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• panda'

The.
,
Mumma'

flick

INCLUDING

The Thrrinitte.

Week ending May 12.
Clearings at

PUBLISHED WEEKLY.

1917.

Subscription includes following SuyplementsBANK AND QUOTATIOg(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (senti•annually) BANKERS' CONVENTION (yearly)

Terms of Advertising-Per Inch Space

'WILLIAM IL DANA COMPANY,Pubtishers,
Front. Pine and Depoyster Ste., New York.
Published every Saturday morning by WILLIAM 13. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that toe total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,720,975,360 against $5,898,839,163 last week and $4,786,035,986
the corresponding week last year.
-Returns by Telegraph.
Clearings
Week ending May 19.

Per
Cent.

1917.

1916.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

$2,673,138,177
433,862,535
295,429,063
192,657,054
117,960,812
118,172,277
79,532,577
60,842,078
54,750,177
36,686,128
33,767,890

82,454,919,284
333,402,866
202,078,907
176,451,011
73,545,357
85,207,812
60,470,510
49,853,747
38,956,888
33,981,351
22,615,867

+8.9
+30.1
+46.2
+9.2
+60.4
+38.7
+31.5
+22.0
+40.5
+8.0
+49.3

Eleven cities, 5(lays
Other cities, 5 days

84,096,798,768
658,762,374

53,531,483,630
500,679,841

+16.0
+31.6

$4,755,561,142
965,414,218

$4,032,163,471
753,872,515

+17.9
+28.1

$5.720 975 nan

R4 7211 ARA one

4-10 A

The full details for the week covered by the above veil be given next Saturday.
We cannot furnish them to-day, clearings being made up by toe clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for week ending with Saturday noon, May 12, for four years:
Week ending May 12.

Clearings at
1917.

1916.

Inc. or
Dec.

1915.

1914.

3,456,625,412 2,577,122,516 +34.1 2,051,560,074 1,739,595,360
New York
Philadelphia _ _ _ _ 356,236,291 229,158,532 +55.5 147,748,876 147,767,300
76,099,614
Pittsburgh
58,506,605 4-30.1
53,991,575
46,140,210
42,218,627
Baltimore
37,392,025
40,177,217
31,492,725
+5.1
18,558,930
Buffalo
14,872,436 +24.8
17,453,738
12,198,310
11,647,759
Washington
8,041,268
9,618,062 +21.1
8,494,372
5,059,748
5,147,961
4,589,865 +10.2
Albany
5,887,692
6,614,198
5,583,564 +18.5
Rochester
5,068,189
4,890,623
3,588,570
3,804,641
3,627,825
Scranton
3,058,117 +17.3
4,063,282
3,111,395 +30.6
3,370,131
3,027,579
Syracuse
3,011,619
2,441,109 +23.3
2,134,573
2,008,773
Reading
3,168,108
2,802,140 +1:1.1
2,022,609
Wilmington
1,995,488
1,933,062
1,682,743 +14.9
1,492,912
Wilkes-Barre_ __ 1,637,667
3,300,000
2,370,238 +39.2
2,136,670
2,173,631
Wheeling
2,504,870
2,223,478 +12.6
1,830,140
1,821,807
Trenton
1,255,144
1,024,916 +22.5
921,642
907,575
York
2,120,191
2,070,238 +2.4
1,623,281
1,540,410
Lancaster
1,876,442
1,477,313 +27.0
1,188,599
1,044,288
Erie
1,150,000
930,900 +23.5
686,900
799,600
Binghamton _ - - 710,180
900,000 -21.1
839,711
694,242
Greensburg
1,373,086
1,175,525 +16.9
922,189
728,262
Chester •
700,000
645,549 +8.4
643,858
617,024
Altoona
550,438
518,4:36
482.396
404,530
+6.2
Montchilr
TotafMiddle _ 4,004,365,571 2,966,060,954 1-35.0 2,334,705,819 2,032,293,512
220,893,008 196,321,373 1-12.5 163,136,380 181,391,864
Boston::
9,180,800
8,569,900
4-7.1
7,867,400
Providence
9,917,900
8,97(3,512
7,776,463 1-14.1
Hartford
6,375,050
5,645,934
New Haven
5,000,000
4,517,131 1-10.7
3,766,138
4,255,781
3,959,629 --0.4
3,943,394
Springfield
3,331,689
3,518,107
Portland
2,405,452 1-20.6
2,900,000
2,025,000
2,000,747
Worcester
3,682,233 --11.8
3,247,481
3,025,698
2,818,878
Fall River
1,506,898 4-72.0
1,412,074
1,302,024
2,590,898
New Bedford
1,426,299 4-33.2
1,079,216
1,246,755
1.899,636
Lowell
1,052,786 1-17.2
979,462
872,273
1,233,017
Holyoke
839,818
1-7.1!
743,666
690,208
900,000
Bangor
718,938 ---6.3'
445,501
439,238
673,639
Total New Eng 261,488,385 232,176,920 +12.3 194,857,072 213,438,911
--For Canadian clearings see "Commercial and Miscellaneous News."
Note.




1914.
S
314,194,636
24,435,700
25,290,847
28,402,460
16,541,425
8,581,313
6,540,500
6,678,725
3,514,287
3,393,635
2,325,514
1,439,645
1,293,743
1,490,812
1,157,384
1,026,524
1,797,000
658,098
1,683,228
739,391
601.955
697,400
450,459
550,000
506,748
737,683
475,000
568,436
209,454
217,113
65,482
384,190
597,100
457,251,887

Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville
Fort Wayne__
Youngstown __
Springfield, Ill_ _
Rockford
Akron
Lexington
Canton
Quincy
Bloomington_
South Bend
Decatur
Jackson
Mansfield
Springfield, Ohio.
Danville
Lima
Jacksonville, Ill_
Ann Arbor
Adrian
Owensboro
Lansing
Tot.Mid.West.
San Francisco_ __
Los Angeles
Seattle
Portland
Salt Lake MYSpokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Fresno
Stockton
San Jose
North Yakima_ _
Reno
Long Beach
Total Pacific__

90,151,731
30,145,000
20,584,033
17,675,152
12,727,594
6,500,000
2,994,638
5,389,6.50
2,456,094
2,755,974
1,339,193
1,636,295
1,526,153
808,805
668,989
600,352
736,585
198,696,238

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
1,048,084
1,116,467
1,373,996
763,928
470,948
431,330
700,521
148,896,714

+42.3
+19.5
+33.8
+33.7
+51.5
+25.9
+24.9
+28.3
-24.6
+15.9
+27.8
+46.6
+11.1
+5.9
+42.1
+39.2
+5.1
+33.4

48,279,404
22,332,851
11,582,115
10,093,611
6,576,822
3,680,383
1,974,395
3,393,988
2,086,296
1,948,409
889,350
919,701
1,046,346
619,951
381,496
305.241
584,221
116,694,580

120,160,519

Kansas City_ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Duluth
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids_ _ _
Waterloo
Helena
Fargo
Colorado Springs
Pueblo
Fremont
Aberdeen
Billings
11astings
Tot.oth.west_

139,766,999
34,613,4.56
35,000,000
14,336,389
14,528,358
17,215,231
8,500,000

86,368,644
23,848,900
22,849,890
14,280,749
13,250,000
8,734,579
6,145,151

+61.8
+45.1
+53.2
+0.4
+9.6
+97.1
+38.3

74,604,191
21,041,485
19,378,882
13,826,715
9,910,650
7,272,654
5,890,587

51,693,321
23,865,526
16,092,797
11,018,258
9,145,377
6,576,219
6,362,509

6:752:000
4,122,274
2,470,801
2,662,445
2,800,000
2,971,000
2,258,698
1,933,363
997,663
624,997
591,008
971,298
1,038,146
698,881
307.802,872

4:307:42
3,040,785
1,488,892
1,692,863
1,673,505
2,090,028
1,429,606
1,595,320
867,191
486,137
475,298
893,700
647,378
345.774
204,860,233

-i-'56:8
1-35.6
+66.0
+57.3
1-67.3
+44.1
+58.0
+21.2
+15.0
+28.6
+24.4
+8.7
+60.4
+102.0
+50.2

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
628,631
496,932
243,046
176,817,816

N

4
.
Transient matter per inch space(14 agatelines)44 20
.,
2 00
(8 times)
Two Mouths
29 00
nics
iii
liAt ths w gm ei
z
Wiirvo
Standing Business Cards
50 00
87 %
Twelve Months(52 times)
'CHICAGO OFFICE-39 South La Salle Street, Telephone Majestic 7396
ards So Smith,1 Drapers' Gardens, E. 4.1.
31.0NDON WELCH-Edw

1915.

%
$S
501,795,905,
+36.6 317,109,170
39,844,300
25,916,250
+18.8
66,744,451
32,928,051
+68.8
54,904,770
29,333,353
+36.1
25,391,723
16,096,422
+28.9
14,588,057
8,436,437
+37.7
10,501,000
6,767,700
+23.0
11,270,402
+26.4
6,718,250
2,698,107
5,500,000
+73.3
+21.2
5,000,000
3,738,079
2,285,213
3,387,648
+1.9
+109.0
1,436,569
3,357,882
1,422,621
+8.6
1,510,349
+76.6
1,564,898
3,537,987
1,095.198
+46.6
2,088,762
+29.6
1.187,951
1,643,523
+51.7
1,991,000
5,290,000
-24.4
709,534
540,514
2,250,000
3,809,136
+58.4
691,611
+11.2
1,100,479
599,194
1,204,963
+49.7
1,100,000
812,480
+11.1
446,156
839,719
+26.0
950,000
560,000
+8.1
943,256
553,639
+44.6
935,292
1,178,068
+33.8
750,000
+18.7
601,422
+19.3
829,092
575,000
+34.2
275,472
402,745
+24.5
251,817
467,621
+48.6
84,885
129,373
371,609
+51.7
581,805
+22.1
'732,387
1,233,304
775,416,834 565,070,503 +37.2 471,181,817
Mu, ,W, 0NO.t..00NNOONMcD.t...7.N00.0Mt0.1..Me,
C,,
1,9,

6 00
13 00
7 50
22 14e,
21 II&
$11 50

grer Six Months
Muropean subscription (including postage)
European Subscription six months (including postage)
Arinnal Subscription in London (including postage)
Bix Mont Its Subscription in London (including pc*tage).
Canadian Subscription (including postage)

Inc. or
Dec.

1916.

u5m.1,1==c,loc,oc.anm-.0momccnu,u,mmor.00m..
,
wo..,./m.,,
,c,-...m.mocaocotDoccoDootomm mq

Terms of Subscription-Payable in Advance
_sit oo
Par One Year

Total all cities for week

NO. 2708

SATURDAY, MAY 19 1917

VOL. 104

Total all cities, 5 days
All cities, 1 day

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers' Convention Section

Bank & Quotation Section
Railway Earnings Section

47,951,788
24,578,695
12,913,923
10,130,388
5,761,083
4,398.034
2,327.949
3,878,355
2,112,004
1,873,323
992,526
1,015,714
862,954
625,000
490,855
247,928

,

ii:655:Wii
2,382,797
1.698,277
1,615,242
2.118,127
1,407,588
1,038,571
1,182,352
604,532
615,881
360,395
578,834
390,093
181.601
148,414,256

80,178,408
134,661,924
79,665,402
96,869,721 +39.0
St. Louis
17,201,238
16,428,475
33,694,599
23,865,598 +41.2
New Orleans__
12,923,091
14,954,126
19,512,779
17,767,710 +9.8
Louisville
8,303,634
7,830.636
11,238,410
9,041,593 +24.3
Houston
4,618,853
3,955,000
3,608,652 +24.4
4.500,000
Galveston
9,738,680
8,089,845
16,837,267 +45.5
24,496,701
Richmond
13,061,743
13,756,827
16,904,228 +45.2
24,544,210
Atlanta
7,346,352
8.291.757
12,691,634
7,688,606 +65.1
Fort Worth
7.817,704
6,439,340
7,429,214 +47.7
Memphis
10,971,045
6,608,895
6,282,036
10,082,530
7,550,234 +31.6
Nashville
3.756,313
3,924,141
5,468,584
+0.6
5,502,761
Savannah
4,006,485
3,688,881
5.617,291
4,506,040 4-24.7
Norfolk
2,416,781
2,810,983
2,965,897
2,627,500 +12.9
Birmingham
1,867,591
1,599,961
2,178,350 +14.8
2,501,586
Knoxville
3,936,012
3,291,501
4,461,973
4,045,594 +10.3
Jacksonville _
2,450,854
3,462,715
2,112,070
2,949,061 +17.4
Chattanooga _ _ _ _
1,537,557
1,570,642
1,792,570 +14.9
2,060,979
Augusta
1,874,439
2,354,570
2,492.234 +27.3
3.173,515
Little Rock
1,914,632
2,099,483 --8.8
1,644,917
Charleston
1,839,219
2,135,279
2,862,508
7,015,841
3,556,952 +97.2
Oklahoma
967,762
1,424,408
1,143,812 +13.6
1,300,000
Mobile
3,491,101
2,499,044
3,494.090 -67.9
1,122,896
Macon
3,314,673
2,463,402
2,400,000 -18.8
1,948,593
Austin
253,501
255,820
236.235 +23.3
291,196
Vicksburg
432,230
372.193
101.271 -15.2
425,000 •
Jackson
1,628,267
1,367,735
2,923,437 +159.3,
7.579,061
Tulsa
887,631
630,895
1,174,684 +25.5
1,473,766
Muskogee
7,287,080 +62.7,
Dallas
11,857,729
Total Southern _351,069,263: 258,549,800' +35.8 200,911,068 204,249,953
5,898,839,163 4,376,215,124; +34.8 3,495,168,172 3,175,8003A
Total all
9
Outside N. Y_ 2,442,213,751 1,799k- 2,608; +30 1,440,608,098 1,436,011,678

1936

THE CHRONICLE

[VoL. 104.

trust company is located." In the case of the State
banks any part of the reserves on hand in excess of
ELECTRIC RAILWAY SECTION.
"Electric Railway" Section, 4% may be deposited with the Reserve bank of the
A new number of our
district. Both classes of institutions are already perrevised to date, is sent to our subscribers to-day.
mitted to join the Federal Reserve system at their
volition, and in the event they avail of the privilege,
THE FINANCIAL SITUATION.
the reserves will correspond with those required of
The United States is fast making history. It is member banks of the system in general. The amendalso fast making law. To a certain extent the one ments under consideration would go a step further
grows out of the other, but, even more so than in and permit non-member State banking institutions to
normal times, it is a question for serious considera- carry a very considerable portion of their vault cash
tion whether more zeal than sense and discretion are with the Reserve banks, even though the institutions
not being displayed in many of the propositions which are not member hanks.
are being put on, or are being prepared for,the
There is, of course, nothing compulsory about the
statute book.
proposition, and the banks and trust companies are
The thought has particular reference to the amend- free to transfer their reserves to the custody of the
ments that are being made or suggested in our bank- Reserve banks or not. The proposal is objectioning laws. More capacity for mischief lies there than able, nevertheless, and wrong in principle. In its presin almost any other direction. And the mischief ent form the New York law sharply distinguishes bedone is not easily eradicated. The country in its tween reserves on hand (or in vault) and reserves on
banking and currency affairs is still suffering to-day deposit with other institutions, it being recognized
from the errors committed during the Civil War of that the two kinds of reserves are separate and distinct
over half a century ago. That was a period of great and that reserves on deposit with other institutions,
stress just as is the present, though happily now our no matter how sound the latter, do not possess the
financial condition is immensely stronger. To the same degree of availability as cash in hand. Obviotsly
extent that the situation is less urgent there is corre- a certain amount of cash in hand is essential for the
spondingly less excuse for hasty law-making,but all safe conduct of the banking business—the requirethe same there is danger that patriotic zeal may lead ment of cash being properly made less in the case of
us into regrettable and ill-considered legislatior.
.
the trust companies than in the case of the ordinary
Last week we pointed out that Congress is making mercantile banks.
important alterations in the Federal Reserve law
If the amendment proposed to put the Federal
at the suggestion and on the recommendation of the Reserve banks on the same basis with other deposiFederal Reserve Board. The Board has urged the tary institutions, it would not be open to criticism.
same propositions before, but now the fact that the Instead of that, it undertakes to confer authority
country is participant in a gigantic war supplies upon State banks and trust companies to put a very
the needful fulcrum for obtaining legislative adop- considerable portion of the reserves now required
tion of the proposals. In what we said last week by them to be held in cash, on deposit with the Rewe indicated some of the particulars in which the serve banks. Whatever may be thought of the
new amendments appeared open to criticism. With- strength of the Federal Reserve banks,a deposit with
out again going over the same ground it is sufficient them is not essentially different from a deposit with
to say that the most important of these changes are other gilt-edged banking institutions. The Reserve
not in the direction of conservatism. Yet the plea banks are not obliged to hold intact the balances
is advanced that the country is engaged in war and or reserves kept with them any more than are other
therefore it is not well to be hypercritical or to draw depositary institutions. Within the limits defined
unnecessarily fine distinctions. The purpose is by the law the Reserve banks are free to employ
good, we are told, even if features are being grafted on their deposits, which in this instance consist entirely
the new banking system which operate completely to of member banks' reserves, without any restraint
alter the original design and scope of the law.
whatever, provided only they keep a gold reserve
We refer again to the matter to-day, because our against these deposits of 35%. In other words,
State Legislature likewise, out of a desire to be 65% of the gold deposited by the member banks need
helpful in this war period, has been engaged in not be retained by the Reserve banks at all.
amending our banking law, though this law was
The severest defect in the American banking system
completely revised only three years ago, immediately before the establishment of the Federal Reserve
after the establishment of the Federal Reserve sys- banks was the pyramiding of reserves. The country
tem. One of the bills amending the law is now before banks were permitted to hold a very considerable
Governor Whitman. As in the case of the amend- portion of their reserves on deposit with the banks
ments to the Federal Reserve Law, the object is to in the reserve cities and these in turn were allowed
strengthen the Federal Reserve system, strength to keep portions of their reserves on deposit with
here being considered synonymous with bigness. In the banks in the Central Reserve cities. The Federal
other words, it is proposed to let trust companies Reserve banks were meant to do away with the
and State banking institutions transfer very con- pyramiding process, but are now made to do duty in
siderable portions of their reserves to the Federal the pyramiding process themselves. More than that,
Reserve banks with the idea of further "mobilizing" the Reserve banks are endowed with authority to
the banking resources of the country.
issue Federal Reserve notes, on the pledge of mercanThe purpose is good and the object laudable, yet tile paper, and to obtain the 40% gold required
there is an element of danger in it. In the case of against such notes are fully authorized to use member
the trust companies it is proposed that "any part bank reserves or the reserves of State banks and
of the reserves on hand in excess of 3% of such de- trust compai ies, should these be deposited with
posits may be deposited, subject to call, with a them. Thus reserves with the Reserve banks are
Federal Reserve bank in the district in which such subject to diminution in the hands of the latter in



MAT 19 1917.j

THE CHRONICLE

a double way,first, in the purchase of investments—
bankers' acceptances, for instance—and secondly, in
being utilized as a basis for the creation of new currency in the shape of Federal Reserve notes.
It was recognized from the first that part of the
member banks' reserves should be mobilized under
the control of the Reserve banks, but never that the
whole should be so mobilized, and when the law was
under consideration any suggestions that all the
reserves should be mobilized would have been instantly
rejected as embodying elements of inflation fraught
with the most serious consequences. In the three
and a half years, however, since the enactment of the
law we have been making history fast and throwing
our original theories of sound banking into the scrap
heap.
Under the amendments now being made by
Congress either all or the greater part of the legal
reserve of the member banks will have to be kept with
the Reserve banks, while the bill before Governor
Whitman would let outside institutions—the State
banks and trust companies—keep considerable
amounts of their vault reserves likewise on deposit
with the Reserve banks.
How this State law would work will appear from
a consideration of the present reserve requirements
in this State. In Manhattan, banks are now required to maintain total reserves of 18%. Of this
12% must consist of vault reserves. Under the
amendment before Governor Whitman, 8% out of
this 12% could pass out of the keeping of the State
banks and be placed in the custody of the Reserve
banks, there to be subject to the attenuating process
already pointed out. In the case of the trust companies in Manhattan total reserves of 15% are now
required, of which 10% must be maintained as cash
in vault. If Governor Whitman allows the amendatory bill to become a law 7% out of this 10% may
be kept with the Reserve banks. Trust companies
here used to be criticized for keeping so little cash
in their own possession. The bill before Governor
Whitman would reproduce this old situation.
The purpose of the change, as already stated, is to
"mobilize" more of the reserves under the custody of
the Reserve banks so as to furnish a basis for increased issues of Federal Reserve notes in case of
sudden emergencies growing out of the war. But as
the bills which have just passed both houses of Congress are expected to increase present gold holdings
by $350,000,000, and as with the possession of this
added gold the Reserve banks will be in a position
to put out $2,000 000,000 of notes they would appear
to be abundantly equipped for dealing with any
emergency that may arise.
Therefore, no good reason appears why the State
banks and trust companies should be subjected to the
weakening process. To make the country liable to be
swamped with note issues in excess of $2,000,000,000
is to invite positive danger. The State banks should,
in view of the inflation possibilities attending the
operation of the Federal Reserve law, keep the proper
portion of their reserves as cash in their own vaults,
where it will remain intact, instead of passing it over
to the Reserve banks where it is certain not to
remain intact.
The State Administration at Albany has very
properly declined to accede to Secretary McAdoo's
request to make the Federal Farm Loan bonds
legal investment for savings banks, trust companies,
&c.—we say "properly" because the operation of



, 1937

the Federal Farm Loan Act is yet in the experimental stage and no one at this stage of the proceeding
can feel certain that the scheme will prove an undoubted success—and Governor Whitman can render
a further public service by not letting the bill now
before him become a law.
As a matter of fact the bill contains further objectionable features. Under the revised banking
law of 1914, it is distinctly provided that Federal
Reserve notes shall not count as cash on hand and
the cash reserves must consist of gold, gold bullion,
gold coin, U. S. gold certificates or U. S. notes or
any form of currency, "other than Federal Reserve notes," authorized by the laws of the United
States. In the amendatory bill under consideration
the exception which bars out Federal Reserve notes is
expressly omitted. Federal Reserve notes cannot
properly be considered the equivalent of gold inasmuch as the Reserve banks are required to hold a
gold reserve against them of only 40% and furthermore the Federal Reserve banks have the right to
redeem them either in gold "or lawful money." In
endowing Reserve notes with the quality of serving
as reserve for other banks every principle of sound
banking is vi. lated.
The country has reason to feel proud of the efforts
banking and investment interests are making to
insure the success of the "Liberty Loan", for which
Secretary McAdoo is inviting subscriptions up to
June 15. These bankers and investment and stock
brokerage houses are giving freely of their time and
their talents to bring the loan to the notice of all
classes of the population. All sorts of devices and
schemes, too, are being employed to impress upon the
people the necessity and the duty of taking larger or
smaller amounts of the bonds, according to their
ability. Not only are they offering their services
gratuitously to intending investors, but they are
spending large sums of money in printing and distributing literature bearing on the subject.
Not a day elapses but brings us two or three dozen
circulars,or pamphlets,or folders,or what-not,gotten
up in most attractive form. These come from all
parts of the country, every banking, brokerage and
investment concern being apparently anxious to do
its "bit" towards making the loan a gigantic success.
We would like to mention some of the houses who are
devoting themselves to the task with such great assiduity, but to give all who are deserving of mention
would make an intolerably long list, while to name
only a few would be to incur justly the charge of
invidious distinction.
We deem it proper, however, to refer to the movement upon which the American Bankers' Association
has entered. No organization is better equipped for
the undertaking than this great and powerful banking organization, the largest bankers' guild in the
world. With a membership of over 17,000 banks it
is in position to command agents for pushing its
propaganda into every town and hamlet in the land.
Its hold on the smaller banks—the so-called "country" banks—is particularly strong and through these
small banks it is able to reach the humbler classes of
investors whose tiny subscriptions when combined
make a grand aggregate.
On another page we print the circular which the
War Loan Committees of the American Bankers'
Association have this week issued for the purpose
of engaging in a country-wide movementfor arousing

1938 .

THE CHRONICLE

apathetic prospective investors to their duty. The
circular shows more than the ordinary skill and ingenuity in its preparation. Every one connected with
the Bankers' Association, as indeed every one in the
financial world generally, seems thrilled with the idea
of rendering patriotic service to the country at this
crucial period in the world's history and in that fact
there is assurance that nothing will be left undone
to make the loan an unqualified success. When we
say unqualified success we mean not only subscriptions sufficient to cover the amount of the loan, but
sufficient to leave a large over-plus. On the one
hand the financial prestige of the country is at stake;
on the other its glory and destiny as the leader in the
righteous cause for democracy, in a movement that
cannot fail to be crowned with triumphant victory,
demands that all ordinary standards shall be surpassed.
Building construction operations in the United
States are beginning to indicate much more definitely
than heretofore the halting effect of the various
adverse or hindering influences under which the
industry is laboring. It was not enough that high
cost and scarcity of both labor and material should
give pause to activity, and that the backwardness of
spring should hamper work already arranged for, but
in addition an impression, fostered .by official utterances, gained ground that there was to be a general
commandeering of the steel and lumber supplies of
the country in Governmental interest. Any such
move would necessarily cause a cessation of building
construction and work untold hardship to those
engaged in the industry. The intentions of the
Government, however, were misunderstood. Upon
this point the Allen E. Beals Corporation, in its Dow
Service report of last Monday, remarked:
"Upon high authority the statement can be unqualifiedly made that no general commandeering of
either steel or lumber plant capacities in the United
States is to take place. The original report had to
do with the possible action this country could take
should the present plans of the Shipping Board prove
to be ineffectual. The plan to take over all the steel
plants of the country and all the lumber mills was
only considered as a possibility arising from the most
extreme sort of emergency."
It is also pointed out that the Government requirements will consume a relatively small proportion of
the country's steel rolling capacity. It will, of
course, be understood that were the building contracts
recently entered into to be compared with those of
the corresponding time a year ago, on the basis of the
volume of work to be done rather than the cost
thereof, a rather noticeable loss in activity would be
indicated. And, even as it is, with materials and
labor so very much higher than in 1916, the aggregate
of the outlay to be made under the permits issued at
166 cities in April falls quite a little below last year.
Specifically, the total estimated expenditure for
these 166 cities reaches only $85,863,756, against
$97,401,207 in April 1916, or a decline of 11.8%.
Greater New York's prospective outlay is but $10,184,287, against $17,338,493, with all five boroughs
sharing in the decrease, and Manhattan most largely.
For the 165 cities outside of New York the total
contemplated expenditure at $75,679,469 contrasts
with $80,062,714 in 1916. Many of the larger cities
are among those reporting more or less notable losses,
with ChiPn pi), Philadelphia, Baltimore, Minneapolis,



vol..

104

Washington, Rochester, Richmond and San Francisco
somewhat conspicuous. On the other hand, however, important gains are recorded at Newark,
Milwaukee, Detroit, Akron, Denver, St. Louis, Los
Angeles and Worcester.
For the four months of the current calendar year
the aggregates for most sections show losses from
1916, but satisfactory increases over 1915. Twentyfive New England municipalities report a decrease of
13/2 million dollars from a year ago, with New Haven,
New Bedford and Bridgeport the principal contribufors to it. The 41 middle group cities, exclusive of
Greater New York, exhibit a decline of 4 millions, in
which a majority of the individual municipalities
share, but much activity is to be noted at Atlantic
City, Erie, Newark, Syracuse and Schenectady.
The Middle West division (29 cities) shows a decline
of about 1 million, a heavy loss at Chicago (8%
millions) being almost offset by gains at Cleveland,
Detroit, Cincinnati and Akron. The South (31
municipalities) makes a better showing than in 1916,
while the extremely heavy operations at Los Angeles
are entirely responsible for the 3% million increase in
the total for 14 Pacific Coast cities. The "Other
Western" section of 25 cities reports a falling off of a
little over half a million. Combining the results for
the 165 cities outside of New York we have for the
four months an aggregate of $241,871,064, against
$244,363,953 a year ago and $204,605,225 in 1915,
and adding Greater New York's totals of $45,214,124
and $57,912,675 and $56,688,840, respectively, the
exhibit for the whole country stands at $287,095,188,
against $302,276,628 a year ago and $261,294,065
in 1915.
Building operations in Canada, as we have heretofore indicated, have for some time displayed a
decided lack of activity, and it is not to be presumed
that any real revival will take place in the industry
until after some definite result has been attained in
the European war. At the same time a little more
work is now being done in some parts of the Dominion. This is denoted by the fact that for 31 Eastern
cities the April building permits call for an outlay
of $3,008,492, against $2,565,675 in 1916; but for 17
Western municipalities the respective totals are only
$391,744 and $872,880. For the four months the
aggregate for the 48 cities is $8,731,407 ($7,718,752
East and $1,012,655 West), against $6,450,651 in
1916, and over 30 millions in 1914.
Immigration into the United States, already very
limited for quite an extended period, has shown a
steadily decreasing tendency since October last, with
the activities of the German submarines undoubtedly
an added deterrent in most recent months. But
even without that menace to neutral, as well as to
enemy, shipping,the lack of transportation facilities
naturally restricted the movement. In the latest
month (March) for which official returns are available, the total alien arrivals in this country was only
20,130 (15,512 immigrants and 4,618 non-immigrants), the smallest monthly total in many years,
with the exception of Feb. 1915, and comparing with
33,685 in March last year. For the three months of
1917 the influx was but 73,568, against 85,237.
There has, however, been a marked contraction in
the return home of aliens since the first of the year,
so that striking a balance between the inward movement and the outward the net gain in the foreignborn population for the three months is found to be

MAY 19 1917.]

THE CHRONICLE

not materially less than in 1916-48,433 comparing
with 50,514. But in the period in 1913 the net
arrivals were 129,810. Needless to say that with
activity so general in this country for some time past
this dearth of immigrants has inured greatly to the
advantage of labor here, reducing to zero the number
of the unemployed (those willing to work and capable
of doing so) and increasing wages materially in
nearly every line.
The Treasury Department on Wednesday announced its first loan—of $100,000,000—to Russia
and also its first one—$45,000,000—to Belgium.
This brings the total of credits and loans to $670,000,000 during the three weeks or so that have
elapsed since President Wilson signed the War
Finance Law, the particular items being Great Britain, $325,000,000; France, $100,000,000; Italy,
$100,000,000; Russia, $100,000,000 and Belgium,
$45,000,000. The larger amount to Great Britain is
explained in an official statement issued by Secretary McAdoo on the ground that a "considerable
portion of the sums now being advanced are in effect
for payments for purchases made by the British
Government for other Allied Governmentg on account of contracts recently placed or now being
placed in the United States." It is expected that
,fully $1,000,000,000 will be advanced in these shortterm loans before the proceeds of the Liberty bonds
become available. The transactions in question, it
may be explained, are merely temporary financing
to cover emergencies; they mature as a rule during
the early part of July, when they will be paid off by
the borrowing countries out of the proceeds they
receive from our Treasury Department for their own
bonds. The War Finance Law, it will be recalled,
provides that the proceeds of $3,000,000,000 of the
$5,000,000,000 that our Treasury is authorized to
issue may be used to purchase bonds. the Allies,
of
such bonds to be identical as to the rate of interest,
date of maturity, &c., with our own bonds, whose
proceeds thus are utilized. Hence, the present temporary loans will be refunded into the 15-30-year
332% bonds of the borrowing governments as soon
as our own bonds have been sold.
The loan of $100,000,000 to Russia was announced
on Wednesday. It came as a distinct surprise
because of the extremely discouraging accounts that
had been received, especially since the beginning of
the week, concerning internal conditions in Russia.
Prospects seemed well defined that a separate peace
between Russia and Germany was a matter of the
not distant future, that food supplies would thus become available from Russia to relieve the admittedly
acute condition of affairs in the Fatherland,and that
Teutonic troops were to at once be transferred from
the Eastern front to meet the stubborn advances by
the French and British armies on the Western front.
Russian bonds and exchange on Petrograd fell to low
levels. The effect of the announcement of the loan
was shown by an advance on Wednesday in the
2
Russian 53/s to 833/2 from 75 on Tuesday, and the
%
6s to 90 from 793 .
The interpretation placed upon our Government's
advance of $100,000,000 in the face of such gloomy
news as was at the time being brought by the press
dispatches was that some definite information of a
satisfying character must have become available in



1939

Washington through diplomatic channels. This view
was confirmed by the later press dispatches from
Petrograd. On Thursday, for instance, Associated
Press advices stated that the Russian crisis had been
settled, a declaration of the Government's policy
having been accepted by representatives of the
Council of Workmen's and Soldiers' Delegates with
merely slight alterations. The Government's declaration was handed to the Council with the threat that
in the event of non-acceptance the entire Cabinet
would resign. The most important points covered
were in connection with the foreign policy. The
document states that the Government's aim is the
attainment of a general peace without conquest of
other nations that would deprive them of their
national sovereignty or their territory. In a word,
it endorsed peace without annexations or indemnities.
The declaration met the Council's demands by
promising to take steps towards the attainment of an
agreement with the Allies which would realize the
Government's declaration of April 9.
It is evident that there is as yet no hope of the
French and British allies agreeing to such a moderate
program, for the new declaration continues: "The
Government, however, is convinced that Russia's
defeat in the war would be a great misfortune to all
nations. While willing to make a general peace on
the above foundation, the Government believes firmly
that revolutionary Russia will not permit the defeat
of its allies in the West. The Government consents
to the Council's demands for the democratization of
the army, but desires to combine with it a strengthening of Russia's fighting forces." The declarations
meet half way the Council'ssocialist program by promising further control over the production, transport,
sale and distribution of products; measures for the better protection of labor; the right to a settlement of the
land question by the constituent assembly; increased
direct taxation of wealth; development in a democratic direction of local self-government, and the
hastening of preparations for the constituent assembly.
In return the Government demands such full confidence and support as will enable it not only to fight
a reactionary counter-revolution, but also to take
measures against the anarchists of the extreme
Left.
How really serious the Russian situation has become was indicated by the numerous resignations of
important officials. Among these resignations was
that of Paul N. Milukoff, Minister of Foreign
Affairs. He left the Cabinet altogether. Former
Minister of Finance Tereschtenko was appOinted
to succeed him, and A. F. Kerensky, previously
Minister of Justice, was named Minister of War and
Marine. It was suggested that the Premier, Prince
Lvoff, should take charge of the Ministry of Foreign
Affairs, but the Premier absolutely declined on the
ground that he did not possess the qualifications necessary for the post and that he preferred to retain the
portfolio of the Interior. Sergius Sazonoff, formerly
Foreign Minister, who was on his way to England to
assume the post of Russian Ambassador, was overtaken by a courier with a request from Prince Lvoff
that he remain in Petrograd with a view of participating officially in the new Government. Other resignations included those of Generals Brusiloff and Gurko,
neither of which was accepted and both of which were
withdrawn later. On Tuesday, General Gutchkoff,
Minister of War, resigned, and the Provisional Gov-

1940

THE CHRONICLE

ernment issued a proclamation bitterly reproving
him for his resignation.
Official announcement of the personnel of the
American Mission to Russia, headed by Elihu Root,
was announced by the State Department on Tuesday. Mr. Root has been commissioned with the
rank of an Ambassador and six of his associates have
been commissioned as Ministers. Major-General
Hugh L. Scott, Chief of Staff of the Army, will
accompany the Mission as Military Representative
of the President of the United States, and RearAdmiral James H. Glennon will be the Naval Representative of the President. Details of the departure
of the Mission will not be announced, it is understood,
until after their safe arrival abroad.

[VOL. 104.

revolution to be followed by deeds. We are convinced that events must happen in Germany as they
have happened in Russia. That is what those in
power are working for. We must soon introduce a
Republic in Germany and we shall propose that a
constitutional committee take preparatory steps in
that direction." Scheidemann had previously remarked in his interpellation that "if France and Great
Britain should renounce annexation and Germany
insist thereon, we shall have a revolution in this
country."

As to the effect, or rather to the absence of effect,
that the Chancellor's speech had with the British
Ministry, developments attending the meeting in the
House of Commons on Wednesday are significant.
The German Chancellor, von Bethmann-Hollweg, A resolution welcoming the declaration of the new
delivered on Tuesday his long-awaited speech in the Democratic Government of Russia, "repudiating all
Reichstag, replying to interpellations as to Ger- proposals for imperialistic conquest and aggrandizemany's war aims. The Chancellor brusquely and ment," was moved by Philip Snowden, Socialist
firmly refused to state these aims, though he did member for Blackburn. It was voted down without
hold out in some measure the olive branch for a sep- division after application of the closure. The resoluarate peace with Russia. Referring to the request tion called on the Government "to issue a similar
that he outline Germany's war aims the Chancellor declaration in behalf of the British democracy and to
said: "It comes to this. Shall I immediately give join with' the Allies in restating the Allies' terms in
our Western enemies an assurance which will enable conformity with the Russian declaration." Lord
them to prolong the war indefinitely without danger Robert Cecil, on behalf of the Government, and Mr.
of losses to themselves? Shall I tell these enemies: Asquith, former Premier, were emphatic in their
'Come what may we shall under all circumstances be statements that it was impossible at the present stage
people who renounce; we shall not touch a hair of to enter into negotiations with Germany,and declared
your heads. But you who want our lives, you can that the war aims of the Entente Powers, as previouswithout any risks continue to try your luck.' Shall ly announced, still hold good. Lord Cecil, commentI nail down the German Empire in all directions by ing on the Socialist plan for peace without annexation,
a one-sided formula which only comprises one part alluded to the German colonies. "While it is true,"
of the total peace conditions, and which renounces he said, "that we did not take them in order to rescue
successes won by the blood of our sons and brothers the natives from German rule but as a part of the war
and leave all other matters in suspense? No, I operations, having rescued them, are we going to
will not pursue such a policy. That would be the hand them back?" Mr. Asquith said that he
basest ingratitude toward the heroic deeds of our regretted the resolution had been moved in such form
people at the front and at home. It would per- that it must be rejected. The people of Great
manently press down our people, to the smallest Britain were in sympathy so far as they understood
worker, in their conditions of life. It would be the purport of the announcement made by the Russian
equivalent to surrendering the future of the Father- Government with its aims and views in the war and
land. Or ought I, conversely, to set forth a pro- its conditions for a durable peace. But if the war was
gram of conquest? I decline to do that (cries from to end in an honorable peace there must be annexathe Right: 'We are not demanding that'). If it is tion, continuing the emancipation of the enthralled
not demanded, then we are of one opinion. I also populations who were laboring under despotism.
decline to set forth a program of conquest. We did Retention of strategic positions as safeguards against
not go forth to war, and we stand in the battle now future attacks might be necessary. "When the
against almost the whole world, not in order to make Russian Government asks us to join them in a nonconquests but exclusively to secure our existence and annexation policy it must be in the limited sense of
to establish firmly the future of the nation. A pro- no acquisition or extension of territory for political
gram of conquest helps as little as a program of or economical aggrandizement," said Mr. Asquith.
reconciliation to win victory and the war."
"The German Chancellor's speech shows that those
The German Socialist leader, Georg Ledebour, responsible for the German policy have abandoned
speaking in the Reichstag on the same day as the the counsels of moderation and reason and are deChancellor, made some open references to the forma- termined to pursue the wicked and nefarious course
tion of a German Republic. He said in part: "The they entered upon three years ago. So long asthat
Chancellor doubtless desires annexations both in the is the case we cannot falter or relax by a hair's
East and the West. With the exception of extrava- breadth our determination to pursue the war to a
gant visionaries, nobody believes that Germany can victorious end."
win a war of subjugation. The Russian Socialists
have made an offer which opens up the possibility of
Official announcement was made from Washington
peace. This is what the Chancellor forgets. It is and cam( simultaneously by cable from Queenstown,
true that a separate peace with Russia cannot be that a squadron of American torpedo boat destroyers
achieved, but the Russian Government can convert had safely crossed the Atlantic, and was patroling
the Entente and in this direction we ought to assist it. in war service. It was reported that our Navy's
Herr Scheidemann must take up cudgels against the actual entry into the war zone had proved productive
Government if he does not want strong words which of a brush between a destroyer and a German underdo not shrink even from the announcement of a water boat.



MAY 19 1917.]

THE CHRONICLE

1941

While the presence of our boats cannot within with extreme violence their attacks against the
reason be credited with responsibility for the fact, French northeast of Soissons, they have again been
it nevertheless is a rather felicitous coincidence repulsed by French artillery and infantry, and are
that the weekly report of the British authorities of said to have suffered enormous casualties. The
vessels destroyed should have cut the number down Berlin Office reports that the first sixteen days of
more than half, compared with the preceding week. May the Germans made prisoners 2,300 British and
Eighteen British merchant vessels of more than 1,600 2,700 French. Yesterday's reports stated that
tons were sunk last week and 5 merchantmen of less Lens is being systematically set on fire. Fires and
than 1,600 tons were sunk, together with three fish- explosions were plainly visible from the British lines
ing vessels. Arrivals at all United Kingdom ports on Thursday night. This is considered a sign of an
of vessels of all nationalities totaled 2,568 and the early retreat. From the French front, also, comes
sailings 2,552. British vessels unsuccessfully at- word that the enemy is adopting the same tactics
tacked, including five not previously reported, were in destroying towns and villages and in transferring
19. In the previous week the vessels destroyed forces as those which preceded the other famous
numbered 62, as compared with 26 in the current retreat to the Hindenburg line.
statement. The high water mark in the destruction
Italy has once again become active. Austria has
of large vessels was reached in the report of April 26, ordered all civilians to evacuate the Isonzo section, in
when 40 such vessels were announced as destroyed. which Italian troops are forging ahead. Trieste is
Three hundred and seventy-on'e British vessels have said by dispatches from Rome to be panic-stricken,
been sunk in the three months since the Admiralty all banks in that city having been closed and the
began issuing statements, without giving the tonnage Government's offices and leading business houses
of vessels. In that period over 65,000 vessels have having hurriedly shipped all records to Vienna.
entered or left British ports. Of the ships sunk 250 The town of Duino, on the Gulf of Trieste, alleged
have been of over 1,600 tons, 113 have been below to be the key to the capture of Trieste, has been taken
that tonnage, and 108 have been fishing craft. A by the Italians. Duino is located two miles beyond
report from Rome gives the losses of Italian shipping the furthest point of the Italian offensive last reluring the past week, as a result of Germany's sub- ported. Bulgarian reinforcements were yesterday
marine campaign,as 2 steamers under 1,900 tons each rushed up to meet the successful attack of the French
and 7 small sailing craft. Some fishing boats also troops on mountain positions in the vicinity of Monwere sunk. Seventeen French merchantmen were astir. The French are reported to have swept besunk by German submarines during February, fore them the most desperate resistance of Germans
March and April according to an official statement and Bulgarians on a front of half a mile. Another
published in Paris. In the same period 9 French American steamship, the Hilonian, has been torpevessels were attacked by underwater craft but doed and sunk, with a loss of four members of her
escaped. No armed French merchantmen have fal-. crew. The vessel was destroyed off Genoa. It was
I—n prey to the U-boats. Official French statistics the property of the Universal Transportation Co. of
e
for the week ending May 13 at midnight show that this city. Press dispatches from Paris declare that
952 ships exceeding 100 tons entered French ports, Japanese gunboats have arrived at Marseilles to aid
while 991 sailed. Three ships of more than 1,600 in the war with German submarines and to convoy
tons were sunk by submarines. Four French French merchant vessels. If results are satisfactory
merchantmen were attacked but escaped. The re- the movement will be extended. It is reported that
ports of the neutral losses are somewhat reassuring, Turkey is following the footsteps of Germany and
as they are a direct answer to critics of the British Austria-Hungary by endeavoring to effect a separate
Admiralty who have charged that the full story of peace with Russia, agreeing to open the Dardanelles
U-boat successes was not being told.
to the world on condition that the Turkish Government be not expelled from Europe.
Both the British and French troops have this week
encountered stubborn resistance on their battleBritish trade still continues to expand, although
fronts. During the earlier days bitter attacks were exports in April were about £1,000,000 below those of
reported by the troops of Crown Prince Rupprecht March. Nevertheless they exceeded the figures of
and the German Crown Prince against the positions April 1916 by more than £7,000,000. The British
vital to the defense of Lens and Laon. A momentary Board of Trade's figures show the total imports for
footing was won by the men of the former, aided by the month to be £89,861,000, comparing with £75,liquid fire, in the new British positions, but subse- 685,362 in April 1916, and the exports were
quently Field Marshhl Haig's men recovered lost £43,093,000, comparing with £36,817,839. Thus
ground and later in the week succeeded in re- the excess of imports is £46,768,000, as against
capturing Bullecourt, which the Germans in an £38,867,523 in April 1916. Since the first of January
earlier attack had succeeded in re-taking. The British the imports have reached £332,411,000, as against
are once more threatening the southern end of the £304,074,740 a year ago, and the exports have been
Drocourt-Queant line, which von Hindenburg con- £171,352,000, against £147,508,907. Cotton goods
structed to defend Cambrai. Thousands of fresh exported during the month totalled 347,141,000
German troops have recently been thrown into the yards, against 400,117,000 yards in the same month
fray around Bullecourt. It has been reported that of 1916. The following table shows the trade of the
re-enforcements have been drawn from the Russian United Kingdom for the month of April and for the
front, the German commander considering such four months ending with that month compared with
action safe, in view of the unsettled affairs of Russia. the corresponding periods of a year ago.
To the east of Arras, around the village of Roeux, the
April
Since January 11916.
1917.
1917.
1916.
battle has raged with a violence seldom before shown, Imports
£89,861,000 £75,685,362 £332,411,000 £304,074,740
and the town finally fell to the British. Although Exports
43,093,000 36,817,839
171,352,000
147,508,907
£46,768,000 £38,867,523 £161,059,000 £156,565,833
the forces of the German Crown Prince have renewed Excess imports



1942

THE CHRONICLE

The London Stock Exchange markets have been influenced primarily by the varying news from Russia,
advancing toward the close of the week in consonance
with the improved conditions in that country. Some
check was given, however, by the poor response to
the new South Wales Joan, only 40% of the issue
being subscribed, the underwriters being forced to
take the remainder. Labor unrest is not, at best, a
stimulative feature, though London correspondents
agree that it has not affected the markets in a practical way. The Treasury Department has announced that no further securities will be accepted
on deposit as collateral for dollar credits. This is a
natural result of the new American credit arrangements. The Treasury, however, still is desirous of
buying American and Canadian securities from English holders. Greek bonds have ruled weak on the
British market. Mexican rails have been supported
by investors. Russian bonds and mining stocks have
been under pressure. The revenue of the United
Kingdom last week was £50,805,000 and the expenditure £34,858,000. Outstanding Treasury bills increased £6,848,000. The proceeds of Exchequer
bonds, war loans, &c., were £13,196,000. Miscellaneous borrowing amounted to £18,812,000. The
Treasury balance at the close of the week was
£23,225,000, an increase of £72,000. Treasury bills
outstanding are £543,458,000. A total of £25,000,000 of these bills was paid for on Tuesday and
£20,000,000 were offered for tender yesterday (Friday).
The labor strikes have been very largely among
munition workers and the London bus drivers. In
the latter instance the men returned to work yesterday. Resentment has been widely expressed throughout the United Kingdom as a result of the policy
which withheld all news of the munitions strike until it burst upon the public suddenly. Latest reports indicate that work will soon be resumed.
Accounts cabled from Paris show slight interest in
financial matters on the Bourse. Business was suspended on Thursday, Ascension Day. The Russian
group of securities was depressed early in the week,
but firmed up later. French investors, as is well
known, are interested in a large way in these securities. A census has been ordered by the Government
of the present occupations of males from 16 to 60,
who are not already mobilized. The City of Paris is
planning a new loan, 625,000,000 francs, to be issued
on May 24 through the municipal treasury and the
various French joint stock banks. The proceeds are
to be used to refund the floating debt of that amount
issued in 1914, 1915 and 1916. The new refunding
bonds will bear interest at 532% and will be free from
all French taxes. They will be redeemable on or
before June 16 1922. This is the first Paris municipal
issue in many • years that has had no premiums
attached.
In Berlin the financial markets seem to have become very largely nominal affairs. Reports that
come from the German centre as to food and economic conditions as a whole seem to favor the suggestion that the more recent reports of extreme suffering and starvation have been permitted to pass
the censor for ulterior purposes and have been overdrawn. Berlin advices that have reached this city
by way of London quote the German Food Dictator
as admitting in a speech that the crops were disap


[VoL. 104.

pointing in Turkey, Bulgaria, Hungary and the occupied parts of Rumania. He is said to have admitted that American co-operation with England to
prevent food reaching Germany through neutrals
ends all hope of help from this source, which has been
considerable. He insisted that as heretofore the
country would pass through this year's crisis until
the harvest, but he said it would be a hard task.
The speech is said to have made a profound impression
throughout Germany and to have been considered
the most pessimistic authoritative utterance yet.
The German people consider it preliminary to a
further rigorous cutting down of food, which, they
urge, cannot be sustained without destroying the
working capacity of millionS of persons. The Food
Dictator, according to a Berlin dispatch, has asked
permission to resign owing to severe criticism by
members of the Reichstag of his administration of
the food supply. While permission to retire has
been temporarily withheld, the message adds, it is
expected his resignation will be announced soon and
will constitute a severe setback for the leaders of
the Conservative party. Increases in the prices of
potash, which are to hold until 1920, are fixed in a
bill amending the potash law which has been passed
by the Reichstag. During the debate it was said
that America, the only profitable customer, had
dropped out, and that it was necessary to accumulate large stocks of potash to be exchanged for other
commodities immediately after the war. The statement was made incidentally that 500,000 tons of
potash for German farmers was not delivered last
fall owing to the lack of freight cars. Both factions
of the Socialist Democratic party in the Reichstag
have voted solidly against the military and other
budgets, which, however, were adopted. The Reichstag has adjourned until July 5.
There has been no change in official rates from 5%
in London, Paris, Berlin, Vienna and Copenhagen;
532% in Italy, Portugal and Norway; 6% in Petrograd and 432% in Switzerland, Holland and Spain.
The private bank rate in London continues to be
quoted at 4 11-16% for sixty days and 4%7 for
0
ninety-day bills. No reports have been received by
cable of open market rates at other European centres,
so far as we have been able to ascertain. In London
call money is quoted 332@4% against 3% last
week.
A further decline was shown by the weekly statement of the Bank of England in its gold holdings, the
actual reduction for the week being £178,832. The
total reserve increased £31,000, there having been a
reduction in note circulation of £210,000. The
proportion of reserves to liabilities advanced to
20.42%, compared with 20.02% last week and
31.51% a year ago. Public deposits were reduced
£1,177,000, other deposits decreased £2,150,000,
while Government securities declined £86,000. Loans
(other securities) registered a decrease of £3,248,000.
Threadneedle Street's holdings of gold aggregate
£54,840,779, which compares with £60,093,847 a
year ago and £61,706,934 in 1915. Reserves total
£34,775,502, as against £43,872,882 in 1916 and
£46,154,709 the year before. Loans now stand at
£108,231,000. A year ago the total was £79,879,276
and in 1915 £145,533,540. The Bank reports as of
May 12 the amount of currency notes outstanding
at £139,026,408, against £138,507,797 the week pre-

MAY 19 1917.]

THE CHRONICLE

vious. The amount of gold held for the redemption
of such notes remains at £28,500,000. Our special
correspondent is no longer able to give details by cable
of the gold movement into and out of the Bank for
the Bank week, inasmuch as the Bank has discontinued such reports. We append a tabular statement
of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1913.
1915.
1916.
1917.
May 21.
May 20.
May 19.
May 17.
May 16.
38,514,000
Circulation
Public deposits_ _ _ _ 52,995,000
117,226,000
Other deposits
Governm't securities 44,963,000
Other securities_ _A08,231,000
Res've notes dr coin_ 34,776,000
54,840,779
Coin and bullion
Proportion of reserve
20.42%
to liabilities
5%
Bank rate

34,670,965
60,645,066
78,583,330
33,187,474
79,879,276
43,872,882
60,093,847

34,002,225
130,382,328
94,624,846
51,043,491
145,533,540
46,154,709
61,706,934

28,675,800
19,508,861
39,456,130
11,046,570
39,891,345
25,720,735
35,946,535

28,380,490
13,946,450
40,720,211
12,802,275
31,881,039
27,776,47.3
37,706,963

31.51%
5%

20.50%
5%

43.60%
3%

50.80%
436%

A further increase in its gold holdings is registered
by the Bank of France, namely, of 5,818,000 francs.
This brings the total (including 1,948,706,125 francs
held abroad) to 5,264,419,575 francs, comparing with
4,731,513,396 francs a year ago and 3,907,341,852
francs in 1915. The silver item expanded 158,000
francs. Note circulation increased 68,874,000 francs.
General deposits showed a decrease of 6,587,000
francs, and bills discounted 62,269,000 francs.
Treasury deposits increased 36,083,000, while advances declined 10,125,000 francs. Notes in circulation are now 19,344,045,000 francs. At this time
last year the total was 15,445,556,185 francs, and in
1915, 11,833,316,295 francs. Comparison of the
various items with the statement for the preceding
week and the corresponding dates in 1916 and 1915
are as follows:
BANK OF FRANCE'S
Changes
for Wee/c.
Francs.
Gold Holdings—
Inc. 5,819,000
In Bank
Dec.
Abroad
1,000

COMPARATIVE STATEMENT.
Status as o
May 17 1917. May 181918. May 20 1015.
Francs.
Francs.
Francs.
3,315,713,450 4,731,513,306 3,907,341,852
1,948,706,125

Inc. 5,818,000 5,264,419,575 4,731,513,396 3,907,341,852
Total
Inc.
Silver
158,000
256,954,000
354,268,558
376,899,760
Dec.62,269,000
Discounts
483,406,000
422,418,158
236,255,738
Dec. 10,125,000
Advances
82,725,000 1,218,551,687
643,577,251
Note circulation_ _Inc. 68,874,000 19,344,045,000 15,445,556,185 11,833,316,295
Treasury deposits_ _Ino. 36,083,000
67,839,000
106,034,603 .62,397,156
General deposits_ _ _Dec. 6,587,000 2,511,567,000 1,995,536,319 2,290,055,844

In local money circles an easier feeling has developed, influenced very largely by the satisfactory
showing contained in last Saturday's bank statement,
which registered an increase in reserves above requirements of no less than $56,720,930. The
Federal authorities have intimated clearly that every
effort will be made by the proper distribution of
deposits to prevent their current huge demands upon
the capital market from creating unnecessary congestion. The banks of the country are taking shortterm certificates of deposit from the Government
freely, thus facilitating temporary loans that the
Treasury is making to the various allies. The proceeds of these loans are not leaving the country,
being designed to make payment on contracts entered into with American manufacturers for war
supplies. Thus they are constituting new deposits
in the banks and are not operating as a permanent
withdrawal of funds. We have referred to the various temporary loans to the Entente countries in a
.preceding paragraph. There will, of course, be a
necessary accumulation of funds to aid subscriptions
to the Government's $2,000,000,000 bond issue.
Every confidence is entertained that the full amount
will be much oversubscribed. Suck:a:result.is, of
1
course, guaranteed,by_the_united effortsJhatlare



1943

being made by financial interests to arouse the necessary enthusiasm. An oversubscription is necessary,
not alone for its effect upon the enemy, but upon the
reception that would be accorded the $3,000,000,000
of identical bonds which will remain to be issued after
the current offering has been distributed. Immediately only 2% subscriptions to accompany applications is needed. The payments by installments will
cover a period running well into August. Meanwhile the temporary borrowings on behalf of our
allies, which are expected to reach $1,000,000,000
before the proceeds of the bonds themselves become
fully available, will provide a gradual rather than a
sudden method of financing this important transaction. The Treasury yesterday invited subscriptions
to $200,000,000 in certificates of indebtedness. This
makes a total of $718,000,000 that has been offered.
The first offering, which was for only $50,000,000,
at2%,was taken solely by the Federal Reserve banks.
The following issues, bearing 3% interest and totaling $468,205,000 in all, were taken by the banks.
The rate on the new issue has been raised to 33%.
The weekly statement of New York associated
banks and trust companies, issued last Saturday,
made a favorable showing, and both aggregate and
surplus reserves recorded large gains as a result of
the recent arrivals of gold. Loans were increased
$28,543,000. Net demand deposits registered an
expansion of $3,954,000, while net time deposits
gained $9,096,000. Reserves in "own vaults" expanded $36,560,000, and aggregate $448,476,000,
of which $409,473,000 is specie. At this date a year
ago the total of reserves in own vaults was $443,269,000, including $370,621,000 in specie. The reserve
in Federal Reserve banks also increased, viz., $22,007,000, to $254,767,000, against $165,053,000 in
1916. Reserves in other depositories declined $723,000 to $59,951,000, as compared with $55,954,000 a
year ago. Circulation is $28,680,000, a decrease of
$26,000. The aggregate reserve was expanded by
the substantial total of $57,844,000, thus bringing
the amount up to $763,194,000, as against $664,276,000 at the corresponding period in 1916. Reserve
requirements registered a slight gain, namely $1,123,070, in consequence of which surplus reserves showed
a gain of $56,720,930 and now tand at $147,199,000
—once again bringing the total well beyond the
$100,000,000 mark, and comparing with $88,787,280, the amount held last year. The bank statement is given in fuller detail in a subsequent section
of this issue.
Dealing specifically with rates for money, loans on
call covered a range of 2@3% this week, as against
2@4% a week ago. On Monday 3% was the high
and ruling rate, and 29'% low. Tuesday's maximum
was still 3%, although the low receded to 2%, with
23/2% the basis for renewals. On Wednesday and
Thursday the range was 231@23/2%, while 23/2% was
the ruling quotation on each day. Friday the high
was still quoted at 23/2%, the minimum 2%, and
renewals at 23/2%. In time money, following the
publication of an exceedingly strong bank statement
last Saturday, an easier tendency developed and
sixty-day funds declined to 43-1@4%, against
49@5%; ninety days to 432@4%%, against 4%@
5%; four months to 43/2%, against 49@5%;
and five and six months to 432@4%%, against
4%@5% last week. Transactions continue on a .
restricted scale. A year ago sixty days was quoted
at 23/2@3%, ninety days at 23@3%,and four, five

THE CHRONICLE

1944

4%. Commercial paper
and six months at 3@31
rates were not changed from 49@5% for sixty and
ninety days' endorsed bills receivable and six months'
names of choice character and 53% for names less
well known. Offerings were light and the market
called quiet. Banks' and bankers' acceptances
presented no new feature. Only moderate activity
developed, with the range of quotations unchanged.
Detailed rates follow:
Ninety
Days.
Eligible bills of mem.banks.3 3-16Q3 1-16
Eligible bills of non-member
3 7-16@354
banks
434
Ineligible bills

Spot Delivery
Sixty
Days.
354143

Thirty
Days.
3 1-16(43

Delivery
within
30 Days.
334 bid

334@334
43( ©3%

33-16(43
4©334

354 bid
4% bid

No changes in rates were announced by any of
the Federal Reserve banks as far as our knowledge
goes. Prevailing rates for various classes of paper
at the different Reserve banks are shown in the following:
"

New York.

.1

..:
d

i i

'a.'

.

.

.

.i

a

i

A
•
• .2
111S1

I

jik

Li g 4

r4 1 C ei

1

CLASSES
OF
DISCOUNTS AND LOANS

Boston.

1
1

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

Member Banks,Coll. Loans:
1 to 15 days' maturity
Discounts:
1 to 15 days' maturity.....
16 to 30 ' "
31 to 60 " "
61 to 90 " "
Agricultural and
Live-Stock Paper
91 daye to 6 months maturity
Trade Acceptances—
to
' 30 days' maturity
"
31 to 60
61 to 90 " "
Commodity Paper
1 to 90 days' maturity

334 3
___
4
4
4

3
4
4
4

5

5

3
3
4
4
4

334 333 334 334 334 3 3
334 334 334 334 334
4
4 4 4 4
4 4 4
4 4
454 4 434 434 4

414 5

454 5

5

5

3
4
4
434
5

5

334 354 354 3 334 334 354 314 354 4
354 334 354 334 334 334 334 354 334 4
334 334 334 354 4 ' 4
354 354 354 4
4

314

31,4 314

31,4
314 4

354 334

3 334
4544
4344
434 434

4

5

334
4
4
434
534

334 334
354 354
334 334
au ate

Note.—Rate for bankers' acceptances, 254% to 4%.

Sterling exchange has presented no especially noteworthy features. Rates remain pegged and business
is conducted on a completely arbitrary basis without
especial reference to demand and supply. Whatever change for the week has occurred has been
toward a slightly higher basis, but for cable transfers,
which are by far the most active division of the market, rates have remained at the single rate at
4 76 7-16 throughout the week. No additional importations of gold have been reported. The shipments of the precious metal have aggregated $6,389,000, including $2,530,000 to Spain, $3,282,000 to
Japan, $537,000 to Cuba and $40,000 to Mexico.
Referring to quotations in detail, sterling exchange
on Saturday, in comparison with Friday of the preceding week, was steady and a shade firmer for
demand bills, which advanced 5 points to 4 7545@
4 753/a, while cable transfers did not go below
4 76 7-16; sixty days, however, remained at 4 72.
On Monday a firm but quiet market was reported,
with rates practically unchanged; cable transfers
remained at 4 76 7-16 and sixty days at 4 72; demand
was quoted at 4 7545, one rate. Announcement of
the granting of another $25,000,000 credit to Great
Britain induced a firmer tone on Tuesday; demand
bills moved up to 4 7532, although cable transfers
were still quoted at 4 76 7-16 and sixty days at 4 72.
On Wednesday increased firmness developed, with a
further advance of 5 points for demand, which ranged
at 4 7532@4 7555; sixty days moved up to 4 72@
8
4 723/; cable transfers ruled at 4 76 7-16, unchanged;
trading throughout was limited in volume and without
especial feature. Extreme dulness marked Thursday's dealings, and sterling rates were without
change at 4 753/2@4 7555 for demand, 4 76 7-16 for
cable transfers and 4 72@4 72% for sixty days. On



[VOL. 104.

Friday the market ruled steady and still quiet. Closing quotations were 4 72@4 723/i for sixty days,
4 7555@4 7560 for demand and 4 76 7-16 for cable
transfers. Commercial sight finished at 4 753'@
4 75%, sixty days at 4 713.@4 719', ninety days at
4 693@4 69%, documents for payment (sixty days)
1
4 71@4 714, and seven-day grain bills at 4 743'@
4 74%. Cotton and grain for payment closed at
4 753@4 7598.
Operations on the Continental exchanges this week
reached only moderate proportions, and the tone,
during the initial transactions at least, was nervous
and irregular. The Russian situation developed further complexities, and a fresh outbreak of disturbing,
albeit contradictory, reports from that centre, once
more caused keen anxiety. This, coupled with
news of the resignations of M. Milukoff, Minister
of Foreign Affairs, and two of Russia's most prominent generals,added to the discouragement felt. On
Wednesday, however, announcement from Washington that arrangements had been concluded for extending a loan of $100,000,000 to the Russian Government, came as a distinct surprise and immediately
constituted an element of strength and confidence,
based on the assumption that fears of a separate
peace being negotiated with the Teutonic Powers had
been exaggerated.: Rubles, after fluctuating somewhat erratically, rallied promptly and moved up to
27.75 for checks—a rise of over 2 cents from the
low point of last week. Italian lire responded to the
improvement in sentiment which followed the United
States' action regarding Russian financing, by an
advance of about 6 points. Francs were well
maintained and also recorded net gains for the week.
All transactions in German and Austrian exchange
continue suspended and quotations are not obtainable. The sterling check rate on Paris finished at
27.18, unchanged. In New York sight bills on the
French centre closed at 5 733'g, against 5 733; cables
g
at 5 723/, against 5 723,commercial sight at 5 743.,
2
against 5 743j,and commercial sixty days at 5 783/,
against 5 78% last week. Reichsmarks no quotations. Kronen no quotations. Lire finished at
7 013/ for bankers' sight bills and 7 003/ for cables.
This compares with 7 063/b and 7 053/ the preceding
week. Rubles closed at 27.75, as against 26.65 on
Friday of a week ago.
In the neutral exchanges movements pro and con
were without significance, and due largely to the
operations of speculative interests. Swiss exchange,
following early weakness, closed firm and higher,
although no special activity was noted in this quarter.
Rates of Scandinavian exchange were a shade easier;
guilders remained pegged at previous levels, and
Spanish pesetas ruled steady. Bankers' sight on
Amsterdam closed at 41 1-16, against 403'; cables at
40%, against 41; commercial sight at 40 3-16, against
403/2, and commercial sixty days at 403, against
40 5-16 on Friday of last week. Swiss exchange finished at 5 1234 for bankers'sight and 51134 for cables.
This compares with 5 1534 and 5 133/2, the previous
close. Greek exchange (which may still be regarded as
neutral) was not changed from 5 00 for sight bills.
Copenhagen checks finished at 28.40, against 28.25.
Checks on Sweden closed at 29.75, comparing with
29.75, and checks on Norway finished at 29.20, as
contrasted with 29.30 a week ago. Spanish pesetas
closed at 21.85. Last week the close was 21.80.

MAY 19 1917.]

THE CHRONICLE

1945

The New York. Clearing House banks, in their
operations with interior banking institutions, have
lost $1,749,000 net in cash as a result of the currency
movements for the week ending May 18. Their receipts from the interior have aggregated $7,673,000,
while the shipments have reached $9,422,000. Adding the Sub-Treasury and Federal Reserve operations
and the gold exports, which together occasioned a
loss of $5,591,000, 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 $7,340,000,
as follows:

ing when we will have to tell you we can no longer
give you the bread you need or the other supplies
to which you have the right:"
It was not words alone, but official actions which
showed the progress of political demoralization. On
Sunday General Korniloff resigned command of the
army at Petrograd, saying, after reference to the interference of the Workmen's and Soldiers' Delegates
with the military authority: "Well, then, let them
take the responsibility." On Monday Guchkoff,
Minister of War, resigned for the same reason, declaring to the Premier:
Into
Out of
Net Change in
Week ending May 18.
"In view of the condition in which the power of
Banks.
Banks.
Bank Holdings.
the Government has been placed, especially the au$7,673,000
$9,422,000 Loss $1,749,000
Banks' interior movement
thority of the Minister of War,in relation to the army
Sub-Tress. and Fed. Reserve opera43,653,000
49,244,000 Loss 5,591,000
tions and gold exports
and the navy, a condition which I am powerless to
Total
$51,326,000 $58,666,000'Lots $7,340,000
alter, and which threatens to have consequences
The following table indicates the amount of bullion fatal to the defense, the liberty and even the existence of Russia,I can no longer exercise the functions
in the principal European banks:
of Minister of War and Marine and share responsi
bility for the grave sin being committed against th
May 17 1917.
May 18 1916.
Banks of
country."
Gold.
Gold.
Silver.
Total.
Silver. I Total.
England.._ 54,840,779
France a_ _ 132,628,538
Germany _ 126,646,000
Russia •__ 147,659,000
Aus-Hun.c 51,578,000
Spain ____ 55,878,000
Italy
34,273,000
Netherl'de 49,669,000
Nat.BeLh 15,380,000
Switzland 13,691,500
Sweden __ 10,727,000
Denmark_ 9,121,000
Norway- - 7,170,000

60,093,847
54,840,779 60,093,847
10,280,000142,908,538 188,875,000 14,170,000203,045,000
879,100 127,525,100123,130,000 2,100,000 125,230,000
12,109,000159,768,000 162,877,000 5,856,000 168,733,000
12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
29,991,000 85,869,000 39,844,000 30,435,000 70,279,000
2,656,000 36,929,000 40,530,000 3,983,000 44,513,000
580,100 50,249,100 44,650,000
160,400 44,810,400
600,000 15,980,000 15,380,000
600,000 15,980,000
13,691,500 10,290,000
10,290,000
10,727,000 9,166,000
9,166,000
132,000 9,253,000 7,753,000
207,000 7,960,000
7,170,000 6,127,000
6,127,000

Tot. week.709,261,817 69,367,200778,629,017 760,293,847 69,651,400829,945,247
Prev.week 707,823,239 69,860,450 777,683,689 757,504,127 69,848,720827,352,847
a Gold I oldings of the Bank of France this year are exclusive of £77,948,245
held &areal.
•The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abrpad. On
the latest reported date, the amount so held, £211,888,000.
c July 30 1914 in both years. h Aug. 6 1914 in both years.

THE POLITICAL CRISIS IN RUSSIA.
All other considerations in the war have been superseded this week by the news from Russia. So paramount, indeed, was public interest in that swiftly
changing situation that on at least two days of the
week Wall Street agreed that the movement of our
own stock market was powerfully if not exclusively
governed by what was happening at Petrograd.
From a sense of utter hopelessness over that situation,
popular opinion seemed at the close of the week to
have changed so greatly, on the compromise with
the radical Socialists and the formation of a "coalition
Cabinet," that one began to hear of Russia's political
problem being solved. It may be that the later attitude was as prematurely taken as the earlier one.
Yet the whole episode is one of absorbing and continuing interest; not to Russia alone, nor to the belligerent States alone, but to the civilized world.
At the beginning of the week the entire system of
government in Russia seemed to be disintegrating.
The case was stated with the frankness of despair on
Sunday by A. F. Kerensky, himself a Socialist,
though a member of the Provisional Government,
(he was Minister of Justice and now, in the Coalition
Cabinet, is Minister of War and Marine), when he
declared at a public meeting, "I have lost my faith
that we are not mutinied slaves instead of conscientious citizens creating a new State"; adding:
"Sometimes I regret that I did not die two months
ago, when the dream of a new life was growing in the
hearts of the Russian people; when I had faith that
Russians could govern themselves without need of
the knout.
"But as affairs are going now, it will be impossible
to save the country. Perhaps the time is approach


News of removal or resignation of important army
commanders at the front, which had been announced
in rapid succession, culminated on Tuesday, with
General Gurko of the Western army, and General
Brusiloff, commanding in the southwest, and victor
in last autumn's brilliant campaign against Austria,
asking to be relieved. As a last resort, the Provisional Government offered to form a Coalition
Ministry, with representatives of the Workmen's and
Soldier's organization. This overture was first
accepted, then refused, always by a close vote.
Finally, on Wednesday, it was reported that such
a coalition had been formed with Milukoff, who
had become especially unpopular to the agitators,
removed from his place as Foreign Minister. The
Cabinet was at length agreed upon, with six of the
radicals holding posts in it; and so for the present
the matter stands.
The imminent crisis has doubtless been averted;
it is even conceivable that, as the new provisional
regime promises, the growing military demoralization will be checked and Russia's forces in the field
be made again efficient. The two generals, Brusiloff and Gurko, have withdrawn their resignations,
and even the commander-in-chief, Alexieff, said on
Thursday that it will now "be possible to conduct
military affairs in a more energetic manner."
But whether the present situation—really brought
about through a compromise with the factions of
disorder which was not very different from surrender
—can be lasting, it would be rash to predict. It is
not even clear what will be the immediate outcome;
or, indeed, what are the actual purposes of the Workmen's and Soldier's Federation. In votes and
speeches, the idea of a separate peace with Germany
is repudiated. The address of the organization
itself to the army, a few days ago, declared, almost
in the language of the French Revolution, that "the
German army is not a revolutionary army if it is
still blindly following William and Charles, emperors
and capitalists," adding that "peace will not be
obtained by treaties or by the fraternizing of hostile
regiments and battalions." Yet the talk of a general
movement for peace, to be demanded by Russia, is
equally insistent, and somewhat strong emphasis
seems to be laid on the demand that Russia's allies
must conform their own terms of peace to those of
the Russian radicals. This is a situation such as

1946

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baffles analysis or prediction; the only certain inference being the paralysis of Russia's military initiative,
enabling Hindenburg to withdraw great masses of
troops from the Eastern front and hurl them at the
English and the French.
That the Russian situation is not clear, even to
official Germany, was made evident enough from
Bethmann-Hollweg's speech of Tuesday. It had
been expected that he would set forth Germany's
terms of peace. This he refused to do. Addressing
the two opposing factions in the Reichstag, he declared angrily: "You [the Conservatives] want me
to say that Germany will not make peace without
territorial and other material compensation. You
[the Socialists] want me to renounce any such demands. I absolutely refuse to commit the German
Government to either alternative." Turning to
Russia, and referring to what he represented as the
plans of her allies, the Chancellor declared:
"It appears as if new Russia had declined for
herself these violent plans of conquest. Whether
Russia will or can act in the same sense on her allies
I am unable to estimate. Doubtless England, with
the assistance of her allies, is employing all her
efforts to keep Russia harnessed to England's war
chariot and to traverse Russian wishes for the speedy
restoration of the world's peace.
"If, however, Russia wants to prevent further
bloodshed and renounces all violent plans of conquest
for herself, if she wishes to restore durable relations
of peaceful life side by side with us, then, surely, it is
a matter of course that we, as we share this wish,
will not disturb the permanent relationship in the
. future and will not render its development impossible
by demands which, indeed, do not accord with the
freedom of nations and would deposit in the Russian
nation the germ of enmity."
This was certainly not a very urgent bid for a
separate peace with the Russian Radicals. It is, in
fact, so very non-commital that it clearly does not
bind Germany against any policy, even that of annexation. What the Chancellor's speech really reflected was the political insecurity of the present
German Ministry itself, if not the insecurity of the
German throne. The extraordinary nature of this
German situation was shown by the subsequent
speech of the Socialist, Scheidemann, who declared
to the Reichstag that "if France and Great Britain
renounce annexation and Germany insists on it, we
shall have a revolution in this country," and by the
speech of Ledebour, which followed, declaring that
"we must soon introduce a republic in Germany, and
we shall propose that the Constitution Committee
take preparatory steps in that direction."
No one can safely infer from these individual
declarations that either the majority of the Reichstag
or the majority of the German people are in sympathy
with them. But the fact that such utterances should
have been publicly hurled at the German Government, without the placing of any official restraint
upon them, is sufficient amazing testimony to the
change which has been going on in Germany itself,
and to the doubts regarding Germany's political
future which are seemingly entertained in the Government's own mind.
a
But what then is to berthe upshot of this whole resituation? Eventslfollow one another so
markable
rapidly nowadays that it may;truly be said the whole
political world is groping in the dark. The seemingly impossible has already happened so repeatedly that
thoughtful people hesitatelto:declare any imaginable



[VoL. 104.

event improbable, much less impossible. Even the
one outstanding fact of a virtual armistice between
Russia and the Central Powers may conceivably
change in important particulars. The rapidity with
which inferences are drawn was shown on the New
York Stock Exchange last Wednesday when the news
of our Government's $100,000,000 advance to Russia
was followed, not only by nearly ten points recovery
in the price of Russia's American loans, but by an
enthusiastic advance of the entire market. This loan
to Russia must be classed as an emergency war
measure pure and simple. As an investment it is
sufficiently precarious, when offset only by the
Russian Provisional Government's promise to pay—
that at a time when Russia's finances are demoralized
and when her currency has been inflated since 1914
by more than 500%. The political results of our
Government's loan may be important in the political
confusion prevalent at Petrograd. But even that
remains to be determined.
The truth is that the situation of all the European
belligerents at this moment presents political, rather
than military problems, and political uncertainties
notoriously give the more difficult basis for prediction.
The only sure conclusion is that the Russian revolution, whatever its other results, for good or ill, has
started a ball rolling whose force it may prove impossible for any autocratic Government to withstand.
Bethmann-Hollweg's speech was no less convincing
an evidence of these tendencies of the day than was
the political chaos at Petrograd. In many ways,
these momentous occurrences mark a new chapter of
the war the influence of whose tendencies, on the war
itself, may in the long run be decisive. To what
extent they indicate fulfillment of the prophecy so
often made when the war began, that the world
which should emerge from this war would not be the
same world as entered it, one hardly need point out.
VALUE OF THE PRESS IN WAR TIME.
Protests at Washington during the past week by
representative publishers, directed against a confiscatory increase in the postal rates on "second class"
mail matter (the designation under which newspapers,
magazines and other periodicals fall), have a significance to the people not fully appreciated. Of all
the forms of economy that may be practiced by the
citizens of a free nation, an economy in the diffusion
of learning, a lessening of the general intelligence,
would be the most disastrous. And it certainly needs
no argument to show that if we destroy the press we
dry up the fountain of civilization and progress.
A brief glance at the past twenty-five years of the
publishing business in the United States discloses a
cheapening process hardly paralleled in any other
broad division of our industrial life. The mechanism
of making a newspaper (giant presses that print and
fold thousands upon thousands of complete newspapers in an hour, typesetting machines and stereotyping plants, special wires that reach remote corners
of the world) has undergone remarkable development. And not only is the penny paper a result,
but the mere physical bulk of a single issue of the
average journal has largely increased with every lessening in price. And even in recent years, whether
sold by subscription or through the newsdealer, although materials and labor have mounted rapidly,
there has been only a slight increase in cost to the
reader. In addition to this, by means of press as-

MAY 19 1917.]

THE CHRONICLE

sociations, syndicates and systematized circulation,
the best literary talent of the country has been made
available to the masses.
It is impossible to estimate the influence or appraise
the value of the press to the people. By means of a
great public school system, generously maintained,
an important and definite, though sometimes mummified, knowledge islimparted to our youth. But the
press is thc teacher of our adult population, every day
in the year, using as object lessens the vital agencies
of industrial, social and political life, with which to
infuse intelligence among the masses. We are a nation of readers. With newspaper in hand all citizens are free and equal. There are no classes. According to ability, each becomes, by what he reads
and digests, a factor in that momentous thing—public opinion. (And as long as journals are allowed to
shape their own policies there will be no dearth of
opportunity.) Even the tramp who is too poor to
buy a paper, picks it out of the garbage barrel and
reads it from a free seat in the public park. And
however low in the scale he may have fallen, he is not
without some knowledge of the laws of the land, the
events of the world, and the opinions of mankind.
Go into any street car and the evidence is beyond
question that working men and women turn to the
printed page for continual mental nourishment as
constantly as they seek their homes for food and rest.
Is it not true, then, that a tax upon the newspaper
and magazine is a tax upon the intelligence of the
people? And if it be levied at a time when public
order is under a strain, does it not become a tax upon
the stability of the State? We have many kinds of
taxes in these troubled times, but here is a tax upon
intelligence—upon the very understanding and ability of the people to know and espouse justice, liberty
and humanity. Publishers have testified in overwhelming numbers to the small net profits possible
under present conditions. But this is wholly subservient to the main issue. We must live and let
live, or perish in this world-conflagration. This is
manifest. The press, however, no matter 'what it
may pay its proprietors, is a public institution, a
social and political necessity, of our life as a united
and law-abiding people. We cannot conceive of
civil order, to say nothing of progress, without it.
Surely in time of war the diffusion of knowledge is
more important than at any other time. Is there a
citizen who would advocate laying a tax upon our
endowed universities, or on the professional attainments of lawyers, doctors and ministers? As far as
the State is concerned, taxing the press is very like
the taxing of public speakers who address the people
upon social and political topics. We are combing
the activities of man in order to find an object of
taxation, but this is the only instance where a tax is
laid upon the means of diffusing learning through the
land.
In discussions upon the espionage bill the good of a
free press to the Republic has been brought out.
But this freedom can be as much curtailed by making
the journal physically impossible as by suppressing
its utterances. True, it is a business to publish a
journal. And it has never failed to pay for the privilege of doing business, and pay in excess (because of
postage on sales) of other forms of trade. It matters
not that this branch of the postal service shows a
computed loss; we were recently informed that the
Department as a.whole has become almost self-sustaining. And it is the business of the country which



1947

pays the bulk of the letter postage, a business which
could not exist under our present customs without
the daily and weekly information of prices, crops,
credits, goods, furnished by the metropolitan papers
and trade journals. So that even here the press
makes the wheels go round, and sustains the postal
receipts. Therefore, no added tax can justly lie on
this account. The paramount truth is that at a time
when knowledge should be more widely disseminated
than ever, it is proposed by taxation to confine and
suppress it. Why establish a "Government newspaper" at Washington, a flickering taper whose light
the masses will never see, and tax out of existence the
floodlight of the American press? It is an indefensible policy to lay these unbearable burdens upon the
chief agency of human liberty at a time when liberty
for the world is at stake.
Suppose the press should refuse to publish the addresses and messages of the President, and recall all
their special correspondents from Washington, what
would become of "Administration policies"? How
would the war loan fare with the people? Who
could know the real objects for which an army is being conscripted, and billions of the people's money
expended? It is reasonable to believe, in view of rising costs that cannot be avoided, a wise public
policy would exempt the press from any war taxes on
the ground that they are a tax upon the intelligence
of the citizenry and a premium upon ignorance.
This is not asked by the press of the Government.
But the evidence and argument are conclusive that
proposed levies are, in the nature of things, intolerable, and will tend to destroy or cripple the usefulness
of the publications, leading in not a few cases to a
complete suspension of issue. And the move is made
at a time when the price of paper has enormously
advanced. On the ground alone of a broad Governmental policy in a time of serious moment, Congress
should refuse to add further to the burdens of the
publishers lest it tax out of existence the most beneficent agency of modern times. "Light! More light!"
is the need of the world and of the hour.
ECONOMY AND THRIFT.
The protest of a department store manager against
the resolve of certain women of wealth to adopt a
cheaper quality of wearing apparel as a means of
economy in the present national emergency, brings
forcibly to the attention of the country the need of
wise discrimination in individual methods designed
to meet the trying demands of war. The shopgirl's ability to do her part depends upon her wages,
her wages upon her continued employment, her
employment upon the sale of goods over the particular
counter where she works. No sale, no employment;
no wages, no part.
To provide seven billions of dollars in one year for
an abnormal use is a tremendous task even for a
people of great wealth. There are many opinions
as to where the huge fund is to come from. A
prominent banker asserts that it must come out of
savings from future earnings, since, he declares,
present capital or savings are already invested,
speaking generally of course. And to this it may be
added that the deposits of customers of the banks are
at the moment practically all loaned to the individual
borrowers at the banks. As to the actual money in
circulation or in the pockets of the people, if it be
withdrawn, it must be placed in the banks, and by

1948

THE CHRONICLE

reason of ordinary business demands, checks must
take its place.
According to a communication which recently
appeared in the "Bankers' Magazine" of London, the
German Government, which is financing its own war
needs, early entered into a propaganda to induce a
larger use of the bank check. And it is an item well
worth considering in the flotation of the war loan.
Numerous other methods of economy are proposed,
but most of them are open to the criticism offered by
the department store manager—they cut both ways.
If every person is to take a part in this colossal
scheme of financing, it cannot be doubted that general
business must go on much as before. If it is to come
largely from the savings out of future earnings, curtailment of one is prevention of the other. This
undoubtedly, in case of the salaried man and the
wage earner, is one source from which the fund will
come. But it is our belief that the larger part will
come by the conversion, through the instrumentality
of banks, of fixed property into liquid capital, which
by distribution over an indefinite period of time, will
finally return to its original form through the application of the profits of business, and from the potential
credit power of the individual which depends on
many other considerations than mere wages. However, the insistent problem, is the immediate raising
of seven billions of dollars, and it presents many
speculative features in economy and thrift.
For instance, we will assume that the fund is not
to be withdrawn, to any appreciable extent, from
savings banks, where, in the course of business, it
already stands invested in securities. The rate
affixed to the war loan is three and a half per cent.
We say nothing of the possible increase. This means
that converted property, and invested future savings
from earnings, will earn that rate and no more;
whereas in normal times and in normal other investments than savings banks, the rate would be higher.
The measure of the difference is the measure of
actual sacrifice of the war bond holder, and this may
extend over a period of twenty or more years. In a
word, he is asked to pay enormously increased taxes,
while his ability through thrifty investment of future
savings or profits is diminished. In some States,
under State laws for State revenues, bank deposits
are taxed under the head of "money in bank." So
that if the individual deposits to any extent be converted into war bonds and escape taxation by being
placed for a time as proposed to the credit of the
national Government, it yet remains true that if the
individual subscriber maintains his normal individual
credit at his bank, as he will wish to do, he is not
relieved of State taxation by reason of his puchase
of a war bond. And the same is true in the case of
converted property.
It follows that economy may become false economy
and defeat its object, and that thrift has had placed
upon it an added burden, because economy is less
potential than before. The total effect of the withdrawal of seven billions of capital from future investments of the ordinary form drawing a higher rate of
interest, is not only to diminish industrial enterprise,
but to lessen its momentum, and decrease its earning
rate. As a people, then, we shall have more to pay,
and less means of paying it.
If this analysis is sound there is but one remedy—
increased exertion on the part of everybody. No doubt,
in the personal equation; the individual will find ways
and means of economy, which will least interfere with



[voL. 10d.

his welfare and with that of his business. The high
cost of all commodities will compel economy in the
amount of consumption and use, whether the individual wills it so or not. And this, in view of world
needs, is in the right direction. But beyond everything else the business ball must be kept rolling.
There is one certainty—we have got to dig down
deep to "raise the money," and then dig hard and
long to pay it. We only deceive ourselves if we
believe we can economize out of nothing.
MILITARISM AND ECONOMICS.
Militarism, except possibly for the time in Germany, is dead. The world has outgrown it. The
trappings and glory of the soldier of the story book
and the imagination have faded away. The remark
attributed to one of the military experts of the French
Commission, that he fears if he is kept here for six
months he will find himself stale when he gets home,
emphasizes the rapidity with which change is taking
place in the methods of warfare, rather than that such
change is a novelty.
Machine guns, aeroplanes and "tanks" are revolutionary, but so were the Macedonian phalanx, Hannibal's elephants, the methods of the Goths and Vandals and gunpowder. The retreat from Moscow was
not a less startling experience than was the first ironclad or the submarine. The story is told of Hannibal,
when in exile in Asia Minor, he went to hear a certain
professor named Phormio lecture on "The Art of
War." Coming out, he said, "I have heard many
dotards in my life but this is the worst." Gen.
Joffre might possibly have a similar experience before
he returns to France, though he probably would be
too polite to comment upon it.
But quite beyond any possible change in the implements or the methods of the battlefield, war has
now undergone a change that is revolutionary. It
has become primarily an affair of the economic and
industrial organization of a whole people. Sherman's march to the sea and "living off the country"
have become not less a thing of the past than_are the
cavalry charges of Inkermann and Balaklava. The
battlefield is now simply the point at which the combined forces of the economic, industrial and scientific
life of a nation are brought to bear for the destruction of an enemy. Any attack short of that is
doomed to disaster. War has become the business
of the whole people. It will never be entered upon
again aggressively except when a State has its economic and industrial life completely organized and
prepared for united service. Mobilizing troops is
only a part of the preparation. The work, even of
the army, can only in a very limited degree be performed by the uniformed soldier. Mobilization has
to embrace every industry; and conscription, in its
enforcement upon every citizen of his obligation to
the State and his duty to contribute the service for
which he is best fitted, is as necessary as it is for
filling the uniformed ranks. The actual work of the
army is in its fundamental forms more likely to be
better performed by the men whose daily business
it is, the industrial worker, the expert, the captain
of industry, than by the man who is simply a soldier.
The country must be kept going, no less than the
army, and the men who are the trained workers have
to be depended upon for that no less than to supply
the needs and the places of those who fall in battle.
They can only be withdrawn from their daily occu-

MAY 19 1917.]

THE CHRONICLE

pations when materials and munitions, which are
now required in such vast quantities, are adequately
produced, and when the failure of that supply in
almost any line would no longer mean disaster. The
world is discovering that in time of war the work of
the farmer in his fields is a military service; and the
same is true of every form of industrial labor, however humble. Its contribution to the daily needs of
the people bears more or less directly upon the battlefront. Mobilization to-day, even in its initial plan,
must deal with the whole people.
From this two things follow. One is, the folly of
further fear of militarism. This fear has occupied
much space in public discussion and in the thoughts
of many quiet people. It must be recognized now as
a bugaboo. The world has become democratic, if
not in fact universally, yet in thought and tendency.
A military dictator is hardly conceivable anywhere.
A military oligarchy may for a time exist, but its
days are numbered; and a military class will henceforth be only the special servants of the people, like
the police. They will have special training and the
honor that attaches to any group trained for public
service, but the man in uniform now falls permanently into place as only one of the people so trained.
The immigrant from a land where the soldier was the
instrument of oppression, and the uniform a warning
to him to yield place and suppress his manhood, will
drop his traditional fear and will, conceivably, in
time come to feel that the call to him to accept military service is the sign and proof of his new citizenship where all willingly do the same for the common
weal.
The other new fact is the place which needs now
to be accorded to the recognition of individual gifts
and individual enterprise, and their development.
Organization is pushed to the limit for the sake of
much-vaunted efficiency, but organization is not
everything. The war has given great vogue to an
amazing fighting machine. It is widely proclaimed
as setting the pattern for the future. But it is
exhibiting its limitations. It is surprising how rattily
of the most novel and important instruments of the
war are inventions of private citizens, the submarine,
the aeroplane, the machine-gun, besides many lesser
devices. In the conditions in which material equipment plays so important a part, the demand will be
constant for invention.
Community organization will be injurious unless it
offers every inducement, and allows large place, for
individual action and initiative. State monopoly and
State ownership are evil to the extent that they tend
to fix methods and create ruts. Officials are proverbially conservative. The portable Lewis gun,
which is playing so prominent a part in the European
war, was rejected by our Army Board, though an
American invention, and was promptly adopted by
the foreign nations. Not only is it highly improvident, as England has found to her cost, to reduce
expert labor in munition factories and machine shops,
but, as new forms of weapons are continually coming
forth to be met by still newer ones, it is of first
importance to stimulate invention, and to conserve
and propagate inventive ability as much as possible.
All this emphasizes the fact that wars are to be
won, as was pointed out by one of the older British
generals at the opening of the present conflict, not
so much by the army as by the spirit of the people.
The fact that the people have on both sides been
drawn into the war, heart and soul, is what makes



1949

the present war especially severe. Certain it is
that, in the future, character and moral and
religious conviction are going to count more than
ever in fixing the place of a nation. Chaplains are
important, but far the greater need is of asustained
religious life in the home. The complaint already is
that England is suffering from lack of life and vigor
in her churches. Men are serious and thoughtful in
the trenches. Testimony is abundant that there,
with the loss of the fear of death,and indifference to
wounds and danger, there is a widely recognized
readiness to talk of religion and a new concern for
the religious welfare of all, both those in the trench
and those at home.
The real ground for national concern is that with
the new appreciation of the need for thorough economic and industrial organization and the recognition
of the necessity for responsible and disciplined citizenship, there shall also be recognized the fact that,
underlying all this is the need of that training in
morals and religion which shall produce sound
character, without which all increase in material_
prosperity becomes a delusion and a snare. A little—
realized danger to-day is that with the break up of so.
many accustomed restraints and habits, and the:
general disturbance of social relations, coupled with:
many new opportunities for making money in
undreamed of amounts, individual character will be
widely undermined; in which case the loss to the
country will be far greater than can be estimated in
dollars and cents.

THE WAR COUNCIL OF THE RED CROSS.
American in name, but the friend of all men;
holding in its title the hated name of war, but in its
heart only the holy love of men for man; while yet
the thunders of destruction and death reverberate
through a suffering and sorrowing world, this new
agency of human brotherhood begins its benign work
of relief and reconstruction. Somewhere, in the
realms of the ever-blessed the trumpet calls of consecrated service peal forth a new joy never known
before!
To touch with tender ministrations the broken and
bleeding bodies of those who gave themselves a
ready sacrifice for country and for cause, bringing
visions of rest and health and hope to eyes that hold
fast the horrors of "rushing squadron and clattering
car"; to light the faces of little children with laughter
who in their dumb beseeching agony know not what
they lose,—and in a mother's breast wake once
again the courage of an unfaltering trust; to build
anew in desert fields the hearthstone and the home
that in times of peace to come the soul may dwell
with its sacred memories of valor and devotion, yet
hold no hate; aye, to feed the hungry and clothe the
naked, wherever under the gentle sky there is
human need; this is a mission that glorifies earth
and ennobles mankind.
Fierce winds beat out of a broken cloud,
The thunders of wrath are long and loud,
And the earth is filled with dread;
The sun sinks down to the verge of night,
The stormless stars shed a pallid light.
And the rolling waves are red!
Over the nations they Plunge and sweep,
Fair blooming valleys lie fathoms deep,
And waste and want their watches keep
Far through the death drenched lands.
Will a morning break, with its healing balm.
Goodwill return like an echoed psalm.
The waters roll back, and the earth be calm?
As the fold of those deed white hands!

THE CHRONICLE

1950

[voL. 104.

We feel that the American people have not taken
up the method of war with any ignorance or doubt
as to the nature of the instrumentality they invoke.
Therefore, "lest we forget," it is but the apotheosis
of right, justice and humanity that this generous
Oh, would we could read on the scroll of fate
The things that under the waters wait
and forgiving work go forward in this hour, while
When the magic of love again shall wake
In the liberal lives of men!—
the legions still grapple at arms. Not only will
Will the scars of the gashed and quivering earth
brave men die easier and the wounded be brought
Fade out in the light of a world's new birth,
And the thickets of toil into glad song break
back to health, but those who shall know this conflict
O'er the ooze of this crimson fen?
only as history will have greater strength of mind and
Will the nations rise from this bond of death,
body to bear the burden which it lays upon them.
From this tomb which Victory suffereth,
And bursting their cerements, apparelled in peace,
The debts of the world are heavy and long,—every
Will they fill the Vast with the soul's increase,
dollar spent now to repair, rebuild and reinstate will
And bless, as they pause at the grave's dark door,
The women who wait without?
bear cumulative interest, not only in restored and
Will Power come down from its golden throne
To stanch the wounds and to still the moan
going industries, but in that supreme object of all
Of millions who suffer and have no blame
governments which are rightly instituted on earth—
For the bloody harvest, the bitter shame
Of rending cries and the cannon's roar,
namely, human good and human happiness.
And the battle's maddening rout?
The world will never become a safe place for
Ah, who shall say, though The Face be hid.
democracies, the buoyant and welcoming seas will
lone task bid;
The Spirit is not to its
And somehow, still, there shall dawn for all
never be free, nations will never have a "place in
A holier, happier day?—
That the noble sacrifice be not vain,
the sun," according to unrestricted endeavor and
Nor the tears which hallow the soldiers slain,—
compensatory trade, until the individual everywhere
And a Resurrection lesson fall
Which showeth the better way.
realizes that in doing good to others as he would
Without regard to any of the great issues which have others do good to him, he is, indeed, his
now divide the minds of men and nations, this timely brother's keeper!
and supplementary work of the Red Cross must
command universal sympathy and support. And it
is most meet that the practical measures of rehabili- RAILWAY SECURITY OWNERS BESTIRRING
tation begin now. No branch of the great organizaMOVE TO OBTAIN HIGHER RATES.
tion is so well fitted to carry it on as the American. IN THE
As a part of the presentation made by the Eastern
In no land could it be more unhampered in its interrailways upon the pending application for a 15% rate
national service than ours.
increase, Mr. Dixon of the Pennsylvania has
We shall not forget the privileges of democracy or
the responsibilities of peace while we are engaged, figured out that upon the principal items consumed
thus, in laying the foundation, through kindness and weekly by a family of six persons the increase would
helpfulness, wherever there may be suffering, want, amount to a total of 3.683 cents, his point being
and loss, for that world-union which is to come with that the increase in living costs would be negligible.
world-peace. The millions spent in the cause will Some similar computations have been made before,
bless generations to come tenfold, since they all go and Mr. Dixon, having in mind that any publiclyto preserve and none to destroy. In this work known increase at any point along the line of costs
liberty, equality and fraternity all make obeisance is liable to be made a pretext for putting into retail
prices considerably more than the advance in cost,
to that charity which is love.
Under the able leadership of Mr. Henry P. Davi- said he trusted that his figures (one of which set down
son the world is assured of constructive processes, the cost of carrying 20 pounds of meat from Chicago
systematized in their conduct, eliminative of waste, to Pittsburgh as 8.6 mills) will show that "the rate
and impartial and efficient in their application. advance asked for cannot justly be made a pretext
And while we venture to congratulate Mr. Davison for an exorbitant raising of retail prices." The
upon his signal opportunity for so vital a service to Secretary of the New York Paper & Pulp Traffic
mankind at large, we do not hesitate to congratulate Association replies, in a communication to the
the institution of the Red Cross upon having brought "Journal of Commerce," that such figures are into its assistance the industry, zeal and experience of conclusive and are pure theory; further, that instead
of the percentage of advance being applicable to each
this trained financier and man of large affairs.
The task of the Council is a tremendous one, in single article of common consumption cited (to meat,
itself appealing to the best instincts of the race, and for example) it. applies to each and every article whose
should render an exceptional and necessary service use is involved in the long line from production to .
everywhere.
final consumption. For example, the farming paraThe way leads on, and we know not where,—
phernalia, the materials used by packers, and then
Hope and the heart forlorn
That hate should reap what hate may dare
"running tentacle-like in all directions," to everyWhile Chance leers on in scorn.
thing consumed by persons and processes concerned
The lanes of the sea are red with blood
ships lie deep;—
in production, handling and retailing.
Where sunken
O'er homes and fields, in wavering flood,
But there is nothing new in this rejoinder. The
The ravaging armies sweep.
most fundamental fact in the economy of taxation is
The way leads on, and we know not where,
that all expenses fall ultimately on the consumer,
Shadowed, sinister, spent,—
Seeking the Lost where the bugles blare,
there being nobody else to pay them, and that all
And battling nations tent.
taxes tend to (and in a broad and rough way really
When lo! it is here,—in the heart's fresh balm:
do) distribute themselves. It is quite true that the
In the urge of the human soul,—
And cometh from out an Infinite calm
increase in carrying cost of a particular article falls
To burgeon and bless the whole,—
also upon everything used in producing and handling
Cometh to show that in Love is there Life,—
.
that article,',.which is another way of saying that
There's a flower on the trench's brim,—
For the goal is here,—and only the strife
taxes diffuse themselves. But the fact that Mr.
Out of the deluge of death and pain,
Out of the loss and the anguish vain,
Will Love go forth to the uttermost shore—
And the waters be stilled forevermore,
And God smile down as He did before
They darkened His Face with war?

Maketh the way seem dim!




MAY 19 1917.]

THE CHRONICLE

Dixon's computation, which is accurate as far as it
goes, is not a barrier to some of the needless rise in
retail prices which he deprecates, and also the fact
that it is doubtless humanly impossible to figure out
the fractional effects that his critic suggests will come
upon many other articles without which any particular daily need could not be supplied, do not
deprive the computation of its two points. One
of those points is that carrying cost is very low in
this country and a slight increase will so diffuse itself
as to be practically almost negligible; the other point,
not stated by Mr. Dixon, but inseparably involved,
is that there are increased burdens and those burdens must be widely distributed in order to minimize
their depressing effects.
The Inter-State Commerce Commission, true to its
record and to its unfortunate habit of regarding itself
as an advocate upon one side of an unreal case of the
People vs. the Railroads, dallies and delays. The
persons openly opposing a rate advance are the shippers, or some of them. Mr. Dixon's critic speaks of
them as "we folk who must pay the freight." But
why they should object to an increase which they will
surely pass along to the body of consumers, as, indeed, the critic himself distinctly intimates, is not
clear. Beyond this, however, and as the other and
larger point which Mr. Dixon did not bring up,
having left that to his associates, stands out this:
a heavy and growing burden has been laid upon the
carriers, and how shall they best transfer it, as ultimately must be done in some manner, to be apportioned among all the people?
In opposition to any increase, it has just been
said in Congress that the roads should be more
patriotic, in these days of many volunteered sacrifices, than to ask an advance "in order to swell their
profits." The appeal to patriotism on part of the
roads is familiar, and has been used in all of the more
serious alignments of the last few years between the
roads and the brotherhoods. The roads are always
urged to yield and accept a sacrifice, for the sake of
the country and the exigency of the situation; the
men are never appealed to, and they never yield anything, except something which they have added to
their demand for the purpose of making an apparent
concession by waiving it. In deference to this appeal
addressed to them and never to the brotherhoods,
the railway executives made the arbitration offer,
last summer, which was rejected and was followed
by the rush to pass the Adamson Law; and as the
most notable example, about two months ago, the
roads surrendered unconditionally, offering to accept
any conditions which an outside committee might
write, for the sake of "the uninterrupted and efficient
operation of the railways as an indispensable arm of
national defense." The appeal to patriotism .was
heard; the burden of the emergency was accepted by
one side, as usual, and refused by the other; the
sacrifice was made by one side only, the other using
the emergency as its most effective weapon for extorting its latest demand.
Who shall bear the burden imposed by rising costs,
as already set forth irrefutably in the appeal for a
rate increase that is discounted by those costs even
before there is any clear probability of obtaining it?
The Commission suggests that the roads state how
far they are willing to limit dividends during the war.
Dividends seem sufficiently limited already and during a considerable term of years past; but if the roads
now paying any should decide to cut them or pass



1951

them the direct owners would have to submit. The
holders of railway issues are the persons who would
make the sacrifices asked on the score of patriotism.
Some shippers declare unwillingness to pay any more;
has any security owner indicated a willingness to
receive less? Those who own these issues directly,
and the vastly greater number indirectly owners by
being interested in savings banks and other institutions largely based on railway issues, are the ones
who must make the sacrifice involved in further
limiting dividends and interest payments. Not a
word indicative of willingness to do this has come from
any of these persons, among whom are included the
brotherhood members themselves, though they do
not seem to realize the fact. Shall the already meagre returns on railways investment be further clipped,
rather than permit the burden to be generally diffused by a rate increase? If so, how shall the roads
obtain the capital needful for their further development?
The roads have been unable to meet the demands on
them for service, and this has somewhat accentuated
the rise in the cost of living; now the demand is further increased, and unless relief is provided the "right
arm of the nation" will be crippled or, at least, weakened. Private capital has held aloof, and the roads
have had to finance as they could, not as they would;
it is a truism to say that private capital will not be
attracted unless the investment outlook for railway
issues is good. Yet while some shippers always object to any rate advance, Congress shows no recognition of the national interests involved (unless
Senator Hoke Smith's proposition of Wednesday to
expend 100 millions for freight cars and general equipment be taken as a beginning of such recognition),
and the public continues apathetic, while the railway
brotherhoods seem to be agreeing with Chief Stone's
contented conclusion that they need not worry, since
wages are always a first lien and receiver's cash as
good as any.
The president of one life insurance company has
more than once tried to arouse officers and policy
holders to the concern of insurance companies in the
welfare of railways, but if savings banks and other
financial institutions have bestirred at all they have
done so only incidentally; no organized action has
been attempted, or, if any has been, it has made no
significant progress. Latterly an Investors' Union
has been proposed. Now Mr. Warfield of the Continental Trust Co. of Baltimore, and head of the directorate of the Seaboard Air Line, has issued a call
for a meeting of security holders in Baltimore on
Wednesday next, saying that the call is the outcome
of conferences among such owners all over the country. The conference is to say whether security holders should ask the Commission to be heard. The
protesting shippers will hardly crowd an ordinary
meeting room, but if the persons who are really interested (most of them without realizing it) should
attend, the District of Columbia would not be
large enough to give them more than standing
room.
The country is awakening, and is systematically
canvassed on behalf of the Liberty Loan. On the
score of security and patriotism combined, the country needs arousing to defend and strengthen its railroads. The railway executives are merely agents
and trustees for the "owners," to wit, the people.
Will the owners now begin to move for defensive
action?

1952

THE CHRONICLE

JOSEPH H. CHOATE.
Aahappy ending of a long and fortunate life, a
lossito this country and the world, a legacy of ideal
and example, a mingling of regret that we must
partkvith him and gratitude that we have had him
so long—such are the mingled thoughts concerning
the sudden departure of Mr. Choate—our Grand
Old Man. Not less unique than his relative Rufus,
who passed away in 1859, Mr. Choate was one of
the great lawyers this country has produced.
Whether he was greatest of the leaders of the American Bar or not, he was brilliant among them. We do
not recall any case in his hands as historical and
leading as the Dartmouth College case, won by
Daniel Webster nearly a century ago, nor was Mr.
Choate especially noted as a corporation lawyer;
his place was in court and before juries. He won
before the Supreme Court, 22 years ago, against
the constitutionality of the income tax of that time;
he was in the fight over the estate of Commodore
Vanderbilt, in the case over the Tilden will, in the
Bering Sea controversy, in the Fitz John Porter
case, and (to the great enjoyment of the public)
in the protracted endeavor of Laidlaw for some
compensation from Russell Sage for injuries sustained by a bomb dropped by a crank in Sage's
office. He was at his best before a jury, because
he was more than a great, sound, versatile and ready
lawyer on the side of statute law and the principles
of justice; he was thoroughly human, besides being
tactful, oratorical, and winning in his ways.
Of the many examples of his wit which sparkled
and illuminated without leaving any enduring
wound these two may be cited: to some guest at a
dinner who asked him who he would prefer to be
if he had to cease being himself, he replied, with a
meaning glance at his wife by his side, that he
thought in that case he would like to be Mrs.Choate's
second husband; and on another occasion, in speaking to a sentiment "to the fair sex," he said he thought
the sex had been neglected in the customary chorus
of praise to the Pilgrim Fathers, for the women of
that stern time had to endure their full share of the
external hardships and to endure the Fathers also.
The conspicuously public services he rendered
were many. He was of the Committee of Seventy
at the time of the Tweed regime, now almost forgotten. He presided over the New York Constitutional Convention of 1894, whose work, with subsequent amendments, is still our organic law. In
1897 he was a candidate for the U. S. Senate, and
obtained seven votes in the Republican caucus, then
ruled by Boss Platt, a result which might have
been made by Mr. Choate a target for pointed irony
and might also be cited as a reason (superficial rather
than conclusive) for the later change which has made
the Senate an "elected" body. The list of Mr.
Choate's services which were truly public although
inconspicuous is a long one. He was deeply interested on behalf of the movement to help the
blind by industries, and in equipping that with its
"Lighthouse" building. There was nothing human,
practical and helpful which did not command his
heart, his presence, and his pursuasive voice.
In 1899 Mr. Choate was sent to Great Britain
as Ambassador, and no fitter selection has ever been
made. To the people as well as the officials of that
country he was persona grata in the highest degree
from the day of his arrival. As diplomatist, gen


[voL. 104.

tlemanlandifriend of both nations, he won the
heart as well as the judgment of the two countries;
and the honor bestowed upon him while in London
and on departing was unusual and sincere. "The
dearest wish of his life" now says the London"Times"
of him, "was to see the English speaking nations of
the world drawn closely together; no man did more
than he to accomplish that great mission."
Events have since brought those nations more
together, and in the reception of the visitors from
France and England Mr. Choate has borne a prominent part. To his old friend Mr. Balfour and himself it was a great delight to come again into touch
in such a new advance of union of thought and
action. As the London journal further says, Mr.
Choate "felt it his mission to interpret the minds
and sentiments of the two countries to each other;
he worked to that end with rare judgment, tact,
and knowledge, worked for it unwearyingly, and at
last he died in harness for the cause he loved."
That cause is the unification of the world on the
lasting basis of liberty and justice. It will not come
suddenly and fully; it must still be labored for and
suffered for; but Mr. Choate believed in it, and said
to his English friends that he and they would surely
meet again to celebrate the victory. He was a
benign and gracious figure, and showed that the
sunset of life can be as full of promise as its morning. He believed in democracy, and since his last
days were spent in its further service he has passed
as he would have chosen to pass.
RAILROAD GROSS EARNINGS FOR APRIL.
Whatever may be the result as to the net earnings,
the gross earnings of United States railroads still show
satisfactory growth, thus evidencing the continuance of the industrial activity of which there
are so many signs on every side. In saying
this, we have reference to the exhibit made by the
preliminary compilation, which we present to-day,
for the month of April, comprising the roads that
make it a practice to furnish estimates of their gross
revenues in advance of the audited monthly statements covering both revenues and expenses. This
preliminary statement also covers the three great
Canadian systems, namely the Canadian Pacific, the
Grand Trunk of Canada and the Canadian Northern,
which never yet have failed to furnish approximations
of their gross revenues within a few days after the
close of the period. Even with the Canadian roads
included the aggregate mileage represented is not
very large, the total for April this year being 86,516
miles, but this preliminary tabulation, as a rule,
quite accurately reflects the character of the showing
to be made by the later and complete statement
covering the entire railroad mileage of the country
when it appears several weeks subsequently.
On the 86,516 miles of road now represented there
is an increase in the gross earnings this year of $8,577,503, or 12.47%. The roads embraced in this
early tabulation consist largely of Western graincarrying, or Southern cotton-carrying lines, and that
makes the improvement disclosed all the more noteworthy, inasmuch as neither the cotton movement
in the South nor the grain movement in the West
this year in April equaled that of the corresponding
period of last year. The fact is, however, that the
movements of the leading staples counts for less in
these timesIthanithe shipments/of general merchan-

dise and of manufactures and miscellaneous products;
these continue of unprecedented magnitude, owing
to the great industrial activity so widely prevalent.
The mineral tonnage this year was also of much
larger volume than in April 1916, when coal mining
was restricted by the demands of the miners for
increased wages.
Another circumstance to be borne in mind in any
attempt at accurate interpretation of the meaning
of the present exhibit is that in comparing with 1916
we are comparing with earnings which had themselves recorded large improvement over 1915. In
other words, for April last year our early statement
registered an increase of no less than $13,130,023,
or 22.45%. Hence the further increase now of
$8,577,503 comes on top of this large increase in
April 1916. Of course, the improvement last year
followed a loss in the year preceding and also a loss
in the year before that, but the 1916 gain exceeded
in amount the losses of these two previous years
combined. That is to say, in April 1915 our early
statement registered a decrease of $5,392,824, or
8.05%, and in April 1914 our early compilation
showed a loss of $4,466,008, or 6.28%. In April
1913, on the other hand, notwithstanding the drawbacks imposed by the floods, general trade was
still good, and the volume of railroad traffic continued to expand. As a result, the roads represented in our early statement recorded a collective
gain of $4,243,312, or 6.51%. In 1912, too, the
showing was very good, the roads furnishing early
returns registering a gain of $5,643,482, or 9.66%.
Contrariwise, in 1911 our early statement showed
$1,238,713 decrease, or 1.99%. Prior to 1911 the
record was one of almost continuous gains, except
that a very heavy contraction occurred in 1908
following the panic of 1907, as will be seen by the
summary of the totals which we now present:
Mileage.

Gross Earnings.

Year
Year InGiven. Preced'g crease
April. Roads. Miles.
1897.... 127 94,489
1898.... 125 96,616
1899.-- 119 93,643
BM__ 111 97,191
97 96,874
1901-88 95,147
1903.... 80 101,421
68 85,599
1904-58 80,740
1905-..__
66 77,543
1906-65 93,472
1907-.
53 79,203
1608____
1909___. 50 77,484
50 86,023
1910..___
50 88,142
1911....
44 86,559
1912....
45 88,299
1913._
50 93,167
1914---50 89,285
1915---_
1916__
46 89,588
41 86,516
1917....
Jan. 1 to April 301897-- 127 94,489
1898.... 125 96,616
1899____ 119 93,643
1600____ 110 96,918
not__
97 96,874
88 05,147
1902.80 101,421
1903.68 85,599
1904..._
1905.... 58 80,740
um__
56 77,483
65 93,472
1907_- 53 79,203
1908-60 77,484
1909- _
50 86,023
1910- --__
1911-- _
50 88,142
44 86,559
1912--1913
-45 86,071
-- 50 93,167
1914
50 89,285
1915---.46 89,588
1916-- di RAMS

Miles.
93,813
95,472
92,452
95,189
93,923
93,606
99,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
86,071
91,892
88,425
87,566
85,077
93,813
95,472
92,452
94,916
93,923
93,696
99,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
88,229
91,892
88,425
87,566
85.07

1953

THE CHRONICLE

MAY 19 1917.1

%
0.72
1.19
1.28
2.10
3.14
1.55
1.98
2.76
1.60
2.26
1.69
1.51
2.02
2.82
1.91
1.89
2.50
1.38
0.97
2.31
1.62

Year
Given.
$
35,879,305
42,467,647
42,464,311
50,085,127
50,046,333
57,842,565
69,812,310
51,399,901
51,243,441
62,409,705
79,566,158
46,398,330
48,753,048
60,761,753
60,981,607
64,096,256
69,440,730
67,980,433
60,352,163
71,611,067
7/,425,837

Year
Preceding.

Increase (-I-) or
,Decrease (-)•

$
%
$
35,887,851
-8,546 0.02
36,570,132 +5,897,515 16.13
40,802,578 +1,661,733 4.07
44,562,898 +5,522,229 13.29
45,643,860 +4,402,473 9.65
52,093,060 +5,749,505 11.03
61,413,330 +8,398,980 13.67
53,825,303 -2,425,402 4.51
47,140,179 +4,103.262 8.70
46,946,012 +5,463,693 1.64
68,521,631 +11,044,527 16.12
57,884,380 -11,486,050 19.85
43,104,976 +5,648,072 13.10
52,437,828 +8,323,925 15.87
62,220,320 -1,238,713 1.99
58,452,774 +5,643,482 9.66
65,197,418 +4,243,312 6.51
72,446,441 -4,466,008 6.28
65,744,987 -5,392,824 8.05
58,481,044 +13,130,023 22.45
68,848,334 + 8,577,503 12.47

0.72 143,231,183 146,410,077 -3,178,894 2.17
1.19 169,183,383 145,709,416 +23,473,967 16.11
1.28 168,596,988 161,727,613 +6,869,375 4.24
2.11 204,218,414 176,355,301 +27,863,113 15.79
3.14 205,862,063 188,890,916 +16,971,147 8.98
1.55 225,617,790 209,367,916 +16,249,874 7.76
1.98 269,474,440 237,871,314 +31,603,126 13.28
2.76 203,888,689 207,669,892 -3,781,203 1.82
1.60 199,516,795 187,699,261 +11,817,534 6.30
2.26 213,037,494 183,266,795 +29,770,699 16.24
1.69 296,069,926 274,505,101 +21,564,825 7.89
1.51 184,447,156 212,117,1 -27,660,965 13.04
2.02 191,806,638 173,891,825 +17,914,813 10.30
2.82 238,997,469 205,678,312 +33,319,157 16.20
1.91 242,986,508 242,708,018
+278,490 0.12
1.89 248,985,054 231,794,387 +17,190,667 7.42
2.50 277,561,305 253,035,295 +24,526,010 7.52
1.38 271,392,968 286,252,002 --14,859,034 5.31
0.97 238,764,339 260,809,225 -22,044,886 8.46
2.31 279.629,753 228,512,848 +51,116,905 22.22
1.62 293.85s Mil 2115 :17.1 0(14 -1-25i 531.04R 10.72

-We do not Inc ude Mexican roads In any of the years.
Note.

being $1,468,000, but the Illinois Central is a close
second with $1,363,977 gain, and the Southern Railway System has enlarged its total of last year by
$1,042,605. Then there is the Louisville & Nashville with $753,977 increase; the Denver & Rio Grande
with $444,500; the Missouri Kansas & Texas with
$390,187; the Chesapeake & Ohio with $382,655,
&c., &c. Of the 41 roads contributing returns, only
four fail to measure up to their totals of last year,
and in only two of the four cases is the falling off of
substantial amount, namely the Soo Road, with
$35,903 decrease,and the Grand Trunk Pacific, with
(the figures are for three weeks of the month) $43,379
decrease-the smaller wheat crop being presumably
responsible for the shrinkage in both instances. Last
year the Missouri Kansas & Texas was the only one
which suffered a loss in any substantial sum,and that
road's gain the present year equals several times the
1916 decrease. In the following we show all changes
for the separate roads for amounts in excess of $30,000, whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Increases.
Increases.
$1,468,000 Toledo St Louis & West__ $104,740
Canadian Pacific
81.947
Illinois Central
1,363,977 Western Maryland
81,672
Southern Railway System 1,042,605 Minneapolis & St Louis
80.274
Louisville & Nashville_ _ _ _
753,977 Duluth South Shore & Ati
72,934
Canadian Northern
491,200 Denver & Salt Lake
68,810
Denver & Rio Grande..___
444,500 Atlanta Birm & Atlantic
45.987
Missouri Kansas & Texas.. 390,187 Chicago Great Western
382,655
Chesapeake & Ohio
Representing 27 roads
296,000
St Louis Southwestern..
in our compilation_ __$8,585.230
249,628
Yazoo & Mississippi Vall_
199,707
Grand Trunk (4 roads)
Decreases.
198,295
Texas & Pacific
a$43.379
195,511 Grand Trunk Pacific
Buffalo Roch & Pittsb_ _ _
185.197 Minneap St Paul & S S M
35.903
Great Northern
151,060
Pere Marquette
Representing 2 roads in
128,707
Chicago Ind & Louisv_ _ _ _
$79.282
our compilation
107,660
Colorado & Southern_ _ _ _
a These figures are for three weeks only.

We have referred above to the contraction in the
Western grain movement. The shrinkage extended
to all the different cereals with the exception of oats.
Of wheat, the receipts for the four weeks this year
were only 21,659,000 bushels, against 26,473,000
bushels for the same four weeks last year; of corn,
13,521,000 bushels, against 17,178,000 bushels; of
barley, 4,308,000 bushels, against 5,630,000 bushels;
and of rye, 991,000 bushels, against 1,035,000 bushels. The receipts of oats were 19,929,000 bushels,
against 18,674,000 bushels. For the five cereals
combined the aggregate of the receipts this year was
60,408,000 bushels, against 68,990,000 bushels in
the corresponding period of 1916. The details of
the Western grain movement in our usual form are
set out in the following.
Flour.
4 wks. endlag Apr.28. (bills.)
Chicago
1,005,000
1917
734,000
1916
Milwaukee
55,000
1917
66,000
1916
St. Louis
313,000
1917
352,000
1916
Toledo
1917
1916
Ddroit23,000
1917
1915
25,000
Cleveland
54,000
1917
47,000
1916
Peoria
204,000
1917
332,000
1916
Duluth
1917
1916
Minneapolis
1917
1916
Kansas City
1917
1915
Omaha
1917
1916

WESTERN GRAIN RECEIPTS.
Corn.
Oats.
Wheat.
(bush.)
(bush.)
(bush.)

Barley.
(bush.)

Rye.
(bush.)

3,771,000
7,435,000

4,361,000
4,555,000

9,482,000 1,360,000
9,286,000 2,197,000

381,000
321,000

1,025,000
467,000

611,000
547,000

1,609,000 1,050,000
2,722,000 1,065,000

88,000
227,000

2,841,000
2,328,000

1.943,000
2,388,000

2,291,000
1,121,000

14,000
32,000

8,000
74,000

149,000
155,000

120.000
149,000

198,000
141,000

181,000
102,000

173,000
151,000

223,000
325,000

1,000

46,000
28,000

229,000
180,000

248,000
238,000

7,000

39,000

175,000
1,209,000

1,814,000
4,319,000

1,424,000
1,333,000

163,000
429,000

19,000
98,000

395,000
778,000

54,000

43,000
87,000

347,000
271,000

27,000
71,000

9,528,000
9,110,000

548,000
410,000

1,620,000 1,366,000
2,642,000 1,636,000

429,000
227,000

2,634,000
3,023,000

1,586,000
2,597,000

19,000

783,000
270,000

2,008,000
2,136,000
914,000
The showing for the separate roads is like that
509,000
1,828,000
1,838,000
made by the general totals. In other words there Total of AU
1,654,000 21,659,000 13,521,000 19,929,000 4.308.000 991,000
1917
is, as a rule, improvement this year after improve- 1916
1.556,000 26,473,000 17,178,000 18,674,000 5,630,000 1,035,000
ment in 1916. The increases, too, are general and
As regards the Southern cotton movement the
of the country. The Canadian shipments overland for the even month in 1917 were
come from all sections
Pacific ranks first for amount of increase, its gain 155,672 bales, against.179589 balesin_ April 191..




1954

THE CHRONICLE

The receipts at the Southern outports were only 255,069 bales, against 421,619 bales in 1916, and 676,155
bales in 1915, as will be seen by the following.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
.
JANUARY 1 TO APRIL 30 IN 1917, 1916 AND 1915.
April.

Since January 1.

Ports.
1917.
Galveston
Texas City, &e
New Orleans
Mobile
Pensacola, Zro
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c

1910.

1917.

bales _ 91,426 145,736 240,719
750 26,766 20,090
75,621 78,723 153,824
1,538 18,915 10,102
5,150 4,488 7,546
24,924 41,388 92,360
6,500 15,500 34,000
10,328 17,958 21,138
179
1,916 21,506 14,310
36,576 44,309 56,969
340 6,330 21,918

Total

1916.

661,180
53,984
334,506
17,636
23,483
93,548
35,500
30,115

1915.

787,114 1,821,600
163,777 375,464
397,833 991,545
49,487
72,289
68,294
30,418
278,323 842,446
52,200 141,500
45,269. 172,190
101
1,652
45,3211 146,649
220,895 321,101
47,5301 69,227

8,055
124,610
2,818

1915.

255,069 421,619 676,155 1,385,435 2,118,2685,023,957

To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
Ap1il.

1917.

1916.

1915.

$
$
Canadian Pacific. 12,036,000 10,568,000
Chic Great West. 1,225,292 1,179,305
Dul S Sh & AU__
379,970
299,696
Great Northern_ 6,650,388 0,465,191
Minn & St Louisa
876,495
794,823
M St P & S SM_ 2,546,599 2,582,502
Total

$
7,455,859
1,021,046
219,088
4,449,056
750.905
1,971,142

1914.

1913.

1912.

AS
5
$
9,720,461 11.750,91)11,301,349
1,115,712 1,035,514 1,013,578
273,698
285,109
249,635
5,279,739 6,082,302 5,068,454
723,779
705,325
651,417
2,198,440 2,510,268 1,468,388

23,714,744 21,889,517 15,867,096 19,311.82922,369,431 19,752,821

.
Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
a Includes Iowa Central.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
April.

1917.

1916.

1915.

1914.

1913.

1912.

$
s
$
s
$
$
Buff Roch & Pitts 1,194,776
999,265
698,729
564,381
793,195
572,784
Chic Ind & Lou__
777,367
539,358
559,689
648,660
642,165
545,621
Grand Trunk_ _1
Gr Trk West-- } 4,885,211 4,685,504 4,005,778 4,376,167 4,685,256 4,136,102
Det G H & M_ j
Canada Atlan..1
Illinois Central_c 6,758,757 5,394,780 4,655,280 4,825,331 4,560,001 4,248,759
Pere Marquatte_ 2,020,687 1,875,627 1,550,851 1,435,117 1,376,232 1,380,251
Tol Peo & West_
99,662
86,017
78,621
86,242
93,483
89,168
Tol St L & West_
564,101
459,361
367,446
339,559
294,873
371,965
West'n Maryland 1,013,782
931,835
793,259
684,775
634,733
620,706
Total

17.320.343 15.081.049 12.709.653 12.850.930 13.157.030 11.888.264

C Includes earn ngs of Indianapolis Southern.
EARNINGS OF SOUTHERN GROUP.
April.

1917.

1916.

$
Ala N 0 & T P
Ala & Vicksburg
145,577
Vicks Shr & Pac
158,359
Ches & Ohlo_c__ 4,310,178
Loulsv & Nasav.b 5,927,175
Mobile & Ohio__ 1,060,980
Southern Ry_ _ _1
Ala Great Sou- I
Cin N 0& T P} 9,088,241
New Orl &N El
Northern Ala_ J
Yazoo & Miss Val 1,298,054

1915.

1914.

1913.

$

$

$

$

143,521
118,184
138,936
114,760
3,927,523 3,525,308
5,173,198 4,138,667
1,062,437
914,628
(5,212,784
I 414,415
8,045,636{ 804,842
I 298,176
( 42,171
1,048,426
951,116

1912.
$

141,951
157,715
111,918
143,292
157,129
97,202
3,199,990 2,367,376 3,113,796
4,670,167 4,859,132 4,729,591
1,082,179
872,880
656,452
5,802,145 5,657,681 5,570,111
427,681
412,660
400,920
903,124
730,248
821,520
320,986
313,117
338,276
40,659
47,921
37,399
851,123
815,217
571,334

Tntal --------21088,564 10.537.677 16.533.051 17.597.134 18.377.220 16.448.510
b Includes toe Louisville & Atlantic and the Frankfort &Cincinnati.
c Includes Chesapeake & Ohio of Indiana.

April.

1917.

1918.

Colorado & South
Deny & Rio Gran
Mo Kan & Tex_a
St Louis So West
Texas & Pacific__

$
1,256,163
2,340,300
2,944,69.
1,299.000
1,699,106

$
1,148,503
1,805,800
2,554,503
1,003,000
1,500,811

Total

1915.

1913.

1912.

5

1914.

5

8
•$
1,022,213 925,342 1,110,589 1,022,233
1,623,645 1,678,895 1,813,407 1,837,732
2,598,981 2,264,473 2,324,615 1,990,213
788,135
902,562
966,776
837,832
1,318,286 1,377,052 1,333,785 1,274,560

9.539.259 8.102.617 7.351.260 7.148.124 7.549.172 6.962.570

a Includes Texas Central in all the years and W chits Falls line from Nov. 1 1912

We now insert our detailed statement comprising
all the roads that have thus far furnished returns for
April. In the second table we give the comparative
earnings for the same roads for the period since the
first of January.
GROSS EARNINGS AND MILEAGE IN APRIL.
Gross Earnings.
Name of Road.
1917.

1916.

Mileage.

Inc. (+) or
Dec. (-). 1917. 1916.

$
$
Ala N 0 & Tex PacAlabama & Vicksb_
145,577
143,521
142
+2,056
142
Vicks Shreve & Pac
158,359
136,936
+21,423
171
171
Ann Arbor
237.990
223,192
+14,798
293
293
Atlanta Bum & Atl
317,095
248,285
+68,810
640
640
Bellefonte Central_ _ _
6,910
6,720
+190
26
26
Buffalo Roch & Pittsb 1,194,776
999,265
+195,511
586
586
Canadian Northern.... 3,315,500 2,824,300
+491,200 9,296 8,270
Canadian Pacific.... _ _ 12,036,000 10,568,000 +1.468.000 12,993 12,921
Chesapeake & Ohio.._ 4,310.178 3,927.523
+382,655 2,380 2,374
Chicago Great West
1,225,292 1,179,305
+45,987 1,496 1,427
Chicago Ind & Louisv
777.367
648.660
+128.707
622
622




$

Gross Earnings.
Name of Road.
1917.
Colorado & Southern_
Denver & Rio Grande
Denver & Salt Lake..
Detroit & Mackinac__
Duluth So Sh & Atl__
Georgia Sou & Fla_ _Grand Trk of Canada
Grand Trunk West
Dot Grd Hav & M.
Canada Atlantic.. _
Grand Trunk Pacific_
Great Northern
Illinois Central
Louisville & Nashville
Mineral Range
Minneap & St Louis_
Iowa Central
Minn St Paul & S S M
Missouri Nan & Tox_a
Mobilo & Ohio
Nevada-Calif
-Oregon..
Pere Marquette
Rio Grande Southern_
St Louis Southwestern
Southern Railway Sys
Tenn Ala & Georgia....
Texas & Pacific
Tol Peoria & Western
Tol St Louis & West....
Western Maryland......
Yazoo & Miss Valley..

1916.

Mileage.

Inc. (+) or
Dec.(-). 1917. 1916.

$
1,256,163
2,340,300
177,322
115,858
379,970
200,055

1,18.503
1.895.800
104,388
108,107
299,696
191,669

$
.
+107,660 1,842 1,842
+444,500 2,577 2.577
+72,934
255
255
+7,751
382
392
+80,274
600
605
+8,386
402
402

4,885,211

4,685,504

+199,707 4,533 4,533

y314.953
6,650,388
6,758,757
5,927,175
94,981
876,495

9358,332
-43,379
916
916
6,465,191
+185,197 8,197 8,102
5,394,780 +1,363,977 4,776 4,767
5,173.198
+753,977 5,070 5,038
91,134
120
+3.847
119
794,823
+81,672 1,646 1,646

2,546,599
2,944,690
1,060,980
27,265
2,026,687
43,707
1,299,000
9,088,241
11,291
1,699,106
99,662
564,101
1,013.782
1,298,054

2,582,502
-35,903 4,227 4,228
2,554,503
+390,187 3,865 3,865
1,062,437
-1,457 1,160 1,122
26,597
+668
275
272
1,875,627
+151,060 2,248 2,248
44.195
-488
180
180
1,003,000
+296,000 1,753 1,753
8,045,636 +1,042,605 7,949 7,935
+736
10,555
98
95
1,500,811
+198,295 1,944 1,944
86,017
+13,645
247
247
459,361
+104,740
451
451
931,835
+81,947
786
689
1,048,426
+249,628 1,382 1,382

Total (41 roads)
77,425,837 68,848,334 +8,577,503 86,516 85,077
Net increase (12.47%)
1
a Includes Texas Central in both years.
y These figures are for three weeks only.
GROSS EARNINGS FROM JANUARY 1 TO APRIL 30.
Name of Road.

I

1917.

Ala N 0 & Tex Pacific
Alabama & Vicksburg.......
644,373
Vicks Shrev & Pacific__ _
684,286
Ann Arbor
858,476
Atlanta Birm & Atl
1,266,564
Bellefonte Central
28,400
Buffalo Roch & Pitts
4,243,343
Canadian Northern
11,779,90(.
Canadian Pacific
43,125,127
Chesapeake & Ohio
16,676,024
Chicago Great Western.._ _ 5,012,882
Chic Ind & Louisville
2,906,594
Colorado & Southern
5,618,604
8.569,651
Denver & Rio Grande
Denver & Salt Lake
556,537
Mackinac
Detroit &
403,783
Duluth So Sh & Atl
1,286,500
Georgia Southern & Fla__ _
917,246
Grand Trunk of Canada_ _
Grand Trunk Western_
18,507,842
Detroit Gr Hay & Milw
Canada Atlantic
Grand Trunk Pacific
//1,345,526
Great Northern
23,261,758
Illinois Central
26,853,725
Louisville & Nashville
23,186,078
Mineral Range
391,222
Minneapolis & St Louis_ _I 3,292,156
Iowa Central
Minneap St P & S S M..
9,428,286
Missouri Kansas & Texas.... a12,571,477
Mobile & Ohio
4,188,904
Nevada-Cal-Oregon
89,052
Pere Marquette
7,301,895
Rio Grande Southern
187,090
St Louis Southwestern...._ _ 5,285,795
Southern Railway System_ 34,537,849
Tenn Ala & Georgia
40,364
Texas & Pacific
6.877,240
Toledo Peoria & Western....
396,016
Toledo St Louis & Western 2,090,029
Western Maryland
4,132,470
Yazoo & Miss Valley
5,312,786
Total(41 roads)
Net increase (10.75%)-

1916.

Increase.

575,649
68,724
550,322
133,964
868,063
1,007,266
259,298
27,225
1,175
3.943,987
299,356
9,607,300 2,172,606
38,333,638 4,791,489
16,137,131
538,893
5,035,819
2,496,283
41u,311
669,139
4,949,465
7,248,598 1,321,053
503,869
52,668
383,584
20,199
1,080.780
205,720
843,385
73,861
17,574,878

9,587

22,937

932,964

y1,410.644
21,824,044 1,437,714
22,869,997 3,983,728
20,617,017 2,569,061
334,876
56,346
3,508,777
10,567,305
10,353,198'
3,906,518,
69,538
7,078,191,
1
163,682'
3,997,681
31,279,231
42,023
6,178,777.
375,802
1,828,283
3,630,949
4,220,129

Decrease.

65,118

216,621
1,139,019

2,218,279
282,386
19,514
223,704
23,408
1,288,114
3,258,618
1,659
698,463
20,214
261,746
601,521
1,092,657

293,855,850 265,323,904 29,986,887 1,454,941
28,531,946

y These figures are down to the end of the third week only.
a Includes the Texas Central in both years.

EARNINGS OF SOUTHWESTERN GROUP.
'

[VOL. 104

MONEY AND INFLATION.
[Communicated.1
I.
Among the many questions of economics upon which the
world's present upheaval has focussed attention, those connected with the problems of inflation occupy a prominent
place. To judge from the more or less confused discussions
which have oftentimes occurred, it would seem as if the
general notions on this subject had not yet advanced beyond
the stage of rather loose impressions. In days of yore there
existed a vague conception that inflation was a condition
resulting solely from an undue issuance of currency of a
doubtful soundness, and human experience seemed to confirm such views for a long while. The great war, which,
through the engagement and shifting of the economic forces
of the greater part, if not the whole, of the two hemispheres,
has upset so many standards, did not fail to widen the scope
of the inflation problem. No one conversant with things
economic could remain unaware of the fact that obvious
symptoms of inflation presented themselves not only in
countries where large issues of paper money were resorted to,
but also in those where a superabundant inflow of gold created conditions which in the past were held to mark an
improvement of the currency situation. Through our entry
into the struggle in its late phase, after having witnessed in
our currency situation the effects of the latter condition, we

MAY 19 1917.1

THE CHRONICLE

may still have to face the other side of the picture as well.
This is tantamount to saying that the problems which we
will have to solve in the near future may easily prove to be
particularly complicated, which makes it all the more essential for us to study the underlying principles involved.
The first requisite to obtaining a clear view of the problems of inflation is to have a clean-cut conception of the
character and functions of money.
The most primitive form of commerce in man's history
was the direct exchange of goods for goods, or goods for
services. The first extension or complication of this simple
process occurred when a person elected to postpone the
acquisition of an equivalent for goods delivered or services
rendered by him, i. e., when he wished simply to retain
an option on goods or services equivalent to his own exertions
just effected. In such a case he acquired, in exchange for
such exertion, goods which by their very character were
constantly in demand, and could therefore be easily reconverted into other goods or services at any time. Gradually the precious metals—silver first and later gold as well—
came to be more and more generally used for such purpose,
until at last such metals were employed exclusively.
Up to the time when metals, used as money, were universally held and exchanged in their quality as valuable
and easily exchangeable goods, money was indeed nothing
else than what the economists of the old schools taught it
to be: a commodity. All this changed when the State, in
the exercise of its powers, transformed such metals into
coins, stamped with a special stamp designating them as
such. From that day until our own time, money in all its
forms, whether as gold, silver, nickel or copper coins, or as
currency notes in their numerous evolutions, received and retained the character of "charter money," an expression framed
by Professor Georg Friedrich Knapp of Strassburg*, by
means of which expression he intends to indicate that all
money derives its character from governmental charter.
Applying Prof. Knapp's theories to his own studies in the
field of economics, Dr. Friedrich Bendixen of Hamburg,
one of Knapp's most advanced followers, applied the term
"money" to every form of "title to an economic exertion
equivalent to the exertion by which it was acquired," and, as a
consequence of these conceptions,framed the word "clearingmoney" (Giralgeld) for such moneys as are deposited in a
banking account for the purpose of being used by check
drawings, in lieu of hard cash.
If we apply and develop the views held by the school of
"charterists" as against those of the "metallists," we will
find no difficulty in coming to a clear and definite understanding of the place of modern money conditions in the
internal and in the international field.
Money, constituting a title to an economic exertion
equivalent to the exertion by which it was obtained, currency
notes, to be rigorous, should of right be issued only against
such assets as carry the same fundamental economic attributes
as the currency note itself. Hence there are for such notes
two forms of cover "par excellence," viz.:
1. Gold,
2. Commercial acceptances;
—gold, because in the international prevalence of gold
standards fixing its value as compared with the national
currencies, it is freely exchangeable at home and abroad for
the economic equivalent of the exertion by which it was
acquired;—commercial acceptances, because, representing a
right presently to receive the economic equivalent of the
exertion by which they were obtained, they have the same
fundamental economic attributes as the currency note.
Being a title to an economic exertion, money has played its
part as soon as such exertion or its results have been obtained
in exchange. It then is turned into capital. Whether what
is thus acquired is an article of consumption or a productive
or unproductive asset of any nature is immaterial.
In principle, no form of capital whatever can properly serve
to cover currency notes.
With the development of modern banking, the needs for
circulating medium, which are purely t.echnical and vary from
country to country, according to the extent to which the
people are accustomed to use actual cash in settling their
exchanges of goods and services, have not kept pace with the
amounts for which people, having acquired title to an economic exertion by their own exertion, wanted to retain such
title, without turning it into capital. The first natural
sequence of such situation was the desire to lend "idle money"
*"Dle Staatliche Theorle des Geldes," Leipzig, 1905.




1955

for:shorter or longer periods. Of course, there was some risk
in that, because the borrower as a rule turned the money
into capital and might, at the maturity of the loan, not be
able to obtain other "idle money" to repay the original loan.
This led to the inception and rapid growth of the regime of
bank deposits, which placed a responsible bank between the
lender and the borrower, thus tending to mitigate the risks
of such operations.
From the above it is clear that such bank deposits as are,
for all intents and purposes, considered the equivalent of ready
cash are only properly covered if their counterpart consists of
assets having the economic attributes of. money, viz., legal
tender or commercial paper.
The creation, in recent history, of enterprises financed
by securities, and the activity of Stock Exchanges, which
gave to invested capital a character of greater mobility
through the facility of converting it permanently or temporarily into cash by sale or pledge, has largely confused the
limits between liquid and non-liquid assets; but the principle
stands that in proportion as bank deposits as well as currency
notes are covered by assets other than such as carry the same
economic attributes as they do, the basic position of a country's
money market is more or is less in harmony with the fundamental economic postulates*.
As far as a country's internal conditions are concerned, it is
unimportant whether money and its economic equivalents
are covered—
(1) by gold—having the same economic attributes for
internal as well as for external use, as long as the international gold standard prevails;
or (2) by internal commercial paper—having such attributes for internal use only.
Since, however, the exchange of goods and services does
not confine itself to the boundaries of a country, but is, in
part, an international movement as well, we must be prepared to exchange the economic exertion of foreign countries,
as far as they are not offset by our economic exertions rendered in their favor, by whatever constitutes in such countries a title equivalent to such economic exertions. To what
extent such cover should consist of titles internationally
available, and to what extent it may consist of such as are
only internally available, is largely dependent on a country's
economic place in the family of nations, and is therefore
answered for every country differently. The foregoing,
however, shows that assets other than gold, but to which
the same economic attributes are inherent in foreign countries,
would answer the same purposes. In fact, the banking laws
of many European countriesf permitted the inclusion of
foreign bills and balances in their metallic reserve, a practice
which was extended to additional countries during the war.
Even in countries where the law does not contain such provisions, it has become more and more customary for the
central banks to keep a certain amount of foreign bills of
exchange in order to strengthen the country's position. This
policy is of rather recent inauguration,and has been practiced
to an increasing extent. International trade has grown by
leaps and bounds in the last decades, and the reserves which
the different countries had properly to accumulate, in order
to be able to face an adverse trade movement, were gradually approaching, and were bound to attain, a magnitude
exceeding the amount of gold available from the world's
production. sources. This was the more so as India, being
able to import gold to a large extent, was doing so largely
for hoarding purposes. The opening up of new countries,
for instance of China, to the world trade would have caused
a further absorption of gold. It is, therefore, a quasicertainty that, if the war had not interrupted the normal
course of events, every country would have increased its
holdings of foreign bills as an additional reserve. Whether
or not this form of reserve would soon have outstripped
gold for such use, it is impossible to state. At any rate, it
is clear that the use of foreign balances as a cover for currency
notes and bank deposits not only is not new in principle
but that the constant trend of historical development has
been to increase such use.
In principle, it would not make the slightest difference if
gold were not used at all to cover currency notes and bank
deposits and if for it were wholly substituted foreign commercial paper, currency and bank balances. In practice,
*Of course, a rigid enforcement of theoretical safety would kill the
opportunity of wonderful economic growth which the world has witnessed.
The object of this essay is simply to expose the basic principles in their
entire rigidity, so we may recognize exactly the purport of any deviation.
t Austria-Hungary, Belgium, Denmark, Italy. Norway. Russia and
Sweden.

1956

THE CHRONICLE

gold, although causing some loss on account of interest and
expenses, has the advantage of being available for all foreign
countries, while bills and balances, when held in one country,
must be converted on the foreign exchange market for
their use in another country. Furthermore, the war has
taught that funds in foreign countries may be rendered unavailable by legislative powers either through a general
moratorium, or through restrictions placed on the fulfillment of obligations towards certain countries—but this
is a political factor and does not affect principles of pure
economics.
What is inflation, and when does it occur?
Economists of times gone by and also the metallists who
consider money as having necessarily an intrinsic value of
its own and as being therefore subject to the same law of
offer and demand as any other commodity, held that inflation existed whenever there was an excessive issue of paper
currency. The present war has conclusively taught that
symptoms of inflation can be observed also in case of a large
inflow of gold. Nay, more, the enormous growth of bank
deposits proved to have a distinct bearing on the situation
as well,and was then referred to as an "inflation of credit.'
All this goes to show that the widening scope of the phenomenon each time caused a revision of the old diagnosis—
along the old lines—which would seem to prove that this
diagnosis can hardly embrace the fundamentals involved.
In fact, the general view was, and to a large extent still is,
that "monetary inflation" is a cause of rising or "inflated"
prices. It is true that monetary inflation and price inflation go hand in hand, but this does not justify the attempt
to proclaim the one to be the cause of the other. If sunlight is decomposed by passing it through a prism, there
appears a series of colors. No one would think of proclaiming any one of these colors, although they always occur
together and in the same order, to be the cause of the others.
For sure, they are all effects and the fundamental causes are
the sunlight and the prism. In the same way monetary
inflation is just an incident or effect and not a fundamental
occurrence. If Dr. Bendixen arrives at the conclusion that
inflation is caused when the creation of money (including
"clearing money" as well as actual currency) grows out of
proportion to the production of goods,* he states an
economic truth indeed, but he gives no diagnosis striking at
fundamentals.
If we keep in view the definition of money as a "title to an
economic exertion equivalent to the exertion by which it was
acquired" and if we further ask ourselves what the general
economic situation is in cases where inflation occurs and where
there is, consequently, and not primarily, a large increase
of money or "titles to economic exertion," this brings us
right down to the root of the problem.
The simplest, and in the past the most frequent, form in
which inflation occurred, was when a government issued, in
discharge of its obligations, paper money without any or
without adequate cover. This explains why superficial
students reached the conclusion that such issues caused
inflation of prices. Now, to be sure, the issue of such
defective currency had two causes, viz.:
1. The desire or necessity to discharge obligations, and
2. The absence of economic assets suitable for the discharge of such obligations.
The desire or necessity to discharge obligations incurred
by a government follows the creation of such obligations on
the part of the government for goods and services received.
The absence of suitable assets in the hands of the government
for the discharge of such obligations indicates a disturbance
of the equilibrium between the creation by the government
of "titles to economic exertion" on the one hand and of the
results, or products, of such economic exertions as the holders
of the titles call for on the other hand. The government's
obligations resulted either from services rendered or from
goods delivered to the government. In the case of goods,
these were either non-consumable goods, which are economically equivalent, although not identical, to "service" or such
consumable goods as were required to support those who
were engaged by it for such "service." Fundamentally there
existed therefore a lack of equilibrium between consumable and
non-consumable goods, or between consumable goods and
service.
If we apply this definition to every case where a condition
of inflation has obviously existed in history, we will find that
it/applies strikingly to all of them. If a government, for
*"Das Inflationsproblem," Hamburg, 1917.




[VOL. 104.

instance, executes public works, the services then requisitioned by it will create "titles to economic exertion." If
such policy is followed to a moderate extent, there will result
a stimulation of economic life within such country. If
applied to a considerable degree, or if the government goes
so far as to divertan exceptionally large number of men from
the production of consumable goods to the production of nonconsumable goods (or service)—or what is worse: towards
the purpose of destruction—then there will result inflation
of a more or less serious nature.
The production of goods—even of consumable goods—
which are being exported to other countries constitutes, as
far as the exporting country is concerned, in reality nothing
else than service, and if the "title to economic exertion,"
created by such service, is not offset by goods or services
(including securities) obtained from foreign countries, then
there will result either stimulation or inflation of domestic
economic conditions, according to the degree of disturbance
of such equilibrium.
Naturally, whether exports consist of non-consumable
goods or of consumable goods, has an important bearing on
the home situation, because the decrease of consumable
domestic products by their export must sensibly intensify
the degree of loss of equilibrium.
An important and fundamental question connected with
the problems of inflation is whether or not inflation can be
prevented by raising money by taxes instead of by loans.
Inasmuch as inflation is fundamentally a condition of disturbed equilibrium between the creation of consumable
goods and of services (including non-consumable goods and
"ipso facto" propagators of destruction), the way in which
the excessive creation of service is being financed can have
a primary influence on the degree of inflation only if it affects
the causes of disturbance of such equilibrium.. The issue of
loans creates a further artificial service which is being paid
in interest and commissions and therefore primarily intensifies the inflation as and to the extent that such interest and
commissions accrue. The raising of taxes, on the other
hand, does not actively shift the creation of goods and services. In their effects, however, taxes passively operate
towards a decrease of consumption and, by thus making
the same quantity of consumable goods last longer, tend to
restore more or less the disturbed equilibrium. In the same
way the effects of inflation themselves bring into play forces
which work for a re-establishment of the equilibrium and
thereby will cause the inflation finally to exhaust itself, if
the free operation of economicforces is not hampered by political
factors, preventing the free readjustment between the production of consumable goods and of service. Taxes, what.
ever their cause or purpose, operate as a redistribution of
income. To what extent to impose the costs of wars and
other emergencies, by such redistribution or taxation, on
the productive wealth of the period in which they are incurred, is largely a question of social expediency and justice.
If a country isin a position where,for politicalreasons,it desires to stimulate its exports—especially of consumable goods
—in the face of a large withdrawal of its own people from
the production of consumable goods for military purposes,
thus letting loose nearly all the economic forces which work
actively towards inflation, and if on the other hand it looks
out for an equitable program of taxation which at best can
only passively counteract such forces, then it faces indeed
problems of exceptional moment.
LEONARD KEESING.
FEDERAL TAX EXEMPTION OF MUNICIPAL BONDS.
[By ARTHUR J. EDWARDS, Assistant Secretary Wells-Dickey Co..
Minneapolis.)

I am fully convinced that Congress does not have the
Constitutional power to tax incomes derived from the
bonds of States and subordinate subdivisions thereof. From
the nature of the case, however, such conclusion must necessarily remain a matter of opinion until the Supreme Court
again rules upon this question, as the Constitution has undergone changes since their decision in 1895. My reasons for
this firm opinion, however, are summarized as follows:
Prior to the ratification of the Sixteenth Amendment to
the Constitution, Congress certainly did not possess the power
to tax incomes from municipal bonds. Lack of such power
and the fundamental reasons therefor are fully set out in
both the assenting and dissenting opinions deciding the case
of Pollock vs. Farmers' Loan & Trust Co.(157 U.S.429-584)
which decision, made in 1895, held the• Income Tax Law
of Aug. 15 1894 unconstitutional.

:VIA.T 19 1917.1

THE CHRONICLE

The conclusion of the Court was that "a tax upon income
derived from the interest of bonds issued by a municipal
corporation is a tax upon the power of the State and its instrumentalities and is consequently repugnant to the Constitution
of the United States."
•
The all-embracing powers in the Constitution "to lay and
collect taxes, duties, imposts and excises" are divided into
two classes:
1. Per capita and other direct taxes, which shall be apportioned among
the States, in proportion to the population.
2. Duties, imposts and excise taxes—indirect--which shall be uniform
throughout the Union; such uniformity being held to be geographical only
-matter capable of classification.
and not uniformity upon subject

In the Pollock case the Supreme Court considered the
various sources of income. A tax on incomes from "professions, trades, employments or vocations" was held to be
an excise tax and valid if uniform geographically. The
Court, however, held that a tax upon incomes derived from
real estate was in substance a tax upon the real estate itself,
and therefore, in a Constitutional sense, a direct tax, which
must be apportioned among the States. So far as the income
tax was held an excise tax, it was held Constitutional, but
the tax upon real estate incomes was held to be a direct tax
and therefore unconstitutional.
The Income Tax Amendment was finally ratified and became a part of the Constitution in 1913, as follows:
Article XVI.—The Congress shall have the power to lay and collect
taxes on incomes, from whatever source derived, without apportionment
among the several States, and without regard to any census or enumeration.

1957

"from whatever source derived," in this Amendment to the
designation of such sources with-the solelview ofidoing away
with the Constitutional distinction between the manner of
levying direct and indirect taxes, as to effectively remove
such objection, and to forever forestall the Court from enlarging upon such interpretation so as to authorize the taxation of income from municipal bonds under this Amendment,
which the Court has previously declared in such clear terms
would be repugnant to the Constitution.
THE INJUSTICE OF THE EXCESS PROFITS TAX.
An argument directed against the method of levying the
so-called excess profits tax has been submitted to the Finance
Committee of the U. S. Senate by Reed, McCook & Hoyt,
on behalf of the Investment Bankers Association of America.
The brief also protests against the retroactive feature of the
bill now under consideration. We quote the argument in
full:
I.—EXCESS PROFITS TAX(PROPOSED:AMENDMENT, SECTION
204).
1. Our criticisms of the present and proposed excess profits tax are unfortunately not constructive. The present law is essentially a hit-and-miss
effort to reach "excess profits" on the false assumption that all corporate
and partnership earnings are based on capital. It furnishes, we believe,
an unsound basis for any emergency tax. If, however, in the present
emergency, it is deemed necessary to retain this tax and impracticable to
adopt a complete alternative, based on the English "excess profits" tax,
we would urge the amendment of Section 204 to read substantially as follows, noting the changes proposed from the amended Section 204 in the
present House Bill:
Sec. 204.—That corporations exempt from tax under the provisions of
Section

Eleven of Title 1 of such Act of September eighth, nineteen hunThe taxation powers of Congress after adoption of Article dred and sixteen, and partnerships carrying on or doing thesame business
provisions of this title.
XVI were considered by the Supreme Court in the case of shall be exemptfrom theoutstanding capital, the In the case of professional
partnerships having no
income derived from the
professional services
Brushaber vs. Union Pacific (240 U. S. 1), which sustained of this title, and as of the partners shall be exempt from the provisions
to all other partnerships and also as to corporations and asthe constitutionality of the Income Tax Law passed Oct. 3 sociations having not exceeding ten members, there shall be allowed as an
exemption such part of the income as is fairly to be attributed to
1913. The unanimous opinion, written by Chief Justice services and good will of the active members thereof and not to thethe personal
capital employed in the business, and the amount of such
White, considered carefully the history of income taxation by reference to the partnership or corporation exemption shall be determined
articles, to the normal earnings
and reviewed the decision of the Supreme Court in the ofpast years, and to an,/ other relevant circumstances, provided that an increase
of profits over years prior
higher prices
Pollock case, stating that the tax in 1895 was held unconsti- produced or manufactured to 1915 arising fromor corporation of commodities
by such partnership
or to increased
sales thereof shall be deemed to be earnings on capital, not on personal services
ttitional because the source of certain portions of the income or good will. Income derived as interest or dividends on the obligations of
the United States or of any State or territory thereof or of any municipality or
was from real estate, which therefore, constituted a direct taxing
district therein, or on the obligations of any government at war with the
tax. The history of the Sixteenth Amendment and the public enemy of the United Stales,and income derived from dividends upon
stock of other corporations or partnerships which are subject to the tax imreasons for its adoption were reviewed for the purpose of posed by this title, shall be exempt from the provisions of this title.
determining the meaning thereof and the Supreme Court
2. The Proposed Amendment speaks in some part for itself. It is insays: "There is no escape from the conclusion that the tended to carry out what has seemed to be the desire of the Treasury Dedrawn for the purpose of doing away for partment to prevent actual injustice under the present law.
Amendment was
In submitting this brief, we
the assothe future with the principle upon which the Pollock case ciation, to state unequivocally desire on behalf of the members of proposed
that they object to no item of the
was decided," that is, the distinction between direct and in.. revenue bill because of the amount of the tax. They do not object to a
tax on invested capital as such nor to a tax on personal earnings as such
direct taxes for purposes of income taxation.
the percentage or amount of either.
The Court says further: "The Amendment demonstrates nor to believe that the so-called excess profits tax is intended to reach a
We
—that it was drawn with the object of maintaining the limi- limited class of producing and manufacturing concerns which have been
tations of the Constitution and harmonizing their operation." making huge profits out of the war, and we realize the manifest justice of
this design. If just this result
accomplished
Considerations recited by the Court, the opinion states, not be heard to question it. Butwere tax, as it stoodby the tax, we would
this
in the hastily enacted
"clearly demonstrate that the purpose was not to change the House Bill of the last Congress, now doubled by the present bill, reaches
with confiscating and destructive effect thousands of small businesses in
existing interpretation except to the extent necessary to accomall parts of the country which have no share in any war profits. It taxes
plish the result intended—that is, the prevention of the resort not their excess profits but their normal profits, not their profits on invested
sources from which a taxed income was derived in capital, but their normal income from personal services.
to the
Where does this tax begin? Let us take the
case comorder to cause a direct tax on the income to be a direct tax mon in every part of the country. Tom Jones simplest case, amercantile
has alsuccessful
source itself and thereby take an income tax out of the business in a small city, so successful that he makes say $9,000 a year.
on the
class of excise duties and imposts and place it in the class He made it in 1910 and he makes it in 1917. He has a small capital, say
$5,000. If he is an individual, he pays no tax. But he has a valued emof direct taxes."
ployee who gets $3,000 a year. He wants to give him an interest, to make
Careful consideration of the Supreme Court's opinion in him a partner. Ile gives him a fourth interest and the profits are $12,000
this case leads inevitably to the conclusion that the Court or 240% on the capital. These are not abnormal profits. They are not
profits." They are not war profits.
has definitely decided that the effect of the Amendment is "excesstax is on the excess over $5,000 and 8% of the capital. If "and"
The
to do away with the principles of classification upon means "plus," the tax is on the excess over $5,000 plus $400, that is on
only
which the Pollock case was decided. The Court had before $12,000 minus $5,400, or $6,600. Eight per cent of this is $528: 16% is
$1,056 on the privilege of taking in
junior
in this business.
it the assenting and dissenting opinions in the Pollock case, partner pays $264 out of his $3,000a partneron capital earnings The he has
as a tax
and
of which held that taxation of municipal bonds was not a dollar of capital in the business or in the world.
both
What chance is there of a partnership under such a penalty? What
repugnant to the Constitution, and had the Court believed
chance for the employer to reward his employee, for the employee to atthat the effect of the Amendment was to in any way change tain the coveted and deserved advance? How many such partnerships
this fundamental relation between the States and the Union, already existing will continue to exist once the meaning of this law is
brought
men of this country?
they would unquestionably have discussed the proposition in relaxes inhome to the business and absurd injustice. Even patriotism
the face of a manifest
their opinion and not based their opinion solely upon the
The Treasury Department has realized the iniquity of the law and tried
consideration of the Pollockcase and stated so definitely to show a way to avoid it, a way that would require the arbitrary recasting
of every partnership agreement in the country and in the case supposed
the limited purposes accomplished by the Amendment.
would leave a partnership in name but not in fact.
It is further to be observed that the Supreme Court stated
It should be noted in passing, and emphasized, that a great many of
in the Pollock case that a tax upon incomes from municipal these small mercantile businesses, and also businesses of service such as a
local livery business, an engineering or advertising business, or the drug
bonds was "a tax upon the power of the State and its instru- business combining service and trade, all of which require a relatively
mentalities," bearing thus upon the State as well as upon small but "substantial" capital, are corporate in form, but partnership in
the recipient of the income. Certainly from this standpoint fact. The junior partner is given a block of stock, possibly "with a string
He probably
to
the Sixteenth Amendment confers no additional authority as it."added measure receives a salary, but he also receives his dividends
of his value to the incorporated firm. The actual
an
to tax State powers.
capital is a minor factor in the earnings. The profits flow from personal
good will, and may well exceed in normal times several times
Certain prominent attorneys opposed the ratification of the services and
the capital. Such a corporation is, of coarse, an artificial though
Sixteenth Amendment in some States upon the ground that venient arrangement. It is a partnership in fact and a tax based onconthe
it left the door open for the taxation of income from municipa percentage of earnings to capital is bound to be destructive.
dealers in
The
bonds. I believe, however, that the Supreme Court has now except several thousandpartnershipsinvestment securities are all of them,
the individuals,
in law or in fact, with a capital rela.
so definitely limited the interpretation to be given the words, ively small to the normal earning power of the members. They are die.




1958

THE CHRONICLE

tinctly representative of the small business men of the country, although
a minority of them are concerns with substantial capital and normally
arge earnings.
Most of these partnerships, among the smaller dealers, have one senior
and one to three junior partners. Practically all of them will disappear,
the partnership name being retained where permitted by law, but the
junior partner going back to a salary or commission basis. Let us apply
the above instance to partnership dealers with a capital, say, of $50,000,
which is larger than many dealers employ. Let us suppose that instead
of one senior with juniors, we have three men. A is the man with the
personal value and earning power. He contributed $10,000 capital and
receives one-half the profits. B has good earning power and contributes
$5,000 and gets one
-fifth of the profits. C contributes good will and $35,000 capital and gets three-tenths of the profits. The profits, say, are
$25,000.
The partnership would have to pay a tax of $2,560. This is possibly a
moderate case, but is the partnership worth what it costs in addition to its
injustice when D across the street is doing a competitive business and
making a larger profit and paying no tax?
The partnership is dissolved. A puts in $20,000, borrows $25,000 from
o and pays B a salary.
While we emphasize the destructive effect of the tax on partnerships and
on the normal business organization and business methods of the country,
and the fact that the tax can and will undoubtedly be avoided to a very
large extent by the destruction which it works, we emphasize chiefly its
unsoundness and injustice.
A pays $1,280 out of an income of $12,500; B, $512 out of an income of
$5,000; C, $768 out of $7,500, each of them over 10%. This is a tax on
normal, not excess profits, on a peace income and not a war income, and
it is additional to the regular income tax which they have to pay in common with others in like condition.
Let us make it clear that neither A, B nor C would object to this tax if
others in like condition bore a like tax. D doing the same kind of business
with the same capital does not pay it. E, employed by D, on a like basis
with B, except that he gets a share by way of commissions not as a partner
pays no such tax, and F, who loans D a large part of his capital, does not
pay it. The tax is a tax on normal personal earnings and is not borne by
others having equal and substantially like earnings.
The following are two questions with the answers of Acting Commissioner Gates, under date of March 19 1917:
Question.—Is a trading co-partnership, engaged in buying and selling
commodities for its own accouht, liable to taxation on so much of its income as represents the fair and reasonable value cm. the personal services a.
an active partner, whose time is exclusively devoted to its business?
Answer
.—A trading co-partnership engaged in buying and selling commodities for its own account is liable to the excess profits tax on so much
of its net income as is in excess of the authorized exemption. A co-partnership enaged in buying and selling commodities must necessarily employ
capital in carrying on its business, so that in the opinion of this office the
profits received by the co-partnership on account of the business so conducted are derived from the use and employment of the capital, and no
part of the income so derived and which may be said to represent the fair
and reasonable value of the personal services of an active partner, whose
time is exclusively devoted to the business, can be excluded from the income for the purpose of this tax.
Question.—If a partnership allows to a partner, in compensation for his
personal services, in the firm business, a fixed salary, in addition to his
share in the profits, which salary is treated as an expense of the business
and is no more than the fair and reasonable value of such services, may
such partnership in computing its net income deduct the salary so paid,
as an expense of carrying on business?
Answer.—The law with respect to compensation to members of the copartnership as interpreted by various judicial authorities may be summarized as follows:
"As it is the legal and moral duty of each member of the co-partnership
in the absence of an exemption therefrom by contract, to devote his entire
time and business energies to partnership affairs, each member workin
for himself as well as for the mutual interest of those associated with him,
it follows that a partner is not entitled to compensation for services rendered in connection with the business of the co-partnership, however
valuable to the firm such services may be, unless such compensation is
provided for in the articles of agreement or by specific contract ratified
by the members of the firm."
In the absence of such provision in the articles of agreement or in the
specific contract, it will not be permissible, for the purpose of the excess
profits tax, for the partnership to deduct from its gross income, as a business expense, any compensation which the partnership may allow a partner for his personal services in the firm.
We hesitate to question the soundness of what might be thought to be
department legislation, especially when its aim is to relieve from the injustice of the statute. The judicial authorities summarized are undoubtedly directed to the abstract question of the right of a partner without
special agreement to claim compensation for his services.
While we have no doubt that a partnership might by agreement bind
itself to compensate a partner for special services and might even classify
as "special" his total earning power, and make the "profits" in fact capital
earnings, such an arrangement would run counter to the proper conception
of partnerships and make It a quasi-corporation, a combination of capital
rather than of men.
As the Acting Commissioner points out, at common law a partner's
whole time, services and good will belong to the partnership. They are
his primary contribution to the partnership. From them primarily flow
the partnership earnings and upon them primarily in the common law conception is based his share of the profits.
It is an erroneous conception to think of the earnings of partnerships
as flowing primarily from capital. The great things of to-day had simple
beginnings and the legal conception and the sound conception of a partnership is primarily that of a joint venture with or without capital, in which
the joint efforts or services of the partners are united for a common end.
The services, in the absence of agreement, belong entirely to the business.
The capital, small or large, as the case may require, is limited. The
• services are unlimited. The capital is contributed by one or by several.
The services, except by special agreement, by all. It is the occasional
exception and very far from the rule that the division of earnings is based
on capital contributed. Any man that-has had experience with one or
more partnerships knows that the relation of the two factors varies not
only between different partnerships but from year to year in a single partnership. As the seniors gradually retire and the juniors advance, as the
relative strength and value of the partners change, and also, but less frequently, as capital is contributed or withdrawn, new fractions are created.
•
To change all this to meet an ill considered tax law means the arbitrary
recasting of practically all partnerships, their reorganization on an artificial gnat-corporate basis.
In the initial case supposed, the former employee would go back on a
salary, and the partnership in name might remain, but the partnership in
fact would disappear.
11-1917 TAX ON 1916 INCOME.
In the time available, we only wish to suggest to the Committee the
thought that the proposed tax is unsound and apparently unconstitutional.
The incomes of 1916 no longer exist. They are no more a subject of
taxation than the incomes of 1915 or 1905, or the devise from one's grandfather in 1902. Assuming the power of taxation to be plenary, this tax is




[VOL. 104.

a tax on the person measured by the accident of a past event. It is a
direct tax, not an Income tax, and should be apportioned among the States.
Its unsoundness is apparent when it is analyzed. Not one man, but
thousands of men, with taxable incomes in 1916, are penniless to-day.
More thousands are in comparative poverty, fortunate if they have reserved the money to pay their tax under the present law. To tax them
again on their past good fortune is wrong. The average man has spent
his 1916 income, presumably reserving the amount of the tax. He has
regulated his expenditures according to his income. Whatever it is called
any new tax must be paid out of his 1917 income, if he has any. A 2% tax
on his 1916 income may be 50% in fact on his 1917 income out of which it
must be paid.
We raise this question by way of caution rather than of objection. It
seems to us that in general the same classes of persons must pay this tax
as will pay the increased tax on the 1917 incomes, and that the money
sought to be raised by this tax should, if necessary, be raised by a further
increase of this tax or from other sources.
Whatever else a tax measured by the income of 1916 may be, it is not,
as we view it, an income tax. We do not question the power of "retrospective" taxation, in the absence of constitutional inhibitions, but we
doubt whether such a tax can be deemed to be either an income tax or a
property tax unless it is levied on income or property in existence when
or after the law is enacted.
The Supreme Court in the Brushhaber case properly upheld the power
to levy a tax on the income of the current year measured by a period commencing prior to the enactment of the law.
This is very different from levying a tax on a person measured by the
past income of a past year. There is nothing in existence on which the
tax can operate or out of which it can be paid except the pocket of the taxpayer, which may well be empty.
In Stockdale vs. Insurance Companies, 20 Wall., 323, cited in the Brushhaber case, no question had been raised as to the tax measured by the income of a prior year being a direct tax. The dictum in that case seems to
have rested on the plenary power of Congress to levy a tax. In fact, the
Court spoke of the power to levy the tax, "although the measure of it was
governed by the income of the past year." It seems to us therefore worthy
of consideration whether a 1917 tax on a 1916 income is not a tax on the
person measured by a past income; in other words, not an income tax,
and therefore still subject to apportionment under the Pollock case. It
would, we believe, be wiser to collect the same money by a less questionable tax.

THIRD ISSUE OF TREASURY CERTIFICATES
OF INDEBTEDNESS.
Secretary of the Treasury McAdoo yesterday authorized
the twelve Federal Reserve banks to receive subscriptions
to the third issue of Treasury Certificates of Indebtedness,
authorized in the War Bond Act of April 24 last. The latest
issue of certificates will amount to $200,000,000. The
certificates will mature June 30. They will bear interest
at the rate of 3Yi%,an increase of one-quarter of 1% over the
last issue. A Treasury Department circular in calling for
bids for these certificates recommends that they be widely
distributed and to that end the rate of 3Yi% was established,
with the particular purpose in view of encouraging their sale
to investors and the smaller banks, oven in those districts
where higher money rates usually prevail, and thus bringing
about a gradual general preparation throughout the country
for a convenient method of anticipating the payment of the
Liberty Loan. The Treasury will issue interim receipts
pending the delivery of the engraved certificates, as was done
in the two earlier issues. The right to scale down subscriptions is also reserved. The certificates are issued in denominations of $1,000, $5,000, $10,000 and $100,000, and will be
payable to bearer. The Reserve banks are authorized to
receive subscriptions until the full amount of $200,000,000 is
subscribed. The certificates with accrued interest, it is
said, will be payable at maturity at the Treasury Department at Washington or at the Federal Reserve banks at the
option of the holder. These certificates will be receivable
at par and accrued interest in payment for accepted subscriptions for Liberty Loan bonds under the same conditions
as the certificates at present outstanding. The total amount
of certificates sold by the Treasury so far is $718,205,000; of
this amount $50,000,000 were issued at 2% and were taken
only by the Federal Reserve banks. Those certificates were
issued under the authority of the Act of Mar.3 1917, providing for the payment of the Danish West Indies, now the Virgin
Islands, and other Government outlays. The subsequent issues of certificates, which were referred to in these columns on
April 28 and May 5, amounting to $468,205,000, were at 3%
interest, and came within the scope of the War Bond Act of
April 24, which allowed the proceeds to be used in the extension of loans to the Allies. Thus far $715,000,000 has
been loaned to the Allied countries by the United States. Of
this sum $325,000,000 has been loaned to Great Britain,
$100,000,000 to France, $100,000,000 to Italy, $100,000,000 to Russia and $45,000,000 to Belgium.
UNITED STATES EXTENDS FURTHER CREDIT TO
GREAT BRITAIN.
The third installment of $25,000,000 on the $100,000,000
which the United States Government has agreed to lend
Great Britain to meet British purchases in this country

MAT 19 1917.1

THE CHRONICLE

during the present month was transferred to the credit of
the British Government on the 14th inst. The first two
installments of $25,000,000 were referred to in these columns
last week. On the 15th inst. an additional $50,000,000 was
loaned by the United States to the British Government,
thus bringing the total amount loaned to Great Britain since
the loans were authorized by Congress on April 24 to $325,000,000. The loan of $50,000,000 consummated on the 16th
inst. was marked by a procedure similar to that followed in
the previous loans. Secretary McAdoo forwarded to the
British Ambassador, Sir Cecil Spring-Rice, a check for
$50,000,000, and the British representative gave in return
aacn knowledgment of indebtedness. The amount of the
loan was later placed on deposit to the credit of the British
Government to be drawn against in the payment for war
supplies. Secretary McAdoo on the 14th inst. issued the
following statement with regard to the British loans:
In connection with some of the recent loans made to the British Government,it is stated that considerable portions of the sums now being advanced
are in effect for payments for purchases made by the British Government
for other allied Governments on account of contracts recently placed or
now being placed in the United States.
It is understood that Great Britain is purchasing supplies on behalf of
Russia in this country, there having been so far no loan made by this
Government to Russia.

UNITED STATES LOANS $100,000,000 TO RUSSIA.
A loan of $100,000,000 was made by the United States Government to Russia on the 16th inst. The loan to Russia, her
first participation in the huge sum which the United States
will lend the Allies, was made, it is stated, first to help the
Russian Government obtain supplies which she needs in this
country, and secondly as an earnest manifestation to the
Russian people that the United States places no credence in
rumors that Russia is contemplating a separate peace with
Germany. The money loaned to Russia was made immediately available for her purchases of supplies in this
country and was deposited to her credit in the Federal
Reserve banks. The money is to be spent as needed, without
stipulation or understanding of any sort further than that
Russia stands back of the obligation, will make it good and
will disburse the money in this country under the supervision
of a representative of the Treasury Department or a commission to be named by the American Government. The
latter stipulation was made in a spirit of co-operation, without intending to embarrass the Russian Government or to
curtail its purchasing powers, but, it is said, with the end in
view that Russia will secure the maximum result for the
money she is to spend. To aid in this the Treasury Department, it is stated, will place at the disposal of the Russian
authorities the services of expert buyers familiar with
American markets and with American values. Treasury
Department officials and representatives from the Russian
Embassy had been conferring on the loan for over a month,
but, it is said, there was little indication that the loan would
be granted so soon. A statement issued by the Treasury
Department on the 16th inst. regarding the loan said:

1959

alleviating the sufferings of the Belgian people. The United
States, as stated in these columns last week, also plans to
loan $30,000,000 to the French Government for relief work
in France, thus appropriating in all $75,000,000 for this form
of charity. The Belgian credit is to be withdrawn in six
monthly installments of $7,500,000 each. The transaction
marked Belgium's first participation in the United States'
loan to the Allies. In extending the credit to Belgium,
Secretary McAdoo made a brief address to the Belgian
Minister to this country, M. de Cartier, in which he said:
I wish, on behalf of the American people, to assure you that it gives me
a peculiar

pleasure to render a service of this character, which we hope will
be helpful to your country and largely mitigate, if not entirely eliminate, the
sufferings of your people. We sincerely trust that it may be helpful in
enabling you to restore Belgian independence. I can assure you that the
American people are just as deeply concerned in this as are the people of
Belgium.

M. de Cartier, in reply, thanked the United States for its
assistance in helping to lighten the sufferings of the Belgian
people, saying:
I speak for every Belgian heart when I say I thank you as well as I knom
how.

SECRETARY McADOO URGES CONTRIBUTIONS TO
LIBERTY LOAN TO QUICKLY END WAR.
Secretary of the Treasury W. G. McAdoo, in his initial
.
speech made in his campaign of the Middle West to further
the sale of the Liberty Loan bonds, declared that prompt
financial assistance to the Allied Governments may enable
the Allies to gain a decisive victory before an American army
is sent to Europe. Secretary McAdoo's tour opened in
Chicago, where he addressed a gathering of bankers and
business men on the 17th inst. He is quoted as follows:

Every man and woman who buys a Liberty bond will contribute in the
most immediate and directly helpful way to bring the war to a quick
conclusion. No one can doubt the outcome of the conflict if the American
people awake to the gravity of the situation and organize the mighty
resources of the nation.
It is difficult to make the people of the United States realize that their
country is now actively involved in the most terrible and colossal war of
all time. One of the serious defects of democracy is the fact that the
people can be fully aroused only after some great disaster, and then frequently too slowly to grave dangers that menace their very liberty and
national integrity.
It is because Germany threatens liberty and self-government throughout
the world that we have been compelled to enter this war. The safety and
peace of the world are at stake.
If military autocracies can be destroyed the greatest menace to the
world's peace and security will be removed. Already as a result of the
war one great military autocracy has been destroyed—Russia—and on its
ruins there has been reared the benevolent structure of democratic institutions. Germany and Austria are the sole remaining formidable types of
military autocracies. They must be defeated in order that liberty and
peace may no longer be imperilled. This is- what the United States is
fighting for—universal liberty. She has no selfish end to serve; she has
no hostility to the German people. Her battle is with the system which is
eating the very vitals out of the German people—the Hohenzollern autocracy. We seek no territory, no indemnities, no advantages in tilt; war.
We seek liberty for the people of the world.
That is why we call this loan the Liberty Loan, because the money
derived from it will be dedicated to the cause of human liberty throughout
the world. This is a noble and inspiring ideal, the only ideal for which
the American people are willing to engage in war, and the only ideal which
can quicken them to dedicate their lives and their fortunes with the same
splendid patriotism that animated our forefathers.
If, as a result of this war, Germany shall become self
A credit of $100,000,000 was extended by the American Government to
-governed, the
the Russian Government to-day through Secretary McAdoo. Present at greatest achievement for the future peace of the world will have been
recorded. But if the German military autocracy should succeed and dominthe ceremony were Secretary McAdoo, Constanti Onou, Charge de'Affaires
of the Russian Embassy; Assistant Secretary Crosby, Frank L. Polk, ate all Europe, then the issue will be reduced to a war between Germany.
the supreme military autocrat on the one hand, and the great republic of
Counsellor of the State Department,and Serge Ughet,Financial Attache
of North America, the champion of
liberty, on the other.
the Russian Embassy. After the credit and the acknowledgment
wore
signed, Secretary McAdoo expressed the earnest hope
that it would be
beneficial in strengthening the cause of
liberty, not only in Russia, but CIRCULAR OUTLINING DETAILS OF LIBERTY LOAN
throughout the world. He said that the
American people and Government
BONDS AND FORM OF APPLICATION.
hope for the success of the Russian Government, and
desire that the exFollowing his announcement last week of particulars retension of credit will be of material assistance.
Mr. Onou replied by saying that the Russian Government
and people garding the $2,000,000,000 "Liberty Loan of 1917," Secreappreciate deeply this mark of confidence on
the part of the American tary of the Treasury McAdoo, in a circular
dated the 14th
Government. He mentioned the difficulties
before the Russian Governinst., furnishes added details of the new issue. As heretofore
ment, and extended the thanks of his Government for the credit
given by
United States.
the
indicated, two classes of bonds will be

Theannouncoment that the United States Government
had
loaned $100,000,000 to Russia caused a sensational advance
in the price of Russian bonds dealt in on the New York
"Curb" Market. The 632% Russian bonds which closed
/
3
on the 15th inst. at 79%,advanced 103 I points to 90 on May
16, and closed on that day at 85, while the 53/2% bonds,
which on the 15th inst. sold down to 75, moved up to 833/2,
the final quotation on the 16th being 81. The 63/2% bonds
sold as high as 94 in the week of the Russian revolution and
at 92 at the beginning of May.
UNITED STATES ESTABLISHES $45,000,000 CREDIT
FOR BELGIAN RELIEF WORK.
In furtherance of its plan to assume the financial burden
of the relief work in Belgium and France, the United States
Government on the 16th inst. established a credit of $45,000,000, which is to be used by the Belgian authorities in



issued, coupon and
registered. The registered bonds will be put out in denominations of $100, $500, $1,000, $5,000, $10,000, $50,000 and
$100,000. The coupon bonds, payable to bearer, will be
issued in denominations of $50, $100, $500 and $1,000.
Applications must be made on or before June 15 1917, the
right being reserved by the Secretary of the Treasury to close
the subscription at an earlier date. Subscriptions are made
payable 2% on application, 18% on June 28; 20% July 30;
30% Aug. 15 and 30% Aug. 30. The bonds will be dated
June 15, and interest at 332% will be payable semi-annually
on June 15 and Dec. 15. The bonds will mature in thirty
years, but will be redeemable in whole or in part at the option
of the United States on or after fifteen years, the bonds to
be redeemed to be determined by lot by such method as may
be prescribed by the Secretary of the Treasury. The bonds
will carry the privilege of conversion into any bonds which
may be issued later during the war at a higher rate of interest.
The agencies designated to receive applications for the bonds

1960

THE CHRONICLE

are,the Treasury Department at Washington and the Federal,
Reserve banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta (with branch at New Orleans),
Chicago, St. Louis, Minneapolis, Kansas City, Dallas and
San Francisco. Allotments will be made as soon after
June 15 as possible. We give in full herewith Secretary
McAdoo's circular of the 14th, containing complete details
of the loan:
LIBERTY LOAN.
1917. Department Circular No. 78.
TREASURY DEPARTMENT.
Office of the Secretary, Washington, May 14 1917.
The Secretary of the Treasury invites subscriptions at par and accrued
Interest from the people of the United States of America for $2,000,000,000
of the 15-30 year 33% gold bonds of an issue authorized by Act of Congress
approved April 24 1917.
Description of Bands.
Bearer bonds, with interest coupons attached, will be issued in denominations of $50, $100, $500 and $1,000. Bonds registered as to principal
and interest will be issued in denominations of $100, $500, $1,000, $5,000,
$10,000,$50,000 and $100,000. Provision will be made for the interchange
of bonds of different denominations and of coupon and registered bonds,
upon payment, if the Secretary of the Treasury shall require, of a charge
not exceeding $1 for each new bond issued upon such exchange. Transfers
of registered bonds and exchanges of registered and coupon bonds and of
bonds of different denominations will not be made until Oct. 1 1917, or
such later date as may be designated by the Secretary of the Treasury.
The bonds will be dated June 15 1917 and will bear interest at the rate
of3% per annum from that date, payable semi-annually on Dec. 15 and
June 15. The bonds will mature June 15 1947, but theissue may be redeemed on or after June 15 1932, in whole or in part, at par and accrued
interest, on three months published notice, on any interest day; in case of
partial redemption the bonds to be redeemedito be determined by lot by
such method as may be prescribed by the Secretary of the Treasury. The
principal and interest of the bonds will be payable in United States gold
coin of the present standard of value, and the bonds will be exempt, both as
to principal and interest, from all taxation, except estate or inheritance
taxes, imposed by authority of the United States or its possessions, or by
any State or local taxing authorities. The bonds will not bear the circulation privilege, but will_be_receivable as_socurity for deposits of public
money.
If any subsequent series of bonds (not including Treasury certificates
of indebtedness and other short-term obligations) shall be Issued by the
United States at a higher rate of interest than 3%
!per annum.before the
termination of the war between the United States of America and the
Imperial German Government (the date of such termination to be fixed
by a proclamation of the President of the United States), the holders of
any of the bonds of the present issue:shalljhave the privilege of converting
the same, within such period and upon such further terms and conditions
covering matters of detail as the Secretary of the Treasury may prescribe,
Into an equal par amount of bonds bearing such higher rate of interest and
substantially identical with the bonds of such new series, except that the
bonds issued upon such conversion are to be identical with the bonds of
the present series as to maturity,of principailand interest and terms of
redemption.
Applications.
The agencies designated by the Secretary of the- Treasury to receive
applications for the bonds now offered arekthe Treasury Department in
Washington, D. C., and thelFederal Reserve banks in Boston, New York,
Philadelphia, Cleveland, Richmond, Atlanta (with branch at New Orleans),
Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco.
Said banks have been designated also, as fiscal agents of the United States,
to collate applications and to give notices of the allotments which the
Secretary of the Treasury will eventually make to subscribers and to issue
interim certificates for payments made on allotted/subscriptions.
Large numbers of national banks, State banks and trust companies,
private bankers, express companies, newspapers, department stores, and
other private corporations, firms, and organizations, have patriotically
offered to receive and transmit applications for the Liberty Loan without
expense to the United States or to the applicants. The Secretary of the
Treasury, appreciating the value of these offers, will have application
blanks widely distributed throughout the country to these private institutions and also to the post offices and Sub-Treasuries. Individual subscribers may use these conveniences or may send their applications directly
to the Treasury Department at Washington and to the Federal Reserve
banks. As the law prohibits the allowance or payment of commissions
on subscriptions all those through whom applications are made render
service as a patriotic duty without compensation.
All applications must be in the form prescribed by the Secretary of the
Treasury and be accompanied by a payment of 2% of the amount of bonds
applied for. Applications must be for $50 or any multiple thereof, but
any application for one $50 or $100 bond until further notice may be
allotted at once and payment in full accepted against delivery of an interim
certificate. Applications must reach the Treasury Department or a
Federal Reserve bank not later than noon, June 15 1917, the right being
reserved by the Secretary of the Treasurnto close the:subscription on any
earlier date.
Allotments.
Allotments will be made as soon after June 15 as possible. The Secretary
of the Treasury reserves the right to reject any subscriptions, or to make
allotment of part of the amount subscribed for, and to allot in full upon
applications for smaller amounts of bonds even though it may be necessary
to reduce allotments on applications for larger amounts, should any such
action be deemed by him to be in the public interest; and his decision in
these respects will be final. In any case of the rejection of an application,
the/accompanying payment of 2% of the amount applied for will be returned. In case of partial allotment the 2% payment will be retained and
any excess applied upon the next installment. Upon allotment of bonds
byethe Secretary of the Treasury, the subscriber will receive notice thereof
signed by or on behalf of the Federal Reserve bank of his district. Unless
and until payment in full has been made, further payments must be made
when and as below provided under penalty of forfeiture of any and all installments previously paid and of all right or interest in the bonds allotted.
Payments,
The dates for payment in installments are as follows:
2% on application;
18% on June 28 1917;
20% on July 30 1917;
30% on Aug. 15 1917;
30% on Aug. 30 1917.




[VOL. 1.04.

It is strongly recommended that subscribers avail themselves of the
assistance of their own banks and trust companies. In cases where they
do not do so, subscribers should make payment, either in cash to the
Treasury Department in Washington or one of the Federal Reserve banks,
or by bank draft, check, post-office money order, or express company
money order, made payable to the order of the Treasurer of the United
States if the application is filed with the Treasury Department in Washington (thus: "Treasurer of the United States, Liberty Loan Account"),
or, if the application is filed elsewhere, made payable to the order of the
Federal Reserve bank of the district in which the application is filed (thus:
"Federal Reserve Bank of
, Liberty Loan Account"). All
checks must be certified. United States certificates of indebtedness
issued under the Act of April 24 1917, will be received at par and accrued
interest to date of settlement in making payment in full or in installments.
Interim certificates for installment payments due on or after June 28
will be issued by or on behalf of the Federal Reserve banks as fiscal agents
of the United States, and delivered as far as practicable in accordance with
written instructions given by subscribers. Upon payment of the installment due June 28, the notice of allotment must be surrendered, and upon
payment of each subsequent installment the interim certificate must be
presented to the Federal Reserve bank which issued the certificate for
notation thereon of the fact of such payment, or for exchange for a new
certificate. After full payment such certificates must be surrendered in
exchange for the bonds when prepared.
Payments of installments must be made upon the dates above stated
until full payment has been made. Payment in full may be made on and
after allotment and before Aug.30 1917, if two weeks prior notice in writing
of the intention to make such payment, stating the date upon which such
payment will be made,shall have been filed with the Federal Reserve bank
of the district in which the subscriber will make payment; but such notice
shall not be required in case of any allotment of not exceeding $10,000
bonds or when payment is to be made in Treasury certificates of indebtedness.
As the bonds will carry six months interest payable Dec. 15 1917, interest
accruing on the bonds allotted, from June 15 1917, to the date of full and
final payment, must be added to the last payment, credit being given for
interest at the like rate upon the several installment payments as follows:
as to 2% of the amount of bonds allotted upon application, from June 15
1917, and, as to subsequent installments duly paid, from the respective
dates upon which payment thereof is required to be made as above provided. Tables showing the amount of accrued interest payable on Aug. 30
in case payment is made in installments, and the amount of accrued interest
payable upon various dates In case payment is made in full prior to Aug. 30
as herein permitted, will be prepared and furnished through the
Treasury
Department in Washington and the Federal Reserve banks.
Within the United States and its territories and insular possessions, bonds
when prepared will be delivered so far as practicable in accordance with
the written instructions of the holders of the interim certificates upon
surrender to the Treasury Department in Washington, or the Federal
Reserve bank which issued the certificate, of interim certificates full-paid
or accompanied by payment of the final installment. The expense of
delivery will be borne by the United States. Delivery of definitive bonds
to holders of full-paid interim certificates will commence as soon as
practicable after June 28.
Further details may be announced by the Secretary of the Treasury from
time to time, information as to which as well as forms for applications may
be obtained from the Treasury Department and any Sub-Treasury or
Federal Reserve bank.
W. G. McADOO,
Secretary of the Treasury.

The following is the form of application prepared by the
Treasury Department for subscriptions to the loan:
•

TREASURY DEPARTMENT.
1917 Liberty Loan—Form No. 1. •
LIBERTY LOAN,

APPLICATION FOR BONDS.
This application should be transmitted through the subscriber's bank, trust
company, or other agency acting on his behalf, or it may be filed direct with
the Federal Reserve bank of his district or the Treasury Department at
Washington.
Dated
To the Secretary of the Treasury:
According to the terms of Treasury Department Circular No. 78, dated
May 14 1917, the undersigned hereby apply for $
par value of
the 15-30 year 3% gold bonds of the United States, and agree to pay par
and accrued interest for any bonds allotted on this application. The sum
is inclosed, being 2% on the amount of bonds applied for
of $
(or payment in full for the one $50 or the one $100 bond applied for.)
Signature of subscriber, in full
Address—Number and street
City or town
County,
State,
Note.—It is desirable that the following information be furnished by the
applicant:
1. If full payment is to be made before final installment date indicated
In the circular, what will be the date of such full payment?
2. If it is expected that future payments will be made by check, upon
what bank or trust company will such checks probably be drawn?
Name of bank or trust company
Address
3. What, if any, particular denominations of interim certificates are
desired?
4. Through what, if any, bank or other agency is this application
transmitted ?

The Treasury Department announced yesterday, the 18th,
inst., that the proceeds of the Liberty Loan will be deposited
in banks and trust companies which have qualified as
depositaries and which forwarded subscriptions of at least
$100,000. The Department's statement said:
The Secretary has determined that banks and trust companies having payment to make on account of subscriptions for $100,000 or more bonds, and
which shall have qualified as depositaries, may make payment upon such
subscriptions on June 28 (as to any amounts not paid in Treasury Certificates of Indebtedness) by credit on their books to the account of the
Treasurer of the United States. The amount so credited will be withdrawn
from time to time as required.
How long they may be permitted to remain will depend in large measure
on the extent to which the privilege of free payment for the bonds on or

MAY 19 1917.]

THE CHRONICLE

before June 28 is availed of. It will be necessary that the early installments
paid upon subscriptions be devoted largely to the payment of Treasury
Certificates.
As soon after July 2 as practicable, qualifications and securities of other
banks and trust companies desiring to participate in re-deposits will be
passed upon, and after provision has been made for immediate disbursements the proceeds of the Loan received from time to time will be re-deposited with qualified banks and trust companies in a proportion yet to be
determined, based upon the amount of subscriptions filed by them and the
amount of Treasury Certificates utilized in payment thereon before
June 28.

1961

ment establishments and all Governors of States in giving
wide publicity to a new slogan for the $2,000,000,000 offering
of Liberty Loan bonds was made on the 12th. In his letter
to the various officials Secretary McAdoo said:
It occurs to me that in order to give the Liberty Loan of 1917 the widest
possible publicity it would be an excellent idea to have all envelopes and
other official mail containers stamped in red with the following line:
"Your patriotic duty—buy a Liberty Loan bond."
I shall order that this be done in all the bureaus and branches of the
Treasury Department throughout the country, and beg to request that you
issue a similar order in your department.

In a statement issued on the 13th inst., with regard to the
inauguration of the actual campaign for subscriptions to the
The General Committee(known as the Liberty Loan Comloan Secretary McAdoo said:
mittee) appointed last week by Governor Strong of the
With the announcement to-day of the details of the Liberty Loan the
preliminary campaign is ended and the actual campaign has begun. There Federal Reserve Bank of New York to assist in the distribuare thirty days within which the people of the United States must make tion of the new Liberty Loan announces the mobilization of
good the action of Congress in pledging all the resources of the country over 300 bond salesmen who will
further the work of selling
for the conduct of a righteous war—a war for universal liberty.
Failure to subscribe the $2,000,000,000 required would be a confession the bonds. An announcement issued by the Committee
of national impotence. I do not for a moment doubt the overwhelming says:
success of the Liberty Loan if the people are made to realize that no great
work of this kind can be accomplished unless everyone throws himself into
the task with the energy and fire of determined patriotism.
Wars cannot be conducted without money. It is the first thing to be
provided. In this war it is the most immediate help, the most effective
help that we can give. We must not be content with a subscription of
$2,000,000,000; we must oversubscribe this loan as an indication that
America is stirred to the depths and aroused to the summit of her greatness
in the cause of freedom.
Let us not endanger success by complacent optimism. Let us not satisfy
ourselves with the reflection that some one else will subscribe the required
amount. Let every man and woman in the land make it his or her business
to subscribe to the Liberty Loan immediately and if they cannot subscribe
themselves let them induce somebody else to subscribe. Provide the
Government with the funds indispensably needed for the conduct of the
war and give notice to the enemies of the United States that we have
billions to sacrifice in the cause of liberty.
Buy a Liberty Bond to-day; do not put it off till to-morrow. Every
dollar provided quickly and expended wisely will shorten the war and save
human life.

These salesmen have been placed at the disposal of the Distribution
Committee by the banks and bond houses by whom they are employed.
W. L. McKee of the National City Co., Walter E. Bell of Harris, Forbes
& Co., and A. C. Bradley of the Guaranty Trust Co. will assist the Executive Committee in directing the salesmen. It is planned to have a booth
in every large department store, with a bond salesman permanently
assigned to each booth. Circulars and subscription blanks will be available, and each prospective subscriber will receive personal attention.

The Publicity Committee announces that arrangements
have been concluded with the representative moving picture
organizations of the United States by which they will all
be represented in a National Committee, of which Robert W.
Woolley, Director of Publicity of the Liberty Loan, Treasury
Department, Washington, will be Chairman,and Guy Emerson, Secretary of the Publicity Committee of the New York
Liberty Loan Committee, will be Secretary.
Mr. Allen B. Forbes of the Loan Committee, in an interIn furtherance of an announcement made on the 13th inst. view on the 14th,
said:
Secretary of the Treasury William G. McAdoo is making a
There never was a time when the press of the country could do so much
tour of the Middle West in the interest of the new "Liberty to aid a patriotic cause as now, arousing the people to a sense of the imLoan." Secretary McAdoo opened his campaign in Chicago portance of an immediate and enthusiastic response to the Liberty Loan
To successfully consummate this loan is our first problem which
on Thursday, the 17th inst. Yesterday (the 18th) he was call. be solved or all else will
must
fail; this is our first trench and we must take
heard in Milwaukee; to-day (the 19th) he is due in St. Paul; it. I confidently believe that the people of this country, if thoroughly
he is scheduled to speak in Des Moines on Monday next, the aroused, will co-operate with the Government in making our international
position
21st inst.; Denver, the 22nd; St. Joseph, the 23rd; Omaha, squarely effective. The first and most important step is to put the people
behind the Government in its plans for raising funds. You can
the 24th, and Kansas City on the 25th. With regard to his no more fight war without funds than you can without men or munitions.
I am confident that all the people need is to have brought home to them
future plans Secretary McAdoo, on the 13th inst., said:
their responsibility. Just as it is important
Beyond the engagement to speak at Kansas City, May 24 (the date was
later changed to the 25th), plans have not been made definitely, I must
return to Washington as soon as possible after that date. Invitations
have been received from many other cities, but it will be impossible
to
accept all of them.

Plans for old fashioned popular rallies, to stimulate interest in the Liberty Loan, with addresses by prominent speakers of the two great political parties were the subject of a
conference at Washington on the 14th inst. between Secretary McAdoo and Vance C. McCormick, Chairman of the
National Democratic Committee. Mr. McCormick discussed the advisability of reviving the Democratic Speakers'
Bureau, which was active in the political campaign last fall,
to help direct the publicity work for the bonds. He promised
also to co-operate with Chairman Willcox of the Republican
National Committee in a similar activity.
The suggestion for the enlistment of the political interests
to further the success of the Loan was made by Frank A.
Vanderlip, President of the National City Bank and Chairman of the Publicity Committee of the New York Bankers'
Liberty Loan Committee. In a telegram to Mr. McCormick, Mr. Vanderlip said:
In connection with the work which the committee appointed by the
Federal Reserve Bank of New York is doing to help float the Liberty
Loan
it is believed desirable, and indeed necessary, to use every proper means
that we can to arouse interest in the loan throughout the State.
We believe that it would be wise to have a considerable number of meetings similar to political campaign meetings, with addresses made by good
speakers. If it would be possible to use the party machinery of both
parties, without any partisanship, for this work, it would, it seems to me,
be very desirable. My thought is that the speakers' bureaus might
be
revived for this purpose and the two party organizations join
hands in
what would, I think, be the most effective publicity that could
possibly
be obtained. If you agree with us and will co-operate with us, we
shall be
deeply appreciative.

that a man raise crops or that
a man go to the front, so it is no less important that the rest of the people
furnish the money that will be needed. Truly this is a time in which everybody must do his bit. Every man who subscribes $50, $100 or $1,000 for
Liberty bonds out of his present savings is doing just that much effective
work—providing that much effective energy which otherwise would be
unavailable. The man who has the money or can borrow it with the expectation of paying for his loan out of his savings should be ready and
willing to subscribe. The security is the best that has ever been put out
in the history of the world. The success of the loan requires co-operation
of every man regardless of his circumstances. I predict the people of this
country will be alive to their responsibility and that they 'fill respond most
generaously.

Ata meeting of the Liberty Loan Committee,the question of
the advisability:of aspecial rediscount rate on loanssecured by
Liberty Loan bonds was discussed, and it was decided to
take up the matter with the New York Reserve Bank.
The New York "Times" of the 13th inst. stated that the
officials of the Federal Reserve Board have under informal
consideration a readjustment of methods of retiring United
States 2% bonds in order to insure the Reserve banks against
loss due to the expected tendency of such bonds to decline
in value below par after the new Liberty Loan bonds, bearing
33/2% interest, are floated. The "Times" says:
Under the law, Reserve banks are required to purchase at par $25,000,000
of 2% bonds. These bonds may be converted into 3% bonds and resold.
By this provision of the Federal Reserve law.the banks have been enabled
to avoid losses, but the coming issue of the huge sum of new securities has
injected a new element.
IL is unlikely that the amendments to the Reserve law will be presented
to Congress until the next session.
Federal Reserve banks already have requested the Reserve Board to take
action. Approximately $625,000,000 in 2% bonds is outstanding.

At the suggestion of the Liberty Loan Committee, the
Secretary of the Treasury has ruled that Certificates of
Indebtedness may be received in payment of the 2% cash
Mr. Vanderlip has himself been campaigning outside the deposit, and that interest thereon when so used will run until
city in the interests of the loan.
June 15 1917.

Governor Strong has requested the bankers in every city
In a warning on the 11th inst. that unless every person
able to subscribe took what he could, the Liberty Loan might in the district in which there exists an incorporated banking
institution to organize local committees and to delegate to
fail, Secretary McAdoo said:
each member supervision of a specific class of investors. The
I have everylconfidence that the loan will be fully
subscribed, but the
impression should not be permitted to go abroad that it is certain
Committee on Distribution has divided the Federal Reserve
to carry,
unless every one who can afford to subscribe does so. Every
person who District of New York into five sub-divisions. To aid the
can take:part of the loan, no matter how small, should do so
at once.
Committee and to directly supervise the local committees,
Announcement that Secretary McAdoo had enlisted the five district committees
have been formed, one for each of
co-operation of other Cabinet officers, the heads of Govern- the districts. These
districts and their committees follow:



1962

THE CHRONICLE

[VOL. 104.

Eastern New York (excluding New York City).—Chas. S. Sargent Jr., country, the following letter appeared in the New York
Chairman; Jos. R. Swan, J. H. Perkins, Acosta Nichols, Harold Greene.
"Times" of the 13th inst.:
Central New York.—A. J. Sheldon, Chairman; H. F. Glideen, W. H.
To the Editor of the New York "Times:"
Potter, Chas. E. Gardner, Janson Noyes.
In your edition of to-day you state in your article on Liberty Loan Bonds
Western New York.—F. M. Weld, Chairman; A. B. Leach, Wm. H.
that Cumberland, Md., has the honor of forming the first Liberty Loan
Remick, W. L. McKee, Wm. C. Bradley.
Northern New Jersey.—G. Hermann Kinnicutt, Chairman; Jos. Brad- Club. You will see by the advertisement appearing in the Wilkes-Barre
"Record" of May 2 that we, at that time, announced the Liberty Loan
shaw, W. E. R. Smith, Arthur Hagen, R. L. Morris, A. B. Westervelt.
Connecticut (Fairfield County).—F. Q. Brown, Chairman; Robert plan. We are not out for any honor for ourselves, but we, nevertheless,
believe that Wilkes-Barre should have the honor of starting the first loan
Hinckes, F. B. Adams, Clarence A. Dillon, A. W. Gregory.
club.
C. F. HESS,
Jacob H. Schiff in a statement issued on the 11th inst.
President Dime Deposit Bank.
Wilkes-Barre, Pa., May 10 1917.
declared the Liberty Loan bonds to be the best ever offered

by the Government. Mr. Schiff said:
Liberty Loan bonds from the start bear 3M% interest, free from taxes,
and with the schedul, of taxes as adopted in the revenue bill now before
Congress for enactment the obligations of the United States Government
will return a higher income than almost any corporate bond.
With the schedule of taxes proposed in the War Revenue Bill adopted by
Congress, the obligations of the United States Government will return a
higher income than almost any corporate bond. If the war should be of
long duration and taxes should be further raised in consequence, which is
a possibility, the status of the Liberty Bonds will be in no way affected.

Frank A.Vanderlip, Chairman of the Publicity Committee,
was credited in the "Journal of Commerce" of the 15th inst.,
as stating that it was improbable that any special discount
rate would be decided upon by the Federal Reserve banks
for any long period for loans made on the bonds as security.
That paper quoted him as follows:
There will be a disposition to make a very low rate, certainly on the part
of New York banks, to make it as low as possible. Then these credits
will gradually be liquidated by savings in the future. It is not improbable that this is going to lead to rather easy money. There will be large
discounts on the Federal Reserve banks. To borrow from them has the
same effect upon the money market as an importation of gold. Now the
Federal Reserve banks have a billion in gold and it is not in use; that will
furnish the basis of a larger expansion of credit. We are going to see loans
increase, deposits increase and I can she that it is easily possible that after
these first $2,000,000,000 have been placed we will have a period of easy
money and an easier money situation.
We have a new situation, a situation where the role of the bank is to work
for inflation of market credits and making it easy for anybody to borrow
on those bonds by putting up a substantial margin. In my opinion, 10%
would be the margin and then they must have an earnest intention of paying their loan from future accumulations.
A customer's note secured by these bonds is discountable at the Federal
Reserve Bank and is usable by the Federal Reserve Bank. Such a decision
was reached to-day in Washington. A 90-day note of the customer of the
Federal Reserve Bank is discountable at the bank and is usable by the
bank to get new Federal circulating notes.
Very prominent attorneys have passed on the conversion feature of the
circular and I have heard no one say that it was unsatisfactory. It is a
fair construction of the intention of the law, and is, of course, clearer than
the law itself is drawn.

James Alexander, President of the National Bank of
Commerce and a member of the Liberty Loan Committee,
in a statement on the 16th said:
The Liberty Loan will be placed and the banks will do whatever may be
necessary to insure success. To facilitate the purchase of bonds, bank
credit will be made freely available and should be freely used. It is desirable that a substantial part of the issue be taken, not by banks as an
investment on their own account, but by the people at large, to be paid for
by money now unemployed and from the savings of the future.
Bonds of the United States Government are prime collateral, and if borrowers arrange to make payments from time to time as they may be able
from income not required for living expenses, loans will be gradually reduced and ultimately liquidated.
With the entry of the United States into the war our Government decreed
full co-operation with our Allies, and that every resource of the United
States in men, material and money should be used to the fullest extent
needed, and our people throughout the length and breadth of the land have
endorsed the stand taken by the Government. To do our part will require
enormous sums of money, which must be raised by levying taxes and by
bond issues.
If the taxing program of the Government is to produce revenue to the
extent estimated, business must be fostered and be continued on a profitable basis, and the incentive to do business, namely profits, must be maintained. Any substantial curtailment of banking credits results promptly
in lessened business activity, and during the period of radical readjustment
now in process it is essential that no problem of adequate supplies of money
to conduct legitimate business should exist. Ample assurance should be had
that banking credits will not be curtailed from necessity or otherwise.
It is a fact that the resources of the banks supplemented by the enormous
and as yet almost untouched resources of the Federal Reserve banks will
be more than sufficient for all business demands and for the purposes of
the Liberty Loan. It is not improbable that the banks will be seeking
commercial paper, now the most desirable, because the most liquid character of investment, in aggregate amounts in excess of the supply. There is
no reason for business interests to fear that their activities may be curtailed
by a lack of banking credit.
The banks may also buy reasonable amounts of Liberty Loan bonds for
their own investment, and should, and doubtless will, lend freely to facilitate the purchase of United States Liberty Loan bonds by others, who should
be encouraged to borrow for that purpose and thereby do their share in the
great work of supplying the Government with the funds it must have if the
war is to be successfully prosecuted.

The Morris Plan Co. announces the adoption by it of a
plan whereby wage earners may participate in the Loan on a
weekly payment arrangement.
With regard to the report last week that the Liberty Loan
Club of Cumberland, Md., was the first to be formed in the




It is stated that Nebraska is the first State to subscribe to
the Liberty Loan. A $500,000 subscription from the State
Treasurer, George E. Hall, was received by Secretary McAdoo on the 11th inst.
•111111MNII
.

AMERICAN BANKERS' ASSOCIATION EFFORTS TO
PROMOTE SUCCESS OF LIBERTY LOAN.
The American Bankers' Association, through its War Loan
Committees, has entered upon an active campaign to obtain
subscriptions for the Government Liberty Loan, and the following circular shows the ingenious and comprehensive way
in which it is engaging in the task. The appeal is to all
classes of citizens and seems certain to prove highly efficacious.
LIBERTY LOAN OP 1917.
War Loan Committees.
AMERICAN BANKERS' ASSOCIATION.
5 Nassau Street. New York.
The Work Before Us.
The world's war has been extended into your own home.
This war must be won.
Every American must do his part.
Two billion dollars must be raised by June 15.
Here is what you can do—only do it now:
Join with the other bankers in your community.
Call meetings of employers, merchants, churches and others.
Get them to work with you In selling the bonds.
Get subscription blanks into the hands of every citizen.
Use your advertising space.
Do not wait for the other fellow. Start it yourself.
This thing must be a success.
Your community's allotment amounts to six per cent of its banking
resources.
You know what the resources of the banks of your community are.
Six per cent of your banking resources is your mark to hit.
Hit it.
To the Bankers of America:
Through the action of its Executive Council in session at Briarcliff, N.Y..
May 8 1917, the American Bankers' Association pledged its undivided support and assistance to the Government, and to the Federal Reserve system,
in the flotation of the war bonds. Committees have been organized, and
the entire machinery of the Association has been set in motion. This
enterprise will extend not alone to the 17,000 members of the Association,
but every bank and trust company of America is urged to get behind it.
The nation has undertaken a giant task. The war must be won. The
Central Empires of Europe have now more soldiers in their armies than at
any time since the war began. Their financial and industrial machinery
is better organized than ever before.
This country is not going to fight the war with dollars only, but it cannot
fight the war without dollars—without the two billions now asked for and
without a good many more billions before the job is finished.
It has been frequently emphasized in the last month that the people of
the United States are not aware of the tremendous proportions of the task
on which the nation has embarked. It has been said that they are blind
to the sacrifices that must be made and to the fact that success cannot be
had unless every individual is brought to a keen realization of the fact that
it is HIS war and that he must do his bit if liberty is to be secured for the
nations of the world and humanity is not to give way to barbarism.
The organization for floating the Government loan which the American
Bankers' Association is now perfecting is not intended to be temporary; it
will not aid in the placing of the first issue of bonds and then lapse. The
bankers of the country and all their resources in money, influence and
energy, have enlisted for the war and for as long a period after peace comes
as may be necessary to secure financial tranquility.
To the end that the United States Government may have at its command
all the financial resources of the country, it is necessary that organization
shall be carried down to the last unit, and then work in co-operation with
all the other forces engaged in distributing bonds.
The resources of all the banks of the United States are approximately
thirty-five billion dollars. The amount asked for by the Government in
this first issue is about six per cent of that sum. If any community subscribes to a smaller amount, it may be doing less than its share. When the
contributions from any section or community fall below six per cent of its
banking resources, the conditions should be studied and the reasons therefor ascertained.
In relation to the total amount that the Government must have for the
purpose of prosecuting the war successfully, two billion is not a large
amount. But it is the largest sum of money ever asked for at one time in
this country.
If one million persons subscribe to this amount, they will have to give
$2,000 each.
If five million persons contribute they will have to give $400 each.
It will require an average of $200 from each of ten million persons to make
up the total amount. The Government needs twenty dollars from practically every man, woman and child in this country.
There were 5,250,000 subscribers to the last German loan.
The national banks of the United States on March 5 last had a total of
15,739,969 deposit accounts. This number had increased 1,449,910 since
May 1 1916 and seven-eighths of the increase was reported by country
banks.
Great as the amount asked for Is, it would not pay England's war expenses
for two months.

MAY 19 1917.1

THE CHRONICLE

The Duty of Banks.
The banks of the country have other duties than raising funds for war
purposes. The experience of nations engaged in the war in Europe has
shown that it requires four men behind the lines for every one at the front.
The men behind the lines are as effectively employed in winning the war as
those in the trenches. It is obvious, therefore, that industry and agriculture must have the support of a banking system that can meet all the demands made upon it. Success in war depends on success in industry and
agriculture. For success in war business must go on and the banks must
be in a position to discharge their usual obligations.
The banks must keep themselves liquid. Business must have the freest
accommodation. In his many statements and addresses in this country.
Lord Cunliffe, Governor of the Bank of England, never failed to emphasize the importance of liquidity for all banks. It was the unanimous opinion of the members of the Executive Council of the American Bankers'
Association that every bank should guard its condition with Jealous care.
The banks, however, are the only effective agencies through which the
bonds may be extensively sold and given the wide distribution necessary.
It is apparently the duty of the banks to underwrite the loan, but their
duty to dispose of the bonds—to get them into the hands of thousands of
investors who have never bought bonds before—is imperative. Every
bank must be an active selling agency. Each bank must use every means
possible to create interest in the loan and to sustain the enthusiasm until
the last dollar has been subscribed.
It is of vital importance to the country that the general public buy the
war bonds. The loan will be a success or a partial success in exact proportion to the number of bonds bought by the public. On June 15 next if half
the bonds are owned by banks the loan will not be a success.
How far each bank may go in assisting subscribers or its own customers
to purchase bonds depends entirely on the condition of the bank. Details
of such arrangements will have to be worked out by each bank for itself.
keeping in mind the importance of liquidity and the fact that there will be
another big bond offering soon. The Government is anticipating the payments of the funds now asked for. The proceeds of the present bond issue
will suffice for a short period only.
The A. 13. A. Organization.
The organization of the American Bankers' Association extends to the
States, and through its officers and committees in the States to groups of
banks, and through the groups to the individual bank. It is unnecessary
to make suggestions as to the various ways in which individual banks in a
community may work together for the more effective sale of the bonds.
You are asked to respond quickly to the requests and suggestions of the
officers of the American Bankers' Association and to the General Committee
in New York.
A publicity campaign has been organized.
In this respect each bank can contribute materially and supplement the
campaign of the central organization. The newspapers have given assurances of their willingness to co-operate and assist. The banks should furnish them with information, and they may well divert their usual advertising space to publicity for the bonds. Copy for newspaper articles, samples
of advertisements, and plans for the sale of the bonds will reach you in the
next mall. Make an estimate of the amount your community should subscribe. Inform the newspapers of the amount. Revise your estimate as
the amount is reduced so that the people may know how much of their allotment remains untaken. Co-operate with your neighboring banks.
Keep always in mind the fact that the Liberty Loan of 1917 will be a
greater success if it has twenty million subscribers than if it has ten million
or five million.
You will be supplied with all the material produced by the War Loan
Committees of the American Bankers' Association.
It is the bankers' job to make this loan a success.
Please report progress to the General Committee weekly.
GENERAL COMMITTEE,
AMERICAN BANKERS ASSOCIATION.

1963

there are a million more railroad employees outside the train service.
If
everyone took a $100 bond on the easy-payment plan with the co-operation of the railroad officials, there would be $100,000,000 more,
making
$190,000,000 for all railroad workers.
We may not be to raise as much as this, but if we raised only half there
would be close to $100,000,000 at the service of the nation.

Mr. Stone said that the question of the safekeeping of
the Liberty bonds for the workingmen who bought them
was of importance. Most railroad men, he said, had no
way of keeping bonds, and he thought that the banks
throughout the country ought to provide for their safekeeping, free of charge to the subscribers.

Details of a plan proposed by the Union Pacific system
to enable employees to subscribe to the loan were made
known on the 16th. R. S. Lovett of the road, in his state-.
ment, says:
"I trust that every man and woman in our organization
intends, as a patriotic duty, to subscribe to the 3%% Liberty
Loan bonds about to be issued by the Government to carry
on the war. The loan must be made a conspicuous success;
and to enable every employee to participate in this patriotic
purpose the company will, upon the request of any such
employee, make sunseription for his or her account to an
amount of bonds not exceeding 25% of the employee's
yearly salary, and will advance the whole subscription price,
charging interest thereon at the rate of 3M% per annum,
being the same rate borne by the bonds, and holding the
bonds as security for its re-imbursement. The amount
advanced by the company will be payable by the employee
in monthly installments of 10% of the monthly wages of
such employee, so long as in the services, with a minimum
of $5 per month, such installments to be deducted from the
wage payments. The bonds are to be in denominations of
$50 and multiples thereof. Employees desiring to subscribe
should notify their superior officer, who will furnish form
of contract necessary for them to execute.
It is earnestly hoped that employees will not limit their
subscriptions to merely the amount advanced by the company, but in addition will subscribe to the extent of any
funds they may have available. The Union Pacific has itself subscribed for $5,000,000 of these bonds, and it is hoped
that every one associated with it in any capacity will join
in supplementing this amount."

WHEELING BANK DECLARES DIVIDEND IN
LIBERTY BONDS.
The declaration of an extra dividend of $20,000 in Liberty
Loan bonds is announced by the Dollar Savings & Trust Co.
of Wheeling, W. Va. The dividend is payable July 4 to
LABOR CHIEF URGES RAILROADS TO ASSIST EM- stockholders of record June 20. This, says the Wheeling
PLOYEES IN SUBSCRIBING TO LIBERTY LOAN.
"Register," is the first bank in the country, so far as known,
Warren S. Stone, Grand Chief of the Brotherhood of to take such action. It adds:
The idea of the directors in declaring this dividend is to sustain the
Locom.otive Engineers and a member of the Labor Comcountry in the distribution of the bonds, it
mittee of the Council of National Defense at Washington, took such action it would be a great aid in being felt that if other banks
placing the bonds and at the
stated on Thursday that he believed that the railroads of same time show the patriotic temper of the public.
the country ought to make every effort to assist railroad
The institution has a capital of $500,000.
employees in subscribing for the Liberty Loan. Mr. Stone
said:
G. W. Mc GARRAH ON INADVISABILITY OF BANKS
More than a million and a half men are employed in the transportation
TYING UP FUNDS IN LIBERTY LOAN.
industry and their wage earnings are close to $1.500,000.000 a year. or
$4.000,000 a day. The mere statement of these wage figures shows at
The Mechanics & Metals National Bank, of this city, in
once what an opportunity presents itself to enlist the savings of railroad
a letter issued under date of the 15th inst., points out the
workers in the defense of liberty and democracy.
1 believe that the cost of the war ought to be met largely from our future importance of bearing in mind the fact that the Liberty
production and earnings, rather than from our saved up capital from the Loan is fundamentally a popular one, aimed to reach the
past. The economists tell us that the annual earnings of all the people of
wage-earners and not the banks. "The banks," says Presithis country are close to fifty billion dollars a year. This means that
every two weeks we produce the $2.000,000,000 needed for the first Liberty dent McGarrah, "must not be expected to tie up any large
Loan. The wage-earners of the nation have very little saved up capital part of their resources in the Government loan." His letter
that they can lend the Government. Their savings are in their homes and
their insurance and a little nest egg for a rainy day. But they can lay aside follows:

a part of their future wages, week by week, and month by month, to buy
Government bonds.
Railroad workers, and especially the men in the train service, are keen
to do their bit for the common cause. Many of our men on the Canadian
reads have already gone to France and have given their lives in this war
for world democracy. We are paying death benefits every month to the
families of these men. And when the call comes from Washington you will
find no men more ready to serve the nation than the American members
of the brotherhoods.
But, however anxious our men may be to go to the front. It is plain that
the Government will need the great majority of them here to operate the
railroads—an indispensable arm of the national defense. Our men who
must serve the country on this side of the Atlantic want to do more than
their bit. They want to help the men who are selected to go to the front
by subscribing to the Liberty Loan. They can pay for the bonds by laying
aside a certain amount every payday out of their wages.
If the railroad companies will provide the machinery of payment, I
know that our men will provide the money. The men I directly represent,
the locomotive engineers, number about 60.000. If every engineer took a
$500 bond, the total would be $30.000,000. If the 50,000 conductors took
$500 bonds, there would be $25,000,000 more. If the 180,000 firemen
and trainmen took $200 bonds, their total subscription would be 336,000.000. This would be a total for the train service of $90,000.000. Then




In sending for your perusal a copy of our statement made in reply to
the recent call of the Comptroller of the Currency, we take opportunity to
direct attention to the relation of the banks of the country to the $2,000,000.000 Liberty Loan. There is some confusion of thought regarding the
part the banks are to play in floating the loan. It is perfectly right that
the people of the United States should expect that the banking machinery
be used to the utmost to facilitate the bond sale, and that the Government
should ask for every ounce of energy which our bankers can exert in its
behalf.
But the Liberty Loan is fundamentally a popular one, to be taken by
people. It is the wage-earners who are to be reached, not the banking institutions. The importance of this cannot be emphasized too strongly;
to preserve the industrial and commercial stability of the nation, the banks
must not be expected to tie up any large part of their resources In the
Government loan. They will, of coarse, be expected to extend their credit
to those customers in good standing who desire to subscribe to the loan, all
this at a time when deposit items are being disturbed by direct subscriptions.
This duty will not be an easy one, for if only half the bond issue calls for
the extension of credit at the banks, there will be necessary an immediate
increase of the loan items of the country's national and State banks and
trust companies of a billion dollars, which is equal to a large fraction of
their present loan item.

1964

THE CHRONICLE

Mu, 104.

Pledges by capitalists, representing many millions of
dollars and employing great numbers of men to work in
entire harmony with Mr. Gompers in an endeavor to bring
about full co-operation between the Government, capital
and labor in the prosecution of the war was one of the important developments of the day's conference. Among
those to so pledge themselves and their industries were John
D. Rockefeller, Jr.; Daniel Guggenheim, President of the
American Smelting and Refining Company; Emerson McMillin, Chairman of the Board of the American Light &
CAPITAL AND LABOR COMMUNE WITH BRITISH Traction Co.; Colgate Hoyt, of New York, and Theodore
LABOR COMMISSION.
Marburg, of Baltimore.
Employers and representatives of labor organizations
Appointment of national labor committees to supervise
gathered in Washington on the 15th inst. at the call of Sam- the continuous operation of measures to safeguard workers
uel Gompers, President of the American Federation of and adjust all questions involving working standards was
Labor, and Chairman of the Committee on Labor on the announced on April 25 by Mr. Gompers. This action folAdvisory Commission of the Council of National Defense. lowed an appeal by the Council of National Defense on
The conference was arranged to bring together American_ April 24 to employers and employees of the country from reinterests and the British representatives of labor who ar fraining to take advantage of war conditions to change
rived in this country on May 4. The latter were sent here working and wage standards by resort to strikes and lockby the British Government in response to a request by Mr. outs. At the heads of the committee is an executive comGompers to Premier Lloyd George. Mr. Gompers, in a mittee with Mr. Gompers as chairman. Its membership
statement issued on the 11th inst., said:
y of Labor Wilson, V. Event Macy, Presiwarn- includes Secretar
Labor and capital in this country did not wait for Lloyd George's
Lee, General
industrial mobiliza- dent of the National Civic Federation; Elisha
ing not to repeat England's unfortunate experience in
the Committee Manager of the Pennsylvania Railroad; James Lord, Presition at the beginning of the world war. The formation of
Commission, the
department of the American Federation
on Labor as an essential part of the work of the Advisory
d support dent of the mining
Council of National Defense met with immediate and widesprea
membership in of Labor; Warren S. Stone, Grand Chief of the Brother
throughout the country. Among those who have accepted
their services are members of the Executive hood of Locomotive Engineers; C. E. Michael of the Nathis Committee and offered it
officers of deCouncil of the American Federation of Labor, executive
Manufacturers; Frank Morrison,
y all affiliated tional Association of
partments of the Federation, the Presidents of practicall
s of the railroad Secretary of the American Federation of Labor; Lee K.
international unions, some 110 in number, the President
and finanFrankel, Vice-President of the Metropolitan Life Insurance
brotherhoods, and by a large number of the leading employers
of the Metal Trades
ciers in the country.
held in Company; James O'Connell, President
e,
More than 100 attended the first meeting of the Committe
to best advantage Department of the American Federation of Labor, and
Washington April 2, and discussed what could be done
that the most
Louis B. Schram of the United Stated States Brewers Assothrough the co-operation of industrial forces. It was agreed
of indusneeded service can be rendered in connection with the problems
The cition.
and conservation of the health and welfare of the workers.

financial
The $2,000,000,000 Liberty Loan represents the greatest single
operation that has ever been attempted in this country; indeed, it represents an issue of securities equal in amount to the securities the entire
n
world required a full twelve-month to absorb, less than a generatio ago.
in conSo that the operation will not be a simple one. Many problems
ng
nection with the loan confront the bankers—problems of maintaini
disloadequate reserves, of negotiating huge transfers of credit without
l incating business, of maintaining a discount market for the commercia
They
terests of the country. These problems will be met as they arise.
will best be met by those who study now what is going on and prepare
hemselves for what is ahead.

trial peace
war conditions
experience of England and France in these respects under
adjustment.
is being studied, as well as our own methods of industrial
with us, deleIn addition to the representatives of British labor now
possibly Mexico.
gates are expected from France, Cuba, Canada, and
national committees, which are
The Committee has appointed several
, and
applying themselves to the war problems of wages, hours, mediation
conciliation, welfare work, including safety, sanitation, and industrial
economy.
hygiene, women in industry, cost of living and domestic

PROTESTS AGAINST BILL INCREASING GOVERNMENT
REVENUES AND INCREASED TAXES APPROVED
BY HOUSE.
General debate in the House on the war revenue bill, designed to raise $1,810,420,000 by increased taxation during
on the
are Charles the coming year, was concluded on the 15th inst., and
The members of the British Labor Commission
following day the bill was opened to amendment under the
,
W. Bowerman, M. P., a Privy Councillor; J. H. Thomas
five-minute-speech rule. The bill as introduced in the House
M. P., and Heathcote W. Garrod, representative of the
tax of 2%
ns. Mr. called for a tax of 2% in addition to the present
Welfare Department of the Ministry of Munitio
on incomes of individuals, while in addition to the surtax
Bowerman is a representative in Parliament of the Comalready levied on individuals, ranging from 1% to 13%, adpositors' Union, and Mr. Thomas of the Railway Men's
fixed in
he joined ditional surtaxes, in amount from 1% to 33%, were
Union. Mr. Garrod was a Fellow of Oxford when
bill as presented to the House. On the 16th inst. an
the
the Ministry of Munitions in June 1915
amendment increasing the additional surtax on individual inThe representatives of capital and labor assembled in
comes between $40,000 and $60,000 from 8% to 10% was
Washington this week were received by President Wilson
adopted by the House in Committee of the Whole by a vote of
said:
during the day. In addressing them the Presidentthing, the
98 to 87. The existing surtax on incomes of $40,000 to $60,000
welcome visit, because it means a most welcome
This is a most
of life interested to see that is 2%. On Wednesday, when the House decided to make the
spontaneous co-operation of men from all walks
lives in meeting the great emerwe do not forget any of the principles of our
additional surtax 10% on the incomes in question, a vigorous
gency that has come upon us.
on all amounts above $40,expressed already one of the things that have been very movement to increase the surtax
Mr. Gompers has
at one or two
my mind of late. I have been very much alarmed
000 was started, under the leadership of Representative Lenmuch in
n of the legislatures
things that have happened—at the apparent inclinatio
Representative Sherley, Democrat.
ly the laws which root, Republican, and
of one or two of our States to set aside even temporari
would The amendment adopted (applying to incomes between
standards of labor and of life. I think nothing
have safeguarded
to fight in a cause which
and $60,000) went through over the determined
be more deplorable than that. We are trying
we can fight in that cause $40,000
means the lifting of the standards of life and
tic Leader Kitchin and RepresentaI do not doubt that any body of men opposition of Democra
best by voluntary co-operation.
willing tives Fordney and Hill, Republicans. An attempt to inlabor in this country speaking for their fellows will be
representing
carry this contest to a
beginning at $5,000 was defeated.
to make any sacrifice that is necessary in order to
be inexcusable crease the additional surtax
successful issue and in that confidence I feel that it would existing safeThe proposed additional rates between $5,000 and $7,500 is
men and women of such a spirit of any of the
if we deprived
to have this doubled.
so far as it goes
guards of law. Therefore. I shall exercise my influencewe mako shall be 1%,and Representative Sherley sought
to see that that does not happen and that the sacrifices mistakenly is inOn the 17th inst. the House in Committee of the Whole
which
s, afmade voluntarily and not under the compulsion
which we have sought wrote further drastic increases into the surtax schedule
terpreted to mean a lowering of the standards
level.
ter announcement had been made by Representative Kitohin
through so many generations to bring to their present
that we are fighting
Mr. Gompers has not overstated the case in saying
estimated that $2,245,000,000 will
in any political term. that Secretary McAdoo
for democracy in a larger sense than con be expressed
are not fighting be required to meet the expenditures of the Government for
are many forms of democratic government and we
There
essential part of it all,
the fiscal year ending June 30 1918, instead of $1,810,420,for any particular form, but we are fighting for the
social and political life
namely that we are all equally interested in our
a vote of 146 to 107 the House
under which we live and 000 previously estimated. By
and all have a right to a voice in the Government
rights we have made a 25% increase on all the new surtaxes on incomes bewhen men and women are equally admitted to those
that
world affords. There is
the best safeguard of justice and peace that the
$40,000 and $1,000,000 and imposed a 45% surtax on
whatever their original in- tween
Representative Kitchin
no other safeguard. Let any group of men,
what their political for- incomes in excess of $1,000,000.
tentions, attempt to dictate to their fellowmen
and wrong of the and others who were opposed to increased income taxes
tunes shall be and the result is injustice and hardship
the proposals, but previously Mr.
deepest sort.
before out of a voted formally against
Therefore, we are just now feeling as we have never felt
the floor that he did not see how any
because we have not yet Kitchin declared on
sense of comradeship. We shall feel it even more
not yet felt the ter- member of the Ways and Means Committee could oppose
made the sacrifices that we are going to make; we have
we are going presently to feel
will be made in the House, Mr. Kitchin
rible pressure of suffering and pain of war and
comes upon us our spirit them. No attempt
it and I have every confidence that as its pressure
shall announced, on the 17th, to raise the total of the bill to $2,but rise and be strengthened, and that in the last we
will not falter
as never gladdened our 245,000,000. It is probable, however, he added, that the
have a national feeling and a national unity such
hearts before.
the $1,800,000,000 contemplated in
visit and say if there is total will be larger than
I want to thank you for the compliment of this
e or the original measure, and if it is found that more money is
I can co-operate with the purposes of this Committe
any way in which
of
a sense of privilege
with those with whom you are laboring it will afford me
needed, another bill will be drafted at the next session
and pleasure.




MAY 19 1917.)

THE CHRONICLE

1965

No business man who has made his investments or outlined his expenditures for the coming year under the belief that his income tax has been
taken care of can rearrange his financial affairs to suit any such a retroactive
tax as contemplated in the bill now before Congress. He certainly would
be in no position to loan money to the Government on the Liberty bonds
with this additional tax to meet without warning.
Then, on the other hand, corporations cannot meet such a situation.
To assess an additional tax of one-third on last year's income, in addition
to the regular income, would be simply taking the additional money out
of capital. This would be disastrous to the business of the nation.

Congress. Regardless of Secretary McAdoo's estimate,
Mr. Lenroot announced on the 17th that he would seek to
have stricken from the bill the taxes on light and heat. A
statement prepared by a committee expert on the 17th said
that the surtax increases would add about $66,000,000 to
the total of the bill during the coming year. Statements on
the floor as to the amount they would raise ranged from
$100,000,000 downward. The changes made in the addiOn the same day objections to the income taxes on stock
tional surtaxes are:
dividends were made by Paul D. Cravath, representing
On net incomes between $40,000 and $60,000, 10%, instead of 8%.
Bethlehem Steel Company stockholders; J. A. Kratz, of
Between $60,000 and $80,000, 13%%. instead of 11%.
the Lackawanna Steel Company, and Edward W. Wakely,
Between $80,000 and $100,000, 17%%, instead of 14%.
of the New Jersey Public Service Corporation. Mr. CraBetween $100,000 and $150,000, 21)4%. instead of 17%.
Between $150,000 and $200,000. 25%, instead of 20%•
vath said:
30%,
instead of 24%.
Between $200,000 and $250,000,
Between $250,000 and $300,000, 334%,instead of 27%.
Between $300,000 and $500,000, 3734%, instead of 30%.
Between $500,000 and $1,000,000 41)4%.
$1,000,000 and over, 45%•

We do not oppose any scheme of fair distribution of these taxes nor the
size of the tax burden nor the surtaxes, but an income tax on stock dividends before their conversion into cash is an unfair and unequal distribution.

The surtax on incomes exceeding $500,000 had previously
been fixed at 33%.
The following are the new estimate of needs as submitted
by Secretary McAdoo and read to the House by Chairman
Kitchin on the 17th:
Appropriationsfor Fiscal Year 1918, including Deficiencies—
Agriculture
$25,929,113
Army
273,046,322
Diplomatic
5,082,746
District of Columbia
14,172,997
Fortifications
51,396,593
Indian
11,589,737
Legislative
39,894,592
Military Academy
1,345,596
519,273,802
Navy
160,060,000
Pension
351,851,170
Postal service
143,864,830
Permanent appropriations
100,000,000
National security and defense
Purchase Danish West Indies
25,100,000
War risk insurance
10,000,000
Alaska railway
3.000,000
Interest on $2,000,000,000 bonds for one year
70,000,000
Cost of bond issues
7,000,000
Miscellaneous appropriations
4,385,009
Additional compensation estimated
25,600,000
Deficiencies ---------------------------------68,620,343
Total under laws 1918 and deficiencies
$1,889,412,933
•
Appropriations Pending—
Military establishment
$2,192,423,536
Naval establishment- —
503,399,674
Miscellaneous (contained in pending bill for war expenses,
estimates for which exceed these estimates, $760,855,687)
3,662,071
Sundry civil-- _
156,293,031
harbor
River and
26,893,000
Agriculture Department, food control
37,010,000
War risk insurance, additional
50,000,000
Shipping Board, building ships, dtc
400,000,000
Total appropriations pending
$5,259,094,246
(In connection with Shipping Board,Secretary McAdoo says:
"Requests for $750,000,000 made to Senate Committee on
Appropriations, of which $400,000,000 would be immediately available and would be spent by February or
March 1918•")
Total brought forward
$6,019,949,933
Deduct as follows—
Postal service, payable for postal revenue
$335,276,345
Sinking fund requirement
60,748,000
Deficiencies, estimated to be expended in 1917 and for purchase of Danish West Indies
75,000,000
Estimated revenue 1918 under existing law
1,303,000,000
Amount of bond issue--------------------------2 (100 000 000
Total deductions------------------------------------$3,774,024,345

Exemption from income taxation of stock dividends of
subsidiary corporations, already taxed, was urged by the
Lackawanna company. Inclusion of .good will in calculating capital for assessing the excss profits tax was proposed
by Joseph .S. Auerbach, representing the Woolworth Company, of New York. Chairman Simmons said good will
might be used toward artificial estimates of capital and thus
defeat taxation, and for that reason, he said, Congress has
so far refused to estimate good will as a part of corporate
capital. Artificial estimates also could be made, he said,
of the value of trade-marks.
Spokesmen for newspapers and periodicals, large and
small, and from all parts of the country,appeared before the
Committee to attack as unreasonable and confiscatory the
provision which would create a zone system with greatly
increased postal rates for seond class mail matter. They
declared if the measure went into effect, many publications
would be compelled to suspend. Don C. Seitz, representing
the American Newspaper Publishers' Association, said the
proposed increase was not a war tax, but an effort to further
repress and embarrass the newspaper industry. He told
the Committee there already had been a big slump in business which if it continued would paralyze the newspapers.
The publishers, he added, were not seeking special favor, but
wanted to be placed on the same level with people engaged
in other business. According to the New York "Times"
of the 15th inst., Mr. Seitz said:
The people need their newspapers. The newspapers can help the Government in this war. Many of them cannot survive if this proposed tax
is put on them. Just put us on a level with other businesses and tax us
in proportion to our earnings.

We also take the following from the "Times" concerning
Mr. Seitz's representations to the Committee:
For a concrete example as to the fiscal effect of the proposed rate on a
single newspaper Mr. Seitz presented this table made up on the basis of the
mail circulation of the New York "Times":
Present Propos'd Increase Increase —Total Increase—
Rate. PerDay. Per Year. Per Issue, Per Year.
Copies. Rate.
Dally_59,833 $202 51 $560 17 $357 66 $121,947 58 $357 66 $121,947 58
8und'y.62.869 943 04 3.460 95 2,517 91 130,931 32 2,517 91 130,931 32

Total
$252,878 90
Daily figured on 22-page average. Sunday figured in 135 lbs. average.
,
"If this is not confiscation, what is it?" the speaker commented.
Mr. Seitz reading from a prepared statement, said the proposed increase
was"a cold-blooded proposition to close the mails" to newspapers,and would
result in so much loss of circulation, especially among farmers, that postal
Income would decrease and the rural carrier system would entail an even
Estimated revenue to be raised over and above present
greater loss than at present.
receipts and bond issue
$2,245,925,581
"The newspapers are ready to meet a real, honest tax," he said, "even
Yesterday the House defeated by a vote of 123 to 54 a to the point of presenting the Government with all profits, provided other
lines of business are asked to do the same, but if it is the purpose of the
motion by Representative Madden of Illinois to strike out
Government to establish a non-competitive, do-as-we-please, charge-as
the retroactive tax on incomes for the year 1916. This sec- we-please Post Office monopoly, it is difficult to see why the Sherman law
provides that in addition to the tax already paid on 1916 should be allowed to stand, or why we should speak disparagingly of Prustion
incomes, the tax-payer shall pay by Sept. 15 next an addi- slanism.proposed increase is not a war tax,
"The
but an effort to further repress
tional tax of one-third of the amount already paid. An and embarrass the newspaper industry. The rate proposed is an increase
amendment by Representative Dill of Washington, provid- of from 100 to 600%, an increase beyond precedent.
"The newspaper business is to-day the most heavily loaded in the couning for publicity of individual tax returns, was also rejected.
try. It pays the highest wages, enjoys no form of protection, sells its product at the lowest cost our coinage will permit, and always at a fixed price.
Vigorous protests have been made before the Senate Fi- It cannot well pass its load along or change from day to day as the merchant meets price raises."
nance Committee on the various features of the bill, which,
A table of railroad and express company charges for carrying papers in
aside from the increases in the income tax, excess profits the East was presented to show that postal transmission of newspapers is
tax, internal revenue taxes on liquor and tobacco, &c., con- slower, less efficient and more expensive than other means, and consequently that higher rates are not justified.
tains other measures for providing greater revenue through
"It is the studied policy of the Post Office Department and its employees
new taxation. On the 10th inst. James B.Forgan, Chairman to 111-treat newspaper mail," said the statement.
Mr. Seitz added that advertising was
of the Board of the First National Bank of Chicago, in pro- the bill, advertisements for help alone in failing off since the introduction of
•"rhe World" falling off at the rate
testing against the retroactive feature of the tax, was quoted of 1,000 a day.
-------

•

in the Chicago "Post" as saying:

We've got to pay the bill for this war, and I believe every loyal citizen
will do his part, but tolincludo a retroactive tax in the income measure is
iniquitous. It's a bad principal to begin with and should never be considered. To assess now a taxion anyLindividual's income of last year. in addition to the tax ho already has been assessed on this same income is revolutionary and disastrous. It would result, for one thing, in cutting down the
particular individual's subscription to the Liberty Loan bonds.




On the 15th inst. George McAneny of the New York
"Times" told the Committee that the proposed postal rates
were nothing less than confiscatory. We quote what he
had to say as reported in the "Times" as follows:
To put it in fairly exact figures, the proposed extra rates on secondclass mail matter would mean an increased annual cost to the newspaper
and periodical publishers of $19,000.000 The proposed 10% tariff on

1966

THE CHRONICLE

newsprint paper imported from Canada and upon pulps and wood imported
for paper manufacture here would add annually from $25,000,000 to
$30,000,000.
go
To the American manufacturers whose present high charges would
All of
higher if a new tariff wall permitted would go many millions more.
of paper the publishers have already
this added to the greatly increased cost
had to meet would create a condition so intolerable that many of them must
the
go to the wall. The capacity of the press of the country for service to
down.
country in the time that it is most needed would be cramped and cut
expedient or fair the publishers canWhy this should be considered either
not understand.
One-third of the newsprint paper consumed in the United States is made
in Canada. This is under a species of reciprocal tariff legislation approved
and adopted by our Government only a few years ago. Now the promoters
of this bill would have the Government penalize those who acted under the
assurance of reciprocal protection, and lay upon them alone prices that,
quite literally, will prove to be crushing.
The Canadian Government has shown a willingness to support its own
newspapers in wartime, rather than to weaken them, by compelling Canadian manufacturers to sell to them at not more than $50 a ton, a figure from
,
$10 to $12 less than those charged to others. At least our Government
moved by a similar spirit, should do what it can, under existing laws, to
keep the burden on the American consumer as low as it can be kept, and
not, in this trying time, to add to it.
It cannot be made too plain that the publishers ask no special privilege
or exemption of any sort. They are more than willing to pay from their
if
income or profits whatever tax is paid by other industries—to give more
necessary—but they cannot understand why they are singled out for a
double taxation that would wipe many of them out of existence.
Mr. McAneny referred to the amendment introduced yesterday (the
14th) in the House by Mr. Moon, exempting newsprint altogether from
the new duties. He expressed the hope that the Senate Committee would
as well
recommend the same exemption, and that it might include in it
wood pulp and raw woods destined for American manufacturers.
said that the
In answer to questions from members of the committee, he
by the
remedy of raising selling rates had already been largely exhausted
year.
publishers of the country in their effort to meet the losses of the present

(Vol,. 104.

shall Field & Co. and approximately four thousand business
concerns in the Middle West.
On the 14th inst. Representative Ebenezer J. Hill of Connecticut, a Republican member of the Ways and Means
Committee, warned the House that the impending war taxation bill was only a start in the taxation this country must
stand because of the war with Germany, and that another
revenue bill probably must be passed next December. The
"Times" reports him as saying:
I have no doubt that notwithstanding the $1,800,000,000 we raise this
year by this bill, we shall be called upon to raise $3,600,000,000, or double
the amount of taxes, next year.
I think our expenditures this year will be $10,000,000,000, counting the
cost of financing the Allies, and I think next year it will be $15,000,000,000.
counting the cost of financing the Allies. We might as well face this proposition like men,and not haggle about a tax on jewelry, a tax on automobiles,
and this tax and that. The tax is going to reach everybody before you get
through with it.

On the same day Louis Wiley, business manager of the
"Times," informed the Committee that many newspapers
would have to suspend if the postal tax and the 10% tariff
went into effect. Mr. Wiley is quoted in his paper as saying:
pubTo impose such taxes would be arbitrary and unwarranted. The
put
lishers don't shrink from responsibility in this war, but they have been
also nearly
to a severe strain. Not only has the price of paper gone up, but
ink, twine,
everything else that enters into the production of the newspaper,
oil, all have advanced.
The contemplated postage tax, with the proposed duty on print paper
and other increased expenses, would mean a cost to the "Times" of $1,400.000 a year more. It would amount to nothing less than oppression.

H. P. DAVISON HEAD OF RED CROSS COUNCIL CREATED BY PRESIDENT WILSON.
The creation by President Wilson of a "Red Cross War
Council" and the tender of the Chairmanship to H.P.
Davison of the firm of J. P. Morgan & Co., was made known
by the President on the 10th inst. Mr. Davison, in signifying his acceptance of the post, stated that all the facilities of his firm would stand behind the Red Cross for the
duration of the war. The work of the Council will be
directed at the outset toward the relief, of those particularly
in France,who have suffered the destruction of their property
and homes by the invading armies of Germany which have
since been routed by the forces of the Allies. In a statement
outlining the purpose of the new Council President Wilson
stated that its first task would be to raise great sums for the
support of the work to be done. The Council, it is said,
expects to announce soon, the time next month when it will
make a specific appeal to the public for aid. Mr. Davison
is quoted as saying:
It is impossible to say how much money is going to be needed, but it is
going to be many millions of dollars. Just how we are going to get that
money I don't know, but I have every confidence that the American people
will respond as never before and that we will get it.
I expect to devote practically all of my time to the new assignment. I
have enlisted. It is my bit, and I hope a great many more will regard a
similar work as their bit. And I hope that no one will make the mistake
of thinking that this is the ordinary work of alleviating suffering. It is
that and more; it is an effective agency looking to winning the war.

On the 15th Samuel Gompers, President of the American
Federation of Labor, presented a protest of the labor press
against the postal rates provided for in the bill.
According to the New York "Commercial" the publishers
The following is the President's statement, making known
of 86 of the largest and most influential monthly and weekly the creation of the Council:
magazines stated under oath that their average net earnings
I have to-day created within the Red Cross a War Council,to which will be
for 1916 were only $15,000 each, whereas the increased pos- intrusted the duty of responding to the extraordinary demands which the
will make upon the services of the Red Cross both in the
tage bills charged to these magazines under the proposed present war civilian relief. The best way in which to impart the greatest
of $40,000 each. The increase in field and in energy to the relief work which this war will entail will
rate would be in excess
efficiency and
which
rates levied on the few survivors of this strain, they say, be to concentrate it in the hands of a single experienced organization public
convention as the
by law and by
have to be passed on to the reader not merely in the has been recognized such purposes. international
would
instrumentality for
form of higher subscriptions, but as an increased advertising
Indeed, such a concentration of administrative action in this matter
earnestly call upon
tax on many articles of food, apparel, or toilet and house- seems to me absolutely necessary, and I herebyto the alleviation ofall those
the sufwho can contribute either great sums or small
hold use.
must inevitably arise out of this fight for humanity
magazines, in addition, fering and distress which
Suspension of publication by
and democracy, to contribute to the Red Cross.
It will be the first and most necessary task of the new War Council of
would throw out of employment thousands who have demoney for the support of the work to be
the printing, engraving, electrotyping the Red Cross to raise great sums of I hope that the response to their efforts
voted their lives to
done and done upon a great scale.
the power of
and allied trades.
will be a demonstration of the generosity of America and
the
hearings on the bill before the Senate Committee genuine practical sympathy among our people that will command
Public
statements by the last of admiration of the whole world.
were concluded on the 15th with
In his letter to Mr. Davison, asking him to accept the
more than 100 representatives of industries heard since the
against the various taxes. Nearly all of the chairmanship, the President said:
11th in protest
The White House, Washington, May 10 1917.
witnesses agreed that they were willing to assist the GovMy Dear Mr. Davison.—After consultation with my active associates in
ng their the American Red Cross, it has been thought wise to create a Red Cross
ernment in every way possible, even to surrenderi
Chairman and the Viceentire profits, but they objected to the rates in the bill War Council of seven members, including theto-day created the council.
Chairman of the Executive Committee. I have
as confiscatory and ruinous.
is to ask you to accept the Chairmanship, a patriotic service
This letter
A delegation, representing mercantile, manufacturing which I trust it will be possible for you to perform.
The close co-operation between the American National Red Cross and
and business interests of Chicago and the Middle West
the military branch of the Government had already suggested new avenues
the Senate Committee and after- of helpfulness in the immediate business of our organization for war, but
appeared on the 16th before
ward visited Secretary McAdoo to protest against raising the present crisis is larger than that and there are unlimited opportunities
American National Red
$1,800,000,000 by taxation, as proposed in the war tax bill, of broad humanitarian service in view for the
be reduced to $1,250,000,000. Cross.
and to suggest that the amount
Battlefield relief will be effected through Red Cross agencies operating
but civilian relief will preA statement, issued by them, according to the "Tribune," under the supervision of the War Department,the Red Cross organization
sent a field of increasing opportunity in which
said:
realize
especially adapted to serve, and I am hopeful that our people will
The committee did not come to oppose taxation, but came to offer suggestions that might tend to distribute the burden more equitably with the
least disturbance to business. They avoided discussing the details of the
bill, but confined their discussion to three features.
First, they expressed unqualified opposition to the retroactive features
of the bill; second, they suggested the repeal of the present excess profits
an
tax, and the substitution of a flat tax of 6% upon net profits, with
in
exemption of $5,000; third, they did not oppose the proposed increase
date upon which such increase
customs duties, but suggested that the
should become effective should be placed far enough in advance to give
business an opportunity to adjust itself to meet the new conditions.

is
themthat there is probably no other agency with which they can associate
suffering
selves which can respond so effectively and universally to allay
and relieve distress.
Cordially yours,
WOODROW WILSON.

With Mr. Davison on the War Council will be William H.
Taft, Chairman of the Red Cross Central Committee;
Edward N. Hurley of Chicago, former Chairman of the
Federal Trade Commission; Cornelius N. Bliss Jr., Charles
M.P. Murphy of New York, and Eliot
The delegation included representatives of the National D. Norton, Grayson
e
n, the Illinois Manufacturers' Wadsworth of Boston,Chairman of the Executive Committe
Retail Dry Goods Associatio
Mar- of the American Red Cross. Mr. Davison, in indicating
Association, Armour Sc Co., Sears, Roebuck & Co.,




MAY 19 1917.1

THE CHRONICLE

the plans for putting the Red Cross upon a war footing, laid
stress on the necessity of making a study of the situation,
with a view to relieving the people in the reconquered districts, who are without means, particularly in France. His
statement said:
We intend to organize the council at once and to go to the country as
soon as possible and ask the people to put funds at our disposal that will
enable us to carry out our plans. The Red Cross can be not only an agency
for the alleviation of suffering on the battlefield, but it can exert a great
psychological influence and can increase the man power of the Allies. In
other words, the re-enforcement of the organization which we have in mind,
If supported by the public, will be an important step in winning the war.
The situation is very extraordinary. The amount of money that can be
spent in Red Cross work is very large. Many millions of dollars will be
needed, but we cannot estimate it in figures. The American Red Cross
has a peculiar service to render to civilization. We have been very late
in getting into the war. Two years and a half passed, but if we get the
necessary response to our appeal we can make an imprint on the minds of
the rest of the world. Think of the impression that will be made if the
American flag and the American Red Cross can be found in places where it
was not expected. But we must get to work immediately. We must
anticipate conditions and requirements instead of meeting them when we
are brought face to faCe with them.
There is much work to be done outside of the battlefield. The assistance
of the people in the reconquerod portion of France should demand our immediate attention. I have been in Europe three times since the war
started and have seen conditions first hand. All France is pressed to the
very limit in every line of human endeavor. These people have been left
with nothing. They are poorly clad; without knives or forks; without
farming implements; their fruit trees cut down; their seeds destroyed.
What we would like to do at once is to put these people in a position again
to support themselves. Imagine the results throughout the world of such
assistance from us. That kind of work can only be done by a volunteer
organization like the Red Cross. While we must always be in shape to
take care of the situation at home, the immediate work of the American
Red Cross must be transferred to the other side. To enable us to do this
we intend to put our case before the public and ask for a large amount of
money.

Mr. Davison said that he had no doubt that the public
would co-operate, but that the trouble was that not 2% of
the population felt as yet that we were at war. This, however, was not true, he thought, of the country's capital. He
added:
I have been amazed at the appreciation here of the gigantic scope of this
struggle. I hope that for whatever is accomplished the Administration
will get the credit. It has been the President's understanding and appreciation of what is before us that has made this work possible.
We are going just as far in this work as our funds will permit. We will
extend relief to the sufferers in Russia if the American people respond to
our appeals for financial assistance. I feel convinced that if we get the
story before the American people we can get the money.

Mr. Davison left last Monday night for Washington,
where he will remain for the duration of the war, devoting
practically his entire time to his new duties. He will, however, continue as a partner in the Morgan firm. Headquarters of the Council will be in Washington, but a branch
office will be established in New York, where details of the
business of getting supplies to Europe will be handled.
Secretary of the Treasury McAdoo will serve as Treasurer
of the funds to be raised by the newly formed Counsil.
IRON TRADE ON SHIPBUILDING PROGRAM OF ADMINISTRATION AND COMMANDEERING OF STEEL.
Reports from Washington on the 8th inst. with regard to
the plans of Congress to provide $1,000,000,000 for the
building of a great American fleet designed to overcome the
submarine menace announced that the program of the Federal Shipping Board contemplated the diversion to Government uses of the products of every steel mill in the country,
the cancellation of existing contracts between those mills
and private consumers, and where necessary the payment of
damages by the Government to the parties whose contracts
were canceled. With regard to these statements "The Iron
Age" of the 10th inst. in an article from its correspondent at
Washington under date of the 8th inst. said:
The attention of high officials of the United States Shipping Board was
drawn to-day by the correspondent of the "Iron Age" to publications in
the daily press purporting to forecast plans of tho Board to solicit from
Congress an appropriation of $1,000,000,000 "for the building of a groat
American merchant fleet to overcome the submarine menace," in accordance with a program which "contemplates the diversion to Government
uses of the products of every steel mill in the country, cancellation of existing contracts between those mills and private consumers, and where
necessary payment of damages by the Government to the parties whose
contracts are canceled." These reports state further that "the only
manufacturers of stool to be exempted from the program will be those needed
otherwise for the national defense and by the railroads," which will be permitted to receive "the minimum amount of stool products with which they
can get along."
The correspondent of the "Iron Age" is in position to state that those
reports aro unauthorized, premature and inaccurate. The plans of the
Shipping Board for the construction of an emergency fleet have expanded
rapidly as they have matured, and it is now certain that a much larger appropriation will be sought from Congress than the $200,000,000 estimate
heretofore made,in addition to the $50,000,000 already appropriated. The
total sum that will be required, however, cannot be now stated.
It has already been authoritatively announced that the Shipping Board
will supplement the fleet of wooden ships with as many steel vessels as can
be built, and for this purpose it will exhaust every resource to procure the
necessary building facilities, materials and labor. That any such drastic
measures as those suggested in the reports quoted from the daily press will




1967

be resorted to has not been determined, and it is regarded as altogether
possible, if not probable, that the requirements of the Board will be met by
the voluntary action of the steel trade and without the necessity for the
commandeering of either plants or products.
The members of the Shipping Board are deeply impressed with the necessity of building in the shortest possible time several million tons of merchant
shipping to prevent the starving of England by the operations of the German submarines. That this object is paramount, even to the sending of
troops and war material to Europe, is the opinion of members of the Board,
who believe that no consideration should interfere with the merchant construction program. It is realized, however, that Congress must pass upon
the measures devised by the Board and that the House and Senate will view
the Board's plans from a standpoint that will embrace all other war projects
of the Government. How far Congress will be willing to go in carrying
out the wishes of the Board cannot be foreshadowed, but it is conceded that
the general disposition in both houses will be to give greater consideration
to carefully devised and thoroughly practicable projects, no matter how comprehensive they may be, than to radical schemes involving drastic action
which may disastrously unsettle the leading interests of the country.
So far as the steel industry is concerned, it is the best opinion here that
the needs of the Government and of the Allies will result in more or less reorganization of its output and a concentration of production upon war material so a much greater extent than heretofore. The pooling of a large
percentage of the output of the industry and its distribution between the
Government of the United States and the Governments of the Allies, possibly through the medium of an international board, is in contemplation.
It is believed, however, that even this novel and far-reaching project
can be worked out without disorganizing the industry and without the taking over of the practical control of manufacturing plants.

PROBA BLE STEEL REQUIREMENTS OF UNITED
STATESGOVERNMENT.
In the "New England Letter" of the First National Bank
of Boston, issued under date of May 15, there is an interesting discussion of the probable steel requirements of the
United States Government for war purposes. There have
been fears that the Government might be obliged to commandeer practically the whole steel output of the country.
This Letter shows that after all, the proportion of the whole
to be taken by the Government is relatively small. We
quote as follows:
The hand and wishes of the Government are felt everywhere in the steel
trade. The distribution of the gross output of steel for the most effective
purposes of war has become the chief problem of the industry. With the
market so largely sold up, the inevitable readjustments of private trade to
the new order of things are extending, but so far have not caused serious
disturbance. As yet the extent of the Government's needs are not known.
Early reports placed the national requirements at from 2 to 3% of the
country's annual capacity, or roughly, from 800,000 to 1.200,000 gross
tons of ingots. This would represent from 600,000 to 900,000 tons of
finished products. It would take the country's steel works and mills a
little over a week to turn out such a tonnage, and it is likely that this is all
that will be required for guns, shells and armor plate. But the talked of
6,000,000-ton addition to shipping tonnage, equally divided between
wood and steel, would call for between 1,000,000 and 1,500,000 tons of
steel. However, even at the outside figure, it is not suggested that the
Government will require more than 5% of American steel production this
year. Apportionment of the Government's plate requirements, which are
covered by the 2.90c., Pittsburgh, price is under way. The ordinary
market for ship plates is now 7.50c., Pittsburgh. The Government is
obtaining its structural steel at 2.50c., while the general market is about
Sc., Pittsburgh.
Private consumers, of course,will not secure their steel as freely now as
before. Material promised for delivery during the first quarter of 1918,
may not arrive before May or Juno. Some industries which are classed
as non-essential may find their steel supplies sharply curtailed. Other industries which cater to more essential but not indispensable classes of
trade, will not secure all the steel they want. But the war steel demand Is
not to be considered as likely to cause starvation of private consumers.

EX-SENATOR FORAKER DEAD.
Joseph Benton Foraker, former United States Senator
and Governor of Ohio, died at the age of 70 years at his
home in Cincinnati on the 10th inst. Mr. Foraker was
prominently identified with national politics until his retirement from the United States Senate in 1909. He was Governor of Ohio for the two terms ending 1889. He was particularly antagonistic toward the policies of Theodore Roosevelt during the latter's second term as President.
PRESIDENT WILSON AT DEDICATION OF RED CROSS
MEMORIAL SAYS HEART OF COUNTRY IS IN WAR.
The belief that "the heart of the country is in this war"
was expressed by President Wilson on the 12th inst. at the
dedication exercises in Washington of a Red Cross Memorial
for the women who served to alleviate suffering during the
Civil War. The memorial is in the form of an $800,000
structure erected by the Government in co-operation with
private individuals. The President in the course of his remarks declared that "this is no war for mere spontaneous
impulse. It means grim business on every side of it and it is
the mere counsel of prudence that in our philanthropy, as
well as in our fighting, we should act through the instrumentalities already prepared to our hand and already experienced
in the tasks which are going to be assigned to them." The
President predicted that the present struggle not only would
obliterate the last division between the North and South,
but would wipe out "any lines either of race or association

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cutting athwart the great body of the nation." He declared
War
that although the 'United States had gone into the
"with no special grievance of her own," the cost might be
the
sufferings and sacrifices of such magnitude that those of
infinitesimal. "We look," he said,
Civil War would seem
war.
"for no profit. We look for no advantage out of this
we believe that the very principles upon which
We go because
the American Republic was founded are now at stake and
must be vindicated." The President's remarks in full were
as follows:
of the AmeriIt gives me a very deep gratification, as the titular head
significant and
can Red Cross, to accept in the name of that association this
individuals who
beautiful gift, the gift of the Government and of private
great scale. It is
have conceived their duty in a noble spirit and upon a
who served to alleviate
significant that it should be dedicated to the women
War, because
suffering and comfort those who were in need during our Civil
the spirit which
their thoughtful, disinterested, self-sacrificing devotion is
should always Illustrate the services of the Red Cross.
before the
The Red Cross needs at this time more than it ever needed
facilities which
comprehending support of the American people and all the
and efficould be placed at its disposal to perform its duties adequately

Mayor's Committee and guests, Mr. Mitchel and Joseph H.
Choate (whose sudden death this week came as a shock to
The
the entire country), making the speeches of welcome.
Mayor in addressing Mr. Balfour and his colleagues said
in part:

you welcome to
Mr. Balfour and gentlemen of the Commission, we bid
in the name of
the City of New York with all our hearts. We greet you
for the preservaliberty, who come to us as allies in this great world struggle
welcome as the guests
tion of democracy. We bid you welcome and thrice
you the people
of the City of New York. We salute you, and through
s and all that they
of your mighty nation, who have dedicated themselve
of popular self-governpossess to the cause of justice, of civilization and
ment.
York. Here are repreI present to you this assembly of citizens of New
gathered Now York's
sented all the activities of our civic life. Here are
and are shaping
foremost citizens, those who have builded her greatness
appointed to receive
her destinies. They are a Committee whom I have
fellowship and of
you and to express to you the sentiments of amity, of
they speak.
regard common to the 6,000,000 men and women for whom
war of selfYour country, gentlemen, and mine are engaged in a common
struggle through the months
preservation. We are struggling and we shall
our President has
that are to come toward a common goal. That goal, as
said, is the safety of democracy upon the earth.
into this struggle at
The geographical location of your country threw her
d to be neutral.
its outset. For two years and a half we have endeavore
conscience would perWe have been as neutral as the possession of a moral
s and our convicmit. We have taken no part in the war, but our sympathie
From the first it
tions have been with you and with your gallant allies.
involved, from the
was inevitable, from the nature of the issues that were
and from the ideals
conduct and ruthless methods of our own common enemy
in this war.
that were at stake, that America should carry her burden
and a half our
Our people realize to-day that during these two years
To the British
protection has been the British navy and the allied armies.
been the power that
navy we offer our admiration and our thanks. It has
has kept open the
has enabled us to remain at peace for these two years and
of England, of
seas for our cargoes and our commerce. To the armies
of our admiration.
Canada and of the other colonies we pay the homage
these armies are to be
Now that the day of America's active part has come
our comrades in arms.
of our sacred obligation
May the hour soon arrive when in the discharge
of the troops of
and in the execution of our high purpose the olive drab
with the khaki
the United States may mingle on the battlefields of Europe
and Stripes,
of Great Britain and the blue of France and when the Stars across the
tho Union Jack and the Tricolor may be borne to victoryand justice,
liberty
German trenches to make safe democracy, civilization,
the earth.
and to establish an enduring peace among the nations of

ciently.
the sacriI believe that the American people perhaps hardly yet realize
the scale of our
fices and sufferings that are before them. We thought
into
Civil War was unprecedented, but in comparison with the struggle
nt in its
which we have now entered, the Civil War seems almost insignifica
e of treasure and of blood, and, therefore,
proportions and in its expenditur
the outset
it is a matter of the greatest importance that we should at
for the
see to it that the American Red Cross is equipped and prepared
do the works of
things that lie before it. It will be our instrument to
this struggle. Of course, the
alleviation and of mercy which will attend
of any other
scale upon which it shall act will be greater than the scale
duty that it has ever attempted to perform.
Cross has just
It is in recognition of that fact that the American Red
to call its
added to its organization a small body of men whom it has chosen
they are to
War Council—not because they are to counsel war, but because
become so
serve in this special war those purposes of counsel which have
fund out of
imperatively necessary. Their first duty will be to raise a great
ce of their duty, and I do not
which to draw tho resources for the performan
respond
believe that it will be necessary to appeal to the American people to
and if
to their call for funds, because the heart of this country is in its war,
in the gifts
the heart of the country is in the war its heart will express itself
that will be poured out for these humane purposes.
not have
I say the heart of the country is in this war because it would
not have
gone into it if its heart had not been prepared for it. It would
opportunity to exgone into it if it had not first believed that here was an
We have gone in with no special
press the character of the United States.
grievance of our own, because we have always said that we were the friends
and servants of mankind.
no adWe look for no profit, we look for no advantage, we will accept
prinvantage out of this war. We go because we believe that the very
at stake
ciples upon which the American Republic was founded are now
not fail to
and must be vindicated. In such a contest, therefore, we shall
ality of
respond to the call to service that comes through the instrument
this particular organization.
And I think it not inappropriate to say this: There will be many expresthink
sions of the spirit of sympathy and mercy and philanthropy, and I
in those
that it is very necessary that we should not disperse our activities
have
lines too much; that we should keep constantly in view the desire to
most, if
the utmost concentration and efficiency of effort, and I hope that
if not
not all, of these philanthropic activities of this war may be exercised,
experithrough the Red Cross, then through some already constituted and
enced organization.
us imThis is no war for amateurs. This is no war for mere spontaneo
mere counsel
pulse. It means grim business on every side of it, and it is the
in our fighting, we should
of prudence that in our philanthropy, as well as
and already
act through the instrumentalities already prepared to our hand
experienced in the tasks which are going to be assigned to them.
thoughts
There is another thing that is significant and delightful to my
of the
about the fact that this building should be dedicated to the memory
It is a sort of landmark of the
women both of the North and of the South.
unity to which the people have been brought, so far as any old question
that the
which tore our hearts in days gone by is concerned, and I pray God
outcome of this struggle may be that every other element of difference
historians will remember
among us will be obliterated, and that some day
the
these momentous years as the years which made a single people out of
great body of those who call themselves Americans.
The divisions
The evidences are already many that this is happening.
of
which were predicted have not occurred and will not occur. The spirit
this people is already united, and when effort and suffering and sacrifice
have completed the union, men will no longer speak of any lines, either of
race or association, cutting athwart the great body of this nation. So that
I feel that we are now beginning the processes which will some day require
another beautiful memorial erected to those whose hea,rts, uniting united
America.

RECEPTION TO BRITISH AND FRENCH WAR
MISSIONS IN NEW YORK.
The British and French War Missions, following their
recent visit to New York and other cities, returned to
Washington on the 14th inst. for final conferences with the
Government officials at Washington before leaving for the
other side. They will,, it is said, depart unannounced as
soon as the business that occasioned their trip to this side
can be closed. We gave last week in large part the details
of the reception accorded the members of the French Mission,
who had arrived in this city on the 9th inst. The members
of the British Commission did not reach the city until late
Friday afternoon. The British guests were as royally
eceived as had been the members of the French Mission
earlier in the week. At their reception at the City Hall on
the 11th, the members of the British Commission,headed by
the Right Hon. Arthur James Balfour, British Minister for
oreign Affairs, were greeted by Mayor Mitchel and the



[VoL. 10&.

.
Mr. Choate, who took so prominent arpart in the reception
of the British and French guests in the various gatherings
arranged in their behalf, in greeting the British members
ZrTirrirall-Woke as follows:
of the ComMr. Mayor, Mr. Balfour, Your Excellency, and gentlemen
when I was
mission: During the six happy years that I spent in England
from first to last,
sent abroad for the good of my country, I remember that
like a rock for friendship between
in every emergency that arose, you stood
career,
England and the United States. And in all that long career, public
and of the
with which you have illustrated the history of your country
untiring and
world, it was to you that we were constantly indebted for
war, not
abiding friendship to the United States. When we entered into a
little
for our own benefit, but for tho benefit of emancipating a struggling
indebted to the
nation, the smallest, I believe, of all the nations, we were
no interthat
British Government, over which you had a controlling hand,
efforts.
ference was allowed between us and the objects of our
and the hope of the people of the City of
It has always been the ambition
now,that
Now York, whom I have the honor to represent for a few minutes
disthis friendship between our two countries might be perpetual and never
completion of an entire
turbed. We were just beginning to celebrate the
when
century of absolute peace between England and the United States
war.
this horrible war that is now upon us broke out. We are disused from
modern
We do not exactly know how to carry on war, according to the
with your able
methods, and it is our greatest delight that you have come
into the war,
body of experts that accompany you to show us how to enter
am sure we can
to show us what to do, and especially what not to do. I
rely upon your constant advice for that.
sympathy,
We hesitated, we doubted, we hung back, not from any lack of
the
not from any lack of enthusiasm, not because wo did not know what was
right path; but how to take it, and when to take it was always the question.
I feared at one time that we might enter into it for some selfish purpose, for
tho punishment of aggressions against our individual, national, personal
rights, for the destruction of American ships or of a few American lives,
waited
ample ground for war; but we waited, and it turns now that we
this
wisely, because we were able at last to enter into this great contest,
purpose, such as never
groat contest of the whole world, for noble and lofty
your load, sir,
attracted nations before. We are entering into it under
vindication of
for the purpose of the vindication of human rights, for the
ent of, by and by,
free government throughout tho world, for the establishm
and not a peace
soon, we hope, late it may be, of a peace which shall endure
now no room for
that shall be no peace at all. Fortunately, we have
at Washington,
choice. Under the guidance of the President, of our choice,
we have
we stand pledged now before all the world,to all the allies whom
and
joined to carry into this contest all that we have, all that we hope for,
peace
all that we over aspire unto. We shall be in time to take part in that
outrages as
which shall forever stand and prevent any more such national
Germany.
commenced this war, and have continued it on the side of
in the war, and it has had a marAlready we have been only thirty days
there
velous effect upon our own people. Before that there was apathy,
personal proswas indifference, there was indulgence in personal pursuits, in
man, too, is
perity; but to-day every young man in America, and every old
during your
asking, what can I do best to serve my country? Mr. Balfour,
question?
brief stay among us, you will be able to answer that

Mr. Balfour in responding to the greetings said:
Mr. Mayor, Mr. Choate, gentlemen of the City of New York: On
behalf of my friends and of myself, I beg to tender you our warmest thanks
of
for a reception which none of us, however long our experience may be
public life, have seen the like of, for the reception outside in your noble
streets, and within this historic hall, will always remain imprinted upon
the memory of every one of us.
You, Mr. Mayor, in words that breathed the spirit of a noble and selfsacrificing love of liberty, have told us why it is that you welcome in this
enthusiastic and whole-hearted fashion our mission from the far-off scene of
war. You have told us, and Mr. Choate has admirably_emphasized the

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THE CHRONICLE

sentiments which you uttered; you have told us that the American people
have gone in deliberately, whole-heartedly, enthusiastically, for a cause
which has in it no taint of selfishness, no beginning of self-seeking; that you
have gone in it, as you, Mr. Mayor, pointed out, because all your moral
sympathies are on the side for which the Allies have been struggling for
more than two years and a half; the cause in which they have poured out
treasure and blood, more valuable than any treasure, like water in the
cause. You have told us that America could no longer stand aloof but
must take her part in this world struggle and must bear a share, and it will
be a great share; a great share in that contest for the liberties of mankind
which is now moving every corner of the earth.
You, Mr. Mayor, I remember in your speech told us that although you
active participation in the war, your formal declaration of war, was but
thirty days old, the moral sense of this great city and of the United States
had been from the beginning with the Allied cause. I know that it is so,
and, believe me, even before you came in and before, as Mr. Choate said,
you were prepared to throw everything you possessed into the struggle,
even before that the consciousness that we had behind us the sympathy of
this great nation was no small support to those who were for the moment
bearing the whole burden and heat of the day.
But a happier occasion has come. The United States have thrown all
they possess of manhood, of wealth, and of those high qualities which are
better than wealth and greater—and greater even in the cause of terrestrial
fighting than wealth—they have thrown all those resources into the common
stock; they are going to share our fortunes, share our trials, share our
struggles, and, Mr. Mayor and gentlemen, share our triumphs.
Those who had the good fortune to drive through the streets of the city
up to this hall, I am sure must have been astounded at the whole-hearted
exhibition of enthusiasm which from every street, from every window,
from every house, made itself visible and audible to the spectators. Seldom
have I seen a sight—and my experience, alas, is an old one—seldom, or
never, have I seen a sight so deeply moving; never have I seen a sight which
went more to the heart, and I longed, as I drove along those streets, that
on the other side of the Atlantic, where the stress and strain of battle seems
sometimes hard to sustain, if they could have one glimpse of the sympathies
shown them in this vast and noble community, it would have given, if there
be faint hearts—I have not heard of them on the other side—if faint hearts
there be, they indeed would have regained new strength, new courage, new
enthusiasm, now resolution, and they would have felt, if they over had
ceased to feel it before, they would feel again that firm determination to
carry through at all sacrifices this great struggle to its appointed end,
which, after all, is the very strength and nerve of the Allied forces.
Mr. Mayor and gentlemen, I do not think I can add to advantage anything to what I have already ventured to say. I know my words have at
most but coldly and imperfectly expressed the fervor of my feelings. You
must make up in imagination for any deficiency which the reality may
possess, for I do assure you from my heart that never have I been more
deeply stirred by any occasion or by any cause than by this occasion and
this cause in the City of Now York.

An incident of the ceremonies at the City Hall which
possesses special interest in view of the death of Mr. Choate
this week, was described as follows by Charles H. Grasty in
the "Times" of the 12th:
The Mayor's introduction of Mr. Choate was followed by a beautiful
incident. Mr. Choate stood on a lower level about fifteen feet away. At
the Mayor's mention of"Now York's foremost citizen" Mr. Balfour turned
to Mr. Choate with an affectionate and smiling regard. He hesitated,
took a short step or two, and then went forward with outstretched hand
to the American whom he had known so well and learned to respect and
love when he was Ambassador at the Court of St. James. The incident
was free from the least tinge of the theatric. It was characterized by such
sincerity and good taste that it aroused the kind of feeling that is not spent
by making a show.

The crowning event of the week was the dinner given to the
war missions on Friday night, the 11th, at the WaldorfAstoria, attended by over one thousand men distinguished
in the various activities of the city. Messrs. Balfour,
Viviani, Choate and Mitchel were the speakers of the evening. The Mayor's speech in part follows:
We prize and we rover e the institutions of free government which as a
nation we have established and developed at so great a cost. Those institutions, which we would defend with our lives, to the last ounce of our strength,
to the last dollar of our resources, are at once a blend and product of French
idealism and British common law. These institutions are threatened.
The United States is now at war. These men and the peoples that they
represent are now our allies in that war. It is for us and for them a war of
self-preservation, a war in which autocratic militarism seeks to sweep
from the earth the institutions of self-governing freemen, a war in which all
the pent-up barbarism of a thousand years seems to burst forth, bent upon
obliterating civilization and justice, a war in which the ideals and the institutions of democracy are threatened with annihilation. This is essentially our war. Democracy destroyed in Europe means democracy first
threatened and then destroyed in the United States. At last we see it.
America is now awake and Now York—New York that has never hung back
or faltered in the hour of the nation's peril—clasps hands with these our
guests and allies and says to them: "We're with you in this thing to the
bitter end, lead where it may.
What can we say to them? Their peoples have known privations and the
sufferings of war. We have not. Democracy on this side of the Atlantic,
protected by the British navy, defended by the valiant hosts of France at
the battle of the Marne, secured by the armies of the Allies for two years
and a half, has pursued its prosperous and peaceful course, unshaken by
the terrors and the sufferings that have torn Europe.
That day is past. The hour of our trial is at hand. It was not to be that
American democracy should thrive and live at peace while European democracy fought and suffered to preserve to the world popular self-government.
American democracy now must make its sacrifice in the common cause of
civilization and of justice, and it is well for the soul and spirit of our nation that ,this is so.
Gentlemen of England and of France, our President, speaking for every
loyal citizen of the United States, has pledged to you the resources of the
United States. Money,ships, munitions, food—these things we give you
freely and esteem the giving but a light tax upon our unbounded wealth.
It is not enough. There lacks the spiritual contribution of manhood,service, and blood sacrifice. This, too, must be ours. Our duty will be done,
our debt discharged, our destiny achieved, only when the hosts of American
democracy take their place beside the hosts of England and of France,
resolved to fight and fight and still to fight, until victory rescues the world
from autocracy and barbarism.
The city has invited hero, to join in doing honor to our visitors, a gathering of most distinguished men. The Governor of the State is hero to pay




1969

his tribute of respect. Two ex-Presidents of the United States, Colonel
Roosevelt and Mr. Taft, are here as a mark of special honor to our visitors.
General Wood, senior General of the United States Army; Major-General
Bell, commanding the Department of the East; Rear Admiral Usher, commanding the navy yard, are here representing the army and navy of the
United States.
The city would have rejoiced had it been possible to have each one of these
and others who are here address a special word of welcome and of friendship
to our distinguished guests. The strength of our visitors, however, already overtaxed, and the engagements of the French Commission have constrained us to put a close limit upon the speaking.
For the great citizenship of New York we have asked but one to speak.
the most respected, the most revered, the most loved of New Yorkers, who
in his vigorous Americanism and fighting spirit sets an inspiring example
to the young men of America. I present to you the Hon. Joseph H.
Choate.

Mr. Choate in part said:
Now that we have fairly embarked in this war,following the lead of those
dear Allies of ours, Great Britain, our beloved mother country, and France,
our dear, delightful, bewitching, fascinating, hypnotizing sister, there can
be no such word as fail. We are in for victory, which must be won together.
Why, we have only been to war for thirty days, and see what a change has
come over the young men of America. I feel it myself, being young.
I feel inspired with the soul of our dear old Admiral Farragut. You remember when he was making his toilsome way up the Bay of Mobile,
lashed in the rigging of the Hartford, and the Brooklyn, that was before
him, stopped for a moment as if to throw the whole line out of order, and
the Admiral shouted through his trumpet, "What 's the trouble there?"
The answer came back. "Torpedoes." The Admiral immediately replied.
"Damn the torpedoes; full speed ahead," and he went full speed ahead.
He suffered some from the torpedoes, but he reached the bay.
Now we are impetuous youths, full of the spirit of early manhood. We
want to do something at once; and yesterday, when I ventured to say that
we should call upon our authorities at Washington to hurry up, Mr. Vivian!,
I noticed, answered me by saying that he did not see it. So impetuous
youth must wait. We have to wait a little while for them. Then I could
never see—it was my youthful ardor, because I looked upon it in the boyish
spirit—I could not see why a man who had already served his country so
nobly and so widely that his fame had reached the uttermost corners of the
earth and was identified with the name of America, when he proposed to
offer to his country a division of 20,000 soldiers all prepared to cross and take
their places by the side of their brethren in Franco or even Great Britain,
why he should not have been allowed to go. I think that if he was willing
to take the risk of it we might. But there again a wiser body than any of
us, an immortal body, not possessed so much of soul as of immortality—
there Congress stepped in and held me and Roosevelt back. Se we are
hero to-night to address you; although we have got a great deal to learn, and
happily for us England has sent her wisest and her best, and France has
sent her noblest and her proudest to teach us how.
They will show us the way which we want to follow. They will show us
how to do it and how not to do it, and following their lead we shall come to
that great and last and final victory which will secure us a peace that will
never end.
Why has America entered this war? What had she to gain by it? Far
removed from the scenes of carnage, her youth untouched, her manhood
and her womanhood undisturbed,a few of her vessels sunk,a few lives lost—
ample cause for war, but we waited—we were not ready. We are not very
ready now, but by and by America will learn. America,from the Atlantic
to the Pacific, from the Lakes to the Gulf, America has learned what this
war is about, what it is for—that it is for the establishment of freedom
against slavery, for the vindication of free government against tyranny,
and oppression and autocracy and all the other horrible names that you can
apply to misgovernment. When it came to that there was but one question
for America, and our President at Washington has solved it for us. Nobody can tell how far he saw ahead any more than we at this moment can
tell how far we can see ahead.
Buy who solved it for us? By calling upon Congress to declare war?
They have declared war upon the Imperial Government of Germany and
Congress has placed in our hands all the power, all the privileges that President Abraham Lincoln in the midst of our Civil War ever possessed. So
*that is one way out of it. We are to go on to victory, and that victory, I
believe, will be hastened, not only twofold, but tenfold, by the fact of our
entering into the contest.
That I hope that we can do for these war-worn allies of ours. How they
have suffered. How they have toiled. What horrible sacrifices they have
submitted to. Their own homes have been decimated, their firesides made
unhappy, their youths slaughtered, and they themselves are suffering extreme agony, as I believe they, with their other noble allies, while have gone
on indulging in luxuries, increasing our wealth, thinking that no harm conk*
ever come to us; that no guns could over be forged big enough to reach ç.
homes. And we began to hang our heads in shame, until the Presidt
gave the final order that we must go and help them with all the might Ao'e
can. For the first time, after two years and a half, I was able to hold up
my head as high as the weight or eighty-five years would allow.
And I believe that is true of every man here. I believe it is true of
the husbands and brothers and sons of every woman here. Now, we have
got a great opportunity. No country ever had so great an opportunity as
we have got. No man was ever prouder than I am, as a citizen of this
country, that an opportunity has at last been seized.upon and we are there
side by side with Balfour and Viviani and Joffre and all those great men,
those great and distinguished men, whom we have here seeking to honor.

Mr. Balfour in his seech said:
Mr. Mayor, ladies and gentlemen: The two inspiring speeches which we
have listened to this evening were addressed by the speakers in the main to
their own countrymen. They appealed to all the patriotic feelings and all
the manhood of America to join the great cause in which the Allies are
engaged.
Certainly it was the right of these gentlemen to make that appeal. It is
not my right. I have not come here as my old and true friend, Mr.Choate,
seems to suppose—I have not come here authorized by my Government to
sot myself up or to set my friends up as instructors of the great American
people. They know and you know how to manage your affairs, and do not
require us to teach you. It may be,it probably is, the fact, that a study
of the purpose, a very minute study of the history of this war will show those
who run and desire to read that there are certain mistakes which a great
democracy, imperfectly prepared for war, may easily make. We shall be
happy to describe these mistakes to you, if happily it will be your desire to
learn the lesson from them. But I do not propose either now or at any
other occasion to set myself up as an adviser or monitor on these great
themes. It is enough that I proclaim my unalterable conviction that we
have reached a moment in the world's history on which the future, not of this
country, but of every country, not of its interests, but of every interest—
that the very heart of civilization is trembling in the balance. At that

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critical moment it is my bounden duty to whatever nation or people, to
raise up my voice and to appeal to all who will listen to me to-day in the
great task which we have been bearing for two and a half years, and which
you have cheerfully and generously determined to take the weight of
upon your own shoulders.
The Mayor of New York told us in his speech that since the Civil War
no such date has occurred in New York and no such occasion has been seen
in New York as yesterday and to-day. What is that? Why is it that the
people of this great city have come forth Instinctively, I was going to say
by thousands; I feel inclined to say by millions—to show their enthusiasm
for the cause you have taken up? It is because they instinctively feel
what is the vital issue at stake, because they instinctively feel that it is
neither desirable, nor, were it desirable, possible, for this great Republic
to hold itself aloof from a world in suffering and not do its part to redeem
mankind.
Surely it is a significant fact that here we are, the representatives of three
great democracies, my friends, M. Viviani and Marshal Joffre, meet with
us who come from Great Britain, and, in the very centre and heart of New
York, plead a common cause. What has brought us all together? What
is the meaning of this unique gathering? What is the meaning of the multitude crowding your streets to-day and yesterday? It is a shallow view to
suppose that each of these great nations has had a separate and different
cause of controversy with the enemy—that Russia was dragged in because
of Serbia; that France was dragged in because of Russia; that Great Britain was dragged in because of the violation of Belgian territory, and that
the United States has been dragged in because of the piratical warfare of
the German submarines.
All those causes are, each of them, and separately, no doubt, a sufficient
reason, but for a moment to consider this war carried on by the Allies is
that of separate interest, separate causes of controversy, is an utterly inadequate and false view of the situation. These are but symptoms of the
absolute necessity in which a civilized world finds itself, to deal with an
Imminent and overmastering peril. What is that peril? What is that
peril? Who has brought us here together? What is it we are afraid of?
I won't say afraid. What is it we feel that we have got to stop? I will
tell you my view of it. It is the calculated and remorseless use of every
civilized weapon to carry out the ends of pure barbarism. To us of AngloSaxon, of people of English speech, it seems Impossible, incredible, that a
nation should clearly set itself to work and co-ordinate every means of
science, every means that knowledge, that industry can provide, not for
the bettering of its own people, but for the demolition of other people.
The world is too full—the history of the world is too full of the adventures
of unscrupulous ambition. We know all through history of men who have
endeavored, at the cost of others, to expand their own State. We have
seen within the last century, or a little more, we have seen men of genius
trying to coerce the world. But this is not a case of a new Napoleon
arising to carry out a new adventure. This is not a case of adventure, of
genius, seeking to satisfy his ambition within the limits of his own country.
This is something far different and far more dangerous for mankind. It
Is the settled determination to use every means, and to use every means in
co-operation, to put the whole world at her feet. We all know it is a
commonplace that science has enormously expanded the means by which
men can kill each other. Modern destruction is carried out as much in
the laboratory of your universities as it is on the field of battle, but we have
always believed, we have always hoped, that this increased power of
destruction would be limited and controlled by the growing forces of
humanity and civilization. We have been taught, not by Germany, but
by Chose who rule Germany, by the military caste which controls Germany
—we have been taught a different lesson and we now know not merely
that every scientific weapon will be put in force to make war more horrible
than it was in barbarous times, but that even the rights of civilization, of
trade, of commerce, even the intercommunication between different peoples
will be used for the same sinister object. And at this moment a defect in
any country of the world which it is not the desire and the object of German
diplomacy to aggravate, which German money is not used to increase,
which does not carry with it not the blessings of wealth, of commcerce, and
of intercourse—human intercourse—but, on the contrary, these means of
domination must quit, the peaceful dominations which are the most
dangerous and sinister allies of shells or guns and of all the modern aparatus
of war.
Ladies and gentlemen, that is the danger we have to meet, and if at this
moment the world is bathed in blood and tears from the highlands of distant
Armenia down to the very fields of France, almost within sight of the
Straits of Dover—if we have seen a destruction of life, a reckless destruction
Of life, not merely of the life of soldiers but the life of civilizns; if we have
seen peaceful communities dragged through the mire, ruined, outraged; if
horror has been heaped upon horror, until really we almost get callous in
reading our newspapers in the morning; when we see some of these atrocities, really and truly attributed to those with whom we are fighting—if all
these things are true, shall we not rise up and resist them?
. Shall we who know what freedom is become the humble and obsequious
servants of those who only know what power is? That will never be tolerated. The free nations of the earth are not thus to be crushed out of existence, and if any proof is required that that consummation cannot be
reached, in the civilization of the world, that that consummation is impossible, it Is a gathering like this where the three great democracies of the west
are joined together, and are meeting together, I may say, under circumstances unique in the whole history of the world.
And that fact should also give strength and consolation to those who,
feeling the magnitude of the issue at stake, are inclined to doubt how the
contest will end. But we will fall unless all here who love liberty, and who
are prepared to labor together, to fight together, to make our scariness
in common—unless that happens we may be destroyed piecemeal and the
civilization of the world may receive a wound from which it will not easily
recover.
Mr. Mayor, ladies and gentlemen, permit me to thank you—permit me
to thank you, Mr. Mayor, for the kind words you have used to myself, and
to thank you also, and through you the great City of New York,for the reception which you have given to those who, though they have comefrom
afar, do not feel that they have come to a strange country, but rather that
they have come among brothers and friends.

In presenting M. Viviani, Mayor Mitchel said:

[VoL. 104.

We in this country, in our gratitude tolFrance, are indebted to these two
men, to Vivian', the statesman, the orator, no less than to Joffre, the soldier. The world is fortunate, indeed, that Vivian' could be counted upon
by Joffre and Joffre could be counted upon by Vivian'. I present to you
M. Vivian'.

In part, Mr. Viviani said:
The kultur of Germany is all very well so long as its interests are not
crossed, but when they are, it is like a wild beast. Germany did not know
the spirit of England, of France, or of Russia. They said that England
would not fight, that Englishmen would remain at home while the continent
of Europe was overrun, but they did not know the history of that country.
You in America cannot realize, cannot imagine, the suffering and horror
of what war has meant to France and her people. But you will arouse yourselves to the battle for liberty, justice, democracy and humanity.
When the war is over, and peace reigns in the world—and Germany is
vanquished—history will say that the free peoples of the earth joined their
powers and resources to make the world safe for justice, for good faith between nation and nation,and for humanity.
In the name of France and may companions,I thank you all and the entire
population of New York for the great ovation and welcome you have extended us. The soul of America is so great and noble that it is fitting that
America should arise to fight for the cause of freedom and justice. It is
the greatest honor of my life to have been here and see and realize the spirit
of this sister republic. You may depend upon Joffre and myself to do all
we can to aid you and inform you in all the details of the great task ahead
of you. I see before me now the might and strength of Germany and realize
that it must—that it will—be overthrown.

At the gathering Mayor Mitchel presented to Messrs.
Balfour and Viviani gold replicas of the medals gotten up by
the city to commemorate the visit of both missions.
Marshal Joffre and M.Viviani were both guests of Canada
during the past week, the latter in the official welcome given
him at Ottawa on the 12th having been extended the unprecedented honor of addressing Parliament. Marshal Joffre,
on the 13th inst., visited Montreal,where he was enthusiastically received. They were likewise accorded a welcome in
Boston during the week.
Announcement that a gift of $200,000, to be invested for
the benefit of needy women of England and Scotland widowed
as a result of the war, had been presented to Mr. Balfour by
a nameless donor, was made by Thomas W. Lamont, of the
firm of J.P.Morgan & Co. on the 15th inst. The cheek was
received by the firm with the request that the giver's name
be withheld from publicity, but that the fund be used as a
memorial to the late Mr. and Mrs. D. Willis James of this
city.
M. Viviani was the guest of honor at a luncheon at the
Biltmore on the 11th, tendered by the lawyers of New York.
We quote a part of what he had to say herewith:
All the orators who have pre&ded me upon this platform have accorded
me too much praise to permit me, with modesty, to surpass the height of his
eulogy. You have shown the French isolated at the beginning of the war,
sleeping in muddy and bloody trenches, fighting night and day, constantly,
not only for themselves, but for humanity. You have considered the
French army as the vanguard of all the armies of free men. Yes, indeed,
that is true. For the last three years we have been fighting for liberty;
we are flinging to the breeze under the fire of cannon the banner of universal
democracy. May free men now rise and come to our side! For the honor
of humanity let us not be alone in this fight.
Come to us, American brothers, whose hearts have been attached to ours
since Lafayette, with his French soldiers, landed upon your soil and loaned
the aid of his arms to American independence. It is not for Franco; It is
not for you; it is not for England; it is not for Russia. No; it is not for the
nations; it is for the whole world; it is for all humanity.
And Mr. Hughes has just said that he could not imagine a country where
international law would no longer exist. In fact, it would be a country
similar to a forest in which there would be neither laws nor judges, and
where he who entered might at any step be assassinated. And I say to you,
what good will your and my pacifist studies be, what good will it be to open
the files of our clients, what good will it be to invent codes for the determination of individual conflicts? What good will it be to plead individual causes
before judges if the great cause of humanity Is not gained by our arms,
by our soldiers?
Then let us close our brief cases. Turn from the study of the law so long
as human right has not obtained the satisfaction to which it is entitled.
And since in the history of the world no progress can be initiated unless it is
born in pain, since human and eternal right can only stand after immense
hecatombs have been slain around it, let us send our pious homage to those
who have fallen for the holy cause and create In ourselves a heart of iron, a
heart inaccessible to fear and sorrow; lot us continue our road to the end, to
the end of the war, to the victory of justice and democracy.

Charles E. Hughes, George W. Wickersham and William
D. Guthrie were the other speakers.
CHAMBER OF COMMERCE RECEPTION TO MR. BALFOUR AND LORD CUNLIFFE.
Arthur J. Balfour, British Minister for Foreign Affairs
and Chairman of the British War Commission, and Lord
Cunliffe, of Headley, Governor of the Bank of England,and
the other members of the Commission, were the guests of
the New York Chamber of Commerce at a luncheon on Saturday last. Both Mr.Balfour and Lord Cunliffe were speakers
at the gathering. Lord Cunliffe's remarks in part follow:

At the ourbreak of the war Rene Vivian', Vice-President of the Council
of Ministers, and now Minister of Justice, was the Prime Minister of France.
His handling of the situation forced upon France by the German Ambassador under instructions from Berlin was one of the most brilliant chapters in
the modern history of France. America knows and has admired his splendid
accounting to the people of France in the Chamber of Deputies for his
stewardship. The value of his mission to this country is not to be measured
by any ordinary standard. Its measure is the appeal he makes to all that
Perhaps we might take the ways and moans, as we will call it, of finance
is best and finest in our national conscience.' Joffre, the victor of thelMarne,
proper—that is, the collecting of the money,tthe
and the savior of civilization, held the battle line. Ilene Vivian', the peer- in throe classes. Finance
and the dealing with the money that
less orator, by his eloquence, which has so greatly stirred New York, in- Issuing of prospectuses for the loans,
aided by the good
spired all France to heroic effort and brought a united people to the support comes in. That perhaps has been my particular part,
Old Lady of Threadneedle Street that the Chairman has so nicely alluded
of the armies in the field.




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THE CHRONICLE

to, together with all the officers there. Of course, personally, I am not able
to do very much of it. That perhaps is the first thing. That particular
part was rendered extremely difficult by the foreign exchanges and the care
we had to devote to them. There again those cares, I hope, have been
practically taken from our shoulders by your great nation. I say practically, but not entirely—at least that is my view of the matter. Certain
people, great financiers, I believe, before I left London, thought that the
small committee called the London Exchange Committee, of which I have
the honor to be Chairman, might now be dissolved; that there would be no
further need for their services. I did not agree with that view, thinking,
and I still believe, that there will be ample scope for what talent they may
possess.
In my opinion London should not now depend entirely on the United
States. They should continue, as far as they are able and to the end of
their bent, to ship you gold, to sell you securities, and try by every means in
their power to pay fairly and squarely the debts that they have incurred in
this country. That will at any rate be my endeavor, and I think that for
our own sakes it is most important that we should strive as far as possible to
keep money here cheap,in order that we may borrow it from you. I did not
intend to smile, I was quite serious. Cheap money means good trade, if it
Is not too cheap, and although I do not believe, in a great war like this, in
the saying, talking literally of business as usual, I do not think that as far
as you are able and it is possible, you should strive to carry on the great
trade of this country, again not only for your own sakes but for ours. I will
be very sorry, as far as our financial problems ate concerned, if we do anything to reduce or curtail the trad eof this great nation.
I was greatly honored by my Government in being allowed to come out
here. It has been the dream of many months that I should come to the
States and see the people of whom I had heard so much. I was sent here,
as you all know by this time, not for my power of making addresses and
speeches, but because it was considered that perhaps I knew as much of
the inner workings of our financial efforts in London as any one else, and
might be as able to answer questions and explain what we had been doing
as any of my neighbors.
I arrived in Washington just before the taking in by the Federal Reserve
Bank of this vast $200,000,000 a fortnight ago. They were good enough
to go through with me the means they had taken, not only to withdraw
that money from the market—but to replace it on the market without
delay. Gentlemen, the arrangements were so complete that I had not a
word or a hint of a suggestion to give. It proves how extraordinarily
complete those arrangements were that the money rate here in New York
In the morning was 2%, in the middle of the day it rose to 4%,and in the
evening it went back to 2% %. What more splendid financial transaction
could be accomplished?
I have just returned from a visit to the Middle West, where I have interviewed and talked matters over with prominent bankers and other men,and
on every hand I found them only too anxious to do everything in their
power to facilitate the enormous loans which you are asking for, and of
which I hope you will give us a part. Everywhere they are getting up
committees, arranging for extra clerks, taking additional floor space, and
doing everything that after my experience I could possibly have suggested.
Indeed, from that point of view, my visit to the Middle West has been
an absolute failure. I have been of no use to anybody, and I am afraid I
shall have to say the same when I leave New York. You all seem to be
thoroughly alive and prepared without any suggestions from me. I hope
my Government when I get home will not ask me any pertinent questions
such as: "Have you been of any good to anybody?"
Gentlemen, we turn to the second part of the war. We divide the war
into three portions. That is, the fighting element, or, as we put it, the
glorious spending element. It is glorious spending. We have got to find
the money for it. They have to bear the kicks, the blows, the wounds,and
perhaps even death. We don't grudge them the money. We have to
put up with smaller incomes, with much more work, and with much labor.
But that is nothing. The army and the navy must be first. They must
be the ones first to be considered. They must also be the popular ones.
After all, what matters? We must live our lives, we must carry out what
we are here for, and the best we can do, and we must not grumble. The
third part, I am thankful to say, I have nothing whatever to do with.
Questions have been put to me since I landed here on the subject, namely,
what taxes should be levied? How the taxes should be levied? I am
thankful to say that I have nothing to do with that, for the Government
of the Bank of England is not even consulted in such matters.
Now, I am afraid I have delayed you a long time, but I would make
this remark, gentlemen: Do not fall into the error which we did .at home
of underrating our foe. I am afraid we did so at the beginning. Financially, I am certain that we did. Our foe was well prepared. They had
all their economics well cut out, planned, and everything ready, meat
tickets and bread tickets. If we had only taken the thing boldly up during
the first few months of the war we should be in a vastly better position
to-day. Of course, the same thing does not apply to you here in America,
because you support yourselves and more than support yourselves with
foodstuffs and the other necessaries of life. We have to buy it all from
you and from other countries.
Therefore, it is very much more important for us to economize than for
you. Still, I would venture to remind you that nobody knows how long
this war is to continue, and that if you are to put up the notice "business as
usual," I would suggest that extravagances should be not as usual. If as
any lucky chance the economies are not needed and the war should come to
an end very soon, how easy it will be to slip back into the old ways and
the old luxuries.

Mr. Balfour, in the course of his remarks, (we quote
from the "Times") said:
You have referred, Mr. President, in most eloquent terms, to the services
which at this moment the British fleet were conferring not merely upon those
who have been our allies since the war began, but upon you who spoke to-day
for the most recent but the greatest ally of all.
I think I may say that on the whole in looking back through many generations in which the British fleet has carried out a glorious tradition, I may sayi
that on the whole its power has been exercised in the cause of humanity, in
the cause of freedom. Who will venture to justify everything, every act,
In the long history of an ancient nation? Certainly not I. I speak merely
of the broad outline of our naval history, and I say that if you look through
that history you will find on the whole, and unmistakably, that the British
sailor has not merely been using his discipline power in the cause of freedom
and for the protection of small nations, but that he has used that power with
humanity.
Does anybody think that if the sea power were transferred from British
to German hands that the historian of the future could say the same of the
German fleet? By their fruits we know them. Deliberately brought into
existence in the hope that it would break down that naval power which the
German autocracy—not the German people, but the German autocracy—
recognizes as one of the greatest bulwarks of freedom, and one of the most
powerful defenses against world domination, knowing that instinctively,
they have been feverishly building for eighteen or twenty years in order that,




1971

if it might be so, they could destroy the country with which they had no
quarrel, and no cause of quarrel, but which they regarded with an instinctive and unalterable jealousy. They have been disappointed. Their
fleet remains safely in the harbor. What puts out to sea is not the battleship or the battle cruiser; there is no successor of the great fleets of ancient
times; but the submarine which, in their hands, finds it natural prey in the
destruction of defenseless merchantmen and the butchery of defenseless
women and children. I will do the German fleet the justice to say that I do
not believe that this was its ideal when this war started, or when its ships
were under construction. What I do say is that the use which the German
governing classes are now making of this new weapon, while it will never
decide the issue of this wax, nevertheless indicates a menace to the future
commerce of the world which must be absolutely stopped for the future.
Under the old maritime laws, which the United States and Great Britain in
particular have always recognized, fleets undoubtedly did interfere with the
commerce of any enemy belligerents, and it is very difficult to see how that
'could or ought to be avoided until that happy time comes when war is neither
on land nor sea permitted to interfere with private rights, or indeed permitted to go on at all.
Mr. President, I have already detained you too long, but there was one
word which fell from you toward the end of your speech upon post-war
problems and you indicated your view—a view which I personally entirely
share—that when this tremendous conflict has drawn to its appointed close,
and when, as I believe, victory shall have crowned our joint efforts, there
will arise not merely between nations but within nations a series of problems
which will tax all our statesmanship to deal with. I look forward to that
time, not, indeed, wholly without anxiety, but in the main with hope and
with confidence; and one of the reasons for that hope and one of the
foundations of that confidence is to be found in the fact that your nation
and my nation will have so much to do with the settlement of the questions.
I do not think anybody will accuse me of being insensible to the genius and
to the accomplishments of other nations. I am one of those who believe
that only in the multitude of different forms of culture can the completed
movement of progress have all the variety in unity of which it is capable;
and, while I admire other cultures, and while I recognize how absolutely
all-important they are to the future of mankind, I do think that among the
English speaking peoples is especially and peculiarly to be found a certain
political moderation in all classes which gives one the surest hope of dealing
in a reasonable progressive spirit with social and political difficulties.
And without that reasonable moderation interchanges are violent, and as
they are violent reactions are violent also, and the smooth advance of
humanity is seriously interfered with. I believe that on this side of the
Atlantic, and I hope on the other side of the Atlantic, if and when these
great problems have actively to be dealt with, it will not be beyond the
reach of your statesmanship, or of our own, to deal with them in such a
manner that we cannot merely look back upon this great war as the beginning of a time of improved international relations, of settled peace, of
deliberate refusal to pour out oceans of blood to satisfy some notion of
domination; but that in addition to those blessings the war and what
happens after the war may prove to be the beginning of a revivified civilization, which will be felt in all departments of human activity, which will not
merely touch the material but also the spiritual side of mankind, and which
will make the second decade of the twentieth century memorable in the
history of mankind.

GERMAN CHANCELLOR'S REFUSAL TO ENTER INTO
PEACE DISCUSSIONS—ATTITUDE TOWARD RUSSIA.
In one of the most vigorous speeches he has yet made
before the Reichstag Dr. von Bethmann-Hollweg, the Imperial German Chancellor, on the 15th inst. refused to enter
into a discussion of Germany's peace aims as demanded by
the Conservatives and Socialists. The Chancellor asserted
that these called for the Government's specific peace program, the- announcement of which would at the present time
not only be premature, but which it would be difficult to
formulate, and also of no practical service to the nation in the
present situation. While appreciating the passionate desire
of all classes to know the Government's views, the Chancellor plainly declared that he would not permit himself to
be swayed by pressure from any source and that he was not
under the spell of any party or clique. The best interests
of the nation, he believed, demanded that the reticence he
had imposed on himself in the face of continuous clamor
since December 1915 should be observed by him until the
moment was ripe.
One of the striking features of the Chancellor's speech
was his reference to Russia, regarding which he said:
If, however, Russia wants to prevent further bloodshed and renounces all
violent plans of conquest for herself, if she wishes to restore durable relations of peaceful life side by side with us, then surely it is a matter of course
that we, as we share this wish, will not disturb the permanent relationship
in the future and will not render its development impossible by demands
which indeed do not accord with the freedom of nations and would deposit
in the Russian nation the germ of enmity.

The speech,as reported in the Associated Press dispatches,
follows:
These interpellations demand from me a definite statement on the question of our war aims. To make such a statement at the present moment
would not serve the country's interests. I must therefore decline to
make it.
Since the winter of 1914-15 I have been pressed now from one side, now
from the other, publicly to state our war aims, if possible with details.
Every day they were demanded from me. To force me to speak an attempt
was made to construe my silence regarding the program of the war aims of
individual parties as agreement. Against that I must resolutely protest.
On giving liberty for the free discussion of war aims I had it expressly declared that the Government could not and would not participate in the
conflict of views. I also protested against any positive conclusions whatever regarding the Government's attitude being drawn from the Government's silence.
I now repeat this protest in the most conclusive form. What I was ever
able to say about our war aims Isay here in the Reichstag publicly. They
were general principles—they could not be more—but they were clear
enough to exclude identification such as was attempted with other programs. These fundamental lines have been adhered to up to to-day.

1972

THE CIIRONICLE

They found further solemn expression in the peace offer made conjointly
with our allies on Dec. 12 1916.
The supposition which has recently arisen that some differences of
opinion existed on the peace question between us and our allies belongs to
the realm of fable. I expressly affirm this now with certainty. I am at
the same time also expressing the conviction that the loading statesmen
of tho Powers which are our allies are with us.
I thoroughly and fully understand the passionate interest of the people in
the war aims and peace conditions. I understand the call for clearness
which to-day is addressed to me from the Right and the Left. But in the
discussion of our war aims the only guiding line for me is the early and satisfactory conclusion of the war. Beyond that I cannot do or say anything.
If the general situation forces me to reserve, as is the case now. I shall
keep this reserve, and no pressure either from Herr Scheidemann or Herr
Roesicke will force me from my path. I shall not allow myself to be led
astray by utterances with which Scheidemann, at a time when drumfiro
sounds on the Aisne and at Arras, believed he could spread among the
people the possibility of a revolution. The German people will be with
me in condemning such utterances, and also Roesicke's attempt to represent me as being under the influence of the Social Democrats.
I am reproached for being in the hands of one party, but I am not in the
hands of any party, either the Right or the Left. I am glad I can state that
definitely. If I am in the hands of any one. I am in the hands of my
people, whom alone I have to servo, and all of whose sons, fighting for the
existence of the nation, are firmly ranged round the Kaiser, whom they
trust and who trusts them. The Kaiser's word of August lives unaltered.
Roesicke, who sets himself forward as a particular protector of this word,
has received in the Kaiser's Easter message the assurance of the unaltered
existence of the Kaiser's word.
I trust that the reserve which I must exerdso—it would bo unscrupulous
on my part did I not exercise it—will find support from the majority of the
Reichstag and also among the people. For'a month past unparalleled
battles have been waging on the west front. The entire people, with all its
thoughts and sorrows and feelings, is with itslsons up there, who with
unexampled tenacity and defiance of death, resist the daily,renewed
attacks of the English and French.
Even to-day I see no readiness for peace on the part of England or France,
nothing of the abandonment of their excessive aims of conquest and economic destruction. Where, then, were the Governments1who last winter
openly stood up before the world in order to terminate this insane"slaughter
of peoples? Were they in London or in Paris? The most recent utterances
which I have heard from London declare that the .war aims which were
announced two years ago remain unaltered.
Even Herr Scheidemann will not believe that I could meet this declaration with a beau geste. Does any one believe, in view of the state of mind
of our Western enemies, that they could be induced to conclude peace by a
program of renunciation?
It comes to this. Shall I immediately give our Western enemies an
assurance which will enable them to prolong the war indefinitely without
danger of losses to themselves? Shall I tell these enemies: "Como what
may, we shall under all circumstances be people who renounce; we shall
not touch a hair of your head. But you want our lives—you can, without
any risks, continuo to try your luck?"
Shall I nail down the German Empire in all directions by a one-sided
formula which only comprises one part of the total peace conditions and
which renounces successes won by the blood of our sons and brothers and
leaves all other matters in suspense?
No;I will not pursue such a policy. That would be the basest ingratitude
toward the heroic deeds of our people at the front and at home. It would
permanently press down our people, to the smallest worker, in their entire
conditions of life. It would be equivalent to surrendering the future of the
Fatherland.
Or ought I, conversely, to set forth a program of conquest. I decline to
do that. [Cries from the Right: "We are not demanding that.") If it has
not been demanded, then we are of one opinion. I also decline to set forth
a program of conquest. We did not go forth to war, and we stand in battle
now against almost the whole world, not in order to make conquests, but
exclusively to secure our existence and to establish firmly the future of the
nation. A program of conquest helps as little as a program of reconciliation
to win victory and the war.
On the contrary, I should thereby merely play the game of hostile rulers
and make it easier for them further to delude their war-weary peoples into
prolonging the war immeasurably. That, too, would be base ingratitude
toward our warriors near Arras and the Aisne.
As regards our Eastern neighbor, Russia, I have already recently spoken.
It appears as if new Russia had declined for herself these violent plans of
conquest. Whether Russia will or can act in the same sense on her allies
I am unable to estimate. Doubtless England, with the assistance of her
allies, is employing all her efforts to keep Russia harnessed to England's
war chariot and to traverse Russian wishes for the speedy restoration of the
world's peace.
If, however, Russia wants to prevent further bloodshed and renounces
all violent plans of conquest for herself, if she wishes to restore durable
relations of peaceful life side by side with us, then, surely, it is a matter
of course that we, as we share this wish, will not disturb the permanent
relationship in the future and will not render its development impossible
by demands which, indeed, do not accord with the freedom of nations and
would deposit in the Russian nation the germ of enmity.
I doubt not that an agreement aiming exclusively at a mutual understanding could be attained which excludes every thought of oppression and
which would leave behind no sting and no discord.
Our military position has never been so good since the beginning of the
war. The enemy in the West, despite his terrible losses, cannot break
through. Our U-boats are operating with increasing success. I won't
ue any fine words about thom—the deeds of our U-boats men speak for
themselves. I think even the neutrals will recognize that.
So far as compatible with our duty toward our own people, who come
first, we take into account the interests of the neutral States. The concessions which we have made to them are not empty promises. That is the
case in regard to our frontier neighbors, Holland and Scandinavia, as well
as those States, which, on account of their geogrpahical position, are
especially greatly exposed to enemy pressure. I am thinking in this
connection especially of Spain, which, loyal to her noble traditions, is
endeavoring under groat difficulties to preserve her independent policy
of neutrality. We thankfully recognize this attitude and have only one
wish—that the Spanish people reap the reward of their strong, independent
policy by further developing their power.
Thus, time is on our side. With full confidence we can trust that we
are approaching a satisfactory end. Then the time will come when we
can negotiate with our enemies about our war alms, regarding which I
am in full harmony with the supreme army command. Then we will
attain a peace which will bring us liberty to rebuild what the war has
destroyed in the unhampered development of our strength, so that from
all the blood and all the sacrifices, an empire, a people will rise again




[VOL. 104

strong, independent and unthreatened by its enemies, a bulwark of peace
and labor.

Following the Chancellor, according to the Associated
Press, Dr. Peter Spahn, leader of the Catholic Centre Party,
speaking in the name of the Centrists, the National Liberals,
the Progressive People's Party, and the majority of the
German fraction, said:
We are unanimously agreed that at present a thorough discussion in the
Reichstag of our war aims, rightly understood, would not serve the interests
of the Fatherland. The German people's desire for peace is directed toward a settlement which will guarantee the existence of the German Empire.
her political, economic and world power and freedom of development, and
which would prevent forever our exclusion from the world markets which
Great Britain desires. The German people also has confidence in a peace
which will approach the aims the Chancellor definitely laid down in former
speeches.
We are at one with him to-day in refusing in the present circumstances
to disclose to our enemies the details of our war aims. It is enough that the
Government declares that it pursues neither boundless plans of conquest
nor binds itself to thoughts of peace without annexations and without indemnities. If the enemy is combatting Prussian militarism and the Hohenzollerns in the illustrious person of the Empo-or, it will only result in bringing his Majesty closer to the hearts of the Gorman people.
We resolutely oppose all enemy interference in our domestic affairs. We
do not want to interfere in the domestic affairs of Russia. We are attentively following the struggle of that mighty people toward political and intellectual freedom. We should rejoice if the Government wore ready at
any time to conclude peace with Russia and establish permanent good and
neighborly relations.
The Gorman people maintains its determination to uphold the imperial
idea of protection of our political, religious and economic treasures. The
spirit of the Easter message insures continued development of our national
life. The people look with complete confidence to its Emperor. We are
sure that our people will endorse the reserve which the Chancellor enjoins
and our watchword must be "Close the ranks!"

Philip Scheidemann, in introducing the Social Democratic
interpellation, gave expression to some very radical ideas.
as follows:
The party's decision does not demand immediate peace, but action by
the Socialists of all countries. My Breslau utterance was to the effect that
the Chancellor had stated he had nothing to do with the memorial which
had incited our enemies to agree with Herr Roesicke, that we must emerge
from all obscurity, and that the Chancellor must say what he wanted.
We adhere to the same point of view as contained in the demand of Aug.4
—the territorial integrity of Germany and her economic independence and
development; but to-day we still refuse to oppress foreign peoples. On
both sides the nations are being put off with the promise of an imminent
final decision. It is our task to expose this playing with the life of peoples,
and we cry to all governments, "It is enough!"
We are convinced that the Central Powers will stand fast in repelling intentions of annihilation, but also that the wishes of the French, English, and
German annexationists shall not be realized. Thus think the Socialists.
and millions are with us.
The supporters of conquest shout for increase of power, increase of territory, money, and raw material. That can only be wanted by a nationally
organized gang of robbers. The drawing of the Kaiser into this agitation
has as a result that abroad the Kaiser is made responsible for Pan-German
madness and the outbreak of war,and that he is continually being insulted.
Peace by agreement would be good fortune for Europe. Ninety-nine per
cent of all the peoples look with hope and longing to Stockholm. If France
and Great Britain renounce annexation and Germany insists thereon, we
shall have a revolution in the country.
There were prolonged shouts of indignation at this and cries of "Shame!
Stand down!" The president called Herr Scheidemann to order, but
Schiedemann continued:
It has not gone so far as that yet; the enemy does not renounce annexation. A peace Just to all parties should be concluded. I am firmly convinced that no peace can be concluded without an alteration of frontiers,
and that must be arranged by mutual understanding. I am bitterly opposed to the slaughter of another million men simply because certain Germans desire peace that would follow conquests. Long live peace! Long
live Europe!

The Independent Socialist, Georg Ledebour, according to
the news accounts, was even more outspoken than Herr
Scheidemann, and spoke of introducing a republic in Germany. He is quoted as saying:
The Chancellor doubtless desires annexations both in the East and West.
With the exception of extravagant visionaries, nobody believes that Germany can win a war of subjugation. The Russian Socialists have made an
offer which opens up the possibility of peace. This is what the Chancellor
forgets. It is true that a separate peace with Russia cannot be achieved.
but the Russian Government can convert the Entente, and in this direction
we ought to assist it.
Herr Scheidemann must take up the cudgels against the Government if
he does not want strong words, which do not shrink even from the announcement of a revolution, to be followed by deeds. We are convinced that
events must happen in Germany as they have happened in Russia. That
is what those in power are working for. We must soon introduce a republic
in Germany. and we shall propose that the Constitution Committee take
preparatory steps in that direction.

EXCHANGES FIX MAXIMUM PRICES FOR WHEAT
FUTURES.
As a climax to the drastic action taken by the directors of
the Chicago Board of Trade,followed by the grain exchanges
in other cities of the country, in curbing speculation in July
and September wheat, and probibiting dealings in May oats
and May corn, representatives of the milling interests and
the grain exchanges of St. Louis, Toledo, New York, Winnipeg, Minneapolis, Kansas City and Omaha met in Chicago
on the 15th inst. and took action which, it was said, would
remove the element of speculation from the grain markets
and very likely forstall any action by the Federal Government.

MAY 19 1917.]

THE CHRONICLE

1973

A maximum price was fixed for wheat May futures at or
under which sales may be made, but no buying will be permitted except to close out accounts. No trading in May
options of wheat, corn or oats is allowed, except to close
deals. The same rule will be extended to July and September oats and corn if necessity arises.
The statement of the proceedings that was issued, is as
follows:

Representatives of the leading grain exchanges of the country met in Chicago on the 15th inst. to discuss the situation
with the local officials.
That there is plenty of grain in the country and that the
present high prices were due to a wild frenzy, a hysteria,
that has seized America and the Allied Governments, is the
statement of President Griffin of the Chicago Board of Trade.
His statement in part said:

It is the consensus of opinion of the representatives of the various boards
of trade and chambers of commerce assembled that the unusually high
prices are due:
1. To the abnormal production of grain and foodstuffs generally the
world over during the preceding year, and the very unfavorable outlook for
the growing crops as forecast by our Agricultural Department.
2. To the breakdown in the system of distribution because of the inability
of railroad companies to render normal or efficient service, the relation of
supply to demand being so close that extremely good facilities should have
been available, when, in fact, the railroads never in their history rendered
a service so low in efficiency.
3. With over half the world at war, the demands from all importing
countries are abnormally high. This, intensified by our own industrial
activity, naturally has increased the demand for foodstuffs.
4. To the very commendable efforts of the officials at Washington to
stimulate production, which have been misinterpreted, not only by our own
people, but by foreign governments, as meaning that we were in a condition
bordering on famine; natural conditions admitted of high prices, but the
hysteria is absolutely responsible for the inflated values now prevailing.
While these extraordinary conditions have temporarily disarranged our
grain markets, it is the unanimous opinion that the system of handling
grain in the usual course through boards of trade and chambers of commerce is the most economical of handling the business, and while speculation has been more or less prevalent it has little to do with present conditions. It must be remembered that these great market-places are the
development of thousands of years of experience and are the only known
means of distributing farm products of this country, and until a better
substitute has been devised their operations should not be interfered with.
The action of the directors of the Chicago Board of Trade and the other
exchanges in fixing the maximum price of wheat and the restrictions limiting
the buying to the closing up of existing contracts has been unanimously
approved by the delegates and representative millers assembled, and action
has been taken continuing these maximum prices and restrictions until
further notice.
Exchanges are also prepared to take similar action with regard to corn
and oats, should necessity arise.

There is plenty of grain in the country to carry us through. If it were
not for this hysteria, this wild frenzy, that has seized America, the Allied
Governments, in fact the whole world, there would be no such prices paid
for wheat. There is plenty of wheat, if it could be distributed with calm,
clear thought and without excitement. There is too much wild advice by
amateurs who know nothing about grain sale or its production.

At a special meeting of the Chicago Board of Trade on
the morning of the 14th inst., it was decided that for a
period of two days no purchases of wheat whatever would
be permitted, except to liquidate existing contracts. It was
also decided to discontinue all dealings in May oats and corn.
A maximum closing out price of $1 613/i for May corn, and
733 cents for May oats was fixed by the price committee.
Trading in July and September wheat was curbed for two
days by placing a maximum price of $2 75 for July wheat
and $2 45 for September wheat for contracts of deliveries.
This action was taken by the directors, after a conference
on the 13th inst. with A. G. Anderson and Herbert L. Robson, representatives of the Entente Governments. The
resolutions of the directors follows:
Resolved, From the opening of the market Monday, May 14 1917, 9:30
a. m., to the close of the market Tuesday, May 15, 1:15 p. m., members
of this board shall confine all trades in contract grades of wheat for future
delivery in regular elevators to transactions for July and September delivery. No member shall make any purchases of wheat during the period
stated, except in liquidation of existing contracts, Members may enter
Into contracts of sale without limitation, except as to price as hereinafter
stated. No contracts for July delivery shall be entered into at a price in
excess of $2 75 per bushel; no contracts for September shall be entered into
at a price in excess of $2 45 per bushel; be it
Resolved, That any member trading in violation of the foregoing shall be
deemed to have committed a grave offense against the name of the Association.

The directors also prohibited trading in indemnities, known
as bids and offers, but years ago more commonly known as
"puts and calls." The order read as follows:
All transactions in indemnities on May corn, May oats, and all deliveries
of wheat expiring to-day are hereby declared null and void, and the buyer
shall refund to the seller the purchase price of the indemnities, and furthermore, all trading in indemnities in wheat until further notice is discontinued.

The official statementof the meeting given out on the same
day (May 14) by President Griffin of the Board of Trade
follows:

At a special meeting of the board of directors held this morning it was decided to discontinue all trading in May corn and May oats. It was further
decided that for two days no purchases of wheat whatever will be permitted
except to liquidate existing contracts. .The latter action automatically
debars any individual, firm, corporation or Government from bidding up
the price of wheat. The directors further restricted the operation in wheat
by confining those dealers desiring to close existing contracts to a maximum
price, which is based on Saturday's close.
The action of the board has been taken after consultation with the
accredited representatives of the Allied Governments. Likewise every
step followed by us has been in co-operation with this Government.

Trading in May wheat was stopped short on the 11th inst.
by the Chicago Board of Trade. It was the first time that
such a step had ever been taken on the Chicago board, which
fixes the price of wheat for the world. At a meeting of the
directors of the board, it was decided that existing contracts
must be adjudicated by delivery of the wheat or by a settling
price to be agreed upon by a committee. This action was
taken after trading in May futures had advanced wheat to
$3 25, the highest price in its history. The action of the
board prevented a further flight upward. On April 2 May
wheat sold at $1 29, from which time on the price jumped
from 10 to 15 cents a day. The price-fixing committee, corn posed of James A. Patten as Chairman, A. Stamford White
and Hiram N. Sager, fixed $3 18 a bushel as the arbitrary
price at which all who had bought or sold wheat for delivery
at the end of May should settle their trades and quit.
This action came as a climax to a series of conferences held
in Chicago in which United States District Attorney Clyne,
Special Assistant Attorney Childs in charge of food investigations; A. G. Anderson, Vice-Chairman of the British Royal
Fo od Commission,• and Herbert T. Robson, Purchasing
Agent for the British Government, participated on the 10th
inst. On the following morning more than 40 prominent
operators on the Chicago Board were called into conference
with Mr. Clyne and Mr. Childs to discuss the situation. A
second conference was held between Mr. Robson, Mr. Anderson and the Federal prosecutors, simultaneously with the
Board of Trade's directors' meeting. What took place at
these conferences was not divulged. The Federal officials
refused to discuss the matter in any way. Among those who
participated in the conference with Mr. Clyne were John R.
Mouff, First Vice-President; J.J. Stream, Second Vice-President; J. C. F. Merrill, Secretary of the Board, and Henry
H. Dennis and J. Herbert Ware.
President Griffin in a signed statement issued on the 11th
inst. stated that the board of directors were prompted in
reaching their conclusion by what they deemed to be their
patriotic duty to the country in the hour of national stress.
He further stated that speculation had nothing whatever to
do with the action of the directors. The statement follows in
full:
At a special meeting of the board of directors of the Chicago Board of
Trade, held to-day,it was decided to discontinue trading in May wheat. It
was further determined that all existing contracts should be adjudicated
either by delivery of the property or at a settling price to be determined
by a special committee to be appointed by the President and to be approved
by the board of directors at a special meeting to be held to-morrow.
This action is without precedent in the history of this exchange although
other exchanges in this country, Canada and Europe have in the past
taken similar action.
The board of directors were prompted in reaching their conclusions by
what they deemed to be their patriotic duty to the country in this hour
of national stress.
It must be understood that the Board of Trade is neither a buyer nor
a seller; it is merely a market place—the greatest market place on earth,
where meet daily the millions of producers and consumers throughout
this country, in fact, throughout the world.
I should like to emphasize that speculation has nothing whatever to
do with the action of the directors to-day, nor is speculation in any sense
responsible for the high prices prevailing for May wheat or the cash article.
Generally speaking, the speculator is not interested in May wheat, his
operations being confined to the future. It may safely be stated that
practically the entire interest in May wheat is restricted to farmers, grain
dealers, millers and foreign Governments.
The recent hysteria over the food situation has caused a stampede of
consumers in every direction and while it is regrettable, it is nevertheless a
fact, that even the leading Governments of Europe seem to have become
fearful as to their future requirements.
The largest buyers of wheat for present and future delivery at this time
in the Chicago market are the Governments of Europe, not speculators.
We are but a market place and so long as there is no restriction, such
as has been adopted to-day, there is no limit to the amount of wheat these
Governments might purchase. Therefore, the action of the board of directors does not interfere with the freedom of contract on the part of either
the individual or governments, but compels those requiring wheat for immediate consumption to make purchases from farmers and grain dealers,
rather than through the medium of a contract for future delivery on the
floor of our Exchange.

The action taken by the Chicago Board of Trade was unprecedented and was followed by approximately similar action at St. Louis, Duluth, Kansas City, Minneapolis and
Toledo.
The same day. prior to the action taken by the Chicago
Board of Trade,the firm of Logan & Bryan,one of the largest
Traders in the wheat pit are said to have been watched by
in the country, the Thompson-McKinnon Company and
Wagner & Co. had announced that, until further notice, Federal agents and every operation in May wheat checked
they would accept no trades in wheat, corn or oats futures up. Government officials have also investigated books of
a number of the larger houses in the trade to check up the
except to sell or close up existing contracts.




1974

THE CHRONICLE

buyers and sellers and to see how the firms stood. This is
said to have been the first time Board of Trade houses have
ever opened their books to any one, waiving their constitutional rights.
Reports that the United States Government had asked
Great Britain and her European allies to sell immense holdings of future delivery wheat purchased in this country, were
largely responsible for a downward plunge in wheat prices on
the Board of Trade on the 17th inst. Owing to the continuance of artificial restrictions on trading, the aggregate
of wheat transactions was small. July fell to $2 14 butlater
rallied to $2 22. Wheat prices in Chicago yesterday opened
at $2 15 and closed at $2 28; the low price of the day of the
ay was $2 143/; the previous day's closing price was $2 19.
2
Preceding the action taken by the United States, plans
for lowering wheat prices were made known in Canada.
Sir Thomas White, Minister of Finance, announced in the
Canadian Parliament on the 3rd inst. that measures were
under way for joint action by Canada and the United States
to reduce the price of wheat. In the Winnipeg Grain Exchange facilities for trading in May and July wheat was
withdrawn by the Winnipeg Council on the 4th inst. until
further notice. The announcement read in the pit said:
"This action by the Council will not prevent adjusting of
trade through the Clearing House."
It was announced trades in May and July will be adjusted
at yesterday's closing prices. October became the active
trading month.
President Gage of the Winnipeg Grain Exchange, on
April 28, after a conference of the Council of the Exchange,
read a message signed by J. Stewart, for the Royal Wheat
Commission. The message read as follows:
President Winnipeg Crain Eexchange :
This is your authority to announce that no buying of Winnipeg wheat
futures has taken place by the Allied Governments during the last 40 cents
advance and that we have sufficient wheat bought for present requirements.
(Signed)
JAMES STEWART,
For Royal Wheat Commission.

Following the reading of the message another conference
was held by the Council and President Gage announced that
it had been decided that no futures in any grains could be
executed in the pit without first obtaining the sanction of a
censorship committee, composed of Secretary Robert
Magill, T.0. Fowler, Manager of the Wheat Clearing House
and Thomas Brodie, representing the Floor Committee.
President Gage said in part:
This action has been deemed necessary in view of the critical condition
of the market and in the belief that such action would maintain trade along
legitimate lines, notwithstanding the fact that information before the
council would indicate that holdings in the market are almost entirely for
the account of the British Government and Canadian millers and that the
Canadian millers have assured the Exchange that their holdings are for
present requirements only.

This week, May 16, it was made known in dispatches from
Winnipeg that the Council of the Winnipeg Grain Exchange
had announced the adoption of a resolution prohibiting
"all buying in October wheat except in liquidation of existing contracts." The resolution, which is said to continue
in force the ban on October trading, which was to have been
lifted on the 16th, says that "members may enter into contract of sale without limitation except as to price, the maximum being $2 45 a bushel.
CALL FOR CONFERENCE OF RAILROAD SECURITY
OWNERS.
A call for a conference of owners of securities of railroad
companies (including large fiduciary institutions, such as
life, savings banks and trust companies) was issued this
week by S. Davies Warfield, President of the Continental
Trust Company of Baltimore and Chairman of the Board
of the Seaboard Air Line Railway Co. The meeting is to be
held in Baltimore next Wednesday, the 23rd inst. With
regard to the purpose of the conference Mr. Warfield says:
The conference will decide whether it is desirable for investors in railroad
bonds and stocks to ask the Commission [Inter-State Commerce] to be
heard on railroad credit, its bearing on securities and on railroad finance
and the importance of maintaining the credit of the arteries of the nation—
the arteries of trade—the railroads, representing $17,000,000,000 capital
investment, and what this means in successfully placing by the Government of billions of dollars in loans to finance the war and to provide for the
effective defense of our country.

The call for the conference says:
The credit of the railroads has apparently not been sufficiently maintained to enable them to economically finance their requirements in times
of peace, much less now when upon their efficiency largely depends the successful outcome of the war in which the United States has become so vital a
factor.




[VOL. 10g.

Mr. Warfield, in his statement concerning the call, said:
The call for this meeting is the outgrowth of conferences among owners
of the securities of various railroad companies and who reside in different
sections of the United States. Great questions are now at issue in this
country. Some of them are of considerable moment to the railroads, consequently to those who own their securities. Those charged with the responsibility of deciding questions affecting the railroads want all the light
they can get in the settlement of such questions.
There are four elements in this situation—one, the public which is
suffering from the lack of shipping facilities because the railroads have not
been able to secure sufficient money to properly equip themselves; if fully
aware of exact conditions the public would respond to the needs of
the situation, as it always does. One, represented by those who sell
the securities of railroads to those who now own them; one represented
by the executives who operate the railroads. The fourth is composed of
those who have supplied the money with which to build the railroads and
represented by their bonds and stocks.
There is the Inter-State Commerce Commission and the State commissions who represent the public; there is the committee of railway executives, trunk line associations and organizations and committees of those
who actually operate and manage the railroads, and there are organizations of bankers who sell railroad securities to the public, like the Investment Bankers Association. But there is no general organization of those
who have their money in the bonds and stocks of the railroads and who
have made possible the development of the country through the development of the railroads. In this country there are about 30,000,000 policyholders in insurance companies. There are 10,000,000 depositors in savings banks. All these insurance companies and savings banks are large
holders of railroad securities. There are also over 600,000 stockholders
In railroads and, say, double that number of bondholders.
The railroad presidents of the country have ably presented to the InterState Commerce Commission the effect of the great increase in the cost
of every element entering into the equipment and operations of the railroads. The conference will decide whether it is desirable for investors in
railroad bonds and stocks to ask the Commission to be heard on railroad
credit, its bearings on securities and future railroad financing, and the importance of maintaining the credit of the arteries of the nation—the arteries of trade—the railroads, representing seventeen billion dollars capital
investment, and what this means in the successful placing by the Government of billions of dollars in loans to finance the war and to provide for
the effective defense of our country.

HEARINGS ON PETITIONS OF RAILROADS FOR
HIGHER FREIGHT RATES.
With the closing on the 11th inst. of the hearing of the
representatives of the Western railroads before the InterState Commerce Commission on the proposed country-wide
increase of 15% in all freight rates a recess was taken until
the 23d inst., when shippers and others will present their
side of the question. The program of the Commission
announced on the 14th inst., shows that approximately three
weeks will be given over chiefly to'shippers, State railroad
commissions and public service bodies. The arrangement
was announced as follows:
May 23, 24 and 25.—Cross-examination of witnesses for Eastern.
Southern and Western railroads in the order named.
May 26.—Stockholders of the Boston & Maine and Now England ice
and coal shippers.
May 28 and 29.—Live stock and grain shippers and shippers of the
Southeast.
May 30.—Shippers of lumber and fruit from Washington and Oregon;
North Pacific Coast shippers generally and shippers of cypress, brick,
lumber and oil.
May 31 and June 1.—Railroad and public service commissions.
June 2.—Citrus fruits, canners and similar shipments from California.
June 4, 6 and 6.—General statistical data for the railroad and public
service commissions.
June 7 and 8.—Rebuttal by the railroads.
June 9, 11 and 12.—Arguments for the railroads by territorial arrangement.

The executives of Western lines during their appearance
before the Commission on the 11th repeated the assertion
made by others from all parts of the country that even the
15% asked for would not be sufficient to make railroad
operation pay a return in the coming year. In closing thei
case the carriers offered to present any additional information
that might be desired, and counsel for the shippers, who have
protested that railroad witnesses were not telling the whole
story about their financial condition, immediately submitted
a number of requests for specific data. Some of the requests
were approved by the Commission and some were taken
under advisement.
At the request of Clifford Thorne of the shippers' counsel
the Commission has ordered the roads to submit data regarding securities sold since 1907, the dates of issue and sale,
the amounts, the interest rate, and the amount realized. In
addition the carriers agreed on request of the shippers to
furnish more information about the source of coal supplied
to the roads, including copies of coal contracts made since
Jan. 1 last, detailed scales of the wages paid to miners, and
figures to show the percentage of coal mined in railroadowned mines. The Commission took under advisement a
request by Mr. Thorne that the roads also should be compelled to submit complete information on any intercorporate
relations between railroad companies and the companies
which supply them with coal and material.
The order of the Commission calling upon the 80 railroads
-7:
seeking a 15% freight rate increase to supply detailed

MAY 19 1917.]

THE CHRONICLE

formation relating to securities and purchases of fuel and
other supplies was issued on the 15th. The information is
to be submitted before May 23. The Commission also
instructed the Union Pacific, the Burlington, the Minneapolis
St. Paul & Sault Ste. Marie, the Northern Pacific, the Great
Northern, the Louisville & Nashville, the Illinois Central,
the Atlantic Coast Line, and the Cincinnati New Orleans &
Texas Pacific Railways to submit replies to questions on
other subjects already asked by the Commission in a memorandum. Each of the 80 carriers is required to file a statement listing fuel contracts entered into or in effect since
Jan. 1 last, giving full particulars; to state the number of coal
mines and oil fields it owns or operates, and to give in each
case a comparison of prices under prevailing contracts with
prices paid in 1916. The statements must show where any
road is interested by interlocking directorates or in any other
manner, in any of the concerns from which it has purchased
equipment, rails, ties, lumber, structural material or lubricants since Jan. 1 1916. The practice of the various roads
with respect to obtaining competitive bids on supplies also
must be stated in full.
We referred last week to the procedure in the hearings
outlined by the Commission in a statement on the 1st inst.,
summarizing seven general heads under which the subject
of increased freight rates would be considered. We give
its statement in the matter in full below:

1975

fact that some industries have contracted for deliveries far ahead at prices
including freight.
W. H. Sears, of the Sears & Nichols Canning Co., Chillicothe, Ohio, said
to Dow,Jones & Co.:
"We do not object to a freight rate advance. In fact, it appears that
15% will not meet the carriers' needs. But what we insist upon is a chance
to pass the burden along. Like other canners, we have sold our season's
pack at delivered prices. We did this in January, when we had no intimation of an emergency which would require an advance in freight rates.
"We shall insist that in this advance some provision shall be made for
us and if the Commission does not do so we shall take the fight to the
Capital, where we shall back the Adamson resolution to compel the suspension of the rate advances until a thorough investigation can be had and
the shippers given every opportunity to present their side."
It is known that other shippers are ready to take a more or less
similar
attitude of conceding the necessity of a rate advance, but insisting upon the
necessity of some preferential treatment for themselves. In that event the
Commission may be expected to require them to reveal, at least in a general
way, the relation of the proposed rate advances to their selling prices and
profits. It is recognized, moreover, that if the Commission once let down
the bars to one industry it would be deluged with applications for special
treatment. Apparently the only way out would be to postpone the effective
date of the increase until the bulk of existing contracts to deliver goods
could be fulfilled; in'other words, until fall or the end of the year.

AMENDMENTS TO CONSTITUTION OF STOCK
EXCHANGE.
Two new amendments to the constitution of the Stock
Exchange, adopted by the Governing Committee on the
10th inst., went into effect yesterday. One of these rulings
suspends the Commission law until the termination of the
war to the extent of permitting a member who is alone in
business and who is in the active military or naval service
of the United States to have transactions made in his behalf
by another member at a charge of one-half the former commission—in other words at a commission of $1 per hundred
shares instead of $2 per hundred shares. Under the other
amendment partners of absent members are permitted to
transact business on the floor of the Stock Exchange in the
place of those absent on account of military or naval duty.
The Stock Exchange announced these changes yesterday as
follows:

1. The Emergency:
(a) Does an emergency exist which affects transportation in such a way
as to require emergency relief through increase in net earnings? Does it
affect all carriers alike? to the same degree? require the same relief as to
each? Why should that relief take the form of a percentage increase in all
freight rates, except as specified in the applications on file? Why should
that percentage be 15%?
(b) What, if anything, except our state of war and the Adamson Act
create that emergency? To what extent, respectively, do those two factors
necessitate the relief sought? to what extent do they call for relief at the
hands of this Commission? To what extent do any other factors add to the
emergency, and to what extent do they call for that relief?
(c) Did the emergency exist prior to Jan. 1 1917? prior to April 1 1917?
New York, May 18 1917.
When did it become an emergency requiring emergency treatment in To Members of the
Exchange:
according relief? By what criteria can it be determined later that the
The following amendments to the Constitution were adopted by the
emergency is past?
Governing Committee on May 10 1917, and were submitted to the Ex2. War Conditions:
change in accordance with the provisions of Article XXXV1II of the Con(a) Carriers should state in detail by individual lines what additional stitution and
not having been disapproved within one week by a majority
burden the war is expected to impose upon them and the effect of these vote of the entire membership, become law
this day:
burdens upon operating revenues and expenses. To what extent is the
Article XXXIV of the Constitution is hereby amended by adding thereto
relief necessitated by anticipated movement of Government forces and an additional Section, to be known as Section 7, and to read as
follows:
material on "land grant "roads?
Section 7. The Commission Law as contained in this Article is suspended
3. Labor and Wages:
from May 9. 1917 until the termination of the war as between a member
(a) What is the total amount of the increase in wages during the period of this Exchange who is alone in business and who is in the active military
Jan. 1 to March 31 1917, resulting from advances in wage rates which or naval service of the United States and any other member, to the extent
became effective since Dec. 31 1916? This should be shown by individual that the latter may transact business in the Exchange for the account of
the former, when a principal is given up, for not less than one-half of the
lines and by territorial groups.
minimum rate of commission stated in subdivision (b) of Section 2 of this
(b) What part, if any, of this advance has been included in the monthly Article.
report of operating expenses made to the Inter-State Commerce Commission
Article XIII of the Constitution is hereby amended by adding thereto
since Jan. 1 1917?
a new Section, to be known as Section 6, and to read as follows:
(c) How much of this advance is directly attributable to the Adamson
Sec. 6. On and after May 9 1917 the Committee on Admissions may
Eight-HOW'Law?
during the present war by a two-thirds vote of the entire Committee, on
(d) What is the percentage which the increase shown under question (a) the request of a member who is in the active military or naval service of
above is of (1) the total operating revenue;(2) the total operating expenses the United States, authorize a partner of such member to exercise the
privilege of transacting business upon the floor
as reported; and (3) the net operating revenue as reported for these three account of the firm, subject to the revocation of the Exchange for the
of such privilege by said
months?
Committee.
GEORGE W. ELY,
4. Cost of Fuel, Materials and Supplies:
(a) How do fuel contracts and costa now current compare with those in
Secretary.
effect a year ago? What changes have been made since Dec. 31 1916, in
divisions of freight rates on fuel accruing to the purchasing road? and what NEW YORK LEGISLATURE PASSES BILL TO PERMIT
was for the year ended Dec. 31 1916, and what is now the resulting net
STATE BANKS TO CARRY RESERVES WITH
cost per ton of 2,000 lb. for coal and per barrel for fuel oil, with the weighted
FEDERAL RESERVE BANKS.
average net cost of each?
(b) The same question as to rails, ties and other materials and supplies.
A bill to permit State banks and trust companies to keep
5. Recent Changes in Rates:
(a) What increase in gross operating revenues, absolutely and on a part of their legal reserves with the Federal Reserve Bank
percentage basis, has resulted and may be expected to result from new rates of the district, passed both branches of the New York Legisand charges which have become effective since Jan. 1 1917?
lature before adjournment, and is now awaiting action by
(b) What diminution in gross operating revenue has resulted from
reductions in rates and charges which have become effective since Jan. Governor Whitman. Editorial reference to the bill will be
found in to-day's issue of our paper in our article on "The
11017?
(e) In the Southeast, what increase in gross operating revenues,
Financial Situation."
solutely and on a percentage basis, has resulted since Jan. 11916,from the
The bill provides that any part of the "reserves on hand"—
readjustments incident to the fourth section findings and orders?
(d) In the Southeast, South and Southwest, what increase in gross that is, the cash in vault—in excess of 4% of the deposits in
operating revenues, absolutely and on a percentage basis, has resulted from the case of the banks and in excess of 3% of the deposits in
increased rates on lumber and articles taking lumber rates, since Jan.
the case of the trust companies to be deposited with a Federal
1 1913?
(e) As to increased net operating revenue in the year ending Dec.31 1916, Reserve Bank in the district in which the bank or trust comwhat has been done with it, and the accrual to it since?
pany is located.
6. The Reasonableness of the Proposed Increased Rates.
It also permits Federal Reserve notes to be counted as
7. Application to be made of Proposed Increased Revenue:
(a) Carriers should indicate the approximate amount of increase in gross part of the cash on hand by abolishing the existing prohibiand net operating revenues which in their estimate would result to repre- tion against their being so counted.
sentative individual lines and to territorial groups from the proposed increase
In the following we show the proposed changes, new matter
as compared with gross and net operating revenues for the fiscal year ended
being printed in italics and the portion of the old law to be
June 30 1916.
(b) Carriers should file statements showing in detail the purposes to omitted being indicated by black-faced type enclosed in
which the increased revenues which they hope to get are to be devoted.
(c) Carriers should indicate the extent to which they are willing to limit black-faced brackets.
the rate of dividends to be paid during the continuance of the war.
AN ACT to amend the Banking Law, in relation to reserves on hand.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
From the "Wall Street Journal" of the 10th inst. we take
Section 1. The paragraph defining reserves on hand of Section 3 of
Chapter 369 of the Laws of 1914, entitled "An Act in relation to banking
the following:
corporations, and individuals, partnerships, unincorporated associations
Washington.—Some snags are beginning to show in the course of the and corporations under the supervision of the Banking Department, confreight rate advance hearing. Just how serious they may prove remains stituting Chapter 2 of the Consolidated Laws," is hereby amended to read
to be seen when the shippers present their side. Chief among them Is the as follows:




1976

THE CHRONICLE

1VoL.

104.

ale
re valr s a l
z
l oie are har ci araLori a 'htyaiil notes shallmoebinligeartigansni(clf
fme s 4tates enebLa
(
and
Reserves on hand. The term, "reserves on hand," when used in this
chapter, means the reserves against deposits kept in the vault of any indi- Federal Reserve banks and for all taxes, customs, and other public dues.
of
vidual or corporation, or deposited with a Federal Reserve bank, pursuant They shall be redeemed in gold on demand at the Treasury Department in
the United States, in the city of Wasihngton, District of Columbia, or
to the provisions of this chapter.
bank."
amended to gold or lawful money at any Federal Reserve
Sec. 2. Sections 112 and 197 of such chapter are hereby
These Federal Reserve notes are the legal obligation of the United States
read, respectively, as follows:
Sec. 112. Reserves against deposits. Every bank shall maintain total and are legal tender for any taxes, customs or public dues. They are,
therefore, "lawful money of the United States," and the reserve fund of
reserves against its aggregate demand deposits, as follows:
1. Eighteen per centum of such deposits if such bank has an office in a banking corporations may consist of such reserve notes under the Act of
borough having a population of two millions or over; and at least 12%, May 8, 1907, above referred to.
Very truly yours,
of such deposits shall be maintained as reserves on hand, except as otherWM. M. HARGEST, Deputy Attorney-General.
wise provided in this section.
bank is located in a
2. Fifteen per centum of such deposits, if such
The Philadelphia "Ledger" commenting upon the ruling
borough having a population of one million or over and less than two milions, and has not an office in a borough specified in subdivision 1 of this said:
A movement of gold which, it is estimated, will turn $20,000,000 over to
section; and at least 10% of such deposits shall be maintained as reserves
the coffers of the Federal Reserve Bank of Philadelphia, began yesterday
on hand.
3. Twelve per centum of such deposits if such banks is located elsewhere when the trust companies started to deposit their gold reserves with the
in the State; and at least 4% of such deposits shall be maintained as Federal institution in accordance with the decision of Deputy Attorney
General Hargest, at Harrisburg, that Federal'Reserve notes may be conreserves on hand.
[At least one-half of] Any part of the reserves on hand in excess of 4% sidered as a legal part of the cash reserve required by the State Banking Act.
The decision was the culmination of a movement started three weeks ago
of such deposits my be deposited, subject to call, with a Federal Reserve bank
In the district in which such bank is located and the reserves on hand not so by the American Bankers' Association to permit trust companies to deposit
bullion, gold coin, United States gold gold reserves with the Federal Reserve banks, receiving in exchange notes
deposited shall consist of gold, gold
certificates, (or] United States notes(; and the remainder shall con- of these institutions. The matter is being taken up through the legal desist of]or any form of currency(, other than Federal Reserve notes,] partments of all States. In this State it was fathered by John H. Mason,
Vice-President of the Commercial Trust Co. and Chairman of the Trust
authorized by the laws of the United States.
If any bank shall have become a member of a Federal Reserve bank, it Company Section of the American Bankers' Association.
Philadelphia trust companies were the first in the country to make their
may maintain as reserves on deposit with such Federal Reserve bank
such portion of its total reserves as shall be required of members of such deposits. The first trust company to turn in its gold was the Merchants
having Union. Other banks followed. A legal opinion was deemed necessary to
Federal Reserve bank; and if such bank has an office in a borough
a population of two millions or over, the remainer of its total reserves shall settle the question, due to the wording on the back of the Federal Reserve
notes. A decision by the Attorney-General's office at Harrisburg was conbe carried as reserves on hand.
If any bank shall fail to maintain its total reserves in the manner au- sidered sufficient to go ahead on, under the present situation, without
the assessment waiting for legislation on the subject.
thorized by this section, it shall be liable to, and shall pay
Richard L. Austin, Chairman of the Federal Reserve Bank of this city,
or assessments provided for in Section 30 of this chapter.
Sec. 197. Reserves against deposits. Every trust company shall expressed great satisfaction in the trust companies' being permitted to aid
in the mobilization of the gold reserves, to the end that it would stimulate
maintain total reserves against aggregate demand deposits, as follows:
1. Fifteen per centum of such deposits if such trust company has an office. the flow of gold for instant use by the Government.
of two millions or over; and at least 10%
in a borough having a population
of such deposits shall be maintained as reserves on hand.
2. Thirteen per centum of such deposits, if such trust company Ls located GOV. STRONG OF NEW YORK FEDERAL RESERVE
in a borough having a population of one million or over and less than two
BANK RESUMES HIS VACATION.
millions, and has not an office in a borough specified in subdivision one of
Governor Benjamin Strong of the Federal Reserve Bank
this section; and at least 8% of such deposits shall be maintained as reserves
on hand.
of New York has returned to California to resume his va3. Ten per centum of such deposits, if such trust company is located
cation. He obtained a leave of absence from the directors
in the State. Trust companies located in cities of the first and
elsewhere
second class but not falling within subdivisions 1 or 2 of this section, shall of the bank about a year ago because of impaired health,
maintain at least 4% of such deposits as reserves on hand; and trust com- and was not scheduled to take up his duties again until next
panies located in cities of the third class and in incorporated and uninmonth, but a fortnight ago when he became cognizant of
corporated villages, shall maintain at least 3% of such deposits as reserves
the arrival of Lord Cunliffe, Governor of the Bank of Engon hand.
[At least one-half of] Any part of the reserves on hand in excess of 3% land, in this country, and of the preparations for the floating
of such deposits may be deposited, subject to call, with a Federal Reserve bank
Loan he returned unaanounced. The Govin the district in which such trust company is located and the reserves on hand of the Liberty
not so deposited shall consist of gold, gold bullion, gold coin, United States ernor has had a very busy two weeks, having taken part in
gold certificates, [or] United States notes[; and the remainder shall many conferences dealing with the loan and helping to orconsist of] or any form of currency[, other than Federal Reserve
ganize the General Liberty Loan Committee for the New
notes,] authorized by the laws of the United States.
If any trust company shall have become a member of a Federal Reserve York Federal Reserve District. He has thought it best to
bank, it may maintain as reserves on deposit with such Federal Reserve resume his rest cure before permanently taking up his duties.
bank such portion of its total reserves as shall be required of members of
During his absence Pierre Jay, the Federal Reserve Agent
such Federal Reserve bank.
If any trust company shall fail to maintain its total reserves in the of the bank, will act as Chairman of the Liberty Loan Commanner authorized by this section, it shall be liable to, and shall pay the
mittee.
assessment or assessments provided for in Section 30 of this chapter.
Sec.13. This Act shall take effect immediately.

FEDERAL RESERVE NOTES ACCEPTABLE AS PART OF
CASH RESERVE OF PENNSYLVANIA BANKS.
Anlopinion to the effect that Federal Reserve bank notes
mayibelconsidered as a legal part of the cash reserve required
by the Pennsylvania Bank Act was rendered by State Deputy
Attorney-General William G.Hargest on the 4th inst. The
question was brought up at the instance of the Merchants'
Union Trust Co. of Philadelphia, which, following the announcement made in these columns relative to the desire o
the Trust Company Section of the American Bankers' Association to assist in the consolidation of the gold reserves,
wrote to the State Banking Department at Harrisburg asking
whether the company could accept Federal Reserve bank
notes for its reserve, in exchange for deposit of gold and gold
certificates with the Federal Reserve Bank of Philadelphia.
The matter was referred to the office of the Attorney-General
for an opinion, and the ruling of Deputy Attorney-General
Hargest followed. We give the decision in full below:
Office of the Attorney-General,
Harrisburg, Pa., May 4 1917.
Hon. John IV. Morrison, Deputy Commissioner of Banking, Harrisburg, Pa.:
Sir: Your favor of recent date, addressed to the Attorney-General, is at
bank notes kept
hand. You ask to be advised whether Federal Reserve
legally be considered as a
in the vaults of various financial corporations can
P.L. 189.
8
legal part of the cash reserve required by the Act of May 1907,
Section 2 of this Act provides, in part, as follows:
to check or
"Every such corporation, receiving deposits of money subject fund of at
payable on demand, shall, at all times, have on hand a reserve
immediate demand liabilities. The
least 15% of the aggregate of all its at least one-third thereof must, conwhole of such reserve fund may, and
certificates, silver cersist of either lawful money of the United States, gold
tificates, notes or bills issued by any lawfully organized National Banking
Association."
Thejleederal Reserve banks created by the Act of Congress of Dec. 23
(United
1913, as:amended by the Act of Sept.7 1916, provides in Section 16
States_Compiled Statutes 1916, Section 9799):
"Federal reserve notes, to be issued at the discretion of the Federal Reto Federal Reserve banks
serve Board for the purpose of making advances set forth and for no other
through the Federal Reserve agents as hereinafter




MERCHANTS LOAN ct TRUST AND UNION TRUST
OF CHICAGO TO ENTER RESERVE SYSTEM.
The Merchants Loan & Trust Company and the Union
Trust Company of Chicago, both State institutions, will
enter the Federal Reserve system in the near future, according to the Chicago "Tribune." President Rawson of the
Union Trust Co. has been vested with authority by the
board of directors to take steps for the entrance of the institution into the Federal system in the event that the Senate
amendment, providing that State banks may discount paper
to the amount of 10% of capital and surplus is adopted by
Congniss. The Merchants Loan & Trust, it is stated, will
enter the Reserve system as a matter of patriotism.
J. J. KEENAN OF NATIONAL BANK OF COMMERCE
ON ACCEPTANCES.
Federal Reserve Board's regulation regarding reThe
discounts was the subject of an address before the convention of the New Jersey Bankers' Association at Atlantic
City on the 11th inst. by John J. Keenan, Assistant Cashier
of the National Bank of Commerce in New York. Incidentally Mr. Keenan had something to say on acceptances, of
which he is said to have made an .intensive study. We
quote below some of his comments with regard to acceptances:
Trade acceptances are redLscountable at the Federal Reserve Bank and
it is hoped will gradually grow into general use. We believe lower rates
of discount may obtain for this kind of credit than for any other kind of
note. There is no better commercial paper than a bill drawn by the seller
and accepted by the buyer. It is two name paper, and it is in itself genuine
evidence of a commercial transaction. When the use of trade acceptances
becomes more common, the ratings of the retailer and manufacturer will be
more generally known.
This matter of trade acceptances has the indorsement at present of many
leading manufacturers, the National Credit Men's Association, and those
industrial concerns familiar with financing in the European market. It is
claimedlthe general:use:of trade acceptances:will do away, in a large meas-

MAY 19 1917.1

THE CHRONICLE

ure, with the ruinous practices of trade discount. The discounting of
trade acceptances by member banks should form a considerable source of
revenue. By the use of trade acceptances, our American manufacturer
like his European competitor, no longer will have to extend credit on open
accounts, thus keeping his resources unavailable indefinitely for his needs,
nor will the ruinous practice of allowing 2% discount for payment in ten
days, continue to add to the high cost of commodities.
The trade acceptance, from the banker's point of view, has the double
advantage of giving the banker the security of two names, instead of one,
and of enabling him to have a better review of the business his customers
are doing. In the absence of utter fraud, trade acceptances reflect automatically actual commercial transactions. In the campaign of education
urging the general adoption of trade acceptances, the banker should take
an important part as the interests of the commercial world are also the
bankers' interests.
The last of the kinds of paper made eligible for rediscounts is bankers'
acceptances. In Europe the buyer of goods instead of directly accepting
the draft himself, arranges with his bank to accept the draft of the manufacturer or seller and this instrument is known as a bankers' acceptance.
Besides purchasing bankers' acceptances in the open market, the Federal
Reserve banks will rediscount bankers' acceptances for any member bank.
The acceptance must have a maturity at the time of discount, of not more
than ninety days and must be indorsed by at least one member bank.
These bankers' acceptances must represent transactions involving the importation or exportation of goods or the domestic shipment of goods, in
which case shipping documents must be attached at the time of acceptance,
and must cover readily marketable staples. This is a use of the bank's
credit for the purposes of customers.
If the bank is thoroughly conversant with the customer's business, character and responsibility this acceptance may be made without security.
Acceptances by the bank makes the bank primarily liable and the basis for
the credit, or the acceptance, is the merchandise. The bank must, therefore, look to its customer to be reimbursed before the maturity of the acceptance to cover the bank's liability. It is the same obligation that a
maker of a note, which is discounted by a bank, undertakes at the time
of giving the note to the bank. It should be borne in mind that the acceptance by the bank adds to the paper the stability of the bank which we
assume is better known than the buyer of the goods and this renders the
paper worthy of the lowest rates of discount. Bankers' acceptances are
the principal source of credit in the leading European nations.
The English discount market forms the chief basis of London's claim to
be the financial centre of the world. Because of England's mercantile
marine service, exporters and importers gradually came to adopt the Pound
Sterling as the universal medium of exchange. It has been computed
London receives annually over $10,000,000 from exporters and importers
as a commission for bankers' acceptances; and if American bankers further
the adoption of bankers' acceptances, they will receive the co-operation of
exporters and importers in the United States and thus earn a part of this
immense income.
The position of London in the financial world will not be readily upset
and I do not hold with those who believe the financial centre of the world's
affairs is to be in New York, yet I believe firmly by the adoption of bankers' acceptances in America we have put dollar exchange so firmly on the
map that it will remain a feature for all time. Bankers' acceptances should
form an important part of every bank's secondary reserve.

MINNEAPOLIS BANKS TO CHARGE FOR ACCOUNTS
OF LESS THAN $100 A MONTH.
Beginning June 1 a charge of 50 cents a month will be
made by the banks in the Minneapolis Clearing House
Association on all checking accounts, averaging less than
8100 a month. Announcement of this is made in the following statement issued by the Clearing House:
The Minneapolis Clearing House and the associated banks, after careful
consideration of the matter, have decided to make a small charge upon
checking accounts that maintain an average monthly balance of less than
$100, as a compensation for the service rendered. The reason for taking this
action is that the income from such accounts is not sufficient to offset the
expense of check books and stationery and the clerical work of handling
them. Commencing, therefore, with the month of June, a charge of 50
cents a month will be made by all banks in the city upon all checking
accounts that carry an average balance during any month of less than

$lop.

GOMPERS SENDS PLEA TO RUSSIAN LABOR WARNING
AGAINST A PREMATURE PEACE.
Samuel Gompers, President of the American Federation
of Labor, on the 6th inst. sent a long cablegram to the
executive committee of the Russian Council of Workmen's
and Soldiers' Deputies, assuring the Council that the American Government, American people and American labor
movement are whole-heartedly with the Russian masses in
the effort to maintain the freedom already achieved, and can
be relied upon for support and co-operation in the fight
against the common enemy. The message denounces as the
work of pro-German propagandists the reports circulated in
Russia that the United States would send a mission to advise
Russia as to the conduct of her internal affairs.
The text of the message, which was made public on the
7th inst. after it had reached Petrograd, follows:

1977

In free America, as in free Russia, the agitators for a peace favorable to
Prussian militarism have been allowed to express their opinions so that the
conscious and unconscious tools of the Kaiser appear more influential than
they really are. You should realize the truth of the situation. There are
but few in America willing to allow Kaiserism and its allies to continue
their rule over those non-German peoples who wish to be free from their
domination. Should we not protest against the pro-Kaiser Socialist interpretation of the demand,for no annexation—namely, that all oppressed
non-German peoples shall be compelled to remain under the domination of
Prussia and her lackeys, Austria and Turkey? Should we not rather accept
the better interpretation that there must be no forcible annexations, but
that every people must be free to choose any allegiance it desires, as demanded by the Council of Workmen's and Soldiers' Deputies?
Like yourselves, we are opposed to all punitive and improper indemnities.
We denounce the onerous punitive indemnities already imposed by the
Kaiser upon the people of Serbia, Belgium and Poland.
America's workers share the view of the Council of Workmen's and
Soldiers' Deputies that the only way in which the German people can bring
the war to an early end is by imitating the glorious example of the Russian
people, compelling the abdication of the Hohenzollerns and the Hapsburgs,
and driving the tyrannous nobility, bureaucracy and the military caste
from power.
Let the German Socialists attend to this and cease their false pretences
and underground plotting to bring about an abortive peace in the interest
of Kaiserism and the ruling class. Let them cease calling pretended "international" conferences at the instigation or connivance of the Kaiser. Let
them cease their intrigues to cajole the Russian and American working
people to interpret your demand, "No annexations, no indemnities." in a
way to leave undiminished the prestige and the power of the German
military caste.
Now that Russian autocracy is overthrown, neither the American Government nor the American people apprehend that the wisdom and experience
of Russia in the coming Constitutional Assembly will adopt any form of
government other than the one best suited to your needs. We feel confident that no message, no individual emissary and no commission has been
sent, or will be sent, with authority to offer any advice whatever to Russia
as to the conduct of her internal affairs. Any commission that may be
sent will help Russia in any way that she desires to combat Kaiserism
wherever it exists or may manifest itself.
Word has reached us that false reports of an American purpose and of
American opinions contrary to the above statement have gained some circulation in Russia. We denounce those reports as the criminal work of
desperate pro-Kaiser propagandists, circulated with the intent to deceive
and to arouse hostile feelings between the two great democracies of the
world. The Russian people should know that these activities are only
additional manifestation of the "dark forces" with which Russia has been
only too familiar in the unhappy past.
The American Government, the American people, the American labor
movement are whole-heartedly with the Russian workers, the Russian
masses, in the great effort to maintain the freedom you have already
achieved and to solve the grave problems yet before you. We earnestly
appeal to you to make common cause with us to abolish all forms of autocracy and despotism and to establish and maintain for generations yet
unborn the priceless treasures ofjustice,freedom, democracy and humanity.
AMERICAN1FEDERATION OF LABOR,
SAMUEL GOMPERS. President.

GREAT BRITAIN'S PLANS FOR IRISH HOME RULE.
The Irish Home Rule question has been brought prominently to the fore this week, with the announcement of the
British Government's project for the settlement of the issue.
The proposal was outlined in a letter sent to John Redmond,
leader of the Irish Nationalist Party on the 16th inst. by
David Lloyd George, the British Prime'Minister. The Government's proposals provide for the introduction of a bill for
the immediate application of the Home Rule Act to Ireland,
but excluding six counties of North and East Ulster, such exclusion to be subject to reconsideration by Parliament at the
end of five years; a Council of Ireland, to be composed of two
delegations representing the excluded area as well as the new
Irish Parliament;consideration of the bill after its second reading by a special conference under the chairmanship of someone commanding general confidence. As an alternative, it is
suggested by the Premier that a convention of Irishmen of
all parties be assembled for the purpose of arranging a scheme
of Irish self-government. Mr. Redmond was asked to state
his views on the Government's suggestion in order that the
Government might be able to consider the matter before
Monday. In a letter under date of the 17th inst. he rejected
the Home Rule offer, but accepted the alternative proposal.
The letter from the Prime Minister to Mr. Redmond is as
follows:

Dear Mr. Redmond.—The Government have been considering for some
time what further action they would take to bring about the settlement of
the Irish question. They have approached the subject with a deep desire
to put an end to a state of affairs which is productive of immense evil, not
only to Ireland but to Great Britain and the Empire.
The choice of alternatives open to them, however, has been narrowed by
the fact that it is impossible for them in the crisis of a war, in which our
Executive Committee of the Council of Workmen's and Soldiers' Deputies, safety and the liberty of most of the nations of Europe are at stake, to take
action which would revive a violent political controversy and so weaken or
Petrograd, Russia:
The gravest crisis in the world's history is now hanging in the balance, imperil the unity which is essential to the supreme necessity of winning the
and the course which Russia will pursue may have a determining influence war. They have, therefore, felt that any settlement which they could
whether democracy or autocracy shall prevail. That democracy and free- propose during the war must be one which would be substantially accepted
dom will finally prevail there can be no doubt in the minds of men who by both sides.
The desire of the Government has been to try to effect an immediate setknow, but the cost, the time lost, and the sacrifices which would ensue
from lack of united action may be appalling. It is to avoid this that I tlement, conceding the largest possible measure of home rule which can be
secured by agreement at this moment, without prejudice to the underaddress you.
In view of the grave crisis through which the Russian people are passing, taking by Parliament of a further and final settlement of the questions
we assure you that you can rely absolutely upon the whole-hearted support most in dispute after the war. They are therefore prepared to put forward
and co-operation of the American people in the great war against our proposals on the following lines with a view to present action:
common enemy, Kaiserism. In the fulfilment of that cause the present
Firstly, they would introduce a bill for the immediate application of the
American Government has the support of 99% of the American people, Home Rule Act to Ireland, but excluding therefrom the six counties in the
ncluding the working-class of both the cities and the agricultural sections. north and east of Ulster, such exclusion to be subject to reconsideration by




1978

THE CHRONICLE

Parliament at the end of five years, unless it is previously terminated by
the action of the Council of Ireland, to be set up as hereinafter described.
Secondly, with a view to securing the largest possible measure of common
action for the whole of Ireland, the bill would provide for a Council of
Ireland, to be composed of two delegations consisting, on the one hand, of
all members returned to Westminster from the excluded area, and on the
other, of a delegation equal in numbers from the Irish Parliament, this
council to be summoned on the initiative of any six members. It would
be empowered by a majority of the votes of each of the delegations to pass
private bill legislation affecting both the included and excluded areas; to
recommend to the Crown the extension to the excluded area, by an Order
in-Council, of any Act of the Irish Parliament; to agree to the inclusion
under the Home Rule Act of the whole of Ireland, subject to the assent of
a majority of the voters in the excluded areas, the powers to be vested in
the Crown in that case to extend the Act to all of Ireland by an Order-inCouncil; to make recommendations on its own initiative upon the Irish
question, including the amendment of the Home Rule Act as finally passed.
The President of this Council of Ireland would be elected by agreement
between the delegations, or, in default of agreement, would be nominated
by the Crown.
Thirdly, the letter says that the financial proposals of the Home Rule
bill are unsatisfactory and should be reconsidered. Important objects,
such as the development of Irish industries, improvement in town housing,
and the furtherance of education, with increased pay for teachers, owing
to the war conditions, it declares, cannot be dealt with under the bill without undue burden on the Irish taxpayers. It continues:
Fourthly, the Government would recommend that after the second reading of the bill embodying the above proposals, together with the Home
Rule Act, it should forthwith be considered by a conference to be constituted on the lines of the Speaker's Conference on Electoral Reform,
though not consisting exclusively of members of Parliament, and meeting
under the chairmanship of some one commanding the same general confidence in his impartiality and judgment as Mr. Speaker himself.
The Government feel that a proposal which provides for immediate Home
Rule for the greater part of Ireland, while excluding that part of Ireland
which objects to coming under the Home Rule Act for a definite period,
when Parliament will consider the matter afresh; which recognizes the profound sentiment existing in Ireland for the unity of the country by creating
a common council to consider Irish affairs as a whole, and which, finally,
sets up a representative conference to attempt to adjust the most difficult
questions involved, is as far as they can possibly go toward effecting a
legislative settlement in the crisis of a great war. They are prepared to
introduce a bill on these lines.
But they feel it would be idle, and I am sure you will agree with them, to
introduce such a bill unless it were assured of something like a secondreading acceptance from both Irish parties. I sincerely hope that if the
Government introduce this bill the party of which you are the head will
give this measure of support to the proposals, which will give immediate
self-government in Ireland to those who wish for it and will at the same time
create and keep continuously in being the means whereby a final reconciliation between the two sections of the Irish people can at any time be
brought about.
We earnestly recommend the proposals which I have outlined above to
the dispassionate consideration of the men of all parties. If, upon such
consideration, a basis for immediate action is found in them, we shall proceed at once with the necessary steps to carry them into effect. If this
should not be the case, there remains an alternative plan, which, though it
has been sometimes seriously discussed, has never been authoritatively
proposed—that of assembling a convention of Irishmen of all parties for
the purpose of producing a scheme of Irish self-government.
As you will remember, the constitution of the Union of South Africa was
framed, despite most formidable difficulties and obstacles, by a convention representative of all the interests and parties in the country, and the
Government believe that a similar expedient might in the last resort be
found effectual in Ireland. Would it be too much to hope that Irishmen
of all creeds and parties might meet together in convention for the purpose
of drafting a constitution for their country which would secure a Just
balance of all the opposing interests and finally compose the unhappy discords which have so long distracted Ireland and impeded its harmonious
development?
The Government are ready, in default of the adoption of the present proposals for home rule, to take the necessary steps for assembling such a convention. I should be much obliged if you found it possible to give me your
views on this letter in order to allow the Government to consider the matter
before Monday.

[VOL. 104.

you that no effort on the part of my colleagues and myself will be spared
to realize the high and blessed ideal pointed to in the concluding paragraph of your letter.

As the result of a recent speech made by Lloyd George, in
which he said, "the settlement of the Irish question is essential for the peace of the world and a speedy victory," a cablegram signed by nearly 200 Congressmen, stating that "We,
members of the American Congress, suggest that nothing
will add more to the enthusiasm of America in this war than
a settlement now of the Irish problem," was sent to the
British Prime Minister on April 28. The message read:
The Right Honorable David Lloyd George, M. P., London, England:
You are quoted as saying that "the settlement of the Irish question is
essential for the peace of the world and for a speedy victory in the war."
May we, members of the American Congress, suggest that nothing will
add more to the enthusiasm of America in this war than a settlement now
of the Irish problem.
We believe that all Americans will be deeply stirred and their enthusiastic
effort enlisted if the British Empire will now settle this problem in accordance with the principles announced by President Wilson in his address
to Congress asking it to declare war on autocracy for the world-wide safety
of democracy and of small nationalities.

The cablegram was signed by the following members of
the House:
Representatives Adamson, Georgia; Ayres, Kansas.
Black, Texas; Bruckner, New York; Byrnes, South Carolina; Brumbaugh, Ohio.
Caldwell, New York; Campbell, Kansas; Carter, Massachusetts; Chandler, New York; Clark, Florida; Coady, Maryland; Carew, New York;
Collier, Mississippi; Clark, Missouri; Costello, Pennsylvania.
Dale, New York; Decker, Missouri; •Dempsey, New York; Denison,
Illinois; Dewalt, Pennsylvania; Dooling, New York; Doolittle, Kansas;
Dupre, Louisiana; Dyer, Missouri.
Eagan, New Jersey; Eagle, Texas; Emerson, Ohio.
Farr, Pennsylvania; Fitzgerald, New York; Fees, Ohio; Fisher, Tennessee; Flynn, New York; Fuller, Massachusetts.
Gallagher, Illinois; Gard, Ohio; Gallivan, Massachusetts; Garland,
Pennsylvania; Glynn, Connecticut; Griffin, New York.
Hamill, New Jersey; Hardy, Texas; Heaton, Pennsylvania; Heflin, Alabama; Hensley, Missouri; Hilliard, Colorado; Holland, Virginia; Houston,
Tennessee; Howard, Georgia; Hulburt, New York; Humphreys, Mississippi.
Igoe, Missouri.
Keating, Colorado; Kehoe, Florida; Kitchin, North Carolina; Kennedy,
Rhode Island.
Lenroot, Wisconsin; Linthicum, Maryland; London, New York; Lonergan, Connecticut; Lunn, New York.
McAndrews, Illinois; McCormick, Illinois; McKeown, Oklahoma; McLaughlin, Pennsylvania; McLemore, Texas; Madden, Illinois; Maher,
New York; Martin, Illinois; Mason, Illinois; Meeker, Missouri; Mendell,
Wyoming; Montague, Virginia; Morin, Pennsylvania.
Norton, North Dakota,
O'Shaughnessy, Rhode Island; Overmyer, Ohio,
Park, Georgia; Parker, New York; Phelan, Massachusetts.
Randall, California; Riordan, New York; Rodenberg, Illinois; Rouse,
Kentucky; Rowe, New York.
Sabath, Illinois; Scully, New Jersey; Sims, Tennessee; Smith, New York;
Snyder, New York; Sullivan, New York; Tague, Massachusetts; Timberlake, Colorado; Tinkham, Massachusetts.
Van Dyke, Minnesota; Varo, Pennsylvania; Walsh, Massachusetts,
Ward, New York; Watson, Pennsylvania; Webb, North Carolina; Wilson,
Illinois; Green, Massachusetts; Haskell, New York; Laguardia, New York;
Doremus, Michigan; Britten, Illinois; Templeton, Pennsylvania; Mott,
New York; Bacharach, New Jersey; Scott, Pennsylvania; Rowland, Pennsylvania; Clark, Pennsylvania; Kiess, Pennsylvania; Darrow, Pennsylvania.

In a cable to Lloyd George and Parliament, Arthur J. Balfour, head of the British War Commission in the United
States, urged the immediate settlement of the Irish question.
Balfour announced his intention of doing this at a conThe six counties in Ulster which,it was presumed, would be Mr.
ference on May 4 attended by ex-Judge Morgan J. O'Brien
excluded under the above plan are Antrim, Cavan, Donegal,
of New York, former Mayor John J. Fitzgerald of Boston,
Down, Londonderry and Monaghan. There are three other
and John Quinn, Robert D.Emmet and Lawrence Godley of
counties—Armagh, Fermanagh and Tyrone.
New York. The delegation unofficially represented a convention of Irish societies. While Mr. Balfour is known to
Mr. Redmond's letter follows:
have mentioned the sentiment in favor of home rule in this
Dear Mr. Lloyd George: The grounds whereon the Irish Party decided country in communicating with his Government, according
not to negotiate with the Government are well known to you, and I do not
think it would serve any useful purpose to re-state them on this occasion. to the New York "Times" of the 7th inst., his associates
I note what you say as to the Impossibility of taking action which "would on the Commission have made it plain that the Irish question
revive violent politidal controversy in the crisis of the war," and the conse- is entirely outside the bounds of
their program in coming
quent necessity imposed upon the Government of confining themselves to
proposing a settlement"which would be substantially accepted by both to this country. The "Times" added:

sides."
The President mentioned the Home Rule question casualliy in converI cannot accept this proposition, and must observe that it has not been sation with Mr. Balfour, telling him of the sentiment here, and Mr. Balapplied in some other matters since the outbreak of the war.
four has talked with prominent Irishmen here about the matter. He has
I have laid your letter before my colleagues and they have carefully con- told them, however, that the question is one with which he officially has
sidered the two alternative proposals contained therein. The first pro- nothing to do, and that while he is glad to tell his Government of their
posal would not, in their opinion, find support in Ireland, and they desire feeling in the matter, he is not in a position to make recommendations.
me to inform you they are irreconcilably opposed to this scheme, and that
Lord Northcliffe on April 30 issued a statement to the
any measures based thereon will meet with their vigorous opposition. The
reasons for this decision can better, if necessary, be stated in the debate on Associated Press respecting the Irish situation, in which
Monday.
he said:
The second alternative,"the assembling of a convention of Irishmen of all
The happiness of Ireland is entirely in the hands of Mr. Balfour and:the
parties for the purpose of producing a scheme of Irish self-government," has
British Mission in the United States. The differences between the two
much to recommend it. You ask: "Would it be too much to hope that
parties here have been so slight that Mr. Balfour's influence san settle:the
Irishmen of all creeds and parties might meet in convention for the purpose
difficulty.
of drafting a Constitution which will secure a just balance of all opposing
Interests and finally compose the unhappy discords which so long have
ESPIONAGE BILL IN CONFERENCE.
distracted Ireland and impeded its harmonious development?"
This is the great ideal, and I trust it may be found possible of realization.
The Administration Espionage bill, stripped of the press
My colleagues and I, at all events; will place no obstacle in the way,and we
are prepared to recommend this proposal most earnestly to our countrymen censorship provision and the Cummins amendment proon condition that the basis whereon the convention is to be called is such hibiting the use of grains, cereals, sugar and syrups in the
as to secure that it will be fully and fairly representative of Irishmen of all
was passed by the Senate
creeds, interests and parties, and, secondly, that the convention be sum- manufacture of alcoholic liquors,
moned without delay. If this proposal is put into operation I can assure on the 14th inst. by a vote of 77 to 6. The six Senators




MAY 19 1917.]

THE CHRONICLE

voting against the bill were Messrs. Borah, France, Gronna,
La Follette, Sherman and Vardaman. A similar bill was
passed by the House on the 4th inst. by a vote of 260 to 105.
The House on that day had entirely eliminated the press
censorship section by a vote of 220 to 167, but late at night,
before finally passing the measure, inserted a modified censorship clause. The vote on the modified clause, which was
drafted by Representative Gard, of Ohio, was 190 to 185.
With the adoption of the modified provision, Representative
Graham, who led the fight against censorship legislation,
charged that a "gentlemen's agreement" had been violated,
as it was understood that the vote on the Graham amendment striking out the clause was to be final.
The Senate bills principal sections provide:
Authority for the President to embargo exports when he finds that the
public safety and welfare so require. (Not in the House measure).
Authority for the Post-Office Department to censor mails and exclude
mail matter deemed seditious, anarchistic or treasonable, and making its
mailing punishable under heavy penalties. (Not in the House bill.)
For punishment of espionage, defined in most detailed terms, including
wrongful use of military information:
For the control of merchant vessels in American waters.
Punishment for conveyance of false reports to interfere with military
operations, wilful attempts to cause disaffection in the military or naval
forces or obstruction of recruiting.
For the seizure of arms and munitions and prohibition of their exportation under certain conditions.
For penalizing conspiracy designed to harm American foreign relations
or for destruction of property within the United States.
For increased restrictions upon issuance of passports, with penalties for
their forgery or false procurement; and
For material extension of the power to issue search warrants for inspection of premises.

1979

Frelinghuysen, Gallinger, Gore, Gronna, Harding, Hardwick, Johnson
(California), Jones (Washington), Kellogg, Kenyon, Knox, La Follette,
Lewis, Lodge, McKellar, New, Page, Phelan, Pittman, Reed, Saulsbury,
Shafroth, Sherman, Shields, Smith (Arizona), Smith (Georgia), Smith
(South Carolina), Smoot, Sutherland, Thomas, Townsend, Trammell,
Underwood, Vardaman, Watson.
-48.
•

The censorship provision in the House bill (the Gard
amendment) provides for a jury trial; the jury to determine
not only whether the prohibited matter is published wilfully,
but also whether the information is useful to the enemy.
The Administration provision presumed, wilful publication
and delegated to the President the power to decide whether
the matter might be useful to the enemy. Under the Gard
amendment very wide discretion to prohibit publication
would be lodged in the President, who would prohibit publication by proclamation. The section in the House bill is
as follows:
During any national emergency resulting from a war to which the
United States is a party or from imminence of such war, the publishing
wilfully and without proper authority of any information relating to the
national defense that is or may be useful to the enemy is hereby prohibited
and the President is hereby authorized to declare by proclamation the
existence of such national emergency and is hereby authorized from time
to time by proclamation to declare the character of such information which
is or may be useful to the enemy, and in any prosecution hereunder the jury
trying the case shall determine not only whether the defendant or defendants did wilfully and without proper authority publish the information
relating to the national defense, as set out in the indictment, but also
whether such information was of such character as to be useful to the
enemy. Provided that nothing in this section shall be construed to limit
or restrict any discussion, comment or criticism upon any fact or any facts
or policies of the Government or of its representatives or the publishing
of the same. Whoever violates the foregoing provision shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment for not more than ten years, or both.

A clause giving the President power to embargo exports
The original section of the Espionage Bill, which was
was retained in the bill virtually as drafted by Administration officials. It was modified once, but the unqualified pro- drafted by Attorney General Gregory for the Administration
vision was restored after its necessity had been explained last and introduced in both branches of Congress giving the
week in a session behind closed doors. Vigorous efforts to President authority to determine and punish violations of
retain provisions for newspaper censorship and partial pro- such proclamation as he might issue regarding censorship,
hibition, together with foodstuff conservation during the war was as follows:
Whoever, in time
be prescribed by
culminated in final votes on the 14th inst. in which the the President, which of war, in violation of regulations topromulgate,shall
he is hereby authorized to make and
voted, 48 to 34, to eliminate all provision for the press collect, record, publish, or communicate, or attempt to elicit any informaSenate
censorship. On behalf of the Administration forces, Senator tion with respect to the movement, numbers, description, condition, or
disposition
ships, aircraft, or war materials of
Overman, in charge of the bill, had moved to re-insert a the United of any of the armed forces,the plans, or conduct, or supposed
States, or with respect to
modified censorship clause. The censorship provision plans or conduct of any naval or military operations, or with respect to any
(modified on the 11th inst. at the suggestion of Senators works or measures undertaken for or connected with, or intended for the
fortification or defense of any
or any other information relating to
Cummins and Thomas to make its terms less general) had the public defense calculated to place, which might be, useful to the enemy,
be, or
been stricken from the Senate bill on the 12th inst. by a shall be punished by a fine of not more than $10,000 or by imprisonment
vote of 39 to 38, on motion of Senator Johnson, of Califor- for not more than ten years or by both such fine and imprisonment.
This provision raised a storm of protest from the press
nia. After the elimination of the clause, Senator Kirby
introduced an amendment providing for a definite and speci- throughout the country. To eliminate a number of the
fic press censorship under the supervision of the Secretaries objectionable features, the House Judiciary Committee
reported favorably on a substitute offered by Chairman
of War and the Navy, and that was defeated-65 to 5.
On the question of prohibition and foodstuff conservation, Webb of that Committee. This substitute was regarded
the Senate on the 14th inst., by a vote of 47 to 37, reversed with no more favor than the original and was assailed in the
its action of the 12th inst. in accepting Senator Cummins' House by some of its most influential members,among whom
amendment providing that during the war, manufacture of were Speaker Champ Clark, Minority Leader Mann and
cereals, grain, sugar and syrup into intoxicating liquors Representative Kahn, who led the Administration fight for
the Army Draft Bill. Speaker Clark, in his attack on the
should be prohibite.d By the vote it struck out the Cummins .
amendment, offered as a food conservation measure, but censorship section, told the House that the words of the
attacked as really a prohibition move. An amendment by Constitution guaranteeing freedom of speech and a free press
Senator Thomas to suspend during the war exchanges and "are the most important part of the Constitution barring
boards of trade permitting "future" trading in foodstuffs, none. I believe the press censorship in the bill," he added,
was rejected, 49 to 24, after three hours' stormy debate. "is a flat contradiction of the Constitution."
Many Senators, while.expressing sympathy with its object
and violently denouncing foodstuff speculation, felt that it
President Wilson in a letter sent April 25 to Arthur Briswas an improper subject for the espionage measure and bane, Editor of the New York "Evening Journal," expressed
should be more adequately considered when some of the his approval of the Espionage Bill, but explained that he
various food bills are taken up. The Senate voted on the would not expect or permit any part of the law to be used
14th inst., 52 to 29, to retain that part of the mails espionage as a shield against criticism of his official acts. The letter
section which, some Senators said, would give the Postmas- was as follows:
ter-General drastic powers of censorship, rejecting Senator
My dear Mr. Brisbane: I sincerely appreciate the frankness of your
Borah's motion to strike out the clause. An amendment by interesting letter of April 20 with reference to the so-called Espionage Bill
now awaiting action of the Congress. I approve of this legislation, but
Senator La Follette, rejected 67 to 9, would have modified I need not assure you and those interested in it that whatever action the
the export embargo provision so as to prohibit the President Congress may decide upon, so far as I am personally concerned, I shall not
from embargoing shipments unless the proscribed articles expect or permit any part of this law to apply to me or any of my official
against criticism.
were needed in this country and to forbid the use of the acts, or in any way to be used as a shieldthe country than to establish a
I can imagine no
to
any neutral nation to participate system of sensorship greater disservice to the people of a free republic like
power to coerce.
embargo
that would deny
in the war. Senators voting for the La Follette restrictions our own their indisputable right to criticise their own public officials.
While exercising the great powers of the office I hold I would regret in a
were Cummins, France, Gallinger, Gore, Gronna, Jones crisis like the one through which we are now passing to lose the benefit of
(Washington), La Follette, Townsend and Vardaman.
patriotic and intelligent criticism.
In these trying times one can feel certain only of his motives, which he
The vote taken on Monday (the 14th) on Senator Overmust strive to purge of selfishness of every kind, and wait with patience for
man's motion to restore the modified censorship clause was the judgment of a calmer day to vindicate the wisdom of the course he has
as follows:
tried conscientiously to follow.
Yeas.—Beckham, Colt, Culberson Fletcher, Gerry, Hale, Hollis,
Rusting, James, Jones(New Mexico), Kendrick, King, Kirby, McCumber,
McLean, Martin, Myers, Nelson, Newlands, Overman, Poindexter,
Pomerene, Ransdell, Robinson, Sheppard, Simmons, Sterling, Stone,
Swanson, Thompson, Wadsworth, Walsh, Williams, Wolcott
-34.
Nos.—Ashurst, Bankhead, Borah, 13randegee, Broussard, Calder,
Chamberlain, Cummings, Curtis, Dillingham, Fall, Fernald, France,




Thank you for having written me. Cordially and sincerely yours,
WOODROW WILSON.

The bill is now in conference. It was stated on the 16th
inst. that the Administration would probably make no further efforts at this time to have Congress enact a press
censorship law. For the present the Executive branch of the

1980

THE CHRONICLE

Government,it was said:on the16th, is7content.tolpermit the
newspapers to continue as under the regulationsirvoluntarily
accepted by them governing publication of military information. If there are developments in the next few months that
indicate that self imposed:restrictions are not7effective, and
that information of value to the enemylis beinepublished,
the:fight for a censorship law will be renewed it isithought.
SenatorIOverman (who with Senators FletcherTandlNelson
are the Senate conferees, all three of whom-voted injavor of
press censorship), stated on the 15th that he would support
the action7.of the Senate.
THE AMERICAN COMMISSION TO RUSSIA.
The personnel of the American Commission to Russia,
headed by former Secretary of State Elihu Root, was
officially announced at Washington on the 11th inst. The
Commission, which will leave shortly for Russia, will be
composed of Elihu Root, of New York, Chairman; Charles
R. Crane, of Illinois, manufacturer and business man; John
R. Mott, of New York, General Secretary of-the International Committee of the Y. M. C. A.; Cyrus McCormick,
of Illinois, President of the International Harvester Co.;
Samuel R. Bertron, of New York, of the investment banking
firm of Bertron, Griscom & Co., of New York City; James
Duncan, Vice-President of the American Federation of
Labor; Charles Edward Russell, of New York, author and
Socialist; Major-Gen. Hugh L. Scott, Chief of Staff, United
States Army,and Rear Admiral James H. Glennon, U. S. N.
One of the members of the Commission, Mr. Crane, is already in Russia, having gone there recently in an unofficial
capacity for the purpose of getting in touch with military
and industrial affairs there, pending the arrival of the Commission. The Commission will be accompanied to Russia
by a large staff of secretaries and assistants. Mr. Root and
his 'colleagues, it is said, will be entrusted with one of the
most difficult diplomatic missions ever undertaken by the
United States in foreign lands. The primary purpose of
the mission, it is stated, will be to save Russia to the Entente
cause by offsetting the efforts of the German Government
in securing a separate peace with Russia. The Commission
will also convey an expression of appreciation and courtesy
from the American Government and people to the Government and people of Russia. At the same time it will place
at the disposal of the new Government in Russia America's
experience in republican government. The appointment- of
Major-General Scott as a member of the Commission
aroused considerable interest. Gen. Scott is Chief of Staff
of the United States Army, and as such directs the military
forces of the country and supervises the preparation of war
plans. To prevent any misunderstanding as to his detachment from duty at this time Secretary Baker issued the following statement:
General Scott, as Chief of Staff of the American Army, and therefore
the ranking officer of our entire military establishment, goes to Russia in
order that the people of Russia may realize from the dignity of his office
the full compliment and cordiality of our great mission to them. Personally I spare General Scott temporarily and with the greatest reluctance.
During his absence General Bliss will perform his duties, and upon his return
General Scott will, of course, resume his functions as Chief of Staff.

Socialists in this country are apparently displeased over
the selection of Mr. Root as Chairman of the Commission.
His presence on the Commission is opposed on the ground
that he has been too prominently identified with conservative interests to be in sympathy with the forces now ruling
in Russia. In an address, delivered before the fortieth
meeting of the Economic Club at the Hotel Astor on May 1,
Professor Alexander Petrunkevitch, Assistant Professor
of Zoology at Yale University, and son of a member of the
first Russian Duma, declared that because of the activities
of Socialists in this country the American Commission to
Russia, and particularly its head, Elihu Root, would be met
there with distrust by the Social Democrats, now in power.
He said that the Socialist press in New York City was
writing about the personnel of the Commission and that
they would cable information about it to Russia. Professor Petrunkevitch's remarks, according to the New York
"Times," were in part as follows:
The President of the United States has decided to send a commission to
Russia with the high purpose of strengthening the Russian Government in
its first steps to make Russia a free republic,tedemocracy among the democracies of the world. There can be no higher purpose, and certainly everybody in this country ought to applaud our President for this desire, but,
gentlemen, this plan is fraught with danger, and the danger lies in the selection of the members for this commission
• I personally have the highest admiration for ex-Secretary Root. I do
not know who the other members on that commission are, but I know that
the press—the Socialistic press in New York—is already writing about them,
and I know that they are going to cable over into Russia. I know that the
men will be met there with distruct. I know that unless there are members




[VOL. 104.

on that commission who will be personally acceptable to the Russian Social
Democrats the Russian press will create the impression that the commission
was sent for the special purpose of fighting down the Social Democrats,
which are now in the ascendancy in Russia.
You think that is not so, but I have talked with many Russians right here
n New York City and I know what they are thinking over in the other
country. I know how old insinuations are revived, and nothing is more
difficult than to combat insinutaions. If those present here had some
means of conveying to the President, or to ex-Secretary Root, the necessity of having on that commission men who would be acceptable to the
Social Democratic Party in Russia, they would really be doing a great
patriotic act for this country. It is a necessity, a distinct necessity, gentlemen,for the reason that suspicion on the part of the Social Democrats will
lead to dissension, will open forth a way of attack on the Government.
You think that they do not attack the Government. I will give you an
example that they do. On my desk in New Haven lies a letter from
Milukoff [Minister of Foreign Affairs], written three months ago and signed
by him, and in that he states that Russia needs Constantinople; he gives
the reason why. He dwells at length on that subject, and meanwhile
the Russian Government was forced to announce that it is against the policy
of acquisition.
Meanwhile the Russian Government was forced to announce that the
Russian soldiers are going to control the supply of food and of order in the
army. Not everything is going well in Russia. And just because I feel
a conviction for this, my adopted land, just because in my intense desire
to see right triumph over might, because of my deep desire to see that the
spirit of freedom rule all over the world—for that reason I would like to
appeal to you not to be too optimistic, but to do your very vest to induce
those who still can prevail upon the President to find means, whichever
means those are, to give that commission such a shake up that it would
be strengthening the Government by not inducing the Russian Socialists
to dissent right away.
We ought also to carry to them in some way the news that freedom at
this moment is dependable—not a demand for any Socialistic State which is
not possible at present in Russia—but that freedom at present is dependable
entirely upon the situation at the front; that if the Germans should be able
to overthrow a disorganized army, this country and Great Britain and
France will have a fight on their hands perhaps for five years to come,
and that they will have to shed blood to defend democracy. And the more
we can do in that direction, the more we can hope that this terrible moment
will be postponed.
I would like to say only one word more,and that is that in the newspapers
a separate peace movement by the German Chancellor is announced. It
seems that on Thursday he is going to give out propositions which contain
something like the saane demands that the Russian workmen are making.
Suppose that it should be the same? Suppose that the Russian workmen
will then insist on a separate peace because their demands are met?
I have been trying my best throughout the last four or five weeks to convey this information to the President, but he is at present the busiest man
In this country; but if those among you who are persuaded by what I have
said, and who have a chance, have a possibility to bring it before the President, you ought to do it; you ought to do it before the commission goes.
You ought to do it to save the world from a calamity, which rises like a
spectre in the East, and which will engulf not only Russia in anarchy, but
may result in ruin to Europe and to this country.

Samuel Untermyer, speaking before 3,000 members of the
Jewish League of American Patriots at Cooper Union on the
3d inst., deplored Mr. Root's appointment as Chairman of
the American Commission to Russia, on the ground that Mr.
Root is not in sympathy with and had no understanding of
Jewish aspirations and problems. Mr. Untermyer did not
advocate Mr. Root's removal as Chairman of the Commission, but suggested that President Wilson name as one of its
members a representative Jew. We take from the New York
"Times" the following extracts from his remarks:
I wish it were possible for us still to have the same high hopes of the
success of the mission that we are about to send to Russia as when the project
was first announced, but I regret to say that enthusiasm has perceptibly
cooled since the announcement of the name of the Chairman of that commission. I yield to none in my admiration of the great ability and resourcefulness of Elihu Root as a diplomat and a statesman, and am satisfied that under ordinary conditions no more fitting selection could have
been made by our beloved President. I appreciate also the patriotism
and unselfishness that prompted Mr. Root at his time of life to make the
sacrifice involved in this call to duty. He has nothing to gain in reputation
or otherwise. His place in history is secure. And yet I deeply deplore
his choice, not only because of the reasons that were so cogently stated by
Professor Alexander Petrunkevitch of Yale University at the Economic
Club on Tuesday night, but also for another reason which I would have
much preferred not to discuss and would not now mention if it were not
from a sense of duty, and because of the transcending importance of the
occasion.
Whether rightly or wrongly, throughout Mr. Root's distinguished career
he has impressed the Jews of this country with the conviction that he is
utterly out of sympathy with our race and has no understanding of our problems and aspirations. Frankly, many of our people regard him as incredibly narrow and provincial in his conception of the Jew. His attitude as
Secretary of State toward the Russian passport question and again In the
Constitutional Conventions of 1894 and 1914 furnished abundant justification for this view.

A resolution offered by Abraham Shiplacoff, Socialist, in
the Assembly at Albany on May 3, suggesting that President
Wilson reconsider his appointment of Mr. Root as Chairman
of the Commission to Rusisa, was rejected and all record of
it was expunged from the Legislature's Journal, after a motion
was carried that no mention of it be made in the official
journal.
DEPARTURE OF COUNT TARNOWSKI FROM THE
UNITED STATES.
Count Adam Tarnowski von Tarnow, Ambassador Designate to the United States from Austria, sailed from Hoboken
for Vienna on May 4, by way of Rotterdam, on the HollandAmerican liner Ryndam. Count Tarnowski arrived in the

MAY 19 1917.]

THE CHRONICLE

United States on Feb. 1, just as announcement was made
here of Germany's unrestricted submarine declarations, as
a result of which diplomatic relations with that country
were severed the following week. As a consequence, and
pending a definite statement from Austria-Hungary as to
its attitude on the submarine issue the new Ambassador was
never presented. On April 7 Austria-Hungary officially
severed relations with the United States, and passports were
immediately asked for by Baron Zwiedinek (who was charge
d'affairs of the Austrian Embassy at Washington since the
recall of Dr. Dumba in September 1915) for himself, his
Embassy staff, including Count Tarnowski and all Austrian.
consular officers in the United States and its possessions.
Sailing with Count Tarnowski were 57 members of his suite,
29 of the suite of Admiral P. W. Hintz, German Ambassador to China and 50 members of the Austrian consular service in this country, headed by Alexander von Nuber, the
Consul General in New York. The others making up the
party of 200 or more were attaches to the Austrian, German
or Turkish Embasies in this country, China and Cuba. To
all of these safe conduct was granted by the Allies. The
route taken by the Ryndam is the same as that taken by
Count von Bernstorff and his party, a stop being made at
Halifax for the examination of the passengers. Count
Tarnowski in leaving expressed gratification at the opportunity to revisit this country after an absence of many
years and expressed the hope that he might be Austria's
next representative to this country.
In a short interview with reporters before sailing Count
Tarnowski said:
I cannot say how sorry I am to leave your nice country. I would ask
nothing better than at the conclusion of the war to come over hero as the
accredited Austrian representative. I suppose I am a unique figure in the
history of diplomatic relations, in that I came at such an inopportune moment, and, while not officially accredited here, I have carried on the active
business of the Austrian Embassy for several months.

In answer to a question of how long he thought the war
would continue the Count said:
Your guess is as good as mine. One thing I may say regarding the
economic conditions in Germany, and that is that if the Allies are expecting
to starve Germany out they will not succeed. Germany has sufficient
food to outlast her enemies, food enough to last to the end of the war,
whether it takes one, two or three years longer,

Through Morris Cukor, counsellor to the consulate in
New York, the Count sent the following farewell message
to his countrymen in the United States:
Please convey to my countrymen my farewell greeting. During my
present sojourn I did not come in contact with them, but I know from
previous experience that they were industrious, sober, and law-abiding.
I take with me the firm conviction that my countrymen will also hereafter
honor this land, whose hospitality they enjoy, and in which thoy earn their
livelihood, and that they will readily obey its laws to the fullest extent.

1981.

Many of the changes were suggested by Lieutenant Gresham, of the American steamer Aztec, the first American
armed ship sunk by a German submarine. The Department also made a number of specific recommendations, one
of the most important being that in dangerous areas passengers and crews be kept fully prepared for speedy disembarking, and that crews be given a new type of life preservers to permit free use of the arms in rowing and launching
the boats. It is suggested that crews be required to sleep in
their ordinary clothes. Another recommendation is that
shipmasters assure themselves before launching boats that
the engines have been stopped and that the ship has ceased
to make headway. Many lives have been lost by launching
boats from torpedoed vessels before they came to a full stop.
In its announcement concerning the new orders the Department says:
In addition to the equipment of lifeboats required by existing regulations
there shall be provided a hand pump for each boat with a plunger of not less
than two inches in diameter and a discharge pipe of sufficient length to
reach clear of the boat's side. This to render more effective the bailing
of lifeboats. The food or provisions required to be carried in the lifeboats
may be hard bread or the United States "emergency ration" in tins. Each
ration is sufficient to maintain a grown man twenty-four hours. Food
which produces unusual or immediate thirst, such as corned beef, salt fish
and the like will not under any circumstances be allowed. When hard
bread is carried, there must be provided in addition, at least ten tins of
the emergency ration.
Lifeboats on cargo steamers shall be provided with a separate set of
davits for each lifeboat. Additional davits to be installed must be of the
mechanical type, to facilitate quick and safe launching. The old type of
davits with "turning out gear" are not classed as mechanical davits.
Cargo vessels shall carry sufficient lifeboats based on the reduced capacity stated to accommodate every person on board, and in addition shall
carry a sufficient number of approved life rafts to accommodate at least
25% of the total number of persons on board.
Before entering the war zone all lifeboats and life rafts shall be cleared
away and made ready for launching, and the master or officer in charge
shall assure himself that all the required equipment is in the lifeboats and
life rafts, in good order and ready for immediate service. Steamers which
are not equipped with mechanical davits shall have all lifeboats swung out
(weather permitting) and ready for immediate launching before entering
the war zone. Cargo vessels contracted for after May 11917, and serving
trades within the war zone shall be equipped on each side with lifeboats of
sufficient capacity to accommodate all persons on board, based on an allowance of 15 cubic feet per person;and in addition thereto shall be equipped
with a sufficient number of approved life rafts to accommodate at least
25% of all persons on board.
The board also suggests that as many or nearly all lives that have been
lost from vessels after attack has been due in many instances to the fact
that the boats have been launched while the ship had considerable way,
either ahead or astern, and engineers have been compelled to abandon
the engine room while the engines were still working, the bridge watch or
master assure themselves, if possible, that the engines are at rest and the
way off the vessel before the boats are launched.
It is also strongly recommended that due to the possibility of boats on
the weather side of the ship not being available that the full lifeboat capacity on cargo ships be carried on each side, so that the full capacity may
be available at all times.
It is also strongly recommended that on all vessels entering the war zone
or dangerous areas the passengers and crew be kept fully prepared day and
night, so far as possible, for speedy and immediate disembarking or abandoning ship in case of an emergency, and that the crew be furnished with
life preservers of such character as to allow the free use of the arms in rowing and boat launching. All should be warmly clad without unnecessary
or,hindering incumbrances.
The requirements and suggestions are to be met promptly and generously, and it is expected that all concerned will co-operate in making better
and safer conditions in the navigation of dangerous areas. Local inspectors are told, however, not to =necessarily delay vessels proceeding on
their way to ports of the Allies if it is not pcssible Zo meet all these requirements previous to the appointed time of departure.

Members of the party who sailed with Count Tarnowski
were Dr.Ludwig Alexy, Dr.J. Duisberg,Baron and Baroness
von Maltzan, Professor Sigmund Muller, Baron Fedor
Nicolics, Count and Countess Franz Riverta, Count Dominik Revertera, Baron Viktor Speth, Dr. Karl Winter,
Baron and Baroness Bernhard Wullerstorf-Urbari, Baron
E. Zwiedineck, and Dr. Friedrich von Vordy du Vernois,
German Minister to Cuba, who had seven officials with him
and Prince and Princess Alfred von Hohen-Lohe, counsel
for the Austrian Embassy at Washington. The Princess SUGGESTION FOR USE OF PRISONERS OF ALLIES ON
UNITED STATES FARMS.
formerly was Miss Mary Elizabeth Britton of Washington.
The suggestion that the Allies be relieved of the burden of
feeding prisoners in the camps of England and France by
NEW LIFE BOAT REGULATIONS FOR VESSELS IN sending them to the United States on ships returning from
SUBMARINE WAR ZONE.
abroad and making use of them in the farming areas of the
New life boat regulations to reduce the loss of life on ves- West was made by the Morris Plan Bank in its "Bulletin" for
sels travelling in the submarine war zone were issued on the April. Not only, the "Bulletin" pointed out, would this
13th inst. by the Board of Supervising Inspectors, Steam- lessen the call upon the Allies for food, but it would enable
boat Inspection Service of the Department of Commerce. the United States to meet the demand for food. We reprint
The new orders were issued at the direction of Secretary of the suggestion below:
It may not be a proper function of the "Bulletin" to advise the Govern
Commerce Redfield, who announces that the reports of the
War Congress,but
ment
one may be
Department show that only two Americans aboard tor- foundor the International to suggest a matterwe trust that somemerits their
which we believe
willing respectfully
pedoed ships have lost their lives by gunfire or torpedo ex- consideration. Stated briefly, without elaboration of details, it is as
plosions, and that all others were drowned or died of expos- follows:
The world war will be won only as adequate food supplies are provided.
steam vessels entering the war Our allies abroad look to the United States for this adequate supply.
sure. Hereafter American .
carry enough lifeboats to accommodate every Farm labor here may prove inadequate to a large excess production. Our
zone must
friendly nations are constantly carrying full cargoes from
person aboard, and in addition must have enough life rafts ships and those ofmaintenance of the armies at the front and the industrial
our shores for the
for 25%. All vessels must provide fifteen cubic feet in communities behind them. These ships doubtless return comparatively
lifeboats for each person instead of 10. All lifeboats must empty.
The prisoner camps in England and France, under
carry hand pumps. Food must consist of hard bread and our allies, are a great tax on the food resources of thosethe humane policy of
countries. Why not
the United States Army emergency ration instead of thirst strike an economic balance by embarking the prisoners of war fit for farm
labor on the returning ships, and placing them at work in the great farming
creating foods, such as the corned beef and salt fish now
West, under registration
guard? Civilians not of
used. All American vessels built in the future must be areas of the could be found to performand properservice necessary for their
the police
military age
equipped with double lifeboat space and must carry on each control. This would relieve our allies of the burden of feeding prisoners
side lifeboats of sufficient capacity to accommodate all abroad, and would enable this country to supply the demand for food.
Our returning ships might be more secure with such cargoes as are sugaboard.
gested. In short, a great economic problem might be simply solved.



1982

THE CHRONICLE

GREAT BRITAIN TAKES CONTROL OF PETROLEUM
SUPPLIES.
A cablegram to the Department of Commerce at Washington on April 27 from the American Consul-General at
London,regarding the action of Great Britain in taking over
control of petroleum supplies, said:

[VOL. 104.

SHORTAGE OF FOOD IN BAVARIA.
A dispatch from Basle, Switzerland, on May 5 stated that
reports from Munich announced that the food shortage in
Bavaria was becoming increasingly serious. Herr Brettreich, Minister of the Interior, recently made an address to
a popular assembly in regard to the food situation, in which
ho said:

Government has organized pool board petroleum supplies, office at Ministry of Munitions,8 Northumberland Ave., to pool distributing facilities
We can hold out until Aug. 15 if the supplies we expect are received. By
of petroleum companies and tonnage employed in bringing supplies to the September the disappearance of our live stock will compel us to exist on
United Kingdom. Board consists of representatives of the following vegetables alone.
companies:
Anglo-American Oil Co., Ltd., Anglo-Mexican Petroleum Products Co.
NEWSPAPERS OF GERMANY CONCERNED OVER
Ltd., Bowling Petroleum Co., Shell Marketing Co., Ltd., British Petro
leum Co., Ltd., Homelight 011 Co., Ltd., Union Petroleum Products Co.,
PAPER SHORTAGE.
H.P. Wheatley & Co.
The likelihood of the enforced suspension of Berlin news• All products except lubricating oils hitherto delivered under proprietary
brands will in future be delivered under war brands and distributed under papers on account of the paper shortage has been brought to
authority of pool board.

BRITISH REGULATIONS ON DEALINGS IN OILS AND
SEEDS.
"Commerce Reports" of May 4 contains the following
dispatch received from the Consul General at London on
May 2, regarding new British regulations governing dealings
in oils and seeds:
From May 1 no person may purchase, sell, or deal in any of the following
articles, whether situated within or without the United Kingdom: except
under license from the Minister of Munitions, except in quantities not
exceeding 1 ton as to articles situated within the United Kingdom: seeds,
nuts and kernels—castor seed, copra, cotton seed, sesame seed, ground
nuts,hempseed, kapok seed, linseed, mowrah seed, niger seed, palm kernels,
poppy seed, rapeseed, she,a nuts,sunflower seed; oils—acid (from refineries).
castor, cocoanut, cotton, sesame, ground nut. hempseed, kapok seed,
linseed, maize, mowrah seed, niger seed, oleo, palm kernel, palm, poppy
seed, rapeseed, soya, sunflower seed; fats—neutral lard, premier jus, shea
butter, tallow.
It is further provided that no person shall produce, sell, or deal in the
following articles except at prices stated: Palm kernels, per ton, .£26 10s.,
east coast ports; £26. west coast ports, usual quay or ex-ship terms, palm
oil, £44 per ton, usual Liverpool quay terms; palm kernel oil per ton, £52
(crushed), £51, extracted net naked ex-mill; linseed £30 per ton; and cotton
seed, £19 per ton (incorporated oilseed association contract delivered
terms). Applications for licenses should be addressed to Controller of Oils
and Fats, Great George Street.

U. S. MAIL SERVICE TO GERMANY AND OTHER
COUNTRIES SUSPENDED.
Notices are being sent broadcast throughout the United
States announcing the cutting off, by order of PostmasterGeneral Burleson, of the mail service with Germany, Austria, Luxemberg, Bulgaria and Turkey. Suspension of the
mail service to Germany during the war was ordered by
Postmaster Burleson on April 7, following the issuance of
President Wilson's war proclamation. At the same time
the post offices in the United States were instructed to refuse mail destined for Austria, Hungary, Luxemberg, Bulgaria and Turkey, since it could not be dispatched without
passing through Germany. It was then stated that mail
from those countries which might be received in the United
States would be sent forward to their destination. The
suspension of postal money orders between the United
States and the German Empire also went into effect on
April 6. Leaves of absence for postal employees were canceled on April 7 by the Postmaster-General in anticipation
of unusual duties which will be imposed upon the postal
service through the existence of war." Those doing military duty were exempted from the order. A statement
issued at the Post Office Department on April 6 concerning
the cancelation of leaves of absences of employees said:
Postmaster-General Burleson to-day revoked all leaves of absence without pay, except for military duty or on account of sickness, and directed
all postal employees on such leave of absence to return to duty at once.
This drastic action was taken in anticipation of unusual duties which will
be imposed upon the postal service through the existence of war. It is
the desire of the Postmaster-General to utilize to the fullest extent the
services of experienced employees in this emergency.

GERMANY DISAVOWS SINKING OF THE HEALDTON.
Germany has disavowed the sinking of the American tank
steamer Healdton, owned by the Standard Oil Co. of New
Jersey, which was destroyed on March 21. This statement
came in a dispatch from the Hague to Reuter's Telegram
Co. at London on the 8th inst. The dispatch said:
The German Legation here announces that as a result of an investigation
by the German Admiralty it may be stated that no German submarine
was responsible for the sinking of the American tank steamship Healdton.

The Healdton, while en route from Philadelphia via Bergen to Rotterdam with a cargo of petroleum, was reported
sunk without warning by a German submarine on the evening of March 21, twenty-five miles off Terschelling, Holland, with the loss of 21 members of her crew. The vessel
as stated in our issue of March 24, was under the command
of Captain Charles Christopher. She was of 4,488 gross
tonnage and was built in Greenock, Scotland, in 1908.



the attention of Chancellor von Bethmann Hollweg by the
newspaper publishers of that city. According to advices
from Copenhagen via London on the 10th, the publishers
asked the Chancellor to take steps to increase the supply, and
particularly to furnish fuel to paper factories. The situation,
it is said, was recently emphasized by the newspapers in
refusing to publish a speech before the Reichstag by ViceChancellor Helfferich.
ITALY RESTRICTS SALE OF SWEETS.
Particulars regarding an Italian decree forbidding the production, sale and delivery—even gratuitously—of sweets of
all kinds in public shops are furnished in "Commerce Reports'
of April 27 as follows:
(Consul General David F. Wilber, Genoa, Mar. 13.1
A decree published in the "Gazzetta Ufficiale" for March 10 forbids
the production, sale and delivery (even gratuitously) of sweets of
all kinds in public shops. This prohibition applies as from March 15 on
fresh sweets coming under the head of pastry, and as from May 1 on confectionery, such as caramels, candy and candied fruit.
Chocolate (provided it be in moulds weighing not less than 1.75 ozs. or
in cups), sweet crackers, and preserved fruits—always provided these articles be not in combination with each other—and frozen coffee and fruit
Ices are exempted from this prohibition.

FRENCH PAPERS REDUCED IN SIZE BECAUSE OF
NEWSPRINT SCARCITY.
Dispatches from Paris on the 1st inst. stated that the
scarcity of print paper had compelled the French Government
to order still further restrictions in the size of newspapers.
The restrictions, effective May 5, provide that the principal
one-cent newspapers shall be of two pages four days a week
and four pages the other three days. Newspapers selling
for more than one cent, such as the "Temps," the "Figaro,"
and the "Journal des Debats", under the restrictions, may
print two pages once or twice a week, according to the
measurements of the sheets.
FOOD CONDITIONS IN SWEDEN.
The food supply of Sweden is said to be in a very percarious condition. Dissatisfaction with the size of the
bread ration, the shortage in many kinds of provisions and
high prices generally have resulted in strikes on the part
of laborers in various parts of the country. Dispatches from
Stockholm on April 19 brought news of a strike by the laborers in all the shops of the town of Vestervik, which has a
population of over 8,000. The laborers quit work and gathered in the public square to protest against food conditions.
The strikers returned to work only after the municipal
authorities promised to procure for them supplementary
bread cards and a reduction in the price of milk and food for
earners of small incomes. On April 18, at Karlstad, all the
factories stopped work at noon and 5,000 workmen gathered
in the market-place and appointed a delegation to demand
an increased food ration from the food commission. Food
demonstrations are reported to have been held on April 25,
both in Stockholm and in Upsala, 45 miles from Stockholm.
The New York "Tribune" on April 29 published the following
statement regarding conditions in Sweden, which was given
out at Washington on April 28 by a source friendly to the
Swedish Government, but regarded in Washington as proGerman:
Sweden at the present time is getting absolutely nothing from the
United States, although all foods and other important staples, such as
cotton, fertilizers, &c., have been taken over by commissions appointed
by the Swedish Government in order to give the utmost guarantee, especially to Great Britain, of the restriction of the use and disposition of all
such articles to home consumption.
At the beginning of the war Sweden was permitted fairly free importations, but even then letters of assurance from the trade department of the
British Embassy in Washington were necessary, and these were not always
sufficient. Then Sweden was permitted to import grain and cotton.
Sweden always has stood for and observed rigorously the principles of
absolute neutrality, as they were defined before the commencement of,this

MAY 19 1917.]

THE CHRONICLE

1983

war, and whenever the products of Sweden, never importations, were way at 73d Street, and 125th Street at 8th Avenue. The
exported, in limited quantities, they went in equal quantities to both company was chartered
in 1871, has a capital and surplus
sides, to one never more than to thd other. If a certain amount of a
commodity went to England a like amount might be exported to Germany. of $6,000,000, and resources of nearly $100,000,000. The
Nothing imported has been allowed to leave the country.
73d Street Branch was opened in 1902 and the 125th Street
In addition, all war materials, such as engines, motors, &c., or parts of
Branch in 1907. E. W. Dutton, formerly Cashier of the
or raw materials for the manufacture of such, are under a strict embargo,
Fidelity Bank, had been appointed Manager, and E. A.
and are not allowed to be exported.
There has been a misapprehension concerning the importations into Henderson, Assistant Manager. The new Branch also has
Sweden. It has never been independent of other countries for its foodsafe deposit and storage vaults, which will be continued
stuffs, as it never had sufficient oats, ryo, barley or wheat to make it
under the management of the United States Safe Deposit
self-supporting.
Sweden can get neither gasolene nor rubber. Cotton has been lately Company, affiliated with the Trust Company.
imported, as the British blockade authorities
so restricted that none can be
will not permit the issuance of letters of assurance for it.
After the declaration of the German unrestricted submarine warfare,
The fifteen German citizens employed by the Guaranty
.
all Swedish owners of vessels plying between Engalnd and Sweden were
unwilling to risk their ships, and all the sailors and firemen, strong through Trust Co. of this city, and suspended with pay, when diptheir unions, absolutely refused to go on boats entering the submarine lomatic relations between the United States and Germany
zones, so that all shipping was brought to a state of complete paralysis.
were severed in February (as noted in our issue of Feb. 10)
Britain is attempting to coerce Sweden into renewing the British trade,
and as a number of Swedish vessels are being held in British ports, England were discharged on the 1st inst. A statement, issued by the
has signified a willingness to permit these vessels to leave, provided Sweden company on the 14th inst., concerning its action, says:
will guarantee that Swedish vessels will carry ton for ton for England—in
War was declared against Germany on April 6. The Guaranty Trust Co.:
other words, a ton for England for every ton for Sweden. As an illustra- after having carried these German subjects on its payroll for several months,
reported that England will permit a Swedish-American liner now now feels that it is released from all obligation to do so any longer. Accordtion, it is
hold at Halifax to proceed if the Swedish Government will promise that ingly, on May 1 it made the suspension permanent, paying to each of the
this ship's next voyage shall be between the United States and England.
married men two months salary in advance and to the single men one
The country cannot get leather, rubber, cotton, tin or electrolytic copper. months' salary in advance, thus providing them with ample time to make
Coal is scarce and is Increasingly difficult to get at all. The schools and other connections.
churches are closed. No longer are fast trains operated on the railroads,
In its earlier announcement in explaining its attitude
because of the lack of coal, and even that which can be obtained is of the
poorest quality. Sweden's coal mines are few, of poor quality, and the toward the employment of citizens of Germany, the company
country is able to obtain only a very small quantity from Germany in in part said:
exchange for iron ore, which is of a high grade.
The Guaranty Trust Co. of New York feels that because of the international character of its business, and because of the recent break in diplomatic relations with Germany, for the present at least it should not have
in its employ subjects of the German Government, and therefore such
BANKING AND FINANCIAL NEWS.
employees as are German citizens have been suspended temporarily on full
The public sales of bank stocks this week aggregate 134 pay. This action has been taken as a matter of protection to the men
shares and were all made at the Stock Exchange. No trust themselves as well as to the company and its customers.

company stocks were sold at auction.
Shares. BANK—New York.
134 Nat. Bank of Commerce_

Low. High. Close.
_ 165
169
167

Last previous sale.
May 1917— 167

At the annual election of the New York Stock Exchange
on the 14th inst. H. G. S. Noble was re-elected President
and C. M. Newcombe was re-elected Treasurer. Members
of the Governing Committee to serve four years were elected
as follows: E. V. D. Cox, William T. Floyd, Louis E. Hatzfold, William W. Heaton, Allen L. Lindley, Howard F.
Whitney, George B. Thurnauer, E. H. H. Simons, William
H.Remick and William B.Potts. Robert R. Atterbury was
elected a member of the Governing Committee for three
years, while Morgan Davis, Frank B. Keech and Arthur J.
Rosenthal were elected to the same committee for a twoyear term. Henry C. Swords was chosen a Trustee of the
Gratuity Fund for five years, William W. Heaton for four
years and William Baylis for three years. The Board of
Governors on the 16th inst. re-elected Winthrop Burr VicePresident. The following changes in committees were made:
Committee on admissions, Robert R. Atterbury, W.Strother
Jones, Frank B. Keech and Samuel F. Streit, succeeding
Dexter Blagden, Donald G. Geddes, Ernest Groesbeck and
William A. Greer; Arbitration Committee, Arthur J. Rosenthal and Howard F. Whitney, succeeding Theo. F. Reynolds
and William C. Van Antwerp; Committee on Clearing House,
William A. Greer, succeeding W.Strother Jones; Committee
on Constitution, Morgan Davis and George B. Thurnauer,
succeeding James H. Jenkins and Theo F. Reynolds; Law
Committee, Donald C. Geddes and William C. Van Antwerp,
succeeding C. Ledyard Blair and Ernest Groesbeck, and
Committee on Quotations, Erastus T. Tefft, to succeed
Albert R. Fish.
J. Frank Howell was elected President of the Consolidated Stock Exchange on Monday last. He headed the
regular ticket, which met with no opposition. Mr. Howell
is a prominent commission broker. He succeeds M. E.
de Aguero, who has been President for the past five years.
William S. Silkworth was elected First Vice-President,
O'Connor de Cordova Second Vice-President, Marcus Heim
Treasurer and Valentine Mott Chairman.
The United States Mortgage & Trust Company announces
the purchase of the assets of the Fidelity Bank, Madison
Avenue and 75th Street, which, beginning on the 15th, it
.
operates under the name of the Madison Avenue Branch.
The bank was organized in 1900, had a capital surplus and
undivided profits of $391,000 (of which $200,000 represented capital) and individual deposits of approximately
$1,700,000. By the acquisition of the bank, the United
States Mortgage & Trust Company, whose main office is at
551Cedar Street, now has three uptown branches, the others
being located respectively in the Ansonia Building on Broad


At a meeting of the Executive Committee of the Guaranty
Trust Co. of New York this week, Arthur B. Hatcher was
appointed an Assistant Treasurer of the company. Mr.
Hatcher,for more than ten years was secretary to Charles H.
Sabin, President of the company. On Sept. 20 1916 he was
appointed Assistant to the President. Mr. Hatcher was
born in Rensselaer, N. Y., in 1888 and entered the employ
of the National Commercial Bank of Albany in 1906. He
was soon promoted to a position of responsibility with Mr.
Sabin, then Vice-President and General Manager of that
institution. Mr. Hatcher accompanied Mr. Sabin when he
came to New York in the spring of 1907 to assume the presidency of the National Copper Bank,and was with him when
the National Copper Bank was absorbed in the Mechanics
& Metals National Bank. In 1910 he went with Mr. Sabin
to the Guaranty.
The directors of the Mercantile Bank of the Americas,
Inc., 38 Pine St., this city, have voted to increase the capital
of the institution from $1,000,000 to $2,000,000. The surplus fund will be increased from $250,000 to $500,000.
From an item dealing with the history of the Metropolitan
Trust Company of this city, prepared by the institution's
publicity department, we take the following:
The Metropolitan Trust Co. of the city of New York was chartered
under the New York State banking laws in 1881 and began business on
Dec. 1 of that year. The first location was in one room at 41 Pine Street,
and the force consisted of a President, one Secretary, one bookkeeper and
one messenger. From the start, however, it was known as one of the
leading financial institutions of New York City, for it had on its board
of directors many noted financiers. The formation was brought about
by General Thomas Hillhouse, who had been serving for sixteen years as
Assistant Treasurer of the United States, with offices at the New York
Sub-Treasury. He associated himself with a number of friends, including
the late D.0. Mills, who, before he became prominent in New York banking circles, had been President of the Bank of California; Edwin D. Morgan Jr., son of the War Governor of New York State; Collis P. Huntington
of the Southern Pacific and Central Pacific railroads, and others of almost
equal importance.
The first Vice-President was Frederick Tappan, former President of
the Gallatin National Bank of New York City. Mr. Tappan's long service
was of great benefit to the institution. He was leader in the Now York
Clearing House and one of the notably strong men of his day. In the
panic of 1893 he served as Chairman of the Loaning Committee of the
Clearing House, and his arduous service at that time is recognized as having
been one of the most important factors in bringing about a return to normal
conditions. Walter J. Etratton, who had been Cashier in the Sub-Treasury
under General Hillhouse, was the first Secretary of the company.
During the entire history of the Metropolitan Trust Co. it has had but
three Presidents, General Hillhouse having served from the date of its
organization until 1898, when he was succeeded by General Brayton Ives;
General Ives being followed by the present incumbent, George C. Van
Tuyl Jr. General Hillhouse had a notable career as a banker and State
and Government official. Previous to assuming his duties at the SubTreasury he had served as Adjutant-General under Governor E. D. Morgan
during the troublous times of the Civil War, and had a term as Comptroller
of the State of New York. He had also been a member of the New York
State Senate. General Ives, the second President, was noted both as a
soldier and a financier. He served with distinguished bravery in the Civil
War as Colonel in the First Connecticut Cavalry, and following the close
of the struggle:was:brovetted as Brigadier-General. After the Civil War

1984

[VOL. 104.

THE CHRONICLE

General Ives was a noted figure in New York as President of the New York
Stock Exchange, President of the Northern Pacific RR. Co. and President
of the Western National Bank. Alexander S. Webb Jr., President of the
Lincoln Trust Co., Now York City, was Secretary of the Metropolitan
Trust Co.from March 9 1900 to Nov. 7 1902. Mr. Webb, a very popular
official, was the son of Alexander S. Webb,for a long time President of the
College of the City of New York. Benjamin Strong Jr., now Governor of
the Federal Reserve Bank of New York City, served as Secretary from
Jan. 30 1903 to April 13 1904.
The present executive head, Mr. Van Tuyl, entered the banking business
as a boy in Albany, rising through the various grades to positions of respontdbility in both the former National Exchange Bank of Albany and the Albany Trust Co. He was President of the latter institution when he was
selected in May 1911 as head of the New York State Banking Department.
During the time he was Superintendent of Banks the so-called Van Tuy
Commission was appointed by him to revise the New York State banking
laws. The work of this Commission resulted in the enactment of a banking
code which has been a model for subsequent revisions in several of the more
important States in the Union.
Shortly after beginning its career on Pine Street the Metropolitan Trust
Co.'s quarters proved too cramped, and they were moved the following
May to 17 Nassau Street, on the site of the present Equitable Life Assurance Society Building, and thence again-three years later-were changed
to a more advantageous location in the Mills Building at 35 Wall Street.
The banking quarters at the latter address were continued until the company went to its own building at 37-39 Wall Street in February 1888. There
it did business until 1904, when the offices were once again changed to the
Atlantic Mutual Insurance Co. Building, 49 Wall Street, corner of William
Street. Since the latter date its location was continuous there until its
recent removal to 60 Wall Street.
The company at its formation had an authorized capital stock of $1,000,000, with authority to increase to $2,000,000. It continued to operate
under the smaller capitalization, however, until Jan. 30 1903, when the
Atlantic Trust Co. was merged into the Metropolitan Trust Co. The
capital stock of the Metropolitan Trust Co. was then increased to $2,000,000, and in the merger two shares of Atlantic Trust Co. stock were exchanged for one share of Metropolitan Trust Co. stock.
Deposits of the Metropolitan Trust Co. on Jan. 31 1914 aggregated
$20,380,000 and on Jan. 31 1917, three years later, were $74,195,000.

Montgomery Hallowell, formerly an editorial writer on
the Chicago "Tribune," and for three years head of the
New York office of Lord & Thomas, advertising agents,
but more recently Eastern Manager of the Foreign Advertising of the New York "Times," on the 15th inst. entered
upon his duties in the New Business Department of the
National Bank of Commerce in New York.

of First Vice-President W. H.Bucholz. It is expected; it is
said, that an outside man will be installed in the post held
by the late Mr. Bucholz. •
Charles Collins has been elected an Assistant Cashier of
the Commercial National Bank of New Orleans.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 26 1917:
GOLD.
The Bank of England gold reserve against its note issue shows an increase
of £137,765, as compared with last week's return. Another week has
passed without any gold having been sent from Canada to New York; on
the other hand, about $3,500,000 was engaged in New York for shipment,
mainly for Japan.
SILVER.
The market has shown considerable steadiness at a somewhat higher
feature continues to be the scantiness of supplies,
level. The outstanding
rather than pressure to buy. The Shanghai exchange has risen in sympathy
with the price of silver and sales from that quarter are not reported. Although reports show that there is likely to be an increased activity in the
mining industry of Mexico, it does not follow that much silver will come
on offer from that country. The details as to Mexican coinage given last
week suggest that considerable demands will be made for that purpose upon
the local output. The Indian currency figures recorded below in lacs of
rupees show a reduction of 45 lac.s in the Treasury holding. This is the
third successive week that the total has shrunk and is the lowest since
Feb. 7 last.
April 7. April 15. April 22.
83,40
84,47
84,10
Notes In circulation
16,29
16,74
17,36
Reserve in silver coin and bullion
12,19
11,56
11,58
Gold coin and bullion in India
5,92
5,92
6.67
Gold in England
The stock in Bombay consists of 1,500 bars, as compared with 1,700 bars
last week. The stock in Shanghai on April 21 consisted of about 26,500,000
ounces in sycee and 17,200,000 dollars, as compared with about 28,000,000
ounces in sycee and 16,400,000 dollars on the 14th inst.
Quotations for bar silver per ounce standard:
37 3-16
374
37
37 3-16
375-16

April n
" 23
" 24
" 25

cash
"
"
"
"

37 5-16 cash
April 26
37.187
Average
5%
Bank rate
Bar gold per oz. standard_ _77s. 9d.

No quotation fixed for forward delivery.

The quotation to-day for cash delivery is 4d.above thatfixed a week ago.

Stanley P. Jadwin has been elected a director of the
-PER CABLE.
ENGLISH FINANCIAL MARKETS
Peoples' Trust Co. of Brooklyn. Mr. Jadwin. is Secretary
The daily closing quotations for securities, &c., at London,
and Treasurer of 0. H. Jadwin & Sons, wholesale druggists
as reported by cable, have been as follows the past week:
of New York, and President of the Wyeth Chemical Co.
The officers and directors of the Charles River Trust Co.
of Cambridge; Mass., will open their new bank building
and vaults for inspection on May 22. The Charles River
Trust Co. has a capital of $200,000 and on a recent date
reported deposits of $2,298,803. H. E. Mason is President.

May 12. May 14. May 15. May 10. May 17. May 18.
London,
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Week ending May 18.
38
38
3734
38
38
d.38
Silver, per ors
5534
5534
Holiday 5534
5534
5534
Consols, 234 per cents
9434
9434
9434
9436
9434
British,5 per cents
9134
9134
9134
British, 4)6 per cents
9134
9134
61.45
____
61.50
61.50
61.50
French Rentes (in Paris)_frs.61.45
French War Loan 5% (in
87.774
____
87.70
87.70
87.70
fr.87.60
Paris)

The price of silver in New York on the same days has been:
Silver In N. Y., per oz___ots.7-14

744

744

744

7434

744

John N.Eaton,previously Assistant Manager of the Indus- eounnerciat nutITaiscellancons' tquf
trial Trust Co. of Pawtucket R.I.,has been elected manager
to fill the vacancy caused by the death of William H. Park.
DIVIDENDS.
Mr. Eaton prior to going to Pawtucket two years ago was
The following shows all the dividends announced for the
Boston representative of the New York banking firm of future by large or important corporations:
Dividends announced this week are printed in italics.
E. Naumburg & Co.
aertr..w.o•

Aryarevw••••

The appointment is announced of William B. Ward as
Assistant Cashier of the Penn National Bank of Philadelphia.
The stock of the Excelsior Trust & Savings Fund Co. of
Philadelphia has been placed on an annual dividend basis
of 6%. The rate heretofore has been 5%.
The question of increasing the capital of the Franklin
Trust Co. of Philadelphia from $400,000 to $600,000 will
be acted upon at a special meeting of the stockholders on
July 17.
The directors of the Safe Deposit & Trust Co. of Pittsburgh and the board of trustees of the Peoples Savings Bank
have elected as new directors and trustees the following:
William L. Clause; William C. Robinson and Finley H.
Lloyd. Mr. Clause is Chairman of the Pittsburgh Plate
Glass Co. and is also a member of the United States Chamber
of Commerce; Mr. Robinson is President of the National
Metal Molding Co. and Mr. Lloyd is President of the Pittsburgh Dry Goods Co.
Frank Boyd, heretofore Cashier of the Omaha National
Bank of Omaha, Neb., has been elected Vice-President of
that institution,and Ezra Millard,formerly Assistant Cashier,
has been made Cashier to succeed Mr. Boyd. It is stated
that further adjustments and promotions were looked for
and that the changes are occasioned largely by the death



Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary
Ordinary (extra)
Preferred
Preferred (extra)
Atch. Top.& Santa Fe,corn.(qu.)(No.48)
Atlantic Coast Line RR., common
Boston dc Albany (guar.)
Canadian Pacific, common (quar.)
Catawissa, let and 2d pref.(guar.)
Chesapeake A: Ohio
Chestnut Hill (quar.)
Chicago & North Western, corn. (guar.)._ _
Preferred ( uar )
q '
Ctn. New On. & Texas Pacific, common
Common (extra)
Preferred (guar.)
Cleveland & Pittsburgh, reg. guar.(qu.).
spedal guaranteed (guar.)
Cripple Crk. Cent., corn. (qu.) (No. 30)
Preferred (quar.) (No. 46)
Delaware & Bound Brook (guar.)
Hocking Valley, common
Illinois Central (guar.)(No. 126)
Maine Central, preferred (quar.)
N. Y. Philadelphia & Norfolk
Norfolk & Western. ad). pref. (quar.).._
Norfolk & Western. common (quar.)__ _
North Pennsylvania (quar.)
Pennsylvania (guar.)
Phila. Germantown & Norristown (qu.)_ _
Pittsbu gh Bessemer & Lake Erie, pref. _
Pittsb. Youngs. & Ashtabula, pref. (qu.)_ _
Reading Co., 1st pref. (quar.)
Reading Co., 2d pref. (guar.)
Southern Pacific (guar.) (No. 43)
Union Pacific, common (quar.)
Extra'
Street and Electric Railways
Baton Rouge Elec. Co., corn.(No. 4)
Preferred (No. 12)
Central Ark. Ry.& Light, pref.(quar.)_ _
(No.14)
Cent.NIiss.Val.El.Prop..pref.(Q11.)
Cities Service, corn. and peel.(monthly).
Common (payable In common stook).-

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

June 26 Holders of reo. Juno 4a
June 26 Holders of reo. June 4a
Aug. 28 Holders of rec. July 21a
Aug. 28 Holders of rec. July 21a
14 June 1 Holders of reo. April 30a
334 July 10 Holders of reo. June 19
234 June 30 Holders of reo. May 3Ia
234 June 30 Holders of reo. June la
$1.25 May 19 Holders of reo. May 9a
2
Juno 30 Holders of reo. Juno 8
75c. June 4 May 20 to June 3
14 July 1 Holders of reo. June 1
July 1 Holders of reo. June 1
2
June 12 Holders of reo. May 29a
3
33.4 June 12 Holders of reo. May 29a
14 Juno 1 Holders of reo. May 26a
874o June 1 Holders of rec. May 10a
500 June 1 Holders of rec. May 104
136 June 1 Holders of rec. May 15a
June 1 Holders of rec. May lice
1
May 21 May 12 to May 20
2
June 30 Holders of rec. Juno Ifa
2
14 June 1 Holders of reo. May 40
14 June 1 Holders of reo. May 15a
May 31 Holders of rec. May 150
$3
May 19 Holders of reo. April 300
1
14 June 19 Holders of reo. May 31a
$1 May 25 May 10 to May 20
75c. May 31 Holders of reo. May la
$1.50 June 4 May 26 to June 3
$1.50 June 1 Holders of rec. May 15
134 June 1 Holders of reo. May 21
50o. June 14 Holders of rec. May 29a
50e. July 12 Hoidens of reo. June 250
134 July 2 Holders of rec. May 31a
2
July 2 Holders of rec. June la
34 July 2 Holders of rec. June la
214
1
3
34

4
3
134
1 34

June 1 Holders of roe. May
June 1 Holders of-reo. May
June 1 May 10 to May
June 1 Holders of rec. May

/34

Tune

19a
190
28

16a
4 June 1 Holders of roe. May 15
1 ifolders of yen. May IS

MAY 19 1917.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Street And Electric Rys. (Cont'd).
Cities Service, corn. & pref.(monthly)
X July 1 Holders of rec. June 15
Common (payable in common stock)_ _
fji July 1 Holders of rec. June 15
Citizens Traction (Pittsburgh)
$1.50 May 16 Holders of rec. May 10
Detroit United Sty. (quar.)
2
June 1 Holders of rec. May 160
Northern Texas Elec. Co., common (guar.) _
1
June 1 Holders of rec. May 17a
Pensacola Elec. Co., pref.(No. 19)
3
June 1 Holders of rec. May 15a
Wisconsin-Minn. Lt. ct Pow., pref. (qu.). 13j June 1 Holders of rec. May 21
Mimanianeous
Acceptance Corp.(payable in stock)
el0
Holders of rec. May 14a
Acme Tea, 1st and 2d preferred (quar.)
1,4 June 1 Holders of rec. May 21a
Adams Express (guar.)
$1 50 June 1 Holders of reo. May 21a
Ajax Rubber, Inc. (quar.)
$1.50 June 15 Holders of rec. May 31
American Cotton 011, common (quar.)
1
June 1 Holders of reo. May 153
Preferred
3
June 1 Holders of rec. May 15a
American Express (guar.)
$1.50 July 2 Holders of rec. May 31a
American Gas (guar.)
2
June 1 Holders of rec. May 16
American Radiator, common (quer.).
3
June 30 June 22 to June 30
American Sewer Pipe (quar.)
‘50o June 20
See note (k)
134 June 15 May 26 to June 3
Amer. Smelting & Refg., corn.(quer.)
1X June 1 May 12 to May 20
Preferred (quar.)
American Sugar Refg.,com.&pref.(quar.) 1X July 2 Holders of rec, June la
1( Oct. 2 Holders of rec. Slant. la
Common and preferred (quar.)
234 July 1 May 16 to May 31
American Thread, preferred
June 1 Holders of rec. May 15a
5
American Tobacco, common (quar.)_
$2
May 28 April 22 to May 16
Anaconda Copper Mining (quar.)
h Dec. 1 Holders of rec. Nov. 15a
Associated Dry Goods. 1st pref.(No. 1)..
5
June 15 Holders of rec. May 19a
Atlantic Refining (guar.)
234 July 2 Holders of rec. June 15
Bethlehem Steel, common (quar.)
234 July 2 Holders of ree. June 15
Common, Class B (quar.)
June 1 Holden, of rec. May 14a
(No. 19). 2
Blackstone V.G.&E.,com.(qu.)
3
June 1 Holders of rec. May 14a
Preferred (No. 10)
Borden's Condensed Mak,pref
.(gu.)
(No.62
) 134 June 15 June 2 to June 15
1 y, July 1 June 21 to July 1
Brier 11111 Steel, common (quar.)
Common (extra)
5
July 1 June 21 to July 1
Preferred (quar.)
IX July I June 21 to July 1
British-American Tobacco, ordinary
6
June 30
See note(
1
)
British Columbia Fish. & Pack
2
May 21 May 10 to May 20
British Columbia Packers Association.,_
4
May 21 May 10 to May 20
Brooklyn Union Gas (guar.)(No. 65)
134 July 2 Holders of rec. June 16
Extra
July 2 Holders of rec. June 15
1
Brown Shoe, common (quar.)
134 June 1 Holders of roe. May 21
Buckeye Pipe Line
June 16 Holders of rec. May 31
$2
Burns Bros., Inc., corn.(quar.)(No. 15). 134 May 31 Holders of rec. May 21
Common (payable in common stook)._ /1
May 31 Holders of reo. May 21
California Packing Corp.. corn. (No. 1).
50e. June 15 Holders of reo. May 31
75c. June 15 Holders of rec. May 31
CambricSteel (guar.)
75c. June 15 Holders of roe. May 31
Extra
h534 Juno 15 Holders of rec. June 1
Canada Steamship Lines, pref
6234e. May 21 May 10 to May 20
Caney River Gas (quar.)
May 22 Holders of roe. May 16
2
Carbon Steel, common (extra)
Case (J. I.) Threshing Mach., pref.(guar.) 1X July 1 Holders of roe. June 11
June 1 Holders of rec. Mayd26
Cont. Aguirre Sugar Cos., corn. (extra)-- 10
Cerro de Pasco Copper Corp.(guar.).- _ $1 June 1 Holders of rec. May 18a
50c. Juno I /folders of rec. May 18a
Extra
3
June 19 Holders Of ree. June 2a
Chesebrough Manufacturing (guar.)
500. June 19 !folders of roe. June 2a
Extra
May 21 Holders of ree. May 7a
2
Colorado Fuel & Iron. pref. (guar.)
Julyj 16 Holders of rec. June 30
Colorado Power, common (guar.)
Ix June 15 Holders of rec. May 31
Preferred (quar.)
Connecticut Power, pref. (qu.)(No. 17)- 13,s June 1 Holders of rem. May 14a
Consolidated Gas of New York (quar.). ix June 15 Holders of ree. May 10
$1.50 June 15 Holders of rec. May 25
Copper Range Co. (quar.)(No. 39)
$1
June 15 Holders of reo. May 25
Extra (No. 40)
10e. June I Holders of rec. May 18
Cosden & Co. (quar.)
25e. June I Holders of rec. May 18
Extra
75c. June 15 May 24 to June 15
Crescent Pipe Line
h3
May 19 Holders of rec. May 15a
Crucible Steel, pref. (quar.)(No.55)
1X June 30 Holders of rec. June 15
Crucible Steel, pref.(quar.)(No.57)
June 30 Holders of rec. June 15
Preferred(on acct. of accumulated dirs.)_ 62
June 12 Holders of rec. June 1
Pref.(on aces.ofaccummulations)(No.56) 62
234 July 2 Holders of rec. June 15a
Cuban-American Sugar, common (quar.)
1( July 2 Holders of rec. June 15a
Preferred (guar.)
1( Juno 15 Holders of rec. June 1
Cudahy Packing, common (guar.)
Deere dc Co., pref. (quar.)
154 June 1 Holders of rec. May 15a
Diamond Match (quar.)
2
June 15 Holders of roe. May 31a
Dome Mines, Ltd. (quar.)
25c. June 1 Holders of rec. May 19a
Dominion Textile, Ltd., common (quar,) 134 July 3 Holders of rec. June 15
Driggs-Seabury Ordnance, common
1 X June 15 Holders of rec. May 31
First preferred (guar.)
134 June 15 Holders of rec. May 31
Second preferred (guar.)
134 June 15 Holders of roe. May 31
Eastern Steel, common (quar.)
234 July 16 Holders of ree. July 2
First and second preferred (quar.)___ _
134 June 15 Holders of roe. June 1
Eastern Wisconsin Elec. Co., pref. (quar.). 134 Juno 1 Holders of rec. May 21
Eastman Kodak,common (extra)
5
Juno 1 Holders of rec. April 30a
Eastman Kodak, common (guar.)
234 July 2 Holders of rec. June 2
Preferred (guar.)
134 July 2 Holders of rec. June 2
Electric Investment Corp., pref. (quar.). 134 May 22 Holders of ree. May 12
3
Elk Horn Coal Corp., pref
June 11 Holders of rec. June 1
Federal Mining & Smelting, pref. (quar.)_
134 June 15 Holders of roe. May 22
General Asphalt, pref. (quar.)
134 June 1 Holders of rec. May 17a
(quar.)
2
General Chemical, common
June 1 Holders of roe. May 220
134 July 2 Holders of rec. June 18
General Chemical, preferred (guar.)
e 1
134 June
General Cigar, Inc., pref. (quar.)
Holders of rec. May 24
2
General Development (quar.)
June 1 Holders of rec. May 15a
2
General Electric (quar.)
July 14 Holders of rec. June 26a
(qua
General Fireproofing, corn. & pref.
13 July 1 Holders of rec. June 20
4
Goodrich (B. F.) Co., common (quar.)_ _ 1Au . 15 Holders of roe. Aug. 30
j
1
Goodrich (II. F.) Co., pref.(quar.)
13 July 2 Holdersof rec. June 22a
4
34 June
Great Northern Paper
Holders of rec. May 26a
2
Greene Cananea Copper Co. (quar.)..._ _
May 28 folders of rec. May lie
2
Gulf States Steel, common (guar.)
July 2 Ifolders of rec. June 15
1
Common (extra)
111;ii Jjuil y 2 Holde of rec. Juno 15
Juulyy
Holders
First preferred (guar.)
21 Holders of roe. June 15a
Second preferred (guar.)
Holdersof rec. June 15a
Hackensack Water, corn, and mei
The. June
Holders of rec. May 19a
Marbison-Walker Refractories,cons.(quar.) 134 Juno 1 Holders of rec. May 19
6
Common (extra)
May 29 Holders of rec. May 19
Hart, Schaffner & Marx, Inc., corn.(qu.) 1
June 1 Holders of roe. May 19a
Hartman Corporation (quar.)(No. 1).-225 Holders of roe. May 15a
1
316.13127)X. July
Haverhill Gas Light (guar.) (No. 86)
Holders of tee. June 14a
Homestake Mining (monthly) (No. 513) 814ic. may 31 Holders of rec. May 190
Line
Illinois Pipe
June 15 Holders of rec. May 21
Independent Brewing, pref. (guar.)
Holders of rec. May 22
Indian Refining, preferred
h53 May 26 Holders of reo. May 10
4
2
June 1 Holders of roe. May 10a
Inland Steel (quar.)
Internat. Arms & Paso Sec., pre
7134
21 Holders of rec. May 6
1
Juno
Internat. Colton Mills, pref. (guar.)
1u June
Holders of rec. May 17
Internat.Ilarv.of N.J., Pf.(all.) (No. 41) 1 u June 1 Holders of roe. May 114
Internat.Harv.Corp., pf. (qu.)(No. 17)_
Ila
31.50 June 1 Ho'ders
Nickel, corn. (quar.)
International
rec.
Holders of roe.e. May 14a
134 July 1 Holders of reo. May 20a
Jewell Tea, Inc., preferred (guar.)
June
25e. June 15 Holders of roe. June 14
Kerr Lake Mining (quar.) (No. 47).--.
June 1 Holders of rec. May 214
Kings Co. El. Lt.& Pow.(qu.)(No.69).
June 1 Holders of rec. May 26
Lake of the Woods Milling, coin. (quar.) 2
134 June 1 Holders of rec. May 26
Preferred (quar.)
134 May 31 Holders of rec. May 21
Lanston Monotype Mach. (quar.)
- $31
31 Holde of rec. Apr. 30a
Lehigh Coal dr Nay. (quar.)(No. 154)
Holders
June
Liggett & Myers Tobacco. corn. (quar.)_
Holders of roe. May 15a
3
May 31 Holders of rec. May 19
Lindsay Light, common (quar.)
2
May 31 Holders of rec. May 19
Common (extra)
May 1
1 X J e 31 Holders of rec. May 19
Preferred (quar.)
Manhattan Shirt, corn. (quay.)(No. 0)..
Holders of rec. May 21a
June 1 May 16 to May 31
MassachusettsGas Companies, preferred 2
Maxwell Motor, Inc., common (quar.).. 234 July 2 Holders of ree. June lie
131 July 2 Holders of rec. June ha
First preferred (quay.)
1.34 July 2 Holders of rec. June lie
Second preferred (quar.)
May Department Stores, common (qu.). 134 June 1 Holders of rec. May 15a
234 June 30 Holders of rec. June 2a
Mergenthaler Linotype (guar.)
134 June 1 Holders of reel. May Ha
Middle West Utilities, preferred (quay.).
134 May 24 Holders of roe. May 10
Mitchell Motors, Inc. (qu.) (No. 3)----




;

Name of Company.

1985
When
Per
Cent. Payable.

Books Closed.
Days Inclusite.

Miscellaneous (Concluded).
Moline Plow,first preferred (guar.)
134 June 1 Holders of rec. May 18a
Second preferred (guar.)
134 June 1 Holders of rec. May 18a
Montreal Cottons, common (guar.)
1
June 15 Holders of roe. June 5
Preferred (guar.)
134 June 15 Holders of rec. June 5
National Acme Co. (quar.)
75e. June 1 Holders of roe. May 15a
National Biscuit, common (qu.)(No. 76) lai July 14 Holders of rec. June 28a
Preferred (quar.) (No. 77)
134 May 31 Holders of rec. May 176
Nat.Cloak & Suit, corn.(quar.)
(No.2)_ _
134 July 14 Holders of rec. July 15a
Preferred (quar.) (No. 12)
134 June 1 Holders of rec. May 22a
National Lead, common (guar.)
1
June 30 Holders of rec. June 8
Preferred (guar.)
13(1 June 15 Holders of rec. May 25
National Surely (guar.)
3
July 2 Holders of rec. June 22a
National Transit (quar.)
50c. June 15 Holders of rec. May 81a
New York Transportation (guar.)
25e. June 1 Holders of rec. May 15a
Nlles-Bement-Pond, common (guar.).--- 3
June 20 June 7 to June 20
Preferred (quar.)
134 May 21 May 10 to May 21
North American Co. (quar.) (No. 53)... 13.4 July 2 Holders of roe. June 15a
NorthernOhio Elec. Corp., pref. (quar.)_ _
134 June 1 Holders of rec. May 21
Ogilvie Flour Mills, Ltd., pref. (quar.)_.... 13-4 June 1 Holders of rec. May 22a
Ohio Cities Gas, common (quar.)
$15634 June 1 May 18 to June 5
Pacific Mall S. S., pref. (guar.)
134 June 1 Holders of rec. May 170
People's Gas Light dr Coke (quar.)
May 25 Holders of rec. May la
1
Philaaelphia Eteartc (gum
43-75e. June 15 Holders of roe. May 22
Pittsburgh Brewing, pref. (guar.)
134 May 31 Holders of roe. May 21
Preferred (on aca. of accumulated &raj_
1
May 31 Holders of rec. May 21
Pittsburgh Steel, pref. (guar.)
134 June 1 Holders of rec. May 15a
Porto Rican-Amer. Tobacco (quar.)_.... 4
June 7 Holders of rec. May 15a
Pratt & Whitney Co., pref.(quar.)
134 May 21 May 10
May 21
Pressed Steel Car, com.(quar.)(No. 27). 134 June 6 Holders of to May 160
roe.
Preferred (quar.) (No. 73)
134 May 23 Holders of rec. May 2a
Pure 011 (guar.)
30e. June 1 May 15 to June 1
Extra
20e. June 1 May 15 to June 1
Quaker Oats, common (quar.)
234 July 16 Holders of rec. July 2
Preferred (quar.)
134 Aug. 31 Holders of rec. Aug. 1
Quaker Oats, pref. (quar.)
13-4 May 31 Holders of roe. May la
Republic Iron & Steel, com.(qu.)(NO.3)
134 Aug. 1 Holders of rec. July 16a
Preferred(guar.) (No. 55)
134 July 2 Holders of roe. June 15a
St. Joseph Lead Co.(quar.)
25c. June 20 Juno 10 to June 20
Extra (from reserve for amortiz.)
50e. June 20 June 10 to June 20
Savoy Oil
30o. June 25 Holders of rec. June 11
Sinclair Oil & Refining (quar.)
$1.25 May 19 Holders of rec. May la
Solar Refining
5 'June 20 June 1 to June 21
Southern Pipe Line (quar.)
6
June 1 Holders of roe. May 15
Southwestern Power & Lt., pref. (quar.)_
134 June 1 Holders of rec. May 21
South West Pa. Pipe Lines (guar.)
3
July 2 Holders of me. June 15
Standard Milling, common (qu.)(No.6)_
1
May 31 Holders of rec. May 21
Common (payable in common stock)
1
May 31 Holders of roe. May 21
Preferred (quar.) (No. 30)
134 May 31 Holders of tee. May 21a
Standard 011 (Calif.) (quar.)
234 June 15 Holders of reel. May 15
Standard Oil (Indiana)(Var.)
May 31 May 8 to May 31
Extra
3
May 31 May 8 to May 31
Standard 011 (Kansas) (War.)
3
June 15 Holders of rec. May 31
Extra
June 15 Holders of rec. May 81
2
Standard Oil (Nebraska)
10
June 20 Holders of rec. May 19
Standard Oil of N. J.(quar.)
5
June 15 Holders of rec. May 18a
Standard Oil of N. Y.(quar.)
3
June 15 May 20 to May 30
Standard Oil (Ohio) (guar.)
3
July 2 Holders of roe. June 1
Extra
July 2 Holders of reo. June 1
1
Standard Oil Cloth, common (guar.).1
July 1 Holders of rec. June 15
Pref., Classes A & B (quar.)
134 July 1 Holders of rec. June 15
tudebaker Corporation, corn. (quar.)._
234 June 1 Holders of roe. May 100
Preferred (quar.)
13-4 June 1 Holders of rec. May 19a
Supple() Milk, preferred (guar.)
134 June 1 Holders of me. May 19
Underwood Typewriter, corn. (quar.)_ _ _
134 July 2 Holders of rec. June 15a
Preferred (quar.)
134 July 2 Holders of roe. June 15a
United Cigar Stores, pref. (qu.)(No. 10). 154 June 15 Holders of ree. May 31a
UnitedDrug, 2d pref. (quar.) (No. 6).
134 June 1 Holders of rec. May 15a
UnitedProfit Sharing Corporation
So June 1 Holders of me. May 15
U. S. Cast Iron P. & Fdy., pref. (quar.)
131 June 15 Holders of rec. June la
U.S. Gypsum, pref.(quar.)
13-4 June 30 Holders of rec. June 20
U.S.Industrial Alcohol,pref.(quar.)(2Vo43) lq July 15 Holders of rec. June 304
United States Steel Corp., corn. (quar.)_
134 June 29 June 2 to June 4
Common (extra)
June 29 June 2 to June 4
3
Preferred (quar.)
May 1
134 May 29
Waltham Watch, preferred
June 1 Holders of ree. May 19
3
Wayland Oil& Gas, common
be. June 11 Holders of rec. June la
White (J. G.)& Co.,Inc.,pref. (quar.)
131 June 1 Holders of reo. May 15a
White (J. G.) Engineering, pref.(quar). lft June 1 Holders of ree. May 15a
White (J. G.) Management, pref.(quar.)_
134 June 1 Holders of rec. May 15a
Woolworth (F. W.),corn.(quar.)(No.20) 2
June 1 May 2 to May 16
Woolworth (F. W.), pref. (quar.)
1.34 July 1 Holders of rec. June 9
Yale & Towne Manufacturing (extra)
5
May 21 Holders of rec. May 14
Youngstown Sheet & Tube, corn. (quar.) 2 d June301 Holders of roe. June 200
Common (extra)
3 d June301 Holders of rec. June 200
13id June301 Holders of rec. June 2041
Preferred (quar.)
a Transfer books not closed for this dividend. b Less British income tax. d C,orrection. e Payable in stock. f Payable in common stock. q Payable in scrip.
S On account of accumulated dividends. I Declared $1 50, payable 50c. each
June 20, Sept. 20 and Dec. 20; transfer books closed ten days before payment of
dividend. k Declared 31 50 payable 50e. each June 20,Sept. 20 and Dec.20: transfer book closed ten days before payment of dividend. 1 All transfers received in
order at London on or before June 15 will be in time for payment of dividend to
transferees.

-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent.
119 Nat. Bk. of Cold Spring
on Hudson
3 Cold Spring Lt. Ht. dr Pr_
2 Rider & Driver Pub. Co_ _
400 Minnesota Ry. Construe1 The Spellbinder Co
4,345 Western Iron C. dr C., $1
each
1,750 Northwestern Farm Land
Co., pref
40 Northwestern Farm Land
Co., common
8 Standard Barrel,
16 Standard Barrel, corn__ _ $15,841
900 Montezuma Mg.,$1 each
lot
86 Washing. Co-oper. Mg.
Synd., 350 each
1,000 Apt. Hotel Co.of N.Y_ _
990 Storrs Real Est. Co., $15
each
999 Butterfield Real Est. Co.,
$5 each
2934 Union Bank of Bklyn
$10,000 State of Jalisco, Mex.,
68, 1928, Jan. 1914 coupon on

Shares. Stocks.
Per Cent.
40 Mineola (Garage) Co
101
$25 lot
10 Winnisook Club
2 First Nat. 13k. of Jer. City- -33034
10 Hotel Cumberland, pref._ _13200
10 Hotel Cumberland, min.__ f lot
5 Ford Motor Co. of Canada_ _200
Bonds.
Per cent.
$1,000 Chamber of Comm., N. Y.,
income bond
10
$35,000 Denver Rae. & Irrig. Co.)
coll. tr. 68
MOO
$18,000 Mo. Okla. dr Gulf RR. 1st! lot
5s, 1944, May '14 coupons on.. _1

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per oh.
223
2 Essex Tr. Co., Lynn
56
1 Boston Mfg
33
9-4ths Pacific Mills
9834-9934
4 Chicopee Mfg., pref
8 Arlington Mills
10734
3 Nashawena Mills
11034
2 Lawrence Mfg
10634
202
3 Pepperell Mfg
100
30 Metropol. Coal spec. 6% stk

Shares. Stocks.
$ perch.
24 Fairbanks Morse & Co., pref.__ 99
10 North Boa. I.tg. Properties, pref 9634
6 American Felt, pref
100 al
1 Draper Corporation
124
2-4 Amer. Glue, common
41344334
c.4
Bonds.
Per cent.
$1,000 Glencoe Woolen Mills, Inc.,
.
1st 68, 1942
89 I

[VOL. 104.

THE CHRONICLE

1986

By Messrs. Francis Henshaw & Co., Boston:
Shares. Stocks.
1 Nat. Shawmut Bank
50 Mass. Cotton M Ms
5 Everett Mills
0 Pepperell Mfg
1 Lawrence Mfg
10-4ths Amer. Glue, common

$ per sh.
200M
125
123
203
1063(
4234

$ per sh
Shares. Stocks.
100
10 American Felt, pref
25 Fairbanks, Morse & Co.,pref_ _ _ 99
100
5 Brockton Gas Light Co
124%-125
7 Draper Corporation
2 Mass. Bonding & Insur. Co_ ___ 74%

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
1 Comml.Finance Co.,810 Par 151
10 Fire Assoc. of Phil., $50
306-307
each
25
1 Pa. Acad. of Fine Arts
76
1 Atheneum of Phila.._
50 Elmira & Wmsport. RR.,
7031
Pref.,$50 each
7 Heston. Man.& F.Pass.fly.,
60
pref
391
5 Corn Exch. Nat. Bank
11 Farmers' & Meehan. Nat.
148-14831
Bank
385
4 Girard Nat. Bank
180
2Jenkintown Nat. Bank
100 Nat. Bk. of Germantown_ _ _140
60
10 Ridge Ave. Bank,$50 each
150
3 Chelten Trust Co
10 Commonwealth T.I. & T_ _ _250
10 Guarantee Tr.& S.D_ _ _155-156

$ per sh.
Shares. Stocks.
29 Rights to subscribe to Provident Life &Tr. Co. sg$100 340
100 Northern Pacific RR., corn.,
(J.P.M.& Co., tr. rots.).. 500.
25 H.K.Mulford Co.,$50 each- 65
10
5 Camden Fdy.,$10 each
10 Phil. Bourse, pref., $25 each,
15'/s-20
5 Bergner & Engel Brew., pref_ 35
42 lot
1,000 Sunset Mg.& Bevel
i
,
1 Loan Society of Phil.,$10 each 3;
Per cent.
Bonds.
$1,000 Panama Gas Co. 1st 6s,
1935, 10 shs. stk. bonus._ 90
$1,000 Clev. Alliance & Mali. V.
$205 lot
RR. 1st 55, 1931
$500 Evansville & East. Elec.
50
Ry. 1st 55. 1936

-The clearings for the week
Canadian Bank Clearings.
ending May 10 at Canadian cities, in comparison with the
same week in 1916, show an increase in the aggregate of
33.6%.
Week ending May 10.
Clearings at
1917.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Victoria
Quebec
Hamilton
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener

1916.

Inc. or
Dec.

1915.

1914.

APPLICATIONS FOR CHARTER.
For organization of national banks
National Bank of Clifton, Ariz. Capital
The Peoples
The AmericanNational Bank of Baxter Springs, Kans. Capital
The Wolf Point National Bank, Wolf Point, Mont. Capital__
The First National Bank of Tiber, Mont. Capital
The First National Bank of George West, Tex. Capital
For Conversion of State Banks
The First National Bank of Lamesa, Tex. Capital
Conversion of The Dawson County State Bank of Lamesa.
The First National Bank of Tom Bean, Tex. Capital
Conversion of the Tom Bean State Bank.
Total capital

$50,000
50,000
40,000
25,000
25,000
40,000

25,000
$255,000

CHARTERS ISSUED.
Original organizations
The First National Bank of Potwin, Kans. Capital
The First National Bank of New Castle, Va. Capital
Conversion of State Banks
The First National Bank of Roy, Mont. Capital
Conversion of the Farmers State Bank of Roy.
The First National Bank of Scappoose, Ore. Capital
Conversion of S. M. Mann St Co., Bankers, Scappoose, Ore.
$100,000
Total capital

$25,000
25,000
25,000
25,000

INCREASE OF CAPITAL APPROVED.
The First National Bank of Fort Wayne, Ind. Capital increased
$400,000
from $500,000 to $900,000. Increase
The First National Bank of Roundup, Mont. Capital increased
to $50,000. Increase
from

25,000
$425,000

$25,000

Total increase

CHANGE OF TITLE.
The First National Bank of Fort Wayne, Ind. ()hnged its title to
First and Hamilton National Bank of Fort Wayne," lnd.
"The
EXTENSION OF CHARTER.
The Nazareth National Bank, Nazareth, Pa. Charter extended until
close of business May

7 1937.

$
$
$
%
$
RE-EXTENSION OF CHARTER.
95,552,082 76,519,044 +24.9 47,334,631 54,876,377
62,495,883 53,388,235 +17.1 37,547,258 42,838,273
The First Nat. Bank of Beatrice, Neb. Charter re-extended until close
64,305,682 35,204,931 +82.7 21,957,677 26,264,390 of business May
7,582,207 5,923,230 +28.0 5,821,766 8,743,523
6,349,533 5,032,349 +26.2 3,559,781 3,555,456
BANKS LIQUIDATING TO CONSOLIDATE WITH OTHER
6,538,140 4,230,912 +54.5 2,657,321 3,481,008
NATIONAL BANKS.
1,769,685 1,622,282 +9.1 1,589,054 2,562,723 The Hamilton National Bank of Fort Wayne, Ind. Capital__
4,796,577 4,020,836 +19.3 1,820,279 3,035,958
Lig. Agt.: J. R. McCulloch, Fort Wayne, Ind. Consolidated with The
4,441,288 3,366,902 +31.9 2,853,686 3,163,711 First National Bank of Fort Wayne.
2,926,162 2,165,173 +35.2 1,814,383 3,389,383
OTHER LIQUIDATIONS.
2,873,049 2,366,062 +21.4 1,938,828 1,900,149
2,196,626 1,865,768 +17.7 1,561,914 1,495,321 The Farmers and Merchants National Bank of Livermore, Liq.
2,248,950 2,331,439 -3.6 1,812,877 1,820,250
Agt.: L. M. McDonald, Livermore, Cal. Capital
2,852,932 1,891,086 +50.8 1,346,160 1,740,219
Absorbed by the Bank of Italy at San Francisco, Cal.
772,304 1,134,400
1,733,296 1,071,971 +61.8
873,396
569,501
897,972 +22.6
1,100,828
357,657
290,305
480,190 +66.6
769,998
-Under instruc421,322
Imports and Exports for the Week.
477,854
+5.2
471,961
496,308
332,927
430,013
045,597 +27.3
821,798
the Treasury Department the issuance of weekly
818,910 tions from
418,196
465,001 +14.0
530,273
432,640 totals of imports and exports of merchandise and specie by
283,407
268,037 +1.9
273,155
377,702 the New York Custom House have been suspended in209,897
331,281 +99.6
661,070
354,158
550,761 +23.0
677,137
definitely. Under the circumstance our usual compilation
569,848 +37.4
782,949
548,046 +34.4
736,455
is omitted until such time as the figures may again be given

10 1937.

_1300,000

$50,000

275.512.063 206.228.914 +33.6 137.621.250 163.815.625

Total Canada

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

out.

-Following is the weekly statement issued by the Federal Reserve Board on May 12:
The Federal Reserve Banks.

11 1917

relate to Government deposits and uncollected
The principal changes shown in the weekly bank statement as at close of business on May
millions, respectively, compared with corresponding figures shown the week before. The large
millions and
items, which show increases of
S. certificates of indeposits represents payments to the Federal Reserve banks for the Treasury on account of additional U.
increase in Government
the funds thus received with the
debtedness issued during the week. Acting as fiscal agents for the Government, the Federal Reserve banks re-deposited
subscribing banks, the amounts re-deposited being included in the statement under the head of "uncollected items."
millions, the larger gains of gold by the New York and St. Louis banks
Aggregate gold reserves of the banks show an increase for the week of
gold resources of the system, including
representing largely transfers of credits in the Gold Settlement Fund by other Federal Reserve banks. Total
millions during
dollars, having increased
amounts of gold owned by the Federal Reserve banks and agents, stand at present at nearly one billion
the week.
are due largely to net increases in Government and Reserve
millions in total reserve
millions in gold reserve and of
New York's gain of
millions in the amount due to other Federal Reserve banks
millions and an increase of
deposits. Liquidation of earning assets to the extent of
millions in "other liabilities." Gains in reserve
are offset in part by a larger amount of Federal Reserve notes on hand and a decrease by about deposits and the return from the agents of gold held
by the Chicago, St. Louis and Minneapolis banks may be traced chiefly to increases in Government
Federal Reserve notes.
to redeem outstanding
millions, as
millions. Of the total held,
millions,, the increase for the week being
Commercial paper on hand shows a record total of
of which are held by the New York, Philadelphia and
millions the week before, is represented by member banks collateral notes, nearly
against
millions, the three Eastern banks, Cleveland and Chicago, reporting considerable additions to
increased
Richmond banks. Acceptances on hand
millions, largely as the result of sales by the New York bank. No
their holdings of this class of paper. Holdings of U.S. certificates declined about
a further small decrease.
changes are reported in the amounts of U. S. bonds and Treasury notes held, while municipal warrants show as against
reported the week before.
of the banks' paid-in capital
millions and constitute at present
Total earning assets increased
by U. S. bonds;
by discounts;
by U. S. certificates of indebtedness;
is represented by acceptances;
Of the total,
by warrants.
Treasury notes, and
As a result, banks report
During the week the Government effected heavy transfers of funds to New York through the Gold Settlement Fund.
millions notwithstanding the large gain under this head reported
decreases in Government deposits. Member bank reserve deposits fell off about
the New York bank.
millions. About 10 million dollars
of notes outstanding, an increase for the week of
Federal Reserve agents show a total of
total issued the agents hold
additional Federal Reserve notes were issued during the week to the Chicago,New York and Cleveland banks. Against the circulation, and aggregate
of Federal Reserve notes in actual
banks report a total of
of paper. The
of gold and
net liabilities thereon of

134.6

126

3.6

8.8

35.2
4.2

39.2

24.7

39.5

7.8

70%

13.3

36.1%

10.3

5.57

21.6%

15

11.2

3.6

6.5

473%

455%
13.4%

14.7%

8.7% by

4

2.4

by

11.5

$470,401,000

$32,776,000
$23,975,000.

*438323,000

*438,218,000

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 11 1917.

I
May 11 1917. May 4 1917. Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr. 5-6 '17. Mar.30 1917 Mar.23 1917. Mar.161917.

RESOURCES.

1

Gold coin and certificates in vault
Gold settlement fund
Gold redemption fund with U.S. Treasurer

$336,841,000 $338,118,000 $311,798,000 $330,152,000 $338,369,000 $362,472,000 $374,903,000 $350,736,000 $355,318,000
221,759,000 218,910,000 207,920,000 206,830,000 198,271,000 200,125,000 200,061,000 209,281,000 201,661,000
2,414,000,
2,519,000
2,339,000
2,505,000
2,434,000
2,651,000
2,518,000
2,669,000
2,687,000

Total gold reserve
Legal tender notes, sliver, &o

$561,287,000 $557,697,000 $522,236,000 $539,633,000 $539,074,000 $565,102,000 $577,378,000 $562,536,000 $559,318,000
9,282,000, 10,665,000 16,178,000
36,149,000 39,415,000 30,340,000 24,462,000 21,136,000 19,110,000

$597,436,000 $597,112,000 $552,576,000 3564,095,000 $560,210,000 $584,212,000 $686,680,000 $573,201,000 $575,494,000
Total reserve
400,000
400,000
400,0001
400,000
400,000
400,000
400,000
400,000
400,000
6% redemption fund against F. R. bank notes_
$39,534,000 $35,918,000 $35,043,000 $29,737,000 $22,009,000 $17,928,000 320,106,000! $18,473,000 $17,234,000
Bills discounted-Members
97,155,000 83,871,000 71,400,000 72,925,000 80,604,000 82,735,000 84,473,0001 87,798,000 97,002,000
Bills bought in open market
36,222,000 36,223,000 36,215,000 38,218,000 38,629,000 29,275,000 29,275,000 29,155,000
36,222,000
United States bonds
23,450,000 23,450,000 23,360,000 23,370,000 23,042,000 18,425,000 18,818,000 19,388,000
23,450,000
One-year U. S. Treasury notes
58,089,000 64,597,000 58,145,000 50,000,090 50,000,000 50,000,000
U. S. certificates of indebtedness
14,688,000 14,755,000 14,999,000 • 15,163,000 15,212,000 15,207,000 15,715,000 15,761,000 16,029,000
Municipal warrants
Total earning assets

$269,138,000 $258,811,000 $239,260,000 $227,400,000 $227,413,000 $225,541,000 $167,994,000 $170,125,000 $178,788,000

$24,080,000 $23,561,000 $20,622,000 320,640,000 322,001,000 $16,235,000 918,999,000 $19,440,000 $21,991,000
-Net
Federal Reserve notes
3,379,000
2,275,000
3,298,000
1,071,000
3,412,000
2,473,000
132,000
5,243,000
1,345,000
-Net_ _
Due from other Federal Reserve banks
310,685,000 184,639,000 204,842,000 166,966,000 189,184,000 146,422,000 132,759,000 145,757,000 155,976,000
Uncollected items
8,198,000
5,680,000
4,909,000 t5,393,000
4,610,000
4,770,000
5,757,000
5,412,000
6,078,000
All other resources
1209.162.000 1075.178.000 1023.589.000 f986.744.000 3984.889.000 3981.131.000 3914.480,000 3917.901.000 3942.226.000
Total resources




THE CHRONICLE

MAY 19 1917.]

1987

May 11 1917. May 4 1917. Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr.5-6 1917 Mar.30 1917 Mar.23 1917 Mar. 16 1917
LIABILITIES.
$56,859,000 $56,859,000 $56,409,000 $56,411,000 $56,408,000 $56,100,000 $56,075,000 $56,057.000 $56,054,000
242,421,000 107,868,000 99,689,000 41,988,000 42,247,000 46,461,000 20,567,000 19,702,000 18.594,000
740,726,000 743,143,000 719,785,000 742,584,000 741,542,000 758.219,000 720,411.000 711,117.000 726,104,000

Capital paid in
Government deposits
Duo to members
-Reserve account
Member bank deposits
-Net
Collection items
Federal Reserve notes
-Net
Federal Reserve bank note liability
All other liabilities

134,447,000 122,761,000 129,032,000 128,856,000 131,064,000 105,436,000 100,961,000 113,784,000 121,550,000
23,975,000 18,974,000 18,226,000 16,459,000 13,014,000 14,295,000 15,941,000 16,725,000 19,444,000
10,734,000

25,573,000

448,000

446,000

614,000

620,000

625,000

480,000

516,000

1209,162,000 1075,178,000 1023,589,000 $986,744,000 $984.889,000 $981,131,000 $914,480,000 $917,901,000 $942,226,000

Total liabilities

66.9%
71.2%

67.4%
72.1%

68.6%
72.5%

71.0%
74.2%

71.2%
73.9%

73.0%
75.4%

79.9%
81.2%

79.0%
80.5%

77.0%
79.2%

72.1%

Gold reserve ag'st net dep. & note liabilities_ _
Cash reserve ag'st net dep. & note liabilities_ _
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation

72.9%

73.3%

74.9%

74.5%

76.1%

82.1%

81.4%

80.3%

Distribution by Maturities
1-15 days bills discounted and bought__ _ $38,850,000 $41,038,000 $38,021,000 $36,555,000 $40,745,000 $34,433,000 $31,061,000 $30,245,000 $36,502,000
520,000
345,000
52,000
392,000
54,000
119,000
744,000
319.000
794,000
1-15 days municipal warrants
22,153,000 18,397,000 20,900,000 24,462,000 21,543,000 22,631,000 30,320,000 28.410.000 22.516,000
16-30 days bills discounted and bought_ _ _
519,000
2,153,000
292.000
772,000
345,000
9,153,000
2,088,000
765,000
52,000
16-30 days municipal warrants
37,442,000 34,741,000 29,620,000 26,529,000 26,038,000 29,744,000 30,636,000 36,260.000 42,956,000
31-60 days bills discounted and bought_ _ _
7,720,000
437,000
9,973.000 12,232,000
3,058,000 11,441,000 10,325,000
612,000
582,000
31-60 days municipal warrants
36,378,000 24,107,0011 16,735,000 14,102,000 13,367.000 13,073,000 11,735.600 10,505,000 11,486,000
61-90 days bills discounted and bought_ _ _
4,574,000 11,977,000 12.122,000 12,123,000
531,000
2,000
1,336,000
1,321,000
355,000
61-90 days municipal warrants
827,000
782,000
851,000
920,000
776,000
1,866,000
1,504,000
1,167,000 1,014,000
Over 90 days bills discounted and bought_
2,212,000
2,211,000
2,342,000
2,210,000
1,986.000
2,341,000
1,102,000
1,087,000
1,839,000
Over 90 days municipal warrants
- Federal Reserve Notes
Issued to the banks
$470,401,000,$458,874,000 $446,544,000 $440,539,000 $431,789,000 $400,698,000 $382,564,000 $372,244,000 $363.278,000
Held by banks
32,183,00W 30,372,000 26.035.000r 26,182,000 29,979,000 24,188,000 24,799,000 25,440,000 27,217,000

Gold and lawful money with Agent

$438,218,000 $428,502,000 $420,509,000'$414,357,000 $401,809,000 $376,510,000 $357,765,000 $346,804,000 $336,061,000
1
$438,323,000 $433,089,000 $422,905,000 $418,538,000 $410,796,000 $378,450,000 $360,668,000 $349,519,000 $338,608,000

Federal Reserve Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller

$761,060,000 $747,580,000 $724,200,000 $708,520,000 $696,540,000 $667,060,000 $647,700,000 $625,320,000 $598,480,000
141,523,000 139,325,000 137,725,000 135,902,000 132,292,000 130,248,000 127,917,000 121,867.000 116,858,000

Amount chargeable to Agent
In hands of Agent

$619,537,000 $608,255,000 8586,475,000 $572,618,000 $564,248,000 $536,812,000 $519,783,000 $503,453,000 $481,622,000
149,136,000 149,381,000 139,931,000 132,079,000 132.459,000 136,114,000 137,219,000 131,209,000 118,344,000

In circulation

Issued to Federal Reserve banks_

8470,401,000 $458,874,000 $446,544,000 $440,539,000 $431,788,000 $400.698,000 $382,564,000 $372,244,000 $363,278,000

How Secured
8261,025,000 8258,885,000 $253,944,000 $252,194,000 $248,313,000 $234,573,000 3222,377,000 $219,836.000$218.609,000
By gold coin and certificates
By lawful money
32,078,000 25,785,000 23,639,000 22,001,000 20,998,000 22,253,000 21,898,000 22,725,000 24.670,000
commercial paper
By
21,028,000 20,634,000 20,931,000 18,644,000 18,583,000 17,697,000 17,631,000 14,353,000 15,379,000
Credit balances in gold redemption fund..
Credit balances with Federal Reserve B'd_ 156,270,000 153,570,000 148,030,000 147,700,000 143,900,000 126,180,000 120,660,000 115,330,000 104,620,000
$470,401,000 $458,874,000 $446,544,000 $440,639,000 $431,794.000 $400,703,000 *382.566,000 $372,244,0001$363,278,000

Total

-i32,776,0001 $27,34351T- $25,98170170 $23,826,000 522,594.000 $23.554.000 $23,050,000 $24,386,0001 $26,189,000
0
-

Commercial paper delivered to F. R. Agent

a Amount due to other Federal Reserve banks. t Amended figures.
WEEKLY STATEMENT o? RESOURCESand LIABILITIESof EACH of thel2 FEDERAL RESERVE BANKSat CLOSE of BUSINESS MAY 11 '17.

I

Total.
Boston. New York. Philadel'a. Cleveland. Richmond. Atlanta. Chicago. St. Louis. Minneap. Han. City. Dallas. San Fran.
--$
$
$
$
$
$
$
$
$
RESOURCES.
$
$
$
1
$
Gold coin & ctfs. in vault 14,605.000 178,416,000 22,127,000 19,396,000 6,762,000 6,153,000,34,243,000 12,718,000 12,110,000 7,951,000 7,755,000 14,605,000336,841,000
Gold settlement fund. 17,907,000 71,493,000 12,240,000 23,139,000 12,513,000 4,311,000 25,081,000, 9,704,000 6,118,00024,929,000 5,266,000 9,058,000221,759,000
48,000
250,0001 250,000
150,000
97,000
19,0001 2,687,000
226,0001 252,000
46,000
700,000
443,000
206,000
Gold redemption fund._
'
Total gold reserve_ _ _ _ 32560,000250,159,000'34,617,000 42,581,000 19,975,000 10,907,000 59,530,000 22,648,000 18,480,000 33,030,000 13,118,00023,682,000561,287,000
89,0001 36,149.000
14,000 1,278,000
270,000
Legal-ten.notes,sliv.,&e. 534,000 29,155,0001 430,000
147,000
138,000
944,000 1,818,000 1,332,000
,
33,094,000279,314,000135,017,00042,728,00020,113,000111,851,000 61,348,000123,980,000 18,750,00033,044,000 14,396,00023,771,000 597,436,000
Total reserve
1
redemp.fund-F.R.
6%
bank notes
100,000
300,000
400,000
Bills:
Discounted-Members 2,803,000 3,021,000 6,790,000 1,751,000 7,424,000 2,420,000 3,025,000 2,876,000 5,272,000 1,278,000 3,021,0001 853,000 39,534,000
934,000 8,216,000 97,155,000
Bought in open mkt... 11,506,000 27,757,00012,843,000 7,885,000 6,033.000 2,677,000 7,788,000 4,415,000 4,830.0001 2,271,000
Total bills on hand__ _ 14,309,000 30,778,000 18,633,000 9,636,00013,457,000 5,097,000 10,813,000 7,291,000 10,102,000 3,549,000 3,955,000 9,069,000 136,689,000

I

1

530,000 1,306,000
United States bonds._ _
672,000 7,006,000 2,233,000 1,743,000 8,792,000 3,966,000' 2,429,000 36,222,000
549,000 5,844,000 1,152,000
One-yr. Treasury notes_ 2,194,000 2,788,000 2,518,000 1,865,000 1,989,000 1,491,000 2,985,000 1,444,000 1,452,000 1,784,000 1,430,000 1,500,000 23,450,000
US certfs.of indebtedness 3,000,000 20,002,000 3,500,000 4,955,000 2,000,000 2,810,000 6,261,000 2,714,000 2,000,000 2,906,0001 2,918,000 5,023,000 58,089,000
127,000 5,029,000 1,422,000 2,883,000
431,000
560,000
811,000 14,688,000
177,000
Municipal warrants_ _ _ _
4,000 2,186,000 1,043,000
15,000
earning assets__ 20,160,000 59,903,000 26,652,00025,183,000 18,593,000 10.074,00029.251,000 14,725,000 15,474,000 17,462,000h12,829,000 l8,832,000269,138,000
Total
,
-Net 2,280,000 14,798,000
1,051,000, 24,080,000
4,561,000
1,390,000
Fed. Res've notes
1
Due from other Federal
975,000 2,903,000 al,345,000
921,000 3,022,000 2,711,000
9,591,000 2,339,000 3,088,000 13,485,000
Reserve banks-Net- 2,318,000
22,191,000 144,413,00030,548,000 11,589,000 10,580,000 8,994,00O37,332,000 9,456,000 5,806,000 11,549,000 7,722,000 10,504,000 310,635,000
Uncollected items
28,000 1,341,000
85,000
306,000
639,000
845,000
153.000 6,078,000
789,000
61,000 1,034,000
209,000
588,000
All other resources
80,104,000 499,769,000 92,833,00000,690,000 51,686,00035,041,000 146766000 49,721,000 43,137,000 65,372,000 36,867,000 57,214,000 1209162000
Total resources

1

LIABILITIES.
5,074,000 12,075,000 5,253,000 6,240,000 3,438,000 2,388,000 7,057,000 3,139,0001 2,432,000 3,081,000 2,747,000 3,935,000 56,859,000
Capital paid in
Government deposits_ 18,688,000 105,532,000 15,150,000 18,247,000 4,548,000 8,568,000 30,076,000 7,643,000 6,008,000 10,436,000 6,623,000 10,854,000242,421.000
-Re1
Duo to members
44,290,
000295,148,000 47,2t5,000 54,583,00025,002,000 17,869.00096,876,000 26,619,000,27,938,000 43,762.000 22,376,000 38,958,000 740,726,000
serve account
11,894,000 37,075,00022,011,1)00 11,620,000 8,655,000 4,908,000 12,757,000 8,618,0001 2,787,000 7,749,000 3,080,000 3,293,000 134.447,000
Collection items
23,975,000
3,702,000 3,963,000
344,000 2,041,000
Fed. RCWVO notes-Net
9,935,000 1,308,000
2,682,000
39,71:1,000
1
Due to F.R.banks-Net
325,000
158,000 10,226.000
132,000 10,734,000
1
9,000
18,000
All other liabilities
191,000

1

80,101,000 499,769,00092,833,00090,690.000,51,680,00035.041,000 14676600049,721.000,43,137,00065,372,00036,867,000 57,214,000 1209162000
Total liabilities
,
Federal Reserve Notes
21,930,000 201,640,000 31,680,000 23,981,0001 17,059,000 19.573,000 18.945,000 15,619.000 23,520.000 25,369,00020,175,000 20,910,000470,401,000
banks
Issued to
2,280,000 14,798,000 1,098,000 1,390,000
260,000 1,051,000 32,183,000
786,000
685,0001 1,147,000
813,000 7,021,000
854,000
Held by banks
,
F.R. notes in circulation 19,650,000 186,842,000 30,582,000 22,591,000 10, 05,000 18,760,000 41,924,000 14,934,000,22,373,000 24,583,000 19,915,000 19,859,000 438,218,000
2
Gold and lawful money
21,930,000 201,640.000 27 nnn nnn 91 0(21 (inn o 97n Annul 4A9 nnn an 414A nnn 11 9:12 00011$1.410.000 24.239.000 17.874.000 20.910.000 438.323.000
with Agent
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAY 4 1917.
Bolan.

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

Chicago. Si. Louis. Minneap. Han. City] Dallas.

San Fran.

Total.

1

$
S
a
I
3
$
8
$
$
$
$
Federal Reserve Notea-Ree'd from Cornptroir 39,680.000 345,920,000 52,140,000 35,600,000/9,500,000 36,380,00060,560,000 24,940,000 31,640,00040,720,000 36,920,000 24,060,000 761,060,000
Returned to Comptrol 10,000,000 72,400,000 8,320,000 6,479,000 10,056,000 5,852,000 2,095,000 4,621,000 5,130,000 6,161,000 8,259,000 3,150,000141,523,000
_
Chargeable to Agent.--- 20,680,000273,520,000 13,820,000 30,121,000 19.444,00030,528,000 58,465,00020,319,00029,510,00031,559,00028,661,00020,910,000619,537,000
149,136,000
In hands of F.R.Agent 7,750,000 71,880,000 12,140,000 6,140,000 2,385,000 10,055,000 9,520,000 4.700,000 5,990,000 9,190,000 8,486,000
_
Issued to F. R. bank _ 21,930,000201,640,000 31,680,00023,981,000 17,059,000 19,573,000 48,945,000 15,619,00023,520,00025,369,00020,175,00020,910,000470,401,000
Held by F. R. Agent
261,025,000
4,364,000 13,918,000 2,370,000 11,110,000
Gold coin & certfa_ - -- 20,860,000 191,538,000 3,730,000 10,238,000
2,897,000
Credit balances:
800,000 21,028,000
598,000 1,272,000 1,309,000 1,124,000
In gold redemption I'd 1,070,000 10,102,000 1,530,000 1,243,000
635,000
270,000 1,075.000
With F. R. Board_
22,640,000 12,500,000 6,000,000 13,480,00045,850,000 6,270,000 3,220,00020,560,000 5,640,00020,110,000 156,270,000
Notes secured by com32,078,000
10,789,000 2,121,000 2,460,000 4.387,000 5,110,000 1,130,000 2,301,000
mercial paper
3,780,000
21,930,0001201,640,000 31,680,000 23,981,000 17,059,000 19,573,000 18,945,000 15,619,00023,520,000125,369,00020,175,00020,910,000 470,401,000
Total
Amount of comml pape
32,776,000
3.790.000
11.157.000 2.125.000 2.461.000 4.393.000 5.110.0001 1,194,000 2,540,000
delivered to F. R.Ag'




THE CHRONICLE

1988

[Vol, 104.

Statement of New York City Clearing Eiouse Banks and Trust Companies.-Tne following detailed statement
shows the condition of the New York City Clearing House members for the week ending May 12. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital.1
Week Ending
May 12 1917.
(00s omitted.)

Loans,
Discounts,
Investm'ts,
&c.
f Nat. B'ks Mar. 51,
1StateB'ks Feb.281

Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Meroaants' Nat. Bank_
Mech. & Metals Nat_
National City Bank _
Chemical Nat. Bank.
Atlantic National Ban
Nat. Butchers' & Dray.
Amer. Exch. Nat. Ban
Nat.',lank of Commerce
Chatham & Phenix Nat
Hanover National Ban
Citizens' National
Market & Fulton Nat....
CornExchange Bank_
Importers'& Traders'_
National Park Bank __
East River Nat. Bank
Second National Bank
First National Bank_ _
Irving National Bank_
N.Y.County Nat. Ban ,
Chase National Bank_ .
Lincoln National Bank .
'3arfield National Ban i
ifth National Bank__ .
Seaboard Nat. Bank_ _
Liberty National Bank .
Coal & Iron Nat. Bank .
Union Exchange Nat_ .
Nassau National Bank .
Broadway Trust Co._ .

Net
Profits.

Legal
Tenders.

Gold.

Silver.

Nat.Bank Nat.Bank
Notes
Notes
Federal
Reserve
[Reserve
[Not
Notes
for State Counted
[Not
Instituas
lions]. Reserve]. Reserve].

Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
3
$
4,0
145,0
5,0
898,0
38,137,0 2,855,0
2,000,0 5,000,1
11,0
519,0
35,0
620,0
180,0
20,218,0
2,000,0 2,391,3
83,0
120,0
612,0 4,001,0
6,000,0 9,940,9 123,536,0 21,682,0
135,0 1,087,0
25,000,0 a46,035,8 432,395,0 59,333,0 3,342,0 1,918,0
49,0
638,0
625,0
53,0
39,117,0
826,0
3,000,0 8,455,8
843,0
167,0
283,0
14,490,0
20,0
822,1
1,000,0
7,0
48,0
5,0
2,371,0
82,0
48,0
77,8
300,0
128,0
876,0
124,0
85,029,0 4,735,0 1,124,0
5,000,0 5,606,0
95,0
25,000,0 19,463,9 254,556,0 18,264,0 3,523,0 1,232,0
356,0
653,0 1,149,0
360,0
69,689,0 4,797,0
3,500,0 2,202,0
222,0
29,0
3,000,0 16,446,1 130,230,0 19,931,0 1,257,0 1,309,0
22,0
20,0
952,0
110,0 1,091,0
29,048,0
2,550.0 2,547,6
177,0
373,0
272,0
24,0
11,640,0
808,0
1,000,0 2,083,3
890,0 3,035,0
609,0 1,832,0
3,500,0 7,294,2 102,328,0 6,919,0
6,0
151,0
6,0
34,106,0 2,001,0 1,473,0
1,500,0 7,705,0
242,0
65,0
5,000,0 16,293,4 147,890,0 11,278,0 1,228,0 1,299,0
161,0
2,0
12,0
32,0
74,0
250,0
68,4
2,381,0
195,0
499,0
30,0
77,0
19,361,0 1,195,0
1,000,0 3,544,3
19,0
7,0
616,0 1,414,0
10,000,0 25,753,3 175.824,0 11,786,0
12,0
274,0
850,0 2,834,0
84,081,0 7,078,0
4,000,0 4,102,5
27,0
691,0
105,0
312,0
121,0
11,549,0
500,0 1,209,3
41,0
465,0
10,000,0 12,519,6 223,741,0 25,679,0 6,164,0 3,465,0
200,0
218,0
137,0
450,0
18,850,0 2,066,0
1,000,0 1,999,0
17,0
111,0
209,0
415,0
744,0
10,278,0
1,000,0 1,334,7
19,0
425,0
10,0
6,043,0
102,0
140,0
250,0
428,0
17,0
67,0
898,0 1,007,0
38,686,0 2,619,0
1,000,0 3,078,4
5,0
100,0
349,0
185,0
58,560,0 1,929,0
1,000,0 3,616,8
4,0
19,0
574,0
210,0
177,0
1,000,0
10,935,0
808,1
29,0
18,0
443,0
272,0
535,0
1,000,0 1,137,8
12,602,0
44,0
11,0
422,0
116,0
396,0
1,000,0 1,134,5
11,513,0
86,0
154,0
715,0
318,0
24,244,0 1,714,0
1,500,0 1,050,6

Average. Average. Average.
$
5
$
33,373,0 1,770,0
785,0
15,583,0
225,0 1,841,0
134,852,0 4,915,0 3,774,0
468,894,0 14,401,0 1,782,0
33,823,0
440,0
14,412,0
828,0
150,0
49,0
2,261,0
73,804,0 6,186,0 4,898,0
260,436,0 5,819,0
155,0
68,263,0 5,896,0 1,775,0
151,618,0
130,0
26,758,0 1,336,0 1,016,C
10,836,0
149,1
113,322,0
30,724,0
51,1
145,308,0 2,054.0 3,561,1
2,774,0
50,6
760,0
16,599,0
162,928,0 1,789,0 3,015,0
98,098,0 1,008,0
640,0
11,796,0
199,0
222,571,0 16,924,0
550,0
19,702,0
34,0
894,0
10,265,0
200,0
399,0
6,028,0
256,0
248,0
46,304,0
70,0
499,0
70,506,0 1,303,0
32,0
413,0
10,536,0
12,103,0
40,0
398,0
10,481,0
85,0
50,0
24,721,0
241,0

Average. Average.
$
$
2,579,0
1,702,0
9,794,0
40,112,0
4,535,0
1,748,0
214,0
8,105,0
31,594,0
6,185,0
19,929,0
3,099,0
1,301,0
17,056,0
2,461,0
13,395,0
324,0
1,207,0
13,331,0
13,899,0
879,0
17,313,0
1,562,0
1,309,0
435,0
7,419,0
17,598,0
1,028,0
1,122,0
936,0
1,905,0

2,309,679,0 65,342,0 28,741,0

6,630,0 254,787,0
6,054,0 232,760,0
8,336,01210,009,0
9,557,0'226,528.0

2,328,845,0
2,309,962,0
2,374,685,0
2,411,562,0

65,014,0
64,686,0
65,319,0
65,811,0

25,986,0
26,905,0
32,733,0
34,779,0

8,000,0
4,875,0
1,174,0
344,0
213,0
2,277,0
357,0
873,0
2,622,0
569,0
679,0
916,0
300,0
1,492,0
2,554,0

788,0
1,217,0
234,0
453,0
80,0
366,0
59,0
91,0
207,0
81,0
67,0
284,0
185,0
443,0
784,0

418,0
623,0
630,0
142,0
147,0
539,0
66,0
20,0
1,268,0
138,0
202,0
548,0
128,0
501,0
392,0

109,0
23,0
276,0
130,0
3,0
52,0
22,0
4,0
32,0
184,0
90,0
98,0
37,0
59,0
196,0

46,0
10,0
37,0

Totals, avge. for week. 11,950,0 26,802,2

219,080,0 27,245,0

5,339,0

5,760,0

1,315,0

'Totals, actual conditio I
Totals, actual conditio a
Totals, actual conditio a
Totals, actual conditio a

218,094,0
219,497,0
222,071,0
224,888,0

28,410,0
26,885,0
28,058,0
24,890,0

5,490,0
6,239,0
0,102,0
6,767,0

5,788,0 1,331,0
5,824,0 . 1,196,0
5,922,0 1,427,0
0,644,0 1,445,0

Trust Companies.
Not Members of
Federal Reserve Bank.
35,985,0 2,140,0
Brooklyn Trust Co..- _ 1,500,0 3,799,5
.
Bankers' Trust Co_ --. 11,250,0 13,938,8 276,577,0 25,951,0
65,776,0 5,084,0
U.S. Mtge.& Trust C ,. 2,000,0 4,507,1
45,086,0 2,543,0
Title Guar.& Trust Co _ 5,000,0 12,404,5
Guaranty Trust CO..._ 20,000,0 31,436.3 367,634,0 52,916,0
10,816,0
750,0
Fidelity Trust Co__ - - _ 1,000,0 1,239,3
28,137,0 1,646,0
Lawyers' Title & Trust _ 4,000,0 5,511,6
91,441,0 6,394,0
. 5,000,0 6,442,9
Columbia Trust Co_ -24,783,0 1,916,0
People's Trust Co... . 1,000,0 1,751,4
72,805,0 5.657,0
New York Trust Co-- .. 3,000,0 11,632,4
22,283,0 1,452,0
_ 1,000,0 1,334,4
Franklin Trust Co_
14,992,0 1,005,0
1,000,0
533,4
Lincoln Trust Co
62,314,0 6,219,0
Metropolitan Trust Co.. 2.000,0 5,249,3
.
Totals, avge. for week 57,750,0 99,778,9 1,118,659,0 113,673,0

379,0
55,0
57,0
191,0
770,0
70,0
359,0
268,0
93,0
76,0
846,0
131,0
131,0

244,0
418,0
185,0
152,0
610,0
83,0
41,0
639,0
327,0
265,0
405,0
270,0
69,0

263,0
60,0
176,0
120,0
379,0
10,0
24,0
168,0
180,0
9,0
196,0
77.0
412,0

3,426,0

3,708,0

2,074,0

4,260,0
3,536,0
3,500,0
6,459,0

3,695,0
3,778,0
3,401,0
5,252,0

1,956,0
2,314.0
2,218,0
2,089,0

1,546,0
1,132,0
1,130,0
1,230.0

28,680,0
28,706,0
28,718,0
28,651,0

1,393,0 50,949,0 31,349,0 1,018,789,0 125,229,0

1,120,256,0 118,346,0
1,131,604,0 114,052,0
1,180,689,0 117,595,0
1,153,395,0 121,422,0

2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0

May 12
May 5
April 28
April 21

Totals, actual condition May 12
Totals, actual condition May 5
Totals, actual oondition, April 28
Totals, actual conditioa1 April 21

41,900,0
33,775,0
12,756,0
8,798,0
3,153,0
16,118,0
4,399,0
6,419,0
18,662,0
5,154,0
6,254,0
15,207,0
4,268,0
18,288,0
23,929,0

5,180,2
6,598,9
1,280,4
985,3
468,7
2,120,2
803,4
824,8
2,303,6
860,6
1,072,0
2,214,1
301,0
1,062,4
726,6

__ _

33,820,0
30,368,0
30,366,0 •
31,388,0

5,846,0 244,076,0

2,383,0
2,222,0
2,779,0
2,438,0

2,273,661,0 219,414,0
2,232,367,0 190,769,0
2,264,304,0 241,027,0
2,290,849,0 228,649,0

State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co.
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank._ .
Bowery Bank
German-American Ban c
Fifth Avenue Bank_ _ _ .
German Exchange Ban c
Germania Bank
Bank of Metropolis.....
West Side Bank
N. Y.Produce Ex.Ban c
State Bank

12
5
28
21

National
Net
Bank
Time
CirculaDeposits. lion.

2,220,0

Totals,avge.for wee 123,850,0 214,151,2 2,243,428,0 213,102,0 26,440,0 30,711,0
Totals, actual conditio ) May
Totals, actual conditio ) May
Totals, actual conditio ) April
Totals, actual conditio 1 April

Addit'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Deposi- Deposits.
Mlles.
lanes.

2,917,0

642,0

699,0
528,0
189,0

310,0
357,0
885,0 1,801,0
265,0
19,0
1,253,0
790,0
1,668,0
61,0

47,982,0
32,461,0
13,784,0
8,679,0
3,149,0
15,240,0
4,036,1)
6,401,0
20,166,0
5,320,0
6,405,0
14,763,0
4,423,0
20,100,0
27,154,0

138,0
128,0

328,0

9,403,0 3,587,0

230,053,0

415,0

272,0
287,0
220,0
386,0

9,209,0
9,477,0
9,625,0
9,790,0

3,742,0
3,910,0
5,436,0
5,705,0

229,790,0
231,554,0
235,546,0
237,713,0

412,0
466,0
118,0
122,0

23,0 1,493,0 2,974,0
539,0 13,073,0 10,361,0
29,0 2,742,0 4,399,0
909,0
47,0 1,494,0
329,0 17,934,0 5,351,0
19,0
439,0
574,0
44,0 1,035,0
188,0
78,0 3,739,0 3,510,0
93,0 1,242,0 1,320,0
371,0
79,0 2,956,0
612,0
69,0 1,039,0
513,0
733,0
32,0
22,0 3,030,0
267,0

29,856,0
261,456,0
54,339,0
29,886,0
358,680,0
8,856,0
20,700,0
74,781,0
24,844,0
58,839,0
20,789,0
14,686,0
60,597,0

5,045,0
31,847,0
11,968,0
1,429,0
30,299,0
890,0
1,167,0
19,750,0
359,0
8,045,0
2.869,0
977,0
4,084,0

31,0
67,0

242,0
290,0

8,0

3,0
50,0
84,0

36,0
255,0
6,0
90,0

28,0

50,742,0 39,159,0 1,014,600,0 135,419,0
51,197,0 20,403,0 1,027,765,0 126,597,0
53,626,0 31,179,0 1,072,395,0 139,296,0
52,536.0 46,787.0 1,050,525,0 135,977,0

2,220,0 7,567,0 301,428.0 34,936,0 a3558521,0 190,986,0 28,741,(
-26,0
-131,0 -1,083,0 +259800 +27580 -49,829,0 -7,382,0
287610,0
Grand Aggregate,aotu al condition May 12 3,612,011,0 346,170,0 35,716,0 43,303,0 3,287,0 2,383,0 8,418,0 314,718,0 42,901,0 b3573235,0 200,845,0 --26,0
+28,543,0 +344640-1,014,0 +3,333,0 -223,0 +161,0 +975,0 +212840 18,588,0 +3,954,0 +9,096,0
Comparison prey. we k
_____ ====
==== =====.• __2,222,0 7,473,0 293,434,0 24,313,0 3,569,281,0 191,749,0 28,706,0
5 3,533,468,0 3 - - 6:0 -- 8773
7- 1770
3
3,51070 5 -071 31797070 Grand Aggregate actu ileonditIon May
Grand Aggregate actu allconditIon April 28 3,667,064,0 386,680,0 42,335,0 39,689,0 3,645,0 2,779,0 9,686,0 273,260,0 36,815,0 3,682,626,0 204,733,0 28,718,0
Grand Aggregate aetti al,condition April 21 3,669,132,0,374,961,0 48,005,0 43,284,0 3,534,0 2,438,0 11,173,0 283,851,0 52,492,0 3,699,800,0 201,910,0 28,651,0
Grand Aggregate aetu it ennaltIon Anril 14 3.668.539.01335.318.0 50.758.0 41.632.0 3.357.0 2.657.0 10,482,0289,437.O 51.454,0 3,717,864,0 191,245,0 28,701,0

Grand Aggregate, avg 193,550,0 340,732,3 3,581,167,0 354.020,0 35,205,0 40,179,0
-43,815,0 +120700 -2,139,0 +190,0
Comparison prey. week

3,389,0
-31,0

a Includes capital set aside for foreign branches, 56,000,001).
STATEMENTS OF RESERVE POSITION.
Actual Figures.

Averages.
Cash Reserve Reserve in
I in Vault. Depositaries

Total
Reserve.

a Reserve
Required.

;Inc. or Dec.
Cash Reserve, Reserve in
Surplus I
from
Reserve. PreviousWeek in Vault. ;Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
Previous Week

$
$
$
$
Members Federal 1
I
Reserve Bank_ ___ 270,253,000 244,076,000514,329,000419,009,320 95,319,680 +34,435,550 279,200,000254,767,000533,987,000422,442,800 111,524,200 +49,749,660
+924,520
+601,280 41,019,000; 9,209,000 50,228,00 41,362,200 8,865,800
1 39,659,000 9,403,000; 49,062,000 41,409,540 7,652,460
State Banks.
,
Trust Compantes5_ ,122,831,000 50,949,000,173,830,000 152,818,3401 21,011,65R +9,341,700 128,257,000' 50,742,000 178,099,000 152,190,000 26,809,000 +6,046,750
Total May 12_ _ _ _ 1432,793,000304,428,000 737,221,000613,237,210;123,983,790/ +44,381,530 448,476,000314,718,000(763,194,000615,995,000 147,199,000 +56,720,930
79,602,260-42,322,090 411,916,000293,434,000705,350,000 814,871,930 00,478,070 -21,164,150
Total May 5_ _ _ '42697,08 1,5062.473,_
Total April 28_ __ -1450,154,000311,935,000762,089,000 640,164,650121,924,350, +7,142,330 472,349,000273,280,000/45,609,000,633,966,780 111,642,220 -9,256,980
Total April 21_ ___ 471,517,000282,844,000754,361,000839.578,980 114,782,020-24,473,680 469,784,000 288,854,000 758,638,000'637,738,800 120,399,200 -7,920,400
• Not members of Federal Reserve Bank.
a This is the reserve required on Net DemandDepaslts in the case of State Banks and Trust Companies, but in the ease of Members of the Federal Reserve Bank
Includes also amount of reserve required on Net Time Deposits, which was as follows: May 12. $3,267,100: May 5,83.298,150; Apr. 28,$3,277,100: Apr. 21,83,240,650.
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
Includes also amount of reserve required on Not Time Deposits, which was as follows: May 12, 53,250,700; May 5,$3,238,300: Apr.28,$3,265,950: Apr. 21,$3,290,550.




1989

THE CHRONICLE

MAY 19 1917.1

The State Banking Department reports weekly figures
:howing the condition of State banks and trust companies
in New York City not in the Clearing House, and those are
shown in the following table:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished hy State Banking Department.) Differences from
previlus week.
May 12.
Inc. $2,993,400
$829,623,700
Loans and investments
Dec.
16,200
68,602,500
Gold
73,700
Dec.
10,983,700
Currency and bank notes
Inc.
149,700
1015,348,800
Total deposits
Deposits, eliminating amounts due from reserve
depositories and from other banks and trust com868,000
Inc.
_ 876,927,800
panies in New York City, and exchanges
652,300
Inc.
235,688,800
Reserve on deposits
of reserve, 29.8%.
Percentage
RESERVE.
-7'rust COmPan -Siam Banks---(M
9.72%
S64,165,800
515,419,400 11.78%
Cash in vaults
137,745,700 20.87%
banks and trust cos_ _ 18,350,900 14.02%
Deposits In
.333,776,300

Total

8201,912,500 30.59%

25.80%

En addition to the returns of "State banks aud trust companies in New York City not in the Clearing Flouse," furnish-0
by the State Banking Department, the Department alse
presents a statement covering all the institutions of this class
in the whole State. The figures are compiled so as to distin
guish between the results for New York City (Greater New
York) and those for the rest of the State, as per the following
For definitions and rules under which the various items
are made up,see "Chronicle," V.98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions were published in the
"Chronicle" March 28 1914 (V. 98, p. 908). The regulations relating to calculating the amount of deposits and what
deductions are permitted in the computation of the reserves
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).

The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF I3ANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

Week
Ended-

Loans
and
Investments

Demand
Deposits.

$
4,200,191,9
4,230,371,9
4,262,506,1
4,309,612,6
4,330,588,8
4,338,308,0
4,373,513,4
4,428,059,8
4,473,449,6
4,479,414,6
4,494,872,1
4,451,612,3
4,410,700,7

s

$

Feb 17._
Feb. 24._
Mar. 3...
Mar. 10.....
Mar. 17._
Mar. 24._
Mar. 31......
Apr. 7.__
Apr. 14...
Apr. 21._
Apr. 28....
May 5___
May 12..._

4,311,725,2
4,539,468,4
4,386,187,0
4,396,027,8
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8
4,596,003,4
4,568,116,5
4,582,729,2
4,484,400,8
4,435.448,8

520,022,8
633,044,3
538,553,5
513,952,9
516,425,5
517,263,4
492,947,2
512,177,1
511,593,4
489,493,1
470,621,0
450,551,7
462,801,5

Specie.

Other
Money.

s
73,705,7
71,511,5
73,535,3
68,656,4
69,368,5
68,877,9
70,214,9
66,029,6
65.546,0
62,529,3
60,017,7
51,821,4
49,577,7

Entire
Total
Reserve on
Money
Holdings. Deposits.
$
593,728,5
609,555,8
612,088,8
582,609,3
585,791,0
586,146,3
563,162,1
578,206,7
577,139,4
552,022,4
530,638,7
502,373,1
512,379,2

$
1,004,960,0
1,038,788,2
1,043,203,4
1,031,061,1
1,012,356,3
1,051,036,4
1,009,966,2
1,048,836,4
1,040,505,5
1,008,192,9
1,008,245,1
936,181,5
972,909,8

STATE BANKS AND TRUST COMPANIES.
[Veek ended May 12.

Trust Cos.
Trust Cos.
Slate Banks
State Banks
in
outside of
in
outside of
Greater N. Y. Greater N. Y. Greater N. Y.iGreater N. Y.
$
18,451,200

23,950,000

Capital as of Feb. 28
Surplus as of Feb. 28 ____
Loans and investments_
Change from last week_

84,550,000

12,238,000:

42,309,900

179,277,600

15,228,300

18,123,900

429,915,000 17832,918,800, 174,185,900
+574,800
-6,200,000 -31,115,000;

290,716.500
+3,486,600

Gold
Change from last week_

.17,643,400
+903,600

176,105,200,
+6,936,300;

Currency and bank notes_
Change from last week_

20,719.000
-1,392,400

13,957,200,
+210,300;

Reserve on deposits
Change from last week.

123,814,700
+905,900

P. C. reserve to deposits_
Percentage last week

188,807,600
-447,700

310,314,300
+2,447,700

32,577,800
-114,800

41,224,300
+528,000

20.6%
20.8%

568,010,200 2,232,375,6001
Deposits
-46,068,600I
Change from last week. -20,940,700 -

16.7%
16.6%

27.4%
26.1%

+ Increase over last week.

423,739,1001
+9,922 , ;01
21..000
55

-Decrease from last week.

-Following Is the report made to the Clearing House by olearine
Non-Member Banks and Trust Companies.
preceding page:
non-member institutions which are not included in the "Clearing House return" on the
CLEARING HOUSE.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
NON-MEMBERS. Capital.
Week Ending
May 12 1917.

I

Net
Profits. I

Loans,
Discounts.
(Nat. bk . Mar. 5( Invest(State bk . Feb. 281 merits, &c.

Members of
Fed'i Reserve Bank
Battery Park Nat..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat., Hobok.
Total

Gold.

Silver.

Nat.Bank, Nat.Bank
Notes[Re- Notes[Not
serve for Counted
as
Stale Institutions) Reserre).

Reserve Additional
Deposits
with
Federal
Net
Legal with Legal
Reserre
DepotDemand
Notes[No1 Depositaries.
Deposits.
Reserve]. itaries.

Net
Time
Deposits.

I Average. Average, Average. Average. Average. Average. Average. Arerage. Average. Average.
$
$
I
5,282,000
19,000 494,000
7,000
400.000
374,900 5,630,000 530,000
76,000
78,000
471,000 4,829,000
30,000 477,000
14,000
300,000
686,700 5,827,000 161,000
33,000 124.000
303,000 5,725,000
10,000 661,000
8,000
300,000
610,800 6,065,000 166,000
72,000 133,000
44,000 1,566,000 3,317,000 4,636,000
12,000
400,000 1,292,000 5,195,000 290,000 499,000
77,000
298,000 4,999,000
2,000 600,000
114,000
250,000
763.800 5,421,000 193,000
95,000
15,000
361,000 2,941,000
11,000
26,000 462,000
220,000
624.800 6,349,000 197,000
58,000
17,000
277,000 2,487,000
9,000 407,000
2,000
125,000
105,000
306,700 5,134.000
49,000
40,000
168,000 140,000 4,667,000 5,027,000 30,899,000
1,995,000 4,659,700 39,621,000 1,577,000 763,000 668,000

State Banks.
Not Members of the
Federal Reserve Bank.
443,300 2,351,000 149,000
Bank of Wash. II'ts_ 100,000
400,000
949,800 9,012,000 698,000
Colonial Bank
300,000
674,100 9,737,000 837,000
Columbia Bank_
200,000
191,300 1,523,000 116,000
Fidelity Bank
113,500 3,817,000 287,000
International Bank. 500,000
200,000
470,100 8,243,000 943,000
Mutual Bank
219,000 4,309,000 160,000
New Netherland_ _ _ _ 200,000
500,000
551,000 3,628,000
WRGrace&Co'sBk
62,000
100,000
593,900 6,941,000 484,000
Yorkville Bank
1,600,000
840,800 21,127,000 1,042,000
Mechanics', Bklyn
200,000
North Side. BItlyn -- 184,800 4,517,000 333,000
4,300,000 5,231,600 75,295,000 5,711,000
'rota!
Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,BkIn
Mechanics',Bayonne

Legal
Tenders.

500,000 1,150,100 9,890,000
200,000
309,000 6,066,000

670,000
115,000

53,000
555,000
296,000
39,000
24,000
207,000
208,000

22,000
47,000
121,000
12,000

316,000
735,000
106,000

107,000
362,000
25,000

822,000 2,539,000

786,000

24,000
93,000

45,000
49,000

12,000
257,000
11,000
11,000
20,000
65,000
113,000
1,000
85,000
199,000
48,000

55,000
52,000

45,000
45,000

National
Bank
Circulation.

Average.

Average.

195,000
159,000

3,287,000
2,326,

191,000
296,000
119,000
398,000
198,000
218,000
99,000

5,967,000 1,519,000

91,000 1,998,000
120,000
651,000 9,980,000
599,000
225,000 10,472,000
628,000
125,000 1,456,000
87,000
318,000
46,000 3,360,000
23,000 204,000
314,
25,000 8,992,000
60,000 469,000
295,000
4,457,000
7,000 267,000 •
39,000 1,890,000 3,216,000 2,597,000
1,000
265,000 7,622,000
457,000
6(3,000
1,345,000 1,296,000 22,425,000
453,000 4,531,000
400,
29,000 252,000
27,000

147,000 4,467,0001 5,067,000 78,509,000 3.990,00

15,000
19,000

399,000 1,328,000 7,999,000 1,082,000
151,000
551,000 3,019,000 2,975,000

34.000 550,000 1,879,000 11,018,000 4,057,000
94,000
700,000 1,459,100 15,956,000 785,000 107,000 117,000
Total
-Grand aggregate...._ 6,995,000 11,350.400 130872000 8,073,000 1,692,000 3,324,000 880,000 168,000 321,000 9,684,000 11,973,000 120426000 14,014,000 1,519,000
+496,000 -16,000 -4,000
Comparison,prev.wk.
+933,000 -186,000 +38,000 -13,000 +23,000 -54,000 +12,000 +264000 -3,125.000
-• Excess reserve, $62,350 Increase
aggr'te May 5 6,995.000 11,350,400 129939000 8,259,000 1,654,000 3,337,000 857,000 222,000 309,000 9,420,000 15,098,000 119930000 14,030.000 1,523,000
Grand
119772000 14,090,000 1,522,000
Grand aggr'te Apr 28 5.995.000 11.520.200 129703000 8,771,000 1,757,000 3,390,000 9:30,000 174,000 354,000 9,870,000 16.149,000 118260000 14,141,000 1,524,000
289,000 10010000
Grand aggr'te Apr 21 6,996,000 11,520,200 127793000 8,766,000 1,800.000 3,482,000 957,000 179.000 310,000 9.876,000 16,533,000 117047000 14,322,000 1,614,000
18,154,000
aggr'te Apr 14 4,995,000 11,520,200 126233000 8,771,000 1,736,000 3,699,000 966,000 192.000
Grand
256,000.9,411,000,18,312.000 114715000 14.276.000 1.518.000
Grand aggr'te Apr 7 6.995,000 11.520,200 124569000 8,208,000 1,683,000 3,562,000 830,000 148,000

-We gtx e below a
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing House Banks.
summary showing the totals for all the items in the Boston
Clearing House banks and trust companies of Philadelphia:
We omit two ctPhers.._(00) in all these figures.
Clearing House weekly statement for a series of weeks:
_.
Due
Loans,
Disc'ts 6: from
inveets. Banks.

Deposits
Bank. I Indivici'l.

Total.

Reserve
field.

$
1
$
$
May 12.
Nat. bank. 406,853,0 79,295,0 165,931,0,344,663,0 510,594,0 75,589,0
Trust cos__ 100,080,0 4,072,0 3,124,0 145,148,() 148,272,0 24,394,0
-Total_ _ _ 506,933,0 83,367,0 169,055,0 489,811,0 658,866,0 99,983,0
May 5... 563,681,0 90,095,0 176,807,0 495,614,0 672,451,0 105,957,0
Ayr. 28
- 560,279,0 95,118,0 179,751,0 490,555,0 670,306,0 103,003.0
Apr. 21___ 551,913,0 100,829,0 187,149,0 495,582,0 682,731.0 114,734,0
Apr, 14... 550,714,0 101,173,0 192,560,0 495,653,0 688,213,0 121,595,0
Apr. 7___ 549,749,0 96,682,0 190,440,0 492,404,0 682,814.0 119,898,0
Mar. 3(
549,020,0 89,678,0 185,230,0 476,485,0 661,715,0 112,03:3,0
Mar.24... 550,356,0 89,535,0 186,939,0 477,014,0 663,95:3,0 113,227,0
Mar. 17... 553,267,0 88,624,0 191,055,0 473,202,0 664,257,0 112,830,0
Mar. 10... 552,595.0 81,301,0 185,354,0 471,974,0 657,328.0 112.669,0

Excess
Reserve.
14,881,0
3,122,0
17,303,0
22,225,0
20,090,0
31,186.0
37,061,0
35,850,0
29,500,0
30,404,0
29,572,0
29,535,0

Note.
-National bank note circulation May 12, $8,230,000; exchanges for Clearing House (Included in "Bank Deposits"), banks, $21,909,000: trust companies,
$2,386,000: total, $24,295,000. Capital and surplus at latest dates: Banks, 564,175,600: trust companies, $41,295,200: total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
May 12
1917.

Change from
previous week.

May 5
1917.

April 28
1917.

316,000 $5,690,000 $5,674,000
$5,674,000 Dec.
Circulation
637,000 461,292,000 465,595,000
Loans, disc'ts & Investments_ 460,655,000 Dec.
Individual deposits, inel.U.S. 351,86:1,000 Dec. 11,903,000 363,766,000 371,335,000
139,526,000 Dec. 4,421,000 143,917,000 144,380,000
Due to banks
35,751,000 Inc. 1,369,000 34,382,000 34,467,000
Time deposits
Exchanges for Clear. House_ 14,944,000 Dec. 4,112,000 19,056,000 15,641,000
44,909,000 Dec. 1,902,000 46,811,000 48,544,000
Due from other banks
25,267,000 Dec.
913,000 26,180,000 26,881,000
Cash reserve
In Fed. Res've Bank 28,557,000 Dec. 3,429,000 31,986,000 34,425,000
Reserve
37,421,000 Dec. 2.892,000 40,313,000 43,984,000
Reserve with otner banks
Reserve excess In bank and
Federal Reserve Bank.... 3,591,000 Dec. 3,480,000 7,074,000i 9.466.000
Excess with Reserve Agents_ 24,864,000 Dec. 2,676,000 27,540,0001 31,024,000

-See third page
Imports and Exports for the Week.
preceding.

THE CHRONICLE

1990

Vanh,ers' Oazette.
Wall Street, Friday Night, May 18 1917.
The Money Market and Financial Situation.—The
security markets were depressed and irregular during the
early part of the week, chiefly owing to the unsettled state
of affairs in Russia, but improved later on more favorable
reports from Petrograd. The effect of the latter was enhanced somewhat by the suspension of speculation in futures
on the Chicago Board of Trade, resulting in a sharp decline
in the price of wheat—by the announcement of an extra 1%
in addition to the regular quarterly dividend on Gulf States
Steel shares and by the Government weather report, which
was less discouraging than the previous one.
Weather conditions in the wheat belt have become decidedly more normal and hopes for both the winter and spring
crops are correspondingly brighter. Sentiment in Wall
Street and elsewhere was impressed by cablegrams announcing the safe arrival of U. S. submarine destroyers in
British waters. For these and perhaps other, more obscure,
reasons, the stock market has been strong during the last
three days, led by U. S. Steel with an advance of nearly
7 points.
Saturday's bank statement showed the surplus reserve
substantially increased and call loan rates have been at or
near the recent minimum.
Foreign Exchange.—The market for sterling exchange
has continued quiet but steady. The Continental exchanges
have ruled quiet except in the case of rubles, which have
responded to the improved conditions prevailing in Petrograd.
To-day's (Friday's) actual rates for sterling exchange were 4 72®4 72%
for sixty days, 4 755504 7560 for checks and 4 76 7-16 for cables. Com%
mercial on bank, sight, 4 7504 75%; sixty days, 4 71% ®4 71%;
ninety days,4 69%04 69%, and documents for payment (sixty days),
4 71©4 71%; cotton for payment, 4 75% ©4 7534 and grain for payment,
.
4 7534@)4 75%
To-day's (Friday's) actual rates for Paris bankers' francs were 5 78%
for long and 5 7434 for short. Germany bankers' marks were not quoted
for sight, nominal for long and nominal for short. Amsterdam bankers'
guilders were 40 9-16 for short.
Exchange at Paris on London, 27.18 ft.; week's range, 27.18 fr. high and
also 27.18 fr. low.
Exchange at Berlin on London. not quotable.
The range for foreign exchange for the week follows:
Checks.
Cables.
Sterling Actual— Sixty Days.
4 7560
4 76 7-16
High for the week___ 4 72%
4 7545
4 76 7-16
Low for the week_ _ _ 4 72
Paris Bankers' Francs—
5 72%
High for the week___ 5 78
571)4
Low for the week_ _ 5 79
5 73%
5 72%
Germany Bankers"Marks—
High for the week
Low for the week
Amsterdam Bankers' Guilders—
40%
41 1-16
High for the week.___
40%,
41
Low for the week___
4034
40%
Domestic Exchange.—Chicago,15c. per $1,000 discount. Boston, par.
St. Louis, 25c. per $1,000 discount bid and 15c. discount asked. San
Francisco, be, per $1,000 premium. Montreal, $3.125 per $1,000 premium. Minneapolis, 10c. per $1,000 premium. Cincinnati, par. New
Orleans, sight, 50c. per $1,000 discount, and brokers, 50c. premium.

State Bonds.—Sales of State bonds at the Board this week
aro limited to $1,000 New York State 4s 1962 at 1023.
State and Railway Bonds.—The volume of business in
the market for railway and industrial bonds has decreased
materially as compared with that of last week, while prices
have been irregular, the tendency being toward a lower
level. Atchison Topeka & Santa Fe gen. 4s fell from 91M
to 89, and Chesapeake & Ohio cony. 4%s and cony. 5s
%
fell away fractionally. Consol. Gas cony. 6s gained 1%
points for the week, and Illinois Steel 4%s 1 point, but Erie
temp. con. 4s, Ser. D, and Interborough Rapid Transit 1st
ref. 5s lost 1 and % points, respectively. From a list of 25
most active issues only 6 advanced. Union Pacific 1st 4s
fell from 95 to 93, and Third Ave. adj. 5s from 45% to 433/2.
The St. Louis & San Francisco issues, in sympathy with the
movement noted last week and for weeks past, declined, and
New Haven deb.6s lost a point. Among the bonds of foreign
governments, Anglo-French 5s, American Foreign Securities
5s, the various Great Britain and Ireland securities and
Dominion of Canada issues were, as usual, most prominent.
The bonds of the Russian Government, selling on the "curb"
enjoyed a marked advance in value upon news of the loan to
Russia by the United States. The best prices showed an
advance of 8% and 10 points for the two issues. No sales
on a s-20-f basis have been reported this week, and sales of
State bonds have been very small.
United States Bonds.—Sales of Government bonds at
the Board are limited to $10,000 4s coup. at 106, $11,000 4s
reg. at 105%, and $3,000 3s reg. at 99. For to-days' prices
of all the different issues and for the week's range, see third page
following.
Railroad and Miscellaneous Stocks.—During the first
two days of the week, values at the Stock Exchange were
irregular, the prevailing tendency being, however, toward
a lower level. To what extent the situation in Russia has
affected the market was made strikingly evident on Wednesday, when prices advanced sharply on the announcement
that a loan of $100,000,000 was made to that country by the



VoL. 106.

United States. Another favorable factor was the considerable curtailment of submarine activity and the reports of a
substantial increase in the numbers of these craft either sunk
or disabled. Gains were almost universal throughout the
list, the Steel shares being most affected. The upward
movement continued throughout the week, despite the fact
that considerable profit taking sales were recorded. Canadian Pacific moved up from 159 to 160%, the last price
being 1603/s. Chesapeake & Ohio and Lehigh gained 13/2
and 3% points respectively for the week, while Reading and
Union Pacific covered ranges of 2 and 1% points. Among the
industrial shares, United States Steel was the interesting
feature, from 115% it advanced to 122%, the final figure
being 121%. Favorable reports from the Government as to
the purchase of the metal for war purposes caused the copper
stocks to advance sharply. Anaconda fluctuated between
763/ and 803%, while gains of from 2 to 5 points were noted
through the group. American Can moved up from 413/i to
45%,and Atlantic Gulf&West Indies S.S. from 98 to-1043%.
The high, low and last prices of Baldwin Locomotive, Crucible Steel, U. S. Industrial Alcohol, Lackawanna Steel and
Mexican Petroleum were 583-5332-57%, 683'-58-67Y,
2
12834203/427, 903/-83-903, and 91 3-87-90
2
For daily volume of business see page 1999.
The following sales have °mired this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 18.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ per share. $ per share 8 per share.
May14 55 May14 52
Feb 58
Jan
100
100 55
Acme Tea
May17 102
Jan 103
Jan
May17 101
4101
Am Brake Shoe & F.100
May15 81
May 66
May15 61
Mar
Am Teleg & Cable
100
184 61
May
May 71
May15 6734 May16 66
Am T & T rests 2d paid_
400 66
May16 6234 May14 57
May 78% Jan
100
300 59
Associated Oil
Jan
900 1% May12 134 May16 134 Apr 2
Batopilas MinIng____20
May12 61
Feb 70
May
100
100 70 May12 70
Brown Shoe
Jan
May14 97 May14 9331 Feb 100
100
100 97
Preferred
Jan 12534 Apr
May12 96% May17 89
100 1,300 94
Burns Bros
Apr 83
Mar
May18 76
May18 80
Calumet & Aria
10
100 80
Mar
Caro Clinch & Ohio-100
200 23 May17 2334 May16 23 May 26
May16 117
Mar 155
Jan
73 117
May15 117
Cent & S Am Teleg_ -100
May15 109
May 12634 Jan
May15 112
Cons G,EL&P(Balt)
.100 400112
May 21
May17 16
Jan
May17 16
200 16
Cons Interstate Call..10
May14 96% Feb 100
Jan
Deere & Co, pref.___100
200 99% ivIay14 100
Jan
Detroit Edison
100
3711934 May16 119% May16 12534 May 145
Detr & Mack, pref-100
79 89% May14 89% May14 89% May 89% May
May15 39% Feb 87A Apr
May14 70
500 67
Driggs-Seabury Ord__ _ _
May12 28
Feb 40
May12 31
Jan
300 31
Gaston,W&W,Inc no par
May15 205
May 250
100205
May15205
Jan
General Chemical__ _100
May17 112
May17 112
May 131% Jan
150 112
Homestake Mining_100
May17 75 May 88
740 75 May12 79
Jan
Int Harvest Corp— -100
May17 x103 May 114
100
300 10334 May15 104
Preferred
Jan
Int Paper prof ctfs dep._ 3,300 95 May12 97% May14 94 May 102
Mar
100 48% May18 48% May18 4534 May 78
Jan
Jewel Tea,Inc
100
25103 May15 103
May15 104
100
May 112
Jan
Preferred
May17 115
7115
May17 114
Feb 124
Jan
Kings Co E L & P._100
100 119
May18 119
May18 11834 Apr 125% Jan
Liggett & Myers, pfd 100
Jan 47% Jan
250 40 May14 40 May14 34
Long Island
50
300 18
Loose-Wiles Biscult.100
May16 18% May16 18 May 2734 Jan
100 134 May15 134 May16 134 Ap
2
Feb
Manhattan Beach_ _ _100
May17 117% May 12934 Jan
Manhat (Eiev) Ry_100 500117)4 May18 120
May18 x55
May 66% Mar
May Dept Stores-- -100
200 x55
May15 56
May18 105% May 10734 Jan
100
Preferred
200105% May18 106
May12 113)4 Apr 120
May15 115
Michigan Central
Mar
100
70 114
Missouri Pacific)._ 100
700 434 May17 6% May18 434 May 16% Jan
May 1634 Jan
27,800 4% May16 7% May18 4
Trust receipts
50
5 81
May15 81
May15 77
May 83
Mar
Morris & Essex
Jan
100 5% May12 534 May12 4% Fe. 7
Nat Rys Mex,2d pf_100
Ma 35
May
May17 34
200 34
May17 35
100
NT Y Dock, pret
100 2434 May17 24% May17 24% May 28% Jan
Norfolk Southern__ _100
Feb 125
Jan
May15 95 May17 90
Nova Scotia S & C-100 400 91
Apr 106
Jan
Dwens Bottle-Mach-25 800 89% May12 90% May17 -80
May 100
Jan
May17 r97
May17x97
Pacific Mall, pref._ _100
200x97
150 26% May16 2634 May16 2634 May 34% Jan
Pacific Tel & Tel_ 100
Apr 160% Jan
Pitts Ft Wayne & C.100
5015334 May14 15334 May14 154
3
100 1% May18 1% May18 134 Ap
Feb
Quicksilver Mining_ _100
Ap
4% Feb
600 2 May15 2 May17 2
Preferred
100
May 66% Mar
Royal Dutch Ws dep.__ 2,400 59% May12 63 May18 59
3uperlor Steel
10020,800 34% May12 50 May17 3434 May 50 May
May16 99% May 100
May
First preferred....100 400 9934 MaY16 100
Feb
May16 12
May 15
Tol St L & W,pf tr ree_
200 1234 May16 14
Mar
May14415q May14 115
May 120
300 115
Underwood, pref_ _ _ _100
Feb
500 7434 May18 75
May18 6934 Jan 80
100
United Drug
May 91
Jan
100 87
May12 87
May12 87
Second preferred. 100
May 2134 Jan
100
May14 18
U S Express
100 18
May14 18
Jan 2234 Jan
U S Realty & Impt_ _100
700 11% May14 1334 May18 10
Ap 1034 May
Vulcan Detinning
100
400 10 May17 1034 May17 6
Preferred
100
200 20 May17 2434 May18 20 May 2434 May
Wells, Fargo Express 100
Jan
300 9734 May16 9934 May12 9736 May 144
Western Pacific
100 4,600 12% May16 ieti May18 1234 Ap 16% May
PrAfAr1'at1
Inn
11A41 an
Mnvl4 41t( Mavl fi 30b May 4i
a...

Outside Securities.—Values of securities at the Broad
Street "curb" have, as was the case at the Stock Exchange,
increased this week. Aetna Explosives moved between 23'
and 33/8, while American Sumatra Tobacco gained 43% points
for the week. Carwen Steel moved up % a point. Chevrolet Motors was irregular. From 993/2 it moved up to 100,
fell to 97, gained back to 102 and closed at 95. Haskell &
Barker Car Co. advanced from 363/2 to 38, while the high,
low and last prices of Submarine Boat, United Motors,
United Sugar, West Indies Syndicate and Wright-Martin
Aircraft were 2834-223 -31%, 3O34-273
/
2
/
8-28 , 363/2-36%4-43% and 6-4%-6. Standard Oil shares
36%, 45%-324
were inactive. Illinois Pipe Line fluctuated between 225
and 218, Standard Oil of New York between 296 and 280,
and Standard Oil of New Jersey between 614 and 580.
Among the bonds traded in at the "curb," the Russian
Government 5%s and 6%s caused much notice. Upon reports of the United States Government loan of $100,000,000
to Russia they gained 8% and 10 points, respectively, on
heavy sales. A considerable part of this gain was subsequently lost. Total sales for these issues were $576,000 and
$761,000, with prices ranging from 75 to 833/2 and from 793/i
to 90,respectively. There were also sold $166,000 American
Smelting 5s at 9034 to 913/2 and $82,000 Bethlehem Steel
2
-year 5% notes at 97% to 98. A complete list of "curb"
market transactions for the week will be found on page .1999.

Record,
New York Stock Exchange-StockTWO PAGES. Daily, Weekly and Yearly
OCCUPYING

1991

For record of sales during the week of stocks usually inactive, see preceding page.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
May 12.

Monday
May 14.

Tuesday
May 15.

1Vednesday
May 16.

Thursday
May 17

Friday
May 18

Salcsfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest

PER SHARE
Range for Precious
Year 1916
Lowest

Highest

Par $ per share $ per share $ per share $ per share
Railroads
$ Per share 6 per share $ per share $ per share $ per share 6 per share
9812 May 9 10712Jan 8 10014 Apr 1087s Oct
9934 10012 9934 10012 6,910 Atch Topeka& Santa Fe__100
9834 100
9934 9912 9958 9912 100
99
9612 May17 10012 Feb 1 29812 Dec 102 Feb
100
Do pref
9612 9612 9634 963
4
4 1,301
.9612 9712 §9612 9612 9712 9712 963 97
100 108 May10 119 Jan 4 10612 Apr 126 Nov
600 Atlantic Coast Line RR
10914 110 *110 111
109 109
4
4
•108 110
1093 1093 *10814 110
6778 May 9 85 Jan 18
100
96 Jan
8112 Dec
6818 6912 6812 6912 6878 698 20,400 Baltimore & Ohio
69
6814 6912 6818 6914 68
72% Aug
6878 May15 767g Jan 17
100
80 Jan
Do prof
6938 69
6038 1,210
8 6918 6914 *68
6912 6878 687
*68
69
69
54 May 8 82 Jan 4
887 June
81 Dec
,
4 5812 5312 5814 5812 7,000 Brooklyn Rapid Transit 100
573
4 5714 593
5812 56
57
5712 58
100 14812 Feb 7 16738 hlar23 216212 Mar 18324 Jan
4
4
4
158 15912 15812 16034 159 1603 1593 1613 12,200 Canadian Pacific
158 159
15714 159
55 May 9 6534 Jan 3
58 Apr
100
71 Oct
5614 5714 57
573
4 5712 5814 5,400 Chesapeake & Ohlo
5534 56
5514 56
56
55
10 May 9 14', Jan10
1134 Apr
1614 Dee
11
1034 11
500 Chicago Great Western__ _100
11
*1014 11
11
8
1012 1014 103 *10
.10
29 May 9 1134Jan 2
100
4712 Oct
33 Apr
3138 3112 1,500
Do pref
307
8 2918 2912 3012 3012 3018 3018 3012 31
30
697 May14 92 Jan 4
8
89 Dec 10212 Jan
8
4
4 7214 7412 723 747 41,200 Chicago Milw & St Paul_ _100
703 723
4
7018 72
725
8 698 72%
70
100 11114 May12 12512 Jan 29 123 Dec 1361s Jan
1,700
Do pref
112 11312 *112 11312 11218 113
11114 11318 112 112 *112 114
tlorthwestern 100 10814 May 9 12414 Jan 19 123 Dec 1347s Jan
35
uo
1083 10912 110 11012 11012 1108 110 11012 3,700 Chicagop
4
8
i 1087 10912 10914 110
100 160 Apr 10 17212 Feb 16 1165 Apr 176 Dec
____ ____ §150 150 *150 160
.140 160 *140 170
3214 3312 6,300 Chic Rock Isl & Pac (new) w 1
30 May 9 37 Apr 13
3114 3112 32
31
4
8
313 313 -iii4 - 12 31
31
31
7634 2,268
76
76
7% preferred when issued__
76
7512 May16 8414 Apr 14
7512 76
77
7712 76
77
77
76
1,600
6% preferred when issued__
4
65 May15 71 Apr 14
6512 6512 653 *6512 67
65
66
8 66
663
66
66
66
6,800 ChR 1 & 1'ac ctfs of dep 2d pd b2514 Feb 8 49 Apr 3 b31 Dec 63858 Dec
8 4034 42
3914 3914 403
3914
40
39
40
3912 40
39
44
Clev Chi Chic & St Louis_ _ 100
*38
44
*38
37 May 9 51 Jan 16
44
6258 Oct
38 Apr
*39
•3514 44 *_ _ _ _ 44 *___ _ 44
Do pref
76
*70
76
100
*70
70 Feb 1 80 Jan 29
76
88 June
70 Feb
*70
76
*70
76
*70
76
*70
25
Colorado & Southern
*23
25
100
20 Feb 10 30 Jan 4
*22
2434 Apr
25
*22
25
37 Oct
*22
25
*22
25
*23
Do 1st Prof
55
5012 May 9 5712Jan 9
100
*52
55
*51
46 Apr
55
621s Oct
*51
55
*52
55
*52
55
.
51
100
100
Do 2d pref
44
42 Mar12 46 Mar17
44
48
*38
40 Mar
47
57% June
.38
48
.40
46
*40
46
.40
8,100 Delaware & Hudson
100 106 May 4 1517 Jan 19 1487a Dec 158 Oct
8
*
8
111 1127 112 11412 112 11458 114 11512 1148 11612 115 1155
200 Delaware Lack & Western_ _ 50 215 May17 238 Mar24 216 Mar 242 No,
215 215 *206 215
215 215 *206 215 *210 215
.20012 220
10 May 4 17 Jan 6
100
1,400 Denver & Rio Grande
1114
10
12
12
87 Mar 2314 Oot
s
13
*10
11
11
14
1312 *10
*11
22 Feb 3 41 Jan 2
100
Do pref
3012 2,000
25
30
15 Mar
30
30
5212 Oct
*26
28
*25
27
27
30
*25
2214 May 9 343 Jan 3
4
100
4358Jan
32 Apr
4 2418 2518 26,625 Erie
2378 24
243
23
233
4 23
235
8 2212 24
2318
3412 May14 4914 Jan 2
100
9,300
Do 1st pref
3612 3614 37
46 Dec
591s Jan
3534 36
4
4 35
3518 3512 3412 3512 343 353
4
2612 May14 391 Jan 3
100
3,500
5412Jan
Do 2d pref
29
40 Dec
29
23
4 23
4
2612 2812 263 2712 2712 273
2712 28
100 10318 May16 11814 Jan 4 115 Dec 12711 Jan
12,100 Great Northern pref
10518 106
8
1035 105
8
10318 1017 10438 105
8
10412 1048 1043 106
2734 Feb 3 3818 Mar 4
3414 47,500
32 Dec
Iron Ore properties__No par
50'4 Jan
8 33
4 3212 345
323
8 31
8
8 305 315
8
8 305 313
3014 305
8Jan 2
993 Apr 1097s Oct
100 100 Feb 3 1063
4
1,600 Illinois Central
10118 102
4
4
4
4
4
10078 1007 100% 1003 1003 1003 1003 1003 10112 102
8
814 May15 1718 Jan 2
97
1512 Dec
914 10,400 Interbor Con Corp, vtc No par
9
878
912
938
211s Jan
9
10
84
10
4
03
4 93
7713 Jan
4May 5 7214 Jan 2
503
69 Dec
545 10,710
100
8
Do pref
5118 5534 5212 5412 5312 54% 54
5314 54
5534 56
3214 Jan
185 May 9 257s Jan 2
2134 3,400 Kansas City Southern_ _ _ _100
2318 Apr
8
2012 21
1834 19
1934 20
19
.1834 1912
19
19
52 May 9 5812Jan 30
6471 Jan
55
5658 Dec
Do pref
*54
100
55
*52
55
*50
*50
*50
58
55
55
*50
100 Lake Erie & Western
1514 May 9 2514 Jan 3
10 May
100
1618 1618
30 Dee
19
*15
19
*15
18
.15
19
.15
*15
18
5512 Nov
100
Do pref
32 Apr
*28 35100 30 May17 533 Jan 3
30
30
33
*26
*26
34
33
*26
33 .26
5714 May 9 7912Jan 2
741 Jan
50
871s Oct
6114 6212 6212 6212 11,100 Lehigh Valley
6012 61
61
8 5912 60
59
6014 605
40 May 9 4334 Apr 14
600 Long Island certfs of deposit_ _
.3912 41
4012 4012 *3912 4012 4014 4014 4014 4014 *3912 4012
1237 125 *120 12512 2,100 Louisville & Nashville_ ___100 119 May 4 13384 Jan 4 1211a Mar 140 Oct
34
11934 12012 120 121
1203 120 *120 123
4
(nete)___100
1434 May15 3214 Jan 29
545 Minneap & St L
26 Oct
38 Oct
1634
4
153 153 *15
4
15
15
1434 1434
17
17
•15
§17
875 Minn St Paul & SS M____100 102 May16 119 Jan 3 116 Dec 130 Oct
102 10412 10312 10312 102 10318
4
103 103 *102 106 *1013 106
8
100 1205 Apr 24 127 Apr 13, 12812 Sept 137 Jan
Do pref
•____ 120 .____ 120 *__ 120 *110 120 *110 120 *____ 120
5 May 4 11 Jan 2
1314 Dec
31s Sept
8 3,800 Missouri Kansas & Texas_100
57
8 63
512 512
518
5
518
518
514
5
8
55
53
a
10 May 0 2012 Jan 4
100
10 Apr
100
2414 Dec
Do pref
1212 *1012 1212 13
13
*10
*10
13
•10
1212 *1014 12
233 May 9 34 Jan 2
4
22% Sept 3812 Dee
2512 2712 27,000 Missouri Pacific(new) when iss.
8
253 26
2578 243 26
4
2534 2534 2618 25
25
51 Mar 7 61 Jan 3
47% Sept 647 Dec
600
5714
s
Do pref (or Inc bonds) do__ _
56
54
54
55
*52
55
*52
55
*52
86 May 9 1035
8Jan 4 10014 Apr 11414 Oct
100
4
1 8812 8912 8812 893 14,612 New York Central
81i1.
4
4 8612 8714 863 8714 -8ii4 -. 863 873
4
364 Feb 16 5278Jan 2
77711Jan
100
5,200 N Y N II & Hartford
4912 Dee
3912 3812 3918 3838 39
38
38
3814 363 38
3734 38
4
21 May10 2914 Jan 2
26 May
2114
600 NY Ontario & Western
100
34% Dec
*21
2114 2112 2112 2112 21
22
.2118 22
22
22
100 11612 May 9 13858Jan 24 114 Mar 1471a Oct
4
4
11912 120
1183 11912 119 11934 120 12012 12014 1203 121 12118 4,400 Norfolk (le Western
841s Feb
83 hlaYll
8912 Feb 3
87
*82
8918 May
Do adjustment pref. __100
87
*82
87
.82
*82
80
87
86
*82
*82
987 May15 11014 Jan3 108 Dec 1187s Jan
8
18,000 Northern Pacific
4
8
100
10014 1013 1003 102
9958 101
9912 10012 99 10018 987 100
8
55 Sept 60 Oct
513 May 9 5738Jan 25
8
8 5212 5318 9,150 Pennsylvania
100
8
517 5214 5214 527
5134 517
513 52
8
5112 517
3634 Dec
1712 May15 3634 Jan 2
381a Dec
100
1814 1814
1712 1712 1712 1712 177 1812 1812 1912 1,900 Pere Marquette v t c
1814 1314
7312 Dec
72 Dec
5312 May12 7312Jan 17
Do prior pref v t c___ _100
*5312 5312 --------550
56
5312 5312 5512 553 *5312 56
4
55 Jan 17 57 Jan 8 _ 59
100
Do pref v t c
59
59
•--__ 59 .__ __ 59
4
203 Apr 16 2812 May18
281- 30,1i00 Pittsb & W Va interim ctfs 100
4
2312 24
2378 2414 *-iii4 2438 *-. , - 2578 2578 2712 -2f3i4 - 2 - 535 Apr 17 6618 Apr 26 - 8
6514 4,100
4 64
Preferred interim ctfs__ _100
6312 643
605s 63
61
*60
61
603 .6012 62
4
8334 May i 10414 Jan 3
7518 Jan - 1151,Sept
50
8818 9014 78,100 Reading
4
s 853 8818 8718 89
8514 867
8518 863
8 8512 87
417s Feb
46 Feb
571
40
Do 1st pref
*3934 4050 40 May12 45 Jan 29
40
40
40
41
*40
41
40 .40
40
405 May17 4512Jan 16
8
52 May
4114 Feb
50
1,200
8
Do 2d pref
*4034 4134 4034 4112 405 4034 4034 4034
41
4134 41
.41
16 May 5 2638Jan 2
1512 May
1738 173
3012 Dec
4 1714 173
17
17
17
8 2,200 St Louis & San Fran new _100
*16
17
17
17
•16
25 Feb 3 3112 Apr 14
16 May
4
32% Dec
4
2834 283
4
300 St Louis Southwestern____100
*2712 283 *2712 283 *2712 2814
4
.2712 2814 .2712 283
46 May 3 53 Jan 4
37% Sept 57 Dec
100
*43
*43
49
49
49
*43
Do prof
*43
49
52
*43
52
.43
14 Apr
1914 Dec
1312 1212100 1212 May16 18 Jan 3
13
127
1:3
8
1,300 Seaboard Air Line
1:3 13
4
4 1234 123 *12
123 123
4
2514 May16 3912Jan 3
421a Oct
34% Apr
8
4 253 26
100
Do pref
2514 26
26
263
26 14 2612 263
4 2,800
20
28
.25
88% May 9 9812 Mar24
944 Apr
04's Jan
4
8 893 91
100
9012 9178 915 9214 9134 9238 13,025 Southern Pacific Co
8
8
s 907 913
905 907
8
18 Apr
23 May 9 3338Jan 3
3624 Dec
8
4 237 2412 2414 25
243
100
2378 2438 24
245 2512 25
8
257 25,000 Southern ItallwaY
5
7312 Dec
56 Apr
515 May15 7012Jan 30
8
4 533 533
4
4
4
8
5212 515 52
5212 5312 533 533
100
1,710
Do pref
5212 5212 52
612 Feb
2134 Dee
1314 May 9 1924 Jan 4
14
1412 15
100
.137 1512
1,400 Texas & Pacific
8
15
15
1514
•1314 15
1514
15
48 Nov
17% May15 48'4 Jan 2
6812 June
1718 183
197
8 1814 1914
4 18
19
20
1914 . 1914
1814 1812 6,400 Third Avenue (New York) 100
94 Mar
843 May12 95 Jan 20
4
99 June
*843 87
4
85
4 85
8614 8614 *85
300 Twin City Rapid Transit_ _100
8434 843
*8512 8712
87
4
8
100 1287 May 9 1491s Jan 2 1293 Apr 153% Oat
13418 13514 13418 13578 30,875 Union Pacific
13114 13234 13214 13312 132 133
13234 135
7614 May 0 85 Jan 24 280 Sept 8412 Sept
100
8
5
Do pref
1,100
7714 7714 773 773 *7714 7812 7714 ,..773 *77% ---7738 78
8
21', Jan
8Jan 2
7% May
113
612Feb 1
7
714
.712 812 *712 812
1,000 United Railways Invest__ _100
718
714
*714 8
7
714
17 May17 2334 Jan 2
17 Sept
39's Jan
100
•17
*17
20
20
20
.17
Do pref
*16
100
20
20
*16
17
17
1012 May10 1584 Jan 5
13% Sept 17 Jan
11
100
.1.053 11
11
11
900 Wabash
. 4 11
103
1112 1112
11
11
11
4458 May 9 58 Jan 2
4112!Aar
eoi2 Dec
100
4 46
4512 453t 4512 453
4712 5,500
Do pref A
4512 46
46
4612 4738 47
23 May 9 3012 Jan 2
25 Apr
s
327 Dec
8 2314 2314
100
2312 2312 237
2314 2312 233 2414 24
2414 4,400
Do prof B
23
4
177 May 9 23 Apr 3
8
1812 1812 1812 18
(new)_100
1814 2,800 Western Maryland
1814 1814 .1712
18
18
1814
1818
35 Apr 9 41 Mar27
*27
36
36
100
.30
.27
36
Do 2d pref
*28
36
36
*28
38
*28
13 May 7 227s Jan 2
21 Dec
2738 Dec
1312 1313 1312 1312 1312 1312 1312 1412 14
1478 6,200 Wheeling & Lake E Ry_ _ _100
14
14
31 12 Apr 10 505
46 Dec
8Jan 22
325 33
8
5812 Dee
36
100
3234 33
Do preferred
1,600
*27
35
33
3312 3312 34
33
4512 Feb 14 5414 Jan 2
33 Apr
50
18's July
4
Wisconsin Central
100
48
4618 483 *47
5018 5018 50% 4914 495
50
8
.47
Industrial & Miscellaneous
1234 May10 1812Jan 9
2134 Dec
14 Aug
15
*13
*13
*13' 143.1 *12
15
2
15
Advance Rumely
100
*13
*14
15
16 2
,
28 Apr 11 3718Jan 5
43 Apr
36
30% Oct
*30
.30
35
36
33
*30
100
Do pref
*30
*30
34
36
.28
71 . 71
71
4 68
,
72
.67
66 Feb 3 80 Jan 25
72
63 July 8018 Dec
*68
72
50
100 Ajax Rubber Inc
*68
75
*68
6 May17 1112Jan 4
2612Jan
1014 Dec
614
Os
8
638 63
614
612
8 4,500 Alaska Gold Mines
10
612
63
6
6
614 612
10% Jan
412 May 9
818 Mar26
624 Oct
534
5
5
514
534 2,600 Alaska Juneau Gold Min'g_10
5,
2 *42
518 518 .5
4
524
*45
4
2018 Feb 3 3038 hlar21
19 July
8
38 No,
245 2478 24
24
2658 2612 277
2378 2378 24
41
8 263 2734 9,500 Allis-Chalmers Mfg v t c_ _100
7012 July
7914 Feb 3 867 Mar10
92 Nov
8
8
823 83
8318 85
.
Do preferred v t c_ _ _100
1,500
84
84
85
*83
8058 8058 *8012 82
83 Feb 3 9512 May 2
63 Apr 102 Nov
9178 917
8 9112 9178 9178 93
*9034 9112 *9034 92
9112 91 12 1,400 Amer Agricultural Chem_ _100
985a Feb 10 10312Jan 24
96 Mar 10314 Dee
100
100
Do prof
•100 101 *100 101 *100 101 *100 101
101 101 *100 10112
81 Feb 1 10212 Feb 15
61%Feb 10812 N ov
8 9014 9114 883 91
915
4
100
4 91
9112 913
18,800 American Beet Sugar
4
4 883 91
8812 903
9112May 9 98 Jan 24
93 Apr 102 June
*92
97
97
*92
*92
100
prof
95
97
.92
*921 93
*92
42
36 Feb 3 5178 Mar29
4234 4234 4478 4518 4638 4412 97D
44 Dec
68% Sept
4012 4138 4138' 43
100
4612 37,700 American fan
8Jan 25 1077 Dec 115% Sept
s
105 105
100 103 May 7 1105
Do pref
102 106 §10512 1051 *103 108
560
.
105 105
105 10518
57 Feb 3 7112 h1ar27
78% Dec
52 July
4 68
653
65 ' 663
8 65
65
65
6914 14,400 American Car & Foundry_100
68
',177 4 418 1%312
312 ,177
4
100 11512 Apr 18 11812Jan 23 1158s Aug 11912 Mar
•11314 1183 *11314 118 *11318 116 .11314
*38
42
*40
4012 *38
58',Oct
48% Dec
38'2 May 9 5012Jan 5
Cotton011
41
4112 4012 4012 *39
4112
100 American
100
*38
102 Mar
*89
92 May10 10112 Jan 9
93
96
98 Jan
s90
93
93
*90
97
Do pref
200
95
100
*90
95
97
1212 13
1218 1218
201k Oct
10 Feb 2 1714 Mar29
12
814 June
12
117 12
8
*1234 1314
1214 1258 1,300 American Hide & Leather_100
45 Mar
.60
847 Dec
1
5512 May 7 75 Jan 4
61
4
603 61
61
61
100
Do prof
60
6038 61
6012 6012 1,400
60
25 Jan
3234 Dec
24 Feb 2 3224 Jan 2
253 26
4
*25
26
1,000 American Ice Securities...100
8
8
2612 2612 2612 277
8
217 253 *2412 20
17 Dec
277a No,
153 Feb 3 2218 Apr 27
4
2012 2058 2114 21
4
203 2034 20
100
2112 2034 213
4
8 9,:300 American Linseed
203
•20
3814 Mar
622 Nov
4
48 Feb 3 5814 Apr 27
87
Do pref
57
5714 574 57
100
57,
57
5714 58
5714 5712 3,800
573
,1
6212Feb 2 823
58 July
4Jan 4
9814 Nov
4 6612
6512 6734 6614 67,
100
26,600 American Locomotive_
6412 66
991 July 109 Nov
102 May 4 1067 Jan 20
s
10312 *102 10312 ___ .. _ _9 _ *10218 169112 *10 4 10693'144
6_
100
68
7
Do pref
03 2 6
.102 105 *102
May14
1934 Mar30
812
,
812 9 4 *9
100
4
2,800 American Malting
1014
912
9
812 9,
914
9
95 10
8
54 May14 68 Mar30
4
543 5614 5638 57
56
100
Do pref
*5614 5612 4,200
57
57
•573 5951
4
11;
9312Jan 2 9914 Jan 31 1 July
9714 Nov
,
.91
94
*90
95
9334 *91
94
Amer Smelters Sec pref 13_100
*91
*91
94
94
*90
912 July 102 Nov
9738 May10 10214 Mar10
4
985
8 98
Do pref Ser A stamped__
8
9814 9818 9814 9814 9812 2,710
0812 9812 983 9812 98
8812 Apr 1227
9453 Feb 2 11014Jan 19
8N cm
s 9712 10058 100 10:33 1005 10318 49,100 Amer Smelting & Refining_100
8 9712 983
8
983
4
4
963 9733 973
4
100 211012 hlayl 1 11718Jan 19 10914 Apr 118% Oct
400
a
Do prof
111 14 11114 *111 113
112 1127
'
11012 11012 4 11012 111 *11012 112
44 Apr
52 Feb 3 657 hIar21
73 Dec
8
60
6112 61
60
s
5814 587 *58
633.t 7,400 American Steel Foundry 100
58
6212 62
58
s
8
8
110 • 1105 *1105a 11114 109 11012 11038 11038 110 11078 3,100 American Sugar Refining_ _100 1013 Feb 3 11558 Feb 21 104 Dec 1255 Oct
.109 112
11712 .117 118 .117 118 *116 117 *116 117
100 117 Feb 2 12112Jan 25 11518 May 12312 Oct
100
•11612 119 11712Do pref
15,000 Amer Telephone & Teleg 100 11614 Mayll 12812 Jan 24 21231a Dec 213412 Sept
11934 121
1195 121
8
8
4
1173 1187 117 11812 11812 121
11614 118
'
100 181 Apr 21 220 hlar12 188 Feb 2297, Nov
1,100 American Tobacco
190 190
195 195 *185 190 *185 195 *185 195
•190 195
100 100 Apr 24 10914 Jan 18 10514 Apr 113 Sept
Do pref (new)
1,268
10112 10112 100 10014
102 102 *10112 104 *101'103 1101 101
3718Feb 3 5412 Apr 3
37 Dec
1
587 Nov
48
100
4912 49
8 5012 5234 13,200 Am Woolen of Mass
503
*4714 4812 *47127,49
4712 475
8
102 Mar
94 Feb 3 997 Mar 14
92 Jan
8
,
9812 97 2 0712 *97
100
100
Do prof
*97
98
9812
9812 .91334 9812 *97
.
97
37 Feb 3 5412 Mar10
7614 Nov
11 Jan
3912 3912 *3718 4012 *3712 4012
•3718 40
200 Am Writing Paper pref._ _ 100
40
.37
40
40
29% July
977 Apr
2
28 May 9 413
8Jan 26
25
.293 3114 3114 3114
4
3214
3112 32
1,400 Am Zinc Lead & 5
30
32
2912 2912 30
5912 July
87 Nov
63 May 9 7212 Jan 26
.63
*6212 65
6314 .63
65
65
65
25
•6314 65
.63
63
Do pref
400
77 Apr 10538 Nov
70 Feb 1 863 hlar20
4
50
8
8114 98,400 Anaconda Copper
7712 7858 7612 7712 767 79
7612 78
785 81
79
8
56 July 14734 Dec
8912 Feb 3 12112Jan 22
4
8
97
9834 9834 10234 1005s 1023 1017 10438 10312 10512 10114 10514 28,700 AU Gulf & W I SS Line etfs 100
emit Dee 7334 Nov
54 Feb 8 66 Jan 4
100
3 6014 61
61
Do prof certfs
*60
*60
700
62
61
61
6018 60,
.60
61
52 Dee 11858 Jan
43 Feb 3 6312 Mar26
583
4 57
100
5912 47,800 Baldwin Locomotive
4 558 5814 57
523 54
4
5514 563
533 57
4
987 Dee 110 May
s
99 May 5 10212 Jan 15
100
300
Do pref
*9912 100
10018 10018
99
9912 0912 *99 10018 *99 100
99
4
100 1043 May15 136 Jan 2 a12712 Dec 16712 Dec
4
900 Barrett Co (The)
4
4
8
•104 108 .104 108
1043 10518 1063 1063 107 10712 10814 1087
700 Nov
131 13414 1343 1347 135 136
100 a119 Mar 1 515 Jan 4 415 Jan
130
1,710 Bethlehem Steel
•126 13212 131 131
4
8
130
4
4
4
Do class B common__ _100 103 Mar 1 1433 Mar21
11914 1217 12112 12312 1213 12234 1223 12712 12638 12812 1253 12812 131,100
8
8

ii

• Bid and asked prices: no sales 011 this day.




X Ex-rights.

i Leas than 100 shares. a Ex-div. and rights. z Ex-dIvidend. 0 Before payment of 1st Installment.

New York Stock Record-Concluded-Page 2

1992

For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
May 12

Monday
May 14

I

Tuesday
May 15

1Wednesday
May 16

Thursday
May 17

Friday
May 18

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1
On Oasis of 100
-share lots
Lowest

Highest

PER SHARE
Range for Precious
Year 1916
Lowest

Highest

Industrial&Mise.(Con.) Par $ per share $ per share $ per share $ Per Shan.
$ per share $ per share $ per share $ per share $ per share $ per share
200 Bethlehem Steel pref
100 1174 Mar 3 136 Jan 5 126 July 186 Nov
121 121 I*120 123
121 121 *121 122
*120 123
43341 4314 4438 -2. i - - - - 1,900 Butte & Superior Copper _10
13 8 44
43
384 Feb 3 5214 Jan 26
4173 Deo 10514 Mat
*4212 43
4114 4114 42 42
1712 Apr 24 3012Jan 25
4 2,000 California Petroleum v t 0-100
194 1938 193
19
15 June 4258Jan
19
1778 18
177 1858 19
8
18
18
100
Do pref
000
46 May12 6214 Jan 25
4912 4934
49
49
40 June 8038Jan
*4612 49
*4612 49
47
47
46
46
100
8
70 Feb 1 9772Jan 4
8
8413 8312 847
8638 863 8712 8534 875 32,900 Central Leather
49 Apr 123 No,
8 84
4 84
8213 833
100 10912 May16 11578 Jan 25 10872Jan
Do pref
700
110 110
11712N ov
1097 1097 10912 10912 *109 110
8
8
110 110 *108 112
.No par
327
2May 9 41 Feb 20
8
__
4 8,900 Cerro de Pasco Cop..
3438 3438 3412 3512 3512 367s 3618 3812 3814 387 x374 373
100
8 1,400 Chandler Motor Car
88 May18 10434 Mar20
95
927
88
*92
8812 Apr 131 June
95
94
*90
94
9213 9212 9212 93
25
'20 Feb 3 2758 Mar12
4
3914 N ov
2118 2114 2214 213 2214 2112 2218 9,300 Chile Copper
1958July
*21
8
2113 207 2112 21
5
4813 Feb 3 6334 Mar 7
8
8 545 5513 19,900 Chino Copper
74 Nov
4613Juiy
53 53
5314 5313 5318 5414 5414 553
5314 54
100
3812Feb 2 5413 Mar21
524 50
5212 25,300 Colorado Fuel & Iron
6314 Sept
4914 4834 5078 51
3818 Apr
47
4613 4714 4738 48
100
8
394 4014 3912 417 11,600 Columbia Gas &Elm
3412 Feb 3 4778 Apr 4
8
40
39
3014 Sept 537 Dee
3812 39
*3818 387
8 384 39
Computing-Tab-Record __100
*3812 40
383 Mayll 46 Jan 4
4
4
*383 40
*383 40
4
*334 40
*383 40
4
4062 July 625s Jan
*383 40
4
107 10712 4,000 Consolidated Gas(N Y)__100 x1044 May10 13433Jan 18 1293 Deo 14434Jan
4
4
4
16 14 10512 1013 10612 105 10512 1053 1073 1073 103
4
4
100
4 9212 9213 1,500 Continental Can
82'3 Feb 3 9434 Mar29
9212 933
94
*92
7514Jan n111 SW
*911.8 94
9114 9114 *9114 94
110100 1085 May 7 11212Feb 7 106 Feb 114 Nov
40
Do prof
4
•10814 115 *10812 115 §110 110 *10312 115 *1084 110 *1084
8 2138 2514 27,300 Corn Products Refining. l00
18 Feb 2 2718 Mar23
4
293 Dee
2358 235
4
1314 Aug
4
8 233 244 233 2418 233 2434 2138 255
4
100
Do pref
8
4
4 2,400
963 Apr 11 11238Jan 2
4
4
1004 1001 1003 1003 1003 1001
99
99
1004 1004 100 101
85 June 11312 Deo
5012 Feb 2 7314 Mar21
4
8 663 693 146,500 Crucible Steel of America_100
4
8
9912 Mat
6212 655
664 6814 6738 693
4 6514 674 655 67
5014 Dec
100 104 May 9 11734Jan 3 10814Jan 1247 Dee
Do pref
107 10714 107 10714 1,500
•104 106 •104 10614 10514 10512 *10513 107
3
353 Feb 3 5514 Jan 4
4
No par
8
41
4158 4213 414 4312 425 4334 4212 4412 31,500 Cuba Cane Sugar
4212 4112 43
7638 Oct
43 Dec
100
Do pref
8512 Feb 14 9412Jan 3
9014 913 913
4 9014 9014 9012 9012 1,000
91
4
91
9014 904 90
914 Deo 100120ot
100 Cuban-American Sugar__ _100 159 Feb 14 205 Apr 16 152 Jan 2697 Sept
190 190 *180 190
.180 190
.180 190 .180 190 *180 190 4
8
.
12 _61_
100
Do prof
_ Th . _1 2 *99 102
9912May10 105 Mar 8 10038 Deo 110 June
*99 103
*99 103
*98 102 .99 102
1578 1678 20,900 Distillers' Securities Corp.100
113 Apr 20 32 Jan '2
4
5412Apr
*1312 1434 14
133 164 153 165
4
4
14
8
24 Dee
10
1234 6,300 Dome Mines, Ltd
11 May10 2434Jan 0
4 1218 1212 x12
1134 1213 12
1213 123
1238 124 13
2913Feb
18 Dee
100 1507
4 4,100 General Electric
15613 158
1573 1583
4
1543 157
4
15134 15212 154 154
153 153
8May 9 17134Jan 26 159 Apr 187140ot
10312 1077 101 10414 25,100 General Motors tern ctfs...100
8
984 Apr 20 125 Marie 120 Dec 134 Del
105 108
10414 10512 10518 106
1037 105
8
100
Do pref tern ctfs
800
85 Apr 24 93 Jan 4
93 Dee
88
88
*8712 8812 8713 8712 8712 8814 *8713 8813 8712 88
8312 Dec
100
5014 5112 5034 5112 6,500 Goodrich Co(B F)
473 Apr 20 8114 Jan 19
4
51
80 Apr
484 49
4918 4918 4834 4938 49
4913 Dee
100 107 Apr 18 112 Jan 4 11012 Dec 1163 Mai
Do pref
4
*1064 109 *106 109 *106 109 *106 108 .107 10812 *107 10812
800 Granby Cons M S & P_ _ _ _ 100
80
80
81
8 80
7913 807
754Feb 3 9233Jan 17
81
*79
81
81
.78
4
18
80 July 120 Nov
4113 4212 4134 4212 2,000 Greene Cananea Copper.
41 41.5
40 Apr 23 47 Jan 20
*4012 42
.4078 411
4118 414 4
34 June 5612Nov
100 19912Feb 3 137 Jan 3
02 F
4
_121 123
120 122 - ----- ---- 121 1253 125 12512 24,300 Gulf States Steel tr ctfa
71 May 193 Nov
*118 120
3
------------------------100
100
Do 1st prof tr ctfs_
87 May 115 Nov
*107 110
107 107 .10412 110
109 Apr 21
Do 2d pref tr ctfs_ _..i00 117 Feb 10 11712Feb 2
72 May 190 Nor
-.412 - - -54i2 - 8 -5438 - - "i. " -Ei" -ii" 161- -'6e5i 1817i 47,100 Inspiration Cons Copper__20
5gg
48 Feb 1 6312 Mar20
555
741 No,
4232 Apr
4 4N
8
55
...100
2Jan
297
.15
1314 Feb 5 2112 Apr 27
20
8 204 2114 2,000 Internat Agricul Corp.
1912 197
11 Aug
*18
20
*17
1713 *1713 1812 4
100
Do pref
74 Jan
5334 2,100
51)
3514 Feb 5 5334 May18
51
5218 52
4
.48
49
49
49
49
37 Dec
49
49
400 Intern Harvester of N J.
g
112 112
110 110
10712 May 9 123 Jan 2 10812 Jan 1267 No,
109 109
109 109
3 i6126171 -i .8 - 8 47,700 Int Mercantile Marine_ _ _ _100
-ii- -193 Feb 1 3678 Mar23 11358 Feb o507 Sept
8
8
4
2634 2718 2634 2713 2678 2818 261 28
100
Do pref
625 Feb 8 9512 Mar24 o6114 Mar 8125_5 Sept
8318 79
8 7812 8013 81
0
774 783
4
8338 129,300
4 7814 8014 773 803
3834 404 3913 4038 393 4014 28,025 Intern Nickel (The) v t 0_25
3712 Feb 3 4733 Mar21
4
4
3878 Dec 56% Jan
4038 4113 2393 4014 3838 40
100
7512N ov
3714 3778 9,40 International Paper
33 Mar 2 4058Jan 4
38
37
37
37
912 Mar
*3634 3714 36
3614 3612 36
100
Do pref
94 Mar19 105 Mar26
97
*96
*96 100
4212 Feb 10912 Dee
97
97
*93
*95
*95 100 •____ 101
25
400 Kelly-Springfteld Tire
48 May 5 6412Jan 4
51
53
*50
51
88's Sept
51
*18
*48
.4612 51
8
51
56 Dee
487 484 4
.No par
4614
4514 4614 28,400 Kennecott Copper...
40 Feb 1 4734 Mar 7
6414 Nov
4438 4412 447
40 Dec
44
8 44
443
4 444 4512 45
100
7015 Feb 3 92 May17
8934 017 84,100 Lackawanna Steel
8812 8818 92
64 May 107 Nov
8
8614 8518 867
8 84
8 86
827 847
8
5612Juno
400 Leo Rubber & Tire-No Par
1712Feb 28 30 Jan 2
4
2513 Dec
*1712 1812 *173 1814
18
s
s
4 177 177 *1712 1813 18
4
173 173
100 200 Mar 2 232 Jan 19 17914 Jan 2397 Aug
Lorillard Co (P)
8
*185 200 4
.185 200 *185 195 .185 195 *185 195 *185 1993
4
100
Mackay Companies
8214 May10 8934 Feb 17
83
91 Feb
83
*82
*82
78 Apr
*8112 83
4
.8112 83
*814 83
*8112 83
100
100
Do prof
64 Mar14
*6413 6514 .0413 6514
65
*6412 65
.64
6413 6413 *64
6514 4
4312 Apr 20 6714 ja11 15
50
5112 4714 5012 6,300 Maxwell Motor Inc tr ctfs_100
50 4 50
3
4 50
.
5014 51
1
51
9 34.1 g
68 4
9
4.504 51
44 Dec
6 132 Jan 7
100
65
Do 1st pref stk tr ctfs_100
93 Jan
6313 Apr 18 741a Jan 18
67
*65
*65
65
68
68
*6312 684 *65
*05
68
85 Den
3112 3112 *3112 317
2June
900
607
Do 2d pref stk tr Ofs_100
295 Apr 20 90 Jan 20
8
8 30 30
*3114 3113 3114 3114 31
31
32 Dee
100
3Jan
8153 Mar 1 10612 Jan 10
8613 8712 8718 8814 883 90
89
907
8 904 9214 9012 9213 54,400 Mexican Petroleum
4
8852 June 1295
100
100
90 May 3 96 Jan 24
91
Do pref
91
94 .90
9413 .90
93
.90
4 00
'
*90
91
93
8912June 10555 Jan
34 Feb 1 4314 Apr 30
5
3
3813 39
384 39
39
393 40 8 3934 4038 8,100 Mian31 Copper
4
393.
383 39
4
83 Aug
498 03
3N
541 May 9 6238 Apr 2
4
4
8 5838 595 34,300 Midvale Steel & Ordnance-50
5514 5614 5512 5714 5618 5714 563 5834 5814 597
100
700 Montana Power
6814 Mar 1147 Bee
96
9312 May10 1094 Jan 25
97
96
*9334 00
*94
94
9014 *9414 98
96
977
8
8
160 114 Jan 20 11713 Mar28 109 Jan 1174 Nov
100
Do pref
1 111
*113 11712 *113 11712 *115 11712 *115 1171'115 1171
........National Biscuit
____ ___
100 105 May 1 12212 Jan 5 118 Sept 131'i Oct
*109 11212 *109 112 4
.108 112 *109 112 *110 112.......
100 112 may 5 127 Jan 5 124 June 12952 May
) Do pref
_
8
.115 121 .115 121 *116 121 *116 122 x1177 1177
8
3612 Dee
100
24 Feb 3 86 Mar 9
32
3213 -3214 127
- 3,300 Nat Enam'g & Stamp'g
8
.
12912 3014 305 31
31
31
32
31
1934 Apr
8
100
Do pref
100
00's May 9
*91
95 95
96
96
96
*91
*91
*90
98
96
9013 Deo 100 Nov
*91
Jan
8
745 Sept
100
5512 56
52 Feb 3 693814 n 13
5434 55
5612 2,800 National Lead
57 Dec
ar29
54
541z *5313 5412 *5312 5414 54
100 101
Do pref
11114 Dec 117:80ot
.10438 109 *10458 109 .105 109 *105 109 *105 109 *107 109
3418 No'
5
207 reby
2 a
2414 6,800 Nevada Cotsol Copper
15 Jan
1 4j ao
4 :In
4
2314 2314 2338 233 2313 233 2414 2414 2413 24
4
.23
8
100 128 Feb 3 156 Mar21 118 July 186 Nov
1454 148
2,800 New York Air Brake
138 142
144 148
135 135 .124 140
•13112 138
757 Dee
6512 Apr
3
200 North American Co
*6213 64
62
13 17423%
0
62
r21
19
*6018 62
*6018 62
61
61
*604 62
11,0
48657118 MmFeaabYy
Apr
75 Oct 12414 Dec
12512 12818 127 12878 1264 12814 12712 13012 x127 12938 127 13334 31,800 Ohio Cities Gas (The)____ 25
25
830 Ohio Fuel Supply
48
15 54 Feb 19 -----.4512 47
46
46
4
4518 454 *45
46
46
46
46
i15 Jan"
512 55
8
558 512
512 534
53
8 618 2,650 Ontario Silver Mining_ ___100
5 Feb 3
718 Feb 14
53 N ov
512 6
*514 512
5
18 Feb 3 2618 Mar23
31 Aug
24
3,100 Pacific Mall
1134Jan
.2034 2113 2034 22
4
4
213 2212 *2214 2212 2213 2238 23
74 May 9 10614 Jan 18 10018 Mai 118 Oct
7812 2,000 People's G L & C (Chic)__100
7712 7738 7738 7712 783
77
4 783 783 *76
4
753 78
4
4
323
34
*3234 3334 *33
3313 3312 *33
3312 3312
600 Philadelphia Co (Pittsb)-_50
34
34
38 June 48 Dee
*33
4May 9 42 Jan 4
4412 4378 4538 4538 467
5884 Dee
35 Feb 1 5233Jan 19
4312 4438 44
2514 July
8 4638 477 28,000 Pittsburgh Coal ctfs dep_100
8
4312 43
112 113
11278 11278
Do pref ctfs deposit_100 10718 Jan 16 11818 Mar20 10014 Aug 1154 Dee
800
*113 114 *113 114 *112 11312 111 111
73
73
74
4212 July 8814 Nov
100
7112 7334 x72
7318 7413 4,400 Pressed Steel Car
70 May 9 8314 Jan 26
*71
7213 7214 73
97 July 108 Nov
100 101 Mar 7 3107 Jan 31
Do pref
*101 105 *101 103 *101 103 *101 102 *101 103 *101 103
Public Serv Corp of N J...100 120 May 9 131 Jan 6 114 Jan 137 Sent
*119 1274 *119 12712 *119 12712 *119 12712 *119 120 *119 120
1,700 Pullman Company
100 139 May10 16712Jan 26 15974 May 177 Sept
141 146 *144 1475s 146 14611
144 145
144 145
*142 145
5078 5138 3,600 Railway Steel Spring
6184N ov
4934 4934 51
43 Feb 2 5533 Mar21
32 Apr
100
•46
48
473 4812 4832 4832 48
4
9514 Mar 10314 Nov
Do pref
98
100
*96
98
*96
967
8May 9 101 Jan 22
98
*90
*96
99
99 .9613 98
*96
23 Feb 1 324 Apr 3
20 Juno 37 Nov
8
297 36,800 Ray Consolidated Copper..10
3 29
4 2814 2914 284 297
2834 287
3 2812 283
s 2812 287
60 Feb 1 Ms Mar21
8
42 Jun,s. 93 Nov
100
8
837
8 833 8514 8358 853 89,400 Republic Iron & Steel
8014 8112 8014 8112 81
7878 80
1,100
90 Feb 1 10534 Jan 2 101 Deo 117 Nov
100
Do pref
8
1017 10214 102 102
8
.1
*100 10112 1013 1013 10134 1017 *101 102
4
4
383 May18 68 Jan 4
4
843 Sept
100
43 43
4013 42
44
*4314 49
44
3834 404 1,600 Saxon Motor Car Corp
6378 Dec
*4314 49
100 16212 May15 23814 Jan 22 16814 Ma, 233 Nov
16412 1653 4
4 .166 190
167 16834 1,900 Sears, Roebuck & Co
166 167
16213 165
167 167
4014 Feb
2212Feb 2 293 Mar 9
2438 25
2538 2538 2518 2534 2534 2618 26
2618 2,000 Shattuck Ariz Copper
10
22 Dec
2478 25
4
16,900 Sinclair Oil & Rerg_.No par
5034 5134 5112 5214 5112 54
505 May15 5984 M ar29
8
4 5114 513
4 5058 52
5114 513
9314 Nov
55
54
5314 5412 6,400 Sloss-Sheffield Steel & Iron 100
37 July
427 Apr 21 7934 Mar30
8
5012 54
51
* 47
49
50
50
50
177 177
100 South Porto Rico Sugar__ _100 165 Feb 6 195 Mar 9 146 Jan 240 June
.177 190 *177 195 *177 195 *174 195 *177 195
4
51,000 Studebaker Corp (The).__100 x807
8
884 874 877
2May18 11012Jan 17 10018 Dec 167 Jan
8 8713 893
8 874 8914 x807 85
8538 8712 87
Do prof
100 10214May 3 10853Jun 20 10814 Sept 114 Mar
*100 107 *100 107 4.103 107 *103 106 .103 106 *101 105
4112 May15 43s4 Jan 28
7912 Sept
800 Stutz Motor of Am Inc_No par
*4112 43
42
4113 4134
4113 414 4113 4113
4812 Dec
13 Feb 2 1734 Mar19
1912 Dec
1534 153 -in" - 4 16
11116
4
1512 153
1614 1611 3,200 Tennessee Copper & Chem w 1
16
158 Dee
4 16
4
202 20312 204 205
20412 200
2043 20712 20612 20734 20513 20713 11,800 Texas Company (The)___.100
4
53
249 Jan 10 1774 June 2411s N ov
4813M by
*5112 52
100 199 Fea 93
5112 5212 5212 5278 62
0,300 Tobacco Products Corp
Mar21
53
4814 Sept 5953 Dee
5214 5214 5112 52
09 Feb 23 105 Mar12
100
Do pref
*98 100
*98 100
*98 100
*98 100 .98 100
99 July 10912 Mar
*98 100
40 Feb 3 4634Jan 25
4312 4334 43541 44
*4112 44
1,41)1) Transue&WilliamsSteelNopar
44
*4113 44
44
44
*41
100
Underwood Typewriter
9812 *90
4
4
.90
*90
'90
95
95
96
Mar12
*90
9813
88 Jan 110 Oct
92 May16 1°9151142
10
1112 10
100
y3
11
*10
*10
»iii- "fi- --- itio Union Bag & Paper
12
1138 *10
10
*10
414 May 181A Oct
2
371k Oct 129 No,
743 May17 112 Jan 22
4
1,200 Union Bag & Paper (new)_100
85
*78
*745 80
79
75
743 78
4
8
82
82
78
*78
No par
40', May 4 4812 Mar 6
8 4,600 United Alloy Steel
4112 4114 4112 4113 4112 4112 43
4312 433411443
43
*41
96
96
964 98
9734 9813 973 9814 2,900 United Cigar Stores
9112 Feb 3 10312Jan 5
97
964 96
89 Feb 1054 Aug
100
4
.96
4
.112 118
100 119 Jan 2 120 4 Mar14 b111 Feb 120 Aug
Do pref
*112 118 *112 119 .112 118 *112 118 *112 118 4
3
16912 June
.134 137
137 137
137 1373 1374 13738 1,100 United Fruit
4
100 13114 May 9 15432Jan 22 13812 Jan
*134 137 *134 137 4
2818 N ov
1518 Jan
17 Feb 2 2312Jan 25
1912 1912 194 194 1914 1914 1912 2034 2012 2138 2054 21
2,500 US Cast I Pipe & Fdy_ _ _ _100
6712 Nov
481i Feb
4
.54
4
58
May
Do pref
*5334 60
*533 60
*533 59
4
.54
4
58
100
*533 00
4
Ja b 23
Fen 29
9412 Dec 17012 Apr
5
012A
100 10
4
11914 12112 12012 12314 12134 12638 125 1263 12538 12714 12434 12813 144,400 US Industrial Alcohol
:721 1363212
9
991jJuly 114 Jan
9712 Apr 28 10412Jan 8
9813 *93
9812 *95
984 *95
100
Do pref
100
9812 *93
9812
8
983 983 *95
8
4734 Mar
503
703 Dee
4
4Feb 9 65 Jan 3
56
55
5514 5534 22:385000000 United States Rubber_ __ _100
4
8
5414 5414 5414 5414 533 5412 543 55
4Jan 3 10812 Feb 11514 Dee
Do 1
.105 10612 105 105 *1054 1064 *10514 106
100 105 May16 1143
f ed
4
106 10612 1063 10054 4
57 Dec
8112 N ov
3
52 8 May10 8734 Jan 4
55
US Smelting Ref & M
50
5514 5612 56
57
5212 5212 54
*5218 55
53
54
50 June 5312 June
4912 Apr 23 5214 Jon 3
5112 *50
4
50
Do prof
503 *50
503 *50
4
50 4 *50
5038 *50
3
*50
503
4
99 Feb 1 12272May18 2794 Mar 12984N ov
100
8
8
8
13
11434 11614 11578 1173 11618 11714 1167 12038 12038 1223 12034 1227 047,050 United States Steel
117 1173 1173 1183 11818 11814 8,589
8
2May 9 12114Jan 19 115 May 123 Nov
100 1163
4
Do pref
4
8
1171s 11718 117 11714 1167 117
741 July 130 Nov
4
4
.1
97 Feb 1 11772 Apr 28
10
1114 11212 11238 1133 11214 11318 11214 11434 11338 1143 1123 11414 46,100 Utah Copper
4
1614 June 274 Dee
4May 9 2434Jan 22
19
19
*1814 19
1818 1818 1818 1818 .18
19
19
173
1918 1,100 Utah Securities v t o
100
51 Jan
4212 4214 43
38 Apr
4312 4312 44
4212 4212 42
43
..100
*4114 42
1,300 Virginia-Carolina Chem.
3414 Feb 3 4514 Apr 27
Do pref
100 10434May 8 11214Jan 26 108 Apr 11412 Dee
*105 110 *105 110 *10514 110 *10514 109 *1054 109 *105 109
4Nov
70
41 July 723
*65
68
70
7013 71
73
*65
70
46 Feb 3 77 Mar30
68
7012 1,900 Virginia Iron C & C
100
*65
9112 92 923
87 Mar 105120ot
4Jan 19
91
9178 9218 2,250 Western Union Telegraph_100
903 Mayll 903
92
4
4 923 93
192
4
91
91
714 Mar
5114 Dec
4912 4934 52
8Jan 2
48
454 May 9 553
4612 47
4678 4838 473 48
5218 53 4 96,200 Westinghouse Elec & Mfg. 50
4
3
79 Mar
70 Apr
68 Apr 17 7013 Jan 4
08
Do 1st preferred
*63
88
68
50
*63
*--- - 6712 *63
5932 Oct
4418 4418 '4
4312May 9 5212Jan 18
45 Den
3.
4434 443 -4:112 --1 *4312 45
.412 16 ---i6ii White Motor
44 2
4
.44
45
50
34 Dee *325 June
243 May18 3812 Jan 18
4
Willys-Overland (The)
2612 28
25
2738 2812 2734 2814 2712 28
283
27
8
41,500
2814
243
4
94 Dee 117 June
9314 9314 *9314 94
9314 May15 100 Mar10
94
94
Do pre sub recta full pd 100
*93
9314 9314 *90
400
*9314 94
72
58 Feb 1 8414 Mar30
7318 73
74
7212 7318 4,700 Wilson & Co, Inc, v 1 0...100
713
4 7073 72
71
7012 71
124 1273 127 128
100 120 May10 151 jail 22 118 Jan 1414 Oct
4
122 122
123 12312 122 12312 123 123
2,750 Woolworth (F W)
100 123 May 8 12818 Jan 17 123 June 128 Nov
*123 125 *123 125 *123 125 *123 125 *123 125 *123 125
Do pref
25 July 364 Sent
26
*2418 2512 2414 2414 *2418 2518 2518 2512 *24
2518 2518
2312Feb 9 28 Jan 4
400 Worthington P.SrMvt 0.100
95
9412 *____ 95 *____ 95 4.____ 95 4.
95 July 100 Sept
100
91 Apr 16 95 Jan 26
*-_ 9412 *
Do prof A v to
*____ 54
*48
._
54 .____ 531z 4.- -__ 5312 .___ 54 4 _ _ _ 5312
52 July 6612 Sept
100
50 May 9 575k Jan 22
Do prefBvto
•Bid and asked prices; no sales on this day. I Less than 100 shares.
Ex-dividend.




t Ex-righta. a Ex-rights. a Ex-dly. and rights. a Par 8100 per share. o Certificates of dePoeit•

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly 1993
In Jan. 1.009 the Exchange as2thod of quoting bonds was changed. and prices are now —"and interest"—except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

if..p
'i b
,-,°-

Price
Friday
May 18

Week's
Range or
Last Sale

1:14
,..,,.

Range
Since
Jan, 1

High No. Low High
Ask Low
Bid
U. S. Government.
4
993
9734 08 MaY'17 ---- 98
97
U S 2s consol registered _ __d1930 Q- J
4
4
_ - 993 Jan '17 _ —_ 993 9934
dI930 Q - J 97
1.1 S 2s consol coupon
9912
3 90
99
k1918 Q - F 99 Sale 99
U S 3s registered
9912 1017
8
9012 May'17
k1918 (3- I' 99
US 3s coupon
11 10512 110
10512
1925 Q- F 10514 10814 10512
U 04s registered
106
5, 100 11118
1925 Q - F 106 Sale 106
4s coupon
US
_
U S Pan Canal 10-30-yr 2s_k1936 Q - F 07 ____ 9814 Oot '15 _ _ _ _
97 ____ 97 July'15
U S Pan Canal 10-30-yr 2s._1938 Q -N
4
91 _--- 99 May'17 ---- -66 - 1623US Panama Canal 3s a_ —1961 Q -M
US Philippine Island 49:1914-34 Q - F --------100 Feb '15
Foreign Government.
9513 65 0514 9812
1910 F - A 9512 Sale 9314
Amer Foreign Secur Ss
95
,
93 2 1376 90
s
Anglo-French 5-yr 5s Ester loan_ A -0 933 Sale 93
2 8612 93
8
875
8612
90
M- S 80
Argentine--Internal 5s of 1909.9412
9512
14 9412 967
s
Bordeaux (City of) 3-yr 6s_1919 M- N 95 Sale
8
7 70
711
73
715s
7214
Chinese (Hukuang Ity)-59 of '11 J -.1):71
2 97 100
4
983 98
08
M- 8 97
Cuba—External debt 5s of 1904_
93
6 9212 965
8
8 9518 9278
Ester (it 5s of '14 ser A __ _1949 F - A 025 90
864 Jan '17
8612 8612
1949 F - A 8412
External loan 4;49
9612
15 9612 1005
.8
98
A -0 0612 93
'Dominion of Canada g 55__ _1921
96
9518
96
7 9518 100
1026 A -0 95
do
Do
9512 28 95 10014
1931 A -0 9513 Sale 05
do
Do
8
993 Sale 99
__
9912 469 99 101
?remit Reptib 5;4s secured loan_
8612 85
851s
16 81
_- A 5 85
8834
Japanese Govt—Cloan 4;49_1025 F- J 1 8234 ___- 8214
8214
I 8018 8858
1925 J Second series 430
8
797 Sale 79
8
82
797 141 78
Do do "German stamp"_ __ __
_ 7512 Apr '17 ___
1031 .1 - J 2 7313
7312 7612
Sterling loan 48
9534 May'17
-_ 0512 9712
1919 M- N 9412 05
Lyons (City of) 3-yr Os
95 Sale 9112
95 __-2 9412 97
Marseilles(City of) 3-yr 6s_ _1919 M- N
52
50 May'17
4012 50
Mexico—Exter loan £ 58 of 1899 Q - J 5 50
1954 J - D 35 Sale 35
N 35
3978
3'
Gold debt 4s of 1901
4
933 231 92
4
97
Paris, City of, 5-year 6s_ _ _ _1921 A -0 9338 Sale 923
781s 49 755a 787
s
Tokyo City-58 loan of 1912_ _ _ _ M- S t 78 Sale 78
3
8
8
973 651 957 9812
/1
U K of Ot 13rit dr I 2-yr 58_ _1918 M- S 973 Sale 067
0634 Sale 9612
4
063 221 95
8
087
3-year 534 temp notes_ ...1919 M- N
4
953 Sale 9514
953 282 933 9812
4
-year 534 temp notes_ _ _ _1921 M- N
5
4
3
993 Sale 99ii4
Temporary notes 5;is_ _ _ _1918 _—_
992 34:3 98 10014
9912 Sale 99
_
9912 631 9812 10112
Temporary notes 5;is_ _ _ _1919
--(These are prices on the basis of $5to.0
State and City Securities.
21 10012 10112
101
N Y City-4348 Corp stock_1900 M- S 10034 Salo 10012
101
7 10012 10531
4
49
4)-( Corporate stock_ _1964 51- S 10034 101 1003
l0112 106
049 Corporate stock— _ _1966 A -0 10012 10118 10112 Apr '17
0
10512
Corporate stock_ _ _ _1965 J -D 10412 106 10512
434s
13 1(154 1915
10512
195:,
2 04
Ois Corporate stock___ _1963 M- S 10514 Sale 10514
10 9912 10218
100
9978 10012 9973
1959 M-N
4% Corporate stock
17 99 10218
100
8
1958 M- N 100 Sale 995
4% Corporate stock
19 993 10214
100
4
4% Corporate stock
1957 M-N 100 Sale 100
9812 9914 9714 Jan '16
4% Corporate stock
1956 M-N
0 165 - 1f6 8
106
7Now 4345
1957 M- N 10512 100 10512
4
New 434s_
1917 M- N -- -_ 10018 1003 Nov'It
10412
6
if612
4)4% Corporate stock_ _ _1957 M -N 10312 106 10412. June'lti
10012
_ ---434% Assessment bonds_1917 M-N
88 Apr '17
-ii- -66 87
334% Corporate stock_ _ _1951 M-N _-- 92
10312 105
1961 m- s 103 _--- 10312 Apr '17
-4s
N Y State
10312 10612
Canal Improvement 43_1961 J - J 103 -__- 105 Apr '17
10212
1 10212 10212
Canal Improvement 4s....1902 J - J 10212 ---- 10212
May'17
1023 10812
4
Canal Improvement 4s_ _ _1960 J - J 10212 10312 10234
112 1171s
Canal Improvement 430-1961 J - j 11218 11314 112 May'17
4
10814
Canal Improvement 4345_1965 J - J 10612 11314 1093 Sept'16
113 Apr '17
112
113 jiff;
Highway Improv't 434s_ _1903 51- S --------10814
Mar'17
10814 110
Highway Improv't 4;19_1965 M- S •---- 83
85 Aug '16
Virginia funded debt 2-3s_ _ _ 1991 J - J
50
54
50 Apr '17
-- --E6 is deferred Brown Bros ctfs_
Railroad.
s
637 65
6418
6418
t. 6312 731,
h1995 Q - J
Ann Arbor 1st g 4s
4
-0 893 Sale 8912
91 121 8912 97
Atch Top dr 5 Fe gen g 4s _1995 A
92 Apr '17
1995 A - 0 ---- 80
5
915 93
Registered
801,s 8218 8014
82
's 8014 8814
61995 Nov
Adjustment gold 45
Nov - - _
80
61995
8512 Nov'16
Registered
4
813 8312 81
61995 M-N
8134
11 -if - -id Stamped
1955 J -D 100 Sale 9934
100
11 99 10612
onv gold 4s
09
100
.lonv 4s issue of 1910_ _1960 J -D 100 101
99 107
1917 J -D 100 10018 10014 May'17
10-year 58
10018 1007
8
98
9614 Mar'17
East Okla Div 1st g 4s_..1028 M- S 94
95
99
8512 Apr '17
Rocky Mtn Div 1st 4s_..1005 J - J - - - - 86
8512 86
8412 803 89 Apr '17 --8
Trans Con Short L 1st 4s_1958 J - J
Cal-Ariz 1st dr ref 4;is"A"1962 51- 5 ---- 9478 91 Apr '17
91
89 100
93'4
S Fe Pres dr Ph 1st g 5s__ _1942 M- S 10238 10234 10452 Feb '17 -..... 104 1045
s
4 41 '88'.t 963
883
8814
Atl Coast L 1st gold 48_ _ _ _ h1952 M- S 8818 89
8
1964 J -D -___ 8878 0312 Feb '17
931. 9512
Gen unified 4;4s
Ala Mid 1st gu gold 55_..1928 M- N 101 103 106 Mar'17 -106 10712
Bruns & W 1st gu gold 49_1938 J - J 8714 ____ 89i4 May'17 __— _8_9_14 2 !
3_5
..
Charles & Sav 1st gold 79_1936 .1 - J 12318 -_-- 1297s Aug '15 __-.
01952 MN 80
81
81 May'17 --- 81
L & N coil gold 4s
89
_.
0
Sav 1 & W 1st gold 6s_ _ _ _1934 A -0 111 118 11812 May'17 -- — 11812 11812
1934 A -0 102 ---- 105 July 15
1st gold 5s
-- --983 -- - 993 Deo '16
8
8
Sil Sp Oca & G gu g 4s_ _ _ _1918 J - J
0034 Safe 9034
1925 J - J
9112 6: 9012 9633
Bait de Ohio prior 3;4s
61925 Q- J 8714 93
92 Apr '17 ---. 92
Registered
9518
131948 A -0 8712 Sale 87
8734 21 87
-year gold 9s
9438
1st 50
111948 Q - J __.921s 923 Mar'17 - -. 91
4
Registered
9214
4
883 Salo 883
-5( 8838 9718
89
1933 -- _
8
20-yr cony 434s
le 96
5, 06 10112
98
Refund & gen 5s Series A_1995 J -I) 903
_ 112 Jan '12 __
_
Pitts June 1st gold 6s_ _ _ _1922 J - ---------_
851, 6 2 92 Mar'17 -,
PJunc & M Div 1st g 334s 1925 M- N
8818 39412
80 Sale 80
8 ' 80
815
P L E & W Va Sys ref 4s_ _1941 M- N
90
802
8712 8712
87
Southw Div 1st gold 33.0_1925 J - J
9418
87
M- S 9(312 ---- 100 Apr '17 —
Cent Ohio It 1st c g 4;is_ _1930
100 100
4
Cl Lor & W con 1st g 5s...1033 A -099 ____ 1063 Oct '16 ---...
_Monon River 1st gu g 5s_ _1919 F- A ___ ---- 10114 Nov'16 —...
Ohio River RR 1st g 5S— _1936 3 -I) 105 - . 10712 Feb '17 --. 1671- 16- 2
2 711937 A -0
General gold 5s
.
10712 Nov'10
_
Pitts Clev & Tol 1st g Os_ _1022 A -0 ---------107 Feb '17
107 107
8
993 „,_ _ 9933 Sopt'10 -_-_-_'
1917 J - J
Pitts & West 1st g 45
1937 M- S 102 10512 10512
10512
Buffalo R & P gen g Es
1 10512 iff12
1057 M-N ---- --„- 10134 Mar'17 ---. 1013 102I2
Consol 434s
4
97 Nov'16 _All & West 1st g 4s gu_ _ _ _1998 A -0 8858 03
10318 Feb '16 ..- _.
.
Clear & Mali 1st gu g 5s_ _1943 J - J 10612 _
Roch & Pitts 1st gold 13s_ _1921 F - A 10312 -__ _ 10014 Ilea '10
1922 J - D 10434 10712 10934 Jan '17 ---. its4 11353
Consol let g Os
- . 1i
6
' 10
100
Canada Sou cons au A 5s_ _ _1962 A -0 99 100 100
91 Mar'17
8
907 92
Car Clinch & Ohio Ist 30-yr 58'38 J -D -.... _ 00
10818
10818 110
Central of Ga 1st gold 5s_.p1945 F - A 10753 109 10818
1945 M- N
9712 9812 9712
i 08 103
0812
Consol gold 55
8712 8412 May'16 --_
Chatt Div pur money a 4s 1951 J -D 78
Mac & Nor Div 1st g 5s. _1946 J - J 100 ---- 103 Mar'17 -- -' 103 103
1947 J - J
9712 10318 10014 Mar'15 —_
Mid Oa & Atl Div 5s
1946 J - J 9
7..
10412 Apr '17 „...
Mobile Div 1st g .58
03
0412 Apr '17
41
1
9 .32 6
'61;i9 1i
Ga col g 5s_ _1937 M-N
Cen RR & B of
J 1117 Sale 11178
_-- 8
: 11112 12012
11178
Cent of N J gen'l gold 5s_._ _1987 J h1987 Q. J ---- 1107 11612 Apr '17
3
11014 118
Registered
Am I)ock & Imp gu 55 _1921 J - .1 101 102 102 Apr '17 -- _ 102 19114
1)718 10112 100 June'13 --_
Leh Jim! My gen gu g5s_'20 J - J
ud
N Y & Long Br gen g 45. _1941 M- S 93 10012 1004 Jan '13 —_
,
Q - I - - - - 80 78 Feb '17 --_ 78 7934
Cent Vermont 1st an g 45_ _51020
2
612 967 Mar'17
945 945
8
8
Chest' dr 0 fund & inapt 59_1920 J - J --- 9
1939 M - N 1
5 102
' 102 10812
102
1st consol gold 58
_
1930 MN -------- 10412 Jan '17
10412 10412
Registered
1992 M- 5 85 Salo 8412
8518
I, 8414 94
General gold 4.;4s
1992 M- S _ _ _ 8634 Mar'17 --_
8634 92
Registered
7878 Sale 7814
4: 7814 86 2
79
20-year convertible 4345. _1930 F - A
,
8
8618 29: 84
9434
-year cony secured 58_ _1946 A -0 857 Sale 85
30
-I) 76
82
1914 .1
84 Apr '17 --_
87
84
11Ig Sandy let 48
80
8511 Nov'16
Coal River Ry let gu 4..1045 .1 -D 77
_
9634 Feb '18
1940 J - J 95 - _
Craig Valley let g 59
7012 f6 15 8434 Jan '13 _—
31946 J - J
Potts Creek Br 1St 4s
-811: 8 15
80 88142
8
R dr A Div let con g 4..l989 J - J 8012 8414 815 May'17
80
4
813 Apr '17 --_.
2d consol goki 4s
19811 J - J 73
-.

a
BONDS...:
b
N. Y. STOCK EXCHANGE
Week ending May 18
(-0;

Price
Friday
May 18

Week's
Range or
Last Sale

'us
C,,,
,...,ovi
""'

Range
Since
Jan. 1

Chesapeake de Ohio (Con)—
High No. Low High
Bid
Ask Low
Greenbrier Ity 1st gu g 49_1910 M- N
78 ___ 8812 Sept'16 ___- ____ _ .._ _
Warm Springs V Ist g 5s_ _1941 M- S *90 ____ 11314 Feb '15 __-- —_ - - Chic & Alton RR ref g 33.. _1949 A -0 597 6118 597
8
8
s
597
g
2 597- 6234
Railway 1st lien 334s
1950 J - J
4514 50
1 4514 5312
46
46
Chic 13 dr Q Denver Div 4s..1922 F - A
9978 101
9978 May'17 ____ 9978 100
Illinois Div 3;is
1949J - J
8014 813 8014
5 8014 89
4
8014
Illinois Div 4s
1949 J - J
92 Sale 92
1 92
98
92
Iowa Div sinking fund 5s_1919 A -0 10014 _ 102 Apr '17 _-- 102 10212
Sinking fund 4s
1919 A -0 9814 9812 9978 Apr '17 _-_- 997 9978
8
Joint bonds. See Great North
9414 96
1927 M-N
Nebraska Extension 4s
95
5 95
99
95
1927 M-N •-- - 0714 98 July'16 --- _- -__.
Registered
1921 61- S 9612 - - - 901s June'15 ----------Southwestern Div 4s
_
4
1958 M- 5 893 Sate 8934
General 43
0012 23 89
9718
3012 31
3012 May'17 ---- 3012 33
Chic & E Ill ref dr imp 4s g_ _1955 - J
mtg & Tr co offs of oep_
_
3012 3214 32 May'17 ---- 2712 3312
US
A
1st consol gold Os
1- 193,- J--0 100 105 100 .Mar'17 ---- 10.518 10712
75
General consol 1st 55
8818 803 Jan '17 ---- 8034 90
4
1937 M- N
75 ____ 8712 Mar'17 __-- 87
U S Mtg de Tr Co ctfs of dep __ __
90
85 Feb '17 ---- 85
Guar Tr Co ctfs of dep
-- -- 90
90
Purch money 1st coal 5s_ _1942 F
45
---A
_ 9734 Feb '13
Chic & Ind C sty 1st 5s_ _ _1930 J - J
28 ____ 32 Mar'17 -----32 —41 -- -6712 28 6512. 7312
Chicago Great West 1st 4s_ _1959 M- S 6312 sale 6512
Chic Ind & Louisv—Ref 65_1947 J - J --- - 115 11238 Mar'17 ---- 1123 1151s
8
1947 J - J ---- ---- 10012 Apr '17 ---- 10012 1003
Refunding gold 5s
4
1917 J - J ---- _ _ _ 8412 Apr '17 ---- 8412 8514
Refunding 48 Serles C
7
1956 J - J
70 N ov'10 ---- _
Ind & Loulsv 1st gu 4s
2
---Chic Ind & Sou 50-yr 49_ _ _.1956 J - J -------- 9612 Jan '17 ____ 90 —96194
973 Dec '18 ---- ___ . _
8
Chic L S & East 1st 4;is_ _1969 J -D 92
Chicago Milwaukee & St Paul—
4
863 00
8634
863
4
7 S6581 90
Gen'l gold 4s Series A_ _ _51989 J - J
_
_ _
51989 Q - J ---- ---- 9258 Feb '16 __-- _
Registered
9214 15 if
91
4
-614
9
1925 J -D 913 92
Permanent 4s
8914 May'17 ---, 8914 9812
_02014 A -0 ---- 92
Gen de ref Sex A 4 Ms_ _
-. 8618 Sale 8512
9612
8102 55 85
Gen&ref434s(temporary form)
9818 983 98
4
9012 27 98 10758
F
Gen ref cony Ser B 158.. _02014 .--A
1 7312 8252
7312
79
7312
Gen'l gold 3;is Ser B_ _51989 J - J 73
8
973 1013 9714
2 97 10514
8
9714
General 434s Series C
51089 J - J
2 8614 9458
8714
8
-year debenture 4s
25
1934 J - J -,-- 8714 867
4
9214 162 90 1023
91 Sale 90
1932 J -D
Convertible 434s
4
Chic & L Sup Div g 5s.. _1921 J - J 100, -- - - 10334 Jan '17 --- 1033 1033
4
4
Chic & Mo Itiv Div 55_ _ _192(3 J - J 101 ____ 10812 Jan '17 ---n 10812 10612
17 10014 104111
101
1921 J - J 10014 103 10014
Chic dr P W 1st g 55
C 61 & Puget Sil 1st gu 4s_1949 J - J ---- 8812 9012 Apr '17 ---- 9012 9514
4
Dubuque Div 1st s f Os_ _. _1920 J - J 1023 10614 103 May'171---- 103 105
_
_
Fargo & Sou assum g 6s..1924 J - J 106 _--- 110 June'13'-- —
8
1919 J - J 1001s _ _ 10038 May'17 ---- 1003 1004
dr D 1st 5s
La Crosse
Wis & Minn Div g 5s.._ _1921 J - 3 10014 10412 102 May'17 ---- 102 1043
8
4
Wis Valley Div 1st 65_ _ _ _1920 J - J 1023 -- - 107 Dee '10 ---- __ __ __
_98
98 Apr '17 ---- 98 10112
Milw & No 1st ext 450_ _1934 J -D 90
8
Cons extended 4;is_ _1934 J -D 063 ---- 10258 Dec '18
97 Apr '17 ---- 97
31511 96
Chic & NorWest Est 4s 1886-1926 F - A '
9814
9018
9712 Jan '17 ---- 9712 9712
1886-1926 F - A
Registered
8
787
19871M- N ---- _-- 80 May'17 ---- 7912 8638
General gold 334s
_
_
2
p1987'Q - F ---- 79, 8114 Oct '16 -- _
Registered
12
,
90 May'17 _—_ 667 (W
1987 M-N ---- 91
General 4s
8
1987 M- N ---- 963 9012 May'17 ---- 9012 9512
Stamped 45
1987 61-N — — 11012 11714 Jan '17 ---- 116 118
General 55 stamped
1879-1929 A -0 105 __-- 111 Jan '17 ---- Ill 111
Sinking fund 6s
_
.
1879-1929 A -0 ---- ---- 10912 Apr '10 __-Registered
1879_1929 A -0 105 8 - - -. 105 Apr '17 — - je16 i6612
,
.
Sinking fund 5s
4
1879-1929 A -0 1023 - - - - 10312 Apr '16 -- __ __ _ _
Registered
10014
2 10014 10i-38
1921 A -0 100,4 10112 10014
Debenture 5s
1921 A -0 ---- 1011s 10212 Oct '18_—
Registered
1933 M-N 10014 1023 102 Apr '17 ---- ioi- i637.
Sinking fund deb 5s
1933 M-N -------- 10414 June'16 ---- _ _ _ _ __ _
Registered
'3
Des PlainesVal lst gu 4;01947 M- S 94 ---- 10112 Oot '16 --- ___ _ ___.
Frem Elk & Mo V 1st 65_1933 A -0 11414 - -,- 117 Apr '17 __-- 117 1184
88
71Ps 57
88 Jan '17 __-- 88
Man G 13 dr N W 1st 3;0_1941 J - J
.
-- - - . .
Milw &S L 1st gu 3;0_1941 J J
S 10314 10714
8
10314
103,1
Mil L S de West 1st g 6s_ _1921 Pol- 5 1033
4
Ext dr imp 5 f gold 5s_ _ _1929 F - A 10434 _ _ -. 1043 Apr '17 -- -- 10412 1043
4
Ashland Div Ist g 6s_ _ _1925 111- 5 1063* ____ 11178 Dec '16 ---4
Mich Div 1st gold 6s_ _1924 J - J 1053 11158 11112 N ov'18 ___
87
89
87
4
943
i ii
Mil Spar & N NV 1st gu 45_1947 51- S 87
4
10314
2 10314 10833
St L Peo & N W 1st gu 53_1948 J -3 99 1023 10314
4
Chicago Rock Isl & Pac 6s..1917 J - J 100 1003 100 May'17 ---- 997s 1007
8
1917 j _ j --__ 1007s 10038 Apr '17 -10038 10033
Registered
8212 15 82
90
Railway general gold 4s_..l988 J - J 8212 Sale 82
1988 J - J ---- 9018 87 Mar'17 ---„ 8512 8534
Registered
7812
8
6978 141 69
1934 A -0 695 Sale 69
Refunding gold 4s
7212 79 2 7434
76
1 70
,
7434
1932 J - J
20-year debenture 59
98
0812 9812 Feb '17 ---, 9.312 987
1918 M-N
s
Coll trust Series P 4s
67
7412
2 65
II I Ark dr LouLs Ist 4;is_ _1934 M- 5 67 Sale 67
9912 Apr '17 ____ 9912 1027,
Burl C It SE N—Ist g 55_ _1934 A -0 9613 103
8
9712
2 9712 9712
C R I I'& N W 1st gu 59..1921 A -0 9712 997 9712
Choc Okla & G gen g 5s_ _01919 J - J 98 ---- 9934 Oct '10 _-- ____ _ _ _ _
1952 M-N 93 - -„- 9758 July'16 __.. _
Consol gold 58
55
59
55
62
Keok & Des Moines 1st 59.1923 A -0 50
i ig
73 Mar'17 ---- 72
4
75
St Paul & K C Sh L Ist 4 Mts'41 F - A 633 70
4
Chic St PM & 0 cons 6s_ _ _1930 J -D 111 11412 113 May'17 ---- 113 1183
9118
's
, Cons Os reduced to 33-4s_ _1930 J -D 88 - - - - 91 Apr '17 ---, 91
1930 ni_ s 065 100
8
98
98
Debenture 55
5 98 103
Ch St P de Minn 1st g 69_1918 M-N 111 11412 11512 Mar'17 ---- 11512 11114
.
North Wisconsin 1st Gs_ _1930 J - J 11114 ____ 118 Nov'18 ---, __ - --101,
SIP & 5 City 1st g 6s_ _ _ _1919 A -0 10114 Sale 10114
4
1 10114 104
Superior Short L 1st 59 g_g1030 61- S 99 -,- - 10512 N ov'16 _
82 Jan '17 ____
0
Chic T H & So-East 1st Is. _1960 J - D ---- 8
105 100 106 Apr '17 _--„. 108 108
Chic dr West Ind gen g 09_41932 Q -M
71
71 Sale 71
1952 J - J
77
-year 4s
1 70
Consol 50
Cin II & D 2d gold 434s_ _ _ _1937 J - J *90 ____ 9612 Jan '17 ____ 96i, alp,
1959 J - J ---- - --1st & refunding 4s
-- -- - - 90 ---- 90 Apr '17 -- 70
1959 J - J
90
1st guaranteed 4s
27 ---- 25 July'15 ____ ___ _ _ _ _ _
Cin D dr I 1st gu g 5s_ _ ..1941 M -N
C Find & Ft W 1st gu 45 g.I923 61- N --------88 Mar'll ____ ____ _ _ _.
Cin I & W 1st gu g 4s_ _1953 J -J --------65 July'14 ____
96
.
Day & Mich Ist cons 445.1931 .1 - J --- - - - - - 96 Jan '17 ___ _ 96
7212 7334 7212
7212
4 7012 811,
Clev Chi Ch & St L gen 4s_1993 J -D
8
1931 J - J 8412 847 8512 Apr '17 ..--- 8512 87
-year deb 434s
20
1993 J -D -,„- - 981a 101 Feb '17 __-- 10014 101
General 58 Series B
8378 Mar'17 ____ 8333 87
1939 J - J 7514 80
Cairo Div 1st gold 45
81
& M Div 1st g 45.. _1991 J - J ---- 7212 79 Feb '17 _ —.. 79
On W
76
8014 Apr '17
81
38
1
St L Div 1st coll tr g 4s. _1990 NI- N
_
Spr & Col Div Ist g 4s_ _ _1940 M- S 7318 ---- 83 Sept'16 -----------70 ____ 81 Nov 16 __.- _ _ _ __ _.
NV W Val Div 1st g 4s_ _1940 J - J
C 1St L & C consol 6s_..A920 M-N ----10413 105 June'18 ___ ____ _ _ _
4
k1936 Q- F 8514 8712 923 Oct '16 ____ ____ __ __
1st gold 4s
_
k1936 Q- F 84 ____ 8812 May'15
Registered
--- 10258 Jan '17 ____ 10252 10252
Cin S & Cl cons let g 5s..1923 J - J 97
4
4
C C C& I gen cons g 69_1934 J - J 11133 -- -- 1143 Mar'17 -- 1143 11611
.
94 July'08
_Ind B et W 1st pref 4s_ _ _ _1910 A -0 8212 85
0 Ind & W 1st pref 5s_ _ _d1938 Q - 3 92i, - _- ------ ---- - - - - - - 8
8
Peoria & East 1st cons 4s_1940 A -0 -,-- 597 667- Apr '17 ___ 6612 76
20 Sale 20
2034
7 20
3014
1990 Apr
Income 4s
96
6 9512 102;
Cleve Short L 1st gu 4340_ _ _1961 A -O 06 Sale 96
718
29
214 1734
714 712 7
J - J
Col Midland 1st gold 4s_ _ _
1134
2
26
74
8 712 634
65
_
Trust Co certifs of deposit_
2 8712 96
8812 8712
8712
87
_1947- Colorado &Sou 1st g 45_ ...1929 F -A
7912 80
7 7958 87;
7958
80
1935 M-N
Refund de Ext 434s
10112
1 101 1051,
Ft W & Den C 1st g (Is.. _1921 J .0 10112 103 10112
_
____ _ _
Conn & Pas ItIVS 1st g 4s_..1943 A -0 84 ____
_ __.
91 Feb '16 ___
Cuba RR 1st 50-year 55 g_ _1962 J - J ---- 9313 Del Lack & Western—
2 84
12
84
8814
Morris & Efi9 1st gu 3348_2000 J - D - —84 84
1921 J - J 1044 10714 10412 Apr '17 ___10412 10714
N Y Lack & W 1st 6s_
100
3 loo io25:
1923 F - A 100 Sale 100
5s
Construction
9612 May'17 ____ 9612 gig,
9314 97
Term & Improve 4s__ _ _1923 M-N
___.
Warren 1st ref gu g 3;is_ _2000 F - A 84 ____ 1021g Feb '03 ___ _

ii gi

No price Friday: latest OM week. a Due Jan. 4 Due April. e Due May. g Due June. 6 Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. 8 Option sale




1994
BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

Continued-Page 2

New York Bond Record
Price
Friday
May 18

Week's
Range or
Last Sale

Range
Since
Jan, 1

Bid
High No, Low High
Ask Low
101 10112
Del dr !Ind 1st Pa Div 7s __1917 M- S 100 -___ 101 Apr '17
10118 Mar'17
1011s 1011s
Registered
1917 M- S
9918 10014 Apr '17
10018 10114
1st Hen equip g 430
1922 J - J
3 88
89
4
9912
1st dr ref 4s
1943 M-N 873 8978 88
9953 15 9812 107
20
-year cony 55
1935 A -0 9958 Sale 99
80
843 8012 May'17
4
80 8938
Alb & Susq cony 330_
1946 A 8
8
Reuss & Saratoga 1st 7s._1921 M-N 1067 -__ 1127 Deo '16
743
Deny dr R Gr 1st cons g 48._1936 J - J 7412 Sale 74
4 14 "ii" -id
86
83 May'17
91
83
Consol gold 436s
1936 J - J
823 May'17 _- 8212 90
4
Improvement gold 5s
1928 J -D 8314 84
1st & refunding 55
6112 12 63 63
1955 F- A 63 Sale 63
87 Nov'16
Rio Gr Juno 1st gu g 5s
-1939 J -D
6114 Apr '11
ig- 3
98
5
Rio Gr Sou 1st gold 45_ _ _1910 J - J --- 3512 June'16
Guaranteed
1910 J -J
1 74
;
761 7512
843
s
Rio Gr West 1st gold 45..1939 J - J 74
7512
59
59 May'17
5914 63
7412
Mtge& coil trust 4s A._1949 A ---- 9812 Mar'17
9812 9812
Des Moines Un Ry 1st g 5s_1917 M- N
Det dr Mack-lst lien g 45_ _1995 J -D ____ 8213 82 Deo '16
_ 81
7512 July'16
Gold 4s
1995 J -D
9114 Mar'17
90
91
93
Det Riv Tun-Ter Tun 430 1961 M-N
10414 1051s
Dul Missabe & Nor gen 55._1941 J .J 10214 105 10518 Feb '17
9718 100 10014 Apr '17
10013 104
Dul & IronRange 1st 58__ _1937 A 100 00612 Mar'08
- Registered
1937 A -0
- 94 Dul Sou Shore dr Atl g _ _1937 J -J 84 94 94 Jan 17
104 104
Elgin Joliet & East 1st5sg 55_1911 M-N 10238 _-_- 104 Jan '17
1047 10912
8
Erie 1st consol gold 7s
1920 M- S 10518 10812 10518 May'17
9312 9912
Y & Erie 1st ext g 45-1947 M-N 9538 9812 9812 Mar'17
2d ext gold 5s
1919 M- S ,9912 10018 10114 June'16
8
1003 Mar'17
8
166 iddls
3
3d ext gold 430
;
1923 M- S 975 8
98 1013 1013 Apr '17
8
1013g 10212
4th ext gold 5s
1920 A 9434 Nov'16
5th ext gold 45
1928 J -D
-8
NYL Edr W lstg td 7s 1920 M- S 10614 1095 10712 Deo '10
8014
Erie 1st cons g 4s prior__ _1996 J - J 79513 8078 80
-id84 Dec '16
Registered
1996 J -J
60
62
-id 1st consol gen lien g 4s_1996 J - J -JD; 62
___73
73 June'16
Registered
1996 J - J
8812 00
8812
Penn coll trust gold 45_ _1951 F - A 881; 8912 881z
56 dale 56
58
57
6814
50
-year cony 4s Series A 1953 A 5578 Sale 5513
5612
5512 687
8
do
Series B
1953 A 68 Sale 66
66
84
69
Gen cony is Series D__ _1952 A 10713 109
Chic & Erie 1st gold 5s_..1982 M-N 9912 102 108 Mar'17
8
10678 1067
Clev & Mahon Vail g 5s_ _1938 J - J 10414 ____ 1067 Jan '17
s
10438 109
Erie & Jersey 151 s f 6s__ _1955 J .J 105 10613 105 May'17
105 10712
Genessee River 1st s f 6s_ _1957 J - J 104 10412 105 May'17
4
Long Dock consol g
_1935 A -0 111 __ 1223 Oot '16
Coal & RR 1st cur gu 6s_1922 M-N 10113 ___ 102 Nlar'113
65_106l 10614
Dock & Impt 1st ext 5s....1913 J -J 10213 106 10614 Jan '17
1021a Mar'17
101 10213
N V & Green L gu g 5s_ _1916 M-N 97
92 10012 Jan '17
N Y Susq & W 1st ref 53_1937 J - J
10013 10013
10014 Dec '06
2d gold 430
- -1937 F - A
69
74 Nov'16
General gold 5s
1910 F - A
108
Terminal 1st gold 5s.._ _1943 M -N *.___ 103 108 Jan '17
105 108 Jan '17
Mid of NJ 1st ext 5s_.,,1910 A 107 108
70
70 Mar'17
70 81
Wilk dr East 1st gu g 5s..1912 J -D 67
Ev & Ind 1st cons gu g 68_ _1926 J - J
2818 281z
- - 28121Jan '17
100 102
Evansv & T H 1st cons 6s 1921 J -J 100 10078 102 Jan '17
75 -- 63 May'16
1st general gold 5s
1912 A 108 Nov'll
Mt Vernon 1st gold 68_1923 A -0
95 June'12
Sull Co Branch 1st g 55._ _1930 A 0318 90
90
90
06
Florida E Coast 1st 430_ _ _1959 J -D 90
Fort St U D Co 1st g 430_1911 J - J 8212 ____ 92 Aug 10
6914
6914 Feb '17
Ft Worth & Rio Gr 1st g 4s_1928 J - J
87
85 2 June'16
,
Galv Hous & Hen 1st 5s_ _ _ _1933 A 239 -t Eji -if4
96
i
Great Nor C B & Q colt 4s 1921 J -J 957 dale 953
953* 12 9512 99
Registered
h1921 Q J 9513 9734 9513
943
4
94'
14
1st & ref 430 Series A___1961 J -J 0418 95
93 1013
4
96 June'16
Registered
1961 J - J
St Paul tel & Man 45
-53- 99 1933 J - J 92 -96- 93 Apr '17
115 Apr '17
11214
115 121
1st consol gold 6s
1933 J 118 Apr '17
118 118
Registered
1933 J - J
6 99 10512
s
100
Reduced to gold 430.1933 J -J -691; 166 993
99 10212 V4ay'16
Registered
1933 J .J
943 (Ws
4
4
4
Mont ext 1st gold 4s_1937 J -D -9014 953 943 Mar'17
985 9512 Mar 16
8
Registered
1937 .1 -D
--83 8512 Nov'15
Pacific ext guar 45 L _ _1910 J - J
923 ---- 9212 Apr '17
8
E Minn Nor Div 1st g 4s_1948 A -651; -58
Minn Union 1st g 6s
10838 1083
s
1922 J - J 10514 ---- 10818 Jan '17
114 ---- 12312 Feb '17
Mont C 1st gu g 6s
12312 12478
1937 J 13614 May'06
_
Registered
1937 J - J
1047 May'17
8
1st guar gold 5s
1O41 11512
s
1037 J -j 103
Will & S F 1st gold 5s_ _1938 J -D 1024 __ 10914 Aug '16
7912 293 Deo 16
4
70
Green Bay & W deb ctfs "A"___ _ Feb
1112 Sale 1112
6 1113 -151Feb
2
Debenture ctfs"B"
1112
83 823 Apr '17
8
Gulf &S list ref & t g 5s_ _b1952 J - J
8238 8613
86
86
Hocking Val 1st cons g 430_1099 J -J ____ 86
933
86
973 Jan '14
4
Registered
1909 J - J
Col & [I V 1st ext g 48__ _1948 A -0 -Et; -g1'2 88 Feb '17
88 885s
Col & Tol 1st ext 48
1955 F - A 80 - - 88 Nov'16
9018
90
Houston Belt <St Term 1st 5s_1937 J - J 901895 9018 Apr '17
9838 9934
Illinois Central 1st gold 4s 1951 J - J 96 - - 9818 Feb '17
92 Aug '15
Registered
1951 J - J _ _ 5g
8512 Mar'17
-12 90
1st gold 3gs
;
-ail; -881
1951 J - J g4
83 Nov•15
Registered
1951 J - J
Extended 1st gold 330_ _1951 A -- 0 8313 ---- 8512 Dec '16
' Registered
1951 A 1st gold 3s sterling
1951 M- S
Registered
1951 M. S
-y - 17
86 -di Collateral trust gold 4s__ _1952 A -0 -85is 8818 -86- Ma'
9514 Sep '12
Registered
1952 A 5
8513
8512
- -98'.
1st refunding 45
M- N 8513 87
1955
8558 8P8
8418 855 Jan '17
8
Purchased lines 330
1952 J - J
7 8213 8978
823
4
L N 0 4. Texas gold 4s__ _1953 M- N 82 8312 8212
Registered
1953 M- N ____ 84 84 May'14
89 -64738
Cairo Bridge gold 48
1950 J -D 84 ---- 89 Apr '17
Litchfield Div 1st gold 3s..1951 J - J 61 -___ 74 Feb '14
7618
Loutsv Div & Term g 330.1953 J -J 7813 7858 761s
ii 83 Aug '12
____ _
Registered
1953 J -J
Middle Div reg 5s1921 F - A 19913 ____ 102 Jua.,•16
7213 Jan '17
7313 7213
Omaha Div 1st gold 35_ _ _1951 F - A 61 -77
71 Mar'17
71
71
St Louis Div & Term g 38_1951 84 Apr 'I.7
82
83
Gold 350
8612
1951 j - J 75
80 June'16
Registered
1951 J - J
8
Springf Div 1st g 330_1951 ▪ - J 80 ---- 803 Nov'16
8
Western lines 1st g 4w,.._1951 F - A 78513 ---- 845 May'17
-84 -845;
5
;
- _ 92 Nov 10
Registered
1951 F - A
4
Bellev & Car 1st 65
1923 J -D _ _ 1073 11713 May'10
-13 _ - 90 Jan '17
90 90
Carb & Shaw 1st gold 45_ _1932 M- S g
1073 Oct '16
8
Chic St LA N 0 gold 53-1951 J -D
---_ 111 Feb 'It
Registered
1951 J -D
Gold 330
1951 -D 72 ---- 90 Oct '09
_
Registered
1951 J -D
57398 -5i3;
4 11 9714 102'!
Joint 1st ref 55 Series A_1963 J -D 97
90 88 Apr '17
88
Memph Div 1st g 4s__ _1951 J -D 70
88
-- _ Registered
1951 J -D
00 -551; Jar;-.
.
17
St Louis Sou 1st go g 4s_ ,J931 NI- S 81
9512 95
89 Apr '17
Ind Ill & Iowa 1st g 4s
89
9412
1950 J - J 84 _8
_Int & Great Nor 1st g 6s_ _ _ _1919 M- N 945 9334 95 May'17
9413 100
927 Jan '17
8
James Frank & Clear 1st 45_1950 J -D 8114 86
9234 93
Kansas City Sou 1st gold 39-1950 A -0 643)) Sale 643
643 7112
s
s
64313
_ _ --- 63 Oct '00
Registered
1950 A Ref & Impt 58
3 85
91
871s
Apr 1950 - J 871s Sale 871s
841s 84
Kansas City Term 1st 4s_ _ _1960 J -J 84
8434 25 84
0014
Lake Erie & West 1st g 5s...1937 1-3
100
39 Apr '17
983 101
4
82
803 Feb '17
s
2d gold .5s
803 83
8
1941 J - J
_ 1001s 8975 Mar'17
North Ohio 1st guar g 5s_ _19 I5 A - 0
897 90
s
100
99 May'17
Leh Val N Y 1st gu g 430....1940 J - J
97 102
--_- 10114 Jan '17
Registered
10114 101 14
1910 J -J
87
87
87
Lehigh Val (Pa) cons g 4s_2003 M-N
87
9112
9612 967 May'17
8
General cons 430
967 102
8
2003 - N 90

-airs

BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

Price
Friday
May 18

Week's
Range or
Last Sale

co

Range
Since
Jan, 1

Bid
High No Low High
Ask Low
Leh V Term Ry 1st gu g 5s._1941 A -0 10412 112 114 Feb '17
11312 114
Registered
113 113
-__ 113 Mar'17
1941 A -0
Leh Val Coal Co 1st gu g 58_1933 J - J 1021; ____ 10312 Apr '17
10312 19612
Registered
105 Oct '13
1933 J - J
1st int reduced to 4s
1933 1-3
Leh & N Y lst guar g 4s_ __ _1945 M- S
-if 00
Ap7•-'
fi
Registered
1945 NI- S
Long Isld 1st cons gold 5s__h1931 Q J 166- 1543 10114 Ap- '17
4
i911- 106
4
r1st consol gold 4s
.... 9414 June'16 ---7)1931 Q J 90
General gold 4s
89
1938 J -D ____ 8514 8514 Feb '17 ---- 85
Ferry gold 430
9834 Dec '16 ---- --- -1922 M- S ____ 95
Gold 45
9914 Oct '06 ---1932 J -D ---Unified gold 4s
1949 I'd- S ____ 8878 89 May'17 ---- 8512 89
Debenture gold 55
957 9812
8
1934 J -D ____ 9813 9573 Feb '17
Guar refunding gold 4s__ _1049 M- S 8512 87
86
9018
86
86
95 Jan '11
Registered
1949 M- S 8738 __-1NYB&MB lstcong 58_1935 A 96 1011; 10314 Apr '17 -- idi- 168 4
NY&RB 1st gold 5s.._ _ _1927 M- S 9612 10418 103 Feb '17 -- -- 103 103
Nor Sh B 1st con g gu 52_01932 Q J 94 __ 100 Aug '16 ---943 041
Louisiana & Ark 1st g 55_ _1927 M- S ____ 91
9438 Jan '17 ---Louisville dr Nashv gen 6s_ _1930 J -D 111 11238 1123 May'17 -- 11238 11314
8
Gold 5s
1025
8
1 10258 107
1937 M-N 10258 106 1025s
Unified gold 45
073
4
1910 J -J 9112 9258 9112
91 12 35 91
Registered
965 Jan '17 ---- 9618 965s
8
1910 J - J .9012 ___
Collateral trust gold 5s__ _1931 NI- N 102 1065; 10678 Feb '17 -- 10612 1063
4
E 11 & Nash 1st g 6s
4
_ 1073 Dec '16 .- - _ - -1919 J -D 10318
5 98 jaiL Cin & Lox gold 430......1931 NI- N 98 iiio" 98
98
N 0& M 1st gold Os
1124 11414
1930 I - J 10712 115 11214 Mar'17
2d gold 65
_ 103 10418 Feb '17 ---- 10414 1041s
1930 J - J
Paducah dc Mem Div 45_1916 F -A £414 --__ 9013 Apr '17
8918 9013
St Louis Div 1st gold 6s 1021 M- S 102 -_ 10312 May'17
10312 106
2 60
2d gold 3s
601; 6012
731z
1930 M- S 56
6012
Atl Knox & On Div 4s
8318 Apr '17
83
9118
1055 M-N 8112 85
All Knox & Nor 1st g 5s-1946 J -D *101 __ 10834 Jan '17 -- 1083 10834
4
Hender Bdge 1st s f g 6s_ _1931 NI- S 105 --- 10614 Juue'16
Kentucky Central gold 48_1987 J - J 811s 841; 81 May'17
81 -851
;
2 99 103 4
Lex & East 1st 50-yr 53 gu 1965 A 9912
9938 Sale 9914
,
L&N&NI&M lstg 4301945 NI- S 9734 100 101 Oot '16
- - - - -L & N-South M Joint 4s_ _1952 J -J
8012 81 2
8
,
815*
82 813
95 Feb '05
Registered
711952 Q J
- - - --4
N Fla & S 1st gu g 5s
4
1937 F - A 933 10212 1053 &DV 10 - -- - -N& C Bdge gen gu g 430_1945 J - J 973 9912 973* May'1.6 -.- - - - ---2
Pensac dr All 1st gu g 6s_ _1921 F - A 106 10812 1083 Nov'16 -4
SAN Ala cons gu g 5s_ _1936 F - A 10018 105 105 May'17 ---- 105 109
Gen cons gu 50-year 58_1063 A -0 ____ 102 102 Mar'17 -- 102 18312
7
9
01
L dr Jeff Bdge Co gu g 4s__ _1915 M- S 71 --_- 70 Apr '17
Manila RR-Sou lines 4s_ _ _1036 M-N
Mex Internal 1st cons g 4s 1977 M- S --_--_- 77 m741 15
_
7.Stamped guaranteed
79 No v•10
1977 M- S
Midland Term-1st s f g 5s_1925 J -D
2
-511- 101 Oct '09 -Minn & St L 1st gold 7s
1927 J -D 102 ____ 11318 Deo '16
Pacific Ext 1st gold 6s.._ _ _1921 A -0 98 - . 1033$ Oct '16
1st consol gold 5s
8913 Apr '17
8814 911z
1934 NI- N
1st & refunding gold 4s_ _,J919 ▪ S 50 Sale 50
64
5013 11 50
2 4712 6178
4713
Ref & ext 50-yr 5s Ser A_ _1962 Q - F 4012 50
4712
Des NI & Ft D 1st gu 48_1935 J - J
_
11
,2
,
_-_- 60 Feb' 5 -_5
Iowa Central 1st gold 58.._1938 J -D 8712 88
-gg- -5E88
46
63
Refunding gold 45
4
,
1951 M- S 463 Sale 46 2
4554 _ 9_ 89
14
MStP&SS NI cong4sintgu_1933 J - J 8912 Sale 89
97
1st Chic Term s f 4s
12
92
92 Jan9917
92
1911 M- N
MSS NI dr A Istg 4sintgu_'26 J - J _9_3_31 _
17
_ 95 D '
95 Apr 6
95
1
98 4
,
Mississippi Central 181 5s. 1949 J -J
94
Mo Kan dr Tex 1st gold 4s_ _1990 J -D 66
5
8
70
697 697
8
2d gold 4s
13678 5411;
4138 45 Apr '17 -- -45 -.11;4
91990 F - A 40
1st ext gold 55
30 Apr '17 2618 31
1911 M- N
1st & refunding 4s
29
6913
56 Apr '17 ---- 56
60
2001 NI- S 50
Gen sinking fund 4).68_1936 J - J 34
34
45
353 34 May'17
4
St Louis Div 1st ref g 4s_ _2001 A -0 40 Nov'16 -37
Dall & Waco 1st gu g 53_ _1910• N 684 6912 Apr '17 -- -0.F2 -661;
Kan City dr Pac 1st g 4s_ _1990 F - A 697 _-__ 7014 Mar'17
7014 71
8
Mo K& E 1st gu g 5s_ _ _ _1912 A 62
68 May'17 -- 6712 79
M K & Okla 1st guar 5s 1942 M-N 76
8018 7012 Mar 17 --- 82 85
M K & T of T 1st go g 5s_1942 NI- S --__ 6178 79 Jan '17 - _ 7813 80
Sher Sh & So 1st gu g 5s_ _1912 J -D
60 51 Deo •16
-. 407 4514 Feb '17 -.- -4514 49
Texas & Okla 1st gu g 5s_ _1943 M- S
8
Missouri Pacific (reorg Co)
1st dr refunding 55 wh Iss 1923
8
9378
94
9478 9318
998
4
9912
1st dr refunding 5s wh iss 1926
94
91
9312
91
3 91
1st & refunding 5s wh Iss 1965
95
05
,
117
_-_
037 9512 Feb'
8 5
,
1310
10680144
General Is when Issued.......
4
- 603 Sale
10134 10 10
Missouri Pao 1st cons g 6s_ _1920
591:1
10114 103 10134
Trust gold 53stamped_ _ _a1917 M:S
10614 10612
AI
10614 Jan '17
Registered
82 Oot '15
a1917 F A
1st collateral gold 5s
i013 103
1C13 Jan '17
8
1920 ftiF As
Registered
1920
40
-year gold loan 45
5512 59
5218 _ -60 Apr '17
1915
1st & ref cony 53
61
s
1059 NI- S 523 - - 6011 Apr '17 -- 60
3d Ts extended at
82 Apr '17 -- 80
80
82
_ _1938 NI- N _
Boonv St LAS 1st 5s gu_1951 F - A
--_- 100 Feb '13 .--Cent Br Ry 1st gu g 4s_ _ _1919 F - A ____
67 Aug '16 ---Cent Br U P 1st g 4s
7712 Deo '13
1018 J -D
Leroy &OVAL ist g 5s_1926 J - J
110 Mar'05
Pao R of Mo 1st ext g 4s 1938 F - A
9212 Dec '16 - -2d extended gold 5s. _ _ _1938 J - J
1015
10138 1003 Apr '17 ---4
5 07 1033
97
St L ErM erSgen con g 53.1931 A-O
4
7
97
98
-4
Gen con stamp go g 58..,1931 A --------102 July'14
-if 86
Unified & ref gold 4s_ _ _ 1929 J - J '7'712 Sale 7712
78
807 Oot 12
s
...Registered
J
1929 J N _fit;
Riv & G Div 1st g 4s_ _1933 rd
7313 84
733* 7312 May'17
Verdi V I & W 1st g 5s_ _1026 M- S 9114 ____ 87 Sep '15 -.Mob & Ohio new gold 6s__..1927 3 -D 10412 108 11213 Apr '17
1st ext gold (is
h1927 Q- J 1003s 104 109 Feb '16 _
General gold 4s
1038 NI- S 70 ____ 70 May'17 --- 70
783*
Montgomery Div 1st g 5s_I917 F - A _--- 101 101 Oot '16 _ St Louts Div 5.s
1927 J - D 85 _-__ 89 Deo '15
St L dr Cairo guar g 45_ _ _1931 J - J 82 ____ 84
84
Nashv Chatt & St L 1st 5s_ _1028 A -0 103 104 103
0
2 -gi-; 1
loos 5 4
103
Jasper Branch 1st g 132_ _ _1923 J - J 103 ___ 11014 Mar'17
Nat Rys of telex pr lien 430_1957 - J
2 -id -dd__- 30
30
Guaranteed general 45_..1977 A -0
35 Aug 16 -- ..-- ---Nat of Mex prior lien 430...1926 J - J
---1
1st consol 45
1951 A - 0
96% On t :1
30 Feb 63
NO Mob & Chic 1st ref 5s_ _1060 - J
68
New Orleans Term 1st 45.._ _1953 .J
72
94
94 A p°.19
59 per'17
6
8
64
05
3
N 0Tex & Mexico 1.4t 68.._ _1925
94
9914
Sale
Mar'17
Non-cum income 55 A._ _ _1935 A - 0
46
433
4
7
.1 -- - - 18314 1135
161 0 13 3 34
1403634
N Y Cent RR cony deb 6s._1935 M-N -0qt; 3lO4
2 ,
8
1 S a9
8314 20
Consol Is Series A
1998 F -A ____ 8112 8112
70
8014 35 8912 083
90
Ref dr imp 430 "A"
2013 A -0 8912 Sale 8912
4
N Y Central & 11 R g 330_..1997 J - J '7012 80
80
8
79
867
Registered
s
1997 J - J
83
857
- 82 Apr '17
87
__ )
Debenture gold 4s
1931 rd - N
9414
4 87
Registered
----92 Dec '16 ......
1934 rd-N 81
Lake Shore colt g 330_.,,1998 F -A 70 - - 73 2
,
7312
1 73
Registered
74
763 Mar'17
4
1998 F - A
761z 80
8013
Mich Cent coil gold 330_1998 F - A ___- 723 74 May'17 _-_- 74
4
80
Registered
'72 '75 Mar'17
75
1998 F - A _
Battle Cr & Slur 1st gu 38_1989 J - D
_
Beech Creek ist go g 4s_ _1936 J - J 02
96's 97
961- -061- Apr '17
8
8
Registered
---1036 J - J 935s ---- 0534 Nov'16
'
2d guar gold 5s
------ 101 May --16
1936 J - J 06
Registered
1936 J -J
---Beech Cr Ext 1st g 336s_b1951 A-0 70
Cart & Ad 1st go g 4s. _..1981 J
89 Nov'16
Gouv & Owe 1st gu g 5s_1912 J-D 03 -_-Mob & Mal 1st go g 15- 199 N- S82
94 m;r.1
_
-D77
12
N J Juno R guar 1st 43._ _1986 F -A 80 -- - 8914 Feb '16
80 May'17
N Y dc Harlem g 314s,_2000 M-N 80
80 -8113
N Y & Northern 1st g 58_1923 A - 0 101131031 01 12 May'17
10112 10214

•No price Friday; latest bid and asked this week. a Due Jan. b Due Feb. g Due June,




EN

[VOL. 104.

----

----

--

Due July. 0 Due Oct. a Option Sale.

MAY 19 1917.]
BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

New York Bond Record-Continued-Page 3
tr.

Price
Friday
May 18

Week's
Range or
Last Sale

•`,73
g 7g.
4

Range
Since
Jan, 1

BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

-g

1995
Week's'
Range or
_97'
Last Sale

Price
Friday
May 18

Range
Since
Jan. 1

N Y Cent & H R RR (Con.)lligh No, Low High
Ask Low
Bid
P C C & St L (Con.)
Bid
Ask Lowo5
:.. Low 1I316
'... . (3512 1 04
o
N Y & Pu 1st cons gu g 4s 1993 A -0 79
410 Apr '17
897 94
8
Series F guar 48 gold_ _ _1953 J - D
May'17
9512
Pine Creek reg guar 88_ _ _ _1932 J - D 11018
113 May'15
Series G 4s guar
1957 M- N - -- -_ -17/;- 9512 May'17 ____ 9512 97
1 -667- 10434
R W &0con lst ext 5s_ _ h1922 A -o 10058 102
8
997
997
8
8
Series I cons gu 43
,
-is. _ _1963 I - A jod ____ 10212 Apr '17 ______ 1021 2 10338
1
R W &0T It 1st gug 58_ _1918 M-N
10014 100,
C St L & P 1st cons g 5s _ _1932 A -0 10312 ____ 10314 May'17
4
997 --- - 10014 Feb '17
8
__
Rutland 1st con g 44s_ _ _1941 J - .1 80 __._ 00 Apr '17
00
90
Peoria & Pekin Un 1st 6s g_ _1921 Q - F 100 ____ 102 N
ov'15 -----------7058 703
705 Apr '17
68
62
8
Og & L Chant 1st gu 48 g1948 J - J
2d gold 4%8
61921 M-N 84 --__ 87 Mar'16
02 June'09
70
Rut
-Canada 1st gu g 43_1949 J - J
Pere Marquette 1st Ser A 5s 1956 _ _ _ _
,
6
88 Sale 8714
89
90 _ __ _ 101 Nov'16
- -- St Lawr & Adir lot g 58..._1990 J - J
1st Series 13 4s
7012 Sale 7012
7012 37i -8.
9 701-4 ;3
95 4
7
103 Nov'16
1996 A -0
2d gold Os
Philippine Ry 1st 30-yr sf 4s 1937 J
- -- - - 48
42 Feb '17 ___
42
42
9912
-0 2
Pitts Sh & L E 1st g 5s
Utica & 131k Itiv gu g 4s_ _1922 J - .1 -97l -6 1 9712 July'18
1940 A 10538 ____ 109 Jan '17 -_-. 109 109
Si
2 8034 871.I
81
81
-D 79
1997 J
Lake Shore gold 3;is_
1st consol gold 5s
1943 J - J
11314 Nov'll
79
79 Apr '17
1997 J -D 76
79
87
Reading Co gen gold 4s_ _
Registered
J
91128810 9112
92
52 -11 - - (12
8
8
1928 M- S 015 Sale 013
917
8 16 913s 9714
Debenture gold 48
Registered
1997
91
9212 Feb '17
9012 Sale 9012
168. 0012 963
1931 M-N
01
4
25-year gold 48
Jersey Central coil g 48_ _ _1951 A -0 89
94
92 May'17
9211 9
9
0
7
5
95 Nov'16
1931 M-N
Registered
Atlantic City guar 4s g_.-1951 J - J
Ka A & G R 1st gu c Is...... 1938 J - .1 i66- -_-_-_ St Jos & Gr Isl 1st g 4s
1947 J - J -ii- -go "id- 7%4;1.17
7
79
82
Mahon Cl RR 1st 58_ _ _1934 J - J - - -- -- - 10412 Dec '16
St Louis & San Fran (reorg Co)
Pitts & L Erie 2d g 58_ _a1928 A -0 -------- 103 May'17
103 103
Prior Lien ser A 48
1950 J - J
6278 Sale 6212
63
259 6212 7118
___ _ 13018 Jan '09
1st gu 68_1932 J - J
Pitts McK & Y
Prior lien ser B Is
1950 J - J
7814 Sale 78
7918
23 78
883
4
1934 J - J ____ ____ 12314 Mar'12
2d guaranteed Os
Cum adjust ser A Os
1955 J - J
66 Sale 86
67
68 66
76
McKees & B V 1st g 68_1918 J - J
Income series A Os
1960 July
4812 Sale 463
4
4812 24 463 567
4
-18 ___ _ . -14
M- 8 164 - ---- I153 Aug '16
1031
8
Michigan Central 58
St Louis & San Fran gen 68_1931 J - J 102 110 111 Apr '17 „....
111 11212
1931 Q -M ____ _ __ _ 105 July'18
Registered
General gold 58
1931 J - J
99 10112 100
10012 15 100 104
.8
865 ..._
1940 J - J .. ._ .._ _ 98 Apr '12
45
_
St L & S F RR cons g 4S-1996 J - J
78 May'16
1940 J - J
87 Feb '14
Registered
General 15-20-yr 5s_ _ _ _1927 M-N ____ 7612 7412 Mar'17
-1- iE---- -i4 2 "
00 June'08
J L & 81st gold 33.0_1951 M- S 72
Trust Co ctfs of deposit_ _ _ _
71
_ _ ____ 8612 7765 Dec:1176 ____ . 6 _ .6
6
7
0
8218 8112 Apr '17 ---- 8112 86
1952 M-N 80
65
7
1st gold 35is
do
Stamped__
_
_84 May'17
20-year debenture 4s.._ _1929 A -0 --_- 84
84
Southw Div 1st g 5s_ _ _1947 A-0 85 _--- 90 May'17 ____
913
4
_- N Y Chic & St L 1st g 48_ _1937 A -0 0014 9312 9014
9014
4 9014 9512
Refunding gold 4s
1951 J - J
833 Oct '16
4
1937 A -0 ____ ____ 89
Registered
89
89
89
Registered
-- -- -- -- ---- ---. 80 4 Mar'11 I::: -- - - --834
3
f 3 ..i - i4
1931 M-N ---- 79 2 79 Mar'17
Debenture 48
,
79
8212
Trust Co ctfs of depos1tr ----19 _
3
7834 Feb '17
West Shore 1st 48 guar_ _ _2361 .1 - J 85
8634 87 May'17
87
94
do
Stamped_ _
-_-_-_-_ -"Fla 7414 Sep '16 - _-- i6i _ iii43
_--i
80
2361 J - J
Registered
843s 8412 May'17
8412 9318
K C Ft S & M cons g 6s_ _1928
10212 103 104
104
NY C Lines eq tr 5s_ _1916-22 M- N ---- --__ 10012 Jan '17
10012 10012
K C Ft S & M Ity ref g 48_1936 A - .1,.3 8il! 74
22 693 791s
i
7
0 ..a4
4
Equip trust 4As_ _1917-1925 J - J
1003 Jan '17
4
1003 1003
4
KC&MR&I3 1st gu 58_1929 A 4
_ 90 Feb '17 -_ 90
79
90
NY Connect 1st gu 4 Yis A_ _ 1953 F - A 00
90% May'17
901s 993
St L S W 1st g 48 bond Ws_ _1989 M- N
4
17
May'17 __-- 74
80
N Y N II & Hartford
2d g 4s Income bond etfs_p1989 J - J 60
63 63 May'17 ---- 63
1947 M- S __- --_ _ 795 Sepe16
6512
Non-cony deben 48
8
Consol gold 4s
1932 J -D
6612 66
66
1 66
66
72
1947 M- 8
Non-cony deben 3548
71 Nov'16
1st term'& unif Is
1952 J - J _66.34..
6 84
7118
64
Non-cony deben 35s._ _ _1954 A -0 ____ 62
68 Deo '17
8:173e_ 1696034083143
Gray's Pt Ter 1st gu g 58_1947 J -0
1055 J - J --- 70
Non-cony deben 48
08 Mar'17
JFaeb06:31174
68
68
S A & A Pass 1st gu g 48_ _ _1943 J - J
1956 M-N ---_ 73
Non-cony deben 48
6914 Apr '17
67
SF&NPIstskfdg58
7514
1919 J - J
- __. ;Oil- -65- 8
_-17 i-O 8 10
7 l
.
011956 J - J 59 Sale 59
Cony debenture 3368
59
4 5714 64
Seaboard Air Line g 48
1950 A -0 -_-_- -83 4 797 Feb '17 --- 7978 8212
--.38
1948 J - J 98 Sale 98
debenture 68
Cony
0914
10 08 11012
Gold 4s stamped
1950 A -0 7814 793 797 Apr '17 --__ 793 82 8
4
8
4
5
Cons Ity non-cony 4s__ _ _1930 F- A ---- --- 79 Jan '17
79
79
Adjustment 5s
01940 F - A
5812 Sale 5812
59
26 5812 68
1954 J - J --- 7012 9112 Jan '12
Non-cony deben 48
1959 A-0 64 Sale 6212
Refunding 48
6514
3 8212 7012
7
0
1955 J - J -_-_-_-._ 8718 7912 Apr '16
Non-cony deben 4s
--- -_
ALI Birrn 30-yr 1st g 4s_ _e1933 f31- S 70
87 Mar'17 ---- 8614 87
86
Non-cony deben 4s...._ _1955 A -0 -------- - --Car Cent 1st con g 4s_ _1949 J - J ___- -- 88 Jan '17 ---- 88
88
Non-cony deben 48___ _1956 J - J
____
Fla Cent & Pen 1st g 5s_ _ _1918 J - J
9812 ---- 993 Sep '15 --- _ .... .. .. ...
4
.__ .. _ - . . . T
.
86 May'17
Harlem It-Pt Ches 1st 48_195.1 M-N 8214
813
92
1st land gr ext g 58
19303 - J 101 _
101 Dec '15 -_-___
8818 Apr '17
B & N Y Air Line 1st 4s_ _1955 F - A 83
881/1 8818
Consol gold 5s
104 1033 Dec '18
1943 J - J
4
74 Apr '17
Cent New Eng 1st gu 4s 1961 J - J -_-- 76
72
Oa & Ala Ry 1st con 5s_ _01945 J - J
7812
93 10018 100 Apr '17 ____ -963 ioi"
4
Hartford St Ry 1st 48_
1930 M- S --- - -Ga Car & No 1st gu g 5s_ _1929 J -3
- _ 1023s Jan '17 -_. 10214 10238
Housatonic R cons g 5s_1937 M-N ---- -- -- 10512
i5
Scab & Roan 1st 5s
1926 - J 15614 10112 9914 Aug '15 --- ____ _ _
-- - Naugatuck RR 1st 48_ _ _ _1954 M-N -- -- -- -- 87 July'14
Southern Pacific Cu
- N Y Prov & Boston 45.....1942 A -0 90 - - -• 88 Aug '13
Gold 48(Cent Pac coil),...k1949 J .0 81 Sale 81
81
10 81
- --88
,
NYW'ches&B 1st ser 14s'40 J - J -- -- 61 2 62 May'17
6112 7512
Registered
81
k1949 J 00 Feb '14 -- -N II & Derby cons cy 5s_ _1918 M-N ---- ---- 107 Aug '09
20-year cony 4s
01929 M- S 82 Sale 81
8212 179 -gi - -883
--- - -4
Boston Terminal 1st 4s _1939 A -0 -------20
-year cony 58
9718 Sale 963
4
9712 313 963 10412
4
18
-.
New England cons 5s_ _ _1945 J - .1
Cent Pac 1st ref gu g 4s_ _ _ 1949 3 -A
931 F -1) 8614 Salo 853
4
865
26 8512 93711
8
1945 J - J 88 -- __ -1 2 Ma'
Consol 48
761-r - 12
Registered
1949 F - A
8712 Septle --Providence Secur deb 48_ _1957 M-N ---- 60
57 Apr '16
57
57
Mort guar gold 3;is_ _k1929 J -0 85
8614 85
87
5 - g - -611i
2
3Prov & Springfield 1st 58_1922 J - J -„ 7.2: 997 Deo '14
8
Through St L 1st gu 48_1954 A -0
817 84 Feb '17 ---- 84
8
871
Providence Ter 1st 4s_ _ .A956 M- S 808.
Term
833 Feb '14
8
_101 10012 Feb '17 ---- 10012 102 2
G II &SAM&P 1st 5s_ _1931 M-N
W & Con East 1st 43.6s_ _ _1943 J - J
2d exten Is guar
1931 J - J - 5
-- 97
9612 May'17 ____ 9612 9812
1. i
.
8
N Y 0& NV ref 1st g 48-.01992 M- S -_171- :_i:: 74 1\1;37
'17
74
83
Gila V G & N Ist gu g 5s_ _1924 M -N
95 _ _ -- 10014 Jan '16 - --Registered $5,000 only-.g1992 M- S
9212 June'12
Hous E & W T 1st g 5s__ _1933 M-N
9512 9912 9912 Apr '17 ____ -15612 11521 1955 J -D ---- 80
2
General 45
79 Mar'17
80
77
1st gnarls red
1933 M-N
100 Oct '16 __ ___
Norfolk Sou 1st & ref A 58_ _1961 F - A ---- 78
78 Apr '17
8258
78
II & T C 1st g 58 int gu__ _1937 J - J 1E- 105104 May'17 -- 1941 M-N 07 _ __ _ 993 Apr '17
Norf & Sou 1st gold 5s
4
993 101
4
Gen gold 4s int guar_ _ _1921 A 93
95
95
I 95
95
Norf & west gen gold 6s_ _ - _1931 M- A 11414 ___ _
9612
115
115 122
Waco & NW div 1st g 68'30 M-N
105 10912 Nov'15 ---- _ - - - ___Improvement & ext g 68_ _1934 F - A 114 122 122 Apr '17
Nov'16
A & N W 1st gu g 5s
1941 J - J
_
- 10112 Deo '16 ____ .... .......
_...... _....
New River 1st gold 68_ _1932 A -0 11212 117 12012 Nov'16
Louisiana West 1st &L....1921 J - J i102 15E 8 109 June'14
3
N & W Ry 1st cons g 4s_1990 A - 0
5 -6637, 9714
9034
9231
Morgan's La & T 1st 78_1918 A -0 ____ 1053 1043 July'16 ---s
4
Registered
1996 A - 0 --- - --2 9412 Dec '16 _90
9
1st gold 68
_ 10414 105 Jan '18 ---- ...._ ___ _
1920J Div'l 1st lien & gen g 48_1944 .1 - j 83
88
8 "i(i
86
931
86
No of Cal guar g 53
1938 A - 0 i0j8 -„ 105 Oct '16 - -- _6,78 ii5f7
5
. 8
_
-year cony 48
-25
10
1932 J -D 11912 121 1183
18 118% 134
4
120
Ore & Cal lot guar g Is ..1927 J - J
977 995- 997 May'17 ---8
8
8
-20
1932 M- S 11012 121 11714 May'17
10 -year cony 48
11714 13634
So Pac of Cal-Gu g 58_ -1937 M- N 10712 _-_- 10712 Sept'16 --25
10 -year cony 4 Yis_ 1938 M- S 181912 18291 11812
4 11812 135
11812
So Pac Coast 1st gu 4s g..1937 3 - 3 9312 __94 May'17 ____ -sii - -66
Pocah C & C joint 4s_ _ _1941 J - D
6
88 Apr '17
94
88
San Fran Terml 1st 48_ _ _1950 A -0
833- 82 May'17 ---- 82
4
8934
C C & T 1st guar gold 58_ _1922 J - J 100
103 Sept'113
96
Tex & N 0 con gold 5s..1943 J -3
95 Nov'16 ____
0 2 10;34
_1_ _
NE 1st gu g 4s_ _1989 M- N
Sclo V &
85
87
8678
867
8
1 -g(f7 92
8614 Sale; 855
8
So Pac RR 1st ref 4s
1955 J - J
8
8612 861 855 -95 8
301
Nor Pacific prior lien g 48._ _1097 Q - J
8984 88 2
-103 8812 9634
,
8912
Southern-lst cons g 55_ _ _ _1994 J - J
Registered
1997 Q - J - - -- 88
961z Sale IPP12 Aug
88
4
'17
93
Registered
97 --1?
'
16 - '
n2047 Q - F 6258 sale 62 Apr6418 36 88
General lien gold 35
62
66 Sale 66
691s
56
Develop & gen 4s Ser A__ _199 1
19 4 A
6614 65 "66" "if a2017 Q- F --- - 6612
Registered
14 Jan '17 ---- 6612 6714
67
75
Mob & Ohio coll tr g 4s_ _ _1038,M- S 72
7712 Apr '17 --- 7712 7812
Paul-Duluth Div g 45_ _1996 J - D 915 Sale 915
8
St
9153
s
4 9158 9178
97
9712 985s Apr '17 --- 98 10118
Mem Div 1st g 450-58_19961J - J
St P & N P gen gold 6s_ _ _1923 F - A 108 sale 108
108
11 108 11012
71
73
19511J - J
St Louts div 1st g 4s
7712 May'17 ---- 7712 84
Registered certificates_ _1923 Q - A
109
,
1918J - J
993 104 1023 Sep '16 ---- _68 ..iii1..
4
Ala Con 1st g Os
8
1_
2
.
3
-12 ::-- 107 2 Oct '15
.1
St Paul & Duluth 1st 58_ _1931 F - F lo
Oct
995 9812 Apr '17 _ _ _ _
Ala Gt Sou 1st eons A 5s_ _ I943;J -0
s
1917 A -0 903 _ _-_-_ 100 Jae '16
4
2(1 58
.17 ---- 100 10012
Atl & Char A List A 40 1944J - J -JO - 92
90 May'17 ____ 9
03
0 1961 :
8
1968 J -D --__ ____ 887 Mar'17
48
1st consol gold
8
887 8878
8
1944 J - J
1st 30 yr 5s ser B
1
98
7
0
Wash Cent 1st gold 48_ _ _ _1948 Q -M
85
8012 Deo '16
87
92 8312 Jan '17 ____ 8314 84
1948 J - J
Atl & Danv 1st g 411
9
8
Nor Pac Term Co let g Os.. _1933 J - J 110 111 110 May'17 ---- 10912 110
1948 J - J . _ 80
8112 Mar'18 --2d 48
_1961 J - J
82
8212 82
Oregon-Wash 1st & ref 4s_ _
11 817 875
3
8
8212
72
Atl & Yad I st g guar 4s_ _1949 A 75 Feb '17 -""-iE ig
Pacific Coast Co 1st g 58._ 1916 J -D --__ 95
95 Apr '17
1037
8
E T Va & Ga Div g 58_ _ _ _1930 J - J 10014 ---- 105 Mar'17 _--- 105 105
997 10018 Feb '17 ---- 9312 99
135
8
Paducah & Ills 1st s f 4 yis_ _1955 J - J
---- 99 101
Con 1st gold 55
5
8
1,3 M.. N
9 6 M- s 9978 101
993
4
9934 10 9934 108
0912
Pennsylvania RIt 1st g 4s__ _1923 M-N
9912 Apr '17 ---- 9912 9912
10114 10114 Mar'17 ____ 16412 165
E Ten reo lien g 58
2 00
0114
Consul gold 58
1919 M- S 10018 _ - 1015 Apr '17
8
__
1015 10214
8
6478 65
1946 A -0
Ga Midland 1st 3s
65
0612 _ -:
Consol gold 48
1013 M-N
987
9858 9912
1922 J - J 10078 108 1067 Feb '17 ---- 1087 107
Ga Pee fly 1st g 6s
s
66,2 94 8 Mar'17
95
8
Consol 001(1 4s
1918 M - N
2f 94 101
94
Knox & Ohio 1st g 6s_ ,...J925 J - J 10314 105 10934 Jan '17 ---- 11393 1093
Consol 4 W3
4
1960 F - A 102 Sale 102
4
10214 60, 102 1073
4
Mob & 13Ir prior lien g 58_1945 J - J 99 _ - 106 Senn° ---1965 .1 -D
General 435s
990611 Sale24 9622 957
,
8
961s
6 9578 10412
1945 J - J __,,_ ii
Mortgage gold 4s
72 Apr '17 ---- -ii- General 43-6s (wit Iss)Junel '85
fi953
8
4
9612 325 9512 977
Rich & Dan deb Is stmgd_1927 A -0 lms 103 1043 Apr '17 ---- 10312 10434
4
8
Alleg Val gen guar g 48_ _ _1942 - -t3 927 90
i -1
9712 Feb '17 ---- 97
075
8
Rich & Meek 1st gu 4s_ _ _1948 M- N
73 Sept'12 - --• D R ItR&Il'ge 1st gu 48g-1936 F - A 95
9412 &grill
So Car & Ga let g 5s
9914 101
1919 M-N
9914 May'17 ____ if!i -. .
. 115118
. .
02
Phila Bait & W 1st 434s_1943 M- N
100 Jan '17
- 100 100
Virginia Mid ser D 4-5s_ _ _1921 M- S
10212 June'll
98 ___ - 102 Jan
Sodus Bay & Sou 1st g 513.1924 J - J
'03
Series E 58
1926 M- S idia;7 . 10318 Aug '16 ---.---- --__ ____
-.
88 __Sunbury & Lewis 1st g 48_1936 J - J
Series F 58
101 10412 Dec '18 ----12
1931 M- S
:
;12 0978
1021
U N JRR & Can gen 4s.._1944
Mar'17 ---- 997 9978
8
General 58
_ 10112 105 Marl? __ ___ __ log" ii5i1938 M-N
Pennsylvania Co
Va & So'w'n 1st gu 5s_ _2003 J - I ioi _ 105 Mar'17
__
105 10612
Guar 1st gold 4%8
10014 May'17 ---- 995 10214
8
1st cons 50
-year 5s_ _ _1958 A -0 79
91 Feb '17 __-_ 9012 9112
1118
1921 J - J
9812 . 10038 Apr '17 ---- 10038 10214
Registered
.9
9..
W 0& W 1st cy gu 49_ _ _ _1924 F 9012 -_- 937 Mar'17 -_-. 077 1017
8
9 8 935
3
8
coil trust reg A_1937 M- S 78
Guar 3348
87 Feb '17 ---- 87
87
Spokane Internet 1st g 5s_ _ _1955 J - J
9134 96
953 Mar'17 __-_ 95
4
96
88
913142 83
70
221_42 80 May'17 ---- 80
g,g
Guar 31,48 coil trust ser B.1941 F -A
Ter A of St L 1st g 4 Ms
1
804
1939 A -0
97
Guar 3s trust ctfs C_ _ -1942 J - D 91 _
8618 July'16
9234 g :
_6
.1
1st con gold 58
1894-1944 F - A _9 _ _ _9.71
Apr '17
100 4 102
3
Guar 3;is trust ars D_ _ _ _1944 J - D
8734 Dee '16
Gen refund s f g 48
88 Mar'17
1953 J - J
Guar 15
-25-year gold 48_ _1931 A -0 9012 91
91
91
5 91
07
St L M Bridge Ter gu g 5s 1930 A -0 953 101
8
99 Mar'17 - - -- 8
___ 99 10813
6
8
0
48 ctfs Ser E.1952 M-N
40
-year guar
9234 Apr '17 ---- 9234 93
Tex & Pac 1st gold 58
99
99 May'17 ---- 99 102
e2200000
0
9012 _:
Cin Leb & Nor gu 48 g_ _ _ _1942 M- N
91 Apr '17 ---- 91
91
26 gold inc 5s
6214 70
64 May'17 ---- 64
9612
64
Mar 1st gu g 43.03_ _1935 M-N
10012 Mar'17 ___ 100 10012
CI &
La Div 13 L 1st g 58
89 Apr '17 _-__ 89
93
1931 .11 - J
84/
8914
CI & P gen gu 4 As ser A_ _1942 J - J 98 10_212 102 Apr '17 ---- 102 1C12
W Min W & N W 1st gu 581930 - A ___ 95 10612 Nov'04 ____,
__
1942 A -0 997 10212 104 Dee '15
.3
Series 11
9618 102
__
100 May'17 --__ 100 10412
Tol &0 C lst gu 5s
1935J - J
_Int reduced to 3Yis_ _1942 A -0 8634
9114 Feb '12
Western Div 1st g Is
9812 100 Jan '17 ____ 100 100
1935 A - 0
8634 _ _ 9018 Oct
1948 M- N
Series C 3 As
'12
General gold 58
1935 J -D ____ ---- 90 Feb '17 _-__ 82
90
., 8614 _
J _ A
Series D 3y6s
8812 Feb '17
Kan &M 1st gu g 4s
7812 84
1990 A 84 Apr '17 __-- 8212 84
---- 8712 88 Apr '17 ____ 8812 8914
5
1949
3%8 B..1 9 0 F 8
2d 20
95
88
-year 55
1927 J - J
9414 Apr '17 __-- 9414 9734
---- 8712 9018 July'12
Erie rles itts gu g
Se & PC
Tol P & W 1st gold 48
60 --__ 62 Mar'17 __-- 53
9312 99
62
;
Or R & I ex 1st gu g 4%8_1N? -09 Mar'17 ---- 99
99
'l'ol St L & W pr lien g 3%8_1915
i 80
J
1927
8312 80 Mar'17 iiii 80
i
8312
S 94 _ _ _ 93 May'14
Ohio Connect 1st gu 4s__ _1943 M_ 55
50
-year gold 4s
1950 A -0 _
54
54
54
60
Pitts Y tic Ash lot cons 58_1927 M- N
9222 --_ _
ii ---- 1858 Mar'06
Coll tr 48 li1Ser A
1917 F - A
--- - - -To,eV &0 gts43.4s A _ _ _1931 J - J 9il -ii_ 19934 Apr :119
s Nri s B 43i i
l V
9l
:t
98
7 Tor Ham & Buff 1st g 4s.131946 J -0 80
4
87
983 9854
80 Apr '17 ---- 80 -8712
9912 Feb '17 ---- 9912 9912
Ulster & Del 1st eon g 5s_ _ _1928 .1 -D
0834 993 Apr '17 --__ 993 10012
4
4
Series C 48
9114
94 Apr '16
U
,
1g,
1952 A - 0
1st refund g 9s
_ 7112 74 Ma0434 _ __9 _-2 - joo.
r15 4_ 9 PC C & St L gu 4548 A
I 40 A -0 09 --- - 100 Apr '17 ____ 100 10338
1947 J - J
Union Pacific 1st g 4s
Series 13 guar
99 100
9812 Apr '17
9812 10212
Registered
1947 J - J 22_ 13a32 91196212 Apr '17 __-- 9512 9812
9
Series C guar
98 _ _ _ _ 9714 July'15
'
IN; lil20
-year cony 4s
1927 J- J
894 89
23 89
9912
Series D 4s guar
N -------- 9514 Oct '113
8 11 1:8 8
let & ref 4s
92008
S 8838 Sale 8 3
9
8
89
13, 8814 9518
Series E 31 4s guar gold_ 1949 1- A ____ ____ 96 Mar'17
.
-9514 96
Ore RR & Nov con g 4s_ _1948 J -D 88
88 .May'17
90
88
95
•No price Friday:latest bid and asked. a Due Jan. 6 Due Feb. 6 Due May. g Due Juno, 5 Due July. k Due Aug. Due
Oct. g Due Nov. q Due Dec. :Option sale
c




_

jai. _ io6.1_
,

2.0 ..
22

7:: ,318
99

197
02

........

1

fq-

2

BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

[voL. 104

New York Bond Record-Concluded-Page 4

1996
..`g
.4
t vb
t
.
.t.',I3

Price
Friday
May 18

Week's
Range or
Last Sale

N
:§
'"'

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending May 18

12

Price
Friday
May 18

Week's
Range or
Last Sale

Range
Since
Jan. 1

High No. Low High
Ask Low
Bid
High No. Low High
Ask Low
Bid
Union Pacific (Con.)2 9712 101
9712
10812
Syracuse Lighting 1st g 5s__1951 J -D 9712 Sale 9712
Ore Short Line 1st g 6s_ _ _1922 F - A 10512 10714 10512 May'17 --- 10512
8714
() 85 Apr '17 ____ 85
Syracuse Light & Power 5s__1954 J - J
3
1946 J - J 103 104 1087 Apr '17 ....- 106 1085a
consol g 55
1st
__
-Trenton G & El 1st g 55_ ___1949 M- S --------10112 Apr '17 ____ 10112 10112
16 8712 9473
88
8712
1929 J - D 8812 88
Guar refund 4s
10112 Dec '16 -.. - --- -_
g 5s_ _1932 M- S
Union Elec Lt & P 1st
__
Utah & Nor gold 5s___ _1926 J - J 99 _- 102 Mar'16 -_ _ _ ___
10133 Nov'16 ..-_
Refunding & extension 5s_1933 M-N ---- ----90 Apr '16 _____
1933 J - J 92 100
1st extended 4s
-O-14
9914 May'17 ____ -O - i(7111s
.United Fuel Gas 1st s f 6s__ _1936 .1 - J 98 100
Vandalla cons g 4sSer A___ -1955 F -A 8212 8914 8812 Apr '17 ____ 88 92
9613
1 90
90
90 90
Utah Power & Lt 1st 5s_ ___1944 F - A 89
92
2 88 May'17 ___- 88
1957 M- N
45 Series B
Consol
Utica Elec L St P 1st g 5s_ _1930 .1 - J 101 ---- 103 Apr '17 ____ 103 103
_
_
_
_------ ----4212 Aug 'I5 ----------Vera Cruz & P 1st gu 40_1934 J - -I
99 Apr '17 ---_ 99 101
1957 J - .1 98 100
Utica Gas & Elec ref 5s
i sij
96
Virginian 1st 5s Series A__ 1962 M-N 96 Sae 96
Westchester Ltg geld 53.-1950 J - D _-__ 102 105 Mar'17 ___ 102 106
3
42 100 1067
101
1939 M-N 101 Sale 100
Wabash 1st gold 5s
Miscellaneous
Apr '17 --- 9913 101
991s
1939 F - A ---- 96
2d gold 5s
8413
8 74
7478
1948 M- 5 7412 Sale 74
Adams Ex coil tr g 45
105 Oct '16
1939 J - .1 80
Debenture Series B
1 6712 85
70
Alaska Gold M deb 6s A_ __ _1925 M- S 70 Salo 70
s
5
1st lien equip s fd g 5s_ _ _1921 NI- S 100 ____ 100 3 Mar'17 ---- 10053 1005
6712 May'17 __ 6713 8473
1926 M- S 6712 72
Cony deb 6s series B
80
1 78
78
78
_
let lien 50-yr g term 4s_ _.1954 J - J
77 9012 9473
91
Armour & Co 1st real eat 4;0'39 J -D 91 Sale 9012
-- 10112 May'17 ___- 10112 10512
Det (VG Ch Ext 1st g 5s_ _1941 J - J 1(1
94
Booth Fisheries deb 516s__ _1926 A-0 ____ 94 94 Apr '17 ____ 92
Aug '12
Des Moines Div 1st g 4s 1939 .1 - J ---- ----80
98
4 95
9514
s f 6s_1931 F - A 951 Sale 9514
Braden Cop M coll tr
77
75 Apr '17 ____ 73
1941 A- 0 __-- 78
Om Div 1st g 350
1952 A -0 ---- ----88 Apr '17 ____ 8614 89
Bush Terminal 1st 4s
14 Jan '17 _--- 8414 844
1.
_1941 M- S
Tol & Ch Div 1st g 4s_ __
871s Apr '17 ____ 8718 9313
1935 J - J ____ 87
--7 Jan '17 ---Consol 53
78
78
8
_
Web Pitts Term 1st g 4s_ _ 1954 J -D -------4
14 132
1960 A -0 ____ 853 8512 May'17 ____ 8512 9014
Bldgs 5s guar tax ex
112 Jan '17 ____
____ ____
_
r
Cent and Old Col Tr C
114
95 110 118
Cerro de Pasco Copp env 6s 1925 M- N 11313 Sale 112
Columbia Tr Co certs ---------- --------2 Oct '16 ____ ___ _ _ _
4 9518 10114
9633
Chic Un Stat'n Ist gu 4 As A 1963 J - J 9518 Sale 9513
_ _ __
112 Nov'16 -- - _ _ _
Col Tr ctfs for Cent Tr ctfs_ _ _ _ _ _ ____ ____
16 122 132
125
Chile Copper 10-yr cony 75_1923 I'd-N 125 Sale 122
14 Aug '16 ___ ____ _ _ _ _
D ---_ __1954 J -2d gold 4s
Computing-Tab-Ree s f 6s_ _1941 J - J ____ 8658 86 May'17 ____ 8513 8712
.4 July'16
Trust Co certfs
57 9812 10912
100
Granby Cons M S &P con 63A '28 M-N 100 Sale 9812
,
3
-Wash Terml 1st gu 33s- _ __1945 F - A 7612 i13 8614 Jan '17 __ 8553 86 4
4
10 100 1093
100
1928 M-N 99 103 100
Stamped
- -9112 Aug '15
1945 F - A
1st 40-yr guar 4s
12 99 10278
99
Great Falls Pow 1st s f 5s 1940 M- N 99 Salo 99
17 6712 7534
69
6814 Sale 6712
1952 A - 0
West Maryland 1st g 4s_
4
9214 248 8813 963
1911 A - 0 9112 Sale 91
Marines f 6s
Int Mercan
4
West N Y & Pa 1st g 5s_ _1937 J - J 102 10273 102 May'17 ___ 99 1053
3
8 56 95 100 4
957
4
1943 J - J 953 Sale 9514
Montana Power 1st 53 A
1943 A -0 --- 8553 86 Mar'17___ 8514 86
Gen gold 4s
8
8
<JCRs 915 9012 Apr '17 ____ 9112 937
1939 J - J
Morris & Co 1st s I 4s
_
37 Oat '16 _
45 -- -p1943 Nov
Income 5s
Mtge Bond (N Y)48 ser 2_1966 A - 0 ____ ____ 83 Apr '14
7. 8412 ifis
;86
Western Pao 1st ser A 5s___1946 M - S 86 Sale 85
94 June'16 -- - - -- 1932 J - J
10-20-yr 5s series 3
Wheeling & L E 1st g 5s____1926 A - 0 10012 10212 10034 Apr '17 _ _ 10012 103
"igI-2
103oil'
7512 Mar'17 ___
76
N Y Dock 50-yr 1st g 4s_ _ _ _1951 F - A 75
100
Wheel Div 1st gold 5s____1928 J - J ---- 9958 100 Feb '17 ___ 100
51 1
101
Niagara Falls Power 1st 5s 1932 .1 - J 101 102 101
3
8
Exten & Impt gaid 5s_ ___1930 F - A ---- 995 995 Mar'17 ____ 9958 9953
51932 A -0 100 104 10512 Oet '16 __-_ - - - - - Ref & gen 6s
82
78
7812 78 Apr '17
1949 M- S 78
RR 1st consol 45
Niag Lock &0 Pow 1st 5s_ _1954 M- N ____ 93 9412 Jan '17 ____ 9412 9412
8811
8814 85 May'17 ___ 85
Winston-Salem S B 1st 4s_1960 J - .1 79
99
94 14 _1_1_ 94
94
Nor States Power 25-yr 5s A 1941 A -0 9412 95
3
Cent 50-yr 1st gen 4s_ _ _1949 J - J ___84 8412 May'17 -_ 8412 887
Wis
3
Ontario Power N F 1st 5s___1943 F - A -- -- 9212 91 May'17 _--- 90 4 9412
91
8618 Apr '17 ___ 86
;
Sup & Dul div At terra 1st 4s'36 M-N 831 85
86 t3ep '16
90
M - N 83
Ontario Transmission 5s_ _ __1945
Street Railway
.
8i1- 6 1
4 17 -iis12 -93.
,
873
Pub Serv Corp N J gen 5s_ _1959 A -0 8712 Sale 87 2
1 9712 1015s
9773
8
9712 977
Brooklyn Rapid Tran g 5s_ _1945 A- 0 95
2
9018 12
Tennessee Cop 1st cony 631_ _1925 M- N 90 Sale 8912
3
33
737 Apr '17 __-- 737 7714
73
1st refund cony gold 4s_2002 J - J
___ 102 10312 Jan '14 ____ __ - _ Wash Water Power 1st 55..1939 J - .1
8 72 9712 10118
985
4
973
-year secured notes 5s__ _1918 J - J ---- Sale 9712
6
8
8
10073 15 1003 1037
8
Wilson & Co 1st 25-yr s f 6s_194I A -0 10053 Sale 1003
8
3
Bk City 1st con 4s_1916-1941 J - J ---- 9914 1003 Apr '17___ 1003 10178
Manufacturing & Industrial
....
8478 9412 Nov'16 --Bk Q Co & S con gu g 5s_ _1941 M-N 80
10014 25 9912 10412
1928 A -0 100 Sale 9912
Am Ag Chem 1st c 5s
Bklyn Q Co & S Ist 55.. _ _1941 J -3 ---- 9912 101 May'13
31 9934 105
103
1924 F - A 102 Sale 100
Cony deben 5s
i ii 10114
9312 92
9312
Bklyn Un El 1st g 4-5s_ _ _1950 F - A 90
4
9418 May'17 ____ 924 973
Am Cot Oil debenture 5s_ _1931 M-N 9418 95
9812 Apr '17 ___ 9812 10114
97
1950 F - A 90
Stamped guar 4-5s
3 10212 10418
10212
8
1919 M- 5 10212 1037 10212
Am Hide & L 1st s f g 6s
1 75
4
863
75
75
78
_1949 F - A 75
Kings County E 1st g 4s_
100 Apr '17 _- 9712 10014
1925 A -0
Amer Ice Secur deb g 6s_
8113 87
8112 Apr '17 ___
- 80
1949 F - A Stamped guar 4s
9912
3 08
9814
Am Thread 1st coll tr 4s_ _ I919 J - J -5.i.- "iiira 98
71 Mar'17 ____ 7018 7413
73
Nassau Elec guar gold 48_1951 J - J
119 May'l 7 ____ 119 11912
-year g 6s__ _1944 A - 0 119
9314
6 9212 973
Am Tobacco 40
9314
4
9314
1927 F - A __-- 94
Chicago Rys 1st 55
8312
F - A ___- ___- 8312 Apr '17 ___. 8312 85
1951
s
Gold 4s
3
3
_ 1003 Feb '17 ..-__ 1013 1013
Conn Ry & List & ref g 4301951 J - J 9518
4
8 863 92
8814
Am Writ Paper 1st s 15s___ _1919 J - J 8714 Sale 87
1951 .1 - J ___ ____ 00018 Apr '17 ____ 100 10133
Stamped guar 4;is
3
14
Baldw Loco Works 1st 5s__ _1940 M-N __ 10412 10312 May'17 ---- 1033 I0414
6 81
80
80
81
Dot United 1st cons g 4 As_ _1932 J -J 79
11 9934 104
4 101
J - .j 100 10034 993
1926
Beth Steel 1st ext s f 533
Ft Smith Lt & Tr 1st g 53-1936 M- S -------- -84 Jan '14 --------- _
15 9812 102
100
4
1912 M-N 9934 Sale 993
1st & ref 5s guar A
6 ii 69
162
.14
61 Sae 58
Ilud Sr Manhat 5s Ser A_ _ _ _1937 F - A
10018 51 9958 103
4
-year g 5s_ _1925 A -0 10018 Sale 093
Cent Leather 20
512 141 1478 2512
8
1478 Sale 147
_
1957
Adjust income 5s
93 May'17 ____ 9233 9712
95
1943 F - A 93
ColF&ICogensf 58
100 10011
100 100 Feb '17
_- 1932 F -A
N Y & Jersey 1st 5s
81
1951 F - A --------81 Mar'17,,,,,. 81
Consol Tobacco g 4s
146 6112 7312
63
Sale 6112
Interboro-Metrop coil 4As_1956 A -0 63
99
98 Apr '17 ____ 98
1931 M-N 9612 98
Corn Prod Ref s I g 5s
9313 110 9114 9953
Interboro Rap Tran 1st 5s_ _1966 J - J 9218 Sale 9114
3 9612 9913
9612
9612
1934 m-N 9612 97
-year s I 5s
1st 25
2 8518 91
8518
Manhat Ry(NY)cons g 4s_1990 A -0 ----8512 8518
Cuban-Am Sugar coil In 6s_ _1918 A -0 100 10012 10012 May'17 ____ 10012 102
4 11 8518 9412
853
3
1990 A -0 85 4 Sale 8553
Stamped tax-exempt
70
6012 137 59
4
Distil Sec Con cony 1st g 5s_1927 A - 0 593 Sale 59
Metropolitan Street Ity1( 1
1936 J -D 104 Sale 10312 104
E I du Pont Powder 4 .6s
94 May'17 ..__ 94 100
Bway & 7th Av 1st c g 58_1943 J -0 ____ 95
85 Mar'16 -----------General Baking 1st 25-yr 6s_1936 .1 -D -___ 90
1 95 100
95
95 95
Col & 9th Av 1st gu g 5s_ _1993 M- S ____
i ii 17812 8112 7812 Apr '17 ____ "i0 0i12
Gen Electric deb g 3s__ 1942 F - A
4
963 Apr '17 _- 963 99 4
4
,
Lox Av & P F 1st gu g 5s_ 1993 M- S
1 6g
10034 10 10
1052 M- S 101 102 100
___ _
Debenture 533
Met W S El(Chic) 1st g 4s.1938 F - A ---- ----30 Mar'14
25 8812 94
90
1940 A -0 8912 Salo 8812
Ill Steel deb 43.s
__ 1()3 103
---- --__
Milw Elee Ry & Lt cons g 55 1926 F - A -------- 103 Mar'17
?
.
8
4
10112 _...8 100 1037
101 Sale 1003
1952 M- N
Indiana Steel 1st 55
93 93 Nov'16 __---- - -_ _
Refunding & exten 4s.._1931 J - J _-_
____
1935 J - J ---- ---- 100 Oct '13 -----------Ingersoll-Rand 1st 5s
4
Minneap St 1st cons g 5s_ ..1919 J - J 983 9912 101 Aug '16
7712 May'17
12 9614
Corp 1st 20-yr 5a 1932 M -N 7312 75
Bit Agricul
8912 May'17_-- 89
Montreal Tram 1st & ref 5s_1941 J - J ____ 90
10012
0 - 1.2
-0
6 1;ii(2 1'09.13
8
Bit Paper Co 1st con g 6s- 1918 F - A 9912 1003 100
4
833 Aug 16 ..- _tis _ _
New Oni Ry & Lt gen 430_1935 J - J _-__ 86
10012 30 9812 10012
561;
1935 J - .7 100 10014 100
Consul cony s f g 55
E
99
NY Munich) Ry 1st 5 f 5s A 1966 J - J 99 Sale 99
93 100 10158
101
A -0 101 Sale 10012
1923
4
713
Lackaw Steel 1st g 55
15 60
NY Rys Ist R E & ref 4s__ _1942 .1 - J 60 Sale 6061
9812 253 9312 100
1950 M- S 9814 Sale 9512
1st cons 5s Series A
160 2218 4753
51942 A -0 2512 Sale 2213' 26
30-year adj Inc 58
121
7714
2 7612 8714
Liggett & Myers Tobac 7s_ _1944 A -0 119 Sale 119
7612
N Y State Rys 1st cons 4348_1962 M- N 7714 83
8
9
2418
9 1838 10
33
9918 13 19
8
1951 F - A 983 Sale 983
5s
8812 Nov'16 --__ -___ -_ ..
Portland Ry 1st & ref 55_ _ _1930 M- N 8312 92
11714 22 117 128
1944 A -0 11714 Sale 117
Lorillard Co (P) 75
8
Portld Ry Lt & P 1st ref 50_1942 F - A 70 ____ 78 Apr '17 --- 775 7812
9512 0734
19 107 103
97
9022
F - A 9812 100
1951
55
Portland Gen Elec 1st 58_1935 J - .1 9014 ____ 9012 Feb '17 ____ 9013
9'4
1097
Mexican Petrol Ltd con 6s A 1921 A -0 10612 108 10612
St Jos Ry L H & P 1st g 5s...1937 M- N --- 0914 100 Apr '17 ___ 100 100
1 10512 109
107
1st lien (it ref Os series C_ _1921 A -0 10612 10714 107
St Paul City Cab cons g 5s__1937 .1 - J ____ 10312 10212 Mar'17 ____ 10212 10213
95
3 66 91
923
Midvale Steel &0cony s f 5s1936 M- S 91 Sale 91
67112 23 6614 803
4
1960.3 - J 6712 Sale 6614
Third Ave 1st ref 4s
98 May'17 --__ 98 102
7312
s
Nat Enam St Stpg 1st 5s
453 156 38
1929 .1 -D -__- 98
(11960 A -0 4312 Sale 38
Adj Inc 5s
3
917
1 90
90
Nat Starch 20-yr deb 5s___ _1930 J - J 9014 9113 90
3
Mar'17 --__ 1053 108
1937 J - J 100 105 10533
Third Ave Ry 1st g 5s
10014 12 9873 103
1952 M-N 100 Salo 100
National Tube 1st 5s
98 May'17 ____ 9718 101
Tri-City Ry & Lt 1st 8 f 5s 1923 A -0 ____ 97
1 10178 106
4
N Y Air Brake 1st cony 6s_ _1928 M-N 1023 10312 10312 10312
90 Mar'17 ---- 8913 90
___- 85
- J
Undergr of London 4Xs___ 193._
Railway Steel Spring
3 6353 633
6353
2
8
1948 --------70 635
Income 6s
,
Latrobe Plant 1st sf 53.. 1921 J - J 10013 10114 100 4 Feb '17 ___ 10012 101
Union Elev (Chic) 1st g 55._1949 A-0 ---- ----84 Oct '08 -- ----- ,3
1 9812 997
99
1931 A -0 99 Sale 99
70
Interocean P 1st s f 5s_
--__ 70
70 Mar'17
United Rys Inv 5s Pitts iss_1926 M-N ____ 75
4
10018 98 99 10114
6112
Repub I & S 10-30-yr 533 s f_1940 A -0 100 Salo 993
6112 Feb '17 ___ 61
68
United Rys St L 1st g 413.._- -1934 J - J 58
9873 100 May'17 __ 9952 101
1930 M- N 95
Standard Milling 1st 5s
51 May'17 ____ 50 53
54
50
St Louis Transit go 5s_1924 A -0
Tenn Coal I & RR gen 5s_ _1951 J - J ____ 10212 101 May'17 ___ 101 10313
36
36 3412 42
4
363 35
United RRs San Fr s 1 4s_ _A927 A -0 35
10334 20 10234 1061s
- 88
The Texas Co cony deb 6s_ _1931 .1 - J 103 10334 102.33
9312
Va Ry & Pow 1st & ref 5s_ A934 J - J ____ 87 88 May'17
8813 Apr '17 -- 8812 9312
Union Bag & Paper 1st 5s_ _1930 J - J ---- 86
Gas and Electric Light
3
12 May'17 -___ 8812 903
.188
_
_
1930 J Stamped
Atlanta G L Co 1st g 5&_....1947.3 -D 10314 -- 103 Sept'15 ---3
o itili lOill
US Realty & I cony deb g 5s 1924 J - J -_-_-_-_ -5 -- 6212 May'17 ____ 5212 64
101
Bklyn Un Gas 1st cons g 58_1945 M-N 97 102 101
10134 18 10112 10433
10-yr col tr 6s_ _1918 J - D 10112 Sale 10112
- - -- ___.
U S Rubber
Buffalo City Gas 1st g 5s_ 1947 A - 0 1914 -- 54 June'13 ---9234
87
406 86
1947 J - J 8612 Sale 86
1st & ref 5s series A
Cincin Gas& Else lstdcref 5s 1936 A -0 9912 1001; 101 Apr '17 __ 10012 101
12 103 109
104
91
US Smelt Ref & M cony 68_1926 F - A 102 104 10312
9012 Apr '17 ____ 87
1927 J - J____ 88
Columbia G & E 1st 5s
4
l 1043
3
1053 634 10434 1071a
S Steel Corp-lcoup ___d1963 M-N 143
U
97 Feb '15 ---- - - -- - - -Columbus Gas 1st gold 55.._1932 J - J ____ __
--_ -1043 May'17 ____ 10434 107
4
1963 M-N ------S F 10-60-yr 533freg
187 106 129
108
Consol Gas cony deb 6s_ _ _ _1920 Q - F 10712 Sale 106
4
4
,
9 9712 1003
4
973
V-Car Chem 1st 15-yr 5s.._ _1923 J - D 973 Sale 97 2
4
,
4
ConsGasE L&P of Bait 5-yr5s'21 M- N _-__ 103 1043 Apr '17 ..._ 1043 108 4
10013 11 9912 103
e1924 A -0 9914 9934 9912
Os
Cony deb
8
8
Detroit City Gas gold 5s__ _1923 .1 - J --__ 10114 1007 Apr '17 -__ 1007 10114
4
10014 14 100 1023
1922 J - J 10013 Sale 100
West Electric 1st 5s Dec_
Detroit Gas Co cons 1st g 5s 1918 F - A 101 ____ 10112 Oct '16
Westingh'se E & M notes 53_1917 A - 0 100 101 1001a May'17 _- 10013 1011s
1 100 1051,3
10014
Detroit Edison 1st coil tr 5s-1933 J - J 10012 ___ 10014
Coal & Iron
5 99 102
99
99
81910 M- S 9813 100
1st & ref .5s ser A
s
9638 Jan '17 ____ 0638 963
1932 J -D ___ 96
Buff & Susq Iron a f 5s
10012 May'15 ---- - __ _ _
Eq 0 L N Y 1st cons g 5s_ _1932 M- S
9318
91 Apr '17 ___ 91
51926 M- S
Debenture 5s
Gas & Elec Berg Co c g 5s_ _1949 J -D --------100 Fob '13
---- ----101 Dec '14
Cahaba C M Co 1st gu 6s___1922 J - D
4
Havana Else consol g 5s_ - _ _1952 F - A 913 9312 9012 May'17 ...._ 9012 94
2
2
7913- -i'il- -817912 7912
Col Indus 1st & coil 5s gu- _1934 F - A 79
,
_1949 M-N ____ 101 1024 Apr '17 __ 10214 103 2
Hudson Co Gas 1st g 5s
Cons Ind Coal Me 1st 5s___1935 .1 -D 60 ____ 73 Mar'14 ....-- - - - - -- - 3
907 Dec '16
Kan City(Mo) Gas 1st g 55_1922 A -0
2 9112 95
9112
0112
.14
Cons Coal of Md lst&ref 5s_1950 J -D 9113 93
165
9714
1937 A -0 07 Safe 97
Kings Co El L & P g 5s
3
Continental Coal 1st g 5a___1952 F - A 35 ____ 993 Feb '14 ..-- -_ - --- 1997 A -0 10714 109 110 May'17 --__ 110 11612
Purchase money 65
4
943 Mar'16 ------ - -95
Gr Riv Coal & C 1st g 6s /.1919 A -0 90
1925 M- S _-_- 12012 128 Oct '16
Convertible deb 6s
Kan&HC&Clstsfg 53_1951 .1 - .1 --------99 July'15
8914
8934 8914 Apr '17 _-__ 88
Ed El III Bkn 1st con g 43_1939 J - J 81
:3
1-62.2 -584
93 0213 Apr '17
Pocah Con Collier 1st s f 5s_1957 J - .1 91
1 100 10218
10018
Lac Gas L of St L 1st g 5se1919 Q - F 100 10014 10018
-St L Rock Mt & P 53 stmpd-1955 J - J 8514 87 86 Apr '17 -_-_-- 8412 86
1 100 1025s
10014
1934 A -0 1001 Sale 10014
Ref and ext 1st g 55
80 Dec '10 ---1953 J - J -- - - 75
Victor Fuel 1st s 15s
1
4
4
M-N ---- ----932 Apr '17 --- 923 933
Milwaukee Gas L 1st 4s__1927
90 Apr '17 -_- -ig - -66Va Iron Coal&Coke 1st g 5s_1949 M- S 8712 89
1948 J -0 103 __ _ 10312 Apr '17 --__ 10313 00473
Newark Con Gas g 55
Telegraph & Telephone
7 9812 10534
99
1948 J - D 9813 Sale 9812
NYGELII&Pg 5s
4
923
4 52 88
883
4
Am Telep & Tel coil In 4s.._ _1929 Jr - J 873 8814 88
4 80 88
8012
8014
1919 F - A 8012 Sale
Purchase money g 4s
95 May'17 __ 95 101
1936 M- S __ 100
Convertible 4s
Ed Elea III 1st cons g 55_ _1995 J - J 10512 107 10814 Dee '16
4
I933 M- S 10012 Sale 10012 10214 23 10012 1063
20-yr convertible 43.4s..
99 100 May'17._.. 100 101
NY&Q El L & P 1st con g 53 1930 F - A
8
8
987 469 95 1017
1946 J - D 9812 Sale 9814
30-yr temp coil tr 55
-Cal G dr E
Pacific G & El Co
.
1
. .2..
1001
Cent Dist Tel 1st 30-yr 5s...1943 J - D 10012 1(1112 1.0012
9612 16 0512 101
Corp unifying & ref 5s_ 1937 M- N 9812 Sale 96
.
Commercial Cable 1st g 4s_ _2397 Q - .1 ---- ____ 73 Nov'16 ............
3
873
2
1 873 937
8733
31
3
Pacific G er. E gen & ref 5s_ _1942 J - J 873 8818
71 May'16
2397 Q- .1 _-- 73
Registered
Pao Pow & Lt 1st & ref 20-yr
1 -ii- idir
s
95
95
98
1)5
Cumb T & T Ist & gen 5s__ _1937 .1 - J 96
534 International Series_ _ .19310 F - A ____ 92 95 Jan '17 -__ 95
98 Apr '16 ---99
Keystone Telephone 1st 5s_ _1935 J - J ___
--__ -- - - -__.
9912 Oat '15
Pat & Passaic G & El 5s-__ _1949 M- S ___ 100
---- i66" itiii
::::
0,
10 04 1900933
0
Metropol Tel & Tel 1st s f 58 1918 M-N
Peep Gas St C 1st cons g 6s 1943 A -0 __-- 11014 115 Jan '17 ___ 115 115
Apr
99 1011s
Mich State Teleph 1st 5s__ _1924 F - A
95 May'17.__ 95 10212
97
1947 M- 5 95
Refunding gold 55
N YSt NJ Telephone 55 g_ _1920 M-N 100 _-_- 10112 Jan '17 ____ 10112 10112
1947 M- S ____ 9914 99 Sept'03 -_ Registered
9434 64 937 10014
3
8
9412 Sale 937
N Y Telep 1st St gen s 14;0_1939 M- N
Ch G-L &Coke 1st go g 5s 1937 J - J 9812 99 99 May'17 ___ 99 10338
98
14 9712 102
1937 J - .1 9712 Sale 9713
Pea Tel St Tel 1st 55
8
Con G Co of C15 ist gu g 5sI936 J -D --_- 1007 100 Apr '17 ____ 100 10133
4
6 97 10134
08
South Bell Tel & T 1st sf5s 1941 .8 - J 9734 Sale 973
92
89 Mar'17 ____ 89
Ind Nat Gas & Oil 30-yr 5s1936 M- N -_ _ 92
6 9712 10353
98
West Union coil tr cur 5s__ _1938 J - J 9712 Sale 9712
3
Mu Fuel Gas 1st gu g 5s_ _1947 M- N --__ 99 10012 Feb '17 ____ 10012 101,
02
4
993
93
20 92
92
Fd and real est g 41423_ .._ _1950 M-N 92
9914 Nov'16
Philadelphia Co cony 5s_ _..l919 F - A 97 100
1 011 1011
10112
3
Mut Un Tel gu ext 5s_ _ _1941 M-N 997 10112 10112
9414
8934 89 Apr '17 __ 89
1922 M- N 88
Cony deben gold 55
- ..
Northwest Tel gu 434s g 1931 J - J ---- ---- 04 Nov'16 -----------1 100 102
10012
3
& El cony s f 6s_ _1926 J - D 1003 101 10013
Stand Gas
Deo. a Option sale.
• No price Friday;latest bid and asked. a Due Jan, 4 Due April. s Due May.g Due June, 8 Due July. k Due Aug. o Due Oct. p Due Nov. g Due




a if

22.3:4

MAY 19 19174

BOSTON STOCK EXCHANGE-Stock Record ,.. 1:11 5
81 :
Page

SHARE PRICES
-NOT PER CENTUM PRICES.
_
Saturday
Monday
Wednesday
Tuesday
Thursday
Friday
May 15
May14
May 16
May 17
May 12
May 18
---

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1

1997
Range for Previous
Year 1916

Lwest
o
Highest
Lowest
Highest
Railroads
54 Boston & Albany
100 16312 May18 Y
B Jan g. 1g12 Dec 198 Feb
nr
358 Boston Elevated
100 66 May18
Boston & Lowell
100 105 Jan 22 133 Mar22
119 Dec 145 Feb
174 Boston &Maine
100 31 May10 15 Marl('
52 Feb
34 Aug
1 Boston & Providence
100 180 May17 213 Jan 30
200 Aug 23512 May
Boston Suburban Elec Cos_
Jan
2 Feb
Dn a
pref05
Do pref
25 Mar 3 27 2Jan 24
-111
•_ _ _ _
4
3 1
4
0
*-------Boston & Wore Electric Cos_
Jan
*__ _ _ 36 *___-_ 36 *__
Do
35 Mar23 38 Feb
4/ FebFI
X28
X*
Chic June Ry & U S Y_ _ _100 150 Jan 5 150 Jan 5
5 150
*iiiii2 103 - *- 6- 103 *10114
154 July
1 112
Do pref
100 Apr 28 108 Jan 27 102 Oct
, Apr 110 July
2
___ *125
*125 140 *125
6 Connecticut River
100 125 Mar 2 140 Mar28 123
*66
Sept 162 Feb
67
67
67 67
15 Fitchburg pref
100 65 May 9 7812 Mar22
*_ 12512 *__ 12512 *____
89 4 Sept 87 Feb
,
51 Georgia Ry & Eiec stampd100 124 2 May16 133 Jan
,
17 122 Jan
*893 90
*893
4
4
1312 Dee
4
*893 90
4
D
f
100 893 May10 9212Jan 9 x86
4
*97
98 *____
98
94 Dee
Jan
11 Maine Central
100 98 Apr 9 10018 Mar 7
33
4
4
98 Sept 102 Jan
4 *3
33
*3
175 Mass Electric Cos
100
3 May 8
512 Mar24
2312 *23
*2112 _ _ _ _ *21
412 Dec
83 Aug
4
108 Do pref stamped
100 20 Apr 28 2712Jan 9
8 37
26 Deo
3814 383
3814 3814
44 Aug
279 N YN H dr Ilartford
100 365 Feb 16 6234 Jan 2
5
*____ 100 *_
98 *____
50 Dee
773 Jan
4
Northern New Hampshire.100 2100 Mar12 105
Apr 3
97 _ran
*____ 120 *-_ 120 *11812
107 Sept
1 Old Colony
100 118 May 5 135 Jan 6
*2712 3014 *2712 3014 2712
13414 Dec 157 Feb
50 Rutland, pref
100 2434 Feb 2 3412 Feb
3512 Dec
*102 104 *102 105 *102
20 May
Vermont & Massachusetts_100 10312 Feb 14 110 Jan 13
15 100 2 Aug 125 Mar
50
50
50
51
*50
,
646 West End Street
50 1934 May18 5612 Mar17
68
*68
70
70
*68
z55 Sept 6711 Jan
59 Do pref
100 66 May17 74 Jan 6
69 July 86 Feb
Miscellaneous
9212 *90
9212 *91
9212 .90
*90
9212
Last Sale 9012 May'17
Amer Agricul Chemical__ _100 84 Feb 14 943 May 2
4
101 101
100 10012 10014 10034 1007 101
100 100
64 Apr 102 No,
8
101 101
156 Do pref
100 9812Feb 13 10312Jan 27
112
112
112 *112
112
13
9512 Mar 105 Dee
4 *13
8
13
4 *13
4 *13
8
13
85 Amer Pneumatic Service
8
13
4
50
118 Apr 9
23 Jan 9
10
*1014 11
10
10
314 Apr
10
1012 1012 1012 1012 10
3 Dec
4
10
• 93 Do pref
50
814Jan 2 14 Mar 8
111 111
4
1103 1103 11018 11018 10912 10912 *110 111
4
16 May
7 Dec
1107 1107
8
150 Amer Sugar Refining
8
117 118
118 118
117 117
106 Apr 12514 Oct
117 118 *116 118
117 117
197 Do pref
(
1 011 1 7612Fear . 1 2712Lb 214 111122;_::lert
/vIb
1
en
11818 119
1163 118
8
11714 1185 11814 12118 120 12112 120 12014
8
er
4,621 Amer TeleP & Teleg
100 1163 May12 12814 Jan 25
8
*47
*47
48
4812 *47
4812 *49
13412 Sept
50
4934 50
51
5112
275 American Woolen of Mass.100 40 Feb 1
5438 Apr 3
97
97
97
9712 97
973
8 9712 98
Nov
ftr
98
98
98
98
363 Do pref
100 9412Feb 3 100 Mar15
*67
683 *67
4
6834 *63
683 *65
4
683
4
Last Sale 6914 May'17
187:
:
Amoskeag Manufacturing......_
6812 May 7 74 Jan 3
*93
95
93
92
*90
95
*90
66 Jan
79 Nov
95
*90
95
180 Do pref
92 May14 9712Jan 5
9714 99
10034 1027 1017 10.13 1033 1053 1013 105
983 103
4
8
98 July 10114 Feb
s
8
4
8
10,395 AU Gulf & W I S S Lines_ _100 89'1 Feb 23 12112 Jan 22
4
*58
60
60
60
*5934 6014 61
61
:7 Jan
2
11732 /AC
214 ,
*61
6214 *61
22 Do pref
62 2
,
100 5512Feb 9 66 Jan 4
14
*1412 15
14
*1412 15
*1412 1512 1512 1512 r.
110 Cuban Port Cement
10 1314 Feb 3 19 Jan 2
*8
914
*812 914 *812 914
*812
914
*Vs Apr
25* July
Last Sale 7.;--Ap-r-'177
East Boston Land
10
712 Apr 13 10 Jan 22
190 100 *185 189
183 183
133 Jan
183 183
814 Dec
185 185
188 188
53 Edison Electric Illum
100 183 May15 226 Jan 4
15218 15214 *154 155 *15212 153 *15612 15712 *1573 15814
4
•
__
100 General Electric
100 1513 May 9 17014Jan 16 225 Dee 250 Mar
4
•100 10012 *100 10012 *100 10012 *100 10012
16914 Apr 186 Oct
Last Sale 165-1, ,
f)1ay
2 j'ii4
McElwain(W H) 1st pref_100 100 Feb 3 102 Jan
18
90
90
8 9012 9012 91
9014 907
913
4 9112 93
95 June 10212 Sept
92
33
890 Mas.sachusetts Gas Cos__ _100 87 Feb 3 10012 Mar23
7912 7912 79
79
77
77
77
4N
77
79 Sept 1002 Nov
7712 7712 7712 7712
105 Do pref
100 77 May15 81 Mar30
•146 150 *146 150 *14612 150
Feb
147 150 *147 150
_ _
__17 Mergenthaler Linotype-100 145 Apr 17 169 Jan 31
178 / ) 18891
55 8 ;
*1
21
____
Last Sale 1 ,(- May'17
16
Mexican Telephone
10
1 Marl() 1 1 May 5
A
214 Jan
14 Nov
Last Sale 1158 Dec'16
Mississippi River Power_ _100
19 Apr
10 Dec
Last Sal 38
Feb'17
Do pref
100 38 Jan 26 40 Jan 17
;ii- -W .i37- . i6- - f37- - - - Aiii2 - 2 87
Feb
if
£;61Nov
87
88
88
37 New Eng Cotton Yarn_ _ _ _ 100 30 Jan 9 95 Mar26
•__-_ 90 *____ 90
*00 ---- *90
2
33 July
254
44 Dec
Lag Sale 8512 May'17
Do pref
100 60 Jan 10 90 Mar27
115 11612 *116 117
116 116
66 Dec
2
11612 inii 11612 11612 116 116
l
1
147 New England Telephone_100 115 May12 12412 Mar10 150 i Ian
•____ 136 *____ 136 *
14554 Mar
1570
136 *
135
Last Sale 141 Mar'17
Nipe Bay Company
100 135 Mar 5 147 Jan 19 10% ,1,414 165
*83 100
*83 100
Nov
*87 100
*91 100
95
95
___ ____
50 Nova Scotia Steel & C_
IGO 90 Apr 24 112 Jan 11 15212
08 Dec
Nov
14112 143
Ap
e
17 Pullman Company
100 14112 May1C 16614Jan 25
;55- ii- ;55i2 - .- ;ii- -iiSi
33
33
-iii- - - 1 -55Ts --ii-Ei
ii
30 Punta Allegre Sugar
50 30 Feb 15 46 Jan 3
35 2 Dec
*1412 15
Oct
*1438 15
*1412 15
*1412 15
Last Sa/5115 May'17
Reece Button-Hole
113 1; Jan 213) 1 .1\ ile 19 1,1i2fi
2
: ,2i
br 5 1
1'), a:2
.a
1612
153 154
1s1- i nnn
i
154 155
b
59 May
153 15412 15312 15434 15412 1553 15412 15614
81
100 133 Feb 3 1827 Apr 16 125 Feb 177 Oct
8
62
62
62
62
33
62
61
*61
62 I
1
613 *61
2'337 Swift ngton
4
181 Torri & Ce
*29
32
*29
70 Nov
3112 *29
Last Sale 32 May'17
3112 *29
3112
Do pref
134 134
13412 1343 13412 135
136 13814 136 13712
135 137
4
716 United Fruit
100 1313 May 9 15412Jan 22
s
16834 Aug
54
5512 _5_ 41. 5_.i.,..8
.
,
53 8 5312 54
53
n i2 5
53
53
1,799 United Shoe Mach Corp.._ 25 50 Apr 20 5814Jan 3
53
53
*2712 28
50 June 8313 May
2712 28
*2712 28
____
*2712 28
*2712 28
95 Do pref
25 2712 Apr 18 3018 Mar 8
115 11618 11618 11714 11614 11718 117 12012 12012 122513 1207 1223 12,981 US
2811 Ja p
558 een
8 - - -4
31 Sept
Steel Corporation_ _ _ _100 99 5 Feb 3 12234 May18
,
1167 1167 11712 11712 117 117 *117 11712 118 118
8
8
793
4Mar
8
65 Do pref
100 11612May 9 121 Jan 27 11514 Feb 1295 Nov
*578 6
614 63
6
6
4
6
614
6
6
12214 Nov
3,285 Ventura Consol Oil Fields.. 5
6 Apr 10
8g Jan 26
Mining
*212
*25
312 *23
8 3
212 3
4 3
3
314
314
314
285 Adventure
25
214 Apr 25
41g Jan 2
*96
98
98
96
06
96
98
97
97
98
98
98
0134 Feb 1257 'Ian
1 Ang
13; e,
N
1 D e
25
94 Feb 3 108 Jan 2
638 612
618 61s
612 612
612 612
6
612
6
618
il li Vi'asmkefteld
e
*12
34
10
6 May17 1113 Jan 2
*12
3
1
*12
3
4
12
.60 .60 6T0 6
12
12
2612 Jan
10 Dec
7
2 .r)
850 Algoma!' Mining
*6012 62
25
62
*61
62
12 May16
62
62
114Jan 2
62
2 May
6312 63
4
212 Nov
80 Allouez
2912 2912 30
25 58 Feb 3 70 Mar 6
30
2912 2912 30
3114 3114 3214 3112
8312 Nov
56 Dec
3212 1,930 Amer Zinc, Lead &Smelt.. 25 2812May 9 4114Jan 26
*63
65
*63
65
*63
65
64
64
*63
69121(1 7 98675812 NovApr
20 1y
64
64
64
20 Do pref
1212 13
*1212 13
25 6314 May 9 73 Jan 3
*1214 127
s
1234 1312 1314 1312 1312
133
4
1,210 Arizona Commercial
.88 .88
*.85 .90
5
10•5 Feb 3 1518 Jan 4
.88 .90
3
.90 .90
758 July
.95 .95 *.90 .95
18 Nov
1,309 Butte-Balaklava Copper.... 10 .88 May14
*4012 42
*4134 4212 *4112 43
214 Jan 26
*43
5l Feb
4412 1314 433
112 Aug
4
10 Butte & Sup Cop (Ltd).... _ 10 393
7812 79
7814 7814
4Feb 2 52 Jan 26
787 79
8
79
80
42 Dec 10514 Mar
7912 80
7934 8012_ 1,174 Calumet & Arizona
10 7312Feb 3 8514Jan 26
540 540 540 540
535 540
510 545
540 541 le
66 June 101 Nov
0Nli15 1
51 17
161 Calumet & Hecla
1812 *18
25 525 Feb 3 680 Feb 20 110
1812 *18
*18
19
*18
19
Dec 640 Nov
is
Centennial
*53
5312 *53
18 Mayll 2714 Jan 16
25
5334 *53
533 *51
4
5434 515 5158 5434 5511
14 July
8
27 Nov
215 Chino Copper
, 51 Apr 23 63 Mar 7
6012 6112 603 61
4
6058 61
61
6212 62
46 July
8N ov
735
63
6218 6318
1,948 Copper Range Cons Co
25 57 Feb 3 68 Jan 17
*112 2
112
112 *112 2
2
*112
5412July
*112 2
4Nov
873
*112 2
50 Daly-West
20
112 Apr 23
412
412 412
112
412 412
3 Jan 12
412 43
1
434 43
2 July
37 mar
s
4
431 5
1,270 Davis
-Daly Copper
1218
10 414 May 4
1178 12
714 Jan 16
12
8 12
1178 117
1258
1234 123
43 Dec
4
714 Dec
4
123 127
4
8 2,050 East Butte Copper Min.__ 10 113 May 9 16 Jan 3
638
618
658
658
612 65
8
614
62
11312 ju ny :( 1:10v
1 J le
3
114 o
717 Franklin
25
618 May15
*78
82
80
*78
8( is 80
78
)
1
*77
9 Mar 6
*81.1-at _ _ _1 *80/ 8r
a
8
:1
4
20 Granby Consolidated
100 78 Apr 23 92 Jan 17
42
*41
42
*40
*4134 4214
*4012 42
79 July 120 Nov
Sale 4314 May'17
Greene Cananea
*1314 1412 1314 13.
100 393 Apr 23 4612Jan 3
14
14
1
4
14
15
*15
1512 15
15
343 June 5514 Nov
4
240 Hancock Consolidated....
13 May10 2012Jan 19
21
25
*218
212 212 *2
2,2
212
1012 June 2312 N 07
212
*2
50 Indiana Mining
25
8Feb 16
17
.65
67
6512 65 2 65
4 Is.Iar22
'
(
'
N8 6:12 67
,
6512 Xs 68
2 July
612N
Nov
6712 1,412 Island Creek Coal
1 58 Jan 2 7012Jan 25
9312 9112 9112 9114 9114
*92
92
92
42 Sept 733 Dee
9114 9114
4
9112 9134
355 Do prof
1 89 Feb 5 94 Am 28
29
29
29
*2812 29
2812 2912 293 30
29
4
88 Jan
9312 Dec
3
0
30
775 Isle Royale Copper
25 28 May10 36 Jan 18
4 *412
412 412 *412 43
*412 434
434
471'. 412
,
July
412 458
250 Kerr Lake
5
414 Apr 9
*2
212
*2
2
2
212 *2
5 Feb 15
238
*214
2312
lar 44''T ev
238
i ay
+1
*214 21225 Keweenaw Copper
25
2 May1 1
8 1112 12
.
1112 12
1112 12
1112 115
434 Jan 27
2$* Feb
1212 1334 *1212 13
8 Apr
460 Lake Copper Co
25 11 Feb 2 18 Jan 2
3
278
3
3
*3
318
3
3
27
914July
8
1911 Feb
338
*3
314
630 La Salle Copper
512 *5'
25
512 *5
8May16
8
*5
27
514
514 514
5 Jan 16
534 53
314July
612 N Ov
4 *558 6
370 Mason Valley Mine
, • 5 Feb 9
1112 12
1178 12
12
*115 12
8
63 Mar30
4
1211
12
112 Aug
9 Nov
1214
12
8
123
330 Mass Consol
25 1112 Feb 5 1512Jan 17
*178 1%
178
178
2
2
*17
5
10 July
21,1
1912 Nov
17
s
17
8
2
2
110 Mayflower
21
"
13 Apr 20
*312 4
4
*312 4
*312 4
*312 4
312Jan 6
314
2 July
5 Feb
314
312 312
130 Michigan
25
212Jan 10 • 512 Mar24
8514 8514 8412 85
85
*84
*8514 86
86
112Jan
4$4 N ov
8712 88
88
238 Mohawk
2312 *2314 24
*2314 24
25 77 Feb 3 98 Jan 3
*23
233 233 *2414 247 *24
4
4
7712July 108 Nov
8
2412
5 2134Feb 2 2612 Mar
12 Nevada Consolidated
3
.3
3
33
32
3
3
,
4 *3
7
15 Jan
3312 Nov
*314
331
410 New Arcadian Copper.. _ _ _ 25
16
3 May 2
*15
*15
16
•15
1512 N12 *_..g_ 14 i142
1512
8 Jan 2
1.
434July
1014 Jan
1538 1512
585 New Irdia Quicksilver.- 5 14 Jan 27
25 *____ 25
25
25
25
1712 Apr 3
9 July
24'* Jan
New River Company
8712 *„.- 8712
100 22 Jan 25 30 Mar20
8712
8712
Last Sale 8'7---Ap 1F7
20 Dec
313 Nov
8
-r
195 Do pref
100 76 Jan 24 9214 Mar20
*714
712
*7
714
714
714
714
712
714
77 Dec
714
9314 Nov
*718
240 Nipissing Mines
712
21
5
2034 2114 21
714 May 9
2114 2114
203 21
4
83.IJan 2
2112 2134 2112 2134
6 Mar
914 Nov
1,243 North Butte
*118
15 201s Mayll 2414 Mar28
114
*1
4
114
B8
118
*118
1,
2? July
50
3:12 Novi
2
i11.1 __.y0 .90
1 2,
152 North Lake
•1*138
25 .90 Feb 18
2
*138 2
2
03
23
4Jan 3
200 pilbway Mining
25
212 212 *1%
112May 4
2
*214
2
3
278Jan 12
118July
27s Apr
*11:1i
*218
212
95 Old Colony
25
2 Apr 23
4 5812 5812 5812 59
5814 5814 583 583
4
3 Jan 31
114 July
59
4 Jan
60 - 60
60
415 Old Dominion Co
25 55 Feb 3 6734 Mar12
84
84
84
84
84
833 833
4 84
4
85
8512 85
86
59 Dec
83 Nov
552 O
Osceola
25 7812Feb 3 95 Mar12
8
217 2212 2214 23
22ki 1,
.
,
3
V 14 2813142 113 4,
132
70 July 105 Nov
4 :, :t3
4 4,680 Pond Creek Coal
10
1712 Feb 3 2778 Mar21
8512 8512 8512 8512 85
1112 Mar
2314 Dee
25 81 Apr 24 9412 Feb 21
*2812 8(.4
*B12 11
2
112 *g4 ,Ig
7Iast re ,t.3..18..1v1_
81 July 10912N
4
Nov
May'17
Ray Consolidated Copper_ 10 23 Feb 1
80
3218 Apr 3
2032 Jane 3
4 u
299 St Mary's Mineral Land__ 25 741* Feb 3 8934 Mar 6
*1
118
118 *1
1
Its
1/ 118
1 5
611 .1
14 14.
1
Taa
318 !
110181:
,182
N
3,3
: e
7 j n
8 . o
12 Santa FeGold & Copper__ 10
734 734
1 Apr 14
2 Janari2
734 7%
8
8
jmn
8
3 77
77
: jAuil y
2114 u ig
8
34J ,
8
3
*25
26
10
*2412 26
712 Feb 3 10 Jan 5
2612
*25
2612 *25
7 July
Last Sale 2478 May'17
1212 Feb
*3
Shattuck-Arizona
33
8 *3
r 2-A7 , a 0 3018
5
338 *314
8 kirry2:
5
,
4
33
3 *315
314
4038Feb
314
Y
35s -___ __-305
Lake
812 87
25
8
8
*878
8
9
9
93
8
93
4 931
145 Superior
25
8 INIttylr
165 Mar 8
412 15
8
' *T4 97
32 4 8
434 434 *438 53
8
1212July
43
4 5
281* Jan
43.4 4% 1,625 Superior & Boston Copper_ 10
814Jan 6
458 May 5
_
---- -- - - ---- ,,,
3112 J an
Last Sale 5912 Mar'17
5 A ug
;-..--. - .;
57 yon
1% a,
Tamarack
25 47 Feb 2 60 Jan 15
33
4
384
312 -3',1s - -45
8 ..°3-4 --.3i4 -113 *312 353
312 353
530 Trinity
1
25
i
1
*I
4
1, May16 2.x.Jan t
114
*1
(
2
1
6 jan
1 14
*1
.1t j
41 July
114
an
*118
2 e2
114
12'* .11:n
118
118
225 Tuolumne Copper
53
5318 5312 5312 53
5314 5318 551 1
55
563.1
5558 56
1,900 US Smelt Refin & Min
4978 4978 4978 50
50 52 Feb 3 6734Jan 4
8
8
497 5014 497 497
8 50
5418 Jan
50
ggs pr
,
.
8158 Nov
50
5038
389 Do pref
1% 2
50 4912 Apr 18 521 Jan 4
2
2
2
2
2
2
2
49
2
2
21
4 2,295 Utah-Apex Mining
5
15
178 Mar28
314 Jan2
15
.15
1512 15
15
1514 1512 15
278 Dec
1518 Apr
153
4
153 16
4
782 Utah Consolidated
112 112
5 1412 Apr 7 2112 Feb 20
11212 11212 *11212 113 *114 11412 *11312 114 *11212 113
1212Jan
3012 N ov
30 Utah Copper Co
47
5 5
10 98 Feb 1 11658May 1
478
518
5
5
5
515
75 June 12738 Nov
518
518
5
518
1,685 Utah Metal & Tunnel
1
4 Apr 23
4 414 *33
*33
658Jan 16
4 414
514 Dec
1112 M ar
*N2 1 3 *r
1
2
, r
12
2
pl 112 1
.,
58 11
225 Victoria
4
25
33
4 33
312 Apr 23
4 *3
4
6 Jan 2
2' Jan
85 Winona
4112 4112 42
25
314 Apr 24
55 Jan 25
42
4134 4131 41
1112 413 42
4
42
42
250 Wolverine
25 40 Apr 24 5312 Mar 6
•.90
17 • 90
81
1
.90
1
87 .87 •
*.90
Oct
1
*.90
1
25 Wyandott
25 .87 May15
215 Jan 3
Bid and asked prices. a Es-dividend and rights. e
Assessment paid. h Ex-rights. a Es-dividend. to Half-paid.
166 166
166 166
165 165
*165 167
69
69
69
69
6812 69
69
69
silo
____ *110 120 *110
____ *110
*30
3212 3212 33
33
33
31
31
*175 200 *175 200 *175 200 *175 200
4 *__
*
4 *____
4 *
4

165 165
16312 164
69
6914 66
68
Last Sale 110 May'17
*31
3112 3112 32
180 180
____
_ _
Last Sale 41;-May'16
Last Sale 25 Mar'17
Last Sale 412 Nov'16
i
i-- - *:.------ -36 *____ 36
Last Sale 35 Mar'17
Last Sale 150 Mar'17
103 *10114 103
Last Sale 10114M'y'17
____ *125
____ 125 125
*65
67
12512 12412 12512 *____ 125 *
125
*8934 90
90
Last Sal 8034 May'17
98
98
98
98
98
____ _ _ _ _
4
*312 412 *3
414
*3
414
24
*2112 23
20
21
2112 22
37
37
3912 39
3914 3814 38 4
,
99 *-___ 98
Last Sale 103 Apr'17
120 *118 120
118 118
____ ____
275 *2712 3014 *2712 3014 ____ ___,
8
105 *102 105
Last Sale 101 May'17
5012 50
50
50
50
4934 50
68
68
68
66
67
____ ____

2 Aug

438

.
T
li 1.gi2
r

• _

.




211::

I,. u. I 1.42 P.',
1

THE CHRONICLE

1998

[VOL. 106.

-Complete record of the
Baltimore Stock Exchange,
transactions at the Baltimore Stock Exchange from May 12
to May 18, both inclusive, compiled from the official sales
-Transactions in bonds at Bos- lists, is given below. Prices for stocks are all dollars per
Boston Bond Record.
share, not per cent. For bonds the quotations are per cent
ton Stock Exchange May 12 to May 18, both inclusive:
of par value.

Outside Stock Exchanges

Friday
Last Week's Range Sales
for
Sale
of Prices.
Price. Low.
High Week.

Bonds
-

Range since Jan. 1.
Low.

Am Agric Chem 58._ _1924 102% 102 103 $47,000 100
58
1928 100
100 100
2,000 9854
88
88% 11,000 88
Am Tel & Tel coil 4s_1929 88
9855 98% 98% 22,100 9854
55 temporary receipts__ _
Atl G&WI SS L 58__ A959 79
7855 79% 101,000 78
Chic Juno & US Y 58_1940 9951 99% 9951 12,000 9655
1940
4s
85% 85% 3,000 84%
8,000 95%
Gt Nor-C B & Q 4s__ _1921 95% 95% 96
70
2,000 69
69
Miss River Power 5s_ _1951
6,000 98
N E Telephone 58.. _ _ _1932
99% 991%
1934
4,000 79
8055 81
New River 55
37,000 101
105 106
Pond Creek Coal 65_ _1923
83
3,000 83
Punta Alegra Sugar Os '31 83
83
1944 994 99% 99% 94,500 99%
Swift & Co 1st 56
96
1923
06
1,000 96
United Fruit 4555
6,000 97
Western Tel & Tel 55_1932 974 9754 98

High.

Feb
May
May
May
May
May
Mar
May
May
May
Jan
Mar
May
May
May
May

104
104%
92%
102
8534
102%
87
99%
78

10254

82
110%
96
10251
98N,
10035

Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Jan
Jan
Jan

-Record of transactions at
Chicago Stock Exchange.
Chicago May 12 to May 18, both inclusive, compiled from
official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price Low. High. Shares.

Stocks-

American Radiator_ _ _ _100 283%
100
Preferred
American Shipbuilding.100 73
Booth Fisheries, corn 100 117
100
Preferred
Cal & Chic Canal & D_100
Chiceity & C Ry pt sh corn
Preferred
Chic Pneumatic TooL _100
Chic Rye part otf "2"
Commonw'th-Edison_ _100 12455
Cudahy Pack Co com__100 126
100
Diamond Match
Hartman Corporation_ _ _ _
Hart,Shaft & Marx, pref._
Illinois Brick
100
Linde Air Pr Co,corn_
Lindsay Light
Middle West Utilities corn.
Preferred
Mitchell Motor Co
People's G L & Coke_ _100 78
127
Prest-O-Lite Co, Inc
Pub Serv of N Ill, corn_100
Quaker Oats Co, pref__100
Sears Roebuck corn_ _..100 168
100 93
Shaw, NV %V, prof
Stew Warn Speed corn_100 7355
Stover Mfg & Engine Co_ _
100 -1- 5- ;
5- 5
Swift & Co
Union Carbide Co
100 195%
Unit Pap Board corn_ _100 28
100
U S Steel, corn
Ward, Montgom & Co. I/1Wilson & Co,common_100 73%
100 104%
Preferred

283% 283%
133 133
7054 73
115 117
88% 90
53
53
3
3
25% 26
68
68
13
1354
121 125
12055 127
113% 117
x61
61
115 115
78
79
250 250
20% 21
43
45
68
70
47
4755
77
78
124 128
94
90
109% 11135
163 170
93
90
733 74%
loo 100
153 15635
193 196
28% 29
118 118
115 115%
7051 74
10354 105

Bonds.
9054
Armour & Co 435s._ _1939
93%
Booth Fish s f d 6s_ _1926
Chicago City Ry 58_1927 9354 9354
Chic Rys 46 Series "B"_ _ _ _ ------ 65
99%
1923
Chicago Telep 58
Commonw-Edison 5s_1943 99% 99%
Cudahy Pack 1st M 581946 98% 9854
94%
Peop G L & C ref g 55_1947
Pub Serv Co 1st ref g 55'56 8955 89%
99%
Swift & Co let gold 5s..1944
4
Wilson Ar Co 1st 6s_ _ _1941 1003 100%

90%
93N,
95
654
99%
10055
98%
944
90
100
100%

Range since Jan. 1.
Low.

High,

2 528335
4 133
410 39
175 60
157 81
55 49
15
3
175 24
170 60
110 13
270 120%
1,259 108%
448 113%
25 60
50 115
105 77
21 250
200 1651
38 43
87 65%
150 4534
120 74
556 102
52 85
55 10955
3,379 c163
20 90
1,176 73
100 100
9,059 13235
1,589 169
206 2735
200 110%
539 115
1,305 58
96 102)1

May
May
Feb
Jan
Feb
Mar
Jan
Feb
Feb
May
May
Feb
May
Apr
May
Apr
May
Feb
May
May
Apr
May
Feb
May
May
May
Feb
Apr
May
Feb
Feb
Feb
Mar
Mar
Jan
May

445
136
79
130
94
53
455
35%
70
25
142%
129%
132%
78%
11855
8834
300
23%
58
78
5335
106
146%
114
115
239
96
101
102
165%
210
3455
118
11755
8455
10731

Feb
Jan
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Mar
Jan
Mar
Jan
Jan
Mar
Apr
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
May
Apr
Jan
May
Jan
May
Mar

$1,000 90%
3,000 91
13,000 9354
14,000 65
4,000 99%
24,000 99%
16,000 9755
2,000 94%
4,000 89%
40,000 9934
6,000 101

May
Feb
May
May
May
May
Apr
May
May
Apr
May

94%
94%
0934
70%
10251
103%
100%
102%
9655
102
10334

Jan
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan

Ex-dividend. b Ex-50% stock dividend. e Ex-25% stock dividend.

-The complete record of
Pittsburgh Stock Exchange.
transactions at the Pittsburgh Stock Exchange from May 12
to May 18, 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.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.

Stocks.-

100
Amer Sewer Pipe
Am Wind Glass Mach_100 50
Preferred
100 95
80
Cable Consol Mining....1
25
Caney River Gas
Columbia Gas & Elea_ _100 4134
Consolidated Ice, corn..50
Harb-Walker Refr corn 100
Independent Brewing_ _50
La Belle Iron Works__ _100 93
100
Preferred
Mfrs Light & Heat_ _ _ _50 6454
6
Nat Fireproofing, corn_ _50
50
Preferred
1 1754
Ohio Fuel Oil
25 48
Ohio Fuel Supply
Pittsburgh Brew, corn..50
Preferred
50 12
80
Pitts Cons M M& T_ _1
Pittsburgh-Jerome Copp-1 50c
Pitts & Mt Shasta Cop__1 500
44
100
Pittsb Oil &Gas
100
Pittsb Plate Glass
5 2154
Pure Oil,common
Ross Mining & Milling__ _1 150
1
San Toy Mining
Union Natural Gas_..100 170
U S Steel Corp, com___100 121
NVest'house Air Brake__50 114
NVest'house El & Mfg_ _50 53
West'house Machine_ _50

1655
46
95
7o
48
40
4
12754
134
89
12454
6235
551
13

120
1654
1.055
51
95
20
7,400
9c
35
48
60
4154
4
15
55
130
480
2
9354
865
150
12454
1,400
65
330
6
.30
1354
930
1754 18
4534 4854 1,247
95
154 2
85
1054 12
96
1,800
8c
4,000
48o 540
430 54c 10,800
454 454
220
143
119 120
5,362
x2134 22
150 150
3,500
120 130
1,000
63
16854 169
710
117 12254
112 114
1,136
47
5334 3,267
23
50
50

BondsIndep Brewing 6s____1955
Pittsb Brewing Os.._1949

37
45

38
45

Pittsah (
Inn] tinh

99 t.1

99,
A

Afi

1051 ___




$5,000
3,000
13.000

Range since Jan. 1.
Low.
1651
45
95
50
4355
363-4
354
122
134
7155
124
.6255
5
12
1751
4355
154
1051
8o
48o
400
434
118
1954
12o
12o
16834
102
112
4535
35
36
45
09

High.

May
May
May
Jan
Feb
Feb
Apr
Jan
Apr
Feb
Feb
May
May
May
May
Jan
Apr
May
Feb
May
May
May
Apr
Feb
Apr
May
May
Feb
May
May
Jan

1954
62
12454
110
50
4734
435
130
354
9334
12854
733-4
755
1754
22
56
434
1854
15c
1.55
1.20
1754
135
2554
280
200
185
12254
15754
55
50

Jan
Jan
Jan
Mar
Mar
Apr
Jan
Mar
Jan
May
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Jan
May
Feb
Jan
May

Apr
Apr

5054
68
ton vc

M ft?

Jan

Jan
Jan

Stocks-

,sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.

100 55
Alabama Co
100
First preferred
Second preferred_ _ _ _100
Arundel Sand & Gravel 100 3554
100
Baltimore Tube
100 100
Preferred
Consol Gas E L & Pow_100
Consolidation Coal___ _100 107
5 1234
Cosden & Co
5 123.4
Cosden Gas
5
Preferred
454
Davison Chemical_No par 37
Elkhorn Coal Corp
50 2931
Houston Oil trust ctf5_100 2154
Preferred trust ctfs_ _100 6154
MtV-Woodb Mills v t r 100
100
Preferred v t r
Pennsylv Wat & Pow_ _100 743-4
Sapulpa Refining
5
Seaboard Air Line pref_100
United Ry & Electric__ _50 29
5
4
NVayland Oil & Gas
Bonds
Alabama Co gen 6s_ _ _1933
Arundel Shipbidg 68
Balt Electric stpd 5s_ _1947 9934
Balt Spar P & C 4%8_1953
9834
Canton Co 58
Cons Gas gen 455s___1954
Cons Gas E L & P 4558.'35
Notes
Consol Coal ref 5s....1950
1923
Convertible 6$
Cosden & Co 65
983-4
101
Cosden Gas 6s
Elkhorn Coal Corp 6s..1925
Fair & Clarks Trac 53_1938
Georgia & Ala cons 55_1945
Kirby Lumber Cont 614.'23
Merch & Miners Trans 65_
Milwaukee Elec 1st 55 1926
1940
Penney W & P55
Seattle Eleo 1st 5s_ _ _ _1930
.
United Ry & E 45_ _ _1949
1949 65
Income 48
rimflincy As small

1058

49
95
50
3514
90
100
111
105
12
1155
43-4
35
28
20
6034
15
6234
7255
9
2654
28
354

55
95
50
3555
96
100
112
107
1254
1254
43-4
37
2951
2154
62
15
63
7434
934
2635
29
4

86
98
9934
95
9854
91
8854
100
91
103
9635
9951
100
9954
9954
9855
98
100
9254
100
8054
6434
8354

86
98
9951
95
9834
91
8854
100
91
10334
983-4
10151
l00%
100
9955
9854
98
100
93
100
8055
65
84

Range since Jan. 1.
Low.

79 49
50 75
50 50
25 3435
180 90
37 100
615 10954
306 10054
3,816 12
3,154 1154
3,008
43.4
334 35
312 2254
425 1754
280 60
42 13
35 6034
248 7254
9
157
200 2654
653 2734
475
354
$4,000
1,000
10,500
5,000
1,000
5,000
3,000
1,600
3,000
9,500
73,500
31,000
16,000
5,000
9,000
1,000
3,000
2,000
6,000
1,000
25,000
32,000
600

79
98
9934
95
9851
91
8854
100
91
10235
9655
9934
99
993-4
9931
9834
98
100
9255
100
8034
6454
83

High

May
Jan
Mar
Apr
May
May
May
Feb
May
May
Apr
May
Feb
Mar
Mar
Mar
Mar
May
Feb
May
May
May

55
95
52
3
39%
12354
109
127
114
1854
16%
534
4454
32
2354
6755
19
72
84
1255
3254
3534
5

May
May
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan

Feb
May
Feb
May
May
May
May
May
May
May
May
May
Feb
May
May
May
May
May
May
May
May
Feb
May

86
98
10055
9854
10054
9635
9355
10735
9535
110
10934
11035
10134
10134
10354
100
10355
100
953%
102
8454
6735
90

May
May
Jan
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
May
Jan
Feb
Jan
Jan
Jan

-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
inclusive, compiled from the
May 12 to May 18, both
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-

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par, Price. Low. High. Shares.

10
Alliance Insurance
AmericanGas of N .100
..100
American Rys prof..
American Stores_ No par
Baldwin Locomotive__100
Bergner & Engel pref. _100
Buff &Sus Corp pf v t c 100
50
Cambria Iron
50
Cambria Steel
Congo'Trao of N J. _100
Eleo Storage Battery_ _100
General Asphalt pref__100
_10
Insurance Co of N A
100
J G Brill Co
Keystone Telephone_ _ _ _50
Lake Superior Corp__ _100
50
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Transit
Midvale Steel & Ord_ _50
Minehill & S H
50
North Pennsylvania_ _50
50
Pennsyl Salt Mfg
Pennsylvania
50
Phil Co(Pitts)pfcum 6%50
Electric.._25
Philadelphia
Phil Rap Tr vet tr rcts..50
Philadelphia Traction_ 50
10
Railways General
50
Reading
Tono-Belmont Devel__
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
Allotments w
U S Steel Corporation_100
Preferred
100
Warwick Iron dr S
10
Westmoreland Coal_ _ _ _50
Wm Cramp & Sons- ..l00
York Railways prof..._50
Bonds
Am Gas & El 55 small_2007
Bethlehem Steel pm 66 '98
Eleo dr Peo tr ctfs 4s__1945
Small
1945
Inter-State Rys con 4s 1943
Keystone Teieph 1st 56.'35
1954
Lehigh & N E 56
Lehigh Val gen con 4s_2003
Lehigh Val Coal 1st 55 1933
Leh Val Trans 1st 45_1935
Nat Properties 4-6s
Small 4-65
Penn RR gen 4%sser A _'65
Consol 455s
1960
Phil Elec tr ctf 55 small_'48
1950
Trust ctts 4s
•
Small
1950
1966
1st new 58
1966
Small
Phil & Read Term 56_1941
1997
Reading gen 45
Spanish Am Iron 6s_ _1927
United Rysgold trctf4s _'49
United Rys Invest 5s_1926
Weisbach Co 5s
1930

92

50
44
60

11
19%
624

53
30
294
8831
6
7931
121%
76
8634

Range since Jan. 1.
Low.

May
20 20
20
20
Feb
2 116
118 118 •
29 9155 May
91% 92
19 3654 May
3654 37
Feb
57
1,030 49
55
May
8 54
54
54
May
203 49
52
49
152 43% May
4355 44
Feb
30 100
113 114
May
34 70
72
73
1,708 58% May
58% 60
2 61
May
62
62
5 25% Feb
26
26
70 24
Mar
27
25
May
1,350 11
11%
11
Feb
17% 19% 10,970 15
140 7654 May
76% 77
May
89 58
59% 62%
Feb
100 21
22% 2255
May
710 55
56% 60%
30 5655 Jan
683.4
58
4 92
May
92
92
376 92
May
9335
92
1,920 5155 May
51% 53
70 3735 Apr
38%
38
29% May
2934 30% 3,421
28% 2951 1,535 27% Apr
153 7855 May
7854 79
220
6
454 Jan
85% 8954 1,510 8434 May
455
4
1,080
4
May
890
6
534 Jan
Apr
78 42
42% 43
76% 79% 5,256 7634 May
25% 28% 7.340 25% May
114% 12255 44,793 99% Feb
20 116% May
116)i 11634
Feb
9
40
9
9
Apr
100 75
754 76
Feb
535 66
8734
83
Feb
65 36
37
37

High.
22
121
08
37
6251
54
58
46
130
74
67%
70%
2734
33
14
24
85
79%
2754
60%
58%
94
96
57%
43
3455
34%
84
731
103%
455
755
4731
9155
30
12234
12054
80
92
39

$700 92% May 9755
93
Mar 124
1,000 121
121
17,500 80
May 84
80
80
700 80% Apr 86
82
Apr 57
53)4 5,000 53
3,000 9654 Mar 99
97
5,000 102% May 10435
103
86)4 13,000 83 May 0134
85
108% 1,000 10355 Apr 106%
83
103%
May 88
1,000 88
May 68
2
9864 1,000 62
9625% 62
62
May 68
600 62
63,000 95)1 May 9854
96%
102% 102%
1,000 102% May 107%
Feb 106%
105 105
300 105
Jan 93%
90
clog 8,000 90
9054
Jan 90
700 90
90
90
30,000 1004 May 102
100% 100% 101
5,500 10054 May 102%
100% 101
3,000 109% May 113%
109% 110
Apr 9655
3,000 91
92
92
101% 101% 3,000 1014 Apr 10235
Apr 73
1,000 70
7
62A 62A
7
3,000 67% May 74
2,000 974 Feb 993'
98
98
92%
121
80
81%
53
97
102%
83
88
10334

Apr
Feb
Jan
May
Mar
May
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
May
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
May
May
Jan
Jan
Feb
Apr
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
May
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Apr
May
Jan
Jan
Mar
Jan
Jan
Jan

THE CHRONICLE

MAY 19 1917.]

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Conad)- Par. Prtce. Low. High. Shares.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Par Value.

Shares.

Bonds.

217,101 $20,322,550
456,259 41,902,900
412,656 37,801,350
744,397 69,442,700
999,260 91,442,000i
893,600 79,520,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

State, Man.
& Foreign
U.S.
Bonds.
Bonds.

Railroad,

Stocks.

Week ending
May 18 1917.

$758,000
1,266,000
2,100,000
3,483,000
2,222,000
2,300,000

$513,000
743,500
771,000
1,083,000
774,000
847,000

3,723,273 $340,431,500 $11,129,000 $4,731,500

Sales at
New York Stock
Exchange.

Week ending May 18.
1917.

511,000
8,000
$19,000

Jan. 1 to May 18.
1916.

1917.

1916.

Stocks
-No. shares_ -67,404,711
72,595,880
3,723,273
4,517,827
Par value
8340,431,500 $384,070,150 $6,544,512,330 $5,929,704,545
Bank shares, par
$95,400
$44,700
$500
$13,400
Bonds.
$334,000
$1,000
$538,950
$19,000
Government bonds_ _ _
162,000,000
6,830,000
101,963,000
4,731,500
State.mun.,&0. bonds
,
11,129,000 18,601,000
261,815,500
325,318,000
RR.and misc. bonds._
$15,879,500 $25,432,000

Total bonds

8424,149,500

8427,819,950

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Boston.
Week ending
May 18 1917.

Philadelphia.

Baltimore.

Shares. ;Bond Sales Shares. 'Bond Sales. Shares. Bond Sales.
.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

6,0611
8,988
7,9671
20,333
23,906'
18,9171

$31,000
30,100
50,000
84,500
58,000
106,000

7,512
12,076
9,427
24,214
17,878
20,170

$11,000
20,300
46,400
25,900
46,900
49,000

1,136
2,315
3,180
1,550
3,791
2,816

$38,000
47,800
22,600
43,600
49,300
58,500

86,1721 $359,600

91,277

$199,500

14,788

$259,800

New York "Curb" Market.
-Below we give a record of

the transactions in the outside security market from May 12
to May 18, both inclusive. It covers the week ending Friday afternoon:
sates
Friday
Last Week's Range for
Week
of Prices
Sale
Par. Price. Low. High. Shares.

Week ending May 18.
Stocks-

Aetna Explosives r (no par)
Certificates of deposit__
Air Reduction Co r(no par)
Amer Int Corp $50 pd_100
Amer Stores corn (no par)
Amor Sumatra Tob_ -.100
Amer Writ Paper corn_100
-Am Tobacco ord'y.£1
Brit
Ll.
Ordinary bearer
Canadian Natural Gas_ 1
Carbon Steel, corn r...-100
25
Car Ltg & Power_ r
10
Carwen Steel Tool
Central Foundry corn r 100
Preferred r
100
Charcoal Iron of Ain--10
10
Preferred
100
Chevrolet Motor
Curtiss Aerop & M v t o(t)
Eastern Steel, com_ _ _100
Elite Plan Stores_ r _ _....50c
Emerson Phonograph.-- -5
Everett Heaney & Co r_20
Grant Motor Car Corp_10
Hall Switch & Signal_ r _100
Hask & Bark Car_(no par)
Holly Sugar Corp (no par)
100
Preferred
Internat Trading Corp r _1
1
Preferred r
Joplin Ore dc Spelter. r---5
Kora Tire dc Rub corn_ _10
..I00
Kresge(88)corn new.
Preferred new
100
Lake Torpedo I3o't com_10
Lima Locomotive corn r 100
50
Lukens Steel corn r
100
1st preferred r
Marconi Wirel Tel of Arn.5
Maxim Munitions r......10
National Acme Co r--..50
Nat Conduit & Cable r-(t)
North Am Pulp & Paper(t)
Pierce Arrow Mot Car r(t)
Poole Eng & Mach r_ _ _100
Prudential Pictures r___ _5
10
Pyreno Mfg_r
Smith(AO)Corp pref r 100
Smith Motor Truck r_ _10
Smith & Terry Trans pf 100
Standard Mot Constr r -10
5
Steel Alloys Corp
Submarine Boat__(no par)
(no par)
Todd Shipyards r.
Triangle Film Corp v t 0_5
United Motors r_(no par)
50
United Sugar CO8 r
US Light & lit corn r_ _10
10
U S Steamship_
West Indies Syndicate r. _5
World Film Corp'n v t 0_5
Wright
-Martin Aire Ir..-(t)
Zino Concentrating r_..10
Former Standard Oil
Subsidiaries
£1
Anglo-Amer 011
Illinois Pipe Line
100
Prairie Pipe Line
100
Standard 011 (Callf)._.100
Standard 011 of N J. _ _100
Standard 011 of N Y..100
Other Oil Stock;
Alooken 011 Co r
5
Allen 011 r
1
Amer Ventura 011 r
1
Atlantic Petroleum r_ _ _ _A




24
24
49
354
27%
19

11%
834
95
1144
%
*
84
2295

43
101
7-16
1
160
164
--.,
a%

295
2
3354
44
384
75
4%
95
1034
1334
7
3134
85
134
284
3694
5%
433
6
294
1691

605
294
2
500
230
634

295 34 6,200
2% 295
1,500
69
72
970
474 49
600
35
3695 3,000
23
284 8,800
3
800
3%
18
18
100
1854 19
100
11
4
200
90
90
50
24 3
3,000
114 12
11,300
234 25
300
44
45
600
74 815 6,225
6
695
1,000
94 102
3,100
24
27
900
114 11434
275
5
4
.
95 8,400
6% 834 3,222
22
2295 2,200
534 5%
100
6
6
100
3655 38
600
43
43
10
101
101
8
7
-16
5i 6,900
1 1 1-16 9,700
140 17
0
9,500
15
1634
300
101 101
150
108 108
50
6/
5 834 6,430
53
53
100
40
40
97
10134 102
115
234 3
800
194 214 11,500
324 3355
600
31/5 334 4,600
4
414 2,100
384 3834
400
76
75
35
4% 494 7.900
*104 11
150
944 65
100
5% 5%
800
95% 12
2,200
12
1434 13,900
7
7% 3.900
2234 33 107,100
85
82
239
151
134 20,310
2734 304 27,200
3694 364
600
114
115
100
54 2,300
5
4595 2,790
9
.
_54
1,100
4% a
3,400
294 234
700
1654
218
273
249
580
280

1

1654
225
273
252
610
296

450
296
10
75
470
985

2
234
1,400
500 550
9,000
200 24e 12,100
534 634
1.100

Range since Jan. 1.
Low.
2
14
65
474
35
15
3
174
18
4
85
24
10
1614
35
634
54
88
10
100

High.

8
2034
595
*5
36
40
90
g
1
140
13
101
108
64
4714
33
96
24
14
32
314
4
384
60
4
10
9314
54
894
54
695
183.4
77
115
2734
35
114
495
25
34
44
234

Apr
Apr
Mar
May
May
Feb
May
May
Feb
Apr
May
Feb
Feb
Mar
Feb
Apr
Apr
Feb
Feb
Jan
May
May
Apr
May
May
May
Feb
Feb
May
Apr
May
Feb
May
May
May
Jan
Feb
Feb
Feb
May
Feb
May
May
May
Jan
Mar
Jan
May
May
Mar
Jan
Jan
Feb
Feb
Apr
May
Jan
Jan
Apr
May
Apr
May
Mar

74 Feb
495 Apr
754 Apr
57
Jan
38
Apr
284 May
54 Feb
194 Jan
21
Jan
1
Jan
109
Jan
3% Apr
14
Mar
314 Apr
4934 Apr
814 May
8
Jan
146
Jan
27
May
May
115
15-16 Apr
1334 Jan
224 Apr
8
Jan
74 Mar
45
Mar
50
Jan
102
Jan
% May
14 May
320 Mar
18
Mar
May
105
May
108
104 Feb
6294 Mar
45
Mar
103
Apr
Jan
3
44 Feb
384 Jan
3694 Apr
934 Jan
Jan
54
Jan
90
495 Mar
114 Mar
97
Jan
Jan
9
12 May
Apr
15
915 Jan
33
May
85
Jan
395 Jan
49
Jan
37
Mar
2
Feb
614 Mar
4594 May
1
Jan
164 Jan
494 Jan

16
218
273
249
580
270

Feb
May
May
May
May
Jan

1814
250
444
445
800
345

4

134 Mar
50o May
180 Mar
514 May

Jan
Jan
Jan
Jan
Jan
Jan

294 Apr
550 May
310 Feb
94 Mar

1999
Range since Jan. 1.
Low.

High.

Barnett 011 & Gas r
1
2%
215 395 28,500
215 Apr
415 Apr
Consol Mex Oil Corp...
.1 66o
650 680
1,600 600 Apr
115 Jan
Cosden & Co r
5 1234 11% 124 5,300 11% May 1895 Jan
Cosden OH & Gas corn r 5 124 11% 1214 7,400 11% May 1615 Jan
Preferred r
5
44 4g
750 •494 May
54 Jan
Crosby Petrol (prosp't) r 1 350
330 36c 21,300 310 Apr 390 May
Elk Basin Petroleum r
5 10
9% 1094 5,500
74 Jan 14% Mar
Elkland Oil dr Gas r
1 5-16
54 Apr
11
54 16,000
9-16 Apr
Esmeralda 011 Corp r___ A
13-16 1
1
3,800 700 Feb
Feb
3
Federal 011 r
5% 20,700
5
5
5%
434 Feb
6% Mar
21%
Houston Oil common r 100 2115 21
1,900 17
Feb 24
Apr
Internat Petroleum r__
13% 12% 14
10,600 11
Jan 16% Mar
14 5-16 7,800
1 5-16
Kenova 011
X May
% Jan
Keystone Con Oil Cor r 10
64
5% Apr
515 615 6,665
6% Apr
470 490
1 48c
Lost City Oil r
5,900 47e May 490 May
254 29,000 114 Jan 3134 Mar
Merritt Oil Corp r
10 244 20
Metropolitan Petroleum 25 13-16
g May
4;4 Jan
3415
-16 27,000
Midwest Oil r
640 73c 30,500 550
1 710
Jan 870 Mar
Preferred r
1.00 1.05 2,400 860
1
Jan 1 1-18 Mar
1.03
Midwest Refining r____50 129
115 130
5,510 115 May 145
Mar
Nat Oil & Refg_r
5
3%
500
3% May
3% 394
3% May
N Y-Oklahorna OU_r_ _1
1
1
14 Mar
100
34 Jan
Oklahoma Oil com r
70
1
8o
80 33,000
7c May 16c
Jan
Preferred r
1 67e
670 700
2,900
95 Mar
1
Jan
Oklahoma Prod & Ref__ _5
894 955 13,700
84 May 14% Jan
Omar Oil & Gas com
1 32c
300 42o 25,900 30o May 750
Jan
Osage-Hominy Oil r
5
8
894 9,300
8%
734 Jan 1034 Mar
Pennsylvania Gasoline__ _1
95
91 6,400
95 Mar
1% Jan
Penn-Wyoming 011_r___ _5
8
8
8
4,350
8
May
8 May
Rice Oil r
14 12,500
1
34 7-32
7-32 May
11-16 Feb
Sapulpa Refining r
895 9% 7,000
5
934
84 May 1234 Mar
Sequoyah Oil dr Ref
14 14 74,800
1 1 7-16
14 Apr
2% Jan
Sinclair Gulf Corp r----(t) 33
2995 35
3,600 2694 May 4054 Apr
United Western Oil r
9-16
1
9-16 Mar
91 57,800
1% Jan
Utah Petroleum (prosp't) 1 330
300 33e 11,000 270 May 630
Jan
Vacuum Gas & 0,Ltd _1
700
11
91
34 Apr 11-16 Jan
Victoria 011 new stk r_-10 10
9
10
5,145
9 May 11% Apr
% May 1 3-16 Apr
1 11.16 7,300
West States Petrol
1 1 1-16
Mining Stocks
Alaska-Brit Col Metals-1
95 Jan
54
% Mar
5-1
94 8,100
Alaska Mines Corp(no Par) 1 1-16 15-16 115 17,950 15-16 May
1% Apr
Alaska Standard Cop r_ _1 30e
290 41e 11,275
3-16 Jan 520 Apr
American Commander_ r _ 1
40
40
1,000
Jan
40 Apr lie
ArlzonaCopperfields r _1
200 3-16 May
11
94 Jan
/4
Arizona United_r
320 330
1 33e
9,000 320 May 650 Mar
Atlanta Mines r
1 10540 100 lie 21,700
9140 Jan 200
Jan
Atlas Copper r
1 11-16 11-16
95 Apr
91 8,100
% Apr
1
Austin-Amazon r
1
1
7-4
4,500
74 May 1 15-16 Apr
Big Jim
11-16 700
10c
800
11-16May
1% Jan
Big Ledge Copper Co_ _ _1
214 24 21,500
2%
24 May
64 Jan
Bisbee Cop M & Dev r_..1
95 23,100
54
g may
194 Feb
Booth r
1 714c 740 715c 2,000
70 May 12o
Jan
Boston & Montana Dev_ _5 650
61c 680 18,600 580 Apr 800
Jan
1
Bradshaw Copper M r
95
2,380
1
95 Apr 1 11-16 Jan
74
Butte Cop & Zinc v t 0- 5 10% 104 11
9,800
7% Feb 12;4 Mar
Butte-Detroit Cop &Z _1
34 3,900
31
Jan
94
54 Apr .2
195 1%
Butte & N Y Copper- _1
200
14 Jan
2;4 Mar
Caledonia Mining
540 590 17,500 *48o
1 550
Jan 700 Apr
Calumet & Jerome Cop r 1 1 13-16 135 1 15-16 58,400
194 Apr
234 Jan
1 13-18 2
2
Canada Copper Ltd
1,400
5
114 Feb
254 Apr
515 514
50
Carlisle Mining
Jan
515
5
5
8% Mar
70 754c 11,500
Cash Boy
Jan 16e Mar
6o
1 7550
2
1
2
Cerro Gordo Mines
500
194 Jan
2% Mar
114 1 9-16 10,700
115
Coco River Mining r__ _ _1
14 Apr
1% May
195 2 1-16 18,200
2
Consol Arizona Smelt_ _ _ _5
1% Jan 2 11-16 Mar
491 *414 434 8,060
Consolidated Cop Mines..5
Feb
4% May
3
1
Consol-Homestead r
94
% 5,300
14 May
% Mar
5
54
554 5% 3,200
Cresson Con Gold M & M 1
54 May
7% Jan
Dundee Arizona Cop 4_ _1
420
94
1
2% Jan
3-4 May
1 107.383
15-16
Emma Copper r
1
May
34
294 Jan
500 55c 27,635 50o May 55e May
Ferber Copper_ r
1 550
24 24
24 1,500
First National Copper__ _5
295 Apr
394 Jan
Globe-Dominion Copper_l 7-16 5-16 7-16 8,900 5-16 May
54 Jan
490 51c 10,100 490 Apr *770
Goldfield Consolidated_10 500
Jan
5350 80
44cMay 100 Feb
2.300
Goldfield Merger r
1
4140 495c 1,000
1
494cMay lie Mar
Great Bend_r
1
195
I
191 18,500
Green Monster Min r___ _1
May
295 Jan
120 130 13,500 110 May 250 Mar
130
1
Hargraves
794 8
6,710
7
Feb
250 715-16
Heela Mining
8% Feb
115
115
500 1 1-16 May
Hudson Bay Zinc Mines_5
154 May
3-16 3-16 3-16 1,000
g Apr
Inspiration Need les Cop r11
9-16 Jan
80
80
2,000
International Mines_ r_ _1
8o Mar
90 Feb
15-16 1 1-16 1,800 93e Apr
100
Iron Blossom r
1% Jan
1 1 13-16 1 11-16 2 3-16 98,000 I 9-16 May
Jerome Verde Cop i
Mar
3
710 75c 11,300 690 Mar 870
1 740
Jim Butler r
Jan
g 7-16 15,000 5-16 May
Josevig-Kennecott Cop-1 7-16
% Apr
360 400 20,200 36o May 490 Mar
1 390
Jumbo Extension
12950 140
9,300 124cMay 25e Feb
1
Kewanus r
7-16 7-16
200
95 May
IX Mar
La Rose Consol Mines__ _5
1
14 2,800
1
Loma Prieta Cons Mines.1
Feb
1% Mar
134
85e
1
1
20,400 80o Feb
100
Louisiana Consol
194 Jan
7-16 7-16 2,100 7-16 May
1
Magma Chief r
;4 Jan
2,130 40
Jan 59% Mar
5 47% 43 48
Magma Copper
200 220
1.570 190 Mar 350
Magmatic Copper r.._ _10c 220
Jan
800 85e 28,900 750 Apr 85c May
1 85o
Magnate Copper
%
15 Jan
200
%
5
Majestic Mines
1
Jan
1 19e 18140 20c 23,300 90 Jan 23o Apr
Marsh Mining r
114 11-16 194 11,750 11 16 May
1
Marysville Gold Min
1% Mar
595 64 2,100
Feb
5
5 6
Jan
Mason Valley
7
3-I6May 2 5-18 Jan
1,600
94
-16
Miami Merger Copper r_ 1
3
15-16 1
1,500 900 Apr 1 1-16 Apr
1
1
Milford Copper r
52c 600
1
Jan 88e Mar
3,800 280
Mogul Mining
1
Mohican Copper_r
% 2,700
134 Mar
91
1
94 May
2
g Apr
Mojave Tungsten r
15 2,400
%
1% Jan
1 5-16 3-16 5-16 50,950
Monster Chief r
3-16 Mar
% Jan
26c 280 19,500 280 May 48e
1 28c
Mother Lode r
Jan
Nancy Hanks-Montana r 1 1 1-16 1 1-16 134 3.900 80o Feb
1;4 Apr
450 510 13,200 45e May 67e Mar
National Zino & Lead r_ _1 450
% May
Newray Mines Ltd r- I
54 7,450
34
1;4 Jan
%
95 Apr
1
NYZinor
% Apr
15 7-16 9-16 28,800
14 13-16
1
600
Apr 1 5-18 Apr
1 1 3-16
Nicklas Mining
7% 711
714 Feb
5
300
Nipissing Mines
834 Jan
135 4,000
1
94 Feb
1;4 Jan
Ohio Copper new w I r.1
114
250 34c
5,450 25c May 68c
Jan
Old Emma Leasing r_1(10 330
1 3-16
1% Apr
31 13-16 5,000
g May
Portland Cons Cop
334 374
3%
Jan
1.580
395 May
5
Ray Hercules r
5
1
94 Apr
1,200
Mar
1
94
3
Ray Portland r
134 3,863
1
94 Apr 1 9-18 Feb
1
7-4
Red Warrior r
660 680
9,200 50o Apr 720 May
1 680
Rochester Mines
1%
195
Jan
1
191 3,600
1% Feb
Sacramento Vail Cop r 1
Apr 1 5-16May
1
Sagamore M Co r
134 1 7-32 14 8.800 810
4
2,900 3-16 May
1 5-16
% Jan
Santa Rita Devel r
11140 12e
2,400 1114e May 16c Feb
1
San Toy Mining
894 May 16
Jan
834 995 1,500
Seneca Copper --(no Par) 914c
Apr
1
195
1
111
134 6,575
Senorito Copper
2 May
94 12,000
3-10 Apr
1 3-16 3_15
Silver King of Arizona
13-16 Jan
% 2,100
% Jan
g Feb
Standard Silver-Lead..._1 11-16 11-16
g Apr 17-32 Mar
1 5-16
Stewart Mining
94 5-16 6,000
34c 37c 15,600 33c Feb 60e
Jan
1 370
Success Mining r
290 330
Feb 600
Jan
8,700 27e
Superstition Mining
1
42e 42e
Temiskaming Mining_r_ _1
1,000 42e May 420 May
15c
15c
3,100 14c May 700
Jan
Tommy Burns GM corn r 1
4 4 1-16
4 May
495 Jan
650
Tonopah Belmont Devel rl
295
215 May
495 Feb
234 294 20,700
Tonopah Extension MinA
595 595
534 Feb
Mar
200
Tonopah Mining
7
4 7-16 32,260
% May
5
4 Jan
fi
Tr -Bullion S & D
28c 31c 14,000 280 May 620 Mar
Troy-Arizona Cop Co r__1 300
1 1-16 1 1-16 2,900 1 1-16 May
1
Tuolumne Copper r
211 Jan
,
13-16 Apr 15-16 May
.1 13-16 13-16 15-16 9,000
United Copper Mining.
414
1,800
394 May
1 4g 4
United Eastern
5% Jan
250 34e 15,100 24e May 570 Apr
United Magma Mines r-1 32e

THE CHRONICLE

2000
Sales
Friday
Last Week's Range for
Sale
of Prices
Week
Mining (Concluded)Par. Price. Low. High. Shares.
Week ending May 18.

1
United Mines of Ariz_
U S Continental r
1
S Tungsten_r
210
United Verde Exten r _ _500 37%
(no bar)
United Zino
5
Unity Gold Mines
5
3%
Utah Nat Mines r
1 2 5-16
Verde Inspiration r
1 730
West End Consolidated_ 5
White Caps Mining..be 1 7-16
White Cross Copper r___ _1
Yerrington Mt Cop
1 340
Bonds
Amer Smelting 58 r
Atlanta & Char A L 58 r '44
Beth Steel 5% notes_ _1919
Cons Copper 7s
Cosden & Co 6s r____1926
Russian Govt 6%s___1919
5%s
1921

A
A
7e
70
19c 23c
39
37
43% 5
3% 3'%
2 25-16
720 750
620 620
1% 1%
%
32o 340

%
500
1,000
70
11,900 818o
3,400 33%
4%
1,400
23%
300
20,800 65c
15,095 690
500 62o
10,200 34c
8,140
47,200 210

91%
97
98
100
97
90
83%

8166,000 90
30,000 953%
117,000 973%
1,600 100
10,000 96
763,000 793%
637,000 75

90%
95%
97%
100
96
86% 793%
78% 75
91%
96%
98

New York City Realty and Surety Companies

Range since Jan. 1.
Low.
Apr
Feb
Feb
Feb
Feb
Jan
Apr
Apr
Apr
Jan
May
Feb
May
May
May
May
May,
May
May

High.

Bid
Ask
Bid
Bid
Ask
Alliance R'ty 70
77 Lawyers Mtg 140
150 Realty Assoc
13% Jan Amer Surety 127
98
103
(Brooklyn) 90
132 Mtge Bond_
11%a Jan I Bond & M 0 235
245 Nat Surety_ 210
218
U S Casualty 200
Jan I Casualty Co
260
N Y Title &
USTItieG& I
Jan City invest g 12
40
17
Mtge __
88
93 Wes & Bronx
6 [Mar
165
Preferred__ 60
67
Title &M
3% Jan
28 May
750 May
Apr
840
23% Mar
% Jan
All bond prices are "and interest" except where marked "t".
60c Mar
1003% Jan
Mar
100
983% Feb
May
100
109
Jan
983% Jan
913% Jan

-The General Engineering & Management Corporation, with offices
at No. 141 Broadway, New York (and which company operates under longterm contracts the Interstate Electric Corporation and the Commonwealth
Light & Power Co.) announces that Frank Y. Low and N. P. Zech will be
associated with the corporation-Mr. Low as President and director of
the General Engineering & Management Corporation and Vice-President
and director of both the Interstate Electric Corporation and Commonwealth Light & Power Co., and Mr. Zech as Vice-President and director
of both the General Engineering & Management Corporation and the
Commonwealth Light & Power Co.. as well as Vice-President of the InterState Electric Corporation. These gentlemen have wide experience in
public utility operations, both having for many years held important positions with H. M. Byllesby & Co.
-Howard Throckmorton and Martin Judge Jr., general partners in the
firm of J. M. Byrne & Co., members of the N. Y. Stock Exchange, on
May 1 announced the completion of their San Francisco offices on the
ground floor of the Insurance Exchange Building, 441 California St.
Joseph M. Byrne, the senior partner of J. M.Byrne & Co., was the founder
and senior partner of Byrne & McDonnell, the business of which was dissolved by mutual consent on March 15. The former main office of Byrne
& McDonnell at 60 Broadway, N. Y., and the offices at Newark and
Paterson, N. J., are retained by J. M. Byrne & Co. The San Francisco
office has direct private wire connections with Chicago, New York and
other Eastern cities. The firm will conduct a general business in municipal
and corporation bonds and commission accounts in stocks, grain and cotton.
-For the information of investors throughout the country and as a
permanent matter of record, Chandler & Co., Inc., of New York, Philadelphia and Boston, have published the Treasury Department's circular
Liberty Loan in
which contains the full particulars of the
their monthly advertisement, which appears to-day opposite our weekly
statement of bank clearings.

$2,000,000,000

-W. J. Wollman & Co., members of the New York Stock Exchange,
120 Broadway, are issuing a bi-monthly paper called "The Wollman Review." This little Journal discusses financial, economic, industrial and
commercial conditions in a serious and interesting manner. The reader
can obtain a copy regularly, we believe, by addressing the firm.
-James Ward, Jr., W. W. Darley and H. G. Lupold have formed a
corporation to be known as Ward-Darley-Lupokl Co., to deal in high class
investment securities, with offices in First National Bank Building Pittsburgh.

New York City Banks and Trust Companies
Ask Trust Co's. Bid
New Fork
340
255 Bankers Tr.- 435
B'way Trust 158
295
305
245CentralTrust 775
364- Columbia I .! 288
275
190 Commercial; 110
180
290
Empire
376
210
Equitable Tr 340
225
Farm L & Tr 450
400
Fidelity ___ 208
4(15
260
Fulton
270
500 Guaranty Tr 422
450
200
220 Hudson
138
3
188
193 Law Tit &
..
Lincoln Tr.....
230 240
_ Metropolitan 380
395
415
450-- - Mutli(Westchester) , 125
120
130
100
110 N Y Life Ins
100
900
135
& Trust
155
165 N Y Trust
600
500
____ TitieGu&Tr 350
_
276
Trensatian'o
__
Union Trust 410
300
100'350 U S M tg & Tr 435
590
610 UnitedStates 1010
Westchester . 130
125
135
270
255
140
155
Brooklyn
155
165
Brooklyn Tr 600
110
120 Franklin
245
115
Hamilton_ __ 265
fig - 130 Kings Co__ _ 650
Manufact're 150
90
105
210 People's _
200
288
285
275 Queens Co_
75
175
200
130
140

Ask
445
165
785
295
300
350
460
215
275
427
145
118
103
390

975
610
360
155
420
415
1025
110

010
255
275

-14"

• Banks marked with a (9 are State banks •Sale at auction or at Stock Exvaange this week. P New stook. p Ex-rights. z Ex-100% stook dividend.




97

'15"
175

Quotations for Sundry Securities

CURRENT NOTICE.

Bid
330

Ask

4

• Odd lots. t No par value. 8 Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stock.r Unlisted. u Ex-cash and stock dividends. to When issued. x Ex-dividend. y Exrights. z Ex-stock dividend.

Ask
Banks.
Benks-N.Y Bid
Manhattan •
555
America•-. 545
240 Mark & Full
Amer Exch. 235
175
182 Mech & Met
Atlantic _
160 Merchants _
Battery Park 150
____ Metropolis._
Bowery' --- 400
Metropol'n •
Bronx Boro• 200
Bronx Nat__ 150Mutual._ _ _
110 New Neth•
BryantPark• 145
100 New YorkCo
Butch & Dr. 90
360
370
New York_
Chase
245 Pacific
Chat & Phen 238
120 Park
Chelsea Ex' 100
395 People's•_
Chemical _ 388
Citizens ____ 195
205 Prod Excho_
475 Public •___
City
215 Seaboard....
Coal & Iron_ 205
Second
Colonial•
450
__ Sherman
Columbia' . 315
Commerce _ t165 t169 State
325 23d Ward._
Corn Exch'. 315
95 Union Each,
Co4na000rn8 85
70 Unit States.
East River... 60
Wash Irts•_
Fidelity•_ 150
Fifth Ave__ 4300 4800 Westch Av•
225
West Side_
200
Fifth
1000 1025 Yorkville. _ _
First..
Brooklyn
187
Garfield
_ 180
140 Coney Isrd•
Germ-Arner. 135
First
German Ex* 390
250 Flatbush
Germania •. 235
Greenpoint
220
Gotham_
325 Hillside • _
Greenwich'_ 310
700 Homestead 8
680
Hanover _ _
240 Mechanics'
230
Harriman _
Montauk....
520
Imp ex Trad 510
227 Nassau.
Irving ___
220
Liberty _ _ 950 1000 Nation'i City
330 North Side•_
Lincoln
-_ 310
People's _

[VOL. 104.

Standard 011 Stocks Pe r Morel
Par Bid. Ask.
17
Angio-Amer 011 new...... £1 •16
Atlantic Refining
100 895 910
Borne-Scrymser Co
100 420 450
Buckeye Pipe Line Co_
50 900 103
Cheeebrough Mfg new.....100 380 400
100 50 70
Colonial 011
Continental 011
100 480 510
Crescent Pipe Line Co__ __50 .38 40
Cumberland Pipe Line_100 135 145
100 200 210
Eureka Pipe Line Co_
Galena-Signal 011 cons_ _100 148 152
Preferred
100 138 141
Illinois Pipe Line
100 215 220
_50 92 95
Indiana Pipe Line Co
Internet Petroleum£1 .1314 133
4
National Transit Co--12.50 95 17
New York Transit Co_.100 185 195
Northern Pipe Line Co 100 100 103
Ohio Oil Co
.25 343 348
Penn-Mex Fuel Co
25 *45 50
123
4
Pierce 011 Corp
Prairie 011 & Gas
100 5%5 515
21' 124
Prairie Pipe Line
100 280 285
Solar Refining
_100 320 330
Southern Pipe Line Co ._100 195 200
South Penn Oil
100 280 285
Southwest Pa Pipe Llnes_100 109 112
Standard 011 (California)100 248 252
Standard Oil (Indiana)_100 720 740
Standard Oil (Kansar)._100 465 490
Standard 011 (Kentucky)100 325 335
Standard Oil (Nebraska).100 500 525
Standard 011 of New Jer_100 600 605
Standard 011 of New Y'rk100 292 296
100 415 435
Standard 011(Ohio)
100 100 110
Swan & Finch
Union Tank Line Co_._.100 90 93
Vacuum 011
100 337 345
10 *28 32
Washington Oil
Per Cent.
Bonds.
Pierce 011 Corp cony 69_1924 81 84
Ordnance Stocks--Per Share.
Aetna Explosives pref. 100 10 20
7 10
100
Amer & British Mfg
Preferred
100 30 40
Atlas Powder comrnon 100 145 150
Preferred
100 100 102
Babcock ex Wilcox
100 120 122
Bliss(E W)Co common_50 *435 470
Preferred
50 .67 75
Buffalo Copper & Brass ___ 550 650
155
Canada Fdys & Forgings100
Canadian Explosives com100 300 400
Preferred
100 104 110
Carbon Steel common _100 83 87
let preferred
100 89 93
2d preferred
A00 64 70
Colt's Patent Fire Arms
Mfg
100 10612 108
duPont(E I) de Nemours
100 228 233
& Co. common
Debenture stook_ _ 100 101 104
Empire Steel & Iron com_ 100 33 38
74 79
10
Preferred
Hercules Powder con. _100 230 235
Preferred
100 118 121
7 13
Hopkins At Allen Arms._100
Preferred
100 20 50
Milliken Bros pref
100 30 35
-Pond com_100 163 167
Niles-Bement
Preferred
100 105 110
Penn Seaboard Steel (no par) 52 56
Phelps Dodge & Co
_ _100 290 305
Scovill Mfg
100 615 625
Thomas Iron
50 27 30
Winchester Repeat Arms 100 700 800
Woodward Iron
100 55 65
Public Utilities308123 26
Am Gaa & Elee corn
Preferred
50 .49 51
Ara Lt & Trac common _100 310 313
100 112 1 13
Preferred
Amer Power & Lt cora._ .100 68 70
Preferred
100 89 91
Amer Public Utilities ooml0C 30 38
Preferred
100 64 67
Cities Service Co corn__ _100 278 280
Preferred__
100 84 88
Com'w'ith Pow By & L _100 49 51
.100 73 76
Preferred
Flee Bond & Share pref_ A00 899 100
El Paso Elec Co com_ _100 105 1 10
13
Federal Light & Tractlen100 11
.100 40 47
Preferred
Galv-Hous Eiec Co pref_100 73 7712
Great West Pow 5s 1046 JAB 82 84
9 10
Mississippi RP; Pow com100
100 34 38
Preferred
J&J 72 74
1st M 58 1951
9
7
North'n States Pow corn _IN 84 88
98
Preferred
0
00
North Tex Elee Co pref 100 8812 85
5512 57
Pacific Gas & Eleo corn.._1rn.
8912
let preferred
Puget Sd Tr L & P corn.. _ma 24 28
100 70 74
Preferred
Republic Ry & Light_ -100 29 31
100 65 67
Preferred
South Calif Edison oom-100 85 87
Preferred
.100 103 106
Southwest Pow & L pre:_100 d9712 100
Standard Gas & El (Del). 80 .10
12
Preferred
50 *35 37
8
Tennessee Ry L & P com100
5
100 24 26
Preferred
7 10
United Gas & Mess Corp.100
100 72 76
let preferred
9 12
100
2d preferred
United Lt & Rys corn.-100 40 42
100 69 71
let preferred
1514
Western Power common_100 14
100 53 55
Preferred

RR. Equiprnents-PerCi.Basis
Bid. Ask.
5.00 4.50
5.00 4.50
5.00 4.50
5.00 4.50
5.50 5.00
5.00 4.50
5.00 4.50
6.00 5.00
6.00 5.50
6.00 5.50
5.25 4.75
5.00 4.50
4.75 4.50
0.00 5.00
5.50 4.75
5.25 4.75
5.25 4.75
5.25 4.75
5.25 4.75
6.25 4.75
5.00 4.50
5.00 4.50
5.00 4.50
5.00 4.50
5.00 4.50
6.00 5.00
6.00 5.00
5.25 4.75
5.25 4.75
5.00 .4.50
5.00 4.50
5.00 4.60
4.75 4.50
4.75 4.50
4.75 4.50
4.75 4.50
5.50 5.00
6.00 5.00
5.25 4.75
5.25 4.75
5.00 4.50
5.10 4.70
5.25 4.75

Baltimore tic Ohio 445
Buff Roch & Pittsburgh 434e
Equipment 4s
Canadian Pacific 4%11
Caro Clinch( & Ohio Si-...
Central of Georgia 5s
Equipment 434s
Chicago & Alton 4e
Chicago & Eastern Ill 03%sEquipment 43%s
Chic Ind &
ChM St L & N 05s
Chicago ex N W 4%e
Chicago R I & Pao 4343
Colorado & Southern amErie 5s
Equipment 43%s
Equipment 45
Hocking Valley 43
Equipment 55
Illinois Central 55
Equipment 43%.
Kanawha & Michigan 4114a .
Louisville & Nashville
Minn St P&E3SM 4;41....._
Missouri Kansas & Tote. Si.
Missouri Pacific 5s
Mobile dc Ohio Sc
Equipment 4%s
New York Central Lines 58..Equipment 4%5
N Y Ontario & West 6345--Norfolk & Westr41.-Equipment 45
Pennsylvania RR 430-Equipment 4s
St Louis Iron Mt & Soo 5c-St Louis & San Francisco COSeaboard Air Line 55
Equipment 4%e
Southern Pacific Co 430._
Southern Railway 4%5
Toledo & Ohio Central 43.--

Tobacco Stocks-Per silo re.
Par
Ask
American Cigar common100 107 112
100 97 100
Preferred
Amor Machine & 1dry 100 80 90
19
British-Amer Tobac ord...E1 '18
.4.1712 19
Ordinary, bearer_
100 250 300
Conley Foil
Johnson Tin Fell & Me1..160 100 130
MacAndrewe & Forbes_ _100 205 215
100 98 102
Preferred
Reynolds (It J) Tobacco..100 500 $50
100 116 120
Preferred
Young( J 5) Co
100 160 175
Preferred
_100 105 110
Short Term Notes. Per Cosh
Am Cot Oil 5s 1917
M&N
Amer Locom 5s. July '17_J-J
Am T & T 43%s 1918
Beth Steel 55 1919 __F&A15
Canadian Pac 6s 1924_1‘1&832
'17-M&5
Chic & Wert Ind 5.
A-0
Erie RR 55 1919
General Rubber Si 1918 J&I)
Hocking Valley 5s 1917..M-N
lot IIary be Feb 15 '18_F-A
K C Rys 5%s 1918- J&J
'18..M&N
K C Term Ry 43%,
J
43%ii 1921
Laelede Gas L Si 1919_F&A
Morgan&Wright 5e Dee.1.18
N Y Central 43%8 May. 11)18
NYNII&H 58 Apr 151918
Penn Co 43%s 1921__J&DI5
Pub Ser Corp NJ Si'19 M&S
Rem Ares U.M.C.55'19F&A
Southern Ry 5a 1919-M-82
United Fruit 55 1918_ M-N
UtahSectirCorp 65'22 M-S15
Winches RepArme5s'18M&S
New York City Notes-CI Sept 1 1917
Canadian Govt. Notes-5s Aug 1 1917
FAA

995 10018
4
993 10018
4
993.1 100
97 4 98
,
10138 102
9834 9912
9714 9712
9712 9814
99 4 10015
,
100 10012
9914 100
9812 100
98 99
0812 9914
993 10014
4
987 9914
8
9678 9714
9854 9914
983 9912
4
75 80
9714 9712
99 8 100
,
9212 05
96 9612
1003 100 8
,
8
9978 10013

Industrial
and Miscellaneous
100
American Brass
American Chicle coca__ _100
100
Preferred
Am Graphophone oom 100
100
Preferred
100
American Hardware
Amer Typefounders corn-100
100
Preferred
Borden's Cond Milk com 1130
100
Preferred
100
Celluloid Company
Havana Tobacco Co---100
IGO
Preferred
let g Si June 1 1922 J-D
Intercontinen Rub coin...b00
100
Internet Banking Co100
International Salt
A-0
1st g 55 1961
International Silver pref_100
Lehigh valley Coal Sales- 50
100
Otis Elevator corn
100
Preferred
Remington Typewriter
-100
Common
100
it preferred
100
2d preferred
Royal Baking Powd com_100
Preferred
100

305 309
48 50
70 75
85 89
94 98
134 136
3812 40
90 92
10412 106
100 102
184 194
1
2
3
150 55
11
12
1410 _
58 60
77 7834
98 103
*77 84
60 83
87 91
1412
70 75
45 47
145 155
100 102

Per share. b Basis. d Purchaser a so pays accrued dividend. e New stock.
Flat price. a Nominal. 0 Ex100% d Mend. z Ex-dividend. y Ex-rights.

MAY 19 1917.]

THE CHRONICLE

2001

butestnunt and Sailraati intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return.
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
solumns the earnings for the period from July 1 to and including the latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,
but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Ma N 0& Tex PacAla & Vicksburg_ April
145.577 143,521 1,628,680 1,426,276
Vicks Shrev & P_ April
158,359 136,936 1,701,517 1,397,870
60,272
53,886 2,379,874 2,260,263
Ann Arbor
1st wkMay
13534107 11532792 115275063 98,810,673
Atch Topeka & S Fe March _
68,422
52,818 3,196,161 2,633,297
Atlanta Birm &Ati_ 1st wkMay
144,295 121,442 1,174,851 1,027,174
Atlanta & West Pt.. March
4,049,275 3,576,092 29,835,049 25,407,448
Atlantic Coast Line March
194,340 191,944 1,577,875 1,408,555
Chariest & W Car March
176,088 143,880 1,422,951 1 ,197,904
Lou fiend & St L March
analtimore & Ohio_ March........ 9,692,766 9,269,711 89,471,280 82,079,480
B ScO Ch Ter RR March...... 176,189 160,691 1,391,308 1,297,756
478,457 406,814 3,171,195 2,752,277
Bangor & Aroostook March
667,350 551,458 8,200,066 7,981,279
Bessemer & L Erie_ March_
Birmingham South_ March...... 100,646
93,342
745,605
720,241
March
4,734,582 4,297,377 42,197,166 38,160,661
Boston & Maine
Buff Roch & l'ittsb_ 2d wk May 309,879 265,427 11,604,697 10,452,853
March...... 141,229 137,227 1,257,904 1,305,043
Buffalo & Susq
Canadian Nor Syst_ 1st wk Ntay 734,500 677,400 34.145,900 27,636,300
Canadian Pacific
2d wk May 3,123,000 2,592,000 126031093 110158802
Caro Clinchf& Ohio March..
334,868 291,112 2,568,414 2,242,197
Central of Georgia_ March._.. 1,243,885 1,128,515 11,212,704 9,638,975
Cent of Now Jersey March
3,007,793 2,804,333
Cent Now England.. March _ _ _ 452,364 314,718 4.023,776 3,513,758
Central Vermont March
355,503 372,285 3,215,745 3,146,674
()hos Sc Ohio Lines.. 2d wk May 1,029,546 952,565 43,812,462 41,553,872
Chicago & Alton_
March...... 1,672,058 1,469,693 14,191,456 12,2:32,316
Chic Burl & Quincy March
0,691,863 8,946,622 86,966,597 77,418,805
b Chicago & East Ill March
1,730,188 1,448,897 13,597,214 12,643,793
C Chic Great West.. 1st wkMay 272,235 254,641 13,933,515 12,874,511
Chic Ind.& Louisv_ 2d wk May 176,405 158,996 7,590,993 6,642,968
Chicago June RR.._ March..
,
289,699 2,068,797 1,800.806
Chic Milw & St P March
8,757,232 8,876,704 82,988,920 78,623,715
dOhic & North West March_
43,037,910 7,799,839 77,885,244 70,190,677
Chic Peoria & St L. March. _1 166,199 152,076 1,448,333 1,319,703
Chic Rock Isl & Pac March
6.935,679 6,216,410 61,870,081 54,465,602
Chic 14 I & Gulf_ March..
312,1311 252,199 2,826,061 2.409,253
d Chic St P M & Om March...... 1,662,708 1,762,112 16,168,794 15,026,420
Ohio Terre 11 & S E March _
290,027 260,814 2,370,524 2,000,814
Cin Ham & Dayton March.. _ .. 819,341 721,911 7,873,781 7,961,203
Colorado Midland.. March........
96,424 106,710 1,307,725 1.174,801
e Colorado & South 1st wkMay 286,903 275,198 14,971,029 13,528,218
Cornwall
898
215,098
23,743
24;
March
142,110
Cornwall& Lebanon March
884
:397,308
43,98
341,010
Cuba Railroad_ _ _ February _ 395,631 721,363 4,331,926 3,953,142
2,461,348 2,0:34,634 19,991,964 19,252,250
Delaware & II udson March _ _
Dela Lack & West_ March..... 4704,657 4,234,294 39,757,629 36,737,921
Deny & Rio Grande 2d wk May '565,700 458,800 23,767,875 21,664,819
29,443
29,511 1,681,463 1,610,209
Denver & Salt Lake 1st wkMay
26,284
24,427 1,077,746
Detroit & Mackinac 1st wkMay
977,:313
226,588 189,935 1,831,264 1,63:3,647
Detroit Tot & Iront March
172,071
March
Dot & Tol Shore L.
7 1,307,025 1,303,949
Dui & Iron Range March__ _ _ 103,935 115,563 4,862,100 4,179,165
Dui Missabo & Nor March_ _ _ 171,156 162,932 10,226,132 7,212.943
68,624
Dui Sou Shore& Ati 1st wkMay
64,139 3.369,971 2,915,871
Duluth Winn & I'ac March
222,129 247.032 1,469,792 1,248,753
Elgin Joliet & East_ March...... 1,269,209 1,237,726 10,568,199 9,688,905
El Paso & So West_ March.... 1,230,720 967,084 10,553,970 7,648,007
March
Erie
6,120,945 5,625,28T54,922,360 53,919,613
Florida East Coast_ March
893,895 990,0471 6,611,511 5,008,319
Fonda Johns & Glov March _ _
697,400
Georgia Railroad_ _ March
3 :9
9 6
4 1 1g 28f ,18
1
11
2,367,241
Grand Trunk Pac_ _ :3(1 wk Apr 106,951 128,344, 4,246,729 4,859,474
Syst_ 2d wk May 1,356,646 1,076,436
Grand Trunk
Grand Trunk Ry :3d wk Apr 812,905 788,806 53,988,361 47.047,637
Grand Trk West.. 3d wk Apr 200,193 , 00,495139,838,841 33,667,974
2
4
7,139,811 7,047,746
Dot Or 11 & Milw 3d wk Apr
2,594,053
Great North System April
6,6T)( :114 6 6
1
)
1391'
2 70;a4f3 67,182,142
9
0
Nor_ March
Gulf Mobile &
170,049 181,6241 1,511,993 1,487,814
Gulf & Ship Island.. March
160,513
March...... 756,266 167,909 1,483,405 1,463,937
Hocking Valley_ _
5,395,282
Illinois Central.._
6,7513,757 5ln:9784'61:H3:MR 57,186,357
M a ic
Intcrnat & Grt Nor APrr i h_
868,341 780,887 8,766,897 7,095,145
South_ March.. _ _ _ 1,075,376
Kansas City
7,839,632
176,535
Lehigh & Hud River March
1,544,662
Lehigh & Now Eng- March.. _ _ 264,537 283,792 2,332,672 2,606,114
March _
4,322,092 3,889,169 37,003,54:3 35,143.212
Lehigh Valley
Los Angeles & SL... March..... 1,114,201 997,126 8,758,796 8,116,719
123,043 142,809 1.115,303 1,258,824
Louisiana & Arican_ March _ _ _
Louisiana Ry & Nay March _ ...... 180,909 164,978 1,729,004 1,689,550
fLouisville & Nashv 1st wkMay 1,359,115 1,223,100 58,420,562 51,105,359
March..... 1,169,965 1,031,343 10,008,450 8,878,833
Maine Central
Maryland & Penn.._ March......
43,306
40,047
379,390
354,883
Midland Valley.._
March
211,266 160,413 1,793,006 1,367,989
Mineral Range.. _ _ _ 1st wkMay
21,026
2
008,124
Minneap & St Louis lst wk May 210,641 192
1,N4
9,224,834
Minn St 1' & S S M 1st wkMay 638,853 596,490 27,927,399 29,592,052
Mississippi Central. March
54,058
73,569
595.968
607,829
g Mo Nan & Texas_ 2(1 wk May 707.456 610,802 35,035,260 28,300,893
6,261,131 5,477,491 86,347,143 47,962,404
h Missouri Pacific_ _ March
New York Central March - _ 17158064 16752552 15059594:3 139032285
Boston & Albany March_ __ _
0 577:gt2 15.'9 12.'627 14,395,605
n Lake Erie & W.. March ___ _ '682:31. '
6 19 38 5,134,654
6
Michigan Central March..... 4,185.968 3,
705.548 36,214,041 30,310,399
4,116,347 .826,727 35,060.131 32,272,211
Clove()0 & St L March _
North. March.... 172,276 165,923 1,538,718 1,356,276
Cincinnati
Pitts & Lake Erie March..... 2,053.697 2,029,244 18,109,348 16,754,562
Tol Ss Ohio Cont. March_ __ _ 565.084 486,236 4,959,240 4,017,188
Kanawha & Mich March.....
607 2.452,906 2,716,541
-'
Tot all linos above.March _ _ _ _ 30963312 2952:3'075 271939417 245989728

27794:18.1

?ERA ?.:4731:19
0

9.:137:41i
0

AGGREGATES OF GROSS
Current
Year.

Latest Gross Earnings
ROADS.

Previous
Year.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Dote
- Current
Previous
Year.
Year.
-

Na-shv Chatt & St L March...... 1,175,238 1,130,021 10,590,660 9,480,282
Nevada-Cal-Oregon 1st wkMay
347.804
6,840
5,547
303,347
Now On Great Nor_ March _ _ 117,564 172,760 1,245,180 1,349.733
N Y Chic Sc St Louis March.... 1,329,707 1,262,633 11,691,848 10,567,645
N Y N 11 & Hartf__ March ___ 6,923,847 6,098.626 61.303,542 55,726,965
N Y Ont & Western March _ ___ 683,339 638,681 6,524,332 6.793,423
N Y Susq & West__ March ___ 361,544 444,347 2.774.688 3,337,560
Norfolk Southern... March _ _ 481,792 435,205 3.877,810 3,386,136
Norfolk & Western_ March.....5,119,115 5,056,886 44,916,535 42,346,187
Northern Pacific.... March..___ 6,605,403 6,470,535 62,067,759 56.291.402
Northwest'n Pacific March ___ 325,801 291,601 3.491,084 3.151,260
Pacific Coast Co_ _ _ March ___ 369,327 538,989 4,812.069 5,480,176
p Pennsylvania RR.. March_ __ _ 21581463 18907091 176039037 162111 185
Bait Ches & Ati__ March....87,647
73,764
954,738
855,872
Cumberland Vail. March:.___ 387,588 309,771 2,927,841 2,598,254
Long Island
March
1,047,316 1,003,464 11.293,323 10.372,846
Mary'd Del & Va March.....
70,710
57,226
722.601
678,143
N Y Phila & Nor! March_ __ _ 353,718 393.272 3,829,855 3,395.550
Phil Bait & Wash March..... 2,407,720 2,007,298 20,115,814 17.201.760
W Jersey & Seash March....... 590,238 532,40.) 6,057,447 5,628.349
Pennsylvania Co... March.... 5,895,608 5,703,737 55,644,849 51.481,030
Grand Rap & Ind March.... 552,098 467,103 4,598,778 4,193,568
!Pitts 00 & St L. March..... 6,340,660 5,282,665 50,213,713 44,375,864
Total lines
East Pitts & Erie March.... 26859795 23594 050 224988 285 205596651
West Pitts & Erie March.... 12967440 11609411 111869608 101337662
All East & West. March_ _ _ _ 39827235 35203462 336858893 306934314
4th wk Apr 614,122 555.866 19,181,514 17,608,609
PoreMarquette_
Reading CoPhlla & Reading_ March.... 5,619.825 5,354,008 47.026.790 43.356,550
Coal & Iron Co.. March _ _ 3,934,538 3,711,420 34,387,725 28,600,477
Total both cog... March.... 9,554,363 9,065,429 81,414,515 71,957,029
Rich Fred Ss Potom March ___ 387,881 321,352 2.926,880 2,325.526
Rio Grande June... December
92,694
76.010
620,679
551,792
Rio Grande South... 1st wkMay
11,347
9,755
524,763
476,413
Rutland
March ___ 358,271 332,001 3,039,257 2,803,982
St Jos & Grand Isl. March ___ 186,899 153,179 1,710,001 1,344.313
St L 13rownsv & M. March ___ 340,036 209,805 3,780,900 1,956.442
St L Iron Mt & So_ March ___ 3,340,150 2,737,957 30,285.57024,374,739
St Louis
-San Fran March _ _ _ _ 4.629.762 4,223,415 42,329,998 35.801,801
St Louis Southwest_ 2d wk May 296,000 224,000 13,781,256 10,721,360
Seaboard Air I.ine_ _ March.....2.685,542 2,449,736 20,945.629 18.307,280
Southern Pacific_ _ _ March........ 15480819 12773558 133997307 113894942
k Southern Hy Syst_ 1st wkMay 2.054,547 1,854,797 88,564,234 78,302,838
Ala Great South.. March ___ 523.910 504,698 4.565.500 4.101.499
Cinc N 0& Tex P March
1,051,048 1,051,958 9,142,353 8,119,979
Mobile& Ohio..... 1st wkMay 244.486 233,337 10,650,970 9,995,830
Georgia So & Fla_ 1st wkMay
47,422
43,253 2,401.917 2,099,486
Spok l'ort & Seattle March ___ 486,897 374,664 4,297,100 3,718.944
Tenn Ala & Georgia 1st wkMay
1,897
1,969
103,068
86,517
Tennessee Central_ March ___ 134,618 129,227 1,305,773 1,183,774
Texas Ss Pacific_ __ _ 2d wk May 386,603 303.194 19,463.437 16,902,793
Toledo Poor & West April
99,662
86,017 1.036,950 1,017,172
Toledo St L Ss West 1st wkMay 106.048 115,888 5,306.332 4,738,805
Trin & Brazos Vail_ March
78,541
888,292
724,783
70,880
Union Pacific Syst_ March _ _ 9,259,045 8,717,166 89,044,830 78.153,591
Virginian
March..
910,506 771,061 7,185,869 5,695,719
Wabash
March...... 3,378,145 3.085,110 28,903,405 25,656,260
Western Maryland.. 2d wk May 208,122 193,268 10,999,023 9,352,531
Western Pacific_
March
763,227 600,304 6,582,557 5,486,534
Western Ry of Ala_ March
144,277 106,882 1,097,890
986,447
Wheel & Lake Erie.. March _ _ _ _ 699.882 749,067 7.178,906 7,527.866
Yazoo & Miss Vail.. April
1,298,054 1,048,426 13,948,219 11,272.870
Various Fiscal Years.
Buffalo & Susquehanna RR..... Jan
Delaware & Hudson
Jan
Erie
Jan
Now York Central.4
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve ()Inc Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Jan
Total all lines
Now York Chicago & St Louis Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Mary'd Delaware & Virginia Jan
N Y Philadelphia & Norfolk.. Jan
Phil') Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
1Pittsb Chic Chic & St Louis_ Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W. Jan
Rio Grande Junction
Dec
Rutland
Jan

Period.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Dec
Mar

Current
Year.

Previous
Year.

31
402,358
446.706
31 6,377,597 6,300.183
31 16,724,651 17.096,935
31 46.693,755 46,872,981
31 4,882,748 4,819,246
31 1,976,291 1,661,146
31 11,697,233 10,327,789
31 11,438.068 10.950,385
31
523,982
435,116
31 5,543,219 5,596,437
31 1,509,026 1,366.901
31
748,159
903.255
31 85,012.471 82,933,253
31 3,827.860 3,712,970
31
989,169 1,233,554
31 57,404,698 53.642.022
31
182,980
188,207
31 1,022,149
899,028
31 3.028.826 2,872,066
31
163,012
152,602
31 1,111,700 1,106,815
31 6,655,739 5.607,240
31 1.567.825 1,464.086
31 15,690,033 15,839,575
31 1,468,819 1,329.170
31 16,757.662 15,099,513
31 72,056.355 66,795,996
31 34,396.768 32,685,646
31 106453123 99,481,642
31
92.694
76,010
31
962,453
887,736

EARNINGS-Weekly and Monthly.

Previous
Increase or
Current
Prevu,us
Increase or
Year.
Decrease.
%
Year.
• Monthly Summaries.
Year.
Decrease.
%
---- --g
S
Mileage.
Cur. Yr. Prev. Yr.
$
$
S
4th week Fob (28 roads).... 13.508.398 14,066,891
-558,493 3.97 July
244.249 243.563 308.040.791 263.944,649 +44,096,142 16.77
1st week Mar 29 roads)__- - 12,798,647 12,115,340
+683,307 5.64
August
245.516 244,765 333.460,457 278,787,021 +54,673,436 19.66
2d week Mar 30 roads)_- -- 13.411,164 12,018,648 +1,392,516 11.59 September _ _2-18.156 247,166 332.888,990 294,333,439 +38,555,541 13.11
3d week Mar 31 roads)_-- - 13,198,911 12.565.087
+633.824 5.04 October
246,683 248.000 345,790,899 310,740.113
4th week Mar (33 roads)- --- 21,296,954 19,034,515 +2,262,439 11.82 November _ _248,863 218,058 330,258,745 306,606,471 +35.050.786 11.22
+2:3,652,274 7.71
1st week Apr 132 roads)_- -- 14,388,627 12,933,797 +1,454,830
-.216,811
262.171,169
2(1 week Apr :32 roads)-- - - 14,416,873 12,648,358 +1,768,515 11.25 December_248.477 215.669 307.961.074 242,064,235 +20.106.934 8.31
13.92 January_
247,327
267.115,289 +40.845.785 15.29
3d week Apr 31 roads)..... 13,938.948 12,382,623 +1,556,325 12.57 February
249.795 248.738 271.028.066 269,272,382 +2.655,684 0.99
4th week Apr 30 roads)_-- 17,657,935 15,692,888 +1,965,047,12.52 March
248,185 247,317 321,317,560 294,068,345 +27.249.215 9.27
1st week May (32 roads)...-.• ,
12,581,492 +1,403,432 11.15 April
85,077 77,425,837 68,848.334 +8,577,503 12.47
86,516
a Includes Cleveland Lorain & Wheeling By. b Includes Evansville & Terre Haute. c Includes Mason
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. e Does not include City & Fort Dodge and the Wisconsin
earnings of Colorado Springs & Cripple
Creek District Ry. .1 Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and
the Wichita Falls lines.
h Includes the St. Louis Iron Mountain & Southern. j Includes the Lake Shore & Michigan Southern By., Chicago Indiana
& Southern RR.. and
Dunkirk Allegheny Valley & Pittsburgh lilt. k Includes the Alabama Great Southern,°Inc. New Orleans & Texas Pacific, New Orleans
& Northeastern
gnd tile Nor. Alabama. 1 Includes Vandall% RR. n Includes /sr-ir. Ohio HR. p Includes Northern Central. • We
no longer include Mexican roads in
any of our totals.
• Weekly Summaries.




[VoL. 1041.

THE CHRONICLE

2002

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of May. The table covers 32 roads and shows 11.15%
increase in the aggregate over the same week last year.

Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current Previous
Year,
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

886,189
948,237
3,550,598
9,983,380 1,881,875 1,989,181
149,401
710,509 def2,920
379,100
2,093,325 def74,944
4,136
247,948 def25,063
722,431 def128,963 def23,846
57,915
90,004
538,989
862,739
773,629
1,176
5,48'
Net
Fixed Chgs. Balance,
Earnings. & Taxes. Surplus.
$
$
$
370
247
617
6,910
Bellefonte Central_ _Apr '17
1,049
256
1,305
6,720
'16
816
988
1,804
4 mos '17
28,400
3,678
1,024
4,702
27,225
'16
Balance,
Charges
Total
Other
Net
Gross
de Taxes. Surplus.
Income.
Earnings. Earnings. Income.
$
$
$
Tol Poor & West
27,136 def1,223
25,913
21,098
4,815
101,405
Mar'17
26,320 der2,788
23,532
11,709
11,823
'16
101,800
27,163 dell,455
25,708
21,000
4,708
99,662
Apr '17
26,471 def8,524
17,947
13,669
4,278
'16
86,016
1,313
109,218
110,531
82,667
27,864
4 mos '17 398,018
106,279 6e125.120
81,159
50,811
30,348
375,802
'18
EXPRESS COMPANIES.
-Month of December- -July 1 to Dec. 311915.
1916.
1915.
1916.
$
$
$
$
American Express Co.Total from transportation___ 6,131,606 5,356,727 33,947,002 28,152,933
-Dr
3,050,874 2,710,505 16,825,154 14,205,428
Express privileges

60,823
68,798
Cleve Painesv & East February _ 32,362 29,922
303.029
331.373
Cleve Southw & Col_ March........ 117,466 104,120
917,782 787,924 4,082,813 3,477,541
gColumbla Gas & EL April
203,305
258,445
Columbus(Ga) El Co March _ __ 87.851 66,736
578,117
653,889
Colum (0) By,L & P February.. 316,318 280,700
Com'w'th P,By & Lt March........ 1558.538 1353,712 4,706,991 4,124,259
_ 806,909 751,504 2,314,102 2,134,382
March
Connecticut Co
450,732 371,398 1,852,919 1,532,626
Consum Pow (Mich) April
411,582
455,994
Cumb Co(Me)P & L February.. 217,275 198,398
496,719
568,142
Dallas Electric Co...... March...... 188,025 159,828
531,873
536,613
142,023 125,577
Dayton Pow & Lt _A pril
April
977,668 775,855 4,166,105 3,371,656
g Detroit Edison
1465,166 1237,688 4,143,246 3,523,118
Detroit United Lines March _ _
77,977
67,229
D D EB& Batt(Rec) February _ 32,542 37,840
324,036
379,315
Duluth-SuperiorTrac March _ _ _ _ 133,101 114,028
456,840
560,765
East St Louis & Sub.. February _ 268.158 227.472
192,608
228,421
Eastern Texas Elec._ March _ _ _ _ 76,062 62,339
282,920
335,781
El Paso Electric Co__ March........ 108,183 86,491
310,559
269.048
42d St M & St N Ave February _ 128,719 146,979
658,614
712,926
239,235 216,914
March
o Federal Lt & Trac_ March
460,596
468,830
157,470 158,394
Galv-Hous Elec Co__
209,246
217,040
Grand Rapids By Co February _ 103,932 103,429
632,220
670,667
Great West Pow Syst February _ 328,982 310,805
71,619
87,492
Hagers'n & Fred Ry_ February _ 40,824 35,076
265,913
274,717
94,926 93,333
Harrisburg Railways March
Havana El By,L & P,March _ _ _ _ 545,397 470.616 1.597,210 1,452.233
50,243
57,984
57,984 50,243
Honolulu R T & Land January
76,193
84,499
_ 30,497 27,191
Houghton Co Tr Co_'March
_ 544,365 510,203 1,583,461 1,478,022
b Hudson & Manhat_ March _
Illinois Traction _ ___ March........ 1080,633 986,925 3,282.112 3,022,529
3682.520 3405,051 10,553,367 9,635,778
Interboro'Rap Tran_ March
157,914
174.603
61,510 54,731
Jacksonville Trac Co March
58,912
58,686
18,759 19,390
Keokuk Electric Co.. March
28,058
_ 11,259
33,244
9,236
Key West Electric..__ March _
219,877
251,915
Lake Shore Elec By.. February _ 120,326 106,507
754,043
850,545
217,984 198,636
Lehigh Valley Transit April
103,457
116,496
Lew st Aug & Watery February _ 54,793 50,574
30,489
31,027
Long Island Electric_ February _ 14,769 14,655
728,357
748,541
261,478 250,571
Louisville Railway.... March
649,445 591,997 1,971,476 1,771,081
Milw El By & Lt Co_ March
384,650
499,478
168,290 128,514
Milw Lt, lit & Tr Co March
371,628
565,490
Monongahela Vail Tr March __ _ 202,777 128,044
381,903
407,462
Nashville By & Light February _ 197,593 185,318
256,033 .217,819
89,458 74,788
NewpN&HRyG&E March
117,790
118,068
N Y City Interboro__ February _ 56,361 56,543
55,607
57,078
N Y & Long Island__ February _ 26,914 26,205
22,735
21.525
N Y & North Shore.... February _ 10,175 10,570
209,423
197,526
N Y & Queens Co...... February.. 86.122 100,393
New York Railways_ February - 914,076 1040,676 1.911,151 2,162,113
71,420
,
77,311
N Y & Stamford By.. March
118,018
130,528
45,165 39,835
N Y Westches & Bost March
30,734
32,320
Northampton Trac__ February _ 15,812 14,490
Nor Ohio Trac & Lt.. March.._.... 530,618 397,357 1,519.926 1,136,896
459,444
529,223
199.545 166,936
North Texas Electric March
10,588
10,552
5,164
5,148
Ocean Electric (L I).. February _
_ February - 1625,814 1600,035 3.399,379 3,362,748
Pacific Gas &
761,415
815,208
Pacific Lt & P Corp.._ March __ _ 270.616 250,776
78,796
79,732
25,394 25.725
g Paducah Tr & Lt Co March
60,825
79,176
Pensacola Electric Co March ..__ _ 25,221 24,066
2510,812 2255,672 7,143,949 6,445,758
Phila Rapid Transit.. March
107,040
116,822
41.097 37,248
Phila & Western By.. March
864,319
950,139
Port(Ore)Ry,L&PCo. February _ 459,908 409.331
g Puget Sd Tr L & P.. February _ 720.178 597,215 1,508.048 1,266,808
368,029 327.672 1,482,279 1,286,493
g Republic By & Lt.... April
478,057 451,308 1,368,320 1,290,381
Rhode Island Co........ March
54,489
60,712
Richmond Lt & RR_ February _ 28:730 26.254
352,530
390.311
126,670 112,808
Jos Ry. H & P_ March
St
135,549
_ 40,021 42,974
133,444
Santiago Elec Lt & Tr March
191.801
221,600
Savannah Electric Co March........ 77,252 66,270
126,059
116,804
Second Avenue (Rec) February _ 65,359 59,880
35,204
32,164
Southern Boulevard_ February _ 15,580 16,782
Southern Cal Edison.. March........ 399,501 383,139 1,225,772 1,214,209
41,075
43,716
Staten Isl'd Midland.. February _ 20,783 19,696
259,177
272,441
Tampa Electric Co.... March........ 89,766 81,928
667,640
668,345
February _ 337,344 324,982
Third Avenue
Twin City Rap Tran_ 4th wkMar 300,737 269,800 2,641,912 2,490,986
439,046
444,418
Union By Co ofNYO. February - 213,690 204,277
506,073 475,700 2,025,788 1,896.382
Virginia By & Power April
115,866
125,012
57,376
Wash Balt & Annap_ February.. 58,052
84,181
78,103
Westchester Electric.. February _ 36,675 39,915
52,618
50,412
18,849 17,998
Westchester St RR.... March _ _
708,766
966,757
West Penn Power...... March ..__ _ 322,077 235,889
613,268 490,253 1,789,417 1,432,157
West Penn Trac Co March
120,075
114,821
Yonkers Railroad__ February _ 56,377 56,964
241,033
264,447
89,118 80,938
March
York Railways
73,962
78,403
Youngstown & Ohio_ March........ 28,737 24.581

Revenuefrom transport'n- 3,080,732 2,646,222 17,121,848 13,947,505
363,265 1,632,354 1,549,152
Oper,other than transport'n. 309,877

b Represents income from all sources. c These figures are for consolidated company. f Earnings now given in milreis. g Includes constituent
companies.

First Week of May.

1917.

Increase. Decrease .

1916.

6,386
53,886
60,272
15,604
68,422
52,818
17,301
265,426
282,727
57,100
677,400
734,500
3,065,000 2,763,000 302,000
47,416
827,886
875,302
17,594
254,641
272,235
12,763
162,877
175.640
11,705
27+5,198
286,903
444,500 100,700
545,200
29,511
29,443
1,857
24,427
26,284
4,485
64,139
68,624
4,169
43,253
47,422

Ann Arbor
Atlanta Birm & Atlantic
Buffalo Rochester & Pittsburgh.
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl
Georgia Southern & Florida_ _ _ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw_ _ _ _
Canada Altantic
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M_
_
Missouri Kansas & Texas__
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Southern Railway System
Tennessee Alabama & Georgia..
Texas & Pacific
Toledo St Louis & Western.._ _ _
Western Maryland

1,135,091 1,030,768

104,323

1,359,115 1,223,100
22,344
21,026
191,929
210,641

136,015

596,490
638,853
579,977
751,237
233,337
244,486
5,547
6.840
9,755
11,347
219,000
293,000
2,054,547 1,854,797
1,969
1,897
334.652
397,341
115,888
106.048
222,977
215,481

42,363
171,260
11,149
1,293
1,592
74,000
199,750

1,318
18,712

72

62,689
9,840
7,496

13,984,924 12,581.492 1,422,226
1,403,432

Total(32 roads)
Net increase (11.15%)

68

18,794

-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:

-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$

Grand Trunk of Canada
Grand Trunk By.. __Mar 4,0G7,563
10,828,449
Jan 1 to Mar 31
Grand Trunk West__ Mar 716,348
1,987,964
Jan 1 to Mar 31
Det Gr Hay & Milw_Mar 278,120
715,374
Jan 1 to Mar 31
Mar 369,327
Pacific Coast
4,842,069
July 1 to Mar 31
Gross
Earnings.

Total operating revenues.. 3,390,609 3,009,488 18,754,202 15,496,657
3,284,794 2,462,499 17,533,141 13,327,436
Operating expenses
105,814
1,941
38,508

546,988 1,221,061 2,160,221
8.098
4,396
1,199
270,368
260,218
43,763

65,364

Net operating revenue........
Uncollectible rev.from trans.
Express taxes

942,594 1,904,606
602,025
Jan. 1917. Jan. 1916.

Operating income
American Express Co.
Total from transponation
-Dr
Express privileges

5,128,455
2,280,778

3,991,917
1,964,357

Revenue from transportation
Operations other than transportation.

2,547,677
277,289

2,027,560
284,166

Total operating revenues
Operating expenses

2,824,966
2,800,497

2,311,726
2,221.594

24,468
2,208
38,879

90,132
1,266
44,995

loss16,619

43,869

Net operating revenue
Uncollectible revenue from transportation
Express taxes
Operating income

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

3 •
$
393,482
419,918
Adirond El Pow Corp March __ 132.451 128,235
67,842
70,682
Atlantic Shore Ry...._ March ___ 25.740 23,473
439,640
469,516
cAur Elgin & Chic Ry March ___ 163,197 146,546
128,690
143,460
Bangor By & Electric February - 68,776 62,406
51,177
57,546
Baton Rouge Elec Co March __-- 18,277 16,200
124,151
109,688
Belt LRyCorp(NYC) February _ 51,941 58,420
212,396
245,482
Berkshire Streec By.. March...... 87,361 72,293
Brazilian Trac, L & P March ___ 17549000 16913000 121687,000 f19815,000
22,455
25,143
7,097
8,413
Brock & Plym St By.. March
Bkiyn Rap Tran Syst February _ 2184,955 2099,998 4,624,424 4,357,557
90,626
104,345
33,754 27,867
Cape Breton Elec Co March
72,328
74,263
Cent Miss V El Prop_ March ___- 23,629 23,616
209,226
197,603
Chattanooga By & Lt February _ 10
1609,012 638,492 6.866,810 2,616,221
Cities Service Co__ -- April




Electric Railway and Other Public Utility Net Earn-The following table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
--Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
16,159
12,684
52,004
Mar
53,723
Dakota Cent Tel
42,374
37,195
149,705
162,634
Jan 1 to Mar 31
48,865
45,271
106,677
Kan City Home Tel...... _Mar 128,622
146.070
138,900
383,491
Jan 1 to Mar 31
347,543
18,885
8,074
40,021
42,974
Santiago El Lt & Trac b Mar
63,741
43,942
133,444
Jan 1 to Mar 31
135,549
Utah Securities Corp (sub244,695
296,806
442,056
sidiary cos only)
Apr 526,223
971,528
Jan 1 to Apr 30
2,073,637 1,742,249 1,153,017
Western Union Teleg_ _ _Mar 6,095,305 4,976,606 2,120,280 1,617,666
13,983,628 5,601,070 4,616,994
16,875,129
Jan 1 to Mar 31
b Net earnings here given are before deducting taxes.
Balance,
Net after
Fixed
Gross
Surplus.
Taxes.
Earnings.
Charges.
Companies.

Mar '17
'16
Adirondack Elec
Power Corp......3 mos '17
16
'
Cities Service Co_ _Apr '17
'16
4 mos '17
'16
Columbia Gas & ELApr '17
'16
4 mos '17
'16
Dayton Pow & Lt.. Apr '17
'16
4 mos '17
'16
Detroit Edison_ _ _ _Apr '17
'16
4 mos '17
'16

132,451
128,235
419,918
393,482
1.609,012
638,492
6,866,810
2,616,221
917,782
787,924
4,082,813
3,477,541
142,023
125,577
536,613
531,873
977,668
775,855
4,166,105
3,371,656

28,671
21,092
49,763
35,701
21,939
57,640
77,449
64,775
142,224
128,403
66,649
105,052
226 1,577,900
1,578,125
576.190
41,632
617,822
1,049 6,750,012
6,751,070
173,500 2.365,401
2,538,901
348,163 x303,575
489,553
341,192 x126,134
427,405
2.218,414 1,382,572 x1,479,575
1,886.497 1,349,679 z690,262
x21,832
25,321
46,475
x39,560
18,257
57,490
202,029
101,867 x104,194
69,874 x187,307
256,029
218,427
84,733
303,160
204.029
86,169
290,198
339,676 1,117,7968
1,457.472
996.1
374,497
1,370,615

MAY 19 1917.j

THE CHRONICLE
Gross
Earnings.

Ky Trac & Term
Apr '17
and Lexington
'16
Utilities Co..__ 10 mos'17
'16
Mllw El Ry & Lt_ Mar '17
'16
3 mos '17
'16
Milw Lt Ht & Tr_ _Mar '17
'16
3 mos '17
'16
New Orleans Ry & Lt
3 mos to Mar 31 '17
'16
Newp't News .S6
Mar '17
'16
& Hampton Ry
Gas & Elec
3 mos '17
'18
Nor Ont Lt & Pow_ _Mar '17
'16
3 mos '17
'16
Republic Ry & Lt__Apr '17
'16
4 mos '17
'16
Sou Calif Edison__ _Apr '17
'16

Net after
Taxes.

38,273
35,071
386.852
367,982
649,445
591,997
1,971,476
1,771,081
168,290
128,514
499,478
384,650

153,958
166,906
492,903
515,780
30,376
34,739
100,959
109,872

2003

Fixed
Charges.

Balance,
ref. stock dividends were $720,865 this year against $623,641. after deSurplus. ducting which the surplus applicable to common stock of sub-companies
was $1,455,002 in 1917, against $1,415,305 in 1916.
16,362
14,496
169,761
163,848
ANNUAL REPORTS
69,074
z90,110
66,985 x103,961
204,933 x308,329
Annnual Reports.
-An index to annual reports of steam
201,122 z326,609
38,629 zdef8,269 railroads, street railways and miscellaneous companies which
54,574
x25.302 have been published during the preceding
month will be
115,736 zdef14,769
170,514
z74,408 given on the last Saturday of each month. This index will

1,989,000
747,520
474,409
1.835,159
724,393
462,816
89,458
27,418
20,683
74,788
23,646
18,046
256,033
86,825
61,857
217,819
71,501
57,677
73,329
56,293
69,611
54,292
219,840
169,444
210,745
165,392
368,029
117,854
80,425
327,672
128,392
67,411
1,482,279
477,591
316,184
1,286,493
525,715
265,624
437,000
255,000
86,000
404,000
213,000
84,000
Gross
Net
Fixed Chgs.
Earnings. Earnings. & Taxes.

273,111
261.577
z7,025
z5,645
x25,498
x14,128
33,513
31,797
101,104
97,079
x47,431
x63,653
z174,371
x265,432
169,000
129,000
Balance,
Surplus

not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of April 28. The next will appear in that of May 26.

Pennsylvania Company.
(Forty-fifth Annual Report-Year ending Dec. 31 1916.)
President Samuel Rea, March 28, wrote in substance:

Results.
-The operating revenues aggregated $75,569,026, an
increase
of $14,711,349, or 24.17%,.due principally
of freight traffic handled with consequent to the largely increased volume
increase in freight revenues of
$11,169,099. Excellent business conditions prevailed generally throughout the year and the demand for manufactured articles, particularly
of iron
and steel, was especially heavy. In the late fall the congestion in certain
parts of the country became so serious as to necessitate the placing
numerous embargoes. The general industrial activity and prosperity of
is
also reflected in the passenger train revenues, the earnings from the passenger traffic having increased $1,900,141 and express traffic $430.274.
Consum Pow (Mich)_Apr'17
The operating expenses were $51,131,323, an increase of 310,033,545
450,732
255,689
108,935
146,754
16
371,398
252,038
144,260 or 24.41%, due principally to the largely increased traffie handled, the
107.778
4 mos '17 1,852,919
973,076
436,170
536,906 heavier expenditures necessitated thereby upon the roadbed,track and
bridges,
'16 1,532,625 1,012,540
604,959 increase and upon the equipment; for fuel, &c., and partially to the rapid
407.591
in the cost of materials
Lehigh Val Trans_..Apr '17
217,984
85,966
58,487
z38.516 Taxes increased $878,175, or and labor in the latter months of the year.
'16
27.16%•
198,636
87,220
x39,067
58,465
A dividend of 8% was paid, appropriations made to meet the require4 mos '17
850,545
295,700
233,437 z108,043 ments ofthe various sinking and reserve
funds, and $3,200,000 appropriated
'16
754,043
z118,339 for investment in improvements
310,793
233,858
to the property, leaving
Louisville Ry
Mar '17
261,478
z65,326 a small balance of $44,862, whichand betterments to profit and
133,845
77,813
was transferred
loss.
'16
250,571
x56,542
124,663
76,813
Statistics.
-The tonnage of the lines directly operated was 123,631,786
3 mos '17
748,541
232,438 x177,352 tons, an increase of 24.477,822 tons, or 24.69%; the ton mileage
378,439
increased
'16
728,357
230,438 x170,326 25.15%, and the freight train mileage 19.02%. There was
370,720
slight decrease
Virginia Ry & Pow_ _Apr'17
506,073
153,351 z115,422 in the average revenue received per ton per mile. The number of passen261,176
'16
475,700 • 252,726 '147,578 z113.093 gers carried on the lines directly operated increased 17.05%; the passenger
10 mos '17 5,003,468 2,588,432 1,512,314 z1,155,288 mileage increased 18.71%, while the passenger
train mileage increased but
'16 4,682,348 2,491,377 1,449,335 x1,121,486 5.43%. Average revenue per passenger per mile was the same as in 1915.
Wash Bait & Annap Feb '17
Financial.
-There was no change in the outstanding capital stock of
26,423 zdef9,565
14,548
58,052
'16
25,499 zdef1,987 $80,000,000 during the year, and no additional bond or trust certificate
20,897
57,376
2 mos '17
35,152
52,654 zdef12,739 issues were made. The First Mortgage bonds, collateral trust certificates
125,012
51,062 zdef3,778 and equipment trust certificates outstanding in the hands of the public
42,055
'16
115,866
were reduced $11,953,235, through the operations of the various sinking
z After allowing for other income received.
funds, by purchases, cancellations, &c.
Provision was made for the retirement at maturity on Nov. 1 1916, of
The United Gas & Electric Corporation.
the final installment of the gold loan of 1901 certificates; and Pennsylvania
Net after
Interest
Co. 4%% gold loan of 1915 certificates, aggregating $5,131076, were
Renewals&Re- Deduce
Gross
issued in exchange for its French Franc Loan certificates making a total
Earnings, place. res've. ctitent'ls.
Balance. of $35,289,347 of the gold loan of 1915 certificates so issued, of which
$9,806,368 are held by the Pennsylvania Co., and leaving outstanding
Citizens G.& F.Co _Mar'17
21,657
7,613
3,942
3,671 $12,705,151 of the French Franc Loan certificates, a decrease of $5,348,740,
21,397
(Terre Haute. Ind.) '16
6,805
3.796
3,009 due to the exchange of securities and to the cancellation of $268,050 of
278,a04
12 mos ended Mar 31 '17
94,861
45,988
48,873 such certificates held by the Pennsylvania Co.
253,673
88,240
'16
44,639
Equipment Trust Obligations.-Payments were made on account of prin43,601
45,384
Colorado Spgs. L., Mar '17
9,442
11,417
def1,975 cipal during year amounting to $1,466,822, leaving balance of $4,664,856.
'16
40,645
H. & P. Co.
Road and Equipment.
8,818
-The increased investment of the Pennsylvania
11,500 def2,682
552.232
Co. in road
12 mos ended Mar 31 '17
141.754
137,250
4.504 passenger and equipment was $339,866, due largely to new freight and
'16
563,463
234,328
cars acquired for replacements, and the increased investment
138,000
96,328 upon
the leased
Mar '17
Columbia (Pa.)
2,040
293
312
def19 terments thereonrailway properties, representing improvements and bet'16
Gas Co
not chargeable to the betterment accounts under the
1,747
408
313
95 leases, was
12 mos ended Mar 31 '17
27,925
principal improvements upon the leased
7,305
3.750
3,555 and operated$1,833,800. The which is chargeable to
'16
lines, the cost of
25,040
the respective com9,721
3,750
5,971 panies, consisted of the completion of
Conestoga Trac. Co Mar'17
grading for additional main tracks
102,844
43,564
27,032
16,532 in the Alliance, Ohio, district; completion of foundation and partial erec(Lancaster, Pa.)
'16
83,619
32,279
27,291
4,988 tion of steel for the five-story steel and reinforced concrete freight house
12 mos ended Mar 31 '17 1,135,070
476,505
325,303
151,202 in Chicago; grade reduction work and additional main tracks and re'16 1,017,561
419,148
327,856
91,292 arrangement and enlargement of the yard at Sandusky on the Toledo
Consumers E. L. & Mar '17
28,676
11,650
6,634
5,016 Columbus & Ohio River RR.,and additions to and improvement of equip't.
P Co.(New Orleans) '16
27,383
11.339
Chicago Union Station Co.
-This corporation was engaged principally
6,447
4,892
,
12 mos ended Mar 31 '17
356,347
154.564
78,376
76,188 during the year in the construction of bridges, changing the grade of ad'16
354,075
172,704
77,306
95,398 jacent streets, and relocating sewer, water and gas pipe lines. It was
Edison Electric Co Mar '17
59,669
28,112
8,169
19,943 greatly hampered in its program of work by strikes called in July by the
(Lancaster, Pa)
'16
49,674
building trades unions which affected particularly the reconstruction and
25,865
7,162
18,703 relocation
12 mos ended Mar 31 '17
630,583
of
313,640
92,540
221,100 land needed freight facilities of the individual roads necessary to release
'16
532,490
for the new passenger terminal.
278.186
81,020
197,166
Wheeling Coal RR of West Va & Wheeling Coal RR of Penn.
Mar '17
Elmira W,L &
106.306
-These
36,749
16,132
20,617 companies have been organized to construct a line principally
'16
100,023
RR Co
36.70
for
16,848
18,921 pose of developing additional coal territory, from a connection the pur12 mos ended Mar 31 '17 1,225,509
with the
426,224
191,975
234,249 Wheeling Terminal Ry in Wheeling, W. Va:, eastwardly
'16 1,077,785
391,358
192,988
198,370 where connection will be made with the Waynesburg & to Hackney, Pa.,
Washington RR,
Harrisburg L & P Mar '17
74,567
38,242
13,479
24,763 an affiliated line, and also with an extension of the Ten Mile Run branch
Co
'16
72,448
37,417
13,267
24,150 being made by the Pennsylvania RR. Surveys for the new line have been
819,678
12 mos ended Mar 31 '17
450,201
158,658
291,633 made and a portion of the right of way acquired.
'16
715,242
383,476
156,495
226,981
Good progress was made upon the construction of the new line between
Houston 0 & F Co Mar '17
44,407
13,475
6,608
6,867 Indianapolis and Frankfort, Ind., the right of way having been acquired
'16
45.726
17,467
6,406
11,061 and a considerable portion of the grading, bridge and trestle work com12 mos ended Mar 31 '17
541.276
206,655
78,624
128,031 pleted. Expenditures on this account to Dec. 31 1916 were $1,609,698.
'16
491,930
Pennsylvania-Detroit RR.
181,828
-This is a company incorporated in connection
68,568
113,260
Houston Heights Mar '17
2,238
with
1,105
130
975 madethe extension of the Pennsylvania lines from Toledo into Detroit,
W & L Association
'16
2,272
necessary and desirable by the recent great growth of the industrial
1,094
125
969 activities in that district.
ended Mar 31 '17
12 mos
28,261
Advances of $2,754,473 were made to the new
14,072
1,512
12,560 railroad company and expended
'16
27,191
principally in the purchase of land and
14,289
1,555
12,733 right of way, and negotiations are
International Sys- Mar '17
pending for the use
715.027
of
229,116
142,667
86,449 lines and facilities of other companies in that territory of portionsthe the
'16
628,681
tern (Buffalo)
to reduce
in222,154
146,849
75,305
12 mos ended Mar 31:17 8,035,286 2,710,956 1,699,909 1,011.047 vestment and more quickly provide the required trackage.(V.104,p.1146)•
Consolidations of Subsidearies.-The Pittsburgh Cincinnati Chicago
16 7,082,570 2,642,858 1,744,427
898,431 & St. Louis Ry, Vandalia RR,Chicago Indiana & Eastern Ry, Pittsburgh
Lancaster 0 L & Mar '17
18,944
7,782
2,083
5,699 Wheeling & Kentucky RR, and the Anderson Belt Ry companies were
'16
16,808
F Co
,386
2,083
5,303 consolidated, effective Dec. 31 1916, the new corporation so formed being
230,068
12 mos ended Mar 31 '17
94,605
25,000
69,605 the Pittsburgh Cincinnati Chicago & St. Louis RR. The new company
'16
211.996
105,653
25,000
80,653 assumed the lease of the Little Miami RR. to the Pittsburgh Cincinnati
Leavenworth L H Mar '17
20,402
4,900
2,813
2,087 Chicago & St. Louis Ry and also that of the Terre Haute & Peoria RR to
'16
23.159
& P Co
6,114
2,813
3,301 the Vandalia RR (V. 103, p. 844, 2342).
217,139
12 mos ended Mar 31 '17
Securities Owned, Sold, &c.
49,295
-The entire capital stock, $1,800,000 of the
33,750
15,545
'16
221,423
60,662
33,750
26,912 Lorain Ashland & Southern RR. including its $1,500,000 First Mortgage
Mar '17
bonds, and practically all of its $1,200,000 Second Mortgage bonds were
33,875
Lockport L H &
8,021
4,617
3,404 purchased during the year, and subsequently
'16
31,559
P Co
one-half of these securities
7,792
4,320
3,472 were sold to the
349,341
RR
12 mos ended Mar 31 '17
84,971
54,148
30,823 of the property. Erie 102, which desired to become a joint owner and user
'
16
303,495
(V.
p. 2167.)
76,284
48,128
28,154
The entire capital stock, $49100 of the Anderson Belt Ry was purchased
Mar '17
18,650
Richmond (Ind)
5,848
3,916
1,932 from the Pittsburgh Cincinnati Chicago & St. Louis Ry, and practically
'16
15,951
L H & P Co
1,977
4,244
def2.267 all of the stocks of the Louisville Bridge Co. and Pittsburgh Wheeling & Ken159,219
12 mos ended Mar 31 '17
17,224
47,142 def29,918 tucky RR. were acquired from the minority holders.
'16
145,187
10,671
46.820 def36,149
Additional shares of stock of the Vandalia RR, Terre Haute & Peoria
14,037
Union Gas & Elec- Mar '17
3,878
2,689
1,189 RR and Pittsburg Fort Wayne & Chicago By were purchased, additional
14,015
Co (Bloomington, Ill) '16
4,853
2,606
2,247 shares of betterment stocks of the Cleveland & Pittsburgh RR and Erie
12 mos ended Mar 31 '17
183,177
62.847
31,819
31,028 & Pittsburgh RR companies were received in settlement of betterment
179.680
'16
79,459
31,200
48,259 accounts, and $1,500,000 of capital stock of the Indianapolis & Frankfort
Wilkes-Barre Co
69,967
Mar '17
30,473
20,020
10,453 RR was received on account of advances made for construction purposes.
72.075
'
16
The
33,506
19,886
13,620 Steel Pennsylvania Co. exchanged its entire holdings of Pennsylvania
12 mos ended Mar 31 '17
760,248
Co.preferred and common stocks and Collateral Trust Bonds and sub365,036
239.184
125,852 sequently
714,404
'16
sold the $15,489,000 of Bethlehem Steel Co. Purchase Money
361,682
236,301
125,381 and
Improvement Mortgage bonds received therefor.
Total
Mar '17 1,378,696
The Pennsylvania Co. sold its entire holdings of Cornwall & Lebanon
480,264
272,660
207,604
'16 1,247,182
461.045
275,957
185,088 RR stock, and Pittsburgh Youngstown & Ashtabula Ry First General
Mortgage bonds, 13,000 shares of Cleveland & Pittsburgh RR betterment
Total 12 mos end Mar 31'17 15,529,862 5,670,808
3,244,931 2,425,877
'16 13,917,206 5,510,546 3,257,805 2,252.741 stock, 17,000 shares of the Little Miami RR betterment stock, and 15,571% shares of Southern Pacific Co. stock. It also held equipment trust
Total amortization debt discount and other deductions amounted
to certificates of a par value of $3,800.000 which matured and were paid
$250,011 for the 12 months ended March 311917,against
$213,795 In 1916; during the year.t




2004

THE CHRONICLE

[VOL. 104.

(The) Virginian Railway Company.
Statement as to $20,490,507 Expended During 1916101 Construction, Equipment, &c.
Lines West of Pittsburgh.
(7th Annual Report, New Year ending Dec. 31 1916.)
Road and Equip. accounts in bal. sheets of the several cos.)
(Inch in
All Other Companies ($12,014,945)The report dated at New York, April 23, and signed by
Penn. Co. Lines($8,475,562)
$339,866 P. C. C.& St. Louis Lines_ _ _ _$4,659,954 Chairman and President, Clarence W. Huntington, says in
Pennsylvania Company
1,526,753
Pitts. Ft. Wayne & Chic. Ry.. 3,493,183 Vandalla RR. Lines
773,011 substance. (Compare map on p. 132, of "Railway and
836,860 Grand Rap. & Indiana Lines_
Cleveland & Pittsburgh RR_
5,050,706
Pittsb. Youngst. dc Asht. Ry_ 1,017,926 Independent companies
4,521 Industrial Section."):
Tol. Col. & Ohio River RR.._ _ 1,614,860 Sundry branch roads
-Main line mileage was increased by the construction of the
Mileage.
947,735
Cleve. Akron & Cincin. RR.._
Devils Fork Branch (1.09 miles) and of 5 miles on Stone Coal Branch.
• 225,131
Other companies
-Operating revenue increased from freight traffic $2,008,531,
Results.
1916, equal to 36.78%, and from passenger traffic $71,394, equal to 16.85%.
STOCK HOLDINGS OF THE PENNSYLVANIA COMPANY DEC. 31
AGGREGATING (AT PAR)$200,292,380.
Total operating revenue increased $2,203,950, equal to 35.25%, operating
$1,$240,000 Penn. Tunnel & Term. Ry..__10,000,000 expenses $807,073, equal to 23.16%, and net revenue from operation to
Belt Ry. of Chicago
equal
60,000 Pitts. Ctn. Ch.& St. L., pref_24,886,800 396,877, equal to 50.48%. Gross income increased $1,506,760,
Central Indiana Ry
com_24,169,600 55.05%. The ratio of operating expenses to operating revenue was
Clev.& Pitts. RR.guar.spec. 5,472,850 Pitts. Cin. Ch. & St. L.,
993,300 50.75% against 55.74% for 1915. Taxes increased $117,264, or 47.60%.
Clev. Akron & Cincinnati Ry_ 7,498,488 Pitts. Wheeling & Ky. RR_ __
-In Jan. 1916 there were sold $2,500,000 additional of the authorBona.
Cincin. Lebanon & Nor. Ry_ 2,100,000 Pitts. Ohio Vail. & Cin. RR.... 300,000
ized issue of First Mortgage 5% gold bonds, to reimburse the treasury in
Cincin. Richm. & Ft. Wayne.. 1,277,000 Pitts. Ft. Wayne & Chicago
48,505,500 part for expenditures already made upon additions to and improvements of
Ry. Co., guar. special
700,000
Co
Chic. Union Station
to capitalize (V. 102, P. 252)•
Chicago Ind. & Eastern Ry__ 1,000,000 Pitts. Youngstown & Ashta- 5,775,000 your property, which you were entitled on steel frame box cars and 1 300hula Ry. Co., preferred.. _ _ _
Equipment.-During the year 250 40-t
250,000
Englewood Connecting Ry___
ton coal barge were placed in service. The policy of rebuilding wooden
911,650 Pitts. Youngstown & AshtaErie & Pitts. RR., guar. sDeostock
hula Ry. Co., common_..__ 2,100,000 stock and box cars, using steel underframes, was continued, and 224 whch
Grand Rapids & Indiana Ry__ 2,995,600
500,000 cars and 60 box cars were completed at a total cost of 391,228, of
Lake Erie & Pittsburgh Ry___ 2,150,000 Pitts. Joint Stock Yards Co
South Chic. & Southern RR.._ 842,500 $69,617 was charged to operating expenses and $21,612 to capital account.
Little Miami RR.,spec. bett't. 531,500
11,184,050 Unit Amounts Expended for -Years end. Dec. 31- -Years end. June 301,495,900 Southern Pacific Co
Louisville Bridge Co
1915.
1916.
1915.
1916.
RepairsIndianan. & Frankfort RE.... 1,560,000 Terre Haute & Peo. RR., pref.. 1,136,200
900,000 Terre Haute & Peo. RR.,corn_ 247,800 For each locomotive
$3,993.92 $1,113.64 $3,434.68 $2,880.78
Lorain Ashland & So. RR._ .._
680.96
701.58
654.41
701.30
823,500 Toledo Peoria & Western Ry_ 2,011,200 For each passenger car
Monongahela Ry
44.36
387,200 For each freight car
51.02
44.25
47.99
Norfolk & Western Ry., pref.. 5,000,000 Toledo Terminal RR
in
Crushed rock ballast to the extent of 19,919 cubic yards has been put A.
Norfolk & Western Ry., corn_ 3,190,500 Tol. Colum. & Ohio Riv. Ry_10,000,000
12,272,400 the track and 11.31 miles of main track were relaid with 100-1b. A. R.
2,000,000 Vandalla RR
Ohio Connecting Ry
320,000 standard type "B" rail, making a total of 55.22 miles now laid with rail of
652,600 Youngstown & Ravenna RR
__
Ohio River & Western Ry_
2,000,000 that weight. A special coal chute for bunkering high vessels has been
125,000 Wheeling Terminal Ry
Pennsylvania Ont. Tran. Co__
966,642 erected at Sewalls Point.
759,600 Miscellaneous
Pennsylvania Terminal Ry___
-During the year there were 45 new industries located
New Industries.
BONDS OWNED BY THE PENNSYLVANIA COMPANY DECEMBER 31 1910, on your line, viz.: Ice plant, 1; manufacturer of plow beams, 1; manufac$13,352,550.
AGGREGATING (AT PAR)
turer of hosiery boards, 1,• flour and meal mills, 2; canneries, 3; coal operaChic. Ind.& Eastast M.5%.. $500,000 Cin.& Musk. V.IMAM M.4s $127,000 tions, 11; lumber and lumber products, 26. The Viscose Company of Mar750,000
Cent.Ind. Ry. 1st M.4% gold 750,000 Lor.Ashrd&So.RH. 1st M.5s 586,000 cus Hook, Pa., manufacturers of Viscose yarns (artificial silks), is building
2d M. 5s....
do
do
Erie & Pitts. RR.,deb.3M %- 519,050
at Roanoke, Va., directly on the line of your railway, a branch factory,
Ohio River & West. 1st M.4% 600,000 which will, it is expected, give your company a good volume of new traffic.
Cincin. Lebanon & Nor. Ry.
200,000 Pitts. Ohio Valley & Cin. 1st
is a corporation of largo means, with an established
consol. M. 4s, coup
290,000 The Viscose Company
M 55
Dayt. Leb. & Cin. RR. &
and growing trade.
300,000 Pitts. C. C.& St. L.cons.M.5s 144,000
-Four of the coal operations mentioned in the report for
Term. 1st M 6s
Coal Properties.
ii
237,000
1,770,000 Vandalla RR. Cons. M.So.__
Lake Erie & Pittsburgh Ry
the year ending June 30 1915, viz.: East Gulf Coal Co., Wood-Sulliva
Or.Rap.& Ind.Ry.2d M.4%,4,375,000 Tol. Peo. & West. 1st M.4% _ 1,248,000 Coal Co., Mead-Tolliver Coal Co., and Beckley Smokeless Coal Co., did
456.500
Long Island RR.equip. trust_ .500,000 Miscellaneous
not begin shipping until 1916. Of the eight new coal operations mentioned
total, In that report, three have commenced to ship coal, viz. Smith-Pocahontas
Total par value of stooks, $200,292,380; par value of bonds, $13,352,550;
Co. and Leckie Fire Creek Coal Co.
$213,644,930; ledger value as per general balance sheet, exclusive of "securities Coal Co., Fire Creek Smokeless Fuel New River Company, viz., Skelton
Two additional operations of the
or assumed" (unpiedged $1,247,368 and pledged $35,289,347), $170,201,487.
Issued
RR.,
collateral with the various mort- mine (Cranberry No. 2). reached in connection with the P. R.& P.O. RR.,
Of the foregoing securities there are deposited as
K. G. J. & E.
and Dunn Loop mine, reached in connection with theon your railway not
gages and trust obligations stocks:of a par value of $111,869,100.
began shipping during the year. Two other mines year, viz., Flat Top
STATISTICS OF ALL COMPANIES.
previously reported also began shipping during the
1913.
1914.
1915.
Coal Co., and Rhodell Coal Co.
1916.
5,249 Pocahontas
5,291
5,377
5,374
operated
Miles
Mines Under Way and Acreage-Total Acreage 7,166.
*35,593,648 Additional (11) Coal Coal Co. 1,000 Walton Construction Co
*33,078,666
100
31,144,353
34,653,184
Passengers carried
Thermo-Pocahontas
500
405 Boone Smokeless Coal Co
Pass. carried 1 mile_ 1,268,533,765 1,110,738,444 *1,155,165,342 *1,227,769,780 Pickshin Coal Co
1.960 eta.
1.985 eta.
2.070 eta.
2.088 cts.
Rate per pass. perm.
1,750 Bowyer Smokeless Coal Co_ _....1,200
*174,797,620 Lilybrook Coal Co
600
158,280,957 *140,349,429
193,390,748
Tons carried (rev.)
315 Ragland Coal Co
Prince-Wick Coal Co
Tons carr. 1 m.(rev.)16,961,486,975 13,750,075,063*12,612,084,376*15,568,816,022 Douglas Coal Co
1,200 Tolbert Coal Co.(0. & 0. By.
*0.598 es.
*0.616 cts.
96
0.631 cts.
0.630(As.
near Cedar)
Rate per ton per m_
*$25,055
*321,444
$22,811
$27,811
Gross revenue per m_
The first six above operations were also mentioned in the report of June 30
way.
slightly changed in later years.
1916 as coal mines under
*These statistics have been
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
Total.
1913.
1914,
Forest. Mfrs., &c.
1915.
1916.
Agricul. Animal. Mines.
RevenuesOperating
149,568 6,093,013
$39,164,509 $49,585,250 1916
5,595,243 293,073
$56,182,956 $45,013,857
50,922 4,207
Freight
4,415,952
141,211
9,799,878 10,137,110 1915
253,626
3,958,513
12,034,779 10,134,638
58,151 4,451
Passenger
1,134,440
1,170,824
1,270,280
1,365,656
In 1916 bituminous coal tonnage was 5,509,798, against 3,890,565 tons
Mall
1,630,174 in 1915.
1,351,976
1,234,690
1,664,964
Express
2,027,850
1,883,110
1,812,424
TRAFFIC STATISTICS.
2,150,030
Other transportation revenue_
1,718,772
1,328,030
1,391,788
2,170,640
Miscellaneous
-Years end. Dec. 31- -Years end. June 301915.
1916.
$75,569,026 $60,857,677 $54,698,327 $66,233,596
1915.
revenues
Total operating
1916.
504
505
504
508
Expenses
Average mileage
4,088,609
$8,988,306 $7,848,268 $7,808,155 $10,613,189 Tons (revenue) carried_ 6,093,013
4,415,952 5,261,634
Maintenance of way &c
1,477,759
13,088,372 10,351,509 10,217,897 12,569,663 1,000 tons one mile
1,911,236
1,588,002
2,201,891
Maintenance of equipment
1,078,469
946,797
909,367
1,037,590
0.339 cts. 0.344 cts. 0.340 cts. 0.343 cts.
Traffic
Rate per ton per mile
716,218
821,046
25,877,533 20,196,113 20,616,216 24,874,403 Passengers carried
780,403
848,085
Transportation
1,768,158
2,035,492
1,792,521
2,139,522
18.886,361 16,136.739 17,147,671 15,599,384
General, miscellaneous, &c
Pass. carried one mile
2.59 cts
2.66 cts.
2.52 cts.
2.52 cts.
351,131,323 $41,097,778 $41,624,557 $50,903,882 Rate per pass. per mile_
Total
$11,558
$14,643
$12,401
$16,660
$24,437,703 $19,759,899 $13,073,770 $15,329,714 Gross earnings per mile..
Net earnings
3,118,055
3,209,102
3,237,725
4,116,968
Taxes, &c
INCOME ACCOUNT.
820,320,735 $16,522,174 $9,864,668 $12,211,659
Operating income
-Years end. Dec. 31- -Years end. June 30
1915.
1916.
1915.
Other Income
1916.
Operating RevenueDividends and interest received.$10,085,164 $9,084,408 $9,491,343 $11,814,743 Freight
$7.469,622 $5,461,090 $6,497,994 $5,070,491
323,222
327,700
403,448
255,131
253,557
455,955
423,656
Joint facilities-rents
495,050
201,972 Passenger
210,488
346,467
178,587
178,950
436.433
367,268
491,292
Miscellaneous rents
711,029 Mail, express & misc
998,630
729,298
1,763,257
Other income
$7,390,382 $5,820,406
$8,455,964 $6,252,014
$32,601,663 $26,769,598 $20,892,829 $25,262,625
Gross revenue
Gross income
Operating ExpensesDeduct
$766,274
$760,604
$760,437
$800,067
$4,899,015 $5,149,388 $5,287,882 $5,355,437 Maint. of way, /cc
Interest on bonds
1,025,056
1,229,934
389,556 Maint. of equipment.._.. 1,273,412
810,078
1,090.071
618,107
149,329
Other interest
65,103
65,097
64,201
8,848,433 Traffic expenses
9,117,129
67,663
11,179,907 10,313,088
Lease of other roads
1,305,981
1,462,596
613,375 Conducting transporta'n 1,792,141
1,308,260
625,810
632,443
688,315
Joint facilities, rents
140,827
189,628
64,844 General expenses
164,055
162,466
195,850
194,987
599,696
Hire of equipment, balance
117,004
152,872
125,445
197,878 Miscell. operations_ _ _
174,035
161,392
157,258
890,114
Miscellaneous
Cr.33,393
Cr.16,104
Cr.27,885
(8)6,400,000 (6)4,800,000(4)3,200,000 (7)5,600,000 Transporta'n for invest.. Cr.11,510
Dividends
2,200,000
2,969,723
3,200,000
and betterments
$4,291,658 $3,434,585 $3,844,626 $3,376,852
Additions
Total oper. expenses_
1.896,803
1,911.619
1,934,624
4,550,425
34,164,306 $2,767,429 $3,545,756 $2,443,554
Sinking, &c., funds
Net revenue
253,336
286,100
246,336
363,600
432,556,801 426,769,598 821,276,376 $25,166,326 Taxes
Total deductions
None def.$383,547our. $96,299
sur.$44,862
Balance
Operating income_ _ _ _ 33,800,706 $2,521,093 $3,259,656 $2,190,218
213.460
316,008
215,910
The company deducts 1% of the 4% dividends shown in 1914 from profit and Other income
443.057
loss, but the full amount of dividends is deducted by us for the sake of simplicity.
$4.243,763 $2,737,003 $3,573,664 $2,403,678
Gross income
Note.
-The lines "operated directly by the Pennsylvania Company." aggregating
Deductions
1,681.12 miles Dec. 31 1916, include: Si
on funded debt_ $1,468,403 $1,350.000 $1,405,903 $1,350,000
or Otherwise76,550
57,800
brOperated under Lease-44.4 Miles. Controlled by Stock& Cincinnati.._ Miles, Interestequip. obliga'ns_
67,175
48,425
15.14 Int. on
4
1
5
Ft. Wayne & Chicago.... _470.53 Pittsb. Ohio Valley
Pittsb.
15
23.05 Other interest
238,244
237,901
12.23 South Chicago & Southern
237,047
Massillon & Cleveland
239.094
Rents
51.52
959
5,806
82.97 Branches W.N.Y.& Penn. Ry
Cr.2,113
8,519
Erie & Pittsburgh
s
2.28 Miscellaneou
205.32 Youngstown & Ravenna, &I,
Cleveland & Pittsburgh
.
Total deductions _ _ _ $1,764,456 $1,652,114 $1,707,410 $1,665,757
Pittsb. Youngstown & Ashtab.Ry.137.56 Used Jointly with other companies_ 73.55
$737,921
$2,479,307 $1,084,889 $1,868,254
Balance,surplus
Toledo Columbus & Ohio River.. _ _345.31
BALANCE SHEET.
Cleveland Akron & Cincinnati__ -335.21
Dec.31 '16. J'ne 30 '16.
Dee.31 '16. J'ne 30'16.
GENERAL BALANCE SHEET DEC. 31.
$
Assets
1015.
1916.
1915.
1918.
31,271.500
Road & equip---a87,081,141 86,620,062 Common stock_ _31,271,500 27,955.000
Liabilities
Assets
8,783 Preferred stook_ _ _27,055,000
8,631
leased prop.
Road & equip.,&c45,369,503 43,195,837 Common stock_ 80,000,000 80,000,000 Imp.on in lieu of
1st M.5s,due 1962 29,500,000 29,500,000
Funded debt_ __111,212,130 121,698,544 Depos.
937,000
Invest. in attn. cos.:
72.082 1st lien equip.notes 750,000
6,131,678
mtged. prop.sold. 124,074
135,140,431 136,592,474 Equip. trusts__ 4,664,856
18,869
Stocks
23,800
25,300 Traffic, &c., bills_
25,300
3,231,542 N.T.Ry.00m. stk_
350,895
Bonds, &a_ _ 10,973,785 18,611,887 Traffic balances 3,431,999
499,000 Vouchers & wages 606,582
3,620,845 V.T.Ry.com. stk. 499,000
5,214,892
3,048,444 Accts. & wages..
2,134,040
75,736
109,749
Notes
3,000,000 Miscellaneous_ ___
1,469,306 V.T.Ry.lot M.bds.3,000,000
837,532
5,833
5,833
Advances....... 18,136,952 22,002,885 Matured int.,&e.
12,909 Rental V. T. Ry__
12,909
3,411,139 N.& P. cap. stock
Other invest'ts. 27,332,388 32,308,694 Misc. accounts_ 2,393,980
8,205 Virginian Terminal
12,765
800,567 Other invests.,&c..
3,633,641 Unmat.int., &o. 1,122,256
Mbw.phys.prop. 5,467,278
Ry. bonds guar4,526,288 4,018,560
2,634,029 Cash
3,326,211
6,072,912 Taxes accrued
5,855,701
25,000
25,000
Cash
anteed
729,511
950,833
1,706,737 Materials & Kipp_
5,475,552 Oper. res., &c.._ 2,790,810
253,642
Special deposits. 5,046,992
49,695 Unmat'd int., &o_ 11252,083
115.923
3,001,965 Provident funds 2,256,933 2,160,001 Traffic, &e., bals_
54,142
152,725
Loans & bills rec. 15,883,046
accrued....197,873 Taxes
117,936
8,287,980 Agents & condue_
3,305,730 Accrued depree_ 10,537,394
Traff.,&c., bals. 3,905,884
65,790
93,950
160,034 Operating reserves
105,050 Bills receivable..... 175,366
249,505
1,290,558 Oth.def.or.items
2,181,461
18,093
Agents,&c
16,686
150,887 Oth.def.ored.items
4,904,650 Addns. to prop_y23,643,669 3'21,434,721 Miscellaneous..... 112,036
Material & supp 7,911,432
428,783 Ace'ns to property
432,350
Fd. dt. retired.413,552,193 y11,938,581 Special deposits
3,459,895
Miscellaneous... 6,377,990
72,030
through surplus
165,135
.deb.tlems 204,028
331,565 Sk. fd.,&c., res_ 16,723,415 13,896,946 Oth.def
336,071
Work.fd.adv.,&c.
6,601,920 5,510,743
Profit and loss
7,664,173
In,sur.,&c.,funds. x4,939,887 10,380,684 Approp. surplus 8.672,195
Unad1. accounts 2,809,405 1,155,342 Profit and loss__ z9,172,366 8,580,877
Total
97,398,881 96,146,825
97,398,881 90,146,825
Total
299,802,336 298,772,715
a After deducting depreciation reserve of 31,086,713.
Total
299,802 336 298.772,715 wTotai
on 1st M.
b Unmatured interest as of Dec. 31 1916 includes $245,833
b.'tither deducting $11,001,000 Pennsylvania Co. obligations. + y Throulh ineoine
-V. 104, p. 1893, 864.
-year 5s and $6,250 on 1st lien equip. tr. notes.
50
$546,627.-V. 104, p. 73.
and surplus. z After adding net credits,




MAY 19 19174

THE CHRONICLE

The New York Chicago & St. Louis Railroad.
(30th Annual Report-Year ended Dec. 311916.)
1914.
1916.
1915.
1913.
Gross earnings
$15,387,928 $12.536,380 $11,294,971 $12,393,873
Operating expenses_ _ _ _ 11,471,986 9,322,126
9,312,653 9,734,835
Net earnings
$3,915,942 $3,214,254 $1,982,318 $2,659,038
Taxes accrued, &c
469,465
486,282
524,965
443.793
Operating income__ $3,390,977 $2,744,788 $1,496,036 $2,215,245
Other income
195,703
229,944
112,192
224,943
Gross corpor. income_ $3,586,680 $2,974,732 $1,608,228 $2,440,188
Deduct
Hire of equipment
$527,565
$641,005
$297,003
$138,079
Rents, &c
245,861
278,220
344,397
220,536
Int. on funded debt _ _ _ _ 1,157,267
1,146,537
1,150,730 1,154,868
1st M.bds. red.(s. fd.)_
98,457
98,395
99,283
99,131
1st pref. divs.(5%)._..
250,000
250,000
250,000
2d pref. divs
(2 )275.000
(5)550,000

2005

it is estimated, will yeild new business aggregating 10,000 carloads per year.
The agricultural development has been satisfactory; 2,700 new families
were located adjacent to the line, 261 new stores were built, 1,500 new
town houses constructed, 1,280 new farm homes built and 458 carloads of
agricultural machinery distributed. There is very active development in
both the oil and gas fields at various points along the line in Louisiana
and
Texas. Considerable activity is also apparent in ore deposits
Texas and sulphur in West Texas. The production of sugar in East
cane in
Louisiana during 1917 should greatly exceed that of 1916, during
which
year we handled about 13,000 cars, loading 30 tons per car.
AMOUNTS OF COMMODITIES CARRIED DEC. 31.
Forest. Animal. Agricul.
Mfg.
Coke,cte.
1916 ___tons_1,213,109 419,693 2,137,854 2,289,535Mer.&Coal. 1,125,228
439,522
1915
1,023.894 400,007 2,220,268 2,137,473 423,131 1,011,267

STATISTICS OF OPERATIONS.
-Years ending Dec. 31- -Years ending June 3°1916.
1915.1915.
Miles operated
1,947
1,930
1,644
1,901
Operations
Passengers
3,049,105 2,890,212 2,932,037 2,979,050
Total deductions_ _ _ _ $2,554,149 $2,414,157 $1,891,414 $2,412,614 Pass.carr'd carried
1 mile(000)
213,052
168,343
177,671
Balance, sur. or def_sur.$1,032,531 sur.$560,575 def.$283,186 sur.$27,574 Rate per pass,
163,303
per mile_
2.35 eta.
2.42 cts.
2.41 eta.
2.49 eta.
-V. 104, p. 1899, 1801.
Freight (tons)
7,624,941
7,216,040 7,417,606
7,116,383
Tons one mile (000)
1,409,804
Lehigh & New England Railroad Company.
1,462,726
1,347,576
Av. rate per ton per mile 1,521,019
.94 eta.
0.92 eta.
0.92 cts.
0.92 eta.
Aver. train-load (rev.)
(23d Annual Report-Year ended Dec. 31 1916.)
298
278
292
266
INCOME ACCOUNT.
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
-Years ending Dec.31- -Years ending June 30Cal. YearForests.
Agricul. Animals. Mines.
Mane.
Misc
Operating Revenues1916.
1915.
1916
38,550 6,985 5,091,332 118,163 1.164,916 85,879
1916.
1915.
$14,353,830 813,006.370 813,383,498 $12.443,990
40,166 7,906 4,965,680 116,498 1,219,354 93,220 Freight
1915
5,005,455 4,068,298 4,283,170 4,067.980
Products of mines include in 1916 3,623,274 tons of anthracite coal and Passenger
403,225
591,641 tons of bituminous, against 3,695,954 tons and 628,662 tons, re- Mail
403,067
398,355
404,800
Express
spectively, in 1915.
563,343
463,441
512,163
425.691
Miscellaneous
147,960
201,738
180.247
202,844
INCOME ACCOUNT FOR 6 AND 12 MONTHS ENDED DECEMBER 31. Incidental, &c
384,844
353,330
399.423
399,333
-6 Months to Dec. 31- -Year ending Dec.311916.
Total
1915.
$20,858,657 $18,496,245 819,156,856 817.944,638
1916.
1915.
Freight
$1,473,329 $1,698,569 $2,855,606 $2,898,598 Rev, per mile operated_
$10,716
$9,584
89,854
89.439
Passenger, &c., revenue_
90,493
97,889
190,726
175,667 Maintenance of way,&c. $2,109,951 $2,112,618 $2,019,740 $1,956,172
Maint. of equipment_ _ _ 3,142,607
2,939,561
3,042,806
2,916,464
Total oper. revenues_ _$1,563,822 $1,796,458 $3,046,332 $3,074,265 Traffic expenses
477,611
446,844
464,617
445,170
Maintenance of way, &c.. $221,439
$227,794
$430,202
$393,135 Transportation expenses 7,842,193
7,790.575
7,536,036
7,919,309
Maintenance of equip't__ 227,788
189,090
680,150
425,050
384.170 General expenses
493,345
619,584
472,586
Traffic
12,416
11,051
Cr.27,392
25,566
26,731 Transport'n for invest
Cr.16,174
Cr.23,258
Cr.12,357
Transportation
429.132
408,035
147,908
860,152
735,008 Miscellaneous operations
149,513
156,451
160,443
General
41,590
32,758
80,704
68,347
Total oper. expenses_$14,373,028 $13,916,281 $13,815,975 $13,857,387
Total oper. expenses__ $ 932,365
86,485,629 $4,579,964 $5,340,881 $4,087,251
$868,728 $1,821,674 $1,607,391 Not earnings
Net earnings
$631,457
955,531
$927,730 $1,224,658 $1,466,874 Taxes accrued, &c
942,230
930,245
861,599
Taxes, &c
56,542
37,200
107,896
71,305
Operating income_ _ _ - $5,530,098 $3,637,733 $4,410,636 $3,225,652
Operating income
Other income
$574,915
$890,530 $1,116,762 $1,395,569
603,537
260,511
407.348
283,872
Other income
61,202
60,992
9,446
23,598
Gross corp. income_ _ $6,133,635 $3,898,244 $4,817,984 $3,509,524
Gross income
$899,976 $1,177,964 $1,419,167 Accrued bond interest_ _ $1,561,638 $1,565,958 $1,561,072 $1,575,355
$635,907
Rents, &c
$118,703
$69,620
$128,669
202,297
196,745
206,818
$162,010 Other interest
221,948
Interest
153,175
180,125
351,524
579,947
238,421
373,962
308,019 Rentals, &c
240,303
Dividends
(6%)360,000 (6)360,000 (10)600,000 (11)660,000 Hire of equipment
307,926
507,339
377.682
475,091
Balance, surplus
$268,099
Total deductions_ _ _ _ $2,646,256 $2,514,015 $2,519,534 $2,512,697
$26,162
$97,771
$289,138
Net corporate income__ $3,487,379 $1,384,229 82,298.450
$996,827
BALANCE SHEET.
Improvements
918,284
468,218
650,880
287,774
Dee.31'16 June 30'16
Dec. 31 '16 June 30 '16 Equip. obligations paid_
506,999
460,334
474,833
457,000
Liabilities
$
Road and equip't_14,374,771 13,933,709 Capital stock _ _ _ _ 6,000,000 6,000,000
Total
$1,425,283
$928,552 $1,125,713
$744,774
Invest.In affil.cos.Mortgage bonds_ _
$2,062,096
$455,677 $1,172.738
$252,053
25,001 Equipment trust 5,000,000 5,000,000 Balance, surplus
25,001
Stocks
50,000 obligations
BALANCE SHEET DEC. 31.
50.000
Bonds
38,149 Traffic, &c., bale_ 2,450,000 2,450,000
42.460
Advances
1916.
1915.
223,142
1916.
200,410
1915.
220 Accounts & wages. 238,301
Other investments
Assets-'
Liabilities
s
285,899 Road
382,402
582,412 Accrued taxes__
Cash
and equip_110,461,012109,046,728 Capital stock... _38,763,810 38,763.810
85,308
71,667
159,940 Matured interest_ 120,825
10,025
Special deposits
25,000
Equip. obligations 1,208,000 1.215.000
126,275 Sinking funds_ _ __
323,279 Unmatured interAgts.& conduc'rs_ 340,098
Invest. In OM.cos.
Mortgage bonds..30,683.000 30.677,163
Traffic, &o., ball'.
103,421
78,436
est
Stocks
267,980
267,980 2d M. Inc. bonds_25,000.000 24,987.036
29,494
29,494
52,414
Miscell. accounts_
23,249 Deferred, unadjusNotes
1,408,173 1,217,886 Loans & bills pay_ 3,129.420 3,561,380
288,111
Material & supp
271,244
ted, &o acc'ts.
Advances
34,307 Traffic, &c., bal__ 325,800
79,314
70,101
83,993
Disc. on fund.debt 158,691
163,881 Accrued depree'n. 870,148
92,793
111,271 Accts. and wages_ 3,635,006 1,807,755
766,881 Other invest., &c.
Other unadjusted
Profit and loss__ - *802,040
1,490,045
839,156 Miscellaneous_ _ 240,069
109.700
777,221 Cash
&o., accounts._ 104,071
117,155
Special deposits
236,188
4,328 Matured int., &Is_ 414,066
215,234
Agts.& conductors 118,826
237,216 Accrued int., Aro-- 178,445
132,822
15,904,569 15,791,640
Total
Total
2,093,183 1,057,523 Tax liability
15,904,569 15,701,640 Miscellaneous_
43,000
49,199
* After deducting $1,343 miscellaneous adjustments.
Mat'l & supplies 2,008,930 1,048,352 ,Operating reserves 154,718
290,923
-V.104, p. 1801.
Deferred assets... 177,874
3,832 Accrued depreo'n_ 2,532,771 2,531,303
Unadjusted debits 509,648
245,846 tined). &a., wets_ 961,614
523,793
The Texas & Pacific Railway Co.
Securities iss. or ass'dAdd'ns to property
Stooks
8,700
8,700 through Income
(Report for New Fiscal Year ending Dec. 31 1916.)
Bonds
1,038,875 1,038,875 and surplus_
11,557,605 10,132,322
The report, signed by Receivers J. L. Lancaster and Pearl
Profit and loss_
*2,107,802
94,260
Wight, dated April 15, says in substance:
Total
119,935,125115,161,801
Total
119,935,125115,161.801
-The operating revenues for 1916 greatly exceeded
Results.
of
any previous
* After deducting sundry items aggregating (net) $48,554.-V. 104.
year, being $20,858,657, an increase
$2,362,41.2, or 12.77% over 1915.
Freight traffic was $14,353,830, an increase of $1,347,460, or 10.36%. P. 1703, 1146.
Tons of revenue freight carried one mile increased 7.9%. During the
past
Kanawha & Michigan Railway.
year it was not always possible to secure the greatest operating efficiencY,
due to the large number of troop trains handled over the line, which caused,
(Report for Fiscal Year ended Dec. 31 1916.)
in many cases, the operation of light power over various districts.
In
spite of this, however, the average number of tons of freight
Pres. Alfred H. Smith, New York, says in substance:
per freight
train mile was 297.66, an increase of 19.29 tons, or 6.9%.
Results.-Freight revenues increased 8345.586, of which $213,961 repreMaterial advances were secured in certain of the rates
in Texas,
the increase in coal
the decision in the Shreveport rate case. Through the efforts of thedue to sented Tonnage increased traffic and $131,625 in miscellaneous commoditraffic ties.
597,919 tons. The receipts per ton per mile were
department traffic has been secured which provided
the greatest amount 3.93 mills, against 3.85 mills for 1915. The 597,919 tons of additional trafof revenue. The average revenue per ton being therefore $1.88248,
an fic were moved with an increase of only 7,221 freight train miles; the averincrease of 3.08006, and the average revenue per ton
per mile was 0.44 age number of tons of revenue freight per train mile being 1,177. a gain of
mills, against 9.23 mills in 1915.
99 tons, or over 9%. Passenger revenue increased $30,468. The average
Passenger traffic was $5,005,455, an increase of
receipts per passenger per mile were 1.98 cents, an increase of 0.02 cents
$937,157, or 23.04
average revenue per passenger per mile was 2.349
The
cts.; decrease 2.8 o• over 1915. Operating expenses increased $318,168. Non-operating in-Operating expenses were
O aging Expenses.
$14,373,029, an increase come increased $326,808. due almost entirely to hire ofequipment earnings.
of 456,747 or 3.28%. The ratio of expenses to revenues was 68.917v,
Improvements, &c.
-New open hearth 90-1b. steel rails were laid in 6.7
'
against 75.24% for 1915, a decrease of 6.33%. During the year
miles
Renewal
cross ties and 256 sets of switch ties were laid in the track. There661,256 in theof main track. 34,319 in of ties covered 67,275 white oak ties used
main
sidings, together
unusually heavy charge to this account caused by changing out ofwas an and 189,439track, and of bridge ties; there were with 76 sets of switch ties
feet D. M.
75-1b.
rail and re-laying with 85-1b. rail on the eastern division. Although there with tie plates. Stone ballast was applied to 8.5also 23,299 ties equipped
miles of main track
was a decrease in the total expenditures for maintenance, the physical cost of $19,519; 24.5 miles of main track were reballasted with gravel. at a
condition of the property is improved as compared with the previous year,
A new
Tunnel No.
and the improvement is reflected in the various items making up the ville, for line three-quarters of a mile long south ofconstructed 3 at Dyeswhich the
1914, was
at a cost
operating expenses. Maintenance of equipment expenses increased $25,688 and put inland was acquired in reducing excessive curvature of
operation Nov. 24,
and
The net corporate gain was $2,062,096,
$203,046, or 6.91%.
an increase eliminating 56 degrees. The location of the main track was changed upon
of $1,606,419 over 1915.
existing right-of-way for a distance of half a mile at Rod House, with reducFunded Deht.-This was decreased by the payment of $507,000
maturing tion of excessive curvature and elimination of 10 degrees. Three dangerous
equipment obligations and increased $500.000 by deferred payments on grade crossings were eliminated jointly with Kanawha
County.
equipment in Series "DD" purchased during the year.
Total expenditures on "road" improvements, $80,883; on equipment.
Equipment.-AdcUtions and betterments
Road and
aggregated
$52,635 (net), viz.: $539,803 (including 482 gondola
all of which was charged to income and carried to cost of road$1,418,284, frames built at shops. $337,400), less equipment cars with steel underand equipretired, &c., 1487.168.
ment. [Of this amount $949,583 was on account of
Acquisition of Kanawha
Virginia
-On Aug. 17 1916 this comlays on this account aggregated $2,351,463 (includingequipment, the out- pany acquired the control& WestKanawhaRR.
of the
,St West Virginia RR., receiving
locomotives and 108 new cars, $1,566,313 for rebuilding$587,815 for 8 new from its former owners 12,948 shares out of the total
2,260 cars, balance
issue of 13,596 shapes
miscel.), but $1,401,880 was charged off for equipment sold or distroyed; of the capital stock outstanding,in return for
taking their place as guarantor
net, $949,584.1
of the first mortgage 5% bonds of the company maturing July 1 1955, of
-This terminal company opened
Trans-Mississippi Terminal RR.
which
new passenger station to the public on Feb. 15 1916 and then began its secure there are $1,477.000 issued. including $11000 placed in escrow to
the delivery
erating the properties and facilities from New Orleans to mile post op- shares of the capitalto this company of the remainder of the outstanding
stock. All other indebtedness of the company, except
9, including those at Westwego, Gould.sboro and New Orleans.
the above-described bonds and car trust notes outstanding to the amount
Trackage.
-The St. Louis Iron Mountain & Southern Ry. began operating of $122,500, was assumed by the former owners
of the capital stock, and
freight trains on our line between Alexandria and New Orleans
on April 1 has since been fully discharged. The former directors and officers were
1916 by agreement of Nov. 27 1914.
succeeded by those of this company, who assumed active charge of the
Union Terminal Co. of Dallas.
-The union depot, tracks
property on Sept. 1. The
ties in Dallas were completed and we began operating our and other facili- ton up Elk River and Blue line already constructed extends from Charlestrains into that
Creek 33.4 miles to Blakeley, affording access
station on Oct. 8 1916.
to large areas of splint coal in Kanawha and Clay counties; it also extends
Industrial Development.
-In the territory served there was a
from Delve
new industries and manufacturing plants completed during total of 56 gan Ry. (5 miles beyond the present terminus of the Kanawha& Michiat Glauley Bridge) eastward along the Gauley River 4 miles to
the
These with 31 new mercantile establishments located at various year. Swiss. Its contemplated lines,
points,
for which locations and large amounts of




2006

THE CHRONICLE

[VoL. 104.

The ToledoE& OhiolCentral Railway.
right-of-way have been secured, extend along the Gauley and Meadow
rivers, and will afford access to the extensive gas and coking coal fields of
(Report for Fiscal Year ending Dec. 31 1916.)
of virgin forest (V.103, p.844).
Fayette and Nicholas counties, and to areas
Pres. Alfred H. Smith, New York, says in substance:
-PRODUCT OF (TONS).
CLASSIFICATION OF FREIGHT
-Freight revenues increased $1,319,944, as the result of a gain
Forests. Manufac. Miscell. ,of Results. in coal revenue, and $350,818 in other freight handled. Mining
Aoricul. Animals. Mines.
Year$969,126
353,578 25,605 4,896,702 352,172 369,275 138,826 operations in the Ohio coal field, suspended July 311915, were resumed in
1916
496,105 24,062 4,364,864 273,103 258586 121,519 June 1916, with a resulting local coal traffic handled by this company of
1915
Bituminous coal traffic in year 1916, 4,653,900 tons, against 4,198,369 1,538,069 tons, an increase of 735,282 tons, or 91%, over 1915. The coal
tons in 1915.
received from connecting lines amounted to 5,207,385 tons, an increase of
TRAFFIC STATISTICS.
1,144,311 tons, or 28%. There were largely increased shipments of coke.
iron ore, lumber and miscellaneous manufactures, and some falling off in
-Year ending Dec. 31- 6 Mos. to 12 Mos. to
Dec. 31 '14. June 30 '14. the movement of export grain and agricultural products. The net gain in
1915.
1916.
177 total traffic handled amounted to 2,379,397 tons, or 33%. The receipts
177
177
177
Average miles operated..
per ton per mile were 4.03 mills, against 4.11 mills in 1915, the reduction
Operations
1,231,119 being mainly due to the very large increase in the coal tonnage received
565,744
1,008,549
Passengers (number)___ 1,009,689
Pass. carried one mile__ 19,272,795 17,887,615 9,669,554 19,463,484 from connecting lines.
1.94 cts.
1.95 cts.
1.96 cts.
With an increase of 33% in total tonnage, and 37% in the ton mileage,
1.98 cts.
•Av.rctspe pass. per m__
5,271,259 there was an increase of only 19% in the train miles, resulting from the use
2,930,126
Tons freight (number)__ 6,336,270 5,722,909
train mile
number of tons of freight
Tons freight one mile__ _786,402,699 711,699,093 366,063,821 660,476,178 of heavier power. The average 15%. Operating expenses per
increased $1.Av. rcts. per ton per m_ 0.393 cts. 0.385 cts. 0.374 cts. 0.402 cts. was 800, a gain of 105 tons, or
959 001,041, principally maintenance of equipment ($433,427) and transporta1,065
1,093
1,194
Av.tons per train mile.. _
$0.9509 tion ($442,436).
$1.0104
$0.9618
$1.0630
Earns, per pass. tr. mile
83.85
$3.94
$4.15
-The expenditures for investment in road during the year
$4.63
Additions, &c.
Earns, per fr't tr. mile__
817,611 aggregated $154.852 (net), and for equipment $87,761. There were 6
$8,978
$17,775
$19,977
Gross earnings per mile_
heavy consolidation engines purchased early in the year, and 500 freight.
INCOME ACCOUNT.
15 caboose, and 86 service cars retired during the year and 41 freight cars
-Years ending Dec.31- 6 Mos. to 12 Mos. to were changed to service cars.
'14.
CLASSIFIED TONNAGE.
Dec. 31 '14. June 30
1915.
1916.
EarningsMiscel$377,635
$188,752
$350,880
$381,348
Passenger
Agricul- -Products of- Menu- Bituminous Ores,
2,654,551
Coke,&c. laneous.
1,354,846
Coal.
2,703,198
3,048,785
Freight
ture. Animals. Forests. factures.
36,766 1916 ....469,335 70,398 258,757 885,031 6,745,454 824,238 196,919
22,103
41,221
43,449
Mail and express
28,118 1915 _..638,057 73,788 174,867 650,838 4,865,861 544,508 122,816
13,718
31,170
40.455
Miscellaneous
13,078 1914.._499,200 66,945 178,177 604,359 5,012,128 601,143 155,781
6,178
12,635
13,823
Incidental
1913 __483,016 71,518 211,913 665,694 6,319,095 845,037 147,328
, Total oper. revenue__ $3,527,861 $3,139,104 $1,585,596 $3,110,148
TRAFFIC STATISTICS.
Expenses1913.
1014.
$422,236
1915.
$222,040
$415,163
1916.
$446,284
Maint. of way & struc__
443
446
704,237 Miles operated
436
380,272
436
672,873
917,624
__
Maint. of equipment_
974,304
462,619
856,936
897,011
Operations
Transportation
1,157,804
1,104,290
34,937 No. passengers carried._ 1,011,260
986,418
15,192
38,016
35,178
Traffic
84,076 Pass. carried one mile._ 34,773,637 32,009,760 34,798,118 36,494,637
41,175
77,631
82,690
General expenses, &c
1.775 cts.
1.765 cts.
Rev, per pass. per mile.. 1.776 cts. 1.804 cts.
8,743,601
$2,378,787 $2,060,619 $1,121,298 $2,219,790 Tons moved (revenue).... 9.450,132 7,070,735 7,117,773
Total
(71.37) Tons moved 1 mile(rev.)1285102010 036,753,764 945,054,789 1230348.555
(70.72)
(65.64)
(67.43)
Per cent exp. to earns
$890,358 Revenue per ton per mile 0.403 cts. 0.411 cts. 0.425 cts. 0.410 eta.
$464,298
Net operating revenue.... $1.149,074 $1,078,486
652
643
333,304 Avge. train-load (tons)..
695
122,653
200,138
800
520,530
Hire of equipment
$0.91
$0.94
23,580 Earn, per pass. train m_
$0.94
14,620
22,611
$1.00
31,520
Rents & miscellaneous
$2.67
$2.73
$2.86
$3.22
Earn, per fgt.-train mile
$13,620
$11,048
$10,839
$601,571 $1,247,242 Gross earnings per mile_
$14,239
$1,701,124 $1,301,235
Total income
Deduct
INCOME ACCOUNT YEARS ENDING DECEMBER 31.
$223,760
$164.340
$318,106
Interest on funded debt_ $303,580
1913.
1014.
1915.
62,265
1916.
2,181
10,525
10,185
Other interest
126,430 Freight revenue
$5,172,703 $3,852,759 $4,013,876 $5,047,889
60,527
146,808
168,216
Taxes, &c
647,688
614,239
18,339 Passenger revenue
677,483
617,494
11,948
20,718
21,769
&c
Rents paid,
177.407
174,873
185,020
226,404
(5%)450,000(5%)450,000(2M)225,000(5%)450,000 Mail, express, &c
Dividends
158,446
127,638
107,090
187,246
Incidentals
$880,794
$472,996
$946,158
$4_,930,626 $6,031,430
$953,759
Total
Total operating revs.. $6,203,847 $4,722,352
$366,448
$128,575
$809,405 $1,039,991
$355,077
$747,365
$667,883
Balance,surplus
$786,127
Maint. of way &c.
1,174,098
997,534
961,640
Maint. of equipment_ _ _ 1,395,068
GENERAL BALANCE SHEET DEC. 31.
04,235
91,763
84,477
87,707
Traffic expenses
2,256,409
1,982,043
1,755,413
1915.
1916.
2,197,850
1915.
Transportation
1916.
137,126
146,758
140,381
144,084
General & miscellaneous
$
Assets-Road & equipm't_18,098,901 17,965,383 Common stock- _ - 9,000,000 9,000,000
$4,610,835 $3,609,794 $4,027,503 $4,701,859
Total
Mortgage bonds__ 4,969,000 4,969,000 Net operating revenue.... $1,593,012 $1,112,558
$903,123 $1,329,571
Inv. in and. cos.:
258.487
267,428
1,000,000 1,000,000 Equip.trust oblig_ 1,680,000 2,002,375 Taxes accrued, &c
Stocks
276,917
299,841
300,000
1,000,000 1,000,000 Bills payable
Bonds
$635,695 $1,071,084
$835.641
Operating income__ _ _ $1,293,171
24,179
32,814
2,004 Traffic, &c., baLs.
45,505
Other investments
Income
Other
197,374
85,150 Accounts & wages 244,272
103,329
Cash
-(see deductions below)
267,896
3,345 Hire of equipment
4,927
247,505 Miscellaneous.._ _ _
Special deposits.._ 222,755
226,928
447,390
447.390
109,085 Dividends received..
50,000 Matured int., &c_ 104,770
52,600
Bills receivable_
205,740
186,998
194,853
200,777
25,803 Miscellaneous
24,690
197,692 Accrued interest
272,875
Traffic, &43., bal
105,776
68,227
12,625 Accrued taxes_ _ _
15,295
Agents & conduc_
Gross corp. income..__ $2,209,234 $1,477,884 $1,049,621 $1,276,824
500,986
72,008 Accrued depreo'n_ 734,530
89,461
Miscellaneous
Deduct
3,247
8,980
226,628 Unadj. credits, &c.
358,464
Material & supp
$156,321
$236,189
$11,250
(see above)
82,724 Add'ns to property 1,068,676 1,068,676 Hire of equipment
51,501
Deferred assets_ _
490.485
496,240
556,354
31,304 Profit and loss__ _.3,410,250 2,662,676 Miscel., other interest.... $545,700
38,449
Unadjusted debits
46,521
263,483
547,893
544,006
Interest on bonds
48,181
100.748
92,656
129,164
21,349,136 20,973,023 Joint facility rents
Total
21,349,136 20.973,023
Total
7,305
5,078
6,347
6,637
Other rents, &c
86,784
254,499
After adding sundry net items, $209.-V. 103, p. 844.
*
220,271
239,426
Deficit of Z. & W. Ry
Piedmont & Northern Railway.
(Fifth Annual Report-Year ended June 30 1916.)
Pres. J. B.Duke says in substance (see "El. Ry.Section"):

The gross earnings for 1916, as compared with 1915, show an increase
of $179,351, or 18.9%. The expenses, including taxes, increased $36,774,
or 5.9%, accounted for as follows: Taxes, $13,060; car hire, $17,362; miscellaneous,$6,352. The operating ratio was 53.7%, a reduction of 7.7%.
During the year there has been constructed a branch line of 3.19 miles between Belmont Junction and Belmont (at a cost of $101,127) and 19,972
feet of sidings, serving 21 new industrial plants. Up to the close of the
fiscal year 81 miles of main line have been rock ballasted. Belton to An(The company owns Greenwood to Spartanburg,89.9 miles;
derson, 11.3; Charlotte to Gastonia, 23.5: Belmont Junction to Belmont,
3.19; total owned, 127.89 miles. It operates under contract Greenwood to
Spartanburg, 5.39 miles; Belton to Anderson, 2.08; Charlotte to Gastonia,
2.03. Total operated (owned and under contract), 127.89 miles.)
INCOME ACCOUNTS FOR YEARS ENDED JUNE 30.
1915.
1916.
1915.
1916.
$521,967 $366,331
128 Not stated Net earnings
Miles operated
44,247 31,187
Taxes
Operating Revenues
$368,543 $339,305
Passenger
Operating income- J477,720 $335,143
695,579 549,426
Freight
63,536 59,576
Miscellaneous
11,452 11,966
Other income
Total open rev_ _ _$1,127,658 $948,307
$489,172 $347,109
Gross Income
Way and structures__ $67,358 $66,011
54,313 50,582
Equipment
130,617 134,910 Int. on funded debt_ _$316,979 $315,126
Power
29,325 23,141
162,364 162,734 Other Interest
Transportation
586
1,371
25,215 23,831 Miscell. deductions_ _ _
Traffic
165,824 143,909
Gen.& misc
Total deductions_ _$347,675 $338,853
Balance, surplus_ _ 3141,497 $8,256
Total oper. exp_ _ _ _ $605,691 $581,976
BALANCE SHEET JUNE 30.
1915.
1916.
1915.
1916.
$
Liabilities
$
s
AssetsRoad and equip't-15,530,629 15,306,205 Capital stock $10,
25,000 000,000; less in
25,000
Stocks
23,082 treas.31,415,400 8,584,600 3,584,600
23,082
Notes
86,047 Fund. debt $18,
105,990
Cash
537,500; less In
Special deposits.._ 160,7951
5,300} 242,480 treas.$1,605,100
Loans & notes rec..
& pledged $10,
81,1911
Miscellaneous
6,324,400 6,331,000
114,689 603,000
90,815
Material&supplies
30,412 Loans & notes pay. 482,5161
23,389
Unadjusted debits
Accts.&wages pay. 160,827> 668,143
(See below)
Scour. las.(unprd)
Mls.accts.pay.,&c. 100,0151
(See below)
Sec. Iss. (pledged)
Matured interest_ 160,5821 194,729
8,702!
Accrued interest
41,188
74,796
Unadjusted credits
8,258
, Profit and loss._ _ _ 149,753
I Total
16,046,191 15.827,916
16,046,191 15,827,916
Total
Securities issued (unpledged): Stocks, $1,415,400; notes, $1.605,100.
Securities issued (pledged): Bonds, $10,000.000; notes. $608.000.V. 104, p. 1490.




$835,597
Total deductions_ .. _ $1,464,933 $1,434,771 $1,356,237
Balance,surplus or def_sur.$744,301 sur.$43313 def.$306,616 sur.$441,227
BALANCE SHEET DECEMBER 31.
1915.
1916.
1915.
1916.
3
$
Liabilities-$
$
Assets26,614,950 Stock,common...... 6,500,000 6,500,000
Road & equipm't_27,051,181
Stock, preferred.._ 3,708,000 3,708,000
Inv. In MM.cos.:
8,368,297 8,370,726 Bonds (see "Ry.&
Stock
2,000,000 2,000,000 Ind." Section)__ 8,500,000 8,500,000
Bonds
2,734,553 3,123,876
480,000 Car trusts
330,000
Notes
29,040 Non-nego'bie debt
250,040
Advances
187,527
to affiliated cos_ 169,452
256,250
Other investments 256,250
151,351 Loans & bills pay_10,569,012 10,719,012
Misc. phys. prop.. 151,351
370,832
Accounts & wages 498,596
888,300
Secs, held in treas. 888,300
109,744
371,967 Traffic, &c., Ws_ 194,693
Materials & supp- 524,513
80,240
81,705
544,639 Mat'd int. unpaid
662,703
Cash
Miscell. accounts_ 1,729,344 1,484,475
78,995
80,415
Special deposits
88,176
57,107
139,937 Acer.int.,dIvs.,&0•
Agents & condue_ 224,191
190,852
104,085 Def'd credit Items_ 131,882
Traffic, &c., bats_ 180,132
746,957 Accrued deprec'n. 1,654,475 1,055,638
Miscell. accounts.. 345,457
893,374 Approp'd surplus_ 1,332,583 1,332,583
Interest, &c., rec.. 973,333
133,137 Profit and loss.. _ ..5,088,632 4,352,753
Unadj. debits,&c_ 163,872
42,950,036 41,803,709
42,950,036 41,803,709 Total
Total
* After deducting $8,421 for sundry adjustm'ts (net) -V.104. p. 1265.

Washington (D. C.) Railway & Electric Co.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. Clarence P. King, Washington, Mar. 15,says in sub.:

-During tho year the cars of the system
Transportation Department.
passengers, of which
traveled 11,013,409 miles and carried 00,035,285per pay passenger was
21,489.744 were free transfers. The average fare
fare for all passengers carried of 3.2397
4.2887 cents with an average
ride 14 miles for a single fare.
cents, including transfers. One may now experienced the first strike in its
-Early in the year the company
Strike.
secret agitation and interference on the
history. This followed months of
part of outside professional labor organizers, and it was called without
to
warning, at a midnight meeting. The company absolutely refused
Amalgamated Assorecognize the irresponsible organization known as thecontinued to operate
ciation of Street Railway & Electric Employees, and
Its cars during the interruption, which continued for two days. Finally.
through the mediation of the Commissioners of the District of Columbia, a
working agreement was reached.
Maintenance and Depreciation-Expenditures for Construction.
1016.
1915.
1911.
1913.
1909.
1907.
Maint.&deprec..$475.336 $690,901 $717,370 $804,570 $921,940 $955,161
Construction...... 975,378 606,020 427,975 485,772 523,296 832,836
Funds for these expenditures for construction, aggregating for the 10
years $6,741,973, have largely been raised from the sale of bonds, but it is
worthy of note that in spite of these heavy expenditures, all chargeable
I.
-S. C. Commission,
to construction account under strict ruling of thethe
company, none, in
there has been no increase in the capitalization of
fact, since 1902. For maintenance and depreciation also there has been
during the 10 years $7,514,414.
expended
-Among the valuable assets of the company is the fine unGreat Falls.
developed water power site at Great Falls, situated on the Potomac River,
about 15 miles from the centre of the city. When the electrical demand
plant at
reaches a point where further enlargement of the company's steam developDenning seems unwise, careful consideration will be given to the

MAY 19 1917.1

THE CHRONICLE

ment of an auxiliary hydro-electric plant at Great Falls to operate in conjunction with the present steam plant.
Track and Roadway.
-During the year the total mileage of the system
was somewhat increased; mainly by the purchase of the Washington &
Interurban Ry., a separate corporation, which for a number of years has
operated from 15th and H streets N. E. to Berwyn, via Bladensburg
Road. Following the approval of the Public Utilities Commission all the
outstanding securities of the Washington & Interurban Ry. were acquired
by the Washington & Rockville Ry. Co., one of our subsidiary companies,
adding 8 W, miles of track to the system. A short extension of the Congress
Heights division on Nichols Ave. was also completed, bringing the total
mileage of the system up to 174.23. During the year $253,165 was disbursed or set aside for maintenance of track and roadway.
-During the year 689 claims were settled at a total
Legal Department.
cost of $106,010.
-Results for the year were
-Lighting Department.
Potomac Power Co.
highly gratifying, showing 3,793 new customers as the final record for year.
years have witnessed the rapid extension of Potomac service into
Recent
practically all of the neighboring towns and villages. These now include
Rockville, Chevy Chase, Takoma Park, Kensington, Washington Grove,
Gaithersburg, College Park, Glen Echo, Mt. Ranier, Hyattsville, Riverdale, Capitol Heights, Bladensburg and Decatur Heights. In addition,
the entire electrical requirements of the city of Annapolis are furnished
through the Washington Baltimore & Annapolis Electric RR. Co., and,
through the Braddock Light & Power Co., a separate corporation, to
Rosalyn, Ft. Myer and other points in Virginia. Also full current supply
for the interurban road connecting the District of Columbia with Baltimore
and Annapolis; and for the Virginia lines connecting with Alexandria, Falls
Church, Fairfax and Mount Vernon. Several notable installations have
been added to our service during 1916, ranging from 200 to 750 h.p.
The total electrical output of the Benning plant for the year was 122,158,818 k.w. hours. The number of street lamps in service at the end of
the year amounts to 9,509, an increase of 189.
The company installed in the District of Columbia, Maryland and
Virginia 21.84 miles of overhead wire of various sizes for public and commercial lighting, also installed 981 poles, 374,323 feet of cable and 75 547.05
feet of conduit. Total conduit in service Dec. 31 amounted to 1,374,81 .84
7
lineal feet, or 4,911.462.91 duct feet.
ENTIRE SYSTEM FOR CALENDAR YEARS.
1916.
1913.
1915.
1914.
Paying passengers
90,035,285 86,482,956
65,978,749
do average fare
4.2887 cts. 4.291 cts.
Not I
4.301 cts.
Free transfers
21,489.744 20,378,525
Stated
20,003,412
Total average fare
3.2397 cts. 3.252 eta.
3.269 cts.
Gross earnings
$5,539,465 $5,191,627 $5,048,435 $4,943,315
Operating exp. & taxes_ x3,280,486 x3,009,072 x2,863,736
2,669,972
Net earnings
$2,258,979 $2,182,555 $2,184,699 $2,273,343
Miscellaneous income
22,328
33,891
27,509
10,222
Total
$2,286,488 $2,204,883 $2,218,590 $2,283,565
Deduct
$1,147,857 $1,144,582 $1,147,534 $1,104,576
Interest
29,583
43,415
22,339
Miscellaneous
46,178
Surplus
y$1,092,454 $1,016,886 $1,041,473 $1,156,650
(56.73)
(57.96)
(54.01)
P.O.of op.exp.to earns.
(59.22)
$425,000
$425,000
Div.on pref. stock(5%) $425,000
$425,000
(6
Div. on common stock_(7%)455,000 (7)455,000 (7)455,000 %)422,500
$136,886
$161,473
Surplus
$309,150
Y $212,454
x Includes depreciation in accordance with Inter-State Commerce Commission classification of accounts effective July 1 1914.
y The surplus income for 1916 after providing for fixed charges was $1,092,454, of which $187,294 was applied directly by the sub. cos. without
assing through the Wash. Ry. & Elec. profit and loss account, leaving
905,160. Deducting dividends paid by the Wash. By. & Elec. Co.,
000, there was a balance of $212,454. Deducting sinking fund requirements, Potomac Elec. Power Co., $106,000, and misc. items aggregating $7,652 (net), leaving balance to credit of profit and loss, $22,917.
WASHINGTON RY. & ELEC. CO. BALANCE SHEET DEC. 31.
1915.
1916.
1916.
1915.
$
$
LiabilitiesAssets$
$
Cost of property_ _32,445,759 32,443,783 Preferred stock__ 8,500,000 8,500,000
Common stock_ - _ 6,500,000 6,500,000
Wash. Woodside &
Glen By.&
For.
Funded debt_a__ -16,471,350 16,471,350
Pow.Co.6% bds.
8,000 Accounts payable_ 119,228
116,259
Materials & supp_ 110,129
99,007 Accrued Interest__ 114,483
114,483
reo.sub.ces. 181,417
149,489 Accrued taxes_ __
Accts.
71,859
58,795
Accts.receiv.,misc. 155,482
116,229 Matured int., do_
32,377
29,498
LoansPot.El.P.Co. 163,763
163,763 Reserves for depr.,
insurance.
Prepaid
2,238
7,269 sinking funds &
Disc't on oblig'ns. 323,664
332,087 income tax
866,513
751,873
338,883
Cash
256,731 Miscellaneous_66,638
78,158
45,928
Special dep., &O._
46,722 Profit & loss, surMiscellaneous _
47,108
55,050
plus
1,071,923, 1,057,713
33,814,372 33,678,130 Total
Total
33,814,372 33,678,130
a The funded debt,$16,471,350,as above,includes 311,642,350 Washington By. & Elec. Consol. 4s, $1,850,000 Met. RR. 1st 6s and $2,979.000
Anacostia & Potomac River RR. 1st 5s.
The total funded debt of the system, incl, the debt of the controlled cos.
($8 755,000), is $25,226,350. See page 126 of "Elec. Railway" Section.
-V. 104, P. 453.

1880.

Havana (Cuba) Electric Railway, Light & Power Co.
(5th Annual Report-Year ending Dec. 31 1916.)
Pres. Frank Steinhart, Havana, March 1 says in subst.:

Over 700 incandescent lamps of from 60 to 1,000 candle power were
installed during 1916. The increase in electrical output was 15.31%, and
the increase in net earnings on account of electric lighting 13.68%. The
number of electric meters in service increased 3,285.
During the year 21 electric automobiles for passenger and for other
company purposes were purchased and partly placed in service. A suitable
garage Is under construction. The new track constructed aggregates 2.47
miles and the reconstructed track 2.66 miles. The gas system was extended by 2.22 miles of new main and 802 new services were connected.
The sales of gas appliances during 1916 amounted to $105,454. The output of gas increased 15.2% over 1915, the net earnings increased 23.6%
and the operating expenses decreased 3.92%. The net increase in meters
during the year was 1,551. Stoves and ranges installed at Dec. 31 1916
total 5,325, water heaters 827 and industrial apparatus 633.
The total number of passengers carried on tho cars (59,698.791) shows
an increase of 9.93%, compared with 1915. We have built 14
new passenger cars.
Your consolidated power plant has afforded a total net output of nearly
47,000.000 k. w. h. The high cost of feed combined with the decreased
earnings made the stage lines show a decrease of $45,938, or,17.3%. It is
hoped that the electric motor omnibuses will enable us to continue this
service at a profit.
As all of the Power generating and distributing equipment is new, the
$75,000 set aside as the first installment of the special reserve for depreciation in addition to the payment to the sinking fund ($111,762) is deemed
ample for the current year.
EARNINGS FOR THE YEAR ENDING DEC. 31 1916.
Transport. Electric
Gas
Division. Division.
.-Grand Total
1916.
1916.
1915.
Gross
$3, 916.58 $2,099,060 $575,290 $6,017,708 $5,541,303
1 43,3
3
461.500
1,503,457
Expenses
331,412 2,296,369 2,237,517
Net
$1,839,901 $1,637,560 $243,878 $3,721,339 $3,303,785
Interest
$555.936$741,157-- $1,297,093 $1,115,414
Taxes, &c
43,265
104,250-----147,515
99,988
Balance _ _ _ _ __$1,240,700
$1,036,030----- $2,276,731 $2,088,383
Interest on deposits, rents, &c
144,561
147,875
Total before deducting dividends
$2.421,292 $2,236,258
Preferred dividends paid
(6'4)899,991
899,997
Common dividends paid
(6%)896.910(5M)822,166
Balance,surplus, for year ending Dec.31
$624,391 3514.095




2007

The total accumulated surplus Dec. 31 1916, after deducting $111,762
provision for sinking fund in respect to English bonds of the Compania de
Gas y Electricidad de la Habana and Consol. Mtge. bonds of the Havana
Electric By. Co., $123,083 reserve for bad and doubtful debts, &c., and
$75,000 reserve for depreciation.
BALANCE SHEET DEC. 31 1916.
Assets (Total $58,727,120)
Properties, plants and equipment
$55,317,528
Investments (at cost)
116,286
Cash in banks and on hand, $1,412,153; accounts receivable,
after providing for bad and doubtful debts, $857,443
2,269,596
Stock of materials, merchandise and supplies on hand,$867,119;
materials in transit, $49,527
916,646
Deferred assets
-Insurance pd. in advance,deferred chargesatc
107,064
Liabilities (Total $58,727,120)
Common stock (fully paid and non-assessable), $15,000,000;
less $51,569 held in treasury, balance
$14,948,431
6% cumulative preferred stock (fully paid and non-assessable)_ 14,999,827
Funded debt
-Consolidated M. 5s of Havana Elec. Ry. Co.,
$9,188,111: less in treasury, $500,430; balance
8.687,681
General M. 5s sinking fund bonds, $5,698,000; less deposited
with Govt. of Cuba,$52,000; and in treasury,$343,000; bal_ 5,303,000
Other gas& electric companies issues(see"Electric Ry.'section) 10,620,533
Accounts payable, $166,429; dividends & int. due but unpaid,
$70,994
237A23
Accrued bond int.. $365,878; consumers, &c., deposits, $354,083; sundry accruals for taxes, &c., $106,309
826,270
Sub. cos. stock to be exchanged,$20,133; less $20,133 held in
reserve
Special reserve
522,288
Reserve for redemption of consolidated mortgage 5% gold bonds
of Havana Electric Ry. Co
273,000
Reserve for redemption of 37-yr. 5% English Mtge. bonds of
Compania de Gas y Electridad de la Habana
102.467
Sinking fund reserve, Havana El. By. Co. Consol. M. bonds
106,698
Reserve for depreciation
75.000
Profit and loss account
2,024,502
-V. 104. p. 1701, 1591.

Sinclair Oil & Refining Corporation.
(Report for the Eleven Months ending March 31 1917.)
On a subsequent page will be found the report of the
Sinclair Oil & Refining Corporation and its subsidiaries for
the eleven months ending March 31 1917, including income
accounts and general statistics of each company and a consolidated balance sheet as of March 31 1917. Theresults of
the Sinclair Oil & Refining Corporation for the eleven
months ending March 31 1917 show a balance, after deducting dividends aggregating $2,638,211, of $5,998,229. This
amount is available for depreciation and surplus account.
Compare also statement in "News Department" below.
-V. 104, p. 1805, 1392.
Cosden & Company, Baltimore and Oklahoma.
(Statement Regarding Proposed Consolidated Company.)
Middendorf, Williams & Co., Inc., Baltimore, have issued
an analysis of the proposed merger between Cosden & Co.
(refining) and the Cosden Oil & Gas Co. (producing). See
plan on subsequent pages. The bankers report:
The company's refinery is the largest in the mid-continent field and one
of the most modern in the world, its daily capacity is 40,000 bbls. A.
lubricating oil and wax plant is included. These facilities permit the complete refining of crude oil into gasoline, and all other by-products, upon an
extensive scale and with maximum efficiency.
Crude oil is gathered and transported to the refinery by means of the
company's comprehensive pipe line system, about 250 miles in length,
which reaches to all parts of the producing area; 2,500 tank cars distribute
refined products.
The company owns and controls over 300,000 acres, a large part of which
is proven oil land, and it has holdings in practically every section of the
entire mid-continent field. Its present average production of crude oil is
about 15,000 bbls. per day.
The present real value of the company's assets is greatly in excess of the
amounts at which these assets are carried upon the company's books. This
excess value amounts to about $9 per share of outstanding common stock.
Moreover, the companies are earning about 100%.

COMBINED BALANCE SHEET MARCH 31 1917.
[Cosden & Co.-Cosden 011 & Gas Co.]
Assets (Total 345,588,678)
Refineries, pipe lines, tank cars, &c., $6,398,382; oil lands,
leases, &c., $26,1 -4,668
$32,503,050
Investment in stocks in controlled and other corporations
3,711,755
Crude and refined oils (at cost), $44.008,569; materials and
supplies,$1,178,699
5,187.268
$868,438; bills & accts. receivable, $3,124,080, unCash.
adjusted debits, $86,280
4.078,798
Deferred assets:insurance unexpired and deferred expenses
107,186
Trustee account: sinking fund
622
Liabilities (Total 345,588,678)
Capital stocks (1) Cos. 0. & G. Co. pref., $3,496,505; and
common.$6,901,890;(2) Cos. & Co., $5,752,870
$16,151,265
Convertible 3
-year 6% notes (Cos. 0. & G.(Jo.) (V. 102. ro•
2344; V. 104, P. 167)
$5,997,000
1st M.6% bds. due Oct. 1 '26 (Cos.& Co.)(V. 103, p. 1983)-- 5,473,000
Balance due on purchase of Hill and Devonian properties, $3,440,000; car trust obligations (Cos.& Co.),$814,947
4,254,947
Bills payable,$1,662,997: accounts payable,$1,130,298
2,793,295
Int. and taxes acrd.,$596,641; unaust.credits, &c.,$89,370....
686,011
Reserves
248,746
Surplus9,984,414
Explanatory notes on balance sheet: (1) Refinery is carried at cost, less
depreciation. At prevailing prices the plant and equipment could not be
built to-day for less than 811,000,000. Tank cars alone are carried at
$4.000.000 below what they would cost to-day. (2) Oil Lands and Leases.
arc carried at cost price, and probably could not be purchased except at
much in excess of their cost. Increasing demand for oil has carried prices
of oil lands to levels unknown when the bulk of the Cosden holdings were
acquired. (3) Investments in Other Companies are also carried at cost. The
company has in the last 30 days been offered $500,000 profit on the stock
of one of these companies. (4) Inventories of Crude and Manufactured Products are carried at net cost. At present market prices the company has
therein a profit of more than $1,000,000, which does not appear in the above
balance sheet. (5) Materials and Supplies are also carried on the books at
cost, though at present market prices worth about $750,000 in addition.
Purchase Money Obligations.
-33,440,000 carried on the books since
Mar. 31 1917 have already been reduced to about $2,500,000, and since
July 1 1916 have been reduced to this figure from $7,000,000. The
Car Trust Obligations of $814,947 are payable in small monthly payments
over a period of three years. The company is in an exceedingly strong
position, with current assets of $9,266,065, against current liabilities of
33,479,306.-V. 104, 13. 1901, 1706.

(The) T. H. Symington Co.(of Me.), Baltimore.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres.T.H. Symington, Balt., April 21, wrote in substance:
During the year the First Mortgage bond sinking fund was increased
$90,197, the balance of 1-3-year serial mortgage notes, amounting to
$125,000, was paid off, and final payment of $120,119 was made on the
purchase of the Farlow Draft Gear Co., whose entire capital stock is now
owned by your company. (See also news item on a subsequent page.)

2008

.

THE CHRONICLE

[voL.

104.

During the year an appraisal of the property was made by the American
(The) Dayton (Ohio) Power & Light Co.
Appraisal Co. and the books of the co. adjusted to the appraised values.
(Annual Report for Fiscal Year ended Dec. 31 1916.)
The item "other income" shown on the condensed statement of earnings
done for other
was abnormally large, principally because of annealing work
The report, signed by Pres. F. M. Tait and Asst. Sec. 0.
comapnies.
Your company entered the year 1917 in a sound condition and with a E. Howland, shows in substance:
large volume of business on hand. Continued advances in the cost of all
During the year the company has extended its transmission lines from
raw materials, the difficulty of obtaining supplies, the unsettled condition, Wilmington to Bowersville, 14 miles; from Cedarville to South Charleston,
high cost and steady falling off in the efficiency of labor, arid the corpora- 12 miles;from New Carlisle to Phoneton,6 miles;from Dayton to Vandalia,
tion tax outlook, make it impossible to forecast the result of operations for 7 miles;from Dayton to Union,9 miles, making a total of 48 miles, 12 miles
the current year.
of which are of steel tower construction, the remaining 36 miles of substanYour company will incur no loss as guarantor of Symington Machine tial wooden pole line construction. The following towns and villages have
Corporation (V. 102, p. 1165, 1065)•
thus been added to our distribution system: Bowersville. Brandt, Chambersburg,Ebenezer,Englewood,Phoneton,Port William,Selma,South CharlesINCOME ACCOUNT FOR CALENDAR YEARS.
ton, Union and Vandalia, making a total of 36 cities, towns and villages
1913.
1914.
1915.
1916.
$299,039 supplied by your company.
$306,200
$321,618
$606,895
Net profit
rho number of consumers connected to our lines increased 3,989, making
2,401
3,542
2,166
64,532
Other income
a total increase in connected load of 16,511 horse power.
The past year has been an abnormal one in many respects and par$301,440
$309,742
$323,784
1671.426
Total income
$69,582 ticularly noticeable in the large increase in the operating expenses of the
$57,970
$51,289
$42,086
*Interest (net)
25,992 company, brought about chiefly through the high cost of coal and materials.
25,992
25,992
27,016
Depreciation
26,242 It is confidently expected that the business for 1917 will also be satisfactory.
22,049
17,377
3,759
Miscellaneous
Statistics for Calendar Years.
Current
Current
$179,624
Meters Conn. Lt. & Pow.
$203,731
$229,126
$598,565
Balance, surplus
•
Purchased.
Generated.
(equiv.)
(No.)
* After deducting interest on sinking fund.
1916_ -22,238 1,009,600 (56 watt.) 70,199,590 (k.w.h.) 2,501,220 (k.w.h.)
CONSOLIDATED BALANCE SHEET DEC. 31.
1915__ -18,249 804.096 (56 watt) 43,917,802 (k.w.h.) 220,750 (k.w.h.)
1915.
1916.
1915.
1916.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
3
Liabilities
Assets$
1914.
1915.
1916.
1,000,000 1,000,000
Common stock
Real estate, bldgs.,
$943,321
$1,613,873 $1,098,065
1,500,000 1,500,000 Gross earnings
stock
equipment, &c..._1,824,502 2,194,602 Preferred
528,151
579,581
999,961
491,529 681,726 Operating expenses
Good-will & pat. rts_1,751,072 1,102,667 1st M.bonds(6%)
125,000
6% mtge. bonds_ _ _ _
Farlow draft gear Co.
$415,170
$518,484
$613,912
Net earnings
75,000
75,000
747,769 627,649 Bills payable
stock
11,842
12,987
6,619
200,263 256,325 Other income
4,600 Acc'ts payable
Securities owned_
7,601
Accrued taxe.
Raw & finished
$427,012
$531,471
$620,531
Total income
46,928
terial (at cost)____ 338,140 306,408 Farlow Draft Gr.Co.
$207,647
$217,932
$235,964
Acc'ts & bills rec'le__ 529,658 462,483 Depreciation, &e_ _ 983,252 292,914 Fixed charges
116,219
128,347
175.938
1,001,791 918,877 Preferred dividends
17,103 Surplus
68,116
Cash
81,258
2,180
Sundry assets
$103,145
$185,192
$208.629
Balance, surplus 5,259,438 4,798,770
5,259,436 4,796,770 Total
Total
BALANCE SHEET DEC. 31.
-V.102, p. 1167. 1065.
Guarantors of Symington Machine Corporation.
1015.
1916.
1915.
1916.
$
LiabilitiesAssetss
$
Lanston Monotype Machine Co., Philadelphia.
Property invest'ts 10,827,431 10,180,294 Preferred stock_ _ _ 2,962,500 2,609,000
2,500 Common stock_ _ _ 3,053,000 3,053,000
2,500
Security invest'ts_
for Fiscal Year ending Feb. 28 1917.)
(Report
4,899,000 3,669,000
Funded debt
Construction fund 1,200,197
386,391
551,990
President J. Maury Dove, May 3 1917, wrote in substance: Current aksets____ 376,830 323,122 Current liabilities_ 196,972 210,558
3,487 Accrued liabilities
.
50,846
Nominal assets_ _
Our business for the past year was the largest in the history of the com- Supply accounts__ 128,848
81,120 Matured coupons
pany, and while part of this increase in business was due to outside work, Prepaid accounts_ 121,112
3,487
50,646
and dividends
15,393
the major portion was due strictly to the increase in Monotype sales. The Suspense accounts
240,023
385,626
982 Reserves
1,780
earnings for the past year were $759,741, which show a profit of 12.6% on
405,539
607,589
Surplus
our issued and outstanding capital.
Owing to conditions throughout the country, duo to war, we were com12,707,323 10,586,898
Total
12,707,323 10,586,898
Total
pelled to make large purchases of material in order to be certain of our
104, p. 866.
supplies for manufacturing purposes, &c.; of keyboard paper we have on -V.
hand practically a year's supply.
North Butte Mining Co.
The effect of our increase in business is reflected in our bills receivable
(Report for Fiscal Year ending Dec. 31 1916.)
and accounts receivable, in inventory, stock on hand, &c., our purchases
and increase in manufactured parts ready for assembling are reflected.
Pres. Thomas F. Colo says in substance:
Bills receivable increased $98,072, accounts receivable $94,574, inventory
-In the Butte East Side mineral area purchases
New Properties Acquired.
$122,359, and plant $90,085. The increases mentioned, when added to the
Mullingar, Grand
disbursement of $360,000 covering four dividends paid during the year, were authorized of fractional interests in the which the companyJunction,
had preRicheliew and Albert lode mining claims, in
show the disposition made of our earnings.
acquired interests.
The Monotype is making continued progress in the book and job offices viously
-On Oct. 1 a new contract was made with the
New Treatment Contract.
and in the newspaper offices each year. We have made rapid strides in
the introduction of machines, particularly in newspaper offices, during the Anaconda Copper Mining Co. for the treatment of the ores mined by this
year. The largest and most important papers in the country are being company. By this new agreement the ores are divided into three classes
instead of two as heretofore, and by its terms the company secures increased
added to our list of customers each month,.
The English corporation, in which we are large stockholders, has, not- returns in copper, silver and gold from the ores. The company received
the
withstanding war conditions abroad, paid the interest on all of its deben- the benefits of this new contract during the fourth quarter ofwet year.of ore
tons
-During the year there were shipped 560,673
Production.
tures and has resumed the payment of dividends at the rate of 6% p. a.,
and 120 wet tons of precipitates, and there were treated at the smelter
for the continuance of this healthful condition is good.
and the outlook
Patents and improvements of great value were developed during the year. 544.365 dry tons of ore and 89 dry tons of precipitates. Of this ore 49,252
The expenses of the company have been augmented by the demand for dry tons, or 9.1% ,were first class, 423,118 dry tons, or 77.7%, were second
class, and 71,995 dry tons, or 13.2%, were third class. This ore produced
regular and special taxes.
We have had no labor troubles during the year. Conditions, however, 24,498,181 lbs. of fine copper, 1,047,063.56 oz. of silver, and 1,712.004 oz.
are not as satisfactory as they might be, due to the loss of a number of our of gold. During Nov. and Dec. there were also mined 1,652 wet tons of
men who have volunteered their services to the Government, and whose zinc ore and there were treated 1,625 dry tons, which produced 412,953 lbs.
positions cannot be readily filled, owing to the technical training which the of zinc and 2,510.24 oz. of silver.
-Four dividends were paid during the year. viz.: On Jan. 26
Dividends.
exactions of our business demand.
During the year the directors placed the factory on an eight-hour-day 1916 (50c.), $215,000; on April 26 1916 (50c.). $215,000; on July 29 1916
total, $1,075,000.
basis.
(75c.), $322,500, and on Oct. 23 1916 (75c.), $322,500; Granite Mountain
Operations and Developments.-Both the Speculator and
The board considers the outlook for business for the coming year, and
shafts were in service for hoisting during the greater part of the year. This
for the general prosperity of the company for the future, excellent.
made it possible to conduct underground operations on a larger scale than
RESULTS FOR YEARS ENDING FEBRUARY 28.
in any previous year. The tonnage of ore mined and treated was consider1913-14. ably the largest in our history and development work was prosecuted with
1914-15.
1915-16.
1916-17.
$486,064 correspondingly increased energy.
$381,297
$429,995
Net profit after deprec'n_ $822,518
(3)180,000 (6)360,000
Deduct-Divs.on stock(6%)360.000
The high price of copper has made it possible to mine at a profit considerable tonnages of ores of a grade that previously had not been considered
$126,064 commercial. Labor and supplies have been higher than they have been
$201,297
$4429,995
$462,518
Balance, surplus
in many years. Changes in mining methods made towards the end of the
BALANCE SHEET MARCH 1.
year are resulting in a saving in underground expenses.
LIabilitIes1916.
1916.
1917.
1917.
Assets
The results of the development work have been satisfactory, The ore
$122,272 $162,202 Capital stock (auCash
shoots show an encouraging continuation to deeper levels, and in addition.
$10,thorized,
360,148
360,148
Real estate
one entirely new ore body has been opened up in ground to the north of the
884,824 000,000),issued $6,000,000 $6,000,000 veins previously worked. In spite of the large tonnage of ore extracted
Bills receivable_ _ _ 982,896
124,919 during the year, now ore opened up more than compensated for this, and
734,773 Accounts payable- 167,632
Ace'ts receivable_ _ L829,346
731,113 Bills receivable disStocks and bonds_ 731,813
end of the year were larger than at the beginning
600,000 the ore reserves at theof the properties of the company in the East Side
600,000
692,873 counted
Inventory (cost)- - 815,231
thereof. Exploration
913,128 Profit and loss (see
Machinery, &c.._ _ 998,675
mineral district was commenced in the autumn. Several small veins.
2,553,558 2,153,817 carrying copper priric
*below)
x27.630
34,187
Miscellaneous _ _
v4ren encountered and %
e ns outcroppiabove Nis carlmacvuet
in
eoe
been cut.
Rts.,fran.& impts_ 4,448,841 4,372,046
One thousand six hundred and fifty-two tons of zinc ore were mined.
Total llabilitles_$9,321,190 $8,878,737
Total assets_ _ _ _$9,321,190 $8.878,737
-The business office of the company was moved from
Office Moved.
Duluth, Minn., to 120 Broadway, Now York City.
* After deducting $62,777 for discarded obsolete machine parts. &c.,
PRODUCTION AND AVERAGE PRICE RECEIVED ON SALES.
-V. 104, p. 1902.
written off.
Gold.
Year- Copper Prod. Price per lb. Silver. Price per os.
oz.
Great Lakes Steamship Co., Cleveland.
1916 ___24,498,181 lbs. 23.295c. 1,047,064 oz. 66.371c. 1,712.004 oz.
1915 ____19,235,285 lbs. 16.703c. 940,632 oz. 50.27578c. 1,121.59 gold
(Sixth Annual Report-Year ending Dec. 311916.)
Sales of copper in 1916, 21,505,584 lbs.; silver, 960.247 ozs. and
(at $20 per oz.), 412.953 oz.
INCOME ACCOUNT FOR CALENDAR YEARS.
RESULTS FOR YEAR ENDING DECEMBER 31.
1914.
1916.
1915.
1914.
1913.
1915.
1916.
Ore earnings
11,891,5491
$826,882 Total income
534,4391 $1.700,688
$7,120,259 $4,155,522 $3,084,774 15,182,674
Coal earnings
473,846}
Expenses
Grain earnings
12,024)
$4,578,491 $2,991,122 $2,679,181 $3,697,995
Sundry earnings
Operating expenses_
$826,882 Construction
$2,911,858 $1,700,688
• Total earnings
46,902
47,378
36,754
62,173
588,203 General exp., taxes, &c_
925,754
1,229,283
Operating expenses
$238,679
11.682,5751 8774,934
Net earnings
3358,215 $1,437,777
$2,479,595 $1,127,646
Net earnings
19,5545
$820,000
Other Income
$635.000
387 000
1,075.000
Dividends
7
$238 679 Rate of %
(10%) (13 1-3%)
$774,934
(16 2-3%)
$1,702,129
(6%)
Gross income
$105,052
$144,478
$213,401
Disaster, suspense, &c
150,394
239,525
450,000
Balance, sur. or def_sr.$1,404,595 sr.$740,646 df.$276.785 sr.1617.777
Depreciation
(43)270.000
(11 )690,000(6%)360.000
Dividends
BALANCE SHEET DECEMBER 31.
sur.3348,729 sur.330,931 def.$286,767
Balance, stir, or deficit
1910.
1915.
1915.
1916.
The steamers comprising the fleet plying in the iron ore, grain and coal
$
, $
LiabilitiesAssets$
$
carrying trade number 20, with a total capacity of 160,000 tons.
Capital stook--- 6,450.000 6,450,000
Mining property__ 8,980,470 8,968,264
920
028
Divs. unclaimed__
BALANCE SHEET DEC. 31.
Gran. Mtn. Shaft
170,846
256,945 Accounts payable- 269,509
equip.& constr. 231,766
1915.
1016.
1015.
1916.
9,600 Unpaid treatment
9,600
Investment acct__
Liabilities-.
Assets8
187,313
charges(notdue) 226,206
207,126
118,954
6,000,000 6,000,000 Cash
Steamers, equip.,&e.6,135,471 6,235,472 Capital stock
371.980
4,500 Adv. on metals_ __ 487,939
471,857 371,047 Insurance reserve__ _ 500,000 378,288 Accts. receivable_ 553,888 1,617,049 Surplus
Cash
5,287,013 3,882,418
22,826,910
Inventory
1,038 Surplus (as per in1,036
Miscellaneous
30,000 come acc't above)- 608,365 259,267
Suspense account_
12,721,588 11,063,485
Total
12,721,588 11,063,485
Total
500,000
Insur. fund
Includes supplies at mine, 360.475, and copper and silver, $2,766,435.
a
7,108,365 6,637,555
Total
7,108,365 6,637,555
Total
-V. 104, p. 1805, 1269.
-V. 104, p. 563, 167.




MAY 19 19174

THE CHRONICLE

2009

$30 of common and $15 preferred,shall in such case go to the syndicate that
underwrites the stock subscriptions.
Use of New Cash.—The $12,324,000 to be received for the $12,324,000 of
stock to be issued for cash and the proceeds realized from the sale of any
Preferred or Common stock not taken in exchange by the preferred and comRAILROADS,INCLUDING ELECTRIC ROADS,
mon stockholders of the old corporation shall be applied so far as necessary,
and as soon as may be, to making part payment of the purchase price of
Alabama Great Southern RR.—Extra Dividends.—
The directors have declared the following dividends: 3% and an extra property and franchises of the old corporation to the payment of any of the
dividend of
on the pref. stock, payable Aug. 28 to holders of record unfunded debt of the old corporation outstanding March 31 1915 and of the
July 21, and 234% and an extra dividend of 1% on the ordinary stock, pay- expenses incidental to the consolidation, the underwriting commissions, &c.
as the directors and State Commissions shall approve.
able June 26 to holders of record June 4.—V. 104, p. 1143, 1044.
The short-term notes and unfunded debts of the subsidiary companies
shall be paid as soon as reasonably may be from the proceeds of the new
Bay State Street Ry.—Efforts to Increase Fare.—
bonds provided for below or from any other funds available therefor.
This company petitioned the Mass. Legislature for authority toestablish
Subsidiaries and the Properties Held Under Lease by Them.—If the several
a six-cent fare on all its lines and also for a commission to study the matter
of public ownership. A section ofthe bill provided that the road should pay subsidiaries above mentioned assent to the plan the new corporation will
acquire all the franchises and assets of each and will in consideration thereof:
no dividends on its common stock for two years, and also that all of its net (a)
Assume all their outstanding obligations of every nature, including
earnings above the sum required to pay dividends on its preferred stock
should go into improvements. The Senate agreed to admit the petition, therein their indebtedness and other liabilities. (b) Will issue or order for
but the House on May 16. having previously refused to do so, failed by a distribution among their stockholders for each share of the present outvote of 130 to 78 to reconsider the matter, a four-fifths vote being required. standing stock of said companies new First Preferred stock carrying diviA petition to increase the fares in Nashua, &c., will be heard by the New dends at the respective rates now payable under the lease of each,and in
Hampshire P. S. Commission on May 28. The company claims that it now all other respects having the same preferences above indicated.
,
The
costs 6.10 cents to carry a passenger, against 4.94 in 1914, 5.14 in 1915 burg new corporation will also assume the sub-leases, viz.: (1) Of Fitchand 5.27 in 1916. According to its attorney, Samuel H. Pillsbury, the (2) RR.,its leases of Vermont & Mass. RR. and Troy & Bennington RR.
For Boston & Lowell, the principal leases, being those from Nashua
company would sell out for $39,000,000, the fair cost value as found by the
&
P. S. Commission. Compare Massachusetts Electric Cos. in V. 103,p. Lowell RR., Stony Brook RR., Wilton RR., Peterborough RR., Connecticut & Pas.sumpsic Rivers RR., Mas.sawippi By.
2336; V. 101, p. 2068.—V. 104, p. 1700, 1044.
and
(3) For Concord & Montreal, its leases from the Nashua Northern RR.
& Acton RR.,
Suncook Valley RR., New
Boston & Maine RR.—Plan of Reorganization and Union Pemigewasset Valley RR., Boston RR., Franklin & Tilton RR. and
including
with Leading Leased Lines.—The plan of Mar. 14, prepared gations under indenture asandConcord &also the performance of the oblito
Portsmouth ER. dated 1862.
Hampden RR. Corp.—If the assent of this company is obtained, the
by committees from the leading leased lines, and adopted
by their boards of directors, and also with the reservations new corporation will, subject to the approval of the Massachusetts P. 8.
Commission, per Section 18 of the Mass. statute,
and
below, indicated by the directors of the Boston & Maine, franchises and will issue therefor to the Hampdenacquire the property $1,RR. Corp. or order
0
has been approved by the New Hampshire Legislature by 660,000 First Preferred 5.7 stock and $1,400,000 Preferred 5% stock. Said
First Preferred stock shall have the same preferences and priorities, except
"an overwhelming majority."
as to rate of dividends, as the First Preferred stock issued to the subsidiary
companies, and the 5% Preferred stock issued to it shall have the same o
The full pamphlet, just received, shows in substance:
j
rgerences and priorities, except as to rate of dividends, as the
Plan for the Reorganization of the B. & M.System Dated Mar.14 1917. amounting to $3,149,800, to be issued in lieu of the presentPreferred stock
preferred
Organization.—It is proposed to organize a new railroad corporation with of th Boston & Maine RR.
e
the name "Boston & Maine Railroad Company," per Acts of Mass. for
As a part of the consideration, all claims of
1915, and acquire the property and franchises of the Boston & Maine RR. Boston & Maine RR. and the Boston & Mainethe corporation against the
against the Hampden RR.
and, by purchase or consolidation, all of the property and franchises of the shall be released and all outstanding debts and obligations of the Hampden
lines now directly leased, viz., Fitchburg RR., Boston & Lowell RR., RR. Corp. shall be effectually extinguished by the Hampden RR. Corp..
Connecticut River RR., Concord & Montreal RR., Lowell & Andover so that the new corporation shall not be compelled to pay any other sum
RR., Manchester & Lawrence RR. and Kennebunk & Kennebunkport or give any further value therefor. If it is legally impossible to carry out
RR.(the "subsidiary companies"), and also, on certain terms, the franchises the provisions of this section, other provisions as may be substituted, proand property of the Hampden RR. The new corporation will assume any vided that the burden on the new corporation is not increased
thereby.
outstanding funded or unfunded debt of the old corporation the payment
of which is not provided for as a part of the agreement of purchase and sale, Original Capitalization of New Corporation if It Acquires the Franchises and
Property of All the Companies.
and will likewise perform all the duties and obligations of the old corporaTotal. Div.Rate.
tion in respect to the properties acquired. Or, if it be found impracticable (1) First Preferred Stock (Total $47,872,300)—
(a) For Sub. Co. Stocks, $for 3—Dividend Rates to
to form a new corporation as aforesaid, the charter of the present B. & M.
be Respectively as under Present Leases.
RR. may be used to carry out the plan.
Fitchburg RR.(forl$18,860,000 pref. stk.—see note)_318,860,000
5%
Bonds.—If, In case of a purchase under any other statute, the Court
Boston & Lowell RR.(excl. $561,900 held by B.& M.)
8%
should require the payment of the purchase price in cash, the new corporaConcord & Montreal RR. (excl. $335,000 owned by 7,117,500
B.& M.RR.and $7,000 by Man.& L. RR.)
tion may issue such an amount of its own bonds or notes as will equal such
7,917,100
7%
proportion of the funded debt of the old corporation as may be paid from
Connecticut River RR
3,233,300
107
Lowell & Andover RR.($531,300 8% and 393.700
the proceeds of such sale.
625,000f
}
tz
°
10%)
I .
10$
Cash Requirements.—The now corporation, for the purpose of raising
Manchester & Lawrence RR
1,000,000
cash, will issue at par for cash in connection with the acquisition of new
10
the
Kennebunk & Kennebunkport RR
several properties and franchises, $12,324,000 of stock, of which
65,000 434
$7,394,400
(b) For Hampden RR. and New Cash on above basis—
(or 60% is to be First Preferred and $4,929,600 Convertible Preferred stockHampden RR. Corporation
1,660,000
This 12,324,000 of stock will be offered for subscription to the stock.
5%
For cash-6%
7.394.400
holders of the old corporation, each common stockholder being
6%
subscribe in the proportion of $18 of First Preferred and $12 ofentitled to (2) Convertible 6% Cumulative Preferred Stock—for cash
$4,929,600
Converti- (3)
ble Preferred for each share of common stock owned by him in the old
Preferred Stock, 6% non-cumulative
poration, and each preferred stockholder of the old corporation being corCorresponding to B.& M.RR. pref. stock,6%--43,149,800 4,549,800
entitled to subscribe in the proportion of $9 of First Preferred and $6 of ConTo the Hampden RR. Corp.,5%
1,400,000
vertible Preferred for each share of preferred stock owned
corporation. Stockholders will be at liberty to assign by him in the old (4) Common Stock—Corresponding to B.& M. RR.com.stock439,505.100
their subscriptions. (6) Five Per Cent Bonds—To be issued for the purpose of
funding
Exchange of B. & M.Stock.—All holders of
the present floating debt of the old corporation and the suband $3,149,800 pref. stock of the present B.& the $39,505,100 common stock
sidiary companies and providing additional money for the
subscribe for their proportion of this stock or M.RR.who either themselves
purpose of paying for additions and improvements necessary
procure subscriptions therefor
to be made in their behalf, will receive without further
to be made
12,500,000
to the stock subscribed for an amount of preferred or payment in addition (7) Existing Funded
common stock in the
Debts
new corporation equal to the preferred or common
84,202.000
stock held by them, re- B.& M.bonds_ _$43,338,000 Con. & Mont. bds_ 17,223,000
spectively, in the old corporation.
Fitchburg bonds__ 24,580,000 Conn. River bds__ 2,259,000
Alternative Arrangements with Purchase
274,000
Syndicate.—Any stockholder may Bos. & Lowell bds. 6,528,000 Man. & Law. bds_
,
borrow from the Purchase Syndicate for one
Note.—No payments will be made to common stockholders of Fitchburg
year at 6% interest a sum suf,
ficient to pay his subscription, pledging as security
,
for such loan the new RR. as this stock is entirely owned either by the Fitchburg RR. Co.
stock subscribed and the other stock received
itself or by the Boston & Maine RR.
for
The syndicate will also, on request of any common his present holdings.
At the request of the Reorganization Committee, .1. P. Morgan & Co.,
stockholder, assume his
subscription upon (a) payment to it of $5 per
share in cash for each share Kidder, Peabody & Co. and Lee, Higginson & Co. are to form a Purchase
of common stock held by him, or (6) upon assignment
Syndicate, of which said firms shall
to the
an amount of common stock of the new corporation equal tosyndicate of the subscription to the $12,324,000 be syndicate managers, to underwrite
20% of his
of new stock to be issued for cash to
holdings in the old corporation; and
assist the B. & M. stockholders in making subscriptions and to purchase
The syndicate will also, on request of any preferred stockholder,
assume his the $12,500,000 of new bonds.
subscription to the now First Preferred and Convertible
The syndicate managers shall
Preferred stock
upon (a) payment to the syndicate of 32 50 per share in cash for each share sation for the services and the receive the sum of $750,000 in full compenrisks assumed by the Purchase Syndicate
of preferred stock held by him, or (b) upon assignment to the syndicate
of and for the services of the syndicate managers in connection with the rean amount of preferred stock of the new corporation equal to 10%
of his organization, but they shall be reimbursed for their expenses, excluding
holdings in the old corporation.
any expense of marketing securities.
New Stock.—All shares of stock will be of the par value
Dissenting Stock.—In case any stockholder of the B. & M. RR. or any of
of $100.
,
(a) The First Preferred stock to be issued to the subsidiary
companies the subsidiary companies shall dissent from the terms offered, and shall beand the 6% First Preferred stock to be issued for
cash shall be entitled to come entitled, upon a valuation of his stock under the provisions of law of
cumulative dividends at the respective rates
any State, to receive compensation therefor in cash, the new corporation
hereinafter specified, and as
regards such dividends shall have priority over any
other stock of the new shall be liable for all sums so duo and payable, and in such case the new corcorporation. In case of liquidation or other
distribution of assets, the hold- poration shall be entitled to such of the new stock as would have been deers of the First Preferred stock shall be entitled to
liverable to him had he participated in the plan by subscribing (if he
be a
accrued dividends before any accrued dividends have paid to them their stockholder of the B. & M.) or by exchange.
are paid
the Convertible Preferred stock and before any payment to the holders of
Holding Co. Liquidation.—The trustees appointed by decree of the U. S.
is made on account
of the par value of any class of stock.
District Court to take over the stock of the Boston Railroad Holding Co.,
The First Preferred stock shall have the further preference
with respect to
stock and
that
stock of
or contract for the entire operation of any railroad other than those no lease trolled by them such such stock thethe new the Boston & Maine RR. conand
at
corporation as may come under
ent operated as part of the Boston & Maine RR.system or controlled pres- their control, shall carry out the of
provisions of the decree of said Court dated
by it
subsidiary by means of stock ownership,
or by any
Oct. 17 1914 and such other
calling for
payment of more than $100,000, shall be entered into withoutan annual termination of the interest indecrees as may be made by said Court for the
approval thereof of two-thirds in interest of the First Preferred a vote in & Hartford RR. Co. or of any the Boston & Maine RR. of the N. Y. N. H.
person or corporation representing such co.
stock outstanding at tho time.
Board of Directors.—To consist of not loss than 15 nor more than 21
No stock, whatever the rate of dividend thereof, having
priorities in any respect the same as or superior to those of preferences or members, at least two residents of Maine, one of Vermont and four of
ferred stock shall thereafter be issued either under the the First Pre- New Hampshire.
Seven Reorganization Managers.—Three of these shall be chosen by the
Chapter 380 of the Special Acts of Massachusetts for the year provisions of
any other existing or future law without a vote approving 1915 or under directors of the Boston & Maine RR. and one each by the directors of the
such issue of
two-thirds in interest of the First Preferred stock outstanding at the time. Fitchburg RR.. the Boston & Lowell RR., the Concord & Montreal RR.
and the Connecticut River RR.
(b) The Convertible Preferred stock will carry cumulative dividends at the
Committee of Reorganization.—(a) Richard Billings, William H. Brooks
rate of 6% per annum, payable semi-annually, in preference and priority
and Henry P. Binnay, for Connecticut River RR. Co.; (6) Gordon Abbott,
herein provided for, and to the
to the Preferred stock
common
will be convertible at option of holder under proper regulations stock,and Moses Williams Jr. and Alvah Crocker, for Fitchburg RR.; (c) Charles F.
into
mon stock, par for par. In case of liquidation or other distribution com- Adams and Philip Dexter for Boston & Lowell RR. Corp.; (d) Benjamin A.
sets, the holders of the Convertible Preferred stock shall be entitled of as- Kimball and Walter M. Parker for Concord & Montreal RR.
to have
[The board of directors of the Boston & Maine RR.,so far as
paid to them their accrued dividends before any payment is
made on ac- power to act under existing conditions, approved the plan on it had the
count of the par value of any class of stock.
March 14
with the following reservations, and agreed to recommend the same to its
(c) The Preferred stock will be entitled to non-cumulative dividends at the stockholders: (1) This board is not willing at this time to agree to the forrato of 6% per annum, payable semi-annually, and
mation of a new corporation for reorganization pusposes. (2) The road bewill be entitled to the
same rights and preferences over the common stock
ing now in the hands of a receiver, the action of
which
board
stock of the old B. & M. corporation has over its common the preferred approval of the Court. (3) This approval shall this bind is subject to the
not
this board in case
stock.
the necessary legislation is not obtained at the present session of the New
Terms to B. & M.Stockholders Not Subscribing nor Procuring
Subscriptions. Hampshire Legislature, nor unless all the subsidiary lines shall assent there—Stockholders of B. & M. RR, who neither subscribe for their
portion of to. (4) This approval does not extend to provisions of said plan, which
the now stock to be issued for cash nor procure
subscriptions thereto to give to preferred stocks preferences over other stock in case of
be made in their behalf will receive: (1) If common
liquidation
one-hundredths shares (70%) of Common stock of stockholders, seventy- or other distribution of assets, unless the preference as to accrued dividends
each share of common stock held by them in the the new corporation for be limited to such dividends as have been earned.j—V. 104, p. 1898. 1590.
old corporation. (2) If
Preferred stockholders, will receive eighty-five
Boonville Bridge Co.—Bonds Called.—
(85%) of Preferred stock for each share of preferredone-hundredths shares
Twelve ($12,000) First Mtge. 4% sinking
gold bonds,
the old corporation. The balance of the new stockstock held by them in
in question, namely, 1 1901, have been called for payment July fund par and int.dated Nov.
1 at
at Central

GENERAL INVESTMENT NEWS




[VOL. 104.

THE CHRONICLE

2010

Trust Co., N.Y. This will reduce theoutstandinglindebtedness to $935,000. The company is part ofthe Mo.Kan.&,Tex. System.-V.103,p.320.

Brazil Ry.-Reorganization Postponed.

v. t. c. of the new Missouri Pacific RR., 50% in the stock v. t. c. of the
new Kansas City N. W. By., and $12 50 cash with interest thereon representing Jan. 1 1916 interest on the bonds. The Missouri Pacific RR., it
is understood, will control and operate the new K.0. N. W. RR.,of which
-V. 104, p. 1591, 863.
L. C. Cass will be President.

has
The London "Statist" April 28 says: "The proposed reorganization The
unfortunately had to be postponed, possibly till the war is over.owing
-Earnings.
Lehigh & Hudson River Railway.
property has been in the hands of a receiver since Oct. 1914, and, been
1915.
1916.
1915.
1916.
Cal. Yearsto the crisis of the last 2M years, any attempt at reorganization has
,597 $2,006,429 Gross income____ $745,871 $746,591
Gross earnings___$2,143
attended with difficulty."
325,265
325,295
743,314 Int., rents,
The plan brought out last year and approved by Sir Edward Speyer and Net, after taxes__ 738,540
3,277 Dividends...._ (14)187,600 (8) 107,200
7,331
William Haggard of London and others, provided, it is said, that the bond- Other Income____
314,126
rank
746,591 Balance,surplus__ 232,975
holders were to retain their bonds but that most of the issues were tomake Gross income____ 745,871
as income bonds, pending the time the Brazilian Government could to be -V. 103, p. 1789.
cash needs of $5,000,000 were
good in its guarantees. Immediate
-Extension of Time-Deposits.
,Lehigh Valley Transit Co.
William Nelson
furnished by French banks (represented in N. Y. City by 1972.
The Girard Trust Co., Phila. on May 7 notified the Phila. Stock Ex-V. 101, p.
Cromwell), but this has failed to materialize.
'
under the agreement dated Feb. 7 1917 (expiring by limitation
change that
-Agreement.
May 7 1917), between holders of this company's preferred and common
California Ry. & Power Co.
-V.104, p. 1263, 1144.
stocks and Electric Bond & Share Co., the holders of a majority in interest
See United Rys. of San Francisco below.
of all the stock of the Transit Co. has been deposited, and the agreement
extended for 90 days from May 7 1917. As of May 12 $3,385,250 pref.
Chicago Milwaukee & St. Paul Ry.-Earnings.stock Deposit Receipts had been listed on
-6 Mos. end. Dec. 31- -Year end. June 30- stock and $2,288,000 common
-V. 104. p. 1902, 1591.
the aforesaid Stock Exchange.
1915.
1916.
1915.
1916.
(1) Operating Results$17,952,428
$10,879,356 $10,046,412 $18,923,893
Passenger
-Lease-Stock.
Little Miami RR.
42,611,703 38,999,287 76,036,097 63,953,799
Freight
-V.99, p. 969.
See Pennsylvania Co. under "Annual Reports" above.
9,154,513 8,193,891
4,827,063 4,642,911
Mail, express, &c
1,335,256
1,531,981
714,136
1,047,829
-Bonds,
Incidentals, &c
Street Ry. (San Francisco).
Market
-V. 104, p. 73.
See United Rys. of San Francisco below.
Total oper. revenue_ 459,365,951 $54,402,746$105,646,484 $91,435,374
ExpensesMiddle West Utilities Co.-Acquisition.-Taylor,Dodge
$6,010,677 $5,058,108 $11,563,769 $10,377,185
way, &c
Maint. of
t on another
Maint. of equipment_ _ _ 8,940,090 7,925,117 16,518.476 13,737,535 & Ross, Chicago, give notice, by advertisemen
1,756,801
921,063 1.899,027
984,015
Traffic expenses
page, that they have sold the Kentucky Light & Power Co.,
20,949,270 18,369,845 37,728,571 35,697,961
Transportation
1,862,939 heretofore owned and operated by them, to the Middle West
1,920,467
945,726
995,895
General expenses
722.635 Utilities Co., who purchased the pref. and common stocks.
738,379
398,788
392,460
Miscellaneous oper'ns
Cr978,032 Cr968,365 Cr1.247,732 Cr2,183,355
Transports.for invest_
The firm is offering a limited amount of the First Mtge.
$37,294,375 $32,650,282 $69,120,958 $61,971,701 Sinking Fund 6% gold bonds, dated March 1 1916, due
Total oper. exp
$21,752.464 $36,525,526 $29,463,673
$22,071,576
Net oper. revenue
4,746,721 March 1 1931,at a price to yield about6%(see previous offer2,720,504 5,264,331
2,936,293
Taxes
$19,135,283 $19,031,960 $31,261,195 $24,716,952
Operating income
(2) Income Account for 6 Months ending Dec. 31 1916.
$20,463,682
$19,135,283 Gross income
Operating income
7,797,202
92,099 Bond, &c., interest
Dividends received
715,443
679,934 Hire of equipment
Int., &c., received
779,132
556,366 Rents, &c
Rents, &c., received_ _ _ _
$20,463.682
Gross income
-V. 104, p. 1701, 1489.

Balance, surplus

$11,171,905

-Construction.
Chicago Union Station Co.

-V.103. p. 60.
See Pennsylvania Co. under "Annual Reports" above.

Cincinnati Hamilton & Dayton Ry.-Coupons.-

Kuhn,Loeb & Co. announce to holders of the Gen. Mtge. bonds due 1942
that upon surrender on June 1 of tho coupons due on that day they will pay
$25 each for the same,being the face amount thereof,-V.104,p. 1701, 1263.

Cleveland & Mahoning Valley Ry.-Bonds.-

This company has applied to the Ohio P. U. Commission for authority
to issue $2,851,000 bonds, the proceeds to be used for improvements to
-V. 104, p. 1701, 1489.
eliminate grade crossings.

Colorado Midland Ry.-Sale Confirmed.'Denver, Colo., on
at

Judge R. E. Lewis in the Federal District Court
May 11, confirmed the sale of this company's property to A.E. Carlton and
associates of Colorado Springs, for $1.425,000.-V. 104, p. 1701, 1591.

ing, V. 103,

497).

P.
The outstanding bonds ($290,400 ,auth. $1,000,000) now constitute an
-V. 104, p. 1805, 1049.
underlying lien of the Middle West Utilities Co.

Missouri Kansas & Eastern Ry.-New Trustee-Time
-The committee representing the holders of the
Extended.
First Mtge. 5% bonds ($4,000,000 outstanding), John W.
Stedman, Chairman, gives notice that the interest due Oct. 1
1916 having now been in default for more than six months,
they deem it advisable, preparatory to taking such steps as
may be necessary to enforce the rights of the bondholders, to
appoint a new trustee under the mortgage.
The time within which additional deposits may be made
has been extended to June 15 1917. Depositaries, Columbia
Trust Co., N. Y., or Connecticut Trust & Safe Deposit Co.,
-V. 103, p. 2238.
Hartford, Conn. sub depositary.
Missouri Kansas & Texas Ry.-Coupons.-Deposits.The company gives notice that the interest which matured Dec. 1 1916
on its First M.4% bonds,due 1990, will be paid on presentation of coupons
on and after May 31 1917, and that the payment of interest due June 1
1917 will be deferred.
-V. 104, p. 1702. 1591.
See Missouri Kansas & Eastern Ry. above.

-This company,
-Officers, &c.
Missouri Pacific RR.
incorporated in Missouri on March 5 as successor of the
Missouri Pacific Ry. and the St. Louis Iron Mt.& Southern
as per plan in V. 101, P. 130,
following
- Ry.,V. 103, p. foreclosure
-Decision as to Guaranty.
Denver & Rio Grande RR.
406, will take title to the property within a
and
in the U. S. District Court in N. Y. City on May 18
Judge Learned Hand
securities about June 1.
filed an opinion deciding in favor of the Equitable Trust Co., as mortgage week or two and will issue the new
----Sold.
Denver Laramie & Northwestern RR.

A press report from Denver says that this company's property was sold
at auction on May 16 to A. D. Radetsky of Denver for junk. The price
is said to be $210,000.-V. 103, p. 2238.

trustee of the old Western Pacific Railway, the suit brought against the
Denver & Rio Grande RR. Co. to enforce the payment of the guaranteed
bonds. The decision fixes the amount to be paid by the Denver & Rio
Grande at approximately $34,000,000, which is in excess of the amount
for which the Western Pacific sold under foreclosure. An appeal, it is
-V.104, p. 863, 256.
expected, will be taken to the U. S. Circuit Court.

Officers elected by new company: B. F. Bush, President; F. J. Shepard,
Vice-Pres.; A. Robertson, Vice-Pres. in charge of operation; J. G. Drew.
Vice-Pros. in charge of accounts; E. J. White, Vice-Pres. and General
Solicitor; H. M. Adams, Vice-Pres. in charge of traffic; H. L. Utter, Sec.
and Treasurer.
-V.104, p. 1899, 1592.
Compare Kansas City & Northwestern above.

Duluth Missabe & Northern Ry.-Earnings.- Balance,

kyNashville Chattanooga & St. Louis Ry.-Lease.line, the Western

Net.after Other Interest, Dividends
Gross
Calendar
Paid.
Taxes. Income. S.F., &c.
Years- Earnings.
$
$
.
$
14,389,277 7,823,688 209,596 1,171,115 a4,112,500
1916
9,909,549 5,523,946 187,701 1,152,422 b3.084,375
1915
-V. 102, p. 1436.
a 100%. b75%.

Surplus.
2,749,669
1.474,850

Empire United Ry.-Reorganization Plan.

-V. 104, p. 1800, 1145.
See Rochester Syracuse & Eastern Ry. below.

-Merger-Bonds.
Gough Street Ry., San Fran.

See United Rys. of San Francisco below.

Hagerstown & Frederick Ry.-Plan Approved.
plan unanimously.

The shareholders on May 7 approved ,,he readjustment
See plan, V. 104, p. 1800. 163.

-Meeting Report.
Havana Elec. Ry. Lt. & Pow. Co.

The meeting of shareholders called for May 17 to vote on increasing the
capital stock from $15,000,000 to $21,000,000 was postponed until May 21.
-V. 104, p. 1701, 1591.
See "Annual Reports" above.

-Stock Acquired.
Indianapolis & Frankfort RR.

See Pennsylvania Co. under "Annual Reports" above.

-Dividend Status.
Interborough Consolidated Corp.

In connection with the reports that this company's dividend was jeopardized by high cost of operation and the deficit shown by the N. Y. Railways
Co., Pres. Shonts is quoted as saying:"If the Interborough's interest in the
N.Y. Railways Co.is entirely wiped out It will not affect the Interborough's
income. If, on the other hand, a dividend is paid by the N. Y. Railways,
it would be pure 'velvet' for the Interborough.'
The dividend on Interborough Consolidated preferred, It is claimed, is
virtually guaranteed under the contract with the city, which provides for
preferentials, that, together with miscellaneous income, will more than
meet the 6% requirement. While there may not be much margin to spare,
officers of the company believe that even after meeting the increased income taxes,the dividend rate can be maintained.-See V. 104,p. 1045.559.

-New Bonds.
at International Railway, Buffalo, N. Y.
This company has been authorized by the P. S. Commission to issue
$1,500,000 of its Refunding & Improvement 5% bonds of 1912, the proceeds
to pay for extensions and improvements and additional rolling stock and
to refund $25,000 car trust certificates due in 1917. The company plans
-V.103, p. 1032.
to purchase 55 new cars and improve present equipment.

-New Control.- ot
Kanawha & West Virginia RR.

-V.103.p. 844
See Kanawha & Mich.Ry. under"Ann.Reports"above.

-Plan Operative
Kansas City & Northwestern RR.
-Successor Company Incorporated.

The reorganization plan dated April 2 1917 (see terms V. 104, 13. 1591)
has been declared operative and the successor company, the Kansas City
Northwestern Railway Co.,has been incorporated in Kansas with the agreed
$1,400,000 capital stock. The property for some years past has formed
part of the Missouri Pacific Ry., and is now being reorganized under the
aforesaid plan, which has been approved by Kuhn, Loeb & Co., Reorganization Managers of the Missouri Pacific. The holders of the $1,024,000
1st M.series A bonds will receive under the plan 100%.,in.the 5%;pref.stock




This company's new lease of the Georgia State-owned
& Atlantic By., extending from Atlanta, Ga., to Chattanooga, Tenn., was
signed on May 11. The new lease will be effective from Dec. 27 1919 (the
expiration of the present lease) for a term of 50 years. The State will
receive $45,000 a month cash rental, and, in addition, the lessor agrees to
make $60,000 a year improvements, or pay this amount to the State in cash.
(See V. 104, p. 664, 863.)-V. 104, p. 1489, 1794.

New Orleans Ry. & Light Co.-Earnings.-Bertron,
Griscom & Co. report for the 3 months ending March 31:

Net (after Misc. Bond, &r., Renew.& Balance,
3 Mos. end. Gross
Taxes). Discount. Interest. Replace't. Surplus.
Mar.31. Earnings.
1917
$1,989,000 $747,520 $10,490 $463,919 $51,670 *$221,441
15,952 446,863 58,103 203,474
1,835,159 724,392
1916
* Before distribution subject to a deduction of $16,667 per month beginning June 1 1916 and ending June 11918, as an additional reserve for
-V.104, p. 1592, 1587.
repairs, maintenance,renewals and replacements.

-No Additional Bonds at Present.
New York Central RR.

This company has notified the New York P. S. Commission that it will
to
not for the time being avail itself of the Commission's permission the issue
con$10,000,000 Refunding and Improvement 4;4% bonds, owing toCompare
market and the Government financing.
ditions of the security
V. 104. p. 1388.-V. 104, p. 1899, 1801.

-Connecticut
New York New Haven & Hartford RR.
Legislature Grants Authority to Issue Not Exceeding $50,000,company to issue not
000 Pref.-The bill authorizing the
over $50,000,000 of preferred stook for the purpose of paying
its indebtedness has passed both houses of the Connecticut
Legislature and is now before the Governor. The bill as
presented to the Railroad Committee on April 25 provided in substance:

its
(1) The company is hereby authorized, for the purpose of paying
indebtedness, to issue for cash at not less than par, shares of pref. stock of
value of $100 each, the holders of which shall be entitled to receive
the bar
out of the annual net income of said company dividends of not exceeding
company shall at the
7% P. a., payable semi-annually whether or not the the net income of any
time of such payment have an actual surplus, and if same may be cumuyear shall not be sufficient to pay said dividends the
lative and payable out of the net income of any subsequent year. may be
(2) The shares of said pref. stock shall not exceed 500,000 and
issued under provisions for future retirement or exchange for common stock.
(3) No such issue of pref. stock shall be made unless authorized by a
vote of not less than two-thirds of the stock of such company, which vote
shall determine the amount so to be issued, whether the same shall be
cumulative or not and the provisions, if any, for future retirement or
exchange for common stock; and unless such issue and the terms thereof
shall be duly approved by the P. U. Commission.
(4) This Act shall take effect from and after its passage as an amendment to the company's charter.
Dismissal of Suit Against Former Directors.- 1 4,44 poil
Under the terms of a final decree entered in the Mass. Supremo Court
on May 18 for the dismissal of a bill in equity brought by minority stock-

MAY 19 1917.1

THE CHRONICLE

holders, for leave to bring suit in the name of the corporation against former
directors for $102,000,000 damages, an injunction issues in 1914, restraining transfer of stock held by individual defendants was dissolved. The bill
was ordered dismissed by the Court on May 3. (Compare V. 104, p. 1801).

Act Relative to Stocks and Securities of Other Corporations and Company's Relation to Subsidiary Companies.—The
Act of the Massachusetts Legislature approved May 1 1917,
but to be effective only when accepted by vote of the directors of the company within 60 days, provides in substance:

2011

on the elevated and subway lines. That increase, of course, does not
benefit the surface lines. The subway and elevated lines are prospering. but the surface lines are threatened with bankruptcy unless present tendencies are arrested.
It is absolutely necessary that the New York Railways improve their
revenue. Though the stock of the New York Railways Co. is owned by
Interborough Consolidated Co.(V. 104, p. 1045, 559), that stock paysthe
no
dividends, and it is not conceivable that under any conditions in the
near future, any payment on such stock would be possible.
We are not now concerned with attempting to earn dividends on
stock. This is not a matter in which the subway and elevated lines are that
now
involved. Our concern is to save the Green •car lines from receivership,
for toward receivership these lines are moving at an accelerating pace.
A good many years ago all the surface lines in New York were consolidated
into one system. That system went into bankruptcy, and the result was
a disintegration of the formerly unified system. That disintegration
separated the Third Avenue and the Second Avenue lines from the old
system, disturbing the transfer arrangements which had previously existed.
If the New York Railways Co. is forced into a receivership, a further
disintegration of the system is likely with disturbance of the present
arrangements between the different units of the system. In case of such
disintegration, the separate companies,then restored to their managements,
would, of course, have the right to charge independent fares.
The people of New York City pay a nominal five-cent fare for a ride on
their street railroads. The subway and elevated lines obtain a full fivecent fare from each passenger. Owing to the transfer
the
result to the New York Railways Co. is only about 334 cents for each trip
arrangements,
taken on a trolley car. We expect shortly to bring the matter formally to
the attention of the Public Service Commission to obtain, we hope, its
advice and assistance in increasing our revenues.
Before doing so, however, we wish the whole subject to be brought to
public attention, in order that the public may be both informed and consulted as to what steps shall be taken.
In line with the foregoing policy, I have to-day addressed letters to the
Presidents of the Chamber of Commerce, the Merchants' Association and
other leading commercial and taxpayers organizations, offering to show
them our books and inviting them to examine the facts and to advise
their own constituencies as to their own judgment of what is fair and right.
[Replying to the assertion that the desired permission to charge 2 cents
for transfers should be granted only after a valuation of the property actually
in the public service, Mr. Shonts adds the following information]:
Such valuation was made while the property was in the hands of receivers.
Both the Reorganization Committee and the engineers of the P. S. Commission made careful appraisals. The lowest figures found by the Commission was, as of Oct. 1 1910, $85,801,000. Estimates from some sources
were as high as $105,000,000. Since then $3,265,000 has been expended
for improvements,thus bringing the minimum valuation up to $89,066,000.
The aggregate amount of stocks and bonds of the system in the hands
of the public (including underlying bonds of merged companies and including the stocks and bonds of leased companies) in 1916 was $99,454,978.
The entire return acily received by the holders of these securities was
$3,455,610, or 3.5% upon the total amount of securities issued. This
money paid to the holders of securities represented 3.9% upon the $89.000,000 minimum valuation.
It is estimated that if 2 cents were charged for transfers the additional
revenue to the company would be about $900,000. If the whole of this
amount were to be added to the amount paid out last year to the holders of
these securities, it would represent only 4.4% upon the total capitalization
and 4.9% upon the total minimum valuation already established.
The stockholders have, in fact, never received a dividend. The holders
of the adjustment 57, bonds have never received the full 5% interest in
any calendar year. For the ten months of the current year and excluding
the extra expenses incident to the strike last fall this company has earned
no dividend on its stock, no interest on its 5% adjustment bonds, and less
than the interest on its 4% bonds. Our companies carried 257,000,000
people last year; 165,000,000 rode without transfers, while some 92,000,000
took transfers.
In view of the necessities which confront the company to enable it to
maintain its standard of service, we have felt that it was fairer to charge
2 cents to those of the 92,000,000 who wish to take the extra trip rather
than to raise the fare for 165,000,000 who do not call upon the company for
this additional service.—V. 104, p. 1899, 1702.

Authority Granted to the Company Subject to Conditions and Restrictions.
(1) To own and hold the shares of capital stock, bonds, notes or other
evidences of indebtedness which were in its treasury on Dec. 31 1916 of
the following corporations, but only so long as the company performs the
duties imposed by this Act:
N.Y. Westchester & Boston By.
Boston & Providence RR.
Norwich & Worcester RR.
Central New England Ry.
Old Colony RR.
Hartford & Conn. Western RR.
The Harlem River & Port Ches. RR. Providence & Worcester RR.
Providence Warren & Bristol RR.
Holyoke & Westfield RR.
Rutland Railroad Co.
New York Connecting RR.
Wood River Branch RR.
New York Ontario & Western By.
(2) On or before Jan. 15 1918,to take over the assets and assume the lia,
bilities [if of same amounts as at Dec.31 1916],other than capital stock and
demand notes held by the New Haven Company, of the New England
Navigation Co., but thereupon said Navigation Company shall be dissolved
and its capital stock and the aforesaid notes be canceled.
Said assets shall be taken over without increase in book values, and the
New Haven Company shall cause to be canceled the $3,000,000
of
the New England S. S. Co., included among said assets.
The New Haven Company, while controlling, directly or indirectly, the
New England S. S. Co. and the Hartford .;Ye N. Y. Transportation Co., shall
not permit either of said companies to exercise any corporate powers except
as reasonably required for the operation of steamships and barge lines.
Nor shall the New Haven Co., while holding direct or indirect control
of the Providence Securities Co. permit said company to exercise any
powers except to transfer its registered debentures upon its books.
(3) The right to own stock, bonds, &c. of the Rutland RR. Co. shall cease
five years from the date on which this Acttakes effect, unless the P.S. Commission, after public hearing, shall grant an extension of time.
(4) On or before Jan. 1 1918, to take over the assets and assume the liabilities [if of same amounts as of Dec. 31 1916], other than capital stock and
demand notes held by the New HavenCompany, of the Millbrook Company,
and shall thereupon cause said Millbrook Company to be dissolved and its
capital stock and the aforesaid demand notes to be canceled.
Said assets shall be taken over at a value determined by decreasing their
book value by an amount equal to the difference between the face value of
the demand notes of said Millbrook Company h eld by the New Haven
Company, plus accrued interest thereon, and the value of said demand notes
and accrued interest as carried upon the books of the Now Haven Company.
Authorization Covering Certain Trolley Properties—Wharves—Real Estate.
(5) Any Massachusetts street railway company operating a line of railway which connects with any one of the following street railway linos now
owned by the New Haven Company and situated in Connecticut, may
purchase or lease such line of railway with which it connects and the franchise thereof, but only with.the approval of (1) a majority of its own directors and two-thirds in interest of its stockholders; (2) of the P. S. Commission, after public hearing, viz.:
Massachusetts-Connecticut r e lint:
ar ne
)
g
c The line from Wes- Thompson to the Mass.
,
-Conn. State line.
6) The purchase in 1908 of the properties of the Roxbury Central Wharf
and South Bay Wharf & Terminal Co. is hereby ratified, provided said
wharf companies be dissolved as soon as practicable.
(7) A special committee of the directors shall have charge of the
all real estate not used for purposes of a common carrier, and shall sale of
report
to the P. S. Commission eac'h year regarding such real estate owned within
the Cominonwealth and the stops taken to effect a prompt sale.
Dividends Limited to 5% v. a. Until Certain Conditions Are Complied With.
(8) The company is prohibited from paying dividends upon its common
stock in excess of 5% p. a. until—
New York Westchester & Boston Ry.—Stock—Bonds.—
(a) All the sales have been made of stock, bonds, notes or other evidences
See N. Y. N. H. & H. RR. above.—V. 100, p. 2010.
of indebtedness of other corporations or associations or of other property
required by the decree of the U. S. Court for the Southern Dist. of
Pennsylvania RR.—Leased Co. Capitalization.—
entered Oct. 17 1914,as now or hereafter modified;
See Pittsburgh Fort Wayne & Chicago Ry.below.—V.104, p. 1801,1388.
(b) It shall have canceled the $2,190,000 bonds of the New York
Westchester & Boston Ry. Co. which it held on Dec. 311916, and shall
have rePere Marquette Ry.—Application to List.—The New
duced the book value of the notes of said railway which
lar, and the book value of the stock which it holds by it holds to one dol- York Stock Exchange has been asked to list the following:
$3,000,000:
(c) The P.S. Commission shall have certified that, beginning
$21,976,000'Pref. stock, 5% v. t. c_$12,429,000
1st M.5s,
1913, an amount has been appropriated from the earnings of thewith June 30 1st M.4s, series A
8,479,000 I Common stock, v. t.
New Haven
Company, or has been paid on notes of the N. Y. Westchester & Boston Prior pref.series B v.t.c_ 11,200,0001V. 104,p. 1703, 1593.c__ 45,046,000
stk.5%
By. Co., reduced to the book value of one dollar, and has been
used for
additions and improvements to the property of the New Haven Company,
Pittsburgh Fort Wayne & Chicago Ry.—Corporate
or for the retirement of floating debt which said company may lawfully
fund, which is equal to the net amount of any losses upon the sale of securi- Surplus Not to be Capitalized.—Relative to published stateaforesaid decree of the Court, plus the net amount of any ments regarding a change in the capitalization of this comties under the
book loss resulting from the dissolution of the New England Navigation Co.
and of the Millbrook Co., plus the amount of the reduction in the book pany, Henry Tatnall, Vice-President in charge of finance of
value of the holdings of the New Haven Company in the securities of tho the Pennsylvania RR. (lessor co.), issued the following:
N. Y. Westchester & Boston Ry. Co. hereinbefore provided for.
There is no foundation for the statement that the corporate surplus of the
Subsidiaries to Issue no Obligations Without Approval of P. S. Commission. company is to be capitalized. No such step has even been in contempla(9) No company controlled, directly or indirectly, through ownership tion. While the details of the proposed changes in the security issues of the
of stock, shall issue any additional stock, bonds, notes, running more company have not as yet been fully worked out, it is possible to give a
than 12 months without the approval of the Mass,or local P.S. Commission. general idea of the proposal which is being formulated.
In the first place,the primary purpose of the plan is simply to define more
Miscellaneous Stipulations,
carefully the question or the relative rights of the holders of the two classes
(10) The company may hereafter acquire additional stock, bonds, notes, of stock at present outstanding, namely, the guaranteed special stock and
&c., of any corporation whose stocks and securities it is authorized by sec- the regular guaranteed stock. For this purpose it is proposed to convert
tions 1 and 2 of this Act to hold; but only with the approval of the P. S. these two issues, parfor par,into two new issues to be known,respectively,as
Commission, after a public hearing, unless such corporation is incorporated common and preferred, differing in no other particulars than these, from
or organized in another State in which the New Haven Company is incor- the present outstanding stock.
porated and if such acquisition be approved by a Commission in such other
There has always been a question as to the rights of the two classes of
State, and reported to the Mass. P. S. Commission.
stockholders to participate in a fund of $1,300,000, which existed prior to
The company may make loans to any such corporation without securing the lease in 1869. It is proposed to settle this matter by first applying
approval of the P. S. Commission but only to enable such corporation this fund to the payment of the expenses incident to the proposed change
the
to meet operating expenses, to pay dividends guaranteed by the Now Haven in the two issues of stock, as above outlined, and, second, by permitting
Company upon stock in the hands of the public, to pay interest on outstand- the balance of the fund to be distributed to both classes of stockholders of
ing debt or to pay taxes or assessments; provided, the value of any such debt the Pittsburgh Ft. Wayne & Chicago By.Co.,other than the Pennsylvania
shall be reduced upon the books of the New Haven Company to not more Co. and the Pennsylvania RR. Co., these companies having waived their
than one dollar by a charge to profit and loss.
rights to participation therein.
(11) This Act shall not be construed as authorizing the company to conAs soon as all details are finally arranged the entire plan will be submitted
tinuo to hold (a) any assets of New England Navigation Co. which must be to the stockholders and their approval asked. A meeting will be called
disposed of under decree of the U.S. Court entered on Oct. 17 1914, beyond for this purpose at an early date, not as yet determined.
NewEn
such disposition; nor SO directly or
s
the dates specified fel ues. fthe
indirectly, any
[It had been stated that it was proposed to capitalize the accumulated
gland SS. Co., of Hartford & New corporate surplus, amounting to $12,042,000, applied to paying off the
stock, bonds, notes.
York Transportation Co., or of the New Bedford Martha's Vineyard & funded debt, and distribute this to the regular guaranteed stockholders,
Co., if the New Haven Company is
Nantucket Steamboat
at any time representing a distribution of about 61% to the regular stock; also to
4 9 (t
panses cdea h et
required to dispose of its interest In ese coppanimsunanritAeprrisions distribute the surplus representing income expended on betterments and
of the Act of Congress of Aug. be these(the
improvements to holders of the guaranteed special stock, of which Pennsylshall
construed as a finding by the Common- vania Co. would be the largest beneficiary as owner of majority interest.]
(12) Nothing in this Act
wealth that the book values at which the New Haven Company is permit- —V.99, p. 344.
certain assets are the intrinsic values
ted by this Act to hold
of
ildr charge s vo rates nn in u said assets,
or that the company may reasonab ends f 5uchper sna ud farpsn maybe
Portland (Me.) RR.—Additional Bonds.—
eo as
necessary to enable it to pay dividends
The Maine P. U. Commission has authorized this company to issue
its common stock.
$297,000 First Lien & Consol. Mtge. bonds, making $2,147,000 outstand(13) Chapter 765 of the Acts of the year 1913 is hereby repealed.
ing.—V. 102, p. 2255.
(14) The Supreme Judicial Court or the Superior Court shall have jurisdiction in equity, upon the application of the P. S. Commission, of the
Rochester Syracuse & Eastern RR.—Reorg Plan.—
.
Attorney-General, of any stockholder or of any interested party to enforce
The bondholders' protective committee, Arthur W. Loasby, Elbert A.
this Act.—V. 104, P. 1899, 1801.
Harvey, De Forest Settle, 100 North Salina St., Syracuse, N. Y., has filed
Old Colony Trust
of Boston and Trust
a
New York Railways Co.—Necessity for Increased Income. & plan of reorganization with Syracuse.—V. 102,Co.2342.
Deposit Co. of Onondaga,
p.

i The line gg:W:g:I'd to VII: ilvslas.s=liss

—Pros. Theodore P. Shonts has said in substance:

This company has for some time past been confronted with a very
increase in the costs of operation. That tendency has recently grave
become
alarming. During the past year we have increased the wages of our men
to enable them to take care of the high cost of living. We are paying very
much higher prices for the materials we use.
The number of people traveling on the surface lines of the City of New
York has not increased substantially in the past ten years. Any increase
of street railroad travel in this city of recent years has been almost entirely




Rutland RR.—Stock, &c., Ownership.—
See N. Y. N. H. & H. RR. above.—V. 104, p. 1593.

St. Louis-San Francisco Ry.—Definitive Bonds.—
This company gives notice to holders of temporary prior lien bonds that
the definitive engraved bonds of both series A and series B are ready for
delivery at the Central Trust Co., N. Y.—V. 104, p. 1900, 1703.

San Francisco Electric Ry.—Merger Plan.—
See United Rys. of San Francisco below.—V. 95.p. 1609.

2012

THE CHRONICLE

Savannah & Atlanta Ry.—Stock Increase.—
.
F The company is taking the necessary steps under the Georgia State law
to increase its authorized capital stock from $1,250,000 to $2,250,000.
—V.102, p. 346.

Southern Pacific RR. Co.—Acquisition.—
The following roads located in California and representing a total mileage
of 213 have been taken over by this company: Coast Line Ry., 12 miles;
Hanford & Summit Lake Ry. Co., 42 miles; OrovIlle & Nelson RR. Co.,
13 miles; Colusa & Hamilton RR. Co.,61 miles, and the Mojave & Bakersfield RR. Co., 85 miles.—V. 103, p. 1211.

Southern Pacific Co.—Sale of Stock.—
See Penn. Co. under "Annual Reports' above.—V. 104, p. 1694. 1703.

Syracuse Northern Electric Ry., Inc.—Incorporated.—
This company was incorporated in Albany May 12 with $1,250,000 auth.
capital stock, as successor, of the Syracuse & South Bay Electric RR. foreclosed. See proposed plan of last summer, V. 103, p. 580.
Officers.—Pres., C. Loomis Allen; V.-Pres., Talmadge 0. Cherry, and
Treas., W. J. Harvie.

Syracuse & South Bay Elec. RR.—New Co. Incorp.—
See Syracuse Northern Electric By., Inc., above.—V. 104, p. 953.

Terre Haute & Peoria RR.—Lease—Stock.—

See Pennsylvania Co. under "Annual Reports" above.—V. 81, p. 212.

Tidewater & Western RR. (Va.).—Receiver Appointed.

Judge William A. Moncure in the Chancery Court at Richmond, Va.,
,
on May 14 appointed Langbourne M. Williams receiver of the property
on application of the stockholders and directors.
The Corporation Commission entered an order (a) directing the officers
of the company, upon penalty, to continue operation of its trains on regular
schedule until further notice of the Commission; (b) that no fixture or
rolling stock of any kind be removed or any act done which shall deprive
the company of the power to perform its public function.—V.85, p. 865.

Trans St. Mary's Traction Co.—Receiver.—
Sherman T. Handy has been appointed receiver in the foreclosure suit
of the National Trust Co. of Toronto, mortgage trustee. The Jan. 1 1917
interest on the $150,900 5% 15-year bonds is in default.—V. 104,P. 1146.

United Gas & Electric Corp.—Sub-Co. Bonds.—
See International By. above.—V. 104, P. 1490, 1138.

United Railways Investment Co.—Settlement.—

See United Rys. of San Francisco below.—V. 104, p. 1900.

United Railroads of San Francisco.—Amended Plan of
Reorganization and Statement of Changes Dated April 26 1917.
—The pamphlet statement now at hand contains various
details not covered by our recent summary (V. 104, p. 1703).
The more important matters we cover below:
Change in Status.—Since the publication of the original plan, on Sept. 22
1916 (V. 103. p. 1303), the following important changes have taken place:
(1) The litigation involving the right of the municipality to construct
additional tracks and to operate an additional and competing railway along
Market St. has been decided in favor of the city. The Railroads Company
has announced its intention to appeal and the city its intention to proceed
with the construction of the tracks (V. 104, p. 362). (2) Default has occurred in the coupons on the 4% bonds due Oct. 1 1916 and April 1 1917.
Foreclosure proceedings have been instituted to enforce the payment of
$1,800,000 of Market Street Cable By. Co.6% bonds, and proceedings will
be brought for the enforcement of $400,000 of Ferries & Cliff House By.
overdue bonds. (3) It is probable that reorganization proceedings can
not be completed until early in 1918.
Results of Plan.—(a) The total annual interest charges will be reduced
from $1,788,750 to $1,444,860; reduction annually $343,890. (b) All underlying bonds are paid and canceled. (c) The Market Street Ry. Co.6%
bonds outstanding are left undisturbed, the total authorized issue is reduced
by $3,493,000 and they become a first lien on all the property conveyed by
that mortgage, and provision is made to ensure their retirement at maturity.
(d) The United RRs. 4% bondholders receive for their present holdings
bonds, 66 2-3% ; first pref.
including the 8% of coupons unpaid; new 6
'
stock 8 1-3% ; common stock 33% ; total, 10 %. While the form of their
securities is changed, the increase in the interest rate to 6% on the 66 2-3%
represented by new bonds makes the interest to which they are entitled
equal to the whole interest on the present bonds.
New Company.—All of the railroad properties, including all railroads,
franchises, rights of way, tracks, and structures owned by the United
Railroads of San Francisco, together with all other operative property,
will be transferred to the Market Street Railway Co. or to some other existing or new company.
Capitalization of Enlarged Market St. Ry. or Successor Company.
Present Market Street Ry. 5% Bonds of 1894, Due Sept. 1 1924.—Total
originally authorized, $17,500,000. Now to be closed at $14,007,000, of
which $3,009,000, It is contemplated, shall remain available for future construction, additions, &c. [though if necessary $500,000 of this $3,909,000
may be applied to the purposes of this plan], and there will now be outstanding, including the existing $7,098,000 and a further $3,000,000 which the
California By. & Power Co. has agreed to buy at par on account of the
$5,200.000 cash requirements of the plan [the remainder of which will be
met, some $320,000 from sale of non-operative property and $1,880,000
from earnings prior to April 1 19181. Total bonds shortly to be outstand$10,098,000
ing [with possibly a further $500,000]
-Year 6% Bonds to be dated April 1 1918. Secured by mortNew 20
or deed of trust of all the property of the Railroads Company above
gage
provided to be transferred, subject to the lien of the Market Street By. Co.
5% bonds on the property that may be subject thereto, as herein provided
for. The total authorized issue will be $35.000,000, of which (a) $10,098,000 will be reserved optionally with a prior lien [or a prior lien mortgage
may be created for this purpose] for retirement In 1924 of the $10,098,000
Market Street By. bs (including $3,000,000 now issuable under the plan);
"(b) $9,236,000 will be reserved for future additions, extensions, improvements and betterments, to provide to retire or assist in retiring prior, underlying or constituent company bonds, to provide funds or means to carry
out this plan and for such other purposes of the successor company as the
committee may determine. Bonds hereafter issued to bear 6% interest, or
less, as fixed at time of issue. Bonds now issuable to holders of United
$15,666,000
Railroads 4% bonds will bear 6% int. These aggregate
First Preferred Stock in shares of $100 each, preferred as to dividends and
capital over the Second Pref.stock and Common stock,entitled to dividends
an.,
0
when and as declared out of surplus net earnings at the rate of67
p'
cumulative from April 1 1924 to be issued to the holders of United Rail$1.958,000
roads 4% bonds
Second Preferred Stock In shares of $100 each, junior in right to the First
Pref. stock and preferred to Common stock as to dividends and capital,
entitled to dividends when and as declared out of surplus net earnings, at
the rate of 6% per annum, cumulative from April 1 1924. To be issued to
the holders of the unsecured notes, First Preferred, Second Preferred and
$6,000,000
Common stock
Common Stock in shares of $100 each. Issuable to holders of United
Railroads 4% bonds, $7,756,000, and to holders of its notes, preferred and
$14,000,000
common stock, $6,244,000. Total
The surplus net earnings of the successor company which would otherwise be available for dividends shall be applied to the purchase or redemption of Market Street Railway Co.5% bonds in such amount or to such axtent each year as in the judgment of the directors may be necessary to reduce said bonds by the time of their maturity to an amount which will
reasonably assure the ability of the successor company to refund or otherwise retire the same.
Voting Arrangements.—Until the retirement of the Market Street Ry. Co.
5% bonds, the shares of First Preferred stock and of Common stock issued
to 4% bondholders under the plan as changed will be entitled to cast approximately 61% of all votes at all meetings of stockholders for the election or renewal of directors. This result will be accomplished in substantially the same manner as in the original plan, to wit: The 47 bondholders
receive with 88 2-3% new 8% bonds, First Pref. stock, $1,958,000; Common stock, $7.756.000.




[VOL. 10d.

Along with the $6,000.000 Second Preferred stock, the Junior Security
Holders will receive $6,244,000 Common stock. The whole of this $6,244,000 Common stock will be deposited in trust until the termination of the
period heroin referred to for the purposes stated, to be voted pro rata as
the First Pref. stock and Common stock issued to the bondholders and the
Second Pref. stock shall be voted; so that under said trust approximately
62-157ths or 2-5ths of each share of Common stock allotted to the Junior
Security Holders will be voted as each share of First Preferred stock ($1,958,000), and of Common stock allotted to the 4% bondholders ($7756,,
000) and of Second Preferred stock ($6,000,000)shall be voted,respectively;
if a less amount than said 62,440 shares of additional Common stock be
issued the fraction will be correspondingly changed. This trust is to terminate, however, if and when the holders of two-thirds in interest of the First
Preferred stock, together with the holders of two-thirds in interest of the
Second Preferred stock, and together also with two-thirds in interest of the
Common stock (i. e., the entire issue of Common stock), shall elect to terminate said trust. All these provisions are conditioned upon the arrangements with respect to the Junior Security Holders being carried out.
Market Street Ry. Bonds.—If the railroad property of the United Railroads, including that not now subject to the lien of the mortgage of the
Market Street By. Co. securing its 5% bonds,shall be conveyed to the latter company and become subject to the lien of said mortgage, the committee may cause the whole or a part of the $3,909,000 unissued Market
Street 5% bonds available for new construction, purchase of equipment,
&c., to be issued in consideration, or part consideration, for the transfer
to the said company of the additional property. In such event the bonds
so issued may be deposited in trust and held and used only under the restrictions of the original mortgage securing them or under other additional
or substituted restrictions. To the extent that said bonds may be so issued
there will be reserved for their retirement an equal face amount of the new
6% bonds herein provided for.
In Case of Any Default, Adjustment with Municipality, ctc., Two-thirds
of New 6% Bonds May Direct Same.—In the event of any adjustment with
the municipality involving the principal or interest of the new 6% bonds,
or in case, by reason of expiration of any franchises, or of.any actual or
Impending default, or for any other reason, action by the bondholders to
protect or promote their common interests may become necessary or exPedient, then the right to control and direct such action, or any adjustment
or settlement,shall, on behalf of the holders of bonds of said issue, be vested
in two-thirds in interest of said bondholders with a view of avoiding the
waste and expense of litigation or reorganization.
Junior Securities—Agreement for Merger of San Francisco Electric Rys.—
The exchange of all the junior securities provided for in the plan is conditioned upon the California By. & Power Co.. as the holder of those securities, purchasing $3,000.000 of Market Street Ry. Co. 5% bonds at par,
transferring to the successor company the physical properties, franchises,
bonds, cash and accounts receivable of the .San Francisco Electric Railways
(all of the bonds of said company will then be owned by the successor company except $281,000, which are now outstanding in the hands of the public)
cancelling and surrendering $740,000 of notes of she United Railroads held
by the United Railways Investment Co., executing appropriate releases
and quitclaims of and to all of the property transferred to the successor
company, and depositing the common stock of the successor company
which they are to receive in trust. to be voted as hereinafter provided. InAs a part of the entire settlement, the bonds of the United Railways
vestment Co. for $790,000 and the notes of the Railroads & Power Co. for
$901385 held by the United Railroads will be canceled and surrendered to
•
theJunior Security Holders.
Agreement with California Railway & Power Co.—An agreement has been
entered into with said company providing for a settlement and exchange in
accordance with the provisions of the plan. If the agreement shall not be
fully carried out by said company,the committee is authorized to make such
adjustment or settlement in respect to all the junior securities and notes or
with the Junior Security Holders as in the judgment of the committee the
interests of the 4% bondholders will require, providing that in any such adjustment or arrangement no new securities having priority over or ranking
with the new 6% bonds or first pref. stock of the successor company shall
be issued in exchange for any of said junior securities.
Miscellaneous Provisions.—With respect to the remaining assets, liabili103, Vs•
ties and cash requirements, the provisions of the earlier plan (V. will as,
1303) remain substantially unchanged. The successor companyliabilities
sume the Railroads Company's current liabilities and all other provided
admitted and approved to the extent not otherwise adequately
for herein, including pending claims for accidents; and will also assume the
expenses of reorganization, &c.
Gough Street Ry. Co.—The physical property of said company, together
with all its franchises, bonds, &c., will be transferred to the successor company, subject to the $45.000 bonds of that company and such bonds and
other approved liabilities may be assumed by the successor company. Its
$280,000 equipment notes will also be assumed and provided for.
Summary of Changes & Disposition of Capitalization (Reduction $36.917,100).
Future ($47,722,000, after May 1 1918)•
Present
$7,098,000 Market Street 5% Bonds_ ___ $7,098,000
n1 6
( 84;
Market St.5%bo(3 9,100)—
Market Street 5% Bonds_ ___ 3,000,000
Underlying bonds due and to
become due by May 1 1918 5,200,000 (Total presently $10,098,000)
1 658 0
6 0
$23,500,000 New 6% Bonds, 66 2-3%___$15:96 :0 0
United RRs. 4% bonds
1st Prof. stook, 8 1-3%
—with coupons matured &
7,750,000
Stock 33%
Common
,
ctolosumrae_tur8e% pending fore1,880,000
Junior Securities—
1
$1,000,000
5% Gold Notes
1,925,000
7% Gold Notes
66;024040:000000
$6,000,000
2d Preferred Stock
1st Prof. Stock__ -$5,000,000
Common Stock
accrued divs_ — 1,087,500
$6,087,500 [Capitalization extinguished
by plan, $36,917,100, plus
20,000,000
2d Pref. Stock
accrued divs. of $8,600,
(accr'd (iivs. $8,600,000)
17,948,600 000 extinguished.]
Common Stock
John Henry
The plan has been approved by the Protective Committee,Jr., A.
H.S.
Hammond,Chairman;Donald G. Geddes, B. Howell Griswold
Post and Edward B. Smith. (V. 104, p. 164).
[Committee: Frank B. Anderson, Chairman; Wm. H. Crocker, Herbert
Fleishhacker, I. W. Hellman Jr. and John D. McKee. Office, 901 Alaska
Commercial Building, San Francisco. Depositaries: Union Trust Co. of
San Francisco and Equitable Trust Co., 37 Wall St., N. Y. Compare
V. 104, p. 1703, 1491.

Utah Light & Traction.—Earnings.—

1916.
1915.
1916.
Cal. Years—
Gross earnings_ _ _$1,454,081 $1,405,184 Gross income_ _ _ _ $867,384
461,774 Interest, &o.(net). 859,740
502,172
earnings
Net
7,644
359,279 Balance, surplus__
365,212
Other income__ _ _
—V. 102, p. 2167.

1915.
$821,053
808,791
12,262

Utah Power & Light Co.—Pref. Stock Offered.—Hayden,
Stone & Co. are offering at 101 and div. to yield about 7%
$1,500,000 7% Cumulative Pref.(A.& D.)stock, redeemable
-J.
on any dividend date at 115. Divs. Q.
and operates

The company, Incorporated Sept. 6 1912 in Malne,pwns
important lighting and power properties throughout Utah, and controls
Traction Co. of
and operates through stock ownership the Utah Light &
which serves
Salt Lake and Ogden, and the Western Colorado Power Co.,
Southwestern Colorado.
Issued.
Authorized.
Capitalization—
$15,000,000 $7,400,000
Preferred 7% cumulative stock
: 8:0 0
0
10,000,000 4 937 000
Second preferred stock
35,000,000 30,000,000
Common stock
First mortgage 5s outstanding (V. 104, p. 1168)
Property.—The company with its subsidiaries owns hydro-electric genand steam
,
erating stations having a total installed capacity of 134,580 h.p.,the plants
generating stations of 1,340 h.p. The installed capacity of all
34,180 h.p. steam;
owned and leased is 156,230 h.p. hydro-electric and1,789 miles of higha total of 190,410 h.p. Power is transmitted over
voltage transmission linos, and more than 1,100 miles of lower voltage
cusdistribution lines. Current is being supplied to approximately 60,100
tomers, for diversified industries, including municipalities, street railways
plants and irrigation works.
copper, lead and silver mines, cement
Earningsfor the Twelve Months ended Feb.28 1917.
:33 :682
2 82 0
Gross earnings
$$4 4 3 2 81 Balance
70
81'530, 62
118 00
Net, after taxesPreferred dividends
$612,762
. .
.
—v 104 d isco .
Interest anp dllo8 nu t____ 1,202,840 Balance

MAY 19 1917.1

THE CHRONICLE

Utah Securities Corporation.
-Combined Earnings.
-

2013

Armour & Co., Chicago.
-Purchase.
-

Press reports state that this company has purchased 807 of the stock of
(Including the Utah Power & Light Co.and its subsidiaries.)
Years endingDec.31 '10. Mar. 31 '16. Mar. 31 '15. tho Stanton Packing Plant, Spokane, Wash., for $1,500,000.-V. 104.
p. 665, 253, 166.
Gross earns.of Utah Secur. Corp.,incl
Ps surp. of sub.cos. accruing to it_ _
$1,031,476 $1,258,029
$771,298
Beatrice Creamery Co.
-Balance Sheet.
Exps.,incl. taxes of Utah Secur. Corp.
146,028
208,911
30,287
Feb. 28'17. Feb. 29 '16.
Feb.28 '17. Feb. 29'16.
Net earns. of Utah Secur. Corp.,
Assets
Liabilities
incl. surp,ofsub.cos. accr'g to it. $885,448 $1,049,118
$741,011 Real est.,b1dgs.,&c. 3,354,553 3,240,702 Preferred stock.... _ 2,500,000 1,800,000
Profit on redemption of Utah Secur.
New cold stor.blg_ x14,146
Common stock... 1,800,000 1,800,000
Corp. 10-yr.6% notes retired
111,746
465,773
1.309,657 Invest,in 0th. cos. 663,969
255,440 Notes payable_ _ __ 300,000
300,000
Occurs. in escrow_
200,500 Accounts payable_
33,230
60,411
Income all sources accruing to
Cash
423,664
257,981 Patrons'cream acc'ts 136,908
116,688
$997,193 $1,514,891 $2,050,668 Notes, accts., &c.,
Utah Secur. Corp
Reserves
132,080
39,399
543,070
Deduct-Int.chgs. on 10-yr.6% notes
888,973
1,063,009
receivable
1,738,698 1,209,724 Surp. & undivided
Inventories
385,653
390,293
profits
1,711,868 1,552,074
$454,123
Combined net income
$625,918
$987,659 Prepaid int., &c.._
33,401
113,933
-V. 103. P. 1889
.
Total
6,614,084 5,668,572 Total
6,614.084 5,668,_572
Wabash-Pittsburgh Terminal Ry.-Payment of Old
x Includes cost of cold storage and creamery building built for
River Butter Co., $1,136,225, less $1,122,079 payments rec'd from the Fox
Bonds Being Made Only at Central Trust Co., New York.
that co.
Dividends totaling 7% on pref. stock and 17% on common stock were
The final distribution, noted last week, payable in effect only to nonassenting bondholders, is being made at the Central Trust Co., N. Y., not paid in 1916, against 6% and 18%,respectively.in 1915.-V.104,p.562,364.
-V. 104, p. 1900. 1389.
the Columbia Trust Co.
Bethlehem Steel Co.

-Capacity for War Service, Guns
Washington (D. C.) Interurban Ry.-Sold-Merger.- and Ships.
-Acquisition.
-Speaking May 11 at the dinner
the Wilmington Chamber of Commerce, Pres. Eugene G.
of
Grace said in part:
-Lease Signed.
Western & Atlantic RR.
-

-V. 102, p. 166.
See Washington By. & Electric Co. below.

See Nashville Chattanooga & St. Louis By. above.
-V.104, p. 864,665.

Western Pacific Ry.-Decision as to Guaranty.
-

See Denver & Rio Grande RR. above.
-V. 104, p. 560.

Wheeling Coal RR.
-New Line.
-

See Pennsylvania Co. under "Annual Reports" above.

Wisconsin Valley Electric Co.
-Bonds.
-

The Wisc. RR.Commission has authorized this company to issue $1,337,500 First & Refunding bonds, the proceeds to be used (a) to refund $564,000 First Mtge. 5% bonds of the Wassail Street Ry., (b) to refund the
company's notes and (c) provide for new construction.
-V. 102, P. 68.

Youngstown & Suburban Ry.-Merger.-

We are advised as of May 14 1917 that an offer has been made by the
Municipal Service Co. to exchange bonds and shares of that corporation
for the bonds and shares of the Youngstown & Suburban but up to the
present time the proposition has not been officially placed before the shareholders of the Youngstown & Suburban By.
Opportunity will be given all stockholders to share equally in this ex,
change and it is thought that enough•of the largo stockholders have already
assented to warrant the sale of the property actually being consummated.
-V.104, p. 1900.

INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Phila.-Sales-Stock Listed in Phila.4 weeks to
4 wells to
Increase
Increase
Jan. 1 to
Jan. 1 to
May 5'17. May 6 '16. for Period. May 5'17. May 6 '16. for Period.
$2,113,395 $1,294,021
$819,374 $8,514,271 $5,763.725 $2,750,546
The Philadelphia Stock Exchange has admitted to list this company's
$2,750,000 7% cum. 1st pref. stock and $3,500.000 common stock, par
$100.-V. 104, p. 1491, 1047.

-Receiver's Certificates-Munition
Aetna Explosives Co.
Orders.-Judge Mayer in the Federal District Court of N. Y.
has authorized the receivers:
(a) To issue receiver's notes for such amount as may be needed from time
to time, secured by warehouse receipts, bills of lading or accounts receivable. (b) To cancel an agreement with the Anglo-American Cotton Products
Corp. for the purchase of 24,000,000 lbs. of bleached cotton and to enter
an agreement to buy 2,500,000 lbs. in July and August. (c)
an option before June 21 to buy an additional 5,000,000 lbs. at To exercise
14.14e.
(d) To deliver the finished munitions and thus obtain money to per
carry
on the business. Kidder, Peabody & Co. and F. S. Mosley
explained, have entered into a contrcat with the company for & Co. it is
the delivery
of a quantity of guncotton, smokeless powder and picric acid, which is to
be paid for as soon as inspected by agents of the French Government.
V. 104, P. 1802, 1593.

American Glue Co.
-Stock Dividend-Report.
The company on May 3 began the

We have developed in Bethlehem and at our other properties facilities
which we believe to be first in importance as a national asset at a time
this. We have been rendering a very large and important service to like
the
nations in Europe, by whose side we have now taken up arms to fight the
common enemy of civilization itself.
At the beginning of the war in Europe the shell making capacity of the
whole United States was practically negligible. At the present time the
Bethlehem Steel Co. has capacity for 1,000,000 rounds of ammunition per
month. At the beginning of the war facilities for the making of field guns
in this country were insignificant. At that time the entire English army
had only about 600 field guns. At the present time our works at Bethlehem
are turning out 100 finished steel guns per month, as well as over 2,000 gun
forgings which can be completed elsewhere.
The confidence shown in us by our Army and Navy Departments during
the last few months is a source of gratificAtion to us, and it will be our
sincere purpose to make sure that this confidence is not misplaced. It will
not be necessary to commandeer any of the Bethlehem properties; they are
at the service of the United States Government at its bidding. Our
facilities will be enlarged in any direction necessary to meet the nation's
requirements.
n .
V at B:thlehem are probably in as good a position as any private
t
industry to know how effective are the efforts our Government is making to
prepare the nation for the gigantic task which confronts it. It gives me
extreme pleasure, therefore, to express something of my enthusiasm over
the intelligence, the thoroughness and the unselfishness which are being
displayed by members of the Administration at Washington as well as by
the large number of able business men upon whom they have called for
advice.
Bethlehem is not only the largest ordnance plant in the country, it also
has the largest shipbuilding facilities. Air. Lloyd George said that the three
greatest needs in the present crisis are, "first, ships; second, ships; and
third, ships." Let no one believe that these ships cannot be built.
With proper co-operation between the Government and the various shipbuilding companies, with provision made for an adequate supply of raw
material, it will be possible for this country rapidly to construct an amazing
tonnage of new ships. Perhaps they will not be the most perfect ships, but
they will "do the trick," and make it certain that our allies shall not want
for adequate assistance or the means of subsistence.
Shipyards can be established at every deep waterway point in the country
where materials and labor can be quickly assembled. We ought to build
all the wooden ships we can possibly make, but we need also to build a very
large number of steel ships. We of the Bethlehem Co. are prepared to
co-operate with our Government to the utmost in building the necessary
tonnage of such ships.
[This company has taken over control, through purchase of a majority of
the bonds, of the Lebanon Valley Consolidated Water Supply Co., organized some years ago at Newport, l'a. The water company had issued $300,000 First Mtge. and $540,000 Second Mtge. bonds, interest on which was
in default.J-V. 104, p. 1803, 1705.

Booth Fisheries Co., Chicago.
-Guaranty, &c.
-

See Detroit Cold Storage & Terminal Co. below.
-V.104, p. 1803. 1705.

Buffalo & Susquehanna Iron Co.
-Bond Call.-

•

One hundred (8100,000) 1st mtge.5% bonds dated July 11902 have been
drawn for redemption at par, on June 1,at New York Trust Co.,trustee.
V. 102, p. 1813.

distribution to common stockholders
of record April 23 of $200,000 additional common stock on the basis of
Burns Bros. (of N. J.), N. Y. City.
-New Secretary.1 for 4, increasing the outstanding issue from $800,000 to $1,000,000.
Stockholders are notified that the above stock dividend was declared
.R.Runyon Jr.succeeds Charles Runyon as Sec.
-V.104, p.1901,1799.
and paid in its entirety out of surplus and undivided profits accumulated
prior to March 1 1913, as shown by the books on that date, and is therefore
Canadian Cottons, Ltd.
-Earnings.
subject to Federal income tax (Act of Sept. 8 1916) in computing March 31
not
Total
Net
Other
Bond Pf
.Divs. Com.Div. Bal.,
, +.
,
tax liability for the tax year 19174.682
Sales.
YearProfits. Income. Int.,dic. (6%). (4%). Surp.
-Years.„
n
Z77 d: YeWnding 1916-17--5,594,81
-.
n
1915. Dec. 31 '14. May 31 '13.
1916.
Resulls lilair*Aii PA
1 593,273 199.560 246,274 219,690 108,620 218,249
$714,887
$298,631
Net income
277.159
$371,421
$244,932 1915-18..5,54O,215 516,114 201.434 219,700 219.690
Preferred dividends__(8%)$160,000 (8)160,000 (12)240,000 (8)160,000 -V. 103. p. 577.
(6%)48,000
Common dividends
(6)48.000
(9)72,000
(6)48,000
Caney River Gas Co.
-Merger Plan.
Bal.,sun, for Period_ - $506,887
$90,531
See Oklahoma Natural Gas Co. below.
$36,932
$59,421
-V. 103, p. 1030.
590,245
Previous surplus
549,714
1,190,292
1,188,360
Champion Coated Paper Co.
-Extra Dividend.
$1,097,131
Total
$640,245 $1,249,713 81,225,292
An extra dividend of 2% was paid on the common stock on May 15, in
Depreciation
50,000
50.000
*699,999
35,000 addition to the regular quarterly 1%%
.-V• 93, p. 410.
Tot. sur. end of period $1,047,131
$590,245
$1,190,292
Chile Copper Company.
-Convertible 6% Series "A" Gold
* On patent rights and good-will and on plants in $549714 years.
previous
Balance Sheet Dec. 31.
Bonds.
-Eugene Meyer Jr. & Co. recommend, by adv. on
1916.
1915.
AssetsLiabilitiesanother page, the $35,000,000 6% Convertible Collateral
11916.
1915.
Real est. & mach-$1,439,102 31,375,800 Preferred stock _ _ _$2,000,000 $2,000,000 Trust gold bonds, Series "A," dated
April 1 1917, due April 1
482,400 Common stock_ _ _ 800,000
Stocks owned_ - _ - 370,400
800,000
1
1 Notes
Pat.rts.&good-will
1932, but redeemable only as a whole on any interest date
_
148,585
100,897 Acc'ts payable.... _ _ 550,000 1,110,000
Cash
163,271 after April 1 1922 at 110 and int. Total authorized, $100,185,507
751,654 Prof.&Payable...
Notes & accts. rec. 948,233
loss Burp_ 1,047,131 • 590,245
000,000. Denom. $500 and $1,000. Trustee,
Mdso.mtd.&in proc.1,670,318 1,952,674

Guaranty
Trust Co. of N. Y. A full description of these 6% bonds,
together with much information regarding the operations of
this important property, one of the largest of the copper proAmerican Multigraph Co., Cleveland.
-Extra Dividend. ducing enterprises, appeared in our issue of Mar.24. V. 104,
An extra dividend of 5% has been declared on the common stock, along
with the regular quarterly 2%, both payable June 1 to holders of record p. 1147. A circular dated May 1917 shows in part:
amount was paid in March

$4,682,639 44,663,516
Total
-v. 104. p. 1594, 1491.

May 19. A like

Total

$4,582,639 $4,663,518

last.
-V. 104, p. 766.

Payment may be made for the bonds in two installments, the first of
50%, payable May 29 1917. and the second of 50%, payable May 29 1918.
The second installment may be anticipated. 6% interest will be allowed
on the first installment, and 3% on advance payments of the second installment if paid on or before May 1 1918. Engraved bonds will be delivered
against temporary receipts on or after May 29 1918.
Convertibility.
-The bonds are convertible into stock at $36 per share
at any time before maturity. If the company hereafter issues bonds
convertible at a lower rate or stock for less than $35 per share the present
issue will be convertible at such lower figure.
Security.
-A direct obligation of the Chile Copper Co. and a lien on the
entire capital stock of the Chile Exploration Co.,subject only to the lien of
$15,000,000 7% Convertible bonds due 1923. The 7% bonds, due 1923.
may not be extended and upon payment new bonds will become a first lien.
-The $35,000.000 Series A bonds are to be issued at the
Purpose of
American Sumatra Tobacco Co.
-Application to List.
- present timeIssue.
to provide funds for the payment of all floating indebtedness
This company has applied to the New York Stock Exchange
to list of Chile Copper Co. and Chile Exploration Co. existing on April 1 1917
$6,800,000 common and $1,000,000 7% prof. stock.
-V. 104, p. 1047.
(excluding indebtedness upon bills of exchange), and for acquisitions, construction or improvements (properly chargeable to capital account) after
Anaconda CoplerMining Co.
-New Director.
April 1 1917. $15,000.090 of bonds are reserved to retire the $15,000.000
H.H.Rogers succeeds A.H.Melin as director.
-V.104, p. 1796, 1492.
7% bonds, due 1923. and the remaining $50,000,000 of bonds may be

-Acquisition._
American Power & Light Co.

This company and local Omaha, Neb., interests have acquired the entire
common stock of the Omaha Electric Light & Power Co.(V. 99, p. 1218)•
Combined gross earnings of the Omaha company and its subsidiary for the
12 months ended March 31 1917 were $1,851,161; net earnings, $750,916.
-V. 104, P. 1594.'Is wake id, kit
k &bare
ef,aims
OPC,V40..k.11C.V".'"'"
-Listed in Philadelphia.-WcP,
r ; American Stores Co.
ii
The Phila. Stock Exchange has admitted to the unlisted department this
company's temporary certificates for $3,000,000 7% cum. 1st pref. stock,
par $100, and 126,494 shares of common stock, no par value.
-V. 104, p.
1803. 1705.




2014

THE CHRONICLE

issued only for further acquisitions, construction or improvements(properly
chargeable to capital account) under prescribed restrictions.
A letter to the stockholders, dated Mar. 17 1917, from Pres. Daniel
Guggenheim, regarding the present operations of the company, the bond
Issue and its anticipated effect on the company's earning power (V. 104,
p. 1147) set forth the following in brief:
"(1) The proceeds of the $35,000,000 of Series'A' bonds are to be applied
in part toward increasing the capacity of the plant to 27,000 tons per day.
"(2) The company's proven ore reserves alone amount to 354,700,000
-the extractable contents of which are 13,600,000,000 pounds of
tons
copper, which at the low profit of 6c. per lb. would yield gross profits of
$816,000,000.
"(3) With a plant of 27,000 tons daily capacity, it is estimated that
more than 34 years would be required to exhaust the supply of oxidized
ore alone. At the end of this period-there would still remain 361,000,000
tons, averaging 2.32% copper.
"(4) The value of the conversion privilege is shown by the following
figures of estimated earnings per share at varying rates of profit per pound
of copper. With the increase of 17,000 tons in the capacity of the present
plant and a resulting production of 300,000,000 pounds of copper per
annum, the earnings per share (assuming not more than 5,400.000 shares
of stock outstanding, which allows for the conversion of the $15,occooq
7% bonds due11923 and these $35,000,000 due 1932),would be as follows:"
12c.
10c.
8c.
6c.
W th profits per lb. of_ _
Total profits per annum
$18,000,000 $24,000,000 $30,000,000 $36,000,000
would be
Profits per share per
$667
$556
$444
$333
ann. on 5,400,000 sha.
(Since the above letter was written the bankers have been advised that
the production of the company for Mar. and Apr. amounts to about
16,700,000 lbs., an increase of about 3,000,000 lbs. over Jan. and Feb.)
Part paid and full paid receipts are now traded in on the New York
Stock Exchange,"when, as and if issued;" settlement of these transactions
-See V. 104, p. 1594, 1492, 1147.
will be made on or about May 29 1917.

[VOL. 104.

Driggs-Seabury Ordnance Co. to Savage Arms Corporation,
in connection with the merger of the properties.
Digest of Letter of Pres. A. E. Boric, dated May 11 1917.
This company owns all of the stock of Savage Arms Co., but has necessarily conducted it as an entirely separate corporate entity. The maintenance of these two distinct corporate organizations entails unnecessary
duplication, and, under current legislation, taxation which in some instances, is double that presumably intended by the Government.
The directors have deemed it for the best interests of both companies that
they should be now merged under the name Savage Arms Corporation.
This contemplated merger and change of name will in no way alter the
amount or status of the outstanding securities of your company nor interfere with their Stock Exchange listing.

A dividend of 13/% has been declared on the common
stock, payable June 15 to holders of record May 31. This
is the first payment on the common stock since Aug. 1916.
-V. 104, p. 1706, 1595.
-Bond Offering.
Eastern States Public Service Co.
P. W. Brooks & Co., Inc., are offering at 99M and int. for
6% bonds and 91 for 5% bonds $400,000 First Lien Sinking
Fund 5% and 6% gold bonds dated Feb. 1 1917, due Feb. 1
1942, but callable on any int. date at 107 and int. for 6%
bonds and 103 for 5% bonds. Int. F. & A. Denom.
$100, $500, $1,000 c*.

Trustee,the Logan Trust Co.of Phila. The co. agrees to pay the normal
Federal income tax. Sinking fund of 1% yearly, beginning Feb. 1 1922
to and incl. Feb. 1 1931, thereafter 13i %,to apply to cancellation of bonds
and acquisitions.
-Rate Upheld.
Cincinnati Gas & Electric Co.
Data from Letter of W. E. McClintock, Gen. Mgr., Dated Feb. 1 1917.
Press reports state that the Ohio Supreme Court on May 15 sustained the
-Operates without competition properties supplying gas and
Company.
Ohio P. 15. Commission in holding that the Commission was without power electricity to the following substantial communities: Dover, N. J., gas:
to establish an emergency gas rate for Cincinnati. This action resulted in Wharton, N. J., gas; Lambertville, N. J., electricity; Newton N. J., elecfrom tricity and gas; New Hope, Pa., electricity; serving a combined populamaking effective the increased (30 to 35 cents per M.cu. ft.) gas rate
Nov. 4 1916. Compare V. 103, p. 1414.--V. 104, p. 1901. 1266,
tion in excess of 26,000. Replacement value of the Newton Electric & Gas
Co. property placed by the New Jersey P. U. Commission at in excess of
-New Stock.
Cleveland Worsted Mills Co.
$200,000. The combined present value of the plants at Dover, LambertStockholders of record May 21 may subscribe at par up to June 15 to ville and Newton is estimated at approximately $560,000.
will
new stock to the extent of 25% of present holdings. The new sharespayIssued.
Authorized.
Capitalizationbe payable July 1, but can be paid for prior to that date, the advance used 1st Lien Bonds ($180,000 issued 5% & $200,000(I%)..$3,000,000 x$400,000
interest. The proceeds of the new stock are to be
ments to draw 6%
100,000
1,500,000
new stock is 7% preferred stock
300,000
as working capital and to increase production. When the
1,500,000
-V.102, p.714. Common stock
Issued the company will have $7,140,875 stock outstanding.
Combined Earnings for 1916 and 1917 (1917 Estimated). (est.).
1917
1916. '17 (est.).
- Gross earnings_ _ _ 486,355 $103,257'Interest on this issue
-Proposed Consolidation
$22,200
Cosden (36 Co., Baltimore,&c.
$23,137
-For the purpose of effecting a con- Net aft. tax., &c_ _$34,877 $45,337 Surplus
Financial Statement.

solidation of Cosden & Co. and Cosden Oil & Gas Co., Hallgarten & Co. and Eugene Meyer Jr. & Co. have, at the
request of these two corporations, formulated the following
plan which has been approved by the directors of both corporations. The plan will be declared operative only in case
of its acceptance by holders of sufficient amounts of all
classes of outstanding securities other than $3,500,000 purchase money obligations. Holders desiring to participate
should deposit their securities, on or before May 31 1917, pi
New York, with Central Trust Co., 54 Wall St., N. Y., or
ub-depositary, Baltimore.
with Equitable Trust
be ound on subsequent pages.
The plan in full will Co.,l
A statement showing the status of the proposed consolidated company is given under "Reports" above. Compare earnings V. 104, p. 1901.
Crucible Steel Co.,Pittsburgh.-Divs.on Accumulations.

x Approximately $50,000 New Jersey Gas & Electric Co. bonds are at
present outstanding, against which $1,100 of those bonds are trusteed to be
released upon surrender of each $1,000 bond of the former company. These
$50,000 bonds are being acquired and exchanged. There are also $1,300
5% bonds of the Lambertville Public Service Co. outstanding, against
which the trustee holds $1,300 of the 6% bonds. stock of
Newton Elec-Secured by deposit of all bonds and
Security.
tric & Gas Co.(V. 103, p. 761), N. J. Gas & Elec. Co.(Dover), and LamS. Co.(V. 101, p. 452), except a small amount of tho two latbertville P.
ter, against which bonds of this issue are being held. Not over $200,000
bonds beyond the proposed $400,000 may be issued for improvements.
&c., when net earnings are 1 times the interest, incl. bonds to be issued.
Additional bonds may be brought out at not over 80% of cost for improvements or acquisitions, when net earnings are not less than twice interest,
including bonds to be issued. Now bonds can be issued upon acquiring
other
and
and bringing under this mortgage control in stock bondsbonds of thirds
and two
public utility corporations, where at least 95% of the
acquisition of public utility properties.
of the stocks are acquired, or for the
-Perpetual as to Dover and Lambertville and in Newton
Franchises.
the :gas franchise matures in 1940 and the electric in 1944.
-In hands of Nat. Utilities Co.. Boston. (V.103, p. 498.)
Management.

-Bonds Called.
St. Louis & Interurban Water Co.

East
The company has declared the following dividends on its pref. stock:
All the outstanding ($1,470,00)) consolidated sinking fund mtge. gold
the regular quarterly 1U % and an additional 2% against deferred dividends, bonds of the City Water Co. of East St. Louis (old name), dated Jan. 1
June 15; also an extra 2% on the 1894, have been called for payment July 1 at par and int. at Farmers' Loan
both payable June 30 to holders of record
preferred, payable June 12 to holders of record June 1. The company has & Trust Co., N. Y. These bonds are being retired from the proceeds of the
-V. 104, p. 1594, 866.
subscribed for $1,000,000 of the Liberty Loan.
sale of $1,600,000 new bonds offered in January last by Halsey. Stuart &
Co., Chicago. See offering in V. 104, p. 167.
-Orders.
Aeroplane & Motor Corp.
Curtiss
-Annual Report.
Edmunds & Jones Corporation.
It is stated that this company has taken an additional order from the
British Govt. said to be valued at $15,000,000. for aeroplanes motors and
Consolidated Income Account for Year ending Dec. 311916.
totaling upwards of $35,000,000 are
parts. United States Govt. orders
$51,625
$637,278 Preferred dividends
Gross profit from sales
-V. 104, p. 1901, 1390.
understood to be under negotiation.
120,000
110,545 Common dividends
Other income
-Dividend Increased.
Cushman's Sons, Inc., N. Y.

$747,823
$390,302
$561,927 Surplus
Consolidated Balance Sheet Dec. 31.
1915.
1916.
1915.
1910.
Liabiltiles- Assets
-Extra Dividend.
Dartmouth Mfg. Co., New Bedford. the common stock in Plant (less reserves)- 696,5651 503,368 Preferred stock
950,000 1,000,000
153,322 114,602
An extra dividend of 10% has been declared on
Awls payable, &o
.1
Patents
addition to the regular 3% on the common and 1Yi% on the pref. stocks, Inventories
652,461 339,914 Surplus, represented
all payable June 1 to holders of record May 14.-V. 102, p. 1899.
by 40,000 shs. coin.
204,184
Acc'ts receivable_ - 316,945
56,134 208,075 stock without par
-Guaranteed Cash
Detroit Cold Storage & Terminal Co.
x628,635 200,039
value
9,851
Prepaid expenses_ _ _

A dividend of 1)i% has been declared on the common stock, payable
June 1 to holders of record May 20. This compares with 1% In March last.
The regular quarterly dividenet of 3%% on the pref. was also declared
-V. 101, p. 133.
payable the same date.

Bonds Offered.-Anderson, Hyney & Co., Chicago, are
offering at par and interest $1,000,000 (total authorized)
First Mortgage 6% Serial gold bonds, guaranteed by Booth
Fisheries Co., dated May 1 1917, due serially May 1 1918
to May 1 1937, but redeemable all or part on any int. date,
after 30 days' notice, at 1023/ and interest.

Gross income
Net profit

1.731,957 1,315,541
Total
1,731,957 1.315,541
Total
-V. 104, p. 667.
x Subject to tho payment of dividends on prof. stock.

-Application to List.
Elk Horn Coal Corp.

This company has applied to the N. Y. Stock Exchange for authority to
list $6,600.000 6% non-cum. pref. stock; $12,000,000 common stock:
$1,904,000 1st Mtge.5% convertible notes, and $4,790,000 10-year sinking
-V. 104, p. 1706, 1267.
Int. M.& N. at the Central Trust Co. of Ill.. Chicago, trustee, without fund Mtge.6% notes.
3i%
-Bonds Called.
deduction of present normal Federal income tax. Mich. State tax ofnineFreeport & Tampico Fuel Oil Corp.
paid by Co. In advance. The bonds mature $25,000 serially one to
-year 7% convertible gold debentures,
All the outstanding ($95,000) 5
)
1 at 110 and int. at
teen years incl., the balance in 20 years. Denom.$500 and $1,000 (e5 •
dated Jan. 1 1916, have been called for payment July
Extracts From Letter of Pres. K. L. Ames of Booth Fisheries Co. Union Trust Co.. New York.
(Guarantor Co.), Dated Apr. 2, 1917.
-Bonds Offered.
has operated a
-The Booth Fisheries Co. (V. 104, p. 1803)
Company.
Gaston, Williams & Wigmore $S. Corp.
public cold storage plant at Detroit for several years, but recently sold -The Tillotson & Wolcott Co. are offering at par and int.
RR for terminal purposes. The comthe property to the Pennsylvania
Mortgage & Colpany has purchased 64,742 sq. ft. of land and proposes to erect, with the for average maturities $2,500,000 6% First
proceeds of this issue, a modern plant of a capacity of 3,000,000 cu. ft. lateral Trust gold bonds (unconditionally guaranteed prin.
which is to be abandoned
of cold storage (three times that of the old plant
by (xaston, Williams
,
during 1917) and with dry storage and terminal capacity up to around and int. by endorsement on each bond
6,000,000 cu. ft. New property is advantageously located.
& Wigmore, Inc., N. Y.). The bankers report:
-First mortgage on the real estate building and equipment
Security.
A. & 0.
above described. The Booth company debenture bonds will not allow
The bonds are dated April 1 1917. Denom. $1,000c. Interest
Ohio. The company
that company to place any obligation senior to such issue. The Deben- at the First Trust & Savings Co., Trustee, Cleveland,bonds are redeemable
The
tures are(V. 101, p. 1191) a closed issue of $5.000,000, all put out, $1,392.- agrees to pay the normal Federal income tax. event of less than all of the
,
000 are re-purchased and now in the sinking fund, $503,000 of which were at 101 and accrued int. on any int, date, and in are to be called in reverse
deposited during 1916 in excess of requirements, leaving $3,608,000 still outstanding bonds being called, then the bonds
outstanding in the hands of the public. Present market value of common order of their maturity and serial number. Maturities, $50,000 April 1
and pref. stocks is about $7,220,000. Value of property (not considering 1918, 1919. 1920, 1921, and $500,000, 1922.
earnings or good-will) is estimated at more than the entire amount of the Data from Letter from W. I-i. Williams, Vice-President of Gaston.
par value of all securities, about $12,500,000.
Williams & Wigmore. Inc.
-The cold storage business in Detroit earns net about $55,000
Earnings.
-The appraised value of property under the mortgage is in
Security.
annually. An estimate of the first full year's earnings with now property excess of $4,000,000, while the present realizable value of property is more
would be $150,000
and the assets and liabilities of Gaston, Williams & Wigapproxi-Owned and operated by Booth Fisheries Co. which has than $6,000,000.
Management.
more,Inc.,the guarantor,as of Dec. 311916, were in the ratio of
cold storage plants in Chicago, Minneapolis, St. Paul, Detroit and St. mately three to one. The SS. Corp. must carry full insurance and war
See annual report of Booth Fisheries Co., published in full in V. risk and is required to keep the vessels in first class condition.
Louis.
104, p. 1294. 1259.
-Net earnings for 1916 of Gaston, Williams & Wigmore, Inc..
Earnings.
- excl. the earnings of all the subsidiaries with the exception of the SS. Corp.,
-Change of Name
Wigmore, Inc., did
Driggs-Seabury Ordnance Co.
were $3.096,092, and as the now Gaston, Williams &
include.
Merger-Corn. Divs. Resumed.-The stockholders ofithis com- not commence business until April 1916 the earnings mentioned the SS.
Net earnings, excl. subsidiaries (except
pany will vote May 25 on changing the corporate title from about nine months only.




MAY 19 1917.1

THE CHRONICLE

Corp.), for the four months ending April 30 1917 were about $1,646,897.
Unfilled orders April 30 1917 were $22,877,703. Compare V. 103. p. 2076.
-V. 104, p. 1902. 1706.

Gaston, Williams & Wigmore, Inc.
-Guaranty-Office.
See Gaston, Williams & Wigmore S.S. Corp. above.
The company announces the removal of its offices from the Guaranty
Tr•Co.Bldg. to the Equit. Bldg., 120 B'way, N.Y.-V. 104, p. 1902, 1706.

-Capital Obligations.
-The comGeneral Asphalt Co.
pany's combined balance sheets, including its subsidiary cos.,
show the following capital liabilities etc:
Jan. 31 ,17. Jan. 31 '16.
Pref. stock owned by public, $13,140,000; in
$14,000,000 $14,000,000
treasury, $860,000
Common stock owned by public, $9,862,000; for
17,000,000 17,000,000
conversion, $7,000,000; in treasury, 8138,000_
6% debentures (Gen. Asph. Co.), $2,000,000; less
redeemed, $100,000; balance
1,900,000
2,000,000
6' 1st M. deben. (New Trinidad Lake Asphalt
1,083,975
Co., Ltd.), $1,940,000; redeemed, $856,025
1,167,395
Collateral loans
297,000
Mortgages payable
133,763
134,395
Reserve for maintenance of pavements laid under
guaranty (company's estimate)
126,265
201,430
2,043,651
Notes payable,$1,450,000; acc'ts pay., $593,651
907,307
Reserve for debenture redemption (New Trinidad
856,474
Lake Asphalt Co., Ltd.)
783,885
48,106
Reserve for fire and liability insurance
34,084
Surplus
2,842,724
2,735,120
On the other hand, assets as of Jan. 31 1917 aggregated $40,034,957,
viz.: (1) Property account, $34,192,321; (2) stock and trust certificates
of the Gen..Mph. Co. (book value), $200,425; (3) stock and bonds of outside cos. (book val.), $629,690;(4) amounts retained by cities on pavements
laid under guaranty, $503,112; (5) inventory of crude and manufactured
products (at cost), $2,136,943, and (6) current assets, $2,372,465, viz.,
cash, $583,080, and notes receivable, $46,869; accounts receivable, $1,484,687, and bonds, warrants and tax liens, $464,596, less reserves, $206,767.V. 104, p. 1897, 1804.

General Motors Company.
-Meeting Postponed

'rho meeting of the shareholders sot for May 10 was postponed until
May 23. Compare V. 104, p. 1706, 955.

Granite Mills, Providence.
-Stock Dividend.
-

The shareholders will vote May 24 on increasing the capital stock from
$1,000,000 to $1,250,000, the new stock to be issued as a 25% stock div.

Great Lakes Coal Mining Co., Columbus, Ohio.
Bonds Offered.-Borton & Borton and the First Trust &
Savings Co., Cleveland, are offering at par and int. for
average maturities $775,000 First Mortgage 6% gold bonds,
dated Mar. 11917, due serially. Int. M.& S. at the First
Trust & Savings Co., Cleveland,Trustee. A circular shows:

2015

(S. H.) Kress & Co.
-Application to List.
-

This company has applied to the N. Y. Stock Exchange for authority
to list $4,000,000 7% cum. pref. stock and $12,000,000 common stock.
-V. 104, p. 1902, 955.

Lambertville Public Service Co.
-Merger.
-

See Eastern States Public Service Co. above.
-V.101, p. 452.

Lebanon Valley Consolidated Water Supply Co.
-Sale.

See Bethlehem Steel Co. above.

Lewiston (Idaho) Land & Water Co., Ltd., Portland,
Ore.
-Reorganization.
The plan for reorganization submitted Nov.4 1916 having been approved
by 98% of the local security holders and by 72% of all holders of securities,
a general meeting of the note and bondholders was held in Portland, Ore.,
on April 10 1917, at which the plan was unanimously approved after first
substituting under "(b)" 2nd M. bonds for the proposed first pref. stock.
A committee of three was appointed to put the plan in effect.
Plan of Reorg. Dated at Portland, Ore., Nov. 4 '16 (as amended-see above).
"Assets of convertible value"Liabilities
Sales contracts
$310,036 Receiver's certificates_ _ _ _
$85,000
Lewiston Fruit MarketFirst Mortgage bonds__ __
221,000
ing Co
45,147 Ref. bonds(V.93, p. 1468) 673,700
Collateral note
2,000 Collateral trust notes_ _ _ _
41,000
Accounts receivable
1,975 Cbupon gold notes
189,000
L-S irrigating bonds
300,000 Unsecured notes and acReal estate
1,275,000
counts
29,668
Sinking funds in bank.._ __
13.893 Street assessments (due
Cash in bank
13,026
one-tenth yearly)
2,368
81,961.078
$1,241,736
Proposed New Securities.
(a) To make a new authorized issue of $500,000 6% 1st Mtge. bonds,
payable in ten years, and sell a sufficient amount to pay receiver's certificates, 1st Mtge. bonds, and cost of receivership not yet determined.
(b) To issue 6% Cumulative 2d Mtge. bonds to be exchanged for the
following bonds and notes: Refunding bonds, 3673,700; collateral trust
'
notes, $41,000; coupon gold notes, $189,000: total, $903,700.
(c) To issue 6% cumulative 1st pref. stock, to be exchanged for unsecured notes and to pay open accounts to the amount of $29,668.
Sinking funds and cash in bank will be available for use.
Prank Robertson is receiver, 207-8 Northwestern Bank Bldg., Portland, Ore.
-V. 104. p. 1390.

Lukens Steel Co.
-Tenders.
Notice has been given that there is available in the sinking fund a sufficient amount for the purcha.se and retirement of $2,000,000 of the $6,000,000 (par $100) issue of 7% cumulative first pref. stock (V. 103, p. 2433)•
Offers of said stock will be received at office of the company. Coatesville, Pa., up to May 24, incl., at a price not exceeding $102 per share and
dividends.
-V% 104, p. 1268.

Marconi Wireless Telegraph Co.
-Suit Won.
-

The N. Y. Circuit Court of Appeals for the Second Circuit has handed
The company agrees to pay the present normal Federal income tax of down a unanimous opinion in favor of this company in its suit brought
2% , and any future Federal income tax up to 2%. The bonds are subject against DeForest Radio Telegraph & Telephone Co. for infringement of
to redemption on any interest date in the reverse order of their issue at the Fleming patent. Compare V. 103, p. 1122.-V. 104, p. 1268.
102 and int. upon notice, maturities Mar. 1; $80,000 yearly, 1918 to 1923
Massee & Felton Lumber Co.
-Bonds Called.
incl.* $55,000 1924 and $80,000, 1925 to 1927 incl. Denom. $1,000e.
Thirty 1st M. 6% gold bonds have been called for payment July 15
Cdpitalization.-Authorized and issued common stock (paid in full),
o
at 102% and int. at Security Trust Co., Detroit.
$1,20,O00; first mtge. bonds, $1,250,000.
Company.
-An Ohio corporation has recently purchased from the Roby
Meadow River Lumber Co.
-First Mtge. Bonds Called.
Coal Co. of Cleveland, 0., 5,000 acres of solid unmined coal owned in fee,
Thirty ($30,000) 1st M.6% bonds of 1908 (maturing $10.000 on June 1
with equipment, &c.(the original acreage being 6,600 of which 1,600 have
been mined) two operating mines operating for about 15 years, in Harri- 1920 and $20,000 on Dec. 11920). for payment at 100% and int. on June 1
--V. 102, p. 1814.
son and Jefferson counties, 0. The coal is known as Pittsburgh or No. 8. at Citizens' Trust Co., Clarion, Pa.
-The company has contracted with the C. Reiss Coal Co. of
Contract.
Merchants Mfg. Co. (Fall River, Mass.).
-Stock Div.
Sheboygan and the Milwaukee (Wise). Western Fuel Co., by the terms of
The shareholders have ratified the proposed increase in capital from
which they purchase the entire output for 12 years, beginning Mar. 1 1917
and pay direct to the trustee, monthly, beginning Apr. 25 1917, $15,000 $1,200,000 to $1,500,000. the new stock to be distributed as a 25% stock
-V. 104, p. 1595.
per month for the first five years. and $15,000 additional on Feb. 25 1918, dividend.
and $12,000 monthly thereafter, which payments are more than sufficient
Midvale Steel & Ordnance Co.
-Tenders.
to meet the maturing interest and principal, which amounts to an unconditional guaranty, p. & I.
Tenders for the sale of 20-year 5% sinking fund gold bonds of 1916
-The mines are fully equipped with dwellings, equipment, at not exceeding 105 and int. were received until May 17 by the Guaranty
Property.
The property could not be replaced for less than $1,000,000. The Trust Co., as trustee, to absorb the sum of $500.000. which amount was
&c.
mines are electrically equipped and the property is a
held in the sinking fund. The company recently listed $45,652,000 of
contains an estimated minimum of 25,000.000 tons cheap producer. It aforesaid bonds on the N.Y.Stock Exch.(V. 104, p. 1493).-V. 104,1805.
of recoverable coal,
with a pos.sible 30,000,000 tons, and is said to be worth $400 per acre.
-Bonds Offered.
The total value of the coal in the ground is $2,000,000. Daily capacity
' Montpelier & Barre Light & Power Co.
4,000 tons. A fair royalty on this coal from the present until mined. -A. B. Leach & Co. are offering an additional block of this
working at rated capacity, would be not less than 20 cents per ton, assurcompany's First Refunding Mtge. Cony. 5% gold bonds,
ing a minimum earning of $5,000,000.
-Peter Reiss (Pres.), Pres. C. Reiss Coal Co., dated Oct. 1 1914, due Oct. 1 1944, but callable as a whole
Directors and Officers.
Sheboygan, Wis.•, Edward A. Uhl (Sec'y.), Pres. Milwaukee Western
Fuel Co., Milwaukee, 'Wis.; W. I . Field, Pres. Pittsburgh Coal Co., at 105 on any int. date on 4 weeks' notice. A circular shows:
Pittsburgh, Pa.; G. C. Wietzel (V. Pres.), Pres. New Pittsburgh Coal Co.,
Denom. $1,000 c*. Int. A.& 0., in Boston, at the office of the Trustee,
Columbus, Ohio; F. I. Kennedy (Asst. Sec'y.),
American Trust Co., without deduction of Federal income tax. Conver-Stock is all owned by interests identified with the Reiss and tible at par into 6% pref. stock (tax-free in Mass.) from Mar. 1 1921 to
Control.
Oct. 1 1944.
the Milwaukee companies.
Company Supplies without competition
-Extra Dividend.-An extra divi- power in Montnelier and Barre, the largestelectricity for light, heat and
Gulf States Steel Co.
granite centre in the world,
of 1% has been declared on the common stock for the and in practically all of Washington County, Vt.
dend
since 1912)•
first half of the current year, in addition to the regular quar- Capitalization (Pref. Stock has paid 6% per annum continuouslyOutstanding.
terly 2%, both payable July 2 to holders of record June 15. Stock: Pref.(6% cum.). $1,336,100; common, 31.000,000
$2,336,100
First Ref. Cony. 5s (total auth., $2,473,909)*
480,900
-V.104, p. 1706, 1043.
Reserved for underlying bonds, $1,149,000; for extensions, improvements, &c., $844,000
1,993,000
Harbison-Walker Refractories Co., Pitts.-Extra Div.
An extra dividend of6% has been declared on the common stock, payable
* Original issue $2,500,009, but $26,100 is converted into pref. stock.
May 29 to holaers of record May 19. A like amount was paid in Feb. last.
Earnings for Calendar Years.
The regular quarterly I %% was also declared payable June 1 to holders
1915.
1916.
Cal. Years1916.
1915.
of record May 19.-V. 104, p. 563.
Gross income__ _$388,157 $345,860!Int. on bonds_ _ _ _ $82,777 $73,644
Holland-St. Louis (Mich.) Sugar Co.
Net,aft. tax,&c.$205,435 $170,893 Balance
es $122,658 $97,249
-Extra Dividend.
Security.
-An absolute first mtge upon transmission and distribution
An extra dividend of 3% has been declared on the $2,000,000 common
lines, &c. A direct mtge. upon five hydro-electric generating stations on
stock, payable May 22 to holders of record May 11.-V. 104, p.76.
the Winooski River, two having steam auxiliaries, upon two hydro-electric
-Stock Dividend.
Hoover Steel Ball Co.
stations on the Mad River, upon a steam generating station in Montpelier,
-The directors have authorized the distribution of a stock dividend of and upon generating apparatus, subject to 31,149,000 underlying liens, to
30% in addition to the regular monthly cash dividend of 5% payable retire which bonds are reserved.
Plants.
-Aggregate capacity, about 14,775 h. p., and 4,000 h. p. in
July 1 to holders of record June 15. In Jan. last a 100% stock'dividend
-V. 104, p. 1902.
addition is available by contract; 11,450 h. p. is water power. The steam
was paid.
plants, under normal conditions, are held largely as a reserve. For the
-Bonds Called.
Hotel Traymore Co.
-calendar year 1916 15,314,548 k. w. hours were generated, of which 12.All the outstanding ($305,000) 1st mtge. bonds of 1914 have been called 254,418k. w. hours were generated by water. The transmission lines cover
for redemption July 1 at par and int. at the Guarantee Trust Co., Atlan- 130 miles and the undeveloped water power is about 4,000 h. p. capacity.
Franchises are perpetual.
-V. 99, p. 1531.
tic City.
Management.
-Under management of Charles II. Tenney & Co., enginIndependent Brewing Co., Pitts.
-No Corn. Dividend.
- eering managers, since 1912, in which time number of customers has inThis company has omitted the quarterly dividend on its common stock creased from about 3,900 to 4,676. Connected power load has increased
-V. 99, p. 1528.
due at this time. The regular quarterly 87% cents per share on the pref. from 7,241 h. p. to 13,421 h. p.
stock was declared payable May 31 to nolders of record May 22.-V. 103,
Morse Twist Drill & Machine Co., New Bedford.
p. 1891.
This company has changed the par value of its capital stock from $50 to
-Sub Companies' Sales.$100 and has canceled the 12,000 shares of$50 par and issued in place thereof
Jones Brothers Tea Co.
anies'
increasing the capital stock from
4 Months ending April 30Increase. 20,000 shares of $100, par value, thus
1916.
Grand Union Tea Co.f Operated by
133,520,089 $2,996,144 $523,945 3600.000 to $2,000,000.
Globe Grocery Stores1Jones Bros.Tea Co
National Carbon Co., Inc.
-99% Deposited.
-V. 104, p. 867.
We are advised as of May 14 that more than 99% of the stock of National
Kansas Natural Gas Co.
-Receivership to Terminate.
- Carbon Co. of New Jersey has either been exchanged or is in process of
Judge J. W. Hoidren of the District Court of Montgomery County, Kan., being exchanged for the capital stock of the National Carbon Co., Inc.
has notified H. L. Doherty of N. Y. that on or about June 2 next the prop- -V. 104, p. 1903, 1494.
erty will be awned over to him and the receivership dismissed. judge
-Certificates.
National Conduit & Cable Co., Inc.
-Holdren is quoted as saying: "Considering the proposition from every
The Bankers Trust Co.. N. Y., gives notice that temporary First Mtge.
viewpoint, I am convinced that there is no reason why the court should 6% sinking fund bonds of this company are ready for delivery on surrender
be hampered with the management of this company, or that the company of subscription receipts.
-V. 104. p. 1903, 1707.
'
should be embarrassed by management by the court.' -V.104,p. 1707,867.

Kentucky Light & Power Co.
-Sold.
See Middle West Utilities Co. under Railroads above.
-V. 103, p. 497.




-Dissolution.
National Screw & Bolt Co.

The "Iron Age" on May 17 says: "This company, which heretofore has
been the holding company for the Pittsburgh (Pa.) Screw & Bolt Co.,

2016

(Vol,. 104.

THE CHRONICLE

Is in process of dissolution. The
and Gary (Ind.) Screw & Bolt
Co..
capital stock ofthe Pittsburgh Screw & Bolt Co.has increased from $300,000
to $3,000,000, and the Gary Screw & Bolt Co.from $400,000 to $1,000,000.
Neither concern has any plans under way for additions to existing plants.

-Sub. Co. Bonds.
National Utilities Co.
-V. 103, p. 498.
See Eastern States Public Service Co. above.

-Earnings.
Pierce Oil Corporation.
1916.
1915.
1916.
Cal. Year$733,103
Trading profits___$2,394,029 $1,085,644 Interest paid
51,008
Int. received (net) Cr.38,179 deb.4,802 Amount writ. off_
164,054 Balance,surplus $1,393,778
Depreciation, &c_ 253,418
-V.103, p. 1036.
See Pierce Fordyce Oil Assn. above.

1915.
8600,000
$316,788

-Payment on Accumulations.
Pittsburgh Brewing Co.

-Tenders.
New England Cotton Yarn Co.

Sealed proposals will be received until May 24 for the sale of 1st M.5%
gold bonds (outstanding amount at last accounts, $2,982,000) to thc
National Shawmut Bank, trustee, to absorb $1,001,541 interest on accepted bonds, will cease May 25 1917.-V. 104, p. 1391.

-Possible Dissolution.
New England Navigation Co.

-V.103, p. 1511.
See N.Y.N.H.& H.RR. wader "Railroads" above.

-Merger.
New Jersey Gas & Elec. Co. (Dover).

See Eastern States Public Service Co. above.

An extra dividend of x, of 1% has been declared on the pref. stock on
account of accumulations, in addition to the regular quarterly I %,both
payable May 31 to holders of record May 20.-V. 104, p. 669.

-Bonds.
Potomac Electric Power Co., Wash., D. C.

The P. U. Commission of the District of Columbia has authorized this
company to sell $1,047,000 General Improvement 6% Debenture bonds of
1915, the proceeds to provide for the cost of extensions and improvements.
-V. 102. P. 158.
See Washington By. & El. Co. under "Reports" above.

-New President.
Providence Gas Co.

-Merger.
Newton Electric & Gas Co.

-V. 104, p. 169.
John R. Freeman succeeds J. W. Ellis as President.,

-V. 103, p. 761.
See Eastern States Public Service Co. above.

-Interest.
Northern Ontario Light & Power Co., Ltd.

-New Control.
Regal Motor Car Co., Detroit.

Holders of this company's 6% bonds will vote May 23 on amending the
1st mtge. so that the company be released from paying to the trustees
annually the further sum equal to one year's interest at 6% on all bonds redeemed for the sinking fund prior to the date of such payment. Compare
V. 104, p. 1269, 956.

An exchange journal says:"The controlling interest in the company has
been sold by its Detroit directors to Chicago financiers. The company is
capitalized at $3,000,000 and it is the intention to increase the production
of motor cars. Maurice Rothchild, with Harris Brothers, Chicago bankers,
-V. 103, p. 2083.
has assumed general supervision of the co.

Northern States Power Co. (Del.).-Pref. Stock Offered.
-H.M.Byllesby & Co.,Inc., Wm.P.Bonbright & Co.,Inc.
and Spencer Trask & Co., having underwritten this new issue,
are offering at par flat the unsubscribed portion of $1,500,000
7% Cumulative Pref. (a. & d.) stock, par $100. A circular,
dated April 26, addressed to the shareholders, shows:

A majority of each class of securities has already been deposited with
the Columbia Trust Co. of N. Y. under the Readjustment Plan (V. 104,
p. 1596), but the Committee (Robert I. Curran, Chairman,) announces that
it will not. declare the plan operative without further substantial deposits
and has therefore extended the time for same to be made to and including
- ,
May 25 1917. Compare plan in Vol. 104, p. 1596. 41,11 -,A..*.v.4,„Ap.,4 31

This $1,500,000 of pref. stock was offered at par and divs. to all stockholders as of record April 25 1917, to the extent of one share for each twelve
shares of stock (corn. and pref.) owned as of said date. Subscription books
closed on May 15 1917, but the company will honor all subscriptions received by it on or before May 20 1917, which show by their postmark that
they have been mailed on or before May 15 1917, and which make payment
in full in New York or Chicago exchange.
The pref. shares are redeemable at 110 and divs. and have equal voting
powers with the common shares. The proceeds are to be used for further
transmission lines, the acquirement of additional distribution centres and
extensions to producing plants.
Capitalization after the Issuance of the Stock Now Offered.•
Authorized. Outstand'
Capitarn- Authorized. Outstand'g.
Common stk.$50,000,000 $6,170,000 Minn. Gen'lMortgage
$7,556,000
Elec. 5s_ _ _ closed.
Pref. stock__ 50,000,000 13,809,900
10-yr 6%note 12,000,000 *7,805,000 lst&ref.5s_ ..$100,000,000 18,000,000
* 88,000,000 par value of these notes were issued April 1 1916 and
$195,000 of these notes have, since the date of issue, been exchanged for a
like par value of the common stock.
Net Earnings for 1916 and the Estimated Net Earnings for 1917.
1916 Act. 1917 Est.
1916 Act. 1917 Est.
Net earnings_$3,341,656 $3,884,000(Pref. divs_ _ $740,236 a$921,000
$1,008,293 $1,214,000
Bal.,aft. int _ _$1,748,529 2,135,000 Balance
a The entire pref. stock will not have been outstanding during the entire
year 1917, hence the amount of dividends is arrived at by charging a full
Year's dividend on $12,152,000, a ten months' dividend on $157,900, a
seven months' dividend on $1.500,000 of pref. stock, the stock herein
offered. Compare V. 104, p. 1149, 253.

-Merger.
Oklahoma Natural Gas Co., Pittsburgh, Pa.
-A circular, signed by R. H. Bartlett, Secretary of the consolidation committee, addressed to the stockholders of the
Oklahoma Natural Gas Co. (V. 103, p. 1031), the Caney
River Gas Co.(V. 103, p. 1030) and the Osage & Oklahoma
Co.(V. 104, p. 1494), asks for proxies assenting to the consolidation of those companies and says in subst.:

IMO

-Extension of Time.
Santa Cecilia Sugar Co.

- •••;=
---•ww,4;au•

-Earnings for
Sinclair Oil & Refining Corporation.
-Corrected Data.
3 and 11 Months ending March 31 1917.
Combined Earnings of the Company and its Subsidiaries
Months.
•••••11

Gross income from produc., refining, &c
General, &c., expenses, bond interest, &c

3 Months. 11
$3,199,0221 not shown
325,243f in report.

Balance available for dividends and depreciation$2,873,778 $8,636,440
There were published in these columns last week figures purporting to be
the results for the 12 months ending Mar. 31 but which were in fact the
results of the subsidiary companies for the 9 months ending Jan. 31 1917,
as reported to the New York Stock Exchange(V. 104, p. 1269.)

The first annual report covering the eleven months ended
Mar. 31 will be found on subsequent pages of this issue.
.
-raireaCFs=71 71T,171
o
(
0r
John laligglia been adifertd, 4
t.,,
1392.

-Bondholders Recene
(C. A.) Smith (Lumber) Co.

The Chicago "Economist" of recent date said in part: The holders of
the 6% bonds issued 2% years ago, amounting to $5,000,000, have had the
unusual experience of receiving principal and interest, and interest on
interest. This has been achieved by selling portions of the property and
-V. 104,
there is still one mortgage against the remaining timber lands.
4.4 .4111 44 45
e
p. 1269.
;

7
-Bonds Callia- ---Report
T. H.) Symington Co.

All the outstanding ($900,000) First Mtge. 6% convertible sinking fund
gold bonds, dated July 11910, have been called for payment July 1 at 105
-V.102, p.1167.
and int.at Central Trust Co.,N.Y. See"Reports"above.

-Stock Increased.
Texas & Pacific Coal Co.

The shareholders have ratified the proposed increase in capital stock from
$3,000,000 to $4,000,000. The proceeds from the sale of the new stock
(which will take place at some later date) will be used chiefly for further
-V. 104, p. 869.
development of oil fields.

-Receivership Voided.
(J. V.) Thompson Coal Properties.

The Pennsylvania Supreme Court on May 7, by reversing the decision of
the lower court, vacated the appointment of receivers. The creditors'
For several months a number of the stockholders and directors of the committee has announced that the receivership having been sot aside the
above companies have been working upon a plan of consolidation and the property passes into the possession of the committee, and the committee
directors had an appraisal of the properties made by a committee consisting has taken active steps to assume possession and control. The committee
of E. P. Whitcomb and George V. Crawford of Pittsburgh. The actual is negotiating with responsible persons (Hill interests in Northern Pacific
work was undertaken by Harry C. Reeser and John G. Pew of Pittsburgh, RR.) for the sale for cash of all unsecured claims represented by the comwhose roport, received April 27, showed as follows: "Basing our results mittee. In case they acquire the unsecured claims they will at once assume
on the statements furnished by Messrs. Bartlett and Sharp (of the Okla- the indebtedness and proceed to liquidate the arrears of interest and taxes.
homa Natural Gas Co.), and taking the valuations placed on the leaseholds The committee has referred this matter to its counsel (Samuel Untermeyer
by the committee, which was chosen for that purpose, we believe a fair of N. Y. is chief counsel) for the drawing and execution of the contract,
valuation for trading purposes would be for (a) Oklahoma Natural. $4,- and, as soon as ready, will submit it to the depositing creditors for their
4
-V. 103, p.2348, 946.
000,000; (b) Osage & Oklahoma Co., $2,000,000; and (c) Caney River, acceptance.
$2,000,000, with the bonds and floating debt to be absorbed by the reorganWM WO
-Tenders.-- KO
ized company." This report was unanimously approved.
Todd Shipyards Corp.
While the details of the plan are not yet perfected it will be on the basis
The Brooklyn Trust Co., as trustee, having on hand 3381,659 95 (toofthe relative values reported by Messrs. Reeser and Pew. This committee gether with the sum to be paid into sinking fund June 15) will, until June
recommends to the stockholders their approval of this plan on the grounds, 11,receive sealed offers for the sale of 5
-year 6% convertible gold notes, at
are now largely owned by the
among others, that (a) the three corporations
a price not to exceed 104% and int.-V• 103,
same stockholders;(b)union will effect numerous and significant economies •••1•••
.
• moimminio"
-Earnings.
In operation;( c) conservation of the natural gas resources will result; (d)
Transue & Williams Steel Foreng Corp.
the combination insures stability.
6 Mos.
April.
Results for April and 6 Mos. to April 30 1917Consolidating Committee: Cl. T. Braden and R. H. Bartlett, respec- Gross sales
$582,836 $3,357,650
tively, Pres. and Treas., Oklahoma Natural Gas Co.; E. P. Whitcomb and Net, after all expenses, depreciation, &c
•3104.888 $572,862
W. W. Splane, respectively, Pres. and director, Union Natural Gas Corp., -V. 104, p. 368, 262.
Pittsburgh, Pa.•, Geo. W. Crawford, Pres. Ohio Fuel Supply Co., PittsSharp, Harry Heasley and J. H. Evans, directors Okla.
burgh, Pa.; R. C.
-Sub. Co. Stock Increased.
Union Carbide Co., N. Y.
Nat, Gas Co Tulsa, Okla.; J. V. Ritts, V-.Pres. Butler Co. Nat. Bank.
The Union Carbide Co. of Canada. Ltd., a subsidiary of this company
Butler, Pa.; H. J. Crawford, Pres, First Nat. Bank, Emlenton, Pa.; R. W. has filed a certificate increasing its authorized capital stock from $2,000,000
Pittsburgh, Pa.; T. B. Gregory, Penna. to $3,000,000.-V. 104, p. 1904, 1392.
Hannan, Pres. Colona Mfg. Co.,
Fuel Supply Co., Emlenton, Pa., and Hon. C. B.Ames, General Counsel,
Oklahoma City, Okla.
Union Electric Light & Power Co., St. Louis.-Pref.
Appraisal Committee: John d. Pew, Pres. Peoples Natural Gas Co.,
Pittsburgh, Pa, and Harry C. Reeser, Asst. to Pres. Ohio Fuel Supply Co., Stock Sold at Par to Company's Customers.
This company, all of whose common stock is owned by the North Ameri-V. 103, p. 1031.
Pittsburgh, Pa.
sold over $500,000 of its new 7% pref. stock to its customers
can Co., has
Oklahoma Producing & Refining Co. Combined at par.
-V. 104, p. 1904, 1806.

Earnings 3 Months ending March 31 1917.

-Purchase of Stock.
(D. C.) Gas Light Co.

Washington
$331,747
$456,747 Balance, surplus_
Net earnings
The P. U. Commission of the District of Columbia has authorized this
x1,580,473
125,000 Total surplus
Dividends
of Georgetown Gas Light Co.
-V. 104, company to acquire 2,470 additional shares
from sale of capital stock.
x After adding $1,097,549 premium
-V. 101, p. 127.
stock at $141 25 per share.
p. 768.
-New Control.
Omaha Electric Light & Power Co.

-V.99, p. 1218.
See American Power & Light Co. above.

-Merger Plan.
Osage & Oklahoma Co.
-V.104, p. 1494.
See Oklahoma Natural Gas Co. above.

-Application to List.
Owens Bottle-Machine Co.

Application has been made to the N. Y. Stock Exchange for authority
to list an additional $1,500,000 common stock, making the total amount
•
listed 310,550,050.-V. 104, p. 1903, 1805.

-Notes Called.
Pennsylvania Salt Mfg. Co.

-year 5% coupon notes, dated June 1
All the outstanding ($500,000) 3
1915, have been called for redemption at par and interest on June 1 at
company's offices, Widener Bldg., Philadelphia. The original issue was
$1.500,000; $500,000 were paid off June 1 1916, and $500,000 on Dec. 1
1916.-V. 104, p. 1494.

-Earnings.
Pierce Fordyce Oil Association.
1916.
1915.
1916.
Cal. YearTrading profits_ _ _$1,297,226 $771,493 Storm losses
$88,626
Interest paid
29,456
Int. received, &a(6%)216,138
771,493 Dividends1,326,682
Total income
137.626 Balance, surplus.._ 841,160
Depreciation, Ore- 180,758
Closely affiliated with Pierce Oil Corp.. which see below.




1915.
$209,441
91,720
332,706

-Purchase Price.
Westinghouse Electric & Mfg. Co.

An officer of this company denies the statement. that his company is now
offering the minority stockholders of the Westinghouse Machine Co. an
even basis of exchange for their stock and states that the offer of $35 per
share heretofore made still stands. (An exchange journal says the offer
on an even share-for-share basis was made by one of the George Westinghouse trustees.)
The company has subscribed through Messrs. Kuhn, Loeb & Co. for
$2,500,000 Liberty Loan bonds, one-half to be subscribed for in New York
and one-half in Pittsburgh. The company will also assist its 30,000 em-V. 104, p. 1296, 869.
ployees to subscribe to the Liberty Loan.

-Sale of Stock.
Westinghouse Machine Co.

-'V. 104, p. 1296, 1169.
See Westinghouse Electric & Mfg. Co. above.

-Bonds Called.
West Virginia Pulp & Paper Co.

All the outstanding ($634,000) 1st M. 5% gold bonds of 1901 (460 o
$1,000 each, and 348 of $500 each) have been called for payment July 1
-V. 102.
at par and int. at the Equitable Trust Co., Wilmington, Del.
p. 2082.

-New Vice-President.
Willys-Overland Co.

E. B. Jackson has been elected VicoPreident to succeed II. T. Dunn,
who resigned recently (V. 104, p. 958).-V. 104, p. 1505, 1296, 1259.

MAY 19 1917.1

THE CHRONICLE

2017

Skixorts and Documents:
SINCLAIR OIL AND REFINING CORPORATION
REPORT FOR THE ELEVEN MONTHS ENDING MARCH 311917
.
To the Shareholders of the Sinclair Oil & Refining Corporation:
I submit herewith a combined report of the operations
and affairs of the Sinclair Oil & Refining Corporation and
its subsidiary companies for the eleven months ending
March 31st, 1917.
EARNINGS.
The combined earnings for the eleven months accruing
to the .Corporation through the ownership of the stock of
its subsidiary companies is as follows:
Total gross income
$9,468,329 48
Deductions:
Interest on bonds
$716,734 27
Interest on notes
115,155 14
831,889 41
Net income
$8,636,440 07
Dividends paid
2,638,211 25
Balance available for depreciation and surplus_$5,998,228 82

The assets of this Company consist of ownership
of the stock of the Mohawk Petroleum Compan of 60%
ducing company,50% of the stock of the Garfieldy, a proOil Company, and the ownership of a portion of the shares
of a
number of small oil and gas companies.
The Garfield Oil Company owns oil and gas leases
on
approximately 12,000 acres in the Garber field, in
Oklahoma, and has recently brought in a number of produci
ng
wells in the shallow sand at a depth of 1,100 feet. A
deeper
productive sand has been discovered at a depth of 1,300
feet,
and we have reason to believe that oil in greater paying
quantities will be found in a still deeper sand. The Garber
oil is of very good gravity, having an exceptionally high
gasoline content.
The stocks of the Exchange Oil Company are carried in
the attached Balance Sheet at the nominal value of
$10,000 00.
SINCLAIR-CUDAHY PIPE LINE COMPANY
INCOME ACCOUNT.
To designate the sources from which the above income is Gross profit from operations
$867,461 15
derived, the following statements are given showing
Deduct: Interest on bonds and on advances by
the
operation of the subsidiary producing, transpor
Sinclair Oil & Refining Corporation
103,904 50
ting, refining and distributing companies, which stateme
nts
show the progress made during the past eleven months: will Income for the eleven (11) months
$763,556 65
SINCLAIR OIL & GAS COMPANY INCOME ACCOUNT.
When the Sinclair-Cudahy Pipe Line Company comGross profit from operations
$5,387,388 86 menced to gather oil on May 1 1916 from the various propDeduct: Interest on bonds, notes and on aderties in the different oil fields there were about 310 oilvances by Sinclair Oil & Refining Corpoproducing leases connected to its line. The pipe line system
ration
713,489 77 is now gathering oil from 439 different leases. The total
amount of oil handled by the Sinclair-Cudahy
Income for eleven (11) months
$4,673,899 09 Company during this 11 months' period aggregatedPipe Line
7,311,467
barrels. This subsidia
Sinclair Oil & Gas Company, the producing subsidiary, of trunk lines and 340 ry is operating at this time 360 miles
miles of gathering lines.
at the time of organization May 1 1916, was interested in
Satisfactory progress has been
approximately 532 producing oil and gas wells and produced in the building of its line from the made by this Company
Oklaho
during the month of May 1916 368,997 barrels of oil. Since Chicago—some 800 miles—and practica ma fields to East
lly all of the folorganization, by purchases and development, it has in- lowing expenditures were made in
connection with this work:
creased the number of wells in which it is interested and the
Gathering lines
company is now interested in excess of 1,200 producing
$482,964 58
oil
and gas wells, and produced during the month of March Trunk lines
2,359,681 94
Material in warehouses
1917 484,823 barrels of oil, thus showing an increase in
204,284 64
of 31% for the month of March 1917 over that for the excess Other expenditures and construction work not
month
yet distributed, less material taken from
of May 1916. During the eleven months' period
original inventory of May 1 1916
pany has produced and purchased 10,417,497 the Com466,769 75
barrels of
crude oil. During the same period the sales of
oil amounted. Total expenditures on properti
to 7,924,531 barrels. Of the oil purchased the
es
$3,513,700 91
placed in storage 2,492,966 barrels. This company has
storage oil is
The greater portion of the investment in the Chicago line
carried at the cost price, which is largely below
its present is paying no return at the present time. Within
market value.
a few
At the present time the 1,200 wells in which the compan months the line should be completed to East Chicago and
y will be a profitable revenue producer. It will be interesting
is interested are located on approximately 20,000
and gas leases. It has interests in undeveloped acres of oil to know that the prices for the material in this line have adacreage of vanced 75% since we made our purchase. Had the
approximately 152,000 acres.
material
During the period this Company expended large amounts for the line not been purchased at the time it was purchased,
it would be impossible to secure the material at this time.
for additional properties and development work, of which
We have used every precaution to protect the Company
the following is a brief summary:
against the shortage of material and labor, using machinery
Undeveloped leaseholds ___________________
Additional properties, development work and $271,224 86 to ditch and lay the line in order to provide against the
shortage of labor.
steel storage--------------------------- 8,900,7
04 82
The pipe line pumping stations are being connected with
Material in warehouses
___
185,563 96 telephone and telegraph lines to insure efficient operation
Office building under construction in Tulsa,
and service in the transportation of crude oil through the
Oklahoma ----------------------------145,441 95 trunk lines.
Casing head gasoline plants
552,818 42
SINCLAIR REFINING COMPANY INCOME
ACCOUNT.
$10,055,75401
Gross profit from operations
$3,535,377 86
These expenditures have greatly strengthened the com- Deduct: Interest on bonds and on advances by
pany's crude oil reserves and also materially. increased the
Sinclair Oil & Refining Corporation
585,108 60
daily production.
The first plant for the manufacture of gasoline from casing- Income for the eleven (11) months
$2,950,269 26
head gas, known as the Cleveland plait and located at Cleveland, Oklahoma, and having a capacity of 3,000 gallons per • During the period the Company sold 5,055,000 barrels of
day, will commence operationsthe month of May 1917. refined products.
There was no revenue from gasoline plants during the eleven
Many improvements have been added to the refineries,
(11) months, but the results from this department will add and construction work is in progress on additional refineries
very substantially to the future earnings of this compan
which are to be directly connected with the Sinclair-Cudahy
There are now in process of construction four additiony. Pipe Line Company's line to East Chicago. The Company
al has also
casing-head gasoline plants, all of which will be complet
added to its distributing facilities. On May 1st
ed
during the calendar year. When completed these plants 1916 the Company had bulk distributing stations in the
will have a total capacity of 38,000 gallons of
States of Kansas, Colorado, Nebraska and Oklahoma, and
gasoline per day, and will create for the companycasing-head since that date has not only increased the bulk distributing
an entirely
new source of revenue.
stations in the States named, but has added bulk distributing
stations in New Mexico, Missouri, Iowa. Minnesota, South
EXCHANGE OIL COMPANY INCOME ACCOUNT.
Gross income from sale of securities$20,0009 Dakota, Michigan, Illinois, Indiana, Ohio, New York,
4 Massachusetts and Rhode Island. In addition to this,
Deduct: Interest on advances by Sinclair Oil &
the Company is supplementing these bulk distributing
Refining Corporation----------------------132 43 stations by installing filling stations in Chicago, Albany,
Buffalo, Toledo, Cleveland, Kansas City, Tulsa, Denver
Total income for eleven (11) months
$19,868 51 and many other cities.



2018

THE CHRONICLE

VOL. 104.

is expected that the Kansas City refinery will be in operation
The following is a brief summary of these expenditures:
by the middle of June 1917. The East Chicago refinery
ents to existing refineries and conImprovem
$1,397,933 28 should be operating by the middle of October 1917. 2,500
work on additional refineries
struction
The Company has purchased during the year some
Expenditures on additional distributing
2,003,001 63 new tank cars at prices averaging about one-half of their
facilities
present market price. This will make the total number of
Other expenditures and construction work not
cars owned by the company about 4,000.
distributed, less material taken from
yet
59,749 91
• original inventories as of May 1 1916
CONSOLIDATED BALANCE SHEET.
$3.460,684 82
Total expenditures on properties
The following Consolidated Balance Sheet submitted by
the Treasurer shows the financial condition of your corpoThe reputation of the company's products is excellent.
subsidiaries as of March 31st 1917.
The aggregate capacity of the refineries now in operation ration and its
The statement shows outstanding first mortgage Tenhas been increased to 27,000 barrels of crude oil per day, Year Convertible Six Per Cent Gold bonds amounting to
and on completion of the refineries now building they will
all of which were retired on May 1st 1917, now
have a capacity of 47,000 barrels per day. The progress of $1,629,500,corporation free of all funded debt outstanding.
building the additional refineries is very satisfactory, and it leaving the
— CORPORATION AT
CONSOLIDATED BALANCE SHEET OF THE SINCLAIR OIL & REFINING
MARCH 31 1917.
Assets—
Real estate, oil and gas leases, oil wells and
equipment, pipe lines, refineries and investments in other companies at appraised
values May 1 -1916 and additions since_ _ _ _$64,217,828 26
456 34
Sinking fund cash account
Current Assets—
Cash in banks and on hand_ _ _ $1,982,865 08
Notes and accounts receivable_ 1,638,107 56
Inventories of crude oil, refined
6,116,759 48
products and supplies
9,737,732 12
710,802 98
Due from affiliated companies
Deferred charges:
Unexpired insurance, interest in ad308,833 46
vance, &c
96,560 79
Suspense debits

Liabilities—
Capital Stock:
Outstanding in hands pf public
970,074 shares.
Value of equity, exclusive of
surplus earnings represented
$55,996,156 09
by above shares
5,998,228 82
Add surplus earnings
$61,994,384 91
•
First mortgage 10-year convertible six per
cent gold bonds, dated May 1 1916, author1,629,500 00
ized $20,000,000, outstanding
Purchase money obligations issued in acquir1,964,968 67
ing fixed properties
Current Liabilities—
$6,250,000 00
Notes payable
2,557,448 69
Accounts payable
289,936 58
Taxes accrued
76,918 13
Interest accrued
9,174,303 40
309,056 97
Crude suspense

$75,072,213 95

$75,072,213 95

Note.—The authorized and issued capital stock is 1,000,000
shares, of which 29,926 shares are held by the trustee, these
shares were sold to a syndicate on May 1 1917 at $60 50 per
share and the proceeds used in retiring $1,629,500 00 outstanding bonds.
The parent corporation and its subsidiaries have about
four thousand employees.
Petroleum and its by-products are as essential to military
activity as food, ammunition and guns. The existing prices
within the United States do not reflect the inflation as is
generally believed by the public. Gasoline prices are very
little higher than they were one year ago. Oil prices have
yet to experience the increase which has taken place in other
products essential for military operations.

During these eleven months the subsidiaries of your corporation have been passing through a period of construction,
and it has been necessary to make large investments in the
extension of pipe lines, additional refineries and betterments,
a large portion of which are not producing revenue at the
present time.
The outlook for your corporation is exceedingly bright,
and in a short time these investments will materially increase
the earnings.
Respectfully submitted,
H. F. SINCLAIR, President.
May 16 1917.

COSDEN OIL AND GAS COMPANY
AND

COSDEN AND COMPANY
PLAN FOR CONSOLIDATION.

NEW COMPANY.
A new corporation (herein called the New Company) will
be formed which will acquire direct ownership of the properties now owned by Cosden Oil & Gas Company (herein
sometimes called the Oil Company), and by Cosden &
'Company (herein sometimes called the Refining Company),
or such of the securities of the Oil Company and of the
Refining Company, for which the stock and bonds of the
New Company shall be issued in exchange, as provided
below. Instead of forming a new corporation, either the
Oil Company or the Refining Company may be substituted
as the New Company.
SECURITIES OF NEW COMPANY.
BONDS.
The New Company will authorize an issue of $20,000,000
Fifteen Year Convertible Sinking Fund Gold Bonds (herein
called Bonds), to be dated as of July 1 1917, to mature July 1
1932, to bear interest at not to exceed the rate of six per cent
per annum payable semi-annually on January 1 and July 1,
and to be secured by mortgage upon all property owned by
the New Company or thereafter acquired, of which not to
exceed $11,423,500 will be immediately issuable, in two series,
to be known as Series A and Series B,each equally entitled to
the security of the mortgage and to the benefit of the Sinking
Fund mentioned below and to bear interest at the rate of six
per cent per annum.



Bonds of Series A (not to exceed $5,426,500) will be convetible at the oi3tion of the holder into common stock of the
New Company at the rate of $15, face amount, of Bonds for
one share of common stock at all times until maturity. conBonds of Series B (not to exceed $5,997,000) will be
vertible at the option of the holder into common stock of the
New Company at the rate of $13 50, face amount, of Bonds
for one share of stock,on or before July 1 1919,and thereafter
at the rate of $15, face amount, of Bonds for one share of
stock. After July 11919, Series A and B will be precisely
alike.
Bonds reserved for future issue ($8,576,500) may be made
convertible at any rate or rates fixed by the Board of Directors, but if any such rate be more favorable than the conversion rate for Series A and B,the mortgage will contain prothe
visions for the protection of Series A and B by loweringproconversion rate. (The Conversion privilege will be given that
tection in regard to additional stock issues similar to and
which the outstanding bonds of the Refining Company
the notes of the Oil Company now have.) The reserved
Bonds, under proper restrictions, will be issuable up to $3,500,000, face amount, upon the payment of purchase money
obligations of a like face amount; the remainder of the
(including any amount not used as above
reserved Bonds.
stated) will be issuable for properties, additions, improvements, and extensions to the extent of 85% of the cost
thereof.

MAY 19 1917.]

THE CHRONICLE

SINKING FUND.
The mortgage will provide that Bonds of all series will
.share equally in a Sinking Fund which in each year shall be
at least
(a) 5 per cent of the face amount of Bonds, theretofore
authenticated, or
(b) 20 per cent of net earnings of the New Company, after
depreciation, whichever shall be the larger.
The Sinking Fund will be used in the purchase of Bonds,
and, if they cannot be purchased at less than the redemption
rate, specified below, in the redemption of Bonds. All Bonds
purchased or redeemed from the holders thereof, through the
Sinking Fund, shall remain alive, and interest payable thereon shall be paid into the Sinking Fund, except that Bonds
purchased or redeemed through any moneys paid into the
Sinking Fund under subdivision (b) in excess of the payments
under subdivision (a) shall be canceled.
Payments into the Sinking Fund under subdivision (a)
shall be made to the Trustee under the mortgage, in equal
monthly installments (subject to changes in the amount of
such payments resulting from additional Bonds being from
time to time authenticated) on the first day of each month,
commencing August 1 1917. As soon as possible after the
end of each calendar year, the New Company shall file with
the Trustee an audit, prepared by certified public accountants, of its earnings for such calendar year, and the New
Company shall pay to such Trustee, not later than April 1,
in each year, an amount equivalent to at least 20% of the net
earnings for the preceding calendar year, as provided in subdivision (b), after crediting the amount of all monthly payments made in such calendar year. For the year 1917 the
New Company shall pay to the Trustee, on or before April 1
1918, only 10% of the net earnings for 1917.
REDEMPTION.
Bonds of Series A and B shall be redeemable as a whole
(or in part through the Sinking Fund) at 110% of the face
amount and accrued interest, upon sixty days published
notice. The privilege of converting Bonds into stock will
cease as to all Bonds called for redemption on the date fixed
for such redemption.
PREFERRED STOCK.
The New Company will have an authorized issue of
$7,000,000, par amount, of seven per cent cumulative preferred stock, of which not to exceed $3,500,000 will be immediately issuable, in exchange for existing preferred stock
of the Oil Company, as provided below; the balance will be
issuable in the future for proper corporate purposes of the
New Company either for cash or property. Shares of preferred stock will be of the par value of $5 each, redeemable
at $6 per share (in whole or in part), preferred as to assets
and convertible at the option of the holder into common
stock, on or before July 1 1919, at the rate of $13 50, and
thereafter at the rate of $15, par amount, of preferred stock
for one share of common stock.

2019

COMMON STOCK.
The New company will have an authorized issue of $25,000,000, par amount, of common stock, of which approximately $12,700,000 will be immediately issuable, in exchange
for common stock of the Oil Company and common stock of
the Refining Company, as provided below, and appropriate
provision will be made for setting apart sufficient amounts
of common stock to provide for the conversion of the preferred stock and Bonds of the New Company. Shares of
common stock not required for immediate issue, as provided
above, will be issuable in the future for proper corporate purposes of the New Company, either for cash or property.
Shares of common stock will be of the par value of $5 each.
Holders of the stock of the New Company will have no
preemptive right to subscribe for any issue of Bonds or other
obligations convertible into stock of the New Company
which may be issued from time to time.
ADVANTAGES OF THE PLAN.
• In addition to the advantages resulting from creating a
single economic unit which will produce and refine crude oil
and distribute its products, holders of securities of Cosden &
Company will benefit by the consummation of the Plan, because the refineries will be assured of a supply of crude oil
necessary for their operation; the holders of securities of
Cosden Oil & Gas Company will benefit, by the consummation of the Plan, through amalgamation with the established
manufacturing business of the refineries; and the holders of
securities of both corporations will gain by the broader
market and stronger financial position of the New Company.
Upon the consummation of the Plan, in addition to the
foregoing advantages accruing to holders of all classes of securities, holders of the above mentioned bonds of Cosden &
Company, availing themselves of the privilege of exchange
will benefit (1)from the reduction of the conversion rate from
$18 to $15, face amount, of bonds for one share of stock,