Tidowater Mill in Brooklyn, M a y 22 to holders of record M a y 8. Tho stock was formerly on a 6 %
which cost about 8150,000, was sold to tho “N o w York Times” for $285,000 per annum basis.— V. 101, p. 1904.
cash. War conditions were given by Pres. Dubuc as largely explaining
tho failure to obtain better operating results, while an explosion that did
S o u th Porto Rico Sugar Co .— Stock Increase— Status.—
$400,000 damago to tho company's property further retarded operations.
Shareholders of this company will voto June 4 1018 on increasing tho
Tho Chairman of tho finance committeo is quoted as saying that tho com­ authorized
capital stock from $10,000,000 to $11,000,000, consisting of
mittee has under advisement a plan to retire tho outstanding preferred 110 000 shares
par $100, of which $5,000,000 shall bo 8 % cumulative
stock and to havo only one class of stock, a non-cumulativo issuo.
stock and $6,000,000 common.
_ . „
,
Mr. Dubuc, it appears, has surrendered to olio Chicoutimi Company preferred
In a letter to the shareholders dated M a y 8 William Schall, Chairman,
11,150 shares of Saguenay Light & Power Co. without any consideration and Frank A. Dillingham, Secretary, write: "Good progress is being made
and has also turned over to tho company 59.302 shares of his personal hold­ with the erection of tho sugar factory at La Romana, Santo Domingo, the
ings of tho common stock, in accordance with his agreement made in Oct. extension of tho railway line and other improvements and the planting of
1916, whereby he undertook to do this, if tho not earnings should bo less new cane fields. The cane grown during the current crop will bo approxi­
than $1,500,000. A similar guaranty, is said to exist for tho year 1918. mately 200,000 tons, all of which is being shipped to I’orto Rico and ground
— V. 106, p. 1131.
at the Guanica factory. The increased plantings at La Romana are oxnected to provide upwards of 300,000 tons of cane for the crop of 1918-19
Northwest. (Bell)Teleph. Exch. C o - M e r g e r S a n c t io n e d . and it is planned to ship approximately 100,000 tons to Guanica tho re­
See Tri-State Telephone & Telegraph Co. below.— V. 106. p. 1691.
maining 200 000 tons to be ground at the Romana factory, which is now
annroacliing completion. Tho present plans are to increaso plantings at
La Romana so as to provldo a crop of at least 400,000 tons for tho 1919-20
Pacific Mail Steamship Co. — E x tra D i v i d e n d .—
An extra dividend of $1 per share (20%) has boon declared on the $1,­ season
"It is oxpectcd that tho total output of tho Fortuna and tho Guanica
150,000 common stock (par $5) along with tho regular semi-annual 10%.
both payable Juno 15 to holders of record Juno 1. On Dec. 26 last an extra factories will bo about 92,000 tons of sugar, substa