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Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
Railway & Industrial Section
Bankers’ Convention Section
S A T U R D A Y , M A Y 25 1918
VO L. 106
©famricle.
PUBLISHED WEEKLY.
N O . 2761
Week ending M ay 18.
Clearings at—
1918.
1917.
Terms of Subscription— Payable in Advance
$
S
F o r O n o Y e a r .............................................................................................................. S10 00
504,153,419 507,987,681
C h icago______ F o r S ix M o n th s ..........................................................................................................
6 00
55,556,76!
39,242,87!
Cincinnati______
70,543,821
E u rop ean S u b s cr ip tio n (in c lu d in g p o s t a g e ).................................................. 13 00
80,090,331
C levelan d ......... 6c, 117,645
63,112,212
E u rop ean S u b s cr ip tio n s ix m o n th s (In clu d in g p o s t a g e )..........................
7 50
D etroit__________
A n n u a l S u b s cr ip tio n in L on d o n (in c lu d in g p o s t a g e )................................£■2 14 s.
M ilw a u k e e_____
28,940,997
26,109,801
Indianapolis____
14,647,001
14,675,917
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s ta g o ).....................................£ 1 1 1 * .
C olum bus______
Canadian S u b s cr ip tio n (in c lu d in g p o s t a g e ) ..................................................$11 50
12,124,701
9,987,801
T o le d o __________
11,292,816
11,597,481
Subscription includes following Supplements—
P e o r ia __________
5,200,001
5,000,001
D a n k a n d Q u o t a t io n (m on th ly ) R a il w a y a n d I n d u s t r ia l (3 tim e s y e a r ly )
Grand R a p id s ..5,453,713
5,753,15!
E l ec t r ic R a il w a y (3 tim es y e a rly )
R a il w a y E a r n in g s (m on th ly )
D a y t o n ..... ..........
3,956,957
3,067,466
S t a t e a n d C it y (sem i-an n u a lly) B a n k e r s ’ C o n v e n t io n (y e a r ly )
4,321,791
Evansville______
3,217,871
1,930,418
Springfield, 111..
1,882,401
Terms of Advertising— Per Inch Space
1,533,645
1,522,801
Fort W ayne____
T r a n sie n t m a tter p e r in cli sp aco (14 a g a te lin e s ).......................................... $ 4 2 0
(1 4
ch
Y ou ngstow n____
3,990,895
3,229,351!
r T w o M o n th s
(8 t im e s )............................ 22 00
2,108,731
1,593,653
R o ck fo rd ..............
M o n th s
(13 t im e s )............................ 29 0 0
Akron___________
5,330,001
5.728.00C
S ta n d in g B u sin ess Cards < g j^ M o n th s
M on
(2 0 t im e s )............................ 50 00
L exington______
468,715
750,001
( T w e lv o ] o n th s (52 t im e s )............................... 87 0 0
M
South Bend_____
1,298,796
1.000.00C
1,165,341
C h ic a g o O f f ic e —39 S ou th L a S alle S tre e t, T o lo p h o n o M a je stic 7390.
1,098,644
Q uincy..................
Canton......... ........
3,100,001
4,395,921
L o n d o n O f f ic e —E dw ards & S m ith , 1 D ra p e r s ’ G a rd e n s, E. C.
1,257,031
1,098,211
Bloom ington____
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
1,023,018
Springfield, O ___
1,178,860
D ecatur________
1,108,036
758,847
F ro n t. P in e an d D e p o y ste r S ts.. N ew Y o r k .
1,074,912
1,124,287
M an sfield______
455,114
573,103
Danville________
Published every Saturday morning b y W IL L IA M B . D A N A C O M P A N Y .
587,771
435,072
Jacksonville, 111.
Jacob Seibert Jr., President and Treasurer; Arnold G . Dana, Vice-President and
987,569
850,000
L im a _____ _____
Secretary. Addrcssess of both. Office o f tho Com pany.
1,087,837
532,927
O w en sboro_____
Ann Arbor............
345,316
381,001
79,374
123,614
Adrian..... ............
CLEARING HOUSE RETURNS.
Lansing________
988,722
1,273,477
The following table, made up by telegraph, & c., Indicates that tho total bank
clearings ot all the clearing nouses of the United -’tates for tho week ending to-day
T o t .M id .West. 822,371,042 787,428,841
have been 36,082,743,703, against $0,709,379,308 last week and 35,980,343,472 the
105,417,870
corresponding week last year.
San Francisco_
_
91,743,875
Los Angeles_____
30,945,000
33,694,000
21,590,400
Seattle__________
37,409,681
Clearings— Returns by Telegraph.
Per
21,717,161
P o rtla n d _______
18,245,498
1918.
Week ending M ay 25.
1917.
Cent.
13,659,038
13,354,679
Salt Lake C it y ..
0,000,365
Spokane________
8,121,917
S2,754,506,274
New Y o r k ____
— 1.4
$2,792,178,204
5,117,664
3,367,249
T a co m a ................
391,762,145
C h ic a g o --------— 1.9
399,395,809
Oakland________
0,438,846
5,320,106
Philadelphia . .
317,169,698
253,754,105
+ 2 5 .0
San D iego______
2,200,108
2,629,669
237,144,049
B o s t o n _______
+ 30.9
181,151,401
3,591,798
2,766,387
Sacramento_____
138,696,360
Kansas C ity—
+ 29.5
107,141,682
1,037,552
1,261,339
Pasadena_______
117,773,436
101,831,828
St. Louis..........
+ 12.3
2,055,682
F resn o__________
1,951,807
72,882,244
San Franclsco.
82,557,550
+ 13.3
1,004,134
772,016
San Jose________
Plttshurgh-----98,434,121
74,428,785
+ 3 2 .3
S to ck to n _______
1,994,434
1,700,241
50,691,395
43,439,010
D etroit_______
+ 16.7
866,158
Y a k im a ________
726,235
Baltim ore.........
+ 48.8
49,901,347
33,538,617
R e n o ___________
525,000
500,000
New O rleans..
48,041,897
37,529,806
+ 24.0
1,018,174
682,854
Long Beach.........
Total P a cific ..
243,120,273 206,315,726
Elovcn cities, 5 days.
$4,286,678,878
+ 4.5
84,100,271,551
Other cities, 5 days.........
+ 26.4
771,801,408
610,472,387
Kansas C ity ____
174,742,016 137,224,052
M in neapolis____
28,105,976
36,989,211
Total all cities, 5 days.
+ 7.4
$5,058,480,286
$4,710,743,938
O m a h a ................
56,856,786
37,244,652
All cities, 1 d a y ......... —
1,024,203,417
1,269,599,534
— 19.3
St. Paul________
15,764,057
14,000,995
Denver__________
22,788,445
14.031.0S2
Total all cities for w eek ..
$6,082,743,703
$5,980,343,472
+ 1 .7
St. Joseph______
17,511,437
14,950,086
Dcs M oines.........
9,180,580
Tho full dotalls for tho week covered by the above will bo given next Saturday.
8,143,718
D u lu th .................
4,395,868
W o cannot furnish them to-day, clearings being mado up by tho clearing houses
7,201,687
7,995,484
6,222,554
at noon on Saturday, and honco In the abovo tho last day of tho week has to ho In Sioux City
all cases estimated, as wo go to press Friday night.
8,074,895
W ich ita ................
5,898,330
Detailed figures for tho week ending M ay 18 follow:
Lincoln ________
4,553,316
4,549,130
2,509,869
D avenport______
2,165,225
Topeka ................
3,435,865
2,442,356
Week ending M ay 18.
1,866,453
2,336,779
Cedar Rapids___
F a rgo..... ..............
1,956,868.
1,856,199
Inc. or
788,333
Colorado Springs.
723,403
1918.
1917.
D ec.
1916.
1915.
P u eblo__________
890,570
095,111
785,664
629,794
F re m o n t_______
$
S
$
$
%
2,600,000
2,558,000
W aterloo..............
New Y ork ______ 3,796,167,607 3,230,237,305 + 17.8 2,925,880,941 1,805,539,596
1,848,706
1,709,385
H elena..................
401,333,411
Philadelphia-----346,205,933 + 15.8 239,731,554
155,284,809
Aberdeen_______
1.345,206
972,101
109,907,306
Pittsburgh...........
73,263,474 + 50.0
59,035,075
49,340,954
1,040,018
1,107,185
Billings ................
62,904,008
43,775,114 + 43.7
B a ltim ore...........
42.0Z0.225
30,276,063
550,000!
485,756
H astin gs..............
23,551,828
22,204,143
+ 5.8
17,440,474
Buffalo_________
11,802,649
T o t. Oth. West 367,883,380 305,899,853
13,872,899
Washington.........
11,572,547 + 19.9
9,469,629
8,342,889
5,500,000
5,838,119
A lbany_________
— 5.8
5,485,408
6,206,420
148,819,947
135,786,118
St. Louis_______
7,876,203
7,197,6,38
+ 9.4
4,861,741
R o c h o s te r ______
6,832,731
50,244,115
35,331,626
New Orleans . .
3,500,000
— 3.3
3,019,885
Scranton .............
3,223,328
3,438,159
24,779,315 • 18,336,183
Louisville_______
5,130,778
4,376,630 + 17.2
3,090,069
3,372,087
Syracuse ........... ..
12,193,440
11,401,945
Houston________
3,245,424
3,022,120
+ 7.4
R eading________
2,348,428
1,800,407
2,911,744
3.850.000
G alveston ______
3,019,950
3,209,203
— 5.9
2,796,266
1,861,531
W ilm ington.........
25,675,233
44,706,158
R ich m on d ______
2,290,752
1,887,607 + 21.4
1,884,702
W Ukcs-Barro.. .
1,771,047
24,539,069
A tla n ta ________
45,255,399
4,503,288
3,530,842 + 27.6
W heeling_______
2,447,149
1,881,307
9,417,981
11,023,289
M em phis_______
2,867,780
2,709,034
2,193,161
T ren ton ................
1,890,394
11,927,493
12,344,342
Y ork _______
1,270,319
1,148,479 + 10.6
930,785
874,326 Fort W orth_____
12,806,842
9,229,859
Nashville_______
2,159,841 + 28.4
2,772,869
1,781,864
Lancaster __ .
1,395,5.83
6,120,700
4.653.616
Savannah ______
1,880,443 + 24.2
E r i e _____
2,336,845
1,513,403
1,035,453
N o rfo lk ________
6,574,822
6.195.072
1,001,200
Binghamton
944,S00
— 5.7
984,000
715,100
3,664,351
2,953,528
Birm ingham ____
977,625
G reensburg.
1,018,129
+ 4.2
850,000
770,579
4,949,216
4,296,819
Jacksonville____
C h ester____
1,018,855
— 7.4
1,179,790
1,498,998
651,573
5,601,236
4,024,862
Chattanooga____
Altoona ...........
707,669
739,382
+ 4 .5
690,081
579,746
3,193,786
Knoxville_______
2,715,755
M o n tc la ir ____
474,848
— 5.2
399,352
626,337
450,326
2,928,452
1.925.073
Augusta________
Total MIddto. 1,456,702,902 3,772,738,070 + 18.1 3,331,780,524 2,093,816,347
4,118,896
2,881,125
Little R o c k _____
2.596.S67
Charleston______
2,579,081
B oston ..................
228,733,900 + 38.7 210,413,870
317,154,349
148,390,321
1,413,705
M o b ile __________
1,305,275
P rov id en ce .........
11,995,000 + 30.0
8,066,200
15,587,000
10,900,000
8.74S.291
6.868.616
O klahom a............
H a r tfo r d _______
— 1.1
8,358,206
8,448,617
5,740,186
8,435,410
1,600,000
M a c o n __________
1.245.000
Now H a v e n .. ._
6,093,575
4,781,450 + 27.4
4,581,129
3,457,888
1.980.000
A u stin __________
2,909,212
Springfield..........
3,935,015
4,441,033 — 11.4
2,755,937
4,327,782
241,261
V icksbu rg............
289,757
P o rtla n d ..............
2,850,000
— 5.0
2,417,832
1,884,731
3,000,000
381,000
546,483
Jackson ________
W orcester--------3,902,034
+ 5.3
3,585,524
2,786,821
3,706,532
6,423,941
12,086,121
T u ls a ____
Fall R iver______
2,378,615
1,220,974
2,069,761 + 14.0
1,734,751
2,128,547
1,717,289
M u sk o ge e ______
New Bedford_
_
2,319,602
1,172,472
1,897,483 + 22.2
1,500,947
D a lla s ______
1,427,250
Lowell .............
886,373
1,036,614
1,292,307 + 10.4
Shreveport . .
838,873
H o ly o k e ............
— 7.3
728,142
901,815
993,387
Total Southern 453,552,848 352,971,002
803,714
Bangor_________
644,596 + 24.7
669,126
400.795
Total all......... 6,703,279,308 5,695,031.0 13
T o t. New E n g. 305,648.863 271,916,103 + 34.5 250.002,372
177,490,840
Outside N . Y . 2.913,111,701 2.464,796^678
N ote.— For Canadian clearings see "Com m ercial and Miscellaneous News,"
Inc. or
Dec.
191c.
1915.
%
— 0.8
+ 4 1 .6
+ 13.5
+ 4.8
+ 10.8
— 0.2
+ 21.4
— 2.6
+ 4.C
— 5.2
+ 29.0
+ 3 4 .3
+ 25.5
— 0.7
+ 23.6
+ 32.3
— 6.9
+ 60.0
+ 13.0
+ 6.1
— 29.5
+ 14.5
+ 15.1
+ 46.1
+ 8.6
+ 25.9
+ 34.9
+ 16.2
+ 104.1
— 9.4
— 35.8
— 22.4
+ 4.4
S
386,272,561
33,463,20(
40,825.95S
45,480,665
19,746,321
10,878,857
8,545,10C
9,560,60S
2.950.00C
4,505,231
1,826,533
3,175,141!
1,462,418
1,575,679
2,093,243
1,058,187
4,424,00C
685.39C
971,195
847,874
2,417,078
807,002
808,558
594,246
687,409
462,306
308,150
713,791
327,365
363,556
102,456
1,273,477
589,212,581
$
308,201,115
24,946,850
27,786,301
30,249,532
14,756,456
8,124,109
7,011,200
5,890,121
2,622,009
3,483,832
1,134,095
2,032,759
1,081,406
1,250,825
1,415,002
947,785
2,376,000
612,332
707,091
719,780
1,600,000
564,425
643,887
416,526
580,564
444,412
225,259
481,978
360,418
212,925
77,569
606,272
451,562,835
+ 14.9
— 8.2
+ 73.2
+ 19.0
+ 2.3
+ 3 5 .3
+ 5 2 .0
+ 21.0
— 16.3
+ 29.8
— 17.8
+ 5.3
+ 30.0
+ 17.3
+ 19.3
+ 5.0
+ 4 9 .2
+ 17.8
69,837,140
25,434,972
14,250,643
10,697,090
8,471,823
4,679,882
2,347,370
4,422,073
2,601,351
2,051,723
963,469
1,137,472
650,000
1,171,242
456,654
360,868
606,858
150,140,630
51,533,591
19,660,082
11,943,231
11,031,630
6,033,556
3,644,686
1,779,636
3,547,247
1,910,016
1,727,054
817,706
799,360
524,233
818,431
300,948
286,840
436.727
116,794.974
+ 27.3
— 24.0
+ 52.4
— 10.9
+ 62.4
+ 17.1
+ 12.7
— 39.0
+ 28.5
+ 3 6 .9
+ 0.1
+ 15.9
+ 40.7
— 20.1
+ 5.4
+ 9.0
+ 28.1
+ 24.8
+ 1.6
+ 8.1
+ 38.4
— 6.1
+ 13.2
+ 20.3
83,961,020
71,704,933
23,143,405
18,668,749
22,506,899
19,127,565
14,722,661
12,167,434
13,300,000
9,005,328
9,224,684
6,846,777
6,551,065
5,654,300
4,250,911
3,464,592
3,870,030
3,092,219
4,592,130
3,385,396
3,263,473
2,504,377
1,721,426
1,331,166
1,829,866
1,568,810
1,584,754
1,772,910
1,719,455
1,145,206
673,057
739,978
545,374
349,854
425,000
368,741
2,069,615
1,720,187
1,534,784
1,023,0S8
879,785'
519,768
721,256!
438,332
290.5941
208.831
203,381,244 166,558,641
+ 9 .6
+ 4 2 .2
+ 35.1
+ 6.9
— 24.4
+ 74.1
+ 84.4
+ 17.1
— 3.4
+ 3 8 .8
+ 31.5
+ 6.1
+ 24.1
+ 15.2
+ 39.2
+ 13.9
+ 52.1
+ 4 2 .9
— 0.7
— 7.6
+ 2 7 .4
+ 2 8 .5
+ 46.9
+ 20.0
+ 43.4
100,350,569!
21,854,298!
17,631,0721
9,304,935
3,554,560'
17,524,116'
16,192,384*
6,809,130
8,647,926)
7,623,029!
5,100,661
4,017,1011
2,151,503!
3,523,245!
3,099,708
2,379,535
1,651,264j
2,163,420,
2,614,432
1,145.159
3,788,644
3,557,108
1,S00,000
195,593
374.7S7
4,221,942
1,042,350
7,185,1891
+ 88.1
+ 23.9
77,804,838
15,443,493
15,079,514
6,840,016
4,064,475
9,212,459
12,131,698
5,356,746
8,563,200
5,664,813
4,563,326
3,763,452
2,334,779
3,011,629
2,188,041
1,737,176
1,461,169
2,012,488
1,628,734
1,045,316
2.302.600
2,380,933
1.593.600
196,118
284,412
1,557,208
525,391
+ 28.51 260,413,660 192,724,624
+ 17.8 4,785,532.011 3,198.971.261
+ 18.2 1,859,645.070 1.393.431.665
3150
THE CHRONICLE
THE FINANCIAL SITUATION.
It is difficult to determine the precise significance
that should be attached to M r. M cA doo’s move of
this week in relieving the chief executives of the rail
roads of the United States from control or direction
over the operating functions of the railroads. To
remove at one stroke every railroad President in
the country from connection with the carriers’
operations is a bold move, yet characteristic of
Mr. M cAdoo, who is never lacking in originality
and possesses unbounded confidence in the widsom
of his own judgment. It is also a step, however,
attended with some risk, even when qualified by the
statement that most of the railroad Presidents will
be re-engaged by the Government in the capacity
of Federal managers (at lower salaries) provided
they sever their official connection with the roads.
The risk consists in parting with the services of
many men who have had a leading part in the growth
and development of the great railroad systems for
which the United States is distinguished and which
have no parallel in any other country in the world.
Mr. M cAdoo will be able to avail of the organiza
tions which these railroad heads have created, but in
ousting them from their old positions of control he
in effect announces his purpose to dispense with their
experience and ripe judgment in handling the many
new problems which the war has thrown upon the
carriers, and in going to that length we cannot help
feeling the Government and the Director-General
will be the loser, forceful and resourceful man
though he be. Mr. M cAdoo assigns as a reason for
his action that he wants some one in charge of each
railroad system directly responsible to the Govern
ment, which means to himself, and such responsi
bility, he opines, can be obtained only through
Federal Managers acting as “ exclusive representa
tives of the United States Railroad Administration.”
It does not seem strange that the Director-General of
the Railroads should want and desire such direct
responsibility to himself, and yet it is open to ques
tion whether this responsibility could not have been
obtained by some less drastic procedure than the
use of the executioner’s knife. M r. M cAdoo has
chosen decapitation as the swiftest if not the surest
way of attaining his end.
All these railroad executives have long since become
imbued and impressed with the public character
of the transportation services and in the new state
of things upon which the railroads have now entered
with the advent of Government control the loyal
and whole-souled co-operation of these railroad
executives we are confident could have been abso
lutely depended upon. Some one or two railroad
Presidents might, out of perverseness, have proven
obstreperous and these could in due time have been
severely dealt with, each according to his deserts;
but to question the allegiance of the whole body of
men betrays what looks like deep-rooted distrust
for which there is no warrant but which constitutes
an affront to railroad men which they might well
have been spared.
From the stress that is being laid upon the salaries
that many of these railroad presidents receive it is
possible that one object in view on the part of the
Railroad Administration is to relieve the Government
from the necessity of paying these salaries as part of
the running expenses of the roads.
These sal
aries are treated as a species of loot. The truth is,
[Vol. 106.
the services of the 'particular Presidents who are
getting the biggest salaries have been in such demand
that there has been active bidding for them. One
road might be paying a railroad President $40,000
a year, when another road, seeing what he had
accomplished, as the head of that property, and
being in need of the same talent, would offer $60,000
and a third road, also desirous of the same talent,
would bid $75,000.
Mr. M cA doo’s announcement indicates that the
boards of directors of the roads are free to continue
the Presidents in their capacity as representatives
of the security holders, but in that case the salaries
must not be charged to the operating expenses and
paid by the Government, but instead be taken out
of the rentals which the roads receive from the Gov
ernment. The boards of directors of the different
properties should promptly accept the challenge.
The security holders cannot afford to lose the ser
vices of these men— their intimate knowledge and
long experience and sound judgment, especially hav
ing in mind the fact that the roads are to revert
back to the owners— even if the Government feels
that it can.
Of the other important move of the week, namely
the approval of the making of large capital expenditures
in the immediate future upon the leading systems of
the country, it is possible to speak only in praise and
in the highest terms. The Railroad Administration
has approved total capital expenditures aggregating
almost an even billion dollars— in exact figures
$937,961,318. Of this sum $440,071,013 represents
contemplated outlays for additions and betterments,
such as stations and other property improvements,
while $479,686,531 is intended for equipment (cars
and locomotives already ordered through the Rail
road Administration) and $18,203,774 is to be for
track extensions.
The approval of such large amounts of expendi
tures evidences broad-minded and far-sighted Gov
ernment administration of the properties. It indi
cates that the roads are at last coming into their own
again. It is a development affording the highest
degree of encouragement. For years the Inter-State
Commerce Commission, by its narrow and stunted
policy, deprived the carriers of the means so
badly needed for their development. It was opposed
to letting the roads have any surplus earnings that
could be used in this way, and it vetoed rate advances
that might have restored the credit of the carriers
and thus enabled them to borrow on advantageous
terms. Now, with the Government in control, the
roads are assured an adequate allowance— whether,
in any given case, this capital is to be obtained
through direct flotation of new securities by the car
rier with the investing public, or with and through
the aid of the Government, is immaterial. The im
portant point is that the different properties will be
properly developed and will be effective agencies of
transportation when they come back to their own
ers. At the same time it is pretty well established
that adequate rates for their transportation services
are to be allowed them. Thus their future is as
sured. The properties will not be returned in an
impoverished state as was at one time feared,
but will be going concerns in paying condition.
It is to be noted that the money is to be spent
mainly upon the leading systems and that all of
these have fared well in the general allotment.
The East, the South and the West are all dealt
M ay 25 1918.]
THE CHRONICLE
2151
April 1917 and $218,236,397 in 1916. For the ten
months since July 1 1917 the imports at $2,362,480,
034, compare with $2,072,005,082 in 1916-17 and
exceed 1915-16 by 639)^ millions. The export
balance for April reached $221,109,135, this contrast
ing with $275,991,849 a year ago and $180,332,135
in 1916, while for the ten months of 1917-18 exports
run ahead of imports by $2,531,196,225, though in
1916-17 the excess was $3,094,901,978. For 1915-16
the balance was only 1,671 millions, and for the sev
eral preceding years it averaged around 500millions.
Gold exports during April were of very moderate
volume, reaching only $3,560,084.
Imports were of
even smaller total, aggregating but $2,745,727. The
net efflux for the month at $814,357 increases to
$98,648,230 the export balance for the 10 months
ended April 30 1918, this contrasting with import
The foreign trade of the United States, at least as balances of $660,515,347 in the period in 1916-17
represented by the aggregate values of the com and $273,933,691 in 1915-16.
modities exported or imported, continues of relatively
The official statement of the British Admiralty,
full volume, notwithstanding the various restrictions
placed by this and Allied Governments on the move giving the losses of British Allied and neutral
ment of some important articles— the inflow or nation tonnage due to enemy action and marine risk
outflow of certain of them being banned entirely, in April, included 220,709 tons British and 84,393
while others are subjected to vexatious delays through tons Allied and neutral, making a total of 305,102
licensing provisions or lack of transportation facil tons. Clearances in and out of port amounted to
ities. Naturally, under such conditions new high 7,040,309 gross tons. This represents a substantial
records are not being made, but the falling off from contraction and is more or less in line with predic
the previous maximums is rather less than might tions of the showing to be made. “ The recent fine
have been expected, even with rising prices still a weather,” says a recent statement issued by the
factor in swelling the current year’s total. We pass British Admiralty, “ has enabled constant reconany further reference to prices, as that phase of the noissances over Bruges and the Zeebrugge-Bruges
foreign trade situation has been quite fully gone into Canal to be made and photographs to be taken.
by us in the recent past.
The result shows no change has taken place since
Our foreign exports for April last year, it will April 23 and that a greater part of the enemy sub
doubtless be remembered, established a new high marines and torpedo craft based on the Flanders
record for the particular period covered, their value coast has been immobilized at Bruges since the
very greatly exceeding the total for the like month Zeebrugge blocking operation. In April, a year
of 1916; those for 1918 exhibit a drop of only 29>£ ago, the destruction by the enemy of Allied and
million dollars, or less than 6 % , despite the hamper neutral tonnage amounted to 893,877 tons, that
ing factors injected into the situation by Government being the largest month of the year. The figure
action. With the United States in the war the just reported is the lowest monthly loss since the
sending of troops and supplies therefor is the para inauguration of unrestricted submarine warfare in
mount consideration and, consequently, with ton February 1917. Archibald Hurd, naval expert of
nage limited ordinary commerce must stand aside the London “ Daily Telegraph,” argues that the
for the time being when required. If the situation April figures are very favorable. He expects to
demanded it, a complete cessation of all shipments see the deliveries of new vessels overtake the depreda
except those for our men abroad or of goods essential tions of the submarines and mines within a few weeks
to the maintenance of our European allies and their at the most. As a result of the elaborate prepara
troops would be justified. In the movement of tions made by the Admiralty last year the sea, he
merchandise hitherward there are no such great says, is becoming an inferno for the submarine
difficulties to be met, and as a result the value of the pirates and the morale of the officers and men
merchandise inflow is affected in the main merely employed in the enemy submarine service is steadily
to the extent that the outflow of commodities is inter declining.
dicted by Great Britain, France, &c. Accordingly,
we find that the April imports this year were heavier
Holland has filed another protest against the
than those of March and virtually second only to action of the American Government in seizing
those of June 1917.
Dutch ships in our ports, some of which are now in
The total value of the merchandise exported in the American transport service. In a lengthy
April this year was $500,118,062, against $529,927, communication to the State Department replying
815 for the period a year ago and 398)^ million in to the original explanation made by the United
1916. For the ten months of the fiscal year (July 1 States affirming its rights to make the seizures
1917 to April 30 1918, inclusive) the export aggregate under international law, Holland has taken the
at $4,893,676,259, while 273 million dollars under the position that the reasons set forth therein were not
high record mark of last year, contrast being with sufficient to justify this action and specifically
$5,166,907,060, shows a gain of nearly 1,500 millions points out wherein it believes that the United States
over 1915-16. Merchandise imports in April, as is in the wrong. It is understood, however, that
intimated above, were of exceptional magnitude. the reply leaves the way open for a continuation of
They aggregate $279,008,927, the heaviest of any the negotiations and it does not appear improbable
month since June 1917, against $253,935,966 in that the protest is more or less of a formal one
with in generous fashion. Thus the New Haven
is allowed $24,315,929, the Boston & Maine $22,
308,409, the Baltimore & Ohio $43,808,303, the
Erie $24,593,440, the Pennsylvania $112,656,652
($64,388,743 on the Eastern lines and $48,267,909
on the Western), the New York Central $70,672,087,
with large additional amounts on the auxiliary
roads, as the Michigan Central, the Big Four, the
Pittsburgh & Lake Erie, the Lake Erie & Western,
&c.; the Milwaukee & St. Paul $23,126,653, the
Illinois Cntral $26,705,648, the Great Northern
$14,582,988, the Northern Pacific $14,059,880, the
Union Pacific $25,439,047, the Southern Railway
$29,113,511, the Louisville & Nashville $12,688,
273, &c., &c.— all of which is full of hope and en
couragement for the future.
3152
THE CHRONICLE
designed to establish a record to meet German
criticism. According to the Rotterdam correspon
dent of the London “ Daily Telegraph,” all Dutch
ships have been prohibited from sailing from Dutch
ports. This action, the correspondent learns, is
connected with the new move by Berlin to compel
Holland to sign on German terms the long pending
economic agreement. Berlin has refused a safe
conduct to Dutch shipping and has seized the SS.
Megrez which Holland chartered to carry a cargo of
wood from Sweden. The seizure was a direct chal
lenge to Holland and the prohibition of further
sailings is the sequel. Nothing of an official nature
has reached Washington in confirmation of the report
that the Netherlands Government has decreed that
Dutch ships shall not sail from Holland. It is not
believed that the action will affect the departure
from Holland of three vessels to replace the steamers
Java, Stella and Hollandia, the latter from an Argen
tine port taking on cargo in the United States under
an agreement entered into between the two Gov
ernments. As soon as these vessels sail from
America three of equivalent tonnage are to be re
leased in Holland. Our War Board has refused the
request of the Dutch Government that three additi
onal Dutch-owned ships in the United States be
permitted to sail with foodstuffs for Holland, the
Dutch position being that if three additional vessels
are released in Holland at the same time, as re
quired by the War Trade Board, they would have
to leave in ballast. The American position is that
Holland must send for the grain she needs and our
Government promises that the grain will be ready
when the ships arrive to take it. Our Government
has promised Holland 100,000 tons of which 50,000
tons will be obtained in the United States and the
remainder in the Argentine.
The week has witnessed a distinct increase in activ
ity in air warfare after a period of comparative quiet.
London was visited by a squadron of enemy planes on
Sunday last and 44 were killed and 179 injured.
German airmen also bombed heavily British hospitals
in the area behind the lines in France and killed and
wounded some hundreds among the personnel and
patients of many hospitals in the group. Two raids
were made on Paris during the week, both achieving
only minor results. In the first attack, on Wednes
day, the German machines were forced back by a
terrific rolling curtain of fire from the French highangle guns. It lasted two hours and twenty-five min
utes, and some of the machines succeeded in penetrat
ing to the outskirts of the city, where bombs were
dropped. In the second raid (on Thursday), the
alarm was sounded shortly before 1:30 in the morn
ing and the “ all clear” signal was not given until
3:30. A certain number of bombs were dropped in
the Paris area, though the official accounts do not
mention any fatalities.
On the part of the Allies, airmen are remarkably
active in various sectors, where a German attack is
looked for. This activity is not being restricted to
the actual battle area, but far back of each front
there have been daring raids. The Rhine cities are
being frequently bombed.
The German military machine has not as yet
resumed the great offensive along the Western
front, although observation by the air scouts of the
Allies indicate active preparations for an early drive.
[Vol. 106.
The Allied leaders are confident that the German
blow will be struck in a few days and are reported
by cable to be awaiting with supreme confidence
a trial of strength which may or may not prove
decisive. “ We are on the eve of a great German
attack,” said Premier Lloyd George, in an address
delivered at Edinburgh yesterday on receiving the
freedom of the city. “ Those who know best what
the prospects are feel most confident about the
result.” Incessant raids of French, British and
American troops as well as air attacks are making
the concentration for the enemy offensive a par
ticularly difficult matter. The German official
report mentions frequent French infantry attacks
on the Western bank of the Avre, but these are
probably local operations, having for their object
the gaining of better defensive positions or disturbing
the enemy with his preparations for the next great
battle. The Allied commanders note that the Ger
mans have shown but little of their habitual fighting
spirit along the lines in France. They have been
thrust back in four sectors and the Allies have suc
ceeded in winning ground which will be of great
tactical advantage. The Germans this week have
counterattacked in only one instance and this move
ment, it is said, was carried out so slowly and with
such a lack of dash that it was easily broken up
before the Teutons reached the new Allied positions.
In the Italian theatre of the war fighting in the
mountains east of the Brenta River continues with
out distinct advantage to either side. French
troops in Macedonia have taken the offensive near
Lake Ochrida and have advanced to a depth of more
than 12 miles at some points. The object of this
operation appears to be the straightening out of an
awkward salient in the line.
Apparently authentic reports indicate that the
food situation in Austria is becoming unbearable.
A dispatch to the London “ Daily Mail” from Annemasse on the French-Swiss frontier intimates that
charges of cannibalism by Vienna workmen are
being officially hushed up. One issue of the “ Arbeiter Zeitung” was confiscated in March for de
manding investigation in two horrible cases of mur
der of prisoners of war by their fellow workmen in
gas works in the 16th muncipal district of Vienna,
and accusing the workmen of eating part of the bodies.
With a somewhat easier money situation at the
British centre the security markets of London have
ruled firm throughout the week. War loans have
been in demand and bank and insurance securities
have responded to an improved inquiry. Greek
and Brazilian bonds have been leading features in
the foreign factions. Shipping shares, although
ruling firm, have not been specifically influenced
by reports from New York of a sale of all the
British tonnage of the International Mercantile
Marine Company to a syndicate comprising repre
sentatives of all the large British shipping com
binations. Among the interests reported by cable
to be concerned in the purchase are the Cunard
Line, Lord Pirrie, Lord Inchcape and Sir Owen
Phillips, the latter the head of the Royal Mail
group. Lord Inchcape is Chairman of the British
India & P. & O. Steam Navigation Company,
while Lord Pirrie is Chairman of the great British
shipbuilding firm of Harlan & Wolff. He has
extensive shipping interests besides, and has recently
been made Controller General of British shipbuild
M ay 25 1918.]
THE CHRONICLE
ing. It is understood that negotiations for the sale
of the British ships has been proceeding favorably
and have the indorsement of the British Govern
ment. The sale will of course include all the White
Star boats. The White Star balance sheet for the
year 1917 which was published on Wednesday in
London showed a profit for the year of £1,435,000,
after paying excess profits tax, against £2,403,000
for 1916. A sum of £200,000 was allocated by the
line to reserve against £100,000 for the preceding
year, while a dividend of 20% , unchanged from
1916, was declared. The fleet of the White Star
Line is listed in its annual report as comprising 34
vessels having an aggregate tonnage of 400,000.
An indication of the firmness which pervades in
vestment circles in London is the closing price of
Consols, which closed yesterday at 56%, against
56% a week ago. There is very little speculation
passing. Large numbers of men in their early
forties are now being called for medical examina
tion as a preliminary to their enlistment, but
fears that were entertained a few weeks ago that
the extension of the military age would mean ex
tensive business disorganizations are no longer
widely held. Industrial affairs are coming more and
more under complete Government control. The
British Cotton Control Board, for instance, an
nounced on Saturday that beginning June 10 no
spindles or looms shall be run without a license from
the Board.
The long awaited report of the British Treasury
Committee, which was appointed some weeks ago
to inquire into the widespread movement toward
bank amalgamations, has been completed and was
promulgated on Monday. It recommends that
legislation be enacted providing that the approval of
the Government must first be obtained for any
future mergers among banks and that such approval
shall be refused unless the amalgamation promises
to give positive advantages to the public. The
banks which already have amalgamated will con
gratulate themselves for having been able to take
action so far in advance. The committee observes
that while at present there is nothing resembling a
money trust, it is not impossible that circumstances
might produce something approaching one at a com
paratively early date. Possible dangers in further
amalgamations are regarded as material enough to
outweigh considerations against Governmental inter
ference. The Committee also recommends that the
Treasury and the Board of Trade shall jointly be
responsible for the decisions on amalgamation
applications and that these two departments shall
create a special statutory committee of three (in
cluding one commercial and one financial represen
tative) to advise them. The Committee said it
would have preferred to avoid the necessity of
Governmental interference. Any approach to a
banking combine or a money trust, the report points
out, would cause grave apprehension to all classes,
and give rise to a demand for the nationalization of
the banking business. Moreover, the position of the
Bank of England would be undermined seriously by
so overwhelming a combination movement and
might find it extremely difficult to carry out its
important duties as a supporter and regulator of the
money market. Any such result would be a grave
menace to the public interest.
2153
British war bond sales through the banks for the
week ending M ay 18 totaled £9,439,000, which com
pares with £9,214,000 the week preceding, making
the aggregate of the sales £697,909,000. The post
offices for the week ending M ay 11 report sales of
£109,000, bringing their total to £28,545,000. The
total for the preceding week was £448,000. Sales of
war certificates during the week were £3,122,000,
making the aggregate indebtedness under this head
£194,921,000. To-day (Saturday) £52,000,000 of
dividends on war bonds became due and special ap
peals are being made to induce holders to reinvest
these dividends in war bonds. A general discussion
of future financing of the war between bankers and
Chancellor of the Exchequer Andrew Bonar Law is
impending, according to cablegrams from London.
British Treasury returns for the week ending May
18 indicated an increase of more than £600,000 in
the Treasury balance for the week. A substantial
increase in the Treasury bills outstanding is also
shown. Sales of Treasury bills continue to exceed
those repaid, while only slight changes in the revenue
and expense items were recorded. Expenditures
for the week totaled £57,879,000 (against £57,460,
000 for the week ended M ay 11), while the total out
flow, including repayment of Treasury bills, and
other items, was £122,955,000, against £121,244,000
last week. Repayments of Treasury bills amounted
to £52,038,000, against £57,320,000 the week before.
Receipts from all sources totaled £123,558,000, as
compared with £120,696,000. Of this total, reve
nues contributed £8,003,000, which contrasts with
£9,276,000 last week. Treasury bills sold were
£66,151,000. A week ago the total was £72,099,
000; war savings certificates were £1,800,000, against
£1,400,000, and other debts incurred £20,579,000,
compared with £16,789,000. Advances were £18,
000,000, as against £7,982,000. Treasury bills out
standing aggregate £986,893,000, in comparison with
£972,850,000 last week. The Treasury balances now
stand at £14,908,000. This compares with £14,304,
000 a week ago.
The monthly statement of the British Board of
Trade for April indicated an increase in both imports
and exports, i. e., of £35,300,000 and £4,272,000,
respectively. The comparisons for the month and
for the four months of the calendar year that have
thus far elapsed follow:
----------------- April------------------- ------- Since January 1----------1918.
1917.
1918.
1917.
Im ports.............................. £119,885,000
£84,585,218 £425,202,945 £327,239,916
35,799,466
156,838,731
164,058,625
E x p o r ts ............................. 40,071,000
Excess o f Imports____£79.814,000
£48,785,752
£268,394,214
£163,181,291
In Paris trading on the Bourse has ruled inter
mittently active with prices as a rule well maintained.
Crop and food prospects generally are declared to be
much more encouraging than at this season a year
ago. Victor Boret, the French Food Controller,
announced early in the week that the food outlook had
so greatly improved that the end of food restrictions
was in sight. The drastic measure of instituting
three meatless days a week had, he said, already pro
duced such excellent results that it would be neces
sary to enforce it only for a short period and that no
alternative system of meat card would be required.
Harvest prospects were more favorable than in any
year since 1898. Unless conditions unforeseen arose
before the gathering of the crops it would no longer
2154
[V ol . 106.
THE CHRONICLE
be necessary to continue the restrictions. “ I may
even say,” he said, “ that we are approaching the
end of the era of restriction and that the restrictions
at present in force gradually will be eliminated. But
I want men for the harvest. If they can be found I
can promise that I will diminish the importation of
cereals and release the important tonnage.” As July
approaches, holders in France of Russian Govern
ment and other Russian securities are expressing keen
anxiety as to whether they will receive their interest.
France is claimed by French dispatches to be a cred
itor of Russia to the extent of about $4,000,000,000.
French investors, it is said, to-day hold $2,800,000,
000 of Russian Government bonds while they have
at least another $200,000,000 invested in Russian
industrial properties. Besides this, France also is a
creditor in the sum of between $700,000,000 and
$1,000,000,000 for advances made in the form of ma
terials supplied to Russia since the war began. Up
to April the French Government assumed the pay
ment of the Russian interest but there have been
semi-official intimations that no further payments on
Russian account will be made. It is reported from
Paris that pressure is being brought on the French
Government to continue interest on Russian bonds.
No notice has been given of an intention to bring up
the subject in the Senate but thus far Finance
Minister Klotz has refused to fix a date for debate.
Germany is taking advantage of the demoraliza
tion in Russia to obtain control over Russian indus
trial and financial institutions. Advices by way of
Stockholm declare that Russian capitalists and cor
porations, threatened with ruin, sec no escape except
to sell their property to Germans. Transactions of
this nature are being carried through systematically
by M . Furstenberg, who is known also as M .
Genetsky, foreign financial adviser of the Bolsheviki
Government, who is in Stockholm with various
associates. From Stockholm special messengers are
dispatched to Russia under German protection in
furtherance of this work. These messengers bring
back the actual stock certificates and other securities,
it is asserted. The main object of the German effort,
it is said, is to obtain control of the Russian mines
and metal industry and of leather and of Russian
banks. Russians are selling out, it is said, at
panic prices. It is understood that Austria will
issue its eighth war loan in a short time at a net
price of 93 and carrying an interest rate of 5 ^ % .
to 18.57%, as compared with 17.22% a week ago
and 19.48% last year. Total reserves were expanded
£655,000, there having been a gain in note circula
tion of £270,000. The reduction in public deposits
totaled £3,023,000 and in other deposits £6,220,000,
while Government securities decreased £1,736,000.
Loans (other securities) were contracted £8,218,000.
Threadneedle Street’s stock of gold on hand aggre
gates £62,633,046, as against £55,076,420 a year ago
and £60,032,286 in 1916. Reserves total £30,836,
000, which contrasts with £34,830,445 and £43,738,
926 one and two years ago, respectively. Loans now
stand at £97,304,000. This compares with £116,
610,607 in 1917 and £76,446,807 the year before.
Clearings through the London banks for the week
were £293,590,000, against £392,970,000 last week.
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 tabu
lar statement of comparisons:
B A N K OF E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1917.
1918.
M ay 22.
.11ay 23.
-£
£
C ir c u la tio n .......... . . 50,246,000 38,695,975
Public deposits.. . . 33,433,000 47,119,602
Other deposits— ..1 27 ,60 0,00 0 131,604,304
G ovt, securities.. . . 55,580,000 45,044,406
Other securities.. . . 97,304,000 116,610,607
Reserve notes & coin 30,836,000 34,830,445
Coin and bullion. . . 62,633,046 55,076,420
Proportion of reserve
19.48%
to liabilities_ . .
_
18.60%
5%
Bank rate_______ - 5%
1915.
1916.
May 24.
M ay 20.
£
£
34,743,360 32,947,290
54,250,998 132,088,558
81,405,160 87,742,135
33,187,474 51,043,491
76,446,807 139,290,022
43,738,926 47,240,524
60,032,286 01,737,814
32.24%
5%
21.50%
5%
1914.
M ay 27.
£
28,933,380
19,014,809
41,248,064
11,046,570
41,461,280
25,463,980
35,947,360
42.24%
3%
The Bank of France in its statement this week
reports another gain in its gold item, namely 756,
775 francs. Total gold holdings (including 2,037,
108,484 francs held abroad) now amount to 5,381,
736,475 francs, as compared with 5,269,155,524
francs (including 2,033,740,406 francs held abroad)
in 1917 and 4,731,513,396 francs (all in vault) the
year previous. During the week silver increased
738.000 francs and general deposits advanced
44.184.000 francs. Bills discounted were contracted
by 12,577,000 francs, advances declined 5,525,000
francs and Treasury deposits fell off 24,063,000
francs. Notes in circulation were expanded to the
extent of 69,110,000 francs, bringing the total
amount up to 26,417,417,600 francs. This com
pares with 19,394,509,255 francs last year and 15,
434,971,165 francs in 1916. On July *30 1914 the
period just preceding the outbreak of the war, the
amount was 6,683,184,785 francs. Comparisons of
the various items with the statement of last week
Official discount rates at leading European centres and corresponding dates in 1917 and 1916 are as
continue to be quoted at 5% in London, Paris, Ber follows:
B A N K OF F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
lin, Vienna and Copenhagen; 6 % in Petrograd and
C h a n g e s -------------------------- Status as of------------------------------Norway; 6 % % in Sweden, and 4 ^ % in Switzerland,
for Wcik.
Mag 23 1918. M ag 21 1917. May 25 1910.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
Holland and Spain. In London the private bank
In France
____Inc.
750,775 3.314,027,991
3,235,115,117 4,731,513,390
rate has not been changed from 2>Yz% for sixty days Abroad ........... N o change
2,037,108,484 2,033,740,400 ........................
and 3 9-16% for ninety days. Money on call in
T o t a l ....... .......... Inc.
750,775 5,381,730,475 5,209,155,524 4,731,513,390
738,000
250,982,000
257,492,038
London is still reported at 2 / 2 . No reports have S ilve r_____________ Inc. 12,577,000 1,043,122,851 402,395,252 352,435,511
3%
Bills discounted--D e c .
421,811,105
been received by cable of open market rates at other Advances................. D ec. 5,525,000 1,000,278,015 1,141,320,841 1,211,839,897
N ote circulation..In c.
09,110,000 20,417,417,000 19,394,509,255 15,431,971,105
European centres, as far as we have been able to Treasury deposits.D ec. 24,003,000 05,490,000
81,204,759
105,705,005
General d ep osits..In c.
44,184,000 3,103,438,000 2,028,813,712 2,109,144,107
discover.
A further substantial addition to its gold on hand
The Imperial Bank of Germany in its statement
was shown by this week’s statement of the Bank of for the week ending May 15, shows the following
England, the amount being no less than £924,859. changes: Total coin and bullion increased 864,000
Other striking changes in the principal accounts were marks; gold increased 201,000 marks; Treasury notes
heavy declines in the deposit accounts and in the were expanded 5,301,000 marks; notes of other banks
loan item. The first named reduction brought about gained 460,000 marks; bills discounted registered
an increase in the proportion of reserve to liabilities the large increase of 968,621,000 marks. Advances
M ay 25 1918.]
THE CHRONICLE
were reduced 14,000 marks; investments were in
creased 1,073,000 marks; other securities declined
28.945.000 marks. Note circulation showed an
expansion of 1,538,000 marks; deposits expanded
894.326.000 marks, while total liabilities gainec
51.496.000 marks. The Bank’s stock of gold on
hand is reported at 2,345,393,000 marks. At the
corresponding date in 1917 the amount was 2,533,
097,000 marks, and the year preceding 2,462,284,000
marks.
2155
effective in preventing strain. There is some agita
tion in London among banking interests there to
induce the British Chancellor to follow the example
of the American Treasury in issuing certificates in
anticipation of the issue of long-term war bonds.
Very little is to be expected in the form of private
capital applications. The Capital Issues Committee
of the Federal Reserve Board was superseded on
M ay 17 by the Capital Issues Committee created by
the War Finance Corporation Act. The old com
mittee was organized on Feb. 1, and between that
Saturday’s bank statement of New York Clearing date and M ay 17 it approved issues amounting to
House members, which will be found in more com $412,766,720, of which $258,664,496 were for the
plete form on a later page of this issue of the “ Chron purpose of refunding obligations previously incurred.
icle,” reflected heavy withdrawals of funds from the New issues approved, therefore, aggregated $154,
banks, substantial declines being shown in the vari 102,224. New issues for the same period last year
ous reserve accounts. The loan item was reduced are said to have been $504,211,624.
$19,295,000. There was an increase in net demand
Referring to money rates in detail, loans on call
deposits of $6,980,000, to $3,650,458,000 (Govern have covered a range this week of 4 @ 6 % , against
ment deposits of $514,178,000 deducted), though 3 @ 6 % a week ago. On Monday the high was 5}/£%,
net time deposits declined $7,040,000. Cash in the low 4H % , with 5% for renewals. Tuesday
own vaults (members of the Federal Reserve Bank) there was an advance to 6% as the maximum, while
decreased $3,251,000, to $104,790,000 (not counted the minimum was still at 4)/£% and renewals at
as reserve). Reserves in the Federal Reserve Bank 5% . Wednesday’s range was 4 )^ @ 5 )^ % ; renewals
of member banks were reduced $55,197,000, to were again made at 5 % . On Thursday 5)/£% con
$506,915,000. Reserves in own vaults (State banks tinued the high; the low declined to 4 % and 5% con
and trust companies) declined $1,190,000, to $16, tinued the ruling rate. Friday’s rates were 4)/£@
356,000, while reserves in other depositories (State 6 % , with 4 )^ % the renewal basis. This renewal fig
banks and trust companies) were decreased $342,000, ure in each case applied to mixed collateral, “ all
to $8,233,000. The aggregate reserve this week industrials” having been put through )/£ of 1% higher.
registered a loss of $56,045,000, which brought the For fixed maturities, loanable funds continue as
total to $531,504,000, as against $770,451,000 last scarce as ever, and the market is largely a nominal
year. Surplus reserve was contracted $56,608,190, one. The large reduction in surplus shown in last
thus reducing the amount of excess reserves on hand week’s bank statement not unnaturally increased
to $46,199,540, on the basis of only 13% reserves lenders’ indisposition to putting out funds for long
for member banks of the Federal Reserve system periods, and trades were confined almost wholly to
(but not counting $104,790,000 cash in vaults held renewals for thirty and sixty days, which were made
by these banks.) At the corresponding date in 1917 at 6 % . The fact that the initial payment of 20%
surplus reserves amounted to $146,754,420, on the on the Third Liberty Loan falls due next week was
basis then ruling of 18% reserves, including cash in Also a factor in the general firmness. Six per cent
vault. Circulation increased $151,000, to $36, is still the bid rate for all maturities from thirty days
712,000.
to six months. Last year sixty and ninety days was
quoted at 4 @ 4 )^ % , four months at 4 )4 @ 4 )^ % and
In the local money situation a somewhat easier five and six months at 4
feeling prevails which seems to be based on prospects
Mercantile paper was in good demand, but trad
rather than on any realized increase in the supply of ing was restricted by an inadequate supply of offer
funds. The first regular installment (20% ) of the ings of the best notes. Sixty and ninety days’ en
Third Liberty Loan is due on Tuesday. It may be dorsed bills receivable and six months’ names of
taken for granted that the accumulation of funds choice character continue to be quoted at 5 % @ 6 %
already has been made to meet these payments. with names not so well known at 6@ 6J^% .
The total of the subscriptions for the whole country,
Banks’ and bankers’ acceptances showed a fair
as we noted last week, was $4,170,019,650, so that degree of activity, though total transactions showed
the amount involved in the payment on a 20% basis a falling off when compared with those of a week ago.
r
would require more than $800,000,000. But, as is The tone was steady and quotations remained at the
well known, a large part of the funds has already been evcls previously current. Detailed rates follow:
paid in in the form of Treasury certificates of in
--------------Spot Delivery-------------Delivery
Ninety
Sixty
Thirty
within
debtedness, not to mention the general inclination
Days.
Days.
Days.
30 Days.
of investors to pay for their bonds in full on the first Eligible bills of member b a n k s_____ 4 ^ ,@ 4 }^ 4J^,@4>f
4H bid
Eligible bills o f non-member b k s _ .4 J 6 @ 4 J 6 4 % @ 4 h
4H bid
installment date. The Treasury now is making Ineligible bills........................................5 H @ * H 5 K @ 4 J * 5 > * @ 4 U 6 bid
preparations to facilitate payments of the income
and other war taxes which are due in June. These
No changes in rates, so far as our knowledge goes,
funds will be permitted to remain in the banks for a lave been made the past week by the Federal Reserve
substantial period, thus permitting these institutions banks. Prevailing rates for various classes of paper
to provide liberal loans to their clients during the at the different Reserve banks remain as shown
period of expected strain. It is understood that the in our issue May 18.
Treasury also is inclined to recommence a periodical
issue of short-term Treasury certificates of indebted
There are no new features in sterling exchange and
ness in anticipation of the sale of the next war bonds. no encouragement exists to expect any to develop
It has been found that this method of accumulating during the war period. Changes in rates from day to
funds in advance of the regular issues is extremely are without significance. In fact there is no dispo
3156
THE CHRONICLE
[Vol. 106.
of exchange. All transactions have of necessity
been suspended in German and Austrian exchange
and quotations for reichsmarks and kronen are not
available. The unofficial check rate at London on
Paris closed at 27.15%, against 27.15 a week ago.
In New York sight bills on the French centre finished
at 5 71% against 5 71% ; cables at 5 69% against
5 69 31-32; commercial sight at 5 72% against
5 71% ; and commercial sixty days at 5 77% against
5 77% on Friday of last week. Lire closed at 9 09
for bankers’ sight bills and 9 07% for cables. A week
ago the close was 9 03 and 9 02, respectively.
Rubles have not been changed from 14 for checks
and 15 for cables. Greek exchange continues to be
quoted at 5 13%for checks and 5 12% for cables.
In the neutral exchanges a more or less natural
reaction from the sudden and sharp advances of the
previous week has taken place. Irregularity marked
dealings, which toward the close of the week devel
oped into distinct weakness. This was especially
noticable in Swiss francs and guilders, the former
having suffered a sensational decline on Wednesday
to 4 11 for checks— a drop of 16 points from the
preceding high point. Guilders also broke severely,
though a partial rally took place towards the close,
while exchange on Copenhagen, Christiania and
Stockholm was materially lower. All of these move
ments, however, were mainly in response to the
action of the European markets and reflect dealings
abroad for account of the Allies rather than local
transactions. The decline in international shipments
is also a factor. Spanish pesetas were easier. An
nouncement has been received from Madrid of the
action of the Finance Ministry which has presented
a bill in Parliament, the effect of which is intended
to place Spain on a gold basis. The bill provides
that silver shall not be legal tender in amounts of
more than 50 pesetas, except for payments to the
Government. Until proper facilities have been made
available for minting the necessary amount of gold,
foreign gold coins will have currency value in Spain,
their value in pesetas being stamped upon them.
It is declared further that bills of the denomination of
25 pesetas will be withdrawn from circulation after
Jan. 1. The Government is to be authorized to
Operations in the Continental exchanges this week redeem exterior loans, wholly or in part, if necessary
have again been upon a restricted scale. During the issuing an internal loan to obtain the requisite funds
later part of the week a reactionary trend became for the operation.
Bankers’ sight on Amsterdam finished at 49,
evident with fractional declines the rule for nearly
against 50% ; cables at 49% , against 51; commercial
all of the belligerent centres. Lire continued heavy,
declining to 9.09— a new low record. The explana sight at 48 15-16, against 50 7-16, and commercial
tion most generally accepted for this persistent sixty days at 48 13-16, against 50 5-16 a week ago.
weakness, despite all efforts to bring about some Swiss exchange closed at 4 08 for bankers’ sight bills
basis for stabilizing rates, is that the supply of and 4 05 for cables, as compared with 3 95 and 3 90,
Italian bills offering far exceeds the market’s the previous close. Copenhagen checks finished at
powers of absorption. This, of course, is the 31% and cables at 31% , against 31% and 31% .
inevitable result of Italy’s unfavorable trade posi Checks on Sweden closed at 34 and cables at 34% ,
tion, her exports having become almost negligible, against 34% and 35, while checks on Norway fin
while imports have risen to very large proportions. ished at 31% and cables at 31% , against 31.60 and
Trading in lire exchange here was not active anc 31.90 the week previous. Spanish pesetas closed at
fluctuations were largely a reflection of movements 28 and cables at 28% . This compares with 28
on the London and Paris markets. News from the and 28% last week.
Regarding South American quotations, the check
Western battlefront contained no new features of
importance. The outlook is regarded as satisfactory, rate on Argentina has been advanced to 45.35 and
though military authorities now expect a renewal of cables to 45.50, as compared with 45.14 and 45.24.
the Germans’ “ supreme” drive early in June. For Brazil the rate for checks is now 25.60 and cables
Francs were fairly well maintained, with actual 25.75, against 25.48 and 25.56 last week. The Chil
quotations only a shade below last week’s levels. ian rate continues at 15% and Peru at 55% . Far
In the case of rubles the quotation is a purely nominal Eastern rates are as follows: Hong Kong, 75.50(a)
one, with no business being put through in this class 75.60 (unchanged); Shanghai, 108%@109 (un-
sition to enter into negotiation, dealers finding it
necessary to operate at the quotations asked. New
York exchange in Montreal is still at a high premium
and a shipment of $2,000,000 in gold has come for
ward from the Dominion in an effort to provide some
greater degree of ease. It is not expected that
nearly normal conditions will prevail, however, until
Canadian grain begins to go forward actively and
to be financed through sterling exchange circles in
New York.
Dealing with the day-to-day rates, sterling ex
change on Saturday last, in comparison with Friday
of the week preceding, was quiet, but steady, with
demand still ranging at 4 7547% @ 4 75% , cable
transfers at 4 7645@4 76 7-16 and sixty days at
4 7 2 % @ 4 72% . On M onday, although trading was
of small proportions, the tone was firm and demand
did not go below 4 75% ; cable transfers and sixty
days ruled unchanged at 4 7645@4 76 7-16 and 4 72%
@ 4 72% , respectively. The situation in sterling
showed no perceptible alteration on Tuesday; trad
ing was again dull and rates ruled at the levels of the
previous day. In Wednesday’s dealings a slightly
reactionary trend developed; demand bills were a
shade easier, at 4 75 7-16@4 75% ; cable transfers,
however, continued at 4 7645@4 76 7-16 and sixty
days at 4 7 2 % @ 4 72% . Extreme dulness was the
feature of Thursday’s operations, business being at
times almost at a standstill; rates, which were largely
nominal, showed small variations in some cases; de
mand declined a fraction to 4 75 7-16, while sixty
days was a shade higher at 4 7 2 % @ 4 72% ; cable
transfers remained pegged at 4 7645@4 76 7-16;
rates for commercial long bills were not changed.
On Friday the market was dull but fairly well main
tained and still without essential change. Closing
quotations were 4 7 2 % @ 4 72% for sixty days,
4 7547% @ 4 75% for demand and 4 7645@4 76 7-16
for cable transfers. Commercial bills, sight, finished
at 4 7 5 % @ 4 75% , sixty days at 4 7 1 % @ 4 71% ,
ninety days at 4 70@ 4 70% , documents for pay
ment (sixty days) at 4 7 1 % @ 4 71% and seven-day
grain bills at 4 7 4 % @ 4 74% . Cotton and grain
for payment closed at 4 753d$@4 75% .
M ay 25 1918.]
THE CHRONICLE
2157
changed); Yokohama, 52.40@ 52.50, against 52.20
Its hostile comment was restricted to the assertion
@52.30; Manila, 4 9 % @ 5 0 (unchanged); Singapore, that “ conscription is to be launched under the cover
56j^@56)/£ (unchanged), and Bombay, 36 % @ 37 of revelations connected with an alleged German
(unchanged).
plot.” But even this insinuation was rendered less
plausible by the striking paragraph in Lord French’s
The New York Clearing House banks, in their proclamation, in which, after calling on all loyal
operations with interior banking institutions, have Irishmen to assist in crushing the conspiracy and
gained 83,226,000 net in cash as a result of the cur prosecuting the war, he added:
rency movements for the week ending M ay 24.
“ As a means to this end we shall cause still further
Their receipts from the interior have aggregated
88,164,000, while the shipments have reached 84, steps to be taken to facilitate and encourage vol
untary enlistment in Ireland in his M ajesty’s forces,
938,000. Adding the Sub-Treasury and Federal Re
in the hope that, without resort to compulsion, the
serve operations, which together occasioned a loss contribution of Ireland to these forces may be brought
of 869,993,000, the combined result of the flow of up to the proper strength and made to correspond
money into and out of the New York banks for the to the contributions of other parts of the Empire.”
week appears to have been a loss of 866,767,000, as It is difficult to interpret the language of this para
follows:
graph except as meaning that the British Govern
ment, in the face of a new emergency, meant to
Week ending M ay 24.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
abandon Lloyd George’s recent proposal for imme
58.164.000
54,938,000 Gain $3,226,000
Sub-Treasury and Federal Reserve
diate enforcement of the draft in Ireland, temporarily
38.725.000 108,718,000 Loss 69,993,000
at any rate and possibly until Home Rule legislation
T o t a l ...................... .....................
546,889,000 $113,656,000 Loss 566,767,000
could be put through Parliament.
The following table indicates the amount of bullion
What then is the situation? John Dillon, the
in the principal European banks:
Nationlist leader, himself denounce the Sinn Fein
as engaged in a wrong, foolish and disastrous
M ay 23 1918.
M ay 24 1917.
a old.
Silver.
Total.
policy. He has declared this week that three years
Cold.
Silver.
Total.
£
£
£
£
ago Ireland was in the war with as much enthusiasm
£
£
E n gla n d.. 62,633,046
62,633,046 55,076,420
55,076,420
F r a n co a .. 133,785,119 10,200,000 143,985,119 129,416,605 10,280,000 139,696,605
as any of the allied nations, had sent to the front a
G erm any. 117,269,650 8,662,700 125,932,350 126,658,600
1,420,500 128,079,100
Russia * . . 129,650,000 12.375.000 142.025.000 147,659,000 12.109.000 159.708.000
full proportion of her people as compared with
Aus-IIun c 11,008,000 2.289.000 13.297.000 17.400.000 4.220.000 21,620,000
S p a in ____ 81.685.000 28.201.000 109.886.000 55.878.000 29.991.000 85.869.000
Great Britain or the dominions of the crown, and
Ita ly_____ 33.455.000 3.195.000 36.650.000 33.944.000 2.627.000 36.571.000
N ether!’ds 60.101.000
611,000 60.772.000 49.636.000
585,200 50,221,200
that even now his party “ still adheres to the declara
N a t.B ol.li 15.380.000
600,000 15.980.000 15.380.000
600,000 15.080.000
Swltz’land 15.056.000
15.056.000 13,688,400
13,688,400
tion of John Redmond at the outbreak of the war,
Sweden . . 14.321.000
14.321.000 10.792.000
10.792.000
9.595.000
Denmark . 10.229.000
136,000 10.365.000
131,000 9.726.000
and believes that the cause of the Allies is the cause
7.105.000
6,733,000
N o r w a y ..
0,733,000
7.105.000
of freedom throughout the world.” It is reasonable
T ot .week. 091,365,815 66,269,700 757,635,515 672,289,025 61,963,700 734,252,725
Prev.wcok 091,250,685 66,471,400 757,728,085 675,292,667 61,715,400 737,008,067
to assume that if the British Government has proofs
a Gold holdings of tlio Bank of France this year are exclusive o f £81,484,340
held abroad.
of the treason of the arrested Sinn Feiners, and
* N o figures reported since October 29 1917.
c Figures for 1918 thoso given by "British Board o f Trade Journal” for D e c. 7
especially if the crushing of the conspiracy is wholly
1917; figures for 1917 estimated on the basis of the D e c. 7 1917 totals,
h August 6 1914 In both years.
dissociated from any effort at Irish conscription
without Home Rule, then the Irish people as a whole
THE BRITISH GOVERNMENT AND IRELAND. will stand behind the Government. That leaves
The arrest by the British Government, late last the question still open as to proofs and as to the
week, of some 100 leaders of the Sinn Fein organiza publication of the evidence.
tion in Ireland, and their imprisonment on the
The British Government has committed many
charge of treasonable conspiracy with Germany for blunders in its dealings with Ireland in such matters.
an uprising against England, has marked a distinctly Even in the episode of Sir Roger Casement’s German
new turn to the exceedingly complicated Irish ques plot, earlier in the war, though the guilt of Casement
tion. News of this action has been received with himself was unquestionable, the trial of his alleged
varied emotions and comments, alike by the world at associates was conducted in so ill-judged a manner
large, by the Irish in Ireland, and by the Irish in the and so exclusively under the form of martial law as
United States. What was at once evident, however, to alienate even those who denounced the treasonable
was that judgment was being pretty universally undertaking. The present occasion, arising as it
suspended until the evidence should be known.
does at a critical moment in the relations of England
There has not, so far as we have observed, been a and Ireland, is pre-eminently not one in which that
single utterance defending the arrested members of that mistake should be repeated.
this revolutionary order or denouncing the action
A public trial, with convincing evidence submitted
of the British Government, while assuming that the — especially if, as is reported, part of that evidence
charges might be proved. The Lord Lieutenant of was procured in the United States by our own
Ireland, in his proclamation of Friday of last week, Secret Service— would have important effect for
declared explicitly that “ it has come to our knowl the better. That Ireland is not pro-German may
ed g e that certain subjects of his M ajesty, domiciled be taken for granted. Quite aside from the attitude
in Ireland, have conspired to enter, and have entered of Redmond and Dillon toward the war— an attitude
into treasonable communication with the Germany first taken at the very moment when the troops had
enemy.” The Nationalist organ, the Dublin “ Free fired on the rioters in Dublin, during the week of
man’s Journal,” after criticizing the Lord Lieu the German invasion of Belgium— there has all
tenant’s action, was careful to say not only that “ the along been positive assurance that Ireland as a
Irish people have never been pro-German and they community stands for prosecution of the war.
are not pro-German to-day,” but that “ it is not Probably never in history has it taken such a stand
impossible that a few foolish men in Ireland may have so unmistakably. Throughout the Napoleonic wars
been interested in a conspiracy to involke German Irishmen served in the French as well as in the Eng
aid.”
lish armies; nothing of the sort has been witnessed
2158
THE CHRONICLE
in this war. Even such disloyal demonstrations
as have occurred have had little resemblance in
their scope to the uprising of 1796, the Emmet
Rebellion of 1803 and the plot for invasion of Ireland
by the French in 1804— all of which movements had
the sympathy of a large part of the Irish people.
There is ground for great reassurance in this fact,
and not less in the apparent purpose of the British
Government to abandon its plan of Irish conscrip
tion until a Home Rule bill can be fairly considered.
Beyond this the Irish problem still remains in great
perplexity. It has not advanced a step since Sir
Horace Plunkett’s report of last month, showing the
seemingly irreconcilable division of the two factions
in the Irish convention appointed to consider the
question. The majority of this body had demanded
for the new Irish Parliament full powers over in
ternal legislation, administration and direct taxation,
with customs and excise imposed for the present
by the Imperial Parliament, but with the receipts
paid to the Irish Exchequer. Against this proposal
the Ulster minority had insisted that Ulster would
not participate in any such plan, that any basis of
agreement would have to be conditioned on effective
and thoroughgoing control by the Imperial Parlia
ment, and that if the Ulster delegates had foreseen
the conclusions which the majority of the convention
would reach “ we would not have agreed to enter
the convention.”
In these days.when old political problems, if not
being actually settled in the light of war-time pres
sure, are at all events passing so universally into a
new and altered phase, it is difficult to believe that
a solution for the Irish problem will not eventually
be found. If so, however, it may involve other
parts of the British Empire than Ireland. Not the
least difficulty in the way of meeting the Irish de
mands arises from the fact that Ireland asks for
something which no other part of the British domain
possesses.
Scotland and Wales are represented in the British
Parliament, but neither has asked for Parliamentary
Home Rule of its own. Canada and Australia
have independent legislatures of their own and man
age their own internal affairs, subject to certain
restriction and supervision from the Imperial Par
liament, but neither asks for representation at West
minster. Ireland asks for both independent par
liamentary rule at home and for representation in
. the Imperial Government. It has often seemed
th^t the logic of the situation must either prescribe
th’it Ireland should get less than her actual demands
or that the other parts of the Empire should get more.
MR. HEPBURN’ S ANALYSIS OF THE TAXA
TION PROBLEM.
[Vol. 106.
tent men and financiers, it would seem, and we say
this reluctantly, have lost sight of the fundamental
and eternal principles to which M r. Hepburn. calls
attention in his treatise. Loyalty and enthusiasm
coupled with active endeavor seem to blind the vision.
But in our industrial life the immutable laws of
responsibility and endeavor remain.
N o matter how fierce the storms beat upon the
growing crop, and even though it be blasted to the
earth, the silent forces of nature are not impaired,
are still operative, and upon the continuing action of
these depends the future sustenance of the race.
The same is true in the economics of a world’s
advance. And only by recognition of unchange
able principles may we survive the present cata
clysm, and persist into a better day._ Emergency
we must meet. Mistakes we cannot avoid. But as
we safeguard the business life of the people by wis
dom and caution, so shall we enter the new era we
fondly hope is to come, equipped with the original
impulse and urge, vigorous in the old strength, by
the free exercise of which we have attained our pres
ent high estate.
Perhaps the chief power of a liberal Government
is that of laying taxes upon the people. It is the
power of self-preservation. And though the people
may order taxation, and do set its limits often by
direct vote, the general power, where not specifically
denominated in mode and amount, must be conceded
to be vested in the general Government, to be
exercised by its representative officers. Yet this
power in its widest latitude is still a limited power—
and its seat is in the activities of a free people. In
its exercise and results it cannot be called from the
“ vasty deep.” No incantations by the boiling
cauldron of war “ eye of newt and toe of frog” can
bring it forth into a living reality. It is not woven
out of the shadow of fear and the ghost of pale imag
ining. Taxes are brought forth out of labor in the
environment of human life. And M r. Hepburn
undoubtedly stabs a vicious error when he says in
his opening: “ The Congressional idea and the popu
lar idea that this is a country of unlimited wealth,
that we can finance other nations without stint,
and spend billions by the score annually and obtain
these vast sums at will, by taxation and borrowing,
is a mischievous idea.” And is it not indisputably
true that these new things of war that we need now
can only be made with the hands, brains, agencies,
earth-materials, we have now; what we have saved
and can apply, and what we can produce and save?
And what name, under heaven, can we give to all
these agencies and activities but the comprehensive
one of “ business?” And if we preserve not the
producing power of that, are we not without the
means of carrying on this war? Can taxation be
made a benefit, in the concrete, when it is a burden?
Can any and every levy be laid upon life and labor
without destroying or weakening them? The busi
ness integer that dies to-day, as the writer so aptly
points out, cannot produce to-morrow. Nor can
the energy spent in waste be called back again.
Nor, as in the case of Sisiphus and the rolling stone,
can all incentive and all reward slip from the grasp
at the moment of triumph without making men
slaves, without inducing despair and disaster.
M r. Hepburn says:
M r. A. Barton Hepburn of the Chase National
Bank has rendered an important service in his dis
cussion of the country’s enormous and vital taxing
problem in the address from which we make ex
tensive extracts on another page. M r. Hepburn is
an eminent banker and an authority on finance and
has performed many services in the forum of eco
nomic discussion in the past. It is our belief that
he has never spoken at a more opportune time than
new, nor uttered more important truths than those
contained in his paper on “ Financing the W ar.”
“ The Government with its taxing power must
Through devoted absorption in the nation’s task, and stop short of impairing business, either by discourag
therefore not inexcusably, many of our most compe ing new enterprise or by the imposition of excessive
M ay 25 1918.]
THE CHRONICLE
2159
burdens; and this is why the proximate determination of bonds; when? But if by direct taxation on the
of the increment of the nation is so important. To possessions and activities of any man, we under
impose taxes greater than can be paid from current
earnings would be to compel the reduction of capital
in order to pay the tax. It would be in effect a
capital tax. It would force borrowing from banks
under circumstances which could have no other
effect than to impair credit. The borrowing needs
of any business enterprise are greatest when the
volume of its business is greatest. With growth
in volume of business the capital of the enterprise
becomes fully employed and must be supplemented
by appeals to the banks.”
Let us try to amplify this pregnant statement.
Each day, as pointed out, labor and its products,
valued at a hundred millions, are devoured in the
maw of world war. We need only glance at stricken
Europe to see how the burden rolls back upon the
United States. Economy is a watchword on every
lip. Of actual things we can, in a given year, only
give to war over and above consumption and use,
what we save in actual things or have already saved.
This is true of us, of any people, in a collective ca
pacity. Here is the line where capital, that which
we have already saved, begins to be confiscated.
Here is where the machinery of production begins to
break down. And, mark this, here is where we begin
to draw upon the future of savings over subsistence by
the use of credit, of national bonds, that we may not
in fact impair or shut down our present national
production-mill, commonly named “ business.” This
credit like all other is woven of confidence, and it is
interwoven also of two elements of security— a pledge
of future toil and of present possession. Every
“ Liberty bond” is so laid. It is laid on labor and
land, on money and trade, on all that we are and
expect to be. But in four years the national debts
of the nations have increased incredibly, let us say
roughly one hundred and twenty-five billioiis. No
vainglorious dreamer over national wealth and power
can believe it possible to save above subsistence in
actual things currently produced more than a small
portion, a tithe as it were, of this stupendous and
inconceivable sum.
IIow then is this almost miraculous feat of credit
performed? Are we in error in saying it is by the
transforming power of credit? We are taking vastly
more than we annually produce and can save. There
are those who argue we cannot take more than we
produce. Has the world saved a hundred and
twenty-five billions while spending it, over sub
sistence? But we do. How? By concentrating
the total power of production on war needs; and by
turning the value of actual things not used in war
and not consumed in subsistence, into credit to pay
for this concentrated productive power, or labor and
materials. Thus, we can take all the grain of agri
culture, all the lumber of the forests, all the minerals
of the earth, all the manufactures of the shops, over
and above needs of consumption and use for sub
sistence, and, according to our capacity as a people
and our wealth as a nation, turn them into war
munitions. This is the ministration of credit.
This is the mission of United States bonds. Yet by
taking all from each, we are not taking proportion
ately things in taxes. And we can take all that any
one man has by buying and paying for it— as any
other buyer would come into possession of it— and
we deprive him of nothing, nor do we impair his
capital, though it is given another form. And we
pay him by credit issues to be paid back to owners
take to take this hugeXwar-cost “ half” or any sum,
above a portion of profits that will not impair efficiency
of operation, by that measure we confiscate his
property and by theTorce'of|government take it from
him (for the good of all though alleged) without
recompense.
How important then that the increment be ascer
tained, that we do not byjthis insidious, and often
unperceived, process, impair and undermine the
going business of the country without which we
would all perish, andawithout which no war, even for
the shining purpose of democracy and liberty, can
ever be won. And how important, if we be an
honest people, that we do not go beyond the limit,
for such a form of confiscation, if our analysis be
correct, cannot be other than the robbery of those
who have for the benefit of those who have not,
since we individually all profit equally, as citizens
equal before the law in our inalienable rights, through
the triumphant prosecution of the war.
It is true, on the other hand, that no discussion
of this master-problem can ignore the claim so fre
quently made that it is as fair to “ take” one man’s
property as it is to take another man’s life, and
that we draft those who have the most of “ life,” the
greatest expectancy. The parallel is not without
significance and truth. But the life that is not lost
in action is not taken, though its use be inadequately
paid for in wages and pension disabilities. What
ever may be said of this comparison, however, can
not be laid at the door of absolute justice. The
constitutionality of the draft law has been passed by
the highest tribunal. All do, or should, accept it
unquestioningly. Its comparative justice, there
fore, cannot be argued. In any determination of
such a contrast we are compelled to fall back upon
the utility and feasibility of a system which, if it be
true, “ takes,” confiscates, even though by tax
ation, wealth, industry, property, “ business,” by
whatever name called, and so doing prevents the
support of the life dedicated to active warfare,
for no man can work behind the lines effectively in
production without use and control of the tools of
his own trade, the instrumentality and agency of
Dusiness he has constructed.
If then in taxation injustice is coupled with
enervation and the consequent loss of results, it
would certainly be unwise to claim that because it is
as fair as some other of war’s imperious demands it
should be practiced. What is far more important is
that if a capital tax is to be laid it should be done
openly, equitably, and under the powers of the
Government as declared by the tribunal of justice,
and not by a so-called S3rstem of taxation fostered
by hostility to accumulated wealth and fanned by
the passions of socialistic selfishness.
We have wandered somewhat from Mr. Hep
burn’s admirable and timely address which we
commend to our readers and to the country.
THE COMING CONGRESSIONAL ELECTIONS—
THE PARAMOUNT CONSIDERATION.
Sixty-two years ago next Wednesday, the first
State convention of the Republican Party, then not
fully organized and not having received its final
name, was held in Bloomington, 111. Abraham
Lincoln making the keynote address, which so
captivated his hearers’ attention that they forgot to
2160
THE CHRONICLE
secure it by verbatim notes. The building in which
this gathering was held still stands, and an anni
versary celebration is to be held there on Wednesday,
with M r. Taft expected to be the principal speaker;
in campaign parlance, the first gun of this year s
campaign is to be fired then.
There is to be an election in November, however
unimportant or possibly untimely that may seem to
some. A House of 435 members and nearly three
dozen Senators are to be chosen. This is the begin
ning of the campaign of 1920, still so far distant that
we are permitted to hope the war will end before the
two years have passed which will bring us to the next
Presidential nominating conventions; but the result
in this year will naturally have some relation to the
struggle two years hence. Naturally, the Republi
cans hope to win control of the next Congress.
Originally, the Republican Party was a “ G . O . P .,”
a party of great moral ideas. History will give it
place as arising for and pursuing a distinct public
policy. How it degraded through consecutive terms
need not be urged for any who recall the year 1876,
when it became evident that the hold on the offices
was not to be relinquished without a desperate
struggle. Two terms of Grover Cleveland, sepa
rated by another Republican; two more Republican
successes, and then, by the strange intervention of
an assassin, the country came into the Roosevelt
regime and the split which his unrestrained personal
ambition precipitated, threw the country again to
the Democrats, when no foreboding of worse trouble
than that on our own continent had arisen. Then,
in 1916, the Roosevelt poison of so-called Progressiveism, combined with the selfish unwillingness to be
disturbed which moved a country that had not yet
comprehended either the scale or the purpose of the
war, somewhat narrowly prevented a party change.
The Republican was the anti-slavery party; the
Democratic was the Opposition during the Civil War,
and so identified with the slaveholding States that
to this day we have, most unhappily, a “ solid S ou th /’
in which a habit and a name that long ago lost all
significance continue a mechanical and involuntary
action. There is no slavery issue. Democracy
once meant what was loosely called free trade;
there is no such issue now, and no such division.
Republican once meant, or came to mean, what was
about as loosely called protection; there is no such
issue now. Democracy once meant State rights
and State sovereignty; whither has that old issue
betaken itself? Campaign professions are the hum
bug they have long been, mere flubdub for catching
votes; judging by conduct, the two poles of the globe
are not farther apart than the Democracy of 1918
from that of Jefferson; it is all Federalist and central
izing now, and M r. Wilson himself, greatly con
cerned, while merely an educator and lecturer, over
what seemed to him the usurpation of all powers by
Congress, has borne himself so that he has almost
put Congress into eclipse.
What is a Democrat; what is a Republican; can
anybody draw any clear line of definition? Is the
difference other than the old one between Ins and
Outs? Is there any issue of a real public and
permanent policy which the one supports and the
other opposes? On what grounds, then, will Re
publican conventions and their nominees for Con
gress ask for votes?
This question was put in 1916, and it was claimed
then, in circumstances not like the present, that no
[Vol. 106.
real grounds existed. It was said that to refuse
Mr. Wilson a re-election would be to proclaim a want
of confidence in him and a feeling of dissatisfaction
with his course of neutrality and of keeping us out
of war. Europe would surely so interpret it, and
the effect would be harmful; further, it was urged,
the Republicans had no policy to propose. This
attempt to identify the country’s position with the
men then in control is naturally pushed more earnest
ly now; it will be represented (and to many thousands
it will seem almost axiomatic) that to fail to support
M r. Wilson, politically, will be to proclaim disloyalty
to the country and the cause. Indeed, one Wash
ington correspondent tells us that the Congressional
election “ will furnish the first opportunity for a
nation-wide expression of opinion on the management
of the affairs of the country by the Democrats.”
Without discussing this at length, suffice it to say
that while this would ordinarily be a correct state
ment, it is not such now. On the overwhelming
issue of the war there is no party division, and there
can be none. When M r. Hays of Indiana, the new
head of the Republican National Committee, was
in town, about three months ago, he put the case
patly by saying: “ I think that to win the war and to
prepare sanely for reconstruction is the only real
business of this country now; all else is chores.”
Very recently, M r. Elihu R oot, speaking at the
annual meeting of the National Security League,
justly paid tribute to his party associates in Congress
for the unwavering support they had given a nomi
nally Democratic Administration, and he said there
are many Congressional districts where a disloyal
minority might turn the scale in favor of a pro
German if the loyal vote is divided; of this danger,
it may be added, we had a reminder not long ago in
Wisconsin. Unhappily, State laws are liberal in
defining- qualifications of voters for the lower branch
of Congress; and the first duty is to see that the loyal
vote, without regard to party names, is thrown so
as to prevent the sending of any men to Congress
not in whole souled sympathy with the aims of the
war. Our experience has shown that the best and
the needed check upon the arrogance and excesses
of a party in power rest with an opposition that is not
factious, not selfish, not seeking to make capital of the
mistakes of the Administration, but only to defend
the country from those mistakes. Arguing thus, it
would seem that, other things being equal, it will be
better for the country and the world if the Repub
licans can have just that kind of an Opposition in
the next Congress.
To win the war; to carry it on to a just peace
through victory, and to do it at the minimum of
time and waste— this is indeed “ the only real busi
ness” now, and “ all else is chores.” Mr. Hays
expressed it admirably, but he said “ to win the war
and prepare sanely for reconstruction” — do not over
look or underrate that. Are we preparing sanely
for that by rushing almost gleefully into every
hitherto unheard of bypath of national experiment
ing? Is it enough, and is it sane, to raise the cry
of “ emergency” and then drive headlong?
To make sure that every Congressman chosen
next November shall be a loyal American is therefore
the first thing; those who cannot bring themselves
to see the distinction between present loyalty and
Democracy in the party sense of the word will be
constrained to accept loyalty as the great test.
And yet there is something else important, and
M ay 25 1918.]
THE CHRONICLE
equally important. We need men in Congress
now, large men, serious-minded men, men of an
uncompromising sense of public duty, men of full
size and strength. The Congresses of 1861-68 made
their mistakes, but no careful observer would deny
that in composition they were clear above these of
the present. As the domination of the Executive
has grown, the initiative and independence and the
serious responsibility in Congress have shrunk.
The Government machine is not running as intended,
nor as it should; it is out of balance, and needs
stabilizing. T o say that the President alone knows
what he wants and alone is competent; that the re
sponsibility is his; that he must not be questioned
an d‘ whatever he asks must be voted without in
quiry; to accept what is avowedly disapproved— this
is to make a “ rubber stamp” of what was meant
for and should be a co-ordinate branch of govern
ment.
The problems in hand and to arise now make even
the Civil War era dwindle by comparison. N ot
marionettes who can respond on roll-call, but men,
fit to cope with the tasks of men, are needed now.
Those chosen in November will probably deal with
the finishing of war and with the beginnings of re
construction. A publicist of some note has actually
suggested that we might well, by a sort of general
consent, waive elections now and have a hold-over,
so as not to distract from war work. No suggestion
could be more untimely, for an election is a part of
war work. That work now, and the after-war work,
demand that the country shall have opportunity
for a new selection of Congressmen and shall use the
opportunity with very unwonted seriousness. Now
is the time when the country needs its largest and
its best. Let us give ourselves to getting them,
and fling every petty and other consideration to the
winds.
______________________
THE PRESIDENT AND THE DUTY OF THE
CITIZEN.
Marching at the head of the Red Cross parade in
this city, on Saturday last, President Wilson pre
sented an engaging and an appealing figure. The
act was a graceful tribute to a worthy cause; and
carried with it an element of “ sacrifice” which few
mention, but all appreciate. Personal and official
character alike paid tribute to heroic and devoted
women whose only insignia of office is a. flam
ing cross on a white robe, which is the mantle
of a charity that is love for the whole human
race.
The visit of President Wilson extended from
Friday afternoon to late Sunday night. There were
no public engagements other than the speech open
ing the Red Cross campaign Saturday night at the
Metropolitan Opera House. The highest official
of the Government and the man upon whom beats
the light of a world, enjoyed, it is believed, three
days of rest and relaxation. Responding to an
ovation paid him at one of the theatres, M r. Wilson
said: “ Ladies and gentlemen, you are laboring under
a delusion. You think you see the President of the
United States. You are mistaken. Really, you
see a tired man having a good tim e.” And in these
words the servant of a great people, bound to the
treadmill of daily official duty, without doubt
expressed the relief he felt in throwing off, for a brief
interval, the weight of care and responsibility, and
being just a man among men, seeking the blessed
£161
privilege of pleasure and forgetfulness.
Uncon
sciously in this little speech which came spontaneous
ly from his heart, the President uttered an admonnition to the people none of us should fail to perceive.
In a democratic republic we are all engaged in the
highly pleasurable profession of “ running the govern
ment.” Each of us knows or thinks he knows just
how it should be done. Having been instrumental
in placing a fellow-countryman in high office we
proceed without hesitation to direct him in his
duties. That is our part of the great and grave
task of maintaining a nation. True, we are eager
to obey the laws, but we do not personally make
them or suggest them. That responsibility we
delegate. It is the key to our governmental system.
Nor do we execute the laws after they are made, but
each is a watchman on the walls to see that laws are
executed and observed— and that no guilty man
escapes. It is easy to criticise, hard to construct;
and we take the easiest way to vigorous and con
tinuous criticism.
Well, the citizen in a free government does have
a duty to perform. He should interest himself in
public affairs. The making and observance of law,
within the forms prescribed are part of his task—
for himself and for others. But above legislative
and executive fields is an exalted domain of con
structive thought, of policy, wherein, though he
may enter, decisions are finally made by officials
of the Government. And at this hour, while the
lower world is crowded with terrifying movements
and events this upper realm is filled with consider
ations involving the weal and woe of peoples and
nations. The citizen, conscious of his patriotic in
terest, courageous in his convictions, and self-reliant,
mayhap, in his ability, for we are all egotists in some
degree, thinks this, that, or the other, should be
done. But he does not have to do it. That falls upon
the shoulders of men chosen from among their
fellows for this arduous and final duty. Does the
zealous, honest, and interested citizen always put
himself in that other fellow’s place? D o we as
citizens always remember the human side of the man
in office?
“ Government” is our individual task. We fail,
and we of the press signally fail, when we neglect
temperately though earnestly to discuss, to express
ourselves upon, the issues and measures, which lie
in this vast “ upper air” of national policy and pro
cedure. And in the doing this it is inescapable that
a degree of criticism should seem to direct itself to
those incumbents of high office who do act, and
whose acts fasten their theories and judgments upon
the people, and in these “ trying times” upon man
kind. But as we do thus our part it is well if we
never forget that there is a human equation in all
things— that, for example, the Preisdent of the
United States is also a man.
A writer, attempting an estimate of Mr. Wilson,
has drawn the picture of an austere figure sitting
alone in the White House study. Twilight is fall
ing. The iron gates close. Armed watchers take
up their vigil at the approaches. Throughout the
Capital the lights of home flash out their welcome
to the simple delights of family communion free from
thoughts of the morrow. But to this lone toiler,
shut away from his fellows, there comes scant rest,
the burden of the responsibilities ever increases, time
is never sufficient, and at the last when the final
decisionr is to be made there is no one but himself,
1
2162
THE CHRONICLE
no help can then com e. And as the light of his study
gleams out the writer sees him turning to his mighty
and never ceasing work, more a slave of duty than
any one of the hundred millions about him. Yes—
citizens of a common country respect the high office
of President, but does that respect carry with it an
appreciation of labors and difficulties, aye, and
doubts, of the man elected to the burden of their own
making, and with that appreciation is there a soften
ing of the tone of criticism, a realization of the study,
the striving, of the man who must make decisions
all are free to praise or blame ?
In “ The Bluebird” we are taught that the quest
of happiness is the only true happiness, that when
we shall have found the Bluebird we shall die.
And we are taught to search in our own hearts for
the joy of the never ending quest. Not so with
ambition. Ever the consummation of that desire
carries with it a penalty, even the penalty of being
forgotten. For there is a saying full of meaning:
“ It is cold on the heights.” And when a man
attains the highest office in the land, he may have
gratified a noble ambition, but in a republic he can
never do so without the permission and the power of
the citizen. So that he never passes, among thought
ful feeling men, from the companionship of his kind.
And though criticism may be alert and virile as to
official acts, let us hope that, in the hearts of his
countrymen, criticism does not touch him there.
And we believe this is so. And may we not augur
the attitude of the whole people from the reception
which New York gave the President and the man,
alike a pleasure to give and to receive.
It is a glorious privilege of life to look below the
surface, to try to see “ the soul of things.” And
how the soul of righteousness should delight us now,
that within the turmoil there is a heart of eternal
calm, and beyond the war there is peace. The
figure of the man of high office seeking a day of rest
comes home to us all. Truly, “ He giveth his
beloved sleep.” And from the rest of self-com
munion, the rest of the appreciation of brotherhood,
shall not all arise refreshed, revivified, for the
wondrous days to come.
THE AIRCRAFT INVESTIGATION— THE
PROPER ATTITUDE.
Whatever the combination of motives which
prompted the selection of ex-Justice Hughes as
investigator of the aircraft situation, it is a selection
which should give present satisfaction to the sense
that the subject needs investigating from first to
last and from top to bottom . N o suspicion of in
competency or of bias or of any except public ends
to be served can attach to M r. Hughes. His especial
competency as an investigator of involved situations
was proved long ago; his integrity is old-fashioned
and beyond whisper of doubt; his sense of public
duty is profound and unshakable; if any man in the
country can be trusted to leave no tangled or
suspicious matter in this subject unexplored, to get
the truth out of concealments and evasions, and to
spare nobody, he is the man.
Because of his peculiar fitness, and notwithstand
ing he was said to have been authorized only as
assistant and advisory, there may be general acquiescense in his direct expression of preference for “ a
general disposition to permit our investigation to
proceed unembarrassed,” and in his belief that
[Vol. 106.
another investigation “ would tend to make difficult
if not impossible the successful prosecution of our
own.” It is evident, he says, that in order to find
whether there is a basis for a civil suit or for a
criminal prosecution “ it will be necessary for us to
make a thorough inquiry into the entire history of
aircraft production since the beginning of the war
and of all proceedings which have been taken by any
person or corporation concerned therewith.” We
shall not be able “ to ascertain whether there has
been dishonesty or malversation of any kind unless
we go thoroughly into all the transactions which
have been had.” He promises that civil suits by
the Government will be instituted if a basis for them
is found, and that indictments will be sought if
grounds for a criminal prosecution are discovered.
“ To go thoroughly into all the transactions” is the
one thing demanded. Amid the unfulfilled promises
and the disappointed expectations, nothing has been
established yet beyond dispute except that an
abundant sum (nearly a billion) has been provided
for, most of it has disappeared, and there are no
results; apart from the vast seriousness of this un
deniable failure as a part of the war program, the
country needs to know and is entitled to know the
facts, the reasons and the fault. Nobody’s private
interests and nobody’s reputation or feelings are of
any consequence; let censure and possibly punish
ment fall where they are deserved. Only by dis
covering and contemplating our mistakes can we
profit by them and retrieve the remaining oppor
tunity.
It is, therefore, probable that the Senate will
desist from its own inquiry which did at one time
seem needed. The pending proposition to investi
gate the conduct of military affairs somewhat more
generally stands on another footing. The Chamber
lain resolution offers opportunity for some change
of attitude. The President can afford to retire,
and he should retire, from his injudicious declaration
that any proposition to inquire into the conduct of
the war is tantamount to an expression of lack of
confidence in himself. The war is the affair of the
country and of the civilized world and of future
generations for whom we now on the stage must act;
it is not the business of one man or a hundred men
or any sect or party; it is too tremendous to be
narrowed or made personal. The President -has
confidence in himself, and it would be very unhappy
if, within reasonable limits, he had not. The con
fidence thus far placed in him has been almost
unbounded; with one exception, all he has asked
has been granted him, though not with full approval
of judgment in every instance. Well-grounded
confidence invites rather than deprecates inquiry,
and if the inquiry showed signs of partisanship, or
of being really obstructive, the country would not
tolerate it another day. A pull together, and an
admission and recognition of the pull together, is the
course for the need. The President has too much
sent his requests to Congress, and has not enough
consulted Congress. He could not do a more timely
and sagacious thing than to frankly acknowledge this
mistake; a better augury for the war and a better
standing for himself with the country would be the
result. On the other hand, Congress should cour
teously, though firmly, convey that it cannot sur
render or materially qualify its constitutional duty
as a factor in government and in responsibility for
the conduct of the war.
M at 25 1918.]
THE CHRONICLE
THE U. S. SUPREME COURT DECISION IN
THE UNITED SHOE MACHINERY CASE.
On M onday, by a division of four to three, Jus
tices McReynolds and Brandeis refraining from
participation because of a previous connection with
the case, the Supreme Court decided adversely
to the Government contention in the action brought
as long ago as 1911 against the United Shoe Machin
ery Company of Massachusetts, forming, with some
subsidiaries, what is known as the shoe machinery
trust. The company was attacked as a combina
tion in restraint of trade and its dissolution sought,
under the Sherman Act, and its “ tying” lease by
which it retains control over patented machinery
were also attacked.
The majority opinion by Justice McKenna had
the concurrence of Chief Justice White and Justices
Holmes and Van Deventer; Justice Day presented a
dissenting opinion, in which Justices Pitney and
Clarke concurred.
Owning certain machines through the patents
thereon, this corporation chose to lease rather than
sell them, and a condition of the lease bound the
lessee not to use other machines. Justice Day de
clared it finally settled that the Sherman Act “ con
demns all combinations and contracts the effect of
which is to unduly restrain the free and natural
flow of inter-State commerce or monopolize or
tend to monopolize such trade or commerce in whole
or in part,” and he considers the lease restrictions
as having such a tendency. This, with all respect
to the Court, is a matter of opinion. T o attach
conditions to a lease or a sale of a patented article,
or to prefer to lease rather than make an uncon
ditional sale, naturally does tend to restrict trans
actions in that article, but it does not follow that this
tends to restrict production and sale of shoes, es
pecially such production and sale on the terms most
advantageous to the consumer, this being th o“ trade,,
which should be of chief consequence in the view of
law. The majority of the Court regard the leasing
as enabling small producers to get the benefit
of machines which their smallness of capital would
prevent their buying. Patrons of the company
get the benefit of all improvements made, and there
has also been a saving in the costs of production of
footwear; “ these are some of the results of the or
ganization of the United com pany.”
The framers of the Constitution empowered Con
gress to establish, and Congress did establish, a
patent and copyright monopoly for a limited term.
This is the one monopoly which is openly avowed,
and almost universally defended in this country,
on the ground that on the whole it makes for the
general welfare. It confers a sole right to “ make,
use and vend.”
There has been little difficulty
in enforcing the first of these words of grant, but in
the last twelve years there have been many attempts
to limit use and sale. Naturally, ownership im
plies and includes the right of selling, and that im
plies and includes the right to make any conditions
of sale which the seller exacts and the buyer accepts,
conditions which do not stop with the amount to
be paid but may include restrictions on use or re
sale. This is the apparent natural right, yet there
has been a long struggle and the tendency has been
on the whole, although with some concessions in
the other direction, to hold that sale of patented
articles must be without restrictions.
Naturally,
2163
and not unreasonably, owners of such articles have
striven to prevent price-cutting. Ten years ago,
the Supreme Court held that copyright owners
cannot control retail prices of books by printing
on them a notice that nobody was authorized to
sell under the published figure. In 1912 the
omitted question of the power of owners of patented
articles to keep some control over use and re-sale
came up in the Mimeograph case; a machine had
been sold, with a label attached setting forth that it
was licensed for use only with ink and other ma
terials supplied by the maker of the machine. The
Court, by four against three, decided that sale of
non-permitted material constituted a “ contribu
tory” infringement of patent. A year later the
Court swung over to the opposite ground, in the
Sanatogen case, holding, by five to four, that “ con
ditions” printed and attached to an article are in
effective; that when the patent owner has sold an
article he has sold it and has no further control.
But a remark in this decision hinted that a different
view might have been taken had a qualified sale
been shown by the evidence.
The Victor company promptly acted upon this
hint by attaching to their phonograph records a
printed notice that the article was not sold, but
merely licensed for use, on a “ royalty” which re
placed the usual selling price and was put under a
list of conditions, the dealer receiving merely power
to transfer this qualified right of use to others.
Three years ago, Judge Hand of the Federal Dis
trict Court dismissed the suit of this company
against M acy, but early in 1916 the Federal Cir
cuit Court of Appeals sustained it, holding the
arrangement not a sale outright or a restricted sale
“ or any sale at all.” Judge Lacombe did not see
why a patent owner “ may not give to one person
a more restricted right to use” than to another, or
may not “ dispose temporarily of the use and ulti
mately of the title” of a patented article. A year
ago the Supreme Court, with three dissenting,
overthrew this device as an attempt “ to sell prop
erty for its full price and yet to place restrictions
upon its further alienation, such as have been hate
ful from Lord Coke’s day to ours,” also calling it
“ in substance and in fact a mere price-fixing enter
prise:” The attempt, still not abandoned, to main
tain retail prices, must therefore follow other meth
ods.
The Shoe Machinery Company, however, did not
make any kind of sale, for it retained title and merely
leased the article for use, as gas meters and tele
phones are leased. As there is no field for trading
in such articles, leasing meets all commercial need.
This case is distinguishable from the latest (and
controlling) M acy case, for in that a conditional
selling was condemned and in this a conditional
leasing is sustained. Justices McKenna, Holmes
and Ven Deventer, the three dissentients in the
M acy-Victor case, are with the majority in this
later one.
Upon the attempt to obtain dissolution of the
Shoe Machinery Company the Court sustains the
lower court in refusing. “ The idea is repellent”
says Justice McKenna, “ that so complete an in
strumentality should be dismantled and its concen
tration and efficiency lost; the company indeed has
magnitude, but it is at once the result and cause
of efficiency, and the charge that it has been oppres
sively used is not sustained.” As to the agreement
2164
THE CHRONICLE
between the company and its constituent companies,
the majority are “ persuaded that the circular and
agreement were not intended or regarded to be the
avowal, as contended by the Government, of mo
nopoly achieved or to be achieved, but simply the
business expression and foresight of the advantages
which would result from the concentration in one
management of instrumentalities which, however
different, supplement one another in the creation
of a shoe.”
The sole reason and excuse for the patent monopoly
is that the public gains thereby more than it sur
renders. There is no room for questioning that,
and never less room than to-day. The public
interest clearly lies “ in the creation of a shoe.”
The lessee of machinery for its production will not
assent to conditions unprofitable to himself, and the
lessor will not stand in his own light by demanding
more than the other party can afford; the public
welfare may safely be left to be cared for by these two
negotiators who think only about their own.
Even better is the disposition shown by the highest
Court to react from the old folly that size and success
are prima facie evidence of wrong intent and wrong
ful acts; they are presumptive evidence of wise
planning and moving towards a lawful result in
which the consumer necessarily shares. Taxes and
purchases of bonds and donations to the Red Cross
and like organizations are not drawn from failure.
Quarrels and attacks and jealousies and forced
shattering of combinations which have industrially
proved themselves do not support a Government in
time of peace, and can but hinder it in time of war.
It will be fortunate if we can finally abandon the
idea of hostility to “ big business” without being
driven to do so by severe disciplining.
[V ol . 106.
Canadian wages for skilled workers in shipyards
average from $3 75 to $5 50 a day, with unskilled
from $2 75 to $3 75. These wages are somewhat
under the estimate of the President of the American
Shipbuilding Company for United States yards:
$5 80 and $3 20. The cost of labor represents
about 50% of the total expenditure on a steel ship.
The Dominion now has fourteen shipyards work
ing on steel vessels. The plan of the Minister of
Marine is to continue the building program over a
period of several years, devoting $30,000,000 to
$50,000,000 annually to the project. It is the hope
of the Government sponsors that the nation will
eventually possess a large fleet of steel ships to be
used for Dominion trade, a steel shipbuilding in
dustry of large proportions, and a body of skilled
workmen and seamen.
AMERICANS RESIDING IN CANADA MUST
PAY INCOME TAX IN BOTH COUNTRIES.
Ottawa, Canada, May 22 1918.
A curious tax condition which does not seem to
admit of remedy has been presented to the attention
of the Finance Department here, whereby hundreds
of prominent residents of Canada, often the heads
of big corporations, still retaining their American
citizenship, will pay a double income tax this June.
From this condition there is no appeal, both Govern
ments insisting upon a full levy.
At the same time,
it appears equally undesirable to most of the tax
payers affected that they should either quit their
business positions or renounce citizenship.
A theoretical case has been suggested where the
two national income taxes would leave a citizen
in a sorry corner. The Canadian tax exacts from a
$2,000,000 income a sum of $1,228,157 and the
United States tax $1,130,180. An American re
CONSTRUCTION OF WOODEN SHIPS IN
siding in Canada having an income of $2,000,000
CANADA TO BE DISCONTINUED.
could settle his double tax bill by borrowing from
Ottawa, Canada, May 24 1918.
his banker $358,337, in which case he would possibly
The Dominion Government has announced that prefer to stick to the land of his citizenship.
it will no longer foster or encourage the construction
of wooden ships, thus bringing to a standstill within
CANADA AND ABROGATION OF FRENCH
a few months a rapidly developing industry in the
TREATIES.
Province of British Columbia. This means that the
Ottawa, Canada, May 22 1918.
Government will concentrate its energies upon the
Word has reached Ottawa from Paris that the
building of steel ships as the basis of a public-owned
merchant fleet after the war and for immediate French Government intends to terminate all trade
service to the British Government through the treaties of France for the purpose of arranging new
Imperial Munitions Board.
The Government bases of commercial intercourse after the war.
frankly admits that shipbuilding at the present time According to this important news, on April 1 1919,
in Canada is a most costly undertaking that must be all of France’s fifty-two most favored nation trade
viewed from more than a commercial standpoint. agreementslwith other countries will cease. Canada
Indeed, so extremely high are Canadian figures on a has profited in a considerable degree by the widening
In 1913 we
completed steel ship that without Government of the avenues to the French market.
funds, few companies would have touched contracts shipped to France $2,357,000 worth of home prod
ucts; this rose in 1914 to $3,632,000 and with the
for vessels of substantial tonnage.
The average price paid by the United States export of war materials increased to $64,063,000 in
Emergency Fleet Corporation for steel ships is about 1917. Imports in the last mentioned year attained
'
$160 a ton. The Canadian price is understood to $6,400,000.
The French treaty, however, was not confined
be in the neighborhood of $200 a ton. The tonnage
price for steel plates in Canada is about $85, as to French products but was extended to the like
against the United States price of $65. On 250,000 products of twelve other countries accorded most
tons of steel ships the order for steel plates and sec favored nation treatment by Canada, as well as to
tions would be nearly 80,000 tons, on which the all British countries. Japan and Switzerland, of
discrepancy as between the two countries would be the non-British countries, have availed themselves
$20 a ton or $1,600,000. M any recent transactions of the closer contact with Canada in the most ex
in British ships have occurred on the basis of $80 tensive way. Embroideries, laces, velvets, silk
a ton, which makes a harsh contrast to the Canadian fabrics, ribbons and manufactures of silk have been
shipped to Canada in ever increasing quantities,
level of nearly $200.
2165
THE CHRONICLE
M ay 25 1918.]
F
o
s
rev
a
a
s
t
br
k n
c
r
Japan taking full advantage of shipping conditions Wroa nhca vw ab utiol tp COOe n tiless f o r a a iIlrcooau l da nh o 120e am iilegs doofwsn otfc o u r . m aWheinhea y ^
e
m
f r
d
d
w i hes
ve
b u i l t w a r e h o u s e s w h ic h I f a c o n t i n u o u s b u i l d in g w o u ld b o 2 5 0 m ile s l o n g .
to make hay while the sun of luck shone.
I p a u s e f o r a m i n u t e t o p a y a t r i b u t e t o G e n . P e r s h i n g . l i e is n o t o n l y a
Canadian importers have been much exercised m o s t c a p a b l e a n d e f f i c i e n t s o l d ie r , b u t h o t o o is a g e n t l e m a n o f t h e h i g h e s t
o
i
h
t
o
in t u t
r
by the possible consequences of a treaty abrogation toy fpi coe. r s .H o l ilia sh a r g a nidz etdh et h froouungd aotui o nF rf a n c teh s c h oi c tl s ro f w hsicrh cmi o ns t f osru roeuly
f
e
s la
or
e v
o y
u
c o m o t o t h o A l l ie s .
W e a ll l o o k f o r w a r d w it h c o n f i d e n c e t o t h a t v i c t o r y .
without a full twelve months’ notice, but there are
O u r p r e p a r a t i o n s in F r a n c e a r e a s c o m p l e t e a s h u m a n e n t e r p r is e a n d in
more than a few precedents to prove that the Can d u s t r y c a n m a k e t h e m . O u r w o r k in F r a n c e is a m o n u m e n t t o A m e r i c a n
adian Government would give consideration to im i n g e n u i t y a n d w o r k .
porters who in good faith have sold goods for future HOARDING OF SILVER IN IRELAND MADE CRIMINAL
OFFENSE.
delivery priced upon present tariff charges.
T h o issu a n c e o f a n O rd e r in C o u n c il m a k in g i t a crim in a l
Current
o ffe n s e u n d e r th o D e fe n s e o f th e R e a lm A c t to h o a r d silv e r
anti giscussious
in Ire la n d or to e x c h a n g e or o ffe r in e x c h a n g e th e ir fa c e
“ DEMOCRACY’SWORST e n e m y — t h e a p a t h e t i c
CITIZEN. ”
I n ou r issuo o f D o c . 8
1917
(p a g e 2 2 2 0 ) w o p rin te d an
artic le b y D a n ie l C h a u n c e y B r e w e r r e fle c tin g th e v ie w s o f
th o O rd or a n d L ib e r t y A llia n c e .
T h o o r g a n iz a tio n is a
s u b s id ia ry o f tlio N o r t h A m e r ic a n C iv ic L e a g u o fo r I m m i
g r a n ts , o f w h ic h M r . B r e w e r is P r e s id e n t, a n d w h ic h w as
o r g a n iz e d so le ly fo r p a tr io tic p u rp o se s.
I t w as M r . B r e w e r ’ s
p la n to fo llo w h is first artic le w ith o th e r s , b u t e a r ly in D e
c o m b e r th e
S ec ro ta ry o f W a r
ca lle d
h im
to W a s h in g t o n ,
w h ero ho h as sin ce b e e n a t w o rk d e v e lo p in g a n o rg a n iz a tio n
th r o u g h w h ic h th o D e p a r t m e n t c a n k ee p in to u c h w ith th o
fo re ig n -s p e a k in g sold ie r a n d
in fo r m
ca u so fo r w h ic h h e is fig h tin g .
h im
in re g a rd
to
th e
A se c o n d a r tic le , h o w e v e r,
v a lu e w a s a n n o u n c e d in D u b lin c a b le s o f M a y 2 1 .
BILL DESIGNED TO PLACE SPAIN ON GOLD BASIS.
Tho
p r e s e n ta tio n
of
a
b ill
in
th e
S p a n ish
P a r lia m e n t
b y th e F in a n c e M i n i s t r y , th e e ffe c t o f w h ic h , it is s a id , w ill
b e to p la c e S p a in o n a g o ld b a s is , w a s a n n o u n c e d in th e
ca b le s fr o m M a d r i d o n M a y 2 2 .
T h e p ro v isio n s o f th e b ill
are re p o r te d in th e ca b le s as fo llo w s :
I t p r o v i d e s t h a t s i lv e r s h a ll n o t b o le g a l t e n d e r in a m o u n t s o f m o r e t h a n
50 p o so ta s, e x c e p t fo r p a y m e n ts t o th o G o v e rn m e n t.
U n t il f a c il i t i e s h a v e
b e e n p r o v i d e d f o r m in t i n g t h e r e q u i r e d a m o u n t o f g o l d , f o r e i g n g o l d c o in s
w ill h a v e c u r r e n c y in S p a in , t h e i r v a l u e in p e s e t a s b e i n g s t a m p e d o n t h e m .
T h o b ill p r o v i d e s t h a t p a p e r c u r r e n c y o f t h e d e n o m i n a t i o n o f 2 5 p e s e t a s
sh a ll b o w it h d r a w n f r o m c ir c u l a t i o n a f t e r J a n . 1 n e x t .
T h o G ov ern m en t
w ill b o a u t h o r i z e d t o r e d e e m e x t e r io r lo a n s , w h o ll y o r in p a r t , is s u in g a n
n tc r n a l lo a n , i f n e c e s s a r y , t o o b t a in fu n d s fo r t h o o p e r a t io n .
h a s ju s t b e e n p re p a re d b y M r . B r e w e r u n d e r th e ca p tio n
“ D em o cra cy ’s
W orst
E nem y— Tho
A p a th e tic
C i t i z e n ,”
a n d w o q u o te th e r e fro m th e fo llo w in g :
I t w a s n o t P h il ip w h o d e s t r o y e d G r e e k l i b e r t y .
I t w a s t h o s u p e r f ic i a l
o b s e r v e r — t h o a p a t h e t i c c it i z e n .
I t w a s n o t im p e r i a l i s m o r t h o H u n t h a t
b r o u g h t H o m o t o it s k n e e s — i t w a s t h o c it i z e n w i t h n o s e n s o o f r e s p o n
CANADIAN “ VICTORY LOAN” DEFINITIVE CERTIFI
CATES BEING EXCHANGED FOR INTERIM CER
TIFICATES— JUNE INTEREST PAYMENT.
D e f in it iv e c e rtific a te s are n o w b e in g e x c h a n g e d , a c c o rd in g
s i b il i t y .
I t w ill n o t b o P r u s s ia n is m o r t h e B o l s h e v i k ! t h a t w il l o u t g e n e r a l t h o
U n it e d S t a t e s in t h o p r e s e n t e r a , b u t t h o m e n a n d w o m e n w h o f a il t o a c t ,
n o t w it h s t a n d i n g t h o c o n v i c t i o n t h a t G o d ’ s la w is s t r u g g l in g m ig h t il y f o r
to th o “ F in a n c ia l T im e s ” o f M o n t r e a l, fo r C a n a d ia n “ V ic
r e c o g n i t i o n in t h is a g o o f a g e s .
“ T h o u g h a l l , " s a id D e m o s t h e n e s in h is T h i r d P h i l i p p i c ,
are rea d y to
a c k n o w l e d g e t h a t w o s h o u l d o x e r t o u r e f f o r t s t o c h a s t i z e t h o i n s o le n c e o f
P h ilip
y e t t o s u c h c ir c u m s t a n c e s a r o y o u r e d u c e d b y y o u r s u p in e n e s s
t h a t h a d w o a ll a g r e e d t o e m b r a c e s u c h m e a s u r e s a s w o u ld m o s t e f f e c t u a l l y
r u in o u r a f fa ir s , t h e y c o u l d n o t l ia v o b e e n m o r e d is t r e s s e d t h a n a t p r e s e n t .”
S h o c k in g l y d o c s h i s t o r y r e p e a t it s e lf .
T h o p i t y o f it is t h a t t h o n a t io n
w h ic h fa lls a v i c t i m t o its o w n la s s it u d e w a t c h e s t h o a p p r o a c h in g d o o m lik e
o n e in a n i g h t m a r e .
A t h e n s d i d n o t m o r o c le a r l y fo r e s c o it s r u in u n le s s
i t s h o o k o f f it s ia n g o r t h a n d o t h o p e o p l e o f t h e U n it e d S t a t e s p e r c e iv e
t h e i m m i n e n t lo s s o f t h e ir lib e r t ie s u n le s s t h o m a j o r i t y o f t h e m s t ir t h e m
sistin g in th e w o r k .
T h e firs t h a lf-y e a r ly in te r e s t p a y m e n t o n
yz% ,
fa lls d u e o n J u n e 1 , a n d w ill re p re se n t a n
s e l v e s m ig h t il y .
T h is t h o y a r o c o m m e n c i n g t o d o .
G o l d is p o u r i n g i n t o t h o T r e a s u r y
in a s h in in g c a s c a d o , a n d a r m ie s a r o m o v i n g a c r o s s s e a s .
I t is a g o o d s ig n
a n d it s t ir s t h o b l o o d o f t h o s u p e r f ic ia l o b s e r v e r .
I f i t r o u s e s h im t o a c t i o n , t h o J u n k e r s h a d b e t t e r o n g a r d o .
A m an
h a n d li n g a u t o c r a c y is a p r o d i g i o u s f o r c e , b u t t h e r e is n o p l a c e f o r i t w h e n a
f r e o p e o p l e b e c o m o s o u n i f ie d u n d e r t h e i r o w n la w s t h a t t h e y c a n e x p r e s s
t h e ir w ill in a c t io n .
T h a t is O r d e r e d L i b e r t y .
T h a t is G o d s p e a k i n g
a n d a c t in g t h r o u g h h u m a n in s t it u t i o n s .
I le f o r o s u c h a d e m o n s t r a t io n t h e B o l s h e v i k ! w ill c r e e p i n t o t h e ir b u r r o w s ,
a n d P r u s s ia n is m w ill s e n s o t h o m e a n i n g o f t h o a n c i e n t p h r a s e : “ I t is a
f e a r fu l t il i n g t o fa ll i n t o t h o h a n d s o f t h o l iv i n g G o d . ”
FRENCH MILITARY APPROPRIATION BILL.
T h o F re n c h G o v e r n m e n t’ s a p p ro p r ia tio n b ill fo r m ilita r y
e x p en se s fo r th o th ird q u a rte r o f th o fiscal y e a r a n d fo r o x c o p tio n a l re q u ire m en ts for th e civ il se rv ico , w a s in tro d u ce d in
th e C h a m b o r o f D e p u tie s o n M a y
M in is to r o f F in a n c o .
17 b y
Louis
K l o t z , th o
T h o b ill p ro v id e s fo r a n a p p ro p ria tio n
o f 1 0 ,0 9 8 ,0 0 0 ,0 0 0 fr a n c s , a n in crease o v e r th o cu rre n t q u a r
te r o f 4 3 6 ,0 0 0 ,0 0 0 .
said
to r y L o a n ” in te r im c e rtific a te s .
th o lo a n o f 2
im p o r ta n t fin a n c ia l tr a n s a c tio n .
to tho need for fu n d s fo r a d d itio n a l p a y o f sold iors w h o
w ill, it is s a id , a m o u n t to $ 1 5 ,4 0 0 ,0 0 0 .
LOAN ADVANCED TO CHINA BY JAPAN.
O n M a y 9 A s s o c ia te d P re ss a d v ic e s w ere re c e iv e d in th e
U n it e d S ta te s fr o m P e k in g u n d e r d a te o f M a y 3 a n n o u n c in g
th o c lo sin g o f a lo a n o f 2 0 ,0 0 0 ,0 0 0 y e n a d v a n c e d b y J a p a n
to C h in a .
w a y , Is r e p o r t e d t o h a v e b e e n c o n c l u d e d .
T h o n e w s p a p e r s a r e fu ll o f s e n s a t io n a l g o s s ip c o n c e r n in g t h o O h in c s e J a p a n e s e n e g o t i a t io n s , w h ic h a r e d e c l a r e d o p e n l y t o b o t h e m e a n s o f
J a p a n e s o d o m i n a t io n in e v e r y s p h e r e a n d t h e s e llin g o u t o f C h in a f o r m il i
t a r y a n d f in a n c ia l a s s is t a n c e .
T h e re seem s t o b o an a g reem en t on b o th
s id e s t o g u a r d t h o n e g o t i a t io n s w it h s e c r e c y .
N e it h e r t h o f o r e i g n le g a
t io n s n o r t h o p r e s s Is a b l e t o le a r n a n y t h i n g d e f in it e .
T h e n e g o t i a t in s a r e
b e i n g c a r r ie d o n a p p a r e n t ly b y t h e m il i t a r y a n d n a v a l c o m m i s s i o n s , h e a d e d
b y G e n e r a ls S a t o a n d C h in Y u n - P e n g . w it h t h e c o - o p e r a t i o n o f t h o F o r
e ig n O f f i c e a n d t h e C h in e s e L e g a t i o n .
T h o f o r o i g n d i p l o m a t s a r e s a id t o l o o k u n f a v o r a b l y u p o n a n y a t t e m p t s
at secrecy.
C h in e s e p u b l i c o p i n i o n Ls d e c i d e d l y o p p o s e d t o s e c r e c y .
P ro
tests b y cen tra l a n d s o u th e rn g o v e r n o r s a n d ch a m b e rs o f c o m m e r c o are
s a id t o l ia v o c a u s e d a t e m p o r a r y h i t c h In t h o p o u r p a r l e r s .
T h i s is a ls o
sa id t o a c c o u n t f o r t h e v i s it o f B a r o n I l a y a s h i , t h e J a p a n e s o M in i s t e r , t o
th o Y a n g ts e p ro v in c e s .
ta x lov ied in F ra n c o o n lu x u rie s p ro d u c o d
n o a rly 1 5 ,0 0 0 ,0 0 0 fra n cs in th o first m o n th d u rin g w h ich it
T h o M in is t r y o f F in a n c e w a s said o n M a y 1 5 to
s a tisfa c tio n
over
th is
ou tco m e,
a s it w a s
a c h ie v e d d esp ito th o fa c t th a t m a n y p erson s a n tic ip a te d p a y
m e n ts fo r g o o d s in ordor to a v o id th o t a x , w h ile m a n y oth ers
p o s tp o n e d p a y m e n t s , h o p in g th a t th o ta x w o u ld bo ro p e a le d ,
as tlioro h as boon co n sid erab le a g ita tio n a g a in st i t .
RAIL CONSTRUCTION IN FRANCE ACCOMPLISHED
BY U. S.
In
in d ic a tin g
_____________________
TEXT OF DECREE NULLIFYING RUSSIA'S DEBTS.
T h e fo llo w in g te x t o f th e decree a d o p t e d b y th e C e n tr a l
YIELD OF FRENCH LUXURY TAX IN FIRST MONTH.
lia v o expressed
W o q u o te th e d is p a tc h h e re w ith :
A l o a n o f 2 0 , 0 0 0 . 0 0 0 y e n . s e c u r e d b y C h in e s e t e le g r a p h r e v e n u e s , h a s
b e e n c lo s e d w it h J a p a n e s e b a n k e r s , a n d t h e f ir s t i n s t a llm e n t s a r e a r r iv in g .
A n a d d it i o n a l lo a n o f $ 2 0 ,0 0 0 ,0 0 0 , s e c u r e d b y t h e T s i n a n - S h u n t e h R a i l
E x e c u tiv e
w a s in fo r c e .
A llo w in g fo r th e c o n v e r
sio n o f 8 1 6 0 ,0 0 0 ,0 0 0 o f o ld b o n d s , th e J u n e c o u p o n p a y m e n t
A p o r tio n o f th o increaso is d u o , it is
re co ivo d a n e x tr a a llo w a n c e fo r w o u n d s .
T h o now 1 0 %
B a n k s a n d o th e r in s titu
tio n s w h ic h re ce iv e d su b sc rip tio n s in th o c a m p a ig n are a s
th o w o rk
d o n e in F ra n c o b y
th e U n it e d
S ta te s in tho w a y o f ra ilro a d c o n str u c tio n a n d w a re h o u se
b u ild in g , S e c ro ta ry o f W a r
N e w to n
D . B aker,
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d ress a t B a ltim o r e o n A p r il 2 9 s a id :
I n a d d i t i o n t o d r e d g i n g , b u i l d in g o f g r e a t d o c k s a n d w a r e h o u s e s w o l ia v o
s u p p l i e d t r o o p s a s r a p i d l y a s p o s s i b le .
O n e o f th o o b je c ts o f m y g o in g t o
C o m m it t e e
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S o v ie t
re p u d ia tin g
R u s s ia ’ s
n a tio n a l d e b t , r e c e n tly b e c a m e a v a ila b le in L o n d o n th r o u g h
R u s s ia n p a p ers a rriv in g th e r e , a n d is g iv e n as fo llo w s :
1.
A l l S t a t o lo a n s c o n c l u d e d b y t h e G o v e r n m e n t s o f t h o R u s s i a n la n d
l o r d s a n d R u s s i a n b o u r g e o i s e , e n u m e r a t e d in a s p e c ia l l is t , a r o h e r e b y
r e p u d i a t e d a s f r o m D e c . 14 1 9 1 7 .
T h e D e c e m b e r c o u p o n s o f t h e s e lo a n s
a ro n o t p a id .
2.
I n t h o s a m e w a y a r o a ll t h o g u a r a n t e e s r e p u d i a t e d w h ic h t h o s a id
g o v e r n m e n t s g a v e t o lo a n s o f v a r i o u s c o n c e r n s a n d b o d i e s .
3.
A ll f o r e i g n l o a n s , w i t h o u t e x c e p t i o n , a r o a b s o l u t e l y r e p u d i a t e d .
4 ! S h o r t - t e r m lia b il i t i e s a n d T r e a s u r y b o n d s r e m a in in f o r c e .
In terest
o n t h e m is n o t p a i d , b u t t h o b o n d s t h e m s e lv e s h a v o a c u r r e n c y a l o n g w i t h
c r o d it n o t e s .
5.
P o o r e r c it i z e n s w h o h o l d S t a t e b o n d s o f in t e r n a l lo a n s t o a n a m o u n t
o f ' n o t m o r o t h a n 1 0 ,0 0 0 r u b le s n o m i n a l r o c c i v o in e x c h a n g e c e r t i f i c a t e s
m a d o o u t In t h e i r n a m e s , o f a n e w lo a n o f t h o R u s s ia n S o c i a l is t F e d e r a l
S o v i e t R e p u b l i c t o a n a m o u n t n o t e x c e e d i n g 1 0 ,0 0 0 r u b l e s .
T h o te rm s
o f t h o lo a n w ill b o f i x e d l a t e r o n .
0.
D e p o s i t s a t t h e S t a t o s a v in g s b a n k s a n d i n t e r e s t o n t h e m r e m a in
in ta c t.
A ll d e b e n t u r e s o f t h o a n n u lle d lo a n s w h ic h b e l o n g t o t h e s a v i n g s
b a n k s a r o r e p l a c e d b y a b o o k d e b t o n t h e p a r t o f t h o R u s s i a n S o c i a l is t
F e d e ra l S o v ie t R e p u b lic .
7.
O o - o p e r a t i v e o r g a n i z a t io n s , l o c a l g o v e r n m e n t b o d i e s , a n d o t h e r
d e m o c r a t i c i n s t it u t i o n s o f c o m m o n u t i l i t y h o l d i n g d e b e n t u r e s o f t h e r e -
[V ol . 106
THE CHRONICLE
p u d i a t e d lo a n s a r e t o b o g i v e n c e r t i f i c a t e s in a c c o r d a n c e w i t h r u le s t o b e
d r a w n u p b y t h e S u p r e m e E c o n o m i c C o u n c il in c o n j u n c t i o n w i t h r o r .r o •
s o n t a t i v e s o f t h e s o b o d i e s , w h ic h m u s t p r o v e t h a t t h e d e b e n t u r e s w o r e
a c q u ir e d b y th e m p r e v io u s t o t h e p u b lic a t io n o f t h o p r e s e n t d e c r e o .
Note .—
T h e l o c a l o r g a n s o f t h e S u p r e m e E c o n o m i c C o u n c il h a v e t o d o t e r m in o
w h ic h o f t h o lo ca l b o d ie s c a n b o r e g a r d e d as d e m o c r a t ic o r o f c o m m o n
u t ilit y .
8 . T h o g e n e r a l d i r e c t i o n o f t h e l iq u id a t i o n o f t h e S t a t o lo a n s is e n
tr u s te d t o t h o S u p re m e E c o n o m ic C o u n c il.
9.
T h o w o r k In c o n n e c t i o n w i t h t h e l iq u id a t i o n o f t h o l o a n s is e n t r u s t e d
t o t h o S t a t e b a n k , w h ic h s h a ll i m m e d i a t e l y b e g i n t h o r e g i s t r a t i o n o f a ll t h o
d e b e n t u r e s o f S t a t o lo a n s a n d o t h e r I n t e r e s t - b e a r i n g p a p e r s in t h e h a n d s
o f v a r io u s h o ld e r s , w h ic h m a y o r m a y n o t b o s u b je c t t o in v a lid a t io n .
10.
T h o S o v i e t s , in a g r e e m e n t w i t h t h o l o c a l e c o n o m i c c o u n c i l s , a p p o i n t
c o m m i t t e e s t o d e t e r m in e w h a t c i t i z e n s a r o t o b o r e g a r d e d a s p o o r .
T h eso
c o m m i t t e e s h a v e t h o r i g h t t o a n n u l a ll s a v i n g s n o t a c q u i r e d b y p e r s o n a l
l a b o r , o v e n i f t h e y d o n o t e x c e e d t h o s u m o f 5 ,0 0 0 r u b l e s .
GERMAN INFLUENCE IN RUSSIA CAUSING FORCED
SALE OF FINANCIAL AND OTHER PROPERTIES.
T lio
s e llin g
of
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p r o p e r ty
of
R u s s ia n
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and
fin an c ial c o rp o ra tio n s to e scap e th re a te n e d ru in b e c a u so
of
G e r m a n in flu e n c e a n d co n tr o l w a s ro p o rte d in th o fo llo w in g
c a b le g ra m s
M a y 16:
to
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S to c k h o lm
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of
T h e c h a o t i c e c o n o m i c c o n d i t i o n s in R u s s i a a r o b e i n g u t i l i z e d t o t h o f u l
b y G e r m a n y f o r i n c r e a s in g G e r m a n i n f l u e n c e a n d c o n t r o l o v e r R u s s ia n
in d u s t r ia l a n d fin a n c ia l i n s t i t u t i o n s .
R u s s ia n c a p i t a li s t s a n d c o r p o r a t i o n s ,
t h r e a t e n e d w it h r u in , s e e n o e s c a p e e x c e p t t o se ll t h e i r p r o p e r t y t o G e r m a n y .
T r a n s a c t i o n s o f t h i s n a t u r e a r e b e i n g c a r r ie d o u t t h r o u g h M . F u r s t e n b e r g ,
k n o w n a ls o a s M . G e n e t s k y , f o r e i g n fin a n c ia l a d v i s e r o f t h e B o l s h e v i s t
G o v e r n m e n t , w h o is in S t o c k h o l m , w i t h v a r i o u s a s s o c ia t e s .
F rom S tock h o l n s p e c i a l m e s s e n g e r s a r o s e n t i n t o R u s s i a u n d e r G e r m a n p r o t e c t i o n in
fu r th e r a n c e o f th is w o r k .
T h o m e s s e n g e rs b r in g b a c k t h o a c tu a l s t o c k
c e r t i f i c a t e s a n d o t h e r s e c u r it i e s .
T h o m a i n o b j e c t o f t h o G e r m a n e f f o r t is t o o b t a i n c o n t r o l o f t h e R u s s ia n
m i nos a n d m o ta l in d u s tr y , Ie a th o r a n d b a n k s .
T h o R u s s i a n s a r o s e llin g
o u t a t p a n ic p r ic e s .
On M ay
1 7 p ress d isp a tc h e s fr o m W a s h in g t o n s a id :
H o w G e r m a n y Is p u r s u in g v i g o r o u s l y h e r p o l i c y o f c o m m e r c i a l p e n e t r a
t io n in R u s s i a is f u r t h e r d e s c r ib e d in o f f i c i a l d i s p a t c h e s t o - d a y , w h ic h s a y
a ll s o r t s o f fin a n c ia l c o n c e r n s , b a n k s , c o r p o r a t i o n s a n d m a n u f a c t u r in g
e n t e r p r is e s w e r e b e i n g b o u g h t u p .
T h o d i s p a t c h e s a d d t h a t m a n y R u s s i a n s f r a n k l y d i s li k e t o s e o G e r m a n
i n f l u e n c e d e v e l o p i n g t o s u c h a n e x t e n t , a n d w o u l d b o g l a d i f A l l ie d a n d
A m e r i c a n c a p i t a l c o u l d b o u s e d t o f o r e s t a l l t h o P r u s s ia n a g g r e s s i o n .
FINANCING OF IMPERIAL BANK OF GERMANY.
T h e fo llo w in g w ith re g a rd to th e Im p e r ia l B a n k o f G e r
r e la t i n g t o c h e c k s .
O w i n g t o t h o w id e d i v e r s i t y o f p r a c t i c e In d i f f e r e n t s e c
t io n s o f t h o c o n t i n e n t , t h o d i f f i c u l t y o f s e c u r in g u n i f o r m i t y o f le g is la t io n
r e la t i n g t o c h e c k s Is c o n s i d e r a b l y g r e a t e r t h a n in t h o m a t t e r o f n o t e s a n d
b i lls o f e x c h a n g e .
T h e r e p o r t ju s t is s u e d b y t h e C e n t r a l E x e c u t i v e C o u n c i l
o f t h o I n t e r n a t io n a l H ig h C o m m i s s io n Is t h e f ir s t s t e p in t h o d i f f i c u l t
p r o c e s s o f s e c u r in g g r e a t e r u n i f o r m i t y o f la w a n d p r a c t ic o .
A f t e r a c a r e fu l a n a ly s is o f e x i s t i n g le g is l a t i o n , a n d s t u d y o f t h e d e v e l o p
m e n t o f t h o p r o p o s e d I l a g u o r u le s o n c h e c k s ( 1 9 1 2 ) , t h e C o u n c il h a s c o m e
t o t h e c o n c lu s io n t h a t o f a ll t h o i n s t r u m e n t a lit ie s o f in t e r n a t io n a l c o m m e r c e
t h o l e g is la t io n in r e g a r d t o c h o c k s s t a n d s In g r e a t e s t n e e d o f a r o v i s i o n t o w a r d
g r e a te r u n ifo r m it y a m o n g th e A m e r ic a n R e p u b lic s .
T h e r e p o r t , w h ic h is is s u e d in t h o S p a n is h la n g u a g o , d e a ls w i t h t h e f o l l o w
in g t o p ics :
I . T h o th e o r y o f th e c h e c k .
I I . M a t e r i a l c o n c e r n in g t h e h i s t o r y a n d p r e s e n t i m p o r t a n c e o f t h e c h e c k .
I I I . T h e c h e c k a t T h o H a g u e c o n f e r e n c e o n b ills o f e x c h a n g e .
I V . T h e q u e s t i o n n a i r e c ir c u l a t e d b y t h o G o v e r n m e n t o f t h e N e t h e r
la n d s c o n c e r n in g t h e c h e c k ( 1 9 1 2 ) .
V . T h e d i s c u s s io n s o f t h o c e n t r a l c o m m i t t e e o f T h o H a g u o c o n f e r e n c e
u p o n t h e r u le s t o g o v e r n t h e c h e c k .
V I . T h e p r e l im i n a r y r e s o lu t i o n s o f T h o H a g u e c o n f e r e n c e o n t h o la w o f
ch e ck s (1 9 1 2 ).
V I I . T h o c h e c k in t h o le g is l a t i o n o f A m e r i c a n R e p u b l i c s .
V I I I . A p p e n d ix :
A . T h e p r i n c ip l e s o f c h e c k l e g is l a t i o n , b y D r . O c t a v i o M o r a t o .
B . P r o j e c t o f a u n i f o r m la w o n c h e c k s , b y D r . O c t a v i o M o r a t o .
A n e l e m e n t a r y a n d d e t a i le d e x a m i n a t i o n o f t h o h i s t o r y , k i n d s a n d p r e s e n t
u s e s o f c h e c k s w a s f e l t t o b o d e s ir a b le in L a t i n A m e r i c a , in v i e w o f t h o s lig h t
a c q u a i n t a n c e w it h t h is n e g o t i a b l e in s t r u m e n t s o u t s i d o o f o n o o r t w o la r g o
c o m m e r c i a l c o u n t r ie s .
T h e s t u d ie s b y D r . M o r a t o , w h o is p r o f e s s o r a t t h o U n iv e r s i t y o f M o n t e
v i d e o a n d a n a c t i v e m e m b e r o f t h o C o m m i s s i o n , w e r e e s p e c i a ll y p r e p a r e d
f o r t h o C o u n c il .
T h o u n i f o r m i t y o f l a w a n d p r a c t i c e w it h r e fe r e n c e t o c h o c k s is o n e o f t h o
i m p o r t a n t q u e s t i o n s in t h o p r o g r a m o f t h o I n t e r n a t io n a l H ig h C o m m i s s io n ,
a n d i t is c o n f i d e n t l y o x p e c t o d t h a t It w ill s o o n b o p o s s i b lo t o r e c o r d f u r t h e r
d e f in it e s t e p s t o w a r d t h o a t t a i n m e n t o f t h is p u r p o s e .
AUSTRIA'S FINANCIAL SITUATION.
The
fo llo w in g
c o n ce rn in g
tho
ap p ro h o n sio n
c r e a te d
A u s t r ia ’s fin a n c ia l s itu a tio n w a s re c e iv e d fr o m
by
L o n d o n on
M a y 1 0 in A s s o c ia te d P ro ss d is p a tc h e s :
V i e n n a n e w s p a p e r s r e p r e s e n t t h o f in a n c ia l a s w e ll a s t h o p o l it i c a l s i t u a
t io n in A u s t r i a a s b e i n g m o s t d e s p e r a t o , s a y a Z u r ic h d i s p a t c h t o t h o “ M o r n
in g P o s t .”
T h e R c i c h s r a t h , j u s t b e f o r o it s a d j o u r n m e n t , h a d it s a t t e n t io n
c a l le d a l m o s t p e r e m p t o r il y t o t h o E i n p i r o ’s f in a n c e s .
T h e c o m m it t e e fo r th o c o n t r o l o f th o n a tio n a l d e b t r o p o r te d t o th e lo w e r
h o u s e t h a t n o t o n l y t h o l a r g o in d e b t e d n e s s o f t h e S t a t e s t o t h o A u s t r o H u n g a r ia n B a n k , b u t t h o f r e q u e n t u s o m a d o b y t h o A d m i n i s t r a t i o n o f t h e
n o t e - is s u i n g b a n k , c o u l d n o t b u t a r o u s e t h e g r a v e s t a p p r e h o t is io n f r o m
f in a n c ia l a n d e c o n o m i c s t a n d p o i n t s .
T h e in d e b te d n e s s t o th o n o t e b a n k
Is n o w 1 ,5 0 0 ,0 0 0 ,0 0 0 k r o n e r , a n d t h o n o t e s in c ir c u l a t i o n h a v o in c r e a s e d
c o r r e s p o n d i n g ly .
T h o c o m m i t t e o c o m p la in e d t h a t , d e s p i t o w a r n in g s f r o m
m il i t a r y a u t h o r i t ie s s q u a n d e r e d m o n e y r e c k le s s l y .
P a rlia m e n t, th o
m a n y , in w h ic h th e p r o fits sin ce 1 9 1 5 are d e a lt w ith , w as
p u b lish e d in th e N e w
Y ork
“ T r ib u n e ”
of M a y
1 4 , b e in g
cr e d ite d to its F o r e ig n P ro ss B u r e a u .
T h o G e r m a n I m p e r ia l B a n k in i t s a n n u a l r e v i o w o f G e r m a n y ’s e c o n o m i c
s i t u a t io n , i s s u e d a f e w d a y s a g o , a s s e r t e d t h a t In 1 9 1 7 t h o r o w a s a c o n s i d e r
a b l e b o t t e r m e n t in G e r m a n f in a n c ia l a n d e c o n o m i c c o n d i t i o n s .
T ho fi
n a n c e s o f t h o I m p e r ia l B a n k a ls o a r o s a i d t o h a v e i m p r o v e d .
F o llo w in g
are s o m e p assages fro m th o sta te m e n t:
“ D u r i n g t h o y e a r 1 9 1 7 G e r m a n y 's e c o n o m i c l if e k e p t p a c o w i t h t h e d e
m a n d s o f th o w a r , a lth o u g h it m u s t b o a d m it te d th a t th e ro w o re s o m o d i f f i
c u l t i e s in t h e p r o d u c t i o n a n d d i s t r i b u t i o n o f g o o d s .
T h o s p i r it o f s a c r if i c e
o f t h e G e r m a n p o p u l a t i o n p r o v i d e d f o r t h o n a v y , a r m y a n d t h o F a t h e r la n d
a n d m a d e p o s s i b lo t h o d i s t r i b u t i o n o f r a w m a t e r ia ls a n d g o o d s .
T h o p ro
d u c t i o n o f s t e o l a n d c o a l r o s e a g a in .
T h o c o a l p r o d u c t io n a lm o s t c a m e n e a r
t o t h o p r o d u c t i o n o f p e a c e t im e s ; t h o p r o d u c t i o n o f b r o w n c o a l r o s o h ig h e r
t h a n it h a d b e e n in 1 9 1 3 .
L i k e w is o , t h e i n c o m o s o f t h o r a ilr o a d s f r o m
f r e i g h t t r a n s p o r t a t io n i n c r e a s e d .
T h o la b o r c o n d it io n s h a v o im p r o v e d
a g a in .
T h o r o .are a l m o s t n o p e o p l o o u t o f w o r k .
T h e d e m a n d fo r la b o r
c a n n o lo n g e r b o s a tis fie d o v e n b y th o e m p lo y m e n t o f w o m e n .
“ F e w c h a n g e s h a v o t a k o n p l a c o in t h e c o n d i t i o n o f t h e G e r m a n m o n e y
m a r k e t a n d o f t h o I m p e r ia l B a n k ; b o t h h a v o b o o n a b l o t o s a t i s f y t h o n e e d s o f
th o co u n try .
T h o c ir c u l a t i o n in t h o m o n e y m a r k e t w a s g r e a t l y a i d o d b y
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m er years.
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p e r ia l B a n k w a s u n c h a n g e d f r o m w h a t i t h a d b e e n o n D o c . 2 3 1 9 1 4 , 5 % . ”
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m a r k s , a g a in s t 3 2 4 ,6 0 9 ,6 0 0 m a r k s in 1 9 1 6 a n d 2 7 3 ,1 4 4 ,9 2 9 m a r k s in 1 9 1 5 ,
a c c o r d in g t o th o s ta te m e n t.
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m arks.
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a g a in s t d i v i d e n d s o f 8 .6 8 , 8 . 9 7 , 1 0 .2 4 a n d 8 . 4 3 % in 1 9 1 3 , 1 9 1 4 , 1 9 1 5 a n d
1916.
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1 9 1 7 t o 2 ,5 0 6 , 0 0 0 , 0 0 0 m a r k s , a n d in D e c e m b e r t o 2 , 4 6 0 , 0 0 0 , 0 0 0 m a r k s .
WAR SERVICE CHECKS FOR SOLDIERS ARRANGED FOR
BY NEW YORK TRUST COMPANIES.
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t h o c o m p a n i e s m o n t io n e d a b o v o , a n d a t t h o L o n d o n o f f i c o o f t h o I n t e r n a
t io n a l B a n k i n g C o r p o r a t i o n , w h ic h is a ls o a G o v e r n m e n t d e p o s i t a r y In
L o n d o n , a n d a t th o n u m erou s b ra n ch e s th r o u g h o u t F ra n co o f t h e B a n k o f
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t h o S o c i o t o G o n e r a lo p . f .
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T h o s t a m p t a x i m p o s e d b y F r a n c o w ill
b o p a id b y t h e t r u s t c o m p a n i e s , s o t h a t t h o c h o c k s w ill b e c a s h e d a t t h e ir
fu ll f a c e v a l u o .
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fra n c s e a ch .
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INTERNATIONAL HIGH COMMISSION ON NEED OF
CHECK LEGISLATION IN AMERICAN REPUBLICS.
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a m o n g th e A m e r ic a n R e p u b lic s .
T h o s ta te m e n t fo llo w s :
T h o C e n t r a l E x e c u t i v e C o u n c i l o f t h o I n t e r n a t io n a l H ig h C o m m i s s io n ,
o f w h ic h S e c r e t a r y M c A d o o is C h a ir m a n , h a s d u r i n g r e c o n t m o n t h s b e e n
d e v o t i n g s p e c i a l a t t e n t io n t o s e c u r in g g r e a t e r u n i f o r m i t y In t h o c o m m e r c i a l
le g is l a t i o n o f t h o R e p u b l i c s o f A m e r i c a .
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t r a t e d o n t h o la w r e la t i n g t o n o t e s a n d b ills o f e x h e a n g o , c o n c e r n in g w h ic h
a n e x t e n s i v e r e p o r t w a s p u b li s h e d a s h o r t t im o a g o .
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s e c t io n s o f t h e I n t e r n a t io n a l H ig h C o m m i s s io n .
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b o u g h t a t th o m o s t f a v o r a b lo r a to o f o x c h a n g o a t th o tim o o f th o p u r c h a s e ,
t h u s p r o t e c t i n g t h o s o l d ie r a g a in s t t h o s o w h o w o u ld m a k o a p r o f i t , t h r o u g h
t h o d i ff e r e n c e in c x c h a n g o r a l e s , in c a s h i n g o r d i n a r y c h e c k s o n t h o o t h e r
s id o .
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b le fo r a n y b u t th o a u th o r iz e d h o ld e r o f th o c h o c k t o c a s h it .
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b a n k s m o n t io n e d m a in t a in n u m e r o u s b r a n c h e s t h r o u g h F r a n c o , w h i c h
m e a n s t h a t th o c h o c k s a ro a v a ila b lo a t p r a c t ic a lly a n y c it y w h o ro th o s o l
d i e r m a y b o s t a t io n e d o r v i s i t .
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c o n v e n i e n t a n d e c o n o m ic a l f in a n c ia l a r r a n g e m e n t , a l t h o u g h h o m a y n o t
h a v o s u f f i c ie n t f u n d s t o o p e n a b a n k a c c o u n t f o r h is u s o a b r o a d .
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e r n m e n t 's s t a n d p o i n t , in a s m u c h a s It r e d u c o s t h o a m o u n t o f a c t u a l c u r r e n c y
t a k o n a b r o a d , a n d Is a m o a s u r o o f e c o n o m y a n d f in a n c ia l p r o t e c t i o n f o r t h o
s o ld ie r s in F r a n c o .
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c a m p s f o r t h o c o n v e n i e n c e o f t h o s o l d ie r s .
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iz e d a n d Is f u r n ls h o d t o t h o s o ld ie r s a t c o s t , a n d t h o e x p e n s e s o f d i s t r i b u t i o n
w ill b o b o r n o b y t h o t r u s t c o m p a n l o s .
TREASURY DEPARTMENT PLANS TO MAKE NO IM
MEDIATE WITHDRAWALS OF INCOME TAXES
DEPOSITED WITH BANKS.
A l l t h a t is n e c e s s a r y t o r e n d e r t h o in s u r a n c e b i n d i n g f r o m t h o t im o o f
d e l i v e r y o f t h o p a c k a g e t o t h e p o s t o f f i c e is t o r e g is t e r t h e p a c k a g e , a d
d r e s s e d t o t h is b a n k , a n d s e n d u s b y m a il o n t h e s a m o d a y , u n d e r s e p a r a t e
c o v e r , a d v i c e o f s h i p m e n t , s t a t in g t h e a m o u n t a n d r e q u e s t i n g u s t o in s u r e
o u r p o l ic i e s .
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T h e fo llo w in g , in w h ic h it is ro p o rte d th a t arra n g e m e n ts
are u n d e r w a y b y th e T r e a s u r y D e p a r tm e n t w h e r e b y there
is to b o n o im m e d ia te w ith d ra w a ls fr o m th e b a n k s o f m o n e y
w ith th e p a y m e n t o f in c o m o a n d excess p ro fits ta x e s o n J u n e
1 5 , ap p ea re d in th o “ W a l l S tre o t J o u rn a l” o f M a y 2 3 :
A rra n g e m e n ts a r c b e in g m a d e b y th o T r e a s u r y D e p a r t m e n t s o t h a t w h e n
F e d e r a l i n c o m o a n d e x c e s s p r o f i t t a x e s a r o p a i d , o n J u n e 15 n o x t , n o m o n e y
m a y b o w it h d r a w n i m m e d i a t e l y f r o m t h o m o n e y m a r k e t ; b u t , i n s t e a d , t h e
p r o c e e d s o f t h o t a x p a y m e n t s w ill b e c r e d it e d b y t h o b a n k s , t h r o u g h a b o o k
k e e p in g p ro ce s s , t o a c c o u n t o f th o G o v e r n m e n t.
W h i l e t h is p la n w ill n o t h e lp t h e i n d i v id u a l d i r e c t l y ( s in c e t h o g e n e r a l d e
m a n d t h a t i n c o m e t a x e s b o p a i d in i n s t a llm e n t s h a s b e e n d e f i n i t e l y t u r n e d
d o w n b y S e c r e t a r y o f t h e T r e a s u r y ) , t h o a r r a n g e m e n t c o n t e m p l a t e d w ill
b e o f im m e n s e a d v a n t a g e t o t h o b a n k s a n d t h o m o n e y m a r k e t .
T h e pros
p e c t o f th o e ffe c t u p o n th e m o n e y m a r k e t, o n a n d a fte r J u n o 15, h a s b e e n
a c o n c e r n t o b a n k e r s f o r s o m e t im e p a s t .
T h e p l a n w h e r e b y s u c h a la r g e
a m o u n t o f m o n e y w a s t o b e p a id in to t h o T r o a s u r y o n o n o d a y p re s e n te d
a fo rm id a b le p r o b le m .
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m o n e y w o u l d r o m a in l o c k o d u p f o r a c o n s i d e r a b l e t im e , t h a t o t h e r w is e
c o u ld b o a c t iv e ly e m p lo y o d .
U n d e r t h o c i r c u m s t a n c e s , t h e r e w o u ld h a v e
b e e n d r a s t i c c o n t r a c t i o n s in lo a n s .
■W here b a n k s o r c o r p o r a t io n s h o l d a la r g o a m o u n t o f c e r t i f i c a t e s o f i n
d e b t e d n e s s is s u e d in a n t i c ip a t i o n o f t a x e s , t h e p a y m e n t s o n J u n o 15 w ill
n o t c a u s o a n y g r e a t in c o n v o n io n c o .
B u t t o t h o s m a lle r i n s t it u t i o n s it
w ill m a k e a g r e a t d e a l o f d i ff e r e n c e i f t h o T r e a s u r y D e p a r t m e n t , t h r o u g h
t h o F e d e r a l R e s e r v o B a n k , im m e d i a t e l y r e d o p o s l t s w i t h t h e m t h o p r o c o o d s
o f t h e t a x e s p a i d b y t h o d r a f t s u p o n t h e m s e lv e s .
I t w ill b o e x a c t l y t h o s a m o t il i n g a s w a s d o n o in t h o c a s e o f t h o S e c o n d
L i b e r t y L o a n a n d in p a y m e n t s t h a t h a v o b e e n m a d e f r o m t i m e t o t i m e b y
t h o b a n k s o n t h e p u r c h a s e o f U n it e d S t a t e s c e r t i f ic a t e s o f i n d e b t e d n e s s .
S p e c ia l d e p o s i t o r ie s h a v o b e e n d e s i g n a t e d t h r o u g h o u t t h o c o u n t r y , in a d d i
t io n t o t h e n a t i o n a l b a n k s , in w h ic h t h o f u n d s o b t a i n e d f r o m t h o b o n d a n d
c e r t i f i c a t e s a le s h a v e b o e n p l a c e d . T o a p p l y t h is s a m o p l a n t o t h e r e d o p o s i t
o f t a x e s , t h o S e c r e t a r y o f t h o T r e a s u r y is i n v o k i n g t h o s p e c i a l a u t h o r i t y
c o n f e r r e d u p o n h im in t h e T h i r d L i b e r t y B o n d A c t o f A p r i l 4 , w h ic h
a m e n d e d S e c t i o n 8 o f t h o A c t o f S e p t . 2 4 1 9 1 7 , b y p r o v i d i n g t h a t , in a d d i
t io n t o t h o p r o c e e d s a r is in g f r o m t h o s a le o f b o n d s , c e r t i f i c a t e s o f i n d e b t e d
n e s s a n d W a r S a v in g s C e r t i f i c a t e s , t h o S e c r e t a r y m ig h t , in ills d i s c r e t i o n ,
d e p o s i t in t h o d e s i g n a t e d b a n k s a n d t r u s t c o m p a n i e s f u n d s “ a r is in g f r o m t h o
p a y m e n t o f in c o m o a n d e x ce s s p r o fit t a x e s ."
A s re g a rd s t h o b a n k s a n d th o m o n e y m a r k e t, a v e r y im p o rta n t co n s id
o r a t io n is t h o f a c t t h a t s e v e r a l b i ll i o n d o l la r s , p e r h a p s , o f c r e d i t d e p o s i t s w ill
b o r e le a s e d f r o m t h o o b l i g a t i o n o f a b a n k r e s e r v o , s in c e t h e b a n k s d o n o t
h a v o t o c a r r y r e s e r v e s a g a in s t G o v e r n m e n t d e p o s i t s .
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e r a l b i ll i o n d o l la r s o f d e p o s i t s , n o w s t a n d i n g t o t h o c r e d it o f i n d i v id u a l s
w h ic h w ill b o u s e d t o p a y f o r t a x e s a n d a g a in s t w h ic h t h o b a n k s a r o n o w c a r
r y i n g r e s e r v e s , w ill a u t o m a t i c a l l y b e c o m e G o v e r n m e n t d e p o s i t s fr e o o f r e
serves o n Ju n e 15.
T h i s w ill t id o t h o b a n k s o v e r , e s t a b l is h i n g e a s y m o n e y
c o n d i t i o n s u p t o t h o t im e w h e n t h o G o v e r n m e n t w it h d r a w s t h o f u n d s
g r a d u a ll y .
T h e n t h o d is b u r s e m e n t s w ill f a c i l i t a t e t h o l iq u id a t i o n o f b a n k
l o a n g m a d e b y f ir m s a n d c o r p o r a t i o n s c o n t r a c t i n g f o r t h o G o v e r n m e n t o n
w ar w ork .
I t is t h is G o v e r n m e n t d i s t r i b u t i o n w h ic h w ill f in a ll y l e a d t o
a g e n e r a l c a s e in t h e m o n o y m a r k e t .
T h e o n l y m a t t e r t h e b a n k s h a v o n o w t o c o n c e r n t h e m s e lv e s w i t h is t o
h a v o o n h a n d s u f f i c ie n t e l ig i b l e c o ll a t e r a l t o s e c u r e t h e s e G o v e r n m e n t t a x
d e p o s its o n J u n o 15. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
SENATE ACTION ON PROPOSED BANKING LEGIS
LATION.
T h o “ J o u r n a l o f C o m m e r c e ” o f y e ste r d a y h a d th o fo llo w
in g to s a y c o n ce rn in g a c tio n b y th e S e n a te o n M a y 2 3 o n
p e n d in g b a n k in g le g isla tio n :
S e n a t o r O w o n t o - d a y m o t w i t h d e f e a t w h e n h o a g a in a t t e m p t e d t o h a v o
th o S e n a to c o n s id e r th o t w e n ty o r m o r o a m e n d m e n ts t o t h o B a n k in g A c t
w h ic h h a d b e e n r e q u e s t e d o f C o n g r e s s b y C o m p t r o l l e r o f t h o C u r r e n c y
W i ll ia m s .
T h e f ir s t o f t h e a m e n d m e n t s p r e s e n t e d f o r a d o p t i o n , a l t h o u g h
it h a d b o o n f a v o r a b ly r o p o r te d to th o S e n a to b y th o B a n k in g a n d C u r r o n c y
C o m m itte o , w a s d e fe a te d u p o n a v o t e .
T h o se co n d w a s o b je c te d to a n d
s o n t b a c k t o t h o c o m m i t t e o f o r r e c o n s id e r a t i o n .
T h o s o a m e n d m e n t s , it f i s
u n d e r s t o o d , w e r e d r a f t e d t o m e e t s i t u a t io n s w h ic h t h o C o m p t r o l l e r w is h e d
t o c o v e r i n c id e n t t o t h o n o t e d R i g g s B a n k c a s o .
T h o fir s t o f t h o b ills b r o u g h t t o t h o a t t e n t i o n o f t h o S e n a t o p r o p o s e d t o
r e q u ir e c a s h ie r s a n d o t h e r o f fi c e r s o f n a t io n a l b a n k s t o g i v e b o n d .
T h e b ill
w o u ld a ls o p r e v e n t t h e o f f i c e r s a a d e m p l o y e e s o f n a t i o n a l b a n k s f r o m m a k in g
e r a s u r e s o n t h o b o o k s o f t h e B a n k i n g A s s o c i a t io n .
T h o S e n a to c o u ld n o t
b o p e r s u a d e d t h a t a n y g o o d r e s u lts w o u ld b o a c c o m p l i s h e d b y t h o p r o p o s e d
a m e n d m e n t , a n d t h e r e fo r e v o t e d it d o w n .
T h o s e c o n d o f t h o b ills c a l le d u p b y S e n a t o r O w e n p r o v i d e d a p o n a lt y
f o r o b t a i n i n g lo a n s o r c r e d it s f r o m a n a t i o n a l b a n k b a s e d o n f a ls o s t a t e
m en ts
I t w a s p o in te d o u t o n th o flo o r th a t t h o m e a s u re w a s lo o s o ly
d r a w n a n d t h a t i t w a s d i f f i c u l t t o d e v i s o it s r e a l i n t e n t .
F o r t h is r e a s o n
t ills b i ll w a s s o n t b a c k t o t h e c o m m i t t e o f o r r e c o n s id e r a t i o n . .
S e n a t o r O w o n h a s r e p e a t e d l y t r io d t o g e t t ii e S e n a t o t o c o n s i d e r t h e s e
' m ea su res w it h o u t su cce s s .
T o - d a y w a s t h o f ir s t t iin o t h a t h o p r e s s e d f o r
a v o t e o n t h e m , a n d w i t h d is a s t r o u s r e s u lt s .
M e m b e r s o f th o S e n a to a ro
n o t i n c li n e d t o c o n s i d e r t h o s e m e a s u r e s f o r v a r i o u s r e a s o n s .
C h io fly , th o
l l o u s o h a s p a s s e d a n o m n i b u s b ill a m e n d i n g t h o B a n k i n g A c t a n d i t Is
b e h o v e d t h a t t ills m e a s u r e m e e t s a ll t h o c o n d i t i o n s w h ic h a r o s a f e t o b o m o t
a t t h is t im o .
_
SHIPMENTS OF CURRENCY TO FEDERAL RESERVE
BANK OF RICHMOND.
A d v ic e s c o n ce rn in g a r ra n g e m e n ts m a d e fo r th o sh ip m e n t
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FEDERAL
2167
THE CHRONICLE
M ay 25 1918.]
RESERVE
BANK
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R IC H M O N D .
May 1 8 1 9 1 8 .
C u rr e n c y S h ip m e n ts .
con ten ts.
W h e n m a k i n g s h i p m e n t s o f c u r r e n c y t h e f o ll o w i n g r u le s , f o r y o u r o w n
p r o t e c t i o n , s h o u l d b e o b s e r v e d w h e n e v e r p r a c t ic a b le .
1 . H a v e t h o c u r r e n c y c o u n t e d w h e n p o s s i b le b y t w o r e s p o n s i b le e m p l o y
ees o f th e b a n k .
2 . H a v o t h o c u r r e n c y p u t u p in o n e o r m o r e p a c k a g e s a n d s e a le d b y
o r In t h o p r e s e n c o o f t h e s a m e p e r s o n s w h o c o u n t e d i t .
In e v e r y ca se re
q u e s t s h o u l d b e m a d e t h a t a r e t u r n c a r d , s h o w in g d e l i v e r y o f t h e p a c k a g e ,
b e fu r n is h e d b y t h e p o s t o f f i c e a u t h o r i t ie s .
3 . N o t i f y u s im m e d ia te ly b y le tte r u n d e r s e p a ra te c o v e r t h a t th o s h ip
m e n t h a s b e e n m a d e , s t a t in g a p p r o x i m a t e ly t h o t im o w h e n s e n t , a n d t h e
a m o u n t a n d k i n d o f m o n e y c o n t a i n e d in t h e p a c k a g e o r p a c k a g e s .
4 E n c l o s e w it h e a c h s h i p m e n t a n a d v i c e g i v in g t h o a m o u n t s e n t , t h e
n a m e o f t h o s e n d i n g b a n k , a n d , w h e n s e n t f o r t h e c r e d it o f a n o t h e r b a n k ,
t h e n a m e o f th a t b a n k a ls o .
5 . A d d r e s s a ll p a c k a g e s o r b a g s o f m o n e y a s f o ll o w s :
“ F ed era l R e s e r v e
B a n k o f R ic h m o n d , R ic h m o n d . V a ."
M a r k e a c h p a c k a g e w it h t h e n a m e
a n d a d d re s s o f t h e s e n d in g b a n k .
0 . A s s o r t a ll p a p e r m o n e y b y k i n d s a n d d e n o m i n a t i o n s .
N o package
s h o u l d c o n t a i n m ix e d k i n d s o r m ix e d d e n o m i n a t i o n s u n d e r o n o s t r a p .
7 . M a r k e a c h s t r a p c o v e r i n g a p a c k a g e o f p a p e r m o n e y w it h t h e a m o u n t ,
a n d t h e d a t e , a n d t h e n a m e o f t h e r e m it t i n g b a n k .
R e s p e c t fu lly ,
FE D E RA L RESERVE
B A N K O F R IC H M O N D .
G E O R G E J . S E A Y , Governor.
BANKS IN RICHMOND FEDERAL RESERVE DISTRICT
ASKED TO FORWARD SILVER CERTIFICATES.
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G eorgo J . S e a y .
G o v e r n o r S e a y ’ s le tto r fo llo w s :
FED ERAL RESERVE
BANK
O F R IC H M O N D .
I n A id o f t h e C o u n t r y S ilv e r C e r t ific a t e s .
May 18 1 9 1 8 .
To Banks and Trust Companies of the Fifth Federal Reserve District:
C o n g r e s s r e c e n t l y p a s s e d a n A c t , t h e p u r p o s e o f w h i c h is :
T o c o n s e r v e t h e g o l d s u p p l y o f t h o U n it e d S t a t e s .
T o p o r m i t t h o s e t t le m e n t in s i lv e r o f t r a d e b a l a n c e s a d v e r s o t o t h e
SI
U n it e d
os
T o p r o v id e s ilv e r f o r s u b s id ia r y c o in a g e a n d fo r c o m m e r c ia l u s e .
T o a s s is t f o r o l g n g o v e r n m e n t s a t w a r w it h t h e e n e m i e s o f t h o U n i t e d
S t a t e s ; a n d f o r t h o a b o v e p u r p o s e , t o s t a b i li z e t h e p r i c e a n d e n c o u r a g e t h e
p r o d u c t io n o f s ilv e r .
I n o r d o r t o c a r r y o u t t h e s e p u r j io s e s , t h e S e c r e t a r y o f t h e T r e a s u r y w a s
a u t h o r i z e d f r o m t i m o t o t i m o t o m e l t a n d b r e a k u p a n d s e ll a s b u l l io n
S 3 5 0 0 0 0 0 0 0 o f t h e s i lv e r d o l la r s h e l d in t h o T r o a s u r y a g a i n s t s i lv e r c e r
t i f i c a t e s in c i r c u l a t i o n .
T h o s i lv e r d o l la r s s o h e l d c a n n o t b e r e le a s e d a n d
b r o k e n u p u n t i l s i lv e r c e r t i f i c a t e s o f a n e q u a l a m o u n t a r o r e d e e m e d a n d
T h o b a n k s o f t h o c o u n t r y a r e n o w c a l l e d u p o n t o a i d in g a t h e r i n g in
c ir c u l a t i n g c e r t i f i c a t e s a n d t o s e n d t h e m in f o r r e d e m p t i o n , a n d t a k e in
exch a n g e o th e r fo rm s o f c u rre n cy .
T o r e p l a c e t h e s i lv e r c e r t i f i c a t e s s o
w it h d r a w n f r o m c i r c u l a t i o n , t h e C o n g r e s s a u t h o r i z e d t h e is s u e o f h e d o r a l
R e s e r v e B a n k n o t o s in d e n o m i n a t i o n s o f S I . S 2 . S 5 , a n d l a r g e r .
T h ose
b a n k n o t e s w il l b o o b l ig a t io n s o f t h o F e d e r a l R e s e r v e B a n k is s u in g t h e m ,
s e c u r e d b y U n it e d S t a t e s c e r t i f i c a t e s o f in d e b t e d n e s s , o r b o n d s .
T h e w it h d r a w a l o f s i lv e r c e r t i f i c a t e s f r o m c i r c u l a t i o n is n o t i n t e n d e d t o b e
p e r m a n e n t , s i n c e t h o A c t p r o v i d e s t h a t u p o n t h e s a l e o f b u l l i o n , f ™ m t in *
t o t im o , t h o S e c r e t a r y o f t h o T r e a s u r y s h a ll i m m e d i a t e l y d i r e c t t h e D i r e c t o r
o f t h e M i n t t o p u r c h a s e In t h e U n it e d S t a t e s , o f t h o p r o d u c t s o f m in e s
s i t u a t e d in t h o U n it e d S t a t e s , a n a m o u n t o f s l iv e r n e c e s s a r y t o r e p l a c e
t h o s i lv e r d o l la r s s o b r o k e n u p a n d s o l d a s b u l l io n .
I n o r d o r t o e f f e c t t h e p u r p o s e i n v i e w , h o w e v e r , i t w ill b e n e c e s s a r y
t h a t t h o s i lv e r c e r t i f i c a t e s s e n t i n b e c a n c e l e d a n d t h a t t h e y b o r e p l a c o d
t e m p o r a r il y b y F e d e r a l R e s e r v e n o t e s o r F e d e r a l R e s e r v e B a n k n o t e s .
W o a r o w r i t in g t o a s k y o u r c o - o p e r a t i o n , a n d t o t h a t o n d r e q u e s t t h a t y o u
s o r t o u t o f y o u r c a s h a n d f o r w a r d t o u s a ll s i lv e r c e r t i f i c a t e s o f t h e d o n o m i n a t io n o f 8 5 a n d u p w a r d w h ic h y o u m a y h a v o o n h a n d a n d w h ic h y o u
m a y r e c e i v e f r o m t im o t o t im o .
W e w ill a s s u m e a ll e x p e n s e s o f t r a n s p o r
t a t i o n , a n d in r e t u r n w ill f u r n is h y o u w it h :
1.
O th e r c u r r e n c y , as a b o v e d e s c r ib e d , o f t h o s a m o , o r la rg e r, d e n o m i
n a tio n s , a t o u r e x p e n s e , o r
2 W o w ill p l a c e t h o a m o u n t t o y o u r c r e d i t in t h is b a n k , i f d e s i r e d (in
t h e c a s e o f a m e m b e r b a n k ) , o r , u p o n r e q u e s t o f e it h e r a m e m b e r o r n o n
m e m b e r b a n k , w o w ill d e p o s i t t h e a m o u n t t o c r e d i t i n a n y d e s i g n a t e d b a n k
In t h i s c i t y ; o r
,
,
3 . W o w ill t r a n s f e r t h e a m o u n t t o y o u r c r e d i t w it h a n y d e s i g n a t e d c o r
resp on d en t.
All at Our Own Expense.
U n t il w e n o t i f y y o u t o t h a t e f f e c t , w o w ill n o t b e a b l e t o fu r n is h F e d e r a
R o s e r v o B a n k n o t o s in d e n o m i n a t i o n s o f S I a n d S 2 ; b u t p l a t e s a r e b e i n g
p r o p a r e d a n d a r r a n g e m e n t s a r o o e i n g m a d e t o f u r n is h t h e s e d e n o m i n a t i o n s ,
a n d l a t e r a r e q u e s t f o r t h e e x c h a n g e o f t h e s e d e n o m i n a t i o n s w ill b e m a d e .
W h e n y o u s e n d u s s i lv e r c e r t i f i c a t e s in t h is w a y , k i n d l y o b s e r v e t h e
r u le s f o r p u t t i n g u p c u r r e n c y , s e t f o r t h o n t h e a c c o m p a n y i n g s h e e t ; a n d
p l e a s e b o a d v i s e d t h a t t h i s r e q u e s t is n o t m a d e t o s e r v e a n y p u r p o s e o f
t h o F e d e r a l R e s o r v o B a n k , b u t t o c o - o p e r a t e w i t h t h e G o v e r n m e n t in it s
a im s a n d p u r p o s e s .
R e s p e c t fu lly ,
G E O R G E J. SE A Y ,
T h e o th e r F e d e r a l R e s e r v e b a n k s
Governor.
h a v e m a d e sim ila r a n
n o u n c e m e n ts .
RICHMOND RESERVE BANK MEMBERS URGED TO
CO-OPERATE WITH CAPITAL ISSUES COMMITTEE.
I n u r g in g u p o n th e m e m b e r s o f th e
R ic h m o n d
I’ e d e ra l
R e s e r v e D is t r ic t c o -o p e r a tio n w ith th e C a p it a l Issu e s C o m
To the Cashier of the Dank Addressed:
m it te o , C a ld w e ll H a r d y , C h a ir m a n o f th e S u b -C o m m it t e e
T h i s b a n k h a s m a d e a r r a n g e m e n t s b y w h ic h c u r r o n c y m a y b e s e n t t o u s
b y a n y b a n k o r b a n k e r In t h is d i s t r i c t b y r e g is t e r e d m a il insured under our
o n C a p it a l Issu e s fo r th e D is t r ic t , h as ad d re sse d to th e m
own policies.
th o fo llo w in g circu la r:
2168
THE CHRONICLE
FED ERAL RESERVE
BANK
O F R IC H M O N D .
_
„
Richmond, Va., M ay 1 6 , 1 9 1 8 .
To All Institutions, Investment Houses and Others of the Fifth Federal Reserve
Reserve District:
In fo r m a t io n fr o m o th e r F e d e r a l R e s e r v e d is tric ts in d ica te s e v e ry w h e re
in s y s t e m a t i c c o - o p e r a t i o n w it h t h e p u r p o s e o f t h e C a p it a l I s s u e s C o m m i t t e e e l im i n a t i n g u n n e c e s s a r y e x p e n d it u r e s a n d n e e d le s s is s u e s o f n e w s e c u r it i e s .
W h i l e b o n d h o u s e s a n d o t h e r s i n t e r e s t e d in t h e s a l e o f s e c u r it i e s h a v e
le n t t h e ir h e a r t y c o -o p e r a t io n , t h o y h a v e a t th e s a m e t im e p o in t e d o u t
t h a t j u s t i c e t o a ll r e q u i r e s t h a t a u n i f o r m p o l i c y s h o u l d b o p u r s u e d i n a ll
d is tric ts .
I f w h il e t h e a u t h o r i t ie s in s o m e d i s t r i c t s a r o a i m in g t o c o
o p e r a t e in s e c u r in g t h e p o s t p o n e m e n t o f c o n s t r u c t i o n o f s c h o o l b u ild in g s
r o a d s , b r i d g e s , a n d o t h e r i m p r o v e m e n t s , o t h e r d i s t r i c t s a r o n o t p r e s s in g
t h e s a m e p o l i c y , i t w ill w o r k a m a n i f e s t I n j u s t i c e in d i s t r i c t s in w h ic h
s t r i n g e n t e l im i n a t i o n is b e i n g e n f o r c e d .
F o r i n s t a n c e , i f t li o R i c h m o n d
D is t r ic t is n o t liv in g u p t o t h e s p ir it o f t h e m o v e m e n t , a n d o t h o r d is tr ic ts
a r e a t t h e s a m e t i m e p u r s u i n g a s e a r c h i n g p o l i c y a n d r ig id o f e n f o r c e m e n t
o f r e s t r ic t io n s , it w o u ld im p o s e a n u n e q u a l b u r d e n u p o n s u c h o t h e r d is t r ic t s .
W e a r o r e p o r t in g a d v e r s e ly u p o n m a n y p r o p o s it io n s in v o lv in g s c h o o l
c o n s t r u c t io n in c o m m u n it ie s w h ic h h a v e g o t t e n a lo n g s a t is fa c t o r ily u p t o
t h e p r e s e n t t im e , e v e n t h o u g h f a c ilitie s m a y b o s o m e w h a t o v e r - c r o w d e d ,
w h e r e t h o e x p e n d it u r e s d o n o t s e e m t o b e i m p e r a t i v e l y n e c e s s a r y t o m e o t
a d e f i n i t e a n d p o s i t i v e m e n a c e t o t h e h e a l t h a n d w e l f a r e o f s c h o o l c h i ld r e n .
W o a r e u r g in g u p o n a ll c o m m u n i t i e s t o r e d u c e p r o p o s a l s t o a m in im u m
o r e l i m i n a t e t h e m , u n le s s i t c a n b e s h o w n n o t o n l y t h a t t h o y a r o d e s i r a b l e
fr o m t h o s t a n d p o in t o f p u b lic h e a lt h a n d w o lfa r o , b u t t h a t th o y a r o a b s o
l u t e l y n e c e s s a r y t o p r e v e n t i n ju r i o u s r e s u l t s .
I f u s c h a t e s t c a n n o t b e a p p lie d , p r o p o s a ls s h o u ld b e ju d g e d a s to w h e th e r
t h e e x p e n d it u r e s w il l c o n t r i b u t e d e f i n i t e l y a n d d i r e c t l y t o t h o s u c c e s s fu l
o p e r a t i o n s o f t h o G o v e r n m e n t a n d t h e w in n in g o f t h e w a r .
R o a d s w h ic h
m i g h t in a g e n e r a l w a y h e l p t h e m o v e m e n t o f c r o p s c a n h a r d l y b o i n c lu d e d
in t h is c a t e g o r y .
C r o p s a t p r e s e n t h ig h p r i c e s w ill c o n t i n u e t o l ie m o v e d
a t n o m o r o m c o n v e n io n c o th a n h a s a t t e n d e d th o m o v e m e n t o f th e m h e r o t o fo r o , a n d t h o m o r e e c o n o m ic a l m o v e m e n t o f th e m b y g o o d r o a d s m a y
r e a s o n a b l y w a it u n t i l t h o w a r is o v e r a n d g o o d r o a d s c a n b e m o r o r o a d i ly
fin a n c e d .
W e m u s t , t h e r e fo r e , u r g e e c o n o m y , a n d c o -o p e r a t io n a s in o t h e r F e d e ra l
R e s e r v o d i s t r i c t s in t h e e l im i n a t i o n o f u n d u e e x p e n d i t u r e s , h a v i n g p r o p e r
r e g a r d f o r t h o m a i n t e n a n c e o f a g r i c u lt u r a l a n d m a n u f a c t u r i n g p r o d u c t i o n
a t t h o h ig h e s t s t a t e o f e f fic ie n c y p o s s ib lo .
W o w ill a p p r e c i a t e i n f o r m a t i o n a s t o b u i l d in g o p e r a t i o n s a n d c o n t e m
p la t e d is su e s o f s e c u r it ie s .
V e r y t r u ly y o u r s ,
MILTON W. IIARRISON ON OPPORTUNITY FOR IN
VESTMENT IN LIQUID SECURITIES GIVEN
NEW YORK SAVINGS BANKS.
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p re p a re d b y M i lt o n W . H a r r is o n , S e c re ta ry o f th e S a v in g s
B a n k S e c tio n , a n d w e q u o te fr o m it in p a r t h e re w ith .
O f c o u r s e , i t is e n t i r e l y a m a t t e r o f t h e o r y a s t o w h a t s h o u l d b o t h e a c t u a l
p e r c e n t a g e o f a s s o s t s i n v e s t e d in b a n k e r s ’ a c c e p t a n c e s .
N . F . H a w le y ,
T r e a s u r e r o f t h o F a r m e r s & M e c h a n i c s S a v in g s B a n k o f M in n e a p o l is
r e c e n t ly s t a t e d :
“ I n r e fe r e n c e to th e s u b je c t o f g r e a te r liq u id it y o f a s s e ts o f m u tu a l
s a v i n g s b a n k s , I t h i n k t h a t n e c e s s it y is g o i n g t o b e t h o g r e a t e r in s t r u c t o r
to th o o ffic e r s o f su ch b a n k s.
I h a v e lo n g f a v o r e d t h o p o lic y o n th e p a r t
o f m u t u a l b a n k s t h a t W o u ld a d d s h o r t t im e s e c u r it i e s t o t h e ir r e s o u r c e s . ”
A l t h o u g h S t a t o le g is la t u r e s m a y p a s s la w s , t h o d i f f i c u l t y p r e s e n t e d in
e x t e n d i n g t h o p o l i c y o f i n v e s t in g a c e r t a in p r o p o r t i o n o f t h o f u n d s in l iq u id
s e c u r it i e s is o n e t h a t s h o u l d b o b r o u g h t t o t h o a t t e n t io n o f t h o b a n k e r a s
a n i n d i v id u a l .
A g a in M r . H a w l e y r e fe r s t o s u c h a p l a n : “ I t h i n k t h a t a
p la n o f e d u c a t io n s h o u ld b e a d o p t e d .
I th in k b e fo r e d o in g s o . h o w e v e r ,
a d e fin it o a g r e e m e n t s h o u ld b e h a d a s t o ju s t w h a t k in d o f p a p e r a n d w h a t
p e r c e n t a g e o f s u c h p a p e r y o u w o u ld s e e k t o h a v e m u t u a l s a v i n g s b a n k s
p u r c h a s e a n d w h a t is t h o p r o p e r l e g is la t io n t o b e o n a c t e d .
O n th o o n o
h a n d i t s h o u l d b o lib e r a l o n o u g h n o t o n l y t o o n a b lo m u t u a l s a v in g s b a n k s
t o c o m p ly w it h th o F e d e ra l R o s e r v o A c t , b u t a ls o t o g r e a t ly im p r o v e th o
liq u id it y o f th e ir a s s e ts , w h e th e r t h e y ta k e a d v a n ta g e o f th o F ed era l
R eserv e A c t or n ot.
“ M o s t m u t u a l s a v i n g s b a n k s a r e n o t a t a ll f a m il i a r w i t h s h o r t t im e
P a per.
I t w ill b e n e c e s s a r y in e a c h b a n k t h a t s o m e o n o b o fa m ilia r iz o d
w it h :u c h p a p e r a n d h o w , w h e r e a n d w h e n t o p u r c h a s e i t , & c .
I t h e r e fo r e
t h i n k t h a t in a d d it i o n t o t h e m e r o m a t t e r o f le g is la t io n d e f i n i t o a n d c o n
c r e t e s u g g e s tio n s s h o u ld b o m a d e t o m u tu a l s a v in g s b a n k s a s t o h o w th o y
c o u l d s a f e l y s t a r t u p o n t h o n o w e n t e r p r is e .
C o m m e r c ia l b a n k s w it h t h e ir
e x p e r i e n c e a n d m e t h o d s s h o u l d b o a b l e t o g i v e s u g g e s t i o n s r e a d i ly , b u t
t h e i r m e t h o d s m u s t b o t e m p e r e d t o h a r m o n i z e w it h t h o c o n d i t i o n s o f
m u tu a l s a v in g s b a n k s .”
I t Is s o m e t im e s d i f f i c u l t t o s u c c e s s f u l l y u r g e s a v i n g s , b a n k e r s a s a c la s s
t o i n v e s t i n a n e w c h a r a c t e r o f s e c u r i t y , p a r t i c u la r l y w h e n f o r y e a r s p a s t
t h e i r m e t h o d o f I n v e s t m e n t h a s m o t w it h n o c h a n g e .
C o n v ic t io n c r e a te d
b y c u s t o m s ta n d s as a b a rrie r.
T a k e th o tw o S ta tes o f M a ssa ch u se tts a n d
N o w Y o r k f o r e x a m p l e , w h ic h a r e t h o l e a d i n g m u t u a l s a v in g s b a n k S t a t e s
M a s s a c h u s e t t s h a v i n g h a d in 1 8 9 5 , 4 1 . 4 5 % o f i t s a s s e t s in m o r t g a g e l o a n s ’
w h il e t h o p e r c e n t a g e o f N o w Y o r k w a s 4 2 . 1 7 % . a n d in 1 9 1 6 t h o m o r t g a g o
lo a n s in M a s s a c h u s e t t s t o t a l e d 4 8 . 5 8 % , w h ile t h o s e in N o w Y o r k t o t a le d
51% .
O n t h o o t h e r h a n d , t h o b o n d in v e s t m e n t s o f M a s s a c h u s e t t s b a n k s
t o t a l e d 3 3 . 6 8 % in 1 8 9 5 a n d in 1 9 1 6 , 3 4 . 2 8 % , w h il e t h o s e in N e w Y o r k in
1 8 9 5 t o t a l e d 4 8 . 1 6 % , a n d in 1 9 1 6 d r o p p e d t o 3 9 . 2 2 % .
O f c o u r s o th o
M a s s a c h u s e t t s b a n k s h a d a f a i r p r o p o r t i o n o f t h e i r a s s e t s in p e r s o n a l
s e c u r i t y l o a n s w h ic h i n s u r o d a d e g r e e o f c a s h a v a i l a b i li t y .
*
*
*
*
B o t w e o n 1 8 9 5 a n d 1 9 1 7 m o r o t h a n 9 % o f t h e b o n d in v e s t m e n t s o f N o w
Y o r k b a n k s w a s s h i f t e d i n t o t h o m o r t g a g o l o a n a c c o u n t , w h il e in t h o
c a s e o f M a s s a c h u s e t t s b u t 6 % o f t h o f u n d s in p e r s o n a l s e c u r i t y lo a n s w e r e
s h i f t e d i n t o m o r t g a g o lo a n s , a n d a p p r o x i m a t e l y 1 % o f t h o b o n d in v e s t m e n t
a c c o u n t w a s s h ifte d in to th o m o r tg a g o lo a n a c c o u n t .
T h o o b v io u s rea son
f o r t h is w a s t h o g r e a t e r r e t u r n a n d m o r o i n c o m e .
W h i l e t h is is a d v a n
t a g e o u s , y e t t h o p r e s e n t c o n d i t i o n o f t h o c o u n t r y a s i t a f f e c t s s a v in g s b a n k s
m a y e m p h a s i z e t h o n e e d f o r a n I n v e s t m e n t s e c u r i t y t h a t is r e a d ily l iq u id a t e d
O f t h e t o t a l a m o u n t o f 8 4 , 5 0 0 . 0 0 0 .0 0 0 o f t h o a s s e t s o f 6 2 2 s a v i n g s b a n k s ,
4 9 % is in m o r t g a g e lo a n s a n d p e r s o n a l s e c u r i t y lo a n s , w h il e 4 3 % is in
to ck s an d bon d s.
T h e r e Is n o d o s ir o t o d e p r e c a t o t h o m o r t g a g o l o a n o r
b o n d in v e stm e n t.
I t is n e c e s s a r y , b u t t h e r e is a c e r t a in p r o p o r t i o n t h a t
m a y b e d e d u c t e d f r o m e i t h e r o n e o f t h e s e t w o in v e s t m e n t s , o r b o t h , w h ic h
is v a l u a b l e f o r r e in v e s t m e n t in b a n k e r s ’ a c c e p t a n c e s , a n d o v e n c o m
m e rcia l p a p e r o f th e k in d a n d c h a r a c t e r a c c o p t a b lo fo r r e d is co u n t a t th e
F ed era l R e s e r v e b a n k .
A s t u d y o f t h e s e f ig u r o s , t a k e n w i t h t h o n e c e s s it y
a r is in g u n d e r t h e p r e s e n t c o n d i t i o n o f t h e c o u n t r y , w ill g i v e e v i d e n c e o f
t h e p r o b le m a n d its p r o b a b le s o lu t io n .
MASSACHUSETTS SA VINCS BANKS A UTHORIZED TO
INVEST IN BANKERS’ ACCEPTANCES—
CORRECTION.
I n referrin g in th e se c o lu m n s la s t w e e k to th e n e w la w
p a sse d
by
th e
1918
M a s s a c h u s e t ts
L e g is la tu re
a m e n d in g
th e s a v in g s b a n k in v e s t m e n t la w o f th a t S ta te b y a d d in g
a n e w se c tio n p e r m ittin g sa v in g s in s titu tio n s to in v e s t in
b a n k e r s ’ a c c e p ta n c e s , or b ills o f e x c h a n g e , w e s ta te d
(ou r
in fo r m a tio n b e in g d e r iv e d fr o m lo c a l n e w sp a p e rs) th a t su ch
in v e s tm e n ts w o u ld b e p e r m itte d
th e ir
d e p o s its .
We
now
to th e e x te n t o f 3 0 %
le a rn
th a t
b e fo re
th o
b ill
of
w as
fin a lly p a sse d b y th e S e n a te th a t th a t b o d y a m e n d e d th e
sa m e b y g r a n tin g sa v in g s in s titu tio n s p e rm issio n to in v e s t
o n ly 1 0 % o f th e ir d e p o s its in ste a d o f 3 0 % , as w a s o rig in a lly
p la n n e d .
T h e b ill, w h ich h a s b e e n sig n ed b y th e G o v e r n o r ,
b e c o m e s e ffe c tiv e J u n o 15 1 9 1 8 .
A s s ta te d b y us la s t w e e k
th e n e w M a s s a c h u s e t ts la w is p r a c tic a lly th o sa m o as th o
on e e n a c te d b y N e w
Y o r k ’ s L e g is la tu re th is y e a r a n d a p
p ro v e d b y G o v e r n o r W h i t m a n o n A p r il 2 2 (see fu ll te x t in
ou r issu e o f A p r il 2 7 , p a g e 1 7 3 8 ) , e x c e p t th a t th e N o w Y o r k
la w fixes th e lim ita tio n a t 2 0 % .
B o t h S ta te s re stric t th eir
s a v in g s b a n k s to th e p u rc h a se o f a c c e p ta n c e s o f th e b a n k s
of
th eir o w n S ta te w ith th e fu r th e r re str ic tio n th a t th e a c
c e p ta n c e s m u s t bo o f th o ch a ra c te r a p p r o v e d b y th e F e d e ra l
R e s e r v e B o a r d a n d h e n ce e ligib lo fo r sale or re d is c o u n t w ith
CALDW ELL H ARDY,
Chairman of Fifth District Sub-Committee Capital Issues.
A s s o c ia tio n ” , h a v in g to d o w ith
[Vol. 106
a n y F e d e ra l R e s e r v e b a n k .
M a s s a c h u s e t ts fo llo w s :
AN
A C T . R e la tiv e
A ccep ta n ces.
to
th o
The
In v estm en t
te x t o f th e n ow la w in
by
S a v in g s
Banks
in
B ankers*
Be it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
S e c tio n 68 o f C h a p t e r 5 9 0 o f th e A c t s o f 1908, as a m e n d e d b y S e c tio n 8 o f
C h a p t e r 491 o f th o A c t s o f 1 9 0 9 , b y S e c tio n 10 o f C h a p te r 622 o f th o A c t s
o f 1 9 1 0 , b y C h a p t e r 5 80 o f th e A c t s o f 1 9 1 2 , b y C h a p t e r 291 o f th o A c t s
o f 1 9 1 3 , a n d b y C h a p t e r 2 2 3 o f t h o g e n e r a l A c t s o f 1 9 1 5 , is h e r e b y f u r t h e r
a m o n d e d b y in s e r t in g a f t e r t h o c la u s e e n t i t l e d “ s e v e n t h , ” t h o f o ll o w i n g :
Seventh ( a ) I n b a n k e r s ’ a c c e p t a n c e s a n d b i ll s o f e x c h a n g e o r t h e k i n d s a n d
m a t u r it i e s m a d o e l ig i b l e b y la w f o r r e - d l s c o u n t w it h F e d e r a l R e s e r v e
b a n k s , p r o v i d e d t h e s a m o a r o a c c e p t e d b y a b a n k , b a n k in g a s s o c ia t i o n o r
t r u s t c o m p a n y i n c o r p o r a t e d u n d e r t h e la w s o f t h e U n it e d S t a t o s o r o f
t h is c o m m o n w e a l t h , a n d n a v i n g i t s p r i n c ip a l p l a c e o f b u s in e s s w it h i n t h o
c o m m o n w e a lth .
N o t m o r o th a n 1 0 % o f th o d e p o s its a n d o f th o in c o m e
d e r i v e d t h e r e f r o m s h a ll b e i n v e s t e d b y a n y s a v i n g s b a n k in b a n k e r s ’ a c
c e p t a n c e s o r b ills o f e x c h a n g e , n o r s h a ll a n y s a v i n g s b a n k i n v e s t in t h o
a c c e p t a n c e s a n d b i ll s o f e x c h a n g e e l ig i b l e b y la w f o r r e d i s c o u n t w it h F e d
eral R o s e r v o b a n k s o f a n y o n o a c c e p t in g b a n k o r tr u s t c o m p a n y t o an
a m o u n t in e x c e s s o f 5 % o f i t s d e p o s i t s a n d o f t h e I n c o m o d e r i v e d t h e r e f r o m .
T h o a g g r e g a t e a m o u n t o f b a n k e r s ’ a c c e p t a n c e s a n d b ills o f e x c h a n g e o f
a n y b a n k , b a n k in g a s s o c ia t i o n o r t r u s t c o m p a n y h o ld b y a n y s a v i n g s b a n k
s h a ll n o t o x c e e d 2 0 % o f t h e p a i d u p c a p i t a l a n d s u r p lu s o f s u c h b a n k ,
b a n k in g a s s o c ia t i o n o r t r u s t c o m p a n y .
MEETING OF NEW JERSEY BANKERS’ ASSOCIATION.
S ta to
banks
and
tr u s t
c o m p a n ie s
w ore
u rg e d
to
a v a il
th e m s e lv e s o f th o b e n o fits o f th o F e d e ra l R e s e r v e s y s t e m in
a re p o r t o f a sp ec ial c o m m it to e o f th o N e w J e rse y B a n k o r s ’
A s s o c ia tio n , p re sen te d a t th o c lo s in g se ssion o f rtho a n n u a l
c o n v e n tio n o f th e A s s o c ia tio n a t A t la n t ic C i t y /o n M a y 1 8 .
U z a l I I . M c C a r t e r , P r e s id e n t o f th e F id e lit y T r u s t C o . o f
N e w a r k , w a s C h a ir m a n o f th e c o m m it te e , w h ic h ro p o rted
th a t thoro h a s b e e n a te n d e n c y to c o -o p e r a te w itlC th e G o v
e rn m e n t u p o n fo u r o f tho fiv o b a sic p rin c ip le s, th e e x c e p tio n
b e in g affilia tio n /v v ith th o F e d e r a l R e s e r v e s y s t e m .
T h o fo u r
p o in ts o f ge n e ra l a d o p tio n w ore th e a c q u is it io n -o f c e rtifi
c a te s o f in d e b te d n e s s ,
tr a n s m ittin g g o ld a n d j g o l d
c e rtifi
c a te s to th o F e d e r a l R e s e r v e b a n k s , e m p lo y in g jo ld cu r re n c y
so fa r as p ossib lo a n d d isc o u ra g in g lo a n s fo r n o n -e s s e n tia ls
a n d s to c k m a r k e t o p e r a tio n s .
F o r tho fir s t tim e in its h is
to r y th e A s s o c ia tio n w a s a d d re sse d a t its c o n v e n tio n la s t
w e e k b y a w o m a n b a n k e r , M i s s A d e le I I . K i r b y , A s s is ta n t
T re a s u r e r o f th e P la in fie ld T r u s t C o . o f P la in fie ld , N . J .
M i s s K i r b y ’ s sp e e c h , w h ic h im p re sse d h e r hearers w ith h e r
c a p a b ilitie s , d e a lt w ith “ W o m a n ’s F u n c tio n in th o B a n k in g
W o r l d .”
She
m ado
th o
in te r e s tin g
s ta te m e n t
th a t
thoro
are m o ro th a n 1 ,7 0 0 w o m e n b a n k o rs in th e ^ c o u n try t o -d a y ,
m o s t o f thorn in th o S o u th a n d W e s t ; in h er a d v ic o to th o
b a n k e rs sh e s a id : “ I f y o u are to h avo..tho fu ll b e n e fit o f w h a t
w o m e n h a v e to g i v e j y o u m u s t b e r e a d y to a c c e p t w o m a n ’s
ju d g m e n t as w ell a s T ie r ^ v o r k .
T h o r ig h tjb a la n c e c a n n o t b o
m a in ta in e d if w o are to h a v e a bu sin o ss w o rld o f m a scu lin o
ju d g m e n t a n d fe m in in e la b o r .
I f th ere is to b o a p ro p e r re
la tio n s h ip b o tw e e n j’y o u a n d y o u r w o m e n h e lp e rs , y o u m u s t
tr y to re a lize th a t w e w o m e n w a n t to s u p p le m e n t a n d n o t
s u p p la n t y o u . ”
A t th e c o n c lu s io n o f M i s s K i r b y ’s a d d ro s s ,
THE CHRONICLE
M ay 25 1918.]
sh e w a s p re se n te d w ith a large b o u q u e t o f A m e r ic a n B e a u t y
ro s e s , as a tr ib u te o f th e m a sc u lin e e le m e n t to th o fe m in in o .
F r a n k H . S m it h , N e w J e rse y C o m m is s io n e r o f B a n k in g
a n d In s u r a n c e , w h o lik ew ise a d d re sse d th o m e e t in g , sta te d
th a t n o ch a rters fo r b a n k s o r tr u s t c o m p a n ie s w o u ld b o issu ed
d u rin g th o w a r u n le ss th o str o n g e st re a so n s w ere p re sen te d to
h im
s h o w in g
th e m
to
bo n e e d e d .
M r.
S m ith
th a t th e re sh o u ld bo c o n so lid a tio n r a th e r th a n a n
o f th o n u m b e r s o f b a n k in g in s titu tio n s .
c o n te n d e d
3169
c a r m a k e r m a k e s s h e lls ; w a t c h m a k e r s a d j u s t f u s e s ; j e w e l r y h o u s e s m a k e
p e r is c o p o s .”
T o b o a p r a c t ic a l b a n k e r in t h e s e y e a r s o f w a r m e a n s t h e n t o s t u d y
i n d i v id u a l a n d c o l l e c t i v e e f f i c i e n c y ; i t m e a n s t o u s e y o u r r e s o u r c e s a n d t h e
c r e d i t o f y o u r g o o d n a m e o n l y f o r t h o s e t h i n g s t h a t w ill s e r v e o u r c o u n
t r y ’s n e e d .
W o s a il a s t o r m y s e a , a n d t h e r o w ill b e m u c h b u f f e t i n g a b o u t
b u t w o h a v o t h o l o g s o f t h o o l d m a r in e r s , s o m e w h o s o s h ip s w e n t d o w n ,
a n d s o m o w h o b r o u g h t th e irs s a fe ly t h r o u g h .
T h o o l d c h a r t s w ill g u i d e
u s in to t h o h a rb o r o f p e a c e .
.
•
e x te n sio n
A c c o r d in g to tho
P h ila d e lp h ia “ P r e s s ,” M r . S m ith also sta te d th a t h e h a d in
CHARLES II. SABIN ON GOVERNMENT PRICE
REGULATION.
S ta te
C h a rle s H . S a b in , P re s id e n t o f th e G u a r a n t y T r u s t C o .
w h o w o u ld liv e in th o d istric ts in w h ic h th e y w o r k e d , an d
o f N e w Y o r k , in ad d re ssin g th e C o n v e n tio n o f th e N a t io n a l
th u s s a v e a g r e a t d ea l to th e S ta te in th e m a tte r o f tr a v e lin g
A s s o c ia tio n o f C o t t o n M a n u fa c t u r e r s in th is c it y o n M a y 3 ,
e x p e n s e s.
m a d e s o m o in te r e s tin g re m a rk s o n th e s u b je c t o f G o v e r n
m in d
a p p o in tin g ju n io r e x a m in e rs o f
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A n a d d re ss a t th e c o n v e n tio n b y J . H e r b e r t C a s e ,
D e p u t y G o v e r n o r o f th o F e d e ra l R e s e r v e B a n k o f N e w Y o r k ,
is referred to in a n o th e r ite m .
m e n t price r e g u la tio n w h ic h w e q u o te b e lo w :
F . B . F r a n c is , N o w Y o r k
W h i l e t h o w in n in g o f t h e w a r m a y m a k o i t i m p e r a t i v e f o r u s t o u s e
a u t o c r a c y ’s w e a p o n s in f i g h t i n g a u t o c r a c y , w o m u s t t a k e e v e r y p r e c a u t i o n
t o p r e s e r v e a s m u c h a s p o s s i b le o f t h e m a c h i n e r y a n d s p i r it o f d e m o c r a c y .
th e a d o p tio n o f “ tra d e a c c e p t a n c e s .”
I n o r d e r t o a c c o m p li s h t h a t t h e r e s h o u l d b e a s l i t t l e G o v e r n m e n t a l i n t e r
f e r e n c e a n d r e g u l a t io n a s t h e e x ig e n c ie s o f t h e p r e s e n t c r is is p e r m i t .
F o r m o r e t h a n a d e c a d e t h e a t t i t u d e o f t h o G o v e r n m e n t t o w a r d b u s in e s s
h a s b o o n t h a t b u s in e s s is s o m e t h in g m e r e ly t o b o r e g u l a t e d a n d h a r n e s s e d .
T h e r o h a s b e e n l i t t l e e f f o r t o n t h o p a r t o f t h e G o v e r n m e n t t o s t im u l a t e
a n d f o s t e r b u s in e s s .
I t h a s b e e n d e s t r u c t iv e a n d n o t c o n s t r u c tiv e .
The
“ P r a c tic a l W a r - T i m e B u sin e ss” w a s d iscu ssed b y T h o r n
i n e v i t a b l e r e s u lt o f t h is m is t a k e n p o l i c y w a s s t r ik i n g l y e x e m p l if i e d la s t
to n C o o k e , P re sid e n t o f th o M id w e s t N a t io n a l B a n k o f w in t e r b y t h o d e p l o r a b l e t r a n s p o r t a t io n s i t u a t io n . T h e p l i g h t o f t h e
c a r r ie r s w a s la r g e ly t h o d i r e c t r e s u lt o f y e a r s o f i n e q u i t a b l e a n d i n e f f i c i e n t
K a n s a s C i t y , M o . , b e fo re th o K a n s a s B a n k e r s ’ A ss o c ia tio n
G o v e r n m e n t r e g u l a t io n o f v a r i o u s s o r t s .
O u r e n t r a n c e i n t o t h o w a r m e r e ly
a t H u t c h in s o n , K a n . , o n M a y 2 2 .
S ta tin g t h a t “ o u r p ro b
a c c e l e r a t e d t h o c o n s e q u e n c e o f t h is f o l l y .
le m s aro a g ric u ltu ra l, c o m m e rc ia l an d fin a n c ia l, fu lly as
I n t e r r u p t i o n o f e c o n o m i c la w is a l w a y s d a n g e r o u s a n d t h o q u e s t i o n m a y
m u c h as th e y are m ilit a r y ,” M r . C o o k o p o in te d o u t th a t r e a s o n a b l y b e r a is e d t o - d a y w h e t h e r t h e p o l i c y o f p r i c o r e g u l a t io n d o e s n o t
d o m o re h a rm th a n g o o d .
W h e n v a l u e s r is e t h o t e n d e n c y is f o r c o n
“ w h e th e r o r n o t w e g r a n t or refuso a p a rticu la r lo a n sh ou ld
s u m p tio n t o b o c h e c k e d a n d e x is tin g s t o c k s t o b e m o r e e c o n o m ic a lly
u t i li z o d . T h o d a n g e r o f a n a r b i t r a r y p r i c e - f i x i n g p r o g r a m d u r i n g t h e w a r
b o d e te r m in e d b y a re a so n e d p o lic y , a p ra ctical p o lic y .
To
m a k e a lo a n ju s t b e ca u so it is, b y o u r s ta n d a r d s , g o o d ,” ho is t h a t i t m a y t e n d t o c h e c k n e c e s s a r y p r o d u c t i o n a n d fa il t o c h e c k u n n e c e s s a y c o n s u m p tio n .
T h e fix in g o f t h e p r ic o o f c o a l w a s u n d o u b t e d ly an
s a id , “ w ith o u t re g ard to its p u rp ose s or to th o e ffe c t o f i m p o r t a n t f a c t o r in t h e c o a l s h o r t a g e t h a t w o e x p e r i e n c e d d u r i n g l a s t
w in t e r , a n d t h a t re d u c e d o u r p r o d u c t io n o f s t e e l, n o w o f t h e m o s t v it a l
m a n y su ch loa n s o n th o v o lu m e o f cred its a n d th o price le v e l,
im p o rta n ce .
T h o p r o d u c t iv e e n e r g y o f s o c ie t y c a n y ie ld o n ly a d e fin it e
n o t , in 1 9 1 8 , a p ra ctic al th in g to d o .”
D e c la r in g th a t thoro
n u m b e r o f u n it s o f c o m m o d i t i e s .
In ord er th a t th e G overn m en t m a y get
is n o fin a n c ia l d an g er in A m e r ic a n o w , M r . C o o k o asse rte d
a la r g e r p r o p o r t i o n o f t h o s e c o m m o d i t i e s , in d i v id u a l s m u s t r e d u c e t h e ir
c o n s u m p tio n .
W h e n a c o m m o d i t y is s o l d f o r w h a t e v e r p r i c o i t w ill b r i n g
th a t “ thero is a lim it, h o w e v e r, to th o e x p a n sio n o f c re d it a n d
in f r o o , o p e n m a r k e t , e a c h p e r s o n b u y s a s m u c h o f i t a s h o w a n t s a t t h a t
th o p ra ctic al b a n k e r w ill n o t h a sto n its a p p r o a c h .”
M r.
p r i c e a n d t h e r o is e n o u g h t o g o a r o u n d ; w h e n i t is s o l d b y c o m p u l s io n f o r
C o o k o a lso h a d th o fo llo w in g to s a y :
s o m e t h in g b e lo w ' t h a t p r i c e , p e o p l e w ill w a n t m o r o t h a n t h e r e is a v a i l a b l e
a n d t h e r o is n o l o n g e r e n o u g h t o g o a r o u n d in t h e s e n s e o f e a c h p e r s o n g e t t in g
I t Is s o m e t im e s s a id t h a t i n fl a t i o n is d o s i r a b l o s o t h a t t h o G o v e r n m e n t c a n
a s m u c h a s l ie a s k e d f o r .
T h e d is tr ib u tio n re s u ltin g f r o m th e o r d in a r y
b o rro w a t m od era to ra tes.
P e r h a p s , h o w e v e r , in fla t io n c o s ts t h o G o v e r n
w o r k in g o f u n r e s t r ic t e d p r i c e s is u n d o u b t e d l y b a d in e n a b li n g t h o s e w i t h
m e n t a s m u c h in h ig h p r i c e s a s i t s a v e s in i n t e r e s t .
T h o ro a re th o se w h o
m o a n s t o b u y m o r o t h a n t h e le s s f o r t u n a t e , b u t t h o h ig h e r p r i c o t e n d s t o
t h i n k t h a t t h o F e d e r a l R e s e r v e b a n k s o u g h t n o w t o r a is o t h o d i s c o u n t r a t o ,
c u t o f f w a s t e a n d , in p a r t , t h o l e a s t n e c e s s a r y c o n s u m p t i o n .
It th e re b y
a n d th u s a v o id fu r th e r in fla tio n as fa r as p o s s ib le .
F u tu ro G o v e rn m e n t
r e le a s e s m o r o p r o d u c t i v e e n e r g y f o r w a r p u r p o s e s .
b o r r o w i n g s w o u ld i n d e e d h a v e t o b e a t h ig h e r r a t o s , b u t t h o b o n d s c o u l d b o
D u r i n g t h o u p w a r d m o v e m e n t o f p r i c e s t h o m a n u f a c t u r e r is b e n e f i t e d
is s u e d f o r s h o r t t e r m s , a n d a r m y s u p p lie s w o u ld c o s t lo s s t h a n i f r a t o s w e r e
b e c a u s e o f c e r t a in o f h is c o s t s d o n o t r is e a s r a p i d l y a s h is s e llin g p r i c e ,
k e p t d o w n a n d i n fl a t i o n k e p t u p .
S o m e i n f l a t i o n i s , o f c o u r s e , i n e v i t a b le
a n d , t h e r e fo r e , h e g e t s la rg e r p r o f it s .
I t w ill e n a b le h i m t o e x t e n d h is
in f ig h t i n g a w a r .
P r i c e f ix in g a ls o is n e c e s s a r y t o a d e g r e e t h a t w o u l d b o
p l a n t s s o t h a t h is p r o d u c t i o n c a n b e i n c r e a s e d .
I t m u st b e re c o g n ize d th a t
i n c o n c e i v a b l e in p e a c e .
T h o p r a c t i c a l b a n k e r in s u c h t im e s is o n o w h o
t h i s is a t e m p o r a r y s i t u a t io n , b u t t h a t i t w ill g i v e a c e r t a in s t im u l u s t o
a c c e p t s t h o s e t h in g s a s n e c e s s a r y e v i ls .
I I o c o - o p c r a t c s w it h h is G o v e r n
i n d u s t r y , w h ic h is o n e o f t h o a d v a n t a g e s o f p r i c e f r e e d o m .
m e n t, b u t d o e s n o t d r ift.
H o k n o w s t h o f u n d a m e n t a l p r i n c ip l e s o f b u s l
T h e p r o b le m o f fix a tio n o f p r ice s in v o lv e s o t h e r d iffic u lt ie s .
Ju st as
n e s s a n d f in a n c e .
H e h a s in d e e d t h o c o u r a g e t o d e p a r t f r o m t h e m w h e n
s o o n a s t h o p r i c o o f o n o c o m m o d i t y is e s t a b l is h e d i t b e c o m e s i m p e r a t i v e
n e e d s must, b u t a ls o t h o j u d g m e n t n o t t o t u r n f r o m t h e m t o o fa r .
T h e r e is n o
T h i s c o m p e t i t i o n o f o u r G o v e r n m e n t w it h i t s o w n c it i z e n s f o r g o o d s is a . t h a t p r i c e s o f m a n y o t h e r c o m m o d i t i e s a ls o s h o u l d b e f i x e d .
e n d t o t h o v ic io u s c ir c le .
I t is q u e s t i o n a b l e w h e t h e r i t w o u l d n o t b o b e t t e r
c o n t i n u a n c e o f t h o b i d d i n g o f E n g la n d , I t a l y a n d F r a n c e in o u r m a r k e t
t o a l lo w p r i c e s t o t a k e t h e ir c o u r s e a n d t o h a v o t h e G o v e r n m e n t a p p l y a
s in c e 1 91 4.
P r i c e s h a v o b e e n r is in g o v e r s i n c o , 4 7 % in w h o le s a l e t r a d e
t a x o n e x c e s s p r o f i t s a r is in g d u r i n g t h e p e r i o d o f t h o w a r a s a c o u n t e r
t o t h o e n d o f 1 9 1 6 a n d 2 4 % m o r e in 1 9 1 7 .
It ta k es m oro m o n e y , o r, p r a c
r e s t r a in t i n t h e p u b l i c i n t e r e s t .
t i c a l l y s p e a k i n g , m o r o b a n k c r e d i t , t o h a n d lo b u s in e s s o n h ig h o r p r i c o
T h o p o l i c y o f t h o G o v e r n m e n t in t h e r e g u l a t io n o f b u s in e s s is a n i m p o r t a n t
le v e ls .
F r o m J u n o 3 0 1 9 1 4 t o M a r c h 4 1 9 1 8 , t h o lo a n s o f n a t io n a l b a n k s
o n o in it s i n fl u e n c e u p o n b u s in e s s c o n f i d e n c e .
W h a t is n e e d e d is a m o r o
in c r e a s e d f r o m $ 6 , 4 3 0 , 0 0 0 ,0 0 0 t o $ 9 , 5 6 0 , 0 0 0 ,0 0 0 , a b o u t 5 0 % .
C a s h in
c o n s t r u c t i v e a t t i t u d e t o w a r d b u s in e s s o n t h e p a r t o f t h e G o v e r n m e n t i f
v a u l t d e c l in e d f r o m $ 1 , 0 2 2 , 0 0 0 ,0 0 0 t o $ 4 5 0 ,0 0 0 ,0 0 0 , l a r g e ly b e c a u s o o f t h o
o u r p r o d u c t i v e c a p a c i t y is t o b o i n c r e a s e d t o i t s m a x i m u m a n d t h e g e n e r a l
w is o p r o v i s io n f o r a c c u m u l a t in g g o l d in t h o F e d e r a l R o s e r v o b a n k s a n d m a k
s p i r it a n d c o n f i d e n c e o f in d u s t r y i m p r o v e d .
I f t h o G o v e r n m e n t m a i n t a in s
i n g t h o s e b a n k s t h o d e p o s i t o r ie s o f a ll t h o n a t io n a l b a n k r e s e r v e s .
Our
a p o l ic y o f r e g u l a t io n o f c o m m o d i t y p r i c e s a n d d i r e c t m a n a g e m e n t o f c e r t a in
g o l d o n e g g s a r o a ll in o n o b a s k e t n o w .
T h i s a r r a n g e m e n t m a k e s i t p o s s i b lo
i m p o r t a n t in d u s t r ie s , i t w ill b e n e c e s s a r y f o r t h e G o v e r n m e n t t o r e a s s u r e
t o s u s t a in a m u c h l a r g e r v o l u m o o f c r o d it s w i t h t h o s a m o g o l d s u p p l y , a n d
l e a d e r s o f in d u s t r y a n d t h o c r e d i t o r s o f i n d u s t r y , b y m a k i n g r e a s o n a b l e
t h a t is w h a t w o h a v o a ll w is h e d .
W o o u g h t , h o w o v e r , t o r e a liz e j u s t h o w
a l lo w a n c e s in t h e w a y o f m a r g in s o f p r o f i t s .
t h i s is w o r k in g o u t in w a r t i m e .
O r d in a r i l y t h o g o l d a c c u m u l a t i o n w o u ld
A g e n t o f th e C a n a d ia n B a n k o f C o m m e r c e , sp o k o in f a v o r o f
THORNTON COOKE ON PRACTICAL WAR-TIME
BUSINESS.
is
s e r v o t o m a k e p o s s i b le a s e a s o n a b le e x p a n s io n o f c r e d it s a t t h o c r o p m o v i n g
t im e , a n d a s e a so n a l c o n t r a c t io n
w o u ld f o l l o w .
In w a r tim e , h o w o v e r ,
b e c a u s e o f G o v e r n m e n t r e q u i r e m e n t s , a n d b e c a u s o o f r is in g p r i c e s , t h o
s e a s o n a l c o n t r a c t i o n is s c a r c e ly o b s e r v e d a t a l l, a n d o u r i m m e n s e s t o c k o f
g o l d b e c o m e s o n o o f t h o m e a n s o f a c o n t in u in g e x p a n s io n o f c r e d i t s a n d a
c a u s e o f a d v a n c in g p r ic e s .
A s p r a c t ic a l b a n k e r s , w e n e e d t o t h i n k w h a t
m ig h t h a p p e n i f w o p u s h e d e x p a n s io n a n d p r i c e s u p t o t h o lim i t t h o g o l d
c o u ld s u p p o r t.
A s a m a tte r o f fa c t th o a d v a n ces o f th o F e d e ra l R e se rv e
b a n k s t o Its m e m b e r s h a v o r is e n f r o m $ 2 8 ,0 0 0 ,0 0 0 t o $ 9 3 9 ,0 0 0 ,0 0 0 , in a b o u t
s ix te e n m o n th s .
T h o p e rce n ta g e o f g o ld re serv es t o n o te s a n d d e p o s ts has
f a lle n f r o m 7 9 t o 5 8 . 5 8 % w o u ld b o a s t r o n g r e s e r v e in p o a c o t i m e s . T h e
B a n k o f E n g la n d u s e d t o m a i n t a in a b o u t 5 0 % .
I n w a r t i m e 5 8 % is u n
u s u a l.
T h e r e s e r v e o f t h o B a n k o f E n g la n d r u n s n o w u n d e r 2 0 % .
P rac
t ic a l m e n w ill n o t f o r g e t , h o w e v e r , t h a t t h o A m e r i c a n fin a n c ia l s i t u a t io n
r e s t s n o w o n a s in g le g o l d o n a r c h , a n d t h o y w ill n o t o v e r l o a d t h a t a r c h .
H o w s h a ll w o k e e p f r o m i t ?
B y r e m e m b e rin g t h a t , a s M r . M c A d o o
s a y s , i t is j u s t a s n e c e s s a r y t o e c o n o m i z e c r e d i t a s t o c c o n o i n l z o g o o d s .
Is
s o m o o n o a s k in g y o u f o r m o n e y t o m a k e a n i n v e s t m e n t , f o r i n s t a n c e , t o b u y
la n d ?
I f y o u a ro a p r a c t ic a l b a n k e r , y o u w o n ’ t m a k e t h a t lo a n .
I f you
h a v o t h o m o n e y y o u w ill t a k e a c a t t l e n o t e o r s o m o o t h e r b u s in o s s p a p e r o f f
a f e ll o w b a n k e r ’ s h a n d s a n d n o t s w e ll t h o r is in g t i d e o f i n f l a t i o n .
W i ll y o u
le n d o n L ib e r t y b e n d s ?
Y e s , i f th o b o r r o w e r c a n s a v e th o m o n e y to p a y
fo r th em .
I q u e s tio n w h e th e r it d o e s t h o n a tio n m u c h g o o d t o c a r r y a m a n
i n d e f i n i t e l y o n h is b o n d s .
I t le s s o n s w h a t y o u c a n d o f o r p r o d u c t i v e i n d u s
try .
B u t i f y o u a r o a s k e d t o l e n d t o a g o o d c a t t le m a n o r a g o o d s t o r e k e e p e r ,
t o f u r t h e r u s e f u l p r o d u c t i o n o r n e c e s s a r y m e r c h a n d i s in g , t h e n y o u s h o u ld
l e n d fe a r le s s l y .
H e r o is t h o p r a c t ic a l t e s t f o r e v e r y l o a n ; w ill m a k i n g it
h e l p w in t h o w a r ?
I f i t w o n ’ t — d o n ’ t m a k o i t ; t h e r o a r o p l e n t y o f lo a n s
th a t w ill.
.
T h o t o s t o f t h o A m e r i c a n b a n k e r s is y e t t o c o m o .
S o fa r a s w o ca n see
w o fa c e y e a rs o f w a r.
S o m o t r a d e s a r o a l r e a d y in d e c l i n e , o t h e r s m u s t
o f f a c o t h e m s e lv e s f o r t h o w a r i f w o a r o t o h a v o m e n , m u n i t io n s a n d s h ip s
to ca rry th em .
A s t h o m a rk e ts o f p e a c e d is a p p e a r , o u r c u ts o n ie rs m u s t
t a k e u p t h e g r o a t b u s in e s s o f w a r i f t h o y a r e t o s a v o t h e m s e lv e s a n d d o t lio tr
u t m o s t fo r th o n a tio n .
H a r o ld G . M o u l t o n t o ll s u s a b i t o f c o n t e m p o r a
n e o u s b u s in e s s p r a c t i c e , t h a t in E n g la n d “ in s t e a d o f m o t o r c a r s , t h o m o t o r
O n th o s u b je c t o f r e -a d ju s t m e n t a fte r th o w a r , M r . S a b in
h a d th o fo llo w in g to s a y :
A f t e r t h o w a r w ill c o m e t h e m o r o s e r io u s p e r i o d o f a d j u s t m e n t , a n d o n
t h o w a y in w h ic h o u r f in a n c ia l a n d i n d u s t r ia l l e a d e r s h a n d lo t h is p r o b l e m
w ill d e p e n d t h e s u c c e s s fu l liq u id a t i n g o f o u r p r e s e n t c r e d i t e x t e n s i o n s .
The
p o s i t i o n o f t h o c o u n t r y , h o w e v e r , s h o u l d b o m a t e r ia l l y i m p r o v e d a t t h o
d o s e o f th o w a r.
W e h a v o b e c o m e a c r e d i t o r n a t i o n a n d w ill c o n t i n u e t o
bo.
A t th o o u tb r e a k o f t h e w a r , w o w e re d e b to r s t o th o e x te n t o f $ 5 ,0 0 0 ,
0 0 0 ,0 0 0 o r $ 6 , 0 0 0 , 0 0 0 ,0 0 0 .
S i n c e t h e n w o h a v e r e c e iv e d o v e r $ 1 , 0 0 0 , 0 0 0 ,
00 0 o f g o ld fro m a b r o a d .
W o h a v e b o u g h t a b r o a d p r o b a b l y $ 2 ,5 0 0 , 0 0 0 ,0 0 0
o f o u r s e c u r it i e s , a n d w o h a v o l o a n e d t h r o u g h p r i v a t e c h a n n e ls a p p r o x i
m a t e l y $ 2 ,0 0 0 ,0 0 0 ,0 0 0 t o f o r e i g n c o u n t r ie s , a n d in a d d it i o n o u r o w n G o v
e r n m e n t lia s g i v e n c r e d i t s in t h e w a y o f a d v a n c e s t o t h e A l l ie s o f a p p r o x i
m a t e l y $ 5 , 0 0 0 , 0 0 0 ,0 0 0 .
H o w m u c h f u r t h e r t h is p r o c e s s w ill g o , n o o n e
c a n e s t im a t e a t t h i s t im e , b u t i t is c e r t a in t h a t t h e d e c l a r a t io n o f p e a c e
w ill l o a v e u s in a s t r o n g p o s i t io n a s a c r e d i t o r n a t i o n .
W e w ill h a v e
a b it n d a n t n a t u r a l r e s o u r c e s a n d s u c h a p r o d u c t i v e c a p a c i t y t h a t t h o v a r i o u s
n a t i o n s o f t h o w o r l d w ill c o n t in u e t o c o m o h e r e t o b o r r o w .
T h e c o u n t r ie s
t h a t a r o o n a d e p r e c i a t e d p a p e r b a s is t o - d a y w ill n o t b e in a h u r r y t o r e s u m e
s p e c i e p a y m e n t s , c o n s e q u e n t l y t h e y w ill n o t b e b o r r o w i n g o u r g o l d .
T h ey
w ill p r o f e r t o b o r r o w c o m m o d i t i e s w id e n w ill b e u s e d f o r t h e d e v e l o p m e n t
o f th e ir n a tu ra l re s o u r c e s , a n d t o r e s to re n o rm a l c o n d it io n s .
O u r la r g e
s t o c k o f g o l d w h i c h is n o w in e x c e s s o f $ 3 , 0 0 0 ,0 0 0 ,0 0 0 w i l l , o n t h e liq u id a t i o n
o f o u r p r e s e n t w a r c r e d i t s t r u c t u r e , in t h e m a i n , r e m a in w i t h u s , a n d w ill
b o u s e d a s t h o b a s is f o r t h e e x t e n s i o n o f c r e d i t .
B u t i t w ill b o n e c e s s a r y f o r u s t o c o n s e r v e o u r s t r e n g t h b y e v e r y w is e
p r e c a u tio n w o ca n d e v is e .
C h i e f a m o n g t h e s e m e a s u r e s is l ik e l y t o b o
t h a t o f a n a d e q u a te p r o t e c t iv e t a r iff.
I h a v o a lw a y s b e e n t h e o r e t i c a l l y a
“ f r e e - t r a d e r , ” b u t t h e c o m p e t i t i v e c o n d i t i o n s w h ic h p e a c e is c e r t a in t o
b r i n g w ill b o s o d i f f e r e n t f r o m t h o s e t h a t e x is t in o r d i n a r y p e a c e t im o s t h a t
I a m c o n v i n c e d w o s h a ll h a v e t o p u t u p p r o t e c t i v e b a r s , a s w ill e v e r y o t h e r
b e l li g e r e n t n a t i o n , r a t h e r t h a n l o w e r t h e m , in in t e r n a t io n a l t r a d e .
So,
t h o t a r i f f is b o u n d t o b o o n e o f t h e b i g is su e s a f t e r t h o w a r .
W e w ill n e v e r a g a in b e a b l e , h o w e v e r , t o r e ly u p o n t h e t a r i f f , a s h a v e w e
in t h o p a s t , f o r t h e b u l k o f o u r r e v e n u e .
I t is c o n s i d e r e d d o u b t f u l i f w o s h a ll
3170
b e a b l e t o r a is e b y t h i s m e a n s m o r e t h a n a f i f t h o f t h o m o n e y w o s h a ll n e e d
t o ru n t h o G o v e r n m e n t e c o n o m ic a lly .
T h o u n p r e c e d e n t e d c o s t s o f t h is
w a r w ill e x t e n d o v e r a p r o t r a c t e d p e r i o d a n d o u r e x p e n d it u r e s w ill d o u b t l e s s
b e t w o o r t h r e e t im e s a s la r g e a s t h e y w e r e in a n t i -b e ll u m d a y s a n d h e a v y
ta x bu rden s m u st b e b o m o .
O b v i o u s l y , t h e r e f o r e , w e s h a ll h a v e t o r e v i s e o u r t a r i f f s c h e d u l e s in m a n y
r e s p e c t s n o t o n l y t o r p r o t e c t i v e r e a s o n s b u t t o in c r o a s e o u r m e a n s f o r m e e t
i n g t h o b i ll s o f w a r a n d t h o p r o s p e c t i v e g r e a t l y I n c r e a s e d e x p e n d it u r e s o f
peaco.
________________________
OFFERING OF FEDERAL LAND BANK FARM
LOAN BONDS.
An
o ffe r in g o f F e d e ra l F a r m
Loan
b on d s,
b e a rin g 5 %
in t e r e s t , d a te d M a y 1 1 9 1 8 a n d duo M a y 1 1 9 3 8 w a s m a d e
th is w e e k b y a s y n d ic a te c o m p o se d o f A le x a n d e r B r o w n s
&
S on s; B row n B ro s.
H ig g in s o n &
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C o .; H a r r is , F o r b e s &
C o .;
C o . , a n d th e N a t io n a l C i t y C o m p a n y .
Lee
The
s y n d ic a te arra n g e d w ith th o F a r m L o a n B o a r d to sell $ 1 5 ,
0 0 0 ,0 0 0 o f th o b o n d s , w ith a n o p tio n o f d isp o sin g o f a n o th e r
b lo c k o f $ 1 5 ,0 0 0 ,0 0 0 .
O n th o 2 1 s t , it w a s sta te d th a t m o re
th a n $ 1 6 ,0 0 0 ,0 0 0 o f th e b o n d s h a d b e e n s o ld .
h a v e b e e n o ffe re d
at
101 a n d
T h o bonds
in te r e st n e tin g o v e r 4 . 7 5 %
to th e re d e e m a b le * d a te ( 1 9 2 3 ) a n d 5 %
d e m p tio n o n m a t u r i t y .
th e re a fte r u p to re
T h e in te re st is p a y a b lo M a y 1 a n d
N o v . L 'a t’ a n y F e d e ra l L a n d B a n k o r F e d e ra l R e se r v o B a n k ,
w h ile th e p rin c ip a l is p a y a b le a t th e b a n k o f issu e .
bonds
are
cou p on
and
re g iste re d
fo r m
Tho
(in te rc h a n g e a b le )
a n d in d e n o m in a tio n s Jo f $ 2 5 , $ 5 0 , $ 1 0 0 , $ 5 0 0 a n d $ 1 ,0 0 0 .
T h e y aro e x e m p t fr o m F e d e r a l, S t a t e , M u n ic ip a l a n d loca l
ta x a tio n .
F e d e ra l
Land
B ank bonds
have
been
d ecla red
b y C o n g re ss to * b o in stru m e n ta litie s o f th e G o v e r n m e n t o f
th o U n ite d ^ S ta te s , a n d as s u c h , e x e m p t fro m F e d e r a l, S t a t e ,
m u n ic ip a l a n d lo c a l ta x a tio n .
I t is p o in te d o u t th a t th ese
b o n d s , th e r e fo r e ,1h aveJas c o m p le te e x e m p tio n fr o m ta x a tio n
a s th e F irst^ L ib e r ty L o a n ' 3 K % b o n d s .
T h e U . S . A tto rn o y -
G e n e r a r a n d T C h a r le s 'B . H u g h e s h a v e a p p ro v e d th o c o n s titu
tio n a lit y o f th e A c t a n d th e v a lid ity o f th e p ro v isio n s e x e m p t
in g th o b o n d s fr o m
ta x a tio n .
T h o first o ffe r in g o f F a r m
L o a n b o n d s 'w a s 'm a d o a b o u t a y e a r a g o .
A t th a t tim e it w as
arra n g e d b y a g r o u p 'o f in v e s tm e n t h o u ses (A le x a n d e r B r o w n
& S o n s , B r o w n B r o s / & j C o . , H a rris F o r b e s & C o . , a n d L e e ,
H ig g in s o n & C o .) to m a r k e t a p p r o x im a te ly h a lf o f th o b o n d s
is s u e d b y th o b a n k s d u rin g th e su cc ee d in g six m o n th s u p
to a to ta l o f $ 3 0 ,0 0 0 ,0 0 0 .
T h e b o n d s in th o origin al offe rin g b o re 4 ) ^ in te r e s t, w ere
d a te d M a y
1 1 9 1 7 a n d aro d u e M a y
1 1937.
T h e y are
r e d e e m a b le a t p ar a n d a c cru ed in te re st on a n y in te r e s t d a te
a fte r fiv e y e a rs fr o m
th e d a te o f issu e .
R e fe re n c e to tho
o ffe r in g o f { a y e a r a g o w as m a d e in th o “ C h r o n ic le ” o f J u n o
3 0 a n d J u ly ” 7.
T h o p re sen t o ffe r in g sa y s:
T h o t w e l v o F e d e r a l L a n d B a n k s w e r e o r g a n i z e d b y t h o U n it e d S t a t e s
G o v e r n m e n t w h ic h p u r c h a s e d a n d s t ill h o l d s a b o u t 9 7 % o f t h e i r o r ig in a l
$ 9 , 0 0 0 , 0 0 0 c a p i t a l s t o c k ; t h o a g g r e g a t e c a p i t a l h a s s in c e b e e n in c r e a s e d t o
o v e r $ 1 3 ,0 0 0 ,0 0 0 .
T h e y w e r o c r e a t e d t o m e e t a g r ic u lt u r a l n e e d s o f t h e
U n it e d S t a t e s a s t h o F e d e r a l R e s e r v o B a n k s w e r e d e s i g n e d t o m e e t t h o
m e r c a n t il e a n d m a n u f a c t u r in g n e e d s .
A l l t w e l v e F e d e r a l L a n d B a n k s a r o lia b le f o r t h o u l t lm a t o p a y m e n t o f
a ll b o n d s is s u e d b y e a c h a n d e v e r y F e d e r a l L a n d B a n k .
T h e b o n d s a r e a c c e p t a b l e b y t h o U n it e d S t a t e s T r e a s u r y a t p a r a s s e c u r it y
f o r G o v e r n m e n t d e p o s i t s , i n c lu d in g p o s t a l s a v in g s f u n d s .
T h e y a ro la w fu l
i n v e s t m e n t s f o r a ll f i d u c i a r y a n d t r u s t f u n d s u n d e r t h o ju r is d i c t io n a n d
c o n tr o l o f th o F e d e ra l G o v e r n m e n t.
T h e y a r o c ll g i b l o u n d e r t h e la w s
o f m a n y o f t h o S t a t e s f o r i n v e s t m e n t o f a ll p u b li c a n d p r i v a t e f u n d 3 , a n d
a r o c ll g i b l o f o r in v e s t m e n t b y s a v i n g s b a n k s in t h o f o ll o w i n g S t a t e s ;
A rk an sas
C a li f o r n ia
C o lo r a d o
D e la w a r e
F l o r id a
Id ah o
L o u is i a n a
M a in e
M a r y la n d
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M a ssa ch u se tts
M is s i s s ip p i
N obraska
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S ou th D a k o ta
T en n esseo
Texas
U ta h
V ir g in ia
W e s t V i r g i n ia
W is c o n s in
W y o m in g
RESULTS OF FIRST YEAR'S OPERATION OF FEDERAL
LAND BANKS.
I n a c c o rd a n c e w ith th o p ro v isio n o f th e F a r m
Loan A ct
re q u irin g th a t th e F a r m L o a n B o a r d “ sh all fr o m tim e to tim e
re q u iro e x a m in a tio n s a n d re p o rts o f c o n d itio n o f a ll L a n d
b a n k s e sta b lish e d u n d e r th o p ro v isio n s o f th is A c t , a n d shall
p u b lish c o n so lid a te d s ta te m e n ts o f th o re su lts t h e r e o f,” tho
Farm
[VOL. 106
THE CHRONICLE
L oan B oard on M a y
2 4 m a d e p u b lic th o firs t c o n
tho la s t fo u r m o n th s , as th e v o lu m e o f bu sin ess o n tho b a n k s ’
b o o k s in c r e a se d .
T h e s e figu res re p re se n t p ra c tic a lly tw e lv e
m o n th s e xp on ses a n d six m o n th s re c e ip ts , a n d it w a s n o t
u n til a fte r th e b a n k s ’ b o o k s in c re a se d .
T h e s e fig u res rep re
se n t p ra c tic a lly tw e lv e m o n th s exp en se s a n d six m o n th s
re c e ip ts , as it w a s n o t u n til a fte r th o b a n k s h a d b e e n in
o p e ra tio n fo r six m o n th s th a t th e y h a d a n y a p p re c ia b le
a m o u n t o f r e c e i p t s / T h o exp en se s in clu d o th o co sts o f
a p p ra is a l, a n d p a r t o f th e co s ts o f d e te r m in a tio n o f title ,
o n a d d itio n a l lo a n s to th e a m o u n t o f a b o u t $ 8 3 ,0 0 0 ,0 0 0
w h ich h a v e b e e n a p p r o v e d b u t n o t y e t c lo s e d .
T h ese
e x p en se s in cu rred o n fu tu r e b u sin e ss re p re se n t a b o u t 6 0 %
o f th e a p p a r e n t d e fic it to d a to .
T h o $ 9 1 ,8 6 5 ,5 8 6 lo a n s close d
in clu d e $ 6 8 ,6 7 5 ,5 6 1 a t 5 %
a n d $ 2 3 ,1 9 0 ,0 2 5 a t 5 V2% .
T w o o f tho b a n k s a lr e a d y s h o w a n a c tu a l su r p lu s, a n d b e fo re
th e en d o f th o p re sen t c a le n d a r y e a r it is p ro b a b lo th a t a
m a jo r it y o f th e m w ill b e in th e s a m e p o s itio n .
One bank
h as d o u b le d its c a p ita l s to c k fr o m su b sc rip tio n s b y fa r m lo a n
a s s o c ia tio n s , a n d w ill fr o m n o w o n b o r e -p a y in g s e m i
a n n u a lly , in a c c o rd a n c e w ith th e p ro v isio n s o f th o A c t , th o
c a p ita l o r ig in a lly su b sc rib e d b y th e G o v e r n m e n t a n d in
d iv id u a ls .
T h e to ta l p a y m e n ts b y b o rrow ers o v o rd u o on
A p r il 3 0 a m o u n te d to less th a n $ 1 4 ,0 0 0 , w h ic h is less th a n 2 %
o f th o to ta l a m o u n t d u e , a n d m o re th a n h a lf o f th is is o n ly
3 0 d a y s o v e r d u e , th o a m o u n t 9 0 d a y s o v e r d u e b e in g o n ly
$ 2 ,5 0 3 , o r 3 5 - 1 0 0 t h s o f 1 % .
C O N S O L ID A T E D B A L A N C E SH E E T O F T H E T W E L V E F E D E R A L
LAN D BAN KS.
A s a t C l o s e o f B u s in e s s A p r i l 3 0 1 9 1 8 .
Assets—
M o r t g a g e L o a n s .............................................. .......... 9 1 , 8 6 5 , 5 8 6 2 0
A c c r u e d i n t e r e s t ........................................................
9 9 4 ,7 1 3 8 7
T o t a l ..............................................................................$ 9 2 ,8 6 0 ,3 0 0 0 7
1 2 6 ,8 4 6 7 9
Less— A m o r t i z a t i o n p a y m e n t s _____________
N e t t o t a l __________________________________
U . S . G o v e r n m e n t b o n d s a n d c e r t i f i c a t e s ____
S e c u r it ie s p le d g e d a s s e c u r it y f o r d e p o s i t o f
G o v e rn m e n t fu n d s:
F a r m lo a n b o n d s ...... ..................................................
U . S . G o v e r n m e n t b o n d s ___________________
$ 9 2 ,7 3 3 ,4 5 3 2 8
1 ,3 5 0 ,0 3 0 5 4
3 ,8 2 0 ,0 0 0 00
4 3 0 ,0 0 0 0 0
$ 4 ,2 5 0 ,0 0 0
5 , 6 5 7 ,7 4 3
1 6 ,2 6 0
1 4 7 ,8 2 3
2 0 2 ,1 5 8
C a s h o n b a n d a n d in b a n k s .
A c c o u n t s r e c e i v a b l e ________
F u r n it u r e a n d f i x t u r e s _____
O t h e r a s s e t s __________________
00
76
80
13
35
T o t a l a s s e t s ............. .......................................................................................$ 1 0 4 ,3 5 7 ,4 6 9 8 0
E x c e s s o f e x p e n s e s a n d i n t e r e s t c h a r g e s o v e r e a r n i n g s _______
4 1 1 ,9 5 4 2 4
T o t a l . ................................................................................................................. $ 1 0 4 ,7 6 9 ,4 2 4 10
Liabilities—
C a p it a l s t o c k :
$ 8 ,8 9 2 ,1 3 0 00
U . S . G o v e r n m e n t ..................
N a t io n a l f a r m lo a n a s s o c ia t i o n s _______________
4 ,5 8 4 ,6 5 5 00
B o r r o w e r s t h r o u g h a g e n t s ___________________
1 0 ,2 4 0 0 0
I n d i v i d u a l s u b s c r ib e r s _______________________
1 0 7 ,8 7 0 0 0
T o t a l ...................................................... .......... ..................................................$ 1 3 ,5 9 4 ,8 9 5 0 0
F a r m lo a n b o n d s :
T o t a l i s s u e d ............................................................... . $ 8 3 , 7 5 0 , 0 0 0 0 0
Less— B o n d s o n h a n d n o t s o l d o r p l e d g e d .
3 5 9 ,6 7 5 0 0
T o t a l f a r m lo a n b o n d s o u t s t a n d i n g _____$ 8 3 ,3 9 0 ,3 2 5 0 0
A c c r u e d in t e r e s t o n f a r m lo a n b o n d s ______
9 5 0 .4 4 4 9 4
T o t a l ................................................................................................................
U . S . G o v e r n m e n t d e p o s i t s ................................................ ....................
B i l ls p a y a b l o ( m o n e y a n d b o n d s b o r r o w e d ) ....................................
A c c o u n t s p a y a b lo (d u o to b o r r o w e r s , d e fe rre d p a y m e n ts o n
lo a n s in p r o c e s s o f c l o s i n g ) ..................................................................
O t h e r l ia b il i t i e s _____________________________________________________
T o t a l lia b ilitie s .
8 4 , 3 4 0 ,7 6 9 9 4
4 ,2 5 0 , 0 0 0 0 0
5 8 0 ,0 0 0 0 0
1 ,5 9 7 ,3 4 0 3 8
4 0 6 .4 1 8 7 8
$ 1 0 4 ,7 6 9 ,4 2 4 10
C O N S O L ID A T E D S T A T E M E N T O F IN C O M E A C C O U N T
TW ELVE FEDERAL LAND BAN KS.
OF TH E
A s a t C I o s o o f B u s in e s s A p r i l 3 0 1 9 1 8 .
Earnimjs—
I n t e r o s t a c c r u e d o n m o r t g a g e l o a n s __________ $ 1 , 5 7 3 , 3 4 4 2 6
I n t e r e s t r e c e iv e d o n b a n k b a la n c e s a n d b o n d s
a n d s e c u r it ie s a n d p r e m iu m s r e c e iv e d o n
3 0 1 ,4 3 3 6 2
f a r m lo a n b o n d s s o l d . . ...........................................
F e e s f o r a p p r a is a l a n d d e t e r m in a t i o n o f t it le
a n d o t h e r m is c e lla n e o u s e a r n i n g s ___ ^ _____
2 9 7 ,5 3 4 8 0
T o t a l e a r n i n g s . ........................................................................................
$ 2 ,1 7 2 ,3 1 2 6 8
Less— D e d u c t i o n s (in t e r e s t c h a r g o s ) :
I n t e r e s t a c c r u e d o n f a r m l o a n b o n d s _____$ 2 , 0 9 7 , 2 4 5 7 6
Less— A c c r u e d i n t e r o s t c o l l e c t e d o n
.
b o n d s s o l d ________________________________
1 ,0 6 4 ,4 2 2 7 3
s o lid a te d s ta te m e n t o f th e c o n d itio n o f tho tw e lv o F e d e ra l
L a n d B a n k s as o f A p r il 3 0 1 9 1 8 .
th is d a te m a rk e d
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lo a n s to fa rm ers to tho a m o u n t o f $ 9 1 ,8 6 5 ,5 8 6 2 0 .
T h e ir
c a p ita l sto c k h a s in creased fro m $ 9 ,0 0 0 ,0 0 0 to $ 1 3 ,5 9 4 ,8 9 5 .
T h e y h a v e issu e d F a r m L o a n b o n d s to th o a m o u n t o f $ 8 3 ,
7 5 0 ,0 0 0 .
T h e ir excess o f exp on ses a n d in te re st ch a rg es o v e r
e arn in gs is $ 4 1 1 ,9 5 4 2 4 , w h ic h is a lm o s t o x a c tly 3 %
c a p ita l.
o f their
T o t a l d e d u c t i o n s .............. .....................................................................
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B o n d d e p a r t m e n t '. ____________________________
E x t e n s i o n a n d p u b l i c i t y d e p a r t m e n t ______
G e n e r a l ...........................................................................
$ 5 6 3 ,0 0 5
4 7 9 ,5 7 4
2 3 7 ,5 8 9
2 0 ,5 9 4
1 8 ,7 5 4
1 5 0 ,6 3 7
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a n d c h a rg es o v e r earn in gs re p re se n te d a t ono tim e a b o u t 7 %
o f th e c a p ita l s to c k , a n d h a s b e e n ra p id ly re d u ce d d u rin g
T o ta l expenses
E x c e s s o f e x p e n s e s a n d i n t e r e s t c h a r g e s o v e r e a r n in g s
$ 1 ,4 7 6 ,1 5 6 51
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M ay 25 1918.]
THE CHRONICLE
J. HERBERT CASE IN PRAISE OF THE FEDERAL
RESERVE SYSTEM.
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E ffe c tiv e n e s s
of
Our
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S y ste m ”
w as
th e
th e m e o f a n a d d re ss d eliv ered b y J . H e r b e r t C a s e , D e p u t y
G o v e r n o r o f th e F e d e r a l R e se r v e B a n k o f N e w Y o r k a t th e
a n n u a l c o n v e n tio n o f th e N e w J e rse y B a n k e r s ’ A s s o c ia tio n
a t A t la n t ic C i t y o n M a y
o th e r th in g s ,
it
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17.
M r . C a s e d isc u sse d , a m o n g
th e u n d e r ly in g p u rp o se o f th e s y s t e m , h o w
e ff e c tiv e ,
th e a d v a n ta g e s o f m e m b e r s h ip
& c .,
w ith a v ie w t o im p re ssin g u p o n th e S ta te in s titu tio n s th e
d e s ir a b ility o f jo in in g th e s y s t e m .
W e q u o te in p a r t fr o m
h is re m a r k s as fo llo w s :
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C o m p a r e t h i s ( t h e o l d s y s t e m ) w it h t h e s y s t e m o f t o - d a y .
T h in k o f
e x i s t i n g c o n d i t i o n s a n d t h e n r e c a ll t h a t in o n e s i n g le d a y t h o N e w Y o r k
m e m b e r o f t h i s s y s t e m , w e a r e d i s c u s s in g , e n a b le d m e m b e r b a n k s in t h is
d is t r ic t , b y m e a n s o f a d v a n ce s a n d re d is co u n ts, t o in cre a se th e ir ca sh
r e s e r v e s o v e r 8 3 0 0 ,0 0 0 ,0 0 0 .
T h is w it h o u t o v e n a r ip p le o n th e s u r fa c e
o f t h i n g s — j u s t a p a r t o f t h e o r d i n a r y d a y ’ s b u s in e s s .
G e n t le m e n , t h i s s y s t e m w o e n j o y t o - d a y is a r e a l , t a n g i b l e , w e l l - d e f i n e d
t h in g .
I t h a s r e s o u r c e s e x c e e d i n g 8 3 ,5 0 0 , 0 0 0 ,0 0 0 .
N e a r l y 8 2 , 0 0 0 , 0 0 0 ,0 0 0
o f t h i s is in g o l d , t h u s c o n s t i t u t i n g a s o u n d b a s o f o r i t s o p e r a t i o n s ; m o r e
o v e r , t h o b a l a n c e o f i t s r e s o u r c e s a r e o f a l iq u id c h a r a c t e r a n d “ t u r n o v e r ”
r a p i d l y , t h e r e b y e n a b li n g t h e s y s t e m t o m e e t t h o h u g e d e m a n d s u p o n i t ,
fr o m t im o t o t im e , w it h o u t d iffic u lt y .
T h i o s y s t e m , a c t i n g a s fis c a l a g e n t f o r t h e G o v e r n m e n t , h a s b e e n t h o
s e l li n g a n d d i s t r i b u t i n g m e d i u m f o r m o r e t h a n 8 5 , 0 0 0 , 0 0 0 ,0 0 0 o f s h o r t
t e r m c e r t i f i c a t e s o f i n d e b t e d n e s s a n d f o r n e a r l y 8 1 0 ,0 0 0 ,0 0 0 ,0 0 0 o f L i b e r t y
L oan bon d s.
I l e a v e t o y o u r im a g in a t io n t h o a t t e m p t t o d i s t r i b u t e t h is
v a s t a m o u n t o f G o v e r n m e n t o b lig a t io n s t h r o u g h a n y o t h e r m e d iu m .
T h o N e w Y o r k u n it o f th is s y s t e m , d u r in g A p r il, e x t e n d e d 9 8 0 lo a n s t o
m e m b e r b a n k s in t h o f o r m o f r e d i s c o u n t s a n d 1 5 - d a y a d v a n c e s , a g a in s t
c e r tific a t e s o f in d e b te d n e s s , L ib e r t y L a o n b o n d s , b a n k e r s ’ a n d tr a d e a c
c e p t a n c e s , c o m m e r c i a l p a p e r , & c . , t o a t o t a l e x c e e d i n g $ 2 , 8 0 0 , 0 0 0 ,0 0 0
Y e t l e t m o t o ll y o u t h e s e b i g t h i n g s w e r o d o n e w i t h e a r n in g s — a s s e t s — t h a t
a v e r a g e d le s s t h a n $ 6 0 0 ,0 0 0 ,0 0 0 f r o m d a y t o d a y .
I n a d d it io n t o t h o fo r e g o in g a d v a n c e s th is b a n k p u r c h a s e d f o r its o w n
a c c o u n t n e a r l y 8 6 0 ,0 0 0 ,0 0 0 in b a n k e r s ’ a c c e p t a n c e s , b e s i d e s s u b s t a n t ia l
a m o u n ts p u rch a se d fo r t h e a c c o u n t o f o t h e r F ed era l R e s e r v e b a n k s.
S u r e ly a s y s t e m t h a t c a n d o t h o s e t h i n g s is a r e a l , t a n g i b l e s y s t e m .
W h a t is t h i s s y s t e m .
I n b r i e f , o u r present banking system is a mobiliza
tion of the nation's liquid resources. N o t c o m p l e t e b y a n y m e a n s , b e c a u s e
w o h a v e in i t o n l y 7 0 % o f t h o b a n k in g r e s o u r c e s o f t h o c o u n t r y ; b u t n o t
w it h s t a n d i n g t h i s f a c t , i t d o e s a f f o r d v e r y n o t a b l e a n d e f f e c t i v e a s s is t a n c e
t o t h o w h o le c o m m e r c i a l a n d f in a n c ia l s t r u c t u r e o f t h e c o u n t r y , a n d it s
f a c il i t i e s a n d s e r v i c e a r e b e i n g e n l a r g e d a n d e x t e n d e d f r o m d a y t o d a y .
T h o s y s t e m w a s c o n c e i v e d , a f t e r a l o n g c a m p a i g n f o r b a n k in g r e f o r m ,
b y t h e F i n a n c e C o m m i t t c o o f C o n g r e s s w it h t h o a s s i s t a n c e a n d c o - o p e r a t i o n
o f t h e a b le s t b a n k e r s o f t h e c o u n t r y .
I t w a s f u r t h e r d e v e l o p e d a n d r e d u c e d t o a p r a c t ic a l w o r k in g p r o p o s i t io n
d u r i n g n u m e r o u s a n d e x h a u s t i v e h e a r in g s in C o n g r e s s a n d i t w a s , e v e n
t u a l l y , d e f i n i t e l y e s t a b l is h e d b y a F e d e r a l A c t p a s s e d in D e c e m b e r 1 9 1 3 .
T h o s y s t e m , s o e n a c t e d , w a s , f r o m t im e t o t im e , im p r o v e d b y s u b s e q u e n t
e n a c t m e n t s u n t i l t o - d a y , i t s t a n d s p e r f e c t e d a lid is r e c o g n i z e d a s t h e
g r e a t e s t p i e c e o f f in a n c ia l le g is l a t i o n in o u r h i s t o r y , g i v in g , a s w o h a v e
c o m o t o a p p r e c i a t e , t h a t c o n f i d e n c e w h ic h is a b s o l u t e l y n e c e s s a r y f o r t h e
f in a n c ia l s t a b i l i t y o f o u r c o u n t r y .
B y t h i s F e d e r a l e n a c t m e n t t h o b a n k s o f t h o c o u n t r y w e r o , in p a r t , r e
q u i r e d — a n d I r e f e r h e r o t o t h e n a t i o n a l b a n k s — a n d , in o t h e r p a r t s , a u
t h o r iz e d t o c o m b in e a n d t o e n te r in t o a n a r ra n g e m e n t fo r th e ir m u tu a l
p r o t e c t io n , a n d , as a n a tu ra l c o r o lla r y t h e r e t o , fo r th o p r o t e c t io n o f th e
o n t i r o c o m m e r c i a l a n d f in a n c ia l r e s o u r c e s o f t h e c o u n t r y .
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W h a t is t h o g r o a t p u r p o s e o f t h i s s y s t e m ?
T h o m a in , u n d e rly in g p u r
p o s e o f t h o F e d e r a l R e s e r v e s y s t e m is t o m a i n t a in a g r o a t r e s e r v e o f l iq u id
c a p i t a l , n o t a l o n e f o r e v e r y d a y r e q u ir e m e n t s b u t a l s o a n d c h i e f l y a g a in s t
e m e r g e n c y d e m a n d , a n d t h e r e b y c o n s e r v e a n d p r e s e r v e th e n a t io n ’s c r e d it
a n d re s o u r c e s u n im p a ir e d .
T h i s i m p o r t a n t e n d is a c c o m p li s h e d b y a c c u m u l a t in g , in p a r t , in t h is
o n o g r e a t s y s t e m o f t h o r e s e r v e s o f t h e 2 8 ,0 0 0 b a n k s o f t h o c o u n t r y h e r e
t o f o r e c a r r ie d i n d i v id u a l ly b y t h o m a n y u n r e l a t e d i n s t it u t i o n s .
T h o r e s o u r c e s o f t h e s e 2 8 ,0 0 0 b a n k s is s o m e w h a t In e x c o s s o f $ 3 0 ,0 0 0 ,
0 0 0 ,0 0 0 a n d t h e y w e r o f o r m e r l y r e q u i r e d b y la w — a n d a r e y e t i f n o t a p a r t
o f t h is s y s t e m — t o c a r r y a p p r o x i m a t e ly 1 0 % o f t h e s o o r $ 3 , 0 0 0 , 0 0 0 ,0 0 0
e i t h e r a s “ c a s h i n v a u l t ” o r w it h t h e ir “ r e s e r v e c o r r e s p o n d e n t . ”
T h i s is a
g o o d l y s u m , b u t i t w a s s o s c a t t e r e d in t h e p a s t t h a t , t i m o a n d t i m e a g a i n ,
i t p r o v e d i n e f f e c t i v e , o f l i t t l e a v a il a n d o f m e a n v a l u e in a n e m e r g e n c y .
B y c o n c e n t r a t in g t h i s , h o w e v e r , In o n o s y s t e m — t h a t is in t h o F e d e r a l
R e s e r v o — t h is s y s t e m h a s t h e n , a s w o r k in g c a p i t a l , n o t o n l y t h o s e r e s e r v e s
b u t a ls o t h e c a p i t a l s t o c k s u b s c r ip t i o n s o f t h o m e m b e r b a n k s .
N o w t h e n , t h o w h o le e f f e c t i v e n e s s o f t h is s y s t e m d o p o n d s , in t h o m a in
u p o n o n o s in g le p r i n c i p l e , a n d t h a t is t h o m a i n t e n a n c e o f t il l s f u n d In a n
a b s o l u t e l y liq u id f o r m .
T h e r e f o r e a ll d i r e c t a d v a n c e s f r o m t h is f u n d t o m e m b e r b a n k s a r e m a d o
o n a s h o r t t e r m b a s i s , t h a t Is f o r p e r i o d s n o t e x c e e d i n g 15 d a y s .
O t h e r a d v a n c e s a r o m a d e f o r p e r i o d s n o t e x c e e d i n g 9 0 d a y s in t h o f o r m
o f r e d is co u n ts o f b a n k e rs ’ a c c e p t a n c e s , d o m e s t ic a n d fo re ig n tr a d e a c c e p
t a n c e s a n d c o m m e r c i a l p a p e r , a ll o f w h ic h a r o , a s y o u q u i t e a p p r e c i a t e
o f a s e lf-liq u id a t in g n a tu r e .
N o a d v a n c e s , e x c e e d i n g t h i s 9 0 - d a y p e r i o d , a r o a t a n y t i m e m a d o w it h
t h o s i n g le e x c e p t i o n o f a g r ic u lt u r a l p a p e r w h i c h m a y r u n f o r a p o r i o d n o t
e x c e e d in g 6 m o n th s .
T o s u m u p t h e s y s t e m , m y f o r e g o in g b r i e f s t a t e m e n t o f i t s g r e a t p u r p o s e
a n d t h o m e a n s e n f o r c e d f o r i t s f u l f i l l m e n t , e m b o d i e s ‘ in a n u t - s h e l l ” t h o
w h o le s t o r y o f t h o F e d e r a l R e s e r v e .
L o t m e r e it e r a t e a n d e m p h a s iz e it:
T h e p u r p o s o a n d e f f e c t o f t h o F e d e r a l R c s e r v o s y s t e m Ls t o c o n c e n t r a t e
in “ o n o h e a d ” t h o r e s e r v e s o f o u r b a n k s ; t o m a i n t a in t h e m , e v e r a n d a l
w a y s , in a l iq u id f o r m a n d t o e m p l o y , w it h o u t a n y m o t i v e o f p r o f i t , i n a c c o r d a n c o w it h t h e r e q u i r e m e n t s o r t h o n a t io n s c u r r e n t b u s in o s s a s t h e s e v
eral m e m b e r b a n k s m a y d e m a n d .
In o th e r w o rd s , th o F o d e ra l R e s e r v e
s y s t e m e lim in a t e s a ll s e lfis h i n t e r e s t a n d , b y i t a n d t h r o u g h i t , o u r c o u n
t r y is a s s u r e d t h a t i t s c a s h r e s e r v e s a r e e m p l o y o d s o l e ly a n d a l w a y s f o r o u r
c o u n t r y ’s g o o d .
T h o “ F e d o r a l R e s e r v e ” d u r i n g t h o c r it i c a l p e r i o d o f t h o p a s t t h r e e y e a r s
h a s , I t h i n k , y o u w ill a ll a d m i t , b e e n t r u o t o " i t s t r u s t " a n d r e n d e r e d a
v e r y g r e a t n a t io n a l s e r v ic e .
T h o s o o f y o u w h o h a v e c o -o p e r a te d w it h u s , a n d a v a ile d y o u r s e lv e s o f
t h o p r i v il e g e s a c c o r d e d b y t h o s y s t e m , q u i t o t h o r o u g h l y a p p r e c i a t e Its
w o r k in g s a n d t h o f a c t t h a t t h o F e d e r a l R o s c r v o h a s , a m o n g o t h e r t h in g s ,
3171
d e v e lo p e d a n d e n c o u r a g e d — in th is c r it ic a l p e r io d — s e v e ra l n e w fo r m s o f
b a n k in g in s tr u m e n ts w h ic h a r e d a ily p r o v in g t h e ir w o r t h .
I r e fe r p a r t ic u la r ly t o t h o s e in s tru m e n ts k n o w n a s b a n k e rs ’ a c c e p t a n c e s ,
t r a d e a c c e p t a n c e s a n d f o r e i g n t r a d e a c c e p t a n c e s w h ic h r e p r e s e n t a c t u a l
s a le s o f c o m m o d i t i e s — b o i t o n e p r o d u c e o r o t h e r m e r c h a n d i s e — a n d ,
t h e r e f o r , a i d s o m a t e r ia l l y i n t h o f in a n c in g o f c o m m e r c e a n d i n d u s t r y a n d
w h ic h , b e c a u s e o f t h e ir n a t u r e , a f fo r d t h e m a x im u m o f s e c u r it y a n d s h o r t
te rm “ tu rn o v e r .”
I n a d d it io n t o t h o d e v e lo p m e n t o f t h e s e in s tru m e n ts t h e F e d e ra l R e
s e r v e h a s e n d e a v o r e d t o i m p r e s s u p o n i t s a s s o c ia t e d m e m b e r s t h e g r e a t
a d v a n ta g e s o f co m m e r c ia l p a p e r o f t h e o r d in a r y t y p e , a n d b y t h a t I m e a n
t h o v a l u e a n d u t i l i t y o f n o t e s r e p r e s e n t in g t h e s i m p le , e v e r y - d a y c o m m e r c i a l
t r a n s a c t io n s in o n e ’ s o w n c o m m u n i t y .
Y o u w h o h a v e “ b e e n w it h u s ” t h r o u g h o u t t h o p a s t t h r e e y e a r s k n o w
h o w m a t e r i a l l y t h o s e t h i n g s h a v e c o n t r i b u t e d t o t h o g e n e r a l w e lf a r e a n d
t h e r e b y r e a c t e d t o t h e i r o w n p e a c e o f m in d ; b u t t h e r e a r e s o m e o f o u r
N e w J e r s e y b a n k e r s w h o a r e s t il l “ g o i n g i t ” a l o n e a n d , u n e a s i l y , b e c a u s e
t h e y h a v e f a il e d t o g r a s p t h e g r e a t p o s s i b il i t ie s o f t h i s s y s t e m f o r t h e g e n
e r a l g o o d a n d d o n o t y e t u n d e r s t a n d a ll i t m a y m e a n t o t h e m p e r s o n a l l y
a n d t o t h o i n d i v id u a l i n s t i t u t i o n s w h o s e s a f e t y lie s i n t h e i r c h a r g e .
To
th e s e I w o u ld in je c t h e r e , a n e x p la n a t o r y w o r d :
Y o u h a v e , l e t m e a s s u m e , a tr u s t c o m p a n y w it h $ 1 ,0 0 0 ,0 0 0 d e p o s its
r e p a y a b le o n d e m a n d .
U n d e r t h e N e w J e r s e y S t a t e la w y o u a r o r e q u i r e d
t o c a r r y a g a i n s t t h i s a 1 5 % , r e s e r v e o r $ 1 5 0 ,0 0 0 1 2 % o r $ 1 2 0 ,0 0 0 o f t h i s
re s e rv e m a y b e d e p o s it e d w it h y o u r c o r r e s p o n d e n t , s u b je c t t o 2 % in te re s t
a n d t h e r e f o r e y i e ld in g y o u a n e t r e t u r n o f $ 2 ,4 0 0 p e r a n n u m .
U p o n jo in in g th o s y s t e m t h e r e s e r v e r e q u ir e m e n t o f t h e F e d e ra l A c t
b e c o m e s o p e r a t i v e w i t h y o u ; t h a t is y o u r r e s e r v e is d r o p p e d t o 7 % o r
$ 7 0 ,0 0 0 , a ll o f w h ic h m u s t b e o n d e p o s i t w i t h t h e F e d o r e a l R e s e r v e B a n k
a n d o f c o u r s e w it h o u t In te r e s t.
A s s u m i n g t h a t y o u w ill s t il l c a r r y s a y 3 % o r $ 3 0 ,0 0 0 a s “ t i l l ” m o n e y ,
t h is w o u l d r e le a s e t o y o u 5 % o r t h e s u m o f $ 5 0 ,0 0 0 w h i c h y o u w o u ld h a v e
a v a i l a b l e f o r r e i n v e s t m e n t , a n d t h is , i n v e s t e d In s a y b a n k e r s ’ a c c e p t a n c e s ,
a t b u t 4 % , w o u l d r e t u r n y o u $ 2 ,0 0 0 p e r y e a r , s o t h a t t h e n e t c o s t t o y o u
o f a ll t h o p r i v il e g e s a n d a d v a n t a g e s o f t h e F e d e r a l R e s e r v e s y s t e m W o u ld
th e n b o b u t $ 40 0 p e r y e a r ; t h e c h e a p e s t In su ra n ce y o u e v e r b o u g h t.
Y e t — w a it a m o m e n t — a ll t h i s i s n ’ t r e a l ly g o i n g t o c o s t y o u $ 4 0 0 .
In
f a c t , i t w ill n o t o n l y c o s t y o u n o t a c e n t b u t w ill r e t u r n y o u a p r o f i t , b e
c a u s e o f t h o s a v in g s e ffe c t e d b y y o u r ta k in g a d v a n ta g e a n d m a k in g u s e o f
o t h e r f a c il i t i e s o f t h o s y s t e m .
I r e fe r t o s u c h a d v a n ta g e s a s th o s e o f its
t r a n s i t d e p a r t m e n t , w h e r e in p r a c t i c a l l y a ll y o u r “ o u t - o f - t o w n ” c h e c k
m a y b e c o lle c t e d a t p a r .
A g a in , s h o u ld y o u r re s e r v e b e c o m e d e p le t e d
o r a t a n y t i m o i m p a i r e d , y o u m a y a t o n c e m a n u f a c t u r e a d d it i o n a l r e s e r v e
b y r e d i s c o u n t i n g , a t a l o w r a t e o f i n t e r e s t , t h e a f o r e s a id $ 5 0 ,0 0 0 o f b a n k e r s
a c c e p t a n c e s , t h o p u r c h a s o o f w h i c h I r e c o m m e n d e d , o r y o u m a y t u r n in
t h o c o m m e r c i a l p a p e r in y o u r p o r t f o l i o , f o r r e d i s c o u n t .
P e r m i t m o a fin a l w o r d .
T h e c r it i c a l s i t u a t i o n o f t o - d a y d e m a n d s i t .
I w ill b o v e r y b r i e f .
I t is t h i s :
Y o u k n o w w h a t t h e F e d e r a l R e s e r v e s y s t e m is ; w h a t i t h a s d o n e a n d is
d o i n g a t t h i s t i m o w h e n b u s i n e s s c o n d i t i o n s a r e a b n o r m a l ; w h e n s o m e lin e s
o f b u s in o s s a r e a t a s t a n d s t i ll a n d s t il l o t h e r s h a v e i n c r e a s e d t h e i r a c t i v i t i e s
b y u n p r e c e d e n t e d l e a p s a n d b o u n d s , a n d w h e n o f n e c e s s it y m a n y n e w in
d u s t r i e s a r o d a i l y b e i n g e s t a b l is h e d a n d q u i c k l y d e v e l o p e d t o e n o r m o u s
p r o d u c tio n s .
Y o u k n o w a ls o t h a t th e d e m a n d s o f b o t h o u r G o v e r n m e n t
a n d o u r A l l ie s f o r n o c e c s a y s u p p l i e s w ill c o n t i n u e a n d t h a t t h e s e h a v e a n d
w ill r e q u i r o m o n e y , a n d s t ill m o r e m o n e y .
I t h i n k y o u r e a l iz e t h a t i n a ll
th is o u r F e d e ra l R e s e r v e s y s t e m h a s , u p t o t h e p r e s e n t t im e , ta k e n c a r e
o f t h o s o d e m a n d s i n s u c h a w a y t h a t o u r f in a n c ia l p o s i t i o n t o - d a y ls a s
sou n d a n d as c o m fo r ta b le as n e e d b e .
B u t , d o y o u k n o w t h a t w e h a v e a c c o m p l i s h e d a ll o f t h i s w it h t h e c o
o p e r a t i o n a n d s u p p o r t o f b u t 7 0 % o f t h e b a n k in g r e s o u r c e s o f t h e c o u n t r y .
W h a t p o s i t i o n d o y o u t h i n k t h e c o n t r o ll e r s o f t h e o t h e r 3 0 % w ill o c c u p y
in t h o f u t u r e ?
D o n o t m is t a k e m e ; w e d o n o t a t th is t im e p r o p o s e t o
c r i t i c i z e ; w o r a t h e r a s s u m e t h a t t h e f a u l t is l a r g e ly o u r o w n In t h a t w e h a v e
b e e n s o p r e s s e d b y t h o d e m a n d s o f e v e r y - d a y b u s in o s s t h a t i t h a s b e e n j i m p o s s i b l o f o r u s t o t a k e t h o t i m e t o m a k e c le a r t o t h o s e w h o a r e s t ill o u t s i d e
o f t h o s y s t e m , ju s t w h a t th o F e d e ra l R e s e r v e s y s t e m h a s d o b e a n d is d o in g
f o r t h e n a t i o n ’s f in a n c e s .
B a n k e r s a n d f in a n c ie r s w h o h a v e a b i g , b r o a d g r a s p o f o u r b a n k in g i n
d u s t r y a n d o f t h o w a r s i t u a t i o n a n d i t s e n o r m o u s d e m a n d s , r e a l iz e f u l l y
t h o f in a n c ia l b u r d e n w h ic h is b e i n g a d d e d d a i l y b y t h e w a r , a n d t h e s e
m e n , w h o a r e a c c u s t o m e d t o l o o k a h e a d , d i s c e r n in t h e f u t u r e , o n o s u c c e s
s i o n o f lo a n s a f t e r a n o t h e r l o o m i n g u p in t h e d i s t a n c e ; a n d , w i t h t h e m ,
o v e r r e c u r r i n g t a x p a y m e n t s a n d R e d C r o s s s u b s c r ip t i o n s .
T h e r e i s , h o w e v e r , n o n e e d o f m y g o i n g i n t o f u r t h e r d e t a i l w i t h y o u in
r e g a r d t o t h o f u t u r o m o n e y r e q u i r e m e n t s o f o u r c o m m e r c i a l a n d in d u s t r ia l
a c t i v i t i e s , o r t h o s e o f o u r G o v e r n m e n t a n d o u r A l l ie s .
Y ou and I know
t h a t w o w ill b o c a l l e d u p o n t o m a k e , a n d w ill g l a d l y m a k e , o u r f in a n c ia l
c o n t r i b u t i o n s t o t h e G o v e r n m e n t in t h e w a y o f i n c r e a s e d t a x e s a n d in t h e
w a y o f c o n t r i b u t i o n s t o t h o R e d C r o s s a n d t h o s e o t h e r a g e n c i e s w h ic h
m in is t e r t o t h o w e lf a r e a n d c o m f o r t o f o u r b o y s “ o v e r t h e r e . ”
Y ou and I
f u l l y b e l i e v o t h a t a ll o f o u r m o n e y r e q u i r e m e n t s w ill b e s u c c e s s f u l l y m e t b e
c a u s e w o a ll b e l i e v o — y e s , in f a c t , w o k n o w — t h a t t h o a n s w e r t o a ll o u r
f u t u r o m o n e y p r o b l e m s is s u m m e d u p in j u s t o n e t h in g — t h e F e d e r a l
R eso rv o sy stem .
G o n t l o m e n , I s p e a k f r a n k l y t o y o u , b e c a u s e I b e l i e v o in t h o F e d e r a l
R esorvo system and w a n t y o u to .
T h i s is a t i m o f o r a ll o f u s t o s t a n d
t o g e t h e r a n d I w a n t y o u t o b e c o m e s o t h o r o u g h l y a c q u a i n t e d w u lt l i t h e
e f f e c t i v e n e s s o f o u r s y s t e m , w i t h i t s m a n y a d v a n t a g e s , b o t h i n d i v id u a l
a n d n a t i o n a l , t h a t y o u , in y o u r e n t h u s i a s m , w ill d o f o r t h e s y s t e m w h a t
w o , w h o a r o d i r e c t i n g it s a f f a i r s , c a n n o t d o a t t h is t im o b e c a u s e o f t h e
m a n y p re s e n t o v e r b u r d e n in g d e m a n d s u p o n u s .
In o th er w o rd s, y o u
m u s t h e lp u p i m p r e s s u p o n a ll o u r f in a n c ia l I n s t it u t i o n s t h r o u g h o u t t h e
S t a t e , t h o f a c t t h a t w o w a n t a n d n e e d t h e i r c o - o p e r a t i o n a n d h e lp — 1 0 0 %
o f i t ; a n d w o w a n t , a s w e ll a s t h a t , t h o h e a r t y c o - o p e r a t i o n o f 1 0 0 % o f t h e
b a n k in g i n t e r e s t s e v e r y w h e r e .
T h e r e is , p e r h a p s , n o b e t t e r w a y t o b r in g th is n e e d t o y o u r a t t e n t io n
th a n t o q u o t e f r o m P r e s id e n t W ils o n ’ s m e s s a g e t o t h e b a n k s o f th e c o u n t r y
in
th is r e g a r d :
" I t is m a n i f e s t l y i m p e r a t i v e t h a t t h e r e s h o u l d b o a c o m p l e t e m o b i l i z a
t i o n o f t h o b a n k in g r e s e r v e s o f t h e U n it e d S t a t e s .
(A g a in )
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The
b a n k in g p r o b l e m i n v o l v e d is o n e t h a t c o n c e r n s a ll b a n k s a l ik e .
I t s s o lu
t io n d o e s n o t d o p e n d u p o n t h e n a t i o n a l b a n k s a l o n e , n o r u p o n t h e S t a t e
ban ks.
T h o b u r d e n a n d t h e p r i v il e g e m u s t b e s h a r e d b y e v e r y b a n k in g
I n s t it u t io n in t h e c o u n t r y ( A n d a g a in )
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I b e l ie v e t h e c o - o p e r a
t io n o n t h o p a r t o f t h o b a n k s is a p a t r i o t i c d u t y a t t h is t im e a n d t h a t m e m
b e r s h ip in t h e F o d e r a l R e s e r v e s y s t e m is a d i s t i n c t a n d s i g n if i c a n t e v i d e n c e
o f p a t r io tis m .”
T h i s , t h e n , is a t i m e w h e n w e m u s t s t a n d a n d w o r k t o g e t h e r , s h o u l d e r
t o s h o u ld e r .
O u r m o t t o w e ll m a y b e " E a c h f o r a ll a n d a ll f o r e a c h . ”
W ar
is a p r i m i t i v e t h i n g a n d c a l ls f o r a c o m p l e t e u n i o n o f a f fa ir s in d e a l i n g w i t h
It.
K i p l i n g , in h is b i t o f v e r s e , “ T h e L a w o f t h e J u n g l e , ” s h o w s t h e v a l u e
o f t h is . Y o u rcca l 1 h o w it r u n s :
N o w t n is is t h o L a w o f t h e J u n g le — a s o l d a n d a s t r u e a s t h e s k y ;
A n d t h o W o l f t h a t s h a ll k e e p i t m a y p r o s p e r , b u t t h e W o l f t h a t s h a ll b r e a k
it m u s t d ie .
2172
A s t h e c r e e p e r t h a t g ir d le s t h o t r e e - t r u n k , t h e L a w r u n n e t h f o r w a r d a n d
and back—
F o r t h e s t r e n g t h o f t h o P a c k is t h o W o l f , a n d t h e s t r e n g t h o f t h o W o l f is
th e P a ck .
G e n t l e m e n , t h o s t r e n g t h o f t h e s y s t o m is t h e b a n k , a n d t h o s t r e n g t h o f
t h o b a n k is t h e s y s t e m .
c o m e o f t h o b e s t p o l it i c a l s c i e n c o o f i t s t i m o . ”
t h a t “ i f la w is t h o m o t h e r o f f r e e d o m , s c i e n c o ,
b o t h o p a r o n t o f la w .”
A f t e r h e a r in g t h o I . W . W . o u t f i t a n d r e a d in g
i s t s , a ll in d i r e c t v i o la t i o n o f t h o E s p io n a g e A c t ,
v e in .
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B.
F. HARRIS ON THE ATTITUDE OF LABOR.
U n d e r th e c a p tio n o f “ T h e B u sin e ss M a n a n d S o m e o f th e
P r o b le m s o f T o - d a y a n d T o -m o r r o w ,” B e n ja m in F . H a r r is ,
P r e s id e n t o f th e F ir s t N a t io n a l B a n k o f C h a m p a ig n , 111.,
d e liv e r e d a n a d d re ss a t th o a n n u a l m e e tin g o f th e N a t io n a l
A s s o c ia tio n o f C o t t o n M a n u fa c t u r e r s in N e w Y o r k o n M a y 3 .
D e c la r in g th a t “ fo r th e v e r y s a f e t y a n d life o f th e n a t io n ,
p u b lic
o p in io n m u s t b o
[V ol . 106
THE CHRONICLE
d ire c te d
v o lv e d n o w a n d h e r e a fte r .”
to
th e fu n d a m e n ta ls
M r . H a r r is fu r th e r s a id :
in
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T h o y c lo s o w it h th o b e lie f
t o th o la b o r p a r t y , m u s t
th o p la t fo r m o f t h e S o c ia l
i t is a r e l i e f t o r o a d i n t h is
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I
d o n o t b e l ie v e w o a r o g e t t i n g a t t h is v i t a l a n d i n s is t e n t q u e s t i o n f r o m
t h o r ig h t d i r e c t i o n .
I t is f u t i l e t o o r g a n i z o t h r i f t w i t h o u t o r g a n i z in g e m
p l o y m e n t , a n d o v o r y d o l la r s a v e d o r s k i m p e d is n o t n e c e s s a r il y a d d e d t o
w a r r e s o u r c e s , f o r s o m e d o l la r s w it h d r a w n h a r m m o r o t h a n t h o y h e l p .
T h r if t d o e s n o t m e a n “ s t o p s p e n d in g ,” fo r o n e s t o p h e r o m o a n s m a n y s to p s
s o m o o t h e r p la c e .
T h e o n l y s o l u t i o n is f o r t h e G o v e r n m e n t n o t t o s h ir k t h is r e s p o n s i b i l i t y
a n d p u t t h o s e t h in g s u p t o t h o i m p o s s i b l e a n d h a p h a z a r d d e c i s io n o f in d i
v i d u a l s — t o g u e s s w h a t a r e e s s e n t ia ls a n d n o n - e s s e n t ia ls .
T h e G overn m en t
s h o u l d h a v e a n e c o n o m i c a n d fin a n c ia l s t r a t e g y b o a r d t h a t s h o u l d t e ll u s
i m m e d i a t e l y e x a c t l y t o w h a t e x t o n t t h o y d o m a n d p r o d u c t i o n in d i f f e r e n t
p l a n t s a n d in d u s t r ie s ; t h o i n c r e a s e d w o r k i n g h o u r s , s h i f t s a n d m o n t h o y
m u s t h a v o in t h o s e in d u s t r ie s , a n d t h e n s e e t h a t t h o m o n a r o p u t i n t o
t h o s e in d u s t r ie s , a n d t o w h a t e x t o n t a n d in w h a t d i r e c t i o n i t n e e d s a n y o r
a ll c la s s e s o f h e lp a n d s u p p l y .
I f G o v e r n m e n t c o n t r a c ts w e ro m o r o w id o ly
d i s t r i b u t e d , t h e y c o u l d b o u s e d t o r e d u c e c o m p e t i t i o n a n d le s s o s s e n t ia l
w o r k w it h a m o r e o v e n o r n o r m a l d i s t r i b u t i o n o f m a n p o w e r , e x p e n d it u r e
a n d e f f o r t a n d le s s e c o n o m i c d i s t u r b a n c e .
T h a t w id e ly a d v e r tis e d “ c a r d
i n d e x ” o f I n d u s t r ie s d o e s n ’ t s e e m t o b o u t i li z e d .
W h e n t h is is d o n o t h o G o v e r n m e n t w ill b e g e t t i n g f i r s t c h o l c o a n d f ir s t
s e r v ic e a n d 1 0 0 % e f f i c i e n c y in s u p p l y , in s o f a r a s i t is p o s s i b l o , a n d w o
I n d iv id u a l c it i z o n s w ill g l a d l y t a k o w h a t is l o f t f o r u s — a n d w o w ill d o
w i t h o u t w h a t w o c a n ’ t g o t , w h e t h e r i t h a p p e n s t o b o a n e s s e n t ia l o r a s o c a l l e d n o n - e s s e n t ia l.
IIo w ca n w o d e la y w h a t w o m u s t c o m e t o ?
P r o d u c t i o n a n d t i m o is n o t a l o n o m o n e y b u t “ l i f e ” n o w , a n d t h o d a y s
a n d n ig h t s a r e a ll t o o s h o r t — e x c e p t t o o u r b o y s in t h o t r e n c h e s , i f w o b u t
k n o w o r thought.
T h e f a ilu r e o f t h o G o v e r n m e n t a u t h o r i t ie s t o t a k o s u c h a p o s i t io n g i v e s
a n u n n e c e s s a r y a n d d a n g e r o u s i m p e t u s t o t h o n a t u r a l i n f l a t i o n a n d h ig h
p r i c e s t h a t c o m o w it h w a r .
S u c h a s i t u a t io n w ill c a u s e a g r e a t e r t r a in
o f c o m p l i c a t i o n s a n d Ills d u r in g a n d in t h o r e a d j u s t m e n t s t h a t m u s t c o m o
a f t e r t h o w a r t h a n a l m o s t a n y o n e e c o n o m i c o v e r s i g h t ; f o r i n f l a t i o n is t h o
h ig h e s t
t a x w o c a n p o s s i b l y p a y a n d fa il u r e o f g o v e r n m e n t a l a c t i o n is
a d d in g d a i l y t o t h a t t a x .
T h o r o a r c r u t h l e s s g r o u p s a m o n g e m p l o y e r s a s w e ll a s a m o n g e m p l o y e e s ,
a n d i t is t im e t o s p o t t h e m , f o r t h e y r e p r e s e n t n e i t h e r t h o ir c la s s n o r t h o
cau se.
E v e r y s t r ik e o n w a r w o r k is a c r i m o a n d h e n c e f o r t h s u c h t r a it o r s
s h o u l d b o b r o u g h t t o b o o k — lik e w i s e a ll p r o f i t e e r s .
T h r e e m o n t h s a f t e r d e c l a r in g w a r t h o B r i t is h G o v e r n m e n t b r o u g h t
r e p r e s e n t a t iv e s o f t h o f e d e r a t e d e m p l o y e r s a n d t h o l a b o r u n i o n s t o g o t h e r
in t o o n e r o o m a n d th e y r e a c h e d a “ tr e a s u r y a g r e e m e n t ," la t e r e m b o d ie d
in t h e M u n i t i o n s o f W a r A c t .
I n t h o m a in t h o p o i n t s o f a g r e e m e n t w e r o
fo u r .
F ir s t , t h o M in is t e r o f M u n it io n s w a s g iv e n p o w e r t o t a k o t h o e m
p l o y e r s ’ p r o f i t s in o x c e s s o f 2 0 % b e y o n d t h o a v e r a g e n o t o f t h o p r e - w a r
p e r io d .
T h e r e a r e in E n g la n d t o - d a y m o r o t h a n f l v o t h o u s a n d s u c h “ c o n
t r o lle d ” p la n t s , th e o w n e rs as fr e e as b e fo r e t h e w a r , o n ly la b o r a n d p r o fit s
c o n t r o lle d .
S e c o n d , th o tr a d e u n io n s a g r e e d t o a c c e p t th e e x is te n t w a g e s a n d to
s u b m i t a n y f u t u r o d e m a n d s f o r w a g e in r r e a s o s t o a c o m m i t t e o o n p r o d u c
t io n .
T h i r d , s t r ik e s a n d l o c k o u t s b e c a m e i ll e g a l , a n d a r b i t r a t i o n b e c a m e
c o m p u l.-r o r y .
I t b e c a m e u n la w fu l f o r o n e e m p l o y e r t o s t e a l l a b o r f r o m
a n o t h e r , a n d t h i s p r e v e n t e d t h e s o r t o f d i s l o c a t i o n o f w o r k in g o r g a n i z a t io n s
w h ic h w e h a v e e x p e r i e n c e d .
F o u r t h , t h e tr a d o u n io n s a g r e e d t o w a iv e
a ll o f t h e i r p r a c t ic e s a n d c u s t o m s w h ic h t e n d e d t o r e s t r i c t e i t h e r e m p l o y
m e n t o r o u t p u t , a n d t h e y a g r e e d t o a c c e p t a d i lu t i o n o f l a b o r d u r i n g t h o
p e r io d o f t h o w a r.
B y c o n t r a s t , t h e P r e s i d e n t ’ s l a b o r c o m m i s s i o n , r e p o r t in g a f t e r w o w e r o
e le v e n m o n t h s a t w a r . s t a t e d : “ W o h a v e f a il e d i n t h o f u ll a n d w is e u s e a n d
w is e d i r e c t i o n o f o u r l a b o r s u p p l y , f a ls e l y c a l l e d l a b o r s h o r t a g e , ’ b e c a u s e
w o h a v e f a il o d t o e s t a b lis h a v i g o r o u s a n d c o m p e t e n t s y s t o m o f l a b o r d i s
S e c re ta ry M c A d o o ’s s ta te m e n t in d ic a tin g th o r e su lts o f
t r ib u tio n .
W h o is t h o r e s p o n s i b le ‘ w o ’ t h a t h a s f a i l e d ’ ? ”
th e T h ir d L ib e r ty L o a n o ffe rin g sh o w s th a t o v e r y F od oral
T h e r e p o r t u r g e s “ u n io n is m a n d c o l l e c t i v e b a r g a in in g a s a n e c e s s a r y p r o
r e q u i s it e t o e f f i c i e n c y . ”
D i d o u r b o y s , w h o o f f e r e d t h e ir l iv e s , a s k o r
R oso rv o D is t r ic t o v e r su b sc rib e d its q u o t a .
T h e to ta l s u b
“ b a r g a i n ” a s a " n e c e s s a r y p r e r e q u i s it e ” ?
scrip tion s re c e iv e d , as a n n o u n c e d in th ese co lu m n s la s t
T h a t l a b o r r e p o r t c o n t in u e s : “ W h e n a s s u r e d o f s o u n d l a b o r c o n d i t i o n s
w e e k , a g g r e g a te d $ 4 ,1 7 0 ,0 1 9 , 6 5 0 .
T h o M in n e a p o lis F e d
a n d e f f e c t i v e m e a n s f o r t h e j u s t r e d r e s s o f g r i e v a n c e s t h a t m a y a r is o , l a b o r
in i t s t u r n s h o u l d s u r r e n d e r a ll p r a c t i c e s w h ic h t e n d t o r e s t r i c t m a x i m u m
eral R e s e r v e D is tr ic t s ta n d s a t th o h e a d o f th e lis t, h a v in g
e ffic ie n c y .”
T h e r e y o u h a v o i t ; l a b o r fir s t — t h e G o v e r n m e n t a f t e r w a r d ,
su b sc rib e d to th o o x to n t o f 1 7 2 % o f its a llo t m e n t.
I n th e
t h o u g h d e m o c r a c y c a lls f o r t h e f ir s t “ t u r n ” f r o m t h o c it i z e n .
ca se o f th o N o w Y o r k F od o ra l R o so rv o D is t r ic t , w h ile th e
M r . G o m p e rs m a k e s a p o o r re tu rn t o th e p u b lic fo r th o P r e s id e n t’ s g re a t
f r i e n d s h ip .
I f h o b e l ie v e s , a s h o s a y s , t h a t “ L a b o r h a s m o s t a t s t a k e In
a m o u n t o f th o su b sc rip tio n s ( $ 1 ,1 1 4 ,9 3 0 ,7 0 0 ) is gre ato r
th is w a r ” (th o u g h t h a t v e r y p h r a s e m a k e s t h o im p o s s ib le s e p a r a tio n o f
th a n th a t o f a n y o th e r d is tr ic t, th o d is tr ic t is a t th o b o t t o m
u n i o n l a b o r f r o m a ll t h o r e s t o f u s , f o r “ a l l , ” n o t p a r t o f u s , h a v e a ll a s w e ll
o f th e list so far as th o a m o u n t roalizod c o m p a re s w ith its
a s “ m o s t a t s t a k e ” ) , t h o n h e s h o u l d r e a l iz e a n d a c t o n t h e f a c t t h a t t h o
s a l v a t io n o f o r g a n i z e d l a b o r , o f c o r p o r a t e o r p r i v a t o i n t e r e s t is a b s o l u t e l y
q u o ta .
T h o N o w Y o r k “ E v e n in g P o s t ” o f M a y 1 8 , in c o m
s w a ll o w e d u p a n d l o s t s i g h t o f in t h e s a l v a t i o n o f t h o n a t i o n .
m e n tin g u p o n tho N e w Y o r k fig u ro s, sa id :
I f , p r o p e r ly , y o u r so n a n d m y s o n , o r w o o u r s e lv e s ca n b o d r a fte d t o
T h o p o s i t io n o f t h o N o w Y o r k F e d e r a l R o s o r v o D i s t r i c t In p e r c e n t a g e
d e a t h ’ s t r e n c h e s a t $ 3 0 a m o n t h , i t is a m a z i n g t h a t o t h e r s q u a li fi e d
o f o v e r s u b s c r ip t i o n t o t h o L i b e r t y L o a n w ill p r o v e a s o u r c e o f d i s a p p o i n t
t o g o , o r t h e G o v e r n m e n t f a il s t o s e e t h a t t h e y g o t o t h o s h i p y a r d s a t
m e n t a n d p e r h a p s o v e n o f o c c a s io n a l b i t t e r f e e lin g h e r e .
It m a y b e ch arged
w o r ld ’s r e c o r d w a ges.
I
b e l i e v e t h e r a n k a n d f i l e o f l a b o r a n d o u r c i t i z e n s h i p g e n e r a l l y h a s t h in p r i v a t o c o n v e r s a t io n t h a t t h o q u o t a s w e r o n o t m a d e u p f a i r l y , a n d t h a t
o
W a s h i n g t o n t o o k o u t Its h i s t o r i c s p i t e a n d e n v y o n N o w Y o r k .
I t w ill
p a t r i o t i s m a n d f o r t i t u d e t o g o f a r t h e r a n d f a s t e r , in e f f o r t a n d s a c r if i c e
b o r e m a r k e d t h a t it is h a r d l y lik e l y t h e r e s h o u l d b o s u c h a r o v o r s a l o f p a t r i
t o s p e e d u p a n d w in t h is w a r , t h a n o u r p o l it i c a l a n d l a b o r l o a d e r s h a v o t h o
o t i c f e e li n g a s t o s e t a d i s t r i c t f r o m f ir s t p l a c e in t h o F i r s t a n d S e c o n d lo a n s
m o r a l a n d p o lit ic a l c o u r a g e a n d s a g a c it y t o d ir e c t .
t
E x p la n a t io n s , a s id e f r o m t h i s , a r o w it h o u t e n d .
I
a m n o t s p e a k i n g o f , b u t r a t h e r f o r , t h o la r g o p e r c e n t a g e o f p a t r i o t i c o la s t p l a c e in t h e T h i r d .
O n e is t h a t t h o r e v e r s a l o f p o s i t io n w a s d u o , n o t s o m u c h t o t h o f a c t t h a t
l a b o r u n io n in d i id u a ls , f o r t h e a v e r a g o is a s p a t r i o t i c a s a n y o f u s .
N o w Y o r k s u b s c r ib e d le s s , a s t h a t a ll t h o o t h e r d i s t r i c t s s u b s c r ib e d m o r o .
T h o P r e s i d e n t o f t h e N a t io n a l B o i l e r M a k e r s ’ U n io n , J a m e s M c C o n n e l l ,
A n o t h e r r e a s o n , r e la t e d t o t h is , is t h a t t h o b a s is o f d i s t r i c t c o m p e t i t i o n ,
u r g e d h is m e n n o t t o s t a n d b e h i n d t h e P r e s i d e n t b u t t o " s t a n d b e h i n d t h e m
u p o n w h ic h t h o lo a n w a s b a s e d , lo d L i b e r t y L o a n c o m m i t t e e s t h r o u g h o u t
s e l v e s , ” b y d e m a n d in g w a g o in c r e a s e s , n o t o f “ c e n t s ” b u t o f d o l l a r s , ” ”
t h o c o u n t r y t o b r in g c o r p o r a t io n s h a v i n g p la n t s o r o t h e r a s s e t s in t h o ir
a n d t h i s is in l in o w i t h s im ila r s t a t e m e n t s f r o m s e v e r a l l a b o r l e a d e r s .
d i s t r i c t s t o p l a c o a p r o p o r t io n a l a m o u n t o f t h o ir s u b s c r ip t i o n t h r o u g h t h a t
B y c o n t r a s t , J o h n I I . W a l k e r , P r e s i d e n t o f t h o I ll i n o i s F e d e r a t i o n o f
d i s t r i c t in s t e a d , a s in t h o t w o p r e v i o u s l o a n s , o f p u t t i n g in t h o ir t o t a l s u b
L a b o r , s a y s : “ T h i s is t h o b i g g e s t t h i n g t h a t h a s e v e r c o m e i n t o t h o l iv e s
s c r ip t i o n t h r o u g h t h o ir N o w Y o r k o f f i c o ; a n d a s n o a r ly o v o r y la r g o c o r p o
o f th e h u m a n r a c e a n d w o c a n n o t a ffo r d to to m p o r iz o .
Y o u ’d h o tte r lo o k
r a t io n h a s a N o w Y o r k o f f i c o , t h is b e c a m o a c o n s i d e r a b l e f a c t o r .
In d i
a t t h o t h i n g c l e a r - e y e d a n d d o y o u r fu ll d u t y . ”
v i d u a l s r e s id in g in o t h e r d i s t r i c t s , b u t h a v i n g t h o ir o f f i c e s in N o w Y o r k ,
T h e T a f t - W a l s h b o a r d h a s j u s t r e p o r t e d In e f f e c t a n “ i n d u s t r ia l t r u c o , ”
w e r e p e r s u a d e d t o c h a n g e t o a s im ila r c o u r s o .
m o r o a n a r b it r a tio n p la n , a fu n d a m e n ta l fir s t s t o p , th a n a g r e a t c o m p r e
T h o a g r ic u lt u r a l d i s t r i c t s , u n t o u c h e d in o t h o r l o a n c a m p a i g n s , w o r e
h e n s i v e , a d m i n i s t r a t i v e , r e s u l t - g e t t i n g s c h o m o o n t h e E n g li s h b a s i s .
Tho
t h o r o u g h l y c a n v a s s e d in t ills .
T h o c o r p o r a t io n s c o u l d lo s s a f f o r d t o b u y
N a t io n a l C h a m b e r o f C o m m e r c e In d u s tr ia l R e la t io n s C o m m it te o o f
b o n d s in t h is lo a n b e c a u s e o f t h o h e a v y e x c e s s -p r o f i t t a x e s t o b o m e t in
L a b o r e x p e r t s a n d e m p l o y e r s t o o k a l o n g e r s t o p w h o n t h e y s a id t h a t “ t h e
J u n o a n d th e n e e d o f a ca s h re s e rv o , a n d th o p r o p o r t io n o f c o r p o r a t io n s u b
t w o p o i n t s o f h i g h e s t i m p o r t a n c e in l a b o r a d m i n i s t r a t i o n a r e lim i t s t o
s c r ip t i o n s h a d b e e n la r g e r in N o w Y o r k t h a n in a n y o t h e r d i s t r i c t .
Tho
p r o f it s o f e m p lo y e r s a n d to th o liv in g e x p e n s e s o f e m p lo y e e s .”
That
in d i v id u a l i n c o m o t a x a ls o h e lp e d t o d o t e r m it io t h o r e s u lt .
N ow Y ork
e v e r y t h i n g in e x c e s s o f a r e a s o n a b l e , s t im u l a t i n g p r o f i t s h o u l d e i t h e r b o
Is t h o m e c c a o f t h o v e r y r ic h , a n d t h o v e r y r ic h h a v o l o s t a f a r h ig h e r p r o
p r e v e n t e d o r ta k e n b y th o G o v e r n m e n t, o th e r w is e it w a s fu t ile t o re g u la te
p o r t i o n o f t h e ir in c o m e s t h r o u g h i n c o m o t a x o s t h a n a n y o t h o r c la s s . F in a l l y ,
w a g e s a n d t h a t a ll t h e p r e s t ig e a n d a u t h o r i t y o f t h o G o v e r n m e n t is e s s e n t ia l
s u b s c r ip t i o n s b y b a n k s f o r t h e ir o w n a c c o u n t , b o c a u s o o f t h o i n fl a t i o n t h o y
f o r t h o s u c c e s s o f t h is c o n t r o l o f t h e l a b o r s i t u a t io n .
c r e a t e , w e r o d i s c o u r a g e d in t h o la s t l o a n ; t h o la r g o b a n k s o f t h o c o u n t r y
T h o S e c r e t a r y o f W a r — t h e r i g h t m a n in t h o w r o n g p l a c o — w a s p r o b a b l y
a r e in N o w Y o r k , a n d t h o s o v e r o c u t t i n g d o w n o f t h e s e s u b s c r ip t i o n s m o a n t
fir s t t o s t a r t a n d w id e ly u se th o v ic io u s “ c o s t p lu s ” s y s t e m .
T h is , d ir e c t ly
a g r e a t d e a l.
W e r o t h e fig u r o s c o m p i l e d . It w o u ld d o u b t l o s s b o f o u n d
a n d i n d i r e c t l y , is w i d o l y r e s p o n s i b le f o r m a n y o f o u r l a b o r a n d c o s t t r o u b l e s .
t h a t t h e n u m b e r o f in d i v id u a l s u b s c r ip t i o n s in t h o N o w Y o r k d i s t r i c t in
W i t h G o v e r n m e n t h a s t e a n d t h o c o n t r a c t o r ’s “ p lu s ” la b o r h a d a n e a sy
t h o la s t lo a n b o r o f a v o r a b l o c o m p a r is o n , in p r o p o r t i o n t o t h o t o t a l p o p u
t a s k in g e t t i n g a n y p r i c e i t w a n t e d , a i d e d b y c o m p e t i t i v e o f f e r s b e t w e e n
l a t io n , w it h a n y o t h e r o f t h o t w e l v o d i s t r i c t s in t h o c o u n t r y .
v a r i o u s d e p a r t m e n t s a n d i n d i v id u a l s t o g e t t h e s a m e m e n , w it h a 3 0 0 %
l a b o r t u r n o v e r in m a n y c a s o s a n d g r e a t l y d e c r e a s e d e f f i c i e n c y .
S e c re ta ry M c A d o o ’s a n n o u n c o m o n t g iv in g tk o ro su lts o f
W e m u s t n o t fo r g o t , h o w o v e r , t o c h a r g o la b o r d iffic u lt ie s w it h t h o e f fe c t
th e c a m p a ig n w a s m a d o as fo llo w s o n M a y 1 7 :
o f t h e A d a m s o n la w p a s s e d a s “ T h o S u r v e y ” s a y s : “ U n d e r t h o i n fl u e n c e
o f a c o n t r o v e r s y w h ic h , f o r m a g n i t u d e a n d p o t e n t i a l d a n g e r t o t h o p u b l i c ,
I n r o s p o n s o t o t h o T r e a s u r y ’s i n v i t a t i o n f o r s u b s c r ip t i o n s t o 3 3 , 0 0 0 , 0 0 0 ,
e x c e e d e d a n y t h i n g p r e v i o u s l y k n o w n in t h o h i s t o r y o f t h o c o u n t r y . ”
0 0 0 U n it e d S t a t e s o f A m e r i c a 4 i i % g o l d b o n d s o f 1 9 2 8 o f t h o T h i r d L i b e r t y
T h e f a c t t h a t E n g la n d h a s r e l a t i v e l y t o n t im e s a s m a n y t r a d o u n i o n s
L o a n , t h e r e h a v o b e e n r e c o lv c d s u b s c r ip t i o n s t o t h o amount o f $ 1 , 1 7 0 ,
a s w e h a v o d o e s n o t lo a d m o t o b o l i o v o t h a t t h a t e x p la in s w h y s u c h e x c e l le n t
0 1 9 ,6 5 0 fr o n t a b o u t 17 m illio n s u b s c r ib e r s .
T h i s is t h o m o s t s u c c e s s fu l
a n d e f f i c i e n t r e s u lt s a r e h a d t h e r e a n d r e l a t i v e l y l i t t l e h e r o — w h e r o s t r ik o
l o a n t h o U n it e d S t a t e s h a s o f f e r e d b o t h in n u m b e r o f s u b s c r ib e r s a n d in
re co rd s are b rok en .
t h o a m o u n t r e a liz e d
E v e r y s u b s c r ip t i o n w a s m a d o w it h fu ll k n o w l o d g o
I n s p i t e o f s o m e o f t h o i m p o s s i b l e t h i n g s in t h e p r o p o s e d r e c o n s t r u c t i o n
t h a t a l lo t m e n t in fu ll w a s t o b o e x p e c t e d , u n l i k e t h o fir s t l o a n , w h e n a l l o t
p r o g r a m o f t h e B r i t is h L a b o r P a r t y , r e c e n t l y o f f e r e d b y t h o s u b - c o m m i t t e e
m e n t s w e r o lim it e d t o $ 2 ,0 0 0 ,0 0 0 ,0 0 0 , a n d t h o s e c o n d l o a n , w h o n a l lo t
o f t h e i r e x e c u t i v e c o m m i t t e o , t h o y c a n n o t g o fa r w r o n g i f t h o y a d h e r o t o
m e n t s w e r e lim it e d t o o n o - h a l f t h o o v e r s u b s c r i p t i o n .
t h e i r t e x t , “ la w a n d s c i e n c o . ”
T h e y d o not p r o p o s e t o “ b u i l d s o c i e t y
T h i s g r e a t r e s u lt w a s a c h i e v e d , n o t w it h s t a n d i n g t h o f a c t t h a t t h o c o u n t r y
a n e w in a fe v e r is h y e a r o r t w o , ” b u t “ t o s a t i s f y t h e m s e lv e s t h a t e a c h
h a s b e e n c a l le d u p o n t o p a y s i n c e t h o S o c o n d L i b o r t y L o a n a n d t o a n d In
b r i c k t h o y h e l p t o la y s h a ll g o t o e r e c t t h o s t r u c t u r e t h e y i n t e n d a n d n o
c lu d in g t h o m o n t h o f J u n o i n c o m o a n d o x c o s s -p r o f i t s t a x i's t o t h o a m o u n t
o th e r .”
o f a p p r o x i m a t e l y $ 3 , 0 0 0 , 0 0 0 ,0 0 0 , w h ic h w ill
a to ta l a m o u n t tu rn ed
T h o s e w h o w o r k “ b y h a n d o r b r a i n ” a r e a s k e d t o c o - o p e r a t o “ w it h n o
i n t o t h e T r e a s u r y o f t h e U n it e d S t a t e s f r o m s u c h t a x e s a n d t h o T h i r d L i b
h o p o o f m a i n t a in in g i k i p o s i t i o n , u n le s s i t s p r o p o s a l s a r e in f a c t t h o o u t
e r t y L o a n o f a b o u t $ 7 , 0 0 0 , 0 0 0 ,0 0 0 .
RESULTS OF THIRD LIBERTY LOAN
m
ake
CAMPAIGN.
May 25 1918.]
I n t h e f ir s t c a m p a i g n , w h ic h s t a r t e d j u s t o n o y e a r a g o , b o n d s w e r o s o l d
t o a p p r o x i m a t e ly 4 ,5 0 0 ,0 0 0 p e o p l e , a n d t h o c o u n t r y w a s a m a z e d a t t h is
w o n d e r fu l e v i d e n c e o f p u b li c in t e r e s t .
I n O c t o b e r a b o u t 9 ,5 0 0 .0 0 0 p e o p le
b o u g h t L i b e r t y b o n d s , a n d n o w , w it h a n e v e n m o r e e f f e c t i v e o r g a n i z a t io n
a n d a n i n t e n s o s p i r it o f p a t r i o t i s m t h r o u g h o u t t h e c o u n t r y , a p p r o x i m a t e l y
1 7 ,0 0 0 ,0 0 0 p e o p l o p u r c h a s e d b o n d s o f t h e T h i r d L i b e r t y L o a n .
T h is
e q u a ls a p p r o x i m a t e ly o n e - s ix t h o f o u r t o t a l p o p u l a t i o n .
T h e r e p o r t b y d i s t r i c t s . a r r a n g o d in o r d e r o f t h e ir p e r c e n t a g e o f o v e r s u b s c r i p t i o n , is a s f o ll o w s :
Percentage of
Subscriptions.
Quota.
Quota.
District—
M i n n e a p o l i s __________________ ______
K a n s a s C i t y _______________. . ............
S t . L o u i s ______________________ ______
A t l a n t a _______________________ ............
P h i l a d e l p h i a ________________ ______
D a l l a s _________________________ ______
C h i c a g o ______________________ ______
R i c h m o n d ___________________ ______
B o s t o n _______________________ ______
S a n F r a n c i s c o _____________ ______
C l e v e l a n d ____________________ ______
N o w Y o r k ___________________ ______
U n it e d S t a t e s T r e a s u r y . .
$ 1 0 5 ,0 0 0 ,0 0 0
1 3 0 ,0 0 0 ,0 0 0
1 3 0 .0 0 0 .0 0 0
9 0 ,0 0 0 ,0 0 0
2 5 0 ,0 0 0 ,0 0 0
8 0 ,0 0 0 ,0 0 0
4 2 5 ,0 0 0 ,0 0 0
1 3 0 ,0 0 0 ,0 0 0
2 5 0 ,0 0 0 .0 0 0
2 1 0 ,0 0 0 ,0 0 0
3 0 0 ,0 0 0 ,0 0 0
9 0 0 ,0 0 0 ,0 0 0
3 1 8 0 ,8 2 6 ,3 5 0
2 0 2 .3 0 1 ,0 5 0
1 9 9 ,0 8 5 ,9 0 0
1 3 6 ,6 5 3 ,3 5 0
3 6 1 ,9 6 3 ,5 0 0
1 1 5 ,3 9 5 ,2 0 0
6 0 8 ,8 7 8 ,6 0 0
1 8 5 ,9 6 6 ,9 5 0
3 5 4 ,5 3 7 ,2 5 0
2 8 6 ,5 7 7 ,4 5 0
4 0 4 ,9 8 8 ,2 0 0
1 , 1 1 4 ,9 3 0 ,7 0 0
1 7 ,9 1 5 ,1 5 0
T o t a l .............. ............................ ............3 3 , 0 0 0 , 0 0 0 ,0 0 0
3 4 , 1 7 0 , 0 1 9 ,6 5 0
172
156
153
151
144
144
143
143
142
136
135
124
...
T h o f o r e g o in g f ig u r e s a r e s u b j e c t t o s lig h t m o d i f i c a t i o n s u p o n r e c e ip t
o f f in a l a u d it e d f ig u r e s f r o m t h e s e v e r a l d i s t r i c t s .
A n y s u c h a d ju s tm e n t
w ill n o t m a t e r ia l l y a f f e c t t h e t o t a l .
I c o n g r a t u l a t e t h o c o u n t r y o n t h i s w o n d e r fu l r e s u lt w h ic h is i r r e f u t a b l e
e v i d o n c o o f t h o s t r e n g t h , p a t r i o t i s m a n d d e t e r m in a t i o n o f t h o A m e r i c a n
p e o p le .
FED ERAL RESERVE BAN K OF N EW Y O R K .
C o m p a r a t i v e S t a t e m e n t o f S u b s c r i p t io n s .
May 21 1 9 1 8 .
First Liberty Loan.
N o. o f
Subscr.
Class A.
S50-S10,000 . 073,614
Class B . S10,050-550,000
3,582
Class C. S50,050-5100,000
778
ClassD.SlOO,050-3200,000
285
Class E. Over
700
$ 2 0 0 ,0 0 0 ...
R e c e ip ts fro m p a y m e n t s o n T h ir d L ib e r t y L o a n b o n d s w ero
re p o rte d o n M a y 1 8 as a m o u n tin g to $ 1 ,5 7 1 ,4 0 7 , 0 0 0 , a lth o u g h
c e n t o f su b sc rip tio n s is d u o M a y 2 8 , 3 5 %
Amount.
Third Liberty Loan.
N o. of
Subscrip.
Amount.
T w e n t y p er
%
J u ly 1 8 a n d 4 0
15.
274,019,550 2.173,884
101,423,100
5.86S
108,326,200
4,628
71,270,600
1,097
100,722,650
763
68,562,000
47,019,500
413
6S,166,700
322
50,145,050
093,025,650
755
772,136,750
430
345,850,500
*Note.— T ills figu re w ill b e s u b je c t t o rea d ju stm en t w hen
c o m p le te d .
________________________________________
PAYMENTS ON THIRD LIBERTY LOAN BONDS IN
NEW YORK FEDERAL RESERVE DISTRICT.
O f th o $ 1 ,1 1 4 ,9 3 0 , 7 0 0 su b sc rip tio n s to th e T h ir d L ib o r ty
L o a n crod ito d to th o F od o ra l R o so rv o D is t r ic t o f N o w Y o r k ,
th u s fa r a g g r e g a te $ 8 1 2 ,4 8 9 ,9 0 4 ,
w h ile
th o
d eliv erie s to ta l $ 4 3 8 ,3 5 3 ,1 5 0 .
T h o fo llo w in g s ta te m e n t
sh o w in g th o su b sc rip tio n s, p a y m o n ts a n d d e liv e rie s h a s
boon issu e d b y tho N o w Y o r k F od o ra l R o so rv o B a n k :
REPORT
ON
T H IR D
L IB E R T Y
SUBSCRIPTIONS IN SUBDIVISIONS OF NEW YORK
FEDERAL RESERVE DISTRICT TO THIRD
LIBERTY LOAN.
Tho
fo llo w in g figu res sh o w in g
th o su b sc rip tio n s
to
th e
T h ir d L ib e r t y L o a n in th e N e w Y o r k F e d e ra l R e s e r v e D i s
tr ic t b y
Bank
s u b d iv is io n s
on M a y
w as
issu ed
by
th e
F e d e ra l
R eserve
22:
FED ERAL RESERVE BAN K OP N EW Y O R K .
T h i r d L i b e r t y L o a n S u b s c r i p t io n s b y S t a t e s .
Ncio York— •
Subscribers.
C la s s A . . . ...................................................................* 2 , 7 5 0 , 8 4 5
C la s s B ....................................
4 ,0 8 6
C la s s C .............................. .........................................
707
C la s s D .........................................................................
301
C la s s E . .................................................
410
Amount.
3 4 2 7 ,8 3 3 ,3 0 0
1 1 3 ,2 7 0 ,1 0 0
6 3 ,4 3 4 ,3 5 0
4 6 ,5 5 1 9 0 0
3 3 4 ,1 9 7 ,2 5 0
C la s s
C la s s
C la s s
C la s s
C la s s
A
B
C
D
E
S 9 8 5 ,2 8 6 ,9 0 0
.........................................
........................................................................
...............................
........................................................................
........................................................................
4 9 3 ,4 8 7
469
50
16
19
3 8 4 ,2 0 1 ,2 0 0
1 2 ,0 2 2 ,3 5 0
4 ,5 3 8 ,2 5 0
2 ,7 7 3 ,1 5 0
1 1 ,3 5 3 ,2 5 0
T o t a l . ...................................... ...............................
Connecticut—
4 9 4 ,0 4 1
3 1 1 4 ,8 8 8 ,2 0 0
C la s s A .........................................................................
C la s s B ...............................
C la s s 0 .........................................................................
C la s s I ) ...............................................
C la s s E .........................................................................
9 2 ,6 4 8
73
6
5
l
3 1 0 ,8 8 1 ,2 0 0
2 ,1 6 4 ,4 0 0
5 9 0 ,0 0 0
8 2 0 ,0 0 0
3 0 0 ,0 0 0
T o t a l .........................................................................
Summary—
LOAN.
M ay 17 1 9 1 8 .
.............. F u ll p a i d . 3 6 5 0 ,8 9 6 ,3 5 0
5 % ............... 3 1 6 ,3 4 0 ,8 0 0
3 9 6 7 ,2 3 7 ,1 5 0
I n d i v i d u a l s -----------------------------------------------F u ll p a i d .
2 ,0 1 7 ,9 5 0
3 1 4 ,7 5 5 ,6 0 0
3 9 8 5 ,2 8 6 ,9 0 0
1 1 4 ,8 8 8 .2 0 0
1 4 ,7 5 5 ,6 0 0
3 1 , 1 1 4 , 9 3 0 ,7 0 0
3 1 ,5 2 3 ,7 5 0
5 % ------------
9 2 ,7 3 3
N o w Y o r k . . . ..................................
..* 2 ,7 5 6 ,3 4 9
N o w J e r s o y ................. ...............................................
4 9 4 ,0 4 1
C o n n e c t i c u t ...............................................
9 2 ,7 3 3
T o t a l ......................................................................... * 3 ,3 4 3 ,1 2 3
Subscriptions.
B an k s.
127,456,850
fin a l ta b u la tion is
T o t a l ....................................................................... * 2 , 7 5 6 , 3 4 9
New Jersey—
th o p a y m o n ts
Amount.
s
3
441,101,150 33369S0 $522,915,700
S
Number of
S ta te s T r o a su r y w ero th o se so n t d ire ct to W a s h in g t o n .
o n ly 5 % o f tho to t a l, or $ 2 0 8 ,0 0 0 ,0 0 0 , w a s d u o .
Second Liberty Loan.
N o. of
Subscrip.
978,959 1,186,788,400 2,182,017 1,550,453,450 *3343 123 1,114,930.700
T h e su b sc rip tio n s o f $ 1 7 ,9 1 5 ,1 5 0 cre d ite d to th e U n ito d
Aug.
2173
THE CHRONICLE
3 ,5 4 1 ,7 0 0
*Note.— T h i s f ig u r o w ill b e s u b j e c t t o r e a d j u s t m e n t w h e n f in a l t a b u la t i o n is c o m p l e t e d .
Recapitulation—
1 4 4 ,1 5 1 ,8 5 0
B r o n x __________________________
3 5 . 1 1 2 .3 5 0
B r o o k l y n _____________________
5 2 ,4 2 7 ,6 0 0
T o ta l.
.3 1 ,1 1 4 ,9 3 0 ,7 0 0
M a n h a t t a n __________________
7 0 2 ,5 7 7 ,7 5 0
Payments.
Queens______________
1 0 . 1 3 7 .3 5 0
C e r t i f i c a t e s o f I n d e b t e d n e s s ----------------------------------------------------------------3 1 8 0 ,2 9 7 ,0 0 0 0 0 R i c h m o n d ____________________
3 ,3 8 6 ,8 0 0
A d v l c o o f c r e d i t ........................................................................................................... 5 4 5 ,7 4 6 ,9 8 0 5 0
C h e c k o r d r a f t .............................................................................................................
8 6 ,4 4 5 .9 2 3 52
3 7 7 3 ,6 4 1 ,8 5 0
C a s h s u b s c r ip t i o n s ................. .................. B a n k s .............3 1 4 2 ,2 2 5 ,5 5 0
In d iv id u a ls .
1 , 9 2 6 ,3 0 0
3 8 1 2 ,4 8 9 .9 0 4 0 2
Deliveries.
$501 ,0 7 9 ,3 0 9 p ie c e s a t
10 0 .
6 0 6 ,9 7 7
*
500.
7 3 ,9 4 6
‘
1,0 0 0 .
2 1 7 ,9 4 2
‘
5 ,0 0 0 .
3 ,9 4 5
'
1 0 ,0 0 0 .
4 ,9 0 5
1
1 ,9 8 7 ,0 2 4
$ 5 3 ,9 6 5 ,4 5 0
6 0 , 6 9 7 ,7 0 0
3 6 .9 7 3 .0 0 0
2 1 7 ,9 4 2 ,0 0 0
1 9 .7 2 5 .0 0 0
4 9 .0 5 0 .0 0 0
G ra n d tota l
$ 4 3 8 ,3 5 3 ,1 5 0
COMPARISON OF SUBSCRIPTIONS IN NEW YORK
FEDERAL RESERVE DISTRICT WITH THREE
LIBERTY LOAN ISSUES.
A
c o m p a r a tiv e
Y ork
s ta te m e n t
of
su b sc rip tio n s
F e d e ra l R o se rv o D is t r ic t to
issues w a s m a d o p u b lic
N o w Y o r k on M a y 2 1 .
by
in
th o
Now
th o th ree L ib o r ty L o a n
th o F e d o ra l R o so rv o
Bank
of
T h o s ta te m e n t ro v o a ls th o f a c t th a t
su b scrib ers to a m o u n ts ra n g in g fr o m $ 5 0 to $ 1 0 ,0 0 0 n u m
b e re d
3 ,3 3 6 ,9 8 0
in
th o
la s t
c a m p a ig n ,
c o m p a r in g
w ith
2 ,1 7 3 ,8 8 4 in th o S e c o n d L ib o r ty L o a n d riv o a n d 9 7 3 ,6 1 4 in
th o F ir s t L ib o r ty L o a n .
I t is a lso sh o w n th a t su b sc rip tio n s
o f $ 3 4 5 ,8 5 0 ,5 0 0 w ero rocoivod fr o m 4 3 0 su b sc rib e rs ta k in g
m o re th a n $ 2 0 0 ,0 0 0 in d iv id u a lly o f b o n d s o f th o T h ir d issu o,*
w lioroas in th is class in th o S e c o n d L ib o r ty L o a n thoro woro
755
su b sc rib e rs w h o so su b sc rip tio n s a g g r e g a te d
$ 7 7 2 ,1 3 6 ,
7 5 0 , a n d in th o F ir s t L ib e r t y L o a n 7 0 0 su b sc rib e rs to s u b
scrip tio n s to ta lin g $ 6 9 3 ,0 2 5 ,6 5 0 .
W o g iv o b e lo w th o t a b u - ’
la tio n p re sen te d b y th o R e se r v e B a n k :
J. I. CLARKE LEAVES PUBLICITY DEPARTMENT OF
LIBERTY LOAN COMMITTEE.
T h o P u b lic it y D e p a r tm e n t o f th e L ib e r t y L o a n C o m m it t e e
h as g iv e n o u t th o fo llo w in g in te r e stin g s ta te m e n t:
A f t e r h a v i n g e s t a b l is h e d a n in t e r n a t io n a l r e c o r d a s m a n a g e r o f t h o
a d v e r t i s in g b u r e a u o f t h e L i b e r t y L o a n d u r i n g t w o c a m p a i g n s , J a m e s I .
C l a r k e t o - d a y ( M a y 2 3 ) r e s u m e d h is d u t ie s a s a d v e r t i s in g m a n a g e r o f t h e
N a t io n a l B a n k o f C o m m e r c o .
T h e b u r e a u w h i c h M r . C l a r k e h e a d e d h a s t h o d i s t in c t i o n o f p l a c in g m o r e
a d v e r t i s in g w it h in a g i v e n le n g t h o f t im e t h a n a n y a g e n c y in t h o c o u n t r y .
M r . C l a r k e w a s m a n a g e r o f t h e p r e s s b u r e a u d u r i n g t h e F ir s t L i b e r t y L o a n
d r iv o .
D u r i n g M a r c h a n d A p r i l o f t h is y e a r h e d i r e c t e d t h o a c t i v e c a n v a s s i n g
o f i n d u s t r ie s r e p r e s e n t e d in t h e R a i n b o w D i v i s i o n o f A l l ie d T r a d e s in t h is
c i t y , a n d w a s la r g e ly r e s p o n s i b le f o r t h e la r g e a d v e r t i s in g s u b s c r ip t i o n
fu n d o b ta in e d .
B e n ja m i n S t r o n g , w h o a s G o v e r n o r o f t h e F e d e r a l R e s e r v e B a n k , d i
r e c t e d t h o L i b e r t y L o a n c a m p a i g n in t h e S e c o n d D i s t r i c t , h a s a d d r e s s e d
a l o t t o r t o J a m e s S . A l e x a n d e r , P r e s i d e n t o f t h o N a t io n a l B a n k o f C o m
m e r c e , in w h ic h h o s t a t e s t h a t M r . C l a r k e h a s b u i l t u p a n a d v e r t i s in g b u r e a u
in t h o l a s t t w o lo a n s w h ic h h a s w o n t h e p r a is e o f a d v e r t i s in g m e n t h r o u g h
ou t th o co u n try .
NEW REVENUE LEGISLATION AT THE PRESENT
SESSION OF CONGRESS.
L ast
n ig h t ’ s
a d v ic e s
fr o m
W a s h in g t o n
in d ic a te d
th a t
S e c r e ta r y M c A d o o ’s in sisten c e fo r n e w re v e n u e le g is la tio n
a t th o p re s e n t session o f C o n g re ss h a d re su lte d in th e C o n g r e s
sio n a l
loa d ers
y ie ld in g
to
th e
p ressure
brought
to
bear,
a lth o u g h s o m o , it is s ta te d , are still u n c o n v in c e d as to th e
n e c e s s ity fo r a c tio n a t th is tim e .
T h o m a tte r h a d b e e n th e s u b je c t o f c o n fe re n ce s p r a c tic a lly
a ll w e e k b o tw e e n A d m in is tr a tio n h e a d s a n d C o n g re ssio n a l
THE CHRONICLE
3174
c o m m it te e m e n .
O n th o 2 3 r d C o n g re ssio n a l lea d ers re a ch e d
th e co n c lu sio n to lo t th e P re sid e n t d e c id e th e m a t t e r , th e
P r e s id e n t in tu r n le a v in g th e d ec isio n to S e c r e ta r y o f th e
T reasu ry M c A d o o ,
s io n a l
lea d ers
w h o y e s te r d a y
th a t
th o
in fo r m e d
le g isla tio n
w as
th e
C o n gres
im p e r a tiv e .
The
lea d ers are said to h a v e p ro m ise d to p ass a b ill, if it is sh o w n
to b e n e c e ssa r y ; o n e o f th e se ,
nou nce^
th a t
a r ra n g e m e n ts
R e p r e s e n ta tiv e
w o u ld
be
m ade
K it c h in a n
im m e d ia t e ly
f o r o p e n h e a r in g s, a n d th a t p r o b a b ly six w e e k s ’ c o n sid e ra tio n
in c o m m it te e w o u ld b e g iv e n th e m a t t e r .
th a t fro m
§ 4 , 0 0 0 , 0 0 0 , 0 0 0 d e r iv e d fr o m
p r o v id e d
I t is e x p e c te d
th re e to fo u r b illio n d o lla r s, in a d d itio n to th e
if n e w
th e p re sen t ta x la w s , w ill b e
le g isla tio n is a u th o r iz e d ,
m a k in g
r e v e n u e y ie ld fo r n e x t y e a r so m e w h e re b e tw e e n
a
7
t o ta l
and
8
b illio n d o lla r s.
OPENING OF RED CROSS CAMPAIGN BY PRESIDENT
WILSON— THE PRESIDENT’S SPEECH.
O f a ll th e d e m o n s tr a tio n s w h ic h h a v e m a r k e d th o co u rse
o f th o p re se n t w a r n o n e p e r h a p s h a v e b e e n m o re in sp irin g
th a n
th o se
a t te n d in g
th e
o p e n in g
of
th e
c a m p a ig n
la s t
S a tu r d a y fo r th e ra isin g o f th e se c o n d § 1 0 0 ,0 0 0 ,0 0 0 fo r th e
A m e r ic a n R e d C r o s s W a r F u n d .
T h e d riv e w a s o p e n e d in
N e w Y o r k b y P r e s id e n t W i ls o n , a n d in s te a d
o f ta k in g his
p la c e o n th e re v ie w in g sta n d w ith th o s ta r t o f th o p a ra d e
th e c o u n t r y ’ s C h ie f E x e c u tiv e jo in e d th o m a rc h e rs a t 6 7 th
S tr e e t a n d re m a in e d a t th o h e a d o f th e p ro c e ssio n , n u m b e r
in g so m e 7 0 ,0 0 0 o r m o r e m e n a n d w o m e n , u n til th o g ra n d
s ta n d a t 2 3 r d S tr e e t w a s r e a c h e d , w h e n h e e n te re d th e b o x
re se rv e d fo r h im .
A lo n g th e tw o m ile s o f h is m a rc h
P r e s id e n t re c e iv e d a ro u sin g o v a t io n .
He
tho
h a d a rriv e d in
N e w Y o r k th o d a y b e fo re th e p a r a d e a n d o n F r id a y n ig h t
a t te n d e d a p e r fo rm a n c e o f “ J a c k O ’ L a n te r n ” a t th o G lo b e
T h e a tro .
T h oro
he
w as
g iv e n
an
e n th u sia stic
t o w h ic h h e w a s fin a lly c o m p e lle d to r e s p o n d .
g r e e tin g ,
I n th e few
b r ie f w o rd s in w h ic h h e a c k n o w le d g e d th o w e lc o m e a c co rd ed
h im h e s a id :
Ladies and Gentlemen:
Y o u a r e l a b o r in g u n d e r a d e l u s i o n .
Y o u th in k
y o u s o o t h o P r e s i d e n t o f t h o U n it e d S t a t e s .
Y o u a r e m is t a k e n .
R e a lly
y o u s e o a t ir e d m a n h a v i n g a g o o d t im e .
O n S a tu r d a y n ig h t, w h e n th e d riv e w a s o ffic ia lly g o tt e n
u n d e r w a y a t a m a s s m e e tin g a t th e M e t r o p o lit a n
O p era
H o u s e P r e s id e n t W ils o n m a d e th e sp ee ch w h ic h sig n alized
th e s ta r t o f th e c a m p a ig n .
th o su p p o r t o f
th e R e d
I n th is a d d r e s s , a p p e a lin g fo r
C ross,
th e P r e sid e n t s ta te d
th a t
“ th ere a re tw o d u tie s w ith w h ic h w o are fa ce to fa c e .
first d u t y is to w in th e w a r .
The
A n d th e se co n d d u t y w h ich
g o e s h a n d in h a n d w ith i t , is to w in i t g r e a tly a n d w o rth ily
sh o w in g th o real q u a lity o f o u r p o w e r n o t o n ly , b u t tho
re a l q u a lity o f o u r p u rp o se a n d o f o u r s e lv e s .”
R e fe rr in g
to th o s ta te m e n t t h a t h a d b e e n m a d e to th o e ffe c t t h a t w e
m u s t g e t a n a r m y o f 5 ,0 0 0 ,0 0 0 m e n r e a d y , th e P re s id e n t
s ta te d t h a t h e h a d a sk e d C o n g ro ss to n a m e n o lim it , b e ca u se
o f th e in te n tio n to h a v e e v e r y sh ip th a t c a n c a rr y m e n or
su p p lie s g o fo rw a r d w ith all sho c a n c a r r y .
T h e P r e s id e n t
d ec la re d t h a t h e in te n d s to sta n d b y R u s s ia a s w e ll as F r a n c e ,
a d d in g “ th o h e lp le ss a n d frie n d le ss are th o v e r y on e s th a t
n e ed frie n d s a n d su c c o r , a n d if a n y m a n in G e r m a n y th in k s
w o a re g o in g to sacrifice a n y b o d y fo r ou r o w n salco.
t h e m n o w th e y are m is t a k e n .”
th o G r e a t R e d
C r o ss w ith
I tell
T h e “ in tim a te c o n ta c t o f
p e o p le s w h o
aro su ffe rin g
th e
terrors a n d d e p r iv a tio n s o f th is w a r th e P r e sid e n t d e c la re d ,
“ is g o in g to b o on o o f th o g r e a te s t in str u m e n ta litie s o f frie n d
sh ip
th e
w o rld
over
k n e w .”
In
u r g in g
th a t
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g iv e a b s o lu te ly a ll th e y c a n sp are th e P r e s id e n t p o in te d o u t
t h a t “ if y o u g iv e u n til it h u r ts th e n y o u r h e a r t b lo o d go es
i n t o i t , ” a n d h o s u m m o n e d th e m “ to s a y h o w m u c h a n d h o w
sin ce rely
and
w o r ld .”
B e lo w is th o P r e s id e n t’ s sp ee ch in fu ll:
u n a n im o u s ly
you
su sta in
th e
h eart
of
th e
M r . Chairman and Fellow Countrymen: I s h o u l d b o v e r y s o r r y t o t h in k
t h a t M r . D a v i s o n in a n y d e g r e e c u r t a i l e d h is e x c e e d i n g l y I n t e r e s t in g s p e e c h
f o r f e a r t h a t h e w a s p o s t p o n i n g m in e , b e c a u s o I a m s u r o y o u l is t e n e d w it h
t h e s a m e I n t e n t a n d i n t i m a t e i n t e r e s t w i t h w h ic h I lis t e n e d t o t h e e x t r a o r d i
n a r i l y v i v i d a c c o u n t h e g a v e o f t h e t ilin g s w h i c h h o h a d r e a l iz e d b e c a u s e
h e h a d c o m e in c o n t a c t w it h t h e m o n t h o o t h e r s id e o f t h e w a t e r s .
W o c o m p a s s t h e m w i t h o u r i m a g in a t io n ; h e c o m p a s s e d t h e m in h is p e r
s o n a l e x p e r ie n c e , a n d I a m n o t c o m e h e r o t o -n ig h t t o r e v lo w f o r y o u th o
w ork o f th e R e d C ross.
I am n ot com p eten t to d o so, bccau so I h ave n ot
h a d th e t lm o n o r t h o o p p o r t u n it y t o fo llo w it in d e t a il.
I h a v e co m o here
s i m p l y t o s a y a f e w w o r d s t o y o u a s t o w h a t i t a ll s e e m s t o m o t o m o a n ,
a n d it m e a n s a g r e a t d e a l.
T h e r e a r e t w o d u t i e s w it h w h i c h w e a r o f a c e t o f a c e .
T h e f i r s t d u t y is t o
w in t h o w a r .
A n d t h o s e c o n d d u t y , t h a t g o e s h a n d a n d h a n d w i t h i t , Is t o
w in It g r e a t l y a n d w o r t h i l y , s h o w in g t h e r e a l q u a l i t y o f o u r p o w e r n o t o n l y ,
b u t t h o re a l q u a lit y o f o u r p u r p o s e a n d o f o u r s e lv e s .
O f c o u r s e , t h o f ir s t
d u t y , t h o d u t y t h a t w e m u s t k e e p in t h o f o r e g r o u n d o f o u r t h o u g h t s u n
t il i t Is a c c o m p l i s h e d , is t o w in t h o w a r . I l i a v o h o a r d g e n t l e m e n r c c o n t l y
s a y t h a t w o m u s t g e t f i v e m il l io n m e n r e a d y .
W h y l im i t i t t o f i v o m il l io n ? ,
I h a v e a s k e d t h o C o n g r o s s o f t h o U n it e d S ta te s t o n a m e n o lim it , b e c a u s o
t h e C o n g r e s s i n t e n d s , I a m s u r o , a s w o a ll I n t e n d , t h a t o v e r y s h i p t h a t c a n
[Vol. 106
c a r r y m e n o r s u p p l i e s s h a ll g o la d o n u p o n o v e r y v o y a g o w it h o v e r y m a n
a n d e v e r y s u p p ly sh o ca n c a r r y .
A n d w o a ro n o t t o b e d iv e r te d fro m th e
g r i m p u r p o s e o f w in n in g t h o w a r b y a n y in s in c e r e a p p r o a c h e s u p o n t h e
s u b je c t o f p e a c e .
I c a n s a y w i t h a c le a r c o n s c i e n c e t h a t I h a v e t e s t e d t h o s e i n t im a t i o n s , a n d
h a v e f o u n d t h e m i n s in c e r e .
I n o w r e c o g n iz e th e m fo r w h a t th e y a ro , a n
o p p o r t u n i t y t o h a v e a f r e e h a n d , p a r t i c u la r l y in t h o E a s t , t o c a r r y o u t
p u rp o s e s o f c o n q u e s t a n d e x p lo ita tio n .
E v e r y p r o p o s a l w i t h r e g a r d t o a c c o m m o d a t i o n in t h e W o s t i n v o l v e s a
r e s e r v a t io n w i t h r e g a r d t o t h o E a s t .
N o w , s o fa r a s I a m c o n c e r n e d , I in t o n d t o s t a n d b y R u s s i a a s w e ll a s F r a n c o .
T h o h e lp le s s a n d t h o f r ie n d le s s a r o t h o v e r y o n e s t h a t n e e d f r i e n d s a n d
s u c c o r , a n d i f a n y m a n in G e r m a n y t h in k s w e a r o g o i n g t o s a c r i f i c e a n y
b o d y f o r o u r o w n s a k e , I t e ll t h e m n o w t l i o y a r e m is t a k e n .
F o r t h o g lo r y
o f t h is w a r , m y f e l l o w - c i t i z e n s , s o f a r a s w o a r e c o n c e r n e d , is t h a t i t i s , p e r
h a p s f o r t h e f i r s t t im e in h i s t o r y a n u n s e lf is h w a r .
I c o u ld n o t b o p ro u d
t o f i g h t f o r a s e lfis h p u r p o s e , b u t I c a n b o p r o u d t o f i g h t f o r m a n k i n d .
I f t h e y w is h p e a c e l e t t h e m c o m o f o r w a r d t h r o u g h a c c r e d i t e d r e p r e s e n t a
tiv e s a n d la y th e ir te r m s o n t h e t a b lo .
W o h a v e la id o u r s , a n d t h e y k n o w
w h a t th e y aro.
B u t b e h i n d a ll t h i s g r i m p u r p o s o , m y f r i e n d s , lie s t h e o p p o r t u n i t y t o
d e m o n s t r a t e n o t o n l y f o r c e , w h i c h w ill b o d e m o n s t r a t e d t o t h o u t m o s t ,
b u t t h o o p p o r t u n i t y t o d e m o n s t r a t e c h a r a c t e r , a n d i t is t h a t o p p o r t u n i t y
t h a t w o h a v o m o s t c o n s p i c u o u s l y in t h o w o r k o f t h o R o d C r o s s .
N o t th a t
o u r m e n in a r m s d o n o t r e p r e s e n t o u r c h a r a c t e r , f o r t h o y d o , a n d It is a
c h a r a c t e r w h i c h t h o s e w h o s e e a n d r e a l iz e a p p r e c i a t e a n d a d m i r e ; b u t t h e ir
d u t y is t h o d u t y o f f o r c e .
T h o d u ty o f th o
R od
C ross
is t h o
d u t y o f m e r c y a n d s u c c o r a n d fr i e n d s h ip .
H a v e y o u f o r m e d a p l c t u r o in y o u r I m a g in a t io n o f w h a t t h i s w a r is d o i n g
fo r u s a n d fo r th e w o r ld ?
I n m y o w n m in d I a m c o n v i n c e d t h a t n o t a h u n
d r e d y e a r s o f p e a c o c o u l d h a v e k n i t t e d t h is n a t i o n t o g e t h e r a s t h i s s in g lo
y e a r o f w a r h a s k n i t t e d i t t o g e t h e r , a n d b e t t e r o v e n t h a n t h a t , i f p o s s i b le
i t is k n i t t in g t h e w o r l d t o g e t h e r .
L o o k a t th o p ic tu re .
In th o cen tre o f
t h o s c e n o , f o u r n a t i o n s e n g a g e d a g a in s t t h o w o r l d , a n d a t e v e r y p o i n t o f
v a n t a g e , s h o w in g t h a t t h o y a r o s e e k in g s e l fi s h a g g r a n d iz e m e n t ; a n d ,
a g a i n s t t h e m , t w e n t y - t h r e e G o v e r n m e n t s r e p r e s e n t in g t h o g r e a t e r p a r t o f
t h o p o p u la t io n o f t h o w o r ld , d ra w n t o g e t h e r In to a n o w se n s o o f c o m m u n it y
o f in te r e s t, a n o w se n s e o f c o m m u n it y o f p u r p o s o , a n o w se n s e o f u n it y o f
life .
T h e S e c r e t a r y o f W a r t o l d m o a n in t e r e s t i n g i n c id o n t t h o o t h e r d a y .
l i e s a id w h e n h o w a s in I t a l y a m o m b o r o f t h o I t a li a n G o v e r n m e n t w a s e x
p l a i n in g t o h i m t h e m a n y r e a s o n s w h y I t a l y f e l t n e a r t o t h o U n it e d S t a t e s .
H o s a i d , “ I f y o u w a n t t o t r y a n I n t e r e s t in g e x p e r i m e n t g o u p t o a n y o n o o f
t h e s e t r o o p t r a in s a n d a s k in E n g li s h h o w m a n y o f th o r n h a v o b e e n In
A m e r ic a , a n d s e e w h a t h a p p e n s .”
I I o t r ie d t h o e x p e r im e n t.
lie w ent up
t o a t r o o p t r a in a n d h o s a i d , " H o w m a n y o f y o u b o y s h a v o b o o n in A m e r
i c a ? ” a n d h o s a id i t s e e m e d t o h i m a s i f h a l f o f t h e m s p r a n g u p .
“ Mo
f r o m S a n F r a n c i s c o ; ’ ’ “ M e f r o m N e w Y o r k ; ” a ll o v e r .
T h ere w as p a rt o f
t h e h e a r t o f A m e r i c a in t h o I t a li a n A r m y .
1’ c o p l o t h a t h a d b e e n k n i t t e d
t o u s b y a s s o c i a t i o n , w h o k n o w u s , w h o h a d l iv e d a m o n g u s , w h o h a d
w o r k e d s h o u ld e r t o s h o u ld e r w it h u s , a n d n o w frie n d s o f A m e r ic a , w o re
f ig h t i n g f o r t h e i r n a t i v o I t a l y .
F r i e n d s h i p is t h o o n l y c e m e n t t h a t w ill o v e r h o l d t h o w o r l d t o g e t h e r .
A n d t h is i n t i m a t e c o n t a c t o f t h o g r e a t R e d C r o s s w i t h t h o p e o p l e s w h o a r o
s u f fe r i n g t h o t e r r o r s a n d d e p r i v a t i o n s o f t h i s w a r Is g o i n g t o b e o n o o f t h o
g r e a t e s t I n s t r u m e n t a lit ie s o f f r ie n d s h ip t h a t t h o w o r l d o v e r k n o w , a n d t h o
c e n t r e o f t h o h e a r t o f i t a l l, i f w o s u s t a in i t p r o p e r l y , w ill b o t h i s la n d t h a t
w o s o d e a r ly lo v e .
M y f r i e n d s , a g r e a t d a y o f d u t y h a s c o m e , a n d d u t y f in d s a m a n ’ s s o u l a s
n o k i n d o f w o r k c a n e v e r f in d i t .
M a y I sa y th is ?
T h o d u t y th a t fa ce s
u s a ll n o w Is t o s e r v e o n e a n o t h e r , a n d n o m a n c a n a f f o r d t o m a k e a f o r t u n e
o u t o f t h is w a r .
T h e re are m en a m on g us w h o h a v o fo rg o tte n th a t, if
th e y o v e r saw it.
S o m o o f y o u a ro o ld o n o u g h — I a m o ld o n o u g h
io r e
m e m b e r m e n w h o m a d e fo rtu n e s o u t o f t h o C iv il W a r , a n d y o u k n o w h o w
t h o y w e r e r e g a r d e d b y t h e ir f e l l o w - c i t i z e n s .
T h a t w as a w ar to savo one
c o u n t r y — t h is is a w a r t o s a v o t h o w o r l d .
A n d y o u r r e la t i o n t o t h o R o d
C r o s s is o n o o f t h o r e la t i o n s w h ic h w ill r e li e v o y o u o f t h o s t ig m a .
Y ou
c a n ’ t g i v o a n y t h i n g t o t h o G o v e r n m e n t o f t h o U n it e d S t a t o s ; i t w o n 't
a cce p t it.
T h e r e is a la w o f C o n g r e s s a g a i n s t a c c e p t i n g o v e n s e r v ic e s
w it h o u t p a y .
T h e o n l y t h i n g t h a t t h o G o v e r n m e n t w ill a c c e p t Is a l o a n ,
a n d d u t i e s p e r f o r m e d ; b u t i t is a g r e a t d e a l h o t t e r t o g i v o t h a n t o lo n d o r t o
p a y , a n d y o u r g r e a t c h a n n e l f o r g i v in g Is t h o A m e r i c a n R e d C r o s s .
D o w n in y o u r h e a r t s y o u c a n ’ t t a k e v e r y m u c h s a t i s f a c t i o n in t h o la s t
a n a ly s i s in le n d i n g m o n e y t o t h o G o v e r n m e n t o f t h o U n it e d S t a t e s , b e c a u s e
t h o i n t e r e s t w h ic h y o u d r a w w ill b u r n y o u r p o c k e t s , i t is a c o m m e r c i a l
t r a n s a c t io n , a n d s o m o m e n h a v e o v e n d a r e d t o c a v i l a t t h o r a t e o f i n t e r e s t ,
n o t k n o w i n g t h o in c id e n t a l c o m m e n t a r y t h a t c o n s t it u t e s u p o n t h e ir
a ttitu d e .
•
B u t w h e n y o u g i v o , s o m e t h in g o f y o u r h e a r t , s o m e t h in g o f y o u r s o u l ,
s o m e t h i n g o f y o u r s e l f g o e s w i t h t h o g i f t , p a r t i c u la r l y w h e n It is g i v e n In
s u c h fo r m t h a t it n e v e r c a n c o m o b a c k b y w a y o f d lr o c t b o n o fit t o y o u r s e lf.
Y o u k n o w t h c r o is t h o o l d c y n i c a l d e f in it i o n o f g r a t i t u d e " a s t h o l iv e l y
e x p e c ta tio n o f fa v o rs t o c o m o .”
W e l l , t h o r o Is n o e x p e c t a t i o n o f f a v o r s
t o c o m e In t h is k i n d o f g i v i n g .
T h e s e t h i n g s a r o b e s t o w e d in o r d e r t h a t t h o
w o r l d m a y b o a f i t t e r p l a c e t o l iv e i n , t h a t m e n m a y b o s u c c o r e d , t h a t
h o m o s m a y b o r e s t o r e d , t h a t s u f fe r i n g m a y b o r c l i o v e d , t h a t t h o f a c o o f
t h o e a r t h m a y h a v e t h o b l i g h t o f d e s t r u c t io n t a k o n a w a y f r o m i t , a n d t h a t
w h e r e v e r f o r c e g o e s t h e r e s h a ll g o m o r c y a n d h e l p f u ln e s s .
A n d w h e n y o u g i v e , g i v o a b s o l u t e l y a ll t h a t y o u c a n s p a r e , a n d d o n 't
c o n s i d e r y o u r s e l f lib e r a l in t h e g i v in g .
I f y o u g iv e w it h s e lf-a d u la tio n ,
y o u a r e n o t g i v i n g a t a l l, y o u a r o g i v in g t o y o u r o w n v a n i t y ; b u t i f y o u
g i v o u n t il i t h u r t s , t h e n y o u r h e a r t - b l o o d g o e s w it h It.
A n d t h in k w h a t w e h a v o h e r e .
W o c a ll It t h e A m e r i c a n R o d C r o s s , b u t
i t is m e r e ly a b r a n c h o f a g r e a t in t e r n a t io n a l o r g a n i z a t io n , w h ic h is n o t o n l y
r e c o g n i z e d b y t h o s t a t u t o s o f e a c h o f t h o c iv il iz e d G o v e r n m e n t s o f t h o
W o r ld , b u t i t is r e c o g n i z e d b y i n t e r n a t io n a l a g r e e m e n t a n d t r e a t y , a s t h o
r e c o g n i z e d a n d a c c e p t e d i n s t r u m e n t a li t y o f m e r c y a n d s u c c o r .
A n d ono
o f t h e d e e p e s t s t a in s t h a t r e s t s u p o n t h o r e p u t a t i o n o f t h o G o r m a n A r m y
is t h a t t h o y h a v o n o t r e s p e c t e d t h e R e d C r o s s .
T h a t g oes to th e r o o t o f th e m a tter.
T h o y h a v o n o t r o s p o c t c d t h o in
s t r u m e n t a li t y t h e y t h o m s c lv e s p a r t i c i p a t e d in s o t t in g u p a s t h o t h i n g w h ic h
n o m a n w a s t o t o u c h , b e c a u s o i t w a s t h o e x p r e s s io n o f c o m m o n h u m a n i t y .
W o a re m o m b e r s , b y b e in g m e m b e r s o f t h o A m e r ic a n R e d C r o s s , o f a g r o a t
f r a t e r n i t y a n d c o m r a d e s h i p w h i c h e x t e n d s a ll o v e r t h o w o r l d , a n d t h is c r o s s
w h ic h t h e s e la d ie s b o r o t o - d a y is a n e m b l e m o f C h r i s t ia n it y i t s o l f .
I t f ills m y i m a g in a t io n , la d ie s a n d g e n t l e m e n , t o t h i n k o f t h o w o m o n a ll
o v e r t h is c o u n t r y w h o a r o b u s y t o - n i g h t a n d a r e b u s y e v e r y n i g h t a n d o v e r y
d a y d o in g th o w o rk o f t h o R e d C r o s s , b u s y w it h a g r e a t e a g e rn e s s t o fo n d o u t
t h o m o s t s e r v ic e a b le t h i n g t o d o , b u s y w i t h a f o r g e t f u l n e s s o f a ll t h o o l d
f r i v o l it i e s o f t h e i r s o c ia l r e la t i o n s h i p s , r e a d y t o c u r t a il t h o d u t i e s o f t h o
h o u s e h o l d in o r d e r t h a t t h o y m a y c o n t r i b u t e t o t h is c o m m o n W o r k t h a t a ll
t h e i r h e a r t s a r o e n g a g e d i n , a n d in d o i n g w h ic h t h e i r h e a r t s b e c o m o a c
q u a in t e d w i t h e a c h o t h o r .
W h e n y o u t h i n k o f t ills , y o u r e a l iz o h o w t h o p e o p l e o f t h o U n it e d S t a t o s
a r o b e i n g d r a w n t o g e t h e r i n t o a g r e a t i n t im a t o f a m i l y w h o s o h e a r t is b o i n g
M ay 25 1918.]
THE CHRONICLE
u s e d f o r t h o s e r v ic e o f t h o s o ld ie r s n o t o n l y , b u t f o r t h e s e r v i c e o f c i v i l i a n s ’
w h e r o t h e y s u f fe r a n d a r e l o s t in a m a z e o f d is t r e s s e s a n d d i s t r a c t i o n s .
And
y o u h a v o , t h e n , t h is n o b l e p i c t u r e o f j u s t i c o a h d m o r c y a s t h e t w o s e r v a n t s
o f lib e r t y .
F o r o n l y w h e r o m e n a r e f r e e d o t h e y t h in k t h o t h o u g h t s o f
c o m ra d e s h ip ; o n ly w h e ro t h e y a r o fr e e d o t h e y th in k t h e th o u g h ts o f s y m
p a t h y ; o n l y w h o r e t h e y a r o f r e e a r e t h e y m u t u a l ly h e l p f u l; o n l y w h e r e t h e y
a r o f r e o d o t h e y r e a l iz e t h e i r d e p e n d e n c e u p o n o n e a n o t h e r a n d t h e i r c o m
r a d e s h ip in a c o m m o n i n t e r e s t a n d c o m m o n n e c e s s i t y .
I
h e a r d a s t o r y t o l d t h o o t h e r d a y t h a t w a s r id ic u l o u s , b u t i t is w o r t h
p e a tin g , b c c a u s o it c o n ta in s th o g e rm o f tr u th .
A n I n d i a n w a s e n l is t e d in
th o A r m y .
H o r e t u r n o d t o t h o r e s e r v a t io n o n a f u r l o u g h .
H e w as asked
w h a t h o th o u g h t o f it.
I I o s a id : “ N o m u c h g o o d ; t o o m u c h s a lu te ; n o t
m u ch s h o o t .”
T h e n h o w a s a sk e d , “ A r o y o u g o in g b a c k ? ”
“ Y e s ."
“ W e ll, d o y o u k n o w w h a t y o u a r o fig h tin g f o r ? ”
“ Y e s , m o k n o w ; fig h t t o
m a k o w h o le d a m n w o r l d D e m o c r a t i c P a r t y . ”
H e h a d e v i d e n t l y m is u n
d e rs to o d s om e in n o ce n t sen ten ce o f m y o w n .
I l u t , a f t e r a l l , a l t h o u g h t h e r e is n o p a r t y p u r p o s e in i t , h e g o t i t r ig h t a s
f a r a s t h o w o r d “ p a r t y ” — t o m a k o t h o W 'h olo w o r l d d e m o c r a t i c in t h o s e n s o
o f c o m m u n i t y o f i n t e r e s t a n d o f p u r p o s e ; a n d i f y o u la d i e s a n d g e n t l e m e n
c o u l d r e a d s o m e o f t h o t o u c h i n g d i s p a t c h e s w h ic h c o m e t h r o u g h o f f i c i a l
c h a n n e ls , f o r e v e n t h r o u g h t h o s e c h a n n e ls t h e r e c o m e v o i c e s o f h u m a n it y
t h a t a ro in fin it e ly p a t h e t ic ; i f y o u c o u ld c a t c h s o m e o f t h o s e v o ic e s th a t
s p e a k t h o u t t e r l o n g i n g o f o p p r e s s e d a n d h e lp le s s p e o p l e s a ll o v e r t h o w o r l d ,
t o h o a r s o m e t h in g lik e t h e “ B a t t l e H y m n o f t h o R e p u b l i c , ” t o h e a r t h e f e o t
o f t h e g r o a t h o s t s o f l i b e r t y g o i n g t o s o t t h e m f r e o , t o s o t t h e i r m in d s f r e o ,
s o t t h e ir l iv e s f r e o , s e t t h e i r c h i ld r e n f r e e , y o u w o u ld k n o w w h a t c o m e s i n t o
t h e h e a r t o f t h o s o w h o a r o t r y i n g t o c o n t r i b u t e a ll t h e b r a i n s a n d p o w e r
t h e y h a v o t o t h i s g r e a t e n t e r p r is e o f l i b e r t y .
Tho
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W i ls o n , b e s p e a k in g th e su ccess o f th e n ow R e d C r o s s c a m
p a ig n , w a s m a d e p u b lic o n M a y
19:
To the President of the United States of America:
O n t h o o v o o f t h o s e c o n d a p p e a l w h ic h t h e A m e r i c a n R e d C r o s s is a b o u t
t o m a k e f o r f u n d s w i t h w h ic h t o c a r r y o n i t s w o r k o f m e r c y , I t h a n k y o u in
th o n a m e o f m y p e o p le f o r th e a s s is ta n ce a lr e a d y o ffe r e d t h e s ick a n d
w
r e o u n d e d o f t h e A l l i e d c o u n t r ie s .
M y h e a r t f e lt w is h is t h a t t h o r e s u lt s o f t h i s n e w a p p e a l m a y e n a b lo t h e
R e d C r o s s o f A m e r i c a , s i d e b y s id e w it h o u r o w n o r g a n i z a t io n a n d t h o s o
o f t h o A l l ie d c o u n t r i e s , s u c c e s s fu l l y t o c a r r y o u t t h e g r e a t h u m a n e m is
s io n im p o s e d u p o n u s b y t h o g ig a n tic w a r s u c h a s t h e w o r ld h a s n e v e r
know n.
T h e u n e x a m p le d m u n i f i c e n c e o f A m e r i c a ’ s f ir s t r e s p o n s e p r o v i d e d a
n o b l e r e c o r d in c h a r i t a b l e e f f o r t , a n d I f e e l s u r e h e r g e n e r o u s - h e a r t e d
p e o p l o w ill a g a in r e s p o n d t o t h o e x t e n t t h a t t h e r e s o u r c e s o f y o u r g r e a t
c o u n t r y a lo n e c a n c o m m a n d .
(S ig n e d .)
GEORGE
REX.
G e n e ra l F o c h , in a c a b le to th e R e d C r o s s h e a d q u a r te r s
a t W a s h in g t o n o n M a y
19 sa id :
A m e r ic a h a s c o m e in t o t h e w a r w it h th e A llie s .
S h e h a s g e n e r o u s ly
b r o u g h t t h o a i d o f h e r A r m y , o f h e r r e s o u r c e s , o f a ll h e r i n d u s t r ia l a n d
c o m m e r c ia l p o w e r .
T h o s e a ro su re p le d g e s o f v i c t o r y .
B u t s h e h a d a l r e a d y d o n e s t ill m o r e b y h e r b e n e f i c i e n c e .
T h e A m e r ic a n
R o d C r o s s h a s f r o m th o b e g in n in g o f t h e w a r re n d e re d g r e a t s e r v ic e t o o u r
c o u n t r y , w h o s o p e o p le a n d w h o se p r o s p e r ity h a v e s u ffe r e d s o m u c h .
H er
H e r d is c re e t a c t iv it y
I
s u m m o n y o u t o t h o c o m ra d e s h ip .
I s u m m o n y o u in t h i s n e x t w e e k t a c t i v e a n d f r u it f u l w o r k h a s d r e s s e d m a n y w o u n d s .
o
h a s b e e n f e l t in t h o t w o g r e a t s p h e r e s o f s u f fe r i n g .
s a y h o w m u c h a n d h o w s i n c e r e l y a n d h o w u n a n im o u s l y y o u s u s t a in t h o
F r a n c o w ill k e e p t h o n e v e r - t o - b e - f o r g o t t e n m e m o r y o f t h o i m p u ls e w h ic h
h e a r t o f t h o w o rld .
h a s b r o u g h t A m e r ic a n s t o t h e b e d s id e o f h e r w o u n d e d .
B e fo ro his d ep a rtu re fo r W a s h in g t o n o n S u n d a y n ig h t th e
P re sid e n t u n e x p e c te d ly v is ite d
a t P e lh a m B a y .
th o
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sta tio n
I lo n r y P . D a v is o n , C h a ir m a n o f th e W a r
C o u n c il o f th e A m e r ic a n
R od
C r o s s , w h o o n ly la s t weolc
re tu rn e d fro m a to u r a b r o a d , also ad d re sse d
th o m e e tin g ,
s a y in g in p a r t:
O n T h u r s d a y , M a y 1 7 , w ith his arriv a l fr o m a b ro a d M r .
w as
q u o te d
a s s a y in g :
T h i s w a r is s t ill in a v e r y s e r io u s s t a g o , a n d t h o d e m a n d s u p o n o u r p e o p l o
fo r s a c r ific o a n d s u p p o r t o f it a re g r e a te r th a n o v e r b e fo r o .
T h e r e is n o o c
ca s io n fo r a n y th in g b u t c o n fid e n c e , b u t th a t c o n fid e n c e m u s t b e b a s e d
u p o n d e t e r m in e d e f f o r t a n d w illin g n e s s o n t h e p a r t o f e v e r y m a n a n d w o m a n
t o d o h is o r iie r p a r t .
O u r b o y s , a s t h o y a r r iv e in F r a n c o , a r e s h o w in g t h o
m o s t w o n d e r fu l s p i r i t .
T h o y g o i n t o a c t i o n w it h d a s h a n d b r a v e r y w h ic h
Is t h o t a l k o f a ll E u r o p e .
B u t t h o p r i c o t h a t w ill h a v o t o b o p a i d f o r v i c
t o r y w ill b o v e r y h e a v y , a n d i t w ill b o s o m e t i m e b e f o r o o u r b o y s c a n b o
c o m e a s e f f c c t i v o a s t h e y m u s t b o t o h e l p E n g la n d , F r a n c o , I t a l y , a n d B e l
g iu m w it h th o v ic t o r y t h a t m u s t b o w o n .
“ P arades of M e r c y ”
d riv o w oro h e ld
tio n
of
d iv id e n d s ,
to w a rd
th e A m e r ic a n
sig n ed b y P re s id e n t W ils o n on M a y 2 2 .
R ed
C ross,
w as
I t w a s p a sse d b y
th e H o u s e (a fte r h a v in g a lr e a d y p a sse d th o S e n a te ) o n M a y
2 0 u n d e r a su sp e n sio n o f th e ru le s .
M y o b s e r v a t i o n s in I t a l y , in F r a n c o , in B e l g i u m a n d in E n g la n d c o n
v i n c e d m o t h a t a t la s t a ll f o r c e s o f t h e K n t o n t o , m i l i t a r y a n d c i v i l i a n , h a v o
l e a r n e d h o w t o g o t p e a c e , w h ic h t h e y s o m u c h d e s i r e d , a n d t h e y a r o a ll in
a c c o r d n o t o n l y a s t o h o w t o g o t i t , b u t in t h e i r d e t e r m in a t i o n t h a t i t s h a ll
bo had.
T h o y a r o c o n v i n c e d t h a t t h e r o is o n e a n d o n l y o n o m e t h o d — a n d t h e y
h a v o a p p r o v e d a n d a d o p t e d t h a t m e t h o d — a n d t h a t is t o f i g h t , f i g h t ,
f i g h t a n d f i g h t u n t il t h o m i l i t a r y p o w e r o f G e r m a n y is c r u s h e d .
T h e r e a r o t w o b a t t l e s b e i n g w a g e d t o - d a y b y t h o G e r m a n s in E u r o p e .
O n o a g a i n s t t h o s o l d ie r s in t h o f r o n t l in o t r e n c h e s a n d t h o o t h e r a g a i n s t t h o
c i v i l i a n p o p u l a t i o n b a c k o f t h o l in o .
T h o o n o is a s w e ll d e f in e d a n d p la n n e d
as th o oth er.
T h o p u r p o s o o f t h o f i g h t b e h i n d t h o l in o is t o b r e a k d o w n t h o
ir fo r a lo o f t li o c iv il ia n p o p u l a t i o n t o s u c h a p o i n t t h a t t h e y w ill I m p o r t u n e
t h e ir g o v e r n m e n ts fo r p e a c e .
T o - d a y , f r o m t h o E n g li s h C h a n n e l t o t h e
S w is s b o r d o r , a n d f r o m t h o S w is s b o r d e r t o t h o A d r i a t i c , b e h i n d t h e lin o s t h e
A m e r i c a n R o d C r o s s is o r g a n i z e d t o c a r r y o n t h i s f i g h t a g a in s t t h o I i o c h o
a s n o o t h e r a g o n c y in t h o w o r l d .
I t Is d o i n g i t u n d e r t h o h ig h e s t t y p o o f
A m e r i c a n m e n a n d w o m e n in t h o f i e l d , w o r k in g d a y a n d n i g h t , a n d is r e
a l iz i n g a s u c c e s s in i t s u n d e r t a k in g w h ic h h a s s u r p a s s e d t h o h o p e o f t h o
m o s t o p t im is t ic .
I f y o u c o u l d h a v o s o o n d u r i n g t h o r e c e n t o f f o n s i v o t h o r u s h in g b y n i g h t
o f R e d C r o s s c a m io n s l o a d e d w i t h f o o d t o m e e t t h o t h o u s a n d s o f m o n ,
w o m e n , a n d c h i ld r e n b e i n g b o m b a r d e d o u t o f t h e i r h o m e s w i t h o u t n o t i c e ;
i f y o u c o u ld h a v o s e e n t h e m r e c e iv in g th o h o t f o o d a n d d r in k g iv e n t o th e m
b y t h o A m e r ic a n p e o p lo as t h o y a r o o n th e ir w a y , t h o y k n o w n o t w h e r o ;
a n d if, la te r, y o u c o u ld se e th o th o u sa n d s a n d th o u s a n d s o f th e m w h o h a v o
b o o n h e lp e d b y t h o A m e r ic a n p e o p lo t o s e c u r e lo d g in g , f o o d , a n d c lo t h in g ,
y o u w o u ld th e n u n d e rs ta n d t h o lo o k o f g r a t itu d e u p o n th e ir fa ce s — g r a tit u d o t o t h o A m e r ic a n p e o p le .
I f y o u c o u l d g o t h r o u g h o u t t h o s o c o u n t r ie s i n t o t h o b u i l d in g s w h e r o t h o u
s a n d s o f c h i ld r e n a r o b e i n g c a r e d f o r , m a t e r n i t y h o m e s w h e r o m o t h e r s a n d
t h e ir b a b io s a r o a t t e n d e d , o f w o r k s h o p s w h e r o t h o u s a n d s o f p e o p l o a r o g i v e n
e m p l o y m e n t t o m a k o m a t e r ia l s n e c e s s a r y f o r t h o d e s t i t u t e o f t h e s e c o u n
t r ie s , in t h o d i s p e n s a r ie s a n d c o u n t l e s s v i ll a g e s w h e r e , w it h t h o a i d o f t h o
R o c k e f e l l e r F o u n d a t i o n , t h o g r e a t e s t w a r is b e i n g c a r r ie d o n a g a in s t t u b e r
c u l o s is ; i f y o u c o u l d v i s it w it h t h o R e d C r o s s r e p r e s e n t a t iv e s t h o f a m il i e s o f
t h o s o l d ie r s w h o s o n a m e s a r o g i v e n b y t h o m i l i t a r y a u t h o r i t ie s , t o w h o m
d i r e c t r e l i e f is e x t e n d e d ; a n d c o u l d g o w it h t h o R e d C r o s s r e p r e s e n t a t iv e s
i n jt h o f r o n t lin o t r e n c h e s t o s e e th o r n g i v e a r t ic l o s o f c o m f o r t a n d s e r v o h o t
d r i n k s t o t h o s o l d ie r s o f o u r A l l ie s ; i f y o u c o u l d g o i n t o t h e R o d C r o s s r e s t
r o o m s a n d c a n t e e n s a n d s c o t h e m c a r o f o r a n d f e e d o v e r 3 ,0 0 0 , 0 0 0 m e n a
m o n t h ; i f y o u c o u l d v i s i t t h o m a n y h o s p i t a l s in E u r o p e o r g a n i z e d a n d b o in g
r u n b y t h o R e d C r o s s , a n d k n o w t h a t , in a d d i t i o n , s u p p l i e s a r o c o n t r i b u t e d
t o m o r o t h a n 3 ,0 0 0 m il i t a r y h o s p i t a l s in F r a n c o a n d I t a l y ; I f y o u c o u l d g o
t h r o u g h t h o f a c t o r i e s w h e r e a r t if i c ia l l im b s a r o b e i n g m a d o f o r o u r o w n b o y s
a n d t h o s o o f o u r A l l ie s , t h r o u g h ( h o f a c t o r y w h e r o s p l in t s a r o b o i n g s o
s c ie n tific a lly m a d o t h a t t h o y h a v o b e e n p u t u p o n t h o w o u n d e d m o n b e fo r o
t h o y h a v o b o o n m o v e d f r o m N o M a n - ’ s L a n d , t h u s s a v i n g m a n y l iv e s a n d
l im b s w h ic h o t li o r w i s o w o u l d h a v o b e e n l o s t — y o u w o u l d t h o u n o t f u l l y
c o v e r t h o f ie l d o f R e d C r o s s o p e r a t i o n s , f o r t h e r o is t o - d a y p r a c t i c a l l y n o
b r e a c h in t o w h ic h t h o R e d C r o s s d o e s n o t ru s h .
I t is in t h i s w a y t h a t t h o
A m e r i c a n p e o p l o a r e g i v in g c o u r a g e n o t o n l y t o t h o s o k llo r s o f o u r A l l ie s ,
b u t t o t h e i r f a m il i e s , a n d a s s u r in g t h e m t h a t t h o y m u s t k e e p h o a r t w h a t
e v e r h a p p e n s , a s t h o A m e r i c a n f o r c e s w ill s o o n b o t h e r o in n u m b e r a n d
q u a l i t y t o f i g h t w i t h t h e m u n t il t h e w a r is w o n .
D a v is o n
A b ill a u th o r iz in g n a tio n a l b a n k s to c o n tr ib u te , o u t o f a n y
n e t p ro fits oth erw ise a v a ila b le u n d e r th e la w fo r th o d e c la ra
in p re p a ra tio n
th r o u g h o u t th o U n it e d
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O n M a y 2 1 th e d ire cto rs o f th e C h ic a g o B o a r d o f T r a d e
d ec id e d u p o n th o d isc o n tin u a n c e o f tr a d in g in M a y c o rn ,
e ffe c tiv e M a y 2 2 .
A c o m m itte e c o n s is tin g o f L o w e ll H o i t ,
G e o r g e T . C a r h a r t a n d J o h n A . R o d g e r s fix e d th e s e ttlin g
prico a t S I 2 8 ,
th o m a x im u m .
T h e clo sin g fig u re o n th e
2 1 s t w as S I 27
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tiv e R a n d a ll o f C a lifo r n ia , a n d re a d s :
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t h e r o s h a ll h a v o b e e n p r e v i o u s l y is s u e d t h o p r o c l a m a t i o n a u t h o r i z e d b y
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t io n b e in g t h o p r o h i b i t i o n o f t h e u s e o f f o o d s , f r u it s , f o o d m a t e r ia l s , o r
f e e d s in t h o p r o d u c t i o n o f m a l t o r v i n o u s l iq u o r s f o r b o v e r a g e p u r p o s e s .
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to rs o f p o u ltr y a n d e g g -p a c k in g p la n ts n o t a lr e a d y u n d e r
lic e n se ; g in n e r s, b u y e r s , a g e n ts , d ea lers or o th e r h a n d le rs o f
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o r d istr ib u to rs o f c o tto n s e e d h u ll, a n d o w n e rs o f e le v a to r s ,
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m e n t c o n c e rn in g th e p r o c la m a tio n s a id :
W id e r la t it u d e in t h e c o n t r o l o f d is t r ib u t io n w a s g iv e n t h o F o o d A d
m in i s t r a t i o n y e s t e r d a y w h e n t h e P r e s i d e n t is s u e d a p r o c l a m a t i o n e x t e n d in g
i t s l ic e n s e a u t h o r i t y .
A ll m a n u fa c tu r e r s o f n e a r -b e e r o r o t h e r fe rm e n te d
b e v e r a g e s c o n t a i n in g le s s t h a n 'A % a l c o h o l a r e b r o u g h t u n d e r lic e n s e .
B r e w e r s o f b e e r h a v e b e e n r e s t r i c t e d d i r e c t l y b y a n e a r lie r p r o c l a m a t i o n .
O t h e r s w h o a r e b r o u g h t in i n c lu d e p a c k e r s o f c a n n e d t u n a f is h ; p a c k e r s
o f m i l d a n d h a r d c u r e d , s a l t e d , d r i e d , s m o k e d , o r o t h e r w i s e p r e s e r v e d s a l
m o n ; o p e r a t o r s o f p o u l t r y a n d e g g p a c k i n g p l a n t s n o t a l r e a d y lic e n s e d ;
g i n n e r s , b y e r s , a g e n t s , d e a l e r s , o r o t h e r h a n d le r s o f c o t t o n s e e d n o t a l r e a d y
lic e n s e d w h o h a n d le m o r e t h a n 2 0 t o n s o f c o t t o n s e e d p e r y e a r ; i m p o r t e r s ,
m a n u fa ctu re rs o r d is trib u to r s o f co tto n s e e d h u ll, a n d o w n e rs o f e le v a to rs,
w a r e h o u s e s , o r o t h e r p l a c e s i n w h ic h t h e y a r e s t o r e d .
T h o p r o c l a m a t i o n d o e s n o t c o v e r r e t a il o r s d o i n g a b u s in e s s o f le s s t h a n
$ 1 0 0 ,0 0 0 p e r y e a r ; c o m m o n c a r r ie r s a s t o o p e r a t i o n n e c e s s a r y t o c a r r ia g e ,
f a r m e r s , g a r d e n e r s , a s s o c ia t i o n s , o r o t h e r s w it h r e s p e c t t o t h e p r o d u c t o f
a n y f a r m , g a r d e n o r la n d o w n e d , l e a s e d , o r c u l t i v a t e d b y t h e m .
A l l a p p l i c a t i o n s f o r l ic e n s e s r e q u i r e d u n d e r t h i s p r o c l a m a t i o n m u s t b o
file d w it h th e L ic e n s e D iv is io n o f t h e F o o d A d m in is tra tio n b y J u n e 1 1 9 1 8 .
B o t h t u n a a n d s a lm o n a r e b r o u g h t u n d e r lic e n s e in o r d e r t o s t a b i li z e t h e
i n d u s t r y a n d t o p u t i t o n t h e s a m e b a s is w i t h t h e c a n n e r s , w h o a r e a l r e a d y
o p e r a t i n g u n d e r l ic e n s o .
P o u l t r y a n d e g g - p a c k i n g p l a n t s d o i n g a n a n n u a l b u s in e s s o f $ 5 0 ,0 0 0 o r
m o r o a r o a l r e a d y l ic e n s e d .
T h e n o w p r o c l a m a t i o n b r i n g s a ll o t h e r s i n t o
t h o s a m e c la s s .
A t p r e s e n t o n l y h a n d le r s o f c o t t o n s e e d w h o s o a n n u a l b u s in e s s e x c e e d s
1 5 0 t o n s a r e u n d e r l ic e n s e .
T h i s is n o w c h a n g e d t o b r i n g in a ll w h o h a n d le
m o r e th a n 20 to n s p e r y e a r .
T h o s e w h o h a n d le c o t t o n s e e d h u lls a r e b r o u g h t
u n d e r l i c e n s o in o r d e r t o s t a b i l i z e t h e b u s in e s s a n d e l im i n a t e a n y a d v a n t a g e
t h e y m i g h t h a v e h a d o v e r t h o s e w h o h a n d le d lic e n s e d c o t t o n b y - p r o d u c t s .
T h e fo llo w in g is th e te x t o f th e P r e s id e n t’s p r o c la m a tio n :
BY
THE
[Vol. 106
THE CHRONICLE
3176
P R E S ID E N T
O F T H E U N IT E D ST A T E S O F A M E R IC A .
A P R O C L A M A T IO N .
U n d e r a n d b y v ir t u e o f a n A c t o f C o n g r e ss , e n title d “ A n A c t t o p r o v id e
f u r t h e r f o r t h e n a tio n a l s e c u r it y a n d d e fe n s e b y e n c o u r a g in g t h e p r o d u c
t io n , c o n s e r v a t in g t h e s u p p ly , a n d c o n t r o llin g t h e d is tr ib u tio n o f fo o d
p r o d u c t s a n d f u e l,” a p p r o v e d b y t h o P r e s id e n t o n t h e 1 0 th d a y o f A u g u st
1 9 1 7 , i t is p r o v i d e d a m o n g t h i n g s a s f o l l o w s :
" T h a t b y r e a s o n o f t h e e x i s t e n c e o f a s t a t e o f w a r i t is e s s e n t ia l t o t h e
n a t i o n a l s e c u r i t y a n d d e f e n s e f o r t h o s u c c e s s fu l p r o s e c u t i o n o f t h o w a r , a n d
f o r th o s u p p o r t a n d m a in te n a n c e o f th o a r m y a n d n a v y , t o a ssu re a n
a d e q u a t o s u p p ly a n d e q u it a b le d is t r ib u t io n , a n d t o fa c ilita te th o m o v e
m e n t o f f o o d s , f e e d s , f u e l , i n c lu d in g f u e l o il a n d n a t u r a l g a s , a n d fe r t iliz e r s
a n d f e r t i l iz e r in g r e d i e n t s , t o o l s , u t e n s ils , i m p le m e n t s , m a c h i n e r y a n d
e q u i p m e n t r e q u i r e d f o r t h e a c t u a l p r o d u c t i o n o f f o o d s , f e e d s , a n d f u e l,
h e r e a f t e r in t h is A c t c a l le d n e c e s s a r ie s ; t o p r o v e n t , l o c a l l y o r g e n e r a l l y ,
s c a r c i t y , m o n o p o l i z a t i o n , h o a r d i n g , i n ju r i o u s s p e c u l a t io n s , m a n i p u l a t io n s
a n d p r iv a t e c o n t r o ls , a ffe c t in g s u c h s u p p ly , d is trib u tio n a n d m o v e m e n t ;
a n d t o e s t a b l is h a n d m a i n t a in g o v e r n m e n t a l c o n t r o l o f s u c h n e c e s s a r ie s
d u r in g th o w a r.
F o r s u c h p u r p o s e s t h o i n s t r u m e n t a li t ie s , m e a n s , m e t h o d s ,
p o w e r s , a u t h o r i t ie s , d u t i e s , o b l i g a t i o n s , a n d p r o h i b i t i o n s h e r e i n a f t e r s e t
f o r t h a r o c r e a t e d , e s t a b l is h e d , c o n f e r r e d a n d p r e s c r ib e d .
T h o P r e s id e n t
is a u t h o r i z e d t o m a k e s u c h r e g u l a t io n s a n d t o is s u e s u c h o r d e r s a s a r e
e s s e n t ia l e f f e c t i v e l y t o c a r r y o u t t h e p r o v i s io n s o f t h i s A c t . ”
And Whereas, I t is f u r t h e r p r o v i d e d in s a id A c t a s f o l l o w s :
" T h a t f r o m t im e t o t i m e , w h e n e v e r t h e P r e s i d e n t s h a ll f i n d i t e s s e n t ia l
t o lic e n s o t h e i m p o r t a t i o n , m a n u f a c t u r e , s t o r a g e , m in in g , o r d i s t r i b u t i o n
o f a n y n e c e s s a r ie s , in o r d e r t o c a r r y i n t o e f f e c t a n y o f t h e p u r p o s e s o f th is
A c t , a n d s h a ll p u b l i c l y s o a n n o u n c e , n o p e r s o n s h a l l , a f t e r a d a t e f i x e d in
t h e a n n o u n c e m e n t , e n g a g e in o r c a r r y o n a n y s u c h b u s i n e s s s p e c i f i e d in
t h o a n n o u n c e m e n t o f i m p o r t a t i o n , m a n u f a c t u r e , s t o r a g e , m in in g , o r d is
t r i b u t i o n o f a n y n e c e s s a r ie s a s s e t f o r t h in s u c h a n n o u n c e m e n t , u n le s s h e
s h a ll s e c u r e a n d h o l d a lic e n s e is s u e d p u r s u a n t t o t h is s e c t i o n .
T h o P r e s i
d e n t is a u t h o r i z e d t o is s u e s u c h l ic e n s e s a n d t o p r e s c r ib e r e g u l a t io n s f o r
t h e i s s u a n c o o f lic e n s e s a n d r e q u i r e m e n t s f o r s y s t e m s o f a c c o u n t s a n d
a u d i t i o n o f a c c o u n t s t o b o k e p t b y lic e n s e e s , s u b m i s s io n o f r e p o r t s b y t h e m ,
w it h o r w i t h o u t o a t h o r a f f i r m a t i o n , a n d t h o e n t r y a n d I n s p e c t io n b y t h o
P r e s i d e n t ’s d u l y a u t h o r i z e d a g e n t s o f t h e p l a c e s o f b u s in e s s o f l ic e n s e e s . ”
And Whereas, I t is e s s e n t ia l, i n o r d e r t o c a r r y i n t o e f f e c t t h e p r o v i s io n s
o f t h e s a id A c t , t h a t t h e p o w e r s c o n fe r r e d u p o n t h e P r e s id e n t b y s a id A c t
b o a t t h i s t i m o e x e r c is e d t o t h e e x t e n t h e r e i n a f t e r s e t f o r t h .
N o w , t h e r e fo r e , I , W o o d r o w W ils o n , P r e s id e n t o f t h e U n it e d S ta te s o f
A m e r ic a , b y v ir tu e o f t h e p o w e r s co n fe rr e d u p o n m e b y sa id A c t o f C o n
g r e s s , h e r e b y f i n d a n d d e t e r m in e a n d b y t h i s p r o c l a m a t i o n d o a n n o u n c e
t h a t i t b e e s s e n t ia l, in o r d e r t o c a r r y i n t o e f f e c t t h e p u r p o s e s o f s a id A c t , t o
lic e n s o t h e im p o r t a t io n , m a n u fa c t u r e , s t o r a g e , a n d d is t r ib u t io n o f n e c e s
s a r ie s t o t h e e x t e n t h e r e i n a f t e r s p e c i f i e d .
A l l p e r s o n s , f i r m s , c o r p o r a t i o n s , a n d a s s o c ia t i o n s e n g a g e d i n b u s in e s s
as;
(1 ) P a ck e rs o f c a n n e d tu n a .
(2 ) P a c k e r s o f m ild c u r e d , h a r d c u r e d , s a lt e d , d r ie d , s m o k e d , p ic k le d , o r
o t h e r w is e p r e s e r v e d s a lm o n .
( 3 ) O p e r a t o r s o f p o u l t r y a n d e g g - p a c k i n g p l a n t s n o t a l r e a d y l ic e n s e d b y
t h e U n it e d S t a t e s F o o d A d m in is t r a tio n .
( 4 ) G in n e r s , b u y e r s , a g e n t s , d e a l e r s , o r o t h e r h a n d le r s o f c o t t o n s e e d n o t
a l r e a d y l ic e n s e d b y t h o U n i t e d S t a t e s F o o d A d m i n i s t r a t i o n , w h o h a n d le
y e a r ly , b e t w e e n S e p t . 1 a n d A u g . 3 1 , m o r e t h a n t w e n ty (2 0 ) to n s o f c o t
to n se e d .
(5 ) I m p o r te r s , m a n u fa c tu r e r s , o r d is trib u to r s o f c o t to n s e e d h u lls , a n d
o w n e rs o f e le v a to r s , w a re h o u se s, o r o th e r p la c e s , fo r t h o s to r a g e o f c o t to n
s e e d h u lls .
( 6 ) M a n u f a c t u r e r s o f f e r m e n t e d b e v e r a g e s c o n t a i n in g le s s t h a n
of I %
o f a lc o h o l.
E x ce p tin g , h o w e v e r :
( 1 ) R e t a i l o r s w h o s e g r o s s s a le s o f f o o d c o m m o d i t i e s d o n o t e x c e e d o n e
h u n d r e d t h o u s a n d d o l l a r s ($ 1 0 0 ,0 0 0 ) p e r a n n u m .
( 2 ) C o m m o n c a r r ie r s a s t o o p e r a t i o n s n e c e s s a r y t o t h o b u s i n e s s o f c o m
m o n c a r r ia g e .
( 3 ) F a r m e r s , g a r d e n e r s , c o - o p o r a t i v o a s s o c ia t i o n s o f fa r m e r s o r g a r d e n g r s , I n c lu d in g l i v e s t o c k f a r m e r s , a n d o t h e r p e r s o n s w i t h r e s p e c t t o t h e
p r o d u c t s o f a n y f a r m , g a r d e n , o r o t h e r la n d o w n e d , l e a s e d , o r c u l t i v a t e d
b y t h e m , a r e h e r e b y r e q u i r e d t o s e c u r e o n o r b e f o r o J u n e 1 1 9 1 8 , lic e n s o ,
w h ic h lic e n s e w ill b e i s s u e d u n d e r s u c h r u le s a n d r e g u l a t io n s g o v e r n i n g t h e
c o n d u c t o f t h e b u s in e s s a s m a y b o p r e s c r i b e d .
A p p l i c a t i o n f o r l ic e n s e m u s t b e m a d e t o t h o U n i t e d S t a t e s F o o d A d
m in is t r a t io n , W a s h in g t o n , D . C . , L ic e n s e D iv is io n , o n fo rm s p r e p a r e d b y
i t f o r t h a t p u r p o s e , w h ic h m a y b e s e c u r e d o n r e q u e s t .
A n y p e r s o n , f i r m , c o r p o r a t i o n , o r a s s o c ia t i o n w h o s h a ll c a r r y o n a n y
b u s in e s s h e r e i n b e f o r e s p e c i f i e d a f t e r J u n o 1 1 9 1 8 , w i t h o u t f ir s t s e c u r in g
s u c h l ic e n s e , w ill b o l ia b le t o t h e p e n a l t y p r e s c r i b e d b y s a i d A c t o f C o n
gress.
I n w it n e s s w h e r e o f , I h a v e h e r e u n t o s e t m y h a n d a n d c a u s e d t h e s e a l
o f t h o U n it e d S ta te s t o b e a ffix e d .
D o n e in t h o D i s t r i c t o f C o l u m b i a , t h i s 1 4 t h d a y o f M a y in t h o y e a r o f
o u r L o r d 1 91 8, a n d o f t h o in d e p e n d e n c e o f t h e U n it e d S ta te s o f A m e r ic a
th e o n e h u n d r e d a n d f o r t y -s e c o n d .
W O O D R O W W IL S O N .
B y th e P r e s id e n t:
R O B E R T L A N S IN G ,
Secretary of State.
SHIPMENTS OF RAW COTTON SUBJECT TO INDIVID
UAL LICENSES BEGINNING JULY 1 .
A s ta te m e n t issu e d b y th e W a r T r a d e B o a r d o n M a y 1 4
a n n o u n c e s th a t th o sp e c ia l licen se fo r s h ip m e n ts o f ra w c o t
to n issu ed th r o u g h th e C u s t o m s S e rv ic e w ill exp ire o n J u n e
3 0 , a n d th a t b e g in n in g J u ly 1 in d iv id u a l lice n se s w ill b o re
q u ir e d .
T h e fo llo w in g is th e s ta te m e n t:
T h e W a r T r a d e B o a r d a n n o u n c e s t h a t t h e s p e c i a l lic e n s e i s s u e d t h r o u g h
t h o C u s t o m s S e r v i c e , u n d e r w h ic h s h i p m e n t s o f r a w c o t t o n , e x c e p t i n g s e a is la n d a n d E g y p t i a n c o t t o n , h a v e b e e n p r o c e e d i n g t o t h o U n i t e d K i n g d o m ,
F r a n c e , I t a l y a n d J a p a n , w ill e x p i r e o n J u n e 3 0 1 9 1 8 .
F o r s h i p m e n t s w h ic h
l e a v e t h e U n i t e d S t a t e s o n fin d a f t e r J u l y 1 1 9 1 8 , I n d iv id u a l l ic e n s e s w ill b e
r e q u i r e d , a n d s h o u l d b o a p p li e d f o r in a c c o r d a n c e w it h t h e p r o c e d u r e c o v e r
i n g a ll o t h e r c o m m o d i t i e s , w h ic h w a s g i v e n p u b l i c i t y t h r o u g h t h o p r e s s o n
M a y 13 1 9 1 8 .
( W a r T r a d o B o a r d r o p o r t , N o . 1 0 4 .)
T h i s p r o c e d u r e p r o v i d e s t h a t a p p li c a n t s s h o u l d f o r w a r d t h e ir a p p l i c a
t i o n s , d u l y e x e c u t e d , in t r i p l i c a t e , w it h S u p p le m e n t a l S h e e t X - l l o r X - 1 2
a t t a c h e d , t o t h e m is s i o n in t h e U n it e d S t a t e s o f t h o c o u n t r y t o w h ic h t h o
e x p o r t a t i o n is t o b o m a d e .
T h e o r ig in a l o f t h o a p p r o v e d a p p l i c a t i o n w ill b o f o n v a r d e d b y t h o m is s i o n
d ir e c t ly to th o W a r T r a d e B o a r d , B u re a u o f E x p o r ts , W a s h in g to n , D . O .,
o n o c o p y w ill b e r e t a in e d b y t h e m is s i o n , a n d o n e c o p y r e t u r n e d t o a p p l i c a n t
f o r h is c o n v e n i e n c e in k e o p i n g a r e c o r d .
H e r e t o fo r e s h ip m e n ts o f ra w c o t t o n t o J a p a n , a n d t o th e c o lo n ie s , p o s
s e s s io n s , a n d p r o t e c t o r a t e s o f G r e a t B r i t a i n , F r a n c o , I t a l y a n d J a p a n , h a v e
a ls o b e e n c o v e r e d b y s p e c ia l l ic e n s e is s u e d t h r o u g h t h o C u s t o m s S e r v i c e .
I n d i v i d u a l l ic e n s e s w ill b e r e q u i r o d f o r s h i p m e n t s t o t h e s o l a s t -n a m e d d e s t i
n a t i o n s o n a n d a f t e r J u l y 1 1 9 1 8 , a l t h o u g h in t h o c a s e o f s u c h s h i p m e n t s t h e
in d o r s e m e n t o f t h e m is s i o n in t h e U n it e d S t a t e s o f t h o c o u n t r y t o w h ic h t h o
e x p o r t a t i o n is t o b o m a d o w ill n o t b e r e q u i r o d , a n d a p p li c a n t s s h o u l d f i l e
t h e ir a p p li c a t io n s f o r e x p o r t l ic e n s e o n r e g u l a r F o r m X .
T h e p e r i o d o f s i x w e e k s b e t w e e n M a y 1 5 a n d J u l y 1 h a s b e e n a l lo w e d b y
t h e W a r T r a d o B o a r d , in o r d e r t h a t t h e r o b o n o c o n f u s i o n w i t h r e s p e c t t o
s e c u r in g lic e n s e s f o r s h i p m e n t s o f c o t t o n .
E x p o r te r s a re c u a tio n e d t o
s a f e g u a r d t h o m s e lv o s b y a p p l y i n g n o w f o r e x p o r t lic e n s e s t o c o v e r s h i p
m e n t s d e s c r i b e d a b o v e , w h ic h m a y n o t a c t u a l l y c le a r o n o r b e f o r o J u n e 3 0
_______________________________________
1918.
INDIVIDUAL LICENSES FOR SHIPMENTS UNDER
$ 1 0 0 TO ALLIES.
The
fo llo w in g
a n n o u n c e m e n t w ith
referen ce
to
th e re
q u ir e m e n t fo r in d iv id u a l licen ses fo r s h ip m e n ts fo r e x p o r t
to G r e a t B r ita in , F r a n c e , I t a l y a n d B o lg iu m v a lu e d a t less
th a n $ 1 0 0 h a s b e e n issu e d b y th e W a r T r a d e B o a r d :
T h e W a r T r a d e B o a rd a n n o u n ce s th a t th e a u th o r ity o f b r a n c h o ffic o s a n d
c o l l e c t o r s o r c u s t o m s t o l ic e n s o s h i p m e n t s o f c o m m o d i t i e s n o t o n t h o e x p o r t
c o n s e r v a t i o n l is t o f a v a l u e o f le s s t h a n $ 1 0 0 , f o r e x p o r t t o G r o a t B r i t a i n ,
F r a n c e , I t a l y a n d B e l g i u m , w ill b e w i t h d r a w n o n J u l y 1 1 9 1 8 .
I n d iv id u a l
l ic e n s e s w ill b e r e q u i r o d f o r s u c h s m a ll s h i p m e n t s t o t h o a b o v e - n a m e d c o u n
t r ie s w h ic h h a v e n o t l e f t t h o c o u n t r y o n o r b e f o r o J u n e 3 0 1 9 1 8 . a n d s h o u l d
b e a p p li e d f o r in a c c o r d a n c e w it h t h e p r o c e d u r e w h ic h w a s g i v e n p u b
l i c i t y t h r o u g h t h e p r e s s o n M a y 13 1 9 1 8 ( W . T . B . R . , 1 0 4 ).
T h i s p r o c e d u r e d o e s n o t a p p l y t o t h e c o l o n i e s , p o s s e s s io n s a n d p r o
t e c t o r a t e s o f t h e s e c o u n t r ie s .
T h e W a r T r a d e B o a r d ’ s re g u la tio n 1 0 4 , referred to in th e
a b o v e , w a s p u b lis h e d in o u r issu e o f M a y 1 8 , p a g e 2 0 7 7 .
WAR TRADE BOARD REQUIRES IMPORTERS TO FUR
NISH CONSULS WITH NUMBERS OF LICENSES.
N o t ic e o f th e issu a n ce b y th e W a r T r a d e B o a r d th r o u g h its
B u r e a u o f I m p o r t s o f a ru lin g to U n it e d S ta te s C o n s u la r
a g e n ts t h a t , b e g in n in g M a y 2 7 , n o c o n s u la r in v o ic e s fo r a n y
c o m m o d it y w o u ld b e c o n s u la te d u n le ss th e sh ip p e r fu rn ish e d
th e C o n s u l w ith th e n u m b e r o f th e lice n se c o v e rin g th e sh ip
m e n t , w a s m a d e as fo llo w s b y th o B o a r d o n M a y 1 4 :
T h o W a r T r a d e B o a r d , t h r o u g h Its B u r e a u o f I m p o r t s , h a s is s u e d a r u lin g
t o U n it e d S ta te s c o n s u la r a g e n ts t h r o u g h o u t t h o w o r ld , t h a t o n a n d a ft e r
M a y 2 7 191 8 n o c o n s u la r In v o ic e s f o r a n y c o m m o d it y a r o to b o c o n s u la te d
u n le s s t h o s h i p p e r f u r n is h e s t h o c o n s u l t h o n u m b e r o f t h e U n it e d S t a t o s
i m p o r t lic e n s o c o v e r i n g t h e s h i p m e n t .
T h o o n l y e x c e p t i o n t o t h is r u le Is
t h o c a s e o f s h i p m e n t s c o v e r e d b y g e n e r a l i m p o r t lic e n s e s .
A l r e a d y It is n e c e s s a r y f o r I m p o r t e r s t o c o m m u n i c a t e t o t h e i r s h ip p e r s
a b r o a d t h o n u m b e r o f t h o U n l t o d S t a t e s i m p o r t lic e n s e s f o r a r t ic l o s o n t h o
r e s t r i c t e d lis t s b e f o r o c o n s u l a r i n v o i c e s c a n b o o b t a i n e d a n d s h i p m e n t s
sta rte d fro m a b ro a d .
T h o p r e s e n t r u lin g e x t e n d s t h is r e g u l a t io n t o a ll
a r t ic l e s , b o t h r e s t r i c t e d a n d u n r e s t r i c t e d , o x c e p t s u c h a s a r o c o v e r e d b y
g e n e r a l i m p o r t lic e n s e s .
T h i s m e a n s t h a t I m p o r t l ic e n s e s m u s t b o o b t a i n e d
f o r t h o I m p o r t a t i o n o f a ll c o m m o d i t i e s b e f o r e t h e y l e a v o f o r o l g n p o i n t s .
I t is b c l l o v c d t h a t th is w ill a v o i d m u c h u n c e r t a i n t y in t h o m in d s o f b o t h i m
p o r t e r s h e r e a n d c o n s u l a r a g e n t s a b r o a d a s t o w h a t i m p o r t l ic e n s e n u m b e r s
m u s t b e c o m m u n ic a t e d a b r o a d .
I t w ill a ls o g l v o t h o W a r T r a d o B o a r d a n
o p p o r t u n i t y o f p a s s in g u p o n a ll i m p o r t a t i o n s f r o m a s t a n d p o i n t o f e n e m y
tra d o c o n n e c t io n b e fo r o s h ip m e n ts a r o p u t in tr a n s it.
M ay 25 1918.]
T h e B u r e a u o f I m p o r t s w ill p a s s p r o m p t l y o n a ll a p p l i c a t i o n s f o r I m p o r t
lic e n s e s , s o t h a t , i f t h e lic e n s e is g r a n t e d , t h e i m p o r t e r m a y b e I n f o r m e d i m
m e d i a t e l y o f h is I ic e n s o n u m b e r a n d s e n d i t b y m a il o r c a b l e t o h is s h i p p e r
abroad .
A s i n t im a t e d a b o v e , c e r t a in c la s s e s o f i m p o r t a t i o n s a r e p e r m i t t e d t o e n
t e r u n d e r g e n e r a l I m p o r t l ic e n s e s ; a n d w h e r e t h e s e lic e n s e s e x i s t i t is u n
n e c e s s a r y f o r i m p o r t e r s t o a p p l y f o r i n d i v id u a l i m p o r t lic e n s e s .
T h ese gen
e r a l lic e n s e s a r o d e s i g n a t e d a s “ P B F L i c e n s e s . ”
T h e p r i n c ip a l o n e s n o w in
e f fe c t a r o th e fo llo w in g :
“ P B F 1 . ” — C o v e r i n g t h e I m p o r t a t i o n o f a ll c o m m o d i t i e s n o t o n t h e r e
s t r i c t e d lis t s w h e r e t h e v a l u e d o e s n o t e x c e e d o n o h u n d r e d d o l l a r s ( $ 1 0 0 ) .
“ P B F 2 . " — C o v e r i n g a ll i m p o r t a t i o n s i n t o A l a s k a , C a n a l Z o n e , P h il ip p i n e I s la n d s , H a w a ii , G u a m , T u t u l l a , P o r t o I i i c o , V i r g i n I s la n d s , w h e n t h e y
a r e f o r c o n s u m p t i o n in t h o s e c o u n t r i e s a n d n o t f o r t r a n s s h i p m e n t .
“ P B F 3 . ” — C o v e r i n g t h e i m p o r t a t i o n o f a ll c o m m o d i t i e s f r o m C a n a d a a n d
N e w f o u n d l a n d , e x c e p t t h o s e m e n t io n e d in t h e P r e s i d e n t ’ s i m p o r t p r o c l a m a
t io n o f N o v . 2 8 1 9 1 7 .
W h e r e s u c h c o m m o d i t i e s a r o o n t h e r e s t r i c t e d lis t s ,
t h i s g e n e r a l lic e n s e c o v e r s t h e m o n i y w h e n s h i p p e d b y r a il o r l a k e , a n d w h e n
t h o y o r ig in a t e i n C a n a d a o r N e w f o u n d l a n d o r i n a c o u n t r y f r o m w h ic h
t h o y w o u ld b e l ic e n s e d f o r i m p o r t a t i o n d i r e c t l y .
“ P B F 4 . ” — C o v e r i n g t h e i m p o r t a t i o n o f f r e s h f r u it s a n d f r e s h v e g e t a b l e s ,
w h e n tr a n s p o r te d o v e r la n d f r o m M e x ic o , o r o v e r la n d o r b y G re a t L a k e s f r o m
C a n a d a , o r b y r a il f r o m C u b a .
“ P B F 5 . ” — C o v e rin g th e im p o r t a t io n o f g o o d s p r e v io u s ly e x p o r t e d fr o m
t h e U n it e d S t a t e s , w h e n t h e v a l u e t h e r e o f d o o s n o t e x c e e d f i v e h u n d r e d
d o l la r s ( $ 5 0 0 ) .
“ P B F 6 .” — C o v e rin g th e im p o r ta tio n o f p e rso n a l b a g g a g e a c c o m p a n y in g
a p a s s e n g e r w h e n c o n t a i n in g o n l y a r t ic l e s n o c e s s a r y f o r p e r s o n a l u s e o n
Jou rn ey.
“ P B F 7 . ” — C o v e rin g t h o im p o r t a t io n o f fre s h v e g e ta b le s f r o m B e r m u d a
w h e n s h i p p e d o n v e s s e ls a p p r o v e d b y t h e W a r T r a d e B o a r d .
“ P B F 8 . ” — C o v e r in g t h e im p o r t a t io n o f fre s h f r u it a n d v e g e t a b le s f r o m
C .u b a w h e n s h i p p e d o n v e s s e ls a p p r o v e d b y t h o W a r T r a d o B o a r d
“ P B F 9 . ” — C o v e r i n g i m p o r t a t i o n s o f a ll e m p t y d r u m s , c y l i n d e r s , a n d c o n
t a i n e r s , A m e r i c a n o w n e d , w h ic h h a v e b e e n u s e d in t h e e x p o r t a t i o n o f c o m
m o d itie s fr o m t h o U n it e d S ta te s .
“ P B F 1 0 .” — C o v e r in g t h o im p o r t a t io n o f t o b a c c o f r o m C u b a a n d th o
W e s t In d ie s .
“ P B F 1 1 ." — C o v e r in g th o im p o r ta tio n o f c o t t o n fr o m M e x ic o .
C o n s u ls a b r o a d h a v e b o o n i n f o r m e d o f t h o e x i s t e n c e o f t h e s e g e n e r a l i m
p o r t lic e n s e s , a n d t h e y w ill c e r t i f y c o n s u l a r I n v o i c e s f o r s h i p m e n t s c o m i n g
u n d e r t h e m w it h o u t r e q u i r in g t h o n u m b e r o f t h o i n d i v id u a l i m p o r t l ic e n s e .
COMMANDEERING OF GREEN COFFEE POSSIBLE
WITH FAILURE OF ARRANGEMENTS FOR
GOVERNMENT PURCHASES.
A t a m e e tin g o f g re en c o ffe e in te r e sts a t tho N e w Y o r k
C o ffe o E x c h a n g o o n M a y 1 4 E . F . H o lb r o o k , w h o h a s ch a rg e
o f th e p u rc h a sin g o f c o ffe e fo r th e U . S . G o v e r n m e n t , re
q u e s te d m e m b e rs o f th e tra d e to s u b m it sa m p le s o f th e ir
gra d e s o f c o ffe o , w ith a v ie w to p u rc h a se s b y th o G o v e r n
m e n t.
T h o p rices to bo p a id fo r th o c o ffe e w ere g iv e n as
a p p r o x im a te ly l O ^ c . n o t c a s h , w ith d e liv e r y b y th e seller
to th e ro a stin g p la n ts , w h ic h M r . H o lb r o o k s ta te d , w o u ld
s o o n b o w o rk in g u n d e r th o d ire c t su p e r v isio n o f th o C o ffe e
D iv is io n o f th o F o o d A d m in is tr a tio n .
s o lic ite d , ho s a id ,
2171
THE CHRONICLE
w o u ld
a p p r o x im a te
T h o grad o o f c o ffe e ,
th e
S a n to s N o .
4,
a lt h o u g h , h e a d d e d , th a t o th e r gra d e s w o u ld b o p u rc h a s e d .
T h e “ J o u rn a l o f C o m m e r c e ”
of M a y
1 5 , in d eta ilin g M r .
H o lb r o o k ’s ro m a rk s a t th e m e e t in g , sa id :
M r . I lo lb r o o k ’s ta lk to u c h e d o n p r a c t ic a lly e v e r y p h a se o f t h e n e e d s o f
th o a r m y fo r a n a d e q u a te g r a d o a n d a n a d e q u a te s u p p ly o f c o ffe e .
A ccord
i n g t o M r . n o l b r o o k , t h o c h i e f n e e d a t p r e s e n t Is f o r t h o c h a n g e o f t h o
f o r m u l a f o r t h o m a k i n g o f t h o c o f f e e In t h o a r m y c a n t o n m e n t s .
M r . H o lb r o o k s tro ss e d t h o f a c t t h a t t h o 1 91 6 A r m y C o o k M a n u a l d ir e c t s
t h a t f iv o o u n co s o f c o ff e e b o u s e d t o e v e r y g a llo n o f w a t e r .
T h is , M r .
n o l b r o o k s a i d , w a s i n a d e q u a t e t o p r o v i d e t h o n e c e s s a r y s t im u l a n t f o r t h o
m e n a t b r e a k fa s t.
H o p l e d g e d h i m s e l f t o d o e v e r y t h i n g in h is p o w e r t o
h a v o t h is f o r m u l a c h a n g e d s o t h a t t h o m in im u m a l l o t m e n t w o u l d b o a t
le a s t e ig h t o u n c e s p e r g a llo n o f w a t e r .
F o llo w in g u p th is p o in t , M r .
n o l b r o o k p o in te d o u t t h a t th o d ir e ctio n s p r o v id e d th a t th o g ro u n d s fo r
t h i s c o f f e e s h o u ld b o l o f t in t h o la r g o s q u a r e c o f f e o p o t s u n t il l u n c h t l m o ,
w h o n w a t e r w a s a d d e d w i t h a n a d d it i o n a l t h r o o o u n c o s o f c o f f o o t o a g a llo n
o f w a ter.
M r . H o l b r o o k b r a n d e d t h is a s a p e r n i c i o u s p r a c t i c e a n d o n o t h a t
d o n io d t o th o m o n t h o n e c e s s a r y s t im u la n t , w it h t h o a d d e d d a n g e r o f
a l lo w i n g t a n n in t o f o r m .
T h o p o lic y o f s e n d in g t h o c o f f e o o v o r s e a s g r o u n d a n d r o a s te d w a s s c o r e d
b y M r . H o l b r o o k i n t h o c o u r s e o f h is t a l k .
H o c it e d t h o f a c t t h a t s in co
b r o a d a n d c o f f e o w o r e b o t h o f v i t a l n e c e s s it y t o t h o s o l d ie r s “ o v e r t h o r o , ”
t h o s a m o c a r o s h o u l d b o t a k e n w it h t h o c o f f o o a s w i t h t h o b r e a d .
B road
is m a d e “ o v e r t h e r e ” a n d In M r . H o l b r o o k ’ s e s t im a t i o n , It w a s J u st a s
n e c e s s a r y t h a t t h o c o f f e o s h o u ld b o s h ip p e d o v e r s e a s a s g re o n c o ff e e a n d
roa sted o n th o s p o t, as n e e d e d .
T h i s b r o u g h t h i m t o a d i s c u s s io n a s
t o t h o e x a c t n e e d s o f t h o G o v e r n m e n t f o r t h is g r a d o o f t h o a r t i c l e .
I n c o n c lu d in g h is r e m a r k s , M r . n o l b r o o k a s s o r t e d t h a t t h e r e s h o u l d b o
a s p i r it o f c o - o p e r a t i o n b e t w e e n t h o g r e e n c o f f e o m o n a n d t h o F o o d A d m i n
i s t r a t i o n o f f i c i a l s s i n c o t h o m e n a t W a s h i n g t o n w o r e n o t in t h o g a m o t o
o n f o r c o a r b i t r a r y r e g u l a t io n s h a r m f u l t o a n y p a r t i c u l a r b r a n c h o f t h o
in d u s t r y .
T h o c o n t r o llin g fa c t o r a t t h o p r e s e n t t im o , h o s a id , w a s n o t
a m b it io n o n t h o p a r t o f G o v e r n m e n t o ffic ia ls , b u t r a th e r th o w a r .
A ll
s t o p s 'w h i c h h a v o b o o n t a k e n s o f a r a n d w h ic h p r e s e n t o v o n t s h a v o f o r
c a s t e d , h a v o b o o n a n d w ill b o , h o s a i d , g o v e r n e d s o l e l y b y c o n s i d e r a t i o n
f o r t h o c o m m o n g o o d o f a ll a n d w i t h t h o a im o f b r i n g i n g t h o w a r t o a s u c c e s s
fu l c o n c lu s io n .
A s a l a s t r e s o r t , M r . n o l b r o o k i n t i m a t e d t h a t t h o c o m m a n d e e r in g o f a ll
t h o c o f f o o n e e d e d m i g h t f o l l o w a fa il u r e o n t h o p a r t o f t h o c o f f e o d i v i s i o n
t o a rra n g e s a t is fa c t o r ily fo r t h o p u rch a s e o f t h o d iffe r e n t g r a d o s .
M er
c h a n t s w ill b o a l lo w e d t o s u b m i t s a m p l e s t h r o u g h c o f f e o b r o k o r a g o h o u s e s
i f t h o y a r o c e r t a in t h a t t h o g r a d o h a d n o t b o o n d u p l i c a t e d b y o t h e r a p p l i
ca n ts.
I n c a s o t h o c o f f e o is c o m m a n d e e r e d b y t h o G o v e r n m e n t i t w a s
p o i n t e d o u t t h a t a r e a s o n a b l e p r o f i t w ill b o a l lo w e d t h o s e lle r .
d e l in q u e n t s h a v e i n f o r m e d t h e F o o d A d m i n i s t r a t i o n .
A ll p e r s o n s , f i r m s ,
c o r p o r a t i o n s o r a s s o c ia t i o n s w h o I m p o r t a n d a ll w h o b u y , r o a s t , o r o t h e r
w is e d e a l in o r h a n d le g r e e n c o f f e e e x c e p t r e t a ile r s w h o s o g r o s s s a le s o f
f o o d c o m m o d i t i e s d o n o t e x c e e d SIOO.OOO a y e a r , w e r o r e q u i r e d b y t h o
P r e s i d e n t ’ s p r o c l a m a t i o n o f J a n . 3 0 1 9 1 8 , t o o b t a i n a g r e e n c o f f e e l ic e n s e
in a d d i t i o n t o a n y o t h e r l ic e n s e t h e y m i g h t h a v o .
T h i s e m b r a c e s a ll w h o i m p o r t g r e e n c o f f o o , w h e t h e r o r n o t t h e y r o a s t i t
b o f o r o d i s p o s in g o f i t , w h o ls e a le r s , J o b b e r s , r o a s t e r s , a n d a ll o t h e r w h o
b u y o r o t h e r w i s e d e a l in g r e e n c o f f e e , w h e t h e r o r n o t i t is r o a s t e d b e f o r e t h e y
d i s p o s e o f it — r e t a il e r s , w h o b u y o r o t h e r w i s e d e a l in g r e e n c o f f e e , w h e t h e r
o r n o t t h e y r o a s t i t b e f o r e d i s p o s in g o f i t , i f t h e i r g r o s s sa l o s e x c e e d $ 1 0 0 ,0 0 0
a year.
T h i s b r i n g s u n d e r lic e n s e a ll m e r c h a n t s w h o h a n d le g r e e n c o f f e e
in a n y f o r m , o x c e p t s m a ll r e t a le r s .
WAR PURCHASE BOARD TO DIRECT PURCHASES OF
BUTTER FOR ARMY AND NAVY AND EXPORT.
T h e W a r T r a d e B o a r d , in a n n o u n c in g o n M a y 1 9 , th a t th e
W a r P u rc h a s e B o a r d h a d ta k e n o v e r th e d ire c tio n o f th e
p u rc h a se s o f b u t te r fo r th e a r m y a n d n a v y a n d fo r e x p o r t
to
F a il u r o o f m a n y c o f f e o d e a l e r s w h o a p p li e d f o r F o o d A d m i n i s t r a t i o n
llc o n s o s w it h in t h o s p e c i f i e d t l m o w a s a p p a r e n t ly d u o t o a m is u n d e r s t a n d in g
o f t h o c la s s e s o f d o a l c r s w h o w e r o b r o u g h t u n d e r c o n t r o l , s o m o o f t h o
s a id :
U. S. FOOD ADMINISTRATION PROHIBITS INCREASE
BY PACKING HOUSE LICENSEES IN PRICES
PREVAILING M A Y 1 .
N o t ic e to p a c k in g b o u se licen sees t h a t th e F e d e ra l F o o d
A d m in is tr a tio n w o u ld d isc o u n te n a n c e a n y p rice in crease in
p o r k p r o d u c ts o v e r th e p rice ch a rg e d o n M a y 1 , w a s m a d e
p u b lic o n M a y 1 4 a s fo llo w s :
To Packing House Licensees'.
T h o p a c k i n g h o u s e s e n g a g e d in e x p o r t b u s in e s s h a v e n o w a c c u m u l a t e d
s u b s t a n t i a l q u a n t it i e s o f c u r e d p o r k p r o d u c t s a n d t h e c o s t o f p l a c i n g t h o s e
p r o d u c t s o n th o m a r k e t s h o u ld n o t n o w b o s u b je c t t o a n y fu r th e r s u b s ta n tia l
ch an go.
U n d e r t h e s e c ir c u m s t a n c e s t h o F o o d A d m i n i s t r a t i o n , u n t i l
f u r t h e r n o t i c e , w ill r e g a r d a n y in c r e a s e b y a p a c k i n g h o u s e lic e n s e e w h ic h h a s
d u r in g 1 91 8 b e e n a llo t t e d o r d e r s f o r p o r k p r o d u c t s f r o m a n y o f t h o A llie d
n a t i o n s , o f t h o p r i c e o f c u r e d p o r k p r o d u c t s t o r e t a il e r s in t h o U n i t e d S t a t e s
o v e r t h o p r i c e c h a r g e d b y s u c h l ic e n s e e o n M a y 1 a s e x o r b i t a n t a n d u n
r e a s o n a b l e a n d a v i o l a t i o n o f G e n e r a l R u l e 5 , u n le s s s u c h i n c r e a s e is J u s t ifi
a b l e a n d is f i r s t s u b m i t t e d t o t h o U n it e d S t a t e s F o o d A d m i n i s t r a t i o n , w it h
a n e x p la n a tio n o f t h o re a so n s th e r e fo r .
E a c h s u c h l ic e n s e e s h a ll r e p o r t t o
t h o m e a t d iv is io n , W a s h in g t o n , o n o r b e fo r e M a y 2 0 1 9 1 8 , its s ca le o f p r ice s
n o w c h a r g e d t o r e t a il e r s f o r t h e f o l l o w i n g c o m m o d i t i e s , s u c h r e p o r t t o b e
o n p a c k i n g - h o u s e b a s is u n le s s o t h e r w i s e s p e c i f i c a l l y s h o w n : F a n c y b r a n d
h a m s , b r e a k fa s t b a c o n , s ta n d a r d b r a n d h a m s a n d b a c o n , a ls o d iffe r e n tia l
o n s k in n e d h a m s , p u r e r e fin e d la r d .
T h o lic e n s e e s h a ll n o t o n a n y d a y s e ll n o r o f f e r c u r e d p o r k p r o d u c t s a t
h i g h e r l e v e l s o f p r i c e a t o n e b r a n c h h o u s e in t h e U n i t e d S t a t e s t h a n in
a n o t h e r , p r o p e r a l lo w a n c e b e in g m a d e f o r d i f f e r e n c e in c o s t o f t r a n s p o r t a t io n
a n d s e r v ic e .
HERBERT
HOOVER.
RURAL MOTOR EXPRESS SERVICE APPROVED BY
FOOD ADMINISTRATOR HOOVER.
T h e e x te n s io n o f th e ru ral m o to r exp re ss a s a n a id to f o o d
p r o d u c tio n a n d d is tr ib u tio n h a s b e e n e n d o rse d b y F e d e ra l
F o o d A d m in is tr a to r H o o v e r .
I n a le tte r to th e H ig h w a y s
T r a n s p o r t C o m m it t e e o f th e C o u n c il o f N a t io n a l D e fe n s e
ho s a y s :
T h e d e v e l o p m e n t o f t h o r u r a l m o t o r e x p r e s s I d e a , in m y o p i n i o n . Is in
l in o o f i)r o g r e s s a n d s h o u l d r e d o u n d t o t h o b e n e f i t o f t h o p r o d u c e r , t h e c o n
s u m e r a n d t h o r a i lr o a d s .
T h i s m e a n s o f t r a n s p o r t a t io n s h o u l d f a c i l i t a t e
d e liv e r y , c o n s e r v e la b o r , c o n s e r v e fo o d s t u ffs a n d s h o u ld e f fe c t d e liv e r y
o f fo o d s in b e t t e r c o n d it io n .
T h e o r g a n iz a tio n o f n e w ru ral exp ress lin es in th o v ic in ity
o f citie s is b e in g u rg e d th ro u g h th e S ta t e C o u n c ils o f D e f e n s e ,
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thoro h a s b e e n a m a rk e d increase in th e p r o d u c tio n o f p e r is lia b lo fo o d s tu ffs a s so o n as a lin e is e s ta b lis h e d .
T h e heavy
lo a d o n lo c a l s h ip p in g fa cilities h a s m a d e it d iffic u lt fo r fa r m
ers to
g o t s u p p lie s , m a c h in e ry a n d re p airs p r o m p t ly
th is
s p r in g , a n d w h e re re g u la r m o to r e xp ress lin es w ere a v a ila b le
th e y h a v o g r e a tly a id e d fa rm e r s in th e f o o d c a m p a ig n .
The
la b o r sh o r ta g e is so a c u te th a t e v e r y fa rm e r is n e e d e d in th e
fie ld s .
—
ESTABLISHMENT OF ZONE SYSTEM BY WAR
DEPARTMENT FOR QUARTERMASTER1
S
PURCHASES.
W i t h re g a rd to th o lico n sin g o f greon co ffe o d ea lers H h e
F o d o ra l F o o d A d m in is tr a tio n o n M a y 5 sa id :
E u rope,
T h o W a r P u r c h a s e B o a r d , c o m p o s e d o f r e p r e s e n t a t iv e s o f t h e A r m y !
t h e N a v y , t h o A l l ie s , t h o n e u t r a l n a t i o n s , t h e F e d e r a l T r a d e C o m m i s s io n
a n d t h e F o o d 'A d m i n i s t r a t i o n , h a s r e c e n t l y t a k e n o v e r t h o d i r e c t i o n o f t h e
p u rch a ses o f b u tte r fo r t h o a rm y , th e n a v y a n d fo r e x p o r t t o E u ro p e .
U n t il r e c e n t l y s u c h p u r c h a s e s o f b u t t e r h a v o b e e n n e g l i g ib l e , b u t w it h i n
t h o l a s t w e e k t h o y h a v o in c r e a s e d t o a s i z e t o m a k e s u c h c o n t r o l d e s i r a b l e .
T h o a m o u n t o f b u tte r p u rch a sed fo r th o a rm y an d th o n a v y a n d fo r
e x p o r t Is n o t l i k e l y a t a n y t i m e t o a m o u n t t o m o r e t h a n a v e r y s m a ll p e r
c e n t a g e o f t h o t o t a l, b u t i f th e s e p u rch a s e s a r o n o t s p r e a d o v e r t h e v a r io u s
m a r k e t s t h e r e is a l w a y s a p o s s i b i l i t y t h a t p r i c e c h a n g e s in t h o p a r t i c u la r
m a r k e t s a f f e c t e d m a y b e u t i li z e d f o r s p e c u l a t i v e a n d p r o f i t e e r i n g p u r p o s e s .
I n t h o W a r P u r c h a s e B o a r d t h o f u n c t i o n o f t h o F e d e r a l T r a d e B o a r d is
t o d e t e r m in e t h e p r ic e a n d t h a t o f t h e F o o d A d m in is t r a tio n t o a llo c a t e th e
pu rch ases.
T h o a r m y a n d t h e n a v y a n d t h o a l li e d p u r c h a s i n g a g e n t s t h e n
c o m p l e t e t h e t r a n s a c t io n w it h t h e i n t e r e s t s c o n c e r n e d .
A n n o u n c e m e n t o f th o e s ta b lis h m e n t o f a z o n e s y s t e m fo r
th e p u rc h a so o f q u a r te r m a s te r ’ s s u p p lie s , w a s m a d e o n M a y
15
by
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G o e t h a ls .
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g e n e ra l s u p p ly d e p o ts h a v e b e e n c h o se n u n d e r th e a r ra n g e
m e n ts
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m o re e q u ita b le a p p o r tio n m e n t o f p u r c h a s e s .
p o ssib lo
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a
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in g is th e a n n o u n c e m e n t m a d e : •
E s t a b lis h m e n t o f a z o n e s y s t e m d e s ig n e d t o m a k o p o s s ib lo a m o r e e q u it a
b l e a p p o r t i o n m e n t o f p u r c h a s e s t h r o u g h o u t t h o U n it e d S t a t e s a n d t o f a c i l i
t a t e d i s t r i b u t i o n is a n n o u n c e d b y t h o A c t i n g Q u a r t e r m a s t e r - G e n e r a l .
T e r r i t o r y h a s b e e n a l l o t t e d t o e a c h o f 13 g e n e r a l s u p p l y d e p o t s l o c a t e d
a t v a r io u s p o in ts .
T h o gen eral s u p p ly d e p o t q u a rte rm a ste rs a re ch a rg e d
w i t h t h o d u t y o f a s c e r t a in in g t h e m a n u f a c t u r in g p o s s i b il i t ie s o f t h e d i f f e r e n t
zon es.
O n t h o b a s is o f r e p o r t s a l o n g t h i s l in o f o r w a r d e d t o t h e A c t i n g
Q u a r te rm a s te r -G e n e r a l a t W a s h in g t o n a n e q u it a b le a llo c a t io n o f p u rch a s e s
•will b o m a d e .
S o fa r as p o s s ib lo , c lo t h in g , f o o d , a n d e q u ip m e n t f o r t r o o p s
a t t h e d i f f e r e n t c a m p s w il l b o p u r c h a s e d w i t h i n t h o z o n o in w h i c h t h o c a m p
is l o c a t e d .
F o r m e r l y n e a r l y a ll o f a p a r t i c u la r c la s s o f s u p p lie s w a s p u r c h a s e d
t h r o u g h a s i n g lo g e n e r a l s u p p l y d e p o t , t h o g e o g r a p h ic a l l o c a t i o n o f t h a t
d e p o t b e in g c o n s i d e r e d m o s t f a v o r a b l e f o r t h is s p e c i a l a r t i c l e .
O th e r a r
t ic l e s w e r o o b t a i n e d t h r o u g h o t h e r s u p p l y d e p o t s .
M a n u fa c t u r e r s lo c a te d
In s e c t i o n s f a r d i s t a n t f r o m t h o p a r t i c u l a r s u p p l y d e p o t b u y i n g t h e i r g o o d s
w e r o a t a d i s a d v a n t a g e a n d w e r e u n a b lo t o c o m p e t e w i t h r iv a ls n e a r e r t h o
p o in t.
U h d e r t h o n e w s y s t e m m o s t c la s s e s o f s u p p l i e s w ill b o p u r c h a s e d
t h r o u g h e a c h o f t h e 13 d e p o t s .
M a n u f a c t u r e r s w il l b o a b l o t o t r a n s a c t
t h e i r b u s in e s s t h r o u g h t h e d e p o t n e a r e s t t h e m .
T h e z o n e s o f o p e r a t i o n s a p p l y t o p r o c u r e m e n t , p r o d u c t i o n . I n s p e c t io n ,
m a n u fa c t u r e , s to r a g o , a n d d is trib u tio n o f q u a rte r m a s te r s u p p lie s .
T h o S t a t e s in c lu d e d in t h o z o n e s a s s ig n e d t o t h e 13 s u p p l y d e p o t s f o l l o w :
B o sto n
G en eral
S u p p ly
D e p o t .— M a in e ,
N ew
H a m p s h ire ,
V erm on t,
M a s s a c h u s e t t s a n d R h o d e I s la n d .
N o w Y o r k D e p o t .— N e w Y o r k , C o n n e c tic u t a n d N o w J e rs e y , T r e n to n
an d n orth .
P h i l a d e l p h i a D e p o t . — N e w J e r s e y s o u t h o f T r o n t o n a n d P e n n s y lv a n ia .
B a l t i m o r e D e p o t . — M a r y l a n d , V i r g i n ia a n d D e la w a r e .
A t la n t a D e p o t .— N o r t h C a ro lin a , S o u th C a ro lin a , G e o r g ia , F lo r id a an
A la b a m a .
J e f f e r s o n v i l lo , I n d . , D e p o t . — O h io , W e s t V i r g i n ia , I n d i a n a , I n d i a n a p o li s
an d sou th , K e n tu ck y a n d T en n essee.
C h i c a g o D e p o t . — I n d i a n a , n o r t h o f I n d i a n a p o li s , M i c h i g a n , W i s c o n s i n ,
M i n n e s o t a , N o r t h D a k o t a , S o u t h D a k o t a , I ll i n o i s , e x c e p t t e r r i t o r y s o u t h
o f J a c k s o n v i l l e , S p r i n g f ie l d a n d D e c a t u r a n d I o w a , E a s t D c s M o i n e s a n d
F ort D odge.
S t . L o u is D o p o t . — M i s s o u r i , I ll i n o i s , s o u t h o f J a c k s o n v il l e , S p r i n g f i e l d ,
a n d D e c a t u r , K a n s a s , O k la h o m a a n d A r k a n s a s .
N e w O r l e a n s D e p o t . — L o u is ia n a a n d M i s s i s s ip p i.
F o r t S a m H o u s to n D o p o t .— T e x a s .
O m a h a D e p o t .— Io w a , D e s M o in e s , F o r t D o d g o a n d W e s t N e b r a s k a ,
C o lo r a d o , U t a h a n d W y o m in g .
E l P a so D o p o t .— N o w M e x ic o a n d A r iz o n a .
S a n F r a n c i s c o D e p o t . — C a li f o r n ia , O r e g o n ,
W a s h in g to n ,
Idah o
and
M on ta n a .
E a c h g e n e r a l s u p p l y d e p o t q u a r t e r m a s t e r b e s i d o s a s c e r t a in in g p r o d u c
t i o n f a c i l i t i e s w it h i n h is z o n o is i n s t r u c t e d t o r e c o m m e n d t o t h o p r o p e r
c e n t r a l o r g a n i z a t io n o f t h e Q u a r t e r m a s t e r - G e n e r a l ’ s o f f i c e t h o e m p l o y m e n t
o f s u c h p r o d u c e r s a s a r o In h is j u d g m o n t q u a li fi e d t o f u lf i ll c o n t r a c t s .
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t io n s f o r p u r c h a s o o f a r t ic le s w h ic h m a y b o o b t a i n e d w it h i n t h o z o n o .
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o f e a c h z o n e b y a p r o p e r a llo c a t io n o f p u r c h a s e s .
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r o u n d i n g t h e p r o d u c t i o n w illl h a v o a b e a r i n g u p o n t h o a l l o c a t i o n .
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h i t c h e r s , h u lle r s , h u s k e r s , i n c u b a t o r s , j a c k s , J is t o r s , l o a d e r s , m a r k e r s ,
m il k e r s , m il l s , m o w e r s , p o n s , p i c k e r s , p l a n t e r s , p l o w s , p o w e r s , p r e s s e s ,
p u t t e r s , p u l l e y s , p u l v e r i z e r s , p u m p s , r a c k s , r a k e s , r o ll o r s , s c a l e s , s e e d e r s
s e p a r a t o r s , s h c l le r s , s h r e d d e r s , s i lo s , s l e d s , s lin g s , s o r t e r s , s o w e r s , s p r a y e r s
s p r e a d e r s , s t a l ls , s t a n c h i o n s , t a n k s t e d d e r s , t o s t o r s , t h r e s h e r s , t o w e r s ,
t r a c t o r s , t r a ile r s , t r o u g h s , t r u c k s , w a g lo n s , w o o d o r s , w e ig h e r s , w in d m i l ls
a n d a ll o t h e r t o o l s , u t e n s i ls , im p le m e n t s a n d m a c h i n e r y , r e q u i r e d f o r f a r m
u s e in t h o a c t u a l p r o d u c t i o n o f f o o d a n d f e e d s .
R e g u l a t i o n 2 . L ic e n s e s r e q u i r e d , p u r s u a n t t o t h o p r o c l a m a t i o n o f t h o
P r e s i d e n t o f M a y 14 1 9 1 8 , t o e n g a g e in o r c a r r y o n a n y b u s in o s s o f i m p o r
t a t i o n , m a n u f a c t u r e , s t o r a g o , o r d i s t r i b u t i o n o f a n y f a r m e q u i p m e n t , s h a ll
b o p r e p a r e d b y t h o la w d e p a r t m e n t l ic e n s e d i v i s i o n U n it e d S t a t e s F o o d
A d m i n i s t r a t i o n s h a ll h a v o t h o s i g n a t u r o o f t h o S e c r o t a r y o f A g r i c u l t u r e
a f f i x e d a n d s h a ll n o t b e t r a n s f e r a b le .
R e g u l a t i o n 3 . E a c h l ic e n s e e s h a ll g i v o t o a n y r e p r e s e n t a t iv e d e s i g n a t e d
f o r th o p u r p o s e b y th o S e c r e ta r y o f A g r ic u ltu r e , w h o n o v e r t h o s a id ro p r o s e n t a t i v o s h a ll s o r e q u i r e , a n y i n f o r m a t i o n c o n c e r n in g t h o b u s in e s s o f t h e
l ic o n s o e .
S u c h i n f o r m a t i o n s h a ll b o in w r i t in g o r o t h e r w i s e , a n d w i t h o r
w i t h o u t o a t h o f a f f i r m a t i o n , a s t h o s a i d r e p r e s e n t a t iv e m a y r o q u i r o . W r i t t e n
r e p o r t s , w h e n r e q u e s t e d b y s a i d r e p r e s e n t a t iv e , s h a ll b o m a d e o n b l a n k s
fu r n is h e d b y t h o D e p a r t m e n t o f A g r i c u l t u r e , g i v i n g c o m p l o t o I n f o r m a t i o n
r e g a r d i n g o r a f f e c t i n g t r a n s a c t io n s in a n y f a r m e q u i p m e n t , w h i c h is i m
p o r t e d , m a n u fa c tu r e d , p a c k e d , p u r c h a s e d , c o n t r a c te d f o r , r e c e iv e d , s o ld ,
s t o r e d , s h i p p e d , o r o t h e r w i s e h a n d le d , d i s t r i b u t e d o r d e a l t w i t h b y t h e
l ic e n s e e , o r w h ic h is o n h a n d in t h o p o s s e s s io n , o r u n d e r t h o c o n t r o l o f t h e
l ic e n s o o , a n d a n y o t h e r i n f o r m a t i o n c o n c e r n in g t h o b u s in o s s o f t h e l ic o n s o e
t h a t s u c h r e p r e s e n t a t iv e m a y r o q u ir o f r o m t i m e t o t i m e .
R e g u la t i o n 4 . E a c h lic e n s e e s h a ll, d u r i n g o r d i n a r y b u s in o s s h o u r s , p o r m i t a n y r e p r e s e n t a t iv e o f t h o S e c r e t a r y o f A g r i c u l t u r e , d o s i g n a t o d b y h im
f o r t h o p u r p o s o , t o e n t e r t h e p l a c o o f b u s in o s s o f s u c h lic o n s o o a n d I n s p e c t
a n y a n d a ll p r o p e r t y s t o r e d o r h o l d in p o s s e s s io n o r u n d e r t h o c o n t r o l o f
t h e lic c n s e o a n d a ll r o c o r d s o f t h o l ic o n s o o .
A ll n e c e s s a r y f a c il i t i e s f o r s u c h
i n s p e c t io n s h a ll b o e x t e n d e d t o t h o s a id r o p r o s o n t a t iv o b y t h o l ic o n s o o a n d
h is a g e n t s a n d s e r v a n t s .
S a id r o p r o s o n t a t iv o s h a ll b o t h o P r o s i d o n t ’s
d u l y a u t h o r i z e d a g e n t f o r t h o p u r p o s o s o f t h i s r e g u l a t io n .
R e g u l a t i o n 5 . E a c h l ic e n s e o s h a ll k e o p s u c h r o c o r d s o f h is b u s in o s s a s
s h a ll m a k o p r a c t i c a b l e t h o v e r i f i c a t i o n o f a ll I n f o r m a t i o n g i v e n b y h i m
under
th e se
r e g u l a t io n s .
R e g u l a t i o n 6 . N o a g e n t o r e m p l o y o o o f t h o U n i t o d S t a t e s s h a l l , w it h
o u t t h o c o n s e n t o f t h o lic e n s e o c o n c o r n o d , d i v u l g o o r m a k o k n o w n in a n y
m a n n o r , w h il o h o is s u c h a g e n t o r e m p l o y o o , o r t h e r e a f t e r , o x c o p t t o s u c h
o t h e r a g o n t s c r e m p l o y e e s o f t h e U n it o d S t a t o s a s m a y b o r e q u i r e d t o h a v o
s u c h k n o w l e d g e in t h o r o g u la r c o u r s o o f t h e i r o f f i c i a l d u t i o s , o r o x c o p t in
s o fa r a s h o m a y b o d i r e c t e d b y t h o S e c r e t a r y o f A g r i c u l t u r e o r b y a c o u r t
o f c o m p e t e n t j u r i s d i c t i o n , a n y f a c t s o r i n f o r m a t i o n r e g a r d i n g t h o b u s in o s s
o f a n y l ic e n s e e w h ic h m a y c o m o t o t h o k n o w l e d g e o f s u c h a g e n t o r o m p l o y o o
t h r o u g h a n y e x a m i n a t i o n o r i n s p e c t io n o f t h o b u s in o s s o r a c c o u n t s o f t h e
l ic e n s e e , o r t h r o u g h a n y i n f o r m a t i o n b y t h o l ic o n s o o p u r s u a n t t o t h o s e
r e g u l a t io n s .
R e g u la t i o n 7 . A lic e n s e e sh a ll n o t I m p o r t , m a n u f a c t u r e , s t o r e , d i s t r i b u t e ,
s e l l, o r o t h e r w i s e h a n d le a n y f a r m e q u i p m e n t o n a n y u n j u s t , e x o r b i t a n t ,
u n r e a s o n a b le , o r d i s c r i m in a t o r y a n d u n f a i r c o m m i s s i o n , p r o f i t , o r s t o r a g e
ch arges.
R e g u l a t i o n 8 . L i c e n s e e s h a ll n o t r e s e ll a n y f a r m e q u i p m e n t , w it h i n t h o
s a m o tr a d o , w it h o u t re a s o n a b le ju s tific a t io n .
A n y s u c h r o s a lo w i t h o u t
r e a s o n a b l e j u s t i f i c a t i o n , e s p e c i a ll y I f t e n d i n g t o r e s u l t in a h ig h e r
m a r k e t p r i c e t o t h o r e t a il o r o r c o n s u m e r , w ill b o d o o m e d t o b o a w a s t o f u l
p r a c t ic e .
R e g u l a t i o n 9 . A lic e n s e e s h a ll n o t b u y , c o n t r a c t f o r , s o l i, s t o r e , o r
o t h e n v i s o h a n d l o o r d e a l in a n y f a r m o q u i p m o n t f o r t h o p u r p o s o o f u n
r e a s o n a b l y in c r e a s in g t h o p r i c o o r r e s t r i c t in g t h o s u p p l y o f a n y s u c h c o m
m o d i t y , o r o f m o n o p o l iz i n g , o r a t t e m p t i n g t o m o n o p o l l z o , e it h e r l o c a l l y
o r g e n e r a lly , a n y s u ch c o m m o d it y .
R e g u la t i o n 1 0 . A l ic e n s e e s h a ll n o t k n o w i n g l y c o m m i t w a s t e o r w il l
f u l l y p e r m it p r e v e n t a b l e d e t e r io r a t i o n in c o n n e c t i o n w i t h t h o p r o d u c t i o n
i m p o r t a t i o n , m a n u f a c t u r e , s t o r a g o , d i s t r i b u t i o n , o r s a lo o f a n y f a r m
e q u ip m e n t.
R e g u la t i o n 1 1 . E a c h l ic e n s e o s h a ll r e p o r t in w r i t in g t o t h o S e c r e t a r y
o f A g r i c u l t u r e , w it h in t e n d a y s t h e r e a f t e r , a n y c li a n g o o f a d d r e s s , o r a n y
c h a n g e in t h o m a n a g e m e n t , c o n t r o l , o w n e r s h ip , o r c h a r a c t e r o f t h o b u s in e s s
o f t h e l ic e n s e o .
R e g u la t i o n 1 2 . A lic e n s e o s h a ll n o t , w i t h o u t t h o e x p r e s s s a n c t i o n o f t h o
S e c r e t a r y o f A g r i c u l t u r e , so li a n y f a r m e q u i p m e n t t o a n j- p o r s o n e n g a g e d
in t h e b u s in e s s o f s e llin g o r u t iliz in g s u c h c o m m o d i t y o r a n y d e r i v a t i v e
t h e r e f r o m i f t h o lic e n s e e h a s k n o w l e d g e t h a t s u c h p o r s o n , a f t e r t h is r e g u
l a t io n h a s b e c o m e e f f e c t i v e , h a s v i o l a t e d t h o p r o v i s io n s o f t h o a f o r e s a id a c t
o f C o n g r e s s , a p p r o v e d A u g . 1 0 1 9 1 7 , b y m a k i n g a n u n j u s t o r u n r e a s o n a b le
r a t e o r c h a r g e In s e llin g o r o t h e n v i s o h a n d li n g o r d e a l i n g in s u c h c o m m o d i t y
o r b y h o l d i n g , c o n t r a c t i n g f o r , o r a r r a n g in g f o r a q u a n t i t y t h e r e o f in o x c o s s
o f t h o r e a s o n a b l e r e q u i r e m e n t s o f h is b u s in o s s f o r u s o o r s a l o b y h i m f o r a
r e a s o n a b le t im e .
R e g u l a t i o n 1 3 . A lic e n s o o s h a ll n o t m a k o a n y m is le a d in g r e p r e s e n t a t io n
w h ic h t e n d s t o e n h a n c e t h o p r i c o o f a n y f a r m o q u i p m o n t .
T h o Is s u in g
o r m a k in g p u b lic o f m a r k e t q u o t a t io n s , o r a n y s ta te m e n t t o a n y p o rs o n
r e g a r d in g t h o p r i c e a t w h ic h a n y f a r m o q u i p m o n t is b e i n g s o l d , w h ic h
q u o t a t i o n s o r s t a t e m e n t c a n n o t b e v e r i f i e d e it h e r f r o m t h o r e c o r d s o f s u c h
l ic e n s e o o r f r o m t h o r e c o r d s o f o t h e r lic e n s e e s , s h a ll b o c o n s i d e r e d a s m a k i n g
s u c h a m is l e a d i n g r e p r e s e n t a t io n .
R e g u la t i o n 1 4 . T h o w o r d s u s e d in t h o s o r e g u l a t io n s s h a ll b o c o n s t r u e d
t o i m p o r t t h o s in g u la r o r t h o p l u r a l , a s t h o c a s e d o m a n d s .
T h o w ord
“ p e r s o n , ” w h e r e v e r u s e d in t h o s o r e g u l a t io n s , s h a ll i n c lu d o i n d i v id u a l s ,
p a r t n e r s h i p s , a s s o c ia t i o n s a n d c o r p o r a t i o n s .
R e g u la t i o n 1 5 . T h e g e n e r a l r u l os a n d r e g u la t io n s a s t o f o o d c o m m o d i t i e s ,
e f f e c t i v e N o v . 1 1 9 1 7 , a s a m e n d e d , u n d e r t h o F o o d C o n t r o l A c t , s h a ll n o t
a p p ly t o fa r m o q u ip m o n t.
I n a c c o r d a n c e w i t h m y p r o c l a m a t i o n o f M a y 14 1 9 1 8 , a n d p u r s u a n t t o
t h o a u t h o r i t y c o n f e r r e d o n m o b y t h o A c t o f C o n g r e s s , a p p r o v o d A u g . 10
1 9 1 7 , e n t i t l e d " A n A c t t o p r o v l d o f u r t h e r f o r t h o n a t io n a l s e c u r i t y a n d d o f e n s o b u y e n c o u r a g in g t h o p r o d u c t i o n , c o n s e r v in g t h o s u p p l y , a n d c o n
t r o ll i n g t h o d i s t r i b u t i o n o f f o o d p r o d u c t s a n d f u e l , ” t h o f o r e g o in g r e g u l a
t io n s a r o h e r e b y p r o s c r ib e d a n d p r o m u l g a t e d t o g o v e r n p e r s o n s H co n s o d
t o e n g a g e in a n d c a r r y o n a n y b u s in o s s o f i m p o r t a t i o n , m a n u f a c t u r e ,
s to r a g o , o r d is trib u tio n o f fa rm e q u ip m e n t.
D o n o In t h o D is t r i c t o r C o l u m b i a t h is 1 4 t h d a y o f M a y 1 9 1 8 .
W O O D R O W W I L S O N . President.
e q u ip m e n t aro p ro h ib ite d u n d e r r e g u la tio n s issu e d a s f o l
lo w s :
R e g u l a t i o n 1 . T h o t e r m “ f a r m e q u i p m e n t ” w li o n e v o r m e n t io n e d in t h e s e
r e g u l a t io n s s h a ll b e t le o m e d t o m o a n c e r t a in n e c e s s a r io s , i n c lu d in g a t t a c h
m e n t s a n d r e p a i r p a r t s t h e r e o f , r e q u i r e d f o r f a r m u s e in t h o a c t u a l p r o
d u c t io n o f f o o d s a n d fe e d s , as fo llo w s :
B i n d e r s , b o i le r s , b r o o d e r s , b u n c h e r s ,
c a r r ie r s , c a r t s , c le a n e r s , c o v e r s , c r u s h e r s , c u l t i v a t o r s ,. d i g g e r s , d i s t r i b u t e r s ,
A c c o r d in g to an a n n o u n c e m e n t o f th o U . S . D e p a r tm e n t
o f A g r ic u ltu r e o n M a y
are
not
p r o fite e r .
re q u ire d
to
23,
socuro
retailors
lice n se s,
of
fa rm
but
im p lo m o n ts
th o y
m u st n ot
RETAIL SHOE ASSOCIATION DENIES CHARGES OF
PROFITEERING.
E x c e p tio n to “ e x tr a v a g a n t s ta te m e n ts ”
t h a t “ h a v e boon
m a d o a b o u t gro a t p ro fits b e in g m a d o b y th o sh oo m e n a n d
t h a t th o h ig h p rices are th o re su lt o f p r o fite e r in g ,”
is ta k e n
by
A m e r ic a
in
th o
th e
N a t io n a l
fo llo w in g
S h oo
R e ta ile r s ’
A s s o c ia tio n
s ta te m e n t issu e d a t
th o
of
co n c lu sio n
of a
m o o tin g o f its e x e c u tiv e c o m m it te e h o ld a t th o H o t o l A s t o r
on M a y
2179
THE CHRONICLE
M ay 25 1918.]
20:
T h o e x e c u t i v e c o m m i t t e e m e e t in g o f t h o N a t i o n a l S h o o R e t a i l e r s ’ A s s o
c ia tio n w a s h e ld to o r g a n iz e a n d c o n s t it u t e it s e lf a s a c o m m it t e o o f a d v ic e
w i t h t h o c o n t e m p l a t e d G o v e r n m e n t r e g u l a t io n o f t h o I n d u s t r y .
W o In v ite d lo a d in g m a n u fa c tu r e r s t o jo in u s a s o u r in te re s ts a r o id e n
t ic a l.
T h o f ir s t p u r p o s o t h o G o v e r n m e n t h a s in m in d ( a n d w o a r o a i d i n g i t t o
o u r u t m o s t ) , is t o s a v o m a n - p o w e r .
T h o s e c o n d is t o c o n s e r v e l e a t h e r
b y u t i li z in g e v e r y k n o w n m a t e r ia l a n d b y a d o p t i n g l a s t s a n d p a t t e r n s s u c h
a s W ill a d v a n c e t h e s o id e a s .
O n o o f t h o k e e n e s t d i s a p p o i n t m e n t s o f t h o r e t a il s h o o d e a l e r s Is t h a t t h e y
a r o m is u n d e r s t o o d , a n d t h a t d e s p i t e t h o f a c t t h a t t h o y a r o d o i n g m o r o
t h a n e v e r b e f o r o t o a s s is t t h o G o v e r n m e n t in a ll i t s a i m s t h e y a r o a c c u s e d
o f p r o fit e e r in g .
E x tr a v a g a n t s ta te m e n ts h a v e b e e n m a d o a b o u t g re a t p r o fit s b e in g m a d o
b y t h o s h o o m e n , a n d t h a t t h o h ig h p r i c e s a r o t h o r e s u l t o f p r o f i t e e r i n g .
T h i s , w h e n a n a ly z e d , w a s p r o v e n u n t r u e .
T h o H a r v a r d S c h o o l o f B u s in e s s R e s e a r c h r e c e n t l y is s u e d a n a n n u a l r e
p o r t o n a t h o u s a n d r e t a il e r s , in w h ic h it s h o w e d t h a t t h o n e t p r o f i t o f t h o
s h o o r e t a ile r s d o e s n o t e x c e e d 6 % .
W o b r o u g h t o u t a t o u r m e e t in g t h a t t h e a c t u a l i n c r e a s e in t h o p r i c o o f
s h o o s w a s a b o u t .6 5 % .
T h o lu x u r i o u s s h o o s a r e s o l d a t h ig h p r i c e s b c c a u s o o f t h o a r t , lu x u r i o u s
n e s s a n d b e a u t y t h o y l i a v o , d u o t o t h o h i g h c la s s w o r k m a n s h i p .
T h i s h a s m a d o t h is k i n d o f s h o e v e r y e x p e n s i v e , j u s t a s a ll o t h e r lu x u r ie s
a r o e x p e n s iv e , b u t m a y b o a v o id e d .
P le n t y o f s h o o s ca n b o b o u g h t a t m o d e r a te p r ic e s i f w o m e n w o u ld b o
w illin g t o b u y t h o p la in e r s t y l e s w h ic h p r e v a i l e d b e f o r e t h o w a r p e r i o d .
fa ir e s tim a te d m a r k e t v a lu e o f h is w o o l.
T h e fo llo w in g are
th o re g u la tio n s in fu ll:
GOVERNM ENT
R E G U L A T IO N S
OF
FOR
1918.
H A N D L IN G
W OOL
C L IP
T h o W a r In d u s trie s B o a r d h a s fix e d t h e p r ico s o f t h o 1 91 8 c lip o f w o o l
a s e s t a b l is h e d b y v a l u a t i o n c o m m i t t e e s a n d a p p r o v e d b y t h o G o v e r n m e n t
a s t h o s e e s t a b lis h e d o n J u l y 3 0 1 9 1 7 a t A t l a n t i c s o a b o a r d m a r k e t s .
The
v a l u o s a r o f ig u r e d o n s c o u r e d b a s is .
(S e e t a b l o b e l o w . )
Rights of the Government.
T h o G o v e r n m e n t s h a ll h a v o a p r i o r r ig h t t o a c q u i r o a ll o f t h o 1 9 1 8 w o o l
c l i p o r a n y p o r t i o n t h e r e o f w h ic h i t m a y r o q u i r o a t t h o p r i c e s f i x e d b y t h e
W a r I n d u s t r ie s B o a r d .
T h e r e m a in d e r w ill b o s u b j e c t t o a l l o c a t i o n f o r
c iv il ia n p u r p o s e s u n d e r t h e d i r e c t i o n o f t h o W a r I n d u s t r i e s B o a r d .
A v e r y la r g e p o r t i o n o f t h e w o o l m a n u f a c t u r in g m a c h i n e r y w o r k i n g o n
G o v e r n m e n t c o n t r a c t s is l o c a t e d c l o s e t o t h o A t l a n t i c s e a b o a r d , a n d in
o r d e r t o a v o i d t h o p o s s i b i l i t y o f r a i lr o a d d e l a y a n d c o n g e s t i o n l a t e in t h e
s e a s o n w h e n t h e c r o p s a r o m o v i n g , i t is d e s ir a b lo a n d n e c e s s a r y t h a t t h e
w o o l c l i p s h a ll b e c o l l e c t e d a s s o o n a s p o s s i b lo a t p o i n t s n e a r t o t h e m a n u
fa c tu rin g c e n tr e s .
F o r th e s e re a s o n s it h a s b e e n c o n s id e r e d a d v is a b le t o
d e s i g n a t e a s d i s t r i b u t i n g c e n t r e s t h o s e c e n t r e s w h ic h a r o c l o s e t o p o i n t s o f
c o n s u m p t i o n a n d w h ic h h a v e t h o n e c e s s a r y fa c il i t i e s f o r h a n d li n g w o o l .
Necessity for Concentration.
T h o n e c e s s it ie s o f t h e G o v e r n m e n t a t t h i s t im o a r o s u c h a s t o r e q u i r e t h e
u s o o f a ll e x i s t i n g a g e n c ie s f o r c o n c e n t r a t i n g t h o w o o l n e a r t h o c e n t r e s o f
co n s u m p tio n .
T h e r e f o r e , a ll t h e w o o l o f t h o 1 9 1 8 c l i p m u s t b e d i s t r i b u t e d
t h r o u g h a p p r o v e d d o a le r s in a p p r o v e d c e n t r e s o f d i s t r i b u t i o n .
Approved Dealers Defined.
A p p r o v e d d e a le r s s h a ll b e t h o s e d e a le r s a u t h o r i z e d b y t h o W a r I n d u s t r i e s
B o a r d t o h a n d le w o o l w h o a r o l o c a t e d i n t h o d i s t r i b u t i n g c e n t r e s a n d w h o
b u y fr o m g ro w e rs d ir e ct, th ro u g h a g e n ts , o r fro m c o u n t r y m e rch a n ts; a n d
a ls o t h o s e d e a le r s a u t h o r i z e d b y t h o W a r I n d u s t r ie s B o a r d w h o a r o l o c a t e d
in w o o l - g r o w i n g d i s t r i c t s , a n d w h o b u y d i r e c t f r o m g r o w e r s a n d r o -s o l l ,
o r c o n s i g n t o t h e d e a le r s in d i s t r i b u t i n g c e n t r e s .
A p p r o v e d d i s t r i b u t i n g c e n t r e s a r o t h e u s u a l w e ll - r e c o g n i z e d p o i n t s o f
d is trib u tio n .
Classes of Wool.
I n a g e n e ra l w a y , th e c lip m a y b o d iv id e d in to fle e c e w o o l a n d te r r it o r y
GOVERNMENT REGULATIONS FOR HANDLING
WOOL CLIP.
1918
T h o G o v e r n m e n t re g u la tio n s fo r h a n d lin g th o w o o l clip
o f 1 9 1 8 w oro m a d o p u b lic b y th o W a r In d u strie s B o a r d on
M ay 20.
T h o B o a r d h a s fix e d th o prico o f th o 1 9 1 8 w o o l
clip a t th o p rices e sta b lish e d J u ly 3 0 1 9 1 7 a t A t la n t ic s o a b o a r d m a r k e ts o n th o sco u re d b a s is .
I n o u r issu e o f A p r . 2 7
w o roforred to th o fa c t th a t th o ontiro o u t p u t o f th o w o o l
grow e rs o f th o U n it e d S ta te s w a s to b o tu rn e d o v o r to tho
G o v e r n m e n t a t th o prices b a so d o n th o J u ly 3 0 prico fo r
w a sh e d
w o o l.
Tho
W ar
T rad e
B oard
sta te s
th a t
tho
G o v e r n m e n t is to h a v e p rio r rig h t to a c q u iro a ll th o 1 9 1 8
w o o l clip it m a y n e ed a t th o se prices a n d th o ro m a in d o r is
s u b je c t to a llo c a tio n fo r civ ilia n pu rp oso s u n d e r th o d ire ctio n
of
th o B o a r d .
As
th o n eod s o f
tho G o v e r n m e n t requiro
c o n c e n tr a tio n o f w o o l close to p o in ts o f c o n s u m p tio n , d is
tr ib u tin g ce n tres h a v e b e e n a p p r o v e d a n d a ll w o o l m u s t b o
d istr ib u te d th ro u g h a p p r o v e d dealers in th eso c e n tr e s.
floeco w o o l th o ce n tres w ill b o B o s t o n , N o w
Ifor
Y o r k , P h ila
d e lp h ia , C h ic a g o , S t . L o u is , D e t r o it , L o u is v ille , B a ltim o r o
a n d W h e e lin g , W . V a .
F o r te rrito ry w o o l th o ce n tres w ill
b o P o r tla n d , O r o ., C h ic a g o , N o w Y o r k , B o s t o n a n d P h ila
d e lp h ia .
T h o o n ly e x c e p tio n is th a t clip s o f 1 ,0 0 0 p o u n d s
or u n d e r m a y b o sold b y tho o w n o r .
A p p r o v e d doalors w ill
b o e n title d to a gross p ro fit in n o caso to e xce e d on o a n d
o n e -h a lf co n ts p er p o u n d o n th o to ta l s e a so n ’ s b u sin e ss, th is
p ro fit to co v o r all exp en se s fr o m g row e r to lo a d in g w o o l on
b o a r d cai’s .
T h o g row e r is to re ce iv e fa ir p rices fo r his w o o l
b a so d o n th o A tla n t ic se a b o a rd prico as e sta b lish e d o n J u ly 3 0
1 9 1 7 loss tho p ro fit to th o d ea ler as sta te d a b o v o a n d loss
fre ig h t to
se a b o a r d ,
m o istu ro
sh rin ka go a n d
in te r e s t.
In
n o c a so , sa y s th o B o a r d , sh all this bo co n stru o d to m o a n th a t
thoro sh all b o m o ro th a n o n e a n d o n o -lia lf c o n ts g ross p ro fits
m a d o fr o m
th o tim o w o o l le a v e s g ro w o r’ s h a n d s u n til it
arriv e s a t th o d istr ib u tin g ce n tr o .
I n a d d itio n to th o pricos
fix e d tho G o v e r n m e n t is to p a y a s u m e q u a l to 4 %
o f tho
se llin g pricos to c o v e r c o m p e n sa tio n or c o m m issio n to a p
p r o v e d dealers fo r their serv ices in c o lle c tin g a n d d istr ib u tin g
w o o l.
O n w ool n o t ta k e n b y th o G o v e r n m e n t fo r its o w n
uso a n d w h ic h m a y bo a llo c a te d fo r o th o r u se s, pricos w ill
also b o fix e d in a c co rd a n ce w ith J u ly 3 0
1 9 1 7 , v a lu o s a t
A t la n t ic
w ool
se a b o a rd
m a rk e ts
and
on
su ch
ap p roved
d oalors w ill bo o n title d to a c o m m issio n or c o m p e n s a tio n o f
a s u m e q u a l to 4 %
o f tho soilin g p rico, to bo c o lle c te d fro m
th o m a n u fa c tu r e r to w h o m
said w o o l is a llo c a to d .
As
a
g u a rd a g a in st p ro fitee rin g th o b o o k s o f a p p r o v e d doalors in
d is tr ib u tin g con tros m u s t b o o p e n to G o v e r n m e n t in sp e c tio n ,
a n d if it b o fo u n d
th a t th e ir gross p r o fits , in c lu d in g
tho
c o m m issio n o f 4 % , aro in excess o f 5 % o n th o s e a so n ’ s b u si
n e s s , su ch p ro fits aro to bo d isp ose d o f as th o G o v o r n m o n t
d e c id e s.
T h o b o o k s o f th o c o u n tr y doalors m u s t lik ow iso
b o o p e n to G o v e r n m e n t in sp e c tio n .
T h o gro w o r is o n title d
to re ce iv o a n a d v a n c o u p to b u t n o t e x c e e d in g 7 5 %
o f th o
w o o l.
F l e e c o w o o l s h a ll b e c o n s i d e r e d a s t h a t w h ic h is g r o w n In t h o S t a t e s e a s t
o f t h e M is s is s ip p i R i v e r , a n d a l s o t h o S t a t e s o f M i n n e s o t a , I o w a , M i s s o u r i ,
A r k a n s a s a n d L o u is i a n a , a n d a ls o t h o s e p a r t s o f K a n s a s , N e b r a s k a , N o r t h
D a k o t a a n d S o u t h D a k o t a , a n d o t h e r l o c a li t ie s , w h e r e t h e s a m e g e n e r a l
c o n d it io n s p r o v a il.
A l l w o o l n o t lis t e d a s f l e e c o w o o l s h a ll b e c o n s i d e r e d
te r r it o r y w o o l.
I n o r d e r t h a t t h e c o l l e c t i o n o f t h o c l i p m a y p r o c e e d in a r a p i d a n d o r d e r l y
m a n n e r , t h o f o l l o w i n g r e g u l a t io n s a r o p r o m u l g a t e d b y t h o W o o l D i v i s i o n
o f th o W a r In d u s trie s B o a r d :
FLEECE
WOOL
R E G U L A T IO N S .
Compensation of Grower and Dealer.
A p p r o v e d d e a le r s s h a ll b e e n t i t l e d t o a g r o s s p r o f i t in n o c a s e t o e x c e e d
1J4 c e n t s p e r p o u n d o n t h o t o t a l s e a s o n 's b u s in e s s , t h i s p r o f i t t o c o v e r a il
e x p e n s e s f r o m g r o w e r t o lo a d in g w o o l o n b o a r d ca r s .
T h o g r o w e r s h a ll r e c e iv o f a ir p r i c e s f o r h is w o o l , b a s e d o n t h e A t l a n t i c
s e a b o a r d p r i c o a s e s t a b lis h e d o n J u l y 3 0 1 9 1 7 , le ss t h o p r o f i t t o t h o d e a l e r
a s s t a t e d a b o v e a n d le s s f r e i g h t t o s e a b o a r d , m o is t u r e s h r in k a g e a n d i n t e r e s t .
I n n o c a s o s h a ll t h is b e c o n s t r u e d t o m e a n t h a t t h e r o s h a ll b e m o r o t h a n
1 3 4 c e n t s g r o s s p r o f i t s m a d e f r o m t im o w o o l l e a v e s g r o w e r s ’ h a n d s u n t i l It
a r r iv e s a t t h e d i s t r i b u t i n g c e n t r e .
O n c o n s ig n m e n ts fo rw a r d e d t o d is trib u tin g c e n tre s t h o p r ice s t o b o p a id
f o r t h o w o o l t o t h o a p p r o v e d d e a le r s t h e r e in s h a ll b o t li o s o e s t a b l is h e d b y
t h o v a lu a tio n c o m m it t e o o n A t la n t ic s e a b o a r d v a lu e s o f J u ly 3 0 1 9 1 7 , t o
w h ic h s h a ll b e a d d e d a c o m m i s s i o n o f 4 % t o b o p a i d b y t h e G o v e r n m e n t ,
if b o u g h t b y th o G o v e rn m e n t, o r b y th o m a n u fa ctu re r t o w h o m th o w o o l
Is a l l o t t e d f o r o t h e r t h a n G o v e r n m e n t p u r p o s e s .
T h i s c o m m i s s i o n Is t o
in c lu d e g r a d i n g a n d o t h e r e x p e n s e s o f h a n d li n g .
T h o c o n s i g n o r s h a ll b e
c h a r g e d w i t h t h e f r e i g h t o n h is s h i p m e n t , a n d in t e r e s t o n a ll a d v a n c e s m a d e
f o r h is a c c o u n t t o t h o d a t e o f t h o a r r iv a l o f h is w o o l a t a d i s t r i b u t i n g c e n t r e
a s s h o w n b y t h o r a i lr o a d r e c e ip t .
O n a n y l o t r e m a in in g u n s o ld in h is p o s s e s s io n f o r a l o n g e r p e r i o d t h a n s ix
m o n t li s , t h o d e a le r s h a ll b o e n t i t l e d t o c h a r g o s t o r a g e a n d in s u r a n c e a t t h e
m a r k e t r a t e , a n d t h is a d d it i o n a l c h a r g o s h a ll b o a d d e d t o t h o p r i c e o f t h e
w o o l.
G r o w e r s , w h o d e s ir e t o d o s o , w ill b o a llo w e d t o p o o l t h e ir c l i p s in q u a n
t it ie s o f n o t le s s t h a n m in im u m c a r lo a d s o f 1 6 ,0 0 0 p o u n d s a n d c o n s i g n t h e
w o o ls s o p o o l e d a s o n o a c c o u n t t o a n y a p p r o v e d d o a l e r in a n y a p p r o v e d
d is trib u tin g ce n tr o .
G ro w e r s a re u rg e d t o a d o p t th is la tte r c o u r s e t h r o u g h
c o u n t y a g e n t s o r o t h e r s , t h u s e l im i n a t i n g t h o p r o f i t s o f o n o m id d le m a n .
Government Price.
A p p r o v e d d e a le r s i n a p p r o v e d d i s t r i b u t i n g c e n t r e s w ill b e r e q u i r e d t o
o p e n a n d g r a d e a ll t h e i r p u r c h a s e s o r c o n s i g n m e n t s a s r a p i d l y a s p o s s i b le
a f t e r t h o a r r iv a l o f w o o l a t p o i n t o f d i s t r i b u t i o n .
P r i c e s o n a ll w o o l s , a s
s o o n a s g r a d e d , w ill b o f i x e d b y a G o v e r n m e n t v a l u a t i o n c o m m i t t e e a p
p o i n t e d f o r t h a t p u r p o s o in t h o d i f f e r e n t d i s t r i b u t i n g c e n t r e s .
P rice s t o
b o p a id b y t h o G o v e r n m e n t a t d is trib u tin g ce n tre s fo r s u c h w o o l a s it m a y
r e q u ir o a r e t o b o t h o s e e s t a b lis h e d a s o f J u l y 3 0 1 9 1 7 a t t h e A t l a n t i c s e a
b o a rd m a rk e ts.
I n a d d it i o n t o s a i d p r i c e s , t h o G o v e r n m e n t is t o p a y a
f u r t h e r s u m e q u a l t o 4 % o f t h o s e llin g p r ic e s t o c o v e r c o m p e n s a t i o n o r
c o m m i s s i o n t o a p p r o v e d d e a le r s f o r t h e ir s e r v ic e s in c o l l e c t i n g a n d d i s
t r ib u t i n g w o o l .
O n w o o l n o t ta k e n b y th e G o v e r n m e n t f o r its o w n u s e , a n d
w h ic h m a y b o a l lo c a t e d f o r o t h e r u s e s , p r i c e s w ill a ls o b o f i x e d in a c c o r d a n c e
w it h J u l y 3 0 1 9 1 7 v a l u e s a t A t l a n t i c s e a b o a r d m a r k e t s , a n d o n s u c h w o
a p p r o v e d d e a le r s s h a ll b e e n t i t l e d t o a c o m m i s s i o n o r c o m p e n s a t i o n o f a
s u m o q u a l t o 4 % o f t h o s e llin g p r i c e , a n d t h i s c o m m i s s i o n o r c o m p e n s a t i o n
s h a ll b o a c h a r g e a g a in s t s a id w o o l , a n d s h a ll b o c o l l e c t e d f r o m t h o m a n u
f a c t u r e r t o w h o m s a id w o o l is a l lo c a t o d .
Profiteering Prohibited.
A s a g u a r d a g a in s t p r o f it e e r i n g t h e b o o k s o f a ll a p p r o v e d d e a le r s in d i s
t r ib u t i n g c e n t r e s s h a ll b e a t a ll t im e s o p e n t o G o v e r n m e n t i n s p e c t i o n , a n d
i f i t b o f o u n d t h a t t h e ir g r o s s p r o f i t s , i n c lu d in g t h o a f o r e s a id c o m m i s s i o n
o f 4 % , a r o in e x c e s s o f 5 % o n t h e s e a s o n 's b u s in e s s t h e n s u c h g r o s s p r o f i t s
s h a ll b o d i s p o s e d o f a s t h o G o v e r n m e n t d e c i d e s .
T h o b o o k s o f t h o c o u n t r y d e a le r s s h a ll, l ik e w is e , b o o p e n t o G o v e r n m e n t
i n s p e c t io n .
I f It b o f o u n d t h a t t h e ir g r o s s p r o f i t f o r t h o s e a s o n 's b u s in e s s
Is in e x c e s s o f 1 3 4 c e n t s p e r p o u n d , t h e n s u c h e x c e s s p r o f i t s s h a ll b e d is
p o s e d o f as th o G o v e rn m e n t m a y d e c id e .
[Vol. 106
THE CHRONICLE
2180
Valuations as of July 3 0 1 9 1 7 .
Distributing Centres.
T h e a p p r o v e d d i s t r i b u t i n g c e n t r e s f o r f l e e c e w o o ls a r e : B o s t o n , M a s s . :
N e w Y o r k , N . Y . ; P h il a d e l p h i a , P a . ; C h i c a g o . 111.; S t . L o u i s , M o . ; D e t r o i t ,
M i c h . ; L o u is v i ll e , K y . ; B a lt i m o r e , M d . ; W h e e l i n g , W . V a .
T E R R IT O R Y
WOOL
R E G U L A T IO N S .
Exceptions.
I n t h e W i ll a j n e t t e V a l l e y , O r e . , a n d t h e P u g e t S o u n d d i s t r i c t o f t h e S t a t e
o f W a s h i n g t o n t h o r e g u l a t io n s i n r o g a r d t o f l e o c o w o o l s s h a ll a p p l y .
[B a s is c le a n s c o u r e d .]
Ohio and similar, including New England States, New York, Pennsylvania.
West Virginia, Kentucky, Virginia, Michigan, New Jersey, Delaware and
Maryland.
Average.
Choice.
F in e
$1 8 5
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1 68
f 1 60
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H a l f - b l o o d c l o t h i n g ____________________________________________
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Distributing Centres.
F o r t h o re a s o n s b e fo r e s t a t e d , in o r d e r t h a t th e 191 8 w o o l c lip m a y b o
p r o m p t l y c o n c e n t r a t e d n e a r t h e m a n u f a c t u r in g c e n t r e s a n d t o m a k e u so
o f e v e r y a v a i l a b l e a g e n c y f o r s t o r in g a n d g r a d i n g , a ll t e r r i t o r y w o o l s m u s t
b e c o n s ig n e d t o o n e o f th e d e s ig n a te d d is trib u tin g c e n tr e s , w h ic h a re as
f o l l o w s : P o r t l a n d , O r e . ; C h i c a g o , 111.; N e w Y o r k C i t y , N . Y . ; S t . L o u i s ,
M o . ; B o s t o n , M a s s . ; a n d P h il a d e l p h i a , P a .
T h o o n l y e x c e p t i o n is t h a t c li p s o f u n d e r 1 ,0 0 0 p o u n d s m a y b e s o l d b y
th e ow n er.
I n b u y i n g t h o s e s m a ll c li p s , t h e b u y e r m u s t r e c o g n i z e t h a t
h o is e n t i t l e d t o o n l y a s m a ll p r o f i t , w h ic h m u s t n o t e x c e e d 2 c e n t s p e r
pound.
G r o w e r s i f t h e y d e s ir e f o r a n y r e a s o n t o c o n s i g n t h e ir w o o l t h r o u g h
t h e i r b a n k e r , c o u n t r y m e r c h a n t s , o r o t h e r s m a y d o s o , a n d s a id b a n k ,
c o u n t r y m e r c h a n t , o r o t h e r s m a y r e c e iv e a c o m m i s s i o n o r c o m p e n s a t i o n
f o r h a n d li n g s a i d g r o w e r s ’ w o o l (in n o c a s e t o e x c e e d o n e - h a l f c e n t p e r
p o u n d ); s u c h c o m m is s io n o r c o m p e n s a tio n t o b e p a id b y g r o w e r .
G row ers
a r e , h o w e v e r , u r g e d t o c o n s i g n t h e ir o w n w o o l a n d g e t t h o f u ll p r i c e .
A s s o o n a s p o s s i b le a f t e r w o o l r e a c h e s t h e r a i lr o a d t h e o w n e r s h o u l d l o a d
It a n d c o n s i g n i t t o a n y a p p r o v e d d e a l e r lie m a y s e l e c t in o n e o f t h o d e s i g
n a t e d d i s t r i b u t i n g c e n t r e s , w h o w ill t h e r e d e l iv e r t h o w o o l t o t h e G o v e r n
m e n t o r t o s o m e m a n u fa c tu r e r t o w h o m th e G o v e rn m e n t m a y a llo t t h o
w o o l.
T h e s e a p p r o v e d d e a le r s w ill s t o r e , in s u r o a n d d e l iv e r t h o w o o l u n d e r
G o v e r n m e n t r e g u l a t io n .
T h o g r o w e r s h o u ld p r o c u r e t w o co p ie s o f th e
s h i p p i n g i n v o i c o a n d o f t h e r a i lr o a d b i ll o f l a d i n g , a n d f o r w a r d t h e o r ig in a l
I n v o i c e a n d b ill o f l a d i n g t o t h o d e a l e r w h o m h e h a s s o l e c t c d t o h a n d le h is
w o o l , r e t a in in g t h e d u p l i c a t e in h is o w n p o s s e s s io n .
T h e g r o w e r s h a ll b o e n t i t l e d t o r e c e iv o a n a d v a n c e u p t o b u t n o t e x c e e d
i n g 7 5 % o f t h o f a ir e s t im a t e d m a r k e t v a l u o o f h is w o o l .
l i e s h a ll p a y
I n t e r e s t o n t h is a d v a n c e a t t h e r a t e o f 6 % p e r a n n u m f r o m t h o d a t e h e
r e c e iv e s s u c h a d v a n c e u n t il h is w o o l a r r iv e s a t t h o d i s t r i b u t i n g c e n t r o , a s
s h o w n b y t h o r a i lr o a d r e c e i p t .
I t is n o t i n t e n d e d t h a t t h e g r o w e r s h a ll
p a y in t e r e s t o n a d v a n c e s a f t o r t h o d a t o o f a r r iv a l a s s h o w n b y t h e r a i lr o a d
r e c e i p t , a n d h o s h a ll b o e n t i t l e d t o r e c e iv e in t e r e s t o n t h o s e llin g v a l u e o f
h is w o o l a f t e r f r e i g h t h a s b e o n d e d u c t e d f r o m d a t o o f a r r iv a l.
T h o G ov ern
m e n t is f ix i n g t h e p r i c e o f t h o 1 9 1 8 c l i p o n a b a s is d e l iv e r e d a t A t l a n t i c
se a b o a rd p o in ts .
I t i s , t h e r e f o r e , i n c u m b e n t o n t h o g r o w e r t o d e l iv e r ills
w o o l a t t h o d e s i g n a t e d d i s t r i b u t i n g c e n t r e s , a n d t h e e x p e n s e o f d e l iv e r i n g
t h e w o o l a t s u c h c e n t r e s w il l b e c h a r g e d a g a in s t t h e w o o l o n a b a s is o f t h e
f r o l g h t r a t e f r o m p o i n t o f o r ig in t o t h e A t l a n t i c s e a b o a r d .
Valuing and Grading.
A s s o o n a s p o s s i b le a f t e r t h o a r r iv a l o f t h e w o o l a t a d i s t r i b u t i n g c e n t r o ,
i f t h o w o o l is t o b e t a k e n in t h e o r ig in a l b a g s , i t s h a ll b e v a l u o d b y t h e
G o v e r n m e n t V a lu a t i o n C o m m i t t e e .
I f t h o w o o l Is t o b e g r a d e d , i t s h a ll
b e v a l u e d in t h o p ile s b y t h o G o v e r n m e n t V a lu a t i o n C o m m i t t e e a s s o o n a s
t h e p ile s a r e g r a d e d a n d r e a d y f o r d e l i v e r y .
A l l g r a d i n g w ill b o c o n d u c t e d
u n d e r G o v e r n m e n t s u p e r v i s io n .
T h e g r a d e s o u t o f e a c h c l i p w ill b o
w e ig h e d s e p a r a t e l y , a n d t h o b o o k s o f t h e d e a l e r , a s f a r a s t h e y p e r t a i n t o
a n y g r o w e r ’s w o o l , s h a ll b e o p e n t o h i m .
T a g s , b u c k s , b la c k a n d o th o r
r e c o g n i z e d d i s c o u n t f le e c e s w ill b o p a i d f o r a t p r i c e s f i x e d b y t h o G o v e r n
m en t.
B a g s w il l b e p a i d f o r in t h o s a m e m a n n e r .
Payments to Growers.
G r o w e r s s h a ll b e o n t i t l e d t o p a y m e n t o n a b a s is o f t h o d a t e o f t h o a r r iv a l
o f t h o w o o l , a s s h o w n b y t h e r a i lr o a d r e c e i p t .
H o w e v e r , as it w o u ld b e
i m p o s s i b l e f o r o b v i o u s r e a s o n s t o m a k e s e t t le m e n t o n e a c h c l i p o n t h o d a t o
o f it s a r r iv a l, i n o r d e r t h a t t h e g r o w e r m a y lo s e n o t h i n g b y a n y d e l a y in
s e t t le m e n t h o s h a ll b o e n t i t l e d t o d r a w I n t e r e s t o n t h o s o ilin g p r i c e o f h is
w o o l , le ss f r e i g h t , f r o m t h o d a t o o f t h o w o o l ’s a r r iv a l u n t il t h o d a t e o f f in a l
s e t t le m e n t .
F i n a l r o t u r n s w ill b e m a d o a s p r o m p t l y a s p o s s i b le i n a ll c a s e s .
Commissions.
T h o g r o w e r d o e s n o t p a y t h o c o m m i s s i o n o r c o m p e n s a t i o n f o r h a n d li n g
w o o l s in t h e d e s i g n a t e d d i s t r i b u t i n g c e n t r e s .
T h is c o m m is s io n o r c o m
p e n s a t i o n f o r h a n d li n g w ill b o a d d e d t o s o ilin g p r i c e o f t h o w o o l a n d p a i d
b y th o bu yer.
I f s o l d in t h o o r ig in a l b a g s t h o c o m m i s s i o n o r c o m p e n s a t i o n s h a ll b e 3 %
o f t h o s e llin g p r i c e .
I f t h e w o o l is g r a d e d t h e c o m m i s s i o n o r c o m p e n s a t i o n
s h a ll b o 3 > 3 % o f t h o s e llin g p r i c e .
T h is c o m m is s io n o r c o m p e n s a tio n in
c lu d e s d r a y a g o , s t o r a g e a n d i n s u r a n c e f o r a p e r i o d n o t e x c e e d i n g o n a n y
l o t s ix m o n t h s a f t e r a r r iv a l.
O n a n y l o t r e m a in in g u n s o l d i n Ills p o s s e s s io n
f o r a lo n g e r p e r i o d t h a n s i x m o n t h s t h o d e a l e r s h a ll b o o n t i t l e d t o c h a r g e
s t o r a g e a n d i n s u r a n c e a t t h e m a r k e t r a t o , a n d t h is a d d it i o n a l c h a r g e s h a ll
b o a d d e d t o th e p r ic e o f t h o w o o l.
Mills Located in Wool Groioing Districts.
I n o r d e r t h a t t h o G o v e r n m e n t m a y h a v e f u ll c o n t r o l o f t h e w o o l s i t u a t io n
w it h a v ie w t o c o n s e r v in g , as fa r as m a y b o n e c e s s a r y , th e w o o l s u p p ly fo r
m i l i t a r y p u r p o s e s , i t is c o n s i d e r e d n e c e s s a r y t o p r o h i b i t m a n u f a c t u r e r s
f r o m b u y i n g w o o l e x c e p t in t h e d e s i g n a t e d d i s t r i b u t i n g c e n t r e s , a n d t h e n
o n l y w it h t h o p e r m is s i o n a n d c o n s e n t o f t h e G o v e r n m e n t u n d e r s u c h
r e g u l a t io n s a s t h o G o v e r n m e n t m a y h e r e a f t e r m a k e .
H o w e v e r , m ills l o c a t e d in w o o l - g r o w i n g d i s t r i c t s n o t n e a r t o t h o d e s ig
n a t e d c e n t r e s o f d i s t r i b u t i o n , a n d w h ic h a r o w o r k in g o n G o v e r n m e n t
o r d e r s , w ill b e g i v o n f p e r m i t s t h r o u g h t h o W o o l D i v i s i o n o f t h o W a r I n
d u s t r ie s B o a r d t o b u y / c e r t a i n a m o u n t s o f w o o l in t h e i r I m m e d ia t e n e i g h b o r
hood.
I n m a k i n g a p p li c a t io n s f o r s u c h j p c r m i t s , t h o m a n u f a c t u r e r a p p l y
i n g s h o u l d s t a t o t h o n u m b e r o f h is G o v e r n m e n t o r d e r , t h o a m o u n t o f g o o d s
y e t t o b o d e l iv e r e d a g a in s t s u c h o r d e r , t h o a m o u n t o f h is w o o l s t o c k o n
h a n d , a n d t h o a m o u n t a n d c la s s o f w o o l r e q u i r e d t o c o m p l e t e s a id o r d e r .
T h o m a n u f a c t u r e r , r e c e i v i n g s u c h a p e r m it w ill b o r e q u ir e d t o r e p o r t t o
t h o W o o l D i v i s i o n o f t h e W a r I n d u s t r i e s B o a r d a ll p u r c h a s e s m a d o a g a in s t
p e r m i t is s u e d t o h i m .
Permits to Dealers.
A l l d e a le r s in a p p r o v e d c e n t r e s d e s i r in g a p e r m i t t o o p e r a t e s h o u l d a p p l y
t o t h e W o o l D i v i s i o n o f t h e W a r I n d u s t r i e s B o a r d , s t a t in g t h e ir c a p a c i t y
f o r s t o r in g a n d g r a d i n g .
A l l c o u n t r y d e a le r s s h o u l d a p p l y f o r a p e r m it t o o p e r a t e b y w r i t in g t o t h e
W o o l D iv is io n o f t h e W a r In d u s trie s B o a r d , g iv in g n a m o a n d a d d re s s .
I n o r d e r t o e x p e d i t e m o v e m e n t o f w o o l , d e a le r s in c o u n t r y d i s t r i c t s a n d
d i s t r i b u t i n g c e n t r e s ,m a y o p e r a t e i m m e d i a t e l y In a c c o r d a n c e w it h t h e a b o v o
r e g u l a t io n s , p o n d in g a p p l i c a t i o n f o r a n d g r a n t i n g o f p e r m it .
L E W IS B E N W E L L ,
Chief of Wool Division,
War Industries Board,
Washington, D . C.
T h re e -e ig h th s
s t a p l o __________________________________________
- --
T h re e -e ig h th s
c l o t h i n g _______________________________________
_____
Q u a r t e r - b l o o d s t a p l e __________________________________________
_____
Q u a r t e r - b l o o d c l o t h i n g _______________________________________
_____
L o w q u a r t e r - b l o o d _____________________________________________
C o m m o n a n d b r a i d ____________________________________________
_____
_____
Missouri, Indiana, Illinois and similar, including Iowa, Wisconsin, Minne
sota, Kansas, Nebraska and Arkansas.
F i n e d e l a i n e ____________________________________________________
F i n e c l o t h i n g ____________________________________________________
H a l f - b l o o d s t a p l e ______________________________________________
H a l f - b l o o d c l o t h i n g ___________________________________________
T h r e e - e i g h t s s t a p l e ___________________________________________
T h r e e - e i g h t h s c l o t h ___________________________________________
Q u a r t e r - b l o o d s t a p l e __________________________________________
Q u a r t e r - b l o o d c l o t h ____________________________________________
L o w q u a r t e r - b l o o d _____________________________________________
C o m m o n a n d b r a i d ____________________________________________
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A v e r a g e l o t s , la r g e ly t h r e e - e i g h t h s _________________________
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H a l f - b l o o d c l o t h i n g ------------------ ---------n i g h t h r e o -e ig h t s s t a p l e 5 6 - 5 8 ’s ------H i g h t h r e e -e i g h t h s c l o t h i n g 5 6 - 5 8 ’s .
T h r e e - e i g h t h s s t a p l e 5 6 ’s -------------------T h r o o - e i g h t h s c l o t h i n g 5 6 ’s __________
L o w t h r e e -e i g h t h s s t a p l e 5 0 - 5 6 ’s ------L o w t h r e e -e i g h t h s c l o t h i n g 5 0 - 5 6 ’s . .
H i g h q u a r t e r - b l o o d s t a p l e 4 8 - 5 0 ’s . .
H i g h q u a r t e r - b l o o d jc l o t h i n g 4 8 - 5 6 ’s .
Q u a r t e r - b l o o d s t a p l e 4 6 - 4 8 ’s -------------Q u a r t e r - b l o o d c l o t h i n g 4 6 - 4 8 ’s ---------L o w q u a r t e r - b l o o d s t a p l e 4 4 ’s -----------C o m m o n a n d b r a id 4 0 ’s -----------------------
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Texas.
T w e l v e m o n t h s _________________________________
G o o d e i g h t m o n t h s _____________________________
G o o d s ix m o n t h s ________________________________
California.
T w e l v e m o n t h s --------------------------------------------------E i g h t m o n t h s -----------------------------------------------------
OTHER DEVELOPMENTS IN CONTROL OF WOOL BY
GOVERNMENT.
T h e a p p o in tm e n t o f N a th a n ie l S to v o n s o f N o r t h A n d o v e r ,
M a s s . , b y th e w o o l p ro d u c e r s , d ea lers a n d m a n u fa c tu r e r s ,
to a c t in a n a d v is o r y c a p a c ity to C h a ir m a n P e n w e ll o f th e
W o o l D iv is io n o f th e W a r In d u s trie s B o a r d , w a s a n n o u n c e d
on M a y 1 3 .
E is e m a n
of
O th e r m e m b e r s o f th o c o m m itto o aro L u d w ig
B o sto n ,
re p re se n tin g
th e
d e a le rs,
and
J.
II,
M o y l e , A s s is ta n t S e c re ta ry o f th e T r o a s u r y , re p re se n tin g th e
p ro d u c e r s .
A c c o r d in g to th o N o w Y o r k “ T im e s ” o f M a y
m ado
p la in a t
1 0 i t w as
th o a n n u a l m o o tin g o f th o W o o lo n
E x c h a n g o in th is c it y o n M a y
Goods
1 5 th th a t th o G o v e r n m e n t
d o e s n o t in te n d to o v e r lo o k th o ro q u irom o n ts o f th o civ ilia n
p o p u la tio n fo r w o o lo n c lo th in g , in its a n x ie ty to a d e q u a te ly
ca re fo r th e n e e d s o f th o a r m io s .
T h e “ T im o s ” a d d e d :
T h e f a c t t h a t t h o G o v e r n m e n t p r o p o s e d , t o t h o b e s t o f it s a b i l i t y , t o
s a f e g u a r d c iv il ia n n e e d s in m a k i n g a l lo t m e n t s o f r a w w o o l , w a s a n n o u n c e d
b y F r e d e r i c S . C l a r k o f N o r t h B i l lo r i c a , M a s s . , C h a ir m a n o f t h e W a r
S e rv ice C o m m it te e o f th o W o o l M a n u fa c t u r in g I n d u s t r y .
M r . C la r k
s a id t h o W a r I n d u s t r i e s B o a r d w o u l d , a s s o o n a s p r a c t i c a b l e , s e n d c ir c u la r
le t t e r s o f in f o r m a t i o n t o a ll m a n u f a c t u r e r s w it h b l a n k s o n w h ic h t h e y c o u l d
I n d ic a t e t h e ir n e e d s f o r w o o l f o r c o m m e r c i a l p u r p o s o s .
I n its N e w E n g la n d le tte r o f M a y 1 5 th o F ir s t N a tio n a l
B a n k o f B o s to n h a d th o fo llo w in g to s a y o n th o d e v e lo p
m e n ts w ith re g a rd to th o w o o l in d u s tr y :
D u r i n g t h o p a s t m o n t h t h e w o o l d o a lo r s o f t h o c o u n t r y h a v e b o o n p r a c
t i c a l l y f o r c e d o u t o f b u s in e s s s o f a r a s t h o r o g u la r m o t h o d s o f d o i n g b u s in e s s
a re c o n c e r n e d , a n d h a v e b e c o m e h a r d ly m o ro th a n a n a d ju n c t o f th o
Q u a r t e r m a s t o r - G e n e r a l ’s D e p a r t m e n t .
U p o n a ll f o r e i g n w o o l I m p o r t e d ,
t h o G o v e r n m e n t h o l d s a n o p t i o n a t p r ic e s 5 % u n d o r t h o v a l u e s o f J u l y 3 0
1917.
T h o G o v e r n m e n t h a s a ls o a s s u m e d c o n t r o l o f t h o n e w d o m o s t lc
c l i p a n d h a s r u l e d a g a in s t b u y i n g o n t h o p a r t o f d e a l o r s , f a v o r i n g t h o
m o v o m e n t o f w o o l t o t h o m ills o n a s t r ic t c o n s i g n m e n t b a s is .
T h o d e a lo r s
a r o d e s ir e d t o a c t a s t h o c h a n n o l f o r t h e m o v o m o n t o f t h is w o o l , s l n c o t h e y
k n o w t h o r o q u ir o m o n t s p e c u l ia r t o t h o v a r i o u s m ills , a s w o ll a s t h o a r t o f
g r a d i n g t h e w o o ls t o m o o t t h o s o r o q u i r o m o n t s .
T h o G o v o r n m o n t lia s
a g r e e d t o a f l x o d m a x i m u m p r l c o t o t h o g r o w e r * f o r w o o l d e l iv e r e d a t
s e a b o a r d m a r k e t s , b a s e d o n v a l u e s r u l in g J u l y 3 0 t h la s t i n t h e B o s t o n
m a r k e t, a n d h a s th u s s a fe g u a rd e d th o g r o w e r .
I t a sk s th o d e a lo r , h o w -
2181
THE CHRONICLE
M at 25 1918.]
o v e r , t o d o h is p a r t o f t h e " m a r k e t i n g ” f o r 3 % i f t h e w o o l is u n g r a d e d , a n d
3 H % i f g r a d e d : t h is c o m m i s s i o n t o in c lu d e s t o r a g e , c a r t a g e a n d in s u r a n c e
( in c l u d i n g m a r in e .)
In a sm u ch as th e a v e ra g e o v e rh e a d ex p en se o f th e
d e a le r s is 2 t o 3 % , w it h n o p r o s p e c t o f a n y r e d u c t i o n , t h i s p r o p o s i t i o n is
h a r d l y s a t i s f a c t o r y t o t h o d e a le r s .
I t is h o p e d t h a t t h o G o v e r n m e n t w ill m o d i f y it s p o s i t i o n in t h i s r e s p e c t ,
t h u s f a c il i t a t i n g t h e m o v e m e n t o f t h o c l i p t o t h o m il l s , w h i c h a r o i n s o r e
n e e d o f w o o l.
T h o c iv il ia n n e e d s o f t h o c o u n t r y w il l h a v e t o w a i t , s i n c e ,
a c c o r d i n g t o t h o s t a t e m e n t o f t h o G o v e r n m e n t Y a r n A d m i n i s t r a t o r a ll
s p in d le s a r e l ik e l y t o b e k e p t e m p l o y e d o n m il i t a r y w o r k u n t i l a b o u t S e p t . 1 ,
a n d w e a v in g m a c h i n e r y u n t il a s o m o w h a t l a t e r d a t e .
T o n n a g e fo r th o
i m p o r t a t i o n o f f o r e i g n w o o ls is h a r d t o o b t a i n a t t h o m o m e n t , a n d c o n s i d e r
a b l e w o o l is a w a i t i n g s h i p m e n t f r o m S o u t h A f r i c a t o t h i s c o u n t r y f o r l a c k
o f s h ip p in g s p a c o .
A t t h o R i v e r P l a t e a s h ig h a s e ig h t c e n t s a p o u n d h a s
b e e n p a i d f o r s t e a m e r f r e i g h t , a n d Is d i f f i c u l t t o g e t e v e n a t t h a t p r i c e .
O b s t a c l e s a g a in s t t h o t r a n s p o r t a t io n o f t h e r a w m a t e r ia l , e s p e c i a ll y b y
w a t e r , h a v o b o o n h e a v y o f l a t e , a n d e c o n o m ie s m u s t b o p r a c t i c e d i n e v e r y
d ir e c t io n i f o u r tr o o p s a ro t o b o p r o m p t ly e q u ip p e d .
M e a n t i m o , E n g li s h
PULLED WOOL REGULATIONS ANNOUNCED BY WAR
INDUSTRIES BOARD.
T h o fo llo w in g re g u la tio n s fo r p u lle d w o o l, th e p rice o f w h ic h
h a s b e e n fix e d o n th e b a sis o f p rices e sta b lish e d J u ly 3 0 a t
th e E a s te r n se a b o a r d m a r k e t , w ere a n n o u n c e d o n M a y 2 1 :
1 . T h e p r i c e o f p u l l e d w o o l h a s b e e n f i x e d b y t h e W a r I n d u s t r ie s B o a r d o n
t h o b a s is o f p r i c e s e s t a b l is h e d a s o f J u l y 3 0 1 9 1 7 a t t h o E a s t e r n s e a b o a r d
m a rk ets.
2 . F o r p u r p o s e s o f v a l u a t i o n a n d d i s t r i b u t i o n o a c h p u l l e r o f w o o l s h a ll
c o n s i g n h is p u llin g s t o a c o m m i s s i o n h o u s e o r d e a l e r in s o m e o n e o f t h e d e s i g
n a t e d d i s t r i b u t i n g c e n t r e s , w h o s h a ll a c t a s t h o p u l l e r s ’ a g e n t in d e l iv e r i n g
th e w o o l to th e G ov ern m en t if b o u g h t b y th o G o v e rn m e n t, o r i f n o t b o u g h t
b y t h e G o v e r n m e n t , t h e n t o a c t in t r a n s f e r r in g s a i d w o o l t o s u c h m a n u f a c
tu re rs as m a y b e d e s ig n a te d b y t h o G o v e r n m e n t t o r e c e iv e it.
3 . C o n s ig n e e s o f p u l l e d w o o l s h a ll b e e n t i t l e d t o r e c e iv e a c o m m i s s i o n o r
s u m e q u a l t o 2 J ^ % o n t h e s e llin g p r i c e , t h is c o m p e n s a t i o n t o b e p a i d b y
m ills a r o r e c e iv i n g l a r g e r w o o l r a t io n s .
th e G o v ern m en t on a n y w o o l th e G ov ern m en t m a y b u y , o r if n o t b o u g h t b y
t h o G o v e r n m e n t t h e n s a id c o m m i s s i o n o r c o m p e n s a t i o n s h a lll b e a d d e d t o
t h o s e llin g p r i c e o f t h o w o o l , a n d s h a ll b e p a i d b y t h o m a n u f a c t u r e r t o w h o m
s u c h w o o l Is a l l o t t e d .
T h i s c o m m i s s i o n s h a ll c o v e r a ll h a n d li n g c h a r g e s a t
t h o c e n t r e o f d i s t r i b u t i o n , i n c lu d in g d r a y a g e , s t o r a g e , a n d in s u r a n c e ; b u t
in c a s e a n y l o t s h a ll r e m a in in t h e h a n d s o f t h e c o n s i g n e e f o r a p e r i o d
l o n g e r t h a n s ix m o n t h s a f t e r t h e d a t e o f it s a r r iv a l a t t h o d i s t r i b u t i n g c e n
t r e (a s s h o w n b y t h o r a ilr o a d r e c e i p t ) , t h e n s u c h c o n s ig n e e js h a ll b e e n t i t l e d t o
I n r e fu tin g re p o rts o f th o lik e lih o o d o f a w o o l s h o r ta g e ,
s to r a g e a n d in s u ra n ce a t m a rk e t ra te s fo r s u c h fu r th e r p e r io d .
S . W . M c C l u r e , S e c ro ta r y o f th e N a t io n a l W o o l G r o w e r s ’
4 . I t is i n c u m b e n t f o r t h e p u lle r s t o d e l iv e r t h e ir w o o l a t d i s t r i b u t i n g c e n
t r e s , a n d a s t h e p r i c e s f i x e d a r o o n a b a s is o f A t l a n t i c s e a b o a r d p r i c e s , t h e
A s s o c ia tio n , w a s q u o te d a s fo llo w s a t S a lt L a k e C i t y o n
f r e i g h t o n t h e w o o l f r o m p o i n t o f o r ig in t o t h o A t l a n t i c s e a b o a r d m a r k e t s
M a y 13:
w ill b o a c h a r g e a g a in s t t h e w o o l a n d w ill b e p a i d b y t h e o w n e r o f t h e w o o l .
I
s e o n o r e a s o n w h y t h o A m e r i c a n p e o p l e s h o u l d b o u n d u l y a la r m e d a b o u t 5 . A f t e r t h o w o o l h a s b e e n v a l u e d a n d a p p r o v e d , p a y m e n t w il l b e m a d e
n e t c a s h in 10 d a y s f r o m r e c e i p t o f b i ll s , i n v o i c e s a n d w a r e h o u s e r e c e i p t , o r
a f a m in e in w o o l , o r w h y t h e y s h o u l d c e a s e t o w e a r a ll w o o l c l o t h i n g , i f
o ls e o r d e r b i ll o f la d i n g a s m a y b e r e q u i r e d .
T h e c o m m is s io n h o u s e o r
t h e y d o s ir o t o d o s o .
A g it a t o r s h a v o b e e n s h o u tin g w o o l fa m in e , b u t th o
d e a i o r s h a ll m a k o r e t u r n s t o t h e c o n s i g n e e a s s o o n a s p o s s i b le t h e r e a f t e r .
fa c ts d o n o t b ea r th em o u t.
H ero aro th o fa cts :
6 . P u lle r s a r o r o q u i r e d t o s e n d e a c h m o n t h n o t l a t e r t h a n t h o 1 0 t h d a y o f
T h e t o t a l a m o u n t o f w o o l c o n s u m e d in t h e U n it e d S t a t e s a v e r a g e d
T h ese
4 1 0 .0 0 0 .
0 0 0 p o u n d s p e r y e a r i n 1 9 1 2 -1 3 -1 4 .
T h o n c a m e t h e E u r o p e a n t h o f o l l o w i n g m o n t h a d e t a i le d s t a t e m e n t o f e a c h m o n t h ’ s p u l l in g .
r e t u r n s m u s t b e m a d e o u t in d u p l i c a t e , a n d o n e c o p y s e n t t o t h e W o o l A d
w a r a n d w o b e g a n e x p o r t i n g s o m e w o o l e n g o o d s t o f o r e i g n c o u n t r ie s a n d
m in is t r a t o r , 2 7 3 S u m m e r S t r e e t , B o s t o n , a n d t h o o t h e r t o t h e C h i e f o f t h e
d o m e s t i c c o n s u m p t i o n in c r e a s e d a l s o .
I n 1 9 1 7 w o m a d e l a r g o q u a n t it i e s
W o o l D i v i s i o n , W a r I n d u s t r ie s B o a r d , W a s h i n g t o n , D . C .
o f w o o lo n g o o d s fo r o u r a r m y a n d n a v y .
T h e r e s u lt is t h a t in 1 9 1 5 -1 6 -1 7
P rice s o n p u lle d w o o l p r o d u c e d u p t o A p ril 2 5 1918 ta k e n o v e r u n d e r th e
t h o a v e r a g o a n n u a l c o n s u m p t i o n o f w o o l in t h i s c o u n t r y w a s 6 0 0 ,0 0 0 ,0 0 0
d i r e c t i o n o f t h e W a r I n d u s t r ie s B o a r d :
poun ds.
O f t h is a m o u n t p r o b a b l y 1 0 0 ,0 0 0 ,0 0 0 p o u n d s w e n t t o c l o t h e t h o
A l l w o o l p u l l e d u p t o a n d in c lu d in g A p r i l 2 5 1 9 1 8 , s u i t a b l e f o r G o v e r n
arm y and n a vy .
T h u s , i t is f a ir t o a s s u m e t h a t o u r a v e r a g o a n n u a l c o n
m e n t r e q u i r e m e n t s , w ill b e t a k e n a t p r i c e s a s o f J u l y 3 0 1 9 1 7 , f o r w o o l c o s t
s u m p t i o n o f w o o l is a p p r o x i m a t e l y 5 0 0 ,0 0 0 ,0 0 0 p o u n d s , e x c l u s iv e o f a r m y
i n g J u l y 3 0 p r i c e s o r le s s.
needs.
F o r a ll p u l l e d w o o l w h ic h c a n b o s h o w n t o c o s t t h e o w n e r p r i c e s i n e x c e s s
T h o G o v e r n m e n t e s t im a t e s t h a t i t r e q u ir e s 1 0 0 p o u n d s o f w o o l p e r y e a r
o f J u l y 3 0 p r i c e s , t h e G o v e r n m e n t w ill p a y o n a c c o u n t o f o v e r h e a d a n d r e c o g
t o c l o t h o e a c h s o l d ie r , s o t h a t a n y a r m y o f 2 , 0 0 0 , 0 0 0 m e n - w o u l d r e q u ir e
2 0 0 .0 0 0 . 0 0 0 p o u n d s o f w o o l p e r a n n u m .
A d d i n g t h is t b o u r a n n u a l n o r m a l n i z e d e x c e s s v a l u e o f s p o t w o o l a n a m o u n t o f 5 % a b o v e c o s t o n a ll g r a d e s .
C o s t t o b e c o m p o s e d o f o u t - o f- p o c k e t c o s t , c o n s is tin g o f fir s t c o s t , tra n s
c o n s u m p t i o n , w o w ill r c q u l r o a t o t a l s u p p l y o f w o o l f o r a ll p u r p o s o s i n 1 9 1 8
p o r t a t i o n , m a r in e a n d w a r in s u r a n c e ( i f a n y ) , a n d i n t e r e s t a t 6 % , b u t t h i s
o f 7 0 0 ,0 0 0 ,0 0 0 p o u n d s .
t o t a l in n o c a s e is t o e x c e e d A p r i l 5 p r i c e s , a s p e r l i s t , s u b m i t t e d b y t h e
O n J a n . 1 1 9 1 8 t h o G o v e r n m e n t t o o k a c e n s u s o f t h o w o o l in t h o U n lt o d
v a lu a tio n c o m m itte e s .
S t a t e s o n t h a t d a t e , a n d r e p o r t e d o n h a n d 4 3 5 ,0 0 0 ,0 0 0 p o u n d s o f c l o t h i n g
L E W IS P E N W E L L ,
w o o l.
T h o d o m e s t i c c l i p o f 1 9 1 8 w ill t o t a l 3 0 0 ,0 0 0 ,0 0 0 p o u n d s .
Tho
LIKELIHOOD OF WOOL SHORTAGE REFUTED
SECRETARY OF NATIONAL WOOL GROWERS'
ASSOCIATION.
BY
G o v e r n m e n t o f G r e a t B r i t a i n h a s r e le a s e d t o t h o U n it e d S t a t e s f o r a r m y
p u r p o s e s 7 0 ,0 0 0 ,0 0 0 p o u n d s o f w o o l.
I n a d d it io n t o th is , th o im p o r t s o f
c l o t h i n g w o o l f o r 1 9 1 8 w ill a m o u n t t o a b o u t 3 5 0 ,0 0 0 ,0 0 0 p o u n d s .
T h crof o r o , w o h a v o a g r a n d t o t a l s u p p l y o f w o o l in s ig h t f o r 1 9 1 8 o f 1 ,1 5 5 ,0 0 0 ,0 0 0
pou n ds.
O u r c o n s u m p t i o n s h o u l d b o a r o u n d 7 0 0 ,0 0 0 ,0 0 0 p o u n d s , s o t h a t
o n J a n . 1 1 9 1 9 w o s h o u l d h a v o a b a l a n c o o n h a n d o f 4 5 0 ,0 0 0 ,0 0 0 p o u n d s ,
o r a b o u t th o s a m o as w a s o n h a n d in J a n u a r y 1 9 1 8 .
N a t u r a l l y , w o o l is h ig h in p r i c e a n d i t m u s t r e m a in s o d u r i n g t h e w a r .
T h e c o s t o f p r o d u c i n g w o o l h a s in c r e a s e d b y le a p s a n d b o u n d s in t h o p a s t
t w o y e a r s , s o t h a t w o o l g r o w e r s a r o in n o b e t t e r p o s i t i o n t h a n b e f o r e t h o
w ar.
T h o a d v a n c e i n t h o p r i c e o f w o o l h a s n o t b e e n a s g r e a t a s in m o s t
o t h e r c o m m o d it ie s .
T h o a v e r a g o p r i c e o f t h o b e s t f i n e , s e c o n d w o o l in
B o s t o n f o r 1916 a n d t h o e le v e n y e a rs th a t p r e c e d e d w a s 6 9 c . a p o u n d ; th o
a v e r a g o p r i c o o f t h o s a m e g r a d e o f w o o l in 1 9 1 7 w a s $ 1 7 0 .
W o o l has,
t h e r e fo r e , a l it t l o m o r e t h a n d o u b l e d in p r i c o .
I t w ill p r o b a b l y r e m a in o n
t h e p r e s e n t b a s is t h r o u g h o u t t h o w a r .
B u t a n a d v a n c e in t h o p r i c o o f
w o o l h u r t s t h o c o n s u m e r le s s t h a n in a l m o s t a n y o t h e r c o m m o d i t y .
T a k i n g t h o w o o l a t t h e p r e s o n t p r i c e , a n a ll w o o l s u i t o f c l o t h o s w o u l d
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84 to 86.
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degreo.
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a n d n o f a m in e in s i g h t , a n d a n in c r e a s e d u s e o f s h o d d y is u n n e c e s s a r y .
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d u r i n g t h is w e e k .
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w o o l, t o b o k n o w n a s W h it e H o u s e w o o l.
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n a m e s o f th o b id d e r s .
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Chief of Wool Division,
War Industries Board.
W a s h in g t o n , D . O ., M a y 21 1 9 1 8 .
VOLUNTARY CUT IN COMMISSION ON GOVERNMENT
CONTRACT BY ALLIED SILK TRADING
CORPORATION.
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b y th o C o r p o r a tio n to th e W a r D e p a r t m e n t :
1 . W h e n t h o A l l ie d S ilk T r a d i n g C o r p o r a t i o n u n d e r t o o k t o a s s is t t h e
O r d n a n c o D e p a r t m e n t i n t h e m a n u f a c t u r e o f s e v e n m il l io n y a r d s o f c a r t
r id g e c l o t h , a n d f o r m e d a c o r p o r a t i o n o f 8 5 0 0 ,0 0 0 , c a s h p a i d i n , f o r t h e
p u r p o s e t h e r e w a s n o d e s ir e o n t h e i r p a r t t o u n d e r t a k e t h is w o r k p a r t i c u
l a r ly f o r p r o f i t .
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t r a c t w a s p l a c e d w a s b a s e d u p o n a n d a c c e p t e d w it h t h o i d e a o f s a f e g u a r d i n g
t h e c o m p a n y f r o m a n y p o s s i b le lo s s t h a t m ig h t o c c u r in t h e e x e c u t i o n o f t h e
c o n t r a c t , t h e c o m p a n y b e in g u n ce rta in a t th e tim e a s t o p r o m p t p a y m e n ts
b y t h e G o v e r n m e n t , r e q u i r e m e n t s a n d p o s s i b le c o n t in g e n c ie s .
2 . I t g i v e s u s g r e a t p le a s u r e , t h e r e fo r e , t o i n f o r m y o u t h a t , o w i n g t o t h e
f a c t t h a t p a y m e n ts h a v e b e e n p r o m p t , re q u ir e m e n ts h a v e b e e n w it h in
t h o b o u n d s o f r e a s o n , a n d p r o m p t a n d r e a d y a s s is t a n c e r e n d e r e d b y t h e
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r e d u c o t h e ir c o m m i s s i o n o n t h i s c o n t r a c t f r o m 7 H % t o 3 % ( a n d p o s s i b l y
lo s s , a t t h e ir d i s c r e t i o n ) o n t h e e n t i r e a m o u n t o f t h e c o n t r a c t , m a k i n g a
g a in o f b e t w e e n 8 2 0 0 ,0 0 0 a n d 8 3 0 0 ,0 0 0 f o r t h e G o v e r n m e n t .
3 . T h i s is b a s e d o n t h e a s s u m p t i o n t h a t p a y m e n t s w ill b e m a d e t o t h e
c o m p a n y p r o m p t ly , as h e r e t o fo r e , fo r m o n e y e x p e n d e d , a n d t h a t th e
c o m p a n y w ill s u f fe r n o m o n e t a r y lo s s e s in t h o e x e c u t i o n o f t h o w o r k In
v o l v e d u p t o t h e t im e o f t h e c o n c lu s io n o f t h o o n t i r e c o n t r a c t , w h i c h l a t t e r
c o n t in g e n c y seem s u n lik e ly a t p re s e n t.
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t h o p a y m e n t t o t h o A l l ie d S ilk T r a d i n g C o r p o r a t i o n o f 3 % in s t e a d o f 7 H % .
a s t h o c o n t r a c t c a l ls f o r , l e a v i n g t h o b a l a n c e o f 4 H % a s a c o n t i n g e n t f u n d
i n t h o h a n d s o f t h e G o v e r n m e n t , a n d w h ic h t h e c o m p a n y w ill n o t c o l l e c t
e x c e p tin g as p e r p a ra g ra p h N o . 3 .
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r e li o v e d o f a n y r e s p o n s i b il i t y in o u r w o r k u n d e r t h is c o n t r a c t b e c a u s e o f
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w it h 3 % ( o r le s s , a t t h e ir d i s c r e t i o n ) a s a c o m m i s s i o n in s t e a d o f
if
n o lo s s e s t o t h e m a r e i n v o l v e d .
T h e s p i r it w e a r o e n d e a v o r i n g t o d i s p l a y ,
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THE CHRONICLE
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W h e re a s t h o u rg e n t d e fic ie n c y b ill, I I . I t. 9 8 6 7 , a p p r o v e d M a r c h 2 8 1918,
a u t h o r i z e d t h o C o m m i s s io n e r s o f t h o D i s t r i c t o f C o l u m b i a t o c o n s t r u c t
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S t r e e t t o V i r g i n ia A v e n u e ; in V i r g i n ia A v e n u e t o N o w Y o r k A v e n u e ; in
N o w Y o r k A v e n u e b e t w e e n V i r g i n ia A v e n u e a n d N i n e t e e n t h a n d E S t r e e t s ;
in E S t r e e t b e t w e e n S v e n t e e n t h a n d N i n e t e e n t h S t r e e t s ; a n d In S e v e n t e e n t h
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B S t r e e t b e t w e e n T w e n t y - F i r s t a n d T w e n t y - S i x t h S t r e o t s a n d in T w e n t y S i x t h S t r e e t b o t w e o n B a n d D S t r e e t s , $ 1 8 ,7 0 0 ; a n d f o r c o n s t r u c t i n g
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b e t w e e n S o v c n t h a n d N i n t h S t r e o t s a n d B S t r o o c N . a n d B . S t r e e t S . , $ 2 ,4 0 0 ;
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t h o s o w a t e r m a in s ;
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m is s io n s t h o p r o d u c e r s s a t w i t h t h o B o a r d in s o v o r o W a s h i n g t o n h e a t in
a l o w - s t u d d e d r o o m a n d g a v e f a c t s a n d f ig u r e s c o n c e r n in g t h e i r o p e r a t i o n s
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o f c o p p o r h a d r e m a in e d s t a t i o n a r y .
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c la s s i f ic a t i o n o f p r o d u c e r s s o t h a t t h o h i g h - c o s t m in e s w o u l d b o s h o w n
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p re se n t o p e r a tio n s .
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c o p p e r c o s t o v e r 2 0 c e n t s a p o u n d t o p r o d u c e , i t is e s t im a t e d b y c o p p o r
a u t h o r i t i e s , a n d t o s p e e d u p t o n o w e f f o r t s a n d e n a b lo p r e s o n t t o n n a g e s t o
b o tu r n e d o u t t o m a r k e t a t a p r o f it , t h o s u g g e s tio n h a s b e o n a d v a n c e d th a t
s o v c r a l c o n t s a p o u n d o v e r th o s t ip u la te d p r ic o b o g r a n te d th o s o c o n c e r n s .
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c o n s i d e r a t io n a n d a c o n s i d e r a b l e d i f f e r e n c e o f o p i n i o n e v i d e n t l y o x is t s
b e t w e e n t h o B o a r d a n d p r o d u c e r s a s t o t h o in c lu s i o n o f c e r t a in i t e m s f . o . b .
r e f i n e r y , w it h t h o e l im i n a t i o n o f a ll f r e i g h t a n d o t h e r c h a r g e s in c o n
n e c t io n w it h d e liv e r y o f t h o m a r k e ta b le p r o d u c t t o c o n s u m e r s .
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b e l i e f h e r o w i t h w h ic h c o n t e n t i o n t h o p r o d u c e r s c a n n o t a g r e e .
F u r t h e r m o r e , t a x e s , a l w a y s c o n s i d e r e d a p r o p e r c h a r g o , c a n n o t b o In
c lu d e d in c o s t w h e n b e in g c o n s i d e r e d a s a b a s is f o r a r g u i n g c o p p e r p r i c e s .
N o r c a n d e p l e t i o n b e r e g a r d e d . It a p p e a r s f r o m w h a t w a s h o a r d f r o m t h o
B o a r d ’s s i d e . T h a t a ll t h o c o p p e r w h ic h c a n p o s s i b l y b o t u r n e d o u t b y
t h o m in e s o f t h o c o u n t r y w ill b o n e e d e d is r e c o g n i z e d b y t h o G o v e r n m e n t
a n d a s h o r t a g e m a y d o v c l o p u n le s s f u r t h e r s p e e d i n g u p c a n b o a c c o m
p l is h e d .
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s e n t a t i v e s , s h o u l d t h o p r i c e b e i n c r e a s e d s o a s t o p e r m i t t h e m a f a ir p r o f i t
f o r . d o p l o t i n g t h e ir m in e s , b u t w it h t h a t p o s s i b i l i t y p a s s e d , t h r o u g h e x t e n d
in g .t h o p r e s e n t p r ic o fo r » a 7 5 -d a y p e r io d , t h o j n e o n t lv o fo r t h o c o m p a n ie s
s h o w in g l i t t l e o r n o p r o f i t t o d r a in t h e i r p h y s i c a l a s s e t s h a s d i s a p p e a r e d ,
a l t h o u g h f r o m a p u r e l y p a t r i o t i c v i e w p o i n t t h e y w ill d o t h e b e s t t h e y c a n
in m a i n t a in in g a n d in c r e a s in g o u t p u t w h e r e p o s s i b l e .
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S 3 4 3 0 0 ,0 0 0 s e e m e d t o h a v e m a d e a n im p r e s s i o n u p o n t h e B o a r d .
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a s t o j u s t h o w m u c h c a m e f r o m a c t u a l c o p p e r s a le s , t h e a m o u n t f r o m i n
v e s t m e n t s in o t h e r c o m p a n i e s a n d t h o r e v e n u e d e r i v e d f r o m s u b - c o m p a n y
o p e r a tio n s .
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^ A c a s e w a s 'p r e s e n t e d f o r U t a li C o p p e r C o . , in w h ic h i t w a s s t a t e d t h a t
c o s t s w h i c h t h i s c o m p a n y h a d b e e n a b l e t o s e c u r e w e r e d u o in la r g o p a r t
t o t h o la rg e a m o u n ts o f m o n e y t h a t h a d b e e n p u t b a c k in t o t h o p r o p e r t y
a n d t o t h o v a s t e x p e n d it u r e s f o r i m p r o v e m e n t s a n d a d d i t i o n s .
POSSIBILITY OF USE OF COAL AND OIL BEING
DENIED YACHTS DURING WAR.
I n a n n o u n c in g th e p o ssib ility o f th e issu a n ce o f a n ord er
p ro h ib itin g th o uso o f c o a l a n d fu e l oil b y y a c h t s d u rin g th e
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issu an ce o f an o r d e r p r o h ib itin g th o u s o o f coal a n d fuel o il b y p r iv a te
y a c h t s d u rin g t h o p resen t w a r e m e r g e n c y . T h e w o rd s “ p r iv a te y a c h t "
u s ed in tills c o n n e c tio n m ea n a n y v o sscl o p e r a te d n o t f o r p r o fit .
F o r s o m o m o n th s th e c o n s e r v a t io n d iv is io n o f th o F u e l A d m in is tra tio n
h a s b o o n i n v e s t ig a t i n g t h o c o n d i t io n s u n d e r w h i c h p r i v a t e y a c h t s a r e
o p e r a t e d in A m e r i c a n w a t e r s , t h o n u m b e r in c o m m i s s i o n , t h o n u m b e r o f
m e n e m p l o y e d , a n d t h o a v e r a g o c o a l a n d o il c o n s u m p t i o n .
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g l,T h o t o t a l f u e l u s e d in t h e s e v e s s e ls h a s b e e n d o o m e d w o r t h y o f c o n s i d e r
a t i o n a t a t i m e w h e n a s h o r t a g o o f f u e l is i n e v i t a b l e .
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t h e s o c r a f t w o u l d a ls o r e le a s e a c o n s i d e r a b l e n u m b e r o f m e n f o r w o r k in
t h o w a r in d u s t r ie s .
T h e s ta tis tic s ga th ered b y th o c o n s e r v a tio n d iv isio n sh ow t h a t h u n
d red s o f vessels fo rm e r ly o p e r a te d as p r iv a te y a c h ts in th is c o u n t r y h a v e
b e e n tu rn od o v e r t o th o G o v e rn m e n t fo r u so in t h o w a r.
OIL AND COAL PRODUCTS FOR ROAD WORK LIMITED.
I t w a s a n n o u n c e d o n M a y 1 9 t h a t th e u so o f oil a n d c o a l
p ro d u c ts in p u b lic r o a d w o rk w ill b o lim ite d fo r th o p eriod
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b u ild in g o r rep airin g r o a d s w ill b o d e liv e r e d o n ly a fte r a p
p r o v a l o f th e a p p lic a tio n b y a c o m m itte e rop roson tin g th e
F u e l A d m in is tr a tio n a n d th o o ffice o f P u b lic R o a d s o f the
D e p a r tm e n t o f A g r ic u ltu r e .
T h e fo llo w in g is th o a n n o u n c e
m e n t m a d e b y th e D e p a r tm e n t o f A g r ic u ltu r e :
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t e n a n c e o r r e c o n s t r u c t i o n o f r o a d s w ill b o d e l iv e r e d o n l y a f t e r a p p r o v a l o f ,
t h o a p p l i c a t i o n b y a c o m m i t t e o r e p r e s e n t in g t h o U n it e d S t a t e s F u e l A d *
m in is t r a t io n a n d t h o o f f i c e o f P u b l i c H o a d s o f t h o U n it e d S t a t e s D e p a r t
m e n t o f A g ric u ltu re .
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t w o F e d e ra l a g e n c ie s .
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t h e ir t e r r i t o r ie s i n v o l v i n g t h o u s o o f t h o s e m a t e r ia l s .
A p p lic a t io n s a ro
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consider t h e n e c e s s it y o f t h o m a t e r ia l b e in g s u p p l i e d a n d w ill m a k e r e c o m
m e n d a t i o n s t o t h o o il d i v i s i o n o f t h o F u e l A d m i n i s t r a t i o n , w h i c h w ill is s u e
p e r m it s In a c c o r d a n c e w i t h t h o r e c o m m e n d a t i o n w h e n t h o m a t e r ia l is
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S h i p m e n t s in p a p e r b a g s , 10 c e n t s p e r b a r r e l a d d it i o n a l .
S h i p m e n t s In c l o t h b a g s , 4 0 c e n t s p e r b a r r o l a d d it i o n a l .
C e m e n t c o m p a n i e s w ill is s u e c r e d it t o t h o d e p a r t m e n t o r c o n t r a c t o r t o
w h o m t h o c e m e n t h a s b e e n s o l d o r s h i p p e d in c l o t h b a g s a t t h o r a t e o f 10
c e n t s e a c h f o r t h o c o m p a n y 's e m p t y c l o t h b a g s b e a r i n g i t s b r a n d , u p o n
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3183
THE CHRONICLE
M ay 25 1918.]
c o m p a n y ’s in s p e ctio n a n d c o u n t ; su c h b a gs t o b e retu rn ed w ith in s ix ty d a y *
fr o m d a te o f r e ce ip t o f s h ip m e n t. C lo t h b a gs are t h e p r o p e r t y o f th o c e rnen
c o m p a n ie s a n d aro n o t t o b o used b y th e G o v e rn m e n t d e p a rtm e n ts o r th e ir
c o n tr a c to r s fo r o th e r p u rp o se s, a n d w h ile in th eir p o ssession are t o b e p r o p
e rly ca re d fo r an d special a tte n tio n g iv e n t o their p r o m p t re tu rn t o th e
O n th e a b o v e b a sis, w ith fre ig h t a d d e d , p rice s w ill b e n a m e d f . o . b . cars
a t d e stin a tio n b ased u p o n p re se n t ra te s o f fre ig h t an d w ar ta x o n th is
fre ig h t s u b je c t t o in crea se in d e stin a tio n p rices in a c c o r d a n c e w ith a n y
increases w liich m a y b e m a d e in fre ig h t rates a n d th e w ar ta x o n same_
S h ipm en ts t o b e m a d o fre ig h t c o lle c t , d e d u ctin g fr o m in v o ic e th e a m o u n t
o f th o fre ig h t fro m m ill t o d e s tin a tio n .
In sp e cia l a n d e x ce p t o n a l in
sta n ce s w h ere sh ip m en ts are d esired fre ig h t p r e p a id . In vo ice s w ill b e r e n
d e re d a t d e stin a tio n p rice s w ith o u t fre ig h t d e d u c tio n .
T e r m s o f p a y m e n t w ill b e t h i r t y d a y s n e t c a s h o r f i v e c e n t s p e r b a r r e l
d i s c o u n t i f i n v o i c e s a r e r e m it t e d f o r w it h i n t e n d a y s f r o m d a t e o f s h i p m e n t .
N o t i c e h a s a lso b e e n g iv e n o f th e a d o p tio n b y th e p rice
fix in g c o m m it te e a t a m e e tin g o n M a y
11 o f th e fo llo w in g
r e s o lu tio n :
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d u r in g th o f o u r m o n th s e n d in g A u g . 31 a re s o n u m e r o u s as t o m a k e it d if f i
c u l t t o f ix a m a x i m u m p r i c o w h i c h w ill s e c u r e t o t h e m a n u f a c t u r e r s w h a t t h e
G o v e r n m e n t c o n s i d e r s a f a ir p r o f i t i t is u n d e r s t o o d a n d a g r e e d t h a t i f a t
a n y t i m e d u r i n g s a id p e r i o d f o r w h ic h m a x i m u m p r i c e h a s b e e n f ix e d t h e
m a n u f a c t u r e r s c a n s u b m i t c o n v i n c i n g p r o o f t o t h e P r i c e f i x in g C o m m i t t e e
t h a t t h o p r i c o a g r e e d u p o n is u n f a i r t o t h e m t h o c o m m i t t e e w ill r c c e n e
s u c h c v i d o n c o a n d r e a d j u s t p r i c e s f r o m d a t e o f s a id s u b m i s s io n o f e v i d e n c e
o n w h a t t h e G o v e r n m e n t , f o ll o w i n g it s u s u a l p o l i c y , c o n c e i v e s t o b e f a ir
a n d ju s t t o t h e m a n u fa c tu r e r .
W h i l e t h e m a x i m u m p r i c o a g r e e d u p o n is
u n d e r s t o o d t o b e fo r th e G o v e rn m e n t o n ly , th e m a n u fa ctu re rs h a v e a ssu re d
th e G o v e r n m e n t t h a t t h e m a x im u m p r ic e t h e y a re ch a r g in g th e g e n e ra l
t r a d e is t h o lis t s u b m i t t e d t o t h e G o v e r n m e n t o n A p r i l 2 2 , w it h t h e e x c e p
t io n s n o t e d o n a t t a c h e d l is t .
T h e G o v e rn m e n t se rv e s n o tico u p o n th e
m a n u f a c t u r e r s , h o w e v e r , t h a t i f t h e r e is a n y d i s p o s it i o n t o a d v a n c e t h is
p r i c o t o t h o g e n e r a l t r a d e , t h e G o v e r n m e n t w ill e n f o r c e t h o e s t a b l is h e d
p o l i c y o f t h e G o v e r n m e n t w h e r e i t f ix e s a p r i c o f o r t h o G o v e r n m e n t a n d
t h o p u b l i c f o r t h o g e n e r a l p u b l i c t o p a y t h e s a m e p r i c o w h ic h t h e G o v e r n
m ent pays.
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ers o f th e D o w
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fo llo w in g to s a y o n M a y 1 3 re g a rd in g th e n e w p ric es:
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c o n s u m e r a n d t h e b u i l d in g m a t e r ia l d i s t r i b u t o r a r e r e p o r t e d t o - d a y .
P e r h a p s t h e m o s t d o m i n a n t f e a t u r e is t h o a n n o u n c e m e n t o f t h e f in a l
a r r iv a l a t a p r i c e a d j u s t m e n t b e t w e e n t h o G o v e r n m e n t a n d t h e P o r t l a n d
c e m e n t m a n u f a c t u r e r s o f t h e L e h ig h V a ll e y a n d H u d s o n d i s t r i c t s .
T h is
q u o t a t i o n h a s b e e n p l a c e d a t S I 7 5 f o r L e h ig h V a l l e y , o r z o n e 1 , p r o d u c t i o n
a n d $1 8 5 f o r H u d s o n V a l l e y c e m e n t .
T h e s o l e v e ls r e p r e s e n t a n a d v a n c e
o f 4 5 c e n t s a b a rrel o v e r th o q u o t a t io n s fo rm e r ly m a d e o n G o v e r n m e n t
o r d e r s , b a s e L e h ig h , p r i o r t o t h e d e v e l o p m e n t o f h ig h e r c o s t o f m a n u
f a c t u r e s i n c e t h is c o u n t r y w e n t t o w a r a l it t l e o v e r a y e a r a g o .
T h e now
p r i c e s a r o 15 c e n t s b e l o w t h e m ill q u o t a t i o n f o r c o m m e r c i a l b u s in e s s . ^
S im u lt a n e o u s w i t h t h is a n n o u n c e m e n t c o m e s w o r d o u t o f b o t h d i s t r i c t s
t h a t t h o c o a l s i t u a t io n is b e c o m i n g e a s ie r a n d t h e t h r e a t e n e d r e s t r i c t io n
o f o u t p u t d o e s n o t n o w p r o m is e t o b o q u i t e s o a c u t e .
T h e la r g e r c o n
s t r u c t i o n p r o g r a m s o u t l in e d b y t h o G o v e r n m e n t a n d b y t h e U n it e d S t a t e s
S t e e l C o r p o r a t i o n h a v e i n j e c t e d n e w f a c t o r s i n t o a ll c la s s e s o f b u i l d in g
m a t e r ia ls , e s p e c i a ll y w i t h r e la t i o n t o s u p p l y a n d i t is n o t a t a ll i m p r o b a b l e .
In t h e m in d s o f s o m o in t e r e s t s , t h a t a c o n s t r u c t i o n p r o g r a m r u n n in g i n t o
t h e b i ll i o n s o f d o lla r s w ill d r a w s o h e a v i l y u p o n t h e l im i t e d s u p p lie s o f
b u i l d in g m a t e r ia ls o n h a n d in t h e e a s t e r n p a r t o f t h o c o u n t r y t h a t o r d e r s
r e c e n t ly p r o m u l g a t e d m a y h a v e t o b o r e v i s e d t o p e r m it h u s b a n d i n g o f
re s e rv e s a d e q u a te fo r im m e d ia te fu tu r e re q u ire m e n ts .
W h a t w a s c o n s i d e r e d a f o r e r u n n e r o f a p l a n t o c o n s e r v e b a s i c b u i l d in g
m a t e r ia ls d e v e l o p e d in t h e c u t - s t o n e t r a d e w h e n i t w a s r e v e a l e d t h a t f a r
s i g h t e d d i s t r i b u t o r s , a n t i c ip a t i n g j u s t s u c h a n e m e r g e n c y , h a d b e e n s y s t e
m a t i c a l l y b r in g in g t o t h is m a r k e t la r g e q u a n t it i e s o f b u i l d in g s t o n e s o as
t o in s u r o o p e r a t o r s o n in s t it u t i o n a l a l t e r a t i o n w o r k o r h i g h - g r a d e p r i v a t e
w o rk th a t c o u ld g o a h e a d o n p r iv a t e c a p ita l o f a n a b u n d a n c e o f p r a c t ic a lly
n o r m a l - p r i c e d b u i l d in g m a t e r ia l .
T o - d a y t h e r e is p i le d u p in t h is c i t y
a n d s t ill c o m in g in la r g e q u a n t it i e s o f o r d i n a r y b u i l d in g s t o n o , t h e r e b e i n g
p r o b a b l y m o r e f r e e m a t e r ia l o f t h is c h a r a c t e r o n h a n d h e r e t h a n t h e r e h a s
b e e n a t a n y t im e In r e c e n t y e a r s .
T h e r a ilr o a d s a r o c o - o p e r a t i n g in r u s h
in g s t o n o h e r o , b u t a r e n o t n o w h a n d li n g t h e lig h t e r a g e .
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a d v a n c e is n o t e d .
A n o th e r d e p a rtm e n t th a t h a s b e g u n t o fe e l s o m e o f th o p ro ssu ro o f G o v
e r n m e n t b u s in e s s Is lim o , a n i n c r e a s in g q u a n t i t y o f i t n o w b e i n g c a l le d f o r
in S o u t h e r n p o r t s f r o m E a s t e r n s o u r c e s .
T h i s is b e i n g u s e d p a r t l y in t h e
h o u s in g d e v e l o p m e n t s in M a r y l a n d , P h ila d e lp h ia a n d s o u t h e r n I s e w
Jersey.
C o m p o s i t i o n r o o f i n g , in o n e s e c t io n o f t h e m a r k e t , s h o w s a n o t a b l e
p r i c e s h r in k a g e t h is w e e k .
M a t e r ia l o f 3 5 .4 5 a n d 5 5 - p o u n d g r a d e s a r e
o f f 2 0 c e n t s a n d t h o s a m e a p p lie s t o I n s u la t in g p a p e r .
A t t h o s a m e t im e
it w a s a n n o u n c e d t h a t f lu x t h a t is u s e d w it h a s p h a lt u m s u b s t i t u t e h a s b e e n
a d v a n c e d $ 4 a n d is n o w q u o t e d a t M a u r e r , N . J . , a t $ 3 4 a n d $ 3 6 , d e p e n d in g
u p o n w h e t h e r c a r lo a d l o t s a r e c a l le d f o r o r le s s .
N o t a b l e p r i c e c h a n g e s b e c a m e e f f e c t i v e la s t w e e k in h o l l o w t ile f i r e
p r o o fin g , b a s o , P e r th A m b o y , N . J .
E x t e r i o r is n o w q u o t e d a s f o ll o w s :
4 x 1 2 x 1 2 , $ 1 0 5 p e r 1 ,0 0 0 ; 6 x 1 2 x 1 2 . $ 1 4 7 ; 8 x 1 2 x 1 2 . $ 1 7 8 5 0 ; 1 0 x 1 2 x 1 2 , $ 2 1 0 ;
12x12x12, $262 50.
I n t e r io r , 2 x 1 2 x 1 2 , $ 8 0 ; 3 x 1 2 x 1 2 , $ 8 0 ; 4 x 1 2 x 1 2 , ..,90,
and 6x12x12, $120.
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P r i c e a d v a n c e s a r e r e p o r t e d in N e w a r k in a l m o s t e v e r y c o m m o d i t y .
P o r t l a n d c e m e n t a t N e w a r k y a r d is n o w $ 3 a b a r r e l a n d $ 3 15 d e l iv e r e d ;
R o s e n d a l e 8 2 , a s a g a in s t f o r m e r p r i c e o f $1 6 0 a n d a d e l i v e r y p r i c e o f $ 2 1 5 .
L i m e h a s a d v a n c e d f r o m $1 9 0 t o $ 2 6 0 y a r d a n d $ 2 7 5 d e l iv e r e d .
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t h a t w a s f o r m e r l y q u o t e d a t $ 2 8 0 is n o w q u o t e d a t y a r d a t S3 6 0 a n d d e l i v
ered $3 7 5 .
H u d s o n a n d R a rita n b r ic k a t N e w a r k y a r d a re $ 1 2 2 5 a
th ou sa n d .
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DEPENDENCE OF
UNITED STATES ON BRITISH
FOR CLAY.
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o n B r itis h im p o r ts o f c la y , th e U n it e d S ta te s S h ip p in g B o a r d
says:
M o s t o f u s t h i n k c l a y is s o m e t h i n g a s c o m m o n a n d a b u n d a n t a s s a n d o r
g r a v o l.
C o n s e q u e n t l y i t c o m e s a s a s u r p r is e t o b e t o l d b y t h e S h ip p in g
H o a r d c o m m i t t e e o n m in e r a l I m p o r t s a n d e x p o r t s in W a s h i n g t o n t h a t e v e n
in t h i s d a y o f g r e a t s h o r t a g o o f o c e a n - g o i n g s h ip s w e h a v e t o i m p o r t f r o m
E n g la n d e v e r y y e a r 2 0 0 ,0 0 0 t o 2 5 0 .0 0 0 l o n g t o n s o f c l a y .
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i m p o r t e d m o r o t h a n 2 5 0 ,0 0 0 t o n s o v e r t h e o c e a n .
2184:
THE CHRONICLE
F u r t h e r m o r e , a g r e a t p a r t o f t h i s c l a y c o m e s o v e r In s t e a m e r s l o a d e d f u l l
a n d t h e r e s t In b i g s t e a m e r s l o a d e d w i t h c l a y u p t o 5 0 % a n d m o r e o f t h e i"
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m a x i m u m c a r r y in g c a p a c i t y .
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t h e ir fr e ig h t .
T o g e t t h is c l a y o n a n d o f f t h e b o a t s r e q u i r e s 1 0 d a y s o n
each ca rg o .
A n i n s ig n if i c a n t p e r c e n t a g e o f t h e c l a y is s h i p p e d a s b a l l a s t“
.
T h i s r e p r e s e n t s s m a ll l o t s l o a d e d I n t o b i g lin e r s a t L i v e r p o o l .
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b e s e e n t h a t t h e i m p o r t a t i o n o f E n g li s h c l a y c o n s u m e s a n i m p o r t a n t
a m o u n t o f s h i p t o n n a g e m e a s u r e d in d a y s t i m e l o s t b e c a u s e o f n a t u r a l
1
d e l a y s i n c i d e n t t o t h e t r a n s p o r t o f t h is f r e i g h t .
THE OVERMAN BILL BECOMES A L A W .
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E n g li s h c l a y a s a c h i e f i n g r e d i e n t o f t h e d is h e s w e e a t f r o m ,,
o u r b o o k s a n d m a g a z i n e s , t h e p o r c e la in i n o u r e l e c t r i c - I i g t h
II
h a l f a d o z e n o t h e r a r t ic l e s o f lo s s g e n e r a l u s e .
th e s ig n a tu re o f P re s id e n t W i ls o n .
A f t e r th o lo n g
s tru g g le in th e S e n a te , th e m e a su r e w e n t th r o u g h th o H o u s e
in a fe w d a y s a n d w a s fin a lly a d o p t e d , w ith o u t a m e n d m e n t,
b y th e o v e r w h e lm in g v o t e o f 2 9 5 to 2 .
W h y d o o u r m a n u f a c t u r e r s p a y t h e h i g h f r e i g h t r a t e s n o w n e c e s s a r y in
n
o r d e r t o o b t a i n ^in a r t i c l e l ik e c l a y f r o m E n g l a n d ?
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k n o w , a n a b u n d a n c e o f c l a y in t h is c o u n t r y .
A g r e a t d e a l o f h ig h -g r a d o
c l a y is p r o d u c e d h e r e a n d o f a c h a r a c t e r s u i t a b l e f o r p o t t e r y , p o r c e la in s
a n d o t h e r a r t ic l e s w h i c h r e q u i r e c l a y s o f s p e c i a l e x c e l le n c e in t h e i r m a n ui
fa c tu re .
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®
r e q u i r e is d o m e s t i c .
W h e n w a r b r o k e o u t in 1 9 1 4 o n l y a t h i r d o f i t w a s
d o m e s t ic .
W e h a v e n o t b e e n a b le t o d e v e lo p a n d e q u ip o u r d e p o s its fa s t
e n o u g h t o m a k e t h e s e E n g li s h c l a y i m p o r t s u n n e c e s s a r y .
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d o u b t f u l w h e t h e r w e w ill p r o d u c e a s m u c h h i g h - g r a d e c l a y In 1 9 1 8 a s w o
d id in 1 9 1 7 .
O u r m a n u fa ctu re rs w a n t t h e c la y b u t th e y c a n n o t g e t a n y
w h ere n ea r as m u ch as th e y w a n t.
T h e r e d u c e d o u t p u t is d u e t o r a i lr o a d
a
a n d o p e r a t i n g c o n d i t i o n s a n d is n o t r e la t e d t o t h e c h a r a c t e r o r s i z e o f t h e
0
d e p o s i t s , w h ic h a r e c a p a b l e o f l a r g e p r o d u c t i o n .
r
D o m e s t i c p r o d u c e r s d o n o t m in e t h e i r c l a y q u i t e a s c l e a n l y a s t h e i r
E n g li s h c o m p e t i t o r s .
N o r is t h e d o m e s t i c c l a y a s u n i f o r m in c h a r a c t e r .
’■
I t w ill n o t b r i n g t h e h i g h p r i c e s p a i d f o r E n g li s h c l a y , b u t m o r e c o u l d b o
®
s o l d i f i t c o u l d b e p r o d u c e d a n d c a r r ie d t o Its m a r k e t .
S t ill m o r e c o u l d
b e m a r k e t e d i f c le a n e r , m o r e u n i f o r m c l a y w e r e p r o d u c e d , f o r in t h a t e v e n t
t
t h e c o n s u m e r s w o u ld u s e a g r e a te r p e r c e n t a g e o f d o m e s t ic a n d c o r r e s p o n d
*
i n g l y le s s E n g li s h c l a y in t h e i r m ix t u r e s .
I
[Vol. 106.
I t is sig n ic a n t t h a t
th e m e a su re in its fin a l fo r m is p r a c tic a lly th o s a m e a s w h e n
fir s t in tr o d u c e d in th e S e n a te a t th e r e q u e s t o f th e P r e s id e n t.
R e p r e s e n ta tiv e s G ille tte o f M a s s a c h u s e t ts a n d
Illin o is , b o th
R e p u b lic a n s , w ere
v o te d n o o n th e fin a l ro ll c a ll.
th e o n ly
S te rlin g o f
o p p o n e n ts w h o
T h e H o u s e lik e th e S e n a te
re je c te d b y la r g e m a jo r itie s a m e n d m e n ts to e x e m p t f r o m th e
o p e ra tio n o f th e b ill th e I n te r -S t a te C o m m e r c e C o m m is s io n
a n d th e F e d e ra l R e s e r v e B o a r d .
J u d ic ia ry
C o m m itt e e
to ld
th e
C h a ir m a n W e b b
H ou se,
h ow ever,
o f th o
th a t
th e
P re s id e n t d id n o t in te n d t o tra n sfe r a n y o f th e ju risd ic tio n
o f th e I n t e r -S t a t e C o m m e r c e C o m m is s io n .
O p p o s itio n to th e b ill in th e H o u s e w a s m a in ly o n th e
ground
th a t th o P re s id e n t h a d n o t
ta,ken C o n g re s s s u ffi-
c ie n tly in to h is c o n fid e n c e a s to th e c h a n g e s to b o m a d e
u n d e r th e p ro p o s e d le g is la tio n .
T h e P r e s id e n t is n o w fre e to g o a h e a d w ith th e ro o r g a n iz a tio n o f th e d e p a r tm e n ts a n d
m a c h in e .
th o sp e e d in g u p o f th o w a r
A s h is fir s t m o v e u n d e r th e n o w a c t , P re s id e n t
W ils o n o n M a y 2 0 , a s n o te d in a n o th e r a r tic le , to o k p ro d u o -
j
NATIONAL RESEARCH COUNCIL PERPETUATED IN
ORDER OF PRESIDENT WILSON.
A n E x e c u ti v e O rd e r m a k in g p e r m a n e n t th e N a t io n a l
1
R e se a r c h C o u n c il w a s issu e d b y P r e s id e n t W i ls o n o n M a y
7
11*
T h e o r d e r sta te s th a t th e w o rk in se cu rin g c o -o p e r a tio n
1
o f m ilit a r y a n d c iv ilia n a g en cie s a c c o m p lish e d b y th e C o u n c il,
’
w h ic h w a s o r g a n iz e d in 1 9 1 6 a t th e re q u e st o f th e P r e s id e n t
t
b y th e N a t io n a l A c a d e m y o f S c ie n c e s, d e m o n s tr a te s its
s
c a p a c it y fo r la rg e r s e r v ic e .
T h e d u tie s o f th e C o u n c il o u t
"
lin e d b y th e P re s id e n t in c lu d e th e p r o m o tio n b y i t o f c o
‘
o p e ra tio n in re se a r c h , a t h o m e a n d a b r o a d , in o rd e r to secu re
3
c o n c e n tr a tio n o f e ff o r t, m in im iz e d u p lic a tio n a n d s tim u la te
3
p ro g re ss.
T h e fo llo w in g is th e P r e s id e n t’ s o rd e r:
tio n o f a irc r a ft fr o m th e A r m y S ig n a l C o r p s a n d e sta b lish e d
a s a s e p a ra te o rg a n iz a tio n th e A ir P r o d u c tio n B o a r d , h e a d e d
b y John D . R y a n , o f N e w Y o r k .
P re s id e n t W ils o n a lso sig n ed a n e x e c u tiv e ord er e s ta b lis h in g a s a d is tin c t a n d se p a ra te b u r e a u , th e B u r e a u o f M ili t a r y
A e r o n a u tic s .
T h is ta k e s th e p ro d u c tio n o f a irc r a ft e n tir e ly
o u t o f th e S ig n a l C o r p s o f th e A r m y , w h ic h re m a in s its e lf a
se p a ra te o rg a n iz a tio n .
M a n y o th e r im p o r ta n t ch a n g e s are k n o w n to b e in co n
te m p la tio n , th e e ffe c t o f w h ic h , it is h o p e d , w ill b o to e lim in a te fric tio n a n d re d ta p e a n d u n ite p o w e r a n d ro s p o n s ib ility in th e h a n d s o f q u a lifie d in d iv id u a ls ra th e r th a n in
s lo w -m o v in g b o a r d s a n d c o m m is s io n s .
I n s ta n c e s o f w h a t
is c o n te m p la te d a lo n g th e se lin e s is seen in th e e n o r m o u s
E X E C U T IV E
ORDER.
p o w er n o w lo d g e d in th e h a n d s o f C h a rle s M . S c h w a b , in
T h e N a t i o n a l R e s e a r c h C o u n c il w a s o r g a n i z e d i n 1 9 1 6 a t t h e r e q u e s t o f
[
t h e P r e s i d e n t b y t h e N a t i o n a l A c a d e m y o f S c i e n c e s , u n d e r it s c o n g r e s s io n a l
c h a r t e r , a s a m e a s u re o f n a tio n a l p re p a re d n e ss .
T h e w o r k a c c o m p li s h e dj
b y t h e C o u n c i l In o r g a n i z in g r e s e a r c h a n d in s e c u r in g c o - o p e r a t i o n o f
r
m il i t a r y a n d c iv il ia n a g e n c i e s in t h e s o l u t i o n o f m il i t a r y p r o b l e m s d e m o n - ,
s t r e a t e s i t s c a p a c i t y f o r la r g e r s e r v ic e .
T h e N a t i o n a l A c a d o m y o f S c ie n c e s
Is t h e r e f o r e r e q u e s t e d t o p e r p e t u a t e t h e N a t i o n a l R e s e a r c h C o u n c i l , t h e
5
d u t i e s o f w h i c h s h a ll b e a s f o ll o w s :
1 . I n g e n e r a l , t o s t im u l a t e r e s e a r c h i n t h e m a t h e m a t ic a l , p h y s i c a l , a n d
b i o l o g i c a l s c ie n c e s , a n d i n t h e a p p l i c a t i o n o f t h e s e s c ie n c e s t o e n g i n e e r i n g ,1
a g r i c u lt u r e , m e d i c i n e , a n d o t h e r u s e fu l a r t s , w it h t h e o b j e c t o f i n c r e a s in g
k n o w l e d g e , o f s t r e n g h e n in g t h e n a t i o n a l d e f e n s e , a n d o f c n o t r i b u t i n g in
1
o t h e r w a y s t o t h e p u b l i c w e lf a r e .
2 . T o s u r v e y t h o la r g e r p o s s i b il i t ie s o f s c i e n c e , t o f o r m u l a t e c o m p r e h e n .
s i v e p r o j e c t s o f r e s e a r c h , a n d t o d e v e l o p e f f e c t i v e m e a n s o f u t i li z in g t h o5
s c ie n tific a n d te c h n ica l re s o u rce s o f th e c o u n t r y f o r d e a lin g w it h th o so
5
p r o je c t s .
l
3 . T o p r o m o t e c o - o p e r a t i o n in r e s e a r c h , a t h o m e a n d a b r o a d , In o r d e r t o,
s e c u r e c o n c e n t r a t i o n o f e f f o r t , m in im i z o d u p l i c a t i o n , a n d s t lm u l a t o p r o g r e s s ;:
b u t i n a ll c o - o p e r a t i v o u n d e r t a k in g s t o g i v e e n c o u r a g e m e n t t o i n d i v id u a l
i n i t i a t i v e a s f u n d a m e n t a l l y I m p o r t a n t t o t h e a d v a n c e m e n t o f s c ie n c o .
4 . T o s e r v e a s a m e a n s o f b r i n g i n g A m e r i c a n a n d f o r e i g n i n v e s t ig a t o r s
i n t o a c t i v e c o - o p e r a t i o n w it h t h o s c i e n t i f i c a n d t e c h n i c a l s e r v ic e s o f t h e
W a r a n d N a v y D e p a r tm e n ts a n d w it h t h o s e o f th o c iv il b ra n ch e s o f th o
G o v e rn m e n t.
5 . T o d i r e c t t h e a t t e n t i o n o f s c i e n t i f i c a n d t e c h n i c a l i n v e s t ig a t o r s t o t h e
p r e s e n t i m p o r t a n c e o f m il i t a r y a n d i n d u s t r ia l p r o b l e m s in c o n n e c t i o n w i t h
t h e w a r , a n d t o a i d i n t h e s o l u t io n o f t h e s e p r o b l e m s b y o r g a n i z in g s p e c i f i c
resea rch es.
6 . T o g a th e r a n d c o lla t e s c ie n tific a n d t e c h n ica l in fo r m a t io n , a t h o m e
a n d a b r o a d , i n c o - o p e r a t i o n w it h G o v e r n m e n t a l a n d o t h e r a g o n c i e s , a n d
t o re n d e r s u c h in fo r m a tio n a v a ila b le t o d u ly a c c r e d ite d p e rs o n s .
E f f e c t i v e p r o s e c u t i o n o f t h e C o u n c i l ’s w o r k r e q u ir e s t h o c o r d i a l c o l l a b o r a
t io n o f th e s c ie n tific a n d t e c h n ica l b r a n c h e s o f th e G o v e r n m e n t, b o t h
m ilit a r y a n d c iv il.
T o t h i s e n d r e p r e s e n t a t iv e s o f t h o G o v e r n m e n t , u p o n
t h e n o m i n a t i o n o f t h e N a t i o n a l A c a d o m y o f S c i e n c e s w ill b o d o s i g n a t o d
b y th o P r e s id e n t a s m e m b e rs o f t h e C o u n c il a s h o r e to fo r o , a n d th e h e a d s
o f t h o d e p a r t m e n t s i m m e d i a t e l y c o n c e r n e d w il l c o n t i n u e t o c o - o p e r a t e i n
e v e r y w a y t h a t m a y b o r e q u ir e d .
W OODROW
W IL S O N .
T h o W h i t e H o u s e , M a y 11 1 9 1 8 .
ch a rg e o f s h ip b u ild in g ; J o h n D . R y a n , in ch a rg o o f a irc r a ft
p r o d u c tio n ;
B e rn a rd
oral
of
R a ilr o a d s .
a n tic ip a te d
m an
B ill,
W ith
re g ard
to
re p o rts
th a t
he
had
been
offe re d
th e
In
som e
of
th o
W ar
s e ttin g u p
In d u s trie s
G . M c A d o o , D ir o c to r -G e n ca ses
P re s id e n t
a g en cie s w h ic h
w h ic h th ere w a s n o sp ec ific a u t h o r ity .
W ils o n
had
by
th e O v e r
e xercised
p o w e r fo r
H e is n o w o n a b le d
to c lo th e h is a p p o in te e s w ith le g a l a u t h o r ity , a n d assig n to
th e m su ch ta s k s a s th e exig en cies o f th e w a r d e m a n d .
A d e fin ite a n d p o w e rfu l M in is t r y o f M u n it io n s is e x p e c te d
to ta k e sh a p e o u t o f th o m a n y b u re a u s a n d o fficia ls n o w
lo o s e ly g r o u p e d to g e th e r fo r th is w o r k .
In th is n e w o r g a n i-
z a tio n E d w a r d R . S to ttin iu s , S e c o n d A s s is ta n t S e c re ta ry o f
W a r ; C o lo n e l S a m u e l M c R o b e r t s , C h ie f o f th o P ro c u re m e n t
D iv is io n
of
th e
O rdn ance
D e p a rtm e n t;
M a jo r -G e n e r a l
G o e t h a ls , in ch a rg e o f sto ra g e a n d tra ffic fo r th e Q u a rte r
m a s te r ’s
D e p a rtm e n t,
and
M a jo r -G o n o r a l
W illia m s ,
th e
n e w a c tin g C h ie f o f O r d n a n c e , a re o x p e c te d t o b e th e d o m i
n a tin g h e a d s .
.
•
I t is a ls o p re d ic te d th a t a s th e r e o rg a n iz a tio n p ro c e e d s ,
m o re m e n o f th e ty p o o f S c h w a b a n d R y a n w ill b e ca lle d
in to
th e
G o v e r n m e n t se rv ice a n d
c o m m e n s u r a te
w ith
th e ir
p u t in
a b ilitie s .
ch a rg e o f w o rk
T h ere
is
a lso
lik e ly
to b e m u c h s h iftin g a r o u n d , it is b e lie v e d , o f b u rea u s a n d
o fficia ls
to
su it n e w
c o n d itio n s .
It
is a ls o
th o u g h t
th a t
s o m e o f th e w o rk d e v o lv in g u p o n th e I n to r -S ta to C o m m e r c e
C o m m is s io n w ill b e a b s o r b e d b y th o R a ilr o a d A d m in is tr a
tio n ,
th e
u n d e r D ir e c to r -G e n e r a l M c A d o o ,
C o m m is s io n ’s
e x p e rts
a b so r b e d
p o s itio n o f D ir e c to r o f O p e ra tio n s o f th e U . S . S h ip p in g
B aru ch
th e p o w e rs co n fe rre d u p o n h im
L ik e w ise
J. A. FARRELL DENIES OFFER OF POST AS DIRECTOR
OF OPERATIONS OF U. S. SHIPPING BOARD.
M .
B o a r d , a n d S e c re ta ry W illia m
by
In
a
co rp s
of
th e
of
e x p e rts
F e d e ra l
and
m ay
th a t so m o o f
be
R eserve
ta k e n
B oard
th e w a r w o rk o f th e T r e a s u r y
over.
m ay
be
D e p a rtm e n t.
s im ila r f m a n n e r , i t h a s b e e n a n tic ip a te d
th a t m a n y
a d m in is tr a tiv e b u rea u s m ig h t b e a b s o r b e d b y th o S h ip p in g
B oard .
T h e ^ B u re a u o f N a v ig a t i o n , th e L ig h th o u s e B u r e a u
a n d th e S te a m b o a t In s p e c tio n S e r v ic e , a ll in th e D e p a r t
S ta te s
m e n t o f C o m m e r c e , c o u ld , it is s a id , b e u se d to a d v a n ta g e
S te e l C o r p o r a tio n , m a d e th e fo llo w in g s ta te m e n t o n M a y 2 1 :
b y th e S h ip p in g B o a r d , a n d e sp e c ia lly n o w th a t th e E m e r
B o ard , Jam es A .
F a r r e ll, P re sid e n t o f th o U n it e d
I h a v o r e c e i v e d n o s u c h o f f e r , a n d b o l i o v e t h e r e is n o i n t e n t i o n o n t h o
p a r t o f th e S h ip p in g B o a rd t o m a k e it .
T h e d ir e cto r s o f t h e E m e r g e n c y
F l e e t C o r p o r a t i o n k n o w t h a t I f t h e p o s i t i o n w a 3 t e n d e r e d t o m o I w o u ld b e
o b lig e d t o d e c lin e f o r p a t r io t ic r e a s o n s , i f f o r n o o t h o r .
M y w h o l e t im e
a n d e n e r g y a r e d e v o t e d t o t h o w o r k o f a s s is tin g , t o t h e u t m o s t o f m y a b i l it y .
t h o p r o d u c tio n a n d d e liv e r y o f s te e l fo r th e E m e r g e n c y F le o t a n d f o r o th e r
G overn m en t needs.
I n m y o p i n i o n t h e r e Is n o t h i n g a t t h o p r e s e n t t i m e
m o r e i m p o r t a n t t o t h e m i l i t a r y n e c e s s it i e s o f t h o G o v e r n m e n t t h a n t h e
p r o d u c t io n a n d ^ d e llv e r y o f s t e e l.
gency
F le o t
C o r p o r a tio n
is b e c o m in g
su ch
an
im p o r ta n t
fa c to r a s a su b o rd in a te o r g a n iz a tio n o f th o B o a r d .
I n a ll th e s o je h a n g e s th o g u id in g p rin c ip le , i t is d e c la re d ,
w ill
be
to
d ire c tn e s s ,
g a in lfo r c e
to ^ th o ^ e n d
and
th a t
sp ee d
th e
tliro u g h
re so u rce s
s im p lic ity
of
th o
and
U n it e d
S ta te s m a y b e ^ b ro u g h t to b e a r in th e m o s t e ffe c tiv e w a y f o r
w in n in g th e w a r .
A
fu ll r e v ie w o f th e earlier sta g e s in th e p a ssa g e o f th e
O v e r m a n B ill w ill b e fo u n d in o u r issu e o f M a y
1857.
4 , page
________________________________
PRESIDENT ISSUES ORDER FOR REORGANIZATION OF
ARMY AIR SERVICE
T h e fir s t u se m a d e b y P r e sid e n t W i ls o n o f th e n e w p o w e rs
co n fe rre d u p o n h im b y th e O v e r m a n B ill w a s to re o rga n ize
th e a ir se rv ic e o f th e a r m y a n d g iv e f o r m a l le g a l s a n c tio n
to
th e
C o rp s.
s e p a ra tio n
o f a irc r a ft p r o d u c tio n
fr o m
th e
S ig n a l
A n o rd e r issu e d b y th e P r e sid e n t o n M a y 2 0 cre a te s
a B u r e a u o f A ir c r a ft P r o d u c tio n d e sc rib e d a s a n e x e c u tiv e
a g o n c y , w h ic h “ sh a ll exercise f u ll, c o m p le te a n d e x c lu siv e
ju r isd ic tio n a n d c o n tr o l o v e r th e p r o d u c tio n o f a irp la n e s ,
a irp la n e e n gin e s a n d a irc r a ft e q u ip m e n t fo r th e u so o f th e
a r m y ,” u n d e r a D ir e c to r o f A ir c r a f t P r o d u c tio n w h o s h a ll
a ls o b o C h a ir m a n o f th e A ir c r a ft B o a r d .
T h is g iv e s fu ll
le g a l sta tu s a n d p o w e r to J o h n D . R y a n , re c e n tly a p p o in te d
D ir e c to r o f A ir c r a ft P r o d u c tio n a n d C h a ir m a n o f th e A ir c r a ft
B oard ,
and
th e
ord er
tra n sfe rs
to
h im
a ll f u n d s ,
la n d s ,
b u ild in g s a n d p e rso n n e l o f th e S ig n a l C o r p s h a v in g to d o
w ith a irc r a ft p ro d u c tio n .
S im ila r ly , th e p o sitio n o f D ir e c to r o f M i li t a r y A e r o n a u tic s
n o w h e ld b y M a j o r G e n e ra l W i ll i a m L . K e n ly is fo r m a lly
e s ta b lis h e d , a n d a ll f u n d s , d u tie s , e q u ip m e n t a n d p erson n e l
o f th e S ig n a l C o r p s c o n n e c te d w ith th e o p e ra tio n o f a irc r a ft
a n d b a lo o n s a n d w ith th e tra in in g o f a v ia to r s p la c e d u n d e r
h is d ire c tio n .
T h e S ig n a l C o r p s re v e r ts to its o ld fu n c tio n s
h a v in g to d o o n ly w ith a r m y sig n a llin g a n d th e tr a n sm issio n
o f m ilit a r y in fo r m a t io n .
M a jo r -G e n e r a l
G eorge
0.
S q u ie r ,
C h ie f S ig n a l
O ffic e r,
re m a in s in t h a t p o s t b u t w ith o u t c o n n e c tio n w ith th e air
s e rv ic e ,
except
th a t
by
la w ,
as
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S ig n a l O ffic e r ,
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co n tin u e s as a n e x -o ffic io m e m b e r o f th e A ir c r a ft B o a r d .
T h o fo llo w in g is th e P re sid e n tia l o r d e r :
B y v i r t u e o f t h e a u t h o r i t y In m e v e s t e d a s C o m m a n d o r - l n - O h l o f o f t h o
A r m y a n d b y v ir tu e o f fu r th e r a u t h o r it y u p o n m o s p e c ific a lly c o n fe r r e d b y
“ A n A c t a u t h o r i z in g t h e P r e s i d e n t t o c o - o r d i n a t e o r c o n s o l id a t e e x e c u t i v e
b u r e a u s , a g e n c i e s , a n d o f f i c e s , a n d f o r o t h e r p u r p o s e s , in t h o in t e r e s t o f
e c o n o m y a n d th o m o r o e ffic ie n t c o n c e n t r a t io n o f th o G o v e r n m e n t ," a p
p r o v e d M a y 2 0 1 9 1 8 . I d o h e r e b y m a k o a n d p u b li s h t h e f o l l o w i n g o r d e r :
I.
T h e p o w e r s h e r e to fo r e co n fe rr e d b y la w o r b y E x e c u tiv e o r d e r u p o n , a n d
t h o d u t i e s a n d f u n c t i o n s h e r e t o f o r e p e r f o r m e d b y , t h o C h i e f S ig n a l O f f ic e r
o f t h o A r m y a r o l io r o b y r e d i s t r i b u t e d a s f o ll o w s :
( 1 ) T h o C h i e f S ig n a l O f f ic e r o f t h o A r m y s h a ll h a v o c h a r g o , u n d e r t h o
d i r e c t i o n o f t h e S e c r e t a r y o f W a r , o f a ll m il i t a r y s ig n a l d u t i e s , a n d o f b o o k s ,
p a p e r s , a n d d e v i c e s c o n n e c t e d t h e r e w i t h , i n c lu d in g t e le g r a p h a n d t e le p h o n e
a p p a r a t u s a n d t h o n e c e s s a r y m e t e o r o l o g i c a l in s t r u m e n t s f o r u s o o n t a r g e t
r a n g e s , a n d o t h e r m il i t a r y u s e s ; t h e c o n s t r u c t i o n , r e p a i r , a n d o p e r a t i o n o f
m il i t a r y t e le g r a p h lin e s , a n d t h o d u t y o f c o l l e c t i n g a n d t r a n s m it t i n g in
f o r m a t i o n f o r t h o A r m y b y t e le g r a p h o r o t h e r w i s e a n d a ll o t h e r d u t ie s
u s u a l l y p o r t a in in g t o m il i t a r y s ig n a llin g ; a n d s h a ll p r e f o r m s u c h o t h e r d u t ie s
a s n o w a r o o r s h a ll h e r e a f t e r b o d e v o l v e d b y l a w o r b y E x e c u t i v e o r d e r
u p o n s a id C h i e f S ig n a l O f f i c e r , w h ic h a r o n o t c o n n e c t e d w it h t h o A v i a t i o n
S e c t i o n o f t h o S ig n a l C o r p s o r w it h t h o p u r c h a s e , m a n u f a c t u r e , m a i n t e n a n c e ,
a n d p r o d u c t i o n o f a i r c r a f t , a n d w h ic h a r o n o t h e r e i n a f t e r c o n f e r r e d , in
s p e c i a l o r g e n e r a l t e r m s , u p o n o t h e r o f f i c e r s o r a g e n c ie s .
(2 ) A D ir e c t o r o f M ilit a r y A e r o n a u t ic s , s e le cte d a n d d e s ig n a te d b y th o
C o m m a n d e r - i n - C h l e f o f t h o A r m y , s h a ll h e r e a f t e r h a v o c h a r g o , u n d e r t h e
d i r e c t i o n o f t h o S e c r e t a r y o f W a r , o f t h e A v i a t i o n S e c t i o n o f t h o S ig n a l
C o r p s o f t h e A r m y , a n d a s s u c h s h a ll b o , a n d h e h e r e b y is , c h a r g e d w it h t h e
d u t y o f o p e r a t i n g a n d m a i n t a in in g o r s u p e r v i s in g t h o o p e r a t i o n a n d m a i n
t e n a n c e o f a ll m il i t a r y a i r c r a f t . I n c lu d in g b a l l o o n s a n d a ir p la n e s , a ll a p p li
a n c e s p e r t a i n in g t o s a id a i r c r a f t a n d s ig n a lin g a p p a r a t u s o f a n y k i n d w h e n
in s t a ll e d o n s a i d a i r c r a f t , a n d o f t r a in in g o f f i c e r s , e n l is t e d m e n , a n d c a n d i
d a t e s f o r a v i a t i o n s e r v ic e In m a t t e r s p e r t a i n in g t o m il i t a r y a v i a t i o n , a n d
s h a ll h e r e a f t e r p e r f o r m e a c h a n d e v e r y f u n c t i o n h e r e t o f o r e i m p o s e d u p o n
a n d p e r f o r m e d b y t h e C h i e f S ig n a l O f f i c e r o f t h e A r m y i n , o r in c o n n e c t i o n
w i t h , t h o A v i a t i o n S e c t i o n o f t h e S ig n a l C o r p s , e x c e p t s u c h a s p e r t a i n s t o
th e p u r c h a s e , m a n u fa c tu r e , a n d p r o d u c t io n o f a ir c r a ft a n d a ir cr a ft e q u ip
m e n t a n d a s is n o t h e r e i n a f t e r c o n f e r r e d , in s p e c i a l o r g e n e r a l t e r m s , u p o n
t h o B u r e a u o f A i r c r a f t P r o d u c t i o n ; a n d a ll a ir p la n o s n o w in u s o o r c o m p l e t e d
a n d o n h a n d a n d a ll m a t e r ia l a n d p a r t s , a n d a ll m a c h i n e r y , t o o l s , a p p li a n c e s ,
a n d e q u i p m e n t h e ld f o r u s o f o r t h o m a i n t e n a n c e t h e r e o f ; a ll l a n d s , b u i l d in g s ,
r e p a i r s h o p s , w a r e h o u s e s , a n d a ll o t h e r p r o p e r t y , r e a l, p e r s o n a l , o r m ix e d ,
h e r e t o f o r e u s e d b y t h o S ig n a l C o r p s in , o r in c o n n e c t i o n w i t h , t h o o p e r a t i o n
a n d m a i n t e n a n c e o f a i r c r a f t a n d t h e t r a in in g o f o f f i c e r s , e n l is t e d m e n , a n d
c a n d i d a t e s f o r a v i a t i o n s e r v ic e , o r p r o c u r e d a n d n o w h e l d f o r s u c h u s e b y
o r u n d e r t h e j u r i s d i c t i o n a n d c o n t r o l o f t h o S ig n a l C o r p s o f t h o A r m y ; a ll
b o o k s , r e c o r d s , f li e s , a n d o f f i c o e q u i p m e n t h e r e t o f o r e u s e d b y t h o S ig n a l
C o r p s 'I n , o r in c o n n e c t i o n w it h , s u c h o p e r a t i o n , m a i n t e n a n c e , a n d t r a in in g ;
a n d t h o e n t ir e p e r s o n n e l o f t h o S ig n a l C o r p s a s a t p r e s e n t a s s ig n e d t p , o r
e n g a g e d u p o n , w o r k in , o r in c o n n e c t i o n w it h , s u c h o p e r a t i o n , m a i n t e n a n c e ,
a n d t r a in in g , is h e r e b y t r a n s fe r r e d f r o m t h o j u r i s d i c t i o n o f t h o C h i e f S ig n a l
O f f i c e r a n d p l a c e d u n d e r t h o j u r is d i c t io n o f t h e D i r e c t o r o f M i l i t a r y A e r o
n a u t i c s ; i t b e i n g t h e i n t e n t h e r e o f t o t r a n s fe r f r o m t h o J u r is d ic t io n o f t h e
C h i e f S ig n a l O f f i c e r t o t h e j u r is d i c t io n o f t h o s a id D i r e c t o r o f M i l i t a r y
A e r o n a u t ic s o r e r y f u n c t i o n , p o w e r a n d d u t y c o n f e r r e d a n d i m p o s e d u p o n
s a id D i r e c t o r o f M i l i t a r y A e r o n a u t ic s b y s u b - p a r a g r a p h ( 2 ) o f p a r a g r a p h 1
h e r e o f , a ll p r o p e r t y o f e v e r y s o r t o r n a t u r o u s e d o r p r o c u r e d f o r u s o i n , o r
In c o n n e c t i o n w i t h , t h o f u n c t i o n s o f t h e A v i a t i o n S e c t i o n o f t h o S ig n a l C o r p s
p l a c e d in c h a r g o o f t h o D i r e c t o r o f M i l i t a r y A e r o n a u t ic s b y s u b - p a r a g r a p h
( 2 ) o f p a r a g r a p h I h e r e o f , a n d t h o e n t ir e p e r s o n n e l o f t h o S ig n a l C o r p s a s
a t p r e s e n t a s s ig n e d t o , o r e n g a g e d u p o n , w o r k in , o r in c o n n e c t i o n w it h ,
th e p e r fo rm a n ce o f th o fu n c t io n s a n d d u tie s o f th o A v ia t io n S e c tio n o f th o
S ig n a l C o r p s p l a c e d in c h a r g o o f t h o D i r e c t o r o f M i l i t a r y A e r o n a u t ic s b y
s u b - p a r a g r a p h (2 ) o f p a r a g r a p h I h e r e o f .
(3 ) A n e x e c u tiv e a g e n c y , t o b o k n o w n a s th e B u re a u o f A ir c r a ft P r o d u c
t i o n , is h e r o b y e s t a b l is h e d , a n d s a id a g e n c y s h a ll e x e r c is e f u l l , c o m p l e t e ,
a n d e x c l u s iv e J u r is d ic t io n a n d c o n t r o l o v e r t h e p r o d u c t i o n o f a ir p la n o s , a ir
p l a n e e n g in e s , a n d a i r c r a f t e q u i p m e n t f o r t h e u s o o f t h o A r m y , a n d t o t h a t
2185
THE CHRONICLE
M at 25 1918.]
e n d s h a ll f o r t h w i t h a s s u m e c o n t r o l a n d j u r i s d i c t i o n o v e r a ll p e n d in g G o v
e r n m e n t p r o j e c t s h a v i n g t o d o o r c o n n e c t e d w it h t h e p r o d u c t i o n o f a i r
p l a n e s , a i r p la n e e n g in e s , a n d a i r c r a f t e q u i p m e n t f o r t h e A r m y a n d h e r e t o
f o r e c o n d u c t e d b y t h e S ig n a l C o r p s o f t h e A r m y , u n d e r t h e j u r i s d i c t i o n o f
t h e C h i e f S ig n a l O f f ic e r ; a n d a ll m a t e r ia l o n h a n d f o r s u c h p r o d u c t i o n , a ll
u n f i n is h e d a ir p la n e s a n d a i r p la n e e n g in e s , a n d a ll u n f i n is h e d , u n a t t a c h e d ,
o r u n a s s e m b le d a i r c r a f t e q u i p m e n t ; a ll l a n d s , b u i l d in g s , f a c t o r i e s , w a r e
h o u s e s , m a c h i n e r y , t o o l s , a n d a p p li a n c e s , a n d a ll o t h e r p r o p e r t y , r e a l ,
p e r s o n a l , o r m i x e d , h e r e t o f o r e u s e d in o r in c o n n e c t i o n w it h s u c h p r o d u c t i o n ,
o r p r o c u r e d a n d n o w h e ld fo r s u c h u s e , b y o r u n d e r th e ju r is d ic t io n a n d c o n
t r o l o f t h o S ig n a l C o r p s o f t h e A r m y ; a ll b o o k s , r e c o r d s , f i l e s , a n d o f f i c e
e q u i p m e n t u s e d b y t h e s a i d S ig n a l C o r p s in o r in c o n n e c t i o n w i t h s u c h
p r o d u c t i o n ; a ll r ig h t s u n d e r c o n t r a c t s m a d e b y t h e S ig n a l C o r p s in o r in
c o n n e c t i o n w it h s u c h p r o d u c t i o n , a n d t h e e n t i r e p e r s o n n e l o f t h e S ig n a l
C o r p s a s a t p r e s e n t a s s ig n e d t o , o r e n g a g e d u p o n , w o r k in o r in c o n n e c t i o n
w it h s u c h p r o d u c t io n a r e h e r e b y tr a n s fe rr e d fr o m th e ju r is d ic t io n o f t h e
S ig n a l C o r p s a n d p l a c e d u p o n t h e j u r i s d i c t i o n o f t h e B u r e a u o f A i r c r a f t
P r o d u c t io n , it b e in g th e in te n t h e r e o f t o tra n s fe r fr o m th e ju r is d ic t io n o f
t h o S ig n a l C o r p s t o t h e j u r i s d i c t i o n o f t h e s a id B u r e a u o f A i r c r a f t P r o d u c t i o n
e v e r y f u n c t i o n , p o w e r a n d d u t y c o n n e c t e d w it h s a id p r o d u c t i o n , a ll p r o p e r t y
o f e v e r y s o r t o r n a t u r e u s e d o r p r o c u r e d f o r u s e In o r in c o n n e c t i o n w it h
s a i d p r o d u c t i o n , a n d t h e e n t ir e p e r s o n n e l o f t h e S ig n a l C o r p s , a s a t p r e s e n t
a s s ig n e d t o o r e n g a g e d u p o n w o r k in o r In c o n n e c t i o n w it h s u c h p r o d u c t i o n
S u c h p e r s o n a s s h a ll a t t h e t im e b o C h a ir m a n o f t h e A i r c r a f t B o a r d c r e a t e d
b y th o A c t o f C on g ress a p p ro v e d O ct.
1 1 9 1 7 s h a ll a l s o b e t h e e x e c u t i v e
o f f i c e r o f s a id B u r e a u o f A i r c r a f t P r o d u c t i o n , a n d h e s h a ll b e , a n d h e h e r e b y
is . d e s ig n a te d a s D ir e c t o r o f A ir c r a ft P r o d u c t io n , a n d h e s h a ll, u n d e r th e
d ir e c tio n o f th e S e c r e ta r y o f W a r , h a v e c h a r g e o f t h e a c t iv it ie s , p e r s o n n e l,
a n d t h o p r o p e r t ie s o f s a i d b u r e a u .
II.
A l l u n e x p e n d e d f u n d s o f a p p r o p r i a t i o n s h e r e t o f o r e m a d e f o r t h e S ig n a l
C o r p s o f t h e A r m y a n d a l r e a d y s p e c i f i c a l l y a l lo t t e d f o r u s o in c o n n e c t i o n
w it h t h e f u n c t i o n s o f t h e S ig n a l S e r v i c e a s d e f in e d a n d l im i t e d b y s u b
p a r a g r a p h (1 ) o f p a r a g r a p h I h e r e o f s h a ll b e a n d r e m a in u n d e r t h e j u r is
d i c t i o n o f t h e C h i e f S ig n a l O f f ic e r ; a ll s u c h f u n d s a l r e a d y s p e c i f i c a l l y a l lo t t e d
f o r u s o in c o n n e c t i o n w it h t h e f u n c t i o n s o f t h e A v i a t i o n S e c t i o n o f t h e S ig n a l
C o r p s a s d e f in e d a n d l im i t e d b y s u b - p a r a g r a p h ( 2 ) o f p a r a g r a p h I h e r e o f
a r o h e r e b y t r a n s fe r r e d t o , a n d p l a c e d u n d e r t h e j u r i s d i c t i o n o f , t h e D i r e c t o r
o f M i l i t a r y A e r o n a u t ic s f o r t h e p u r p o s e o f m e e t in g t h e o b l i g a t i o n s a n d
e x p e n d it u r e s a u t h o r i z e d b y s a id s e c t io n ; a ll s u c h f u n d s a l r e a d y s p e c i a ll y
a l l o t t e d f o r u s o in c o n n e c t i o n w it h t h e f u n c t i o n s h e r e b y b e s t o w e d u p o n
t h e B u r e a u o f A i r c r a f t P r o d u c t i o n , a s d e f in e d a n d l im i t e d b y s u b - p a r a g r a p h
( 3 ) o f p a r a g r a p h I h e r e o f , a r e h e r e b y t r a n s fe r r e d t o , a n d p l a c e d u n d e r t h e
j u r is d i c t io n o f , s a id D i r e c t o r o f A i r c r a f t P r o d u c t i o n f o r t h e p u r p o s e o f
m e e t in g t h e o b l ig a t io n s a n d e x p e n d it u r e s a u t h o r i z e d b y s a i d b u r e a u in
c a r r y in g o u t t h e d u t ie s a n d f u n c t i o n s h e r e b y t r a n s fe r r e d t o , a n d b e s t o w e d
u p o n , s a id b u r e a u ; a n d In s o f a r a s s u c h f u n d s h a v o n o t b e e n a l r e a d y s p e c i f i
c a l l y a l lo t t e d t o t h o d i ff e r e n t f ie l d s o f a c t i v i t y , o f t h e S ig n a l C o r p s a s h e r e t o
f o r e e x i s t i n g , t h e y s h a ll n o w b e a l l o t t e d b y t h e S e c r e t a r y o f W a r in s u c h
p r o p o r t i o n s a s s h a ll t o h im s e e m b e s t in t e n d e d t o m e e t t h e r e q u i r e m e n t s o f
t h e r e s p e c t iv e f ie l d s o f f o r m e r a c t i v i t y o f t h e S ig n a l C o r p s a n d t h e in t e n t io n
o f C o n g r e s s w h e n m a k i n g s a id a p p r o p r i a t i o n s ; a n d t h e f u n d s s o a l lo t t e d b y
t h e S e c r e t a r y o f W a r t o m e e t e x p e n d it u r e s in t h e f ie l d o f a c t i v i t y o f t h e
A v i a t i o n S e c t i o n o f t h e S ig n a l C o r p s a r e h e r e b y t r a n s fe r r e d t o , a n d p l a c e d
u n d e r t h o ju r i s d i c t i o n o f , t h e D i r e c t o r o f M i l i t a r y A e r o n a u t ic s f o r t h e p u r
p o s e o f m e e t in g t h e o b l ig a t io n s a n d e x p e n d it u r e s a u t h o r i z e d b y s a i d s e c t i o n ;
a n d t h o f u n d s s o a l lo t t e d b y t h e S e c r e t a r y o f W a r t o m e e t t h e e x p e n d it u r e s
i n t h a t p a r t o f t h e f ie l d o f a c t i v i t y o f t h e S ig n a l C o r p s , w h ic h i n c lu d e s t h e
f u n c t i o n s h e r e b y t r a n s fe r r e d t o t h o B u r e a u o f A i r c r a f t P r o d u c t i o n , a r e
h e r e b y t r a n s f e r r e d t o , a n d p l a c e d u n d e r t h e j u r is d i c t io n o f , t h e D i r e c t o r o f
A i r c r a f t P r o d u c t i o n f o r t h o p u r p o s e o f m e e t in g t h e o b l i g a t i o n s a n d e x p e n d i
t u r e s a u t h o r i z e d b y s a id b u r e a u .
III.
T h i s o r d e r s h a ll b e a n d r e m a in in f u ll f o r c e a n d e f f e c t d u r i n g t h e c o n t i n u
a n c e o f t h e p r e s e n t w a r a n d f o r s ix m o n t h s a f t e r t h e t e r m i n a t i o n t h e r e o f
b y t h e p r o c la m a t i o n o f t h e t r e a t y o f p e a c e , o r u n t il t h e r e t o f o r e a m e n d e d ,
m o d i f i e d , o r r e s c in d e d .
W OODROW
W IL S O N ,
President of the United States.
T h e W h i t e H o u s e , M a y 2 0 1 9 1 8 ._____________________
ARCHER A. LAN DON NAMED AS DIRECTOR OF PRO
DUCTION DIVISION OF AIRCRAFT BOARD.
T h e a p p o in tm e n t o f A r c h e r A . L a n d o n a s D ir e c to r o f th e
D iv is io n o f P r o d u c tio n o f th e A ir c r a ft B o a r d w a s a n n o u n c e d
o n M a y 1 4 b y J o h n D . R y a n , D ir e c to r o f A ir c r a ft P r o d u c tio n ,
in th e fo llo w in g s ta te m e n t:
M r . A r c h e r A . L a n d o n o f B u ffa lo , N . Y . , V ic e -P r e s id e n t o f t h e A m e r i
c a n R a d ia to r C o . , h a s a c c e p t e d a n a p p o in t m e n t t o h a v e c h a r g e o f th e
p r o d u c t io n d iv is io n .
M r . L a n d o n h a s h a d w id e e x p e r i e n c e i n d i r e c t i n g p r o d u c t i o n o n a l a r g e
s c a le .
F o r m a n y y e a r s h e h a s b e e n i n t r u s t e d w it h t h a t r e s p o n s i b i l i t y at
h o m e a n d a b r o a d f o r t h o A m e r i c a n R a d i a t o r C o . , w h i c h o p e r a t e s a la r g e
n u m b e r o f p l a n t s in t h i s c o u n t r y , a n d b e f o r e t h e w a r w a s o n e o f t h e l a r g e s t
A m e r i c a n m a n u f a c t u r e r s in E u r o p e .
I t is f e l t t h a t M r . L a n d o n 's w i d e e x p e r i e n c e a n d g r e a t a b i l i t y w ill m a t e r
ia lly a d v a n c e t h e p r o d u c t io n o f a ir c r a ft .
H e h a s a l r e a d y e n t e r e d u p o n h is
________ „______________________________
w ork .
CHARLES E. HUGHES SUGGESTS THAT SENATE DO
NOT DUPLICATE AIRCRAFT INVESTIGATION.
T h e th re a te n e d b re a c h b e tw e e n P re s id e n t W i ls o n a n d th e
S e n a te in re g ard to th e airp la n e in v e s tig a tio n se e m s in a fa ir
w a y to b e a m ic a b ly a d ju s te d a s a re su lt o f th e d e v e lo p m e n ts
o f th e p a s t w e e k .
T h e C h a m b e r la in re so lu tio n fo r a sw eep
in g in v e s tig a tio n b y th e C o m m it t e e o n M i li t a r y A ff a ir s , to
w h ic h th e P re s id e n t h a d ta k e n e x c e p tio n , w a s d r o p p e d , a n d
in its p la ce th e S e n a te o n W e d n e s d a y a d o p te d as a s u b s titu te
a n a m e n d m e n t to R e s o lu tio n 4 8 , u n d e r w h ic h th e c o m m it te e
h a d c o n d u c te d its d ra stic in v e s tig a tio n la s t w in te r , a u th o r
izin g
th e p a y m e n t o f th e c o m m it te e ’ s e x p e n se s, in c lu d in g
tr a v e lin g e xp en se s a n d th e h irin g o f a s s is ta n ts , o u t o f th e c o n
tin g e n t fu n d o f th e S e n a te .
A t th o s a m e tim e S e n a to r C h a m
b e rla in m a d e p u b lic a le tte r h e h a d re c e iv e d fr o m A t t o r n e y G e n e ra l G r e g o r y , en clo sin g on e fr o m C h a r le s E . H u g h e s , in
w h ic h M r . H u g h e s p r a c tic a lly a s k e d th e S e n a te C o m m it t e e
318b
t o k e e p h a n d s o f f w h ile h e c o n d u c te d th e in q u ir y in th e n a m e
o f th e D e p a r t m e n t o f J u s t ic e .
R e s o lu tio n 4 8 , a s a m e n d e d o n W e d n e s d a y , w h ile less spe
cific in te rm s th a n th e o n e to w h ic h P r e sid e n t W ils o n o b
je c te d , in r e a lity co n fe rs u p o n th e c o m m itte e a t le a s t a s w id e
p ow ers o f in q u ir y ; so th a t th e a d v o c a te s o f th e C h a m b e r la in
re s o lu tio n w ere a b lo to c la im a v ic t o r y .
A t th e s a m e tim e ,
th e M i li t a r y C o m m itt e e w a s a b le to re tire g ra c e fu lly fr o m a
p o sitio n w h ic h th re a te n e d a n op e n b r e a k w ith th e P re sid e n t
b y p o in tin g to th e H u g h e s le tte r a s a re a son fo r n o t g o in g
o n w ith a n in v e s tig a tio n , e v e n th o u g h i t h a d n o w fu ll p o w er
‘ to d o s o .
fa v o r
S e n a to r C h a m b e r la in h im se lf w a s u n d e r s to o d to
th e id e a
th a t th e c o m m itte e o u g h t to re sp e c t M r .
H u g h e s ’s r e q u e s t, a t le a st so fa r a s a irc r a ft w ere co n ce rn e d .
H o w e v e r , th e M i li t a r y C o m m itt e e h e ld a m e e tin g to d ecid e
w h a t t o d o , a n d w h ile n o t a r riv in g a t a n y d e fin ite c o n c lu sio n ,
S e n a to r
[Vol. 106.
THE CHRONICLE
C h a m b e r la in ,
as
C h a ir m a n ,
a p p o in te d
fo u r
su b
c o m m it te e s to c o v e r th e d iffe re n t b ra n c h e s o f a n in q u ir y , in
ca se o n e w e re d e c id e d u p o n .
A ir c r a ft — S e n a to rs T h o m a s ,
l in g h u y s e n .
T h e s e s u b -c o m m itte e s w ere:
R eed,
S m ith o f G e o r g ia , N e w , a n d
F ro-
O rd n a n ce — H it c h c o c k , F lo tc h e r , B e c k h a m , W e e k s a n d W a d s w o r th .
Q u a r t e r m a s t e r - G e n e r a l ’s
D e p a rtm e n t— M c K e lla r ,
B eckh am ,
K ir b y ,
S u t h e r l a n d a n d J o h n s o n o f C a li f o r n ia .
C r o s s L ic e n s e — F le tc h e r , M e y e r s , S h e p p a r d , W a r r e n a n d K n o x .
T h e r e w a s sa id to b e so m e c h a n ce t h a t , w h ile a v o id in g th e
s u b je c t o f a irc r a ft p ro p e r, o u t o f re sp e c t to th e w ish es o f
M r . H u g h e s , th e c o m m itte e m ig h t d e c id e to g o a h e a d w ith
a n in v e s tig a tio n o f th e o th e r s u b je c ts .
B u t a s th e c o n te m
p la te d in q u irie s w o u ld all g o in to m a tte r s w h ic h i t w o u ld n o t
b e d esira b le to m a k e p u b lic , it w a s th o u h t th e y w o u ld be
h e ld b e h in d clo se d d o o rs, in a n y o v e n t, a n d o n ly th e co n clu
sio n s ro p o rte d to th e S e n a te .
b a s is f o r s u c h p r o c e e d i n g s , o u r c o n c lu s io n , t o b e c o n v i n c i n g t o t h o c o u n
t r y , c o u l d n o t w e ll b o s t a t e d a s a m e r e n e g a t l v o c o n c lu s io n in g e n e r a l t e r m s ,
b u t s h o u l d b o a c c o m p a n i e d b y a f a ir , c a n d i d a n d a d e q u a t e s t a t e m e n t o f t h e
f a c t s w h ic h o u r i n v e s t ig a t i o n h a s d i s c lo s e d .
W o s h o u l d , o f c o u r s o , in n o
c a s e m a k e a n y s t a t e m e n t w h i c h , f r o m a m il i t a r y p o i n t o f v i e w , s h o u l d n o t
b e m a d e , a n d , i f w o h a d a b a s is f o r c i v i l o r c r im in a l p r o c e e d i n g s , w o s h o u l d
p r o p e r l y r e s e r v e t h e e v i d e n c e , s o f a r a s i t w o u ld b o a p p r o p r i a t e l y d i s c lo s e d
u p o n t h e t r ia l a n d p r e v i o u s l y w it h h e l d .
B u t I a m v e r y s u re th a t th o c o u n t r y w o u ld n o t b o c o n t e n t w it h o u r in
q u i r y , a n d p a r t i c u la r l y i f w o d i s c o v e r n o g r o u n d f o r f u r t h e r p r o c e e d i n g s , u n
le s s w e s h o w e d t h o b a s is f o r o u r c o n c lu s io n in a n a d e q u a t e r e p o r t o f t h e
f a c t s w e h a v e a s c e r t a in e d .
T h i s c e r t a in l y s h o u l d b o d i s p a s s io n a t e a n d i m
p a rtia l a n d b e c o n fin e d t o th e fa c ts .
W h e n w e a r e i n a p o s i t i o n t o m a k e s u c h a r e p o r t , o f o u r i n q u i r y , w o s h a ll
k n o w t h e f a c t s , a n d i t w ill b e r e a s s u r in g t o t h e c o u n t r y a n d s u p p o r t o u r
i n q u i r y a n d its r e p u t a t i o n f o r i n t e g r i t y , i f w o s t a t o c o n c i s e l y , b u t f a ir l y a n d
c o m p l e t e l y , t h o r e s u lt s o f o u r i n v e s t ig a t i o n .
I f it is u n d e r s t o o d t h a t w e c o n t e m p l a t e t h i s c o u r s o o f a c t i o n , I s h o u l d
s u p p o s o t h e r e w o u ld b e a g o n e r a l d i s p o s it i o n t o p e r m it o u r i n v e s t ig a t i o n
t o p r o c e e d u n e m b a r r a s s e d b y a n y o t h e r p a r a lle l c o u r s e o f a c t i o n . C l e a r l y a s
w o m a y r e c o g n iz e th e a u t h o r it y t o c o n d u c t a n o th e r o ffic ia l in q u ir y , a t th o
s a m e t im e , w o c a n n o t d o u b t t h a t a n y o f f i c i a l i n q u i r y i n t o t h o s a m e c o u r s o
o f c o n d u c t , a l t h o u g h w it h a n o t h e r a i m , w o u l d t o n d t o r a a k o d i f f i c u l t , i f
n o t i m p o s s i b l e , t h o s u c c e s s fu l p r o s e c u t io n o f o u r o w n .
E ith e r n o th in g o f
i m p o r t a n c e w o u l d b o e l ic i t e d , w h ic h w o u l d m a k e s u c h a n i n q u i r y n e e d le s s ,
o r p o in ts w o u ld b e b r o u g h t o u t w h ic h w o u ld a t o n c o s u g g e s t t o th o g u ilty ,
i f t h e r e b o s u c h , w h e r e e f f o r t s h o u l d b e m a d e t o b l o c k s u c c e s s fu l p r o s e c u t io n .
E v e n w it h t h o b e s t in t e n t io n in t h o w o r l d , i t w o u l d b o a l m o s t im p o s s i b l e t o
k n o w in a d v a n c e w h a t s h o u l d b o g o n e i n t o , a n d w h a t s h o u l d b o l o f t u n
tou ch ed .
W o m ig h t b e f o l l o w i n g a p r o m is i n g c l u e , o n l y t o f i n d o u r e f f o r t s
u n i n t e n t i o n a l ly t h w a r t e d .
W o a r o I n s t r u c t e d t o h a v e a p r o m p t a n d t h o r o u g h i n v e s t ig a t i o n , a n d m y
d c s i r o is t h a t w o s h o u l d h a v o t h e f u llo s t o p p o r t u n i t y t o m a k o s u c h a n
i n v e s t ig a t i o n , a n d in o r d e r t h a t w e m a y h a v o t h is o p p o r t u n i t y it is d e s i r a
b l e t h a t i t s h o u l d b o g e n e r a lly u n d e r s t o o d t h a t w h o n w o a r o t h r o u g h w o
s h a ll s t a t e t h o f a c t s w o h a v o a s c e r t a in e d in t h o m a n n e r I h a v o s u g g e s t e d
a b o v e , t o t h o e n d t h a t a ll m a y b e s a t i s f i e d t o a w a i t t h o r e s u lt o f o u r I n v e s
t ig a t io n .
W h e n w o h a v e r e a c h e d t h a t r e s u lt I s h o u l d s u p p o s e t h a t o u r
r e p o r t w o u ld h a v o s u c h t h o r o u g h n e s s t h a t i t w o u l d b e a c c e p t e d a s t h o f in a l
s t a t o m e n t in t h e m a t t e r , u n le s s , o f c o u r s o , s o m o n e w e v i d e n c e n o t d i s c o v
e r e d b y u s s h o u l d t h e r e a f t e r c o m e t o l ig h t .
V e r y s in c e re ly y o u r s ,
CHARLES
R e s o lu tio n 4 8 , u n d e r w h ich th e
E. H U G H E S.
in v e s tig a tio n w ill b o h e ld , if a t a ll, a u th o r iz e s th e c o m m itte e
“ to h o ld h e a rin g s in c o n n e c tio n w ith a n y s u b je c t th a t m a y b e
p e n d in g ,”
a n d to sit d u rin g a n y recess o f C o n g r e s s .
a m e n d m e n t a d o p te d
on
W ed n esd a y
adds
to
The
th is b la n k e t
a u t h o r ity a p ro v isio n th a t th e c o m m itte e m a y p a y its ex
p en se s
out
of
th e
c o n tin g e n t
fu n d
of
th e
S e n a te .
The
a m e n d m e n t w a s offe re d b y S e n a to r T h o m p s o n , as C h a ir
m a n , w ith
th e u n a n im o u s a p p r o v a l o f th e C o m m itt e o on
A u d i t a n d C o n tr o l, a n d re a d s as fo llo w s:
Resolved, T h a t a n y e x p e n s e s in c u r r e d b y t h e C o m m i t t e e o n M i l i t a r y
A f f a i r s u n d e r t h o p r o v i s io n s o f S o n a t o R e s o l u t i o n 4 8 , h e r e t o f o r e a d o p t e d ,
i n c lu d in g t h e e x p e n s e o f e m p l o y i n g a s s is t a n t s a n d t r a v e l in g o x p o n s e s , s h a ll
b e p a id o u t o f th o c o n t in g e n t fu n d o f t h e S e n a te .
T h e le tte r fr o m A tto r n e y -G e n e r a l G r e g o r y , e n c lo sin g th o
le tte r fr o m M r . H u g h e s , w a s a d d re sse d to S e n a to r C h a m b e r
la in a s fo llo w s :
Washington, M ay 2 1 1 9 1 8 .
Hon. George E. Chamberlain, United States Senate:
M y Dear Senator: A t a n i n t e r v ie w b e t w e e n y o u , J u d g e H u g h e s a n d m y
s e l f o n la s t S a t u r d a y y o u a s k e d w h a t w o u ld b o t h o s c o p o o f o u r p o n d in g i n
q u i r y i n t o t h o a i r c r a f t p r o b l e m , a n d a ls o i n d i c a t e d t h a t y o u w o u l d lik e t o
k n o w w h a t w o t h o u g h t m ig h t b e t h e e f f e c t u p o n o u r w o r k o f a n i n v e s t ig a
t io n b y a c o m m it t e o o f th e S o n a to in t o th e a ir cr a ft p r o g r a m .
Su bse
q u e n t l y 1 s u g g e s t e d t h a t J u d g o H u g h e s w r i t o m o a l o t t o r e m b o d y i n g h is
id e a s o n t h o t w o p o i n t s i n v o l v e d .
I h e r e w it h i n c lo s e c o p y o f h is l e t t e r ,
a n d w ill s t a t e t h a t 1 a g r e e w it h t h o v i e w s t h o r e in e x p r e s s e d .
R e s p e c t fu lly y o u r s ,
T. M . GREGORY,
Attorney-General.
M r . H u g h e s , in h is le tte r s e ttin g fo r th th e sc o p e o f h is p ro
p o se d in q u ir y , m a k e s i t p la in th a t ho in te n d s to g o in to e v e ry
d e ta il o f th e a irc r a ft s itu a tio n .
REPORTS OF HOLDING BACK OF U. S. ARMY AND
DENIALS.
H e w ill n o t c o n fin e h im se lf
m e r e ly to a search fo r d is h o n e s ty , w a ste or in e ffic ie n c y , b u t
w ill u n d e r ta k e t o la y b a re all th o f a c t s , so as to fu rn ish th e
b a sis fo r w h a te v e r co n clu sio n s m a y b o r e a c h e d .
“ I f it is
u n d e r sto o d th a t w e c o n te m p la te th is co u rse o f a c t i o n ,” his
le tte r s ta te s , “ I sh o u ld su p p o so th a t th ere w o u ld b o a gonoral
A s ta te m e n t in e x p la n a tio n o f th e e rron eou s r e p o r t w h ic h
re a ch e d th e U n it e d S ta te s b y w a y o f O t ta w a o n M a y
12
th a t th e A m e r ic a n A r m y w o u ld b e h e ld b a c k u n til it b e c a m e
“a
c o m p le to
and
p o w e r fu l
fo r c e ”
w as
m ade
by
P re m ie r
R o b e r t B o r d e n in th e H o u s e o f C o m m o n s o n M a y 1 5 .
The
M a y 1 2 p ress d is p a tc h fr o m O t ta w a r e la tiv e to th o A m e r ic a n
A r m y h a d s a id in p a r t:
S o c o n f i d e n t is t h o E n t e n t e o f Its a b i l i t y t o w it h s t a n d a n y d r i v e t h o G o r
m a n s c a n la u n c h t h a t i t h a s b e o n d e c i d e d n o t t o u s o t h o A m e r i c a n A r m y
u n t il i t b e c o m e s a c o m p l e t e a n d p o w e r f u l f o r c e , a c c o r d i n g t o a c a b l o s u m
m a r y o f o p e r a t i o n s o n t h e W e s t e r n f r o n t r o c o iv e d h e r e t o - n i g h t f r o m t h o
W a r C o m m i t t e e o f t h o B r it is h C a b i n e t .
“ T h o p o s itio n n o w is ,” s a y s th o s u m m a r y , “ th a t th o G e rm a n s , d e te r
m in e d t o c o n c e n t r a t o o v e r y a v a i l a b l e u n it o n o n o e n o r m o u s o f f e n s i v e , a r o
d r a i n i n g t h e ir c o u n t r y d r y t o f o r c e a d e c i s io n b o f o r o i t is t o o l a t e , w h il e t h o
E n t e n t e a r o s o c o n f i d e n t t h a t , h a v i n g b e e n g i v e n t h o c h o l c o o f a s m a ll
I m m e d ia t e A m e r i c a n a r m y f o r d e f e n s e o r o f w a it i n g u n t u il t h o y a r o r e
in fo r c e d b y a c o m p le t o , p o w e r fu l, s o lf-s u p p o r tin g A m e r ic a n a r m y , t h o y
h a v e ch o s e n th o la tte r.
T h e re p o r t
c a u se d th e
issu a n c e o f a
ta r y o f W a r B a k e r o n M a y
s ta te m e n t b y S ecre
1 3 in w h ic h h e d ec la re d th a t
th e fa c ts w ere e x a c tly o th e r w iso .
H is s ta te m e n t fo llo w s :
T h o s t a t o m e n t m a d o in t h o m o r n in g p a p o r s p u r p o r t i n g t o c o m o f r o m
O t t a w a s c o r n s t o s a y t h a t A m e r i c a n f o r c e s in F r a n c o w ill n o t b o u s e d .ac
t i v e l y f o r t h o p r e s e n t , b u t w ill b o c o n s e r v e d u n t il t h o y c o n s t l t u t o a la r g e r
a n d in d e p e n d e n t A m e r ic a n a r m y .
T h o fa c ts a ro e x a c t ly o th e r w is o .
A m e r i c a n t r o o p s in F r a n c o a r o b e i n g
u s e d a c t i v e l y In b a t t l e a n d in t h o t r e n c h e s , a n d w h ile a ll o f t h o p la n s o f
th o W a r D e p a r tm e n t lo o k t o th o d e v e lo p m e n t o f th o A m e r ic a n a r m y as
s u c h , a n d t o t h o c r e a t io n o f a d i s t i n c t l y A m e r i c a n a r m y , y o t t h o v a r i o u s
e le m e n t s o f it n o w In F r a n c o a r o b o i n g u s e d f r e o l y In t h o g e n e r a l c a u s o a n d
in s u c h w a y s a s a r o d e e m e d m o s t e f f o c t i v o in a c c o r d a n c e w it h G o n o r a l
P e r s h i n g 's a c t i o n in p l a c in g a ll o f o u r f o r c e s a t t h o d is p o s a l o f t h o B r i t is h
a n d F r e n c h c o m m a n d e r s a n d o f th o s u p ro in o c o m m a n d o r ..
L o r d R e a d in g , th o B r itis h A m b a s s a d o r , lik ew ise g a v o o u t
d isp o sitio n to p e r m it ou r in v e stig a tio n t o p ro c e e d u n e m b a r
a s ta te m e n t o n M a y
ra sse d b y a n y o th e r p arallel co u rse o f a c tio n ” w h ic h “ w o u ld
“ d ia m e tr ic a lly o p p o se d to a ll in fo r m a tio n re c e iv e d b y m o .”
W e q u o te h is s ta to m e n t b e lo w :
te n d to m a k e d iffic u lt if n o t im p o ssib le th o su cc essfu l p rose
c u tio n o f o u r o w n .”
T h o le tte r in fu ll w a s as fo llo w s :
Washington, M ay 1 8 1 9 1 8 .
M y Dear M r. Attorney-General: I n a c c o r d a n c e w it h y o u r r e q u e s t , I s h a ll
a t t e m p t t o s u m m a r iz e b r i e f l y s o m e o f t h e p o i n t s d is c u s s e d in o u r c o n f e r e n c e
t o - d a y , p a r t i c u la r l y w it h r e s p e c t t o t h e s c o p e o f o u r i n q u i r y .
I t is q u i t e e v i d e n t , f r o m t h o m a t e r ia l y o u h a v e a l r e a d y g a t h e r o d a n d f r o m
t h o m a t t e r s d is c u s s e d w it h y o u a n d M r . F r i e r s o n , t h a t it w o u l d b o n e c e s
s a r y f o r u s c a r e fu ll y t o e x a m in o a ll t h o a c t iv it i e s r e la t i n g t o a i r c r a f t p r o
d u c tio n .
I t is e a s y , o f c o u r s o , t h e o r e t ic a l l y t o d is t in g u is h b e t w e e n a n In
q u i r y w it h i n t h o p r o v i n c e o f t h o D e p a r t m e n t o f J u s t i c o a n d o n o w h ic h is
a i m e d m e r o ly a t a lle g e d w a s t o o r n e g l e c t o r m is m a n a g e m e n t o r I n e f fi c ie n c y
a p a r t f r o m a n y a p p r o p r i a t e b a s is f o r a c i v i l s u it t o r e c o v e r m is a p p r o p r ia t e d
m o n e y s o r a c r im in a l p r o s e c u t io n .
A s a p r a c t ic a l m a t t e r , h o w e v e r , i t is
e v i d e n t t h a t in t h o e n d e a v o r t o d e t e r m in e w h e t h e r t h e r e is a b a s is f o r a c i v i l
s u it b y t h o G o v e r n m e n t o r a c r im i n a l p r o s e c u t io n , It w ill b o n e c e s s a r y f o r
u s t o m a k e a t h o r o u g h I n q u ir y i n t o t h o e n t i r o h i s t o r y o f a i r c r a f t p r o d u c t i o n
s i n c e t h o b e g i n n i n g o f t h o w a r a n d o f a ll p r o c e e d i n g s w h ic h h a v o b e e n t a k e n
b y a n y p e rs o n s o r c o r p o r a t io n s c o n c e r n e d th e re w ith .
W o s h a ll n o t b o a b l o
t o a s c e r t a in w h e t h e r t h e r e h a s b e e n d i s h o n e s t y o r m a l v e r s a t i o n o f a n y k in d
u n le s s w e g o t h o r o u g h l y i n t o a ll t h e t r a n s a c t io n s w h ic h h a v o b e e n h a d .
I f w o d i s c o v e r a b a s is f o r c i v i l s u it s b y t h o G o v e r n m e n t , t h e y w ill b o in
s tit u t e d .
I f w o f i n d g r o u n d s f o r a c r im lla r p r o s e c u t i o n , i t w il l b o In o r d e r
t o g o b e fo r e th e G ra n d < J u ry t o o b t a in in d ictm e n ts .
I f w o f i n d n o s u f f i c ie n t
1 3 , in w h ic h h e sa id th o r e p o r t w a s
T h o s t a t e m e n t a t t r i b u t e d t o t h o B r it is h W a r C a b i n e t t o t h o e f f e c t t h a t
t h o A l l ie s “ a r e s o c o n f i d o n t t h a t , h a v i n g b e e n g t v o n t h o c h o i c o o f a s m a ll
i m m e d i a t e a r m y f o r d e f e n s e o r w a it i n g u n t il t h e y a r o r o in fo r c e i l b y a c o m
p l e t e p o w e r fu l s e l f- s u p p o r t i n g A m e r i c a n a r m y , t h o y h a v o c h o s e n t h o l a t t e r ”
Is d i a m e t r i c a l ly o p p o s e d t o a ll i n f o r m a t i o n r e c e iv e d b y m o f r o m t h o B r it is h
W a r C a b i n e t , a n d t o a ll r e q u e s t s w h i c h I h a v e b e o n a s k o d b y t h o rn t o m a k o
t o t h o U n it e d S t a t e s A d m i n i s t r a t i o n .
I a m q u i t e in t h o d a r k a s t o t h o o r ig in o f t h o s t a t o in o n t .
A t p resen t,
a ll I c a n s a y is t h a t I a m c o n v i n c e d t h a t t h o d o c u m e n t h a s n o t b o o n is s u e d
w it h t h o k n o w l e d g e o f t h o P r i m e M ln i s t o r o r t h o B r it is h W a r C a b l n o t .
O n th e 1 3 th Prirno M in is t e r B o r d e n issu ed
s a y in g :
a s ta te m e n t
T h o s t o r y r e a c h e d O t t a w a t h r o u g h o r d i n a r y c h a n n o ls a n d a s i t w a s n o t
m a r k e d c o n f id e n t i a l It w a s g l v o n t o t h o p r e s s .
A n O t t a w a d is p a tc h o f M a y
1 4 in a n n o u n c in g th a t th e
s ta te m e n t w a s in co rrec t a n d w a s “ d u o to a n orror in c o m
p ila t io n ,” s a id :
T l i o s t a t e m e n t t h a t i t h a d b o o n d e c i d o d n o t t o u s o A m e r i c a n f o r c o s in
F r a n co u n til t h o y h a d b e c o m e a “ c o m p le t o , p o w e r fu l, s e lf-s u p p o r tin g
A m e r ic a n a r m y ” w a s in c o rr e c t a n d “ d u o t o a n e r ro r in c o m p ila t io n ,” a c
c o r d i n g t o a s t a t o m e n t r e c e iv e d f r o m t h o B r i t is h G o v e r n m e n t a n d j(m a d o
M at 25 1918.]
p u b lic t o -d a y a s “ o ffic ia l n e w s .”
T h o s t a t e m e n t f r o m t h e B r i t is h o f f i c e
fo llo w s :
“ W a r O ffic o s u m m a r y .
A c o r r e c t i o n s h o u l d b o m a d o in t h o w e e k ly c i r
c u l a r t e le g r a m , d a t e d M a y 1 0 , s u m m a r iz i n g o p e r a t i o n s t o M a y 9 , t h o t e x t
o f w h ic h r o a d s , ‘ E n t e n t e s o c o n f i d e n t t h a t , g i v e n c h o i c o o f s m a ll i m m e d i a t o
A m e r i c a n a r m y f o r d e f o n c o o r w a it i n g t ill r e i n f o r c e d b y c o m p l o t o , p o w e r
f u l , s e l f- s u p p o r t i n g s r m y , h a v e c h o s e n l a t t e r . ’
O w i n g t o a n e r r o r In c o m
p i la t i o n i t w a s n o t m a d o c le a r t h a t t h is r e la t e d t o t h o p e r i o d w h e n A m e r i c a
f i r s t j o i n e d ‘ t h o w a r a n d h a d n o r e la t i o n t o p r e s e n t e v e n t s w h e r e b y t h o
A m e r i c a n a r m y is b e in g b r i g a d e d w it h t h o E n t e n t e a r m i e s . ”
P re m ie r B o r d e n in h is s ta te m e n t to th o IIo u s o o f C o m
m o n s o n th e 1 5 th said th a t th e d isp a tc h o f th o 1 2 t h c o n
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in O t ta w a .
2187
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th a t th e d is p a tc h w a s on o o f th e
w e e k ly w a r su m m a rie s re ce iv e d fr o m th e S e c r e ta r y o f S ta te
fo r th o C o lo n ie s b y th e G o v e r n o r -G e n e r a l o f C a n a d a , an d
g iv e n to th o p ress in th e o r d in a r y c o u rse .
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re s p o n s e s , o r w h o h a d a b e t t e r p o is e th a n d is p la y e d b y S e c r e ta r y B a k e r w h e n
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“ A t t h e o u t s e t l e t m e s a y f r a n k l y t h a t w o h a v o m a d e m is t a k e s , y e s ,
g r i e v o u s m is t a k e s , a n d h a d o u r fo r e s i g h t b e e n a s g o o d a s t h e f o r e s i g h t j o f
o u r c r it i c s w e m ig h t h a v e a c c o m p li s h e d m o r o .
B u t n o t w it h s t a n d i n g t h e s e
m is t a k e s a n d o m is s io n s A m e r i c a h a s d o n e h e r s h a r o — i n d e e d , m o r e t h a n h e r
s h a r o , f o r s h e h a s d o n e m a n y t im e s m o r o t h a n a n y o f o u r A l lie s s u s p e c t e d
t h a t s h e w a s c a p a b l e o f d o i n g a n d m o r e t h a n t h o g r e a t e s t e n t h u s i a s t in
A m e r ic a h o p e d sh e c o u ld d o .
“ A m e r i c a h a s r a is e d a n d e q u i p p e d a b i g g e r a r m y in a s h o r t e r t im e a n d n o w
h o l d s a g r e a t e r s e c t io n o f t h e f ig h t i n g f r o n t , t r a n s p o r t in g h e r t r o o p s 3 ,0 0 0
m ile s a c r o s s a n in fe s t e d s e a in t e n m o n t h s , t h a n E n g la n d w a s c a p a b l e o f
d o i n g in t w e l v e m o n t h s a c r o s s t h e E n g li s h C h a n n e l o f le ss t h a n t h i r t y
m ile s .
" W h e n w a r w a s d e c l a r e d in A p r i l 1 9 1 7 t h o s t a n d i n g a r m y o f t h e U n it e d
S t a t e s c o n s i s t e d o f 1 3 6 ,0 0 0 o f f i c e r s a n d m e n , m a n y o f w h o m w e r e in t h e f o r
e ig n s e r v ic e , a n d t h e N a t i o n a l G u a r d c o n s i s t e d o f 1 6 4 ,0 0 0 o f f i c e r s a n d m e n ,
m a n y o f w h o m w e r e t o o o l d f o r a c t i v e s e r v ic e a n d a la r g e p a r t o f t h e m p h y s
ic a lly u n fit fo r th e w o rk fo r w h ic h t h e y h a d v o lu n te e r e d .
“ O u r e x p e r t s t o l d u s i t w o u ld t a k e t w o y e a r s t o r a is e a n a r m y o f 1 ,0 0 0 ,0 0 0
m e n a n d f i v e y e a r s t o t r a in t h e c o m m i s s i o n e d p e r s o n n e l .
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o f o u r a rm y fo r w a r p u rp oses.
“ T h o s t r e n g t h o f o u r m il i t a r y f o r c e s is n o w a s f o l l o w s :
th e r s ta te d :
Officers.
O n S a t u r d a y la s t a n o w s d i s p a t c h o f t h is c h a r a c t e r w a s r e c e iv e d in t h o
o r d i n a r y c o u r s e f r o m t h o G o v e r n o r - G o n o r a l , s i g n e d , a s a ll t h e s e d i s p a t c h e s
a ro s ig n e d , b y th o S e cre ta ry o f S ta te fo r t h e C o lo n ie s , th o R ig h t l i o n .
W a lte r L o n g .
I t w a s h a n d e d o u t t o t h o p r e s s a n d p u b li s h e d in t h o o r d i
n ary courso.
Y e s t e r d a y a f u r t h e r d i s p a t c h , c o r r e c t i n g i t , w a s r o c o iv e d
in th o s a m o m a n n e r, f r o m th o s a m e s o u r c o , a n d s ig n e d in th o s a m o w a y .
T h a t a ls o h a s b o o n g i v e n t o t h o p r e s s .
I n c o m m u n i c a t i n g w i t h t h e B r i t is h
G o v e r n m e n t in J a n u a r y w o a s k e d t h a t t h e s e d i s p a t c h e s m ig h t b o s e n t o u t
t o u s u n d e r th o a u t h o r it y o f th o W a r C a b in e t.
I d o n ot k n ow , o f cou rse,
w h o t h o r t h is p a r t i c u la r d i s p a t c h w a s s e n t o u t b y t h o W a r C a b i n e t , a n d
I a m c o n t e n t t o a c c e p t t h o s t a t e m e n t o f L o r d R e a d in g in t h a t b e h a l f .
Ho
p e rh a p s h as m o r o in fo r m a tio n o n t h o s u b je c t th a n I h a v o .
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p a r t i c u la r d i s p a t c h w a s r e c e iv e d i n t h o o r d i n a r y c o u r s o u n d e r t h o a r r a n g e
m e n t r o a ch o d a n d p u r p o r tin g t o b o s e n t b y th o S e c r e ta r y o f S ta te f o r th o
C o lo n io s .
I t w a s r e c e iv e d In t h o o r d i n a r y c o u r s o f r o m t h e G o v e r n o r G e n e r a l, a n d t h o d i s p a t c h w h ic h c o r r e c t e d i t w a s r e c e iv e d in t h o s a m o
m a n n e r , t h r o u g h t h o s a m o s o u r c o , a n d s i g n e d in t h o s a m o w a y .
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p o s e in m a k i n g t h is s t a t e m e n t is t o i n d i c a t o t o t h is H o u s e a n d t o t h is
c o u n t r y t h a t i f t h o r o h a s b e o n a n y m u s t a k o o r m is a p p r e h e n s io n w i t h r o g a r d
t o t h o m a t t e r it h a s n o t o c c u r r e d a t O t t a w a .
It has occu rred som ew h ere
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e ls o .
ACHIEVEMENTS OF THE WAR DEPARTMENT
DEFENDED BY REPRESENTATIVE CALDWELL.
A n e n c o u ra g in g re p o r t o n th o p ro g ra m a n d a c h ie v e m e n ts
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s o n t to F ra n c o a s f a s t as s h ip p in g sp a c e c o u ld bo p r o v id e d .
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A t th o o u ts e t o f his re m a rk s M r . C a ld w e ll read th e f o l-
loAving le tte r fr o m S e c re ta ry B a k e r :
Washington, D . C., May 3 1 9 1 8 .
I h a v o r e a d w it h in t e r e s t a n d a p p r e c i a t io n y o u r
s p e e c h in t h o I I o u s o o n t h o s u b j e c t o f a i r c r a f t , a n d a m w r i t in g t h is n o t o
t o t h a n k y o u f o r t a k i n g t h o t r o u b l e t o l o o k i n t o t h e s i t u a t io n a n d s p e a k
s o s y m p a t l io t l c a li y a n d h e l p f u ll y .
O n t h is a n d a ll o t h e r p a r t s o f t h e p r o
g r a m w h ic h t h o AVar D e p a r t m e n t is c a r r y in g o u t , w o a r o , o f c o u r s o , a n x io u s
t o h a v o r e a l f a c t s c a r e fu ll y i n v e s t ig a t e d a n d f r a n k l y s t a t e d , a n d I k n o w
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M y Dear M r. Caldwell:
o n th o s u b je c t.
T h o c o u n t r y w o u ld b o h e l p e d i f y o u c a n f i n d i t p o s s i b lo f r o m t im o t o
t im e t o g o t i n t o t h o " C o n g r e s s i o n a l R e c o r d ” t h o r e s u lt o f s im ila r in q u ir ie s
in o t h e r p a r t s o f t h o w o r l d , a n d a s y o u a r o a m e m b e r o f t h o C o m m l t t o o
o n M i l i t a r y A f f a i r s a n d , t h e r e fo r e , h a v e c o n s t a n t c o n t a c t w it h t h o s u b
j e c t , i t m a y b o t h a t y o u w ill f in d i t p o s s l b lo t o t h is .
BS I n t h o m e a n t i m o , I a m s u r o t h a t y o u w ill fe e l a t l i b e r t y t o c a ll o n m o f o r
a n y in f o r m a t i o n I c a n s e c u r e f o r y o u o n a n y s u b j e c t t h a t y o u f e e l i n c li n e d
t o i n v e s t ig a t e .
C o r d ia lly ,
NEAVTON D . B A K E R ,
Secretary of War.
M r.
C a ld w e ll's ad d re ss Avas s u m m a r iz e d as folloAvs in a
sp ec ia l d isp a tc li fr o m W a s h in g to n to th o NeAv Y o r k “ T im e s ”
on M a y 22:
“ A V hilo I h a v o f o u n d i t i m p o s s i b l e t o a g r e o w i t h M r . B a k e r o n m a n y d e
t a i l s , ” s a id M r . C a ld w e l l, " I m u s t s a y t h a t I h a v e f o u n d h im t o h a v o t h o
k e e n e s t m in d o f a n y m a n in p u b li c lif e t h a t it h a s o v e r b e e n m y p le a s u r e t o
c o m o I n t o l n t im a t o a s s o c ia t i o n w i t h .
I h a v o n o v e r y e t c r o s s -e x a m in e d a
m a n w h o w a s m o r o t h o r o u g h l y fa m il i a r w it h h is s u b j e c t , m o r o o x a c t In
h i s c h o i c o o f w o r d s , t o d i f f e r e n t i a t e a n d s h a d e h is m e a n i n g , q u i c k e r in h is
R e g u la r A r m y ______________
R e s e r v e C o r p s ______________
N a t io n a l G u a r d _____________
N a t i o n a l A r m y _____________
S p e c ia l a n d t e c h n i c a l d u t y .
D r a f t e d in A p r i l _____________
D r a f t e d i n M a y _____________
T o t a l ..........................................
1 4 8 ,3 2 8
Men.
1 0 ,2 9 5
7 9 ,0 3 8
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3 3 ,8 9 4
8 .1 9 5
G r a n d t o t a l _______________
5 0 4 ,6 7 7
7 8 ,5 6 0
4 1 1 ,9 5 2
5 1 0 ,9 6 3
1 5 0 .0 0 0
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2 ,0 7 8 ,2 2 2 ”
“ S o w o h a v e t o - d a y , ” c o n t in u e d M r . C a ld w e l l, “ a n a r m y o f m o r e t h a n
2 . 0 0 0 . 0 0 0 , o f w h ic h m o r e t h a n 5 0 0 ,0 0 0 h a v e a l r e a d y b e o n s h i p p e d t o F r a n c o ,
a n d 1 ,0 0 0 ,0 0 0 m o r o h a v o t h o n e c e s s a r y t r a in in g t o f i t t h e m f o r f o r e i g n
s e r v ic o .
T h e y a r e n o w w a it i n g f o r t h o s h ip s t o c a r r y t h e m o v e r .
“ O u r c r it i c s n o w c o m p la in t h a t w e h a v e n o t d o n e m o r e , y e t w o h a v e d o n e
in o n o y e a r t w i c e a s m u c h a s t h e y t h o u g h t w e c o u l d d o in t w o y e a r s . ”
M r . C a ld w e l l r e c a lle d t o t h e a t t e n t io n o f C o n g r e s s s t a t e m e n t s b y v a r io u s
a llie d c o m m i s s i o n s w h ic h , h o s a i d , h a d a d v i s e d A m e r i c a t o s e n d m a t e r ia ls ,
n ot m en.
H e c o n t in u e d :
“ U n d e r t h o l e g is la t io n t h a t C o n g r e s s p a s s e d in s p i t o o f t h e r e c o m m e n
d a t i o n s f r o m t h o A l l ie s , w o h a v o a l r e a d y r a is e d m o r e t h a n 2 , 0 0 0 , 0 0 0 m e n
a n d e a r l y in t h e y e a r 1 9 1 9 w ill h a v e 3 ,0 0 0 ,0 0 0 in t h o a r m y . AVe h a v o n o w
t a k e n t h o ‘ lie o f f ’ s o t h a t P r e s id e n t A V ilson m a y h a v e a s g r e a t a n a r m y a s
n e c e s s it y r e q u ir e s a n d o u r m a n p o w e r p e r m it s .
N o tw ith s ta n d in g th o fa c t
t h a t t h o a p p r o p r i a t i o n m e a s u r o n o w p e n d in g is d r a w n w it h t h o v i e w o f
s u p p o r t i n g a n a r m y o f o n l y 3 ,0 0 0 , 0 0 0 , I a m c o n f i d e n t t h a t b e f o r o m a n y
m o n th s , d e fic ie n c y a p p ro p r ia tio n s m a y b e n e ce s s a ry .
AVo w ill p r o b a b l y
h a v o 4 ,0 0 0 , 0 0 0 o r 5 ,0 0 0 ,0 0 0 m e n b e f o r o t h o e n d o f t h o n e x t f is c a l y e a r . ”
M r . C a ld w e l l ’s e s t im a t e o f m a n - p o w e r in A m e r i c a w a s : T w o m il l io n
m e n n o w in t h e A r m y ; 2 , 0 0 0 , 0 0 0 m o r o in C la s s 1 w a it i n g t o b o c a l l e d , a n d
1 .0 0 0 .
0 0 0 a d d it i o n a l in t h o c la s s o f m e n w h o h a v e b e c o m o 2 1 t h is y e a r .
C la s s e s 2 , 3 , 4 a n d 5 , h o s a i d , h a d 6 , 0 0 0 , 0 0 0 o t h e r m e n , a n d t h o r o w e r e
3 .0 0 0 . 0 0 0 b o y s b e tw e e n 18 a n d 2 1 .
H o e s t im a t e d , t h e r e fo r e , t h a t i f t h e
w a r la s t e d u n t i l 1 9 2 4 , t h e r e w o u ld b o 6 ,0 0 0 , 0 0 0 m o r o m e n , a ll o f C la s s 1 .
H o s a id t h o t o t a l n u m b e r o f m e n o f m il i t a r y a g e i n 1 9 2 4 w o u l d b e 2 0 , 0 0 0 , 0 0 0 .
o u t o f a t o t a l p o p u l a t i o n o f 1 2 5 ,0 0 0 ,0 0 0 .
M r . C a ld w e l l s a id t h a t t h e b u i l d in g o f t h i r t y - t w o c a n t o n m e n t s , m a d e
n e c e s s a r y b e c a u s e t h e r e w a s n o t e n o u g h c l o t h in t h o w o r l d t o s h e l t e r t h o
a r m y p la n n e d , u s e d in te n w e e k s m o r e h u m a n la b o r th a n w e n t in to t h e
b u i l d in g o f t h o P a n a m a C a n a l .
C lo t h in g h a d b e e n s u p p lie d , h o s a id , b y
t a k i n g o v e r c a r p e t , d u c k i n g , a n d s im ila r f a c t o r i e s , s o t h a t “ w e h a v e n o w
a n a m p lo re s e r v e o f e v e r y k in d o f c lo t h in g fo r o u r s o ld ie r s .”
“ E n g l a n d , ” d e c l a r e d M r . C a ld w e l l, " t r a i n e d h e r f ir s t m il l io n m e n in
c it i z e n s ’ c lo t h e s a n d t o p h a t s , w it h w a lk in g s t ic k s f o r g u n s , b u t n o t w i t h
s t a n d i n g o u r d i f f i c u lt i e s , o u r f ir s t m il l io n m e n w e r e c l o t h e d in u n i f o r m s
a n d w e r e d r i ll e d i n t h e m a n u a l o f a r m s w it h a r i f l e . ”
T h o d e l a y o f t h o U n it e d S t a t e s f o r e x p e r i m e n t in g s o t h a t i t m ig h t g e t t h e
b e s t p o s s l b lo r if lo w a s n o w v i n d i c a t e d , s a id M r . C a ld w e l l, f o r " p r o d u c t i o n
is n o w a m p l o ” a n d t h o r if l o Is o f t h o h ig h e s t q u a l i t y .
“ AV hcn G e n e r a l J o f f r e r e q u e s t e d a s m a ll e x p e d i t i o n a r y f o r c e , ” h e c o n
c l u d e d , " t h o c r it i c s o f t h o A d m i n i s t r a t i o n d e m a n d e d w h a t t h e y t h o u g h t w a s
i m p o s s i b l e , t h a t w e s h ip t o F r a n c e in t h o f ir s t y e a r 5 0 ,0 0 0 t o 1 0 0 ,0 0 0 m e n .
" I n t h o f ir s t t e n d a y s o f M a y w e s h i p p e d 9 0 ,0 0 0 .
A V ith in a y e a r a f t e r t h e
f ir s t s h i p m e n t A m e r i c a w ill h a v e 1 , 0 0 0 ,0 0 0 o f t h e b e s t f e d , b e s t c l o t h e d , a n d
b e s t p a i d s o ld ie r s in F r a n c o t h a t t h o w o r l d h a s o v e r k n o w n .
I t w ill h a v e
b e e n t r a in e d u n d e r t h o m o d e r n c o n d i t i o n s , s u r r o u n d e d b y t h o b e s t m o r a l
in fl u e n c e s , w it h t h o l o w e s t p e r c e n t a g e o f d is e a s e , a n d w ill b e s e r v e d b y t h e
h ig h e s t m o t iv e s t h a t a c t u a t e m e n . ”
ATTORNEY-GENERAL GREGORY SAYS REPORTS Of
ENEMY ACTIVITIES ARE GREATLY
EXAGGERATED.
R o p ly in g to a le tte r fr o m R e p r e s e n ta tiv e C u rrie o f M i c h i
g a n , to th o e ffe c t t h a t th e im p re ssio n is Avidespread th r o u g h
o u t th o c o u n tr y t h a t th o G o v e r n m e n t is d e a lin g to o le n ie n tly
Avith sp ies a n d
d a n g e ro u s e n e m y a lie n s , A t to r n e y -G e n e r a l
G r e g o r y in A p r il s ta te d th a t th e re p o r ts o f e n e m y a c tiv itie s
in th o U n it e d
S ta t e s h a d b e e n g r o s s ly e x a g g e r a te d .
G r e g o r y ’ s le tte r w a s g iv e n as fo llo w s in
“ R ecord”
o f A p r il
M r.
th e P h ila d e lp h ia
1 6:
" T h o p u b l i c a s s u m e s t h a t t h e r e is a g r e a t d e a l o f e n e m y a c t i v i t y g o i n g
o n in t h is c o u n t r y , a n d i t is b u t n a t u r a l t h a t v a g u e r u m o r s a r o m a g n i f ie d
i n t o d e f i n i t e a n d s e n s a t io n a l s t o r ie s .
T h o ta lk o f d a m a g e d o n o b y e n e m y
a lie n s in c a u s in g i n c e n d i a r y f ir e s is a n ill u s t r a t io n o f t h is .
R e p e a t e d ly ,
b o t h in r e p u t a b l e n e w s p a p e r s a n d in p u b l i c a t i o n s g o t t e n o u t b y c it i z e n
s o c ie t ie s , e x a g g e r a te d s ta te m e n ts a ro m a d o a s t o th e a m o u n t o f d a m a g e .
“ S t a t i s t i c s s h o w t h a t c o n s i d e r in g t h e v a s t l y i n c r e a s e d v a l u e o f m e r c h a n
d i s e a n d p l a n t s , t h o a c t u a l f ir e lo s s t o p r o p e r t y o f a ll d e s c r ip t i o n s in 1 9 1 7 w a s
n o t a p p r e c i a b l y la r g e r t h a n t h a t o f t h e y e a r o f 1 9 1 3 .
L i k e w is e , t h o r e p o r t
r o c e n t l y m a d o b y t h o N a t io n a l B o a r d o f F i r e U n d e r w r i t e r s s h o w s , in s u b s t a n c o , t h a t d u r in g t h e p a s t y e a r n o t o n e fir e h a s b e e n c le a r ly p r o v e n t o b e
t h o w o r k o f a lie n e n e m i e s , a n d a t a r e c e n t c o n f e r e n c e in t h o T r e a s u r y D e
p a r t m e n t o f a ll o f t h o m e n in a ll d e p a r t m e n t s je h a r g e d w i t h ''p r o t o c t i o n 'o f
2188
[Vol. 100
THE CHRONICLE
p la n t s a n d s u p p lie s , i t w a s s t a t e d w it h o u t d is s e n t t h a t n o in s ta n c e w a s
k n o w n o f a f i r o c a u s e d w it h i n t h e p a s t y e a r b y a lie n e n e m i e s . ”
T h o A t t o r n e y - G e n e r a l s u g g e s t e d ^ th a t “ t h e V e r y n e c e s s i t y f o r k e e p i n g
s e c r e t m a n y o f t h e a c t iv it ie s o f t h e d e p a r t m e n t u n d o u b t e d ly c o n t r ib u te s
t o t h e im p r e s s io n o f w h ic h y o u h a v e .c o m p la in e d ,” a n d a d d e d :
" I t w o u ld b e a b s u r d t o s a y .t h a t e v e r y h o s t ile a c t h a s b e e n s u c c e s s fu lly ru n
d o w n a n d t h e o f f e n d e r b r o u g h t t o p u n is h m e n t , o r t h a t e v o r y e n e m y a g e n t o r
p r o p a g a n d i s t a t w o r k in t h is c o u n t r y h a s b e e n d i s c o v e r e d .
I d o, how e v o r , a s s e r t t h a t e v e r y p o s s i b l e e f f o r t i s 'b e i n g m a d e t o f e r r e t o u t a n d p u n is h
a c t i v i t i e s o f t h is c h a r a c t e r , a n d t h a t t h i s w o r k in o t h e r d e p a r t m e n t s a s
w e ll a s m y o w n . Is b e i n g d o n e , f r o m d a y t o d a y , w it h c o n s t a n t l y I n c r e a s in g
e ffic ie n c y .
“ L o n g b e f o r e w e e n t e r e d t h e w a r t h is d e p a r t m e n t r e c o g n i z e d t h e n e c e s
s i t y o f a n e f f i c i e n t s y s t e m f o r t h e p r e v e n t i o n , a s w e ll a s t h e d e t e c t i o n , o f
e n e m y a c t i v i t i e s , a n d b e g a n a t t h a t t i m e t o s t r e n g t h e n a n d b u i l d u p it s
b u r e a u o f I n v e s t ig a t io n , w h i c h n o w f o r a l o n g t i m e h a s b e e n o p o r a t e d o n a
w a r b a s is .
I n a d d i t i o n t o t h i s , t h e d e p a r t m e n t h a s a c c e p t e d t h e s e r v ic e s ,
a n d t o a g r e a t e x t e n t s u p e r v i s e s , t h e a c t i v i t i e s o f m o r e t h a n 2 0 0 ,0 0 0 c i t i
z e n s o f p r o v e n lo y a lt y , s y s t e m a t ic a lly o r g a n iz e d t h r o u g h o u t t h e c o u n t r y
a s a n a u x i l ia r y t o t h o w o r k o f t h e d e p a r t m e n t .
I t is a f a ir s t a t e m e n t t o
s a y t h a t t h e c o u n t r y h a s n e v e r b e e n s o t h o r o u g h ly .! p o l i c e d in i t s h i s t o r y
b y t h o F e d e r a l a u t h o r i t ie s a s i t is t o - d a y .
" I n c o n n e c t i o n w it h e n e m y a l ie n a c t i v i t i e s , y o u w ill r e c a ll t h a t u n d e r t h e
m o s t c o n s e r v a t i v e e s t im a t e t h e r e a r o in t h is c o u n t r y t o - d a y m o r e t h a n
4 6 0 ,0 0 0
G e r m a n s , 6 0 0 ,0 0 0 A u s t r i a n s a n d 4 0 0 ,0 0 0 H u n g a r i a n e n e m y
a lie n s : t h a t i s , u n n a t u r a li z e d m a le s u p w a r d o f 1 4 y e a r s o f a g o , a n d e s t i
m a t i n g t h r e e t o a f a m i l y t h e r o w o u l d b o w it h i n t h e U n i t e d S t a t e s a b o u t
4 , 0 0 0 , 0 0 0 p e r s o n s w h o a r e e i t h e r m a l e e n e m y a lie n s o r m e m b e r s o f t h e ir
f a m il i e s .
I f y o u w ill b e a r in m in d t h a t w e h a v e q u i t e a s m u c h , i f n o t m o r e ,
t r o u b le w it h n a t iv e a n d n a tu r a liz e d A m e r ic a n s a s w e h a v e w it h e n e m y
a l ie n s , y o u w ill g e t s o m e i d e a o f t h e m a g n i t u d e o f t h o w o r k w h i c h d a i l y
c o n fr o n t s th is d e p a r t m e n t .
*
*
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s i g n e d b y h i m , w i t h h i s p r o p e r p o s t o f f i c e a d d r e s s a t h i s h o m e a n d in
W a s ld n g to n .
T h e s t a t e m e n t s h a ll c o n t a i n a b r i o f d e s c r i p t i o n o f t h e g r i e v
a n c e a n d .t h e n a m e s o f t h e p e r s o n s o r c o r p o r a t i o n s a g a i n s t w h o m h e c o m
p la in s , w it h th e ir p o s t o f fic e a d d re s s .
2 . W h e r e a n .e m p lo y e r a n d e m p lo y e e s b o t h d e s ir e t o s u b m it a c o n t r o
v e r s y t o t h e B o a r d , t h e y s h a ll s ig n a s h o r t j o i n t s t a t e m e n t o f t h e is s u e
b e tw e e n t h e m , w it h t h o ir r e s p e c t iv e p o s t o f f l c o a d d re s s e s , a n d r e q u o s t th e
a c t io n o f th o B o a r d .
T h e y s h a ll d e l i v e r t h i s s i g n e d s t a t e m e n t t o t h e S e c
reta ry o f th e B oa rd .
3 . C o n tr o v e r s ie s in w h ic h t h e S e c r e t a r y o f L a b o r in v o k e s t h e a c t io n
o f t h e B o a r d , t o g e t h e r w it h t h e d o c u m e n t s t r a n s m i t t e d b y h i m , s h a ll b e
d e l i v e r e d t o t h e .S e c r e t a r y o f t h e B o a r d .
4 . S u c h c o m p l a i n t s , s u b m i s s io n s , a n d r e fe r e n c e s b y t h e S e c r o t a r y o f
L a b o r s h a ll b o r e c e i v e d b y t h e S e c r e t a r y o f t h o B o a r d a n d f i l e d i n h is o f f i c e
a n d I n d o r s e d w i t h t h e d a t e o f f il i n g .
6 . T h e S e c r e t a r y o f t h e B o a r d s h a ll k e e p o n e d o c k e t f o r t h o f i l i n g o f a ll
c o m p l a i n t s , s u b m i s s io n s , a n d r e f e r e n c e s , a n d s h a ll n u m b e r t h e m o n t h e
d o c k e t in t h e o r d e r in w h ic h t h e y a r o r e c e i v e d a n d f i l e d .
T h e r e a fte r th e
c a s e s s h a ll b e r e f e r r e d t o b y s u c h n u m b e r .
• 6 . W h e r e t h e .c o m p l a i n t o r s u b m i s s io n f i l e d s h a ll s h o w c l e a r l y t h a t
a n o t h e r b o a r d t h a n t h is h a s p r i m a r y j u r i s d i c t i o n t h e r e in , t h e S e c r e t a r y Is
a u th o r iz e d t o d ir e c t t h e p r o p e r r e fe r e n c e , a n d t o a d v is e t h o p a r t y o r p a r
t ie s i n it i a t i n g t h e p r o c e e d i n g o f s u c h r e f e r e n c e .
A t t h e n o x t s e s s io n o f t h e
B o a r d t h e S e c r e t a r y s h a ll a d v i s e t h e B o a r d o f h is d i s p o s i t i o n t h e r e o f .
7 . T h e S e c r e t a r y o f t h e B o a r d s h a ll d i g e s t a ll c a s e s p r e s e n t e d a n d b r i n g
th e m t o t h e p r o m p t a t t e n t io n o f th e B o a r d f o r Its a c t io n .
Organization of the Board for Hearings and Adjustment.
1 . T w o m e m b e r s o f th e B o a r d , o n e fr o m t h e e m p lo y e r s ’ s id e a n d o n e f r o m
t h e e m p l o y e e s ’ s i d e , s h a ll b e a p p o i n t e d t o a c t f o r t h o B o a r d In r e s p e c t t o
e v e r y lo c a l c o n t r o v e r s y , t h e m e m b e r s t o b o n a m o d b y t h e jo in t c h a ir m e n
a t th o In s ta n ce O f t h o r e s p e c t iv e g r o u p s o f t h o B o a r d .
T h eso m em bers
s h a ll b e c a l l e d a s e c t i o n o f t h e B o a r d , a n d s h a ll h o a r a n d a d j u s t c a s e s ’ a s s lg n e d t o t h e m .
I f t h e y c a n n o t e f f e c t a n y a d j u s t m e n t , t h e y s h a ll s u m
EO GEORGE E li R E TS PROPERTY TA K EN OVER BY
m a r iz e a n d a n a ly z e t h e f a c t s a n d p r e s e n t t h e s a m e . t o t h e B o a r d w i t h t h e i r
r e c o m m e n d a t io n s .
A L IE N ^PROPERTY CUSTODIAN.
2 . T h e . S e c r e t a r y s h a ll s e l e c t t r a in e d a n d e x p e r i e n c e d m e n o f n e u t r a l
T h e tu r n in g o v e r t o th e A lie n P r o p e r t y C u s t o d ia n o f th e a t t i t u d e t o a c t a s e x a m in e r s , t o a c c o m p a n y t h o s e c t i o n s , a n d t o a s s is t
t h e m in t h e d i s c h a r g e o f t h e i r d u t y b y i n v e s t i g a t i o n , d i g e s t o f e v i d e n c e
p r o p e r t y o f G e o r g e J E h re t, th e N e w Y o r k b r e w e r, w a s m a d e
a n d In o t h e r p r o p e r w a y s .
S o w n o n M a y 3 , w h e n th e fo llo w in g o ffic ia l a n n o u n c e m e n t
3 . T h e N a t i o n a l B o a r d m a y a p p o i n t p e r m a n e n t l o c a l c o m m i t t e e s In a n y
w a s g iv e n o u t c o n c e rn in g th e a c tio n :
c i t y o r d i s t r i c t t o a c t in c a s e s t h o r o in a r i s in g .
I n th o s e le ctio n o f su ch
l
A.
M i t c h e l l P a im o r , A l i e n P r o p e r t y C u s t o d i a n , a n n o u n c e s t h a t G e o r g e o c a l c o m m i t t e e s , r e c o m m e n d a t i o n s w ill b o r e c e l v o d b y t h e N a t i o n a l B o a r d
f r o m a s s o c ia t i o n s o f e m p l o y e r s a n d f r o m t h o c e n t r a l l a b o r b o d y o f t h o c i t y
E h r e t , J r ., o f N e w Y o r k C i t y , u p o n r e c e iv in g in fo r m a t io n t h r o u g h th o
o r d is t r ic t a n d o t h e r p r o p e r ly in t e r e s t e d g r o u p s .
S e c tio n s o f t h o B o a rd
S t a t e D e p a r t m e n t t h a t h is f a t h e r G e o r g e E h r e t , S r . , h a d b o o n l iv i n g in
a re a u th o r iz e d t o a p p o in t t e m p o r a r y lo c a l c o m m it t e e s w h o r e p e r m a n e n t
B e r l i n s i n c e t h e d e c l a r a t io n o f w a r , h a d r e p o r t e d t o F r a n c i s P . G a r v a n ,
lo c a l c o m m i t t e e s h a v e n o t b e e n a p p o i n t e d b y t h o B o a r d .
D i r e c t o r o f t h e B u r e a u o f I n v e s t i g a t i o n , a ll o f h is f a t h e r ’s p r o p e r t y a s o f
4 . T w o s p e c ia l f ie l d r e p r e s e n t a t i v e s a m y b e s e l e c t o d b y t h o S e c r e t a r y
e n e m y c h a r a c t e r a n d h a d a n n o u n c e d h is r e a d in e s s t o t u r n o v e r t o t h e
f r o m n a m o s s u b m i t t e d b y t h o j o i n t c h a i r m e n t o m a k o a j o i n t i n v a s t lg a t lo n
c u s t o d y o f t h e G o v e r n m e n t r e a l e s t a t e a m o u n t i n g t o $ 2 4 ,0 0 0 ,0 0 0 a n d
o f a n y c o m p l a i n t f o r t h e p u r p o s e o f a s c e r t a in in g t h e c i o m p l e t e f a c t s w i t h
p e r s o n a l p r o p e r t y a m o u n t i n g t o $ 1 6 ,0 0 0 ,0 0 0 , o r $ 4 0 ,0 0 0 ,0 0 0 i n a ll.
o u t t h e in t e r v e n t io n o f s e c t io n s .
M r . P a lm e r s t a t e d t h a t n o c h a n g o i n t h e m a n a g e m e n t o f t h is p r o p e r t y
w a s c o n t e m p la te d .
G e o r g e E h r e t, J r ., a n d t h e C e n tr a l T r u s t C o . h a d
b e e n n a m e d a s d e p o s i t a r ie s f o r t h e A l l e n P r o p e r t y C u s t o d i a n , a n d t h e
r o n t s a n d o t h e r I n c o m e s w o u l d b e c o l l e c t e d b y G e o r g e E h r e t , J r . , a s u s u a l,
w h o w o u l d m a k e p e r i o d ic a l a c c o u n t i n g t o t h o A l l e n P r o p e r t y C u s t o d ia n .
T h i s p r o p e r t y , M r . P a lm e r f u r t h e r s t a t e d , b e c a m e o f o n o m y c h a r a c t e r
t h r o u g h t h e r e s id e n c e o f t h e o w n e r u n d e r t h o T r a d i n g - W i t h - t l i e - E n e m y
A c t , a lt h o u g h th o o w n e r w a s a n A m e r ic a n c it iz e n .
I f M r . E h r e t , S r .,
s h o u l d r e t u r n t o A m e r i c a a n d t h u s lo s e h is e n e m y c h a r a c t e r , t h o D e p a r t
m e n t o f J u s t i c e w o u l d e n t e r t a in ju r i s d i c t i o n o f a n y c la im w h i c h h e m ig h t
m a k e u n d e r s e c t i o n 9 t o h a v e h is p r o p e r t y r e t u r n e d t o h i m .
U nder
s e c t i o n 9 t h e P r e s i d e n t m a y r e t u r n t h e p r o p e r t y t o h i m i f s a t i s f i e d o f h is
r e t u r n t o 't h i s c o u n t r y a n d o f h is A m e r i c a n c it i z e n s h i p .
G e o r g e E h r e t , S r ., w a s b o rn in H o fw e ie r , G e r m a n y , in
1835.
A f t e r se rv in g a n a p p re n tic e sh ip in G e r m a n b re w e rie s,
h e ^c am e to N e w Y o r k in 1 8 5 7 .
b rew ery of A .
ow n.
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H u p fe l, a n d in 1 8 6 6 sta r te d a b r e w e ry o f h is
M r . E h r e t w e n t to G e r m a n y ju s t b e fo re th e w a r a n d ,
i t w a s r e p o r te d , h a d in te n d e d to re tu rn w ith A m b a s s a d o r
G e r a r d ; it w a s o n h is p h y s ic ia n ’ s a d v ic e , i t is s a id , th a t he
d e c id e d to re m a in a b r o a d .
Arbitration.
1.
W h e n t h e B o a r d , a f t e r d u e e f fo r t o f its o w n , t h r o u g h s e c t io n s , lo ca l
c o m m it t e e s , o r o th e r w is e , fin d s it im p o s s ib le t o s o t t lo a c o n t r o v e r s y , t h e
B o a r d s h a ll t h e n s i t a s a b o a r d o f a r b i t r a t i o n , d e c i d e t h e c o n t r o v e r s y , a n d
m a k o a n a w a r d , i f i t c a n r e a c h a u n a n im o u s c o n c l u s i o n .
I f it ca n n o t d o
t h i s , t h e n i t s h a ll s e l e c t a n u m p i r e , a s p r o v i d e d , w h o s h a ll s i t w i t h t h e
B o a r d , r e v i e w t h e is s u e s , a n d r e n d e r h is a w a r d .
Co-ordination of the Work of Existing Boards.
1.
T o c o m p l y w i t h t h e d i r e c t i o n o f t h e P r e s i d e n t In h i s p r o c l a m a t i o n
o f A p r i l 8 1 9 1 8 c o n s t i t u t i n g t h i s N a t i o n a l W a r L a b o r B o a r d , i t w il l h e a r
a p p e a l s in t h e f o l l o w i n g c a s e s :
1 . W h e r e t h e p r i n c ip l e s e s t a b l is h e d b y h i m in s u c h p r o c l a m a t i o n h a v e
b e e n v io la te d .
2 . W h e r e a n a w a rd m a d e b y a b o a r d h a s n o t b e e n p u t in to e ffo c t b y
e m p lo y e r s o r w h e r e t h e e m p lo y e e s h a v o re fu s e d t o a c c e p t o r a b id e b y s u c h
aw ard.
3 . T o d e t e r m in e q u e s t i o n s o f j u r i s d i c t i o n a s b e t w e e n G o v e r n m e n
boards.
A p p e a l s w ill n o t b e h e a r d b y t h o N a t io n a l W a r L a b o r B o a r d f r o m t h e d e
c ls l o n s o f r e g u l a r ly c o n s t i t u t e d b o a r d s o f a p p e a l , n o r f r o m a n y o t h e r b o a r d
t o r e v i s e fin d in g s o f f a c t .
THE TELEGRAPHERS' CONTROVERSY A N D THE
WESTERN UNION.
PLAN OF PROCEDURE OF N ATION AL W AR LABOR
BOARDIIN SETTLING DISPUTES.
L ast w eek,
T h e a d o p tio n b y th e N a t io n a l W a r L a b o r B o a r d o f a p la n o f
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H . T a f t a n d F r a n k P . W a ls h a s m e d ia to r s .
c o m m it te e s w ill b e a ssiste d b y tra in e d fie ld a g e n ts s e n t o u t
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fr o m W a s h in g t o n to in v e s tig a te e a c h d is p u te .
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a n n o u n c e m e n t s a id :
A f t e r t h o r o u g h c o n s id e r a t io n o f t h e p r o b le m s t o b e m e t in t h e o p e r a t io n
o f t h e N a t i o n a l W a r L a b o r B o a r d ’ s m a c h i n e r y f o r t h e a d j u d i c a t i o n o f In
d u s tr ia l c o n t r o v e r s ie s , t h e B o a r d t o - d a y f im a lly a g r e e d u p o n a p la n o f
p r o c e d u r e a n d m e t h o d t o b o f o l l o w e d in a ll c a s e s .
T h is p la n p r o v id e s fo r
t h o a p p o in t m e n t o f s u b -c o m m it t e e s c o m p o s e d o f t w o m e m b e r s t o a c t f o r
t h e B o a r d in e v e r y lo ca l c o n t r o v e r s y , a n d t h e a p p o in t m e n t o f p e r m a n e n t
l o c a l c o m m i t t e e s In c i t i e s a n d d i s t r i c t s t o a c t In c a s e s t h e r e in a r i s in g , a n
a l s o c o m p r e h e n d s a m e t h o d o f i n v e s t ig a t i n g I n d u s t r ia l d i s p u t e s b y t r a in e d
f i e l d a g e n t s s e n t i n t o t e r r i t o r ie s b y t h e B o a r d f r o m W a s h i n g t o n .
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d o w n t h e m e t h o d t o b e f o l l o w e d b y p e r s o n s d e s i r in g t o b r i n g a c o n d i t i o n
t o t h e a tt e n t io n o f t h e B o a r d .
U n d e r t h e f o r m o f p r o c e d u r e e s t a b lis h e d t o - d a y , t h e B o a r d i t s e l f w il l s i t i n
h e a r i n g u p o n c a s e s o n l y w h e n i t s s e c t i o n s , o r s u b - c o m m i t t e e s , o r lo c a l
c o m m it t e e s fin d it im p o s e s lb lo t o s e t t le a c o n t r o v e r s y .
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B o a r d w il l s i t a s a b o a r d o f a r b i t r a t i o n , d e c i d e t h e c o n t r o v e r s y a n d m a k e a n
aw ard.
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T H E W E S T E R N U N IO N T E L E G R A P H
195 B ro a d w a y .
COM PANY,
New York. Mag 2 1 1 9 1 8 .
Jacob Seibert, Jr., Esq., Editor. The Commercial and Financial Chronicle,
Front and Pine Streets, New York.
Dear Sir: I n y o u r ls s u o o f M a y 1 8 , y o u h a v o i n a d v e r t e n t l y m is - s t a t e d
t h e a c t i o n o f t h o N a t i o n a l W a r L a b o r B o a r d w it h r e s p e c t t o t h o t e le g r a p h
c o m p a n ie s .
T h o o n l y r e s o lu t i o n t h a t w o h a v o r e c o i v e d f r o m t h o N a t i o n a l
W a r L a b o r B o a r d Is t h o f o l l o w i n g :
" M r . T a f t a n d M r . W a ls h h a v o b o o n d lr o c t o d b y th o B o a r d t o t a k o u p
t h e m e d i a t io n o f t h e d i f f e r e n c e s b o t w o o n t h o W o s t o m U n io n a n d P o s t a l
T e l e g r a p h c o m p a n i e s a n d t h o t o lo g r a p h o p e r a t o r s w it h a v i e w t o a n
a m l c a b lo a d j u s t m e n t o f t h o i r d i f f e r e n c e s .
T h o B o a r d t a k e s t h is o c c a s i o n
e a r n e s t l y t o r e q u e s t a ll p e r s o n s f a i t h f u l l y t o a b l d o b y it s d e c l a r a t io n o f
r in c ip le s t o g o v e r n t h e r e la t i o n s b o t w o o n w o r k o r s a n d e m p l o y e r s , o f d a t e
l a r . 2 9 1 9 1 8 , a n d p r o c l a i m e d b y t h o P r e s i d e n t In h is p r o c l a m a t i o n o f t h e
8 t h o f A p r i l 1 9 1 8 , t o t h o e n d t h a t a ll e m p l o y e e s s h a ll b o r e t a in e d a n d c o n
t in u e in t h e ir r e s p e c t iv e e m p l o y m e n t s a n d t h o m a x i m u m o f p r o d u c t i o n
t h u s m a i n t a i n e d ."
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N o r h a s t h e r e b e e n a n y l ik e l i h o o d o f a s t r ik e a m o n g t h o c o m m e r c i a l
1.
A n y p e r s o n d e s i r in g t o b r i n g b e f o r e t h e N a t i o n a l W a r L a b o r B o a r d e le g r a p h e r s a s y o u s t a t e .
t
a n lssu o b e tw e e n e m p lo y e r a n d e m p lo y e e s , o f w h ic h t h e B o a r d h a s c o g
T h e p o l i c y o f t h is c o m p a n y h a s a l w a y s b o o n t o o p p o s o t h e u n i o n i z a t io n
n i z a n c e , s h a ll d e l i v e r t o t h e S e c r e t a r u y o f t h o B o a r d a w r i t t e n s t a t e m e n t .
o f Its e s s e n t ia l e m p l o y e e s (It h a s a s s o c ia t e d w i t h i t m a n y n o n - e s s e n t la ]
M ay 25 1918.]
THE CHRONICLE
e m p l o y e e s w h o a r e m e m b e r s o f v a r i o u s u n i o n s ) , s i n c e It h o l d s t h a t Its
o b l i g a t i o n t o t h e p u b l i c a n d t h o G o v e r n m e n t is t o m a i n t a in a c o n t i n u o u s
a n d c o m p e t e n t s e r v ic e .
T o o n s u r e t h e f o r m e r , t h o n a t i o n a l a s w e ll a s
f o r e i g n p o s t o f f i c e s a n d G o v e r n m e n t t e le g r a p h s e r v ic e s f o r b i d t h e ir f o r c o s
t o j o i n a n y o r g a n i z a t io n s t h a t e m p l o y t h o s t r ik e e i t h e r f o r t h e i r o w n b e n e f i t
o r th a t o f oth ers.
th e se 7 6 ,5 4 5 w ere ce rtified f o r se rv ic e .
tio n to b e c o m e A m e r ic a n c itiz e n s a n d 4 6 ,7 3 2 o f th e se w ere
ce rtified fo r s e rv ic e .
N o t ic e s o f th e s ig n in g o f th e n e w la w , it is s a id , h a v e b e e n
s e n t to th e c o m m a n d in g o ffice rs o f a ll a r m y c a n to n m e n ts
a n d c a m p s , re q u e s tin g th e ir a s s is ta n c e in lo c a tin g th e m e n
m a d e eligible fo r citize n sh ip a n d a ffo r d in g th e m th e o p p o r
t u n ity to c o m p le te th e ir n a tu r a liz a tio n .
to n m e n ts a n d c a m p s to e x a m in e th e c a n d id a te s .
fo r th e h o ld in g o f sp e c ia l te rm s o f c o u r t a d ja c e n t to th e
c a m p s a n d c a n to n m e n ts , b e fo re w h ic h th o a r m y c a n d id a te s
c a n a p p e a r w ith o u t lo ss o f tim e .
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aro to b e s u b je c t to d r a ft .
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n ow r e g istra n ts aro to b o p u t a t th o b o t t o m o f th o re sp e c tiv e
classe s to w h ic h th e y sh a ll b e a ssig n e d .
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th is fo a tu ro o f th o la w , S e c re ta ry o f W a r B a k e r w a s q u o te d in
p ress d isp a tc h o s o n th o 2 0 t h a s s a y in g :
A ll t h o m e n w h o r e g i s t e r e d o n J u n o 5 la s t y e a r h a v e n o w b o e n s e g r e g a t e d
I n t o f i v o c la s s e s in t h o r e l a t i v o o r d e r o f t h e ir a v a i l a b i l i t y f o r m i l i t a r y s e r
v ic e .
T h e n o w la w p r o v i d e s t h a t t h o 2 1 - y e a r - o l d m o n r e g i s t e r e d o n J u n o 5
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a n d s u b d i v i s io n s t h e r e o f , in t h o e x e c u t i o n o f t h is A c t , a n d a ll o f f i c e r s a n d ’
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n a t e d o r a p p o in t e d u n d e r r e g u l a t io n s p r e s c r i b e d 'b y t h e 'P r e s i d e n t , w h e t h e r
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e x e c u t i o n o f t h is A c t , a r e h e r e b y r e q u i r e d t o p e r f o r m s u c h d u t y a s t h e
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s o d e s i g n a t e d o r a p p o in t e d s h a ll h e r e b y h a v o f u ll a u t h o r i t y f o r a ll a c t a
d o n o b y t h e m in t h e e x e c u t i o n o f t h is A c t b y t h o d i r e c t i o n o f t h o P r e s i d e n t
C o r r e s p o n d e n c e in t h o e x e c u t i o n o f t h i s A c t m a y b o c a r r ie d In p e n a l t y
e n v e lo p e s b e a r in g th o fra n k o f th o W a r D e p a r t m e n t.
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t o t h o fit n e s s o r l ia b il i t y o f h i m s e lf o r a n y o t h e r p e r s o n f o r s e r v ic e u n d e r
t h o p r o v i s io n s o f t h is A c t , o r r e g u l a t io n s m a d o b y t h e P r e s i d e n t t h e r e u n d e r
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f u » y t o p e r f o r m a n y d u t y r e q u i r e d o f h i m in t h o e x e c u t i o n o f t h i s A c t .
s h a ll, i f n o t s u b j e c t t o m il i t a r y l a w , b o 'g u i l t y f o f a m is d e m e a n o r , a n d 'u p o n
c o n v i c t i o n in t h e D i s t r i c t C o u r t o f t h o U n it e d S t a t e s h a v i n g j u r i s d i c t i o n
t h e r e o f , b o p u n is h e d b y i m p r i s o n m e n t f o r n o t f m o r e t h a n ’ o n e y e a r o r i f
s u b j e c t t o m il i t a r y l a w , s h a ll b e t r ie d b y j ,c o u r t - m a r t i a l ; a n d s u f fe r s u c h
p u n is h m e n t :a s a ^ c o u r t - m a r t ia l m a y d i r e c t .
N o w , th e r e fo r e , I , W o o d r o w W ils o n , P r e s id e n t o f t h e U n it e d S ta te s , d o
c a ll u p o n t h o G o v e r n o r o f e a c h o f t h o s e v e r a l S t a t e s , t h o B o a r d o f C o m
m is s io n e r s o f t h o D i s t r i c t o f C o l u m b i a , a n d a ll m e m b e r s o f l o c a l b o a r d s
a n d a g e n t s t h e r e o f a p p o in t e d u n d e r t h o p r o v i s io n s o f s a i d A c t o f C fln g r e s s ,
a p p r o v e d M a y 1 8 1 9 1 7 , t o p e r f o r m c e r t a in d u t i e s in t h e e x e c u t i o n o f t h e
f o r e g o i n g l a w , w h ic h d u t i e s w ill b e c o m m u n i c a t e d t o t h e m d i r e c t l y i n t h e
r e g u l a t io n s p r e s c r ib e d u n d e r t h o t e r m s o f s a id p u b l i c r e s o l u t i o n . ’
ft
A n d I d o f u r t h e r p r o c la im a n d g i v o n o t i c e t o e v e r y p e r s o n s u b j e c t t o
re g is tra tio n in th e se v e ra l S ta te s , a n d in t h o D is t r ic t o f C o lu m b ia in a c -
. niv)
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[Vol. 106.
THE CHRONICLE
2190
t h n a b o v o l a w / t h a t t h e 't i m e ’ a n d p l a c o o f s u c h r e g i s t r a t i o n
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SLACKERS LEAVING U. S. TO BE PROSECUTED.
I n m a k in g k n o w n o n M a y 2 3 t h a t slack e rs w h o le a v e th e
U n it e d S ta te s to e sca p e th e d r a ft w ill b e p ro se c u to d u n d e r
th e S e le c tiv e D r a f t A c t , A tto r n e y -G e n e r a l G r e g o r y s a id :
b y A ^ Chn i«Cn P ^ n M d ''e ith e r c it i z e n s o f t h o U n it e d S t a t e s o r r e s id in g i n t h o .
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m e n o f t h o R e g u la r A r m y , t h o N a v y , t h e M a r i n e C o r p s ,
a n d t h e N a t i o n a l G u a r d a n d N a v a l M i l i t i a w h il e in t h e s e r v ic e o f t h e
S t S
S t a t e s a n d o f f i c e r s i n t h o O f f i c e r s ’ R e s e r v e C o r p s a n d e n l is t e d
m e n in t h o E n li s t e d R e s e r v e C o r p s w h ile in a c t i v e s e r v ic e .
A d a y f o r r e g i s t r a t i o n in t h o T e r r i t o r i e s o f A l a s k a , H a w a ii , a n d 1 o r t o
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c a u s e t h o c le r k t li e r e o f t o b e n o t i f i e d o f t h o p l a c o o r p l a c e s d e s i g n a t e d f o r
r e g i s t r a t i o n a n d o v e r y l o c a l b o a r d h a v i n g j u r i s d i c t i o n In a S t a t e o r r e r r i t o r v t h e a r e a o f w h i c h is d i v i d e d i n t o d i v i s i o n s f o r t h o a d m i n i s t r a t i o n o f
t h o A c t a p p r o v e d M a y 1 8 1 9 1 7 . w ill p r o m p t l y c a u s o t h o c le r k s o f t h o t o w n
s h ip s w it h i n i t s d i v i s i o n s t o b o n o t i f i e d o f t h o p l a c o o r p l a c e s d e s i g n a t e d
f ° V n d I d o c a ll u p o n o v e r y m a y o r , c o u n t y c l e r k , o r t o w n s h ip c le r k r e c e iv i n g
s u c h n o t i f i c a t i o n ^ h a v e a lis t o f s a id p l a c e s o f r e g i s t r a t i o n p o s t e d , a n d d o
c h a r g e h i m w i t h t h o d u t y o f h a v i n g a ll p e r s o n s m a k i n g i n q u i r y i n f o r m e d o f
fo r re g is tr a tio n m a y a p p ly o n o r b e fo r e th o d a y o f r e g is t r a t io n a t t h o o f fic o
o f a n f local b o a r d f o r i n s t r u c t i o n s a s t o h o w h o m a y r e g i s t e r b y a g e n t
A n y p o r s o u w h o e x p e c t s to b e a b s e n t o n t h e d a y d e s ig n a te d fo r re g is tra
t i o n f r o m t h o j u r i s d i c t i o n o f t h o b o a r d in w h ic h h o p e r m a n e n t l y r e s id e s m a y
r e g i s t e r b y m a i l , b u t h is r e g i s t r a t i o n c a r d m u s t r o a c h t h e lo c a l b o a r d h a v i n g
j u r i s d i c t i o n o f t h o a r e a w h e r o in h e p e r m a n e n t l y r e s id e s b y t h e d a y h e r o in
n a m e d fo r r e g istr a tio n .
A n y s u c h p e r s o n s h o u ld a p p ly a s s o o n as P r a c tic
a b le a t t h o o f f i c e o f a lo ca l b o a r d fo r in s tru ctio n s a s t o h o w h o m a y re g is te r
I t h a s b e e n b r o u g h t t o m y a t t e n t io n th a t a n u m b e r o f m e n o f c o n s c r ip t io n
a g o h a v o le f t , a n d th a t e v e n n o w , o c c a s io n a lly , o th e r s a re le a v in g t h e
c o u n t r y to e v a d e m ilit a r y s e r v ic e .
S la c k e r s a r e p r e s u m a b l y l a b o r in g u n d e r t h o d e l u s i o n t h a t b y s e c u r in g
a t e m p o r a r y r e s id e n c e in a n o t h e r c o u n t r y f o r t h o d u r a t i o n o f t h o w a r t h e y
m a y e s c a p e t h e ir m i l i t a r y o b l i g a t i o n s , a n d u p o n t h e t e r m i n a t i o n o f t h e
w a r m a y r e t u r n h e r e t o o n j o y t h e f r u it s o f s a c r i f i c e in w h i c h t h e y h a d n o
1 W h e n t h i s s t r u g g l e is c o m p l e t e d , h o w e v e r , s u c h m e n , o n s e e k i n g a d m i s
s i o n t o t h e U n it e d S t a t e s , w ill f in d t h a t i t w il l b o n e c e s s a r y f o r t h e m t o
s t a n d tr ia l o n i n d i c t m e n t s c h a r g i n g t h e m w i t h v i o l a t i o n o f t h e s e l e c t i v e
s e r v ic o A c t .
T h e s e t r ia ls w ill b e v i g o r o u s l y p r o s e c u t e d , a n d t h o m a x i m u m
p e n a l t y p r o v i d e d b y t h e A c t w ill b e u r g e d u p o n c o n v i c t i o n .
T h o p a s s a g o o f t i m e w ill n o t p r o v e n t t h o b r i n g i n g o f p r o s e c u t i o n s .
S u ch
n o n - r e g i s t r a n t s a n d d e l in q u e n t s e i t h e r m u s t r e t u r n f o r m i l i t a r y s e r v i c e
o r b e c o m e p e r m a n e n t e x p a t r i a t e s a n d h a v o a ll r ig h t s o f U n it e d S t a t e s
c it i z e n s h i p d e n i e d t h e m .
T h o G o v e r n m e n t a t n o t i m e h e r e a f t e r w ill b e
i n c li n e d t o g r a n t a n y g e n e r a l a m n e s t y t o s u c h m o n .
I t s h o u ld a l s o b e c l e a r l y u n d e r s t o o d b y t h o g e n e r a l p u b l i c t h a t w h o e v e r
a s s is t s a n o t h e r t o e s c a p e f r o m t h is c o u n t r y t o o v a d o m il i t a r y s o r v i c o . o r
w h o e v e r a s s is t s t o m a i n t a in i n a f o r e i g n c o u n t r y o n e w h o lia s f l e d t h e r e t o
e s c a p e m il i t a r y s e r v i c e , is g u i l t y o f a v i o l a t i o n o f t h o e s p i o n a g e A c t , a n d
u p o n c o n v i c t i o n b e c o m e s l ia b le t o t h o f u ll p e n a lt i e s Im p o s e d t h o r e b y .
ALL MEN SUBJECT TO DRAFT MUST WORK OR FIGHT
— AN ARMY WITHOUT LIMIT.
An
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re q u irin g e v e r y m a n o f s e le c tiv e d r a ft a g e to fig h t or w o rk
w a s a n n o u n c e d b y P r o v o s t M a r s h a l ’ G e n e ra l C r o w d e r o n
M ay
23.
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re q u e s t th a t P re s id e n t W i ls o n b o a u th o r iz e d to ca ll to th e
^ A n y p e r s o n w h o lia s n o p e r m a n e n t r e s id e n c e m u s t r e g i s t e r a t t h o p l a c e
d e s i g n a t e d f o r r e g i s t r a t i o n b y t h e l o c a l b o a r d h a v i n g J u n c t i o n Qf t h e
a r o a w h e r o in h o m a y b o o n t h o d a y h e r o in n a m e d f o r r e g i s t r a t i o n .
A n y person w h o , on a cco u n t o f absen ce at sea, or on a ccou n t o f absen ce
co lo rs all m e n o f d r a ft a g e w h o c a n b e e q u ip p o d a n d tr a in e d .
w i t h o u t t h e t e r r i t o r ia l l im i t s o f t h o U n i t e d ^ ^ ^ ’ ^ ^ ^ f W ^ d a y s a f t e r
w i t h t h e r e g u l a t io n s p e r t a i n in g t o a b s e n t e e s , s h a l , w i t h i n f i v e d a y s a l t e r
re a c h in g t h o fir s t U n it e d S ta te s p o r t , re g is te r w it h h is p r o p e r lo ca l b o a r d
p ro v isio n a d o p te d b y th e c o m m it te e :
T h e c o m m it te e u n a n im o u s ly v o te d th e a u t h o r ity in to th o
A r m y A p p r o p r ia tio n b ill.
T h e fo llo w in g is th e to x t o f th o
t h U o n ^ i n t h o D N t r i c t o ' / S u m b i a t h i s 2 0 t h d a y o f M a y in t h e y e a r o f
o u r L o r d o n e th o u s a n d n in e h u n d r e d a n d e ig h te e n a n d o f t h o in d e p e n d e n c e
P r o v id e d , T h a t th o a u t h o r it y c o n fe r r e d u p o n t h o P re s id e n t b y th o A c t
a p p r o v e d M a y 1 » 1 9 1 7 , e n title d “ A n A c t t o a u th o riz e th o P r u d e n t t o
in c r e a s e t e m p o r a r il y t h o m il i t a r y e s t a b l is h m e n t o f t h o U n it e d S t a t e s
is
h e r e b y e x t e n d e d s o a s t o a u t h o r i z e h i m d u r i n g e a c h f is c a l y e a r t o r a is e b y
d r a f t , a s p r o v i d e d in s a id A c t a n d A c t s a m e n d a t o r y t h o r c o f , t h e m a x i m u m
n u m b e r o f m e n w h ic h m a y b o o r g a n i z e d , e q u i p p o d , t r a in e d a n d u s o d
d u r i n g s u c h y e a r f o r t h o p r o s e c u t io n o f t h o p r e s e n t w a r u n t il i t h a s b e e n
o f th e U n it e d S ta te s o f A m e r ic a , t h e o n e b ^ ^ a n d
b r o u g h t t o a s u c c e s s fu l c o n c l u s i o n .
o r a s n r o v i d e d in t h o r e g u l a t io n s f o r o t h e r a b s e n t e e s .
I n w it n e s s w h e r e o f , I h a v e h e r e u n t o s o t m y h a n d , a n d c a u s e d t h e s e a l o f
fcn y ^ s e co ^ ^
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B y th e P r e s id e n t:
R O B E R T L A N S IN G .
k
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announced
b e c o m e s e ffe c tiv e J u ly
Secretary of Stale.
by
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C row d er,
w u ic n
1 , w ill a f f e c t, it is s a id , ra c e tr a c k
m e n , w a ite r s , b a r te n d e r s , c lu b , h o te l a n d a p a r tm e n t a t te n d
a n ts,
DIVINITY AND MEDICAL STUDENTS MUST REGIS
TER UNDER NEW DRAFT LAW.
T o cle a r u p m isu n d e r s ta n d in g c a u se d b y th o p u b lic a tio n
of
re p o r ts
th a t
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b e t w e e n J u n o 6 1 8 9 6 a n d J u n e 5 1 8 9 7 , i n c lu s i v e , e x c e p t
m e n o f t h e R e g u la r A r m y . N a v y a n d M a r i n e C o r p s , a n d t h o N a t io n a l
G u a r d a n d N a v a l M i l i t i a , w h il o in F e d e r a l s e r v i c o , a n d o f f i c e r s t o t h e
O f f i c e r s ’ R e s e r v e C o r p s a n d e n l is t e d m e n i n t h o E n li s t e d R e s e r v e C o r p s ,
w h ile In a c t i v e s e r v i c e , m u s t r e g is t e r .
ESTIMATED REGISTRATION UNDER NEW ACT.
S e c re ta ry o f W a r B a k e r in a s ta te m e n t issu e d o n M a y 2 0
a n n o u n c e d th a t it w a s e s tim a te d th a t th e n ew re g istra tio n
w o u ld a d d
7 5 0 ,0 0 0
m e n to
th e a r m y .
T h o o n ly p erson s
e x e m p t, i t is p o in te d o u t , are office rs a n d e n liste d m e n ot
th o R e g u la r A r m y , N a v y a n d M a r in o C o r p s , an d th e N a t io n a l
G u a r d a n d N a v a l M i li t i a , w h ile in F o d o ra l se rv ico , a n d o ffi
cers o f th e O ffic e rs’ R e s e r v o C o r p s a n d e n liste d m e n in th e
E n lis te d C o r p s , w h ile in a c tiv e
se rv ic e .
T h o fo llo w in g is
th o a n n o u n c e m e n t in p a r t:
P r o b a b l y t h r e e - q u a r t e r s o f a m il l io n m e n w il l
A r m y , In t h o m a k i n g , b y t h o r e g i s t r a t i o n , o n
h a v e r e a c h e d th e a g e o f 21 s in c e J u n e 5 1 9 1 7 . o r
Ju n e 5 1918.
T h is e s t im a t e w a s m a d e t o -d a y
b e a d d e d t o t h e A m e r ic a n
Juno 5 next o f b oys w ho
w h o w ill b e 2 1 o n o r b e f o r e
b y lr o v o s t M arsh al G en
E . I I . C r o w d e r , w h o w id d i r e c t t h o r e g i s t r a t i o n .
G e n . C r o w d e r ’s e s t im a t e w a s b a s e d o n t h o f a c t t h a t a l m o s t 1 0 ,0 0 0 ,0 0 0
m o n r e g is t e r e d l a s t y e a r .
T h i s n u m b e r i n c lu d e d a ll b e t w e e n 21 a n d 3 1 .
S t a t i s t i c s c o l l e c t e d b y G e n . C r o w d e r ’s o f f i c e s h o w t h a t a l it t l o m o r e t h a n
1 0 % o f th e se m en w e re 21 y e a rs o ld .
O n t h a t b a s i s , i t is e s t im a t e d b y
d r a f t o f f i c i a l s w o r k in g u n d e r G e n . C r o w d e r , t h a t t h is y e a r s r e g i s t r a t i o n
w ill e x c e e d 1 ,0 0 0 , 0 0 0 .
.
.
O f t h is n u m b e r , G e n . C r o w d e r e s t im a t e s t h a t t h r e e - q u a r t e r s , o r a b o u t
7 6 0 ,0 0 0 , w ill b e a v a i l a b l e f o r m i l i t a r y s e r v i c e .
T h is m a k e s p r o p e r a llo w
a n c e s f o r p h y s ic a l d e fe c t s , e x e m p tio n s b e c a u s e o f d e p e n d e n t s , a n d o th e r
b a r s t o m ilit a r y s e r v ic e .
gam es,
sp o r ts
an
th e a tric a l p e r fo rm a n c e s , d o m e s tic s e r v a n ts , sale s a n d o t ler
m e n ts.
T h e fo llo w in g is G e n e r a l C r o w d e r ’ s a n n o u n c e m e n t:
W AR
O ffic o
Is a b s o l u t e l y n e c e s s a r y t h a t t h e s e s t u d e n t s r e g is t e r .
.
T h o o n l y y o u n g m o n n o t a f f e c t e d b y t h e n o w la w a r e t h o s e n o w a c t u a l l y
in m il i t a r y o r n a v a l s e r v ic e .
A l l m a l e p e r s o n s , c it i z e n s o r a lie n s , b o r n
in
clerk s o f d e p a r tm e n t sto re s a n d o th e r m e rc a n tile e s ta b lis h
r e g iste r, G e n e r a l C r o w d e r h a s issu e d th e fo llo w in g s t a te m e n t:
D i v i n i t y s t u d e n t s a n d s t u d e n t s 'o f m e d i c i n e / m u s t 'r e g i s t e r .
U n d er th e
t e r m s o f t lm l a w s i g n e d b y P r e s i d e n t W i l s o n o n M o n d a y , s t u d e n t s w h o
w e r e p r e p a r in g f o r t h e m in is t r y in r e c o g n i z e d t h e o l o g i c a l o r d i v i n i t y s c h o o l s
a n d s tu d e n ts w h o w e re p r e p a r in g fo r th e p r a c t ic e o f m e d icin o a n d s u rg e ry
in r e c o g n i z e d m o d i c a l s c h o o l s o n M a y 2 0 1 9 1 8 , a r e e x e m p t f r o m t h e d r a f t .
T h o la w d o e s n o t r e li e v e s u c h s t u d o n t s f r o m t h e d u t y o f r e g is t e r in g o n
W ed n esd a y. June 5.
R e g is t r a t io n c o m e s fir s t , e x e m p tio n a fte rw a r d s .
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P r o v o s t M a rsh a l G en eral C ro w d e r to -d a y a n n ou n ced an a m en d m on t to
t h o S e l e c t iv e S e r v i c e R e g u la t i o n s w h ic h d e a ls w it h t h o g r e a t q u e s t i o n o f
c o m p e ll i n g m e n n o t e n g a g e d in a u s e f u l o c c u p a t i o n i m m e d i a t e l y t o a p p l y
t h e m s e lv e s t o s o m e f o r m o f l a b o r , c o n t r i b u t i n g t o t h o g e n e r a l g o o d .
The
i d le r , t o o , w ill f i n d h i m s e lf c o n f r o n t e d w i t h t h e a l t e r n a t iv e o f f i n d i n g s u i t
a b l e e m p l o y m e n t o r e n t e r in g t h o a r m y .
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T h i s r e g u l a t io n p r o v i d e s t h a t a f t e r J u l y 1 a n y r e g is t r a n t w h o is f o u n d
b y a l o c a l b o a r d t o b o a h a b it u a l id le r o r n o t e n g a g e d in s o m o u s e fu l o c c u
p a t i o n s h a ll b e s u m m o n e d b e f o r e t h o b o a r d , g i v e n a c h a n c e t o e x p l a i n ,
a n d , in t h o a b s e n c e o f a s a t i s f a c t o r y e x p l a n a t i o n , t o b o i n d u c t e d i n t o t h o
m il i t a r y s e r v ic e o f t h e U n it e d S t a t e s .
. .
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A n y lo c a l b o a r d w ill b e a u t h o r i z e d t o t a k o a c t i o n , w h o t h e r i t h a s o r ig in a l
ju r is d i c t io n o f t h e r e g is t r a n t o r n o t ; in o t h o r w o r d s , a n y m a n l o a f i n g a r o u n
a p o o l r o o m In C h i c a g o m a y b o h e l d t o a n s w e r t o a C h i c a g o b o a r d o v e n
t h o u g h h e m a y h a v o r e g is t e r e d i n N o w Y o r k a n d liv e d t h e r e m o s t o f id s lif e .
T h e r e g u la t io n s w h ic h a p p l y t o id lo r e g is t r a n t s w ill b o d e e m e d t o a p j d y
a ls o t o g a m b le r s o f a ll d e s c r ip t i o n s a n d e m p l o y e e s a n d a t t e n d a n t s o f b u c k e t
s h o p s a n d r a c e t r a c k s , f o r t u n e t o lle r s , c l a i r v o y a n t s , p a l m is t s a n d t h o lik e ,
w h o f o r t h e p u r p o s e s o f t h o r e g u l a t io n s s h a ll b e c o n s i d e r e d a s id le r s .
T h o n e w r e g u la t io n s w ill a ls o a f f e c t t h o f o l l o w i n g c la s s e s .
(a )
P e r s o n s e n g a g e d in t h o s e r v in g o f f o o d a n d d r i n k , o r e i t h e r , in p u b li c
Diaces i n c lu d in g h o t e l s a n d s o c ia l c lu b s .
(ft) P a s s e n g e r e l e v a t o r o p e r a t o r s a n d a t t e n d a n t s , d o o r m e n , fo £ * “ e “
o th e r a tte n d a n ts o f c lu b s , h o te ls , s to r e s , a p a rtm e n t h o u s e s , o f fic e b u ild *n l ; c ) ap e r a o n s h b a c lu d in g u s h e r s a n d o t h e r a t t e n d a n t s , e n g a g e d a n d o c c u p l o d
in , a n d in c o n n e c t i o n w i t h , g a m o s , s p o r t s a n d a m u s o m o u t s . e x c e p t i n g a c t u a l
p e r f o r m e r s in l e g it i m a t e c o n c e r t s , o p e r a s o r t h e a t r ic a l p e r f o r m a n c e s .
Ul) P e r s o n s e m p l o y e d In d o m e s t i c s e r v ic o .
(c )
...
S a le s c le r k s a n d o t h e r c lo r k s e m p l o y e d i n s t o r e s a n d .o t h e r m e r c a n t il e
° S M e n 'w h o * a r e e n g a g e d a s a b o v e o r w h o a r e id le r s w ill n o t b o p e r m it t e d
t o s e e k r e li e f b e c a u s e o f t h e f a c t t h a t t h e y h a v o d r a w n a l a t e o r d e r n u m b e r
“ b c c a u m t U e y t o v e b < « » p l a c e d In « * . I I . . I I I . o r I V . o n . h e ^ u m l . o f
d ep en den cy.
T h e f a c t t h a t h o is n o t u s e f u l ly e m p l o y e d w ill o u t w e ig h
b o t h o f th e a b o v e c o n d it io n s .
I t Is e x p e c t e d t h a t t h o lis t o f n o n - u s e f u l o c c u p a t i o n s w ill b o e x t e n d e d
f r o m t im e t o t im e a s n e c e s s it y w ill r e q u l r o . s o a s t o in c lu d o p o r s o n s in o t h e r
^ T e m p o r a r y ' a b s e n c e s f r o m r e g u la r e m p l o y m e n t n o t t o e x c e e d o n e w e e k
u n le s s s u c h t e m p o r a r y a b s e n c e s a r e h a b it u a l a n d f r e q u e n t , s h a ll n o t >
c o n s i d e r e d a s l d lo n e s s .
R e g u la r v a c a t i o n s w ill n o t b o c o n s i d e r e d a s a b
_
_
s e n c e s in t h is c o n n e c t i o n .
T h o r e g u l a t io n t h r o w s a f u r t h e r s a f e g u a r d a r o u n d m o n n o t u s e r u lly
e m p l o y e d b y p r o v i d i n g t h a t w h e r e t h e r e a r e c o m p e ll i n g d o m e s t i c c l r c m n s t a n c e s t h a t w o u l d n o t p e r m it c h a u g o o f e m p l o y m e n t b y t h e r e g is t r a n t
3191
THE CHRONICLE
M ay 25 1918.]
w i t h o u t d i s p r o p o r t io n a t e h a r d s h ip t o id s d e p e n d e n t s , o r w h e r e a c h a n g e
f r o m n o n - u s o f u l t o u s e fu l e m p l o y m e n t o r o c c u p a t i o n w o u l d n e c e s s it a t e a
r o m o v a l o f t iio r e g is t r a n t o r h is f a m i l y , l o c a l b o a r d s m a y g i v e c o n s i d e r a t i o n
t o t h o c ir c u m s t a n c e s .
T h e r e g u l a t io n f u r t h e r p r o v i d e s t h a t w h o r e s u c h a
c h a n g o o f e m p lo y m e n t w o u ld c o m p e l th e n ig h t e m p lo y m e n t o f w o m o n
u n d e r c ir c u m s t a n c e s w h ic h a b o a r d m ig h t d e e m u n s u i t a b l e f o r s u c h e m
p l o y m e n t o f w o m e n , t h o b o a r d m a y t a k e s u c h c ir c u m s t a n c e s i n t o c o n s i d
e r a t io n in m a k i n g it s d e c i s io n .
I n e x p la n a tio n o f th e n e w re g u la tio n G e n e r a l C r o w d e r s a id :
T h o w a r h a s s o f a r d i s o r g a n i z e d t h o n o r m a l a d j u s t m e n t o f in d u s t r ia l
m a n - p o w e r a s t o p r e v e n t t h e e n o r m o u s in d u s t r ia l o u t p u t a n d n a t i o n a l o r
g a n iz a tio n n e c e s s a r y t o s u c c e s s .
T h c r o is a p o p u l a r d e m a n d f o r o r g a n i z a
t io n o f m a n - p o w e r , b u t n o d i r e c t d r a f t c o u l d b o i m p o s e d a t p r e s e n t .
S tep s
t o p r o h i b i t i d lo n o s s a n d n o n - e f f e c t i v e o c c u p a t i o n w ill b e w e l c o m e d b y o u r
p e o p lo .
W o s h a ll g i v e t h e id le r s a n d m e n n o t e f f e c t i v e l y e m p l o y e d t h e
c h o i c e b o t w e e n m il i t a r y s e r v i c e a n d e f f e c t i v e e m p l o y m e n t .
E v ery m an
in t h o d r a f t a g o , a t le a s t , m u s t w o r k o r f i g h t .
T h i s is n o t a i o n o a w a r o f m i l i t a r y m a n e u v r e s .
I t is a d e a d l y c o n t e s t o f
in d u s t r ie s a n d m e c h a n i c s .
G e r m a n y m u s t n o t b o t h o u g h t o f a s m e r o ly
p o s s e s s in g a n a r m y ; w o m u s t t h i n k o f h e r a s b e i n g a n a r m y — a n a r m y in
w h ic h e v e r y f a c t o r y a n d l o o m in t h o E m p i r e is a r e c o g n i z e d p a r t in a c o m
p l e t e m a c h i n e r u n n in g n i g h t a n d d a y a t t e r r i f i c s p e e d .
W e m ust m ak e o f
o u r s e lv e s th o s a m e s o r t o f e ffe c t iv e m a c h in e .
I t is e n o u g h t o a s k w h a t w o u ld h a p p e n i f e v e r y m a n in t h o n a t i o n t u r n e d
h is h a n d t o e f f e c t i v e w o r k .
AVe m u s t m a k e o u r s e l v e s e f f e c t i v e .
AVo m u s t
o r g a n iz e fo r th e fu t u r e .
AVo m u s t m a lc o v a s t w it h d r a w a l s f o r t h o a r m y
a n il i m m e d i a t e l y c l o s e u p t h o r a n k s o f i n d u s t r y b o h i n d t h o g a p w i t h a n
a c c e le r a t i n g p r o d u c t i o n o f o v e r y u s e f u l t h in g i n n e c e s s a r y m e a s u r e .
H ow
Is t h i s t o b e d o n e ?
T h o a n s w e r is p l a i n .
T h o fir s t s t e p to w a r d t h e s o lu t io n o f t h o d iff ic u lt y
is t o p r o h i b i t e n g a g e m e n t b y a b l e - b o d i e d m e n in t h o f i e l d o f h u r t f u l e m
p l o y m e n t , i d le n e s s , o r i n e ff e c t u a l e m p l o y m e n t , a n d t h u s i n d u c o a n d p e r s u a d o t h o v a s t w a s t e d o x c e s s i n t o u s e fu l f ie l d s .
T h o v e r y s i t u a t io n w o a r o n o w c o n s i d e r in g , h o w e v e r , o f f e r s g r e a t p o s s i
b i li t i e s in i m p r o v e m e n t o f t h o d r a f t a s w e ll a s g r e a t p o s s i b il i t ie s f o r t h o
c o m p o s i t i o n o f t h e l a b o r s i t u a t io n b y e f f e c t i v e a d m i n i s t r a t i o n o f t h e d r a f t .
C o n s id e r i n g t h o s e l e c t i v e s e r v i c o l a w , w o s e e t w o p r i n c ip a l c a u s e s o f d e f e r
m e n t o f t h o c a ll t o m il i t a r y s e r v i c e — e x e m p t i o n a n d t h o o r d e r n u m b e r s
a s s ig n e d b y l o t .
T h o e x e m p t i o n s t h e m s e lv e s f a ll i n t o t w o c o n s p i c u o u s
c a t e g o r ie s — d e p e n d e n c y a n d in d u s t r ia l e m p l o y m e n t .
O n o p ro te cts d o
m e s t i c r e la t i o n s , t h o o t h e r t h o e c o n o m i c I n t e r e s t s o f t h o n a t i o n .
B etw een
t h o t w o t h o r o is a n i n e v i t a b l e h i a t u s , f o r It is d e m o n s t r a b l y t r u e t h a t
t h o u s a n d s , i f n o t m il l io n s , o f d e p e n d e n c y e x e m p t i o n s h a v e n o e f f e c t o n
I n d u s t r ia l p r o t e c t i o n w h a t e v e r .
O n o o f t h o u n a n s w e r a b l e c r it i c is m s o f t h o
d r a f t h a s b e e n t h a t i t t a k e s m e n f r o m t h o f a r m s a n d f r o m a ll u s e f u l e m
p l o y m e n t s a n d m a r c h e s th o r n p a s t c r o w d s o f id le r s a n d lo a f e r s a w a y t o t h o
arm y.
T h o r e m e d y Is s ir n p lo — t o c o u p l e t h o i n d u s t r ia l b a s is w i t h o t h e r
g r o u n d s f o r e x e m p tio n a n d t o re q u ire t h a t a n y m a n p le a d in g e x e m p t io n
o n a n y g r o u n d s h a ll a l s o s h o w t h a t h o is c o n t r i b u t i n g e f f e c t i v e l y t o t h e
I n d u s t r ia l w e lf a r o o f t h o n a t i o n .
T h o r e g u l a t io n i t s e l f m a k o s p l a i n t h o d e t e r m in a t i o n o f t h o AVar D e p a r t
m en t.
T h o g r o a t o r g a n i z a t io n o f l o c a l a n d d i s t r i c t b o a r d s w h ic h lia s
a l r e a d y a c c o m p li s h e d n o t a b l e w o r k , m a y b o r e lie d u p o n t o c a t c h t h o s p i r it
o f t h o m o v e m e n t a n d s o r e l y n e e d e d m a n - p o w e r w ill s o o n b o f lo w in g i n t o
t h o f ie l d s o f u s e fu l e n d e a v o r o r i n t o t h o o t h e r d i r e c t i o n o f m i l i t a r y - s t r e n g t h .
K an sas.
T h e p la in tiff , R o b e r t C o x o f M is s o u r i, a t ta c k e d th e
r ig h t o f C o n g r e s s to c o n s c r ip t m e n fo r fo re ig n s e rv ic e , a n d
a p p lie d fo r a Avrit o f h a b e a s c o rp u s d ire ctin g M a jo r -G e n e r a l
L e o n a r d W o o d , in c o m m a n d o f C a m p F u n s to n , to release
h im fr o m ser\ace o n th e g r o u n d th a t th ere Avas n o c o n s titu
tio n a l r ig h t to c o m p e l h im to f ig h t in fo re ig n la n d s .
The
a p p lic a tio n Avas d en ied b y J u d g e P o llo c k in th e D is t r ic t C o u r t ,
Avhose d ec isio n h a s b e e n su s ta in e d b y th e S u p r e m e C o u r t .
C h ie f J u stic e W h i t e , in a n n o u n c in g th e d e c is io n , a ls o d e
n ied th o m o tio n to h o ld G e n e r a l W o o d in c o n te m p t fo r s e n d
in g C o x to F r a n c e Avhile h is ca se Avas p e n d in g .
T h e C ou rt
c e n su red C o x ’ s a t to r n e y s fo r th e ir b rie fs in th e c a s e , w h ic h
th e G o v e r n m e n t c h a rg e d Avero “ s c a n d a lo u s a n d s e d it io u s .”
I t Avas a ls o a s k e d t h a t th e b rie fs b e strick e n f r o m th e C o u r t
file s , b u t a s to th is th e C o u r t s a id :
AVo f i n d t h a t t h o b r i e f s w e r e a m e n a b le t o t h o G o v e r n m e n t 's c h a r a c t e r
i z a t i o n , a n d t h e a t t o r n e y s s h o u l d b e s e v e r e l y c e n s u r e d , b u t b e l i e v e t h is c a n
1)0 d o n e b e t t e r b y l e a v i n g t h e m w i t h t h e C o u r t .
In s te a d o f te n d in g t o
c a u s e r e p e t it io n o f s u c h s t a t e m e n t s , t h e ir v e r y u n w a r r a n te d c h a r a c te r
w o u ld t e n d t o th e c o n t r a r y .
WORK OF THE ORIGINAL CAPITAL ISSUES COM
MITTEE.
F o llo w in g th e sw e a rin g in o n M a y 1 7 o f th e d ire cto rs o f th e
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la tte r h e ld th eir first m e e tin g o n M a y 2 1 .
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a n d th e d ire cto rs se t a b o u t th e
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m e r ito r io u s .
A p p lic a n ts
w h o d id n o t p re sen t s u ffic ie n t c la im s t o ju s t if y im m e d ia te
c o n s id e r a tio n w ill b e to ld t o e x a m in e th e ir cases in th e lig h t
o f th e W a r F in a n c e C o r p o r a tio n A c t , a n d to re -file t h e m if
fu rth e r e v id e n c e o f n e ed c a n b o p re s e n te d .
W i t h th e ta k in g o f offic e o n M a y 1 7 b y th e C a p it a l Issu e s
C o m m it t e e , Avhich w a s c re a te d u n d e r th e s a m e A c t a s th e
W a r F in a n c e C o r p o r a tio n , th o o ld C a p it a l Issu e s C o m m it t e e
o f th e F e d e ra l R e s e r v e B o a r d ce ase d to e x is t .
A fin a l
re p o r t o f its a c tiv itie s d u rin g th e fo u r m o n th s it Avas in
e x iste n c e AT
\ as issu ed o n th e 2 1 s t ; it sh o w e d t h a t th e c o m
m itte e co n sid ered a p p lic a tio n s fo r th e in v e s t m e n t o f c a p ita l
to th e a m o u n t o f $ 4 7 8 ,4 5 8 ,3 8 6 , o f w h ic h $ 4 1 2 ,7 6 6 ,7 2 1 w a s
NEW DRAFT CAUSES ALARM TO ANTHRACITE
INDUSTRY.
According to tlie “ Anthracite N oavs,” several hundred
mine Avorkors loft tho coal regions this Aveok under tho draft
and as volunteers. It says:
T h i s f u r t h e r d e p l e t i o n o f t h o s u p p l y o f l a b o r is a s e r io u s m a t t e r .
It
c l o s e l y a f f e c t s t h o a m o u n t o f c o a l t h a t c a n b o m in e d .
U n d e r t h e n o w .g e n
e r a l S t a t e d r a f t c a l l, P e n n s y lv a n ia m u s t fu r n is h 3 , 7 5 0 m o r e s o l d ie r s .
The
a n t h r a c i t e in d u s t r y is a l a r m e d o v e r w h a t p r o p o r t i o n o f t h is q u o t a w il l b e
tak en fro m it.
E v e r y m in o r t a k e n a w a y f o r m il i t a r y d u t y m o a n s t h a t i t w il l t a k e t w o
y e a r s f o r a n o t h e r m a n t o t a k o h is p l a c e ; f o r t w o y e a r s ’ e x p e r i e n c e m u s t
f i r s t b o h a d b e f o r e a m a n is g r a n t e d a n a n t h r a c i t e m in o r 's lic e n s e o r
c e r t i f i c a t e t o w o r k u n d e r t h o S t a t e l a w . A s i t is n o w , o v e r y m a n l o s t t o t h e
i n d u s t r y w o r k s t o c u r t a il t h o p r o d u c t i o n o f c o a l , t h o o u t p u t o f w h ic h is
e v o n n o w l im i t e d b y t h o l a b o r s u p p l y .
T h o p r e s e n t a r m y o f m in o w o r k e r s Is b a r e l y s u f f i c i e n t t o m a i n t a in t h o
p r e s e n t m a x i m u m o u t p u t o f 2 7 5 ,0 0 0 t o n s d a i l y .
T h o r o a r o n o w 1 5 3 ,0 0 0
m in o w o r k e r s , o r 2 4 ,0 0 0 f o w e r m e n t h a n b e f o r e t h e w a r .
S h o u ld t h o d r a f t ,
v o l u n t a r y e n l is t m e n t s a n d o t h e r c a u s e s t a k o m o n a w a y f r o m t h o r o g io n
in la r g o n u m b e r s , t h o i n e v i t a b le r e s u lt w ill b o a b i g a n t h r a c i t e s h o r t a g e .
A m in o r a n d h is l a b o r e r , w i t h e f f o r t , c a n g e t o u t e i g h t t o n s o f a n t h r a c i t e
d a lly .
A m in e r b e i n g ta lco n a w a y , t h o l a b o r e r c a n n o t w o r k a n d ’ t h e r e
s u lta n t
lo s s in o u t p u t w o u l d m e a n 2 0 8 t o n s f o r 2 0 w o r k in g d a y s , o r 2 ,5 0 0
t o n s a y e a r f o r 3 1 2 w o r k in g d a y s .
A l l o w i n g 10 t o n s o f a n t h r a c i t e f o r w i n
t e r c o n s u m p t i o n , t ills w o u ld a ls o m o a n t h a t 2 5 0 f a m il i e s w o u ld b o d e p r i v e d
o f c o a l , f o r e v e r y r e g i s t e r e d m in e r l o s t t o t h o I n d u s t r y .
F r o m p a t r i o t i c r e a s o n s t h e m in o w o r k e r s a r o d o i n g t h o i r u t m o s t a n d t h e
a n t h r a c i t e i n d u s t r y p r a is e s t h e i r e f f o r t s .
I t is u r g i n g t h o m o n t o w o r k
o n D e c o r a t i o n D a y , a n d . f r o m a c o n s e n s u s o f r o p l io s t a k e n f r o m t h o a r m y
o f w o r k e r s , i t Is v e r y lik e l y t h a t t h e y w ill d o s o .
SUPREME COURT UPHOLDS RIGHT TO DRAFT MEN
FOR FOREIGN SERVICE.
I n a d ec ision Avhich u p h o ld s th e c o n s titu tio n a lity o f th o
S o lc c tiv o D r a f t A c t in e v e r y p a r tic u la r, th o U n it e d S ta te s
S u p r e m o C o u r t o n M a y 6 sp e c ific a lly a sso rted th o r ig h t o f the
G o v e r n m e n t to se n d d ra fte d m e n o u tsid e th o c o u n tr y to fig h t.
T h o C o u r t h eld t h a t u n d er tho 1 2 th clau se o f tho 8 th S e c tio n
o f A r tic lo 2 o f th o C o n s titu t io n , C o n g re ss m a y raise a n d su p
p o r t a rm ie s b y d ra ftin g th o m ilitia o f th o c o u n tr y in to tho
R e g u la r A r m y , Avhich m a y bo o rd ered anyAvlioro in th o Avorld.
C h io f J u stice W h i t e in re n d e rin g th o C o u r t ’ s d ec ision sa id :
C o n g r e s s is n o t r e s t r a in e d , e i t h e r d i r e c t l y o r i n d i r e c t l y , in r a is in g m o n
b y q u a li f i c a t i o n s a s t o w h e r e t h e y s h a ll f i g h t .
T h o a u th o r ity fo r c o n
s c r ip t i o n d o e s n o t r o s t o n t h o m il i t ia c la u s e o f t h o C o n s t i t u t i o n o r t h o o l d
m il i t ia la w s , b u t o n t h o b r o a d g r o u n d o f p o w e r s t h o S t a t e s d e l e g a t e d t o t h o
F e d e ra l G o v e r n m e n t b y a p p r o v in g th o C o n s tit u t io n .
T h o case (R o b o r t C o x v s . L e o n a r d W o o d ) c a m o u p to tho
S u p ro m o C o u r t fr o m
th o U n ito d
S ta te s D is t r ic t C o u r t o^
ap p roved .
Of
m u n ic ip a litie s ,
a p p lic a tio n s
62
fro m
1 0 7 fr o m in d u stria l c o n c e rn s.
its a p p r o v a l to
in d u stria l
tio n s
140
u tilitie s
d is a p p ro v e d
p u b lic
T h ir t y -fo u r
and
192
w ere
fro m
c o r p o r a tio n s ,
18
u t i lit y ,
m u n ic ip a l
c u r ta ile d ,
a p p lic a tio n s w ere d is a p p ro v e d a n d 5 c u r ta ile d .
24
and
c o n s i d e r e d ------a p p r o v e d ______
d isa p p ro v e d
c u r t a i l e d _______
192
140
34
18
$
A m o u n t c o n s i d e r e d _____ 8 6 ,8 7 8 ,5 1 2
A m o u n t d is a p p r o v e d —
1 9 ,7 9 1 ,6 6 5
A g g r e g a t e a p p r o v e d ------- 6 9 ,0 8 6 ,8 4 7
B o s s r e f u n d i n g __________ 2 1 , 3 9 2 ,3 1 2
4 5 ,6 9 4 ,5 3 4
A g g r e g a t e nerw is s u e s —
N ow
is s u e s l a s t y e a r
s a m e p e r i o d ____________ 1 0 8 ,9 5 2 ,8 6 5
A n a ly s i s o f n e w is s u e s
a p p roved —
A m o u n t o r ig in a l a p
p l i c a t i o n s ____________ 6 5 , 4 8 6 ,1 9 9
A m o u n t a p p r o v e d ___ 4 5 , 6 9 1 , 5 3 4
C u r t a i l m e n t e f f e c t e d ___ 1 9 ,7 9 1 ,6 6 5
A n a ly s i s o f a p p l i c a t i o n s
in fo r m a lly d is c o u r a g e d :
N u m b e r ________________
8
A m o u n t __________________$ 8 ,9 1 5 ,0 0 0
62
60
2
0
78
a p p lic a
in d u stria l
T h e f o llo w
in g are th e figu res m a d e p u b lic b y th e C o m m it t e e :
Municipal. Public Utility. Industrial.
N um ber
N um ber
N um ber
N um ber
and
O f th ese th e c o m m it te e g a v e
m u n ic ip a l, 6 0
c o r p o r a tio n s .
w ere
c o n sid e re d ,
p u b lic
Total.
107
78
24
5
361
278
60
23
1 7 2 .0 6 9 .6 0 5 2 1 9 ,5 1 0 ,2 6 0
6 ,0 0 0 , 0 0 0
3 9 ,9 0 0 , 0 0 0
1 6 6 .0 6 9 .6 0 5 1 7 9 .6 1 0 ,2 6 9
1 2 5 ,8 6 0 .2 8 4 1 1 1 ,4 1 1 ,9 0 0
4 0 , 2 0 9 ,3 2 1
6 8 ,1 9 8 ,3 6 9
4 7 8 ,4 5 8 ,3 8 6
6 5 ,6 9 1 ,6 6 5
2 5 8 ,6 6 4 ,4 9 6
1 5 4 ,1 0 2 ,2 2 4
5 0 4 ,2 1 1 ,6 2 4
$
$
$
1 0 7 ,5 0 4 ,0 7 5 2 8 7 ,7 5 4 ,6 8 4 2 1 9 ,7 9 3 ,8 8 9
4 6 . 2 0 9 .3 2 1
4 0 .2 0 9 .3 2 1
6 ,0 0 0 ,0 0 0
1 0 8 ,0 9 8 ,3 6 9 1 5 4 ,1 0 2 ,2 2 4
6 8 , 1 9 8 ,3 6 9 1 5 4 ,1 0 2 .2 2 4
3 9 ,9 0 0 ,0 0 0
6 5 ,6 9 1 .6 6 5
3
$ 7 ,3 6 0 ,0 0 0
6
17
$ 3 ,5 9 0 , 0 0 0 $ 1 9 ,8 6 5 ,0 0 0
A re q u e s t to th e p u b lic u ti lit y c o m m is s io n s , a s k in g th a t
th o c o m m is s io n s “ g iv e p r o m p t co n sid e r a tio n to a p p lic a tio n s
m ade
by
p u b lic
u tilitie s fo r p erm issio n to in crease r a te s ,”
w a s m a d e b y th e W a r F in a n c e C o r p o r a tio n in a s ta te m e n t
issu ed o n M a y 2 3 .
T h e s ta te m e n t sa id :
T h e d i r e c t o r s o f t h e C o r p o r a t i o n f e e l t h a t t h e l o c a li t ie s s e r v e d b y t h o s e
v a r i o u s p u b l i c u t i l i t y e n t e r p r is e s s h o u l d n o t e x p e c t t h o AVar F i n a n c e C o r
p o r a t i o n t o m a k e a d v a n c e s t o a n y u t i li t y c o m p a n y w h o s e s t a t e m e n t s h o w s
t h a t i t is In a c t u a l n e e d o f in c r e a s e d r e v e n u e .
I t is a m a t t e r f o r t h e l o c a l
a u t h o r i t ie s t o d e t e r m in e w h e t h e r o r n o t a n in c r e a s e in r a t e s s u f f i c i e n t t o
m a i n t a in t h o e n t e r p r is e a s a g o i n g c o n c e r n s h o u l d b o g r a n t e d ,
f e s lt Is u r g e d , t h e r e fo r e , t h a t t h e p r o p e r a u t h o r i t ie s g i v o p r o m p t c o n s i d e r
a t i o n t o a p p li c a t io n s m a d e b y p u b li c u t ilit ie s f o r p e r m is s i o n t o in c r e a s e
r a t e s in o r d e r t h a t t h e d i r e c t o r s o f t h o AVar F i n a n c e C o r p o r a t i o n m a y k n o w
w h e n a p p li c a t io n s f o r lo a n s a r e p r e s e n t e d b y p u b l i c u t i l i t y c o r p o r a t i o n s
w h e t h e r o r n o t t h e y w ill b e a b l e t o g i v e a d e q u a t e s e c u r c y .
G e o r g e S . F ra n k lin o f N e w Y o r k a n d S a m u e l W . F o r d y c e
J r. o f S t . L o u is h a v e b e e n n a m e d j o in t co u n se l o f th e C o r
p o r a tio n .
2192
[Vol. 106
THE CHRONICLE
FEDERAL MANAGERS TO TAKE PLA CE OF OPERA TING
HEADS OF RAILROADS.
O n e o f th o m o s t im p o r ta n t d e v e lo p m e n ts g r o w in g o u t o f
d u p lic a te d
by
th o
ra ilro a d
a d m in is tr a tio n .
The
salaries
w o u ld b e “ a d e q u a t e ,” it w a s s t a t e d , a n d w o u ld b o o f v a r y in g
a m o u n ts c o m p a r a b le to e a ch m a n ’ s a b ilit y a n d d u tie s .
th e F e d e r a l o p e ra tio n o f th e ra ilro a d s w a s la s t T u e s d a y ’ s
ann ouncem ent b y
D ir e c to r -G e n e r a l M c A d o o
th a t h e h a d
d e c id e d to p la c e in d ire c t ch a rg e o f e a c h r a ilw a y p r o p e r ty a
REMOVAL BY DIRECTOR-GENERAL OF RAILROADS OF
PRESIDENT C. W. HUNTINGTON.
A n n o u n c e m e n t th a t C . W . H u n t in g t o n h a d b e e n retired
F e d e r a l M a n a g e r , w h o w ill as fa r a s p ra c tic a b le b e ch o son
fro m
th e o p e ra tin g o ffice rs o f th e p a r tic u la r p r o p e r ty a n d
as P re sid e n t o f th e V ir g in ia n R a ilw a y b y D ir e c to r -G e n e r a l
w h o w ill b o re q u ire d to se v e r o ffic ia l re la tio n s w ith th o carriers
o f R a ilr o a d s M c A d o o a n d t h a t J o s e p h I I . Y o u n g h a d b e e n
a n d b e c o m e e x clu siv e re p re se n ta tiv e s o f th o F e d e r a l R a ilr o a d
A d m in is tr a tio n ; r e sp o n sib ility fo r th o o p e ra tio n o f th e p ro p
a p p o in te d
F e d e ra l M a n a g e r w a s m a d e a lm o s t c o -in c id e n t
w ith th o issu a n ce o f M r . M c A d o o ’s s ta te m e n t c o n ce rn in g h is
e r ty M r . M c A d o o a n n o u n c e s, w ill b e d ir e c tly to th e R e g io n a l
p la n s
D ir e c to r s a n d n o t to th e B o a r d s o f D ir e c to r s .
N ew sp ap er
T h o D ir e c to r -
G e n e r a l a lso m a d e k n o w n th o c re a tio n o f tw o n e w o p e ra tin g
re g ion s— th e A lle g h e n y re g io n ,
tr u n k
lin es
C e n tr a l,
co n sistin g o f th e p rin c ip a l
e a st o f P itts b u r g h ,
m anaged
by
C.
II.
e x c lu d in g
M arkh am ,
th o N o w
now
Y ork
R o g io n a l
D ir e c to r fo r th o S o u t h , a n d th e P o c a h o n ta s re g io n , co n sist
fo r
p la c in g
th e
re p o rts
ra ilro a d s
havo
undor
s ta te d
F ederal
th a t
M r.
M an agers.
H u n t in g t o n ’s
r e m o v a l w a s d u o to th o failu ro to c a rr y o u t p r o m p t ly th e
R a ilr o a d A d m in is tr a tio n ’s in s tr u c tio n s , re g a rd in g th o ro p air
a n d m a in te n a n c e o f h is r o a d .
T h o fo llo w in g s ta te m e n t w a s
issu ed a t M r . H u n t in g t o n ’s o ffico in N e w Y o r k o n T u e s d a y :
h o n ta s re g io n s, M r . M c A d o o s a id , th e E a s te r n re g io n w ill
P r e s i d e n t H u n t i n g t o n , w h e n s e e n a t t h o o f f i c o o f t h o V i r g in ia n R a i l w a y
C o m p a n y , s a i d t h a t h o h a d b o o n " r e t i r e d a s t h o C h i e f O p e r a t in g O f f i c e r ”
o f t h o V i r g i n ia n R a i l w a y C o m p a n y b y a t e le g r a m s e n t f r o m W a s h i n g t o n
a t 9 :5 5 p . m . S a t u r d a y , M a y 1 8 , a n d r o c o l v c d b y h is S e c r o t a r y S u n d a y
m o r n in g , w h ic h r o a d a s f o l l o w s :
r e m a in a s o rig in a lly d e fin e d , w ith A . I I . S m ith as R e g io n a l
C.
in g o f th e e a s t a n d w e s t tr u n k lin es te rm in a tin g a t H a m p t o n
R oads.
W i t h th e e x c e p tio n o f th e A lle g h e n y a n d th o P o c a
D ir e c to r .
T h e fo llo w in g is h is a n n o u n c e m e n t.
I n v i e w o f t h e d i r e c t r e s p o n s i b i l i t y f o r t h o o p e r a t i o n o f t h o r a i lr o a d s o f
th o c o u n t r y p la c e d u p o n D ir e c to r-G e n e r a l M c A d o o b y th o A c t o f C o n g re ss
a n d b y t h o p r o c l a m a t i o n s o f t h o P r e s i d e n t , h o h a s b e e n u n a b lo t o o s c a p o
t h o c o n c l u s i o n t h a t i t w il l b o a d v i s a b l e t o p l a c e in d i r e c t c h a r g o o f e a c h
p r o p e r t y f o r o p e r a t i n g p u r p o s e s a r e p r e s e n t a t iv e , t o b o k n o w n a s t h o
F e d e r a l M a n a g e r , w h o w ill r e p o r t t o t h o R e g io n a l D i r e c t o r .
A s fa r as
p r a c t i c a b l e , t h is F e d e r a l M a n a g e r w ill b o c h o s o n f r o m t h o o p e r a t i n g o f f i c e r s
o f t h o p a r t i c u l a r p r o p e r t y , w h o a r o t h e r o f o r o e n t i r e l y f a m il i a r w i t h its
e m p l o y e e s a n d w it h i t s c o n d i t i o n s .
E x c e p t s o f a r a s m a y b o n e c e s s a r y t o m e e t t h o e m e r g e n c y c o n d i t i o n s w h ic h
c o m p e l t h o G o v e r n m e n t t o t a k o c o n t r o l o f t h o r a i lr o a d s , t h o F e d e r a l
M a n a g e r o f e a c h r a i lr o a d w ill e n d e a v o r t o a v a il h i m s e l f t o t h o f u ll o s t
e x t e n t o f t h o a d v a n t a g e s i n c id e n t t o t h o o p e r a t i o n o f t h o p a r t i c u la r r a ilr o a d
a s a u n it a n d t h o p r e s e r v a t io n o f its id e n t it y .
T h i s is b o l i o v e d t o b o o f
e s s e n t ia l i m p o r t a n c e , n o t o n l y t o s e c u r e t h o b e s t r e s u l t s d u r i n g t h o p e r i o d
o f G o v e r n m e n t c o n t r o l, b u t a ls o t o g iv e t h o g r e a te s t d e g r e o o f re a ssu ra n ce
t o t h e o f f i c e r s a n d e m p l o y e e s t h a t t h o r a i lr o a d c a r e e r s u p o n w h ic h t h e y h a v e
e n t e r e d w ill n o t b o n a r r o w e d , b u t , i f a n y t h i n g , w ill b o b r o a d e n e d , a n d t o
g i v e t h o g r e a t e s t p o s s i b le r o a s s u r a n c o t o t h o s t o c k h o l d e r s t h a t t h o i r j u s t i n
t e r e s t s in t h o p r o p e r t ie s w ill b o r o s p e c t e d a n d t h a t n o t h i n g w ill b e n e e d le s s ly
d o n e t o h a v e o v e n t h o a p p e a r a n c o o f im p a ir i n g t h o i r j u s t r ig h t s .
W h i l e in t h i s w a y t h e r e s p o n s i b il i t y f o r t h o o p e r a t i o n o f t h o p r o p e r t y
w il l b o d i r e c t l y t o t h o R e g io n a l D i r e c t o r s , a n d n o t t o t h o B o a r d s o f D i r e c t o r s ,
i t is t h o p u r p o s e o f t h o D l r e c t o r - G o n e r a l t o a c c o r d t o t h o B o a r d s o f D ir e c t o r s
a n d t h e i r r e p r e s e n t a t iv e s t h o f u l l e s t o p p o r t u n i t y t o k e e p a d v i s e d a s t o t h o
o p e r a t i o n a n d i m p r o v e m e n t o f t h o p r o p e r t i e s a n d t o m a i n t a in w it h t h o
D i r c c t o r - G o n e r a l a n d t h o R o g io n a l D i r e c t o r s t h o f u ll o s t i n t e r c h a n g e o f
v i o w s a s t o w h a t is in t h o b e s t i n t e r e s t o f t h o G o v e r n m e n t a n d o f t h o s t o c k
h o ld e r s .
•
I n t h o d e v e l o p m e n t o f t h i s p o l i c y t h o R e g io n a l D i r e c t o r s , a n d a l s o t h o
F e d e r a l M a n a g e r s , w ill b o r e q u i r e d t o s e v e r t h e i r o f f i c i a l r e la t i o n s w i t h t h o
p a r t i c u l a r c o m p a n i e s a n d t o b e c o m o e x c l u s lv o r e p r e s e n t a t iv e s o f t h o U n it e d
S t a t e s R a ilr o a d A d m in is t r a tio n .
T h o f i r s t m o v e s In t h o i n a u g u r a t i o n o f t h i s p o l i c y w ill b o t h r o u g h t h o
c r e a t io n o f t w o n e w r e g io n s , t o b o k n o w n as t h o " A lle g h e n y r e g io n ” a n d
t h o " P o c a h o n t a s r e g io n .”
T h o A l l e g h e n y r e g i o n w ill c o n s i s t , b r o a d l y , o f t h o P e n n s y lv a n ia lin o s o a s t
o f a n d i n c lu d in g P i t t s b u r g h a n d E r i o ; B a l t i m o r e & O h i o , o a s t o f P i t t s b u r g h
a n d t h o O h io R i v e r , i n c lu d in g P i t t s b u r g h t e r m i n a l s ; B e s s e m e r '& L a k o E r i o
R a ilr o a d , C u m b e rla n d V a llo y R a ilr o a d , C e n tra l R a ilr o a d o f N o w J e r s e y ;
C o a l & C o k e R a ilr o a d , P h ila d e lp h ia & R e a d in g R a ilw a y , W e s t e r n M a r y la n d
R a ilw a y , C u m b e rla n d & P e n n s y lv a n ia , a n d P it t s b u r g h & L a k o E r io .
T h is
r e g i o n w ill b o p l a c e d in c h a r g o o f O . I I . M a r k h a m a s R e g io n a l D i r e c t o r
( w h o h a s r e s ig n e d h is c o n n e c t i o n s w i t h t h o I ll i n o i s C e n t r a l a n d o t h e r
c o m p a n i e s ) w h o w ill h a v e o f f i c e s In P h il a d e l p h i a .
T h o P o c a h o n t a s r e g i o n w ill c o n s i s t o f t h o C h e s a p e a k o & O h io R a i l w a y
e a s t o f C o l u m b u s , C i n c i n n a t i , a n d L o u i s v i l l o ; t h o N o r f o l k & W e s t e r n R a il
w a y , a n d t h o V i r g in ia n R a i l w a y , i n c lu d in g t h o t e r m i n a l s o f a ll lin o s a t
H a m p ton R o a d s.
W ith th o e x c e p tio n o f th o A lle g h e n y a n d th o P o c a h o n ta s
r e g i o n s , t h o E a s t e r n r e g i o n w ill r e m a in a s o r ig in a ll y d e f i n e d , w i t h A . I I .
S m i t h a s R e g io n a l D i r e c t o r , a n d D i s t r i c t D i r e c t o r s u n d e r R e g io n a l D i r e c t o r
S m i t h w ill b o a p p o in t e d fori N o w E n g la n d a n d f o r t h a t p o r t i o n o f t h o E a s t e r n
r e g i o n w e s t o f P i t t s b u r g h a n d t h o O h io R i v e r a n d s o u t h o f t h o E r i o m a in
lin o .
T h o s e l e c t i o n o f t h o R e g io n a l D i r e c t o r s f o r t h o P o c a h o n t a s r e g io n
a n d f o r t h o S o u t h e r n r e g i o n , s u c c e e d i n g M r . M a r k h a m , a s w e ll a s o f t h o
t w o n o w D i s t r i c t D i r e c t o r s u n d e r R e g io n a l D i r e c t o r S m i t h , w ill b o a n
n o u n ce d la te r.
T h o s a m o p o l i c y w il l b o a p p li e d f r o m t i m o t o t i m e , a s r a p i d l y a s m a y
b o c o n v e n i e n t , in o t h e r p a r t s o f t h o c o u n t r y , a l w a y s w i t h t h o g r e a t e s t
p o s s i b l e r e g a r d f o r a ll t h o i n t e r e s t s a f f e c t e d a n d w i t h a v i e w t o p r e s e r v in g
i n t a c t , a s f a r a s r e a s o n a b l y p r a c t i c a b l e , t h o o p e r a t i n g o r g a n i z a t io n s o f t h o
c o m p a n ie s .
T h o a p p o in t m e n t o f tw o m o ro
n ou nced
by M r.
M cA doo
r e g io n a l d ire cto rs w a s a n
on M a y
24.
B. L.
W in c h e ll,
W. Huntington, President, Virginian RR. Co., 0 0 Wall St., New York.
I t is h e r e b y o r d o r e d , e f f c c t l v o a t 1 2 :0 1 a . i n . , T u e s d a y , M a y 21 1 9 1 8 ,
t h a t C . W . H u n t in g t o n , P r e s i d e n t o f t h o V i r g i n ia n R a i l w a y C o m p a n y ,
b o r o t ir e d a s t h e C h i e f O p e r a t in g O f f i c e r o f t h o r a i lr o a d o f t h a t c o m p a n y ,
a n d , t h a t t h e r e a f t e r h is c o m p e n s a t i o n b o p a i d b y t h o c o r p o r a t i o n s o l o n g a s
t h o c o r p o r a t i o n d e s ir e s t o u t i li z o h is s e r v ic e s , a n d t h a t J o s e p h I I . Y o u n g
b o a n d n o is h e r e b y a p p o i n t e d F e d e r a l M a n a g e r o f t h o V i r g in ia n R a il w a y
a n d p l a c e d in c h a r g o o f o p e r a t i o n s t h e r e o f , w it h o f f i c o a t t h o N o r f o l k T e r
m in a l S t a t i o n B u il d i n g , N o r f o l k , V a . , w it h f u ll p o w e r t o d o a n d p e r f o r m
a n y a n d a ll a c t s w h ic h m a y b o n e c e s s a r y o r a p p r o p r i a t e in t h o e f f i c i e n t
o p e r a t i o n o f s a id r a i lr o a d , a n d In t h o m a k i n g o f a ll I m p r o v e m e n t s a n d b e t t e r
m e n t s w h ic h m a y b o n e c e s s a r y o r a p p r o p r i a t e t o o n a b lo s a id r a i lr o a d
a d e q u a t e ly t o s e r v e th e p u b lic n e e d s .
A ll o f f i c i a l s , a g e n t s , a n d e m p l o y e e s o f s a i d r o a d a r o r e q u i r e d t o o b e y
o r d e r s Is s u e d b y o r u n d o r t h o a u t h o r i t y o f s a i d F e d e r a l M a n a g e r .
W . G . M cA D O O ,
Director-General of Railroads.
M r . H u n t i n g t o n s a i d t h a t n o r e a s o n h a d b o o n a s s ig n e d f o r t h o a c t i o n
o f th o D ir e c t o r -G e n e r a l a n d t h a t h o h a d n o In fo rm a tio n o n t h e s u b je c t
o x c e p t a n o w s r e p o r t t h a t h is r e t i r e m e n t a s C h i e f O p e r a t in g O f f i c e r o f t h o
V ir g in ia n R a i l w a y w a s b e c a u s o o f h is fa il u r o t o o b e y a n o r d e r o f t h o D i r e c t o r G o n e r a l t o m a k e c e r t a in i m p r o v o m o n t s o n t h o r a i lw a y ,
l l o ad d ed th a t
t h o s t a t e m e n t a b o u t f a il u r o t o m a k o o r d o r e d i m p r o v o m o n t s w a s f a ls e , a s
n o s u c h o r d e r h a d o v e r b e e n Issu ed .
ACTION OF PENNSYLVANIA
AND B. & 0. HEADS.
I t w a s re p o r te d o n M a y 2 3 th a t S a m u e l R e a , P re s id e n t o f
th o P e n n s y lv a n ia R R . , a n d D a n io l W i ll a r d , P re s id e n t o f th o
B a ltim o r e & O h io , h a v o e le c te d to ro m a in w ith th e ra ilro ad
co rp o r a te
o r g a n iz a tio n
M a n a g e r s .”
r a th e r
th a n
to
becom o
“ F e d e ra l
_________________ _______________
FORTHCOMING
WAGE INCREASE
EMPLOYEES.
FOR RAILROAD
A c c o r d in g to p ress d is p a tc h e s fr o m W a s h in g t o n o n M a y
2 3 ord ers ra isin g th o w a g o s o f 2 ,0 0 0 ,0 0 0
r a ilw a y e m p lo y e e s
a n d g iv in g thorn b a c k p a y to J a n . 1 a t th o n ow ra te s h as
been
p re p a re d b y
D ir e c to r -G o n o r a l o f R a ilr o a d s M c A d o o
a n d w ill b o issu e d s h o r tly .
T h o d is p a tc h e s s ta to :
M r . M c A d o o b a s e d h is d e c i s io n s l a r g o ly o n r e c o m m e n d a t io n s o f t h o
R a il r o a d W a g o C o m m i s s io n , w h ic h p r o p o s e d in c r e a s e s a g g r e g a t i n g a b o u t
3 3 0 0 ,0 0 0 ,0 0 0 , b u t It is u n d e r s t o o d h o m a d o m a n y m o d i f i c a t i o n s w h ic h w ill
r e s u lt in o v e n h ig h e r I n c r e a s e s f o r s o i n o c la s s e s .
A t R a ilr o a d A d m in is tra
t i o n h e a d q u a r t e r s It w a s i n t im a t e d t h a t t h o t o t a l p a y in c r e a s e s w o u ld
a m o u n t t o m o r o t h a n $ 3 0 0 ,0 0 0 ,0 0 0 .
I n w o r k in g o u t t h o n o w s c h e d u le s M r . M c A d o o a n d h is a d v is e r s p a i d
s p e c ia l a t t e n t i o n t o c o m p la in t s o f t h o u s a n d s o f r a i lr o a d m e n g i v e n r a is e s
in t h e la s t t w o y e a r s , t h a t o n t h o W a g o C o m m i s s i o n ’s b a s is t h e y w o u ld
g o t n o t a c o n t o f in c r e a s o t h is y e a r .
C le r k s a n d o f f i c o e m p l o y e e s , m o s t
o f w h o m a r o u n o r g a n iz e d , p r o b a b l y w ill b o g i v e n s u b s t a n t i a l i n c r e a s e s .
L i b e r a l t r e a t m e n t a ls o is e x p e c t e d f o r t r a c k e m p l o y e e s a n d o t h e r l o w - p a i d
la b o r e r s .
______________________________________
DIRECTOR-GENERAL McADOO DIRECTS POSTPONE
MENT OF CERTAIN RAILROAD DAMAGE SUITS.
A n ord or issu e d to
by
D ir e c to r -G e n o r a l
th o ra ilro a d s u n d o r F e d e r a l C o n tr o l
M cA doo
d ire cts
th a t
su its
a g a in s t
a ra ilro ad fo r p e rso n a l in ju r ie s , fro ig h t a n d d a m a g e c la im s ,
& o ., fa r r e m o v o d f r o m th o scono w hore th o ca u so o f a c tio n
a ro se , s h a ll n o t bo tried d u rin g th o p e rio d o f F e d e ra l c o n tr o l.
O n e o f th o ro aso n s fo r th o o r d e r , it is s a id , is to p ro v e n t th o
lo ss o f th o sorvicos o f o p e ra tin g o ffic ia ls w h o w o u ld h a v o to
D ir e c t o r o f T r a ffic o f th o U n io n P a c ific R R . , w a s a p p o in te d
tra v e l h u n d ro d o f m ile s to te s tify a n d w h o w o u ld th u s bo
R e g io n a l D ir e c to r o f th o S o u th e r n D is t r ic t w ith h e a d q u a re rs
a w a y fr o m th o ir d u tie s fo r d a y s .
a t A tla n ta , G a .
T h e a p p o in t m e n t is e ffe c tiv e J u n o 1 .
M r.
W in c h e ll w ill su cc ee d C . H . M a r k h a m , w h o h a s b e e n p la ce d
T h o o rd or o f th o D ir e c to r -G e n e r a l, w h ic h w a s issu ed o n
M a y 2 3 , fo llo w s :
in ch a rg o o f th o A lle g h e n y r e g io n ,
E.
lo c a te d a t P h ila d e lp h ia .
I t Is t h e r e fo r e o r d e r e d t h a t u p o n a fa llow in g b y t h o d e f e n d a n t c a r r ie r t h a t
D . M a h e r , P r e sid e n t o f th o N o r f o lk & W e s t e r n R y . , h a s t h o Just I n t e r e s ts o f t h o G o v e r n m e n t w o u l d b o p r o j u d i c o d b y a p r e s e n t t r ia l
beon n a m ed
R e g io n a l D ir e c to r o f th o P o c a h o n t a s re g io n ,
w ith h e a d q u a r te r s a t R o a n o k e , V a .
I t w a s in t im a t e d o n M a y 2 2 t h a t , a lth o u g h th o salaries
o f th e F e d e r a l M a n a g o r s w o u ld n o t b o g a u g e d a c c o r d in g to
u su al G o v e rn m e n t
sta n d a r d s
b y w h ic h
C a b in e t m e m b e rs
re c e iv e o n ly § 1 2 ,0 0 0 a y e a r , th e p re se n t salaries o f m a n y
r a ilw a y h e a d s , r a n g in g u p w a rd o f § 5 0 , 0 0 0 , w o u ld n o t bo
o f a n y s u i t a g a in s t a n y c a r r ie r u n d e r F o d o r a l c o n t r o l , w h ic h s u it is n o t
c o v o r c d b y g e n e r a l o r d e r N o . 1 8 a n d w h ic h is n o w p e n d in g In a n y c o u n t y
o r d is t r i c t o t h e r t h a n w h o r o t h o c a u s o o f a c t i o n a r o s o o r o t h e r t h a n t h a t in
w h ic h t h o p e r s o n a lle g e d t o h a v o b e e n I n ju r e d o r d a m a g e d a t t h a t t im o
r e s id e d , t h o s u it s h a ll n o t b o t r ie d d u r in g t h o p e r i o d o f F e d e r a l c o n t r o l ;
p r o v i d e d , i f n o s u i t o n t h o s a m o c a u s o o f a c t i o n Is n o w p e n d in g in t h o c o u n t y
o r d i s t r i c t w h e r o t h o c a u s o o f a c t i o n a r o s o , o r w h e r o t h o p e r s o n I n ju r e d
o r d a m a g e d a t t h a t t im o r e s id e d , a n o w s u it m a y . u p o n p r o p e r s e r v ie o , b o
i n s t it u t e d t h e r e in ; a n d i f s u c h s u i t Is n o w b a r r e d b y t h o s t a t u t o o f l im i t a t io n s ,
o r w ill b o b a r r e d b e f o r e O c t . 1 1 9 1 8 , t h e n t h o s t a y d i r e c t e d b y t h is o r d e r
M ay 25 1918.]
THE CHRONICLE
s h a ll n o t a p p l y u n le s s t h o d e f e n d a n t c a r r ie r s h a ll s t ip u la t e in o p e n c o u r t
t o w a iv e t h o d e f e n s e o f t h o s t a t u t o o f l im i t a t io n s in a n y s u c h s u i t w h ic h
m a y b o b r o u g h t b e fo re O c t. 1 1918.
T h i s o r d e r is d e c l a r e d t o b o n e c e s s a r y in t h o p r e s e n t w a r e m e r g e n c y .
I n t h e e v e n t o f u n n e c e s s a r y h a r d s h i p in a n y c a s e e i t h e r p a r t y m a y a p p l y
t o t h o D i r e c t o r - G e n e r a l f o r r e li e f , a n d h o w il l m a k e s u c h o r d e r t h e r e in as
t h o c ir c u m s t a n c e s m a y r e q u ir e c o n s i s t e n t w it h t h o p u b l i c in t e r e s t .
T h i s o r d e r is n o t i n t e n d e d in a n y w a y t o i m p a ir o r a f f e c t g e n o r a l o r d e r
N o . 18, as a m en d ed b y gen ora l o rd e r N o . 1 8 -A .
ADMINISTRATION PROPOSALS WITH
SHORT LINE RAILROADS.
REGARD TO
I t w a s d isclose d o n M a y 2 0 th a t th o R a ilr o a d A d m in is tr a
tio n , in ste a d o f ta k in g o v e r th o so -c a lle d sh o r t lino ra ilro a d s
w a s co n sid erin g p la n s to insuro th e m a fa ir d iv isio n o f jo in t
r a te s , loca l ra te in creases b y S ta t e c o m m is s io n s , a d e q u a te
ca r
su p p lie s
and
assu ra n c e
a g a in s t
d isc r im in a te
2193
T i c k e t s s h a ll b o s o l d o n l y f o r c a s h in a d v a n c e o f s e r v i c e .
B aggage
ch a rg e s a ro s u b je c t t o t h o s a m o ru lo a s t ic k e t s , e x c e p t 0 . 0 . D . b a g g a g e a n d
s t o r a g e c h a r g e s , w h ic h m u s t b o p a i d in c a s h b e f o r e d e l i v e r y .
I n c a s e s w h e r o t h o e n f o r c e m e n t o f t h is r u lo w i t h r e s p e c t t o f r e i g h t w il l
r e t a r d p r o m p t f o r w a r d i n g o r d e l i v e r y o f t h o f r e i g h t o r t h o p r o m p t r e le a s e
o f e q u i p m e n t o r s t a t io n f a c i l i t i e s , c a r r ie r s w ill b o p e r m i t t e d t o e x t e n d c r e d i t
f o r a p e r io d o f n o t e x c e e d in g fo r t y -e ig h t h o u r s a fte r r e c e ip t f o r s h ip m e n t o f
a c o n s i g n m e n t i f i t b e p r e p a i d , o r a f t e r d e l i v e r y a t d e s t i n a t io n i f i t b e a c o l
le c t c o n s ig n m e n t, p r o v id e d th o c o n s ig n o r , i f it b e p r e p a id c o n s ig n m e n t ,
o r t h e c o n s ig n e e , i f it b e c o lle c t , file a s u r e ty
b o n d e i t h e r i n d i v id u a l
c o r p o r a t e , in a n a m o u n t s a t i s f a c t o r y t o t h e t r e a s u r e r o f t h e c a r r ie r .
The
f o r m o f s u c h b o n d s h a ll b o p r e s c r ib e d b y t h o c h i e f le g a l o f f i c e o f t h e i n d i
v i d u a l c a r r ie r , c o n d i t i o n e d u p o n a n d p r o v i d i n g f o r p a y m e n t o f a ll c h a r g e s
w it h i n f o r t y - e i g h t h o u r s a f t e r f o r w a r d i n g o r d e l i v e r y o f t h o f r e i g h t .
U pon
r e c e i p t a n d a c c e p t a n c e o f s u c h b o n d a c a r r ie r m a y a c c e p t a n d f o r w a r d
p r o p a i d c o n s i g n m e n t s o r m a y d e l i v e r y c o l l e c t c o n s i g n m e n t s in a d v a n c e
o f p a y m e n t o f a ll c h a r g e s t h e r e o n t o t h o a m o u n t c o v e r e d b y t h e b o n d .
F a il u r e t o p a y s u c h c h a r g e s w it h i n t h e t i m e p r e s c r ib e d w ill a u t o m a t i c a l l y
c a n c e l s u c h c r e d it .
r o u tin g .
T r e a s u r e r s o f in d i v id u a l c a r r ie r s a r o r e q u i r e d t o a r r a n g e a n d c o n d u c t
a ll m a t t e r s r e la t i n g t o s u c h c r e d it s .
T h e y s h a ll d e s i g n a t e t h e a m o u n t ,
a n d a c c e p t o r r e je c t th o s u r e ty o ffe r e d .
B o n d s m a y b e r e q u ir e d a n d a c
m a n b y J o h n B a r to n P a y n o , G e n e r a l C o u n s e l o f th e D i
c e p t e d f o r i n d i v id u a l c o n s i g n m e n t s o r b l a n k e t b o n d s m a y b e a c c e p t e d
v is io n o f L a w o f th e R a ilr o a d A d m in is t r a t i o n .
In h is le tte r
f r o m i n d i v id u a l s h i p p e r s o r c o n s i g n e e s t o c o v e r a ll o f t h e i r c o n s i g n m e n t s
f o r a g i v e n p e r i o d ; t h o p e r i o d o f t h o c r e d i t in s u c h c a s e s s h a ll, h o w e v e r ,
M r . P a y n e sa id :
b o l im i t e d t o f o r t y - e i g h t h o u r s o n e a c h s h i p m e n t a s p r e s c r ib e d in t h e p r e
I
c a ll y o u r a t t e n t io n t o th o v e r y g r e a t d iffic u lt ie s w h ic h th o R a ilr o a d A d d i n g p a r a g r a p h .
ce
m in is t r a t io n c o n f r o n t s w it h r c f c r e n c o t o t h o s h o r t - l i n o r o a d s .
Y ou know
I n c a s e o f a n y q u e s t i o n a s t o t h e a c c u r a c y o f c h a r g e s , b i ll s m u s t b e p a i d
t h a t m a n y p e o p le b c lio v o th a t th o G o v e r n m e n t s h o u ld ta k o th e s e ro a d s
a s r e n d e r e d a n d c la im s p r e s e n t e d f o r a l le g e d e r r o r s .
T h i s w ill n o t p r e v e n t
a n d o p e ra te th e m .
M a n y o f th em aro n o t n ecessary fo r a n y G o v e rn m e n t
a d ju s t m e n t s b y a g e n t s o f o b v io u s e r r o rs .
p t t p o s o , b u t i t is a m a t t e r o f p r o f o u n d i n t e r e s t t h a t t h e y b o c o n t i n u e d in
F r e i g h t c o n s i g n e d t o o r d e r o r t o “ o r d e r n o t i f y ” s h a ll b e d e l i v e r e d o n l y
o p e r a t i o n , b e c a u s e t h e y s e r v o t h o h ig h e s t n e e d o f m a n y l o c a l c o m m u n it i e s .
u p o n s u r r e n d e r t o t h e a g e n t o f t h e c a r r ie r o f t h o o r ig in a l b i lls o f l a d in g
W h a t is b e s t h a s b e e n g i v e n t h o D i r e c t o r - G e n e r a l a n d h is s t a f f g r e a t a n x
f o r s u c h f r e i g h t , a n d t h e p a y m e n t o f t h e f r e i g h t c h a r g e s t h e r e o n a s h e r e in
ie ty .
I s u b m i t t h o f o l l o w i n g s u g g e s t io n s a s a s o l u t i o n o f t h o p r o b l e m :
p r o v id e d .
P r o v i d e d , h o w e v e r , i f s u c h b ill o f l a d i n g b e l o s t o r d e l a y e d
(а )
. I f t h o r o a d s a r e t a k e n o v e r b y t h o G o v e r n m e n t t lio r o w il l b o a n i m m e
t h e f r e i g h t m a y b o d e l iv e r e d in a d v a n c e o f s u r r e n d e r o f t h o b ill o f l a d i n g
d i a t e r a is e in w a g e s o f a ll e m p l o y e e s in k e e p i n g w it h t h o w a g e a d j u s t m e n t
u p o n r e c e ip t b y t h e c a r r ie r ’ s a g e n t o f a c e r t i f i e d c h e c k f o r a n a m o u n t e q u a l
w h ic h h a s j u s t b e e n m a d o w it h t h o t r u n k lin e s , a n d t h c r o w il l b o a d e m a n d
t o 1 1 0 % o f t h o i n v o i c e , o r u p o n r e c e i p t o f a s u r e t y b o n d e i t h e r i n d i v id u a l
f o r a n i m p r o v e m e n t in s e r v ic e a n d a n i m p r o v e m e n t in g e n e r a l c o n d i t i o n s
o r c o r p o r a t e , a c c e p t a b l e t o t h e T r e a s u r e r o f t h o c a r r ie r in a n a m o u n t f o r
o n t h o lin o s o a s t o b r i n g t h o r o a d s u p t o t h o s t a n d a r d o f t h o t r u n k lin o s .
t w ic e t h e a m o u n t o f in v o ic e .
T h i s w ill b o d u o t o t h o f a c t t h a t t h e y a r o u n d e r G o v e r n m e n t c o n t r o l a n d
P a y m e n t o f t r a n s p o r t a t io n c h a r g o s b y c h e c k w ill b e c o n s i d e r e d a s a
t h a t t h o G o v e r n m e n t s h o u l d t r e a t o v e r y b o d y a l ik o .
p a y m e n t in c a s h i f t h e p e r s o n , f ir m o r c o m p a n y s ig n in g o r e n d o r s i n g i t ,
(б ) I t s e e m s t o m o t h a t t h o r o a d s t h o m s e lv a s , t h o c o m m u n i t i e s , a n d t h o
is k n o w n t o t h o a g e n t t o b e f u l l y r e li a b l e .
C h eck s a re n o t to b e ta k en or
G o v e r n m e n t w ill b o b e n e f i t e d i f t h o f o ll o w i n g h a p p e n s :
c a s h o d b y a g e n t s u n d e r a n y c ir c u m s t a n c e s , e x c e p t f o r t r a n s p o r t a t io n
(1 ) T h a t t h o G o v e r n m e n t s c o t h a t t h o s h o r t - l i n o r o a d s h a v o a f a i r d i
ch a rges.
v i s io n o f t h o j o i n t r a t e s ; in m a n y c a s e s h e r o t o f o r o t h e y h a v o n o t e n j o y e d
U n t il o t h e r w i s e o r d e r e d , t h o f o r e g o in g r u le s w ill n o t a p p l y t o t r a n s p o r t a
a fa ir d iv is io n .
t io n s e r v i c e r e n d e r e d o t h e r d e p a r t m e n t s o f t h o F e d e r a l G o v e r n m e n t .
( 2 ) A l s o a n in c r e a s o in r a t e s — t h is m u s t b o b y t h o S t a t e C o m m i s s io n s —
s o a s t o k c o p t h e m o n a p a r i t y w i t h t h o r a t e s o n t h o t r u n k lin e s w l d c h m u s t
b o r a is e d t o m e e t e x i s t i n g c o n d i t i o n s ; a ls o t h o G o v e r n m e n t w ill s e o t h a t t h o
r o a d s a r o fu r n is h e d s o f a r a s is p o s s i b lo w it h a n a d e q u a t o s u p p l y o f c a r s ,
s o t h a t t h e y m a y s e r v o t h o p u b l i c , a n d t h a t t h o f r e i g h t s h a ll n o t b o s o r o u t e d
a s t o d i s c r i m n i a t o a g a in s t t h e s o lin e s .
I t h a s b e e n m a d e k n o w n th a t T . D e W i t t C u y le r h a s b e e n
I ’ le a s o a d v i s e m o w h e t h e r , in y o u r o p i n i o n , i f t h o A d m i n i s t r a t i o n a d o p t s
e le c te d C h a ir m a n o f th e R a ilw a y E x e c u tiv e s ’ A d v is o r y
s u c h a p o l i c y a s is h e r o o u t l i n e d , i t w ill n o t b e s t s e r v o t h o p u b l i c a n d t h o
C o m m itt e e to su cc ee d F r a n k T r u m b u ll, w h o c o n tin u e s ,
G o v e rn m e n t.
A le tte r p ro p o sin g th is p la n w a s s u b m itte d to S e n a to r O v e r
CHANGES IN RAILWAY EXECUTIVES’ ADVISORY
COMMITTEE.
Tbo
on
le tte r h as b o on referred
to
tb e
S o n a to
C o m m itt e o
h o w e v e r , a s a m e m b e r o f th o C o m m it t e e .
a c tin g
R a ilr o a d s .
C h a ir m a n
R obert S .
DIRECTOR-GENERAL McADOO PLACES ALL RAILROAD
TRANSPORTATION CHARGES ON CASH BASIS.
A n n o u n c e m e n t o f th o p ro p o sa l o f D ir e c to r -G e n e r a l M c Adoo
to issue a n ord er p la c in g th o p a y m e n t o f a ll tra n s
p o r ta t io n ch a rg es o f th o ra ilro a d s o n a c a sh b a sis was? m a d o
on M a y
2 3 o n b e h a lf o f M r . M c A d o o
by
C. A.
P ro u ty ,
D ir e c to r o f th o D iv is io n o f P u b lic S e rv ic o a n d A c c o u n tin g
o f th o R a ilr o a d A d m in is tr a tio n .
T h o o r d e r , w h ic h g o e s in to
e ffe c t o n J u ly 1 , w a s m a d o p u b lic a t th e sa m o tim e .
M r.
P r o u t y sta te d th a t th o re a so n fo r its p r o m u lg a tio n w a s to
p ro v o n t d isc r im in a tio n b o tw e o n
H i s a n n o u n c e m e n t fo llo w s :
sh ip p ers
and
co n sig n e e s.
T h o D i r c c t o r - G e n o r a l is a b o u t is s u in g a n o r d e r p u t t i n g t h o p a y m e n t
o f a ll t r a n s p o r t a t i o n c h a r g e s u p o n a c a s h b a s i s , a n d is e s p e c i a ll y d o s ir o u s
t h a t t h is s h a ll r e s u l t in a s l it t l e i n c o n v e n i e n c e a s p o s s i b l o t o t h o p u b l i c .
T h o r u l e s h o u ld b o in t e r p r e t e d in a p r a c t ic a l b u s in e s s w a y .
I f , f o r o x a m p lo
t h o c o n s i g n e o w h o is f i n a n c ia l l y r e s p o n s i b le is a c c u s t o m e d t o s e n d f o r h is
f r e i g h t in t h o m o r n in g a n d t h o c o l l e c t i o n o f t h o f r e i g h t c h a r g e s is e f f e c t e d
in t h o a f t e r n o o n , t h a t s h o u l d b o t r e a t e d a s a c a s h t r a n s a c t io n s o l o n g a s
t h o c o n s i g n e o c o n t in u e s t o p a y Its f r e i g h t c h a r g o p r o m p t l y u p o n p r e s e n
t a t io n o f th o fre ig h t b ill.
S im ila r a p p l i c a t i o n o f t h o r u l o s h o u ld b o m a d o
in t h o c o l l e c t i o n o f a p r e p a i d c h a r g o f r o m a s h i p p e r .
T h a t is t o s a y , p a y
m e n t o f s u c h a c h a r g o I f m a d o o n t h o d a y t h o s h i p m e n t is f o r w a r d e d w ill
b o t r e a t e d a s a c a s h t r a n s a c t io n .
T h o e n f o r c e m e n t o f t h o c a s h r u l o w ill r o q u i r o p a y m e n t b y t h e s h ip p e r
a n d co n s ig n e e , fo r th o m o s t p a r t , w it h o u t o p p o r t u n it y f o r th o c o r re c tio n
o f e r r o r s in t h o f r e i g h t b i l l , b u t in a ll c a s e s w h e r o a m i s t a k e is o b v i o u s o r
w h e r o i t is p l a i n ly i n d i c a t e d u p o n t h o f a c o o f t h o b i l l , t h o a g o n t s h o u l d m a k o
t h o c o r r e c t io n b o fo r o o x a c tin g p a y m e n t .
T h o D i r e c t o r - G e n e r a l is a ls o a n x i o u s t h a t t h o p u b l i c s h a ll u n d e r s t a n d
t h a t t h o r e a s o n f o r t h o p r o m u l g a t io n o f t h is o r d e r Is t o p r o v o n t d i s c r i m i
n a t i o n b o t w o e n s h ip p e r s a n d c o n s i g n e e s .
T h o e x t e n d i n g o f c r e d i t in t h o
p a y m o n t o f t r a n s p o r t a t io n c h a r g o s t o o n o p e r s o n w h ilo It Is d e n i e d t o a n
o t h e r r e s u lt s in a p r e f e r c n c o in f a v o r o f t h o p e r s o n t o w h o m c r e d i t is g i v e n .
W h i l o r e p e a t e d a t t e m p t s h a v o b o o n m a d o In t h o p a s t t o c h e c k t h is e v i l ,
c o m p e t i t i v e c o n d i t i o n s h a v o r e n d e r e d i t I m p o s s ib l e t o d o s o .
A t th o p resen t
t i m e m a n y s h i p p e r s a n d c o n s i g n e e s , e s p e c i a ll y la r g o o n e s , o n j o y w i t h r e s p e c t
t o m a n y o f t h e ir f r e i g h t b i lls a c r e d i t n o t o n l y o f d a y s b u t o f w e e k s , a n d
s o m o t im e s o f m o n t h s .
T l i e r o s e e m s t o b o n o w a y o f d o a l l n g w i t h t h is
o x c o p t t o o n f o r c o t h o c a s h r u lo .
T h o D i r o c t o r - G o n o r a l f u r t h e r in s t r u c t s m o t o s a y t h a t h o h a s u n d e r c o n
s i d e r a t io n r u le s w h ic h w ill b o p r o m u l g a t e d in t h o n e a r f u t u r o t o u c h i n g u p o n
t h o s o t t lo m o n t o f o v e r c h a r g e s a n d c la im s f o r lo s s a n d d a m a g o , w h i c h h o
b o l io v e s w ill r e s u l t In t h o p r o m p t a n d f a ir d i s p o s it i o n o f s u c h m a t t e r s w it h
a m in im u m o f i n c o n v e n i e n c e t o t h o p u b l i c .
T lio fo llo w in g is th o o rd er o f th o D ir o c to r -G o n o r a l:
E f f e c t i v e J u l y 1 1 9 1 8 , t h o c o l l e c t i o n o f t r a n s p o r t a t io n c h a r g o s b y c a r r ie r s
u n d e r F e d e r a l c o n t r o l , f o r s e r v ic e s r e n d e r e d , s h a ll b o o n a c a s h b a s i s , a n d ,
o f f o c t i v o a s o f t h a t d a t o , c r e d i t a c c o m m o d a t i o n s t h o n in o x i s t o n c o w h ic h
m a y b o in c o n f l i c t w i t h
t h o f o l l o w i n g r e g u l a t io n s s h a ll b o c a n c e l e d .
of
th e
U n io n
L o v e t t as a m e m b e r o f th e
B.
S eger,
su c c e e d e d
P a c ific ,
C.
Judge
C o m m it t e e ; S .
T.
B le d s o e , G e n e ra l C o u n s e l o f th e A t c h is o n , T o p e k a & S a n ta
F o , ta k e s th e p la c e o f W a lk e r D . H in e s ; A . H . H a r r is , o f
th o N e w Y o r k C e n tr a l, re p lace s A . H . S m it h , a n d E . M .
Ily z e r ,
V ic e -P r e s id e n t o f
th o
C h ic a g o
&
N o rth
su cc ee d ed R . H . A is h t o n .
T h o C o m m it t e
o f th o fo re g o in g a n d th o fo llo w in g :
now
W estern ,
co n sists
B.
F . B u s h , P r e s i d e n t o f t h e M is s o u r i P a c i f i c ; A . J . E a r l i n g , C h a ir m a n
o f t h o C h i c a g o , M il w a u k e e & S t . P a u l; I l o w a r d E l l i o t t , C h a ir m a n o f t h e
N o r t h e r n P a c if ic ; W . J . H a r a h a n , P r e s id e n t o f t h e S e a b o a r d A ir L in e
R a i l w a y ; H a le H o l d e n , P r e s i d e n t o f t h e C h i c a g o , B u r l i n g t o n & Q u in c y ;
J u liu s K r u t c h s c h m i t t , C h a ir m a n o f t h o S o u t h o r n P a c i f i c ; L . F . L o r e e ,
P r e s i d e n t o f t h o D e la w a r e & H u d s o n ; S a m u e l R e a , P r e s i d e n t o f t h e P e n n
s y l v a n i a s y s t e m ; W . L . R o s s , o f t h e T o l e d o , S t . L o u is & W e s t e r n ; F . D .
U n d e r w o o d , P r e s i d e n t o f t h o E r ie ; H e n r y W a l t e r s , P r e s i d e n t o f t h e A t l a n
t i c C o a s t L i n o , a n d D a n i e l W i ll a r d , P r e s i d e n t o f t h e B a l t i m o r e & O h i o .
I n n o tin g th e ch a n g e s th o N e w Y o r k “ T r ib u n e ” o f M a y
18 s a id :
T h o s i g n if i c a n c e o f t h e c h a n g e s t h a t h a v o b e e n m a d o in t h e R a i l w a y
E x e c u t i v e s ’ A d v i s o r y C o m m i t t e e lie s in t h e f a c t t h a t , s i n c e t h e r a i lr o a d s
p a s s e d u n d e r th e c o n t r o l o f th e G o v e r n m e n t, o ffic ia ls h a v e h a d t o m a k o a
c h o i c e b e t w e e n s e r v in g t h e s t o c k h o l d e r s t o t h e e x c l u s io n o f a ll o t h e r i n
te r e s ts a n d a c t in g e n tire ly a c c o r d in g t o th e v ie w p o in t o f t h e D ir e c t o r G e n e r a l o f R a il r o a d s , i t is s a i d .
T h o m e n w h o h a v e r e s ig n e d f r o m t h e
R a i l w a y E x e c u t i v e s ' A d v i s o r y C o m m i t t e e h a v o t h r o w n t h e i r l o t in w it h
th o G o v e r n m e n t a n d as a c o n s e q u c n c o fe lt t h a t t h e y c o u ld n o t s e r v e t w o
______
m a sters.
UNIFORMITY IN ACCOUNTING OF RAILROAD
EXPENDITURES REQUIRED BY RAILROAD
ADMINISTRATION.
I n a d v is in g th e ra ilro a d s t h a t u n if o r m ity in a c c o u n tin g
fo r
e x p e n d itu re s
fo r
a d d itio n s
and
b e tte r m e n ts
m u st
be
a t ta in e d , C . A . P r o u t y , D ir e c to r o f th o P u b lic S e rv ic e a n d
A c c o u n tin g D iv is io n o f th o R a ilr o a d A d m in is tr a tio n , in a
circu la r u n d e r d a to o f M a y 1 5 s a id :
Washington, D . C., M ay 1 5 1 9 1 8 .
C ir c u la r N o . 3 .
F r o m a d v ic e s r e c e iv e d th e r e a p p e a r s t o b e a la c k o f u n ifo r m it y a m o n g
a c c o u n t i n g o f f i c e r s o f s t e a m r a i lr o a d c a r r ie r s in a c c o u n t i n g f o r e x p e n d it u r e s
f o r a d d i t i o n s a n d b e t t e r m e n t s i n c u r r e d in c o n n e c t i o n w it h p r o p e r t y ( e x
c lu d in g l a n d a n d e q u i p m e n t ) r e t i r e d a n d r e p l a c e d .
U n i f o r m i t y in a c c o u n t i n g f o r e x p e n d it u r e s f o r a d d i t i o n s a n d b e t t e r m e n t s
m u s t b o a t t a i n e d , a n d t o t h a t e n d a c c o u n t i n g o f f i c e r s o f s t e a m r a i lr o a d
c a r r io r s a r o h e r e b y i n s t r u c t e d t o t a k e s u c h s t e p s a s w ill r e s u l t in a c c o u n t i n g
f o r t h o s e e x p e n d it u r e s in a c c o r d a n c e w i t h t h o a c c o u n t i n g r u le s o f t h e I n t e r
S t a t e C o m m e r c e C o m m is s io n .
T h o a t t e n t i o n o f a ll c o n c e r n e d is d i r e c t e d t o t h o g e n e r a l i n s t r u c t i o n s o f t h e
C o m m i s s i o n ’ s c la s s i f ic a t i o n o f i n v e s t m e n t In r o a d a n d e q u i p m e n t , a n d
p a r t i c u l a r l y s e c t io n s 7 a n d 12 t h e r e o f .
A c o p y o f a ll I n q u ir ie s a d d r e s s e d t o t h e I n t e r - S t a t o C o m m e r c e C o m m i s s i o n
r e q u e s t i n g a n i n t e r p r e t a t i o n o f t h e r u l e s r e fe r r e d t o s h o u l d b e f o r w a r d e d
o M r . A . I I . P l a n t , C h a ir m a n o f t h e A c c o u n t i n g C o m m i t t e e .
t
.
C . A . P R O U T Y , Director.
RAILROADS INSTRUCTED NOT TO RENEW EXPIRING
FIRE INSURANCE OR TA KE OUT N E W POLICIES.
I n a n o rd e r issu e d u n d e r d a te o f M a y 1 6 W . G . M c A d o o ,
D ir e c to r -G e n e r a l
re n e w
any
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in su ra n c e
in s tr u c te d
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c o v e rin g
p r o p e r ty u n d e r F e d e r a l c o n tr o l o r ta k e o u t a n y n e w fire
in su ra n ce p o lic ie s .
T h e ord er fo llo w s :
U N IT E D
S T A T E S R A IL R O A D A D M IN IS T R A T IO N ,
O f f i c e o f t h e D ir e c t o r - G e n e r a l .
Washington, D . C., M ay 1 6 1 9 1 8 .
General Order No. 2 4 .
O n A p r i l 3 0 a t e le g r a m w a s s e n t t o c a r r ie r s i n s t r u c t i n g t h e m n o t t o r e n e w
a n y e x p i r in g f i r e i n s u r a n c e p o l ic i e s o n p r o p e r t y i n F e d e r a l c o n t r o l , a n d n o t
t o t a k e o u t a n y n e w f i r e in s u r a n c e p o l i c i e s u p o n s u c h p r o p e r t y .
It w as
p r o v i d e d t h a t c a r r ie r s m ig h t c a ll a t t e n t i o n t o c a s e s c a l li n g f o r e x c e p t i o n a l
tr e a tm e n t.
A l e t t e r w a s s e n t t o t h e c a r r ie r s c o n f i r m i n g t h is t e le g r a m , a n d
t h e l e t t e r s u g g e s t e d c a r e f o r f i r e p r e v e n t i o n i n t e r m s s i m ila r t o t h e la s t
p a r a g r a p h o f t h is o r d e r .
I t is d e s i r e d t o e x t e n d t h e i n s t r u c t i o n s t o o t h e r in s u r a n c e t h a n f i r e In
s u r a n c e , e x c e p t i n g o n l y b o n d s o r p o l i c i e s in s u r in g f i d e l i t y o f e m p l o y e e s in
h a n d li n g f u n d s .
C a r r i e r s , t h e r e f o r e , a r e n o w i n s t r u c t e d n o t t o r e n e w a n y e x p i r in g i n s u r
a n c e o f a n y c h a r a c t e r , c o v e r i n g p r o p e r t y i n F e d e r a l c o n t r o l , o r a n y l i a b il i t y
in c o n n e c t i o n w i t h t h e o p e r a t i o n o r u s e o f a n y s u c h p r o p e r t y , o r l ia b i l i t y
f o r p r o p e r t y t r a n s p o r t e d o r s t o r e d b y c a r r ie r s u n d e r F e d e r a l c o n t r o l , a n d
n o t t o t a k e o u t a n y n e w p o l i c i e s , o r p l a c e a n y a d d it i o n a l o r n o w r is k s u n d e r
e x is t in g p o l i c i e s , o f s u c h in s u r a n c e , e x c e p t t h a t t h i s o r d e r s h a ll n o t r e la t o
t o b o n d s o r p o l l ie s in s u r in g t h e f i d e l i t y o f e m p l o y e e s i n h a n d li n g f u n d s .
S u c h f i d e l i t y b o n d s o r p o l i c i e s s h a ll b e c o n t i n u e d , a n d p r o p e r p r o v i s i o n
m a d e fo r a n y n e ce s s a ry ch a n g e s , as h e r e to fo r e .
C a rrie rs m a y p r e s e n t to
t h e D i r e c t o r - G e n e r a l a n y s p e c i a l c ir c u m s t a n c e s w h ic h t h e y b e l i e v e c a ll f o r
e x c e p tio n a l t r e a t m e n t.
I f t h e t e r m i n a t i o n o f i n s u r a n c e in a c c o r d a n c e w it h t h is o r d e r r e s u l t s , a s
t o a n y p a r t i c u l a r p r o p e r t y , in t h e d i s c o n t i n u a n c e b y t h e in s u r a n c e c o m
p a n y o f i n s p e c t io n o r o t h e r m e a s u r e s f o r p r e v e n t i o n o f lo s s , i t w il l b e d e
s i r a b le t o a d o p t p r o p e r s u b s t i t u t e t h e r e f o r , a n d t h e c a r r ie r s h a ll m a k e
r e a s o n a b le a n d p r o p e r te m p o r a r y p r o v is io n f o r s u c h in s p e c t io n o r o t h e r
p r e v e n t i v e m e a s u r e s , r e p o r t in g i t s a c t i o n t o t h i s o f f i c e .
\ V . G . M c A D O O , Director-General of Railroads.
MODIFICATION OF W A Y ; BILLS REGULATION
EXPED ITE M E A T SHIPMENTS.
TO
W i t h a v ie w to e x p e d itin g m e a t sh ip m e n ts fr o m C h ic a g o
to th e E a s t a n ord er p r o v id in g th a t ca rs c o n ta in in g m e a ts
a n d p a c k in g h o u se p r o d u c ts o f a p e rish a b le n a tu re m ig h t b e
fo rw a r d e d in a d v a n c e o f w a y b ills w a s issu e d as fo llo w s u n d er
d a te o f M a y 7 b y C . A . P r o u t y , D ir e c to r o f P u b lic S erv ic e
and
ivol. ioe
THE CHRONICLE
3194
A c c o u n t in g ,
D iv is io n
of
th e
U n it e d
S ta t e s
R a ilr o a d
A d m in is tr a ti o n :
Washington, D . C ., M ay 7 1 9 1 8 ,
C ir c u la r N o . 2 .
P a r a g r a p h ( 3 ) o f G e n e r a l O r d e r 11 p r o v i d e s :
" W a y b ills f o r c a r l o a d f r e i g h t m u s t m o v e w i t h t h e c a r s .
W a y b ills f o r
le ss c a r l o a d f r e i g h t m u s t b e m o v e d w i t h t h e c a r s w h e n p r a c t ic a b le ; o t h e r w is e
s o a s t o r e a c h t h e t r a n s f e r p o i n t o r d e s t i n a t io n w it h o r i n a d v a n c o o f t h e
cars
*
*
I n o r d e r to e x p e d ite th e m o v in g o f m e a ts a n d p a c k in g -h o u s e p r o d u c ts
f r o m C h i c a g o a n d o t h e r p o i n t s f r o m w h i c h t h e s e c o m m o d i t i e s .a r e s h i p p e d ,
t h e f o l l o w i n g t e le g r a m w a s a d d r e s s e d t o R e g i o n a l D i r e c t o r A l s h t o n :
" A m a d v i s e d c a r s e r v ic e c o m m i t t e e a t M i s s o u r i R i v e r a n d o t h e r p a c k i n g
h o u s e s h i p p i n g p o i n t s d e c l in e t o m o v e c a r s w i t h o u t c o p y b ill o f l a d in g .
P l e a s e a d v i s e a ll c o n c e r n e d t h a t t h e y m a y d is r e g a r d f ir s t s e n t e n c o p a r a
g r a p h th r e e . G e n e ra l O rd e r 11, o n e a s tb o u n d p a c k e r s ' t r a ffic fr o m C h ic a g o ,
a p p l y i n g m e r c h a n d i s e c a r p r a c t i c e t h e r e o u t l in e d t o p a c k e r s ’ c a r s , p e n d in g
f u r t h e r c o n s i d e r a t io n h e r o .
S e e n o r e a s o n w h y c a r d w a y b ills c a n n o t b e
u s e d , m a ilin g w a y b ills t o d e s t i n a t io n o r d i v i s i o n p o i n t s a s h e r e t o f o r e .
" O . A . P R O U T Y , Director."
T h e r u le a n n o u n c e d in t h is t e le g r a m c a n n o t b e s a id t o b o In c o n f l i c t w it h
t h e p r i n c ip l e s c o n t a i n e d in p a r a g r a p h 3 o f G o n e r a l O r d e r N o . 1 1 .
It pro
v id e s t h a t th e c a r s c o n t a in in g m e a ts a n d p a c k in g -h o u s e p r o d u c t s o f a
p e r i s h a b l e n a t u r e m a y b e f o r w a r d e d In a d v a n c e o f t h e w a y b i ll s t h e r e f o r ,
a n d s u c h w a y b i ll s w ill b e s e n t f o r w a r d a s q u i c k l y a s p o s s i b l e s o a s t o c a t c h
t h e c a r s b e f o r e t h e i r a r r iv a l a t d e s t i n a t io n o r t o r e a c h d e s t i n a t io n in a d
v a n ce o f th e cars.
C o m m o d i t i e s s h i p p e d b y p a c k i n g in t e r e s t s o t h e r t h a n
t h o s e n a m e d h e r e in a n d w h ic h a r e n o t o f a p e r i s h a b l e n a t u r e , s h a ll b e w a y
b i l l e d a s p r o v i d e d in G e n e r a l O r d e r N o . 1 1 .
C . A . P R O U T Y , Director.
CAPITAL EXPENDITURES APPROVED BY RAILROAD
ADMINISTRATION.
T h e R a ilr o a d A d m in is tr a tio n a n n o u n c e d o n M a y 1 9 th a t
a to ta l c a p ita l e x p e n d itu re o f $ 9 3 7 ,9 6 1 ,3 1 8 b y th e ra ilro ad s
u n d e r G o v e r n m e n t c o n tr o l h a d
been
ap p roved .
Of
th is ,
$ 4 4 0 ,0 7 1 ,0 1 3 is fo r a d d itio n s a n d b e tt e r m e n ts ; $ 4 7 9 ,6 8 6 ,5 3 1
fo r e q u ip m e n t a n d
$ 1 8 ,2 0 3 ,7 7 4
fo r
e x te n sio n s.
A
s ta te
m e n t a c c o m p a n y in g th e fig u res sa id :
J T N IT E D S T A T E S IR A IL R O A D A D M IN IS T R A T IO N .
W . G. McAdoo, Director-General of Railroad«F F T h e a t t a c h e d b u d g e t s _ w e r e _ m a d o u p b y t h e c a r r ie r s in r e s p o n s e t o a
l e t t o r o f in s t r u c t i o n s 'I s s u e d .b y — l r e c t o r - G e n e r a l M c A d o o T w h i c h c o n t a i n e d
D
th e fo llo w in g :
i -t .* * * *
“ I n d e t e r m in l n g ’ w h a t a d d i t i o n s a n d b e t t e r m e n t s , i n c lu d in g e q u i p m e n t ,
a n d w h a t r o a d e x te n s io n s s h o u ld b e tr e a te d a s n e ce s s a ry , a n d w h a t w o rk
a l r e a d y e n t e r e d u p o n s h o u l d . b e s u s p e n d e d , p le a s e b e g u i d e d b y t h o f o l l o w
i n g g e n e r a l p r i n c ip l e s :
^ ‘ F r o m t h e fin a n c ia l s t a n d p o i n t It is h i g h l y i m p o r t a n t t o a v o i d t h o n e c e s
s i t y f o r r a is in g a n y n e w c a p i t a l w h ic h Is n o t a b s o l u t e l y n e c e s s a r y f o r t h e
p r o t e c t i o n a n d d e v e l o p m e n t o f t h e r e q u i r e d t r a n s p o r t a t io n fa c il i t i e s t o
m e e t t h e p r e s e n t a n d p r o s p e c t i v e n e e d s o f t h e c o u n t r y ’s b u s in e s s u n d e r
w a r c o n d it io n s .
F r o m th e s t a n d p o in t o f t h o a v a ila b le s u p p ly o f la b o r
a n d m a t e r ia l , i t is l ik o w is e h i g h l y i m p o r t a n t t h a t t h is s u p p l y s h a ll n o t b e
absorbed
e x c e p t fo r t h e n e ce s s a ry p u r p o s e m e n t io n e d in
th o p re c e d in g
B“
o a l s o b e a r in m in d t h a t i t m a y f r e q u e n t l y h a p p e n t h a t p r o j e c t s
w h i c h m ig h t b e r e g a r d e d a s h i g h l y m e r it o r i o u s a n d n e c e s s a r y w h e n v i e w e d
f r o m t h e s e p a r a t e s t a n d p o i n t o f a p a t i c u la r c o m p a n y , m a y n o t b o e q u a l l y
m e r it o r i o u s o r n e c e s s a r y u n d e r e x i s t i n g c o n d i t i o n s w h e n t h e G o v e r n m e n t
h a s p o s s e s s io n a n d c o n t r o l o f r a i lr o a d s g e n e r a l l y a n d t h e r e f o r e w h e n f a c il i
t ie s h e r e t o f o r e s u b j e c t t o t h e e x c l u s iv e c o n t r o l o f t h o s e p a r a t e c o m p a n i e s
a r e n o w a v a i l a b l e f o r c o m m o n u s e w h e n e v e r s u c h c o m m o n u s e w ill p r o m o t e
th e m o v e m e n t o f t r a ffic .”
I f t h e s e i n s t r u c t i o n s w e r e f o l l o w e d , t h e e s t im a t e s s h o u l d b e c o n s e r v a t i v e .
N e v e r t h e le s s t h e y w e r e c a r e f u l l y r e v i s e d a n d f u r t h e r r e d u c e d , a s s h o w n
b y th is s t a t e m e n t .
T h e a p p r o v a l o f t h e s e b u d g e t s is n e c e s s a r il y t e n t a t i v e .
I t w as n ecessary
t o a s c e r t a in a s s p e e d i l y a s p o s s i b le w h a t i m p r o v e m e n t s w e r e r e q u i r e d a n d
th o p r o b a b le c o s t a n d g r a n t a u t h o r it y t o p r o c e e d w it h th o s e m o s t u r g e n t
s o t h a t t h o w o r k c o u l d b e d o n e p r o m p t l y a n d b e f o r e n e x t w in t e r .
The
s u b j e c t is s t ill u n d e r c a r e fu l s t u d y , w it h a v i e w t o p o s t p o n i n g o r c a n c e l in g
a n y w o r k w h i c h c a n r e a s o n a b l y b e d e f e r r e d ; a n d t h e f in a n c ia l c o n d i t i o n o f
t h e c a r r ie r s a n d t h e ir a b i l i t y t o r e p a y t h e m o n e y b o r r o w e d w ill r e q u i r e
c u r t a il m e n t i n m a n y c a s e s .
O n t h e o t h e r h a n d , i t is c e r t a in t h a t t h e r e w ill
b e c o n s i d e r a b l e a d d it i o n s f r o m t i m e t o t i m e t o t h e a m o u n t s r e q u i r e d f o r
p a r t i c u la r i m p r o v e m e n t s w h ic h w o r e n o t f o r e s e e n w h e n t h o b u d g e t s w e r e
p rep ared .
B u t , o n t h e w h o l e , t h o f ig u r e s g i v e n in t h e s t a t e m e n t a r e a s
d e f i n i t e a n d a c c u r a t e a s i t is p o s s i b l e f o r a n y e s t im a t e s f o r s u c h v a s t a n d
v a r ie d w o rk t o b e .
T h e fo llo w in g is th e ta b le a s p rin te d in th e
N ew
Y ork
“ T im e s ” o f M a y 2 0 :
Total Capital Expenditures Approved-----Exten
Equip
Additions A
Total.
ment.
sions.
Betterments.
S
$
S
s
29,870
Akron A Barb B elt.
29,870
Akron Union l ’ass
• ___
D epot C o ......... ..
650,293
439,525
210,768
Ala & Vicksburg___
1,062,092
Ala Great Southern. 1,062,092
2,150,969
195,684
1,955.285
Ann A rbor________
Ark & M em phis R y
67,500
67,500
Br A T r C o ______
59,250
59,250
Arizona A New M ex
701,000 41,465,784
A tch Topeka & S Fe 17,757,617 28,007,137
508,270
189,944
318,326
Atlanta A W est P t .
1,364,896
1,010,500
354,396
A tl Birm A Atlantic
74,000
74,000
Atlanta Term 'l C o .
. 143,656 10,295,792
7,328,177
2,823,969
450,000 43,808,303
16,022,171 27,330,132
283,625
8,850
274,775
B & O Chicago Term
39,200
24,700
14,500
Balt Ches A Atlantic
1,097,093
8S9.315
207,778
Bangor A Aroostook
1,110,253
121,525
138,654
850,074
Bessemer & L Erie.
____
3,786,979
1,687,579
2,199,400
22,308,409
8,948,648 13,359,761
4,156,659
2,418,612
1,738,047
4,891,225
4,492,750
398,475
Caro Clinch & Ohio
3,150,878
1,636,200
Central o f G eorgia. 1,514,678
888,305
24,000
Central o f N ew Eng
864,305
16,220,447
8,768,800
7,457,647
742,855
474,382
268,473
Central Verm ont___
275,000
275,000
C h a rle s * W C a r o ..
600,631 18,406,721
7,028,094 10,877,996
____
1,639,335
578,793
1,060,542
____
4,303,697
2,123,209
2,185,488
11,211,352
3,610,520
7,570,832
Chic & West Ind R R
1,011,688
390,688
621,000
& Belt R y of Chic
____ 12,845,838
6,599,200
6.246,638
____
1,086,281
330,710
755,571
Chicago Grt W est’n
91,815
31,815
Chicago J u n ction ..
60,000
9,848,003
642,000 23,126,653
12,636,650
48,909
37,314
11,595
Ch Peor A St Louis.
____ 14,199.036
5,950,431
Chicago R I & P a c. 8,248,605
2,296,657
986,324
1,310,333
Clxlc St P M inn & O
1,055,293
1,655,293
704,571
40,165
333,881
330,525
Cine Ind & W est___
6,035,744
619,750
Cine N O * Tex P . . 5,415,994
389,345
69,545
319,800
Cincinnati Northern
22,162,007
10,117,796 12,014,211
1,871,018
1,614,648
Colorado & S o u th ..
256,370
367,000
200,000
_
107,000
Colorado A W y o _
1,953,233
670,272
1,280,961
3,300
D avenp’ t R I A N or
3,300
3,000
D ayton U nion_____
3,000
1,961,954
3,158,613
1,196,659
__
3,432,810
1,835,118
1,597,692
2,848,541
62,179
363,694
2,422,068
0,602
Denver Union Term
6 602
2,078,706
2,008,500
70,206
D ot A T ol Shore L .
356,332
140,000
D etroit T erm in al..
216,332
1,233,140
6,734
789,316
D ul A Iron R a n g e ..
437,090
3,038,073
D ul M lssabe A N or 2,120,218
917,855
74,885
D ul South Sh & A tl.
74,885
228,362
225,737
2,625
East St L Connect’*
1,750,012
Elgin Joliet A E ast.
696,960
1,053,052
3,329,931
23*1259
El Paso & S W .........
860,816
2,445,856
24,593,440
9,799,262 14,794,178
742,590
1,741,897
999,307
Florida East C oast.
444,415
704,553
260,138
F t W orth A D en C Georgla R R Lessee
168,017
898,750
1,006,767
Corporation.........
11,750
45,505
57,255
Georgia Sou A F la ..
_
_
130,912
1,331,100
1,462,012
Grand Rapids A Ind
4,622,388
450,000 14,582,988
Great N orthern____ 9,510,600
650,226
106,000
389,820
154,400
G ulf & Ship Island.
257,308
27,800
194,308
35,200
G ulf & Coast Lines.
2,476,263
6,865
G ulf Colo A S F e . . 2,469,408
1,908,398
911,024
40,000
G ulf M obile & N or.
957,374
5,669,041
2,046,998
3,622,013
. 2,000,000
2,000,000
325,000 26,705,048
10,600,251 15,720,397
2,063,847
Indiana Harbor Belt
513,300
1,550,547
1,358,179
160,000
Indianapolis U nion. 1,198,179
997,467
489,947
Internat & G rt N o r.
507,520
2,231,178
1,026.899
1,204,279
1,673,430
4,300
1,669,130
980,960
325,060
K y &Ind Term inal.
655,900
3,370,850
2,237,250
1,133,600
1,284.041
424,100
636,671
Lehigh & New E n g.
223,270
261,946
Lehgh & Hud River
202,640
59.306
9,988,808
5,000
4,210,501
5,773,247
2,270,763
1,076,773
1,193,990
1,870,754
1,084,996
Los Ang A Salt Lake
785,758
7,898
3,400
Louisiana A A r k . . .
4,493
155,000
60,000
Lou A Jeff Br A R R
95,000
5,768,223
976,035 12,688,273
Loulsv A Nashville. 5,944,013
259,690
388,603
128,913
Lou Hend A St L . .
____
1,301,275
M ahoning C oal____ 1,301,275
2,011,900
2,472.022
460.122
M aine Central. . .
5 000
5,000
Mem Un Station C o
20,027,657
M ichigan C en tral.. 4,426> 25 15.601,332
70,000
150,000
220.000
Midland Valley____
791,263
412,625
378,638
M lnneap A St Louis
1,278,250
137,084
M inn St P A S S M 1,141,106
73,114
9,733
82,847
M issouri A N o A rk.
3,992,825
2,539,498
M o Kan A T e x a s .. 1,453,327
944,253
895,378
M o K A T of Texas
48,875
61,443
61,443
M o Okla A G u l f . ..
9,926,559
7,517,050
Missouri P acific___ 2,394,509
15,000
752,914
352,914
400,000
M obile A O hio-----3,272,546
659,141
1,441,067
1,272,338
Names o f
Railroads.
___
___
___
___
......
......
_
_
___
Elimina
tions.
S
634,000
685,787
147,852
25,000
9,084,037
100,000
24,190
4,871,428
2,454,302
573,101
28,500
109,461
1,557,364
4,645,163
4,378,500
471,370
45,000
5,173,334
6,032,500
199,982
3,059,381
9,219,000
168,000
154,000
4,959,000
0,749,349
4,817,500
560,000
4,060,705
404,000
16,832,225
4,240
19,013,430
22,958
838,775
3,115,288
24,279
84,000
1,492,161
139,765
8,041,617
714,318
22,000
1,428
120,000
6 9 ,3 4 6
152,498
761,019
526,310
410,000
4,759,000
7,152,462
3,668,038
1,410,000
902,898
1,562,600
1,011,600
17,099,950
3,025,922
619,492
2,000
623,054
23,500
1 ,0 0 0 ,0 0 0
598,500
355,000
2.727,975
2,000.000
144,810
1,597,894
2,745,518
2.056.032
326,000
2 ,7 7 8 ,6 5 0
......
Names of
Railroads.
_______Total Capital Expenditures Approved-------Additions &
EquipExtenBetlerments.
ment.
sions.
Total.
$
N e w O r ie a M & N E
s
61*
s
48L550
N o w y o ? k O c n t S l , r 3 2 , 4 2 8 :0 9 3
N Y C h ic a g o
1 , 3 6 2 :5 3 8
Tsj v P m u iP fit.ln tf
1 ,2 1 7 .7 6 7
N Y N I I & H a r t f ' 1 4 7 1 3 ,9 1 9
N Y O n t a r io * W est
1 4 0 ,4 4 8
N o r f * P o r t s B e lt L
2 9 2 ,5 0 0
N o r fo lk * W e s t e r n
8 ,8 8 8 1 6 7
N o r fo lk S o u t h e r n
690 000
N o r t h e r n P a C lfle .I I
5 ,1 4 6 ,1 2 3
N o l ’ a c T e r c o o f O re
5 01
N orth w estern P a c .
4 1 6 ,3 2 0
P a n h a n d le & S a n F e
5 0 1 ,1 2 5
1 ,0 0 3 :4 7 3
1 .9 9 0 ,0 0 0
7 0 ,6 7 2 ,0 8 7
4 ,5 9 1 ,8 5 8
1 ,2 1 7 * 7 0 7
2 4 ,3 1 5 ,9 2 9
2 1 3 ,3 7 9
6 8 4 ,7 8 2
2 3 , 6 6 2 ,2 2 4
1 ,3 3 6 ,3 3 4
1 4 ,0 5 9 ,8 8 0
501
9 9 9 ,4 1 5
5 0 1 ,1 2 5
4 1 :0 0 0
1 ,3 5 5 ,5 5 1
—- —
4 2 4 8 ,0 5 2
1 8 ,8 0 0
-----------2 0 ,7 5 5 ,2 0 0
9 7 7 ,0 0 0
6 ,0 6 8 ,7 7 8
------------
6 4 ,3 8 8 .7 4 3
4 8 ,2 0 7 ,9 0 9
1 4 ,2 5 8 ,4 6 9
2 2 ,3 5 6 ,1 2 8
3 8 ,1 6 8 :3 9 4
2 ,6 0 1 ,1 2 0
7 5 ',6 6 6
6 2 8 ,2 0 0
-----9 ,6 0 2 ,0 1 0
7 2 ,9 3 1
2 1 2 ,2 8 2
1 8 0 ,0 0 0
1 4 ,6 3 9 ,0 5 7
1 3 5 ,0 0 0
5 6 9 ,3 3 4
7 7 ,0 0 0
8 ,6 7 8 ,7 5 7
2 3 5 ,0 0 0
----------------------5 8 3 ,0 9 5
-----------------------
S^boa“rT A lT LlneT:
Sioux City T e r m '!..
Spokane * Ini Emp
Spokano Intornat 1.
Spokane Port & S - .
Staten Island R T . .
2,961'.101
174,082
64,115
77,050
386,543
051,632
SOArfzonaP Easte^T
Oal Harrls A S A
H ous^& Tex ICent
IIous E&W Texasl
IIous & S h revep ./
Louisiana W e s t ..
258,070
1,698,608
31l',766
11,622
155,477
M T o r R & SS*
T
240,839
S o P a o C o -P a c S y s 7,081,671
Texas & New O rl.
392.222
S o u th e rn .................. 11,636,684
Sou R y C o of M iss.
29,631
Tennessee C en tral..
80,770
Terminal Asso St L
47,490
Texas & P acific____ 3,117,559
Toledo & Ohio Cent 1,308,141
T oledo Peoria * W .
15,000
Toledo St L * W - .
714,134
Toledo T o r m ln a l...
57,504
Trnns-Mlsslss Term
206,934
Ulster & D elaw are.
52,073
Elimina
tions.
s
II
P e T ^ M VF a s t
3 7 , 6 5 8 ,9 1 7
2 1 ,1 9 8 ,1 1 6
L in o s W e s t I " I I . 2 7 , 9 6 6 ,7 5 4
1 9 ,0 5 7 ,6 5 5
P e n n s y lv a n ia T e r m
1 5 0 ,0 0 0
P e r e M a r q u e t t e _____
3 , 9 7 2 ,7 5 9
4 ,4 4 1 ,7 8 2
P h l f a * R e a d in g S y s
1 3 .3 8 6 ,3 8 7 1 1 .6 3 2 .2 7 6
P it t s b u r g h & L E r ie
4 ,5 8 7 ,7 0 0 4 ,1 2 0 ,4 9 7
P it t s b u r g h & S h a w .
4 3 0 ,9 .8 9
1 1 6 ,9 1 4
P o r t la n d T e r m i n a l 2 0 7 ,5 4 4
7 8 ,1 4 0
R ich m o n d F r & P o .
7 8 2 ,2 9 2 1 ,1 6 3 ,9 2 0
R u tla n d
4 9 9 i2 o 0
4 3 9 ,1 0 8
S t J o & G ra n d I s l’d
3 1 8 ,3 4 1
1 7 ,1 0 3
S t L o u ls - S a n F r a n . .
5 ,7 0 9 ,3 9 7 1 ,6 0 1 ,5 3 3
S t L o u is S o u t h w e s t .
6 3 0 ,1 0 5 1 ,4 0 1 ,3 2 5
S t L o u is S W o f T e x
6 4 4 ,4 7 2
..............
St P a u l U n io n D e p o t
1 .4 0 0 ,0 0 0
-- ---
__
S a n A n t& A ra n Pas3
7 9 ,9 0 0
8 ,8 5 2
5 ,5 3 1 ,7 1 0
1 ,2 4 3 ,5 0 0
150,000
8,419,541
24,918,663
8,708,197
547,903
285,684
1,946,212
938,418
335,504
7,370,930
2,031,430
614,472
1,400,000
______
88,752
5,596> 22
153,000
8,710,723
....................................
............
r i,
8.6*1
4| o’ o5o
102,299
488,842
....................................
651,632
281,370
1,969,760
714,779
1,255
....
5,660
............
426,798
899,866
1 9 ,0 1 9
134,170
9,670,741
______
337,162
---------161,000
55,000
29,746
120,000
408,431
584,360
---------3,978,048
4,094,000
............
2n's40
26.840
............
2 8 ,4 8 0
539.440
4,095,166
1,920,411
U ,87 7
... , , 7
161,137
5 0 2 ,4 0 0
.....
----
209,977
14,477,718
7.991
17,476,827
............
450,836
.....
287,667 21,847,056
2,893,978
400,213
73.400
29,113,511 46,910,950
............
,§ 9 ’ZZ2
240,000
1,380,847
1,434,337
-----
3,037,852
6,155,411
569,053
4,480,111...........737,775
0,526,027
-----
..........
„ J 5 .0 0 0
933,633
3,767,500
4,481,634
.....
110,400
173,964
.....
............
............
*22 at *
...........
o2,i>73
----------
iS S H te ! « 5
»?:?”
IrlS
Union P acific____ 13,320,690 12,040,949
Utah ........................
18,000
275,000
Vinks Shrevo & Pac
154,988
284,500
VRglnlan
4,380 150
4,007,693
W asldngton South I
39 232
370,650
W ^ tern pacific
977 024
4,149,133
Western R y o f A lai
55 000
257,870
Wheeling * L E rio.
634.872 8,595,546
W ichita Valley____
31,155
1,172
16,513
Yazoo & Miss Valley 3,166,484
Miscellaneous—
...
B uff * Susquehanna
18,218
Buffalo Creek.........
34,836
Charleston Un S ta.
25,000
Chattanooga Station
20,000
Dallas Tor * Un D e
2,323
Fort W orth B e l t .. .
24,000
St Louis T ran sfer..
- .........
1,750
Union Term inal-----17,080
---------W ichita Falls & N W
------------------13,367
---------Wilkes-Barre C on n .
T ota l
J »
77,408
25,439 047 3.0o8,529
293,000
.....
439,488
.....
237,444
8,631,287 13,100,000
409.882
21,000
6,126,157
1,297,675
312,870
177,816
9,230,418
126,000
32,327
29,400
3,182,997
----10010
18,218
............
34,836
......... ..
25,000
............
20,000
............
2,323
---------24,000
............
---------1,750
------------------17,080
---------------------------39,218
---------313,367
91,281
( 1 8 2 ) ........... 4 4 0 , 0 7 1 ,0 1 3 4 7 9 ,6 8 6 ,5 3 1
1 8 ,2 0 3 ,7 7 4 9 3 7 ,9 0 1 ,3 1 8 3 4 9 ,2 4 7 ,8 2 8
INSTRUCTIONS TO REGIONAL RAILROAD DIRECTORS
CONCERNING INFORMATION ON RATES
A N D ROUTINGS.
A d v ic e s co n ce rn in g m e a su re s fo r im p r o v in g
to
sh ip p ers
so
fa r
as
su p p ly in g
in fo r m a tio n
th e
sorvico
c o n ce rn in g
ra te s a n d ro u tin g s is c o n c e rn e d , w ore tr a n s m itte d
to
tho
th re e reg ion a l d ire ctors o f th e R a ilr o a d A d m in is tr a tio n b y
E dw ard
3195
THE CHRONICLE
M ay 25 1918.]
C h am b ers,
D ir e c to r o f T r a ff io , o n M a y
7.
I n t h o p r i n c ip a l c o m m e r c i a l c e n t r e s r a i lr o a d s h a v e j o i n t t a r i f f b u r e a u s
fu lly e q u ip p e d w it h e x p e r t t a r iff m e n .
T h e t a r i f f file s in t h e s e b u r e a u s
c a n b o r e a d i ly a d j u s t e d t o c o n t a i n a ll t h e r a t e i n f o r m a t i o n w h i c h t h e b u s i
n e s s i n t e r e s t s in t h e p a r t i c u la r c i t y o r t e r r i t o r y m a y n e e d .
T h e y are th e
v e r y b e s t s o u r c e fo r p r o p e r a n d c o r r e c t t a r if f in fo r m a tio n .
F o r e x a m p le ,
e ith e r C e n tr a l F r e ig h t A s s o c ia t io n o r W e s te rn T r u n k L in e o f f i c e in
C h i c a g o c o u l d r e a d i l y a n d w i t h v e r y l it t l e a d d it i o n a l e x p e n s e c a r r y a c o m
p l e t e s o t o f t h e p r i n c ip a l t a r i f f s o f a ll r a i lr o a d s , p l a c in g i t s e l f in p o s i t i o n t o
a n s w e r a ll i n q u ir ie s p r o m p t l y .
T h i s , in a d d i t i o n t o t h e t a r i f f f il e s i n t h e
g e n e r a l o f f i c e s o f i n d i v id u a l lin e s , w o u l d , I a m s u r e , f u l l y s a t i s f y t h e n e e d
o f s h ip p in g p u b lic .
T h e p r i n c ip a l t a r i f f b u r e a u s a r e l o c a t e d a t N e w Y o r k ,
C h ic a g o , S t. L o u is , A t la n t a , a n d S a n F r a n cis c o , w it h s u b b u re a u s in m o s t
o f t h o l a r g e r s h i p p i n g s e c t io n s .
T h e s u b b u r e a u c o u l d a ls o b e e q u i p p e d
w it h s u c h t a r if f s a s n e c e s s a r y in t h o s e c t io n o f c o u n t r y i t c o v e r e d .
A s t o p a s s in g r e p o r t s o n h i g h - c la s s n o n - p e r i s li a b l o t r a f f i c , t h i s is a s e r v ic e
t h o r e s p o n s i b il i t y f o r w h ic h is l a r g e ly u p o n t h e i n d i v id u a l l in e a n d is a
n e c e s s a r y s e r v ic e t o t h o s h i p p e r , b u t n o t t o t h e e x t e n t , h o w e v e r , t h a t It
lia s b e e n g i v e n i n t h e p a s t u n d e r c o m p e t i t i v e c o n d i t i o n s .
T r a ffic o ffic e r s
o f r a i lr o a d s s h o u l d b o i n s t r u c t e d t o c o n f e r w i t h i n t e r e s t e d s h ip p e r s f o r t h e
p u r p o s e o f d e t e r m in i n g t h e i n f o r m a t i o n o f p a s s in g s n e e d e d b y t h e s h i p p e r s .
I t s h o u l d b e a m a il s e r v i c e .
I d o n o t a n t i c i p a t e a n y d i f f i c u l t y in s h ip p e r s
a n d c a r r ie r s a g r e e in g u p o n a p l a n s a t i s f a c t o r y t o b o t h in t e r e s t s .
The
p o i n t a t w h i c h t h o p a s s in g r e p o r t s h o u l d b e m a d e in t h o d i f f e r e n t s e c t io n s
o f t h e c o u n t r y a r e w e ll e s t a b l is h e d b y t h o p r a c t i c e o f t h e p a s t .
A s t o t h e p a s s in g r e p o r t s o n l iv e s t o c k a n d p e r i s h a b l e t r a f f i c , t h i s is la r g e ly
a t e le g r a p h i c s e r v ic e .
T h e p o i n t s a t w h ic h t h e s e r e p o r t s s h o u l d b e m a d e
h a v e b e e n e s t a b l is h e d b y l o n g p r a c t i c e . T h e s h i p p e r s ’ m a r k e t in g p l a n s a r e
b a s e d u p o n t h e m a s w e ll a s t h e r a i lr o a d s ’ d i v e r s io n a r r a n g e m e n t s .
As
t o t h i s s e r v ic e i t is n o t n e c e s s a r y t o c o n t i n u e t h e a m o u n t o f t e le g r a p h i n g
w h ic h h a s b e e n d o n e in t h e p a s t , a n d s h ip p e r s d o n o t n o w e x p e c t i t .
Tho
r e s p o n s i b il i t y f o r t h i s w o r k is a ls o la r g e ly u p o n t h e i n d i v id u a l c a r r ie r .
I a m s u r e f r o m m y d is c u s s io n o f t h e s u b j e c t w i t h r e p r e s e n t a t iv e s o f s h i p
p e r s ’ o r g a n i z a t io n s t h a t n o d i f f i c u l t y w il l a r is e t o p r e v e n t a p l a n b e i n g
a d o p t e d s a t i s f a c t o r y t o s h i p p e r s a n d c a r r ie r s a l ik e w i t h a m in im u m a m o u n t
o f t e le g r a p h i c s e r v i c e .
S o m e c o n s id e r a t io n , I u n d e rs ta n d , h a s a lr e a d y
b o o n g i v e n t h i s s u b j e c t b y c a r r ie r s a n d s h ip p e r s , a n d i t m a y b e t h a t a r
r a n g e m e n ts h a v e a lr e a d y b e e n c o m p le t e d .
I s u g g e s t in t h i s c o n n e c t i o n
t h a t i t is v e r y d e s ir a b le t h e r o u t in g t h r o u g h t o d e s t i n a t io n s o f a r a s p o s s i b l e
b e s h o w n o n t h e w a y b ills a t t h o s h i p p i n g p o i n t , s o a s t o h a v e m in im u m o f
r e r o u t in g in t r a n s i t o f p e r is h a b le t r a f f i c .
T h is m a y b e a c c o m p lis h e d b y
t r a f f i c o f f i c i a l s a t p o i n t o f o r ig in k e e p i n g in c l o s e t o u c h w it h t h e t r a n s p o r
t a t i o n c o n d i t i o n s o n r a i lr o a d s , p a r t i c u la r l y e a s t o f C h ic a g o a n d M is s i s s ip p i
R i v e r , a n d a d v i s i n g s h ip p e r s .
A s t o tr a c in g d e la y e d fr e ig h t , p a s s in g r e p o r t s w o u ld s a v e a v a s t a m o u n t
o f t e l e g r a p h i c i n q u i r y f o r g o o d s d e l a y e d in t r a n s i t , b u t w h e r e e v i d e n c e o f
u n r e a s o n a b le d e l a y Is p r e s e n t e d t o r e p r e s e n t a t iv e s o f a n y c a r r ie r in t h e
t h r o u g h r o u t e o f t h e f r e i g h t , s u c h r e p r e s e n t a t iv e s s h o u l d t a k e w h a t e v e r
a c t i o n m i g h t b o n e c e s s a r y , e it h e r u s in g w ir e o r m a il t o s e c u r e p r o m p t
in fo r m a t io n .
F o r s e r v i c e o f t h is c h a r a c t e r b e t w e e n a g e n t s o f c a r r ie r s n o
e h a r g o s h o u l d b e m a d e t o t h o s h i p p e r , b u t w h e r e i n q u i r y is m a d o b y a
s h ip p e r w h ic h re q u ir e s a n s w e r b y c o m m e r c ia l t e le g r a m , s u ch a n s w e r s h o u ld
b o s e n t a t t h e e x p e n s e o f t h o a p p lic a n t .
T h e re m a y b o s o m e o b je c tio n
b y t h o s h i p p e r s t o t h i s r u l e , b u t u n le s s t h e r e is a c h e c k o f t h is k i n d , m a n y
d u p li c a t io n s a n d u n n e c e s s a r y t e le g r a p h i n g w il l t a k e p l a c e .
R a ilr o a d s
s h o u ld g iv e s p e c ia l a t t e n t io n t o th is c h a r a c te r o f s e r v ic e . T h is r u le s h o u ld
b o u n i f o r m o n a ll r a i lr o a d s .
M a n y in q u i r ie s h a v e b e e n r e c e i v e d a s t o w h e r e s h i p p e r s , p a r t i c u l a r l y
in N e w Y o r k , w o u l d g o t o s e c u r e t h r o u g h b ills o f l a d i n g o n e x p o r t t r a f f i c
v i a t h e P a c f i c p o r t s a f t e r f o r e i g n lin o o f f i c e s in N e w Y o r k C i t y a r e c l o s e d ,
i t h a v i n g b e e n t h e p r a c t i c e f o r m a n y y e a r s f o r t h e r e p r e s e n t a t iv e in N e w
Y o r k C i t y o r t h e P a c i f i c c o a s t t e r m i n a l l in e d e l iv e r i n g t h e t r a f f i c t o t h e
w a t e r c a r r ie r a t t h e p o r t t o t a k e u p t h o r a i lr o a d s h i p p i n g r e c e i p t a n d is s u e
in i t s p l a c e a t h r o u g h e x p o r t b ill o f l a d i n g .
T h o s e b i lls o f l a d i n g a r e g e n
e r a l ly n e g o t i a t e d t h r o u g h N e w Y o r k b a n k s .
T h e o u g h r a il a n d w a t e r b i lls
o f la d in g o n e x p o r t t r a ff ic t o -d a y a r e p r a c t ic a lly c o n fin e d t o N e w Y o r k
a n d t o th e r o u te s v ia P a c ific p o r t s .
I s u g g e s t P a c ific c o a s t te r m in a l
r a i lr o a d s ’ a u t h o r i t y , M r . C . C . M c C a i n , S e c r e t a r y o f E a s t e r n F r e i g h t
C o m m i t t e e , t o a c t a s t h e i r a g e n t in is s u in g t h e s e t h r o u g h e x p o r t b i ll s o f
la d in g .
M r . M c C a in ’s c o m m itte e h a s ta k e n th e p la c e o f E a ste rn T r u n k
L in o A s s o c ia t io n .
H e i s , t h e r e f o r e , e q u i p p e d w i t h a la r g o o f f i c e s p a c e a n d
a n o r g a n i z a t io n w h ic h c a n p r o p e r l y s u p e r v i s e I s s u a n c e o f b ills o f l a d i n g .
W i t h c o m p a r a t i v e l y l i t t l e a d d it i o n a l e x p e n s e , h e c a n a d d t o h is p r e s e n t
f o r c e i f n e c e s s a r y , a s u f f i c i e n t n u m b e r o f c le r k s e x p e r i e n c e d in t h i s w o r k
w h o a r e n o w e m p l o y e d in t h e N e w Y o r k o f f i c e s o f t h o P a c i f i c c o a s t t e r
m in a l lin o s a n d w h o w ill s h o r t l y b o r e le a s e d .
I w o u ld lik e f o r y o u t o g e t th e s e m a t t e r s s h a p e d u p a s s o o n a s p o s s ib le
b e c a u s e s h ip p e rs a r e c o n c e r n e d re g a r d in g th is s e r v ic e .
It m ay, h ow ever,
o c c u r t o e i t h e r o f y o u t h a t a s o m e w h a t d i f f e r e n t p l a n w o u ld b e t t e r s e r v e t h e
s h i p p i n g i n t e r e s t s in y o u r s e c t i o n , in w h i c h e v e n t i t w ill b e s a t i s f a c t o r y t o
m e t o h a v e y o u w o r k i t o u t in y o u r o w n w a y , b u t t h e t r a c in g r u le s s h o u l d
b o u n ifo rm .
in stru c tio n s w ore m a d e p u b lic o n M a y 1 5 to a lla y sh ip p ers’
Y o u r s t r u ly ,
_____ „
_
ED W ARD CH AM BERS,
Director of Traffic.
Tho
NEW
a n x ie ty lo st th e y g o t u n s a tis fa c to r y se rv ice as a re su lt o f the
YORK STATE’S REVENUES M A K E A
INCREASE.
SHARP
c lo sin g o f m a n y tr a ffic o ffice s in a c c o r d a n c e w ith o rd orsb y
I t w a s a n n o u n c e d b y S ta t e C o m p tr o lle r T r a v is o n M a y 2 3
D ir c c to r -O o n e r a l M c A d o o a s a n e c o n o m y m e a su r e , p rin te d in
th a t tlio S t a t e lia s b e e n e n rich ed b y a p p r o x im a te ly $ 2 5 ,3 7 8 ,
ou r issuo of A p r il 1 3 .
0 0 0 m o ro re v e n u e so fa r th is y e a r th a n d u rin g th o p re ce d in g
R e p o r t s re a c h in g th o ra ilro ad a d m in
istr a tio n are said to in d ic a te t h a t so m e c o m p a n ie s w o n t too
one.
fa r
th a t
th is c o m e s f r o m th o 3 % co rp o r a tio n in c o m e ta x la w e n a c te d
th e jo in t
in 1 9 1 7 a n d a m e n d e d in 1 9 1 8 , w h ic h , w ith o th e r c o rp o ra tio n
in
e lim in a tin g
o ffic e s.
M r.
C h am bers
s u ffic ie n t in fo r m a tio n c a n b e fu rn ish e d
ta riff
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c o m m e rc ia l
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c e n tr e s,
by
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su g g e sts
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in
Y ork,
th o
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C h ic a g o ,
S t.
L o u is , A t la n t a a n d S a n F r a n c is c o , w ith su b -b u r e a u s in tho
m ost
im p o r ta n t
sh ip p in g
re g io n s.
H is
in stru c tio n s
fo l
lo w :
T h o C o m p tr o lle r sh o w s th a t th e la rg e st a m o u n t o f
ta x e s , h a s re tu rn e d m o r e th a n $ 1 9 ,3 2 8 ,0 0 0 .
I n a d d itio n ,
s u b s ta n tia l in c re a se s, a g g r e g a tin g $ 4 ,6 3 6 ,3 0 7 4 6 , h a v e b e e n
co lle c te d fr o m o th e r so u r c e s , to ta lin g n e a rly $ 5 4 ,0 0 0 ,0 0 0 .
T h e r o are tw o fo r m s o f ta x a tio n in th e S ta te o f w h ich c o m
p a r a tiv e ly fe w ta x p a y e r s h a v e k n o w le d g e , n a m e ly , th e m o r t
U N IT E D
S T A T E S R A IL R O A D
A D M IN IS T R A T IO N ,
Washington, D . C., Mag 7 1 9 1 8 .
M e s s r s . A . I I . S M I T H Regional Director. New York.
O . I I . M A R K H A M , Regional Director, Atlanta.
R . I I . A I S H T O N . Regional Director, Chicago.
Gentlemen:
R e f e r r i n g t o m y l e t t e r o f A p r il 3 In c o n n e c t i o n w it h D I r e c
t o r - G e n e r a l 's l e t t e r g o v e r n i n g c h a n g e s In t r a f f i c f o r c e s :
T h o r e s c o m o t o h o s o m e a la r m o n t h e p a r t o f t h e s h i p p i n g p u b l i c t h a t t h e y
a r e n o t g o i n g t o r e c e iv e f r o m t h e e x i s t i n g t r a f f i c o r g a n i z a t io n s a s c o m p lo t e
a n d s a t i s f a c t o r y s e r v lc o a s h e r e t o fo r e g i v e n In t h o la r g e r c it i e s t o g e t h e r b y
t h o h o m e r a ilr o a d o f f i c e s a n d f o r e i g n - l in e o f f i c e s , t h e c h a n g e d c o n d i t io n s
n o w p l a c in g t h o r e s p o n s i b il i t y f o r t h e e n t i r e s e r v ic e u p o n t h o h o m e - li n o
o ffic e .
I t w a s s u g g e s t e d In m y l e t t e r a b o v e t h a t t h e l a t t e r e q u i p I t s e lf
o a s t o b o In p o s i t io n t o r e n d e r s e r v ic e c o m p l e t e l y .
g a g e re c o rd in g a n d th e in v e s t m e n t ta x la w s .
T h ese tw o ,
a c c o rd in g to th e C o m p t r o lle r ’ s s ta te m e n t, h a v e n e tte d th o
S ta t e u p t o A p r il 3 0 o f th is y e a r $ 2 ,2 8 2 ,7 3 7 .
LOUISIANA SENATE DEFEATS RESOLUTION TO
RATIFY NATIONAL PR0IIBIITI0N A M E N D M E N T .
T h e L o u is ia n a S ta t e S e n a te b y a v o t e o f 2 0 to 2 0 o n M a y 2 3
d e fe a te d a re so lu tio n a d o p te d a few h o u rs p re v io u s ly b y th o
H o u s e , 7 0 to 4 4 , to r a tify th e n a tio n a l p ro h ib itio n a m e n d
m e n t.
2196
THE CHRONICLE
[Vol. 100
INCOME T A X FOR N E W YORK STATE ADVOCATED
BY ADVISORY COUNCIL OF REAL ESTATE
INTERESTS.
m a n y m o n th s U n it e d S ta t e s G o v o r n m o n t a g e n ts h a v e b o o n
A lb e r t G . M i lb a n k , C h a ir m a n o f th e C o m m it t e e o n T a x a
a r m e d in su rre ctio n a g a in s t B r itis h ru le , a n d h a v e d isc o v e re d
tio n
o f th e A d v is o r y
C o u n c il o f R e a l E s t a t e
In te r e s ts o f
d is p a tc h e s fr o m W a s h i n g t o n o n M a y 2 1 ro p o rto d th a t fo r
in sid e th o c o u n c ils o f th e Irish in th is c o u n tr y , w h o p lo tte d
c o n c lu s iv e e v id e n c e
th a t G e r m a n m o n e y a n d
p ro m ise s o f
N o w Y o r k C i t y , re c e n tly s ta te d th a t th e fin a n c ia l n e e d s o f
a id s tim u la te d th e co n sp irac ie s a s a m e a n s o f d iv e r tin g th e
th e c it y a n d S ta t e g o v e r n m e n ts w ere b e in g c o m p ile d ; th a t
B r itis h G o v e r n m e n t fr o m
th e
a c tio n to s to p th e in trig u e w a s n o t co n sid ered a d v is a b lo , as
ta x
burden
of
th e
c o u m m n it y
is
b e in g
in v e s tig a te d
its w a r ta s k in F r a n c o .
D ir e c t
a c c o r d in g to p re se n t p la n s o f a d m in is tr a tio n ; t h a t th e ste p s
th e G o v e r n m e n t d i d n o t w is h to m e d d lo in d o m e s tic p ro b lo m s
f o r p r o v id in g a d d itio n a l re v e n u e a n d g e n e ra lly re v isin g th e
o f th e B r itis h E m p i r o , b u t th e in fo r m a tio n g a th e r e d , it is
ta x la w are b e in g c o n sid e re d b o t h fo r th e c it y a n d fo r th e
s a id , w a s tu r n e d o v e r in s o m e ca ses to B r itis h r e p re s e n ta tiv e s .
S t a t e a t la r g e .
T h e d is p a tc h q u o te d
T h e a t tit u d e o f th is ta x c o m m it t e e , a n d also
o f th e C o u n c il, o n th e q u e stio n o f n e w sou rces o f re v e n u e is
in d ic a te d b y th e fo llo w in g m e m o r a n d u m ju s t s u b m itte d b y
M r . M i lb a n k :
A s i d e f r o m r e a l e s t a t o t a x a t i o n , i t is a s s u m e d t h a t t h o r o a r e o n l y t h r e o
o t h e r g e n e r a l s o u r c e s o f r o v e n u e : ( 1 ) p e r s o n a l p r o p e r t y ; (2 ) a S t a t e i n c o m e
t a x ; a n d ( 3 ) t h o s o - c a l l e d a b i l it i e s t a x .
F o r t h e r e a s o n t h a t e x p e r i e n c e in
N e w Y o r k a n d e ls e w h e re h a s r e p e a t e d ly s h o w n t h e f u t ilit y o f t h o p e rs o n a l
p r o p e r t y t a x i t w a s d e c i d e d t o e l im i n a t e t h is p o s s i b l e s o u r c e o f r e v e n u e f r o m
t h e p r o p o s e d s c h e m e o f t a x a tio n .
E v e ry a tte m p t a t person al p ro p e rty
t a x a t io n h a s e ith e r d e fe a t e d its o w n p u r p o s e b y d r iv in g th is fo r m o f p r o p
e r t y o u t o f th e t a x ju r is d ic t io n o r h a s b e e n a llo w e d t o b e c o m e w h o lly
in e ffe c t iv e th ro u g h n o n -e n fo r ce m e n t.
A l s o t h e r e is s u c h a w id e s p r e a d
o b j e c t i o n t o t h o l is t i n g f e a t u r o t h a t t h e r o Is n o l ik e l i h o o d t h a t t h o N o w Y o r k
L e g is la t u r e w o u ld a d o p t i t .
A S t a t e i n c o m e t a x o n g e n e r a l lin o s i n d i c a t e d In t h o b ill p r e p a r e d b u t
n o t in t r o d u c e d b y S e n a to r M ills w o u ld e f fe c t iv e ly r o a c h t h e in c o m o fr o m
p e r s o n a l p r o p e r t y a n d in a m u c h f a ir e r w a y .
T h o c h ie f o b je c tio n t o a
S t a t e i n c o m o t a x is b a s e d o n t h o id e a t h a t n o S t a t o s h o u l d u n d e r e x i s t i n g
c o n d i t i o n s i n t e r f e r e w i t h t h e F e d e r a l G o v e r n m e n t ’ s d e p e n d e n c e u p o n t h is
sou rce o f revenue.
I n v i e w o f t h e r e la t i o n o f r e a l p r o p e r t y t o c i t y c r e d it
a n d In v i e w o f t h o f a c t t h a t t h e c o n s t i t u t i o n a l l im i t o n r e a l e s t a t o t a x e s
w ill s h o r t l y b o r e a c h e d , a n d In v i o w o r t h o f u r t h e r f a c t t h a t t h o I n c o m o
t a x r a t o u n d e r t h o M i l l s p l a n is s o l o w a s t o b o a l m o s t n e g l i g ib l e a s c o n
t r a s t e d w i t h t h e F e d e r a l r a t e s , i t w o u l d s e e m a s i f t h is i d e a s h o u l d b o f a v o r
a b ly co n s id e r e d .
T h e r e m a in in g m a j o r s o u r c e o f r o v e n u e , t h e A b i l i t i e s T a x , w a s t e n t a t i v e l y
a p p r o v e d o n t h o b a s is o u t l i n e d in t h o r e p o r t o f t h e M a r l i n g C o m m i t t e o a s
a m e a s u r e p e c u l i a r l y a d a p t e d t o c o n d i t i o n s e x i s t i n g in N e w Y o r k C i t y .
W o d o n o t p r o p o s e t o o v e r l o o k t h o f a c t t h a t o u r la w m a k in g b o d i e s m u s t
b o g iv e n s u ffic ie n t I n c o m o t o c o v e r n e c e s s a r y e x p o n s o s .
W o h o p e to
e v o l v e a p r o g r a m w h i c h w il l i n c l u d o a p r o p e r l i m i t a t i o n o f t h o t a x r a t o o n
r e a l t y , b e l i e v i n g t h a t t h o p u b l i c i n t e r e s t w ill b o s e r v e d t h e r e b y .
T o m eet
th e s o tw o p o in ts a n d y e t t o c o m p e l th o u tm o s t e c o n o m y o n th o p a r t o f
p u b l i c o f f i c e r s p r e s e n t s a n i n t r i c a t e p r o b i o m f o r w h ic h t h e a n s w e r m u s t b o
fo u n d .
O w n e r s a n d l e n d e r s , b o t h i n d i v id u a l s a n d c o r p o r a t i o n s , m u s t t a k o a
n o w a n d d e e p i n t e r e s t in t h e s o q u e s t i o n s o f g o v e r n m e n t a n d o f p u b l i c
fin a n c e .
P i e c e m e a l l e g is l a t i o n c a n n o l o n g e r b o t o l e r a t e d a n d t h o A d v i s o r y
C o u n c i l h a s u n d e r t a k e n t o f r a m o a r e v e n u e p l a n w h i c h w ill b e b o t h r e a s o n
a b l e , a d e q u a t o a n d e q u i t a b l e a s t o a ll c it i z e n s a n d p r o p o r t y i n t e r e s t s , a n d
w h i c h w ill w a r r a n t t h o l r h e a r t y s u p p o r t .
O th e r m e m b e r s o f th o C o m m it t e e o n T a x a t i o n , o f w h ic h
M r . M i lb a n k is C h a ir m a n , a r e : A lfr e d E . M a r l i n g , P re sid e n t
o f th o C h a m b e r o f C o m m e r c e , a n d C h a ir m a n o f th o A d v is o r y
C o u n c il, a ls o C h a ir m a n o f th e M a y o r ’ s C o m m itt e o o n T a x a
tio n ; J o h n J . P u lle y n , P r e sid e n t o f th o E m ig r a n t In d u stria l
S a v in g s B a n k ; R o b e r t E .
S im o n , P r e s id e n t o f th o H e n r y
M o rg e n th a u
W a lto n
C o .;
R obert
G o e lo t ,
W a lte r
L in d e ,
c o u n s e l o f th e T i t l e G u a r a n te e & T r u s t C o . , a n d L e o D a y
W o o d w o r t h , S e c re ta ry o f th e A d v is o r y C o u n c il.
A m a jo r i t y o f th o se a rre ste d w ore ta k e n to E n g la n d a b o a r d
a
w a r s h ip
of
d a y o f a p ro c la m a tio n b y th o L o r d -L ie u t e n a n t a n n o u n c in g
t h a t c e rta in p erson s h a d b e e n in tr e a so n a b le c o m m u n ic a tio n
w it h th e e n e m y a n d c a llin g u p o n a ll lo y a l citiz e n s to d e fe a t th o
A m o n g th o se a r r e ste d , a c c o r d in g to th e press
d is p a tc h e s , w ore P ro fe sso r E d w a r d do V a le r a , P r e sid e n t o f
fo u n d e r o f th o S in n F o in ;
C o u n te s s M a r k io v ic z , D r . T h o m a s D illo n , W i ll i a m C o s g r a v o ,
S in n F e in M . P . fo r K illa r n o y ; D r . R ic h a r d H a y e s , Sarril
F ig g is , S e a n M i l r o y , d e fe a te d S in n F o in c a n d id a te a t tho
r e c e n t e le c tio n m E a s t T y r o n e fo r th e H o u s e o f C o m m o n s ;
S e a n M c G a r r y , T h o m a s K e e f e , I I . M e llo w s , T h o m a s I lu n t o r ,
and
P a tr ic k
O ’K e e f e .
Four
of
S in n F e in m e m b e r s o f P a r lia m e n t w oro a r re ste d .
th o
six
O f th o
o t h e r t w o , D r . M c C a r t a n is in W a s h in g t o n a n d L a u ro n c e
G in n o ll is a lr e a d y se rv in g a six m o n t h s ’ se n te n ce in ja il.
I n s p ite o f th e n u m b e r a n d p ro m in e n c e o f th oso arrested
a n d th e te n se s itu a tio n e x istin g o n a c c o u n t o f th o co n scrip
tio n is s u e , thero h a s b e e n a su rp risin g la c k o f e x c ito m e n t as
a
re su lt o f
th e
G o v e r n m e n t ’ s a c tio n .
Irish
loaders
deny
t h a t th oro h a s b e e n a n y p lo ttin g w ith G o r m a n a g e n ts , an d
a c c u so th o G o v e r n m e n t o f m a k in g fa lse ch a rg es in ord er to
d is c r e d it th o Irish c a u se in th e e y e s o f th o U n it e d S ta te s a n d
T h o e v id e n c e o n w h ic h th o B r itis h G o v o r n m o n t a c te d in
m a k in g th o a rre sts h a s n o t b e e n m a d o p u b lic , b u t is said to
been
fu rn ish e d
in
part
by
in te r n m e n t
cam p.
No
d ire ct
On
th a t p o in t
a
D u b li n
d isp a tc h
to
th e
London
“ D a ily
N o w s ” o n M a y 2 0 sa id :
C o m m e n t h o r o is a p t t o c e n t r o o n t h o f a c t t h a t t h o p r is o n e r s — i f s u c h t h e y
c a n b o c a l l e d , f o r i t Is b e l i e v e d in t e r n e e s w o u l d b o a m o r o a c c u r a t e w o r d —
h a v o n o t b o o n c a l le d t o a n s w e r t o a n y c h a r g o .
I h a v o th o b e s t reason fo r
s t a t i n g t h e y w ill n o t b o b r o u g h t b o f o r o a n y t r ib u n a l , c i v i l o r m i l i t a r y .
T h o G o v e r n m e n t i n t e n d t o e x e r c is o f u l l y t h e i r u n l i m i t e d , u n d e f i n e d p o w e r s
u n d e r t h o D e f e n s e o f t h o K o a lm A c t , w h ic h a p p a r e n t l y w ill a l lo w t h o r n t o
k e e p t h o a r r e s t e e s in c u s t o d y u p o n s u s p i c io n ‘ ‘ d u r i n g t h o K i n g ’ s p l e a s u r e , ”
a c c o r d i n g t o t h o le g a l p h r a s o .
I f t h is s o u l d p r o v o t o b o t h o C a b i n o t ’s i n t e n t i o n , t h e r o w i l l , o f c o u r s o , b o
v i g o r o u s p r o t e s t s , b u t i t is r e c o g n i z e d f r a n k l y h e r o t h a t t h o p l o a o f n a t i o n a l
n e c e s s it y w o u l d n o t b o d i f f i c u l t t o u r g o in B r i t a i n , a n d p o s s i b l y o v e n in
A m e r i c a , u n d e r t h o p r e s e n t c r it i c a l c o n d i t i o n s .
The
o ffo c t o f th o re c e n t d e v e lo p m e n ts u p o n
th o H o m e
our G o v e rn m e n t.
S o fa r n o fu r th e r a t te m p ts h a v o b e e n m a d o to c a rry
L a r g o s u m s h a v o b o on ra ise d in Ire la n d
so t fo r fo rc ib le re sista n ce if it is a t t e m p t e d .
P re ss
T h o H o m e R u le
m e a s u r o also r e m a in s in a b e y a n c e a n d re p o r ts fr o m L o n d o n
aro to th o e ffe c t t h a t th o G o v e r n m e n t is in clin in g to w a rd tho
v ie w t h a t o n ly a F e d e ra l H o m o R u lo s c h e m o , a p p lic a b le to
S c o t la n d , W a l e s a n d E n g la n d , a s w ell a s I r e la n d , h a s a n y
c h a n c e o f su c c e s s .
T r e a t in g o f th a t a s p e c t o f th o m a tto r a
d is p a tc h fr o m L o n d o n on M a y 1 4 s a id :
T h e lo b b y co r re s p o n d e n t o f th o ‘ D a lly N o w s ” sa y s th a t h o lo a m s th a t
t h o G o v e r n m e n t , a l t h o u g h s t ill d i v i d e d o n t h o s u b j e c t o f H o m o R u l e , a r o
m o r o a n d m o r o in c li n i n g t o t h o v i o w t h a t o n l y a f e d e r a l s c h e m o h a s a n y
c h a n c e o f o b t a i n i n g t h o a d h o s i o n o f U ls t e r .
T h o speech o f B a rn es, L a b o r
m e m b e r o f t h o W a r C a b i n e t , o n S u n d a y f a v o r in g t h i s s o l u t i o n w a s i n t e n d e d
a s a t e s t o f I r is h o p i n i o n o n t h o s u b j e c t .
T h o corresp on d en t goes on :
" T h o C a b i n e t b e h o v e s s t r o n g l y t h a t t h e r o Is a g r e a t e r s w i n g t o w a r d
f e d e r a lis m in P a r l i a m e n t a n d t h o c o u n t r y t h a n o v e r b o f o r o a n d t h a t t h o
b e s t p o l i c y w o u l d b o t o f r a m o a n I r is h H o m o R u l o b ill w h ic h Is g e n e r a l in
i t s s t r u c t u r e a n d c o u l d b o f i t t e d i n t o a s u b s e q u e n t A c t w h ic h s h o u l d e s t a b
lis h s i m i l a r f e d e r a l p a r l ia m e n t s in E n g l a n d , S c o t l a n d a n d W a l e s , w i t h t h o
p r e s e n t I m p e r ia l P a r l i a m e n t o v e r a ll t o d e a l w it h I m p e r ia l m a t t e r s .
‘ ‘ T h e y h a v o t e m p o r a r i l y , a t a ll o v o n t s , a b a n d o n e d t h o n o t i o n o f c o n f i n i n g
f e d e r a li s m t o a p i o u s a s p i r a t io n in t h o p r o a m b l o o f t h o I r is h b i l l .
Tho
G o v e r n m e n t b e l i e v e s t h a t a t t h o m o m e n t t h o h o s t c o u r s o w o u ld b o t o i n
t r o d u c e a F e d e r a l I r is h b i ll a n d p l e d g o i t s e l f t o I n t r o d u c e o i t h e r a s i t s n e x t
i m p o r t a n t a c t , o r In t h o n o x t s o s s io n t h o fo d o r a l b ill f o r t h o r o s t o f t h o
K i n g d o m , s o t h a t t h o I r is h U n io n is t s m i g h t c o m m o n d t h o I l o m o R u l o b i ll
t o t h o U ls t e r m e n a s p a r t o f a n I m p e r ia l s c h e m o . ”
T h o fo llo w in g is th o p ro c la m a tio n roforrod to o f V is c o u n t
F r o n c h , th o L o r d -L io u t e n a n t o f I r o la n d .
D u b lin o n th o n ig h t
S h o r tt, C h ie f
d isru p t th e u n ite d Irish re sista n ce to c o n sc r ip tio n .
have
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to f ig h t a g a in s t c o n s c r ip tio n , a n d a p p a r e n tly th o s ta g e is all
in to c u s t o d y o n M a y 1 8 , fo llo w in g th o p o stin g o n th o p ro v io u s
M c G r a th
to
in t im a t e d in s o m e E n g lis h p a p ers th a t th o p rison ers w o u ld
o u t c o n s c r ip tio n .
th e a c tiv e loa d e rs o f th o S in n F e in m o v e m e n t , w ere ta k e n
Josep h
se n t
s im p ly b o h o ld “ a t th o K i n g ’ s p le a su ro” a s a w a r m e a s u r o .
bo seen .
th e S in n F e in ; A r t h u r G r iff it h ,
and
c h a r g e s h a v o b e e n b r o u g h t a g a in s t th e m , a n d it h a s boon
R u le a n d C o n s c r ip tio n m e a s u r e s , n o w p o n d in g , re m a in s to
ARREST OF SINN FEIN LEADERS I N IRELAND.
A la r g o n u m b e r o f p r o m in e n t Ir is h m e n , in c lu d in g m o s t
c o n s p ir a c y .
fu r th e r s ta te d :
T h o s t o r y o f h o w t h o i n t r i g u o in t h i s c o u n t r y w a s d i s c o v e r e d , i t w a s s a id *
i f p u b li s h e d f u l l y , w o u l d t e ll o f m a n y c o m m u n i c a t i o n s b r o u g h t s u r r e p
t it i o u s l y i n t o t h o U n i t e d S t a t e s in v i o l a t i o n o f r e g u l a t io n s .
M a n y o f th o se
w e r o w r i t t e n w i t h i n v i s i b l o i n k a n d in c o d o , a n d w h e n d e c i p h e r e d fu r n is h e d
c lu e s l o a d i n g t o t h o d e t e c t i o n o f m a n y r a m if i c a t io n s o f t h o p l o t .
Tho
m e n r e s p o n s i b le f o r t h o a g i t a t i o n w o r o s u p p l i e d w i t h f u n d s f r o m d o p o s i t s
in b a n k s w h e r o G e r m a n r e p r e s e n t a t iv e s f o r m e r l y k e p t t h e i r a c c o u n t s , o r
fro m o t h e r m y s te rio u s s o u rce s .
T h o I r is h r a d i c a ls in t h e i r c o r r e s p o n d e n c e r e fe r r e d f r e q u e n t l y t o t h o
p r o m l s o o f G e r m a n a id In a n u p r i s in g , w h ic h w a s t o b o c a l le d f o r t h i s m o n t h
o r n e x t , w h e n t h o G e r m a n s h a d e x p e c t e d t o r e a c li t h o C h a n n e l p o r t s in
t h e ir b ig d r i v o .^ T h e G e rm a n s th e n w o ro t o s e n d a rm s a n d a m m u n it io n ,
a n d p o s s i b l y t r o o p s , t o t h o I r is h c o a s t t o p a r t i c i p a t e In t h o r e b e l li o n .
M a n y o f t h o I r is h p l a n s w o r o m e l o d r a m a t i c in t h o e x t r o m o , i t is s t a t e d ,
a n d i n v o l v e d a ll t h o e l e m e n t s o f d r a m a t i c f i c t i o n .
T h e y w e r o s o r a d ic a l
t h a t G o v e r n m e n t a g e n t s f e l t s a f o f o r a l o n g w h il o in p e r m i t t i n g t h o s c h e m in g
t o c o n t i n u o in t h o l i o p o o f d e t e c t i n g o t h e r s i n v o l v e d .
T h o s e r ie s o f s u d d e n
a r r e s t s o f I r is h b y t h o B r i t is h G o v e r n m e n t m a y h a v o b o o n m a d o w h e n i t
f i n a l l y b o c a m o e v i d e n t t h a t t h o r e b e l li o n a c t u a l l y w a s a b o u t t o b o s t a r t e d .
T h o s e c r e t s y s t e m o f n e g o t i a t i o n s b y S in n F e i n o r s h a d b e e n in p r o g r o s s
f o r s e v e r a l m o n t h s , i t is u n d e r s t o o d .
T h is te n d s t o c o n fir m t h o s t a t o m o n t
f r o m L o n d o n t h a t t h o s e r ie s o f a r r e s t s s o v e r a l d a y s a g o h a d n o d i r e c t c o n
n e c t i o n w i t h p l a n s t o c o n s c r i p t t h o I r is h .
S o m o I n fo rm a tio n w a s o b t a in e d
f r o m G e r m a n s n o w h o l d in i n t e r n m e n t c a m p s in t h i s c o u n t r y .
T h o r o is
in d ic a tio n a ls o t h a t t h o s e a t o f t h o G e r m a n -I r is h n e g o t ia t io n s w a s tr a n s
fe rr e d a t tim e s t o o t h e r A m e r ic a a r e p u b lics .
I t w a s m a d o p l a i n h e r o t h a t t h o U n it e d S t a t e s G o v e r n m e n t ’ s i n t e r e s t In
t h o I r is h p l o t s is s o l o l y t o p r e v e n t G e r m a n y f r o m a t t a c k i n g b y t h i s m e t h o d
c o - b o ll i g e r e n t s o f t h o U n it e d S t a t e s , a n d t h a t t ills G o v o r n m o n t Is n o t s e e k
i n g t o m e d d l e in t h o I r is h s i t u a t io n o x c o p t f o r t h i s r e a s o n .
of
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th o
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L o r d -L io u t e n a n t.
W h e r e a s , i t h a s c o m o t o o u r k n o w l o d g o t h a t c e r t a in s u b j o c t s o f h is M a e s t y , t h o K i n g , d o m i c i l e d In I r o l a n d , h a v o c o n s p i r e d t o o n t o r , a n d h a v o e n je r e d , in t o tr e a s o n a b le c o m m u n ic a t io n w it h th o G o rm a n o n o m y ; a n d
May 25 1918.]
THE CHRONICLE
W h e r e a s , s u c h t r e a c h e r y Is a m e n a c e t o t h e f a ir n a m o o f I r e la n d a n d Its
g l o r io u s m i l i t a r y r e c o r d , a r e c o r d w h ic h is a s o u r c o o f I n t e n s e p r i d o t o a
c o u n t r y w h o s o s o n s h a v e a l w a y s d i s t in g u is h e d t h e m s e lv e s a n d f o u g h t w it h
v a lo r ; a n d
W h e r e a s , d r a s t ic m e a s u re s m u s t b o ta k e n t o p u t d o w n th is G e rm a n p lo t ,
w h ic h m o a n s w ill b o s o l e ly d i r e c t e d a g a i n s t t h a t p l o t ; n o w , t h e r e f o r e , w o ,
t h e L o r d - L I o u t e n a n t o f I r e la n d a n d G o v e r n o r - G e n e r a l o f I r e l a n d , h a v e
t h o u g h t f i t t o i s s u o t h is p r o c l a m a t i o n , a s f o l l o w s :
T h a t It is t h e d u t y o f a ll l o y a l s u b j e c t s o f h is M a j e s t y t o a s s is t in e v e r y
w a y h is M a j e s t y ’ s G o v e r n m e n t in I r e la n d t o s u p p r e s s t h is t r e a s o n a b l e c o n
s p ir a c y a n d t o d e fe a t t h e tre a ch e ro u s a t t e m p t o f G e rm a n y t o d e fa m e th e
h o n o r o f I r is h m e n f o r t h e i r o w n e n d s .
T h a t w e h e r e b y c a ll u p o n a ll l o y a l s u b j e c t s o f h i s M a j e s t y in I r e la n d t o
a i d in c r u s h i n g s u c h c o n s p i r a c y , a n d s o f a r a s i n t h e m lie s t o a s s is t in s e c u r
i n g a n e f f e c t i v e p r o s e c u t i o n o f t h o w a r a n d t h e w e lf a r e a n d s a f e t y o f t h e
E m p ir o .
T h a t a s a m e a n s t o t h i s e n d w o s h a ll c a u s e s t ill f u r t h e r s t o p s t o b o t a k e n t o
f a c i l i t a t e a n d e n c o u r a g e v o l u n t a r y e n l is t m e n t in I r e la n d in h is M a j e s t y ’ s
f o r c e s , in t h o h o p e t h a t , w i t h o u t r e s o r t t o c o m p u l s i o n , t h o c o n t r i b u t i o n t o
I r e la n d t o t h o s e f o r c e s m a y b o b r o u g h t u p t o t h o p r o p e r s t r e n g t h a n d m a d o t o
c o r r e s p o n d t o t h e c o n t r ib u tio n s o f o t h e r p a r ts o f t h o E m p ir o ,
“ BONNET ROUGE” TRIAL ENDS I N DEA Til SENTENCE
FOR DUVAL ON TREASON CHARGES.
T h e se co n d c h a p te r in th o series o f F r e n c h tr e a s o n trials
w a s c o n c lu d e d a t P a r is o n M a y 1 5 , w h e n M . D u v a l , m a n a g o r
o f th e su p p re sse d p r o -G e r m a n n e w sp a p e r “ B o n n e t R o u g e ,”
w a s se n te n c e d to b e s h o t , a n d six o th e r d e fe n d a n ts w ero se n
te n c e d to te rm s o f im p r is o n m e n t r a n g in g fr o m
years.
tw o to te n
T h o s e c o n v ic te d a lo n g w ith M . D u v a l w e re :
2197
b e tw e e n th e m a n a g e m e n t o f th e p a p e r a n d c e rta in in flu e n tia l
p orson s c o n n e c te d w ith
th e F r e n c h G o v e r n m e n t .
I t w as
p r o v e n d u rin g th e tria l t h a t D u v a l h a d re c e iv e d s o m e $ 2 0 0 ,
0 0 0 o f G e r m a n m o n e y th r o u g h th e in s tr u m e n ta lity o f a b a n k e r
n a m e d M a r x , to re c e iv e w h ic h D u v a l m a d e m a n y trip s to
S w itz e r la n d .
I t w a s a ls o p r o v e n , h o w e v e r , t h a t d u rin g th is
v e r y p e rio d th e “ B o n n e t R o u g e ” w a s a c tu a lly r e c e iv in g a
s u b v e n t io n o f $ 5 ,0 0 0 a m o n th f r o m th e se c re t se rv ice fu n d s
o f th o F r e n c h G o v e r n m e n t .
T h is m o n e y w a s p a id th r o u g h
th o in s t r u m e n ta lity o f L o u is J . M a l v y , w h o u n til less th a n a
y e a r a g o w a s M in is t e r o f th e I n te r io r , in w h ic h c a p a c it y h e
h a d ch a rg e o f th e p o lice a n d se c re t s e r v ic e .
M a lv y , w ho
is n o w u n d e r c h a rg es o f h a v in g re v e a le d im p o r ta n t m ilit a r y
se cre ts to th e e n e m y , in tu r n o w e d h is p o s itio n to th e p o litic a l
in flu e n c e o f J o s e p h C a illa u x , a fo r m e r P r e m ie r o f F r a n c e .
I n th is w a y th e n a m e s a n d fo rtu n e s o f C a illa u x a n d M a l v y ,
fo r y e a r s p r o m in e n t a n d in flu e n tia l F r e n c h p o litic ia n s , h a v e
becom e
lin k e d
w ith
th o se
of
B o lo
P ash a
and
“ B onnet
R o u g e ,” so th a t th e tria ls fin is h e d a n d th o se y e t to c o m e
fo r m a series c o n s titu tin g o n e o f th e m o s t d r a m a tic e p iso d es
o f th o w a r .
D u r in g th e co u rse o f th e tria l th e n a m e o f M . C a illa u x
w a s c o n s ta n tly m e n tio n e d , so m u c h so t h a t a t o n e tim e th e
p ro s e c u to r w a s le d to r e m a r k : “ W e are n o t tr y in g M . C a il
la u x y e t , b u t I a m c o m p e lle d to p ro n o u n c e h is n a m e e v e r y
M .
M a r i o n , a s s is t a n t m a n a g e r o f “ B o n n o t B o u g o , ” w h o r e c e i v e d t o n
tim e I d e a l w ith a ca se o f t r e a s o n .”
A t t e m p t s to c a ll C a il
y e a r s ’ im p r i s o n m e n t a t h a r d l a b o r .
J a cq u es L a n d a u , a rep orter on th e n ow sp a p or, w h o w as co n d e m n e d to
la u x as a w itn e s s fo r o n e o f th e d e fe n d a n ts w ere d e n ie d b y
e ig h t y e a rs a t h a rd la b o r .
th e C o u r t o n th o g r o u n d th a t C a illa u x h im s e lf w a s to b e trie d
M .
G o l d s k y , w h o w a s s e n t e n c e d t o e ig h t y e a r s a t h a r d l a b o r a n d m il i
fo r tr e a s o n .
A p re lim in a r y h e a rin g in h is ca se w a s h e ld o n
ta r y d e g r a d a tio n .
M .
J o u c i a , a r e p o r t e r o n t h o “ B o n n o t R o u g o ” , w h o r e c e iv e d f i v o y e a r s a y 3 , a n d th e tr ia l, s h o r tly to b e g in , is e x p e c te d to o v e r
M
a t h a rd la b o r.
sh a d o w in s e n s a tio n a l d e v e lo p m e n ts e ith e r o f th e trials a l
M .
V c r c a s s o n , w h o w a s s e n t e n c e d t o t w o y e a r s in p r i s o n a n d f i n e d 5 ,0 0 0
r e a d y h e ld .
f r a n c s , w it h s e n t e n c e s u s p e n d e d .
J e a n L o y m a r i o , f o r m e r D i r e c t o r o f t h o M i n i s t r y o f t h e I n e r io r , w h o w a s
A fu ll re v ie w o f th e “ A ffa ir e B o lo ” w ill b e f o u n d in th e
s e n t e n c e d t o t w o y e a r s in p r i s o n a n d f i n e d 1 ,0 0 0 f r a n c s .
‘ ‘ C h r o n ic le ” fo r F e b . 9 , p a g e 5 7 9 .
D u v a l , M a r i o n a n d G o ld s k y sig n e d re q u e sts to b e p e r
m it te d to a p p e a l fr o m th o ju d g m e n t o f th e C o u r t .
te ste d th e ir in n o ce n ce o f tr e a so n a b le m o t iv e s .
A ll p ro
A c c o r d in g to
P a ris c a b le s , D u v a l , w h o h a d e x p e c te d th o v e r d ic t, h e a rd
w ith g r e a t fo r t itu d e , it is s t a t e d , C o lo n e l V o y o r r e a d th o d e a th
s e n te n c e .
Ho
e rro n e o u s.
tr e a s o n .”
th o n s a id : “ T h e ju d g m e n t o f m a n o fte n is
P o s te r ity
w ill ju d g e
w h e th e r
I
am
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of
B e fo r o th o v e r d ic t w a s re a ch e d D u v a l in a n im
p a ssio n e d sp ee ch d ec la re d t h a t n on o o f th e a c c u se d w a s in
a n y w a y a n a c c o m p lic e o f h is .
fa c e a n y v e r d ic t so ro n o ly .
H e d ec la re d h e w a s r e a d y to
L a n d a u a n d J o u d a c o lla p s e d c o m
L IT H U A N I A TO “ PARTICIPATE IN WAR BURDENS OF
G ER M A N Y .”
G e r m a n y is p re p arin g n o t o n ly to sa d d le p a r t o f h e r w a r
d e b t o n L ith u a n ia , b u t to le v y sold iers fr o m a m o n g h e r p eo
p le , a c c o rd in g to th e ge n e ra l in te r p r e ta tio n p la c e d u p o n a
p r o c la m a tio n issu e d b y E m p e r o r W i ll i a m .
T h e p ro c la m a
tio n re co gn ize s th e “ in d e p e n d e n c e ” o f L ith u a n ia “ a llie d to
th e
G erm an
E m p i r e .”
The
E m p e r o r ’ s p r o c la m a tio n ,
ac
co rd in g to th e “ R e in isch o W e s tfa lis c h e Z o it u n g ,” ca rries th e
p le te ly , a n d M . L o y m a r ie , a d d re ssin g th o C o u r t , s a id ho h a d
fo llo w in g p r e a m b le :
b e o n s u ffic ie n tly p u n ish e d fo r a n y la c k o f fo re sig h t h o h a d
W e , W i l h e l m , b y G o d ’s g r a c e G e r m a n E m p e r o r , K i n g o f P r u s s i a , & c . .
h e r e b y m a k o k n o w n t h a t w h e r e a s t h e L i t h u a n ia n L a n d s r a t , a s t h e r e c o g
n i z e d r e p r e s e n t a t iv e s o f t h e L i t h u a n ia n p e o p l e , o n D e c . 12 a n n o u n c e d t h e
r e s t o r a t i o n o f L i t h u a n ia a s a n i n d e p e n d e n t S t a t e a l li e d t o t h e G e r m a n
E m p i r o b y a n e t e r n a l , s t e a d f a s t a l li a n c e , a n d b y c o v e n t i o n s c h i e f l y r e g a r d i n g
m ilit a r y m a t t e r s , t r a ff ic , c u s t o m s a n d c o in a g e , a n d s o lic ite d t h o h e lp
o f t h o G e rm a n E m p ir e ; a n d .
W h e r e a s f u r t h e r p r e v i o u s p o l i t i c a l c o n n e c t i o n s in L i t h u a n ia a r e d i s s o l v e d ,
w e c o m m a n d o u r I m p e r ia l C h a n c e l l o r t o d e c l a r e L i t h u a n ia o n t h e b a s i s o f
t h o a f o r e m e n t i o n e d d e c l a r a t io n s o f t h e L i t h u a n ia n L a n d s r a t , in t h e n a m e o f
t h o G e rm a n E m p ir e , as a fre e a n d in d e p e n d e n t S t a t e , a n d w e a r e p r e p a r e d
t o a c c o r d t h o L i t h u a n ia n S t a t e t h o s o l i c i t e d h e l p a n d a s s i s t a n c e in i t s
r e s to ra tio n .
W o a s s u m o t h e c o n v e n t i o n s t o b e c o n c l u d e d w ill t a k e t h e i n t e r e s t s o f
t h o G e r m a n E m p i r e t o a c c o u n t e q u a l l y w i t h t h o s e o f L i t h u a n ia a n d t h a t
L i t h u a n ia w il p a r t i c i p a t e in t h o w a r b u r d e n s w h ic h s e c u r e d h e r l i b e r a t i o n .
show n.
“ I a m a ru in ed m a n ,” h o a d d e d .
I n p le a d in g fo r
h i m , A t t o r n o y G u illa in c o n te n d e d t h a t th o fo r m e r D ir e c to r
o f th o M i n i s t r y o f th o In te rio r a n d la te r h e a d o f th e S ec re t
S o r v ic o , w a s b la m e le s s .
A d d r e s s in g th o C o u r t , th e la w y e r
s a id : “ W o a s k n o m e r c y .
w ith o u t
w e a k n e s s .”
A p p l y th o la w w ith o u t fo a r a n d
L o y m a r ie ’ s
c o n d e m n a tio n
g re a te r p u b lic in to ro st a n d d isc u ssio n th a n d id
aro u se d
th o d e a th
so n ten co o f D u v a l , a s th e p u b lic c o n n e c te d h is se n te n c e w ith
th e fo r th c o m in g trial o f M a l v y .
T h o “ B o n n o t R o u g e ” trial w a s in t im a t e ly c o n n e c te d w ith
th a t o f B o lo P a c h a , r e c e n tly s h o t fo r tr e a s o n , a n d w ith th o
ch a rg es a t p re se n t re stin g a g a in s t L o u is J . M a l v y , o x -M i n
A d is p a tc h fr o m W a s h in g to n o n th e 1 4 th q u o te d offic e rs
is te r o f In te r io r ; J o se p h C a illa u x , o x -P r o m ie r , a n d S e n a to r
o f th o L ith u a n ia n N a tio n a l C o u n c il, n o w
C h a rle s H u m b e r t , all o f w h o m are c h a rg e d w ith h a v in g h a d
a s s a y in g :
tr e a so n a b le re la tio n s w ith th e e n e m y .
T o g e t h e r th o y s y m
b o lize th o failu ro o f G e r m a n y ’ s p e rsisto n t e ffo r ts to b r e a k
d o w n th e m o ra lo o f th o F re n c h p e o p le b y a p a id press p r o p a
ganda.
T h e “ B o n n o t R o u g o ,”
a n e v e n in g p a p o r s ta r te d s h o r tly
b e fo re th o w a r , u n d e r th o e d ito r sh ip o f a fo rm e r A n a r c h is t
know n
as
A lm e r e y d a ,
sp e e d ily
becam o
n o to r io u s
fo r
its
a d v o c a c y o f w h a t h as sin ce b e c o m e k n o w n a s “ B o lo i s m ,” or
“ D e f e a t i s m .”
The
a c tu a l
p u rp o se
of
th is
p o lic y
w as
to
w e a k e n th o d e te r m in a tio n o f th o F re n c h p e o p le b y c o n v in c
in g thorn th a t G e r m a n y w a s su re to b e v ic to rio u s a n d t h a t
th o b e s t in te r e sts o f F ra n c o la y in th o d ire c tio n o f m a k in g
p oa co
and
a r riv in g
at
an
u n d e r sta n d in g
T h e a s s u m p t i o n t h a t L i t h u a n ia “ w ill p a r t i c i p a t e in t h o w a r b u r d e n o f
G e r m a n y " m e a n s a c o n t r ib u tio n o f th r e e th in g s : M o n e y , m u n it io n s , a n d
m en.
T h o fir s t w e h a v e n o t , as G e r m a n y h a s a lr e a d y im p o v e r is h e d u s ;
th o s e c o n d , w e h a v e n o m ea n s o f s u p p ly in g , b e ca u s e w e la c k t h e fir s t .
T h e r e f o r e , G e r m a n y c a n h a v e r e fe r e n c e o n l y t o m e n .
M e n fr o m a s e lf
d e c l a r e d d e m o c r a c y t o f i g h t in t h e r a n k s o f a u t o c r a c y ?
U n t h in k a b le .
L i t h u a n ia w o u l d n o t c o n s e n t .
A r e h e r c it i z e n s t o b o d r a g o o n e d i n t o t h e
ra n k s o f t h o K a is e r ?
T h is w o u ld b e a n a b r id g m e n t o f t h e s o v e r e ig n t y
W h ic h G e r m a n y h a s a l r e a d y r e c o g n i z e d , f o r C h a n c e l l o r v o n I l e r t l i n g ’ s
r e p l y s t a t e d , “ W o h e r e b y r e c o g n i z e L i t h u a n ia a s f r e e a n d i n d e p e n d e n t . ”
G e r m a n y k n o w s t h a t u l t i m a t e d e f e a t is u n a v o i d a b l e , b u t s h e w o u ld c o m
p e n s a t e l o s s e s in t h e w e s t w i t h g a in s In t h e e a s t , a m o n g w h i c h L i t h u a n ia Is
g a m b le d o n a s a n a sse t.
N o r e c o g n i t i o n o f L i t h u a n ia n i n d e p e n d e n c e c a n
l)e s i n c e r e w h e n c o u p l e d w it h t h e v o n I l e r t l i n g t e r m s , b u t i f t h i s s o p w ill a d d
t o P r u s s ia n m a n - p o w e r , i t m a y p o s t p o n e s o m e w h a t t h e i n e v i t a b l e d a y o f
r e c k o n i n g a n d g i v e h e r m o r e t i m e t o G e r m a n iz e in t h e e a s t w i t h a v i e w o f
c o n fe d e r a t in g th e n e w r e p u b lics u n d e r J u n k e r r u le .
G erm an y,
G o r m a n n e w sp a p e rs are q u o te d in L o n d o n d is p a tc h e s o f
I t w a s im p o s s ib le ,
M a y 1 5 a s s ta tin g th a t th e T e u to n ic E m p e r o r s a t th eir r e -
o f c o u rse , to a d v o c a te su c h a p o lic y o p e n ly , so re co u rse w as
c o n t co n fe re n ce a g re e d o n a so v e re ig n fo r L ith u a n ia , as w ell
h a d to a ll so rts o f d e v io u s a n d u n d e r g o u n d m e th o d s .
a s fo r P o la n d , E s th o n ia a n d L iv o n ia .
r a th e r th a n w ith E n g la n d a n d R u s s ia .
w ith
in W a s h i n g t o n ,
F u ll
p ro o fs o f a rtic le s o u t o u t b y th o ce n so r w ere s e n t to s u b s c rib
ers b y m a il, a n d w h e n o th e r a r tic le s, a t ta c k in g th o F re n c h
h ig h c o m m a n d , w ore c e n so r e d , a d u ly e m a s c u la te d e d itio n
o f th e p a p o r w a s c irc u la te d in P a r is , w h ilo a v e r y m u c h larger
LIEUT. GUSTAV II. KISSEL MISSING.
L ie u t . G u s t a v H . K is s e l, th e so n o f R u d o lp h H . K is s e l,
e d it io n , c o n ta in in g th o fo rb id d e n a r tic le s, w a s cir c u la te d b y
sen ior m o m b e r o f K is s e l, K in n ic u tt & C o . , 1 4 W a l l S tr e e t, w a s
u n d e rg ro u n d m e th o d s a m o n g th e tr o o p s a t th o fr o n t.
ro p o rte d m is s in g sin ce A p r il 1 2 in o n e o f th e c a s u a lty lis ts ,
T h o b o ld n e ss o f th o “ B o n n e t R o u g e ” in th ese ta c tic s w as
s u b s e q u e n tly o x p la in od w h e n a close c o n n e c tio n w a s r e v e a le d
ro c o n tly re ce iv e d fr o m G e n . P e r s h in g .
L ie u t. K is s e l e n lis te d
a s a p r iv a te in th e S ign a l C o r p s o n e w e e k a fte r C o n g r e s s
[V ol . 106.
THE CHRONICLE
3198
d ec la re d w a r a g a in st G e r m a n y .
H o is tw e n ty -th r e e y e a r s
o ld a g r a d u a te o f H a r v a r d a n d a fte r p re lim in a r y train in g
D e p a r t m e n t in N o v e m b e r 1 9 1 4 .
M r . C a n d e o h a s b o on w ith
th e G u a r a n te e T r u s t C o . sin ce D e c e m b e r 1 9 1 7 .
w a s c o m m issio n e d a n o ffic e r o f th e A v ia t io n S e c tio n o f tho
A m e r ic a n
T h e fo llo w in g r e s o lu tio n , e x p re ssin g a p p re c ia tio n o f tho
a v ia to r s o rd ered to se rv ice w ith th o B r itis h R o y a l F ly in g
a c tio n o f H . G . S . N o b le in c o n s e n tin g to se rv e a g a in as P re s
C orps
P ic a r d y ,
id e n t o f th e N e w Y o r k S to c k E x c h a n g o , w a s a d o p te d b y tho
L ie u t . K is s e l w a s c o n sid ered a fin e p ilo t a n d w a s la s t seen
G o v e r n in g C o m m itt e e o n M a y 2 2 .
Whereas, H e n r y G . S . N o b l e , t w e n t y y e a r s a G o v o r n o r a n d f o u r y e a r s
re g u la r
arm y.
w hen
L ie u t .
th o
fig h t in g o v e r
K is s e l
G erm ans
th o
w as
began
G erm an
one
of
th e ir
lin e s.
It
th e
d riv e
in
is su p p o se d
th a t h e
b e c a m e se p a ra te d f r o m th e A m e r ic a n p a tr o l a n d w a s c o m
p e lle d
to
la n d
p r is o n e r .
in
G erm an
b o u n d a rie s
and
th e re
m ade
a
C a p t . J a m e s E ly M i lle r , U . S . A . , k illed in F ra n c e
o n M a r c h 9 a n d C a p t . H e n r y T . E a t o n , U . S . A . , in F ra n c e
w ith
G en.
P e r sh in g
are
b r o th e r s -in -la w
of
L ie u t.
K is s e l,
w h o s e b r o th e r R u d o lp h H . K is s e l, J r ., is a L ie u te n a n t in
th e N a v y .
_________________________________
ROBERT II. MONTGOMERY.
R obert
H.
M o n tg o m e ry ,
a u th o r ,
la w y e r
and
c e rtifie d
P r e s i d e n t o f t h e N e w Y o r k S t o c k E x c h a n g o , m in d f u l o f h is r e s p o n s ib ilit ie s
t o t h e n a t i o n a n d r e g a r d le s s o f t h e p e r s o n a l s a c r if i c e i n v o l v e d , h a s c o n s e n t e d
a fte r th e m o s t u r g e n t d e m a n d t o s e rv e a g a in a s P r e s id e n t o f th o S to c k
E x c h a n g e , a n o f f i c o w h ic h r e q u ir e s c o n t in u o u s l a b o r .
Be it Resolved, T h a t t h e m e m b e r s o f t h e G o v e r n i n g C o m m i t t e e o f t h o
S t o c k E x c h a n g o h e r e b y r e c o r d t h e ir s e n s e o f g r a t i t u d e t o P r e s i d e n t N o b l o
f o r t h is a c t o f u n s e lfis h n e s s , w h ic h s e c u r e s a g a in t o o u r i n s t it u t i o n (a n i n t e
g r a l p a r t o f o u r n a t i o n ’s e c o n o m i c s y s t e m ) t h a t t ir e le s s d e v o t i o n , s u r o k n o w l
e d g e a n d u n e r r in g v i s i o n , w it h w h ic h h o h a s g u i d e d it s a f f a ir s d u r i n g t h o
p a st fo u r m o m en tou s years.
Also be it Resolved, T h a t a c o p y o f t h e s o r e s o lu t i o n s b o s p r e a d u p o n t h o
m in u t e s o f t h is m e e t in g o f t h e G o v e r n in g C o m m i t t e e , a n d
Be it further Resolved, T h a t a c o p y o f t h is m in u t e b o o n g r o s s o d a n d s e n t
t o P r e s id e n t N o b lo .
p u b lic a c c o u n ta n t , w a s r e c e n tly c o m m issio n e d a L ie u te n a n t -
A t th o s a m e tim e a n n o u n c e m e n t w a s m a d o as fo llo w s o f
C o lo n e l in th e N a t io n a l A r m y , w ith a sp ec ial a s s ig n m e n t to
th o se n a m e d as C h a ir m a n a n d V ic e -C h a ir m a n o f tho sta n d in g
th e
c o m m itte e s o f th o E x c h a n g e :
W ar
m o n th s
D e p a rtm e n t
M r.
W a s h in g t o n .
fir m
of
B oard
M o n tg o m e ry
M r.
of
has
A p p r a is e r s .
been
M o n tg o m e ry
L ybran d ,
R oss
d o in g
F or
w ar
se ve ra l
w ork
is son ior m e m b e r
B ros.
&
M o n tg o m e ry ,
of
in
th e
ce rtified
S T A N D IN G
C O M M IT T E E S .
Vice-Chairmen.
Chairmen.
Committee of Arrangements.
E ra stu s T . T e fft.
B la t r S . W i ll ia m s ,
Committee on Admissions.
p u b lic a c c o u n ta n ts , o f th is c it y .
C h a r le s M . N o w c o m b o .
H en ry K . P o m ro y ,
Arbitration Committee.
LAFAYETTE FLYING CORPS— DIPLOMA FOR
BONBRIGHT & CO.
S a m u o l F . S t r e it .
W in th r o p B u rr,
Committee on Business Conduct.
E . V . D . C ox.
W in th r o p B u rr,
B o n b r ig h t & C o . ,
I n c ., o f th is c i t y , h a v o b o on in fo rm e d
th a t tho P a ris offic e o f th e fir m h a s re ce iv od f r o m th o L a
fa y e t t e F ly in g C o r p s a d ip lo m a r e a d in g :
Tho
c e rtific a te
bo ars
is sig n ed
th e
by
se a l
W .
K .
of
th o
L a fa y e t to
V a n d e r b ilt ,
as
F ly in g
H onorary
P re s id e n t; M . d o S illa c , as P r e s id e n t, a n d E d m u n d L . G r o s ,
as V ic e -P r e s id e n t.
I t is e n g r a v e d fr o m a d ry p o in t e tc h in g
b y F r a n k A r m in g t o n , is o r n a m e n te d w ith p h o to g r a p h s o f
W a s h in g t o n
w o rn
by
and
p ilo ts
L a fa y e tte ,
and
re p ro d u c tio n s
o b se rv e rs
of
th e
E . V . D . C ox.
Committee on Commissions.
E ra stu s T . T e f f t ;
W illia m I I . R o m i c k ,
I n r e c o g n i t i o n o f t h o s e r v i c e s r e n d e r e d t o F r a n c o a n d h e r A l l ie s f o r t h o
c a u s o o f h u m a n it y t h is c e r t i f i c a t e h a s b e e n is s u e d t o B o n b r i g h t & C o . ,
w h o s e r v o d d u r i n g t h o E u r o p e a n w a r in t h o c a p a c i t y o f b a n k e r s t o t h o
L a f a y e t t e F l y i n g C o r p s , t h e r e b y in a m e a s u r e r e p a y i n g t h o g r e a t d e b t
w h ic h A m e r i c a o w e s t o F r a n c o a n d c o n t r i b u t i n g t o t h e v i c t o r y o f L i b e r t y
a n d C i v i l i z a t i o n o v e r M i l i t a r y A u t o c r a c y a n d B a r b a r is m .
C o rp s and
Committee on Clearing House.
S a m u e l F . S tr e it,
of
th e
F re n c h
Committee on Constitution.
N o w to n E . S tou t.
Finance Committee.
W m . T . F lo y d .
R . T . I I . H a ls e y ,
Committee on Insolvencies.
W i ll ia m I I . R e m l c k .
Law Committee.
Jam es B . M a b o n .
H e n r y IC. P o m r o y ,
Committee on Quotations.
R . T . H . H a ls e y .
E ra stu s T . T e fft,
Committee on Securities.
W . W . H ea ton .
E . V . D . C ox,
Committee on Stock List.
W . W . H ea ton .
badges
A rm y,
th o
b a d g e s d istr ib u te d b y th o L a f a y e t te F ly in g C o r p s a n d th o
W . C liffo r d F a y , h e re to fo re re c e iv in g tellor o f th o F ifth
I n d ia n h e a d w h ic h a p p e a rs o n th o b o d ie s o f th e s q u a d r illa ’ s
A v e n u e b r a n c h o f th e U n io n T r u s t C o . o f th is c i t y , h a s b e e n
a e r o p la n e s.
m a d e A s s is ta n t M a n a g e r o f tho b r a n c h .
A n e a g le h o ld in g th o fla g s o f F ra n co a n d th e
U n it e d S ta te s s u r m o u n ts th e in sc r ip tio n .
D a v i d N e v i u s , V ic e -P r e s id e n t a n d C a s h ie r o f th o U n io n
B A N K IN G
AND
F IN A N C IA L
E x c h a n g e N a t io n a l B a n k o f th is c i t y , h a s re sig n ed o w in g to
NEW S.
N o sales o f b a n k s to c k s w ere m a d o a t th o S to c k E x c h a n g o
th is w e e k a n d o n ly fiv o shares w ere so ld a t a u c tio n .
M erch a n ts
N a t . B a n k ___. . .
201
201
c o n tin u e d ill h e a lth .
C a s h ie r
and
G e o r g e B . C o n n lo y h a s b e e n a p p o in te d
W illia m
M in to n
and
M o rto n
F re id o n ric h ,
A s s is ta n t C a sh ie rs o f th o in s t itu tio n .
tr u s t c o m p a n y sto c k s w ere Sold.
Shares. B A N K — New York.
Low. High. Close.
5
No
Last previous Sale.
201
S e p t . 191& —
T h e sto c k h o ld e r s o f th e Y o r k v illo B a n k o f th is c it y h a v o
231
b e e n ca lle d to m e e t o n J u n o 6 to v o to o n th o q u e s tio n o f
A t a m e e tin g o f tho E x e c u tiv e C o m m it t e e o f th o G u a r a n ty
in cre asin g th o c a p ita l fr o m $ 1 0 0 ,0 0 0 to $ 2 0 0 ,0 0 0 .
s to c k
A s s is ta n t
T h e a c tio n o f tho d ire ctors in a u th o r iz in g th e a p p lic a tio n
p o in te d
A very
M anager
an
of
A s s is t a n t
th e
F o r e ig n
T re a su r e r
of
h as b e e n a s s o c ia te d w ith
1 1916.
D e p a rtm e n t,
th o
w as
C om pany.
ap
M r.
th o c o m p a n y sinco A p r il
w ill b o
issued
to
th o
T h o now
T r u s t C o . o f N e w Y o r k o n M a y 2 3 , W illia m G e o r g e A v e r y ,
p re sen t sto c k h o ld e r s
at
p ar.
o f th o b a n k to b e c o m e a m e m b e r o f th o F e d e ra l R e s e r v o b a n k
is a lso to b o ra tifie d a t th e m e e tin g .
H o w a s a p p o in te d A s s is ta n t M a n a g e r o f th o F o r e ig n
D e p a r t m e n t in J u ly
A s s is ta n t M a n a g e r s
1917.
of
A t a m e e tin g o f tho tru stees o f tho G e r m a n ia S a v in g s B a n k
T h o fo llo w in g w ere a p p o in te d
th e
Bond
D e p a r t m e n t : H a r o ld
F.
o f B r o o k ly n o n M a y 1 4 it w a s u n a n im o u s ly d ec id e d to d rop
G r e o n e , H a r o ld D . B e n t le y , A ld c n S . B lo d g e t , C h a rle s F .
th e p re sen t title o f th e in s titu tio n a n d s u b s titu te in its p la ce
B a tc h e ld e r ,
th e F u lto n S a v in g s B a n k , K i n g ’s C o u n t y .
G eorge L . B u rr, and
G ro e n o e n te re d
G ilb e r t E . J o n e s.
M r.
th o G u a r a n t y T r u s t C o . a s G e n e ra l S ale s
M a n a g e r in N o v e m b e r 1 9 1 7 .
M r . B e n tle y in 1 9 1 3 b e c a m e
th o G u a r a n ty T r u s t C o . ’s r e p re se n ta tiv e in tho w e ste rn p a rt
o f N o w Y o r k S ta t e w ith h e a d q u a rte rs a t R o c h e s te r , w h ere
h e e sta b lish e d th e p re se n t o ffic e o f tho c o m p a n y .
H e cam e
to N e w Y o r k in J a n u a r y 1 9 1 7 , a s h e a d o f tho c o rre sp o n d
e n ce d iv isio n o f th e B o n d D e p a r t m e n t .
M r . B lo d g e t h as
b e e n w ith th o G u a r a n t y T r u s t C o . sin co 1 9 0 8 .
M r . B a t
c h e ld e r sin ce g o in g w ith th e G u a r a n ty T r u s t C o . in D e c e m
ber
1917
bonds
h as
and
d e v o te d
o th e r
p a r tic u la r
p u b lic
S ta te s a n d C a n a d a .
c r e d it
a t te n tio n
secu ritie s
to
in
p a r tm e n t a n d th e S u p re m o C o u r t o f th o S ta to o f N e w Y o r k
is o b ta in e d .
J a m e s R . T r o w b r id g e , A s s is ta n t S e c re ta ry o f th o B a n k e rs
T r u s t C o . , o f th is c it y , w a s th is w ee k o le cte d C o m p tr o lle r
o f th o F r a n k lin S a v in g s B a n k o f th is c i t y , su cc e e d in g I I . W .
N o r d e ll, re sig n e d .
U n it e d
M r . B u r r e n te re d tho B o n d D e p a r t
M r . T r o w b r id g o w ill ontor u p o n h is now
d u tie s o n J u n e 1.
m u n ic ip a l
th o
T h o ch a n g o w ill
b e e ffe c tiv e as s o o n as th o c o n s e n t o f th o S ta to B a n k in g D e
T h o sto c k h o ld e r s of th o N a t io n a l S ta to B a n k o f N e w a r k ,
N.
J . , w ill h o ld a sp ecial m e e tin g o n J u n o 19 to v o to o n a
p ro p o sed a m e n d m e n t o f its articlo s o f a s s o c ia tio n to increase
m e n t o f th e G u a r a n t y T r u s t C o . in O c to b e r 1 9 1 6 a n d h as
th o p ar v a lu e o f tho shares
sin co b e e n e n g a g e d in w o r k in c o n n e c tio n w ith th e p u rc h aso o f
$ 1 0 0 p or sh a r e , d iv id in g its c a p ita l s to c k o f $ 5 0 0 ,0 0 0 in to
se c u ritie s. M r . J o b e s e n te re d th e se rv ic e o f tho c o m p a n y as
5 ,0 0 0 sh ares o f $ 1 0 0 e a ch in s te a d o f 1 0 ,0 0 0 shares
h e a d o f the tr a d in g d iv isio n o f th e B o n d D e p a r tm e n t in 1 9 1 7 .
o f its
c a p ita l s to c k fr o m $ 5 0 to
each.
of
$50
.
A p p o in tm e n ts a re also a n n o u n c e d o f R . E . W h i t t le s e y as
C h ie f S ta tistic ia n o f th o B o n d D e p a r t m e n t , a n d o f H a m ilto n
Candoo
as
N ew
D e p a rtm e n t.
Y ork
C ity
S a le s
M anager
of
th o
Bond
M r . W h i t t l e s e y to o k ch a rg e o f th o S ta tis tic a l
T h o a n n u a l m e e tin g o f A lb a n y C h a p t e r o f th o A m e r ic a n
I n s tit u te
of
B a n k in g
w as
h e ld
M ay
16
in
th o
N a t io n a l
C o m m e r c ia l B a n k a n d th e fo llo w in g now o ffice rs w e ro 'o le c te d :
May 25 1918.]
THE CHRONICLE
P r e s i d e n t , F r a n k H . W i ll ia m s ; F ir s t V i c e - P r e s i d e n t , H . W . S n o w J r . ;
S e c o n d V i c e - P r e s id e n t , W i n f i e l d S . T e a t e r ; T r e a s u r e r , G e o r g o O . K u g le r ;
S e c r e t a r y , E d w a r d M . B o i c e ; B o a r d o f G o v e r n o r s f o r t lir o e y e a r s , G a r d n e r
B . P e r r y a n d R o l l i n S . P o l k ; B o a r d o f G o v e r n o r s f o r o n e y e a r , t o f il l u n e x p i r o d t e r m o f F . H . W i ll ia m s , R a l p h T . S i m m o n s .
M r.
W illia m s is T re a su r e r o f th e A lb a n y
I n s titu tio n a n d h a s b e e n a c tiv e in
C ity
th e a ffa ir s
S a v in g s
o f A lb a n y
C h a p te r d u rin g th e p a s t th re e y e a r s .
th e
Bank
3199
has
e x te n d e d
to
th e
I m p e r ia l
and
D o m in io n
G o v e r n m e n t s sin c e C a n a d a w a s th r o w n o n h e r o w n re so u rce s.
T h e e x a m in a tio n o f th e a c c o u n ts sh ow s t h a t th e B a n k h a s
b e e n a b le to d ra w o n its fir s t lin e reserves a n d p la c e th e m a t
th e d is p o s a l o f th e G o v e r n m e n t a t a tim e w h e n th e y c o u ld ,
perh aps, be
of
th e
g r e a te s t a ss is ta n c e .
In
a d d itio n ,
th e
B a n k , b y g r a d u a lly d ra w in g o n its reserves in o u ts id e c e n
tr e s , h a s b e e n a b le to re n d e r s till gre a te r assista n c e to th e
A t a m e e tin g o f th e sto c k h o ld e rs o f th e E a s t H a r tfo r d T r u s t
C o . , E a s t H a r tf o r d , C o n n ., h e ld o n M a y 1 5 , it w a s v o te d to
in crease th o c a p ita l s to c k fr o m $ 2 5 ,0 0 0 to $ 5 0 ,0 0 0 .
E dw ard
E . K i n g is P re sid e n t o f th o c o m p a n y ; E . S . G o o d w in , V ic e
P r e sid e n t; F re d e r ic k E .
R e n n e r , T re a su re r.
P u lle r, S e c r e ta r y , a n d C h a rle s A .
G o v e r n m e n t , C a n a d ia n citie s a n d to w n s , a n d a t th e sa m e
t im e
ta k e ca re
of a
s u b s ta n tia l
b u sin e ss o ffe r in g in th o c o u n tr y .
p o r tio n
of
th e in creased
A t th e o u tb r e a k o f w a r
th e B a n k w a s re g a rd e d a s a b u lw a r k o f s tr e n g th in th e fin a n
c ia l stru ctu re o f th e D o m in io n , b u t th e c o n tin u e d a ssista n c e
it h as b e e n in a p o s itio n to a ffo r d a ttr a c ts a t te n tio n to th e
s a tis fa c to r y m a n n e r in w h ic h i t is g u id in g th e c o u n tr y th ro u g h
S ta n to n D . B u llo c k , fo r m e r ly A u d i t o r o f th e F ir s t N a tio n a l
B a n k o f B o s to n , h a s b e e n a p p o in te d A s s is ta n t C a s h ie r , an d
J o h n I I . C a s e y h as b e e n m a d o A u d i t o r .
d iffic u lt
s itu a tio n s .
N o r t iw h s t a n d in g
th e
re co rd s
e s ta b
lis h e d th r o u g h th e p a s t fe w y e a r s m a rk e d e x p a n s io n is re
p o r te d fo r th e s ix m o n th s e n d in g A p r il 3 0 .
T o t a l asse ts
n o t o n ly re a ch e d a n e w h ig h le v e l b u t a g a in c o n s titu te d a
T h o m a s P . B e a l J r ., V ic e -P r e s id e n t o f th o S e c o n d N a t io n a l
Bank
re co rd fo r C a n a d ia n b a n k s .
T h e asse ts a t th e e n d o f th e
o f B o s to n , h as g o n e to W a s h in g t o n a s a ssis ta n t to
s ix m o n th s p e rio d to ta le d $ 4 2 6 ,3 2 2 ,0 9 6 a s c o m p a r e d w ith
H o w a r d C o o n le y , r e c e n tly m a d o S e c o n d V ic e -P r e s id e n t o f
th o E m e r g e n c y F le e t C o r p o r a tio n .
$ 3 8 6 ,8 0 6 ,8 8 7 a t th e e n d o f th e s a m e p eriod a y e a r a g o , a
g a in o f close to $ 4 0 ,0 0 0 ,0 0 0 .
T h e c a ll a n d s h o rt lo a n s in
G r e a t B r ita in a n d th e U n it e d S ta t e s a n d b a la n c e s d u e b y
th e N e w
b a n k s a n d b a n k in g co rr e sp o n d e n ts elsew here th a n in C a n a d a
Y o r k S to c k E x c h a n g e h o u so o f C h a n d le r B r o th e r s & C o . o f
F re d erick T a y lo r C h a n d le r , sen ior m e m b e r o f
h a s b e e n re d u ce d to $ 1 1 2 ,2 6 4 ,0 0 6 d o w n fr o m $ 1 3 7 ,3 4 6 ,8 0 7 .
P h ila d e lp h ia a n d P re sid e n t o f th o P h ila d e lp h ia S to c k E x
A t th e s a m e tim e C a n a d ia n m u n ic ip a l secu ritie s a n d B r itis h ,
c h a n g e , died a t h is h o m o in O v e r b r o o k , P a . , o n M a y
fo re ig n a n d C o lo n ia l p u b lic secu ritie s o th e r th a n C a n a d ia n
a fto r a p ro lo n g e d illn e ss.
17,
M r . C h a n d le r , w h o w a s o f Q u a k e r
h a v e in cre a se d to $ 4 5 ,2 8 0 ,4 3 6 fr o m $ 2 8 ,0 9 0 ,0 2 6 a y e a r a g o ,
s to c k , w a s b o rn in I la m o r t o n , P a ., in 1 8 6 3 a n d e d u c a te d in
a n d th e d e p o s it in th o c e n tra l g o ld reserv es n o w sta n d s a t
th o F rie n d s
S c h o o l.
In 1 8 7 8 ho b e g a n h is b u sin e ss career
$ 1 3 ,5 0 0 ,0 0 0 ,
com p ared
w ith
$ 7 ,0 0 0 ,0 0 0 .
Tho
p rin c ip a l
in th o b ro k era g e h ou so o f T h o m a s L . L a w s o n & S o n s o f P h il
a c c o u n ts o f th e B a n k c o m p a r e d w ith th o se o f a y e a r a g o ,
a d e lp h ia ; fiv o y e a r s la te r ho e n te re d th o fir m o f L . I I . T a y
a n d th o n e t c h a n g e s in t h e m , are a s fo llo w s :
lor & C o .
I n 1 8 9 6 ho o rg a n ize d th e fir m o f C h a n d le r B r o th
ers & C o .
M r . C h a n d le r b e c a m e a m o m b e r o f th o P h ila d e l
Apr. 3 0 ’ 1 8 . Apr. 3 0 '1 7 .
A s s e t s --------------------------- ----------------- — 8 4 2 6 ,3 2 2 ,0 9 6 $ 3 8 6 ,8 0 6 ,8 8 7
2 7 0 ,0 0 4 ,4 2 2
L i q u i d a s s e t s .............................................. 2 9 1 ,6 2 4 .0 7 3
C u r r e n t lo a n s & d i s c ’ ts in C a n a d a 1 0 0 ,2 9 4 ,6 7 8
9 1 ,7 3 3 ,0 7 5
L o a n s t o c it i e s , m u n i c ip a li t ie s , & c .
1 8 ,1 3 6 ,4 0 6
1 1 ,3 8 0 ,1 8 4
C a n . m u n i c ip a l & B r i t is h , f o r e i g n
p h ia S to c k E x c h a n g e in 1 8 9 2 .
O n M a r c h 4 o f th is y e a r ho
w a s ele cted P re sid e n t fo r th o th ird tim e , h is te rm s o f office
n o t,
h ow evor,
b e in g
m o m b e r o f th e N e w
c o n s e c u tiv e .
Y ork
and
M r.
C h ic a g o
C h a n d lo r
S to c k
w as
a
E xchanges
a n d o f tho N o w Y o r k C o t t o n , C o ffe e a n d S u g a r E x c h a n g e s
a n d th o C h ic a g o B o a r d o f T r a d e .
A s a sp ecial m a r k o f re
a n d c o lo n ia l p u b l i c s e c u r i t i e s . . .
4 5 ,2 8 0 ,4 3 6
D e p o s i t in C e n t r a l G o l d R e s e r v e s .
1 3 ,5 0 0 ,0 0 0
D e p o s it s n o t b e a r i n g i n t e r e s t _____ 1 0 9 ,8 5 1 ,9 4 9
D e p o s it s b e a r i n g i n t e r e s t ---------------- 2 4 7 ,9 0 4 ,8 5 5
Net change.
S 3 9 .5 1 5 .2 0 9
2 1 .6 1 9 ,6 5 1
8 ,5 6 1 .6 0 3
6 ,7 5 6 ,2 2 2
2 8 ,0 9 0 ,0 2 6
7 ,0 0 0 , 0 0 0
9 1 , 5 1 2 ,2 8 4
2 3 2 .7 3 1 ,9 9 4
1 7 ,1 9 0 ,4 1 0
6 ,5 0 0 ,0 0 0
1 8 ,4 3 9 ,6 6 5
1 5 ,1 7 2 ]8 6 1
s p e c t to tho m e m o r y o f M r . C h a n d le r , th o P h ila d e lp h ia S to c k
E x c h a n g e closed a t 2 o ’clo c k p . m . o n M a y 2 1 , th o d a y o f
fu n e r a l.
the
T h e s e m i-a n n u a l re p o r t o f th e Y o k o h a m a S p e c ie B a n k ,
L t d . (h ea d o ffic e , Y o k o h a m a ) , fo r th e h a lf-y e a r e n d e d D e c . 3 1
1 9 1 7 , s u b m itte d t o th e sh are h old ers o n M a r c h 9
T h o S o u th C h ic a g o S a v in g s B a n k r e c e n tly p u rc h a se d p ro p
e r ty o n tho so u th w e st co rn er o f 9 2 d S tr e e t a n d C o m m e r c ia l
J u n n o su k e
In ou y e,
C h a ir m a n
of
th e
B oard ,
1918 b y
sh ow s
gross
p r o fit s , in c lu d in g y e n 2 ,2 2 6 ,7 5 7 b r o u g h t fo rw a r d fr o m th e
A v o n u o , C h ic a g o , fo r $ 1 5 0 ,0 0 0 , a n d w ill orect a fo u r -s to r y
p re c e d in g h a lf-y e a r p e r io d , o f y e n 5 1 ,9 6 4 ,7 4 3 .
b u ild in g to c o st a p p r o x im a te ly $ 2 0 0 ,0 0 0 .
s u m y e n 4 6 ,0 8 4 ,2 9 4 w ero d e d u c te d fo r in te r e s t, ta x e s , cu rre n t
•
F r o m th is
e x p e n s e s , r e b a te s o n b ills c u r r e n t, b a d a n d d o u b t fu l d e b ts ,
W . J . J a c k so n w a s o n M a y
7 o le cte d a d ire c to r o f tho
N a tio n a l C it y B a n k o f C h ic a g o .
M r . J a c k so n is P re sid e n t
o f th o C h ic a g o & E a ste r n Illin o is R R .
b o n u s fo r o ffice rs a n d e m p lo y e e s , & c ., le a v in g a b a la n c e o f
y e n 5 ,8 8 0 ,4 4 8 fo r a p p r o p r ia tio n .
O u t o f th is b a la n c e , th e
re p o r t
a p p ro p r ia te
s ta te s ,
it
is
p ro p o s e d
to
y e n 2 ,1 6 0 ,0 0 0 to p a y a d iv id e n d o f 1 2 %
T h o C o m p tro lle r o f tho C u r re n c y h as g r a n te d p erm ission
to
th o G o r m a n -A m e r ic a n N a t io n a l B a n k
of
L in c o ln ,
111.,
th e
su m of
p er a n n u m a n d to
se t asid e a fu rth e r s u m o f y e n 1 ,0 0 0 ,0 0 0 fo r th e re se rv e f u n d ,
le a v in g a b a la n c e o f y e n 2 ,7 2 0 ,4 4 8 to b e ca rried fo rw a r d .
to ch a n go its titlo to th o A m e r ic a n N a t io n a l B a n k o f L in c o ln !
THE ENGLISH GOLD A N D SILVER M ARKETS.
A n increaso o f $ 1 0 0 ,0 0 0 in th o c a p ita l o f th o U n it e d S ta te s
N a t io n a l B a n k o f O m a h a , N o b . , w h e r e b y it is raised fr o m
$ 1 ,6 0 0 ,0 0 0 to $ 1 ,1 0 0 ,0 0 0 , h a s b e e n a p p r o v e d b y tho C o m p
tro ller o f tho C u r r o n c y .
J o h n R . M u lv a n o , fo r fo r t y y e a r s P re sid e n t o f tho B a n k
o f T o p e k a an d ono o f th o m o s t p ro m in e n t fin an c iers o f th a t
c it y a n d
tho M id d le
W est,
d ied M a y
9.
M r.
M u lv a n o ,
w h o w a s in his e ig h ty -th ir d y e a r , w a s b o rn in N o w c o m o r s to w n , O h io , in 1 8 3 5 .
H o w e n t to K a n s a s f if t y yo a rs a g o .
H is b a n k in g career b e g a n in 1 8 7 0 w h e n ho b e c a m o C a sh ie r
in
th o
Topoka
Bank
&
S a v in g s
I n s tit u tio n .
re o rg a n iza tio n o f th a t in stitu tio n in
w as c h a n g e d
to
U pon
th o B a n k o f T o p e k a , M r .
M u lv a n o w as
e le cted P re sid e n t, a p o sitio n h e h e ld u n til h is d e a th .
M u lv a n o
w as
th o
orga n izer
and
tho
1 8 7 8 , w h e n its n a m e
c lo se ly
c o n n e c te d
M r.
w ith
n u m e ro u s largo bu sin e ss e n terp rises o f T o p o k a a n d th o M id d le
W est.
T h o M a n c h e s te r N a t io n a l B a n k o f R ic h m o n d , V a . (cap i
ta l $ 1 5 0 ,(XX)), h a s g o n e in to v o lu n ta r y liq u id a t io n , fo llo w in g
its a b so r p tio n
R ic lim o n d .
by
th o B a n k
of C om m erce
and
T ru sts
of
T h o h a lf-y e a r ly s ta te m e n t o f th o B a n k o f M o n t r e a l, m a d o
p u b lic th is w e e k ,? r e fle c ts th o v e r y co n sid era b le assista n c e
Wo
r e p rin t
th e
fo llo w in g
fr o m
th o
w e e k ly
circu la r
of
S a m u e l M o n t a g u & C o . o f L o n d o n , w ritte n u n d e r d a te o f
M a y 2 1918:
■
GOLD.
T h o B a n k o f E n g la n d g o l d r e s e r v e a g a i n s t it s n o t e is s u e s h o w s a n in
c r e a s o o f £ 3 4 8 ,4 4 5 a s c o m p a r e d w it h la s t w e e k ’s r e t u r n .
L i k e a ll o t h e r
n d u s t r ie s , t h a t o f g o l d h a s b e e n a f f e c t e d g r e a t l y b y t h o r is e in t h o c o s t o f
m a t e r ia l, s u c h a s c y a n i d e , & c . , a n d b y t h e I n c r e a s e in w a g e s , f o ll o w i n g
t h o h ig h e r c o s t o f l iv i n g d u r i n g t h o w a r .
T h o a g e n t o f t h o G e o lo g i c a l S u r
v e y f o r C a li f o r n ia e s t im a t e s t h a t t h o c o s t o f m in in g g o l d w a s 1 8 % h ig h e r
in 1 9 1 7 t h a n in 1 9 1 6 : t h e c o s t o f w o r k in g o r e r o s e 6 % in t h o T r a n s v a a l
d u r in g t h e s a m e p e r i o d .
A s a n in s t a n c e o f t h e in d i r e c t i n fl u e n c e o f g o l d
m in in g i n d u s t r y u p o n t h e p r o s p e r i t y o f a c o u n t r y , i t is i n t e r e s t i n g t o
l o a m t h a t , o w in g t o t h e r e c e n t s h u t t i n g d o w n o f t h e G r e a t F i n g a ll M i n e in
W e s t A u s tr a lia , a t o w n c r e a te d b y th e in d u s tr y , a n d o f s u ffic ie n t im p o r
t a n c e t o o w n s e v e n h o t e l s a n d f o u r c h u r c h e s , is b e i n g e v a c u a t e d b y it s in
h a b it a n t s .
D u r in g t h e e ig h t e e n y e a r s o f it s e x i s t e n c e , t h e m in e p r o d u c e d
£ 4 ,9 5 2 ,0 5 0 w o r t h o f g o l d — n o in c o n s id e r a b le a d d it i o n t o t h o w o r l d ’ s p r o
d u c tio n .
S IL V E R .
A s w o i n d i c a t e d la s t w e e k , t h e p r i c e is n o w p r a c t i c a l l y s t a b i li z e d , a n d
t h e q u o t a t i o n h a s o n l y m o v e d o n c e a n d t h a t m e r e ly t o t h e e x t e n t o f J ^ d .
T h o S h a n g h a i e x c h a n g e h a s e a s e d s o m e w h a t , a n d is m u c h b e l o w t h o p a r i t y
w i t h s i lv e r .
T h e r e t u r n o f t h o G e r m a n R e i c h s b a n k f o r A p r i l 2 3 , w h ile
r e c o r d in g a la s s o f a b o u t £ 9 , 4 2 5 , 4 0 0 in g o l d d u r i n g t h o la s t y e a r , s h o w s a
la r g o in c r e a s o in t h o a m o u n t o f s i lv e r .
A lth o u g h th o la tte r w a s g iv e n a
y e a r a g o a s o n l y £ 8 4 1 ,2 0 0 , i t Is n o w r e t u r n e d a s £ 6 ,0 4 6 ,2 5 0 .
Indian Currency Returns (in Lacs of Rupees).-April 7 .
9 ,7 4 5
N o t e s in c i r c u l a t i o n ...............................
R e s e r v e in s ilv e r c o i n a n d b u l l i o n ......................... _ _ 1 ,0 4 4
G o l d c o i n a n d b u l l io n in I n d i a . . ................................. 2 , 4 8 6
G o l d o u t o f I n d i a ___________________________________
67
April 1 5 . April 2 2 .
1 0 ,1 8 3
1 ,2 5 9
2 ,3 3 0
45
1 0 ,1 9 8
1 ,1 6 9
2 ,3 0 0
45
T h o s ilv e r h o l d i n g o n A p r i l 15 a n d 2 2 , i n c lu d e d s ilv e r b e l o n g i n g t o t h e
I n d i a n T r e a s u r y w h ic h w a s e it h e r in t h o U n it e d S t a t e s o r i n t r a n s i t t h e r e
fro m .
T h e s t o c k in S h a n g h a i o n A p r i l 2 7 c o n s i s t e d o f a b o u t 3 2 , 6 0 0 0 0 0
o u n c e s i n s y c o e a n d 1 4 ,7 0 0 ,0 0 0 d o l la r s , t h e s a m e a s h o l d
S ta tis tic s fo r th e m o n t h o f A p r il a ro a p p e n d e d :
on
A p ril 20
Shares.
C a s h q u o t a t i o n s f o r b a r s i lv e r p e r o u n c e s t a n d a r d :
A p r i l 2 6 ..................................................c l . 4 9 % M a y 2 __________________________ - . 4 9 % „
A p r i l 2 7 .............................
4 9 % A v e r a g e ______________________ _ d . 4 9 . 2 2 9
A p r i l 2 9 ______________________________4 9 %
A p r i l 3 0 - ____________ •
_______________ 4 9 % B a n k r a t e ____________________________5 %
M ay
1 ______________________________4 9 % B a r g o l d p e r o z . s t a n d a r d ___ 7 7 s . 9 d .
q u o t a t io n flx o d f o r
fo rw a r d
d e liv e r y .
The
A u c tio n Sales. — A m o n g o th e r s e c u ritie s , th e follow in g
w ore re c e n tly sole
not usually dealt in at the Stock Exchange,
a t a u c tio n in N e w Y o r k , B o s t o n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N o w Y o r k :
H ig h e s t p r i c e f o r c a s h _____________________________4 9 % d .
L o w e s t p r i c e f o r c a s h _____________________________ 4 5 % d .
A v e r a g e _____________________________________________ 4 7 . 2 1 5 d .
No
q u o ta tio n t o -d a y fo r
ENGLISH F IN A N C IA L M A R K E TS—PER CABLE.
T h e d a ily clo sin g q u o ta tio n s fo r se c u ritie s, & c ., a t L o n d o n ,
as re p o r te d b y c a b le , h a v e b e e n as fo llo w s th e p a s t w e e k :
M ay 1 8 . M ay 2 1. M ay 21.
Tues.
Sal.
M on.
48%
48%
48%
56%
H o l i d a y 5 6 'A
93%
B r it i s h , 5 p e r c e n t s ____________ H o l i d a y 9 3 %
99%
B r it i s h , 4% p e r c e n t s ________H o l i d a y 9 9 %
59.25
F r e n c h R e n t e s (In P a r i s ) , f r . --------------87.75
F r e n c h W a r L o a n ( i n P a r is ) , f r --------------London,
Week ending M ay 2 4 .
T h o p rice o f silv e r in N e w Y o r l
S il v e r In N . Y . , p e r o z —
cts. 99%
99%
M ay 22.. M ay 23,. M ay 24
Fri.
W ed. ' Thurs.
48%
48%
48%
56%
56%
56%
93%
93%
93%
99%
99%
99%
59.75
59.50
87.80
87.75
__
__
o n th e sa m e d a y s h as b e e n :
99%
99%
99%
99%
Com m ercial autUIi is ce Raucous JJems
N a tio n a l B a n k s. — T h e fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is f r o m th e o ffico o f th e C o m p tr o lle r o f th e
C u rre n cy , T rea su ry D e p a r tm e n t:
A P P L IC A T IO N S F O It C H A R T E R .
F o r o r g a n iz a t io n o f n a tio n a l b a n k s :
____
T h o F i r s t N a t i o n a l B a n k o f C h a g r in F a ll s , O h i o .
C a p i t a l ------------$ 2 5 ,0 0 0
F o r c o n v e r s io n o f S ta te b a n k s :
„
„
. .
_______
T h o F i r s t N a t io u a l B a n k o f U n d e r w o o d , N . D a k .
C a p i t a l ------2 5 ,0 0 0
C o n v e r s io n o f th o F irs t S ta te B a n k o f U n d e r w o o d .
____
T h o F i r s t N a t io n a l B a n k o f M o l a l l a , O r e g o n .
C a p i t a l ---------------2 5 ,0 0 0
C o n v e r s io n o f t h e M o la lla S ta te B a n k , M o la lla .
c a p i t a l _________________________________________________________ $ 7 5 ,0 0 0
C H A R T E R S IS S U E D .
____ ___ .
O r ig in a l o r g a n i z a t io n s :
„
„
, ,
C a p i t a l ------- $ 2 5 ,0 0 0
T h e F a r m e r s N a t io n a l B a n k o f S t . M a r y s , K a n s .
C o n v e r sio n o f S ta te b a n k s:
______
T h e F i r s t N a t io n a l B a n k o f P e t e r s b u r g , N . D a k .
C a p i t a l ------------ 2 5 ,0 0 0
C o n v e r sio n o f th e B a n k o f P e te rsb u rg .
T h o F irs t N a t io n a l B a n k o f M a k o t i, N . D a k .
C a p i t a l -------------2 5 ,0 0 0
C o n v e r s io n o f th o F ir s t S ta te B a n k o f M a k o t i.
T ota l
c a p i t a l _________________________________________________________ $ 7 5 ,0 0 0
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T h e S m i t h N a t i o n a l B a n k o f S a in t E d w a r d , N o b .
C a p it a l in
c r e a s e d f r o m $ 2 5 ,0 0 0 t o $ 5 0 ,0 0 0 .
A m o u n t -------------------------------------- $ 2 5 ,0 0 0
T h o F i r s t N a t io n a l B a n k o f A m a r i l l o , T e x .
C a p i t a l in c r e a s e d
100,000
f r o m $ 2 0 0 ,0 0 0 t o $ 3 0 0 .0 0 .
A m o u n t ------------------------------- -------------. . .
T h o U n it e d S t a t o s N a t i o n a l B a n k o f O m a h a , N o b .
C a p it a l i n
c r e a s e d f r o m $ 1 ,0 0 0 ,0 0 0 t o $ 1 ,1 0 0 ,0 0 0 .
A m o u n t --------------------------- 100.000
T h o F ir s t N a t io n a l B a n k o f C h r i s t ia n s b u r g , V a .
C a p i t a l in c r e a s e d
1 5 .0 0 0
f r o m $ 3 5 ,0 0 0 t o $ 5 0 ,0 0 0 .
A m o u n t ......... ........................ - - - - - - - - - - - T h o F i r s t - M e r c h a n t s N a t io n a l B a n k o f L a f a y e t t e , I n d .
C a p it a l
2 5 .0 0 0
i n c r e a s e d f r o m $ 3 0 0 ,0 0 0 t o $ 3 2 5 ,0 0 0 .
A m o u n t ----------------------------T o t a l a m o u n t ___________________________________________________________ $ 2 6 5 ,0 0 0
CH ARTERS EXTEN D ED .
T h o F i r s t N a t i o n a l B a n k o f C h e c o t a h , O k la .
C h a rte r
c lo s e o f b u s in e s s o n M a y 2 2 1 9 3 8 .
ox ton d ed
u n t il
C H A N G E S O F T IT L E A P P R O V E D .
T h e C o m m e r c ia l G e r m a n N a t io n a l B a n k o f P e o r i a , 111.
T it le c h a n g e d t o
t h e “ C o m m e r c ia l N a t io n a l B a n k o f P e o r i a . ”
T h o G e r m a n A m e r i c a n N a t io n a l B a n k o f L i n c o l n , 111.
lit lo ch an ged to
t o th o “ A m e r ic a n N a t io n a l B a n k o f L in c o ln .”
V O L U N T A R Y L IQ U ID A T IO N S .
T h o M e r c a n t i l e N a t io n a l B a n k o f M e m p h i s T o n .
C a p it a l- _ -- - -$ 5 0 0 ,0 0 0
L iq u id a tin g c o m m itte e : J . L . H u t to n , J . P . N o rfle e t a n d L . M .
S tr a tto n , M e m p h is .
A b s o r b e d b y t h e U n io n & P l a n t e r s B a n k
A T r u s t C o . o f M e m p h is .
„ „
„
. .
.
„„„
T h o M a n c h e s t e r N a t io n a l B a n k o f R ic h m o n d , V a .
O a p i t a l ------------ 1 5 0 ,0 0 0
L iq u id a t in g c o m m it t e e : F . P . M c C o n n e ll a n d J . F . I ly la n d ,
S o u th R ic h m o n d , a n d T . B . S c o t t , R ic h m o n d .
A b sorb ed
b y th o B a n k o f C o m m e r c e a n d T r u s t , R ic h m o n d .
T o t a l c a p i t a l ______________________________________________________ -_ -$ 6 5 0 ,0 0 0
C a n a d ia n B a n k C le a rin g s. — T h e lce a rin g s fo r th o w ee k
e n d in g M a y 1 6 a t C a n a d ia n c itie s , in c o m p a r iso n w ith th o
s a m e w ee k in 1 9 1 7 , sh o w a n in cre ase in th e a g g r e g a te o f
0 .3 % .
Week ending May 16.
Clearings at—
1918.
T oron to...............................
W in n ip eg ........... ..............
Ottawa ...............................
V ictoria_________________
C algary.................... ..........
H a m ilto n ......... .................
E d m o n to n _______ _____
Q u e b e c _________________
S t. John.............................
H a lifa x ..............................
L o n d o n ...............................
Regina.................... ............
Saskatoon_______ _______
M o o s e Jaw ...................... ..
L eth b ridge_____ ________
B ran tford......... ............ ..
B ra n d on ........... .................
Fort W illiam ....................
Now Westminster......... ..
Medicine H at....... ............
Peterborough....... ............
K itchener..........................
1917.
Inc. or
Dec.
1916.
1915.
$
$
$
%
$
+ 9.8 74,347,933 48,906,035
89,566,988 81,588,415
+ 0.2 50,240,714 35,969,354
65,489,446 65,367,154
41,514,059 54,884,943 — 24.4 36,824,221 20,276,604
5,305,667
5,973,888
9,228,154
7,471,407 + 23.5
3,926,462
5,218,953
6,104,854
5,809,549
+ 5.1
1,508,213
1,499,626
1,975,119
1,528,301 + 29.2
2,699,314
3,949,609
6,823,280 — 14.4
5,843,637
2,764,033
3,780,274
4,956,578
4,686,918
— 5.4
2,113,524
1,822,981
2,366,494 + 24.1
2,937,548
3,536,780
3,854,306
3,683,882 + 31.2
4,831,089
1,717,923
1,492,280
2,132,814
+ 4.5
2,227,239
2,042,029
2,784,576 + 54.1
2,231.547
4,290,514
2,106,573
1,864,162
2,544,104
2,308,757 + 10.2
1,149,412
+ 8.0
1,811,286
3,013,639
2,790,068
686,761
1,029,678
1,798,049
1,654,237
+ 8.7
577,861
767,619
1,250,000
1,048,946 + 19.2
456,013
324,536
— 3.7
747,004
765,180
557,774
839,225 + 2 6 .3
634,870
1,060,381
449,616
419,179 + 15.5
449,518
484,022
— 8.0
509,705
459,290
649,511
597,856
281,209
310,617
413,191
344,830 + 20.0
259,218
556,855 — 31.8
410,090
379,157
630,438 + 11.0
511,210
359,363
700,000
614,049 + 86.3
591,835
1,144,106
672,221
+ 6.0
500,000
712,238
Total Canada................ 253,529,312 252,690,892
Per cent. Shares.
Stocks.
Per cent.
1 0 0 L u fk l u s S a lv a g e A S h i p .
C o r p . . ....................... . . $ 1 % p e r s h .
7 ,5 0 0 R a i l w a y s C o . G e n e r a l,
$ 1 0 e a c h ........................ - $ 2 p e r s h .
1 0 E x c e l s i o r B r e w i n g --------------------- 1 1 4
Bonds.
Per cent.
$ 1 0 ,0 0 0 G u l f F l a . A A l a . R y . 1 s t
5s c c rtfica tcs o f
d e p o s i t -------- $ 5 0 0 l o t
B y M e ssr s. R . L . D a y & C o ., B o sto n :
Shares.
S il v e r , p e r o z ________________ d .
C o n s o ls , 2 % p e r c e n t s . . . .
Stocks.
8 0 0 H o r n S ilv e r M i n e s , 31
e a c h .................................. 2 2 c . p e r s h .
4 0 A . T . D e L a M a r c , I n c .,
$ 5 0 e a c h ................ ..........$ 3 2 p e r s h .
5 M e r c h a n t s N a t . B a n k ________2 01
3 5 0 S a w y e r S h ip y ’d s C o r p ., c o m . $ 5 lo t
3 5 0 S a w y e r S h l p y 'd s C o r p . ,
p r e f e r r e d _____________ $ 6 p e r s h .
c a s h d e l i v e r y is % d . b e l o w t h a t f i x e d a w o e k a g o .
T ota l
[VOL. 106(
THE CHRONICLE
3200
+ 0 .3 201,841,640 137,218,954
5
20
5
5
30
1
18
1
2
1
Stocks.
S per sh. Shares.
F o u r t h A t l a n t i c N a t . B a n k ------- 2 2 7
O ld C o l o n y T r u s t . .............................2 3 8
G o n i c ( N . H . ) M f g ............................ 2 5 0
S t ir lin g M i l l 3 . ....................................... 2 1 0
N a s h a w e n a M i l l s _________________ 1 17
A r li n g t o n M i l l s ____________________1 2 5 %
M o n a d n o c k M i l l s _________________ 161
N e w m a r k e t M f g __________________ 1 1 0 %
L u d l o w M f g . A s s n ., e x d l v -------1 3 1 %
N e w p o r t & F a ll R l v . S t . R y --------8 5
1
10
75
25
5
5
1
Stocks.
$ per sh.
P e t e r b o r o u g h R R . -------------------------- 6 0
H em en w a y C h am bers T ru st, p f . 20
B o s t o n W h a r f ..................................8 0 - 8 0 %
P l y m o u t h C o r d a g e ........... ..................2 0 5
M e r r l m a c C h e m i c a l, $ 5 0 e a c h . . 9 9 %
C o r d i s M i l l s .......................................... 1 2 6 %
N o r t h S t a r M i n e s , $ 1 0 p a r ---------8%
Per cent.
Bonds.
$ 1 ,0 0 0 B r o c k t o n ( C i t y ) w a t e r lo a n
t a x e x e m p t 4 s , 1 9 1 9 __________________ 9 9
B y M e ssr s. M ille t t , R o e & H a g e n , B o sto n :
Shares.
10
3
5
1
10
13
Slocks.
$ per sh
U . S . W o r s t e d , 1 s t p r e f ...................... 9 9
C o n t i n e n t a l M i l l s ___________________ 9 0
S h a w S t o c k i n g ------------ ---------------------- 7 6
B a u s c h M a c h i n e T o o l , p r e f --------4 5
G r e e n f ie ld T a p A D i e , p r e f ----------9 8
G r a y A D a v i s , I n c . , p r e f ....................9 0
Shares.
Stocks.<
$ per sh.
25 G ra y A D a v is , I n c ., c o m ., $25
e a c h ________________________________ 1 7 %
13 A s s o c . S im m o n s H a r d w a r e , p r e f . 9 4
10 N a s h a w e c n o M i l l s -------------------------- 1 1 7
2 0 L u d l o w M f g . A s s o c i a t e s __________1 3 1 %
B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :
Shares.
Stocks.
$ per sh. Shares.
Stocks.
$ per sh.
2 7 I I . K . M u l f o r d , $ 5 0 e a c h ........... 6 0
12 1 s t N a t . B a n k W o o d b u r y ,
2 P h i la . N a t . B a n k . ........................ 4 5 0
N . J . , $ 5 0 e a c h ...........................1 3 0
4 0 A m e r ic a n B a n k , S 5 0 e a c h --------5 5
Bonds.
Per cent.
5 P e o p l e s N a t . F . I n s . , $ 2 5 e a c h 16
$5,000 Georgia R y . & Elec. ref. &
1 4 7 C o o s a P o r t . C e m e n t , c o m ____$1 l o t
im pt. 5s, 1949__________________ 85%
$ 3 1 5 C o o s a P o r t . C e m e n t sp e cia l
15.000 Brush Elcotrlc 1st s. f. 5s,
s c r ip c e r t if i c a t e s _____________ $1
1952..................................................... 67
7 0 C o o s a P o r t . C e m e n t 1 s t p r e f.
&
$ 1 2 5 c o m . s t o c k t r . s c r i p . $ 1.000 East Chicago & Indiana
5 lo t
Harbor Water 1st 5s, 1927---------- 76%
18 C o o s a P o r t . C e m e n t 2 d p r e f.
10.000 Gas Securities Corp. coll. tr.
& $ 5 0 2 d p r e f. s t o c k sc rip
6s, 1 91 8.............................................90%
c e r t if i c a t e s — ........................... . $ 3 lo t
5.000 Hotel Traym oro 1st 6s, 1927 88%
3 6 F arm ers & M e e h a n . N a t . B k .1 7 5
4.000 Empire D lst. Electric 1st 5s,
3 0 K e n s in g to n N a t . B a n k , $ 5 0
1949................................... - ............ - 67
100%
e a c h --------------3.000 Portland R y . L . & P . 1st
10 C e n t r a l T r u s t , C a m d e n , $ 5 0
ref. 5s, ser. A, 1942_____________ 68%
e a c h ____________________________9 0
1.000 Denver Gas & Elec. L t. 1st
1 C o m m o n w e a lt h T . I . & T --------2 4 0
A ref. 5s. 1951......... ....................... 79%
5 G u a r a n t e e T r u s t & S . D ..........1 40
2.000 Indianapolis W ater W ks.
10 R e a l E s t a t e T . I . & T .................3 1 0
securities 1st 6s, 1948___________ 90%
10 U n it e d G a s & E l e c . , 1 st p r e f - - 4 0
D I V ID E N D S ,
T h o fo llo w in g s h o w s a ll th o d iv id e n d s a n n o u n c e d fo r th e
fu tu r e b y largo o r im p o r ta n t c o r p o r a tio n s .
Dividends announced this week are printed in italics.
Name o f Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
R a ilro a d s (S team ).
Atch. Topeka & Santa Fo, com . (qu ar.).
1% lune 1 Holders of reo. M ay 3a
2% Juno 29 Holders of rec. M ay 31a
Boston & Albany (q u a r.)..........................
lune 29 Holders of reo. Juno la
2%
Canadian Pacific, com . (quar.) (No.88)
Juno 29 Holders o f rec. June 7a
2
Chesapeake & Ohio-------------------------------M ay 21 to
Juno 3
75c. Juno 4
Chestnut Hill (q u a r.)...................... ..........
Cleveland A Pittsburgh, reg. guar, (qu.) 87 %c June 1 Holders of reo. M ay 10a
50c June 1 Holders of reo. M ay 10a
Special guaranteed (qu ar.)........... ........
Cripple Creek C en t.,com .(q u .)(N o.34)_
1% luno 1 Holders of rec. M ay 15a
Juno 1 Holders of rec. M ay 16a
1
Preferred (quar.) (N o. 5 0 )---------------Erie & Pittsburgh (.g u a r.)..................... .. 87 % c. lune 10 Holders of rec. M ay 31a
luno 29 Holders o f rec. Juno 14a
2
Nocking Valley Railway_______ ________
1% June 1 Holders of rec. M ay 3a
Illinois Central (quar.) (N o. 130)......... ..
M aine Central, pref. (guar.)......................
1% Juno 1 Holders of rec. M ay 15a
June 30
July 1 Juno 2 to
2
Mobile & Birmingham, p r e f . . ..................
M ay 31 Holders of reo. M ay 15a
N . Y. Philadelphia & Norfolk.................. $3
Norfolk A Western, com m on ( q u a r .)...
1% Juno 19 Holders of reo. M ay 31a
to
M ay 19
M ay 25 M ay 16
$1
North Pennsylvania (qu ar.)----------------75c. M ay 31 Holders of reo. M ay la
Pennsylvania (qu ar.).............................—
to
Juno 3
Phlla. Germantown A Norristown (qu.) $1.50 Juno 4 M ay 21
Pittsburgh Bessemer A Lake Erie, pref. $1.50 Juno 1 Holders of rec. M ay 15
Pittsburgh A West Virginia, pref. (q u .).
1% June 1 Holders of rec. M ay 16a
Pittsb. Youngstown A Ashtab., pref (qu)
1% Juno 1 Holders of rec. M ay 20a
50o. Juno 13 Holders o f reo. M ay 28a
Reading Com pany, 1st pref. (qu ar.)-----50c. July 11 Holders of rec. Juno 25a
Reading Com pany 2d pref. (qu ar.)-----Southern Pacific C o. (quar.) (N o. 4 7 ) ..
1% July 1 Uplders of reo. M ay 31a
1 Holders of reo. Juno la
2% July
Union Pacific, com mon (qu ar.)................
S treet & E le ctric R a ilw a ys.
Juno 1 Holders of reo. M ay 18a
4
Baton Rouge Elec. Co., com. (No. 6 )-------Juno 1 Holders of rec. M ay 18a
3
Cent. Arkansas R y . A Lt., pref. ( q u .) ..
1% Juno 1 Holders of rec. M ay 15a
Cities Service, com . A pref. (m o n th ly )..
% June 1 Holders of reo. M ay 15a
Com m on (payable In com m on stock ).
% Juno 1 Holders o f reo. M ay 15a
Cities Servlco, com . A pref. (m o n th ly)..
% July 1 Holders o f rec. Juno 15a
1 Holders of rec. Juno 15a
Common (payablo In common s to ck ).
/ % July
Juno 1 Holders of reo. M ay 16a
2
D etroit United R y. (quar.) (N o. 5 8 ) ..
Eastern Wisconsin Elec. C o ., pref. (qu.)
1% Juno 1 Holders of rec. M a y 20a
2% Juno 15 Holders of rec. Juno 5a
El Paso Electric C o . .corn.(quar.) (N o .28)
Manhattan Brldgo Threc-Cent Llne(qu.)
1% Juno 29 Holders of reo. Juno 20
75C. Juno 1 Holders of rec. M ay 15a
N orfolk Railway A Light---------------------Northern Ohio Elec. Corp., pref. (quar.)
1% Juno 1 Holders of rec. M ay 20a
Juno 1 Holders of rec. M ay 16a
1
Northern Texas Elec. C o ., com . (quar.)
Juno 1 Holders of reo. M ay 15a
3
Pensacola Electric C o ., prof. (N o. 2 0 ). .
1% Juno 1 Holders of rec. M ay 20a
Rochester Ry. A Light, pref. (guar.)--------Preferred, Series B ( g u a r .)............... ..
1% Juno 1 Holders o f rec. M ay 20a
1% Juno 15 Holders of rec. M a y 31
San Joaguln L. A P.,pref. (gu.) (No. 14) .
1% Juno 15 Holders of rec. June 1
West Penn R ys., pref. (quar.) (N o. 4 ) . 1% Juno 15 Holders o f reo. June 1
West Penn T rac. A W ater Pow ., pf.(qu.)
W lsconsln-Mlnn. L. A P ., pref. (quar.)
1% Juno 1 Holders of rec. M ay 20a
1% Juno
Acme Tea, 1st pref. (quar.)....................
Ajax Rubber, Inc. (guar.).......................... $1.50 Juno
Allouez M ining (guar.)....... ....................... »$l.5C June
75c. July
Amer. Bank Note, pref. (guar.)--------- . .
1% July
American Beet Sugar, prof, (q u a r.)-----Juno
1
American C otton OH, com m on (q u a r .)..
Juno
3
1% July
American Express (q u a r.)........................
1% Juno
American Gas (guar.). . ........................
1% Juno
Amer. Laundry Machinery, com ..............
1% July
Amer. Locomotive, com. (guar.) — .........
1% July
Preferred (guar.).......................................
Juno
1
Amer. Power A Lt., com. (gu.) (No. 2 2 ) ..
Juno
3
American Radiator, com m on (q u a r .)..
% Juno
American Sewer Pipe (guar.)......................
1 % Juno
Amer. Smelt. A R efg., com . (qu ar.)-----1% Juno
Preferred (q u a r.)...................................
Am . Sugar Refining, co m .(q u .)(N o .l0 7
p l% July
m% July
Common (oxtra).....................................Preferred (quar.) (N o. 106)
P l% July
3% Sept
Amer. Sumatra T o b a cco , pref.................
1
15
26
1
1
1
1
1
1
5
3
22
1
29
20
11
1
2
Holders o f reo. M ay 20a
Holders o f rec. M ay 31a
♦Holders of rec. Juno 12
Holders o f rec. Juno 15
Holders o f rec. June 15a
Holders of reo. M ay 15a
Holders of rec. M ay 15a
Holders of rec. M ay 31a
Holders of reo. M ayf22a
M ay 26
to
Juno 5
Holders of rec. Juno 18a
Holders o f rec. July 5a
Holders of rec. M ay 24a
J u n o 21
to
Juno 11
to
M ay 25
to
M ay 11 to
Holders o f rec.
2 Holders of rec.
2 Holders o f rec.
2 Holders of reo.
J u n o 29
June 20
Juno 2
M ay 20
June la
Juno la
Juno l a
A u g . 16a
May 25 1918,]
Name o f Company.
M is c e lla n e o u s (C o n t in u e d ).
2201
THE CHRONICLE
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
Name o f Company.
M is c e lla n e o u s (C o n c lu d e d ).
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2
Amer. Telep. A Teleg. (gu a r.)..........
Holders o f reo. June 20a
-I X June 1 Holders o f reo. May|15a
American Thread, preferred________ ~ 12X0 . July 1 M ay 15 to
June 30
-2 X June 29 Holders o f rec. June 5a
Am er. T obacco, com mon (q u a r .)... . . g5
June 1 Holders o f reo. M ay 15
. . r2
July 10 Holders o f rec. June 15a
Anaconda Copper M ining (q u a r .)... *2
M ay 27 April 21
to
M ay 15
.
2
Preferred (quar. j .
July 1 Holders o f rec. June 16a
Associated D ry Goods, 1st pref.........
Holders of reo. M ay 11a
l.) *30c:. June 1 ♦Holders o f rec M a y 15
Second preferred. ........................ ..
1§*C
Holders o f reo. M ay 11a
- - o I X June 1 Holders o f rec. M ay 20a
..
*5
Aug. 1 ♦Holders o f rec. Juno 28
. . *2 X June 1 ♦Holders o f rec. M ay 15
Preferred (q u a r .)..______ _______
-1 'A July 1 Holders o f rec. June 10a
Preferred (quar.)...............
* 1 X June 1 ♦Holders o f rec. M a y 15
Atlantic Refining (q u a r.)..................
5
Holders o f rec. M ay 20a
lolinc Plow, first preferred
June 1
I X June 1 M ay 19 to
Atlas Powder, com. (quar.)...............
2
June 1 to
June 9
Second preferred (quar.)___
..
I X June 1 M ay 19 to
June 1
E x tr a _____ __________ _____ _____
3
June 1 to
June 9
lontana Power .corn, (quar.)
..
1 H July 1 Holders o f rec. June 15
Baldwin Locomotive, preferred______
*3X July i ♦Holders o f rec. June 8
Preferred (quar.) (N o. 23 ).
I X July 1 Holders o f rec. June 15
Bethlehem Steel, com m on (qu ar.).
..
2X
Holders of rec. June 15a
..
1
June 15 H olders o f rec. M ay 31
Com m on, Class B (qu ar.)______
.
2X July 1 Holders of rec. June 15a
Preferred (quar.)___
I X June 15 Holders o f rec. M a y 31
.
I X June 15 Holders of rec. June la Nash Motors, com mon..
M ay 31 Holders of rec. M a y 20
Brier H ill Steel, com. (quar.).
. . *1X July 1 ♦Holders o f rec. June 20
National Acm e (quar.).
..
75c June 1 Holders o f reo. M a y 15a
Common (extra)....... .......... ..
*3H
♦Holders o f rec. June 20
1.
I X July 15 Holders o f rec. June 29a
Preferred (quar.)_________
♦1J4
♦Holders o f rec. June 20
Preferred (quar.) (N o . 81).
..
I X M ay 31 Holders o f rec. M ay 18a
..
6 " June 29 Holders o f coup. N o. 67s
6)
I X July 15 Holders o f rec. July 8a
i x June 1 Holders of reo. M ay 20a
Preferred (quar.) (N o. 16)_____
..
I X June 1 Holders o f rec. M a y 21a
..
$2
June 15 Holders of rec. M ay 31
N a tion a l G ro c e r , c o m m o n ( q u a r .).
June 30 June 20
..
2
to
June 30
..
15 June 10 Holders o f reo. M ay 31a
Preferred.........................................
June 30 June 20
to
June 30
._ $1
June 15 Holders o f rec. M ay 31a
National Lead, pref. ("quar.j_____
..
I X June 15 Holders o f rec. M a y 24a
Preferred (quar.)_____________
*IK
♦Holders o f rec. June 15
National Lead, common (quar.)___
..
I X June 29 Holders o f rec. June 14a
Calumet A Hecla M ining (quar.).
. $15
June 14 Holders o f rec. M ay 28
. . 11
July 25 Holders o f rec. July 5
Cambria Steel ( q u a r . ) . .. .............
.
75c.
Holders o f rec. M ay 31a
National Sugar Refining (quar.).
..
I X July 2 Holders o f rec. June 10
E x t r a ..................................... .......
75c.
Holders o f rec. M ay 31a
National Surety (quar.)___________
July 1 Holders o f rec. June 20a
..
3
Carbon Steel 2d pref. (annual)..
0
July 30 Holders o f rec. July 26a National Transit______
_
50c . June 15 Holders o f rec. M a y 31a
Car wen Steel T o o l______________
50o.
June 2
to
June 9
Extra
______ ___________ 11II
. June 15 Holders o f rec. M ay 31a
Central Leather, pref. (quar.)___
Holders o f rec. Juno 10a Nebraska Power, pref. ( q u a r .j...
IX
..
I X June 1 Holders o f rec. M a y 21
June 1 Holders o f rec. M ay 20a
- $1
New Niquero Sugar, com. & pref
.
3 X June 1 Holders o f rec. M ay 22
E x tra.
June 1 Holders o f rec. M ay 20a
New River C o ., pref. (qu ar.)____
..
I X M ay 29 Holders o f reo. M a y 18a
.
3
June 20 Holders of rec. June la
.
5
June 21 Holders o f rec. June 3a
E x tr a _____ ____________________
Juno 20 Holders of rec. Juno la
..
1
June 1 Holders o f rec. M ay 25a
Childs Company, common (q u a r.)..
.
I X June 10 M ay 30 to June 10
Niagara Falls Power (quar.).
.
2
July 1 Holders o f reo. June 15a
Preferred (quar.)......... ...................
June 10 M ay 30
to
June 10
Nlles-Bement-Pond, com . (qu
t)
3
June 20 Holders o f reo. June 3a
Cleveland-Akron Bag (qu a r.)..
.
I X Juno 30 June 21 to July 1
Northern Pipe Line (q u a r .)...
.
5
July 1 Holders o f rec. June 11
E x tr a _____ __________________ ~~
Juno 30 June 21
to
July 1
.
I X June 1 Holders o f rec. M a y 22
Colorado Power, preferred (qu ar.)..
.
I X June 15 Holders o f roc. M ay 31a Ohio Cities Gas, com . (qu ar.)_____
. $1.25 June 1 Holders o f rec. M ay 17a
Connecticut River Power, preferred.
June 1 M a y 28 to
.
3
M ay 31
Ohio Fuel OH (qu ar.)....... .......... . . I
.
50c. M ay 25 M ay 21
to
M a y 26
1 H olders of rec. M ay 17a Ohio Oil (quar.)
.
5 C Juno
■June 20 ’‘ M ay 23
to
June 16
Consolidated Gas (qu ar.)________
June 15 H olders o f reo. M ay 9a
Extra __________
i June 20 1M ay 23
‘
to
June 16
Continental M otors, com . (quar.)
.
I X M ay 25 M ay 19 to
M ay 26
Pacific M all Steamship, com m on ..
.
50c. June 15 Holders of rec. June la
Continental Oil ( q u a r . ) . .. ...........
*3
June 17 ‘ Holders o f rec. M ay 17
Common (e x tra )....................... ..
June 15 Holders o f rec. June la
. $1.5( June 15 Holders o f roc. M ay 22
Pacific Mall SS., preferred (qu ar.j.
.
I X June 1 Holders o f rec. M a y 17a
Cosden A C o ., preferred (qu ar.).
8J4c June 1 M ay 19
to
M ay 31
I X June 15 Holders o f rec. M a y 31a
Crescent Pipe Line (quar.)______
.
75c June 15 M a y 24
to
June 16
. r$1.25 July 10 Holders o f rec. June 15a
Crex Carpet.................................
Juno 15 Holders o f reo. M ay 31a
Preferred (qu ar.)______ . . . . . . .
I X July 1 Holders o f rec. June 15a
.
IX June 29 Holders o f reo. Juno 15
Pennsylvania Lighting, com m on .
- * i x M ay 31 1 olders o f rec. M a y 21
'H
Cudahy Packing, com mon (quar.).
. * i x June 15 ‘ Holders o f rec. Juno 5
Philadelphia Electric (q u a r.j_____
. 4354 c June 15 Holders o f rec. M a y 22a
Cuban-American Sugar, com mon (t
.
2X July 1 Holders o f rec. June 15a Pittsburgh Brewing, com mon
54 June 15 Holders o f rce. June la
Preferred ( q u a r .)......................
July 1 Holders o f roe. Juno 15a
Preferred (quar.)_______ ______
M ay 31 Holders o f rec. M a y 20a
Deere & C o., preferred (qu ar.)____
.
IX Juno 1 Holders o f reo. M ay 15a
July 1 *
:) *1
D iam ond M atch (q u a r .)..
.
2
Juno 15 Holders o f reo. M ay 31a
Preferred (quar.].
. *154 July 1 Distillers Securities (quar.)
.
X July 18 H olders o f rec. July 2a
154 June 1 Holders of reo. M a y 15a
E x tra....................
July 18 Holders o f reo. July 2a
. ff3
June 6 Holders o f rec. May|15a
July 1 H olders o f reo. Juno 15
.
1
.
154 June 5 Holders of reo. M ay 15a
Preferred (quar.).
July 1 Holders o f reo. Juno 15
Preferred (quar.) (N o. 7 7 ) . . .
154 M ay 28 Holders o f reo. M ay 7a
2
July 2 Holders o f rec. June 15
Quaker Oats, preferred (qu ar.).
I X M ay 31 Holders of reo. M a y la
*l2d M ay 18 ‘ Holders o f rec. M ay 8
Quaker Oats, common (quar.j
.
3
July 15 Holders o f rec. July la
Eastern Steel, com mon ( q u a r .)...'.
July 15 Holders o f reo. July 1
Common (extra)______
.
1
July 15 Holders o f rec. July la
First and second pref. (q u a r .j.1 .1 II .
I X June 15 Holders o f reo. June 1
Preferred (quar.)____________
.
I X Aug. 31 Holders o f rec. A ug. la
Eastman K odak, common (quar.)_____ .
2X July 1 Holders of reo. M ay 31a
.
I X June 29 Holders o f rec. June 15a
Com m on (extra)______________ ____ I
June 1 Holders o f reo. April 30a
Preferred (quar.).
154 June 20 Holders o f rec. June 8a
Preferred (quar.)___________________
July 1 Holders of reo. M ay 31a
)
154 Aug. 1 Holders o f rec. July 20a
Aug. l Holders o f reo. June 29a
10
Eastman Kodak, com m on (extra)____
.
154 July 1 Holders o f rec. June 18a
Fairbanks, M orse A C o., pref. (quar.) .
M ay 31
I X Juno 1 M a y 22 to
----- ; :
—
w i u m u u v u uu i . i .
354c M ay 25 Holders o f reo. April 30a
Federal Mining & Smelting, pf. (quar.) .
I X June 15 Holders o f rec. M ay 25a Riverside Western Oil, com . (quar.) . 3754c M ay 25 Holders o f reo. April 30a
Federal Sugar Refg., com. (quar.)______
IX June 17 Holders o f reo. Juno 7a
R oyal D utch C o __________
I_ . $2.40 M ay 31 Holders o f rec. M ay 21a
Federal Utilities, In c., preferred_____
I X June 1 Holders o f roc. M ay 15
St. Joseph Lead
50c. June 20 June 9
to
June 20
Foundation C o., com m on________ .
Juno 15 Holders o f rec. June la
. $1
Savage Arms Corp., com m on (q u a r .j.. 154 June 15 Holders o f reo. M ay 31a
Catena-Signal Oil, com. (qu ar.).............
3
July 31 Holders o f rec. M ay 31
First pref. (qu ar.)................................. 154 June 15 Holders o f reo. M a y 31
Preferred (quar.)_______________ .
July 31 Holders of rec. M ay 31
.
2
Second preferred (q u a r .j...................... .
154 June 15 Holders o f reo. M a y 31
.
I X Juno 1 Holders o f rec. M ay 23a Shattuck Arizona Copper C o
25c. July 20 Holders o f reo. June 29a
2
June 1 Holders o f reo. M ay 22a
E xtra...............................
................ .
25c. July 20 Holders of reo. June 29a
General Chemical, preferred (quar.).
* IX July 1 *Holders o f reo. June 18
Solar Refining.......
...................... .
5
June 20 June 1 to
June 20
Juno 1 Holders o f rec. M ay 24a
IX
Southern Pipe Line (quar.j
''' .
6
June 1 Holders o f rec. M ay 16
General Developm ent (qu ar.j.
Juno 1 Holders o f rec. M ay 15a
$1
)
154 June 1 Holders o f rec. M a y 25
General Electric (quar.)_______
July 15 Holders o f rec. June 8a
.
2
Standard M illing, com mon (qu ar.).
.
1
M ay 31 Holders o f rec. M ay 21a
Extra (payable in stock ]..'/
July 15 Holders o f rec. June 8a
2e
Com m on (payable In com m on stc
M ay 31 Holders o f reo. M ay 21a
. n
Gillette Sarety R a ior (quar.)
$1 75 June 1 Holders o f reo. M ay 1
Preferred (quar.) (N o. 3 4 )...........
.
154 M ay 31 Holders of reo. M ay 21a
Extra........................................
June 1 Holders o f reo. M ay 25
$1
. »1
July 1 *
Globe OH (m onthly)_______ "
15c. June 10 Holders o f rec. M ay 25
. *154 July 1 *
Aug. 15 H olders o f reo. Aug. 2a
1
.
254 June 15 1
Preferred (quar.)
IX July 1 Holders o f rec. Juno 21a Standard Oil (Indlanaj (quar.)
.
3
M ay 31 :
to
M ay 31
3
June 1 M a y 21
to
M ay 31
E xtra........................ ..........
3
M ay 31 :
to
M a y 31
Grasselli Chemical, com. (quar.)
*I X June 29 *
3
June 15 .
to
June 16
Common (extra)..........................“
♦2
Juno 29 *
E x t r a ______________________ I .
3
June 15 .
to
June 16
Preferred (q u a r.)............ ..........
*1X June 29 ♦
S t a n d a r d O il ( N e b r a s k a ) __________ _______ *10
June 20 *1
Great Northern Paper......... ..
I"
I X June 1 Holders o f rec. M ay 25a S t a n d a r d O il o f N e w J e r s e y ( q u a r . j _____
5
June 15 1
Greeno Cananea Copper (qu ar.).
2
M ay 27
S t a n d a r d O il o f N . Y . ( q u a r . ) . .
3
June 15 1
to M a y 30
/25
June 3
S t a n d a r d O il (O h i o ) ( q u a r .)
3
July 1 .
to
June 19
Gulf Slates Steel, common (quar.)..
*2X July 1 ♦
E x t r a .................................. ...................
1
July 1 .
to
June 19
First preferred (quar.)...............
I X July 1
Standard Screw, common (q u a r.)..
♦6
July 1 *1
Second preferred (quar.).............
July 1
IX
S t e e l P r o d u c t s , p r e f . ( q u a r . ) . . ...................
154 June 1 1
Hackensack Water, com. and pref.
87Xc. Juno 1
S tu d e b a k e r C o r p o r a t io n , c o m m o n (q u .j
1
June 1 1
IX June 1
P r e fe r r e d ( q u a r . ) _____
154 June 1 I
Com m on (extra).
6
June 5
S w if t A C o . ( q u a r .) ( N o . 1 2 9 ) . .
2
July 1 1
to dJune 30
Preferred (quar.).
IX July 20
S p e c ia l ( p a y a b l e in s t o c k ) ( N o . 1 3 0 . .
«25
July 15 1
to
June 30
M ay 31
1
U n d e r w o o d T y p e w r it e r , c o m m o n ( q u . ) .
154 July 1 1
Hartm an Corporation (quar.).
IX June 1
P r e fe r r e d ( q u a r . ) _________________________
July 1 1
154 ■
Haskell A Barker Car (qu a r.)..
July 1 *
♦si
Union Bag A Paper Corp. (quar. (N o. Y).
154 .June 15 1
June 5
$1 Juno 1
U n io n S t o c k Y a r d s , O m a h a ( q u a r . ) ____
154 .June 1 1
M a y 31
<5
Tuno 1
U n it e d C i g a r S t o r e s o f A m . , p r e f . ( q u . j
June 15 1
154 •
Homestako Mining (mthly.) (N o. 525)
60o. Hay 25
U n it e d D r u g , 2 d p r e f . ( q u ) ( N o . 9 ) ____
June 1 1
1X •
Illinois Plpo Line.................................. ..
8
rune 29
Juno
U n it e d P a p e r b o a r d , p r e f . ( q u a r .) .
July 15 I
154 •
Independent Brewing,Ptttsb.,com. (qu.)
25c. runo 15
Juno
U n it e d P r o f i t - S h a r i n g ___________
1540. .June 1 I
Preferred (quar.)......... .......... ................ 87Xc May 31
E x t r a .........................................................
M ay
154c. :June 1 I
Indian Refining, common (quar.). . . . _
3
funo 15
U . S . G y p s u m , p r e fe r r e d ( q u a r . j ! ______
154 «rune 30 J
to
June 30
Preferred ( q u a r .).......................
I X rune 15
U . 8 . I n d u s t r ia l A l c o h o l , c o m . ( q u a r . ) . .
4
J
rune 14 I
2
Inland Steel (quar.).................... . _____
rune 1
U . S . S te e l C o r p . , c o m m o n ( q u a r .)
rune 29 J
154 J
1 to
June
r
uno l
International Cotton Mills, com m on_
_ $1
C o m m o n ( e x t r a ) ..............................
3
J
rune 29 J
1 to
June
154 r
uno 1
Preferred (quar.)............................ ........
P r e fe r r e d ( q u a r . ) ........................... ..............
May 29
M ay 7
154 1
uno l
Int. Harvester C orp., pref. (qu.)(N o.21)
IX
W a lt h a m W a t c h , p r e f e r r e d .................. .......
3
J
rune 1 I
une 1
Int. Harvester of N .J.,pref.(qu .)(N o.45)
IX r
W a y l a n d OH A G a s . c o m m o n ( q u a r . j . .
10c. J
rune 11 I
1
$1
fune 1
International Nickel, com . (qu ar.).........
W e s t e r n G r o c e r , c o m m o n ...... .................
4
Jrune 30 J
June 30
uly 1
Jewel Tea, Ino., pref. (quar.)....................
IX
P r e f e r r e d ....................................................... ..
3
Jrune 30 J
June 30
une 15
Kerr Lake Mines, Ltd. (qu ar.)(N o. 3 ) . . 25o.
W ’ h ’ s e , C h u r c h , K e r r A C o . , I n c ., c o m .( q u )
154 Jrune 10 I
June 1
2
une 1
Kings C o. El. Lt. A Pow . (q u .)(N o .7 3 ).
P r e fe r r e d (q u a r ) ________________ ________
154 Jrune 10 I
June 1
1
\ug. 1
Kress (S. H .) A Co..com. (quar.) (N o.I ) .
W e y m a n - B m t o n C o . , c o m m o n ................... 120
( let.
1 I
uly 1
IX
Preferred (quar.).......................... .
W h i t e (J . G . ) A C o . , I n c . , p r e f. ( q u a r . ) .
154 Jrune 1 I
uno 29 *1
* ix
Lackawanna Steel, common (quar.)
W h i t e (J . G . ) E n g i n e e r in g , p r e f . (q u a r .j
154 Jrune 1 I
*2X luno 29 «I
Common (extra)........... .................
W h i t e (J . G . j M a n a g e m e n t , p r e f . ( q u . ) .
154 Jrune 1 I
une 1
2X
Lake o f the W oods M ill..L td .,com .(qu .)
W h i t e M o t o r ( q u a r . ) ................ .........................
$1
Jrune 29 I
Preferred ( q u a r .).._______ __________
IX lune 1
W o o d s M a n u f a c t u r i n g , c o m m o n (q u a r .j
154 Jrune 1 F
Lanston M onotype M ach, (qu.) (No.31) n IX May 31 I
W o o lw o r th (F W .) . c o m . (q u .H N o . 2 4 )
2
June 1 J.
2
to
M ay 15
May 31 1
$1
Lohlgh Coal A Navigation (quar.)
W o o lw o r th (F . W .) C o ., p r e f. ( q u a r ,) ..
154 July 1 F
Lehigh Valley Coal Sales (quar.)........... .. _ ♦S2 ■uly 1 ♦!
3
. une 1 I
Liggett A M ycre T ob acco, com . (qu ar.).
• From unofficial sources, a Transfer books not closed for this dividend. 6 L ess
5
May 31
Lindsay Light, common (quar.)_______
British Income tax. d Correction, e Payable In stock. / Payable In c o m m o n
5
May 31 I
Com m on (extra).......................................
stock, g Payable In scrip, h On account of accumulated dividends. < P a y a b le In
Preferred (quar.)........... .........................
IX May 31 I
Liberty Loan bonds, k Payable In first preferred 6 % dividend certificates due
Mackay Companies, com. (qu.) (N o. 52 ).
I X ■uly 1 ]
July 1 1920. I Red Cross dividend, m Declared four extra dividends payable
1
. uly 1 ]
Preferred (quar.) (No. 5 8 )......................
X % as nbovo, 'A% Oct. 2 to holders o f record Sept. 3, X % Jan. 2 1919 to holders
Magma Copper (quar.)....... .........................
50c. . une 29 I
o f record Deo. 2 1918, and X % payable April 2 1919 to holders o f record M arch 1
3
. une 1 I
M ahoning Investm ent..........
. .
1919. n Payablo In 6 % dividend certificates due M ay 31 1919. o Payable In tenM anatl Sugar, com . (q u a r.)......................
2X -1uno 1 I
year 6% dividend certificates, p Declared also regular quarterly dividend N o. 108
1
June 1 I
M anhattan Shirt, com m on (q u a r.j.........
on com . and N o. 1"7 on pref., 1J4% each, payable O ct. 2 to holders o f rec. Sept. 3.
■ug. 1 J
M arconi Wireless T el. o f A m er.(N o. 2 ). 250.
Aug. 1
r Payable one-half In cash and one-half In 2d Liberty Loan bonds, s Transfers
2
Juno 1 k
Massachusetts Gas C os., prof
M ay 31
received In order In London on or before June 10 will be In time to be passed fo r
Maxwell M otor, In c,. 1st pref. (quar.j
klX J uly 1 i
payment o f dividend to transferees.
IIIIIIIIIIIIII
(quar.j . . . IIIIIII
[V o l . 106
THE CHRONICLE
2202
M em ber B an k s o f th e F ed eral Reserve S y s te m — F o llo w in g is th e w e e k ly s ta te m e n t issu e d b y th e F e d e r a l R e s e r v e
B o a r d g iv in g th e p rin c ip a l ite m s o f th e re so u rce s a n d lia b ilitie s o f th e M e m b e r B a n k s a n d d a te d M a y 1 8 . B e c a u s o o f th e largo
n u m b e r o f b a n k s fo r w h ic h re tu rn s are fu rn ish e d th e s ta te m e n t is n o t issu e d u n til a w ee k la te r th a n th a t fo r th e 1 ecloral
R e s e r v e b a n k s o f th e sa m e d a t e .
D e fin itio n s o f th e d iffe r e n t ite m s c o n ta in e d in th e s ta te m e n t w ere g iv e n in th e w e e k ly s t a t e
m e n t issu e d u n d e r d a te o f D e c . 1 4 1 9 1 7 a n d w h ic h w a s p u b lis h e d in th e “ C h r o n ic le
of D e o . 2 9 1 9 1 7 , page 2 5 2 8 .
STATFMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE,
*
RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 10 1918.
. . .
a o m n i n d i c a t i o n o f t h e c h a r a c t e r a n d v o l u m e o f i n v e s t m e n t a n d l o a n o p e r a t i o n s o f 6 9 3 m e m b e r b a n k s in a b o u t 1 0 0 l o a d i n g c it i e s in c o n n e c t i o n
w i t h Bt h o c o n s u m m a t io n o f t h e T h i r d L i b e r t y L o a n is a f f o r d e d b y t h e w e e k l y s t a t e m e n t s h o w in g c o n d i t i o n o f t h e s e b a n k s a s a t c l o s e o f b u s in e s s
^TTnitfld S t a t e s s e c u r it ie s o n h a n d s h o w a n o t d e c r e a s e f o r t h e w e e k o f a l m o s t 5 0 m il l io n s , a n in c r e a s e o f 3 0 9 m il l io n s i n t h e a g g r e g a t e
h o l d i n g ^ o f ^ n H e d ^ S t a t e ^ b o n ^ s , o t h ^ r t t ia n c ir c u l a t i o n b o n d s , b e i n g
o f f s e t b y n e t l iq m d a t i o n o f 3 6 1 .1 m U lio n s o f ^ r t . H c a t ^ o f
nTlftano c im n o r t e d b v U n it e d S t a t e s w a r s e c u r it ie s s h o w a r is e f o r t h e w e e k o f 1 7 1 .8 m il l io n s , w h il e o t h e r lo a n s a n a l m c w n e n ^ s
c r e a s e d b y 1 0 5 5 m illio n s
F o r^ t h o 1 2 0 b a n k s in t h e t h r e o c e n t r a l r e s e r v e c it ie s c o r r e s p o n d i n g c h a n g e s i n v o l v o a d e c r e a s e o f 4 7 . 4 m illio n s in t o t ;d
T T n bed g & t e s s e n i r i t e s a n i n c r e a s e o f 1 7 2 .2 m illio n s i n U n it e d S t a t e s b o n d s o t h e r t h a n c i r c u l a t i o n , b o n d s , a n d a d e c r e a s e o f 2 1 9 .6 m illio n s In
c e r tific a t e s
l o a n s s u n n o r t c d b y G o v e r n m e n t w a r s e c u r it i e s r e p o r t e d t b y t h e s e 1 2 0 b a n k s s h o w a n in c r e a s o o f 1 1 9 m il l io n s anel o t h e r lo a n s a n d
w o n t u p f r o m 1 1 0 .1 t o 1 1 3 . .
o f c o m b i n e d c a s h a n d r e s e r v e v~ ........ .. — — — ------------------ —.
. . . . ___
E x c e s s r e s e r v e s o f a ll r e p o r t i n g b a n k s i n c r e a s e d b y o v e r 1 0 0 m illio n s t o 161 -o m il l io n s ,
a t 1 0 9 .5 m il l io n s , o r 7 6 . 2 m il l io n s in e x c e s s o f t h e t o t a l s h o w n t h e w e e k b e f o r o .
1 . D ata fo r all r e p o r tin g b a n k s In e a c h d is t r ic t .
Boston.
Member Banks.
Num ber of reporting banks—
New York.
49
$
12,975,0
93
40
S
14,121,0
U . 8 . bonds to secure clrculat’n
Other U. S. bonds, Including
Liberty b o n d s _____________ 18,939
U . 8. ccrtlfs. of Indebtedness.. 21,859
Total U. 8. securities______ 57,919
Loans sec. by U . 8. bonds, & o. 50,492
All other loans & investments. 775,529
Reserve with Fed. Res. Bank. 05,013
Cash In vault_________________ 28,410
N et demand d e p o s its ..______ 029,429
Tim e deposits_________________ 95,600
Government deposits________ 113,502
Phlladel. Cleveland. Rlchm'd.
S
50,817,0
31,475
40,530
90,980
36,376
622,068
08,131
20,319
592,722
14,426
37,729
317.291.0
822.336.0
1.190.497.0
264.809.0
4.051.091.0
050.252.0
130.375.0
4.245.305.0
277.890.0
379.927.0
80
S
42.887.0
73
S
23,818,0
79.050.0 25,173
39.140.0 13,971
161.033.0 67,902
42.697.0 15,824
923.100.0 349,100
81.129.0 27,214
31.457.0 15,568
073.313.0 267.050
227.748.0 44,069
08.531.0 24,092
Atlanta.
30
S
14.695.0
T w o ciphers (00) om itted.
Chicago.
St. Louis. M lnneap. K an. City
95
32
31
19,612,0
17,393,0
5,744,0
14.012.0
Dallas.
83, 973.0 24,833,
25.622.0
56, 721.0 32,685,
22.218.0
100 336.0 74,911
62.535.0
27, 771.0 12,558,
0,410,0
267.001.0 1,357 373.0 370,135,
143, 464.0 33,349,
27.545.0
14.812.0
61, 121.0 14,754,
192.006.0 1,024, 429.0 252,270,
81.808.0 347, 103.0 74,634,
47, 474.0 52,538,
32,425,0
,
5
S
S
$
Total.
San Fran.
40
16.979.0
693
S
26S ,482,0
48
35.399.0
71
S
$
677.090.0
20.980.0 16.591.0 22.880.0
30.159.0 17.589.0 41.170.0 1.165.267.0
05.151.0 51.159.0 99.449.0 2.110.839.0
483.736.0
8.391.0
5.226.0
3,997,0
454.161.0 109.243.0 487.434.0 10.065.235.0
44.460.0 17.705.0 43.993.0 1.223.127.0
379.413.0
17.031.0 11.774.0 21.268.0
375.147.0 140.773.0 370.780.0 8.935.572.0
62.606.0 23.175.0 103.499.0 1.398.264.0
826.989.0
7.917.0 12.520.0
29,896,0
10 280,0
12 , 833.0
28, 857.0
3, 179.0
233 988.0
20 242.0
9, 488.0
171, 088.0
45 040.0
20 378.0
2. D ata fo r b a n k s In e a ch C e n tra l R eserve c it y , b a n k s In all o t h e r R eserve c itie s and o t h e r r e p o r tin g b a n k s.
Chicago. St. Louis. Total Central Res. CUles.
New York.
Two ciphers omitted.
M ay 10.
M ay 3.
M ay 10.
M ay 10.
M ay 10.
M ay 3.
M ay 3.
Total.
Country Banks.
Other Reserve CUles.
M ay 10.
M ay 3.
M ay 10.
M ay 3.
M ay 10.
66
66
40
14
120
120
419
418
154
148
S
36,473,0
$
36,465,0
$
1,443,0
8
10.393.0
S
48,309,0
S
48,300,0
$
172.051.0
5
171.764.0
3
48.119.0
$
46.185.0
680
$
226.239.0
693
S
268.482.0
Num ber of reporting banks___
U . 8 . bonds to secure circulat’ n
Other U . S. bonds. Including
161.441.0 51.531.0 32.410.0
174.197.0 279.211.0
148.690.0 52.371.0 18.450.0 346.318.0
275.527.0
Liberty bonds_____________
39.323.0 54.122.0
805.879.0 988.990.0 29.707.0 28.153.0 863.709.0 1.033.307.0 262.235.0 388.900.0 138.973.0 132.747.0
U . 8. certlfs. of Indebtedness..
1.117.879.0 1.174.145.0 83.521.0 50.966.0 1.258.306.0 1.305.804.0 713.500.0 722.095.0 28.574.0 21.362.0
T otal U. 8 . securities---------141.408.0
187.031.0
119.167.0
263.131.0
139.549.0 15.713.0 10.097.0
242.321.0
Loans sec. by U . 8. bonds, & o.
811.172.0 770.058.0
All other loans & investments. 3.700.416.0 3.671.101.0 820.741.0 261.760.0 1.785.917.0 4.750.143.0 1.463.146.0 4.439.662.0 52.559.0 50.627.0
623.574.0 571.677.0 101.742.0 21.820.0 750.136.0 700.599.0 420.396.0 411.295.0 30.997.0 36.078.0
Reserve with Fed. Res. B ank.
178.157.0
178.017.0
161.411.0
161.399.0
8,288,0
114.903.0 39.184.0
116.927.0
Cash in vault_________________
3.605.620.0 625.935.0 630.395.0
N et domand deposits________ 3.960.888.0 1.121.824.0 689.451.0 1.80.871.0 4,831,210, 5.033.610.0 3.478.427.0 803.523.0 181.266.0 178.300.0
231.825.0 213.395.0 139.630.0 54.724.0 420.179.0 432.233.0 796.819.0
Tim o deposits___________. . . . .
342.627.0 202.493.0 53.882.0 25.502.0
352.707.0 320.006.0 36,032,0 41.691.0 430.480.0 378.025.0
Government deposits________
308.078.0
677.090.0
1.105.267.0 1.526.329.0
2.110.839.0 2.160.646.0
311.937.0
483.736.0
10065 235 0 9.959.703.0
1.223.127.0 1.162.521.0
375.616.0
379.413.0
8.935.572.0 9.269.625.0
1.398.264.0 1.419.056.0
820.989.0
606.020.0
•Amended figures
T h e F ed era l Reserve B a n k s . — F o llo w in g is th e w e e k ly s ta te m e n t issu e d b y th e F e d e r a l R e s e r v e B o a r d o n M a y 1 8 :
T i n u ir lo t lo n o n a l a r e e s c a l e o f d i s c o u n t e d b ills a n d U n it e d S t a t e s C e r t i fi c a t e s o f I n d e b t e d n e s s f o l l o w i n g t h e c o n s u m m a t io n o f t h o T h ir d L i b "
e r t y L o ^ a a c M m p a ^ ^ r ^ Sc o n s i d e r ^ l e ° n e t w it h d r a w a l s o f G o v e r n m e n t a n d m e m b e r b a n k d e p o s i t s , is i n d i c a t e d b y t h o G c d e r a l R e s e r v e B o a r d s
^ o l f r ^ r a f s h o w T g a ^ n <rf l l .3 m il l io n s .
S u b s t a n t ia l g a in s in g o l d r e s e r v e s a r e r e p o r t e d b y t h e B o s t o n , C l e v e l a n d ,
C h ic a g o ^ a n d S t ? L o u is b a n k s , l a r g e ly t h e r e s u l t o f s h i f t i n g o f c r e d i t s I n . t h e G o l d S e t ^ e m O T t F u n d I n c o i m e r t l o n ^ R l ^ b e r t y L o a n ^ o ^ e r a t i o M i .
A V d e c r e a s e o f a b o u t 2 7 m illio n s in t h o g o l d r e s e r v e s o f t h e N o w Y o r k b a n k is » c c o ^ W ‘ ^
w h il e a d ^ c r o ^ o o f 2 4 3 m i l l i o n s i n
in a c c o u n t w it h o t h e r F e d e r a l R e s e r v e b a n k s , s h o w n t h o w e e k b e f o r e , t o a f a v o r a b l e ° f , M u ™ ,V n t* n n h a m i . n d T ^ e L e o f 7 8 m d llio M
k
g o l d r e s e r v e s r e p o r t e d b y t h e K a n s a s C i t y b a n k is a c c o m p a n i e d b y a n in c r e a s e o f 1 7 .7 m illio n s in d i s c o u n t s o n l ia n a a n a a u e e r t a s o o i t .a m i m o a
_
Q 11 I N v F s T M E N T S _ A
d e c r e a s e o f 9 6 8 m il l io n s is i n d i c a t e d in t h o t o t a l h o l d i n g s
o f d is c o u n te d
b ills ,
th e
and
S t.
L o u is
ir w e K M S iir ^
f h o H m if b o m in r i W e s t e r n h a n k s e x c o D t S a n F r a n c i s c o , r e p o r t i n g s m a lle r fig u r e s t h a n t h o w e e k b e f o r e ,
i n e u e c r e a s o o i . o.t m in io n s s i i o w u i u i
a
U n it e d S t a t e s G o v e r n m e n t s h o r t - t e r m s e c u r it i e s is d u o t o n e t l iq u id a t i o n o f a c o r r e s p o n d i n g a m o u n t o f U n it e d S t a t e s c e r t i f ic a t e s o f in d e b t e d n e s s .
S
T O A W T & p W m e n t tor
S
a ll
h o b a n k s e x c e p t K a n s a s C i t y r e p o r t in g
at
p f q f r v t p N O T K S _ 'NTot
_
a ctu a l c i r m d a t L f r l g K
m
1 5 6 0 .4 ^ l l
b e fo r o .
T h e r a t io o f t o t a l c a s h r e s e r v e s t o
f f i k
a
g
n
a
t
e
o
f
$ 1 9 7 ,0 0 0 in
s m a lle r b a n k d e p o s i t s t h a n t h e w e e k , w f o r e .
t J t o 2 7 m illio n s
F e d e r a l R e s e r v e n o t e s In
is s u e s f o r t h e w e e k o f F e d e r a l R e s e r v e n o t e s a m o u n t e d t o z . / m in io n s ,
lo u o ia i
n o iw *
i ^
a n d f o r t h e f l m t t i m e s i n c e J a n u a r y 2 5 s h o w a s l ig h t d e c l in e a s c o m p a r e d w i t h t h e t o t a l o f t h e w e e k
a g g r e g a t e n o t d e p o s i t s a n d F e d e r a l R e s e r v e n o t o l ia b ilit ie s s h o w s a n i n c r e a s o f i o m <>0.3 t o 0 3 .1 % . ^
T h e figu res o f th o c o n so lid a te d s ta te m e n t fo r th e s y s t o m as a w h o le are g iv e n in tho fo llo w in g t a b le , a m i in a d d itio n
w e p re se n t th e re su lts fo r e a ch o f th o so v e n p re ce d in g w e e k s , to g o th o r w ith th o se o f th o c o rr e s p o n d in g w e e k o f la s t y o a r , th u s
fu rn is h in g a useful c o m p a r is o n .
T h o earlier figu res h a v e b e e n re v ised in ord er to c o n fo r m w ith n ow fo r m a d o p te d b y th e
F e d e ra l R e se rv e B o a r d as o f J u n e 2 2 .
I n th e se co n d ta b le w o sh o w th o resou rces a n d lia b ilitie s s e p a r a te ly fo r e a c h o f th e
tw o lv o F o d e ra l R e se r v e b a n k s .
T h o s ta te m e n t o f F e d e ra l R e s e r v e A g e n ts A c c o u n ts (th e th ird ta b le fo llo w in g ) g iv e s d e ta ils
re g a rd in g th e tr a n sa c tio n s in F e d e ra l R e s e r v e n o te s b e tw e e n th e C o m p tr o lle r a n d tho R e s e r v e A g o n ts a n d b e tw e e n 1 10 la tto r
an rljth e F e d e ra l R e s e r v e b a n k s .
M ay 17 1918. May 10 1918. M ay 3 1918. April 26 1918 April 19 1013. Apr. 12 1918 April 5 1018.
March 28 and
May 18 1917.
29 1918.
RESOURCES.
G old coin and certificates In vault-------G old settlement fund— F . R . Board—
G old with foreign agencies------------------
S
479,529,090
418,337,000
52,590,000
S
480.530.000
437.441.000
52,500,000
$
482.832.000
437.771.000
52,500,000
$
486.820.000
439.477.000
52,500,000
S
433.829.000
413.819.000
52,500,000
$
433.762.000
407.971.000
52,500,000
S
483.780.000
381.163.000
52.500,000
S
489.948.000
399.568.000
52,500,000
S
350.269.000
187.969.000
T otal gold hold b y banks......... —
Gold with Federal Reserve Agent.........
G old redemption fund.................... ..........
950.366.000
915.536.000
28,502,000
970.521.000
885.027.000
27,584,000
973.103.000
862.206.000
21,511,000
978.797.000
821.218.000
23,985,000
955.148.000
851.522.000
23,179,000
949.233.000
857.492.000
23,516,000
917.443.000
873.077.000
23,404,000
912,010,000
852,192,000
21,496,000
538.238.000
448.311.000
2,754,000
989,303,000
1,830,271,000 1,813,924,000 1,815,701,000
Total gold re s e rv e s .......................... 1,894,404,000 1,883,135,000 1,859,910,000 1,827,000,000 1,833.149,000
27,442,000
5S,359,000
63.509,000
64,724,000
65,153,000
63,915,000
60,013,000
50,365,000
53,303,000
Legal tender notes, silver, & c........... —
1,019,983,000 1,890,915.000 1,893,307,000 1,894,995,000 1,877.433,000 1,874,083,000 1,016,745,000
T otal reserves..................- ................. 1,952,712,000 1,912,500,000
44,846,000
583.228.000
812,265,000 939,011,000 873,112,000 902,188,000 803,015,000 712,807.000 573.883.000 301.065.000
100,177,000
320.503.000
279,888,000 286,036,000 297,029,000 302,399,000 303,277,000 318,857,000
Bills bought in open m a r k e t ........... —
115,023,000
1.031,661,000 900.386.000 887.293.000
Total bills on hand......... ................... 1,122,151,000 1,225,077,000 1,170,471,000 1,201,587.000 1,110,322,000
36.386.000
60,403,000
58,190,000
46.075.000
51,237,000
41.446.000
40,116,000 t i l , 115,000
U . S. Government long-term securities.
41.041.000
78.001.000
112,113,000 260.400.000 252.579.000
46.295.000
37.470.000
108,762,000 f3 6 ,146,000
73.013.000
U . S. Government short-term securities
11,781,000
3,222,000
3,523,000
3,771,000
3,293,000
2,722,000
2,537,000
1,811,000
1,492,000
All other earning assets-----------------------274.197.000
1.224,411,000 1,201,585,000
Total earning assets.................... — 1,237,727,000 1,373,790,000 1.250,569,000 1,286,162.000 1,212,585,000 1,231,815,000
3,057,000
26,915,000
0,957,000
1,815,000
479,000
10,314,000
*23,030,000
i»6,491,090
a 1,882,000
D ue from other F. R . banks— net-----192.830.000
346,997.000 339,130,000
334,301,000 462,220,000 399,635,000 373,531,000 387,178,000 383,009.000
Uncollected Items_____________________
T otal deduc’ns from gross deposits
5% re letup, fund agst. F. R . bank notes
All othor resources-------------------------------
332,500,000
530,000
77,000
455,726,000
401,000
66,000
370,605,000
537.000
329.000
388,315.000
528.000
350.000
337,655,000
409.000
261.000
384,821,000
537.000
321.000
356.954.000
537.000
324.000
368,075,000
537,000
3,721.000
195,887,000
400,000
5,836,000
3,459,059.000 3.445,984.000 1,493,065,000
Total resources___________________ 3,573,555.000 3,772,495,000 3.543,023,000 3.566.380,000 3.490.217.090 3.512.405.000
May 25 1918.]
2303
THE CHRONICLE
M ar. 28 and
M ay 17 1918. May 10 1918. M ay 3 1918. Apr. 26 1918. Apr. 19 1918. A pr. 12 1918. April 6 1918.
May 18 1917.
29 1918.
§
S
$
$
%
$
1
f
74.223.000
75.315.000
74.829.000
74.748.000
74.494.000
75.049.000
74.963.000
75,118,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,0 0
1,134,000
1,134,000
1,134,000
48.753.000
75.499.000 100.523.000
104.818.000 104.086.000
73.888.000 130.668.000
138.529.000
Government deposits........... ...............—
D ue to members— reserve account-------- 1,461,138,000 1,548,137,000 1,474,518,000 1,497,416,000 1,469,860,000 1,494,537,000 1,473,294,000 1,499,400,000
282.475.000 309.773.000 257,593,000 235.174.000 256,220,000 238.270.000 226.139.000 216.897.000
88.322.000
81.059.000
114.596.000
91.563.000
81.890.000
85.321.000
82.067.000
110.611.000
Other deposits, lncl. for. G ov’t credits.
L IA B IL IT IE S .
Total gross d e p o s its ..------------------ 1.906.962.000 2.107.050.000 1.897.562.000 1.945.148.000 1.889.901.000 1.918.651.000 1.886.318.000 1.901.442.000
F . R . notes In actual circulation........... 1.569.445.000 1.569.618.000 1.556.660.000 1.526.232.000 1.514.287.000 1.499.377.000 1.479.920.000 1.452.838.000
7,895,000
7,895,000
7.980.000
8,000,000
7.978.000
F . R . bank notes In circulation, notllab.
7,878,000
7.860.000
7,878,000
11,171,000
9.638.000
11,467,000
12,821,000
10,585,000
9.933.000
8.369.000
11,697,000
$
56,868,008
1 02 ,666 ,00 0
748.499.000
136.750.000
987.915.000
446.501.000
” 1,781,00#
Total liabilities................................ 3,573,553,000 3,772,495,000 3.548,023,000 3,566,839,000 3,499,217,000 3.512,495,000 3,459,659,000 3.445,984,000 1,493,065,000
62.9%
63.6%
61.9%
63.7%
62.3%
G old reservo against net deposit lla b ..
68%
60.0%
61.4%
58.9%
Gold res. agst. F. R . notes In act. clro’n
55.6%
58%
60.1%
60.6%
58.8%
57%
101%
60.1%
58.1%
R atio of gold reserves to net deposit and
60.3%
60.4%
59.3%
60.8%
61.2%
F d . Res. note liabilities com bin ed..
79.9%
60.8%
60.3%
58.5%
Ratio of total reserves to net deposit and
62.9%
63.1%
62.4%
61.3%
Fed. R es. note liabilities co m b in e d ..
82.1%
62.7%
62.5%
62.4%
60.3%
Distribution by Maturities—
s
1-15 clays bills discounted and bought.
611.731,000 773,785,000 744.943.000 073.064.000 581.700.000 536.016.000
394.352.000 359.957.000
1-15 days U. 3. G ovt, short-term secs.
41,976,000
5.719.000
4.733.000
75,474,000
12.541.000 105.716.000 224.395.000 217.613.000
20,000
1-15 days municipal warrants.............
40,000
14.000
34,000
14.000
15,000
113.033.000
119.788.000
194.238.000 200.131.000
16-30 days bills discounted and bought.
125.590.000
100.295.000 127.065.000
99.869.000
1.349.000
6.621.000
4.399.000
16-30 days U . 3. G ov t, short-term secs.
1,000
2,224,000
656.000
4.959.000
2,529,000
31,000
21.000
16-30 days municipal warrants------------32,000
31.000
21.000
199.314.000 217.535.000 206.190.000 282.036.000 279.343.000 267.267.000
31-60 days bills discounted and bought.
195.298.000 183.401.000
4.248.000
1.986.000
8.514.000
31-60 days U. 3. G ovt, short-term secs.
16.527.000
15,741,000
2.109.000
3.781.000
5.032.000
513,000
492,000
499,000
455,000
730.000
36,000
31-60 days municipal w a rra n ts.............
7.000
40,000
106.431.000 113.781.000
97,913,000
131.138.000 120.498.000
61-00 days bills discounted and bough t.
103.895.000
117.899.000 123.498.000
6.454.000
13.004.000
8.572.000
3,311,000
61-90 days U. 3. G ovt, short-term secs.
1,190,000
15.703.000
9.122.000
14.866.000
26,000
45.000
61-90 days municipal warrants------------487,000
496,000
455.000
1,000
9.476.000
13.319.000
14.520.000
9.845.000
Over 90 days bills dlsc’tcd and bought.
3 4 .1 9 4 .0 0 0
8.497.000
21,800,000
Over 90 days U .S.G ovt.short-term secs
14.365.000
14.365.000
15,268,000
11.228.000
19,839,000
13,698,000
13.578.000
13.656.000
1,000
Over 90 days municipal warrants-------1.000
1,000
1,000
Federal Reserve Notes—
Issued to the banks----------------------------- 1,710,240,000 1,707,522,000 1,671,168,000 1,040,656,000 1,639,056,000 1,625,698,000 1,607,027,000 1,563,987,000
140,795,000 137,904,000
Hold by banks_______________ ______ _
124,769,000
114,508.000 114,424,000
126,321,000
127,707,000 111,149,000
40,496,006
773,000
24,028,000
11.434.000
44.204.000
107,000
33,849,006
1.289.000
2.446.000
1,036,000
478,906,000
32,405,000
In circulation-------------------------------- 1,569,445,000 1,569,618,000 1,556,660,000 1,526,232,000 1.514,287,000 1.499,377,000 1,479,920,000 1,452,838,000
Fed. Res. Notes ( Agents Accounts)—
Received from the Com ptroller_______ 2,362,820,000 2,335,760,000 2,309,560,000 2,276,700,000 2,243,360,000 2,211.560,000 2,168,400,000 2,130,860,000
Returned to the Com ptroller__________
377,381,000 369,468,000 360,102,000 352,004,000 340,814,000 336,527,000 328,008,000 324,263,000
446,501,006
Am ount chargeable to Agent_____ 1,985,439,000 1,966,292,000 1,949,458,000 1,924,096,000 1,902,546,000 1,875,033
In hands of Agent.......................................
275,199,000 258,770,000, 278,290,000 283,440,000 203,490,000 249,335
,806,597,000
242.610,000
635.522.000
156.616.000
Issued to Federal Reservo b a n k s.. 1,710,210.000 1,707,522,000 1,671,168,000 1,640,656,000 1,639,056,000 1.625,698,000 1,607.627,000 1,563,987,000
Jloio Secured—
By gold coin and certificates__________
236,950,000 253,452,000 249,955,000 245,954.000 243,530,000 245,251,000 252,391,000 253,524,000
R y lawful m oney_____________________
By ellglblo paper.....................................
734, 550.000 711.795.000
791.701.000 822 495.000 808.872.000 810.438.000 748.234.000 768,206,
49,061,000
50,521,000
48,504,
50,043,000
G old redemption fund........................ ..
48,926,000
48 554.000
50, 038.00
50,001,000
W ith Fodcral Reserve B o a r d .. . ______
570, 048.000 549.742.000
628.582.000 583 021.000 563.280.000 527.743.000 561.249.000 563,737,
478,906,000
T o t a l .................................................... 1,710,240,000 1,707,522,000 1,671,168,000 1,640,650,000 1,639,056,000 1.625,698,000 1.607,627,000 1.563,987,000
478,906,000
1,840, 392.000
232, 705.000
Ellglblo paper delivered to F . R . Agent- 1,081.095,000 1.178.056,000 1,118,009,009 1,170.359.000 1,077,622,000 1,006,691,000
• N et am ount due to other Fodoral Reserve banks,
b This ltoin Includes foreign Government credits,
863,471.000
876,860.000
778,440,006
142,918,000
264.635.000
30,595,006
20,596,000
163.080.000
32,421,000
t Revised figures.
W E E K L Y STATE M EN T o f RESO URCES an d L IA B IL IT IE S o f EACH o f th e 12 FE D E RA L RE SE RVE BA N KS a t CLOSE o f BU SIN ESS M A Y 17 1918.
Two ciphers (00) omitted.
Boston.
New York.
RESOURCES.
_
Gold coin and ccrtlfs. In vault_
Gold settlement fund __________
Gold with foreign agencies...........
S
5,276,0
60,985,0
3,675,0
$
Total gold held b y banks.........
Gold with Federal Res. A g en ts..
Gold redem ption 'fund..................
69,936,0
63,213,0
2,000,0
T o ta l’gold reserves..............—
Legal-tender notes, silver, & c—
135,149,0
2,561,0
Phlladcl. Cleveland. Rlchm’d.
Atlanta.
348.267,0
39,336,0
18,112,0
S
9,190,0
52,729,0
3,675,0
24,615,0
60,844,0
4,725,0
6,336,0
18,710,0
1,837,0
6,615,0
10,068,0
1,575,0
405,715,0
247,839,0
12,500,0
65,594,0
82,796,0
3,000,0
90,214,0
98,201,0
836,0
$
Chicago. St. Louis. Mlnneap. K an. City
Dallas.
San Fran.
S
S
Total.
2S,878,0
80,016,0
7,350,0
S
2,212,0
32,421,0
2,100,0
10,738,0
18,572,0
2,100,0
554,0
21,371,0
2,625,0
5,205,0
7,397,0
1,838,0
31,013,0
15,888,0
2,888,0
$
479,529,0
418,337,0
52,500,0
26,883,0
31,096,0
855,0
18,258,0 116,244,0
37,345,0 148,713,0
1,648,0
1,986,0
36,733,0
42,003,0
1,722,0
31,410,0
34,804,0
1,902,0
24,550,0
36,979,0
777,0
14,440,0
19,193,0
1,260,0
50,389,0
73,351,0
16,0
950,366,0
915,536,0
28,502,0
666,054,0 151,390,0 189,254,0
42,865,0
1,324,0
629,0
58,834,0
426,0
57,251,0 266,943,0
717,0
4,520,0
80,458,0
1,692,0
63,116,0
67,0
62,306,0
294,0
34,893,0 123,756,0 1,894,404,0
2,850,0
363,0
58,308,0
S
S
$
5
S
Total reserves............................. 137,710,0
Bills discounted for members and
Federal Reserve banks----------- 36,019,0
Bills .bought In open market------ 21,037,0
703,919,0 152,714,0 189,883,0
59,260,0
57,968,0 271,463,0
82,150,0
68,183,0
62,600,0
37,743,0 124,119,0 1,952,712,0
368,714,0
130,439,0
36,276,0
26,956,0
61,101,0
13,480,0
46,333,0
1,893,0
21,303,0
5,567,0
29,150,0
7,697,0
22,024,0
7,116,0
69,067,0
2,041,0
27,133,0
845,0
38,123,0
20,188,0
Total bills on hand....................
U . S . long-term securities...........
U .S . short-term securities...........
All other earning assets...............
57,086,0
616,0
1,421,0
............
499,153,0
1,575,0
43,475,0
................
63,232,0
1,347,0
2,330,0
77,584,0
7,800,0
9,387,0
48,226,0
1,234,0
1,523,0
26,870,0 126,616,0 36,847,0
726,0
2,233,0
7,335,0
1,20.5,0
511,0
3,165,0
53,0
124,0
29,140,0
1,869,0
1,430,0
122,0
71,108,0
S,864,0
4,433,0
23,0
27,978,0
3,981,0
1,936,0
1,131,0
58,311,0 1,122,151,0
3,461,0
41,041,0
2,227,0
73,043,0
39,0
1,492,0
Total earning assets..................
D uo from other F .R . banks— Net
Uncollected Items----------- ----------
59,123,0
544,203,0
427,0
73,208,0
66,909,0
1,856,0
40,818,0
94.771,0
50,983,0
27,884,0
28,854,0 137,116,0 39,715,0
10,159,0
7,870,0
21,201,0 45,854,0 4.3,383,6
32,561,0
4,032.0
8,423,0
84,428,0
6,420,0
16,728,0
35,026,0
37,171,0
15,915,6
64,038,0 1,237,727,0
283,0
*1,882,0
19,963,0 384,391,0
73,635,0
42,674,0
37,171,0
27.8S4.0
31,360,0
12,455,0
23,148,0
15,915,0
20,246,0
393,0
137,0
33,843,0
Total deduc’ ns from gross dep. 33,843,0
5 % redemption fund against Fedoral Reserve bank notes...........
All other resources........................
83,9S9,0
42,627,0
53,724,0
43,383,0
6,460,0
75,0
2,230,0
92,892,0
22,134,0
3,278,0
88,821,0 20S,403,0 3.573,555,0
3,811,0
110,0
224,0
43,323,0
20,715,0
1,657,0
3,010,0
9,730,0
3,523,0
40,0
210 0
4,519,0
4,4605)
4,369,0
38,428,0 184,337,0 49,339,0
14,211,0 26,265,0 33,977,0
8,625,0
16,0
5,336,0
469.0
2,777,0
38,0
8,886,0
39,503,0
7,414,0
17,0
............
65,919,0
67,981,0
57,174,0 220.398,0 96,779,0
57,952,0 230,818,0 64,446,0
55,320,0
54,213,0
85,943,0
72,112,0
7,878,0
1,146,0
51,433,0 96,208,0 1,906,962,0
34,131,0 107,541,0 1,569,445,0
7,878,0
307,0
324,0
12,821,0
Total liabilities........................... 230,676,0 1,326.757,0 262.374,0 321,825,0 138,127,0 118,182,0 462,303,0 165,248.0 113,199,0 170,569,0
88,821.0'20S,403.0'3,573,55* ,
Government deposits....................
Duo to members— Reserve acc’ t .
Collection Items...............................
D uo to other F. R . banks— N et.
Otli. doposlts lncl. for G ov 't cred.
...
Total gross deposits.................. 120,834,0
F. R . notes In actual circulation. 102,818,0
—
F. R . bank notes In clrc'n— N e t.
489,0
All other liabilities........................
19,754,0
649,0
2,074,0
625,718,0
59,039,0
382,509,0
530,0
77,0
77,0
Total resou rces.......................... 230,076,0 1,326,757,0 262,374,0 321,825,0 138,127,0 118,182,0 462,303,0 165,248,0 113,199,0 170,569,0
Capital paid In---------------------------
842,265,0
279,886,0
104,137,0
6,938,0
8,536,0
9,581,0
1,428,0
95,986,0 113,581,0
31,332,0 31,003,0
15,200,0
244,0
............
790,963,0 128,746.0 169,660,0
507,826,0 120,690,0 142,917,0
____
7,560,0
703,0
_
300,0
1,141,0
♦Difference between net amounts due from and net amounts duo to other Federal Reserve banks.
600,0
351,0
3,490,0
2,950,0
3,074,0
67,676,0
14,593,0
2,294,0
38,657,0
0,373,0
4,109,0
4,330,0
75,315,0
5 ,bl4 .0
‘
48,753,0
71,698,0 1,461.138,0
15,119,0 282,475,0
4,377,0
114,596,0
...
* N et amount due to other Federal Reserve banks.
STATEM EN T O F FE D E RA L R E SE R V E A G E N T S ’ AC C O U N T S A T CLOSE O F BUSINESS M AY 17 1918.
Two ciphers (00) omitted.
Boston.
New York. Phlladcl. Cleveland. Rlchm'd.
Atlanta.
Chicago. St. Louis. Mlnneap. Kan. City
Dallas.
San Fran.
Total
$
S
5
$
Federal Reserve notes—
Received from Com ptroller— 149,560,0
Returned to Com ptroller......... 27,777,0
866,280,0 190,200,0 186,100,0 105,060,0
185,668,0 29,744,0 14,910,0 20,186,0
92.020.0 313,320,0
15.888.0 15,953,0
88.900.0
13.175.0
73.980.0 101,700,0
12.835.0 16,469,0
68.500.0 127,140,0 2,362,820,0
15.325.0
9,445,0 377,381,0
Chargeable to F . R . Agent______ 121,783,0
13,920,0
I n hands of F . R . Agent________
680,612,0 100,450,0 171,244,0
114,400,0 23,540,0 18,440,0
84,874,0
6,200,0
76.132.0 297,367,0
16.125.0 44,479,0
75,725,0
6,290,0
61,145,0
4,995,0
85,231,0
7,310,0
53.175.0 117,695,0 1,985,439,0
15.500.0
275,199,0
Issued to F . R . Bank......... ....... 107,863,0
n e ld by F . R . Agent—
16,000,0
5,713,0
Gold redemption fund ..............
Gold Sett. F d ., F . R . B o a rd .. 41.500.0
Ellglblo paper, min. req 'd ____ 44.650.0
565.212.0 136,916,0 152,804,0
78,074,0
69.007.0 252,888,0
173.247.0
9,592,0
05,000,0
317.373.0
p tT o ta l.............................................. 107,863,0
Am ount of eligible paper deliv
ered to F . R . Agent______ . . . 57,086,0
F . R . notes outstanding........... .. 107,863,0
F . R . notes held by banks______
5,045,0
565,212,0 136,916,0 152,804,0
499.153.0 56.411.0 77,584,0
505.212.0 130,916,0 152,801,0
57,3S6,0 10.226.0
9,887,0
F . R . notes In actual clrcula’n . 102,818.0
S
S
7,002,0
75.734.0
54.120.0
S
S
5
$
S
S
S
69,435,0
56.150.0
77,921,0
34.675.0 117,695,0 1,710,240,0
2.503.0
319,0
2.422.0
1,909,0
32.420.0 148.394.0 40.094.0
22.662.0 104.175.0 27.432.0
13.102.0
2,202,0
19.500.0
21.346.0
2,619,0
34.360.0
40.942.0
11.581.0
2,028,0
5,584,0
15.482.0
78,674,0
60,007,0 252,888,0
56,150,0
77,921,0
34,675,0 117,695,0 1,710,240,0
45.479.0
78.074.0
10.693.0
22.746.0 121.289.0 30.827.0 27.992.0
60.007.0 252.888.0 69.435.0 56.150.0
1,937,0
2,055,0 22,070,0
4,989,0
60.263.0 27,978,0 48.287.0 1.081.095.0
77.921.0 34 675,0 117,695,0 1.710.240.0
5,809,0
544,0 10.154.0
140,795,0
54,213,0
72.112,0 34,131,0 107,541,0 1,569,445.0
20,517,0
1,596,0
7,687,0
70.000.
29.500.0
0
47.578.0
54.000.
0
507,826.0 120,690.0 142.917,0 67.981,0
57,952.0 230,818.0
69,435,0
64.446.0
6,855,0
66.496.0
44.344.0
236.950.0
50,004,0
628.582.0
794.704.0
[V ol . 106
THE CHRONICLE
3204
S tatem ent o f N e w Y o rk C ity C le a rin g H o u se B a n k s a n d T r u s t C om pan ies. — T h e fo llo w in g d e ta ile d s ta te m e n
s h o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a rin g H o u s e m e m b o r s fo r th e w ee k e n d in g M a y 1 8 . T h e fig u re s fo r the
s e p a ra te b a n k s a re th e a v e r a g e s o f th e d a ily r e s u lts .
I n th e c a se o f to t a ls , a c tu a l fig u res a t e n d o f th e w e e k are a ls o g i v e n :
NEW
C L E A R IN G H O U SE
M EM BERS.
Capital.
Net
Profits.
M em bers o f Federal
R eserve B a nk.
S
Bank o l N Y . N B A .
2,000 000
2 ,3 4 1
Bank of M anhat C o .
M ercnahts’ N ational.
2,000 0 0 0
M ech A M etals N a t.
6,000 000
Bank of Am erica____
1 .5 0 0 o o o
National C ity _______ 2 5 . 0 0 0 0 0 0
Chemical N a tion a l..
3 .0 0 0 000
Atlantic N ational_
_
1.000 0 0 0
N at Butch A Drovers'
3 0 0 000
American Exch N a t.
5 .0 0 0 .000
N at Bank of C o m m .. 2 5 .0 0 0 .000
Pacific Bank................
5 0 0 ,000
Chath A Phenlx N a t.
3 .5 0 0 000
Hanover N a tion a l..
3 .0 0 0 ,000
2 ,5 5 0 000
Citizens’ N a tion a l..
M etropolitan Bank.
2.000 ,000
Corn Exchange Bank
3 .5 0 0 .000
1 .5 0 0 000
Importers & Trad N at
National Park Bank.
5 .0 0 0 ,000
East River N ational.
2 5 0 ,000
1.000 .000
8econd N ational____
First N ational______ 10.000 ,000
4 .5 0 0 000
Irving N ational_____
1,000 ,000
N Y County National
7 5 0 000
German-Amerlcan
10,000 .000
Chase N a tion a l..
4 0 0 000
Germania B a n k ..
1 ,0 0 0 000
Lincoln N ational.
1,000 .000
Garfield N ational___
2 5 0 .000
Fifth N ational.........
1 .0 0 0 000
8eaboard N ational.
3 .0 0 0 .000
Liberty N ational_
_
1.000 000
Coal A Iron National
1,000 ,000
Union Exch National
1 .5 0 0 .000
Brooklyn Trust C o ._
_ 1 1 .2 5 0 ,000
Bankers Trust C o _
2,000 0 0 0
U S M tge A T r C o . .
Guaranty Trust C o . . 2 5 ,0 0 0 000
1,000 000
Fidelity Trust C o _
_
5 .0 0 0 000
Columbia Trust C o . .
1.000 000
Peoples Trust C o ____
3 .0 0 0 ,000
N ew York Trust C o .
1.000 ,000
Franklin Trust C o ___
1,000 000
Lincoln T ru st_______
2,000 000
M etropolitan T r C o .
1,000 000
Nassau N at, B k ly n ..
1 .5 0 0 000
Irving Trust C o .........
5 ,0 0 0 000
Farmers Loan A T r Co
800
W EEKLY
Loans,
Discounts,
Investments,
&c.
N a t. B anks M a r.
4
S t a t e B a n k s M a r . 14
T r u s t C o ’ s M a r . 14
W e e k E n d in g
M a y 18 1 9 1 8 .
YORK
S
4 6 .9 6 1 .0 0 0
2 9 .0 0 0
5 8 .5 7 2 .0 0 0 1 .4 0 8 .0 0 0
2 7 .3 5 6 .0 0 0
1 2 9 .0 0 0
1 5 9 .3 0 4 .0 0 0 8 .2 7 0 .0 0 0
3 2 .9 9 6 .0 0 0
3 4 5 .0 0 0
5 4 8 .6 5 9 .0 0 0 8 .4 1 7 .0 0 0
7 4 .7 7 4 .0 0 0
2 1 6 .0 0 0
1 5 .9 4 4 .0 0 0
9 0 .0 0 0
2 .7 7 8 .0 0 0
3 2 .0 0 0
1 1 0 .2 5 7 .0 0 0
5 8 5 .0 0 0
4 0 8 .0 8 1 .0 0 0
1 1 3 .0 0 0
1 2 .2 2 8 .0 0 0
4 5 .0 0 0
9 0 .9 2 4 .0 0 0
6 5 7 .0 0 0
1 3 8 .0 0 5 .0 0 0 5 .1 8 5 .0 0 0
4 2 .5 2 1 .0 0 0
9 6 .0 0 0
2 1 .7 5 0 .0 0 0
6 9 8 .0 0 0
1 2 0 .6 4 2 .0 0 0
4 3 1 .0 0 0
3 6 .2 0 5 .0 0 0
7 0 .0 0 0
1 9 7 .4 8 7 .0 0 0
6 4 .0 0 0
3 .0 1 1 .0 0 0
2,000
1 9 .9 4 1 .0 0 0
5 2 .0 0 0
3 1 7 .8 7 2 .0 0 0
1 7 .0 0 0
9 5 .6 2 7 .0 0 0
1 .0 5 0 .0 0 0
1 0 .6 7 4 .0 0 0
4 5 .0 0 0
5 .8 8 4 .0 0 0
1 6 .0 0 0
2 9 7 .9 0 3 .0 0 0 3 .0 3 4 .0 0 0
6 .5 1 1 .0 0 0
4 2 .0 0 0
1 8 .1 8 0 .0 0 0
1 5 0 .0 0 0
1 2 .3 1 9 .0 0 0
11.000
7 .0 2 2 .0 0 0
4 0 .0 0 0
4 6 .1 8 5 .0 0 0
3 6 5 .0 0 0
8 0 .1 1 6 .0 0 0
1 3 0 .0 0 0
1 2 .5 5 5 .0 0 0
6,000
1 3 .6 6 7 .0 0 0
1 5 .0 0 0
3 3 .5 3 3 .0 0 0
86.000
2 6 3 .4 2 7 .0 0 0
4 2 9 .0 0 0
6 1 .1 5 5 .0 0 0
3 4 4 .0 0 0
4 5 9 ,4 1 4 ,0 0 0 , 2 .8 1 2 .0 0 0
1 1 .4 4 9 .0 0 0
9 0 .0 0 0
9 1 .4 3 8 .0 0 0
4 3 .0 0 0
2 6 .9 4 6 .0 0 0
68.000
8 4 .9 5 5 .0 0 0
3 0 .0 0 0
88.000
2 9 .9 2 8 .0 0 0
1 4 .4 9 0 .0 0 0
7 ,0 0 0
5 2 .2 3 6 .0 0 0
3 0 0 .0 0 0
10,000
1 5 .1 7 2 .0 0 0
1 7 9 .0 0 0
4 2 .9 3 3 .0 0 0
1 4 1 .8 1 5 .0 0 0 3 ,8 2 4 ,0 0 0
Average
Average
H OUSE
Reserve
with
Legal
Deposi
taries.
Average.
Average.
S
S
1 0 8 ,0 0 0
3 4 7 .0 0 0
1 5 0 .0 0 0
200.000
2 0 7 .0 0 0
3 .0 2 2 .0 0 0
3 2 2 .0 0 0
102.000
4 7 .0 0 0
2 1 7 .0 0 0
2 5 6 .0 0 0
1 4 0 .0 0 0
5 8 9 .0 0 0
4 0 0 .0 0 0
3 0 .0 0 0
2 5 0 .0 0 0
2 5 2 .0 0 0
4 2 3 .0 0 0
4 3 0 .0 0 0
1 8 .0 0 0
6 1 ,0 0 0
4 3 9 .0 0 0
4 5 2 .0 0 0
3 8 .0 0 0
21.000
2 .4 6 6 .0 0 0
3 1 .0 0 0
3 5 6 .0 0 0
3 5 .0 0 0
3 8 .0 0 0
3 0 2 .0 0 0
2 6 .0 0 0
4 6 .0 0 0
3 5 .0 0 0
6 9 .0 0 0
1 2 5 .0 0 0
1 0 8 .0 0 0
1 7 0 .0 0 0
3 8 .0 0 0
121.000
9 9 .0 0 0
1 5 .0 0 0
5 9 .0 0 0
2 3 .0 0 0
4 7 .0 0 0
1 0 7 .0 0 0
2 9 6 .0 0 0
2 4 .0 0 0
RETURN.
National
Bank'
and
Federal
Reserve
Notes.
Legal
Tenders.
Average.
Average.
$
S
2 6 3 ,3 0 0
,6 1 9 ,4 0 0
,4 8 1 ,0 0 0
,3 5 6 ,6 0 0
,5 7 2 ,5 0 0
,9 1 7 ,0 0 0
,8 7 4 ,6 0 0
8 3 9 ,5 0 0
9 0 .1 0 0
,7 3 0 ,8 0 0
,2 6 9 ,3 0 0
,0 0 2 ,9 0 0
,5 0 1 ,4 0 0
,8 5 6 ,0 0 0
,8 2 5 ,4 0 0
,1 2 8 ,6 0 0
,5 1 0 ,2 0 0
,6 5 9 ,5 0 0
,0 2 8 ,5 0 0
7 5 .1 0 0
,8 1 6 ,7 0 0
,7 2 2 ,8 0 0
,3 8 6 ,6 0 0
2 9 8 .2 0 0
8 8 5 ,9 0 0
,9 6 6 ,9 0 0
8 1 6 ,4 0 0
,0 0 8 ,5 0 0
,3 5 2 ,3 0 0
4 0 5 .2 0 0
,5 7 8 ,7 0 0
,0 3 9 ,0 0 0
8 8 4 ,8 0 0
,2 4 1 ,1 0 0
,1 5 5 ,1 0 0
,9 8 0 ,4 0 0
,6 9 1 ,5 0 0
,1 2 5 ,4 0 0
2 1 3 .2 0 0
2 1 0 ,7 0 0
,3 3 1 ,8 0 0
,0 3 2 ,7 0 0
,1 6 8 ,7 0 0
5 6 8 .2 0 0
,0 7 0 ,9 0 0
,1 1 8 ,0 0 0
,0 8 2 ,2 0 0
,5 2 5 ,0 0 0
C L E A R IN G
101,000
1 .6 3 3 .0 0 0
1 1 5 .0 0 0
3 2 6 .0 0 0
3 3 4 .0 0 0
1 .4 0 5 .0 0 0
8 2 7 .0 0 0
1 1 9 .0 0 0
9 ,0 0 0
8 3 9 .0 0 0
1 .6 3 2 .0 0 0
5 1 6 .0 0 0
1 .7 0 2 .0 0 0
8 2 1 .0 0 0
3 0 5 .0 0 0
5 1 8 .0 0 0
4 .0 6 1 .0 0 0
1 9 3 .0 0 0
7 6 2 .0 0 0
3 9 .0 0 0
4 2 7 .0 0 0
6 2 9 .0 0 0
1 .0 5 0 .0 0 0
4 4 7 .0 0 0
7 8 .0 0 0
9 6 8 .0 0 0
201.000
110.000
5 1 7 .0 0 0
1 0 6 .0 0 0
5 4 .0 0 0
2 4 3 .0 0 0
3 5 4 .0 0 0
4 3 7 .0 0 0
3 3 1 .0 0 0
4 4 3 .0 0 0
9 0 4 .0 0 0
2 5 9 .0 0 0
1 .7 2 3 .0 0 0
100.000
Net
Time
Deposits.
Average.
$
Average.
3 3 .6 7 0 .0 0 0
5 4 .2 9 9 .0 0 0
2 0 .1 4 6 .0 0 0
1 3 9 .7 5 8 .0 0 0
2 5 .9 3 0 .0 0 0
5 4 1 .8 7 3 .0 0 0
5 9 .9 4 2 .0 0 0
1 3 .3 4 3 .0 0 0
2 .3 0 7 .0 0 0
8 5 .8 4 3 .0 0 0
2 7 6 .1 6 8 .0 0 0
1 2 .1 6 9 .0 0 0
7 3 .4 4 2 .0 0 0
1 2 5 .4 7 6 .0 0 0
3 1 .5 8 0 .0 0 0
2 2 .3 7 5 .0 0 0
1 0 6 .2 1 0 .0 0 0
2 6 .0 5 5 .0 0 0
1 4 6 .5 0 1 .0 0 0
3 .6 6 3 .0 0 0
.1 4 ,9 7 0 ,0 0 0
1 4 6 .4 4 0 .0 0 0
9 1 .9 5 0 .0 0 0
1 0 .9 6 5 .0 0 0
5 .1 1 8 .0 0 0
2 4 8 .7 3 2 .0 0 0
6 .7 4 2 .0 0 0
1 6 .9 0 1 .0 0 0
1 0 .4 7 0 .0 0 0
6 .1 7 2 .0 0 0
4 4 ,0 7 1 ,0 3 0
6 2 .2 2 3 .0 0 0
1 0 .6 1 8 .0 0 0
1 4 .1 6 6 .0 0 0
2 4 .2 3 8 .0 0 0
1 9 7 .8 0 1 .0 0 0
4 3 .5 4 7 .0 0 0
3 6 4 .8 4 0 .0 0 0
8 .0 2 6 .0 0 0
6 3 .0 0 1 .0 0 0
2 1 .4 9 0 .0 0 0
5 0 .3 0 7 .0 0 0
1 4 .7 9 3 .0 0 0
1 2 .5 0 1 .0 0 0
3 6 .4 7 3 .0 0 0
9 ,7 4 4 ,0 0 0
3 4 .2 6 6 .0 0 0
1 1 7 .7 2 7 .0 0 0
4 .7 5 6 .0 0 0
1 0 .1 9 4 .0 0 0
2 .7 4 5 .0 0 0
21 . 668.000
2 1 4 .0 0 0
2 3 1 .0 0 0
3 0 8 .0 0 0
3 3 1 .0 0 0
8 3 .0 0 0
1 3 9 .0 0 0
2 6 2 .0 0 0
1 8 6 ,0 0 0
2 0 3 .0 0 0
1 1 5 .0 0 0
5 1 6 .0 0 0
6 3 .0 0 0
4 7 1 .0 0 0
2 6 5 .0 0 0
1 7 .0 0 0
1 5 3 .0 0 0
1 0 6 .0 0 0
8 9 .0 0 0
1 9 6 .0 0 0
7 5 3 .0 0 0
6 1 .0 0 0
4 3 8 .0 0 0
4 7 1 .0 0 0
2 7 2 .0 0 0
2 1 7 .0 0 0
2 7 8 .0 0 0
4 0 0 .0 0 0
8 9 .0 0 0
1 .5 6 3 .0 0 0
2 7 2 .0 0 0
Net
Demand
Deposits.
Average.
$
S
S
1 0 9 .0 0 0
5 6 8 .0 0 0
4 2 0 .0 0 0
2 .5 2 8 .0 0 0
3 7 3 .0 0 0
1 .2 5 2 .0 0 0
5 3 7 .0 0 0
1 7 7 .0 0 0
5 0 .0 0 0
7 2 5 .0 0 0
6 6 9 .0 0 0
3 1 8 .0 0 0
1 .3 4 5 .0 0 0
1 .0 9 0 .0 0 0
6 5 0 .0 0 0
6 7 2 .0 0 0
2 .1 5 2 .0 0 0
3 6 .0 0 0
4 7 4 .0 0 0
1 1 6 .0 0 0
3 1 7 .0 0 0
7 5 1 .0 0 0
1 .9 9 0 .0 0 0
1 8 5 .0 0 0
1 9 .0 0 0
2 .1 4 3 .0 0 0
Additional
Deposits
with
Legal
Deposi
taries .
4 .0 2 2 .0 0 0
8 4 .5 0 8 .0 0 0
9 .1 6 5 .0 0 0
1 .8 4 3 .0 0 0
3 4 9 .0 0 0
1 1 .6 2 7 .0 0 0
3 5 .7 5 2 .0 0 0
1 .6 6 0 .0 0 0
1 0 .6 3 9 .0 0 0
1 7 .9 0 9 .0 0 0
4 .7 1 0 .0 0 0
3 .0 2 3 .0 0 0
1 6 .6 7 3 .0 0 0
3 .7 4 9 .0 0 0
1 9 .1 3 4 .0 0 0
5 9 3 .0 0 0
2 .2 3 3 .0 0 0
2 1 .9 5 4 .0 0 0
1 3 .8 8 7 .0 0 0
1 .5 8 1 .0 0 0
8 3 4 .0 0 0
3 5 .7 8 1 .0 0 0
1 .0 5 0 .0 0 0
2 .5 6 1 .0 0 0
1 .6 3 6 .0 0 0
9 1 1 .0 0 0
7 .8 7 2 .0 0 0
8 .9 9 3 .0 0 0
1 .2 8 8 .0 0 0
1 .8 9 5 .0 0 0
3 .2 5 4 .0 0 0
2 4 .9 9 9 .0 0 0
5 .2 7 1 .0 0 0
5 6 .5 5 0 .0 0 0
1.222.000
8 ,668,000
2 .1 3 6 .0 0 0
6 .9 4 1 .0 0 0
2 .0 4 4 .0 0 0
2 .0 5 9 .0 0 0
4 .7 2 4 .0 0 0
1 .3 2 5 .0 0 0
4 .5 2 2 .0 0 0
1 6 .4 4 5 .0 0 0
Average for w e e k .. 1 9 2 ,0 9 1 .8 0 0 3 2 6 .3 9 5 ,6 0 0 4 ,4 2 7 ,8 9 8 ,0 0 0 4 0 ,1 6 5 ,0 0 0 1 3 ,1 6 7 ,0 0 0 2 4 ,6 2 9 ,0 0 0 2 9 ,4 3 7 ,0 0 0 5 0 7 ,3 5 5 ,0 0 0
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
condltl
condltl
condltl
condltl
W ta te B a n ks.
Greenwich__________
People’s_____________
B ow ery_____________
Fifth Avenue_______
German E x ch a n g e ...
W est S l d o ..................
N Y Produce E x c h ..
8 ta te________________
Totals, avge for wk
Totals,
Totals,
Totals,
Totals,
actual
actual
actual
actual
Totals, avge for wk
actual
actual
actual
actual
4 .4 1 3 .2 5 1 .0 0 0
4 .4 2 9 .7 8 4 .0 0 0
4 .3 3 6 .5 0 7 .0 0 0
4 .3 5 1 .6 0 7 .0 0 0
Not Mem bers o f Fed eral Reserve
5 0 0 .0 0 0
1. 4 3 3 .1 0 0
200.000
1 ,5 0 0 ,0 0 0
5 0 2 .1 0 0
8 1 6 ,9 0 0
3 9 2 .1 0 0
8 6 8 .7 0 0
5 6 ,6 0 0
1 1 6 .7 0 0
5 2 0 ,4 0 0
1 4 .8 2 3 .0 0 0
3 .4 9 0 .0 0 0
4 .7 4 7 .0 0 0
1 7 .1 7 0 .0 0 0
6 .1 8 1 .0 0 0
4 ,0 8 3 ,0 0 0
2 1 .5 2 2 .0 0 0
2 7 .8 1 0 .0 0 0
4 , 0 7 6 ,6 0 0
7 ,7 0 6 .6 0 0
2 5 0 .0 0 0
100.000
200,000
3 2 6 .6 0 0
1, 000.000
condltl
condltl
condltl
condltl
3 9 .7 2 5 .0 0 0
4 0 .3 0 5 .0 0 0
3 9 .9 3 2 .0 0 0
3 9 .8 6 2 .0 0 0
1 2 .7 8 0 .0 0 0 2 3 ,7 3 1 ,0 0 0
1 3 ,5 2 9 ,0 0 0 - 2 5 ,3 4 7 ,0 0 0
1 2 .9 3 2 .0 0 0 2 5 ,2 7 3 ,0 0 0
1 3 .0 7 5 .0 0 0 2 4 ,9 1 0 ,0 0 0
2 8 ,5 5 4 ,0 0 0
2 8 ,8 6 0 ,0 0 0
2 7 ,4 2 9 ,0 0 0
2 8 ,4 0 5 .0 0 0
actual
actual
actual
actual
5 ,7 0 9 ",6 6 6
5 .7 8 4 .0 0 0
5 0 ,0 0 0
7 .0 4 0 .0 0 0
3 ,7 7 7 , 0 0 0
1 .7 4 8 .0 0 0
4 4 3 .0 0 0
1 4 9 .0 0 0
3 0 0 .0 0 0
4 .9 1 0 . 0 0 0
1 .9 0 1 .0 0 0
3 7 0 ,0 0 0
3 6 8 ,0 0 0
1.0 2 1 .0 0 0
3 1 0 ,0 0 0
3 ,6 7 6 ,0 0 0
5 1 .0 0 0
4 .4 0 1 . 0 0 0
5 0 .0 0 0
9 4 0 .0 0 0
8 .2 3 4 . 0 0 0
6 4 0 .0 0 0
1 9 9 .0 0 0
4 ,8 0 0 ,0 0 0
8 9 6 ,0 0 0
1 2 ,9 2 8 ,0 0 0
1 ,3 0 0 ,0 0 0
ib b ‘,666
8 9 6 ,6 6 6
3 9 9 .0 0 0
2 4 9 .0 0 0
7 0 ,0 0 0
9 9 5 .0 0 0
4 1 4 .0 0 0
3 8 7 .0 0 0
5 7 ,0 0 0
2 6 0 ,0 0 0
2 .5 6 6 .0 0 0
5 4 4 .0 0 0
4 2 0 .0 0 0
5 .1 9 2 .0 0 0
2 1 .4 2 9 .0 0 0
4 .2 8 0 .0 0 0
2 8 .3 2 8 .0 0 0
4 7 0 .0 0 0
1 2 .3 5 0 .0 0 0
1 .6 5 1 .0 0 0
4 .1 6 7 .0 0 0
1 .6 5 3 .0 0 0
1 .8 1 1 .0 0 0
1 .8 3 8 .0 0 0
5 0 4 .0 0 0
1 .0 8 1 .0 0 0
1 0 .8 1 2 .0 0 0
3 .5 1 4 .3 6 9 .0 0 0
3 .5 0 3 .7 2 2 .0 0 0
3 .6 4 6 .2 3 7 .0 0 0
3 .5 8 9 .1 4 1 .0 0 0
1 6 9 .4 7 5 .0 0 0
1 7 6 .4 6 8 .0 0 0
1 8 1 .4 0 7 .0 0 0
1 8 0 .6 1 6 .0 0 0
1 4 .8 3 0 .0 0 0
3 .4 0 1 .0 0 0
4 .2 3 1 .0 0 0
1 8 .0 2 5 .0 0 0
5 .8 8 1 .0 0 0
4 .1 4 6 .0 0 0
1 9 .4 6 5 .0 0 0
2 8 .6 1 3 .0 0 0
5 0 ,0 0 0
4 2 ,0 0 0
8 3 1 ,0 0 0
2 ,5 1 9 ,0 0 0
3 7 5 .0 0 0
8 4 .0 0 0
3 6 .0 0 0
1 ,1 3 2 ,0 0 0
1 5 9 .0 0 0
1 1 3 .0 0 0
5 3 0 .0 0 0
3 8 7 .0 0 0
8 0 7 .0 0 0
3 1 3 .0 0 0
2 1 5 .0 0 0
5 9 7 .0 0 0
1 3 7 .0 0 0
5 0 ,0 0 0
5 1 0 .0 0 0
5 8 1 .0 0 0
7 7 2 .0 0 0
2 0 4 .0 0 0
2 5 4 .0 0 0
9 3 8 .0 0 0
2 9 8 .0 0 0
2 5 0 .0 0 0
1 ,1 8 0 ,0 0 0
1 ,3 6 3 ,0 0 0
5 ,9 8 9 ,0 0 0
1 ,4 7 0 ,0 0 0
2 ,8 1 6 ,0 0 0
3 ,2 1 0 ,0 0 0
5 ,2 5 9 ,0 0 0
9 0 2 ,0 0 0
9 8 ,5 9 2 ,0 0 0
3 6 .7 1 2 . 0 0 0
3 6 .5 6 1 .0 0 0
3 6 .2 2 1 .0 0 0
3 6 ,0 /4 ,0 0 0
4 7 ,0 0 0
5 .9 6 1 .0 0 0
6 .0 4 4 .0 0 0
6 .0 9 5 .0 0 0
6 .3 1 0 .0 0 0
1 .3 4 8 .0 0 0
1 .4 1 7 .0 0 0
1 .4 9 7 .0 0 0
1 .4 5 6 .0 0 0
2 .9 7 4 .0 0 0
2 .9 1 8 .0 0 0
3 .0 0 1 .0 0 0
2 .9 8 4 .0 0 0
3 .0 7 8 .0 0 0
3 .4 1 8 .0 0 0
3 .2 2 0 .0 0 0
3 .4 6 8 .0 0 0
5 .5 6 1 .0 0 0
5 .4 0 5 .0 0 0
5 .0 1 6 .0 0 0
5 .7 0 1 .0 0 0
1 .1 7 0 .0 0 0
6 2 1 ,0 0 0
1 .5 8 9 .0 0 0
5 4 0 ,0 0 0
9 7 .9 6 3 .0 0 0
9 9 .9 9 9 .0 0 0
1 0 1 .5 1 0 .0 0 0
1 0 2 .9 5 0 .0 0 0
3 6 .0 0 0
5 3 .0 0 0
5 4 .0 0 0
5 4 .0 0 0
1 5 6 .0 0 0
1 8 7 .0 0 0
1 7 0 ,0 0 0
6 1 ,0 0 0
3 7 3 .0 0 0
1 7 0 .0 0 0
1 .1 7 9 .0 0 0
1 .1 3 0 .0 0 0
1 ,5 3 6 ,0 0 0
4 1 2 ,0 0 0
2 3 ,5 8 8 ,0 0 0
1 4 ,0 0 0 ,0 0 0
9 9 1 .0 0 0
4 3 4 .0 0 0
8 3 0 .0 0 0
3 9 ,0 0 0
2 7 5 .0 0 0
8 6 2 .0 0 0
4 1 3 .0 0 0
220.000
4 4 ,0 0 0
1 9 5 .0 0 0
1 1 7 .0 0 0
1 6 4 .0 0 0
3 8 2 .0 0 0
Bank.
1 ,6 9 1 ,0 0 0
5 5 1 ,0 0 0
5 .0 0 0 .
4 .0 0 0 .
1 1 ,7 5 1 ,8 0 0
000
5 .10 9 ,2 0 0
00 6
4 3 .2 5 9 .0 0 0
2 3 .9 0 2 .0 0 0
9 ,0 0 0 ,0 0 0
1 6 ,9 2 1 ,0 0 0
6 7 .1 6 1 ,0 0 0
2 ,2 4 2 ,0 0 0
3 4 3 ,0 0 0
2 3 1 ,0 0 0
5 4 3 ,0 0 0
2 ,3 0 9 ,0 0 0
1 ,9 4 8 ,0 0 0
3 7 ,5 8 8 ,0 0 0
1 ,4 2 5 ,0 0 0
6 7 .1 6 6 .0 0 0
6 8 .3 3 6 .0 0 0
6 5 .0 0 7 .0 0 0
6 5 .0 8 1 .0 0 0
2 .0 7 4 .0 0 0
2 .5 6 8 .0 0 0
2 .3 1 6 .0 0 0
2 .6 1 5 .0 0 0
3 4 2 .0 0 0
3 7 0 .0 0 0
3 3 4 .0 0 0
3 4 0 .0 0 0
2 3 5 .0 0 0
1 9 6 .0 0 0
2 8 3 .0 0 0
1 6 3 .0 0 0
5 2 4 .0 0 0
6 1 5 .0 0 0
5 8 0 .0 0 0
4 8 2 .0 0 0
2 .6 7 2 .0 0 0
2 .4 8 6 .0 0 0
2 .9 4 7 .0 0 0
2 .8 9 6 .0 0 0
1 .9 1 2 .0 0 0
2 .0 9 6 .0 0 0
1 .1 7 0 .0 0 0
1 .3 3 9 .0 0 0
3 8 .1 2 6 .0 0 0
3 9 .7 5 7 .0 0 0
4 0 .0 4 4 .0 0 0
4 0 .6 4 8 .0 0 0
1 .4 0 7 .0 0 0
1 .4 3 7 .0 0 0
1 .3 7 0 .0 0 0
1 .5 1 9 .0 0 0
o n M a y 18
o n M a y 11
on M a y
4
o n A p ril 27
2 ,8 5 0 ,0 0 0 a 3 , 6 2 5 ,2 2 2 ,0 0 0 1 7 7 ,0 4 0 ,0 0 0 3 6 ,5 3 6 ,0 0 0
— 9 0 ,4 4 3 ,0 0 0 — 2 ,6 7 3 ,0 0 0 + 1 7 5 ,0 0 0
+ 4 8 1 ,0 0 0
M a y 1 8 . . . 4 ,5 7 9 ,4 2 6 ,0 0 0 4 7 .7 6 0 .0 0 0 1 4 ,4 7 0 ,0 0 0 2 6 ,7 6 0 ,0 0 0 3 2 ,1 5 6 ,0 0 0 5 1 5 ,1 4 8 ,0 0 0
1 9 ,2 9 5 ,0 0 0 - 1 , 1 5 7 ,0 0 0 — 8 4 6 ,0 0 0 - 1 , 7 0 1 ,0 0 0 — 7 3 7 ,0 0 0 - 5 4 ,8 5 5 , 0 0 0
c o n d it i o n
c o n d it i o n
c o n d it i o n
c o n d it i o n
M a y 1 1 . . . 4 ,5 9 8 ,7 2 1 ,0 0 0
M ay
4 . . . 4 ,5 0 0 ,9 7 2 ,0 0 0
A p r i l 2 7 . . . 4 ,5 1 5 ,6 5 7 .0 0 0
A p r i l 2 0 . . . '4 . 4 8 6 , 7 3 0 , 0 0 0
4 8 .9 1 7 .0 0 0
4 8 .3 4 3 .0 0 0
4 8 .7 8 7 .0 0 0
4 8 .6 8 4 .0 0 0
1 5 .3 1 6 .0 0 0
1 4 .7 6 3 .0 0 0
1 4 .8 7 1 .0 0 0
1 4 .3 0 0 .0 0 0
2 8 .4 6 1 .0 0 0
2 8 .5 5 7 .0 0 0
2 8 .0 5 7 .0 0 0
2 7 ,8 0 8 ,0 0 0
b U . S . d e p o s i t s d e d u c t e d , $ 5 1 4 ,1 7 8 ,0 0 0 .
3 2 .8 9 3 .0 0 0
3 1 .2 2 9 .0 0 0
3 2 .3 5 5 .0 0 0
3 1 .2 4 5 ,0 0 0
Reserve
in
Depositaries
1 3 ,4 8 5 ,0 0 0
3 ,3 5 9 ,0 0 0
1 6 .8 4 4 .0 0 0
1 7 .4 6 9 .0 0 0
1 7 .5 4 0 .0 0 0
1 7 .6 2 6 .0 0 0
b 3 , 6 4 3 ,4 7 8 ,0 0 0
3 .7 8 7 .7 9 1 .0 0 0
3 .7 3 2 .7 3 9 .0 0 0
3 ,7 5 3 ,5 0 3 ,0 0 0 1 7 9 .1 5 4 ,0 0 0
3 6 .5 6 1 .0 0 0
3 8 .2 2 1 . 0 0 0
3 6 .0 7 4 .0 0 0
3 5 .9 4 1 . 0 0 0
$ 6 ,0 0 0 ,0 0 0 .
P O S IT IO N .
A c t u a l F ig u r e s .
Surplus
Reserve.
5 0 7 ,3 5 5 ,0 0 0 5 0 7 ,3 5 5 ,0 0 0 4 5 8 ,8 4 2 ,5 0 0
5 .2 5 9 .0 0 0
1 7 ,7 4 6 ,5 6 0
1 8 ,7 4 4 ,0 0 0
2 .3 0 9 .0 0 0
5 ,6 6 8 ,0 0 0
5 ,6 3 8 ,2 0 0
4 8 ,5 1 2 ,5 0 0
9 9 7 ,4 4 0
2 9 ,8 0 0
+ 7 ,1 1 3 ,9 4 0
— 3 6 4 ,1 4 0
— 1 2 2 ,6 5 0
5 1 4 .9 2 3 .0 0 0
5 1 9 .6 8 0 .0 0 0
5 4 1 .9 2 3 .0 0 0
5 4 0 .2 1 7 .0 0 0
4 9 ,5 3 9 ,7 4 0
+ 6 ,6 2 7 ,1 5 0
4 2 ,9 1 2 ,5 9 0 — 1 6 ,3 2 7 ,2 0 0
5 9 ,2 3 9 ,7 9 0 — 1 ,8 7 7 ,2 1 0
+ 6 ,2 6 5 ,0 0 0
6 1 ,1 1 7 .0 0 0
Reserve
Required.
3 6 ,7 1 2 ,0 0 0
+ 1 5 1 ,0 0 0
c I n c l u d e s c a p i t a l s e t a s id e f o r f o r e ig n b r a n c h e s ,
Inc. or Dec.
from
PrevlousiVeek
Total
Reserve.
1>3,6 5 0 ,4 5 8 ,0 0 0
+ 6 ,9 8 0 ,0 0 0
5 7 0 .0 0 3 .0 0 0
5 2 3 .6 0 5 .0 0 0
5 5 0 .5 2 3 .0 0 0
5 2 3 .6 0 4 .0 0 0
A v era g es.
Cash
Reserve
in Vault.
M a y 18.
M ay 11.
M ay
4.
A p r. 2 7 .
8 .8 1 4 .0 0 0
2 .9 0 2 .0 0 0
5 2 2 .0 0 0
1 ,8 4 4 ,6 6 6
Bank.
STATEM EN TS OF RESERVE
T ota l
T ota l
T ota l
T ota l
3 0 8 .0 0 0
1 8 ,9 8 6 ,0 0 0
9 9 .0 0 9 .0 0 0
1 0 0 ,6 0 1 ,0 0 0
9 9 .4 5 8 .0 0 0
9 8 .9 6 9 .0 0 0
a U . S . d e p o s i t s d e d u c t e d , $ 5 1 2 ,2 4 8 ,0 0 0 .
M e m b e rs F ederal
R eserve B a n k .
S t a t e b a n k s ______
T r u s t c o m p a n ie s *
7 8 8 ,0 0 0
1,000,000
1 8 0 ,0 0 0
3 2 .0 0 0
1 3 .0 0 0
1 0 9 .0 0 0
6 0 .0 0 0
1 2 5 .0 0 0
5 6 4 .0 0 0
3 8 7 .0 0 0
Not Mem bers o f Fed eral Reserve
Grand ag’gate, actual
ompartson prev wk
ag’ gate,
ag'gate,
ag’gate,
ag’gate,
Average.
8
3 ,4 8 9 ,0 4 2 ,0 0 0 1 7 5 ,5 6 8 ,0 0 0 3 6 ,5 3 6 ,0 0 0
5 0 6 .9 1 5 .0 0 0
5 6 2 .1 1 2 .0 0 0
5 1 5 .6 4 2 .0 0 0
5 4 1 .9 2 6 .0 0 0
Grand aggregate.avge 2 0 5 .1 6 8 ,4 0 0 3 5 1 ,0 2 3 ,2 0 0 4 .5 9 4 .8 8 5 .0 0 0 4 8 ,3 9 6 ,0 0 0 1 4 ,9 8 0 .0 0 0 2 7 ,6 7 6 ,0 0 0 3 3 ,1 9 0 ,0 0 0 5 1 4 ,9 2 3 ,0 0 0
Comparison prev w k.
,7 5 7 ,0 0 0
3 7 9 ,0 0 0 — 4 6 0 ,0 0 0 - 1 . 2 3 7 ,0 0 0 — 6 8 1 ,0 0 0
+ 6 3 ,3 3 5 ,0 0 0
Grand
Grand
Grand
Grand
$
2 .0 4 6 .0 0 0
9 9 ,8 2 6 ,0 0 0
M a y 18
condltl
condltl o n M a y 11
condltl o n M a y 4
condltl o n A p r i l 2 7
T r u s t C om pa n ies.
Title Guar A Trust.
Lawyers Title A T r .
Totals,
Totals,
Totals,
Totals,
o n M a y 18
o n M a y 11
on M a y
4
o n A p ril 2 7
National
Bank
Circulartion.
Cash
Reserve
In Vault.
Reserve
in
Depositaries
b
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Inc. or D ee.
from
Previouslyeek
*
5 3 1 .7 6 7 .0 0 0
5 3 7 .1 4 9 .0 0 0
5 5 9 .4 6 3 .0 0 0
5 5 7 .8 4 3 .0 0 0
4 8 2 ,2 2 7 ,2 6 0
4 9 4 ,2 3 6 ,4 1 0
5 0 0 ,2 2 3 ,2 1 0
4 9 6 ,7 2 6 ,0 0 0
b
5 0 6 ,9 1 5 ,0 0 0 5 0 6 ,9 1 5 ,0 0 0 4 0 1 ,9 5 2 ,2 2 0
1 7 ,6 .3 3 ,3 4 0
1 8 ,7 4 2 ,0 0 0
1 3 ,1 8 1 ,0 0 0
5 .5 6 1 .0 0 0
5 ,7 1 8 ,9 0 0
2 .6 7 2 .0 0 0
5 ,8 4 7 ,0 0 0
3 ,1 7 5 ,0 0 0
1 6 .3 5 6 .0 0 0
1 7 .5 4 6 .0 0 0
1 7 .3 2 6 .0 0 0
1 7 .8 1 8 .0 0 0
5 1 5 .1 4 8 .0 0 0
5 7 0 .0 0 3 .0 0 0
5 2 3 .6 0 5 .0 0 0
5 5 0 .5 2 3 .0 0 0
5 3 1 .5 0 4 .0 0 0
5 8 7 .5 4 9 .0 0 0
5 4 0 .9 3 1 .0 0 0
5 6 8 .3 4 1 .0 0 0
4 4 ,9 6 2 ,7 8 0 — 5 6 ,3 7 1 , 3 2 0
1 ,1 0 8 ,6 6 0
— 9 3 ,5 2 0
1 2 8 ,1 0 0
— 1 4 3 ,3 5 0
4 8 5 ,3 0 4 ,4 6 0 4 6 ,1 9 9 ,5 4 0 — 5 6 ,6 0 8 ,1 9 0
4 8 4 ,7 4 1 ,2 7 0 1 0 2 ,8 0 7 ,7 3 0 + 6 5 ,6 0 8 ,1 5 0
5 0 3 ,7 3 1 ,4 2 0 3 7 ,1 9 9 ,5 8 0
3 4 ,5 0 6 ,4 1 0
4 9 6 ,6 3 5 ,0 1 0 7 1 ,7 0 5 ,9 9 0 + 30,033,370
• N o t m em bers o f F ederal R eserve B an k .
a T h i s Is t h e r e s e r v e r e q u i r e d o n n e t d o r a a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k
n o l u d o s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s i t s , w h ic h w a s a s f o l lo w s : M a y 1 8 , $ 5 ,2 6 7 ,0 4 0 ; M a y 1 1 , $ 5 ,3 4 8 ,3 7 0 ; M a y 4 , $ 5 ,4 7 6 ,1 7 0 ; A p r i l 2 7 , $ 5 ,3 9 0 , 2 2 0 .
b T h i s Is t h e r e s e r v e r e q u ir e d o n n o t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k I n c lu d e
a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s i t s , w h lo h w a s a s f o l lo w s : M a y 1 8 , $ 5 ,0 8 4 ,2 5 0 ; M a y 1 1 , $ 5 ,2 9 4 ,0 4 0 : M a y 4 , $ 5 ,4 4 2 ,2 1 0 : A p r il 2 7 , $ 5 , 4 1 8 , 4 8 0 .
c A m o u n t o f c a s h In v a u l t , w h lo h Is n o lo n g e r c o u n t e d a s r e s e r v e f o r m e m b e r s o f t h e F e d e r a l R o s e r v e B a n k , w a s a s f o l l o w s :
M a y 1 8 , $ 1 0 7 ,3 9 8 ,0 0 0 ; M a y 1 1 , $ 1 0 9 ,5 3 0 ,0 0 0 ; M a y 4 . $ 1 0 5 ,6 8 8 ,0 0 0 : A p r i l 2 7 , $ 1 0 5 ,7 4 0 ,0 0 0 .
d A m o u n t o f o a s h In v a u l t s , w h ic h Is n o lo n g e r c o u n t e d a s r e s e r v e f o r m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k , w a s a s f o l l o w s :
M a y 1 8 , $ 1 0 4 ,7 9 0 ,0 0 0 ; M a y 1 1 , $ 1 0 8 ,0 4 1 ,0 0 0 ; M a y 4 , $ 1 0 5 ,5 6 6 ,0 0 0 ; A p r i l 2 7 . $ 1 0 6 ,2 5 2 ,0 0 0 .
M ay 25 1918.1
THE CHRONICLE
S T A T E B A N K S A N D T R U S T C O M P A N IE S IN N E W Y O R K C I T Y .
T h e S ta te B a n k in g D e p a r tm e n t re p o rts w e e k ly fig u res
sh o w in g th e c o n d itio n o f S ta t e b a n k s a n d tr u st c o m p a n ie s
In N e w Y o r k C i t y not in the Clearing House, as fo llo w s :
S U M M A R Y OF ST A T E HANKS A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K . N O T IN C L U D E D IN C L E A R IN G H OU SE S T A T E M E N T .
(Figures Furnished by State Banking Department.)
Differences from
M ay 18.
previous week.
Loans and Investments------ . ------------------------$773,812,300 D ec. $861,600
13,291,800 D ec.
S p e c ie ______________________________________________
96,300
Currency and bank notes-------------13,065,500 D ec.
907,500
Deposits with tho F . R . Bank ol New Y ork ..................
51,202,900 D ec.
770,900
Total deposits..................- ................................................... 816,142,100 Inc. 6,149,100
Deposits, eliminating amounts due from reserve de
positaries and from other banks and trust com
panies In N . Y . C ity, exchanges and U. S. deposits. 676,967,700 D ec. 22,574,800
Reservo on deposits-------------130,578,300 D ec. 2,450,000
Porcentago o l reserve, 2 1 .3 % .
RESERVE.
-------State Banks-----------Trust Companies----Cash In vaults....................................... $14,032,800 11.03%
$63,527,400 13.12%
Deposits In banks and trust cos____ 16,734,700 13.16%
36,283,400
7.50%
.$30,767,500
Total
24.19%
$99,810,800
20.62%
2205
M ay 18
1918.
Capital as of M ar. 14
Surplus as of M ar. 14
Loans and lnvestm’ ts
Currency & bk. notes
D eposits with the F.
R . Bank o f N . Y . .
Reserve on deposits.
P. C . reserve to d ep .
Week
Ended—
Jan. 19--------------Jan. 20--------------F e b . 2 ..................
Feb. 9 ..................
F o b . 16..................
F o b . 23..................
M ar. 2 ..................
M ar. 9 __________
M ar. 16__________
M ar. 23..................
M ar, 30..................
April 6 __________
April 13..................
April 2 0 ..................
April 27..................
M ay 4 __________
M a y 11..................
M a y 18..................
Loans
and
Investments
892.797.1
899.129.5
006.037.0
038.372.7
049.992.0
116.615.8
150.846.2
127,304,4
061.380.8
034.741.0
089.253.3
055.925.8
126.263.6
263.090.6
,276,947,7
,286,693,4
,306,256,9
,368,727,3
Demand
Deposits.
Specie.
Legal
Tenders.
Total
Cash in
Vault.
S
$
$
4.578.900.7 104,078,7 98.375.5 203,054
4.479.558.0 101,471,0 97.599.0 199.070
4.486.506.5 97.829.7 95.280.8 193,110
4.517.827.5 96.292.1 93.282.0 189,574
4.501.204.7 95.857.3 101,927,9 197,785
4.428.375.5 93.410.1 101,803,0 195,279
4.433.280.6 92.655.7 102,961,4 195,617
4.319.035.1 90.537.4 83.762.6 174,300
4,369,257,5 90.131.4 81,255,4 171,386
4.409.310.1 90.064.8 84.264.8 174,929
4.446.491.7 91.076.7 80.187.0 177,263
4.468.927.4 91.749.8 80.001.6 178,351
4.460.133.2 92.493.5 85.430.6 177,924
4,487,819,0 92,069,3 83.894.9 175,964
4.454.190.8 92.079.0 86.019.3 178,098
4.482.747.3 90.948.5 85.057.7 176,006
4.415.207.5 91.076.0 85.279.8 176,355
4,302,189,7 89.363.8 83.001.4 172,365
Reserve in
Deposi
taries.
012,272,4
619.095.8
627.476.3
049.103.3
598.152.4
567.452.0
570.836.9
560.387.6
574.445.1
569.773.5
578,017,3
603.729.1
590.421.2
594.991.3
592.019.7
588.899.3
573.373.4
567,941,1
•Included with "L egal Tenders” are national bank notes and F ed. Rcsorvo notes
%eld by State banks and trust cos., but not those held by Fed. Reserve members.
$
23.618.400
41,225,300
480,861,200 Inc.
15.694.400 D ec.
26,744,200 D ec.
39,223,800
617,414,500
106,884,300
23.8%
M ay 18
1918.
Differences from
previous week.
S
95,050,000
163,801,000
9,146,200 1,999,957,100 D e c.
493,400
19,400,700 D e c.
1,029,300
15,462,400 D ec.
$
i
7,267,900
242,200
997,600
D ec. 1,187,500
190,919,600 D e c. 6,492,800
Inc. 17,716,100 2,042,063,000 Inc. 3,875,400
D ec. 3,010,000 296,642,800 D ec. 10,206,000
D ec.
0.3 %
19.4%
BO STON C L E A R IN G H OU SE M E M B E R S .
M ay 18
1918.
Change from
previous week.
4,968,000 D ec.
Loans, dlsc’ts & Investments. 503.733.000 Inc.
Individual deposits, lncl.U .S. 464.336.000 Inc.
Due to banks_______________ 129.078.000 D ec.
16.179.000 D ec.
Exchanges for Clear. H ouse- 18.434.000 D ec.
D ue from other banks......... .. 86.649.000 D e c.
Cash In bank & In F .R . Bank 61.022.000 Inc.
Reserve excess In bank and
Federal Reserve Bank____ 11,704,000 D ec.
M ay 11
1918.
M ay 4
1918.
11,000
4,979,000 $4,974,000
14,860,000 488.873.000 452.430.000
29,584,000 434.752.000 411.258.000
2,421,000 131.499.000 135.123.000
1,187,000 17.360.000 18,808,000
573,000 19.007.000 16.814.000
2,791,000 89.440.000 87.691.000
108,000 60.914.000 61.429.000
2,909,000
14.613.000
16.677.000
P h i l a d e l p h i a B a n k s . — T h e P h ila d e lp h ia C le a r in g H o u s e
s ta te m e n t fo r th e w e e k e n d in g M a y 1 8 , w ith c o m p a r a tiv e
fig u res fo r th e tw o w ee k s p re c e d in g , is a s fo llo w s .
R eserve
re q u ire m e n ts fo r m e m b e r s o f th e F e d e r a l R e s e r v e s y s t e m
are 1 0 % o n d e m a n d d e p o s its a n d 3 % o n tim e d e p o s its , a ll
to b e k e p t w ith th e F e d e r a l R e s e r v e B a n k .
“ C a s h in
v a u lt s ” in n o t a p a r t o f le g a l re s e r v e .
F o r tr u s t c o m p a n ie s
n o t m e m b e r s o f th e F e d e r a l R e s e r v e s y s t e m th e re se rv e
re q u ire d is 1 5 % on d e m a n d d e p o s its a n d in clu d e s “ R e s e r v e
w ith leg a l d e p o sita r ie s” a n d “ C a s h in v a u l t s .”
Week ending M ay 18 1918.
Two ciphers (00) omitted.
mn
a d d itio n to th o re tu rn s o f “ S ta t e b a n k s a n d tr u st c o m
p a n ie s in N e w Y o r k C i t y not in the Clearing House,” fu rn ish e d
b y ^ t h e S ta t e B a n k in g D e p a r t m e n t , th e D e p a r t m e n t a lso
p re se n ts a s ta te m e n t c o v e rin g all th e in s titu tio n s o f th is
olass in th e C i t y o f N o w Y o r k :
F o r d e fin itio n s an d ru les u n d e r w h ic h th o v a r io u s ite m s
are m a d e u p , see “ C h o r n io le ,” V . 9 8 , p . 1 6 6 1 .
T h e p ro v isio n s o f th e la w g o v e r n in g th e re se rv e re q u ire
m e n ts o f S ta t e b a n k in g in stitu tio n s a s a m e n d e d M a y 2 2
1 9 1 7 w ere p u b lish e d in th e “ C h r o n ic le ” M a y 1 9 1 9 1 7 ( V .
1 0 4 , p . 1 9 7 5 ).
T h e re g u la tio n s re la tin g to c a lc u la tin g tho
a m o u n t o f d e p o sits a n d w h a t d e d u c tio n s are p e r m itte d in
th e c o m p u ta t io n o f th e re se rv es w ere g iv e n in th e “ C h r o n ic le ”
A p r il 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
Differences from
previous week.
B o s t o n C l e a r i n g H o u s e B a n k s . — W e g iv e b e lo w a s u m
m a r y sh o w in g th e to ta ls fo r a ll th e ite m s in th e B o s t o n
C le a rin g H o u s e w e e k ly s ta te m e n t fo r a series o f w e e k s :
T h e a v e r a g e s o f th e N e w Y o r k C i t y C le a r in g H o u s o b a n k s
a n d tr u s t c o m p a n ie s combined w ith th o se fo r th e S t a t e b a n k s
a n d tr u st c o m p a n ie s in G r o a to r N e w Y o r k C i t y o u ts id e o f
th e C le a rin g H o u s e are a s fo llo w s :
C O M B IN E D RE SU LTS OF B A N K S A N D T R U S T C O M P A N IE S IN
G R E A T E R N E W Y O R K . (Two ciphers omitted.)
Trust Companies.
State Banks.
Week ended M ay 18.
Capital___________________
Surplus and {profits______
Loans, dlso’ ts & lnvestm'ts
Exchanges for Clear .House
D ue from banks__________
Bank deposits____________
Individual deposits______
Tim e deposits____________
T otal deposits__________
U.S. deposlts(not Included)
Ites’vo with Fed. R es. B k .
R es've with legal deposit’s
Cash In vault*___________
Total reserve A.cash held.
Reserve required________
Excess res. & cash In vault
Memb'rs of
F. R. Syst.
$25,975,0
67.810.0
578.626.0
22.732.0
143.385.0
167.763.0
435.551.0
4,226,0
607.540.0
Trust
Cos.
Total.
$5,500,0
13.908.0
45.652.0
379.0
155.0
1,217,0
29.967.0
$31,475,0
81.718.0
624.278.0
23.111.0
143.540.0
165.980.0
465.518.0
14.226.0
.638,724,0
75.372.0
51.856.0
5 + 26,0
17.993.0
74.875.0
48.442.0
26.433.0
31.184.0
51,856,0
16.158.0
68.014.0
43.845.0
24.169.0
"*5,026’,6
1.835.0
6.861.0
4.597.0
2.264.0
M a y 11
1918.
$31,475,0
81,169.0
620,564,0
24,136,0
129,349,0
168,347,0
464,062,0
4,240,0
636,649,0
65,565,0
56,016,0
4,972,0
18,324.0
79,312,0
49,589,0
29,723,0
M ayl
1918.
$31,475.0
81,173,0
610,856,0
25,189,0
136,385,0
167,274,0
467,699,0
4,355,0
639,328,0
41,851,0
48,427,0
4,550,0
17,682,0
70,659,0
49,076,0
21,583,0
•Cash In vault Is not counted as reserve for F . R . bank members.
N o n - M e m b e r B a n k s a n d T r u s t C o m p a n i e s .— F o llo w in g is th e re p o r t m a d e to th e C le a r in g H o u s e b y cle a rin g n o n
m e m b e r in stitu tio n s w h ioh a re n o t in o lu d e d in th o “ C le a rin g H o u s e r e tu r n ” o n th e p re c e d in g p a g e :
RETURN
C L E A R IN G
N O N -M E M B E R S .
O F ,{ N O N -M E M B E R
Capital.
Net
Profits.
W e e k E n d in g M a y 18 1918. /N a t. banks M ar.
4)
IState banks Mar. 1 4 /
M em bers o f
F ed eral R oservo B ank
Battery Park N at. Bank-----W . R . Graco & C o .’s b a n k ...
First N at. Bank, B r ook ly n ..
N at. C ity Bank, B rook lyn ..
First N at. Bank, Jorsoy City
Hudson C o. N at., Jorsoy City
First N at. Bank, H ob ok en ..
Sooond N at. Bank, Hoboken
400.000
500.000
300.000
300.000
400.000
250.000
220.000
125,000
T o t a l___________ __________
S ta te B anks.
Not Members o f the
Federal Reserve Bank.
Bank of Washington Ilelghts.
Oolumbla Bank_____________
Now Notherland Bank______
Yorkvllle Bank......... ............ M echanics’ Bank, B rooklyn.
North Side Bank, B rook ly n ..
T o ta l___________ ____ . . . . .
T r u s t C om p a n ies.
Not Members o f the
Federal Reserve Bank.
Hamilton Trust C o..B rooklyn
M echanics' T r. C o ., Bayonno
T o t a l__________ ___________
Grand aggregate____________
Comparison provlous w ook._
$
$
462,900
642.400
655.500
594.400
1,319,000
787,300
632.500
275,800
IN S T IT U T IO N S
Loans,
Discounts,
Ac.
Cold.
Legal
Tenders.
Average.
Average.
Average.
$
$
$
Silver.
Average.
$
YORK
National
Bank
& Federal
Reserve
Notes.
Average.
$
C L E A R IN G
Reserve
i with
Legal
Deposi
taries.
Additional
Deposits
with Legal
Deposi
taries.
Average.
Average.
$
i
983.000
297,000
743.000
469.000
562.000
694.000
542.000
1,000,000 3.640.000
714.000
308.000
324.000 1.144.000
722.000
285.000
8,022,000
4.092.000
7.276.000
0,642,000
7.508.000
5.112.000
8.193.000
5.992.000
74.000
3.000
12.000
6.000
206,000
54,000
8,000
6,000
12,000
37,000
10,000
30.000
215,000
8,000
4,000
43.000
112,000
78.000
147,000
80.000
44.000
85.000
132.000
2,000
75.000
119.000
190.000
120.000
164,000
21.000
2,495,000
5,369,800 53,497,000
389,000
322,000
583,000
831,000 4,747,000
100,000
500.000
1,000,000
500.000
200.000
200,000
100,000
1,600,000
200,000
480,300
2.510.000
1,003,400 10.549.000
620,800 13.419.000
146,900
6.385.000
523,000
8.849.000
213.700
4.080.000
663,400
7.419.000
798.700 24.332.000
174,800
5.035.000
71.000
033.000
653.000
150.000
502.000
19.000
366.000
116.000
154,000
6,000
157,000
13.000
65, ,00
110.000
80.000
357,000
25,000
58.000
421.000
377.000
60.000
189.000
265.000
407.000
684.000
118.000
4,400,000
4,625,000 83,178,000
2,714,000
813,000
2,579,000
H OU SE.
National
Bank
Circula
Net
Demand
Deposits.
Net
Time
Deposits.
Average.
Average.
S
125.000
1.250.000
556.000
414.000
Aevrage.
SI
6.185.000
2.864.000
5.331.000
5.083.000
7.123.000
4.191.000 "513",666
2.765.000 3.499.000
2.722.000 2.563.000
tion.
$
194,000
290.000
120.000
397.000
194.000
218.000
99,000
7,630,000
36,264,000
8,920,000
1,512,000
136.000
683.000
780.000
266.000
529.000
268.000
451.000
1,406,000
265.000
33.000
295.000
291.000
63.000
219.000
32.000
456.000
981.000
441.000
2,268,000
11.388.000
13.002.000
4.706.000
8.541.000
5.131.000
7.517.000
23.426.000
4.869.000
351.000
160.000
45.000
109.000
64.000
400.000
- ............
3,145,000 4,784,000
2,811,000
80,848,000
1,129,000
..... ...
145.000
148.000
600.000
280,000
402.000
151.000
129.000
1,034,000
250.000
500.000
200.000
1,007,800
344,000
8.954.000
8.484.000
384,000
19,000
31.000 • 24,000
20.000
104,000
114.000
185.000
297.000
559.000
367.000
207.000
5.954.000
5.588.000
1,060,000
3,087,000
700,000
1,351,800
17,438,000
403,000
57,000
299,000
856,000
574,000
11,542,000
4,147,000
7.595.000 11.348.600 154,113,000 3,480,000 1,192,000
+ 31,000 — 122,000 — 199,000
*322*300* decrease
Grand agkrogato M ay 11____ 7.595.000 11.340.600 154.082.000 3.008.000 1.391.000
Grand aggregate M ay 3 . . . . 7.595.000 11.346.600 151.942.000 3.580.000 1.281.000
Grand aggregate Apr. 2 7 ____ 0.895,000 11,442,000 151.357.000 3.879.000 1.373.000
GrandJaggrogato Apr. 2 0 ____ 6.895.000 11,442,000, 150.745.000 4.068.000 1.385.000
G rand‘aggrogato Apr. 13____ 6.895.000 11,616,700 148.143.000 3.980.000 1.248.000
a U . 8 . doposlts deducted, $17,565,000.
OF N E W
128,000
3,290,000 4,275,000 10,387,000 11,065,000 al28,654,000 14,196,000
— 63,000 — 144,000 — 170,000 + 1163000 — 1,211,000 — 41,000
1,512,000
+ 5 ,0 0 0
3.353.000
3.451.000
3.404.000
3.475.000
3.631.000
1.507.000
1.510.000
1.513.000
1.510.000
1.521.000
4.419.000
4.158.000
3.893.000
3.566.000
3.526.000
10.557.000
10.902.000
10.851.000
10.639.000
10.607.000
9.902.000
10.768.000
9.220.000
10.718.000
10.805.000
129.865.000
130.712.000
133.807.000
132.838.000
130.861.000
14.237.000
13.975.000
13.723.000
13.727.000
13.681.000
Wall Street, Friday Night, May
24 1918.
T h e M oney M ark et a n d F in a n c ia l S itu a tio n . — As was
to bo expected after the spectacular movement of the last
two weeks or more, the security markets are gradually
settling down into normal conditions. That the latter
process has thus far been gradual is not only unusual, after
such a sudden and rapid advance, but also surprising in
view of other developments of the week. These develop
ments were not unexpected, it is true, and perhaps not
especially unfavorable, but they are certainly not all of a
kind to inspire confidence or hopefulness.
Of this class was the pronunciamento of Director-General
M cAdoo, removing all railway presidents from former
operating relations with their roads; action of the War In
dustries Board in deciding that the price of copper metal
shall remain as heretofore, notwithstanding the increased
cost of production; and last, but perhaps not least, the dis
cussion at Washington of new and presumably more drastic
and more sweeping tax laws.
1 „ .
On the other hand, the weekly weather and crop bulletin
showed exceptionally favorable conditions affecting crops in
all parts of the country and from the iron and steel industry
reports of increased production with the practical assurance
that this will continue throughout the year and probably
longer. No one can say with certainty that news from the
seat of war has had an appreciable effect on security values
this week, notwithstanding general expectation that a new
German offensive may be launched at any moment.
Tho money market has been relatively steady throughout
the week with call loan rates covering a range from 4 to 6 % .
F o re ig n E xch an ge. — Sterling exchange remained with
out featuro. In tho Continental exchanges further weak
ness developed in liro, but otherwise the changes wero not
important.
To-day’s (Friday’s) actual rates for sterling exchange wero
4 7 2 % @ 4 72% for sixty days, 4 7547% @ 4 75% for checks
and 4 7645@4 76 7-10 for cables. Commercial on banks,
sight, 4 7 5 % @ 4 75% ; sixty days, 4 7 1 % @ 4 71%; ninety
days, 4 70@ 4 70% , and documents for payment (sixty
days), 4 7 1 % @ 4 71% . Cotton for payment, 4 75 % @
4 75% , and grain for paymont, 4 7 5 % @ 4 75% .
To-day’s (Friday’s) actual rates for Paris bankers francs
wero 5 77% for long and 5 72% for short. Germany bank
ers’ marks were not quoted. Amsterdam bankers’ guilders
wero 48 13-16 @49 13-16 for long and 48 15-16 @49 15-16
for short.
, „
,,
Exchange at Paris on London, 27.15% fr.; weeks range,
25.15% fr. high and 27.16 fr. low.
The range for foreign exchange for tho week follows:
Sterling Actual— •
H ig h fo r th o w e e k —
L o w fo r th e w e e k —
[V o l . 100.
THE CHRONICLE
3206
Sixty Days.
4 72%
4 72%
Paris Bankers' Francs—
H ig h fo r th o w e e k —
5 77%
L o w fo r th o w e e k —
5 7754
Amsterdam Bankers’ Guilders—
H i g h f o r t h o w e e k ----L o w fo r th o w e e k —
5 0 5 -1 0
4 8 1 -1 6
Checks.
Cables.
4 75 %
4 7 5 7 -1 6
4 7 6 7 -1 6
4 7645
5 71 %
5 71%
5 69%
5 70
50%
4-----8%
51
48- %
Dom estic E x ch an ge. — Chicago, par.
Boston, par. St.
Louis, 15c. per $1,000 discount bid. San Francisco, par.
Montreal, $11.25 per $1,000 premium. Minneapolis, 10c.
per $1,000 discount. Cincinnati, par.
State a n d R a ilro a d B o n d s. — Sales of State bonds at the
Board aro limited to $3,000 New York Canal 4% s at 106
and $40,000 Virginia 6s deferred trust receipts at 49 to 50.The market for railway and industrial bonds has been less
active than of late and prices have generally dropped to a
lower level. Of a list of 20 representative issues only 4 havo
advanced and 4 aro unchanged, thus reversing last week’s
record.
■St. Paul conv. 4% s aro unique in a net gain of 3 % points
and Inter. M cr. Mar. 6s and N . Y . Rys. adj. 5s are 134 nnd
1% points higher, respectively.
. .
On tho other hand, Am. Tel. & Tel. 5s lost 2 % points,
Inter-Met. col. trust 4% s, 2, Chos. & Ohio 4% s and N o. Pac.
4s, 1% . Other declines are fractional.
.
In addition to the above the active list includes Atchison,
Balt & Ohio, Ches. & Ohio, Hudson & Manhattan, New
York Central, U. S. Rubber, U. S. Steel and Central Leather
issues.
U n ite d States B o n d s.— S ale s o f G o v e r n m e n t b o n d s a t
th o B o a r d in clu d e $ 1 ,5 0 0 P a n . C a n a l 3 s , r e g ., a t 8 3 ; $ 1 ,0 0 0
2 s , r e g ., a t 9 7 % ; $ 1 ,0 0 0 3 s , r e g ., a t 9 9 % ; $ 1 ,0 0 0 4 s , r e g ., a t
1 0 5 % ; $ 1 ,0 0 0 4 s , c o u p ., a t 1 0 5 % ; L ib e r t y L o a n 3 % a t 9 8 .9 4
to 9 9 ; L . L . 1st 4 s a t 9 4 .8 0 to 9 5 .0 8 ; L . L . 2 d 4 s a t 9 4 .6 6 to
9 5 , a n d L . L . 4 % s a t 9 7 .3 8 to 9 7 .9 0 .
For to-day’s prices of all
the different issues and for the week’s range see third page
following.
R a ilro a d a n d M iscellan eous Stocks.— As suggested in
this column last week, the stock market then reached tho
zenith of an upward swing of prices covering a period of
nearly three weeks and which in extent has rarely been
equalled in recent years. There was a slight recovery on
Monday, presumably on tho execution of buying orders
which had accumulated over tho week-end, but otherwise
tho tendency of prices has been steadily downward through
out tho week. Tho latter movement has not, however,
b r o u g h t p rices d o w n to th o le v e l p re v a ilin g earlier in th o
m o n th a n d in a fe w e x c e p tio n a l ca ses t o - d a y ’s q u o tiitio n s
aro s u b s t a n tia lly a b o v e th o se o f a w e e k a g o .
O f the r a ilw a y
list o n ly N e w H a v e n is in th o la tte r c la s s .
W h e n a t th o
h ig h e s t o n T u e s d a y i t h a d a d d e d 3 % to its 8 % _ -p o in t a d
v a n c e o f la s t w e e k .
I t c lo s e s , h o w e v e r , 2 % p o in ts b e lo w
th e h ig h e s t, w ith a n e t g a in o f 1 .
O th e r w ise th o r a ilw a y lis t
sh ow s a d eclin e a v e r a g in g n e a r ly 2 p o in ts .
M is c e lla n e o u s s to c k s s h o w a m o re v a r ia b lo re c o rd .
Am.
S u m . T o b a c c o h a s b e e n a s p e c ta c u la r fe a tu r e .
I t advanced
18 p o in ts in a d e c lin in g m a r k e t , lo s t n e a r ly 1 2 w h e n th e m a r
k e t w a s fir m e r a n d close s w ith a n e t g a in o f 6 % p o in t s .
A m . S m e lt . & R e f . h as lo s t 4 % , B e t h . S te e l 4 % , C r u
c ib le S te e l 2 % a n d U . S . S te e l 3 p o in ts .
For daily volume of business see page 2215.
T h e fo llo w in g sales h a v e o c cu rre d th is w e e k o f sh ares n o t
STO C K S.
Week ending M ay 24.
Sales
Week.
Range for Week.
Lowest.
Highest.
Range sine
Lowest.
Par. Shares S per share. S per share. 5 per share. S per share.
Jan
213 59% M ay 22 60 M ay 22 59% M ay 80
Adams Express_____ 100
10 183 M ay 20 183% M ay 20 183% M ay 84% M a y
Albany & Sus<i_____ 100
100 3543 M ay 22 3 5% M ay 22 31% M ar .15% M ay
American Bank N o te . 50
Apr
Feb 88
100 85 M ay 21 85 M ay 21 80
American Express— 100
Jan 00
M ay
750 99 M ay 22 100 M a y 18 81
Am Sumatra T o b pf-100
M ay 54% Feb
100 51 M ay 22 51 M ay 22 51
Asso D ry G oods 1st pf 100
Apr 61
M ay
100 6 0 % M ay 22 60% M ay 22 54
Associated OH______ 100
Jan
1% M ar
1
1,300
1 M ay 20 l% M a y 18
6% Jan 9 % M a y
1,900 8 M ay 23 9% M a y 18
M ay 80
Jan
40 75 M ay 20 75 M ay 22 75
7% M ay 11% Feb
300 7% M ay 21 8 % M ay IS
M ay
100 71 M a y 21 71 M ay 21 63% Jan 71
Mar 41% Apr
400 38 M a y 21 40 M ay 24 26
Jan 53
Apr
400 47 M a y 22 47% M ay 18 41
Apr 10
M ay
7
80 7% M ay 23 7% M ay 23
Jan 37% M ay
200 3 7 % M a y 20 37% M ay 20 30
Jan
7% Apr 10
300 8% M ay 23 9 M a y 23
Feb 50
M ay
100 50 M ay 23 50 M ay 23 44
Continental Insur.
Jan 28% M ar
500 25 % M a y 22 2 6 % M a y 24 22
Elk Horn C oal-----9% Apr 13% Jan
100 !0 % M a y 23 10% M ay 23
Jan 36% Feb
700 32 M ay 24 3 5 % M a y 20 27
Jan 35% M ar
200 35 M a y 24 35 M ay 24 26
Jan 45
M ar
400 42 M ay 18 43 M a y 21 34
General Cigar I n c -Mar 0 % Feb
8
100 8% M ay 20 8 % M a y 20
Gulf M o b & N or ctfs
200 109% M a y 21 110 M a y 18 106% Jan 110% Feb
Int Harvest N J prcl
Mar 72
Feb
500 61 % M a y 20 65 M ay 22 53
Int Harvester C orp.
185 95% M ay 21 9 5 % M a y 21 95% M ay 102% Feb
Jan 30
M ar
100 28 % M a y 20 28% M ay 20 28
M ay 85
M ay
100 85 M ay 23 85 M ay 23 85
Kresge (S S) C o - . .
Jan 57% M a y
100 5 7% M ay 22 57% M ay 22 50
Kress (S II) & C o .
600 102 M ay 23 103 M ay 20 101% Jan 107% M ar
M ar
Jan 00
60 175 M ay 21 175 M ay 21 160
M ay 49
M ay
100 49 M ay 20 49 M ay 20 46
M ar 100
M ay
125 100 M ay 20 100 M ay 20 94
Jan 54% Apr
100 54 M ay 18 54 M a y 18 47
M ar
156 89 M ay 20 89 M ay 20 80% Jan 90
M ay
600 32% M a y 21 33 M a y 18 26% Jan 33
Apr 24% M ay
i
600 21 % M a y 24 23 M a y 20 17
M ay
2,100 24 M ay 18 27 M ay 18 18% Jan 27
Jan 48
M ay
400 4 6 % M a y 20 48 M a y 21 42
Apr 69
Jan
200 60 M ay 24 61 M ay 21 59
M ay 107
M ay
100 107 M ay 23 107 M ay 23 107
)
100 101% M ay 20 101% M ay 20 101% M ay 101% M a y
Feb
> 500 24 M a y 21 24% M a y 24 18% Fob 26
Paclflc Tel & T e ll - .
Apr 30
Jan
i 1,800 2 4 % M ay 24 29 M ay 18 21
St L-S Fran pref A .
Jan 80% M a y
500 79 M ay 23 79% M a y 21 53
M ay
Fob 93
350 92 M ay 20 93 M a y 24 81
Jan 162
Jan
100 160 M a y 23 160 M a y 23 158
Jan 102% M ay
400 98 % M a y 22 102% M ay 18 84
Jan
10C 81 M ay 20 81 M ay 20 80% M ay 89
r
10C 45 M ay 21 45 M ay 21 38% Jan 47% Feb
6% M ay
5H M ay
5% M ay 22 6% M ay 22
800
T ol St L & West tr rcc.
8% Mar 12% Jan
1,310 9 M ay 20 10% M ay 23
Preferred tr r c c .........
M ay
M ay 42
r
300 39 M ay 24 39% M ay 23 39
M ay
D 100 71 M ay 21 71 M ay 21 69% Jan 71
Jan 50
M ar
0
100 48 % M a y 24 48% M ay 24 40
First preferred..
M ay 61
M ay
> 101 61 M ay 18 61 M ay 18 01
United D y e w o o d ..
t
IO 15% M ay 20 15% M ay 20 14% Apr 16% M ar
C
8
M ar 17
Apr
) 1,100 13 M ay 21 14% M ay 24
0
33 70 M ay 18 70 M ay 18 70% M ay 83 % Jan
uoiii))
M ay 98% M ar
0
200 95 M ay 20 9 5 % M a y 20 95
Wilson & C o prof.
O u t s i d e M a r k e t .— “ C u r b ” m a r k e t tr a d in g th is w ook w a s
w ith o u t d efin ito tr e n d , a n u p w a rd m o v e m e n t o f p rices b o in g
u s u a lly fo llo w e d b y a re a c tio n w h ich le ft p ric e s, e x c e p t in a
fe w in s ta n c e s , w ith o u t m a te ria l c h a n g e .
H o u s to n O il c o m .
w as th o p rin c ip a l fe a tu r e , th o s to c k a d v a n c in g o n h e a v y
tr a d in g fr o m 5 5 % to 6 7 % , th o closo t o -d a y b o in g a t 6 5 .
C o s d e n & C o . c o m . also d is p la y e d c o n sid era b le a c t iv it y 'a n d
ga in e d a lm o s t a p o in t to 7 % w ith th o fin a l figuro t o -d a y 7 % .
S a p u lp a , a n o th e r a c tiv e fe a tu ro , w a s u p fr o m 8 % to 1 0 %
an d e n d s th o w e e k a t 9 % .
M id w e s t O il c o m . im p r o v e d
fro m 1 .0 2 to 1 .1 2 b u t re a c te d fin a lly to 1 .0 8 .
M o r r itt O il
sold d o w n a b o u t a p o in t to 2 2 % .
I n tho S ta n d a r d O il
issues P ra irie O il & G a s re g iste re d a su b s ta n tia l g a in , m o v in g
u p o v e r 3 0 p o in ts to 5 2 4 a n d re a c tin g fin a lly to 5 1 7 .
A etn a
E x p lo s iv e s c o m . d ro p p e d fro m 1 5 % to 1 2 % , re co v e re d to
1 5 % a n d fin ish e d t o -d a y a t 1 5 % .
S u b m a rin e B o a t a fte r
e a rly w e a k n e s s , fr o m 1 7 % to 1 6 % , a d v a n c e d to 1 8 % a n d
en d s th e w e e k a t 1 8 .
L a k e T o r p e d o B o a t foil fro m 5 % to
5 , th o fin a l tr a n sa c tio n t o -d a y b o in g a t 5 % .
M o t o r s to c k s
e x tr e m e ly q u ie t.
U n it e d M o t o r s flu c tu a te d b e tw e e n 2 3 %
an d 2 4 % d u rin g th e w e e k u n til t o -d a y , w h e n it sold u p to
2 5 % a n d re ste d fin a lly a t 2 4 % .
IC oystono T ir e & R u b b e r
c o m . re a ch e d 2 0 t o -d a y , a n e w h ig h p o in t a n d a g a in o f o v e r
a p o in t d u rin g th e w e e k .
T h o closo w a s a t 1 9 % .
A ero
p la n e issues w ero m o re p r o m in e n t a t th o c lo so .
C u r tis s
A e r o p l. & M . c o m . a fte r a recessio n in th o e a rly p a r t o f tho
w ee k fr o m 3 5 % to 3 4 % , t o -d a y sold u p to 3 8 % , clo sin g a t 3 6 .
W r i g h t -M a r t i n A ir e . c o m . cased o ff fr o m 1 1 % to 1 0 % a n d
closed t o -d a y a t 1 0 % .
L im a L o c o m o tiv e w a s a c tiv o a n d
ga in e d 5 p o in ts to 5 0 % b u t re a c te d a n d re ste d fin a lly a t 4 6 % .
M in in g s to c k s g e n e ra lly q u io t.
I n b o n d s C a n a d ia n G o v t .
5 s d ec lin ed fro m 9 7 % to 9 5 % w ith considerable) a c t iv it y
to w a rd th o close o f th e w e e k .
R u s s ia n G o v t . 6 % s sold u p
fr o m 3 9 to 4 2 an d d o w n to 4 0 , tho 5 % s g a in in g 4 p o in ts to 4 0 .
A c o m p le te re co rd o f “ c u r b ” m a r k e t tra n sa c tio n s fo r tho
w e e k w ill b o fo u n d o n p a g e 2 2 1 5 .
N ew York Stock Exchange—Stock tRecord, Daily, Weekly and Yearly 2 3 0 7
IJ C C U H IN O
<*u
F ar re c o rd o f
a
tan a n d
Saturday
M a y 18
low
s a l s p r ic h s — p b r
M on d ay
M a y 20
Tuesday
M a y 21
d u r in g >h« w eek o f etoake u s u a lly In a o tlra , aao p r e c e d in g page.
sh ah s, n o t pbr cu n t.
W ednesday
M a y 22
Thursday
M a y 23
Friday
M a y 24
Salesfor
W eek
S hires
ST O C K S
N E W Y O R K ST O C K
EXCHANGE
PtSK SHAH a
Range Since Jan. 1 .
On basis o f 1 00 -share lots.
Lowest.
Highest.
PUR SHARB
Rang* for Previous
Year 1 9 1 7
Lowest
Highest
R a ilroads
Par S per share.
S per share S per share
$ per share.
t per share $ per short
3,400 Atch Topeka A Santa F e . .l 0 0
81*i 85
84% 85%
81 M ar23
88 M ay 15
75 Deo
107% Jan
200
*81% 82% ---- ___
Do
pref______________ 100
80 Jan 30
82% Jan 2
75 D ec
100% F e b
*92
96
400 Atlantic Coaat Lino R R .. . 1 0 0
89*8 A pr 22
*93
95
94% M ay21
*797 Deo
8
119 J an
53% 54%
13,400 Baltimore * Ohio_________ 100
53*i 55
49 Jan 24
57 M ay20
38% D eo
85
Jan
57
57
600
*56
57%
Do
pro!______________ 100
53 Apr 25
57% Jan 5
48% Deo
767$ J a n
44
44
800 Brooklyn Rapid T ra n sit.. 100
42*4 43
38*8 Feb 25
48% Jan 2
36 Deo
82
Jan
144 145
7,800 Canadian Pacific__________ 100 135 M ar25 150 M aylO
146 146%
126 Deo
1 67 *sM ar
57% 57%
4,000 Chesapeake A Ohio________100
49*4 Jan 15
57*4 58
60% M arl4
42 N ov
85*4 J a n
7%
7%
1,500 Chicago Great W e s te rn ... 100
*7
7%
6 Apr 9
8*4 Jan 2
6 Deo
14% Jan
22
22%
22% 22%
1,000
Do
p r o f . . . .....................100
18% Apr 9
25 Jan 3
4 1*4 Jan
17% Deo
4t34 43%
42
43% 23,900 Chicago Mllvr A St P a u l..1 0 0
37% Apr 22
47*4 Jan 2
92
Jan
35 N ov
73% 75
Do
pref______________ 100
73*4 74*i 17,230
66% Apr 11
79% Jan 5
125% Jan
62% Deo
*92% 93 %
92
300 Chicago A N orthw estern.. 100
92
89% M ar25
95 Jan 3
85 Deo 1 2 4 % J a n
Do
pref........................... 100 137 Jan 29 137 Jan 29 137% Deo
172% F eb
21% 22
21% 217S 13,400 Ohio R ook Isl A Pao temp otfs.
22% 23
22% 22*1
22
23%
18 Apr 22
24 % M a yl5
16 Deo
38% June
68>} 69%
68% 68%
2,300
7% preferred tem p otfs____
70
69*4 70%
09*4 70
56*4 Jan 15
70*4
7 1 % M a y l5
84% A p r
44 D eo
58% 68*1
58% 583
59% 59*4
6 % preferred temp otfs____
59% 59%
60
60%
4 2,100
46 Jan 15
61 M a y l4
71
Apr
35*4 Deo
*32
35
34
*32
*32
35
200 Clov Cln Ohio A St L o u is.. 100
*32
35
35
35
26 Feb 21
38 M a y 14
51
Jan
24 N ov
*60
70
*61
67
*60
70
*64
Do
prof........................... 100
70
70
*55
5S*4 M ay 7
61% M ay 17
8 0 Jan
61*4 Oct
22
22
22%
22
*22
2,275 Colorado A Southern_____ 100
22
22
22
21*8 22
18 Apr 22
23 Jan 2
18 N ov
3 0 Jan
*48
50
50
*48
*48
Do
1st pref___________100
*43
51
47 A pr 3
50% Jan 4
4478 N ov
5 7 t* J a n
*45% 40*2 *44
43
*42
48
Do
2d pref__________ 100
48
*43
40 A pr 4
45 M a rl4
46
M ar
41 8ept
*107
ni
700 Delaware A Hudson............100
110 110
107 108%
*108 109% 110 110
100% Apr 11 115% Feb 1
87 N ov 1517* J a n
105 465
165 165
400 Delaware Lack A W estern ..5 0
*165 170 *165 108 *165 170
160 Apr 17 *180 Jan 4 167% Deo 2 3 8 M a r
*1
5
*4
5
5
100 Denver A Rio Grande____100
*4
5
*4
2% Jan 4
6 Jan 3
5 Deo
17 J an
*8
9
9%
8
8
100
Do
pref______________ 100
*6*4
9%
5 Apr 23
*0*4
*0*4 10%
13*8 Jan 2
978 Deo
41
Jan
15^2 16
15*8 15*4 10,000 Erie.......................................... io o
10% 16%
17
10%
16
14 Apr 17
17*8 M ay 15
3 4 *4 J a n
13is Deo
31% 32%
32% 32%
32% 10,200
33%
32%
32%
31*4
Do
1st pref___________100
31
23% Jan 16
35 M a y l4
49% J an
18*4 Deo
♦22
24
*22
*21
23
24
200
22% *21
23
*21
Do
2d pref__________ 100
18% Jan 25
2 1*4 M ay 14
15% Deo
39*4 J a n
88
89
89
89%
91
91
5,200 Great Northern prof______ 100
90*i 92
91% 91*8
86 Jan 15 93% M a y l4
79% Deo
1 1 8 % Jan
30*4 31*4
3 l 7s 33% 23,100
31% 31%
32% 32%
25% Jan 15
30% 32%
Iron Oro properties.-N o par
34*8 M ay 16
38% M a r
22*8 N ov
*96% 98
*95% 97*4
*95% 96
98
160 Illinois Central..................... 100
95%
*95
92 Jan 7
97% M a y l4
85*4 D eo
106*8 J a n
8
8%
8%
8%
*8%
2,700 Interhoro Cons C o r p ..N o par
8%
8%
8%
8%
8*3
9% Jan 3
6 * 4 Mar25
5*4 Deo
17% J an
42
41*i 4l*i
*42% 43%
4112
400
45
44% *43
♦43
D o p r e f . . . ...................... io o
47% Jan 3
38*8 M ay 2
72% J an
39% Deo
17% 17*1 *17
2,900 Kansas City Southern____ 100
18% 18%
17*i
18% 18*4
18% 19
15% Apr 17
20 M a y 16
13% N ov
257g J a n
*5 L
54
54
*51
54
*50
100
53
53
53
*50
D o prof............................ io o
53 M ay20
45 Jan 5
58% Jan
40 N ov
*9
10%
11
*9
10%
11
*8
100 Lake Erie A W estern......... 100
*9
11
*8
8% M a y 1
10% Feb 19
25% Jan
8% N ov
20
20
25
*15
25
200
25
20% 20% *20
*20
D o prof.............................io o
18 Apr 23
21 Feb 25
53*4 Jan
23 Oct
59 % 59 %
61
60
60%
1,800 Lehigh Valley______________ 50
60
00%
60% 60%
60
60*4 *59%
62% M a r ll
55 Jan 15
79% Jan
50*8 D eo
116% 116% *116
117 117
117
900 Louisville A Nashville____100
*115 117
117 117 *116% 120
110 Jan 2 118 M arl4
103 Deo 133*4 J a n
___
♦9t2 10% —
*9% 11
100 Mlnneap A St L (a e r o )...100
10% 10% *10% 11%
*9*4 10%
7% Apr 17
ll* 8 M a y l5
678 D eo
32% Jan
5
5%
*5%
* 5%
5'%
*5*1
5%
534
5%
600 Missouri Kansas A T exas. 100
5*4
5*1
5*2
4 *8 Jan
5
6 % Jan 2
11
Jan
3% D eo
*8
9
9%
9
*8
9%
*8
9%
9
*8
9
100
*8%
D o pref............................. 100
6% Jan 29
9% Jan 7
20% Jan
7 N ov
22
23
23% 24
23
23% 23*4
24
22*i 22*8 11,300 Missouri Paolflo tr otfs____100
23% 24%
24% Jan 2
20 Jan 15
197 N ov
8
34
Jan
5.1% 53%
54% 5412
5'
54% 54^4
55
53*4 54%
54
54
900
55% M a y l4
Do
pref tr o t f s . . ......... 100
41 Jan 15
61 J an
37% Deo
71% 72%
73
74
72*4 74
73% 75
71*i 72% 12,800 New York Central...............100
72*4 737«
75*4 M ay 14
67% Jan 15
62% Deo 103*8 J a n
41% 437$
40% 417}
41% 43
40% 42%
41
43 135,600 N Y N H A H artford_____ 100
41% 441}
27 Apr 11
44% M ay22
527* J a n
21% Sept
20% 20% *19
21
21% *20% 21% *20% 21%
*21
21*4
21
1,400 N Y Ontario A W e s te rn ... 100
18% Jan 22
21% M a y 15
29% Jan
17 N ov
105*4 106% 106 107 *108
107
104 101%
2,200 Norfolk A W estern______ 100
105*4 106% 103% 101
102 Jan 24 108*8 M a y 14
138*8 J a n
92% Deo
85% 857g
80% 87%
80*4 87%
87
87%
85% 85%
85% 86*4
4,700 Northern Paclflo__________ 100
81% Jan 24
89 M a y l4
75 Deo 1 1 0 % J a n
43*i 43%
44% 44%
437$ 44%
44% 44*i
44*4 44%
43*1 43*s
9,300 Pennsylvania....... ................... 60 243% M ay 1 47% Jan 2
57*8 J a n
40% D ec
12
12% 13% ___
12
12
13
12% 12%
1,500 Pere M arquette v t 0 _____ 100
14 Jan 4
9% M ay 1
36*4 J a n
12 Deo
58
53
300
52% Apr 3
D o prior pref v t 0 ____ 100
58*4 Feb 19
73% Jan
45 N ov
36
36
30
30
100
D o pref v t o .................. 100
37 Jan 11
30 Apr 6
57 J u n e
37 Oot
*28% 29
29% 29%
28%
28*4 29%
28
4,700 Pittsburgh A W est V a____100
28% 28*4
28% 29
31% M a y l5
22% Jan 2
18*4 Deo
35*4 June
_
_
69
69
200
69
69
*08% 69% *68% 697} *68% 697}
70*4 M a yl4
D o preferred__________ 100
61 Jan 10
53*8 Apr
68 Jan
86% 87%
86% 88% 202,500 R ea din g___________________ 50
87% 88%
86*i 89%
87% 88%
87% 90%
70% Jan 15
90*4 M aylO
60% N ov 1 0 4 % J a n
*35
39
39
*35
*35
■
10
*35
39
*35
39
*38
40
D o 1st pref.......................60
35 Jan 12
39 M a y l5
34 N ov
45 Jan
*30% 38
*36% 38
*36
*30% 38
38
*36% 38
*36% 38
Do
2d p r e f .. ................. 60
38% M a r ie
35 Mar30
3378 Deo
45% Jan
12% 12%
12%
127} 13
125* I2*i
12*4 12*i
12%
3,200 St Louls-San Fran tr otfs. 100
12*4 12%
9*8 A pr 3
14 Jan 2
12 D ec
26*8 J u n e
23% *23
23%
•22
23% *22
23% *22
23% ♦22
23% *22
St Louis Southwestern____100
19% M arl2
23% M a y l5
32 Jan
22 Deo
*37
40
49% *37
*37
38
♦37
49% *37
49% ♦37
40
Do
pref............................ 100
34% Feb 13
40% Jan 3
53 Jan
34 Deo
*7%
7*1
7%
7%
8%
*7%
*7%
8
*7%
*7 %
8%
100 Seaboard Air Lino_________ 100
8*4
7 Apr 17
8% Jan 4
18 J a n
7% Deo
—
....
17% 17%
18%
17% 17% *17
18
*17
400
17% 17%
D o pref.............................100
15% Apr 19
19% Jan 3
1678 Deo
39% Jan
83
84
83% 84% 20,500 Southern Paclflo C o ........... 100
84
85%
85% 85%
84*4 85%
84% 86
88*4 Feb 27
80% Jan 24
98% M a r
75*4 Deo
23*4 23%
23% 23%
23*i 24%
23% 2l*i
24
24% 24%
24*i
7,900 Southern Railway_________ 100
20*s Apr 30
26 M a y l5
21% Deo
33*8 J a n
01
61
02% *60% 62
*59
62
*60
62
02
61
02
•100
Do
pref............................ 100
57 Jan 21
63 M a y l5
61*8 M ay
70% Jan
17% *15
17%
17% 17% *15
*15
17
17%
300 Texas A Pacific___________ 100
17*4 17*1 *16
14 M ay 4
19% Feb 20
19*4 J a n
11*8 N ov
44
*42t2
*42% 45
*42% 44
*42% 44% *42% 45
44
44
100 Twin C ity Rapid Transit. . 100
42% M ay 9
65% Jan 31
62 Deo
95 Jan
124% 124% 123% 125% 1237$ 124% 122% 124% 120% 122% 121 122% 33,100 Union Paclflo______________ 100 109*4 Jan 16 126% M ayl4
101% Deo
1 4 9 % Jan
71
71
70% 70% *70% 71
200
74% M a r ll
Do
pref........................... 100
69 Jan 3
69% Deo
8 5 Jan
*9% 10
9%
9%
10
10%
10
10
10
10
*9*4 10
1,500 United Railway a In vest. ..1 0 0
4*4 Jan 15
10%M ay24
4% Deo
11*8 Jan
17*2 17%
18
18
18
18
*18% 18*4 *18% 18*4
17*4 19%
1,800
10% Apr 9
20 M ay 7
Do
pref........................... 100
11% Deo
23*4 Jan
8
**8
8%
9%
9
*8%
9
9
9
*8 *4
9
*8%
9rf
400 W a b a sh __________________ 100
7 Apr 26
9*2 M a y l5
7 N ov
15*4 Jan
4l
41
41% 4178 41% 42
42%
*41
42
42
42
42
1,300
39% Apr 12
44% Jan 2
Do
pref A ............ IIIIlO O
58
Jan
36% Deo
23 *4 23% *23
*24
25
*24
25
24|
*23*4 24% *24% 25
400
20% Jan 15
Do
pref B ...................... 100
25% M a y l5
18 Deo
30% Jan
*14% 15
14*i 15
*14% 15 *
14% 14% *14% 15%
14*i 14*i
500 Western Maryland (new ). 100
13 Jan 15
17*4 Feb 15
23
Apr
12 Deo
*25
29
29
*25
*25
29
*25
29
*25
29
Do
lid pref...................... 100
31% Feb 15
20 Jan 29
41
M ar
20 Deo
19
19%
18*i
18% 18% *18
18*i 19%
10
19
18% 19%
2,100 Western Pacific___________ 100
13 Jan
2
19% M aylS
10% Dec
18% M a y
55
54
*53% 55
54% 54%
55
53%
54
53
55
1,200
Do
preferred__________100
46 Jan 3
58 Feb 6
35% D ec
48
J u ly
9%
9%
9%
*9
*9*2 10
9%
9%
10
*8 *4
9%
*8*1
400 Wheeling A Lake E R y . . . l 0 0
10% Jan 2
_
8 Apr 22
227} J an
7% Deo
*19
21
19
19
*19
21
*19
22
22
*19
*19
21%
100
17% Apr 17
22*4 Feb 18
Do
preferred__________100
16*8 N ov
50*s J a n
♦35
38
39
*35
*30
33
*36
39
.... —
*36
38
34 M ay 2
Wisconsin Central________ 100
39% Jan 3
64% Jan
33 D eo
In d u stria l & M iscella n eou s
*15
10
15% 15%| *15
16
10
16
10
♦15
*15
1558
16% M ay 9
200 Advance Rumely_________ 100
11 Jan 19
7% Nov
18% Jan
30%
35% 30% *35% 30% *35
*34
35%
35% 36%
35*4 35^4
25% Jan 15
1.400
36% M ay20
Do
p r e f . . . ..................... 100
19 Oct
37% Jan
59
CO
49 Jan 2
000 Ajax Rubber Ino___________ 60
6018 M ay 17
45% Doc
80
Jan
*i%
1%
* 1%
1*4
1*4
1*4
1%
1%
1%
1%
1% Apr 27
Us
1%
27$ Jan 12
000 AlaskaGold M ines_________ 10
1 Dec
11% Jan
1%
2
* 1%
1%
1*4
* 1%
1%
1%
1%
1% Apr 1
3.400 Alaska Juneau G old M ln 'g.10
3% Jan 21
1*4
8% M a r
1*4 Deo
331.1 35%
36%
33*1 36
33% 337}
35
32*i 35*1
35*i 37
70,400 Allls-Chalmers M fg v t O ..100
37 M ay 2 4
17*4 Jan 15
15 Deo
32*8 M a y
80
80
80
*84
86
80
85%
86 %
85% 851.1 8578 86
1,500
72% Jan 4
86% M ay24
65 Deo
867* M a r
Do
preferred v t 0 ____100
85*1 85%
90%
85% 80
*84
88
88
*85
*84
87
88
800 Amer Agricultural C b e ra ..l0 0
78 Jan 2 90 Frb 13
72 Deo
95% M a y
*93% 100
*92
94% 94%
94% *93% 94%
94% 90
*93%
500
89% Jan 17
96 M a y21
Do
pref...........................100
91 Deo 1031* J a n
73
73
74
*73
74
73%
73
75
74% *73
73% *73
1,300 American Beet Sugar_____100
70 Apr 17
84 Feb 27
63 Deo
102% F eb
*75
90
*83
♦SO
90
*83
*83
90
90
90
84 Jan 9
91*2 M ay 8
Do
pref...........................100
78% Deo
98
Jan
45% 47
48% 49%
40% 49%
40
47
46% 48%
48%
48% 72.900 American Can....................... 100
34% Jan 15
50*4 M a yl7
29% Nov
53
M ay
957} 90
*96
96
90%
95% 95%
06
90
90
*90
9.8
700
89% Jan 23
97 Apr 30
Do
pref...........................100
87 Deo
111% J u n e
70%
79
78% 80%
80% 11.900 American Car A Foundry . 100
79
79
77*4 78%
79%
78% 79*4
6814 Jan 14
81*3 M a y l6
67 Feb
80*8 J u n e
Do
pref.......................... 100 106 Jan 3 110*4 M ay 1 100 N ov 118*4 M a y
*36% 37% *37
41
43%
38%
37*i 371.1
40% 42% 30,800 American Cotton O il......... 100
38% 42%
25 Jan 16
43% M ay23
21 Deo
50% Jan
81
81
*76
*70
*75
81
*70
81
78%
84
300
78 M a y l6
84 M ay22
Do
pref........ ..................100
80 Deo 1 0 1 % J a n
13%
*13
13
13%
13
13%
13
13%
13% 14%
13% 14% 11,200 Amerloan Hide A Leather. 100
11%Jan 10
14*$May24
10 Feb
1 7% M a r
62*i 03%
62% 05
62% 03
65
69*4 11,000
07
00*8
6512 07%
50 Jan 2
6934 M ay24
Do
prof............................100
43% Deo
75 Jan
31
32
31% 31*4
31%
32
31
31
31%
31
31% 32
2.400 American Ico______________100
11% Jan 2
35% M ay 13
87j July
167* A u g
52
49% *42
49% 49% *47
*49
*45
4.3
50
500
49*4 49*4
38*4 Jan 16
63 M a yl3
D o preferred...................100
35 Deo
55 J u ly
557} 58
56% 57%
58%
54*i .55
57
5512 55%
54-2 55% 13.400 Amer International C o r p . 100
58% F<b 1
62 Apr 25
46 Oct
62*4 A u g
37*8 38%
39
38% • *i
35% 36*4
37% 38%
10
40%
40% 42% 50,700 American Linseed_________ 100
27 Jan 7 4278 M ay24
15*4 Feb
29% A u g
76% 707}
77
78% 80%
76%
70
7.8
75*4 70
79% 81%
9,200
81% M ay24
69% Jan 7
Do
pref........................... 100
48 Feb
75
N ov
67% 0.8
66*4 0.8
60% 66%
07% 09
67% 68
66 % 07*4 14.300 American Locom otive___100
53% Jan 15
71*4 MaylO
46*8 Deo
82*4 J a n
98
98
99%
*9,8 100
98
99
98
000
Do
pref........................... 100 z95 Jan 4 100 Feb 18
93 Deo 1067* J a n
*8
8
0%
8%
9%
8%
*8%
9*8
8%
8%
8 % * 8%
7*4 M ay 1
13% Feb 6
1,700 American M alting_______ 100
8% Deo
19*4 M a r
48%
48*1 49
4.8
*48% 49%
48
46*4 •10*4 47
48
42% Apr 25
1,000
5818 Feb 6
Do
1st pref___________ 100
71% J u ly
50 Deo
136% 137% *136% 140 *130 140 *130 140
130 136
135 135
90 Feb 21 144 M a y l4
000 American Shipbuilding... 100
88 N ov
93
N ov
80% 81% *77% 80% 33.400 Amer Smelting A Refining. 100
81% 83%
82%
81*4 83%
81
81% 82%
74% Apr 11
86% Feb 19
67*8 Deo 1 1 2 * 4 J u n e
105% 105% 10.5*4 10.5*4 105% 105*3
►101 106
105% 100
700
Do
pref_______________100 104 Jan 5 106*4 M ar 2 *99% N ov 1 1 7 % J a n
66 %
66
66 % 66 %
007} 07*8
68
66% 607}
60
67
58 Jan 15
68% Feb 19
67*4
0,300 Amer Steel Foundries_____ 100
75 J u n e
50% Deo
113% 114
112% 114*i 113% 113% 113% 113% 112% U 2 % 112% 113
98 Jan 16 116 M a y l5
4,000 American Sugar R efining.. 100
89% Nov 126*8 J u n e
112% *110
112% 110
110 *110
►
110 112
111% 112 *110
%
300
1211* J a n
Do
pref_______________ 100 108% M ar23 113% M ay 8 106 Deo
126 127
125% 127% 127% 129% 129 1307S 129% 134
133% 14
73.200 Am Sumatra T o b a c e o ... .100
60*4 Jan 5 145 M ay24
30 M ay
62% D e o
97%
97
97
99%
97%
98% 98*|
90
99 101% 29.200 Amer Telephone A T e le g .. 100
96*4 08%
95*8 Apr 30 109% Feb 1
95*4 D ec
1 2 8 % Jan
►
150 165
101*4 161*4 *157 103 *155 103
102*1 162*1
200 American T ob a cco________100 140% Jan 5 170 M a y l3
123 Deo 2 2 0 M a r
94% 94*1 *93% 94%
*93% 95
04% 94%
*93
05
94
94
94 Jan 24
99 Feb 23
350
109*4 J a n
Do
pref (new )__ ______ 100
Deo
507 57*8
8
557} 5078 557} 57%
557s 56%
56% 57*4
58
00 % 25,500 Am Woolen of Mass______ 100 44*8 Jan 15 60"} May24 89 Feb 58*4 J u n e
37%
947} 947}
94% 94% *91
9.5
95
94% 95*8
94
*94
04
1,100
9578 M ar 12
92 Jan 4
87 N ov 1 0 0 J u n e
Do
pref_____ _________ 100
24
23% 23% *20
*23% 25
25
*20
*23
25
*20
25
31% Feb 5
100 Am Writing Paper p r e f...1 0 0
20% A pr 11
17 Nov
64% M a r
16
10%
16% 17%
16% 10%
10% 10%
16%
10
16% 10*4
3.400 Am F.lno Lead A 8 _________ 26
12% Jan 18
19*4 M a yl4
10% Deo
41** J a u
*46
48
*40
48
*46
47% 48
48
*40
48
300
49% M ay 14
41 Jan 2
72% Jan
39% Dec
Do
pref________________ 25
65% 07%
68
08
68*1
69%
68
09%
08
09*4
6.5% 00% 70,900 Anaconda Copper M in in g ..50 *59% Jan 18
7 1 % M ayl6
51% N ov
87
M ay
112 % 10.3% 110
110% 111*4 110% 113*1 111
112% 110
10014
% 24.300 Atl Gulf A W I 8S L in e ...100
120% Feb 18
97*4 Jan 5
87% Sept 1 2 1 % J a n
04
03% *62
*61% 03%
♦61% 03% *62
*62
03%
64% M ar 18
58 Jan 6
54 Feb
Do
p r o f______________ 100
66
Jan
90% 94
021.1 05%
94% 09*t
90*i 99%
93*8 9.3%
01 % 95% 373,700 Baldwin Locom otive W ks.100
56% Jan 15 101*4 M a y l6
76% J u ly
43 Feb
93 Jan 2 100 Feb 28
102% Jan
Do
pref______________ 100
93 Deo
92% ■9 !% 91%
*90
o T " ' 96 % 90% *89% 9l"~ ♦89%
01
85 Jan 4
93 Feb 19
" ” 066 Barrett Co (T he)_________ 100
136 Jan
82 Deo
74% Jan 15
96 M a y ie
Bethlehem Steel C orp ____100
66*4 Deo 5 1 5 J a n
" 88 % 89% "87% ¥l% '.87% 88 % " 86% 89% "84% 80*4 "84%
72*8 Jan 15
94 M a y l6
138',166
x66% Deo
156 J u n e
D o class B com m on ...1 0 0
100% 106% 100% 100% 106% 100% 100% 106% 106
100
106%
96% Jan 15 1067 p r 29
sA
1.00C
93 Deo
101% O ot
D o cum conv 8% pref____
23% 24
23% 23%
23% 237,
23% 23% *23
23%
22 %
21 Jan 21
26 Feb 18
2,000 Booth Fisheries_______ No par
• Bid and asked prices; uo sales on this day. t Ex-rlghts. I Loss than 100 shares, a Ex-dlv. and right*
Ex-dlvldend. 9 Before payment ol first Installment.
S per share S per share s per share
85‘2 86%
85% 85%
85% 86%
82
82
82% 82% *81% S3
94%
*92
94
94
*92
95
55
57
55% 55*4
54*8 55%
60
*55
57
57
*55
60
42% 42%
*43% 44%
43% 43%
146% 148
146% 147% 140% 147%
58*1 59
58% 59%
58% 58*4
7%
7%
' 7%
7%
7%
7%
22% 22%
22
22
22
22%
44% 40*1
43
44% 46%
45%
74*i 77*4
72% 75
74
75%
94
*93
93% 93% *92% 93%
S per share
85U 86%
*817$ 83
*92
95
54% 55*4
*55
58
43% 43%
145 146
57% 59
7%
7%
22% 22%
44
46%
75
76*4
*91% 93%
*125 150
22
23
69% 6978
59
59%
33% 33%
*63
64*4
23
23
*48
50
*44
48
109 109
*105 170
*4
5
9%
♦6*4
16% 16*4
32% 33%
23
23
89% 90*4
31% 32
*96% 98
8%
8%
42% 42*i
18% 18%
54
*50
10% 10%
__
112
__ __
110
New York Stock Record—Concluded— Page 2
2308
Pot record o f sale* d u r ln d th e w eek o f stuck* u s u a lly In a ctiv e , see se co n d page p re ce d in g
B tS H A N D LOW RALE PRICES— PER SHARE, NOT PER CENT,
Saletfor
the
Friday
May 24
Week
Shares
Saturday
May 18
Monday
May 20
1
Tuesday
May 21
Wednesday
May 22
Thursday
May 23
ST O C K S
N E W Y O R K STO C K
EXCHANGE
in d u itrla l& ft1 lsc.(C o n .) Par
S per share S per share $ per share S per share
1,100 Bums Bros_______________ 100
.307* 130
130
L30
129
130
132% 32% *130
33
130 130
1,900 Butte Copper & Zinc v t e___5
10
10%
10
10
10% 10%
*97* 10i2
10% 10%
10% 10%
9,000 Butte & Superior M in in g ..1 0
237* 26%
23% 23%
2334 247*
23% 24%
237* 25
24% 2434
2,300 California Packing____N o par
42
*41% 42%
41
42%
41
•4334 44U
43
43%
43% 44
3,600 California Petroleum_____ 100
18
18
18
17% 18%
18%
1734 18
18% 18%
18U 18l2
Do
pref........................ .100
1,520
54
52% 53
*53
53
53
53%
537* 54U
53% 53%
53
70% 18,700 Central Leather_________ 100
68
675* 70%
68%
68% 70 ',1 68% 69%
68
68% 69'4
100
Do
prof_______ ______ 100
♦1037* 104% 104
.04% *103
.01 *103% 104%
04 *103 104% *103
2,000 Cerro de Pasco C o p ___N o par
32% 32%
32% 33
3434 35
33%
33% 33%
*32% 3434
33
200 Chandler M otor Car........... 100
82%
83
*80
83
*82
83
83
81% 81% *80
*81% 83%
5,600 Chile Copper______________ 25
167* 17%
16% 16%
16% 16%
163* 167*
17
17%
16% 16%
4,800 Chino Copper....... .............. .. fi
44
43%
43
43
44% 44%
44% 45
44i2 451*
44% 45
51% 54% 63,100 Colorado Fuel A Iron......... 100
47
47
47%
47% 49
51%
47
48%
47 U 48
337* 33'%
3,000 Columbia G as& E Iec......... 100
33% 337*
33%
33% 34
33
3314 3312 33% 33%
200 Consolidated Gas (N Y )..1 0 0
*87
90
88
*87
90
90
88
881* 881* *87
90
*87
600 Continental Can, Inc_____ 100
72
77%
71
71
71% 71%
73
73
74
*65
*71
*71
41% 42%
41% 427* 63,900 Corn Products Refining___ 100
41
42
41% 43
41U 417*
40% 417*
Do
pref_______________100
2,230
99% 99%
991* 991*
99% 99%
99% 99%
99% 99%
99% 99'*
697* 50,000 Crucible Steel of America 100
66% 68%
67
67% 697*
6734 7034 68% 69%
69U 70U
100
Do
pref........................... 100
*907* 91%
*91
91
91
91% *91
91%
*90l2 91*4
31% 327S 11,300 Cuba Cane Sugar_____N o var
31
3134
31% 32
31% 32%
31% 3134 31% 31%
1,300
Do
pref......... ..................100
807* 807*
80% 80%
80% 81
807* 807*
81
81
80% 81
61% 64% 137,000 Distillers’ Securities C orp.100
2934 61
71% 63%
60% 62
59% 6234 61% 72%
D om e M ines, L td ..... ............ 10
*7>1
8%
8%
*7U
*7U
*712
812
8^2
347*
33% 34% 15,600 Gaston W * W Ino. .N o var
34
33% 34%
343* 35
34
34%
34
35%
920 General Electrlo________ .100
149
150
150
149 149
14912 150
149
L40 *147% 152% 150
122% 1237* 123
125% 13,800 General M otors C orp _____ 100
1241* 12534 122% 12434 122% 123% 122% 125
2,100
Do
p r o f ______________ 100
81
81
81
81
81
*79
82
81
81
81
80
81
46
100 Goodrich C o (B F ) ............. 100
44
44
*44
46
*43
45% *43
45% *43
*43
46
400
Do
pref........................... 100
*99 100
100
LO
O
*93 100
*99
100
*99% 100
99% 100
400 Granby Cons M S A P ____ 100
77
*76
78%
*76
78
78
77
78
78
78
78
*77
427* 43
44
41% 41%
1,300 Greene Cananea C o p p e r .. 100
43
431*
43
43% 43% *43
43%
86% 87%
800 Gulf States Steel tr c tfs.-.lO O
90
88’
88
87% 88% *85
86
86
*90
*96
*96
*96
*06
Do
1st pref tr ctfs____ 100
427* 43%
6,700 H a sk e ll* Barker C a r .. No var
41
41
41% 417* 41% 42%
40% 41%
40% 41
52% 54
52% 53% 26,700 Inspiration Cons Copper___ 20
54% 55%
53% 5*1% 537* 55%
54l8 55
157* 16%
16
1,800 Intem at Agrloul C orp____ 100
16%
16% 16%
157* 157*
15% 15%
527* 54%
2,900
Do
pref_______________100
53%
55% 57%
*48
53
52
51
*50
50% 50%
129%
1,100 Intern Harvester of N J ..1 0 0
128 128% 127 127% *125
12834 12834 129
129%
27% 28%
28
29% 121,200 Int Mercantile M arine____100
29% 307*
28%. 29%
29% 30%
28*4 30%
102 IO434 101% 105% 102% 105% 100% 103%
98% 102%
99% 103% 307,100
Do
pref_______________ 100
28% 29%
5,400 International Nickel (The) .25
2834 29%
29%
28% 29
28% 28%
29
2912
29
397* 40%
38% 42% 31,900 International Paper.............100
42
42
40
40% 42%
42
40% 40%
62
61% 62
*61% 63
*60
400
*63
63l2 62% 62% *61
63
Do
stamped p r e f____ 100
1,300 Kelly-Sprlngfleld T ire..........25
4612 4634 45% 45%
46
45% 46
*45
46% *45% 46%
46
337* 34%
32% 33%
32% 33
33% 337*
9,400 K ennecott Copper____No par
33% 337*
33% 34%
86% 89
88
89
14,800 Lackawanna Steel_________ 100
87% 88%
87*4 88*2 87% 88
87*4 87%
18
300 Lee Rubber * T ire. . . N o par
*17
18
*17
*16% 17%
17
*1612 17%
17
17
17%
22% 22% *22
23% *22
22%
100 Loose-W iles Biscuit tr ctfs . 100
*22'4 23'* *22
23% *22% 23%
*62%
*62l2 75
*63
100
D o 2d pref____________ 100
62
*62
70
*60
62
*74
75
75
*73
75% *73
75% *73
75%
100 M ackay Companies______ 100
*73
75
75
*64% 65
*64% 65
*64% 65
64% 64% *64% 65% *64% 65
100
Do
pref_______________100
*27
29
500 M axwell M otor, Inc______ 100
*26
28
27% 28% *27% 29
27% 27%
27% 27%
547* 547* *54
54% 547*
56%
Do
1st pref___________ 100
55
800
54% 55% *54
54% 54%
21
21
*19l2 21
*19% 21
*19% 21
200
Do
2d pref...................... 100
21
*20% 21
*20
9834 100
95% 98
42,500 Mexican Petroleum______ 100
97% 100
97% 99
97% 987* 95% 97
94
94
Do
pref______________ 100
200
94
94
293* 293*
29% 29%
29
29%
28% 29%
2,700 Miami Copper_______________5
29% 29%
29% 297*
547*
52% 53%
52% 64% 63,800 Midvale 8teel * O rd n an ce..50
54
53% 54%
5314 55l2
53% 55%
*63% 69
*68
69
69
67
600 M ontana Power__________ 100
67
68
68
67% 67% *67
*99
*9834
Do
pref_______________100
* 9 8 U ____ *98^
*9812
*9812
163* 165*
16
16% 16%
16
16
16%
16% 16%
1,900 Nat Conduit * Cablo No par
16% 17
517* 52
527* 5334
52
53% 53%
53%
51% 517*
13,400 Nat Enam’ g 4 8 t a m p 'g ...l0 0
52% 541*96
*96
*96
98
98
98
100
Do
pref______________ 100
*95
97%
*96
98
97
97
58
*58
60
5812 58l2 58% 59
*57% 59%
58
500 National Lead____________ 100
1051* 105l2 ♦100 105%
*100% 105% *100% 105% *98% 104%
100
Do
pref...........................100
207* 21%
20% 21
20% 207*
20
20%
7,100 N evada Consol Copper_____ 5
20% 207*
20% 20%
134 137
132 1321* *131 134
136 139
135% 137%
133 138
8,380 New York Air Brake......... 100
43
41% 41% *41
45
*43
46
43
400 North American C o ......... .1 0 0
43U 43%
39% 3934
38% 39
38% 39% 11,800 Ohio Cltlos Gas (T h e)____ 25
39
39%
38% 39%
38% 40
10% 10%
10% 10%
10% 107* 10,100 Ontario Silver Mining____100
10% 10%
10'* 10%
10% 107*
32
*31
32
*30
31% 31%
2,600 Paclflo M all 8S......................... 5
30*4 32
31% 31%
30% 31
92% 92% *92% 93% ♦92% 93%
200 Pan-Am Pet * Trans, p r e f.100
93% 93% *92% 94% ♦92% 93
467* 467*
*46
45% 46%
48
2,500 People’ s G L * C (C h ic )..100
47% 47%
48
48
48% *46
277* 28%
29
31
4,500 Philadelphia C o (P ltt s b )...5 0
277* 28
27% 27%
28% 28%
*27% 28
39% 40%
40
40
39% 41
40
3,000 Pierce-Arrow M C ar___No par
*39% 40%
40
39% 39%
*95
Do
prof........................... 100
97%
*95
97% *95
97%
97% *95
97% *95
52% 53%
52
52%
52
54
54
53
53
53%
5,500 Pittsburgh Coal o f P a ____100
53% 53%
*82
84
83
*80
S3
*80
S3
83
Do
prof________ _____ io o
*80
83
*81
*81
61% 017*
60%
61% 61%
61% 617*
607* 61%
60
2,500 Pressed Steel Car.................100
61
61%
93
S94% 94% *93
593
95
94
04
190
Do
pref___________. .. 1 0 0
*92% 94
*10334 10134 *103% 105
104% 104% 104% 101% 103 103% 102%'102%
1,300 Publlo Serv Corp o f N J___100
300 Pullman C o m p a n y . ____100
•117% 119 *117% 119
118% 118% 118% 118% *117% 118% 118% i l l 8%
5534 55%
54% 55
56
56%
56
56
2,400 Railway Stoel Spring......... 100
55% 1:56%
55% 56%
*97% .100
♦97 100
*97 100
*97 101
*97% 100
Do
pref.................... . .. 1 0 0
*98 100
257* 26%
25% 26
25% 26
25
25%
8,000 R ay Consolidated C o p p e r.. 10
25% 26
25% 257*
877* 89
86% 88%
90
44,120 Republlo Iron * Steel_____ 100
87% i89%
87
86% 90%
89 '4 90%
*99 100
Do
p r e f ......................... 100
99%
99
*99 100
500
♦99 100
99 100
*99
99
90
90
86% 89%
5,300 R oyal D utch C o otfs dep___
84
87%
89
90%
87% 90
90% 91
*7%
9
8
9
8
*8',i
8
600 Saxon M otor Car C o r p ... 100
8
8
7%
8
8
140 140 *139 141
200 Sears, Roebuck A C o ......... 100
140 140 *139 141 *139 140 *138% 140
177* 177*
*17
18
*17
17% *17% 17%
100 Sbattuck A rli Copper_____ 10
*17% 17’ i
287*
2834 2834
28%
28
28% 287*
28
29
28
28% 29%
6,800 Sinclair Oil A Rof’g - .-W o par
64
06
68
70%
66
66
68
67% 69
68% 71% 16,800 Slosa-Sheffleld Steel A Iron 100
05
417* 44
41% 42% 58,600 Studebakor Corp (The) . .. 1 0 0
41% 43%
41% 42%
41% 42% z39% 42
96
*75
96
*75
*75
90
*75
96
Do
prof...................... .. 1 0 0
*75
90
44
43
43% *41% 42%
42% 43%
43
43%
43 % 43% *43
1,700 Superior Steel C orp’ n____ 100
*95 101
*95 101
*95 100
*97 101
Do
1st pref___________ 100
*97 100
177* 18%
18
17% 17%
17% 17%
18%
18% 19% 13,300 Tenn C op p A C tr o tfs.N o par
17% 17%
152 154% 149% 151% 151 153% 11,100 Toxas Com pany (T h e)____100
152% 154
157% 157% 162 156
61%
59% 61%
58% 59
58
59'* 60%
59% 61% 30,200 T ob acco Products C o r p ...1 0 0
5734 58%
*92% 947*
*92% 94% *92
94% *86
93
94%
93
93
93
200
Do
prof______________ 100
*100 103 *100 103% *100 103% *100 103% *100 102 *100 102
Underwood Typewriter_ 100
_
80
*79
*79
80
80
*79
80
*79
80
*79
80
*79
Union Bag A Paper C o r p .. 100
42
42
*42
42
42
*42
43
44
43
43
43
43
500 United Alloy Steel_____No par
92
93%
03%
90% 91%
*91
91%
91
90% 91%
90% 91
5,900 United Cigar 8tores........... 100
*103 115 *103 115 *103 115 *103 115 *103 115 *103 115
Do
pref______________ 100
126 127%
*125 130 *125% 129% *125 129% 126 126
500 United Fruit_____________ 100
1534 16%
14% 14%
15% 157*
15% 15%
14% 15
1,200 U 8 Cast I Pipe A F d y____100
15% 15%
*42
♦44
48
46
*42
*42
46
46
46
IO
O
45% 45% *42
Do
pref.......................... 100
131 13234 131% 135
132% 134% 132% 1347* 131% 133
133% 137
62,200 U S Industrial Alcohol____100
*95
*95
97
97
*95
97
97
97
*95
97
100
Do
pref.......................... 100
587*
*58
5S34 58
56% 57
58
58%
57
57
57%
58
3,600 United States Rubber_____100
01 106% *103% 106% *103% 106 *103% 105% *103% 105% *103% 105%
Do
1st preferred..........100
43
43
42% 42% *41% 43% *41% 42%
41% 42%
41% 41%
1,000 U S Smelting Ref A M ......... 50
*42% 43% *42% 44% *42% 44% *42% 45
*42% 44%
*41
45
Do
pref___ . . . ________ 60
109% 110% 108% 111% 108% 109% 107% 110% 106% 109% 107% 1107* 1.338.40C United States Steel C o r p .. 100
110% 1107* 110% i l l
110% 1107* 110% 110% 110% 110% 110% 110%
2,100
Do
pref______________ 100
83% 84
83% 85%
83% 84%
83
85
82%
81
79% 82
12,200 Utah Copper_______________10
*13
14
14
*12
14
*12
14
13% 13% *12
*12% 14
100 Utah Securities v t o........... 100
457* 48%
46% 46%
45% 45%
45% 46
47% 48
48% 49% 14,650 Vlrglnla-Carollna Chem___100
*106 108
1077* 1077* *106 108%
*106 108 *106 108
100
Do
pref_________ ____ 100
72% 72% *70
•68% 70
69% 70
70
70173
72% 73
1,626 Virginia Iron C A 0 ............ 100
927* 93
92
90% 90% *91
91
91
92
90% 92'*
91
2,100 Western Union Telegraph-100
4334 44%
427* 44
44%
42% 44%
43% 44
43
43% 45% 17,100 Westlnghouse Eleo A M fg ._ 6 0
*02
75
62
72
*62
72
*62
70
*62
72
♦62
72
Do
1st preferred_______60
41
41%
*40% 41% *40% 41% *10% 41140% 40% *40% 41
600 White M otor______________ 60
1934 20%
19% 20%
197* 20% 72,400 W lllys-Overlsnd (T h e)......... 25
19% 20%
19% 20%
19% 20%
*79
82
*80% 81%
81
81
*80% 82
81% 81%
200
Do
pref (now)________ 100
57 *'61
57% 57%
57% 57%
56% 57
61
05
63*2 6 6'- 18,000 Wilson A C o. Ino, v t e . ,. 1 0 0
*11434 116 *114% 116 *11434 116
llt % U l4 % 114% 114% *114 115
200 W ool worth (F W ).................100
*114% 116 *114% 116 *114% 116 *114%.117 *114% 117 *114% 117
Do
pref........................ .100
497* 50% *49% 51
497* 497*
*49
50%
49% 49%
49
49%
1,100 W orthington P A M v t o.lOO
*87
90
90
*87
90
*87
90
*87
90
*86% 90
*S7
Do
pref A ____________ 100
*66
68%
♦66
66
66% *66
70
68
*66% 68
*66
68
200
Do
prof B ____________ 100
$ per share S ver share
• Bid and asked prices; no sales in ehls d a y .
•Certllloatee ot deposit. * Ex-dlvtdead,
1 Less than too shares
t Ex-rlgbts.
a B x-dlv. and right*.
PER SHARE
Range for Precious
Year 1917
PER SHARE
Range Since Jan. 1.
On basis o f 100-share lots.
Lowest.
$
per share.
Highest.
$
Lowest
per share.
Highest
$ per share
89 Jan
$ per share
12514 Apr
108 Feb 5 134 M ay 8
10*4 Feb 15
87* Apr 25
3 3 '2 M a y l4
62>4 Jan
161s Jan 2
12*4 D eo
42 U Aug
4512 M aylO
33*4 N o v
3612 Jan 3
1 9 i4 M a y l6
301* Jan
12 Jan 7
10% Deo
6214 Jan
291* N ov
5514 M a y l7
36 Jan 5
10U* Jun
73% Feb 27
55 Deo
6 II 2 Jan 15
1157* Jan
97 Deo
102i2 M arl ! x!07 M ar 8
41 Feb
3512 MaylO
29U M ar 6
25 Deo
95 Feb 25
68 % Jan 2
66 N ov 101*4 M a r
275* M a r
175* Jan 2
14*2 Apr 4
11'4 N ov
63*4 M ar
47U M a y l6
351* N ov
39 Mar25
541* May24
58 June
34% Jan 29
29*4 N ov
477* Apr
35 Jan 30
257g N ov
28'll Mar25
9212 Feb 7
84 Jan 5
7 6 '2 DCO 1345* Jan
95 Feb 19
677* M aylO
76 Nov 103U Juno
3714 July
4334 M a y l3
297* Jan 15
18 Fob
99'* M a y l8
z90% Jan 7
881* N ov 112** Jan
917* July
747* M aylO
52 Jan 12
45*4 Deo
117*4 Jan
91*2 M a y l6
86 Jan 31
83 D ec
337* Feb 20
55U Jan
2712 Apr 10
247* n o v
94t* Jan
83 Feb 18
747* Deo
781* Mar25
64*4 May24
44U Oot
z33 Jan 2
11*4 M ay
10 Jan 4
24*4 Jan
7 M ay 6
0 '2 N ov
39 Feb 13
4U 2 Aug
31*4 Mar25
28 Feb
127*4 Jan 7 153 M aylO
118 Doe 171*4 Jan
741* N ov 1481* Jan
106*4 Jan 15 141*4 Feb 9
83 Feb 1
93 Jan
79 Apr 17
72*4 Deo
OU4 Jan
38 Jan 2 x50% Feb 5
32U Deo
112 Jan
96 Jan 10 100 Feb 19 z91% D eo
92 ** Jan
80 M aylO
74 Jan 25
65 N ov
45 Feb 6
47 Jan
3812 Jan 17
34 N ov
86 Jan 15 11U* Apr 25
77 N ov 137 Jan
102 Jan 10 102 Jan 10 1011* N ov 110 June
43'* M ay24
40 June
34 Jan 6
2712N 0 V
56*4 MaylO
601* June
42** Jan 15
38 N ov
217* M ay
1658 M ayl3
10 Jan 8
7*4 N ov
601* July
57 ' 2 M ay24
38 Jan 5
26'4 N ov
l l l i * Jan 2 131*4 M ay 8 100*4 N ov 123 Jan
367* M a r
31*4 Feb 23
21 Jan 15
17'* Deo
1001* Oot
83** Jan 2 105i2May21
625* Fob
47** M ar
31 M ay 13
241* Deo
27 Jan 15
495* Jan
45>2 M a yl5
181* N ov
2412 Jan 15
65'* Jan 3
58 Jan 22
6O N ov 77'* June
I4
64i* Jon
47>4 Jan 11
41 Apr 2
367* Deo
347* M a y l 6
50'* M ay
29 Mar25
26 N ov
915*M ayl6
73*4 Jan 12
68 N ov 1037* June
18** M a y l5
30 Jan
12 Apr 2
10** Nov
23 M aylO
27'* Jan
171* Jan 8
1 2U N ov
63 M a y l4
64 Jan
53 Feb 15
55 Jan
78t* Feb 28
89*4 Feb
74 M arl8
70 N ov
67i* Jan
64% May21
57 Jan 4
67i* Deo
61*4 Jan
32i* Feb 19
231* Jan 15
19'* N ov
64*4 Feb 8
74i* Jan
51 Apr 24
49 DCO
26 Feb 5
40 Jan
1918 M ay 9
13 N ov
79 Jan 5 102** MaylO
67 Deo 1061* Jan
977* Jum
95 Feb 23
847* Nov
87 Jan 15
33'gJan 31
43't Apr
27U Apr 12
25 N ov
61 M aylO
67i* June
43U Mar23
391* Deo
73 Jan 4 * 58*4 Deo 109U Jan
66 Mar20
1171* M ar
95 M ar 19 100'* Jan 3
96i2 Dee
187* Apr 22
39 June
13>2Apr 8
13i* Dee
5 4 '2 M ay20
24 Feb
46*4 Oot
37U Jan 7
99'* Feb 20
09*4 July
901* M ay
96 Jan 2
61*4 Apr 4
6314 M ar
377* Deo
43U Jan 7
99*4 M ar 2 105t*M ayl8
99 D eo 114 Jan
217* M ay 16
26*8 June
17*4 Mar25
16 N ov
1171* Jan 12 139 M ay22
98 N ov 150 M a r
72 ** M a r
46'* Feb 23
41*4 May23
39 Deo
1437* Apr
42*4M ayl6
35i* Mar25
317* Oot
107* M ay20
7*4 Sept
35* N ov
4% Jan 22
325* Apr 19
30i* June
18 Feb
231* Jan 21
96 Feb 27
98 Jan
86 Jan 8
87 N o v
55 Jan 31
395* Jan 2
35 Deo 100% Jan
31 M ay24
42 Jan
21 Apr 12
24i* Deo
43'* M a r 1
11*4 June
34 Jan 16
25 D ec
9812 Aug
97'* M a r l2
89*4 Jan 26
88 N o v
54i* Bept
42 Jan 15
68*4 Feb 28
37'* Deo
84 Feb 19
90 Aug
79*4 Jan 2
74 D eo
83U Jan
69'* Feb 19
57*4 Apr 20
49 Deo
977* Feb 13 *90 N ov *107 Jan
93 Apr 27
131 Jan
98 Apr 17 109t* M ar 5
99 Deo
1671* Jan
100'* Jan 7 119 M aylO
106U D e o
68 June
58*4 M a y l6
4 5 '2 Jan 7
38'4 N ov
101 Jan
98 Feb 15
88 '* Deo
95 Jan 2
32U Apr
26'4 M aylO
191* N ov
22** Jan 15
OH* June
96 M aylO
60 Fob
172*8 Jan 15
M ay20
925* Jan 2
89 D eo 1057* M ay
91 M ay20
7314 N ov
70'* Mar23
59 M ay
11 Jan 31
68 Jan
6% Apr 17
47* N ov
139 M a y l5 156 Feb 15 123'* Deo 238U Jan
29*4 M a r
1S'4 Feb 19
15** Jan 17
15 Deo
39 Fob 5
69*4 M ar
2514 Apr 11
2514 Deo
74*4 M a r
71 '4 M ay24
39 Jan 24
331* N ov
337* Apr 24
66'2 Feb 19
335* N ov 11 Ot* Jan
96 Feb 6
86** M ay 3
85 N ov 1083* Jan
455* M ay 3
61*4 June
34U Mar25
30U N ov
05 Fob 16
95 Feb 16
90 Deo 102i* July
1912 M ay24
191* June
127* Jan 2
11 N ov
136t* Jan 7 160*4 Fob 2 114*4 D eo 243 Jan
805* Aug
63*4 M a y l4
48i2 M ar25
421* Deo
95 M a y l4 *86 Deo 105 M a r
x87% M arl9
107 Aug
100 Apr 9 104'* M ar 2 *83 Deo
80 M a y l3
65 Jan 24
59** Deo 112 Jan
40*3 June
44'* M aylO
341* Deo
37 Jan 2
09 Jan 23
8U* N ov 1277* Aug
83*4 M ar28
98U Deo 120*4 M a r
101>4 Jan 6 106 Apr 10
154*8 Jon
110>4 Jan 16 133 Feb IS *105 Deo
24i* June
19 M ay 7
111* Apr 6
10 N ov
63 Jan
41 Mar26
47*4 Feb
42 Deo
114 Jan 5 137 M ay24
981* N ov 17 H* June
99 Mar21
947* M ay 1
88 N ov 106 June
07 Aug
OO't M aylO
45 Deo
51 Jan 15
x95 Jan 15 105'* M a yl7
91 Deo 114*4 Jon
67*4 Jan
48*4 Feb 19
32t* Apr 12
40 Deo
5214 Jan
42** Apr 12
45*4 Feb
43** N ov
79'* Deo 1365* M ay
861* Mar25 113*4 MaylO
121'4 Jan
108 Mar25 1125* Jan 31
102*4 Deo
118*4 M ay
875* M aylO
76*4 Mar25
70U Deo
24*4 Jan
15'* Feb 18
91* Deo
1U* Jan 2
495* M ay 2 4
46 M ay
26 N ov
33*4 Jan 2
98 Jan 16 109 M ay 2
97 Deo 112 U Jan
73 M ay24
77 M a r
40 Fob
50 Jan 5
99*4 Jan
955* Apr 15 *76 Dee
85** Jan 2
4 7 '* M a y l6
56 M ay
381* Jan 17
33*4 Deo
64'* Feb 20
70i* Jan
59 Jan 11
52 1 Deo
4
521* Jan
45'2 Fob 20
36*4 Jan 2
83*4 N ov
38i* Jan
22 Jan
15i* Jan 15
15 N ov
82'* M arl9
75 Jan 3
69 N ov 100 M a r
84% M a r
45U Jan 2
00'2May24
42 N ov
097* Deo 151 Jan
110 Mar25 120>* Jan
114*4 M a y l7 114*4 M ay 17 113 D eo 126'* Jan
S lU M a y 7
231* ir«b
37** Juno
34 Jan 4
91'* Apr
88 N ov
0714 Juno
85*s Feb 6
50 M ay
OS'* M ay
63 June
59 Jan 18
Far 110 per (bare,
a Far
9100 per share.
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
BONDS
N Y . STO C K E X C H A N G E
Week ending M ay 24
Price
Friday
M ay 24
II
Bid
U. S. Q evern m ant.
Week’ s
Range or
Last Sale
Ask Low
Range
Since
Jan. 1.
IHob No. Low
High
98.98 Sale
98.94
99.0C 3349 97.20 99.30
U s 4ft converted from 1st Liberty L o a n ___________1032-47 J - D 94.82 8 ale
M N 94.00 Sale
94.80
94.68
95.08 374 94.00 98.40
95.0C 5814 94.00 97 98
J -D
J -D
U S 4)^3 converted
2209
th e E x c h a n g e m eth o d o f q u o tin g b o n d s vans c h a n g e d a n d p r i c e s a r e n o w — “ a n d in t e r e s t ’ ’— e x c e p t f o r in te r e s t a n d d e fa u lte d b o n d s
from
2d
M- N
97.90 11174 97.38
TIfl 414 a 3rl Llhert.v Loan. 102.3 M - S 97.38 Sale 97.38
97% 98% 97%
97%
U- J
1 97
9 7 % ------ 97% Apr ’ 18
Q* J
97%
Q -F
99 100
99%
99%
1 99
9 9 % ____ 993g M a y ’ IS
Q- F
98%
105%
Q - f 105 100 105%
1 105
105%
1 105
U 8 4a cou pon ________ ____ 1925 Q - F 105 ____ 105%
Q -F
97 ____ 9734 Oct ' 17
97 ____ 97% Feb ’ 18
97%
U 3 l'an Canal 10-30-yr 2s reg *38 Q - N
Q -M
84 D e o '17
Q -M
83
83
1 83
100 Feb '16
0 8 Philippine Island 48.1914-34 Q - F
Anglc-Fronch 6-yr Gs Ex ter loan.
Bordeaux (City of) 3-yr Os. 1010
Cuba—'Externaldebt 5a of 1004.
Do
do
1926
Do
do
1031
French Repub 544 8 secured loan.
96% Salo
F -A
92% Sale
A -O
81% 84
M- 8
89% Sale
M- N
J - D t 62 ____
97% 98%
rw- s
94% 95
F-A
80% 83%
F - A
96% 97
A -O
92% 93
A-O
92 Salo
A -O
97% Sale
F - A t 83% 87%
J - J t 837S 87%
74
J - J t 72
89% Salo
Lyons (City of) 3-yr 0 b..........1010 M -N
89% Salo
Marseilles (C ity of) 3-yr 0»._ 1010 M - fi
Q - J t 40% 45
31
40
Qolrt
of 1PQ4
1954 J • O
847g Salo
Parle, City o f, 5-year 6 s____ 1921 A - O
77
78%
T ok yo City— Gs loan of 1912------ M- 5
0 K of Ot Brit A I 2-yr 5 s .. 1918 M - S 9 9 % Salo
97% Sale
3-year 5 H % notes........... 1019 M - II
94% Salo
5-year 644% n otes.......... 1021 M - N
Convertible 5 H % n o te s .1010 F - A 9 9 % Sale
tThese art prices on the basis of *5lo£
State an d C ity S ecu rities.
ft Y City— 4 K s C o r p s to c k .1900
4 X s Corporate stock____1004
* X s Corporate stock___ 1900
4 Ms Corporate stook____1905
4% Corporate stock......... 1959
4% Corporate stock_____ 1958
4% Corporate stock_____1057
4% Corporate stock rcg .1956
1957
Now 4 M s....................
4M % Corporate s to c k ...1 9 5 7
If Y State— 4 s ._ .
1001
Canal Improvement 4 s ...196 1
Canal Improvement 4s. ..1900
Highway Im prov’ t 4 M s .. 1903
Highway Itnprov't 4 M s .. 1005
R a ilroad,
Ann Arbor l R t B 4 s . . . ......... 61095
Atchison Topeka & Santa F egen
g 4s.................................... 1995
R egistered.......................... 1995
Adjustment gold 4s_____61995
Uwintered __
A1095
Stam ped_____________ 61995
Oonv gold 4ft........................ 1955
Oonv 4s Issue of 1910____1060
Rooky M tn D lv 1st 4 s . . . 1906
Trans Con Short L let 4a_l958
Cal-Arla 1st A ref 4M s,,A"1902
3 Fe Pres A Ph 1st g 5 a ...1 9 4 2
Atl Coast L 1st gold 4n____61952
Uen unified 4M ?________ 1001
Ala M id 1st gu gold 5 s . . .1928
Charles A Sav 1st gold 7s. 1936
L A N coll gold 4s______ 01962
flav F A W 1st gold 0s____1934
1st gold 5s........... ............ 1934
Bll tip Oca A G gu g 4s____1018
Balt A Otiio prior 3M «......... 1925
R egistered___________61925
1st 50-year gold 4s______ 61948
#0-yr oonv 4 Ms..................1033
Refund A gen 5s Scries A . 1905
Fitts Juno 1st gold Os------ 1022
PJuno A M D lv 1st g 3M s 1926
P L E A W V a Sys ref 4s. .1941
Southw D lv 1st gold 3MS.1926
Cent Ohio R 1st 0 g 4 MS— 1930
Cl Lor A W c o n ls t g 6s___1033
M onon River ls tg u g 5s . . 1010
Ohio River R R 1st g 6s . . . 1930
General gold 6s..............1037
Pitta Clev A T ol 1st g 08. . 1022
Buffalo R A P gen g 6s_____ 1037
Consol 4M s........................ 1957
A1IA West lot g 4s gu____1008
Clear A M ah 1st gu g 5 s . . 1943
R ocb A Pitts 1st gold O s ..1921
Cooaol 1st g 08................1922
Canada Sou cons gu A 6 s . . . 1962
Oar Clinch A Ohio 1st 30-yr 6s ’38
Central of Ga 1st gold 5 s ..p l9 4 6
Consol gold 6ft___________1945
Chatt D lv pur m oney g 4s 1951
M ao A N or D lv lot g 6 s .. 1940
Mid (Ja A Atl D lv 6s......... 1947
M obile D lv 1st g 6s______ 1946
Cen R R A B of Ga col g 5ft.. 1937
Cent of N J gen'l gold 6s____1987
R egistered___________ 61987
Am D ock A Imp gu 5 s . . . 1921
Leb A llu d Rtv Ren gu g 6e.'20
N Y A Long Br gen g 4s. . 1941
Cent Vermont 1st gu g 4s_.«1920
Oheea A O fund A Impt 6ft.. 1920
1st consol gold O
ft________ 1939
R egistered__________ .1930
M- 8
M- H
A-O
J -D
r/i - 8
r/i-N
M- N
M -N
M -N
M- 11
IW-N
M -N
M- S
J - J
J - J
J - J
J - J
J - J
M- S
M- 8
J - J
Q- J
92% 93
9 2 % ____
92% 93
99% Salo
99% Salo
88 ____
88 ____
88
88 %
86 % 88
98% 99%
99% 99%
78% 80
9 5 % ____
9 5 % ____
9 5 % ____
9 5 % ____
106 107%
100% 104%
105% 106%
100% 104%
------- 79
49 Salo
53
50
81% 82%
A -O
A - O ____ 80%
70 ____
Nov
Nov
74% Sale
M -N
J - D ____ 85
84% 87
J -D
M- 8
80% 91%
68
80
j - j
771.1 79%
j - j
M - H 85 Salo
M- S
80 100
M- 8
82% 83%
J -D
77
79%
9 5 % ____
M- N
J - J
M -N
A -O
A -O
J - J
J - J
Q- J
A -O
Q- J
j
-l3
J - J
M- n
M- N
J - J
M- S
A -O
F -A
J -D
A -O
A -O
M- S
M -N
A -O
J - J
F -A
J -D
A -O
J -D
F -A
M -N
J -D
J - J
J - J
J - J
M -N
J - J
Q- J
J - J
J - J
M- S
Q -F
J - J
M -N
M -N
107% _ _ I I
72% 72%
1 0 7 % ____
9 5 % ____
9 8 % ____
88
88 %
------- 87%
78 Salo
96%
97
92%
92%
83% Apr ’ 18
893S
89%
00 Apr ’ It
98%
98%
9334
94%
84 Apr 'i s
96%
96%
9234
9234
91%
92
9784
985*
8334 M ay' 18
83% M ay'IS
78
78%
74% M ar’ 18
89%
89%
89%
89%
40% M a y ’ U
33% D eo '17
8434
85
78%
79
9Daf .
/
99%
97%
97%
94?g
95%
99
99%
93
93
92
92
91% M a y ’ 18
9784
99%
97%
99%
8784
89
87% M ay’ 18
87%
87%
85% Mar' 18
95 Apr '18
9784
98%
78%
78%
101 Ju ly'17
94% Apr '18
100 N ov' 17
95 M ay’ 18
100
106
103 S o p t'i;
105 A pr ’ 18
100% Apr '18
/•I Doo 1i /
49
50
55
78
733
98
10
11
1
3
40
537
27
129
72
94%
97%
84
97%
88 % 93
78
84
53%
90%
90%
80
93%
90%
88 %
94
S0%
83%
77
74%
84
84
40
83%
90%
00%
98%
94%
84
96%
9534
94
98%
92%
92%
81
70
90
90
89%
79
97 9 9 %
95% 98
91% 95%
91% 100
90
14
328
265
184
330
81%
1
8734
87%
87%
93%
93
85
85
85
85
93%
93%
70
5
____
27
27
10
____
6
____
-- 3
3
—
68
94%
93
92
92
99%
99%
89
87%
87%
80
96%
98%
78%
97%
____ 94% 06
3 105 100»4
___ _ 104% 107%
____ 100% 100%
40
44
62
M ar’ 18 — *
55
69
82
82%
30
80 Apr '18 ____
73%
73%
1
853g
80
80
80
7134 70
74%
74%
0 71%
85%
85%
3 81%
80
87
5 82
91% Oot ’ li
78 Aug ’ 17
77 Apr ’ 18
77
85
85
2 79
9934 July’ 11
12 81
83%
8334
79% M a y 'lt
75
99»4 Oct ’ 17 —
____
___
129%
73%
115
105
99%
99.10
97%
97%
99%
99%
105%
105%
Aug ’ 15
73%
July’ 17
July’ 16
M a y ’ 18
888 M ay'IS
4
90% Sept’ 17
78
78%
92-% M ar’ 17
7 9 % ____ 79%
80%
80% 81% 80
8134
99 ____ 112 Jan '13
82% 80% 83% M ay'IS
74% 70
74%
'74%
83
84% 83
83%
8384____ 100 Apr ’ 17
93 ____ 95% Apr ’ 18
9 8 % ____ 101% N ov’ lC
9 1 % ____ 99% Oot ’ 17
85 ____ 88 M a y ’ IS
993 101% 99% M ar’ 18
4
99% 107
99 M ap IS
85% 99 ‘2 99% Oot '17
75 ------- 97 N o v ’ 16
85 ____ 103% Fob ’ 1C
100% 102
101 M ay’ 18
101 107 103% Apr ’ 18
91
92
01 M ay’ 18
75% 84
84 D e o ’ 17
97 ------ 97%
97%
------- 90
90 M ay’ IS
72
79
78 A u g '17
85 ____ 90 M ay'IS
85 101% 97% Jun o'17
90 ____ 104% Apr ’ 17
____ 93
90 A u g ’ 17
101% 102% 102
102%
100% 103 102 M a y ’ IS
99 ____ 99
99
94% 101% 100 A p r '18
92 ____ 100% Jan ’ 13
60
75% 05 M a r'18
88 Sale 87
88
06% Salo
903i
97%
104% Jan ’ 17
i
78
87
8734
80%
85
8484
82%
—
70
73%
99
85%
99%
89%
27
70
78%
88
4
761? 805s
80 ' 83%
2
6
82
72
81
83%
70
85
95%
95%
88
88
____
____
____
__ __
____
99% 99%
99
99%
____ 101 103
991a 1031*
86% 91%
____
5
____
96% 97%
8734 90
90
90
4 100 104
102 104
1 08% 99%
100
6
3
05
80
95
100
65
88
100%
BONDS
N . Y . ST O C K E X C H A N G E
Week ending M ay 24
Price
Friday
M ay 24
Bid
Ask
Chesapeake & Ohio (Con)—
7 7 % ------licueral gold
_______ 1992 M - 6
n1 - a ____ 77*2
74% Sale
30-year convertible 4 % s ..l9 3 l) r - a
81 Sale
30-year conv secured 6s . .1946 A - 0
J D
70
75
65 ____
Coal River R y let gu 4 s .. 1946 J - D
J - J
63 ____
Potts Creek Br let 4s____ 1946 J - J
73% 80
J - J
62
82%
2d consol gold 4a______ 1989 J • J
66 % ____
Greenbrier R y 1st gu g 4 s .1940 M -N
Warm Springs V 1st g 5 a . . 1941 IW- S ------- 93%
51% 52
Chic A Alton R R ref g 3 s . . . 1949 A -O
40% 43
Railway 1st Hen 3 X s _____ 1950 J - J
Chicago Burlington & Quincy
99% 101
Denver D lv 4s___________ 1922 F - A
74% 76
J - J
83% 85
Illinois D lv 4a____________ 1949 J - J
99 101
9 7 % ____
A -O
Nebraska Extension 4 s . . .1927 M -N
M -N
Goueral 4s_______________ 1958 M - S
Chic & E 111 ref A Imp 4s g ..l 9 5 5 J - J
Week’s
Range or
Last Sale
Low
77%
n igh
78
86*4 M ar'17
74
75*8
80%
81%
84 Apr '17
85% N ov’ 16
96*4 Feb '16
8484 Jan ’ 13
73 N o v ’ 17
71 Oct ’ 17
88 % Sept’ 16
113% Feb '15
52 Apr ’ 18
41 M a y ’ 18
99%
76
86 %
98
97
J - J
Registered................ 1 .1 1988 J - J
Refunding gold 4s_______ 1934 A - O
J - J
R I Ark A Louis 1st 4 M s .. 1934 M - 8
Burl C R A N — 1st g 5 s .. 1934 A - O
C R I F A N W 1st gu 5 8 .. 1921 A - O
ChooO kla A G gen g 6 s ..o l9 1 9 J - J
Consol gold 5s................1952 M -N
A-O
St Paul A K fl fl h 1. lsf 4
F- A
No. Low
9 72
23
120
75% 78%
93
05
102%
62
47%
97%
9978
82
87%
97
97
5
91%
94%
80
25
841^
30
29
102%
76%
76%
98 Oct ’ 17
14
1
1
22
98
14
1
11
101
70
70
54
98
0OU
100%
73*4 79
1
42
17
__
4
93
____
____
9
____
____
____
___
6484 70
80
76
80%
667g
71%
97
94
95%
84%
74
77%
97
94
98%
___
99%
98
97%
35
81U
89
97%
85
81U
89
70
____
99%
98
73%
81
81
1 104
104
95
96*2
94*2 94*2
101
105
i inna. 102U
98
98
l i iiiu fnp'u
73% 76%
2
76% 77
70
73%
67% Sale
70
80
66 % Sale
87
96
92% 100
713g M ay’ 18
713$ 7l3g
67%
68
50 62*2 68 %
70 M a y ’ 18
65
66 %
65 62
66 U
96 Feb ’ 18
96
90 '
97% June’ 17
97 M ay’ IS
95 100
93 Sale
93
93 * " 2
93
93
56
63
60 M ay’ 18
57
60
65% 68
69 M a y ’ 18
106% 112 106% M av’ 18
8 1 % ____ 85% M ar’ 18
Cons 0s reduoed to 3M S..1930 J - D
8512 85*2
91
96
90%
90%
Debenture be_______
1930 M - P
1 85% 907^
J - J 100% ____
St P A S C ity 1st g 0 s . . I I 1919 A - O 100% 102 100% Apr ’ IS
inni. 100%
8 4 % ____
1
J - D ------- 70
82 Jan ’ 17
Chlo A West lud gen g 6 s "#ii)32 Q -M 1 03 % ____ 103% M ay’ 18
1031* 104
65% 65% 66
5 64
66
J - J
66
J J
90 M a y ’ 17
88
M ar’ l l
M- N
96 Jan ’ 17
D ay A M ich 1st cons 4M s 1931 j - j ------- 96
63 Sale
63
63
4 59
d e v Cln Ch A St I, gen'4*B 1993 J - D
6312
74% Sale
74%
74%
2 65*4 74%
20-year deb 4M s................1931 J - J
75
85
80 Apr ’ 18
i -D
80 ' 80
61% 81% 8378 M ar’ 17
Cairo D lv 1st gold 4q
1939 J - J
62
1 62
Cln W A M D lv 1st g 4s 1991 j - j ------- 65% 62
65
68 % ____
64 M a y ’ 18
St L D lv lat coll tr g 4 s .. 1990 M - N
63
66
68 % ____
73% June’ 17
Apr A Col D lv lstg 4s
1940 M - S
63 ____ 84 N o v ’ 16
W W Val D lv 1st g~4s____1940 J - J
102% Oct ’ 17
O I St L A O consol 0s____1920 M -N ------- 102
7 6 % ____ 87 D eo '17
Q -F
88% M ay’ IS
Registered_________ *1930 Q - F
88 ____ 102% Jan ’ 17
J - J
104 105 107% Aug ’ 17
O O O A I gen cons g 0s. IJ 934 J - J
6 6 % ____ 94 July’08
Ind B A W 1st pref 4s____1940 A - O
Q- J
48
53
46 M ar’ 18
Peoria A East 1st cons 4s. 1940 A - O
46
51%
12% 20
13 M ay’ 18
86% 87% 85% Apr ’ 18
Clcvo Short L 1st gu 4 M s___1901 A - O
85
90
84% 86
85 M a y ’ 18
P-A
71*4 Sale
M -N
71*4
72%
20
9 6 % ____ 98%
98%
7 90
J -D
98%
84 ____
A-O
94 Feb ’ 16
J - J ____ 95
Del Lack A Western—
73
79% 75% Apr ’ 18
73% 75%
Morris A Ess 1st gu 8 MS-2000 J - D
102
12 100% 102%
N Y Lack A W 1st 08____1921 J - J 102 102% 101*1
9 5 % ____ 95?g Apr ’ 18
Construction He..............1923 K - A
957« 98
9 0 % ____ 93*4 Jan ’ 18
Term A Im prove 4s____1923 M -N
93*4 93*4
F - A
102% Feb ’08
•No prlcoFriday; latest this week. a D M J u , < Due April, e Duo May. < Duo Juno. b Due July, * Duo Aug. o Duo Oct. p Dae Nov. j Due Deo. (Option sale.
2
7
Hiah
78
65% 75%
76
82%
50
35%
91% 92%
102% ____
Range
Since
Jan. 1.
Apr ’ 18 ____
4
76
M a y ’ 18
M a v ’ 18
Jan *18
91%
91*8
91 M ar’ 18
81% Sale
81
81%
28
32
27%
27%
28
32
28
28
1st consol gold 6s................1934 A - O 100 100 % 100 M a y ’ 18
General consol 1st 5s
1937 M - H ------- 84% 87 June’ 17
------- 74
70 Feb ’ 18
D 8 M tg A T r C o CtfS o f deD
76 July’ 17
61 ____ 97*4 Feb 13
Purch money let C03l 6s 1942 F - A
10 ____
32 M ar’ 17
Chic A Ind C R v 1st 6s
1030 i - J
58*4 Sale
68 %
59
Chicago Great West 1st 4S..1959 M - S
9934
9934
9934 Sale
Ohio Ind A Loulsv— R ef 6 s .1947 J - J
85
97*4 100% Apr ’ 17'
Refunding gold 5s._ .
1947 J - J
84% Apr '17
J - J
J - J
70 N o v '10
71
78% 90*2 Jnn ’ 17
97*8 D eo '10
J -D
Chicago Milwaukee A St Paul—
74% 75
75
70
Gen’l gold 4a Series A .__el989 j - j
Q- J
92% Feb '10
80
81% 81%
81%
Pormanont 4s . .
1925 J - D
70 Sale
68 %
70
Gen A ref Ser A 4 X s ____a2014 A -O
79% Sale
78%
79%
Gen rof conv Ser B 5 s ...« 2 0 1 4 F - A
Gen’l gold 3 Ua Ser B
<>1989 J - J ------- 71% 72% Aug ’ 17
81% 82% 80% Apr ’ 18
General 4Xs~SerIes C ...e l 9 8 9 J - J
71 Sale
70
71
25-year debenture 4 a .____1934 J - J
77% Sale
74%
77%
Convertible 4 Ha................1932 J - D
95% ____ 97 Jan 18
Ohio A L Sup D lv g 6 a___1921 J - J
85*4 . . . . 94 Feb ’ 18
Chic A M o R lv D lv 6 a . . .1920 J - i
97
97 % 978s
97%
Ohio A P W 1st g 5s......... 1921 J - J
75
79 D ec ’ 1?
O M A Puget Sd 1st gu 4a. 1949 J - J —
98 106% 99% M ay’ 18
Dubuque D lv 1st a 1 6 s . . .1920 J J
98% 108 104% Sept’ 17
Fargo A Sou assum g 0 s .. 1924 J - J
96*4 103% 98 Jan ’ 18
La Crosse A I) 1st 5s_____ 1919 J - 1
J - J ------- 99
100% 8ept'17
98 ____ 97% M a y ’ 18
WIs Valloy D lv 1st 03 . . 1920 J - J
85 . . . . 85 Apr ’ 18
M ilw A N o 1st ext 4H 8-.1934 J - D
81U ____ 81% Feb ’ 18
Cons extended 4 X s ____1934 J - D
88 % ____
89 Jan ’ 18
Ohio A Nor West Ex 4s 1886-1920 F - A
85
89% 86 % Oct ’ 17
Registered..............1880-1920 F - A
7 0 % ____ 70% M ay’ 18
General gold 3 M s..............1987 M -N
81% O ct '16
„ i o «7 Q - F ____
Registered____
8 2 % ____ 82*4 M a y ’ 18
M- H
81 M a y ’ 18
Stamped 4s..................... 1987 M -N ------- 83
99% 100% 997a M ay’ 18
104
Sinking fund 0s_____ 1879-1929 A - O 104 sale 104
109% Apr ’ 16
A -O
94% 100 104 Sept’ 17
A -O
92*4 . .
103% Apr ’ 16
Registered_______ 1879-1929 A - O
953g 102
95 M ar’ 18
Debenture 5s...........
1921 A - O
91
97 100 Jan ’ 18
93% 07
97 M ay’ IS
Sinking fund deh 6s
1933 M -N
95% 97
94% M ay’ 18
Registered....................... 1933 M -N
77% _ _ _ _ 101% Oct ’ 10
D es PlalnesVal 1st su 4 % s l 947 M - 8
From Elk A M o V 1st 0s . . 1933 A - O 1 0 4 % ____ 105 Apr ’ 18
52 ____ 88 Jan ’ 17
M an G 1) A N W 1st 3 Ms 1941 J - J
M I lw A S L ls tg u 3 M s . . . 1941 J - J ____ . . . .
101 %
M il L S A West 1st g 0 s . . 1921 r,i- s 101% 102% 101%
98 ____ 98 Apr '18
Ext A Imp s f gold 5 s . . .1929 F - A
M ich D lv 1st gold 6s . . 1924 J - J
M il Spar A N \V ls tg u 48.1947 M - 8
St L I’ eo A N W 1st gu 5s 1948 J - J
Bonds
Sold
1909
[ Interes'
| Period
Jan.
Bonds
Sold
In
33 iO
BONOS
Y . ST O C K E X C H A N G E
Week nailiua M ay 21
flew York Bond Record—Continued—Page 2
53
II
Price
Friday
M ay 2 4
Bid
D e la w a r e A H u d s o n —
l a c lie n e q u ip 8 J M n ______ 1 92 2
l a t A r e l 4 s _________
..1 9 1 3
2 0 - 7 o a r o o n v 5 s .......................1 93 5
A l b A S u s q c o n v 3 H s ____ 194(5
R e n a s A S a r a t o g a 1 st 7 a . . 1 9 2 1
D e n v e r & R io G ran d e— '
1 s t c o n s g 4 s _______________ 1 9 3 6
C o n s o l g o l d 4 } * 8 ___________ 1 93 6
I m p r o v e m e n t g o l d 5 s ____ 192,3
1st A r e f u n d in g 5 s _________ 1 95 5
B i o O r J u n o 1 st g u g i s . . . 1939
R i o G r S o u 1 st g o l d l a . . . 1910
G u a r a n t e e d . ........................1 9 1 0
H lo O r W e s t 1 st g o l d 4 8 . . 1 93 9
M t g e A c o l l t r u s t 4 s A . 1 91 9
D e t A M a o k — 1 st H en g 4 a . . 1 99 5
1995
G o l d 4 s ....................
D e t I t l v T u n — T o r T u n d r a 1961
D u l M lssa b e A N o r g e n 5 s ..1 9 1 1
D u l A I r o n R a n g e 1 s t 5 s _____1 9 3 7
R e g is t e r e d .................................. 1937
D u l S o u S h o r e A A t l g 5 s . . .1 9 3 7
E l g i n J o lie t A E a s t l s r . g 5 s . i 9 U
E r ie l a t c o n s o l g o l d 7 s ________1 92 0
N Y A E r ie 1st o s t g 4 S . . . 1 9 1 7
2 d e x t g o ld 5 e ....................... 1919
3 d e x t g o ld 4 54a_________ 1 92 3
d t h e x t g o ld 6 s .................... 1920
fith e x t g o ld 4 a . . . ...............1933
N Y L E A W l a t g td 7 a . . 1 92 0
E r ie 1 st e o n s g 4 a p r i o r . . . 199 8
R e g i s t e r e d ............................. 1996
1st c o n s o l g e u Hen a I s . 1 99 5
R e g i s t e r e d _____________ 1 99 8
P e n n c o lt t r u s t g o ld 4 s . . l 9 5 l
5 0 - y e a r c o n v 4a S e r ie s A 1 95 3
do
S e r ie s U ............. 1 95 3
G e n o o n v 4a S e rlo a D ___ 1 9 5 3
O h io A E r ie la t g o l d 5 a . . . 1932
O le v A M a h o n V a il t 5 a . . 1 9 3 3
E r ie A J o r s e y l a t a 1 0 3 . . . 1 9 5 5
G e n o a s e o R i v e r 1 st a f 6 s . . 1 9 5 7
L o n g - D o c k c o n s o l g 8 s . . . 1935
O o a l A R R la t c u r g u Q a .1 9 2 2
O o c k A le a p t la t e x t 5 s . . 1913
N Y A G r e e n L g u g 5 s . . 1946
ST Y S u a q A W la t r e f 5 8 .1 9 3 7
2 d g o ld 4 H a ...................... . 1 9 3 7
G e n e r a l g o ld o a __________1 010
T e r r a lu a l la t g o l d 5 s . . . 1 94 3
M i d o f N J 1 st e x t 5 a ____ 1 91 0
W i lk A E a a t la t g u g 6 s . . 1942
E v A I n d 1st c o n s g u g 6 s . .1 9 2 3
E v a n s v A T H la t c o u a 8 3 . . 1921
l a t g e n e r a l g o l d 5 s ................ 1912
M t V e r n o n la t g o l d 6 3 . . . 1923
H ull C o U r a n o h l a t g 5 a . . 1 9 3 0
F lo r id a E C o a a t l a t 4 % * . . 1 9 5 9
P o r t S t U D C o la t g 4 ! 4 s . .1 9 4 1
F t W o r t h A R i o G r la t g 4 a . 1 02 8
G a l v H o u a A H e n 1st 5 a ____ 1933
G r e a t N o r O B A Q c o l l 4 s . 1921
R e g is t e r e d .......................... 4 1 9 2 1
l a t A r e f 4 M s S e r ie s A . . . 1 9 8 1
R e g is t e r e d _________ .
1961
S t P a u l M A M a n 4 s ........... 1 93 3
la t c o n s o l g o l d 8 s ............. 1933
R e g i s t e r e d .......................1933
R e d u c e d t o g o l d 4 H a . 1933
R e g i s t e r e d ..................1933
M o n t e x t 1st g o l d 4 s . . 1 9 3 7
R e g l a t e r e d ................. 1937
P a o lflo e x t g u a r 4 s £ . . . 1 9 4 0
E M i n n N o r D l v la t g I S . 1 94 8
M in n U n io n 1 st g 3 s . . . . 1 9 2 2
M o n t O 1 st g u g 6 s . .............1 93 7
R e g i s t e r e d ................. 1937
1 st g u a r g o l d 5 s ______ 1 9 3 7
W ill A S F 1 s t g o l d 5 s . . 193 8
G r e e n B a y A W d e b o t f s " A " ____
D eb en tu re c t f s ’ ’ B " . .
.
O u l l A 8 I 1st r e f A t 2 5 s . 5 1 9 5 2
H o c k in g V a l l e t c o n s g 4 H * . 1999
R e g is t e r e d
........................... 1999
U o l A H V 1st e x t g 4 s . . . 1 94 8
C o l A T o l 1 st e x t 4 s ........... 1955
H o u s t o n B e l t A T e r m la t 6 s . 1937
I llin o is C e n t r a l l a t g o ld 4 s
1951
R e g i s t e r e d ...........................
1951
la t g o ld 3 H a .............................. 1951
R e g l a t e r e d ............................1951
E x t e n d e d la t g o l d 3 H a . . . 1951
R e g i s t e r e d ______
1951
1st g o ld 3a s t e r l i n g ............. 1951
R e g is t e r e d ................
1951
C o lla t e r a l tr u s t g o ld 4 a . . . 1952
R e g i s t e r e d _________
1952
ia t r e f u n d in g 4 s ______ _
_
1 95 5
P u r c h a s e d lln ea 3 H s _____ 1952
L N O A T e x a s g o l d 4 a . . . 1 95 3
R e g i s t e r e d ____________
1953
C a ir o B r id g e g o l d 4 s . . . I I 1 95 0
L it c h fie ld D lv 1 st g o ld 3 a . 1951
L o u t s v D l v A T e r m g 3 H a . 1953
R e g i s t e r e d _______________ 1953
M id d le D l v r e « a s ...........
1921
O m a h a D lv 1st g o l d 3 s . . . 1 9 5 1
« L o u is D l v A T a r in g 3 s . 1951
G o l d 3 H a ........... ...................1951
R e g i s t e r e d ................
1951
d u r in g ! D lv fa t g 3 H a . . . 1 95 1
W e s t e r n lin e s la t g 4 s
1951
R e g l a t e r e d ........................... 1 9 5 1
B e lle v A C a r la t 6 s . . .
1 92 3
C a r b A S h a w 1st g o ld l a . . 1 93 2
O h io S t L A N O g o ld 5a . 1951
R e g is t e r e d ......................
1951
G o ld 3 H * ________________ 1951
R e g i s t e r e d _____________1951
J o in t la t r e f 5 a S o rle a A . 1 96 3
M e r a p h D lv l e t g i s . . 1951
R e g l a t e r e d ................
1951
S t L o u is S o u la t g u g 4a . 1931
I n d 111 A I o w a 1st g 4 s ______1 9 5 0
I n t A G r e a t N o r la t g fls .. . 1 9 1 9
J a m e s F r a n k A C l e a r la t 4a 1 9 5 9
K a n s a s C i t y S o u la t g o ld 3 8. I 9 6 0
R e g i s t e r e d ...........................
1 95 0
R e f A I m p t S a ..................\ p r 19.50
K a n s a s C i t y T e r m la t 4a . 1 96 0
L a k e E r ie A W e a t la t g 5 s . 1 93 7
3 d g o ld 5 s . . . .............
1941
N o r t h O h io la t g u a r g 5 s . . 1 94 5
L e h V a l N Y 1 st g u g 4 H s . . 1 9 4 0
R e g i s t e r e d __________________ 1 9 4 0
L e h ig h V a l (P a ) o o n a g l a . . 2 0 0 3
G e n e r a l o o n a 4 H » ________ 2 0 0 3
J - J
93%
83-3,,
M -N
A -O
87
A- O
72i2
M -N 104 5
a
J - J
J - J
J -D
F- A
J
J
J
J
-
D
J
J
J
A-O
Ask Low
07
84
92^2
74%
____
66I2 Sale
71
72
72i2 75
56 Sale
____ 95
65
67
5332 58
J -D
J -D
M -N
7634 ------J - J
96 > 100
a
A- O
9412 100%
A- O
J - J ____ 87
87% 102
M -N
M - S lOJia 101
7914 9312
M -N
Mr S
96 I4 ------'
M- S
96 ____
A -O
05>4------J -D
M - S i o o % ____
68% 67l2
J - J
I - J
I - J
55i2 Sale
J - J * ____ 73
78 Salo
F - A
48
481
2
A-O
47
47-8
A-O
52i2 Salo
A -O
93 ------M -N
J - J
8 3 '2 ------J - J ____ 100
98 103%
J - J
A - O 107 ------M -N
J - J *8 0 * 1 1 I I
88 ------M -N
7434 ------J - J
62
F- A
62
F - A II”
M -N
77i2 ------A O 76 ------J -D ____ 74
I - J
90 ____
J - J
6 0 % ------A-O
A-O
A-O
J -D
J - J
J - J
A-O
7514
____ 87%
9384 Sale
BONDS
Y . STOCK EXCH AN GE
Week ending M ay 21
linage
Since
Jan. t.
High N o. Low
High
93%
80%
85*2
71
16
63
67
71 M a y '18 ____
74 M a y ’ 18 ____
8
51
56
37 Aug '17
61% Apr ’ l l
39 July T7
1
06
03
51 M ay’ 18 —
82 Deo *16
75% July ’ 10
3
77
77
1
97%
97*2
97 M ay’ 18 —
105% Mar 08
87 M ar’ 18 ___
101 Jau '17 ___
101 M ay’ 18
78 Apr ’ 13 ____
98% M a r '18 - - -93%JaU '18 —
99% J u ly ’ 17
9434 N o V I 5 . . . .
107% Deo '16
1
07
07
84 D ec ’ 16
II
51*2
55*4
73 J u n ii o
14
77%
78%
12
48%
49
10
48
48*2
40
52%
53
91 M ay’ 18 ---- 106% Jau ’ 17 ____
100 M ay’ 18 —
103*4 Aug ’ 17
110% N ov'17 ____
103 Jau '18 . . . .
102% July'17
85 Jan '18 __ _
1
74%
74%
100% Deo '06
01 Apr '18 ____
108 Jan '17
103 Jan *17
62 Feb ’ 18 . . . .
23% Jan '17
97
N ov 17
85% June l7
103 N o v '11
60%
63
72
43%
69
71
70%
56
03%
50
67%
55
73
97 %
97
77%
97*2
97
82
Leh V Term U y lat gu g 5 a . . 1911
R egistered............................1941
Leh Val Coal C o 1st gu g 54.1933
Reglatered_______________ 1933
lat lot. reduced to 4 s _____1933
Leh A N Y 1st guar g la ____1945
R eglatered........................... 1945
Long laid lat cons gold 5a. .61931
lat consol gold la ......... ..51931
General gold Is__________ 1938
Ferry gold 4 Ha...................1922
Gold 4s — ........................... 1932
Unified gold 4s.....................1949
Debenture gold 5a...............1934
20-yoar p ra dab 5a_____ 1937
Guar refunding gold 4 a ...1949
R egistered....................... 1919
N Y B A M B 1st coo g 5s. 1935
N Y A R B 1st gold 58____ 1927
Nor Sh B 1st con g gu 5a.ol032
Louisiana A Ark lat g 5a___1927
Louisville A Nashv gen 6 s ..1930
Gold 5a__________________ 1937
Unified gold 4s___________ 1940
R egistered____________ 1940
Collateral trust gold 5 a . .. 1931
E U * Nash 1st g 6s_____ 1919
L c m A Lox gold 4 H s - -1031
N O A M lat gold 8a......... 1930
2d gold 8 a ........................ 1930
Paducah A Mem Dlv 4 s ..l9 4 0
St Louis D lv 1st gold 8 s .. 1921
2d gold 3s........................1980
Atl Knox A Cln Dlv I s . . . 1955
Atl Knox A Nor 1st g 6 a . . 1948
Header Bdge 1st a f g 6 s .. 1931
Kentucky Central gold 4a. 1987
Lox A Eaat lat 50-yr 5a gu 1035
L A N A M A M lat g 4 Ha 1045
L A N-South M Joint 4 s .. 1952
R e g iste re d ___________51952
N Fla A d lat gu g 6s......... 1937
N A O Bdge gen gu g 4 H s. 1915
Ponsac A Atl lat gu g 8 a .. 1921
8 A N Ala cons gu g 5 a ...1938
Gen cons gu 50-year 53.1903
L A Jeff Bdgo Co gu g 4a. ..1915
Manila R R —Sou llnea 4a...1 9 3 6
Mex Internat lat cons g 4a.. 1977
Stamped guaranteed......... 1977
Midland Term — lat a f g 58.1925
Minneapolis A St Louis—
1st gold 7s........................... 1927
Paolflo Ext lat gold 6s____ 1921
lat consol gold 6a.................1934
lat A refunding gold 4 s . . . 1949
Ref A ext 50-yr 5a Ser A . . 1962
Dea M A Ft D fat gu 4 s ._ 1935
Iowa Central lat gold 5 3 .. 1938
Refunding gold 4s_____ 1951
M o t P A S S M co n g 4 a la tg u . 1938
lat Chlo Term a f 4s_____ 1941
M S 8 M A A 1st g 4s Int g u . ’ 26
Mississippi Central 1st 5 s ...1 9 4 9
Missouri Kansas A Texas—
lat gold 4 a . . ....................... 1990
2d gold 4s______________ j t 9do
lat ext gold 5a___________ 1&44
lat A refunding is___
2004
Trust C o cortfs o f dep____
Gen sinking fund 4 H 3 -..1 9 3 8
St Louis Dlv 1st rof g 4 s . . 2001
5% secured notes " e x t ” ’ 16
Dali & W aco lat gu g 5s 1940
Kan City A Pao lat g 4a._ 1990
M o K A E 1st gu g 5 s ___ 1942
M K A Okla 1st guar 5 s .. 1942
M K A T of T lat gu g 5s. 1942
Sher 8h A So lat gu g 5a.. 1942
Texas A Okla 1st gu g 5 a.. 1943
Missouri Paolflo (reorg Co)
1st A refunding 5 a ____ 1965
lat A refunding ,5 s ............1923
lat A refunding 5s .
1926
General 4 s ______________ ____
Missouri Pao lat eons g 6s 1920
40-year gold loan la ..
1945
3d 7s extended at 4 % ____ 1938
Boonv St L A S lat 5a gu. 1951
Cent Br U P lat g 4a......... 1948
Pao R of M o 1st ox t g 4s. . 1938
2d extended gold 5s____1938
8t L Ir M A S geu oon g 5s. 1931
Gen oon stamp gu g 5 a.. 1931
Unified A ref gold 4 s . . . 1929
R egistered...................1929
Rtv A G Dlv lat g 4 s ...1 9 3 3
Verdi V I A W lat g 5a...1 9 2 8
M ob A Ohio new gold O
a
1927
lat ext gold 8s.................. *1927
Oonaral gold 4s__________1938
M ontgomery Dlv lat g 5.1.1947
St Louis Dlv 5s................... 1927
St L A Cairo guar g 4s____1931
Nashv Chatt A St L lat 53 . . 1928
Jasper Branoh tat g 6a ..1923
Nat Rya of Mox pr lien 1 3. 1957
Guaranteed general 4s...1 9 7 7
Nat of Mox prior lien 4% i__I93fi
lat consul 4s..............
1951
New Orleans Term lat 4s. 1953
N O Tex A M exico lat 8 a . .. 1925
Non-cum Income 5s A ___ 1935
New York Central R R —
Conv dob 8 s .........................1935
Consol 4a Series A ________1998
Ref A Imp 4H s " A " _____ 2013
New York Cent A Hud R iv—
Gaar 3 H » ........................... 1997
R e g istered .....................1997
Debenture gold U _______ 1934
R egistered........... .. . . 4934
Lake Shore coll g 3 Hs ...1 9 9 8
R egistered..............
1998
Mloh Cent coll gold 3 H -1998
R eglatered____________ 1993
Battle Or A Stur lat gu 3s. 1989
Beooh Creek fat gu g 4 s .. 1936
R eglatered.......................1938
2d guar gold 5a________1938
R egistered__________ 1936
Beach Cr Ext la: « 3H i-»1951
Cart A Art 1st gu g 4e___ 1981
Oouv A Oiwe tat gu g 6S.1942
M ob A Mai lat gu g 4a. ..1991
N J Juno R guar lat 4a___1938
N Y A Harlem ( .3H a____2000
N Y A Northern lat g 6a.l923
90
76
87
__
M a y ’ 13 . . . .
A u g '10
85% June’ 10
93%
93%
93% M ay’ 18
88*2
90
96 Jun e'16
89*2 Apr '18
103 Apr '18
118 Apr '17
93*j
93*2
102% M ay’ 16
85 Apr '18
95‘2 M a r '10
85% N o v '15
80% Deo '17
100% M ay’ 18
113 June'17
130% M ay'06
93% Apr ’ 18
109*4 Aug '10
69% Deo '10
9%
9%
73 M ay'13
76
70
123
5
___
—
94
86*2
too 101
78 178
96% 90%
93% 95
—
—
05
69
49%
57%
75%
42
42%
4S%
87%
79
49%
49%
56
93
93% 100
103
103
85
74
85
75
61
01
62
62
81
92
91%
80%
81
9 4%
93%
90
86% 89%
108 103
3 93*2 95
____
____ 81% 85
—
.... —
____ 100% 100%
....
__1
1
82%
75
90%
87
92
78%
84
80
Aug ’ 17
Feb '18
Apr ’ 17 ____
Mar" 18
Sept’ 17
Deo ’ 17
N ov’ 15
June’ 17
80
77%
95%
79%
71
70%
72
89
74
05%
83
Apr '18
S ep t'12
70%
M ay'13
M a y ’ 18
Feb '13
Apr '17
F e b 'l l
M a y ’ 18
Aug '12
....
58%
02
63
80
80%
79
92
____ 10734 117%
90
9 7 % ------- 97
114
63 % ------- 90
Apr '13
M ar’ IS
Apr ’ 18
June'18
N ov'It!
M ar’ 1.3
N ov’ 10
M ay’ 10
Jau ’ 17
M ar’ 18
Feb ' l l
Oot '09
92%
93%
9%
7
76% 83
75% 78
July'09
J -D
M- S
J -D
J -D
i -D
J -D
86
92"%
J -D
68% 00
J -D
J -D
7 6 % ------M- 8
74
93
J - J
93% 98
M -N
77
85
J -D
59
02%
A -O
A -O
79% Sale
J - J
76% Sale
J - J
78% 90
J - J
J - J ____ 81
A O ____ 85
87
9434
J - J
83% 93
J - i
76% 78
M -N
83 101%
M N
87 M a y ’ 18
70% Nuv’ 17
65
N ov’ 17
89 Feb 'IS
89 Apr '17
93*2
93%
82% June' 17
59 Apr ’ 18
63 Ote '00
79*2
80
76*2
76*4
85 M ar’ 18
80% Feb '17
89% M a r '17
85 Apr '18
89 Oot *17
78 Apr ’ 18
87 Apr ’ 18
• No price Friday: latest hid and asked this wea r,
T3
3
0 co
O
Q
94 Apr ’ 18 ____
4
83
84
3
83%
83%
72 M a y ’ 18 —
112% Dea '16
92*2 s ’l
92
J - J
Q- J
88% Sale
i - J
J - J
83" ------J - J
J - J 10712 112
J - i
991 ------8
93l2 95
J - J
J - J
85«s 09
8234 80
J -D
81
89
I -D
J - J
80% 86*2
A -O
J - J 1 0 0 % ____
J - J 105*2____
J - J
J - J
9414 —
J -D
93ig ------____ 79'2
Feb
8
9's
Fob
77
78
J - J
76 Sale
J - J
J - J
A -O
70*2 *7*2
F -A
70*2 — —
J - J
.1 U5
83
95
J - J
69
93
J - J
73
90
J - J
623s 81
t - J
6 2 % ___ A -O
fi-25j
__
A -O
M- S
M- 8
75
81
A -O
A -O
6 5 ta ------M -N
77% 79U
70
75
J - J
75
76%
M -N
70
84
M- N
70*4 ____
J -U
50*4 — —
J - J
J - )
65*2------_ ____. _
J - J
F - A 9 5 % ------F- A
5 8 % ------J - J
55 > 66
2
J - J
65*2 83*4
J - J 63 ____
. . 79%
I - J
72% 79
F- A
F-A
Week's
Range or
Last Sale
•
i
67*2 75
87
95
72*2 78%
79
70
74
72
83
71
7612
72
____
____
61%
71
____
53%
62
03
__
—
__
____
____
—
58%
62
03
79
79
97
98
....
80%
91
___
80
80
90
93%
____
■
1
....
io
31
58
85
—
a Due J in.
61%
73% 80
74% 78
78
92
78
87
94%
7.8
90*2
6 Duo Feb.
t
m June,
ft Due July.
0 Duo Oct
[Vol. 106
Price
Friday
M ay 24
Week’ s
Range or
Last Sale
Bid
Aik
101% 105%
108
101)
Low
High
102 M ar’ 18
113 M ar’ 17
100 M ar’ 18
105 Oot ’ 13
80%
*76
87
3S
§1
3)
Range
Since
Jan. 1.
iVo Low Hi oft
____ 102 102
____
____ 96% 101
__
Apr 17
__
95% 100% 95 Apr ’ IS
91%
84%
94% June’ 16
86 ‘ 94'% 85% Fob ’ 17
95
90 July’ 17
99% Oot '06
*78* 89 M ay’ 17
..
97
97 Jau '18
97
8 72
'72'% 72*2 73
75
73*2 75% 75 M ay'IS —
73
95 Jan '11
103% Apr '18
95
92% Apr ’ 18
95 ioo”
92%
82
93 1 100 Aug ’ 10 . . . .
4
M ar’ 18
*87%
85*2 87% 90
106% 112% 109% M a y ’ 18 ____ - 109
97*2 99% 94% Apr '18 ____I 93%
3 83
86% 88*2 86%
88 %
81
86% 96% Jan ' 17
99 M ar'18 . . . .
99
93
100%
103% July’ 17
91 *95'% 87 Apr '18
87
102 106 103 Aug '17
10 4% Fob ’ 17 . . . . . . . .
93%
72*2 "so'% 90% Apr ’ 12
100% Jan ’ 1.8
100%
100%
52% *58% 58% M ar’ 18 ____ 58
5 74
77% Sale
77%
77*2
96%
103% Jan '17
105(8 Aug '17 ____
101%
74% SI
73 M ay’ 18 ____1 '73 '
91%
95% 95*2 96
96
83% 91% 9 4 Aug '17
07% Sl% 67% Apr ’ 18 . . . .
67%
95 Feb '05
95% 101% 90% Jan ’ 18 . . . .
06%
82% - - - - 97% M ay’ 16 _____ . . .
100% 103*2 102% Fob ’ 18102*2
96% 100 I 99 Apr ’ 18 _____
99
91% 102%' 93% Jan 'IS _____
93*2
58%
79
Apr'17
....
.. . .
-I -1
*77 " M ar"Id
75 N o v ’ 10
91*2 J uqo'17
__
__
__
2
104
103
75
45%
46
60
84% 81
Salo
43
79% Salo
45% 47%
41
47
80
43
84*2 86
89%
______
94
Feb *18
Oot '10
79%
45%
Apr ’ 18
Feb ’ 15
81
44*2
86 M a y ’ 18
92 Jau ’ 17
85% N ov'17
95 Deo '16
03%
63% 6 3 % '
31 M a y ’ 18
40
37% 32% N ov’ 17
43% M ay’ 18
45
47%
29 '2 9 " M a 'y 'li
27
40
40
N ov'16
"30 ” 40
09% Apr '17
65
63 Jan '18
30 Apr ’ 18
"30‘ % 50
56
55% Deo '17
87
50% Apr ’ 18
52% 55
51 Deo '16
60
40 Jan ’ 18
50
63
32%
30
42*2
‘ 1*1
II”
SI
90%
87*2
58%
99
*57
85
92%
88
Sale
99%
71%
78% *82**
83
93% Salo
75
6914
__
75%
70
- - - -
101
9 4%
60%
81
87%
71*x
99*2
98%
____ _
91*2
92
85
100
103%
30
21
____
63
93
*94 ‘
47*2 Sale
94
75
80
Sale
80
83%
82 M a y ’ 18
90%
90%
87%
87*2
53%
59
99%
99%
00
July’ 17
82 Apr '17
100 Fob ’ 13
97% Deo ’ 13
78% Apr '18
100% Apr ’ 18
93%
93*2
102 July’ 14
75%
75*2
80% Oot ’ 17
70
70
78 Sept’ 15
101% M ar’ 18
95 M ay’ 18
05% Apr ’ 18
93 Ju ly’ 17
90 A u g ’ 17
77 Deo '17
97% M ay’ 18
110% Mar '17
30 M ay’ 17
35 A u g ’ 16
96% Fob ’ 13
30 Oor ’ 16
63
6?
93% M ay’ 13
-40*3
47%
'79'%
68
71%
95%
0
_____
....
87
. . . .
100%
58%
79
74
96
67%
96%
102*%
99
03*2
. . . .
104
79%
45%
40
75% 81
40(2 40%
8312 86*2
______
__
60%
28
64%
35
40
45
_____
" 2 7 " *34*
.1 . _____
*58 ’ *5*3 *
37 .
36
_____
49
50%
....
40
40
79
90
80%
65%
98%
86
** 5
1
162
1
__
7
**i
78*2 80
00*2
71
101%
95
05*2
97% 101
. . . .
* i
05%
72% ‘ 70
1 66 %
___
____ 101%
_____
92
____ 65*2
__
92
90
59%
99*2
. . . .
04%
75
85
M ay’ 13 . . . .
70
70
M a y ’ 63 _____
10 74%
81
Deo ’ 16
M a y ’ 18
"01
Sopt’ 17 —
63*2 * 7 02*2
M ar’ 17
74%
70%
81
40
302
9
'65*2
68%
89
... .
. . . .
. . . .
. . . .
N o v ’ 16
ii” *79*% A pr“' l 8
—
89% Feb ’ 16
80 M ay’ 17
101 Juno’ 17
a Option sulo.
....
....
--H
65%
_____
99
91%
71%
80
96% Apr ’ 17
95% N ov'16
104 M ay’ 16
81*2
i
28
—
92«2
90
109%
94%
83%
64
04%
49%
. . . .
"81 "
7
—
74
41
40
97
75
79*2
60
92
40
93%
94%
75 M ay’ 18
84
85
70
71% 74
71% 73% 70%
80
80*2 80(2
92
61%
"(52*2 65
03% 67%
‘ 03% Salo
03*2
75
101
5
95
....
"79*2 ’ 79*2
1
...................
Wtek't
Range or
La it Sale
60
51%
00
60
51%
88
56
50
51
5734
58
46
89% 88
50
57% 91%
57%’ 79%
70%
08
70
67
99%
83%
00
65
1
1
81
60
53
1
50%
106% M ay’ 15
87 July’ 14
83 Aug ’ 13
50%
51
A
A
O
O
04%
High
74%
98%
63
70
94
75%
72%
87%
86%
92
80%
82
03%
SO
76%
88
50% 5 L
52
57%
55% 58
83%
90
7/l.i Aug ‘ 17
79% Deo *17
74 Apr ’ 17
M- S
M- 8
M - fl
J -D
F-A
M -N
fit - A
Sept’ 17
Oet ’ 17
M a y ’ lS ____
M ay’ 18 ____
M a y ’ 18
Deo '17
27
90
O ct ’ 17
Jan ’ 12
Apr TG
74
M -N
General 4h______________
Norfolk Sou 1st A ref A 0s.
Range
Since
Jan 1.
Aitk Low
Bid
lUgh Ho. Low
6978
74% M ar lS
72%
10078
113 M ay’ 15
98 —
98 M ar’ 18 —
93
80% Aug '17
G7%
G
O
63 M ar’ 18
03
J - J
70 Jau 18 —
67% —
70
J - J
101 N o v ’ lG
103 N o v ’ lG
91
94 Apr ’ 18
92
J - J
73% 73% M a y ’ 18
73
J -D
71%
73
J D
72% M ar’ 18
72%
85
87% 86
15 82
87%
M- S
83%
84%
7 81%
83% 81
M -N
M -N
83% N o v i /
J - J
89%
101% Deo '15
J - J
91
103 M a y ’ 17
A- O
130% Jau ’ 09
J - J 101%
J - J 101%
123% Mar* 12
J - J
89
99% Aug ’ 17
M- 8
85% 98
92 Apr ’ 18
Q-IW
92
75%
80 N o v ’17
?- J
J - J
87 Fob T4
M- G
90 June’08
72
7978 July’ 17
M -N
75% 76
74 Apr '18
A -O
72%
79
82
A- O
79 M ay’ 18 ____ 75%
75%
A O
85 N o v ’ 17
63
68
G2 A p r ’ IS
61
M -N
G 7G
78 Salo
77
78
1- J
76 % M ay’ 18
72%
76
77
1- J
100% Jan ’ 17
M -N
98% J u ly ' 17
88
87% 85% M ay’ lS —
85%
F -A
Debenture 4s........... .193
W est Shore 1st 4s g u a r . .. 23(1
R egistered......................23d
N Y C Lines ea tr 5 3 .. 1918-2'
Equip trust 44^9 -1919 192
N YConnect ls tg u 4Hd A . . 195
N Y N fl A Hartford—
N on-conv deben 4a........... 1947
N oo-couv dobon 3H a ___ 19 47 M - S
A -O
J - J
M -N
Non-conv deben 4 s ______
Conv debenture 3 H e_____
J - J
Convdebouture 6e_______
Cons R y non-conv 4 s___
Non conv deben 4s-----J - J
Non-conv deben 4s-----A -O
Non-oonv deben 4s-----Non-oouv deben 4»____
M -N
flarloin R -P t Chca 1st 4s~
F- A
l l & N Y Air Line 1st 4 s ..
Cent New Eng 1st gu 4 s .. 1901 J - J
M- S
M -N
M -N
A -O
J - J
A -O
N V O A W ref 1st« 4s.
t?1
3
A -O
J -D
A -O
1
N Y Cent A U K H R (Com.)
N Y A P u 1st cona gu g 4h 1993
Pine Creek reg guar 6 i ____1932
RW<fc O con lac ext 6 s . . *1922
Rutland 1st oon g 4 His___1941
Otf & L Chain let gu 4a gl943
Rut-Canada 1st gu a 4 i. 1949
S tL a w rA Adlr 1st g 5 a . . - 1 999
2d gold <53_____________ 1190
Utica « c 151k Rlv gU g 4S..1922
S
Lake Shore gold 3 H « ____ 1997
R egistered____________ 1997
Debenture gold la--------192s
25-year gold 4a_________ 1931
R egistered........... ...1 9 3 1
Ka A A G R 1st gil 0 5 9 .... 1938
M ahon C 'l R R 1st 5s____1931
Pitta A L Erie 2d g 5a_..a i92 S
Pitts M cK A Y 1st gu 6 3 .. 1932
2d guaranteed flu--------- 1934
vioKeee A B V 1st g da. 1918
Michigan Central oa_____1931
R egistered____________ 1931
4 s _____ . __________
Registered __________
J L A S let gold 3 4 4 8 ... 1951
1st geld 3H a ________
Price
Friday
M ay 24
l l
1g 1
1 C|
BONDS
N . Y . ST O C K E X C H A N G E
Week ending M ay 24
65
00% 63
81% Salo
106%
103*4
103%
84% —
J -D
M - S 105 110
10-20-year oonv 4a..
M - S 105 110
80% 83
Pooah C A O Joint 4 s . . . 1941 J -D
J - J 95%
O O A T 1st guar gold 5s
78
87
M- N
Northern Pacific prior lion
81
81%
O- J
79
8 0 '4
Q- J
58% Sale
Q -F
Q- F
75% 81%
J -D
F - A 102% 105
Q - A 100% 104
93% ____
F- F
67% 83
3 - I)
61
76
Q -M
J - J 107% 109
73
78%
1 - J
Oregon-Wash lat A ref 4s.
82
84
J -D
Paclflc Coast C o l e t « 5 s ..
100
J - J
93% ____
M -N
M - S 100 ____
99%
Q -M
83 ____
M -N
Consol gold 4s.
87 Sale
M -N
96% 97%
F- A
89% Salo
1 -D
Genoral 4 Ha________ _
83
87%
M- 8
Alieg Val gou guar g 4 s . .
80% ____
F- A
D R R R A B ’ gelstgu lsg .
M- N 84 ____
J - J
77%
J - J
81%
M- 8
U N J R R A Can gou 4n .
Pennsylvania Co—
97% 97%
J - J
9/
95
J - J
75%
M- S
74% ____
F *A
J -D
73% ____
80
76
J -D
84% 87
A-O
80
M -N
M -N
8/34
Cln Lei) A Nor gu 4s g_
92
M -N
Cl A Mar ls tg u g 4H 393 ____
J - J
90% _ . _ _
A -O
Serles B .
80% ___
A -O
80% . . . .
M- N
80%
F- A
Serins D 3 H «70% . . . .
J - J
76%'
J - J
847S 89
Gr R A 1 ex 1st gu g 4HS.1941 J 3
90
91
M- 8
953i
M -N
87% 98
T ol W V A O g u 4 H « A ..1931 J - J
87% 92
J - J
Series B 4 H s .............
75%
M- S
91% 94%
A O
P C C A S t L g u 4 H s A ..
91% 100
A-O
91% 99
M N
M -N
88% ____
88
92
F- A
88%
Series F guar 4s gold_ 1953 3 D
_
45
51
Sept’ 17
Apr *16
Deo ’ 13
Fob ’ 14
65%
00 Apr ’ IS
60%
60%
81%
81%
106 Apr ’ 18
122 N o v '16
107% Oot '17
83%
83%
9 1% Deo *16
75% Apr ’ 18
12378 M ay’ 17
117% M ay’ 17
105 M ay’ 18
81 M a y ’ lS
103 S o p fl6
79 NOV’ 17
81
82
80 M a y ’ 18
58'2
OOli
9158 M a y ’ 17
1025s
103
103% Sept’ 17
107 Oot '10
88?8 M ar'17
30'2 D oo '18
11018 Oot '17
7358
735S
84% M a y ’ 18
1001S Feb '17
99% July ’ 17
100 M a y ’ 18
88 Jan 'i s
87
87
»7
97
893*
poll
89l2 N ov '17
81'2 8ep '10
92 A u s '1 7
102 Jan *93
92
2
3
64
68%
8
1
60
60
G
O
6L
81% 8412
100 106
1
81% 85
74%
76%
105 105%
8078 85%
1G
18
79
81%
80
80 4
56% 01%
3 102
4
103
75
90
100
9
1
41
71
82
100
88
85
95%
88%
88
92
Deo '17
07%
97%
95% Apr ’ IS
87 Feb T7
70 Jan '18
81% July’ 17
37% Deo TO
84 M a y ’ 18
80 D ec T 7
86 Qct T7
90% M a y ’ 17
9G% M ay '18
101 D o o 'I S
96% Feb T2
90% Oot T2
8S1S Feb '17
88 Apr T 7
90% July ’ 12
99
Mar’ lS
93 M a y ’ 14
93 M ay'10
98% Apr T 7
92 D oo '17
88% 8opt’ 17
92
N ov’ 17
92 Deo '17
99 June’ l7
88 Fob T 8
88 M a y ’ 18
95% M ay'17
1
96%
95%
98
96
70
70
84
84
96% 96%
88
87
88
88
BONDS
N . Y . ST O C K E X C H A N G E
Week ending M ay 21
jr ©
Price
Friday
M ay 2 4
Week't
Range or
Last Sale
P C C A St L «7o».)
High
Bid
Aik Low
Sorios G 4s guar...............1957 M - N
91
N o v ’ 17
38% 96
Series 1 cuus gu 4 H J - - - 19(13 F - A
80% . . .
921 O ct ’ 17
8
O St L A P 1st cons g 5 a .. 1932 A - G
9Sis 104 100i2 M ay’ lS
Peoria A Pekin Uu 1st 0 i g . . 1921 Q - F
100 J u u o’ 17
2d gold 4 Ha...................... A1921 M -N
87 M arT 6
Pero M arquette 1st Ser A 5s 1953
81
82
8U 2
825s
1st Series B 4 s . . - .............195 0
6 4% G6I2 65 M ay’ lS
Philippine R y 1st 30-yr a f 4s 1937 J - J ----- -- 55
44 Apr ’ 18
Pitta Sh A L E 1st g 5s......... 1940 A - O
96 . . .
99 Jan ’ 18
1st consol gold 5s_________ 1943 J - J
96 ____ 97U D eo ‘ 17
Readin g C o gon gold 4s____ 1997 J - J
84 Sale
84
84%
R egistered____________ 1997 J - J
88i2 O ct '17
Jersey Central coll g 4s _ .1951 A - O *83”% ~85 " 83%
84i2
Atlantic C ity guar 4 j g ._.19 51 J - J
St Jos A Gr Lsl 1st g 4s..........1947 J - J
03 ____ G
O Deo T 7
St Louis A San Fran (roorg C o )—
Prior Lion ser A 4s...............1950 J - J
59% Sale
5912
00
7434 Sale
Prior lion sor B 53...............1950 J - J
74i2
75
6 6 % Sale
Cum adjust sor A 0s____ A1955 A -O
653
4
GO34
Iaeomn series A 0s______ &190O Oct
49
50
493«
5012
8 t Louis A San Fran gon 03.1931 S - J 102 110 101 Apr ’ 18
' General gold 5s.............. 1931 J - J
93
99
92 Apr ’ 18
St L A S F R R cona g I s ..1990 J - J
78 M a y ’ lG
Southw Dlv 1st g 5a___ 1947 A - O
90 M a y '17
K O Ft 3 * M cons g 0s. .1928 M -N 1003a 101% 100% M ay'18
K O Ft S A M R y rof g 43.1930 A - O
65
G3
07
68
K C A M R A B 1st gu 54.1929 A - O
July* 17
S U 2 8 5 l8 88
Bt L 8 W 1st g Is bond otfs. _ 1939 M -N
67 Sale
6Gi2
67
2d g ts Income bond ctfs.iU 989 J - J
52 >2 G
3-34 50% Jan ’ 18
Consol gold 4s___________ 1932 J - D
59
62
59
61
1st term! A unif 5s________ 1952 J - J
53 U 58% 53
58
Gray's Pt Ter 1st gu g 5s. 1947 J - O
93l2 Jan ’ 14
8 A A A Pass 1st gu g 43____1943 J - J
G0% Sale
60
60%
B F A N P 1st sk fd g fia.......... 1919 J - J
100% Feb ’ 17
Seaboard Air Line g 4s______1950 A - O
67 . .
7L% M arTS
Gold 4a stamped_________ 1950 A - O
GS% 72U 71% M ar’ 18
Adjustment 5s__________ ol949 F - A
5 H4 Sale
53%
55
Refuriding 4 s.......................1959 A - O
50 Sale
54%
56
62
76
Atl Blrrn 30 yr 1st g 4 s ..e l9 3 3 M - S
75 M ar’ 18
Car Coat 1st cou g 4s____ 1949 J - J ____ 7712
77 Jan ’ 18
975s 9934 99% June' 17
Fla Cent A Pen lnt g 5 s . 1918 J - J
1st land gr ext g 53_____ 1930 J - J
90 . . .
101 D eo ’ 15
Consol gold 53.................1943 J - J
93U 95 10334 D eo ’ 16
90% 95
Ga A Ala R y 1st cou 5 s ..o l9 4 5 J - J
97 Aug ’ 17
92*2____ 97 8ept’ 17
Ga Car A N o 1st g u g 5 n ..l9 2 9 J - J
8oab A Roan 1st 5s............ 1928 J - J
9 1 % ____ 95 O ct ’ 17
Southern Pacific Co—
73
74
73 Sale
G old 4s (Cent Pao coll>-_*1949 J - D
R egistered.....................*1949 J O ____ 72
90 F e b ’ 14
79%
80
20-yoar conv 4s................ 01929 \1- 8
79*2 Sale
93% Sale
20-year conv 5s__________ 1934 J - D
93%
941;
80*2 8D2 81
Cent Pao 1st ref gu g 4s___1919 F - A
81%
R eg istered ____________ 1949 F - A
87% Sept’ lG
85
8712 87% Feb ’ IS
Morfc guar gold 3H s--*1929 J -D
73
75
Through St L 1st gu 4s. 1954 A - O
72% Feb ’ 18
90t8 100 100 Oct ’ 17
G n A 8 A M A P 1st 5 s _ .1931 M -N
86
97
90% Jan ’ 18
2d oxton 6s g u a r ........... 1931 J - J
90
95 100% Jau ’ 16
Gila V Q A N 1st gu g 5 s ..1924 M -N
Hons E A W T 1st g 5 s . . . 1933 M -N
85*4 95
99% Apr *17
1st guar 5s red......... ...1 9 3 3 M -N
853a 95 100 Oct ’ 16
H A T C 1st g 5s lnt gu___1937 J - J
9212 104
103% Aug ’ 17
Gen gold 4a lnt guar___1921 A - O
92 M a y ’ 18
9134 99
W aco A N W dlv 1st g !ie ’ 30 M -N
109% N o v ’ 15
. A A N W i s t g u g 5s......... 1941 J - J
101% Dec ’ 16
9734 1051* 100% O ct ’ 17
Louisiana West 1st 0s_. 1921 J - J
M organ's La A T lat O s.. 1920 J - J _____ 1043a 100 Apr ’ 18
9 2 1j ______ 102% Oct '17
N o o f Cal guar g 5s............1938 A - O
Ore A Cal lat guar g 5 s . . . 1927 J - J
913s 963s 96% Feb ’ 18
9 1 3 4 ______ 107% 8ept’ 10
So Pao o f Cal— G u g 5s. ..1 9 3 7 M - N
So Pac Coast 1st gu 4s g__ 1937 J - J
90 ____ 93% Aug ’ 17
San Fran Terral lat 4a ...1 9 5 0 A - O
767a 7912 7978 M ay’ 18
Tex A N O con gold 5 a . .. 1943 J - J ____ 85
95 N o v ’ 16
So Pac R R lat ref 4 s ..........1955 J - J
S0i2 Sale
79%
80%
Southern— lat cons g 5s____ 1994 J - J
92% Sale
92%
93
R egistered__________ 1994 J - J
100% A u g ’ 10
Develop A gen 4b 8cr A _ .Il9 5 6 A - O
6258 Sale
62%
62 7
8
60 ____ 65 M ay'18
M ob A Ohio coll tr g 4 s. . . 1938 M - f
92 ____ 87 Jan ’ 18
M om D lv lat g 4 H s -5 s ...l9 9 0 J - J
69
71
64% Apr T 8
8t Loula dlv lat g 4a......... 1951 J - J
Ala Cen 1st g 0s..................1918 J - J
99 104 102% Sept’ 10
Ala Q t 8ou 1st cona A 5s. . 1913 J - D
88
877 M ar’ 18
8
Atl A Char A L 1st A 4 Ha 1944 J - J
81
87
90 July’ 17
93%
93%
J - J
1st 30-yr 5a ser B ...... 1944
93U Sale
J - J
Atl A Dauv let g 4s...... 1943
70% M ar’ 18
2d 4s..................................1918 J - J ____ 80
81% M ar’ 16
Atl A Yad 1st g guar 4s___1949 A - O
75 Feb '17
92% 97
B T V a A G a D lv g 5 s ____1930 J - J
96 M ar’ 18
Con lat gold 5s________195U M -N
9 Da 9412 94% M a y ’ 18!
E Ton roo Hen g 5a_______ 1933 fit- 8
90
94
99 July’ 17
40 ____ 51 M ar’ 18
Ga Midland 1st 3s________ 1940 A -O
Ga Pao R y 1st g 8a........... 1922 J - J 100 5a_____ 103 Deo ’ 17
K nox A Ohio lot g 6s____1925 J - J 10034 ____ 101 Apr ’ IS
M ob A Blr prior Hen g 63.1945 J - J
85
95 106 Sept* 16
62
72
68 Jan T8
M ortgage gold 4a............ 1915 J - J
915a 103
95 Jan *13
Rich A Dan deb 5s stm pd.1927 A - O
73 Sept’ 12
Rich A M ock lnt gu 4s___1948 M -N
80 Car A Ga 1st g 5a......... 1019 M -N
98
983s 98 M a y ’ 18
102% JuQfl’ 11
Virginia M id ser D 4 -5 a ... 1921 M- 8
Series E 5s....................... 1920 M- 8
9
3
93 Apr ’ 18
91 ____ 104% D ec ’ 10
Series F 6a....................... 1931 fit- 8
General 5s__________ 1930
94
94% 94
94
M -N
95 100 105
Va A So’ w'n 1st go 5s. .2003 J - J
M ar’ 17
65
84
1st consfiO-year 6 s .. . 1958 A - O
72% Jan ’ IS
9378 M ar’ 17
W O A W 1st cy gu 4s____ 1924 F - A
Bpokano Internal 1st g 6 a . . . 1955 J - J
9534 M ar’ 17
T er A o f 8t L 1st g 4 H s ___ 1939 A - O
8612 99% 85% M ay’ lS
1st con gold 68............1891-1944 F - A
95 Feb ’ 18
88<2 95
82 Jan ’ 18
Gen refund 8 f g 4s________ 1953 J - J ____ 82%
2 95% July’ 17
St L M Bridge Ter gu g r> 1930 A - O ____ 101 >
s
J -D
Tex A Pao lat gold 5s___ 2000
85i2 87l2 85% M ay’ 18
M ar
2d gold Ino 6s________ .<2000
40 ____ 46% Feb ‘ IS
J - J ____ 93
La D lv B L 1st g 5s___ 1931
89 Apr ’ 17
106% N ov’04
W M in W A N W 1st gu 5*1930 F A
T o l A O C 1st gu 5s............. . 1935 J - J
88is 9 3 i2 93 Apr *18
Western D lv 1st g 5s_____ 1935 A - O ____ 96i8 100 Jan *17
General gold 5a._...............1935 J -D
73
80
90 F e b *17
A -O
Kan A M 1st gu g 4s__ 1990
67% 70*2 70 N o v ’ 17
2d 20-year 6a.............1927
J - J ____ 91
9134 Dec ’ 17
T ol P A W 1st gold 4 a ..... 1917
35
50
52 A il/ '17
J - J
T o l 8t L A W pr lien g 3 H «.19 25 J
80 Feb *18
J ____ 80
48%
49
50-year gold 4s.....................i960 A - O
49l2 50
Coll tr 4s g Ser A _________ 1917 F - A
18% M ar'06
____ 18
Trust co ctfs o f d e p o s it ____
70% 85
80 Apr '17
T or Ham A Buff lat g l « . _ 41910 J - 1)
95
90 N o v ’ 17
Ulster A Del lat eoo g 5s . . 1928 J - D
70
1st refund g 4a............... 1952
GO
58 Sept’ 17
A-O
88
88*4 88
J
J
Union Pacific lat g i-i___ 1947
88 %
80
87
86 M a y ’ 18
Registered ____________ 1947 J - J
87
20-year conr 4s............. 1927
86% 88
87
J - J
79?a 8012 7 9 7 g
M- 8
let A ref 4s___________ ?2008
89%
80 ____ 80
80
Ore R R A N ov con g 4b. . 1940 J - D
101%
Ora Short Line lat g 0 8 . .. 1922 F - A 10178 103 101%
973s
J - J 9534 973s 9534
lat oonsol g 5s_____ .1940
85*4 85*2 85% M a y ’ lS
Guar refund 4a____ 1929
J -D
90*2 98
98 D ec *17
Utah A Nor gold 5 a .. . 1928 J - J
80% 89
J - J
89 Fob ’ 18
1st extended 4 s __1933
8 0 ia ____ 80 Jan ’ 18
F - A
Vandalla cons g 4s Ser A _1955
Console 4 Series B . . . . . . 1957 M -N
8 0 i8 ------- 81% June’ 17
• N o pries Friday; latest Did and asked, a Due Jan. ft Due Feb. c M ay. g Due June, h D
2211
New York Bond Record-Continued—Page 3
M ay 25 1918.1
__
“ ”%11II
jo
July. * Due Aug.
0D ae Oet
p D ae N o v . q Due D eo
|2
E i
Range
Since
Jan. 1.
Low
High
LO
O
100%
70% 82%
62% 66
44
60
99
99
81
86
81%
86"
55%
61
75
67%
51
101
101%
91
95%
100% 102 %
62
69
65
63%
50% 50%
57
64
52
59%
59
60%
71%
70
49
5134
73
77
71%
71%
5534
56%
75
77
71%
76
75% 80%
86% 95
7738 82
86 %
71
88
72%
96-% 9034
87
100
92%
100
93% 90%
73
81%
7634
45
8 2 s8
90%
93%
59
63
05
08%
87
87
61% 60%
87%
877„
91
95
70% 70%
94
97%
51
63
98% 101
68
68
95
9G78
98
93
93
72%
72%
85%
95
82
85%
95
82%
83
46%
867g
40%
80
53
85%
86
82%
75%
7934
100%
94%
817
8
$ Option sale
89
86
89
8134
82%
104
97%
85%
89
80
2212
Price
Friday
M ay 24
J - J
Virginian 1st 5s Series A ____1902 M -N
W abash 1st gold fia________ 1939 M -N
2d gold 6a_____ __________ 1939 F - A
J - J
1st lien equip a Id g os____1921 M - S
J - J
J - J
J - J
A -O
IV - 8
!
Bid
Weet'e
Range or
Lait Sale
A l t Cote
907 Sale
8
9 1*4 95
84«i 85U
90
99
97
05
921 102
4
77
74 %
80
6518 80
85
H0
59% 60%
95i2
85%
40
83% Sale
92% 96
993-1
98%
60
75
56% 60
85%
73 ” 7434
76
76%
90
94%
81%
105
100%
78
A- O
1st refund conv gold Is___2002 J - i
8-year secured notes 5s___1918 J - J
J - 1
M -N
J - J
IF - A
Stamped guar 4-5s. . . I I 1950 F - A
F- A
F- A
Nassau Elec guar gold 4s. 1951 j - j
Chicago Rys lat 5s________ 1927 F - A
J - J
Stamped guar » H s .1 .I I I l 9 5 l J - J
Det United lat cons g 4 H 8 --1 9 3 2 J -J
J J- 8
V
find A Man hat 5s 8er A . I .I l 9 5 7 F - A
81 < 83
8
05
97% Sale
94
90
99lj
79 %
78
80
60
70
V-A
m terboro-M etrop coll 4K S.1966 A - O
fnterbero Rap Tran lat 5 s . . 1966 i - J
Manbat R y (N Y ) cons g 48.1990 A - O
A-O
Metropolitan Street R y—
Bway A 7th Av 1st o g 5S.1943 j - i i
M~ S
M- 8
F - A
IF - A
J - J
l - J
J - J
J - J
J - j
N Y Rys 1st R IS A ref 4 s . . . 1942 j - j
A-O
N Y State R ys 1st cons 4HS.1962 M - N
M- N
Portld Ry Lt A F 1st ref « s ll9 4 2 F - A
J - J
St Jca R y L 11 A P 1st g 5s. . 1937 M - N
St Paul City Cab cons g 6 s .. 1937 3 - J
Third Ave 1st ref 4s............. 1960 J - J
Adi luc 5s.......................... al900 A - O
Third Ave R y 1st g 5s_____ 1937 J - J
frl-C lty Ry A Lt 1st s f 6 s .. 1923 A - O
Undergr of London 4 H » ____1933 J - J
Income Os............................ 1048
A -O
United Rys in v 6s PlttsTssI 1926 M -N
United Rys St L 1st g 4s____1034 J - J
A-O
A -O
Va R y A Pow 1st A ref 6sIIl934 j - j
90
5212 Sale
82% 83%
78%
76
70
77%
r West Maryland 1st g 4s____1952 A West N Y A Pa lat g 5a____1937 J A-
a
O
J
O
Western Pao 1st ser A 5s___1948 M - s
A- O
r - a
Refunding 4%a aeries A . . 1909 M - S
M- S
J - J
0up A Dul dlv A term 1st 4 s ' 36 M -N
73
55*2 60
82% 83'%
84
84
70
73%
59
60
Range
Since
Jan. 1.
Ulan No. Low
91
95
Apr ’ 18
Oct ’ 15
M ar’ 18
M ay’ 17
6
13
88%
92%
84%
85
85
75
93
95%
86%
Braden Cop M coll tr s t 6s. 193 i
75
84%
76 ’
85
59%
90
70
36
83%
100%
100 ’
99%
60
56%
85
72%
76
Consol 5s_______________ 1955
Apr ’ 17
Jan ’ 17
Deo ’ 17
D eo 17
61
Jan ’ IS
A p r ’ IS
Oct ’ 17
83%
Apr ’ 17
Feb ’ 17
M ar’ 17
M ay’ IS
56%
M ay’ 17
72%
77%
5
58
99
70
02
99
70
3
79%
84
7
60
55%
00
60
1
9
713i
72
72%
77%
80% M a y’ 18
68% M a y’ 18
97
97%
55
94 Oet ’ 17
80 M ay’ 12
101 M a y ’ 13
1
793t
7934
80 M ay’ 18
73 Sept’ 17
78 July’ 17
55 M a y ’ 18
83% M ay’ 18 ____
100% Feb ’17
85 ” Apr ’ 18
73
73%
16
84 Jan ’ 14
58%
60% 103
21%
25
828
100 Feb ’ 17
52%
54%
22
83%
84%
11
78% Apr ’ 18
78
78
2
79%
05
92%
833i
69
97%
79
79
87%
85%
55
81%
56
86%
85
68
85
77
48% 01
1434 25
51%
79
70
77
85
57%
85
80%
82
85
95
_
Ref and ext 1st g 6s______ 1934 A - O
Milwaukee Oas L 1st 4s
1927 M -N
J - D
Purchase money g 4a_____ 1049 F - A
J - J
F-A
Paclflo G A El Co— Cal Q A E
Corp unifying A ref 6 s . . . 1937 M -N
Paclflo O A E gen A ref 5 s .. 1942 i - J
2
92
June’ 13
Apr ’ 18
M ay’ 18 ____
Fob ’ 15
100%
15
100 Salo 100
92% 92i» Feb ’ 18
90% M ar’ 18 ____
94
98 M a y ’ 18
95%
91% Apr ’ 18
92
92 100% 94 Feb ’ 18
100 Feb ’ 13
92% N o v ’ 17
87
96% Deo ’ 17
100
90% D oc ’ 16
81
90 Deo ’ 17
86%
99 % M a y ’ 18
100
110 Juno’ 17
70 N o v ’ 17
74
OS
981»
12
89% 93% 89 Apr ’ 18
85
85
i
104% Apr ’ 17
6
4
08%
08%
68% Sale
105% June’ 17
93
96 % Aug ’ 17
101
01
91%
64
90
75
97
__
__
90
79
F - A *80%
M- 8
P e o p G a s A C 1st cons g 6 s .. 1943 A - O * .
Refunding gold 8s_______ 1947 M - 8
M- 5
J - J
J -D
M- N
M- N
F - A
M- N
80
J -D
91
Sllg
j -D
J - J *70
M- 8
M- S
M -N
United Fuel Oas lat s f 8s___1930 j - j
95
Utah Power A Lt lat 5s____1941 P - A
82%
Utica Elec L A P 1st g 5s___1050 J - J
J - D
92
62
89%
80
92
Salo
88% M a y’ 18
79
79%
95 Jan '17
100 J u ly’ 17
98% 98% M ar’ 18
73% 73%
733i
93
78
93
97*2
84
98%
98
92%
85 101%
Sale
9 lit
83% 83%
101
85
91%
92 ~ 105
Lorlllard C o (P) 7s........... ..1 9 4 4
Nat Enarn A Stpg 1st 6 s . . .1929
Nat Starch 20-yr deb 6s____1930
National Tube 1st 6s_
_
N Y Air Brake 1st conv 6 s .. 1928
Hallway Steel Spring—
Interocean P 1st e f 5s____1931 A - O
Sinclair Oil A Refining—
1st s f 7s 1920 warr’nts attch
60
55%
Standard Milling 1st 6 s ..
1930 M -N
The Texas Co conv deb 6s. .1931 J - J
J - J
S ta m p e d ............. ..
"lo a n J - J
U S R ealty A 1 conv deb g 6s i$)24 J - J
U B Rubber 10-yr col tr 0 s . . 1918 J - D
1st A ref 6s series A ______ 1947 J - J
F - A
V-Car Chem 1st 16-yr 5 s II'ii)2 3 J - D
Conv deb 6s_____
->i»24 A - O
West Electric 1st 6s D e o .. 1922 j - j
25
80%
90
9534
90
80
99% 102
92% 92%
94% 95%
92
98
91% 92%
94
94
C oal Iron & Stool
Beth Steel lat ext s f 5s......... 1926
1st A ref 5a guar A ..............1942
20-year p in A imp s f 5s. 1936
Buff A Susq Iron s f 5s......... 1932
Debenture 6s___________ al928
Col F A I Co gen s f 6s____ 1943
Col Indus 1st A coll 6s g u . 1934
Cons Coal of M d lstA rcf 6s 1950
99
99%
88%
85
ORlg
943g
85%
871-4 90
08
73
80%
78%
92%
80%
2
98%
73%
98%
81
91%
80%
j - j
A- O
F - A
A-O
F- A
A -O
A -O
J -D
J - J
M -N
M -N
____
____
57
38%
95
96
80
00
89%
75
78
M- S
M- S
M- 8
M -N
J -D
A-O
F- A
A -O
J - J
A-O
A -O
J - J
M -N
A -O
A- O
J - J
M -N
M -N
M- N
A- O
J - J
J - J
A- O
J - J
F - A
J - J
A-O
M- N
A -O
F- A
M -N
A -O
M- N
J - J
A -O
M a n u fa ctu rin g & In du strial
Am Ag Chom 1st o 5s______ 1928 A - O
Conv deben 6s....... .......... 1924 F - A
M -N
Am Hide A L 1st s f g 6s____1919 M - S
Am 8m A R 1st 30-yr 6s serA d'47
Am Thread 1st coll tr 4s
in io J - J
Am Tobacco 40-year g 6 s .. 1944 A - O
Gold Is................................ 1951 F - A
J - J
Baklw Loco Works lat 5 s . .. 1940 M -N
Cent fou n d ry 1st s f 0 s ....1931 F - A
Cent Leather 20-year g 5s. .1926 A - O
1951 F - A
Consol T obacco g 4s____
Corn Prod Ref s f g 5s____ 1931 M -N
lat 25-year b f 5s.............. 1934 M -N
A-O
J -D
J -D
F - A
Debenture 6a____I
” 1053 M - S
J - J
M -N
Mexican Petrol Ltd con 6s A 1921
G r R t v C o a lA C 1st g 6s. #1919
111 Steel deb 4M s....................1940
Indiana Steel 1st 5s________ 1952
Lackaw Steel 1st g 6s______ 1923
1st cona 5s Scries A ........... 1950
Midvale Steel A G conv s f 5sI936
Pocah Con Collier 1st s f 68.1957
Repub I A S 10-30-yr 6s s f 1940
Tenn Coal I A R R gen 6 s .. 1951
U S Steel Corp— ( c o u p .. .dl903
8 K 10-60-yr S s fr e g ____dl903
Va Iron CoalACoke 1st g 5s. 1949
Apr *17
M ar *17
July’ 17
M a r ’ 17
Wilson A Co 1st 25-yr a f 6a. 1941
02%
___
10
M ay’ 18
Deo *17
M ay'17
July'17
Oot ’ 17
Sept’ 17
N ov’ 16
7
95
M a y ’ 18 ___
June’ 17
N Y Dock 50-yr 1st g 4s____1951
Niagara Falls Power 1st 6s. .1932
Ref « gen 6s____________ at932
Nlag Lock A O Pow 1st 6s .1954
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 5 s . . . 1943
Liggett A M yers T obao 7 s .. 1944
96
100
89
94
C h icU u S ta t’n lstg u 4 M a A 1903
Cbllo Copper 10-yr conv 7s. 1923
Coll tr Aoonv 6s ser A part pd
do do full paid ______ .
Com puting-Tnb-Rec s f 0 s ..1941
Granby Cons M S & P con 6s A ’28
Stam ped..................
1928
Great Falls Pow lat 8 f 5s 1940
lo t Mercnn Marino s f 6s. 1941
M ontana Power lat 5s A . ..1 9 4 3
Morris * Co 1st s f 4 Ms____1939
M tge Bond (N Y) 4s ser 2 1906
54
24
68 •
Qaa an d E lectric Light
Bklyn Un Oas let cons a 6sll945 M -N
A- O
Clncln Gas A Elec lstA rcf 6s 1966 A - O
Columbia Q A E 1st 5s......... 1927 J - J
J - J
Consol Oas conv deb 8s____1920 Q - F
ConeOasE LAP of Balt 5-yr6a'21 M -N
Detroit City Gas gold 5 s ...1 9 2 3 J ■ J
Detroit Edison 1st coll tr 68.1933 J - J
1st A ref 5a ser A _______ A1940 M - 8
Eq Q L N Y 1st cons g 6 s .. 1932 M - 8
j -n
F -A
M -N
A -O
A -O
A-O
M- 8
J •J
Adams Ex coll tr g 4s______ 1948
Alaska Gold M deb 6s A ____1925
Conv deb 6s series 11_____ 1926
Am S3 ofW Va 1st 5 s _____ 1920
Armour * Co 1st real est 4H a’39
84
97%
84
j - j
M -N
J - J
J -D
M- S
J - D
F- A
F- A
J -D
J- O
A -O
A -O
M -N
J -D
A -O
M- 8
M- S
J - J
J - J
A-O
J - J
J - J
M -N
M -N
M -N
J - J
M- S
T elegraph a T elep h on e
Am Telep A Tel coll tr 4 s . . .1929 J - J
Convertible 4s......... .......... 1936 M - 8
M- 8
J -D
Cent Dlst Tel lat 30-yr 5 s .. 1943 J - O
Q- J
Q- J
J - J
J - J
M ich State Teieph 1st 6 s ...1 9 2 4 F - A
M -N
M -N
J - J
South Bell Tel A T 1st s f 8s 1941 J - J
West Union coll tr cur 6 s ...1 9 3 8 J - J
Fd and real est g 4M *____I960 M - N
M -N
J - J
[V l.
o
Price
Friday
M ay 24
Bid
Ilioh
98% 100%
Feb ’ 18
76%
M a y ’ 17
80 Sept’ 17
30 M ar’ 14
100% June’ 17
92 12
93
N o v ’ 10
82
98*4 Aug ’ 17
98%
7514 97% July’ 17
74 ~ Aug ’ 17
86
99 M a y ’ 17
52
54
30 49
53% Sale
21%
24
196 17^4
68
67 ' 71% 08 M a y’ 18
99
62%
04
75% 02% Apr ’ 18
90% Fob ’ 17
95 July’ 17
86 100
____
102% M ar’ 17
50%
56%
8 52%
54% 57
33%
35
10 27%
35 Sale
90% M a y ’ 18
90%
90%
92%
93
4 91
91% 93
70 M ar’ 18
70
70
50 M ar’ 18
56
58
50
84 Oot ’08
58 Feb ’ 18 ____ 58
69
55 Apr ’ 18
55
50% 51
50 June’ 17
51
25 M ay’ 18
25
23
79
M ar’ 18
79
78
77
70
BO N DS
N . Y . ST O C K E X C H A N G E
Week ending M ay 24
Inter ett
Period
2
H
Bonds
Sold
BON DS
N . T . ST O C K E X C H A N G E
Week ending M ay 24
New York Bond Record—Concluded—Page 4
63
20
18
85*8 Salo
90
79
83
77
91
83
86%
80
86%
104
79%
72%
82
96
96
91
99
88%
81
60
88%
104%
Sale
Sale
96%
97
91*4
Sale
Sale
89%
■ T
3 3
Range
Since
Jan. 1.
Week't
Range or
Latl Sate
Art Low
07%
24
20
106 .
| I
m on NO. Low
66
19
19
66
Apr ’ 18
Apr ’ 18
80 %
85%
Feb ’ 18
91
79
M ar’ 18
90
91
79
80
70%
58
80
105
79%
87
81%
96%
95
90%
98
88%
90
83
94
06
98%
1
823S 87%
91)
90
89% 93
79
83
84%
80
74
79
58
58
1 86% 90
10 10238 107%
80%
59 73
11
8
7
M ar’ 18
89
105%
80
Oot ’ 17
83
M a y ’ IS
Apr ’ 18
2
101*4 1729
89
34
July’ 17
____ 67*4
98% Sale
98% 102
93%
86% 93%
86% 89
95
78 Sale
92
9218
89%
95% Sale
66
98%
Oot ’ 10
89% Oct ’ 17
87
80%
87
87
84
78
787ft
92%
103%
95
95 %
951«i
94%
82
100
87%
98%
117
71%
81%
100
82%
95
95%
94%
S3
100
Sale
Salo
87%
100%
Sale
983i
78%
Salo
100*4
85
Salo
81
98% 99
98% 99%
87% Sale
100
70
73
98*8 98*4
99
73
74
97
98
113 Sale
90% 92
110 112
90
O il”
106 109
10534 107%
98
93 ____
95
99%
99 Sale
95
____
82%
73%
90
83%
91%
95
96
91
83
90
85
101
86
80
74% 74
90
Salo
98%
94
83%
84
95
95
05%
91
Salo
90
90
Sale
91% Salo
88 Salo
75
87%
97% Salo
79% 87
9534 99
98% Sale
98% Sale
80
76
80% 89%
95
06
97
86
85%
87%
87%
12
22
90%
32
92%
90%
82
98%
80%
90%
117
71
79
99%
80
93
100%
95%
83
100%
89%
98%
117
74%
87
101%
83*2
97%
2
2
23
97%
95
75
98%
98%
88
75
71
100
93%
2
33
95 %
95
7312 82*2
88
93
75
74
2
40
1
16
1
8
9
68%
73%
98
no
SO
110
85
105*4
106
95
91%
93
98
99
117
95
115
93
100
107%
98
92%
90
100
96%
113
92%
112
91
Apr ’ 18
M a y’ 18
M ay’ IS
Apr ‘ 18
96
99
943.1100
96%
4
10
4
16
1
3
90% Feb ‘ 18
02% 92%
90%
Sale
92% 92%
98%
Salo
82%
89
88%
85
52% 50
lt)0% 100
80%
8ale
95%
95 Sale
94%
95 Sale
95
96% Salo
96%
94%
90%
83
80
____
05
90%
4
5
87%
98%
117
117
71 Apr ’ 18
84%
84%
100%
100*4
83% M a y’ IS
95
95%
81
M ar’ 18
98%
98%
98%
98%
87
88
101 M a y ’ 17
75 M ay’ IS
73
98%
98%
100 Oot ’ 13
72%
72%
92
91%
89
98%
83%
82%
50%
100
80%
9012
95
94%
87%
93%
91*4
M a y’ IS
98%
Aug ’ 17
M a y ’ 17
M a y’ 18
M a y ’ IS
81
97
95 %
31
33
23
82% Salo
82 38
86% 85%
86
89% 86
90%
90%
98
99% 99*8
73
68%
92
96% 92
98
97
87% 92% 90
97
95
88% Salo
88%
90*4 91% 91%
93
95
93
93
93% 95
86
85%
85
101% 101%
94
52
45
100 100%
81
76
921s 08
97%
5 90
7 94% 98
08
7 95
97
96%
90
7
91
14
83%
84
90
1
Jan ’ 18 ____
Deo ’ l l
M a y ’ IS
74%
8
00
1
Sopt’ 17
Fob ’ 18
83%
13
95*8 • 9
96%
91%
90
4
7
48
D ec ’ 10
Apr ’ 18
83
Feb ’ 18
80%
93
98*8
N o v ’ 17
Jan ’ 18
92
Anr ’ 10
M a y ’ IS
98
89
91%
M a y ’ IS
M a y ’ IS
85%
Sopt’ 17
N o v ’ 10
03%
86
84% 91*4
92%
88
96% 101%
113
16
87% M a y ’ 18 ____
97
3
97%
80 Apr ’ 18
95% M a y ’ IS ____
98%
99% 155
12
98%
98%
80
84
78% 83
91
97
90
91
90% 94
90 10134
80% 92
1
2
8734
99
112
91
110%
90%
106
107%
98
93
96
98
m an
04
66%
18% 26%
19
26
93%
87
78%
00
85
09
93%
83*4
90
85
83
73
83
80
70
90
04
81
95
04
85%
07
94%
88
80%
00%
90%
92
85% 87%
08%
93
80
80
92% 97%
90% 100
96% 09%
83
33
14
61
1
i
0
22
3
__
—
1
85%
80% 831s
81*i 85%
91%
86
95%
00
08% 00%
68%
90
68%
03%
86%
97
85%
90%
90%
00
80
1)0
98
89
02%
95
03%
88
• No price Friday; latest bid and asked. aDueJan. < Due April aD ueM ay. gDuoJuno. A Duo July. t Duo Aug, o Duo Oct. pD u eN ov. jD u e D c o . $ Option sale.
1
BOSTON STOCK EXCHANGE—Stock Record
May 25 1918.]
8UAKM
p R tt 3 8 — NOT
33
*212
*14
8334
*212
*14
5
14878 *
*63
►
112
6 412
6
27
40
6 I.1
281.1
42 14
*83
63
*112
8512 8512
95
96
2
*1012
2
12
►
11312 114l2
112
9812
*56
94
*74
*80
*l3l.i
11 H 2
*62
*2312
IOI4
16
*5
142
►
149
*5
*1412
4
*90
99lS
563.1 *56
947„
94
*74
70
*82
84
14
*131.1
11134 11112
62
63
24
2312
IOI9 arlOU
163.1
16
512 *5
142
142
150 *149
5i2
5i2
*14
4s,
/
4
*90
88
87
65
65
65
►110
8 !)
*60
117
*32
*13
109-34
+49
1253.1
4634
2512
1093,1
► nou
8 's
111
89
*110
57
9112
75
84
14
1133s
62
231o
1034
17
5l 2
142
150
51
141.1
4%
8S38
65
04
119 *117
34
*33
1312
13l2
109i8
111
4912 *49
128>2 127
4712 46
26
253.1
1103,1 103*8
1103,t 11118
812
n8
1
76
76
76
13,4
*1*8
H2
*.25
.30
.*30
*52
53
52
17
17
IOI4
*47
4812 *46
1312 13i2 133.1
*.32
.32
.26
*24
25
25
*7H 2 72i2 72
448 448
448
*44
*441,1 45
4812
4812 49
1^4
1*8
6*8
63.4
6*8
934 *934
938
*5
5
512
80
*77
*77
*4212 43 *2 *4212
8
734
7»4
.80 *
*.55
68
*6712 69
*83
84
*83
24
23i2 24
*512
r,*i
5i2
138
1>4
•H i
8
+734
811
*234 3
*2»s
5
*412
•■u,
*534
6
6
+ 13J
2
2
l 'l
h ?,
Hi
64i2
*04
65
*201 1
*20>4 21
2
21,
214
*15
*15
17
_
15 * _
77 *
83.1
8'/«
88
->
16
15i2 1612
.80 *.r,5
*3|
*•’ .1
l 'l
44 58 44
44
5H 2 54U
1938
1933 1012
75
•73i2 76
25*8 25S8 *2514
5312 5312 *52
*.80
.81 *.80
4i8
4i8
17
17
*17
2
*112
* li2
*.14
.18
.17
PRICKS
Thursday
M ay 23.
*
Friday
May 24.
Sales
o f tbs
Week
Shares.
1487 *
8
133
64
*30
1487
8
125
64*4
84
82
512
26
44
Last Sale 147
83U 83l2
6
61?
25
29 1
2
40*4 42
87
65
111
2
12
111
*88l2
*110
1312 *13
1073i
49l2 *49
127l2 127
4811 46i.i
253.1 2534
1113.1 108*4
11118 *110*8
8 ig
8*8
1
1
133.1
109Vi
4912
127i2
473.1
26
1097s
in
812
1
*13
107
*49
12 f>lo
46
253.1
1073.1
*11011
8
2 % 2.1.
2h
334
*4
4l.|
*.99
Us
Us
44
42*8 43
44
44U 44l,i
*2
2 '8
2'8
10i2 1012
10i2
84
*83
83i2
23„
213
2U
*2U
278
3
2
2
*n4
29
30
*28
1'2 *.56
1
*44i.i
48*2
1*4
612
*912
*43.1
*77
*4212
8
*.80
*07
8312
24
*512
*138
*71.1
*258
* li2
*53 4
1?8
H2
65
*2012
*13.4
*15
*83.4
1012
*3
.4
44
*53
19
*74
*2 512
*52
.80
4i8
*17
13s
.14
*5
2’ l
*4
.99
42
433i
2
1012
*833,4
2*s
*2l2
*1*4
*28l2
*.50
* Bid and asked prices,
111
*110
86
86
94
941
2
21,
*2
14
112
1414
112
99 101
5Sl.i 60*s
94
9 512
76
77
100
89
62
88
883.1
61
11012
*62
63
2312
103.1 107S
16
16
43.1
5
150
150
10
5 .1
1
1*4
8
3
51*
6
17*
v ?
.
6512
21
2
17
15
77
9
16*4
.80
l 'l
44
54
1938
75
257
8
53
1
413
18»4
1*8
.15
0'4
278
41,
1
4212
433.1
2
10*2
8412
2 'l
3
2
29
1
STOCKS
BOSTON ST O C K
EXCHANGE
39
137
6,093
504
012
300
1,315
5
4,892
780
310
333
106
600
87
65
no
87
65
110
887s
8S78
Range Since Jan. 1.
*3,
76
122i2 Apr 17
37 Jan 2
87 M a rl4
19 Jan 23
150 Apr 15
2 Jan 26
10U M ar 1
133i2 May22
74 M ay24
100 Jan 2
35 M a y l4
168'2 Jan 17
2 i2 May21
12 May21
30 M ar 6
Chio June R y A U S Y . . . 100 147 Apr 17
82i2Apr 18
no
pref______________ 100
100 104 Feb 14
53 Jan 22
Fitchburg pref...................... 100
Georgia Ry A Elec stampdlOO 11434 M ay 1
80 M ar 8
100
100
2 Jan 2
Maae Electric C os_____ ___ 100
8 i2 Jan 22
n o pref stamped_______ 100
N Y N il A H artford......... 100
27 Feb 25
Northern New Hampshire 100
90 Jan 10
Old C o lo n y ............... ........ 100
Rutland, pref____________ 100
20 Jan 2
Vermont A Massachusetts 100
83 Jan 24
West End Street_________ 50
37 Feb 20
Uo
pref______________ 50
47 Jan 16
M iscellaneous
78i2Jan 2
Amer Agrleul Chemical_ 100
_
I3o
pref.......................... 100
88 s?} Jan 2
.76 Jan 24
Amer Pneumatic S ervice.. 25
8 Jan 29
Do
pref______________ 50
99 Jan 2
Amer Sugar Refining......... 100
Do
pref................ .............. 100 108 Jan 19
95 >2 Apr 30
Amer Telep A Teleg______ 100
45*2 Jan «
American Woolen of Mas*. 100
90 Jan 3
Do
pref _______ _________ 100
Amo-skeag Manufacturing
60'2 Jan 2
Do
pref_______ _________
76 Jan 7
Art Metal Conatruc I n c .. .10
11 Feb 21
98 Jan 15
Atl Gulf A W I 8 S L ines.. 100
6812 Jan 17
Do
pref______________ 100
Booth Fisheries ................... no par
21 Jan 25
Century Steel o f Amer Inc 10
10U M ay 18
12 Jau 29
Cuban Port Cem ent______ 10
4 Jan 31
East Boston LaDd____________ 10
Edison Electric Ilium _______ 100 xl37 Jan 15
General Electric................... 100 128 Jan 16
5 Apr 3
luternat Port Cem ent_
_
10
12 Apr 23
D o p r e f .. .................... 60
30 M ar 6
147 Apr 17
85 Jan 30
120 M ar 6
65 Jan 3
116U Jan 9
81 Feb 25
85 Jan 3
7i 2 M ay 16
33 M ay 16
44 M ay 2 2
90 Jan 10
60 McElwaln (VV H) let pref
77 Massachusetts Gas C o s ...
Uo
pref ___________________
8)
2 Mergenthaler Linotype ___
30 New Eng Cotton Yarn _____
.1 0
100
100
100
100
100
89i2 Apr
z77U Jan
63 Apr
110 Apr
88 Jan
179 New England Telephon e.. 100
70 Nova Scotia Steel A O _____ 100
1'2
34 M av’ lR
14 Reece Button-H ole __________
1378
1,579 Swiff A C o _____________________
109
108*4 109*8
20 I’orrlngton .......... ....................
49 1
4
126 127
381 United Fruit .................................
127
47
46*4 4778 11,765 United Shoe Mach Corp .
Do
pref ---------- ------------ -107
2 512
1093s 1073.1 1 1031 9,818 IJ H Steel Corporation _____
pref......... ............ .
111
U 0i8 110 's
5 1 Do
7*4
8
13,910 Veutura Consol Oil Fields
8 's
1
76
n?
.35
51
**4
75
* ll4
*.15
50
16la
1
75's
1»4
.35
50
1638
*.15
.35
51
53
16
17
1614
46*2 *46
4712 _ _
1312 *13
1312
13
1312
.32
*.25
.32
*.25
233, 2338 *2312 25
25
70
693. 6934
71
71
450
447 447
450 455
*43
433.1 *43
433,1
46l2 471,
453.1 4612
* 1 .1
3
1
3.1
17
S
1»4
038 . 6 1
>2
6U
612
612
OI4
9i2 9 '2
O'-!
912 +913
012
*412
*4U
5
4is
4is
Last Sale 77 M ay’ 18
*76
78
*43li 441.1
Last Sale 44»s M ay’ 18
73.1
8
8
734
7is
7's
*.80
68
67
68
67l2 *65
67
*83
84
83
83
*82i2 83
*23i2 24lo
24
24
2312 2378
*51 • 578
>
534 5 %
573
*512
13,
*n.i
13g
15,
* l 'i
1*4
7i2
7r8
>
*7
7
71,
7
*2S8 3
3
M av'18
*4i2 5i2
4t2 412 *412 5
5l2 512
53.,
*512 6
5*4
2
2
2
2
178
178
*11.4
13,
1
112
1*8
l 'l
*64
65
64
*64
64
65
*21
2 112
Last Sale 2Qi 2 M ay’ 18
*13.4
*13.
2
*13.1
2
2
*15
17
Last Sale 16 May* 18
15
14
15
77
75
75
9
87,
*834
S3,i
S'S
8*4
163.1 17
16
16i2
16
I 6 I.1
.80
Last Sale .75 M ay’ 18
Last Sale 1U M ay’ 18
m
44i2 44l2 421 44
413,1 4212
2
53i2 53i2 *51
53
*51
53
19
19
19
19
1S12 18*4
75
75
*74
75
*74i2 75
253, 25*4
*25i2 26
253S 2538
53
53
*52
53
.99
.99
.85
.85
.90
.90
414
414
4l8
li8 4 ‘X .
4ig
*17
I8 i2 *17
18l2
112
1*2
1
3.1
* 1%
* 1*8
1*4
.12
.16
.15
.15
63,
*5
2i2
2h
27,
2 ',
4
4
3.1.,
33!
3»1
3*4
*.97
1
.93
.93 *.95
1
42
42l2 413., 42
4H 2 41S8
43i2 4312 4312 431?
431
2
*2
*2
2
2
21
,
21,
10
10t2 1012 10
*10'4 11
*S3'i 833i *811 8 M4 81
2
81
2
2
2 ',
2'8
2 '8
2 ',
*2l2 3
3
3
3
*2i2
l
*1U
l 'l
*28
29
*2S12 29
28
*27
*.50
1
.90
.90
*.50
1
e Assessment paid,
125
155
190
101)
95
970
25
710
100
25
316
49
25
109
25
26
109
109
6
205
60
405
425
200
270
(eland Creek C o a l . . ...........
Do
pref..........................
isle Royale Copper.............
Kerr L a k e . . . . __________
Keweenaw C op per_______
Lake Copper C o _________
45
160
550
825
186
Manon Valley M in e.........
Mass C o n s o l . .. ________
M ayflower-OId C o lo n y. .
M ich igan ---------- -----------------------M ohaw k ............... ... ...............
Nevada Consolidated_____
New Arcadian C opper___
Now Idrla Quicksilver____
New itlver Com pany_____
Do
p r e f______________
NlplHSlng M ines. .............
North Butte______ ______
North Lake..........................
<)jibway M ining.................
Old Dominion C o ________
485
no
1,115
20
50
60
450
365
5
200
700
Pond Creek C o a l. . .
Qulh< y ................................
Ray Consolidated Copper
St M ary's Mineral L a n d..
Santa Fe Gold A C op per..
Shannon................................
Shattuck-Arliuna................
South Lake........... ..............
South Utah M A S ...........
2,430
310
2,625
495
117
400
390
2,000
2,462
10
300
20
100
Superior A Boston Copper.
Trinity...................................
Tuolumne Copper________
U S Smelt Refin A M i n .. .
Do
prel______________
Utah Apex M ining_______
Utah Consolidated_______
Utah Copper C o ......... ........
Utah Metal A T u n n el____
Victoria _____ . . . . . . . . . . .
W in o n a _________________
W olverin e_______________
W y a n d o tt_______________
b Ex-stock dividend.
24
15
10
24
15
25
Lowest
120
27
Deo
Deo
15
Deo
2
9
July
June
148 N ov
83i2 Deo
102i2 N ov
44 D ec
110 Deo
1
0
Deo
Deo
21*4 Sept
90i2 Oct
16i2 Deo
83 Deo
34 Deo
z45 Deo
89i2 Feb 14
95 i 2 May21
2 ' 2 Mar 2
15*8 M ar 4
115i2 M ay 15
113*4 M ay 9
109 Feb 6
605s M ay24
96*4 M a r l2
77 M ay 24
80 Feb 1
14U M ay22
120'4 Feb 16
63 M ay 11
26 Feb 16
11 M ay 2 2
17'2 M ay 1
5*4 M a y l5
15412 Jan 2
151*4 M ay 16
612 Feb 6
l l i 4 May22
5'» M arl8
9212 Feb 28
9 L M ay 16
70 Jan 3
124 Jail 31
89i2 MaylO
i Jan 10
1*4 Jan 25
83 Jan 3
73 M ay 6
234 Jan 22
1*8 Apr 25
45 M ayl3
25 Jan 7
25
54 Feb 27
49 M ay 9
1914 M ay 14
12*8 M ar23
26
48i2 M ay 14
41 Jau 2
25
I4i4 Feb 18
11 Jan 5
5
25 Feb 1
45 Jan 7
10
33 M a y l4
17 M ar25
10
►VJ'jJan 15
19
73i2 M aylG
25 427 Feb 2S 464 Jau 4
6
40*8 M arI6
25
43*8 Mar25
20
D 2 Apr 10
5 Jan 2
10
8 '2 Mar25
10
4 Jau 29
25
7tU Jan 29
100
39 Jau 17
1O0
7 Apr 22
25
'2 Apr 8
25
50 Jau 14
I
1 80 Jau 24
l9 i2 Jan 14
25
5 Jan 2
5
.9 9 Jan 24
26
6 Mar25
25
2 Jan 2
26
4i2 Apr 30
5
478 M ay 3
25
.65 M ar26
25
1 M ay2l
25
25 x53 Jan 9
I8i2 Jan 30
6
1'2 Apr 22
25
13U Jan 2
5
14 M ay23
100
7312 M ay 3
100
6
8*/foJau M
I3i* Apr 17
15
.25 Feb 14
25
*tJau 4
25
393. Mar25
25
49 M ay 8
17'2 Jau 12
10
69 Mar27
25
213 M.tr22
4
10
• 5 48 M ay 6
2
6 5 Jan 26
10
3 Apr 10
10
16 Jan 15
10
1*4 Apr 22
25
11 J an 23
5
4 Feb 19
25
2 M ay 3
10
25
3U Jau 14
.85 M ay 1
1
36 Apr 13
60
42U Apr 13
60
2 Jan 30
6
9 Mar20
6
77i2 Mnr23
10
2 Jau 30
1
2l2 Jan 26
25
1 Jan 10
26
27 M ay 7
25
.40 M a y l9
25
x Ex-dlvJiend.
47*8 M aylG
50 M aylG
2-> Mar 1
g
678 Mar 8
lOijJan 2
6 Feb 18
79 M ar28
41*8 M ay 9
10'8 Jan 2
1 J in 3
70 M ay 15
84 Feb 18
2G Jan 2
6 Feh 19
l*4 M u yl5
8*4 M ay 14
3 '4 Mar 5
6 Feb 13
7 Jan 2
2 '4 M aylG
212 Feb 5
66i2 M aylG
20'2 M a y l4
2>« Feb 9
I7U Mar 7
20 Jau 2
.80 Jau 31
9 A pr 11
17*8 M aylG
95 Mar 19
U2 Mar30
45'2 J»u 3
65 Jan 9
20»4 Feh 20
78 M aylG
25*4 M ay23
5? Jau 2
H 4 Feb 21
5*4 Jau 2
17 M ay 8
2 Jan 3
20 Jan 8
6 i2 M a y l5
3*i Jau 3
4i 2 Feb 13
M Fen 21
4
49ti Feb 19
4G Jan 2
25„ Feb 8
12 Jan 16
85 Feb 19
3'At Apr 8
3 Jan 3
2 Jan 3
3G Jan 3
l l £ M ar 7
/
w Half-paid.
Highest
176
79
133
45
213
3
30
JaD
Jan
M ar
M ar
Jan
July
July
38
150
108
Feb
Jan
Jan
78*2 M ar
133 Jan
100's M ar
6*8 June
31U July
52*4 Jun
105 Apr
84i2 Feb
Jau
50*2 M ar
74 Jan
110
73
Dec
Deo
1 D ec
7i 2 Deo
90 N ov
105 Deo
9G Dec
3S78 N ov
j 87 i4 Deo
t
G
O Dec
75 Dec
6 Deo
88 Sept
6512 Feb
94*4 M ay
88
Jan
2 »s Jao
14 Mar
126*4 Jun 6
12H 2 Jan
128*4 Jan
68 June
lOOU June
78 July
97i 2 Jan
14*4 Deo
1211, JllD
6 G Jan
9 Dec
37 Dec
8
133'8 Dec
118*4 Deo
4 Dec
10 Deo
201* June
10 Jan
228 Jan
170', Jan
181, Jan
33*2 Jan
92i2 Deo
71 Deo
63 Dec
110 Dec
35 Jan
10 ‘i
87 Mar28 100 Jan 3
93 D ec
69 Jan 2 *59 N ov
5S'2 Apr 12
102 Jau 7 1J9*2 M aylG
i 07 Dec
35 Feb 23
29 Jan 3
29 Deo
137 Mar 16
8
11 Jan 29
10 Dec
6107 May22 14G'4 Apr 9
116 N ov
60l2 Jan 4
45 Jau 29
40 N ov
115*2 Jan 17 133 Feb IS *105 Dec
41 Jan 2
48i2 M aylG
371 Dec
2
25 Jan 19
26 ‘4 M ar 8
25 Oct
87 M ar25 113*1 MaylG
79*8 Dec
103 Mar25 z l l 2 Feb 1 103*4 Deo
5 Jan 2
SSs May20
4*4 Dec
10
h Ex-rights.
Range for Previous
Year 1917
Jan 8
Apr 18
M ay24
Apr 1
88
49
62
25
25
Amer Zinc, Lead A Smelt
Do
pref ..................... .........
Arizona C o m m e rcia l.. . . . .
Butte-Balaklava Cooper
Butte A Hup C op (L td ) . .
Calumet A Arizona _______
Calumet A H ecla ______ __
Chino C opper ............... ...........
Copper Range C o __________
Duly-W est .......... .............. ...........
DavlH-Daly C opper ...............
East Butte Coppttr M in ...
Franklin .........................................
Granby Consolidated . . .
Greene C a n a n e a .. ..................
245 Hancock Consolidated _____
60
50
io
100
Adventure Con ___________
Ahrneek...... ......................
Alaska Gold _______ . . . . . .
Algotnali M inlug________
2
1,196
1,610
4,116
305
183
300
5
130
2,165
Highest.
Lowest.
R a ilroads
A A lb a n y .............. 190
Elevauxi__________ 100
100
A M aine.................. 100
100
Suburban EIeo_.no par
p r e f ....... .................... no par
100
133.1
1378
107
108
4912 49i4
126
128
46
47
2534
25l2
11 O' 2 10612
11031 ♦llOU
7h
8 '.i
a Ex-dividend and rights.
1,210
100
45i2 44^8 445,
49
x473,i 48
79
43*4
8
1
68
83l2
241.1
5*4
550
272
450
10
110
01
112
1,059
85
13i2 M ay’ 18
*8812
*34
1
76
77
7712
76
76
13|
*13S
1*2
1*3
.35
.35 *.20
.50
»r .u . 52i2 *51
52
1614
103i
16'4 161.4
4612
48
13
14
1312 133.4
.32 *.25
.30 *.25
243i *24
25
*23i2
703.1 7134
72I8
71
410 440
446
448
443.1
49
1*4
Hl
’
078
5
78
431o
8
.80
68
84
25
•M
l
l-’s
8
3
512
6
2
13«
0412
21
2
17
15
77
83.1
17
.80
l 'l
44
5412
1912
75
26
541o
1
414
1S1.
9
.18
111
*8812
88
89
*88
62 U 621.1
62
1 Id o
11
612 4,475
2978 12,54.3
4278 7,669
*20
24
*20
24
*89 100
Last Sale 88
Apr’ IS
463.4 4614 46i2 46i 2 48*2
4 Si 2 49
56
5412 *54
56
54i 2 54
55
87l2 *85U 8712
95i 2 9H 2 9512
2'8
2'S
3 i8
13
1314 14
113U 113 113
no
11011
111
9678 9812
973.1
57 ' 2 *57
58
943.4 94
9412
76
76
77
*80
84
80
Last Sale
14
112
112
111
112
108 11012
*62
*62
63
*62
63
63
2
*23U 23>2 * 23 1 2334 *23'i 2312
10 io 107
8
10*8 11
10'2 11
l(ji 2 1612
16
10) 1 16's
8
16
5
5
*5
5 ' 2 *478
5
142 142
139 141
138 140
*14812 150
1501.1 15012 1491s 150
6
6
6
0
*5i2
*512
14
14
*14U
14
141.4
4i8
4i8
4
*90
*90
90
90
87
87
*86
87
87
87
65
65
64
64
6412 65
89l2
64
6
27
41
24
87«2
95
2 's
13
11334 11334 11314
111
1121.4 llOU
96i8 9734 97U
571.1 5714 *5612
94
*94
95
76
*74
75
*82
84
SO
14
*13
*13
*110
25
100
8512 88
93i 2 9512
2
12
Apr’ 18
63
63
Last Sale 115 M ay’ 18
2
*8812
*1
25«
33.1
* .99
4314
44
*2
1012
*83-58
2'«
*2i2
*H2
29
*1
24
*20
*90
47
46 >
8
51*2 *54
2
2
12
11
1IU 4 IH I 4
110
112
9634 99
133
65*4
*83
124 *119
6134 *63
*112
*80
82
*80
512
518
5l 2
24
25i2 243.1
4U 2 4334 42
100
85i2 8512
931 94
2
►
110
88
14878 +
*83
*120
*63
63
*112
512 6
261.4 2712
41U 43
*24
2412 24
*90
*90 100
47
47i 2 *46
6412 5412 *54
1 Wednesday
| M ay 22
198 Boston
133l2 133 133
653.1 663a 72
7134 74
11,219 Boston
98
32
3334 32
32
754 Boston
3 2 '2
32i3
33 %
160 M a v ’ 1.8
170 *150 170
*2i2
5
2 Boston
5
212 2i2 *2i2
Do
12
*14
*14
12
2
129 12912 133
127
66l2 64l2 66i2 64
*
32
3334 35 “
33*2
127
66
PUR CBN TV Af
Tuesday
M ay 21
lay
May 20
Satur
M ay 18
2313
1 0 3 i2
Jan
lOOij Mar
SI Mar
169 Jan
96 Mar
1241* Mar
112 Jan
16 MAr
16278 Apr
68 June
155*2 J ho
58*4 Jan
ao’ S Ma>
135 May
121 Jan
87s Jan
1 Oot
70 De«:
1 Dec
Q Sept
45 Dec
11 Deo
40 Nov
8's Nov
.25 Dec
125a Deo
55 Deo
411 Deo
4t4 Jan
108 Jun
l l i j Jan
1*4 Jan
70 Mar
4 li( Jau
73 Jan
15*i June
2*4 Jau
62 Jen
85*4 Jan
C90 Feb
36*4 Dec
39»4 Deo
Us Apr
3U Nov
8*4 Deo
4 Dec
66 Deo
35 Nov
7 Dec
63 M ar
68 Jau
3 Jan
7*4 Jan
16 Jan
9 M ai
92 Jan
4Gi2 JaD
20t2 Jan
62 Nov
80 Nov
20 Deo
4U Apr
l>4 June
5 Oct
1U Deo
4t& Nov
5 N ov
1 Nov
76»i
94
36
6
4»«
IS
1 58 A uk
57 Dec
1G Nov
1*2 Dec
10 Nov
22 Jan
65 Dec
6*4 July
11*4 Oct
.30 Nov
.98 Deo
33 Nov
5312 Deo
16 Nov
GO Nov
20 N ov
48 l >ec
58 Dec
5 '8 Oot
19 Oct
.89 Deo
IO Deo
3*8 Dec
3 Nov
1 May
401 Dec
8
431 Nov
2
1'8 Mar
9i2 Dec
71 Deo
2*8 Dec
2 Oct
2 Oct
31 Dec
.15 AUg
June
Apr
Jan
Aug
Jau
Jan
S * Aug
15'j Jan
3 May
5*2 Mar
98 Jan
26*s M ar
6 Jan
17 i Apr
30 M ar
92*4 Mar
9i» Sept
24*4 M ar
2*4 Jan
27s Jau
67*4 M ar
96 Mar
2S4 June
«
U4*2 Feb
321* Apr
89*4 Mar
2 Jsd
10 Jan
U09. M ar
6*4 Jan
.31 Jan
16** Mar
8*4 Jan
8 i2 July
2*-it Jan
67*i Jan
52** Jan
37 Sept
t
S»Hf Feb
118*k May
65 Jau
*1
6 Jan
o'* Jan
0 3'j Mar
2's Jan
3214
[Vol. 106
THE CHRONICLE
Friday
Sales
Last Week's Range
for
Sale.
o f Prices.
Week.
Price. Low.
High. Shares.
Outside Stock Exchanges
S to ck s (Concluded)—
B o sto n B o n d R e co rd . — T r a n s a c tio n s in b o n d s a t B o s
to n S to c k E x c h a n g e M a y 1 8 to M a y 2 4 , b o th in c lu siv e :
Friday
Last Week's Range Sales
Sale
o f Prices.
for
Price. Low.
High. Week.
B on ds—
U S Lib Loan 3 45s.1932-17
1st Lib Loan 48.1032-47
2d Lib Loan 4 s .. 1927-42
3d Lib Loan 4 1(8_ 192S
_
Am Tel A Tel coll 4 s .. 1929
Atl O & W*I SS L 53 .1959
Chic June A U S Y 53.1940
4s.................................1940
98.74
94.54
94.54
97.40
M iss R lv Power 5s_ 1951
_
Pond Creek Coal GS..1923
Punta Alegre Sugar 6s.1931
Swift A C o 1st 5s____1914
Ventura Oil conv 7s. .1922
W estern T el & Tel 5 s .1932
9045
95
98.54
94.52
94.44
97.34
S245
76
90 45
74
80
72 45
9045
81
95
92
86
99
95.04
95
98
82 H
76
91
74
86
72 45
92
81
95
95
86
Range since Jan. 1.
Low.
$85,500
54,250
121,450
83,700
4,000
5,000
3,000
1,000
1,000
1,500
11,000
1,000
10,500
12,000
2,000
96.52 Jan
94.52 M ay
94.44 M ay
97.34 M ay
8044 Apr
7445 M ay
8745 Apr
6745 Jan
90
Apr
77
M ay
92J5 M ar
SO
Jan
86
M ay
B altim ore Stock E xch an ge. — C o m p le te
High.
99.2f Apr
98
Jan
97.90 M ar
M ay
101
83
Jan
Jan
79
9145 Feb
74
95 A
X
7245 M ay
95
Feb
Apr
81
9545 Feb
95
M ay
9045 M ar
re co rd
of
the
U S Steel C orp ________ 100 10745
W est Jens A Sea Shoro. 50
3945
W m Cramp A Sons____100
York Railways, pref____50 ............
B on d s—■
U S Lib Loan 3453.1932-17
1st Lib Loan 4s. 1932-47
2d Lib Loan 4 s . . 1927-42
3d Lib Loan 4 4 5 s ..1928
Am Gas A El 5s sm all.2007
Baldwin Locorn 1st 53.1940
Choc Ok A Gulf cons 5s ’52
Elec A Peop tr ctfs 4s. 1945
Lake Super Corp 5 s . . 1924
Leli Val gen cons 4 s ..2003
Gen consol 4453 ____2003
Leh Val Coal 1st 5 s . . . 1933
Penn R R gen 445s____1965
Phlla C o 1st 5s stm pd.1949
Phlla Electric 1st 5 s .. 1966
94.50
97.50
7745
9445
1st sinking fund 4s. 1966
Reading gen 4 s______ 1997
J-C collateral 4 s . . . 1951
United Rys Invest 53.1926
Welsbach C o 5s______ 1930
84
60
Range since Jan. 1.
High.
Low.
20,565
121
50
10
8645 M ar
3945 Apr
74
Jan
31
Feb
11345 M a y
4S
M ar
85
Feb
33
an
98.70 99.10 $4,650
1,450
94.50 94.60
30,900
94.50 95
97.50 97.90 129,200
79
79
600
101
101
1,000
86
86
1,000
9,000
73 45 73 45
54
54
1,000
1,000
7745 77 45
90
90
4,000
101
2,000
101
1,000
9045 90 45
1,000
90
90
9445 9545 22,000
1,500
6514 9645
76
76
1,000
84
8445 12.000
4,000
8445 84 45
60
17,000
58
500
9545 9545
97
Jan
94.50 M ay
94.40 M ay
97.50M ay
7745 M ar
9945 Apr
86
M ay
70
M ar
4741 Jan
77
M ay
88
Apr
9945 M ar
8845 Apr
86
M ay
93
M ar
94
75
M ar
8145 Apr
S3
Apr
54
Apr
91
Feb
99.30 Apr
97.90 Jan
97.60 M ar
98.52M ay
82
Jan
101
M ay
86
M ay
7345 M ay
55
M ay
80
Jan
9145 Fob
101
M ay
92
Jan
90
M ay
96
Jan
10615 11145
3945 40
79
79
31
31
76
M ay
85
Jan
8445 Feb
60
Jan
9545 Apr
tra n sa c tio n s a t th e B a lt im o r e S to c k E x c h a n g e fro m M a y 18
to M a y 2 4 , b o th in c lu siv e , c o m p ile d fr o m th e o ffic ia l sales
lis ts , is g iv e n b e lo w .
sh are,
not
per c e n t.
P ric e s fo r s to c k s are a ll d ollars p er
F o r b o n d s th e q u o ta tio n s aro p e r c e n t
C h icago
Stock
E xch an ge. — T h o
sh a r e ,
Friday
Sales
Last Week's Range
for
Sale
Week.
o f Prices.
Par. Price. Low.
High. Shares.
S tock s—
Alabama C o . . ................100
9014 106
79 ' 87
Atlantic Petroleum......... 10
3
345
73
Chalmers OH A G as___ 5
Consol Gas E L A Pow . 100
Consolidation C oal____100
Cosden A C o ......................5
P referred ........... ............ 5
D avison Chem ical. .n o par
Elkhorn Coal C orp _____50
Gillette Safety R a z o r..
Houston Oil trust ctfs .100
Preferred trust e t fs .. 100
M er & Miners Trans_ 100
_
M erA M lnorsT ransV T . 100
M onon Vail T r a c ______25
M t V -W oodb mills v t r 100
Preferred v t r . . _ loo
Northern C en tral.. . .50
Pennsyl W at A Pow er. 100
Poole Engineering A M 100
Sapulpa Refining______ 5
Symington (T II) pref.100
United R y & E le c t r ic ...50
W ash Balt A A nnap. . 50
W ayland Oil A G as_
_
5
9745
85 4s
745
3 44
34 45
2645
65
7045
1545
7345
67
2745
3 45
B on ds—
Alabama C o gen 6 s . . .1933
Balt Electric stpd 5 s .. 1947
City A Sub 1st 5 s ...1 9 2 2
Consol Gas gen 4 4<s. .1954
Consol Gas E L A P4 45s 193 5
6 % notes........... . .
Consol Coal conv 6 s . . 1923
Cosden & C o scr A G s.1932
Series B 6 s . . . . . . . .1932
Ga Car & N or 1st 5s. .1029
G -B-S Brewing 4s .. 1951
H ouston Oil dlv ctfs 1923-25
K irby Lumb Cont 63.1923
M d E lecR y 1st 5s____1931
MHw Gas Lt 1st 4s. _. 1927
M inn Gas A Elec 5s . 1934
M inn St A St P C Jt 5s 1928
Norfolk R y A Lt 5s .1949
United R y A E 4 s ____1949
incom e 4s................. 1949
90
9945
95
9745
53
83
W ash B altA A n n ap 5s 1941
Range since Jan. 1.
Low.
509
105
350
692
50
102
3
94
8545
7
3 45
34
25-45
93 4:
5345
70
7245
72 45
1545
15
73 45
7245
66
53
945
120
18 45
2545
345
87
3
9745
86 11
7 J5
3 45
35
2645
93 45
66
7045
72 45
7255
1545
1545
7345
73
67
54
94.5
120
1945
2 7 ',
345
17
209
7,839
150
143
455
50
475
1,970
50
62
25
373
260
108
110
30
• 10
10
240
1,523
450
90
91
9945
8745
83
97
90
91
9945
8745
83
97
35,000
5,000
2,000
3,000
1,000
2,000
99
79
9945
245 M ar
73
5,000
7.000
5,000
5,000
1,000
3
97
79 45
SO
94
20
95
80
94
20
95
9745
8945
8745
94 45
94
92
74
53
93
82
9745
8945
8745
94 45
94
92
74
53 45
93
83
8545
645
3 45
30
2245
8341
40
64
56
70
15
15
68
70
60
53
8
115
1845
24
3
15,000
1,000
1,000
3,000
1,000
2,000
1,000
11,000
4,000
2 000
10 '000
M ay
Jan
M ay
Jan
Jan
Jan
Jan
p er c e n t.
Feb
3
<0
93
100
8845
84
97
10345
8245
8345
95
20
99
98
92
87 45
9445
95
92
7745
5845
96
8345
M ay
Feb
Feb
Feb
Feb
M ay
Jan
Feb
Jan
Feb
M ay
Jan
Feb
Feb
M ay
M ay
Jan
M ar
Feb
Jan
Feb
P ric es fo r s to c k s aro a ll d o lla rs p er
F o r b o n d s th e q u o ta tio n s aro p e r ce n t
o f p a r v a lu e .
Fridy
Sales
Last IFeri's Range
for
Week.
Sale
Par. Price. Low.
High. Shares.
S to ck s—
M ay
102
Feb
106
Jan
845 Jan
Jan
4
3845 Jan
29
M ar
93 45
M ay
Jan
66
Apr
74
Jan
Jan
92
M ar
Apr
90
M ar
M ay
1645 Jan
Jan
1745 Feb
Jan
74
Feb
Jan
73'5 Ee1>
Jan
67
M ay
54
M ay
M ay
M ar
945 M ay
Feb 120
M ar
2445 Feb
M ay
Jan
29 45 M ar
Apr
345 Jan
82
Feb
9045 Apr
9845 M ar
8645 M ar
81
Jan
941
4
9345 M ay
78 45 Mar
78 45 M ay
9345 Feb
20
M ay
88
Jan
9545 Apr
8745 Jan
S7'5 M ay
9445 M ay
9145 M ay
90
Apr
Jan
73
53
M ay
92
Jan
80
not
High.
106
87
3 45
S7
of
re co rd
to M a y 2 4 , b o th in c lu s iv e , c o m p ile d fr o m th o o ffic ia l sales
lis ts , is g iv e n b e lo w .
of p a r v a lu e .
c o m p le te
tra n sa c tio n s a t th e C h ic a g o S to c k E x c h a n g o fr o m M a y 18
American R adiator____100
Amer Shipbuilding____100
136
Booth Fish com new(no par)
23
Chic Pneumatic T o o l. .100
Commonwcalth-Edison 100
Cudahy Pack C o c o m ..100
Deere A Co pref........... 100
Hart Shaft A M arx com 100
Illinois Brick........... .... 100
_
Lindsay Light_ _____ .10
People’s Gas Lt A Coke 100
Pub Serv of N o III com . 100
Quaker Oats C o p r e f.. . 100
_
Sears-Roebuck c o m _ 100
Shaw W W com m on_ 100
_
Stewart WarSpeed com . 100
Swift A C o ____________100
R i g h t s ...............................
Union Carb A C Co (no par)
United Paper Bd c o m . . 100
W ard, M ontg A Co, p r e f..
Wilson A C o com m on. .100
P referred___________100
B on ds—
Chicago City R y 5 s .. 1927
Chic City A Con R y 5 s .'27
Chicago R ys 5s........... 1927
Chicago Telephone 53.1923
Commonw-Edlson 5s. 1943
Libert y Loan .345-. 1932-47
Lib Loan 1st 4s_ 1932-47
_
Lib Loan 2d 4 s . . 1927-42
Liberty Loan 4 4 5 s ...1928
M etr W Side El ext g 4s '38
Ogden Gas 5s............... 1945
Swift A Co 1st g 5 s . . . 1944
Wilson A Co 1st 6 s ...194 1
51
21
4545
9845
140
108 45
145
5145
102 45
64
98
8745
82 45
_
97.36
9545
Range since Jan. 1.
Low.
248
134 M
0114
2345
15M
69 '
12
102J5
lit
9445
11145
59
54
21
4545
75
98
13945
69
57
105
155
5145
2145
102' (
5645
9645
248
4 240
M ay
1,285
Jan
87
139 45
25
9145
84 45 M ar
175
23 45
1845 Jan
16
180
14
225
6945
4745 Jan
13
.8
450
103
202 102
M ay
120 10745 Jan
11445
22
95
94 Vi Apr
11245
n o 102
59
35
Jan
5.3
54
10
48
Apr
21
385 z l9
M ay
860
49 J
-5
4045 Apr
75
25
Jan
72
25
95
Jan
9845
1,097 139
140
Jan
69
132
53 45 Jan
58
60
47
Jan
6,352 105
M ay
11045
245 27,955
145 M ay
2,205
4745 Apr
5145
80
2145
1455 Feb
342 102
Apr
10245
1,900
46
Jan
65 45
288
98
95
Jan
8745
5545
82! 5
95 45
9 1 11
98.60
94.60
94.54
97.30
48
7545
95
90
88
56
83
96 45
91
98.60
94.80
94.80
97.70
57
75 45
9544
96
7,000
9,000
10,000
9,000
2,000
1,100
1.050
10,300
14,700
1,000
3,000
8,000
3,000
84 45 Jan
52
Jan
82 45 M ay
95-45 M ay
00
M ar
97
Jan
Ol.OOMay
94.51 M ay
97.30M ay
Apr
45
7545 M ar
92 45 Apr
94
Apr
High.
265
14445
9345
26
18
7145
15
108
11445
97
114
67
58
28
55
77
100
157
69
59
146
245
5445
2245
110
65 45
9945
Feb
M ay
M ay
Feb
M ar
Apr
M ar
Feb
Apr
Jan
M ay
Feb
Jan
Jan
Jan
Feb
Jan
Fob
M ar
M ay
Apr
M ay
Feb
M ay
Feb
M ay
M ar
8845 Apr
59
M ar
88 45 Apr
9655 Jan
9444 M ar
99.10 Apr
97.5C Jan
97.52 M ar
98.10M ay
57
Jan
Apr
80
9545 Jan
M ar
96
x Ex-dlvidcnd.
P itt s b u rg h Stock E xch ange. — T h o c o m p le to record of
tra n sa ctio n s a t th o P itts b u r g h S to c k E x c h a n g o fro m M a y 18
to M a y 2 4 , b o th in c lu s iv e , c o m p ile d fro m th o o ffic ia l sales
P h ila d e lp h ia Stock E xch an ge. — T h o c o m p le to record
o f tra n sa c tio n s a t th o P h ila d e lp h ia S to c k
E xchange
fro m
M a y 1 8 to M a y 2 4 , b o th in c lu siv e , c o m p ile d fr o m th e o ffi
cia l sales lists, is g iv e n b e lo w .
lars p er sh a re ,
not
p er c e n t.
S tock s—
P referred _________
J G Brill C o .................
Keystone Telephone .
Lake Superior C orp . .
Lehigh N a viga tion .. .
.50
.100
..5 0
50
M ldvalo Steel A O rd. . ..5 0
Pennsylv Salt M f g .. . ..5 0
P e n n s y lv a n ia ............ ..5 0
Phlla C o (P lttsb).
.50
Pref (cumulative 6 % ) .50
Phlla Electric of Penn .25
Phlla R T vot tr rccts . 5 0
Philadelphia Traction .50
R e a d in g ........................ ..5 0
Tono-B elm ont novel. . . . 1
Tonopah M ining.........
1
Union T raction______ ..5 0
United Gas Im pt......... ..5 0
not
S to ck s—
73
9345
50
4745
1745
67
4345
2945
34
2545
26
68
___
3V5
__2 %
_
6715
4745
42 45
49 45
1445
4745
25
8
1645
66
60
52 45
88
4345
2945
33
z2545
2545
68
86 45
3 45
2%
41
6745
73
95
48
4245
51
1445
47 45
25
8
1745
68
60 45
5545
88
45
29 45
34
26
26 45
63
9045
345
2%
41
68 45
5
120
35
12
310
20
40
170
25
4,575
791
26
560
10
2,108
20
41
463
311
140
837
72(1
380
41
241
Range since Jan. 1.
Lota.
High.
73
M ay 80
Feb
5845 Jan 10045 M ay
46
4245
48
1445
47
18
8
12
6145
55
4345
82
43 45
2145
29
24 55
23-45
66
71
3
255
38 45
6545
M ay
M ar
M ay
Jan
M ay
Jan
Jan
Jan
Jan
M ay
Apr
Apr
Apr
M ar
Apr
Jan
Jan
M ay
Apr
Apr
48
42 '5
52 45
17
5145
2645
9
IS* 5
68
63
5945
90 5
4741
2945
34
26
30
71 45
9045
3 45
4
4245
72 45
M ar
M ay
M ay
Feb
Feb
Jan
M ay
M ay
M ar
M ay
M ar
Jan
M ay
M ay
M ay
Jan
Feb
M ay
M ar
Jan
Jan
Jan
p er c e n t.
P rices fo r s to c k s aro a ll d ollars p er
F o r b o n d s th o q u o ta tio n s aro p er c e n t
o f p ar v a lu e .
F o r b o n d s th o q u o ta tio n s are
Friday
Sales
Last Week's Range
for
Sale
Week.
Par. Price. Low.
High. Shares.
100
100
100
sh aro,
P ric es fo r sto c k s are all d o l
p er c e n t o f p a r v a lu e .
Amer Railways, pref. 100
Baldwin L ocom otiv e..100
B uff A Susq Corporation
100
.50
Elec Storago Battery. 100
lis ts , is g iv e n b e lo w .
Friday
Sales
Last Week’s Range
for
Sale
Week.
Par. Price. Low.
High. Shares.
American Rolling M ill. .25
American Sewer Pipe. 100
Am Wind Glass M ach . 100
Consolidated Ice, p r e f ..50
Crucible Steel, co m ____100
Preferred_________ 100
Indep Brewing, co m ____50
Preferred........... .......... 50
La Belle Iron W orks_ 100
_
Lone Star G as...........
100
M frs Light A H eat......... 50
Nat Fireproofing, com .50
Ohio Fuel O il................. 1
Ohio Fuel Supply______ 25
Oklahoma Natural G a s .25
Plttsb Brewing, com _ 50
_
__
54
92
2 45
154
51
....
4145
345
Pittsburgh Coal, c o m .. 100
5345
Pittsb-Jeromc Copper.
1
Plttsb A M t Shasta C o p . 1
Pittsburgh Oil A G as. 100
Riverside Eastern Oil, pf .5
40c
745
U S Steel Corp, c o m .. 100
W est’house Air B r a k e ..50
W cst’houso Elec A M fg .50
10945
9545
B on ds.
Indep Brewing 0 s ___ 1955
Plttsb Coal deb 5s____1931
9745
54
1345
54
19
70
92
144
845
115
125
51
345
15 45
4145
23 45
345
9 45
52 45
8345
40c
40c
6%
245
10C
107
9545
4345
39
9745
Range since Jan. 1.
Low.
20
54 44
14
165
545
5545
19
20
25
70
50
92
547
345
15
8 45
115
185
165
1,831
300
5144
70
3 44
16
75
605
42 45
40
24
150
315
20
945
54
125
140
84
45c 58,100
45c 21,900
3,270
745
110
2 45
10c
500
111*5
702
97
150
1.130
'1-144
5345 M ay
1245 Jan
40
Jan
19
M ay
«S5
Jan
so
Mar
145 Jan
645 Mar
106
M ar
95
Jan
50
Apr
3
Jan
1545
41
M ay
2.345 Apr
145 M ar
845 Apr
45
Jan
7945 Apr
40c
Jan
21c
Jan
545 Jan
2 44 Apr
8c
8745 M ar
93 44 Apr
Jan
39
$2,000
3,500
34
Apr
9745 M ar
3944
9745
High.
.55
1544
58
19
70
92
245
944
115
165
53
4
10
45
25
344
13
5845
84
I
48c
745
244
17c
113 45
9745
47
40
99
Apr
Jan
Feb
M ay
M ay
M ay
M ay
Jan
Feb
M ay
Jan
M ar
Jan
Jan
M ay
Feb
M ay
Feb
M ar
M ar
Feb
M ar
M ay
M ay
M ay
Jan
M ar
M ay 25 1918.]
THE CHRONICLE
Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K
D A I I.Y , W E E K L Y A N D Y E A R L Y .
S a t u r d a y .....................
M o n d a y ..................... T u e s d a y ...... ...............
W e d n e s d a y _________
T h u r s d a y ................ F r i d a y ______ ________
T o t a l _____________
Railroad,
Stocks.
Week ending
M a y a 1 91 8 .
<t-c..
Par Value.
Shares.
Bonds.
S 4 7 ,1 0 2 ,0 0 0
9 7 . 2 3 3 .0 0 0
5 7 .4 8 0 .5 0 0
7 7 .4 0 4 .0 0 0
8 2 .4 8 4 .5 0 0
8 5 .5 1 9 .5 0 0
$ 1 ,3 8 8 ,0 0 0
1 .3 0 7 .0 0 0
9 3 9 .0 0 0
9 3 3 .0 0 0
1 .0 1 2 .0 0 0
8 4 7 .0 0 0
4 ,7 1 8 , 9 3 0 $ 4 4 7 ,6 4 9 ,5 0 0
$ 0 ,4 2 0 ,0 0 0
EXCHANGE
State, M un.
< Foreign
fc
Bonds.
•193,100
1 ,0 0 1 ,8 0 0
0 0 3 ,9 0 0
8 4 0 ,1 0 0
8 7 0 ,5 0 0
8 9 2 ,2 3 0
Week ending M ay 2 4 .
Sales at
Exchange.
1918.
$ 1 ,3 0 0 ,0 0 0
3 .7 3 8 .0 0 0
3 .0 2 3 .0 0 0
4 .2 0 9 .0 0 0
3 .4 1 0 .0 0 0
4 .1 7 9 .0 0 0
$ 3 ,0 8 0 ,0 0 0 $ 2 0 ,5 2 5 ,0 0 0
Jan. 1 to M ay 2 4 .
1917.
4 ,7 1 8 ,9 3 0
0 ,0 1 2 ,3 0 0
S to c k s — N o . s h a r e s .. .
P a r v a l u e ..................... $ 4 4 7 ,0 4 9 ,5 0 0 $ 5 5 1 ,9 8 2 ,8 0 0
$ 1 ,0 0 0
u. s.
Bonds.
$ 3 4 3 ,0 0 0
7 2 0 .0 0 0
3 5 8 .0 0 0
3 7 5 .0 0 0
4 8 9 .0 0 0
7 8 9 .0 0 0
1918.
1917.
5 8 ,4 2 4 ,7 7 2
$ 5 ,4 7 0 ,0 5 7 ,0 5 0
$ 1 2 ,9 0 0
7 8 ,0 0 8 ,2 4 0
$ 7 ,0 9 0 ,4 9 5 ,1 3 0
S 4 5 .7 0 0
Bonds.
G o v e r n m e n t b o n d s ___
S ta te , m u n ., & c ., b o n d s
R R . a n d m ls c . b o n d s . .
$ 2 0 ,5 2 5 ,0 0 0
3 ,0 8 0 ,0 0 0
0 ,4 2 0 ,0 0 0
$ 3 5 ,0 0 0
5 ,7 8 2 ,5 0 0
1 0 ,7 3 9 ,0 0 0
$ 3 0 2 ,0 4 1 ,0 0 0
8 5 ,7 5 2 ,0 0 0
1 1 8 ,3 8 0 ,0 0 0
$ 3 0 9 ,0 0 0
1 0 7 .7 8 2 .5 0 0
2 7 2 .5 5 4 .5 0 0
T o t a l b o n d s ................
S 3 0 ,0 3 1 ,0 0 0
$ 1 0 ,5 5 0 ,5 0 0
$ 5 0 0 ,1 7 3 ,0 0 0
$ 4 4 0 ,7 0 6 ,0 0 0
D A IL Y
T R A N S A C T IO N S A T T H E B O S T O N . P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .
Boston.
Week ending
M ay 2 4 1 9 1 8 .
Shares.
Philadelphia.
Bond Sales.
Shares.
AND
Baltimore.
Bond Sales.
Shares.
Bond Sales.
8 3 5 ,4 0 0
4 2 ,0 0 0
7 2 ,9 0 0
0 1 ,3 5 0
7 8 ,2 5 0
1 0 6 ,9 0 0
4 ,1 5 5
7 ,9 0 7
3 ,4 0 0
7 .2 1 4
8 ,8 7 9
2 ,4 2 8
$ 1 0 ,2 5 0
2 3 ,7 0 0
1 5 ,0 5 0
0 7 ,9 0 0
1 9 ,0 0 0
1 1 7 ,3 0 0
2 ,8 2 5
4 4 01
2 ,7 9 0
3 ,0 7 7
1 ,2 3 0
2 ,2 8 5
$ 0 ,0 0 0
3 0 ,0 0 0
1 0 ,0 0 0
2 2 ,9 0 0
8 ,0 0 0
1 5 ,0 0 0
...................
1 3 4 ,5 3 3
$ 3 9 0 ,8 0 0
3 4 ,0 4 9
$ 2 5 3 ,8 0 0
1 0 ,0 2 0
$ 9 7 ,9 0 0
N e w Y o r k “ C u r b ” M a r k e t .— B e lo w w o g iv e a record o f
th e tra n sa ctio n s in th e o u tsid e se c u rity m a r k e t fro m M a y 18
to M a y 2 4 , b o th in c lu siv e .
I t c o v e rs th e w e e k on d in g F r i
d a y a fte r n o o n .
It sh ou ld bo u n d e r sto o d th a t n o su ch r e lia b ility a tta c h e s
to tra n sa ctio n s on the “ C u r b ” a s to th o se o n th e re g u la rly
o rg a n iz e d s to c k e x c h a n g e s.
O n th e N e w Y o r k S to c k E x c h a n g e , fo r in sta n c o , o n ly
m e m b e rs o f th e E x c h a n g e c a n e n g a g e in b u sin e ss, an d th e y
aro p e r m itte d to deal o n ly in secu ritie s re g u la rly liste d — th a t
Is, secu rities w here th e c o m p a n ie s re sp o n sib le fo r th e m h a v e
c o m p lie d w ith ce rta in str in g e n t re q u ire m e n ts b e fo re bein g
a d m it te d to d e a lin g s .
E v e r y p re c a u tio n , t o o , is ta k e n to
insure th a t q u o ta tio n s c o m in g o v e r th e “ t a p e ,” or rep orted
In th e o fficia l list a t th e en d o f th e d a y , aro a u th e n tic .
O n th e “ C u r b ,” o n th e o th o r h a n d , there are no restric
tion s w h a te v e r .
A n y s e c u rity m a y be d e a lt in a n d a n y on e
oan m e e t there a n d m a k e prices an d h a v e th e m in c lu d e d in the
lists o f th o se w h o m a k e it a bu sin e ss to fu rn ish d a ily record s
o f th e tra n sa c tio n s.
T h e p o s s ib ility th a t fic titio u s tran sa c
tion s m a y creep in , or e v e n th a t d e a lin g s in sp u rio u s secu ri
ties m a y be in c lu d e d , s h o u ld , b o n c e , a lw a y s be k e p t in m in d ,
p a rticu la rly as regard s m in in g sh a re s.
I n th o c ir c u m sta n c e s ,
it is o u t o f th e q u e stio n for a n y o n e to v o u c h fo r th o a b s o lu te
tr u stw o rth in e ss o f th is record o f “ C u r b ” tr a n s a c tio n s , an d
we g iv e it for w h a t it m a y b e w o r t h .
Friday
Sates
Last Week's Range
Week ending M ay 24.
for
Sale.
o f Prices.
Week.
S tock s—
Par. Price Lou).
High Shares
A etna E z p lo s .r— (no par)
Amer & Brit M fg, prel.100
Amer Tin & T u n g s te n .r.l
llrit-Am er Toll ord’y _ £1
_
Ordinary bearer_____ £1
Burns Bros Ice r ........... 100
B utt’w’ th-Jud Corp r. ( t ) .
Canadian Car & F d y.r.100
Carwcn Steel T ool_____ 10
Chevrolet M otor...........100
Cities Service c o m .r . 100
Cuprltc-Esmeralda Sulphu r.r..........................
I
Cuprite S u lp h u r .r ------- 1
Curtiss Acrop & M com (t)
Eastern V en din g.r_ . . 5
_
EmerBon Phonograph . . 5
Freeport Tex Sulphur.r (t)
Gllletto Safety R a z o r.r . (t)
Hall Switch & Signal.r. 100
Internat M ot, c o m .r . .100
Keyst Tire * Rub, com . 10
1 ako Torpedo Boat .r . 100
Lima Locom otive com rlOO
Marconi Wlrel Tel of A m .5
Maxim Munitions r
10
North Am Pulp * Pap (t)
Penn Seaboard Steel_ (t)
_
Pocahontas-Logan Coal.r 5
Poulsen Wireless r ____100
Pyrene M f g .r ...............1 0
St Josoph Lead r . . . . . 10
Scripps-Bootll C orp .r .
Smith M otor Truck.t
10
Standard M otorC ouatrr 10
Submarine Boat v t o (t)
Thlogen Co of Amer r .5
United M otors r (no par)
U S Aeroplane C o r p .r _ 5
_
U S Light * H ea t, com rlO
151^
______
16 4
—
26
.- _ —
94
1 3-16
y%
36
514
—
94
64
______
194
54
—
34
9-16
______
13 4
______
15 4
15
14
13
18
44
214
24
__
(4 8 Steamship .
.
io
64
WrlKht-Marrin A Ire r. (t)
104
Fv>rm<?r S tan d ard Oil
Sub sidiaries
Ohio Oil r
25
Prairie Oil A G a s . r ____100 517
Southw Pa Pipe Lines.rlOO
93
Standard Oil (Calif) , r . 100
Standard Oil (tn d ).r 100 635
Range since Jan. 1 .
Low.
High.
12 A 1554 100,400
654 Feh
22
22
100
15
7-16 13,875
A
1 5 4 18 X
000
14 4 Apr
4
17
1754
2,800
14 54 Apr
23
26
2,700
19
Apr
55
1,400
59 44
55
23 A 21
400
19
9
944
765
844 Jan
124
120
900 100
210
212
280 200
Fob
14
%
34 'A
44
2 'A
35
92 %
6
30
184
5
4544
3 Vs
.44
244
44 41
3
14
7,700
6,200
4,300
3,400
1,294
108
288
300
100
6,900
2,685
3,950
1,700
10,800
4,000
100
500
354
1554 11,600
1054
100
15*4 1544
200
15
15
105
I 13-16 24.4 24,000
1244 13 44
3,400
1644 1854 13,500
4 44
4 54 16,346
3,500
23 44 25 \4
2
5,800
254
254
254 11,780
100
354
354
7
11,400
644
10
1154 29,500
144
1
3844
5 44
2A
36
94
644
30
20
54
5044
344
0-16
2 54
4454
1
54
25
454
2
33
7744
444
14
12 4
254
42 44
M ay
Jati
M av
M ay
Jan
Jan
Apr
Apr
3 54
hi
2
43
3
10
954
1454
14
1
844
1154
4
1954
144
1
154
454
044
Apr
Apr
M ay
Jan
Apr
Jan
Jan
M ar
Jan
Jan
Mar
Mar
Jan
M ay
M ar
Jan
Jan
1654
22 '
54
1654
18
Feb
30 44 M ay
59 44 M av
?5
944
135
21944
154
244
4154
544
4 54
3954
95
744
24
20
6
5044
344
1
354
4454
344
1554
11
1754
15
254
1344
2044
5
3044
3
254
3K
745
1154
Feb
Feb
Apr
Jan
M ay
M ay
Oklahoma Prod A R e f . . . 6
Okmulgee Prod A R e f . . . 6
Omar o il A Oas com . . 1
Penn-Kentucky Oil . _ r . . 1
Queen O il.r ........................ l
Rice O il.r . _________
l
Sapulpa R e fin in g.r......... 5
Sequoyah OH A R e f......... 1
1
Stanton O il.r ______
Texana Oil A R e f .r ......... 1
Ttixpara Star Oil r ______ 1
United Western Oil n cw .r
Victoria Oil r ______
it)
W aylaid Oil A G as.com .5
M in ing S tocks
Alaska-Brlt Col M e ta ls .. 1
America M in e s .r ........... 1
Amina M in (prosp) .r ..5 0 c
Atlanta M ines___________ 1
Big Ledge C opper_______ 6
754
7
754
554
554
6 54
33c
30c
35c
544
5
554
10c
15c
8c
3-16
3-16 44
954
M 11-16 13-16
154
2
154
98c
79c
1
4c
344c 5c
154 l 7-16 1 13-16
444
4
444
_________
3
344
48c
55c
30c
7c
13-16
o
1 7 ,0 0 0
2 1 ,1 3 7
2 3 ,7 9 3
1 0 ,2 1 7
2 0 ,9 1 0
2 8 ,9 4 0
Standard Oil o f N J . r . . l 0 ( 555
546
555
Standard Oil of N Y .r .1 0 0 276
274
279
O th e r O il S to ck s
Allen O il.r ______________ 1
7-10
Amer Ventura O il.r _____ 1
10c
13c
17c
Barnett Oil & G a s.r......... I
9-10
7-16 9-16
Boaton-Wyomlng O il.r___1
22c
22c
24c
Cosden A C o , c o m .r . .
I
754
654
7 54
Cum b’d Prod A R e f . r . . . l
54
44
Dixie G a s .r . ............. ...... 1(
1044 *1054
Elk Basin Petroleum .r___6
654
644
Elltland Oil A G a s .r ____1
3-10
44 3-16
Esmeralda Oil C o r p .r ___1
9c
9c
12c
Federal O i l . r . . ................5
254
254
344
Olenrock O i l .r . ......... ...... it
354
4
3 54
Hanover OH A U e f . r .. . 6
344
444
454
Houston OH c o m .r ____lot
65
5644 6744
Island OH A T r a n s.r ___1
C
354
354
444
Kenuva OH_______
i
5-32
44 3-16
Kinney O i l r ..... ............ 1
54
54
54
M erritt OH C o r p .r _____ If
2254
2254 2354
Metropolitan Petroleum .5 13-16
54 13-16
M idwest Oil c o m .r ______ )
1 OS
1.02 1.12
Preferred r ................... .1
1 3-10 1J4
154
M idwest Refining, r ____6(
115
11454 112
I
3
Mineral Wells P et_____
2 54
3 54
N Y Chino O il_________ 1 44c
43c
44c
N Y-Oklalioma Oil c o m .r l
54
54
54
Northwestern OH c o m .r . 1 03c
61c
69c
Oklahoma Oil c o m .r ____1
354c
3c 354c
00
S a t u r d a y . ........... ..
M o n d a y ____________
T u e s d a y ....... .............
W e d n e s d a y ________
T h u r s d a y ...................
F r i d a y _____________
T o ta l
2315
|Friday
Sales
for
1 Last Week’s Range
Week.
o f Prices.
Sale.
High Shares
Price. Low.
40c
54c
22c
7c
340
524
93
219
035
30 300
202 418
10
93
25 212
45 625
Jan 365
Jan 524
95
M ay
Mar 237
M ay 640
0,000
38,000
445,000
12,700
3,020
700
53c
54c
57c
Boston A M ontana D e v .. 5
Bradshaw C o p p e r .r _____ l
44
54
44
5-32
Butte-Dot Copp A Z in c.,1
5-32 44
Butte A N Y C opper _____ 1
1 1-16 144
Caledonia M ining_ ___i
_
40c
40c
43c
Calumet A Jerome C op r . l 1 1-16
1
1 1-10
Canada Copper C o L t d ..5 _________
154
154
i
Sc
Cash B o y _______________
Sc
9c
Ccrbat Silver M A M r 1
54
54
54
2
C oco River M ining, r _____ 1
2
244
Consol Arizona Smelt _____ 6 1 15-16
154
2
Consol Copper M ines _____ 5
644
044
754
9-32
Consol-Homestead . r _____ 1
54 9-32
1
Copper Valley M in in g .r .l
1
1
Cresson Cons Gold M A M 1 _______
454
4 54
72c
71c
74c
El Salvador Silver, r _______ 1
7-32
Emma C o p p e r .r ......................l
3-16 7-32
Eureka Croesus M in r ____1 1 11-16 1 11-10 154
First N at Copper _________5
244
2
254
9-16
Golden Rule M ines. r_
l
54
54
7-32 *9-32
Goldfield Consolidated. 10
H
Goldfield M erger.r__ .
1 244c
244c 3c
Great Bend r ________ .
]
Hecla M ining _____________ 25c
454
454
454
20 c
H ypotheek M A M r . . 10c
14c
21c
13c
International M in e s .r. l
12c
13c
Iron B lossom .r __________ 10c ________
13-32 13-32
Jerome Prescott r ............. 1
54
54
54
Jerome Verde Copper
1 ________
54 11-16
73c
Jim Butler r ........................
)
72c
80c
Josevlg-Kenneeott C o p p .l
54
54
9c
10c
64,000
1,600
36,000
400
12,400
6,800
2,000
2,800
8,200
10,900
2.000
La Leona Silver, r __________ 5 ________
La Rose Consol M ines ___ 5 ________
Liberty Silv (prosp’t) _ r . . 1 39c
Lone Star C o n so l.r ________ 1 ________
Louisiana Consol ................... 1
54
Marsh Mining r ......................l 444c
7c
Monster Chief r _________ |
48c
M other Lode t ...............
]
4c
National Leasing r . .
1
1 27c
Nat Ztno A Lead r _____
Nevada Rand r ____
lOe
21c
New Cornelia r ............
6 ________
Nlplsslng M in e s ..
5
Nixon N evada _____ ___
1
68c
Ohio Copper r .....................
l 1 1-16
Onondago M in e s .r . .
1
254
Provincial M in in g ..
l
53c
4J4
Ray Hercules Mining r. . 6
Beil Warrior Mining r ._ 1
54
Rex Consolidated M g __ 1 844c
48c
Rochester M in e s _______ 1
Senorlto C opper________ 1
54
Silver Flssue Sliver, r _
_ 1 13-16
811ver Pick Consol r _____1 ________
silver Plume C o n s.r
1
73c
7-16
Standard Silver-Lead . . 1
i
Stewart........................
7-32
Tonopah Belmont D ev r 1
Tonopah Extension . , . l
Verde Com bination, r . _50o
Ward M ining A M illin g.rl
West End Consolidated 5
W hite Caps Extens____10c
White Caps Mining _.10e
Feb
M ay
M ay
B on ds
Beth Steel 5% n o te s..1919
Canada (Dorn of) 5s 1919
9844
9554
May
M ay
Erie R l l 5s___________1919
C.on'l Elec 6 % notes. .1920
97
10054
Jan
M ar
10,600
34,506
18,500
4,085
97,400
39,550
60,500
7,700
20,400
M ay
M ay
Jan
M ay
Jan
Feb
M ar
Apr
Mar
M ay
M ay
2,400
23,S0(
13,00(
14.00C
17,20(
10(
45C
1,705
1.S0C
52.25C
7,60C
27.00C
7.58C
3 5 ,10C
30.50C
20.90C
1.80C
4 ,10C
9.00C
42,001
3.90C
2,955
8.70C
3,500
2 .00C
31,000
17,000
50c
55c
30c
744c
54 13-10
T rpy-A rlzona.r...........
1
United Eastern
.
t
United Verde E x ten .r.5 0c
U S Lead A Zinc i . r . . l
17c
*3 44
________
5c
85c
_____
13-32
54
154
%
54
32C
39c
154c 144c
54
54
4c
5c
4 44
445
6c
9c
47c
49c
*3c 4 44c
25c
28c
21c
22c
19
20
854
854
69c
75c
1 1-16 144
2 54
3
51c
53c
455
444
44
54
844c
9c
47c
52c
54
1
13-16
13-16
4c
4c
72c
74c
13-32 7-16
7-32 7-32
9844
9554
99 44
97
100*4
Phila Electric 6s _______ 1920
Procter A Gamble 7s r 1919
7 s .r ____________________ 1920
7 s .r ................................. .. 1921
7 s .r .....................................J922
7s. r --------------------------------- 1923
9944
99 '
100 54
101
10144
10154
10254
9854
97
99 44
97
10154
10054
9944
100 54
10144
10144
10154
102*4
Low.
510
252
Mat
Jan
1,000
10,200
$5,900
141,000
10,000
s io o b
11,000
2,000
5,000
20,000
1,000
0,000
15,000
High.
579
286
Feb
Feb
Mi May
6e
Jan
♦hi May
20o Mar
Jan
64
May
10 4 Feb
6 'A Jan
3-32 May
Sc Apr
2 A May
Jan
34
3
Jan
39,q
Jan
Jan
IX
3-32 Jan
Apr
1 7 4 Mar
H Jan
Apr
87c
1
Apr
97
Mar
1% Jan
39c
Apr
•
A Jan
50c
Jan
3o
Jan
7c
6 X Apr
Jan
24
21o
Apr
.5
Jan
8 c M ay
3-32 Feb
8
Mar
A Jan
1 A Mat
78c
Apr
3 4 c Apr
A Apr
Jan
34
3
Feb
11-16 Jan
16c
Feb
1 3-18 Jan
33c
Jan
8 4 Feb
1 4 Jan
1 0 4 M ar
7
Feb
4
Jan
5-16 Jan
4
Feb
5
Jan
74
Jan
6 7 4 M ay
5 4 M ar
4
Feb
1
Apr
24 4
Jan
4
Feb
1 24 Jan
14
Jan
119
M ay
3 4 M ay
44c
Apr
4
Feb
89c
Feb
84o
M ar
5-16 Apr
50c
Mar
22 c M av
7c M ay
A Jan
9-16 Jan
55c M ay
30c M ay
13c Feb
1 4 M ar
Jan
Jan
Jan
11-16 Jar,
40c Mar
*1
Jan
1,000 1 5-16 Jan
8 ,O )
IK
3 4 o Jan
42o
Jaii
25,200
430
1 4 Mat
3,400
i h i Fel
7,600
5
Jan
7,100
220
Fel
2,225
Jan
4
3,600
4 4 Mar
55o Mar
24,000
41,700
h i Apr
8,550
A Feb
150
I X Apr
Apr
2,950
hi
1,750
7ia May
2 4 c M ay
9,000
3,000
3,712
Jan
24
86,000
14c M av
14,200
8c
Jan
3,300
5-11 Apr
5,300
A M ay
l.SOO
h . Mar
14,900
65o
Jatt
3-16 Jan
200
10,400
9c
450
39,000
1 ,000
12,500
10,300
300
14,306
40,000
29,400
11,000
3,400
360
500
2,200
8,800
2,000
3,000
1.900
2,100
5,500
21,900
8.,300
7,800
1,000
4,600
6,700
5,600
1 000
150
344 *354
1 9-16 154
1,000
2 13-16 2 54
200
15c
24c
12,000
1,300
*3 44
3 54
39
40
400
30c
31c
3,700
4 44
5
800
11-16 11-16
100
4c
5c
2,500
84c
91c
8,900
6c
6c
2,000
55 13-32
7,700
1154c 1144c
1,000
10054
330
492
93
218
628
115
287
Range since Jan. 1.
41o
A
X M ay
25o
Jan
2Sc
Feb
2c M ay
7-10 Jan
4e
Jan
4U
5 4 c Apr
25o
Jan
3o
Jan
loo
Jan
13c
Feb
1 5 4 Jan
8
Jan
58c M ay
Apr
%
2
Jan
43c
Jan
Jan
34
X Jan
8c M ay
27c
Jan
X Jan
X Mar
3 4 c Apr
47c
Feb
Jan
4
3-16 Jan
7o
3
Jan
I X Jan
2%
10c " M ay
3 4 M ay
3 6 4 Jan
fle
Feb
3
A Apr
4c M ay
OoC
Jau
5c M ay
11-32 Jan
Sc
Feb
9 0 4 Jan
Jan
94 4
00 Vi
9 3 4 Mar
9 8 4 Jan
99
9 7 4 Feb
98
Mar
994
99
984
9 8 4 M ar
8
M ay
1 1 4 M ar
40o
Jan
5 4 Feb
86 o
Jan
%
Apr
1 0 4 M ay
1 4 Mar
2 4 M ar
14
M ay
22c M ar
2 4 Feb
0 4 M ar
3 4 Feb
96o
14
4
14
6Go
14
24
19o
14
24
24
*74
H
24
64
74c
hi
14
24
4
7-16
5c
Mar
Jan
M ar
M ay
Jan
Mar
Jan
Feb
M ar
Jan
Jan
M ay
Mar
Mar
Jan
M ay
Feb
M ay
Jan
M ay
Jan
Feb
5
Jan
21c M ay
20c
Feb
11-16 Jan
9
Apr
4
Jan
90o
Jan
7-16 M ar
0c
44
%
39c
5c
84o
0A
5-18
56c
8c
38o
27c
20
9
14
14
44
54c
44
4
15o
5 to
1
4
7c
76c
4
4
Feb
Apr
Apr
Feb
Feb
M ay
Mar
Jan
Jan
Apr
Feb
Feb
Mar
M ay
M ay
Mar
M ar
Mar
Apr
Jan
Mar
Feb
M ay
M ay
M ar
Feb
Apr
Apr
Jan
34
14
M ar
Jan
4
24c M ay
54
Feb
5 0 4 M ar
60e
Mar
4
Jan
22c M ar
91c M ay
18c
Feb
4
Jan
984
974
00*^
97
1014
1004
994
102
101 4
101A
1014
102 4
M ay
M ay
M ay
M ay
M ay
Apr
M ay
M ay
M ay
M ay
M ay
M ay
Sales
Friday
Last Week's Range
o f Prices.
w°lx
Price. Low.
High. Shares.
B on d s (Concl.)—
Range since Jan. 1.
Low.
39
36
Russian G ovt 6 % s .r .l9 1 9
5 % s r ........................ 1921
W est’houso Elec A M Ig
1-year 6% notes_______
99%
42
40
55.000
28.000
38
33
Mar
Apr
99%
99%
16,000
98% M ar
CURRENT
58
52
Jan
Jan
99%
Apr
— T h o n o w is s u e o f F e d e r a l L a n d B a n k 5 % F a r m L o a n b o n d s a r o o f f o r e d
b y a d v o r t l s e m o n t in t o - d a y ’s “ C h r o n i c l e ” a t 101 a n d i n t e r e s t , n e t t in g o v e r
4 . 7 5 % t o t h o r e d e e m a b l e d a t e (1 9 2 3 ) a n d 5 % t h e r e a f t e r u p t o r e d e m p t io n
o r m a t u r it y .
T h e s y n d i c a t e o f f e r i n g t h o s e b o n d s , w h ic h a r o e x e m p t f r o m
F e d e r a l , S t a t e , m u n i c ip a l a n d l o c a l t a x a t i o n , i n c lu d e s : A l o x . B r o w n &
S o n s , H a r r i s , F o r b e s & C o . , B r o w n B r o t h e r s & C o . , L e o , H ig g i n s o n & C o .
a n d t h o N a t io n a l C i t y C o .
F u ll d e t a ils a p p e a r in t h e a d v e r t i s e m e n t , a n d
in a n o t h e r i t e m in t h o f r o n t p a r t o f t o - d a y ’s is s u o o f t h o “ C h r o n i c l o . ”
— P o o r ’s M a n u a l o f I n d u s t r i a ls f o r 1 9 1 8 h a s j u s t b e e n is s u e d .
Tho
g e n e r a l i n f o r m a t i o n , t h o p u b lis h e r s s t a t e , h a s b e e n r o v ls e d t o A p r i l 1 8 .
T h i s v o l u m e o f 2 7 3 6 p a g o s is d e s i g n e d t o p r e s e n t t h o la t e s t i n c o m e a c c o u n t s
a n d b a l a n c o s h e e t s o f a ll in d u s t r ia l c o m p a n i e s in w h ic h t h e r o is a p u b l i c
in te re s t.
I t s ta tes w h e th e r th o c o m p a n ie s a ssu m e a 4 % in c o m o ta x o r
o n l y a 2 % t a x o r n o t a x a t a l l.
P o o r ’s M a n u a l C o . . 8 0 L a f a y e t t e S t . ,
N ow Y ork.
I ’ r ic o , $ 1 0 a c o p y .
— B o n b r i g h t & C o . , 2 5 N a s s a u S t . , t h is c i t y , a r o a d v e r t i s in g a n a t t r a c t i v e
l is t o f b o n d s , n o t e s , d e b e n t u r e s a n d p r e f e r r e d s t o c k s in t h is w e e k ’s is s u o o f
t h o “ C h r o n ic lo .”
T h o i n t e r e s t y i e ld s r a n g o f r o m 5 . 5 5 % t o 9 . 5 0 % a t
p r e s o n t m a r k e t p r ice s .
T h o s o s e c u r it i e s a r o o f f e r e d s u b j e c t t o s a le a n d
c h a n g e in m a r k e t p r i c o .
S e e t o - d a y ’s a d v e r t i s e m e n t f o r d e t a i ls .
Tho
f i r m w ill s u p p l y a d o s c r l p t l v o c ir c u l a r o f a n y i n v e s t m e n t in lis t o n r e q u e s t .
— A . A r c h ib a ld , D ir e c t o r o f R e v e n u e a n d F in a n ce o f N o w a r k , N e w
J e r s o y , w ill r e c e iv e b i d s f o r $ 3 ,0 0 0 , 0 0 0 T a x A n t i c i p a t i o n b o n d s o f 1 9 1 8 ,
u n t il 1 1 a . m . T u e s d a y , M a y 2 8 , a t t h o C i t y I l a l l , N e w a r k .
F u ll d e t a ils
o f t h o p r o p o s a l s a r o g i v e n in t h o a d v e r t i s e m e n t a p p e a r in g t o - d a y u n d e r
o u r " S t a t o & C it y N o w s D e p a r t m e n t.”
— A . B . L e a c h S C o . , I n c . , a r o o f f e r i n g $ 1 5 0 ,0 0 0 C i t y o f C i n c i n n a t i
c
d e f i c i e n c y 5 % b o n d s , d a t e d F e b . 1 1 9 1 8 , d u o F e b . 1 1 9 3 8 , a t 1 0 3 .1 8 a n d
i n t e r e s t , y i e ld in g a b o u t 4 . 7 5 % .
T h o o ffe r in g h a s b e e n p a s s e d b y th e
C a p it a l Is s u e s C o m m it to o o f th o F e d e ra l R e s e r v e B o a r d .
\ — H a r r i s , F o r b e s & C o . o f t h is c i t y o w n a n d o f f e r a c o m p r e h e n s i v e list
--o f c a r e f u ll y s e l e c t e d G o v e r n m e n t , M u n i c i p a l , r a i lr o a d a n d p u b l i c u t i li t y
b o n d s w h ic h a r o d e s c r ib e d in “ G e n e r a l C i r c u l a r 9 0 F . C . ”
C o p y o f th is
c ir c u l a r w ill b o m a i le d t o i n v e s t o r s o n r e q u e s t .
s-J
— T h o m a s M c G . L e a v e r , s p e c i a l p a r t n e r o f B a k e r , A y lin g S Y o u n g o f
c
B o s t o n , in c h a r g o o f t h e i r C h i c a g o o f f i c e , d i e d o n t h o 1 7 t h i n s t . a t h is
h o m o in C o n c o r d , N . I I .
H o w a s a m e m b e r o f t h o B o n d M e n ’s C l u b a n d
B o b o ’ L in k G o lf C lu b .
■ . — 'A ll t h e n o t e s h a v i n g b e e n s o l d , t h o N a t i o n a l C i t y C o m p a n y , o f his
c i t y , a r e a d v e r t i s in g a s a m a t t e r o f r e c o r d o n l y , t h e i r r e c e n t o f f e r i n g o f
$ 2 , 0 0 0 , 0 0 0 T i m k c n - D c t r o i t A x l e C o . 7 % s e r ia l n o t e s .
1 ” — T h o f i r m o f C . B . V a n N o s t r a n il , 6 6 B r o a d w a y , t h is c i t y , a n n o u n c e s
t h a t it w ill n e g o t i a t e t im e lo a n s in e x c e s s o f $ 1 0 ,0 0 0 o n S t a n d a r d O il
s t o c k s a n d o t h e r s e a s o n e d c o ll a t e r a l .
T e le p h o n e 60 6 0 .
—- M . A . A l e x a n d e r , o f S c h e n e c t a d y , N . Y . , f o r th e p a s t t h r e e y e a r s w it h
A . I I . B i c k m o r e & C o . , h a s b e c o m e a s s o c ia t e d w it h E . H . R o l l in s & S o n s ,
r e p r e s e n t i n g t h e m in t h o M o h a w k V a lle y .-;
— T i l n e y , L a d d & C o . , 4 £ E x c h a n g e P l a c o , t h is c i t y , a r e o f f e r i n g a n d
a d v e r t i s in g in t h is i s s u o $ 1 ,0 0 0 , 0 0 0 N o r t h e r n P a c i f i c - G r e a t N o r t h e r n
J o in t C . B . & Q . C o lla te r a l T r u s t 4 % b o n d s , d u o J u ly 1 1 9 2 1 , a t 9 3 % a n d
i n t e r e s t , y i e ld i n g 6 . 2 0 % .
— J a m e s S . M c C o n n e l l J r . h a s b e e n e l e c t e d t o m e m b e r s h ip o n t h e C h i
c a g o S t o c k E x c h a n g o a n d h a s a c q u i r e d t h o m e m b e r s h ip o f t h o l a t e F . \V.
V o n F ra n tz iu s .
— A . 11. L e a c h & C o . , I n c . , a n n o u n c e t h a t t h o o n t ir o is s u o o f $ 1 ,5 0 0 ,0 0 0
S ta te o f S o u th C a ro lin a 5 % te n -m o n th s n o te s p u rch a s e d jo in t ly b y th e m s o lv e s a n d th o G u a r a n ty T r u s t C o . h a v o b e e n s o ld .
New York City Banks and Trust Companies
200
175
155
95
360
242
lit)
395
215
385
215
160
178
410
190
145
95
70
1000
230
185
350
660
245
500
280
395
B anks.
Lincoln______
Manhattan *.
Market & Ful
Meeh Sc M et.
M erchants_
_
Metropolitan*
M utual*_____
New N eth*._
New York Co
New Y o rk _
_
Pacific * .........
P a rk ......... ..
People’s * ___
Prod E x ch * ..
Public.............
Seaboard ___
Second ...........
S h e rm a n ___
State*_______
23d W a r d * ...
Union E x ch ..
ITnltcdStates*
Wash H ’ t s * ..
W cstch A vo*.
West S id e*..
Yorkvllle * _
_
Rrooklyn.
bid.
280
325
305
300
t2 0 l
165
375
200
First...............
Flatbush ___
Oreenpolnt . .
Hillside * ____
Homestead *.
M echanics’ *.
M ontauk * . . .
Nassau...........
National City
North S id e * ..
People’s .........
255
125
150
110
415
270
500
200
200
200
450
400
125
110
115
150
500
275
160
125
525
110
200
265
175
130
Ask.
300
335
310
175
215
140
515
220
215
470
425
135
115
130
160
175
150
575
270
135
165
120
110
120
95
207
275
200
140
T r u s t C o ’s.
New York.
Bankers Trust
Central Trust
Colum bia___
C om m ercial..
Empire...........
Equitable T r.
Farm L Sc T r.
F id e lity _____
F u lto n ...........
Guaranty T r .
H u d s o n _____
Irving Trust
Bid.
U S M tg Sc Tr
United States
W estchester..
Brooklyn.
Brooklyn T r .
Franklin.........
H am ilton___
Kings County
Manufacturers
People’s _____
Queens C o _
_
395
910
130
405
930
140
510
230
265
620
125
265
70
540
240
275
650
145
275
80
Ask.
365
370
<378
383
257
100
290
300
337
342
380
390
200
210
240
255
332
337
135
145
/See Irving
INnt Bank
Law Tit Sc Tr
93
100
Lincoln Trust
97
105
Mercantile Tr
Sc Deposit
190
200
M etropolitan. 300
310
MutuaKW estChester) . . . 105
125
N Y Life Ins
Sc T r u s t ... 875
900
N Y T r u s t ... 590
610
Scandinavian 260
270
Title Gu Sc Tr 235
245
Transatlantic 175
* Hanks marked with a (*) are State banks, t Sale at auction or at Stock Ex
change this week, t Includes one-third share Irvins Trust C o. ( New stock.
v Ex-rlghts.
AUlanco R ’ lty
Amer Surety.
Bond Sc M G .
Casualty C o .
City Investing
Preferred . .
Bid
58
108
180
14
60
A sk
68
115
190
100
19
67
Bid
Lawyers M tge 90
M tgo B o n d ..
82
Nat S u re ty .. 165
N Y Title Sc
M tge...........
60
As*
95
87
169
60
Bid
Realty Assoc
(B rooklyn).
67
U S Casualty. 175
U S T itloG u ar
West A Bronx
T i t le * M G 160
A sk
75
190
60
175
Quotations for Sundry Securities
All bond prices are “ and Interest” except whore marked “ f " .
NOTICE
— A . B . L e a c h & C o . , I n c . , o f t h is c i t y , w e r o t h e s u c c e s s fu l b i d d e r s f o r
$ 5 0 0 ,0 0 0 C i t y o f M e m p h i s , T e n n . , 5 % R i v e r T e r m i n a l b o n d s .
T h ese
b o n d s a r o a d i r e c t o b l i g a t i o n o f t h e c i t y a n d in a d d i t i o n a r o s e c u r e d b y a
t r u s t d e e d o n p r o p e r t ie s o f t h e t e r m in a l t o b o e r e c t e d .
A p u b lic o ffe r in g o f
t h o b o n d s w ill b o m a d o s h o r t l y .
T h e $ 1 5 0 ,0 0 0 c i t y o f C i n c i n n a t i d e f i c i e n c y
b o n d s d a t e d F e b . 1 1 9 1 8 , d u o F e b . 1 1 9 3 8 , o ffe r e d b y A . B . L e a c h & C o .,
I n c . , h a v o a ll b e e n s o l d .
T h o o f f e r i n g w a s a t 1 0 3 .1 8 a n d i n t e r e s t , y i e ld in g
a b o u t 4 .7 5 % .
Ask.
500
225
180
215
New York City Realty and Surety Companies
High.
* Odd lots, t N o par value. I Listed as a prospect, i Listed on the Stock E x
change this week, where additional transactions will bo found, o New stock
r Unlisted, u Ex-cash and stock dividends, to When Issued, x Ex-dtvldend.
V Ex-rlghts. z Ex-stock dividend.
B a n k s —N .Y bid.
America *___
485
Amer E x ch .. 220
A tla n tic_____ 170
Battery Park. 200
Bowery * ____ 400
Bronx B oro*. 150
Bronx N a t_
_ 160
Bryant Park* 145
Butch & Drov SO
C h ase______
345
Chat A Phen. 238
Chelsea Ex *. 100
C h em ical____ 385
C itizen s____
208
C ity ................ 378
Coal Sc I r o n .. 205
Colonial * _
_ 1400
C o lu m b ia *.. . <150
C om m erce.. . 175
Com m 'l Ex* 390
Com m onwealth * ___ 180
Continental *. 135
Corn E x ch * .. 318
Cosmoplltan • 85
Cuba (Bk o f). 175
East R iver__
f.O
3/500
F i f t h ____
215
F irs t____
860
G arfield _
_
170
G o th a m ......... 200
Greenwich * . . 335
H anover_
_
650
Harrlm an___ 230
Im p Sc T r a d . . 480
tlrvln g (tr
certificates) 275
Liberty______ 385
[V ol . 106
THE CHRONICLE
2216
Standard Oil Stocks
P erS h a rt
P a r B id
R R. Equipments— P e r C t .
B o n d s.
Per Cent
Pleroe OH Corp conv 6 s .1924 74
77
O rd n a n ce S to ck s— Per S hare.
70
75
Aotna Explosives prel_ 100
_
4
6
American A British M lg . 100
15
25
Preferred.................... -.1 0 0
_
Atlas Powder com m on_ 100 ISO 183
Preferred........................ICO
9 0<2 92
Dabcook A W ilcox......... .100 113 115
Biles (E W ) C o common 60 •325 100
76
Preferred...................... 50 *05
Canada Fdys A Forgings. 100 140 100
Carbon Steel co m m o n .. . 100 113 116
90 100
1st preferred_________ 100
68
72
2d preferred......... .......... 100
Colt s Patent Fire Arms
70
M fg .................................. 25 *68
duPont (E l) de NemourB
A C o com m on________ 100 303 310
91
93
Debenture s tock ______ 100
90
95
Eastern S te e l..................100
Empire Steel A Iron com 100 43 ____
78
83
Preferred..................— 100
Hercules Powder co m _ IOC 218 253
_
Preferred........................ 10C 111 113
Nllea-Bement-Pond oom .100 129 133
96 IOU 2
Preferred______ ______ 100
48
Penn Seaboard Steel (no par) *46
Phelps-Dodge C orp _____ 100 268 275
Seovlll M anufacturing...1 0 0 495 510
30
•25
Thomas Iron...................... 60
winchester Repeat Arms.lOO 700 826
50
45
Woodward Iron________ 100
P u H lc U tilities
Amer Gas A Eleo com ___60
Preferred_____________ 50
Amer Lt A Trao co m ----- 100
Preferred........................ 100
Amer Power A Lt co m — 100
Preferred........................ 100
Amer Public Utilities comlOO
Preferred........................ 1Of
Cities Service Co co m _ 100
_
Preferred........................ 101
C om ’ w'lth Pow Ry A L. 100
Preferred...................... .100
Eleo Bond A Share pref loo
Federal Light A Traction 100
Preferred........................ 100
Great West Pow 6s 1946 JAJ
Mississippi Rlv Pow com . 100
Preferred........................ 10O
First Mtge As 1961.. JAJ
North’ n States Pow com . 100
Preferred........................ 100
North Texas Eleo C o com 100
Preferred........................106
Pacific Gas A Eleo c o m . . 100
1st preferred............... .106
Puget Sd Tr I. A I’ com . 100
Preferred...................... 100
Republic Ry A Light____100
Preferred........................ 1(9)
South Calif Edison com . . 100
P r e fe r r e d ....
.
..1 0 0
Standard Gas A El (D e l). 50
Preferred........................ 60
Tennessee Ry L A Hoom 100
Preferred........................ 100
United Gas A Eleo C orp. 100
1st preferred................. 100
2d preferred..................100
United 1 t A Rys com . . . . 100
1st preferred..................106
Western Power com m on. 100
Preferred_____________ 100
B a s is
B id .
Baltimore A Ohio 4% s........
Bull Rooh A Pittsburgh 4% s
Equipment 4s____ _____
Canadian Paolflo 4% s____
Caro Cllnohfleld A Ohio 6s.
6.25
6.00
6 00
6.60
7.00
0 00
6.00
6.75
7.50
7.00
6.35
5.90
6.75
6.50
6.50
6 25
6 25
6 25
6.10
6.10
6 00
0 00
6.50
5.90
6.10
6.00
7.00
7 00
6 50
6 50
6 20
6.20
6.25
5.75
5.75
5 75
6.76
7.00
6.75
6 90
6 90
6.90
0 00
6.50
A tk .
Anglo-Amerloan Oil new . £1
1134 1214
Atlantic Refining_______ 100 910 925
Borne-Scrymser C o ......... 100 440 465
*94
90
Buckeye Pipe Line C o ___60
Chesebrough M lg new_ 100 315 330
_
40
10
Colonial Oil.......................100
Continental Oil__________100 x425 450
*35
38
Crescent Pipe Lino C o ___60
Cumberland Plpo L in e .. 100 150 160
Eureka Plpo Line C o ____100 205 215
Galena-Signal Oil c o m .. . 100 128 133
P referred-____________100 120 128
Illinois Pipe Line_______ 100 183 187
•95 100
Indiana Pip*- Line C o ____60
International Petroleum . £1 •13
13W
_
National Trauslt C o _ 12.50 *1312 1412
New York Transit C o . . 100 210 220
Northern Pipe Line C o . . 100 110 115
Ohio Oil C o . ...................... 25 330 335
35
Ponn-M ex Fuel C o ........... 25 •32
*10
Pierce Oil Corporation___25
l()l2
Prairie Oil A Gus............. 100 515 525
l’ ralrle Pipe I.lno........... 100 270 275
Solar R efin in g...................100 305 315
Southern Pipe Line C o . .100 186 190
South Penn O il....... .......... 100 2S0 285
95
Southwest Pa Pipe Lines. 100 92
Standard Oil (California) 100 217 220
Standard Oil (In diana). . 100 630 640
Standard Oil (K an sa s)... tOO 450 175
Standard Oil (Kentucky) loo 330 340
Standard Oil (Nebraska) 100 460 ISO
Standard Oil of New Jer.100 550 555
Standard Oil of New Y ’k 100 274 27S
Standard Oil (Ohio)......... 100 400 110
99
Swan* F lr c h ................ 100 93
98 101
i nlon Tank Line C o___ 100
Vacuum Oil ...................... 100 355 365
Washington O il_____ . . 10 •27
32
*85
87
*41
42
194 196
96
98
38
42
08
71
____ 20
50
211 213
75% 76
20
25
47
50
<190
93
0
8
30
35
74
78
15
18
39 > 42
2
71 > 73U
2
44
46
84
80
55
60
70
75
33
34
SO
82
15
20
39
4212
24
22
61
59
82
80
96
99
*5
7
*25
2612
31.1 4
13
15
5
7
41
45
10
7
30
32
04
66
12
14
49
51
Equipment 4% s_............
Chicago A Alton Is______
Chicago A Eastern 11 6% s
1
Equipment 4% s........ ..
Chlo Ind A Louis v 4 % s ___
Chlo St Louis A N O 6s___
Chicago A N W 4 %s ..........
Chicago R I A P a o 4 % s — .
Colorado A Southern 5 a ...
Erie 5s____________________
Equipment 4 % s ________
Equipment 4 s ................ ..
Hooking Valley 4s________
Equipment 5s___________
Illinois Central 5s________
Equipment 4% s ________
Kanawha A Michigan 4%8
I.oulsvlllo A Nashville 6s...
Michigan Central 5 s ______
M inn St P A 3 S M 4 % s . .
Missouri Kansas A Texas 6s
Missouri Paolflo 5s........... .
M obile A Ohio 5s______ __
Equipment 4% a________
New York Central Lines 6s.
Equipment 4 % s...............
N Y Ontario A West 4% 8.
N orfolk A Western 4 % s ..
Equipment 4s___________
Pennsylvania R R 4 % s ____
Equipment 4s____ __ . ..
St Louts Iron M t A Sou 6c.
St Louis A San Francisco 5s
Seaboard Air Line 5s_____
Equipment 4 % s .............
Southern Paolflo Co 4 % s ..
Southern Railway 4 % s _
_
Toledo A Ohio Central 4s ..
T o b a c c o S to ck s— Per Sha
Par
American Cigar com m on. 100
Preferred.................... . 1 0 0
Amer Machine A Fdry. .100
Brlttsh-Amor Tobao ord . .£ !
Ordinary, bearer........... El
Conley F o il....................... 100
Johnson Tin Foil A M et. 100
iMaoAndrews A Forbes . .100
I P r e fe r r e d ......................100
Reynolds (R J) T o b a cco . 100
B com s t o c k ............. ..1 0 0
P r e fo r r c d .................... 100
Young (J 8) C o ......... ...U K
P r e fe r re d ........... .......... 100
A sk.
6.25
5.60
5 60
0.00
6.00
5.50
5.50
6.00
6.50
6.00
6.00
5 50
5.25
6.00
6.00
5.75
5.75
5.75
5.70
5.70
6 75
5.75
6.00
6 10
6 80
5 60
6 00
6.00
6.00
6.00
5.90
5.90
6.00
5 50
5 50
6 25
5 25
6 00
0 00
6 00
6 00
5.50
5 70
6.05
re
bid
.4It
97 101
85
00
70
80
•1612 17%
•1512 16%
m o 210
76 125
170 185
98
93
280 310
210 260
98 100
125 150
100 106
S h o rt-T e rm N otes— Per Cent.
Am C ot 0)11 6s 1918 . . . M A S
9912 993.1
97%
6s 1919................... .. M A S
97
A m erTolA Tel 6s l o t 9 . .F A A 99.!8 9934
99.14 100
Balto A Ohio 68 1018 . JAJ
9812 99
5a 1919 . ............... ........JAJ
Beth Steel Os 1919. FA A If, 981.1 9H3S
Canadian Pao 6s 1924 MAS 2 9812 99
Chlo A West Ind Os’ 18.M AS
9914 99%
Del A Hudson 5s 1920 FA A 97*8 977s
Erie R R 5s 1919..............A-O
963.| 97
Gen Eleo «s 1920............. 1AJ 1003s 1007s
6% 1
lotos (2 yr) '19. JAI) 10()58 101
General Rubber 5s 1918.JAI)
99t, 99%
Great Nor fia (920_____ M AS
971» 977S
Hooking Valley 0s 1918 M AN
095S 100
99
K C ltys 6% s 1918......... JAJ
97
K C Term Ry 4 % 8 ’ IH .M AN
9812 99
4% s 1921____ _____ JA t 93% 94%
Laclede (las L 6s 1910 ,FArA
07 > 98%
2
M organAW rlghf 5s Den 1 '18 9SD
981.1
N Y CentOs 1919_ M AS15
_
98
Penn C o 4 % s 1921. JA I) Ifi 953., 90%
97
95
Pub Sor Corp N J 5» ’ 19.MAS
Rem Arms U .M .C 'is'lOKAA
94% 96%
.Southern Ry 5s 1919 M-H 2 0S5S 987*
87
Utah 9eo Corp fis ’22.M -S 16 85
Winches RepArms7s'19.MAH
991., 99%
In d u stria l
and M iscella n eou s
Amorloan Brass________ 10(1
American Chlolo com _ .100
_
Preferred_____________ 100
American Hardware.........100
Amer Typefounders ootn 101)
Preferred......................100
Borden’s Cow l Milk com 100
Preferred..................
100
Celluloid C om pany.
100
Columbia Graphoph M fg (t)
P referred.......................lo o
Freeport Toxns C o _____ (t)
Havana Tobaooo C o ----- 100
Preferred
. . . . . . . 100
1st g 5s June 1 1922. J-D
Intercoutlnon Rubb com . KM
)
Internal Banking C o _
_ 100
International S alt_______ 10(1
let gold 5s 1951 . . ..A -O
International Silver pref. 100
Lehigh Valley Coal Sales. 66
Otis Elovator co m m o n .. 10(1
Preferred........................ 100
Remington Typewriter—
C o m m o n ._____________1Of
1st preferred_________ 100
2d preferred__________100
Royal linking Pow coin 100
Singer M f g _____________ mi
240 245
38
35
63
67
127 132
36
40
84
80
94
98
06
93
115 155
68
•60
08
70
*341, 343.1
1*4 Us
2
4
fit
48
10
160 ___ _
51
55%
70
68
78
81
84
*80
50
45
74
71
1512 16
77
80
48
60
125 135
92
< -1
> l2
172 176
• Per share, ft Basis. < Purchaser also pays accrued dividend, e Now stock.
1
/ F l a t price. r» Nominal, x Ex-dlvldcnd. y Ex-rl
. (t) W ithout par value.
M ay 25 1918.]
THE CHRONICLE
3217
purestmmt amt ^lailvoatl |utcIXigmtc.
RAILROAD
GROSS
EARNINGS.
The following tablei shows tho gross earnings of yarious S T E A M roads from which regular weekly or monthly returns
can be obtained. I ho first two columns of figures give tho gross earnings for the latest week or month, and the last two
columns the earnings for tho period from Jan. 1 to and including the latest week or month. The returns of the electric rail
ways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1
to Latest Date.
Current
Year.
$
S
$
A l a & V i c k s b u r g ___ A p r il
1 9 6 ,3 9 8
1 4 5 ,5 7 7
7 4 2 ,0 5 3
6 4 4 .3 7 3
A n n A r b o r __________ 4 t n w k A p i
8 5 .6 8 6
8 1 ,3 5 3
8 9 8 ,8 9 8
8 8 5 ,5 8 8
A t c h T o p e k a & S Fe M a r c h
1 2 3 9 5 100 1 1 6 2 0 5 2 6 3 3 , 7 7 0 ,1 2 7 3 2 , 2 2 5 , 8 6 9
G u lf C o lo S S F o . M a rch
c
1 ,6 3 8 ,4 5 4 1 ,3 3 3 ,1 8 3 4 ,6 7 9 , 7 2 8 3 , 9 1 2 ,8 2 1
P a n h a n d le & S Fc M a r c h
5 2 0 ,0 9 5
5 4 9 .4 7 2
1 ,4 1 7 ,2 3 !
1 , 5 4 1 ,7 2 5
A t l a n t a B i r m & A t .'Id w k A p i
7 3 ,0 5 3
7 8 ,0 1 5
1 ,3 0 9 ,2 2 9
1 , 1 8 3 .8 7 9
A tla n ta & W e st P 't . M a r c h
1 7 5 ,8 7 8
1 4 4 ,2 9 6
5 0 7 ,6 5 7
4 0 0 ,8 4 2
A v la n t i c C i t y _______ M a r c h
2 2 3 ,2 9 7
1 7 6 ,0 0 1
5 3 8 ,8 6 3
4 4 4 ,7 3 1
A t l a n t i c C o a s t L in o M a r c h
4 . 6 9 0 ,7 0 7 4 ,0 4 9 ,2 7 5 1 3 ,2 6 1 ,6 8 5 1 1 .5 5 0 ,0 9 1
A t l a n t i c <t S t L a w r . M a r c h
1 7 3 ,0 6 1
1 5 9 ,2 0 0
4 7 1 ,9 2 7
4 9 8 ,6 4 1
1 2 0 0 7 2 8 C 9 ,6 9 2 ,7 0 1 2 8 ,5 1 5 ,2 4 1 2 8 , 1 3 0 , 7 7 4
B a lt im o r e & O h io -_ M a r c h
B & O C h T e r H It M a r c h
1 6 0 ,4 6 9
1 7 6 ,1 8 9
3 2 3 .9 3 1
4 5 0 ,5 8 0
B a n g o r St A r o o s t o o k M a r c h
4 3 6 ,9 0 8
4 7 8 ,4 5 7
1 ,0 5 1 .8 0 1
1 , 2 3 9 ,5 9 4
B o lt R y o f C h ic a g o . M a r c h
3 5 0 435
3 1 8 270
7 6 9 152
852 994
B o s s o m e r <t I. K r i o . M a r c h
6 4 5 ,6 9 7
6 6 7 ,3 5 0
1 .6 7 0 .5 1 7
1 , 6 6 0 ,2 4 6
B i n g h a m & G a r fie ld M a r c h
2 5 5 ,5 8 4
2 3 5 ,6 8 9
7 2 6 ,5 5 2
6 6 3 ,7 0 2
B i r m in g h a m S o u t h . M a r c h
1 2 2 .3 5 0
1 0 0 ,6 4 6
3 4 5 ,8 0 9
2 8 7 ,9 2 0
B o s t o n S M a i n e ___ M a r c h
c
5 ,1 6 9 ,5 4 1 4 .7 3 4 ,5 8 2 1 3 ,2 1 7 ,5 0 6 1 3 ,2 5 4 ,7 4 5
B u ff R o c ll & P i t t s .. 2 d w k M a y
3 5 4 ,6 6 5
3 0 9 ,7 3 3 5 ,6 4 8 ,9 2 1
4 ,8 8 8 , 5 0 6
B u ffa lo it S u sq H U . M a r c h
1 9 2 ,5 1 9
1 4 1 ,2 2 9
5 8 5 ,5 9 0
4 0 2 ,3 5 8
C a n a d ia N o r S y s t . . 2d w k M a y
8 5 7 .3 0 0
8 8 2 ,0 0 0 1 4 .4 8 5 .5 0 0 1 3 .3 9 6 ,4 0 0
C a n a d i a n P a c i f i c . . 2 d w k M a y 3 ,1 0 9 ,0 0 0 3 ,1 2 3 ,0 0 0 5 1 ,9 4 1 ,0 3 4 4 9 , 3 1 3 , 1 2 7
C a r o C l i n c h f A O h io F e b r u a r y
3 6 6 .6 7 1
2 8 9 ,3 9 1
6 8 4 .5 7 9
6 4 3 ,1 7 6
C e n tra l o f G e o r g ia . M a r c h
1 ,7 7 6 ,3 1 3 1 ,2 4 3 ,8 8 5 4 ,9 6 3 , 5 0 5 3 , 5 7 5 , 8 2 9
C e n t o f N ow Jersey M a rch
3 ,1 9 8 ,9 0 2 2 .9 1 6 ,2 2 2 8 , 2 7 1 , 1 4 8 8 , 2 4 3 , 8 4 2
C e n t N o w E n g la n d . M a r c h
4 8 0 .9 8 5
4 5 2 ,3 6 4
1 ,2 2 7 ,5 0 1
1 , 2 1 0 .4 1 7
C o n tra l V e r m o n t . . M a r c h
3 8 8 684
3 5 5 503
9 7 2 ,2 7 8
9 4 4 ,0 7 3
C h a r ie s t & W C a r . . M a r c h
2 5 2 ,5 7 0
1 9 4 ,3 4 0
6 7 2 ,2 3 8
5 3 2 ,2 3 1
C h o s St O h io L i n e s . M a r c h
5 .1 8 8 ,7 5 1 4 ,4 6 5 ,7 6 5 1 2 ,9 6 5 ,3 2 1 1 2 .3 6 5 ,8 4 6
C h i c a g o & A l t o n ___ M a r c h
1 .8 7 6 ,5 2 1 1 ,6 7 2 ,0 5 8 4 , 5 4 6 , 5 2 3 4 , 5 8 2 , 1 5 5
C h i c B u r l S Q u in c y M a r c h
c
1 1 1 9 3 8 5 3 9 ,6 9 1 ,8 6 3 2 9 ,2 1 2 ,8 2 3 2 7 ,8 7 5 ,4 0 9
C h D o t Si C a T J e t M a r c h
8 4 .0 0 2
8 8 ,1 9 0
2 4 5 ,1 5 4
2 8 1 ,2 5 0
C h i c a g o & E a s t 111. M a r c h
2 .1 0 1 .7 0 0 1 .7 3 0 ,1 8 8 5 .0 2 7 , 9 0 8 4 , 8 2 2 , 2 0 3
C h ic a g o G re a t W e s t 1st w k M a y
2 9 4 ,7 0 7
2 7 8 ,9 2 4 5 , 8 0 5 . 8 8 6 5 , 3 2 7 , 1 7 8
C h i c I n d <t L o u l s v . 2 d w k M a y
1 6 8 ,9 8 4
1 7 1 ,4 6 6 3 ,0 9 0 ,7 0 1 3 , 2 6 5 , 3 7 4
C h lc a g o J u n e R R _ _ M a r c h
3 3 5 .6 9 9
2 7 9 ,1 5 0
7 6 0 ,3 8 4
7 7 8 ,6 8 9
c
C h ic M llw S S t P . . M a r c h
9 .9 2 5 .2 1 5 8 .7 5 7 ,2 3 2 2 4 .7 4 0 .5 0 0 2 3 ,6 2 2 ,9 7 0
C h ic & N o rth W e s t . M a r c h
9 .4 0 6 ,6 8 3 7 . 9 6 1 ,0 8 4 2 3 .2 8 5 .8 3 7 2 2 .5 2 5 ,6 3 2
C h ic P e o r ia S S t L . M a r c h
c
1 9 5 ,3 5 8
1 6 6 ,1 1 7
4 7 7 ,6 7 4
5 0 4 ,0 2 4
C h i c R o c k Isl S I’ a c M a r c h
c
8 ,2 3 6 , 8 5 6 6 , 9 3 5 , 6 7 9 2 1 ,0 0 8 .4 5 1 1 9 ,6 4 1 ,1 8 7
C h ic a g o R I & G u lf M a r c h
3 5 8 ,8 3 1
3 1 2 ,1 3 1
1 ,0 5 1 ,4 9 6
9 2 4 ,5 2 8
C h i c S t P M Si O m . M a r c h |
1 ,9 6 3 ,1 9 3 1 ,6 3 3 ,9 7 5 5 ,2 4 1 , 0 8 6 4 , 5 2 7 , 5 5 7
C h i c T e r r e 11 &
E M arch
3 6 1 ,1 8 8
2 9 0 ,0 2 7
8 7 6 ,4 6 0
8 4 2 ,6 8 0
C in e In d & W estern M a r c h
2 8 2 ,7 3 8
2 3 7 .8 0 2
7 4 9 ,0 3 1
6 8 1 ,0 3 3
C o a l & C o k e ________ M a r c h
1 0 5 ,8 0 0
1 0 9 ,3 1 9
3 0 0 .3 7 4
2 9 3 ,4 5 5
C o lo r a d o M id la n d . F e b ru a ry
1 2 0 ,7 8 7
9 6 .2 7 8
2 4 7 .4 2 8
2 1 8 .6 3 3
C o lo r a d o & S o u t h ._ 2d w k M a y
3 2 3 ,6 0 6
3 2 5 ,8 2 2 7 ,0 7 5 ,8 1 2 6 ,3 1 7 , 4 9 4
F t W Si D e n v C . M a r c h
6 4 3 ,9 7 3
4 7 0 ,9 4 7
1 , 8 4 9 ,8 9 0
1 ,4 9 7 .3 0 7
T r in ity S B ra z V M a rch
c
8 9 .0 7 4
7 8 ,5 4 1
2 5 9 ,6 0 2
2 3 8 ,0 7 2
C o l o St W y o m i n g . . M a r c h
9 3 ,5 4 0
1 0 0 ,9 1 7
2 5 0 .6 0 9
2 9 3 .0 4 8
C r ip C r k S C o l S p g s M a r c h
c
8 2 ,3 6 9
1 0 7 ,8 3 0
2 3 2 ,8 0 3
3 2 5 .3 7 4
C u b a R a i l r o a d _____ M a r c h
1 .2 3 3 ,5 0 3
2 3 0 .1 0 8 3 , 6 2 9 , 9 0 2
1 ,3 8 6 ,8 5 8
D e la w a r o & H u d s o n M a r c h
2 , 5 4 7 ,8 2 4 2 ,4 6 1 ,3 4 9 6 ,6 1 9 ,6 2 6 6 ,3 7 7 ,5 9 8
D el L a ck S W e s t .. M a rch
c
4 ,8 5 5 ,7 6 2 4 .7 0 4 ,6 5 7 1 3 ,4 4 5 ,9 5 9 1 3 .1 0 6 .0 5 9
D e n v & R io G ra n d e M a rch
2 , 3 4 4 , 2 6 9 2 ,2 8 6 ,3 1 3 6 , 7 2 2 , 0 3 2 6 ,2 2 9 . 3 5 2
D o n v c r S S a lt L a k o M a r c h
c
1 6 0 ,5 4 7
1 2 0 .5 5 5
2 9 5 ,8 7 7
3 7 8 ,5 4 0
D e tr o it S M a c k in a c 2 d w k M a y
c
3 1 .6 8 6
2 5 ,7 9 3
4 8 1 ,0 9 2
4 5 5 .8 6 0
D e tr o it T o l S Iron t M a rch
c
1 7 3 ,8 9 9
2 2 6 ,5 8 8
3 7 7 .6 3 3
6 2 7 .6 3 3
D o t S T o l Sh ore L _ M a rch
c
1 7 8 ,7 9 4
1 7 2 ,0 7 1
4 3 4 ,1 7 1
4 7 0 ,1 3 2
D u l & Iron R a n g e .. M a rch
1 2 1 ,2 6 6
1 0 3 ,9 3 5
3 2 6 ,3 6 0
3 1 1 ,3 3 1
D u l M is s a b e & N o r M a r c h
1 0 9 .2 7 2
1 7 1 ,1 5 5
4 5 5 ,1 9 0
4 9 6 .6 5 2
D u l S o u S h o r e St A t l 2 d w k M a y
9 5 .8 6 8
7 3 ,8 1 9 1 ,3 5 8 ,0 4 1
1 , 4 3 5 ,3 4 9
D u lu t h W in n St P a c M a r c h
1 5 8 ,8 2 9
2 2 2 .1 2 9
4 1 4 ,8 2 2
5 8 8 ,9 1 0
E a s t S t L o u is C o n n M a r c li
8 6 ,6 1 5
8 0 ,2 0 4
2 2 3 .6 9 0
2 3 9 ,6 3 5 '
E l g i n J o l ie t S E a s t . M a r c h
c
1 .4 4 7 ,1 3 0 1 , 2 6 9 ,2 0 9 3 ,3 5 0 .5 4 3 3 ,5 2 5 ,1 7 3
E l P a so S S o W e s t. M a rch
c
1 , 2 5 3 .9 0 9 1 ,2 3 0 ,7 2 0 3 .7 0 2 ,1 6 4 3 . 6 3 7 , 8 1 5
E r i e ___________________ M a r c l i
6 ,3 0 1 ,9 5 2 5 ,4 1 2 ,1 4 2 1 5 .5 6 7 ,7 1 3 1 4 ,8 5 5 ,2 2 2
C h ic a g o S E r i e .. M a r c h
c
8 7 0 ,9 5 6
7 0 8 .8 0 2
1 .9 7 6 ,9 3 8
1 , 8 6 9 ,4 2 9
T o t a l E r ie S y s t . . M a r c h
7 ,1 7 2 ,9 0 7 6 .1 2 0 , 9 4 4 1 7 .5 4 4 .0 5 1 1 6 ,7 2 4 ,6 5 1
F l o r id a E a s t C o a s t . M a r c h
9 9 5 ,0 9 7
8 9 3 .8 9 5 2 , 5 7 9 , 2 3 9 2 . 5 7 3 , 5 8 2
F o n d a J o h n s Si G l o v M a r c h
8 9 ,2 3 1
9 0 .1 9 9
2 4 4 ,0 7 4
2 4 7 ,3 0 3
F t S m it h & W e s t e r n M a r c h
1 1 1 ,4 9 7
8 3 ,2 2 7
3 2 3 ,6 4 6
2 6 8 ,5 4 5
G a lv e s t o n W h a r f . . M a r c h
9 2 ,4 7 4
1 1 9 ,0 1 7
2 3 9 ,6 4 8
3 3 5 ,1 7 5
G e o rg ia R a i l r o a d . . M a rch
4 5 5 ,8 0 7
3 0 8 ,5 4 7
1 .3 3 7 ,3 7 0
8 6 2 ,1 5 5
G ra n d T ru n k P a c ._ 3d w k A p r
1 1 7 ,2 4 8
1 0 6 ,9 5 1
1 ,8 8 0 ,2 3 7
1 , 3 4 5 ,5 2 6
G r a n d T r u n k S y s t . 1st w k M a y 1 , 4 3 4 ,7 2 7 1 .1 3 5 .0 9 1 2 0 . 4 3 7 , 6 8 4 1 9 ,5 5 2 ,9 3 3
G r a n d T r u n k R y I d w k A p r 1 .0 8 0 .1 3 4
8 1 2 ,9 0 5 1 3 ,5 7 1 ,2 5 8 1 3 ,3 9 2 ,8 0 3
G ra n d T r k W e s t. h i w k A p r
2 1 7 ,0 9 4
2 0 0 ,1 9 3 2 ,6 2 3 ,3 0 7 1 2 , 6 3 9 , 3 1 9
D o t G II & M l l w . h i w k A p r
6 1 ,6 9 4
7 1 ,8 9 4
8 4 0 .3 0 7 ’
9 2 2 ,4 7 7
G r e a t N o r t h S y s t e m A p ril
6 . 4 0 1 , 8 5 4 8 .7 3 6 ,1 8 8 2 3 , 8 7 9 , 7 1 9 2 3 .3 4 7 ,5 5 8
G u lf M o b ile S N o r . M a rch
c
1 9 3 ,3 4 1
1 7 0 .0 5 0
5 5 2 .2 8 2
5 0 5 ,0 6 0
G u l f S, S h ip I s la n d . M a r c h
c
2 0 9 .7 7 0
1 6 0 ,5 1 3
5 8 9 .4 9 8
4 8 3 ,1 1 5
H o c k i n g V a ll e y _____ M a r c h
8 5 5 ,5 2 5
7 5 6 ,2 6 6 2 . 2 1 0 , 7 7 5 2 . 0 5 0 . 6 1 3
I llin o is C o n t r a l _____ M a r c h
8 ,8 8 3 ,5 3 4 7 .0 7 0 .8 9 8 2 2 ,4 2 7 ,0 6 1 2 0 .0 9 4 .9 6 9
In t e r n e t & G r t N o r M arch
1 .1 5 0 ,3 1 6
8 6 8 .3 4 1
3 .1 9 1 .8 0 3 2 ,5 8 7 .5 1 3
K O M o x & G r io n t. M arch
1 0 6 ,7 2 1
9 0 ,8 3 1
2 9 8 .1 6 2
2 7 0 ,6 8 9
K O M & O o f T e x . M arch
9 9 ,9 1 0
1 0 7 ,2 0 4
3 0 6 ,2 4 9
3 1 3 .0 5 9
K a n s a s C i t y S o u t h . \ p r i l ______ 1 ,3 0 5 ,6 0 4 1 ,0 5 8 ,7 3 1 5 ,1 7 4 , 3 3 6
4 ,2 0 1 ,1 6 0
T o x a r k S F t 8 m . M a r c li
t
1 1 3 ,3 1 1
8 6 ,2 9 8
2 9 2 ,3 0 1
2 5 6 ,5 7 7
K a n sa s C ity T e r m . M a rch
9 1 ,9 9 0
9 7 ,2 4 8
2 6 8 ,6 8 3
2 8 1 ,7 5 0
L e h ig h S H u d R i v e r M a r c h
c
1 8 7 ,3 6 4
1 7 6 ,5 3 5
4 6 2 ,9 0 2
5 0 4 ,3 2 7
L e h ig h S N o w E n g . M a rch
c
2 9 3 .7 3 3
2 6 4 ,5 3 7
6 8 2 .3 5 9
7 6 8 .8 5 0
L e h ig h V a l l e y ______ M a r c h
4 . 7 3 9 ,9 7 2 1 .3 2 2 .0 9 2 1 1 ,1 9 3 ,7 5 0 1 1 ,2 8 4 ,9 8 7
L o s A n g e le s S 8 L _ . M a r c h
c
1 ,1 2 0 ,7 4 7 1 ,1 1 4 ,2 0 0 3 ,1 0 4 , 4 8 9 2 ,8 1 1 , 6 1 8
1 6 1 ,7 1 0
L o u is i a n a & A r k a n . M a rch
1 2 3 ,0 4 3
4 5 1 ,3 1 8
3 5 5 ,0 9 9
2 9 0 ,2 7 4
L o u i s i a n a R y S N a v M a rch
c
1 8 0 .9 0 9
7 0 9 ,5 8 8
5 6 2 ,6 3 7
7.8 4 6 ,2 2 7 5 ,9 5 7 ,8 8 2 2 0 .8 1 4 ,8 7 8 1 7 ,2 5 8 .9 0 4
L o u ls v i ll o & N a s h v . M a rch
M arch
2 2 6 ,2 1 7
L o u lle n d & S t L . _
176 0 88
602 692
507 468
1 ,1 6 0 ,8 0 8 1 ,1 6 9 ,9 6 5 3 . 0 0 8 ,2 0 1
M a i n e C e n t r a l ______ M a rch
3 ,2 0 0 ,3 4 2
2 7 7 .7 7 7
M id la n d V a l l o y _____ M a r c h
2 1 1 ,2 6 4
7 6 4 ,6 3 8
6 1 5 ,5 5 5
1 8 ,0 1 7
M in e r a l R a n g e ____ >d w k M a y
2 0 ,1 6 7
4 0 3 ,0 5 5
4 3 9 ,7 0 0
2 2 9 ,6 3 1
1 9 4 ,5 0 3 3 , 6 8 1 . 0 4 6 3 .2 9 7 , 1 9 0
M i n n e a p «t S t L o u is tth w k A p r
8 3 0 ,5 5 5
ith w k A p r
7 4 8 .2 9 7 9 ,0 7 9 ,7 1 1
M in n S t P & S 3 M .
9 ,4 2 8 ,2 8 6
8 7 6 ,3 4 6
M o K a n S T e x a s . . Id w k M a y
c
7 7 0 ,1 9 7 1 7 ,0 5 3 .2 6 9 1 4 ,2 7 1 ,4 9 3
1 2 8 ,3 6 3
1 2 1 ,2 7 4
M o S N orth ern A rk M arch
c
3 4 1 ,6 1 7
3 5 4 .8 6 1
s
Latest Gross Earnings.
ROADS.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1
to Latest Date.
Current
Year.
Previous
Year.
g
$
$
S
M o O k la S G u l f . . . M a r c h
c
1 6 8 .4 1 5
14 0.59C
4 5 9 ,6 9 2
4 5 7 ,7 6 4
M is s o u r i P a c i f i c ___ M a r c h
7 ,3 3 8 ,2 0 5 6 ,2 6 1 ,1 3 1 1 9 ,4 7 0 ,9 2 5 1 8 , 2 2 7 , 1 8 2
M o n o n g a h e l a ______ M a r c h
2 1 0 ,7 1 7
176.57C
5 5 1 ,7 4 (
4 9 6 ,2 6 0
M o n o n g a h e la C o n n M a r c h
1 9 4 ,4 9 9
2 0 1 ,8 1 £
4 5 1 ,1 9 1
5 2 4 ,0 9 1
N a sh v O h a tt S St L M a rch
c
1 ,6 1 9 ,2 6 8 1 ,1 7 5 ,2 3 *
4 ,2 1 6 ,7 1 2
3 ,4 7 3 , 5 4 9
N o v a d a -C a l-O r e g o n 2 d w k M a y
3 .9 4 5
7 ,6 2 2
1 0 2 ,6 1 5
76.26C
N e v a d a N o r t n e r n .. M a rch
2 0 2 .0 4 7
1 9 3 ,4 4 f
5 4 0 ,6 7 2
6 ° .4 5 f
N ew b u rg h & So S h . M arch
9 4 .2 4 6
7 2 .5 7 1
1 9 2 .6 3 U
19.I.30C
N e w O rl G r e a t N o r . M a r c h
1 7 8 ,7 3 5
1 1 7 ,5 6 1
4 8 1 ,8 8 1
3 9 1 ,3 7 8
N O T e x S M e x ic o .. M arch
c
2 2 9 ,1 0 1
1 0 7 ,8 9 7
5 6 8 ,0 6 8
3 3 6 ,7 3 8
B e a u in S L S W . M a r c h
c
1 4 1 ,8 9 8
7 4 ,7 3 8
2 3 5 ,8 3 7
3 8 6 ,9 4 7
S t L B row n sv & lV ! M a r c h
3 0 8 .0 2 7
3 4 0 ,0 3 6
9 4 6 , 03C 1 .0 9 0 .3 8 2
N e w Y o r k C o n tr a l. M a r c h
2 0 1 2 0 4 3 7 1 7 1 5 8 0 6 1 5 0 ,1 9 7 ,2 7 7 4 6 , 6 9 3 , 7 5 5
B o s t o n S A lb a n y M a r c h
c
1 .8 9 9 ,7 2 3 1 ,7 7 3 ,6 6 5
4 ,9 5 2 ,0 3 2
4 ,8 8 2 , 7 4 8
L a k o E r ie S W .
c
M arch
8 0 6 ,0 9 6
6 8 2 ,3 1 0
1 ,9 7 6 ,2 9 1
1 ,8 9 3 .0 6 4
M ic h i g a n C e n t r a M a r c h
5 .5 9 5 .2 5 6 4 ,1 8 5 ,9 6 * 1 ,3 1 4 5 .8 5 4 1 1 ,6 9 7 ,2 3 4
C lo v e C C & S t I M a rch
5 ,3 6 7 ,6 3 8 4 , 1 1 5 ,3 4 7 1 2 ,9 9 9 ,5 1 6 1 1 ,4 3 8 ,0 6 8
C in c in n a ti N o r t l M a r c h
2 1 7 ,1 3 3
1 7 2 ,2 7 6
5 2 3 ,9 8 2
5 2 6 ,3 6 4
P i t t s S L a k o E ric M a r c h
c
2 , 4 8 2 ,8 2 0 2 .0 5 3 ,6 9 7
6 , 1 7 4 ,5 4 5 5 , 5 4 3 , 2 1 9
T o l S O h io C e n t . M a r c h
c
7 3 6 ,6 0 6
5 6 5 .0 8 4
1 .7 2 9 .4 6 0
1 ,5 0 9 .0 2 0
K a n a w h a S M ic h M a r c h
c
3 5 0 ,3 4 9
2 5 6 ,8 8 1
8 9 1 ,8 7 8
7 4 8 .1 5 9
T o t a ll lin e s a b o v e M a r c h
3 7 5 7 6 0 5 3 3 0 9 6 3 3 1 2 9 2 ,5 0 9 ,9 9 0 8 5 .0 1 2 .4 7 1
N Y C h ic a g o S S t L M a r c h
c
1 ,6 6 5 .1 7 1 1 .3 2 9 .7 0 7 3 . 7 7 2 .9 6 4 3 . 8 2 7 . 8 6 0
N Y N II S H a r t f . . M a r c h
t
7 .5 4 4 .2 5 6 6 ,9 2 3 .8 4 7 1 9 .4 5 1 ,7 6 9 1 9 .3 6 0 .4 1 3
N Y O n t & W e ste rn M a r c h
8 1 5 .9 4 4
6 8 3 .3 3 9 2 ,1 8 2 .5 7 6
1 . 8 7 9 .9 7 6
N Y S u sq S W e s t .. M a rch
c
3 2 5 ,3 3 5
3 0 8 ,0 1 9
8 5 8 ,5 8 2
8 3 4 ,8 0 9
N o rfo lk S o u t h e r n .. M a r c b
4 9 2 ,6 1 2
4 8 1 .7 9 2 1 .2 6 2 .0 5 4
1 ,3 0 7 ,2 5 3
N o rfo lk S W e s te rn . M a r c h
c
5 ,7 7 0 .5 9 1 5 .1 1 9 ,1 1 5 1 5 .6 3 4 .6 8 8 1 4 ,6 0 8 .6 1 2
N o r t h e r n P a c i f i c ___ M a r c h
7 .7 1 6 .3 5 3 6 ,6 0 5 ,4 0 3 1 9 ,9 1 2 ,6 1 9 1 8 ,3 2 4 .9 9 3
M in n S I n t e r n a t ' M a r c h
c
1 0 0 ,1 9 9
2 9 0 ,0 6 8
1 0 0 ,0 0 9
2 6 4 ,5 9 9
N o r t h w o s t ’ n P a c i f ic M a r c h
3 6 2 .1 6 3
3 2 5 ,8 0 2 1 . 0 2 5 .1 0 0
9 0 8 ,9 0 5
P a c i f i c C o a s t C o ___ M a r c h
5 1 9 ,8 4 8
1 ,5 9 5 .6 7 1
1 ,0 8 1 ,9 3 2
3 6 7 ,4 2 7
P e n n s y lv a n ia RR___ M a r c h
2 5 4 4 9 5 6 7 2 3 9 8 9 1 8 2 6 3 , 8 4 5 ,5 7 6 6 4 .0 6 0 ,4 3 7
B a lt C h e s i t A t l . . M a r c h
1 0 1 .8 1 1
8 7 ,6 4 7
1 8 2 .9 7 9
1 4 3 .5 6 9
C u m b e r l a n d Vali M a r c h
3 5 6 ,6 4 5
3 S 7 .5 8 8
1 .0 2 2 ,1 4 7
9 1 8 ,8 3 1
L o n g I s la n d ______ M a r c h
1 .4 1 2 .5 0 0 1 .0 4 7 .3 1 6 3 . 6 3 2 . 1 0 0 3 , 0 2 8 , 8 2 6
M a r y D e l St V a _ . M a r c h
8 0 ,3 1 7
1 6 3 ,0 1 2
1 1 1 ,1 1 0
7 0 ,7 1 1
N Y P h il & N o r f . M a r c h
5 1 8 .1 7 4
1 ,1 1 7 ,2 8 8
3 5 5 .0 1 6
1 ,2 1 9 ,6 8 1
W J e rse y & S eash M a r c h
6 9 0 .0 6 6
5 9 0 ,2 3 8
1 , 6 3 0 .1 7 9 1 . 5 6 7 ,8 2 4
P e n n W e s t L i n e s ___ M a r c h
6 . 5 4 1 ,3 6 3 5 .8 9 5 ,6 0 8 1 5 ,3 2 4 ,6 1 7 1 5 .6 8 9 ,0 3 3
G r a n d R a p S In d M a r c h
c
5 5 2 .0 9 8
5 7 9 ,8 2 7
1 .4 6 8 ,8 1 8
1 .3 8 0 .4 6 8
P itts C O & S t L . M a r c h
6 ,9 2 6 .6 5 6 6 ,3 4 0 ,6 6 0 1 6 .3 1 1 ,3 8 3 1 6 .7 5 7 ,6 6 1
P en n S y stem —
L in o s E a s t ________ M a r c h
2 8 9 5 4 8 8 6 2 6 8 5 9 7 9 5 7 2 .3 9 9 ,0 4 3 7 2 , 0 5 6 , 3 5 5
L in e s W e s t ______
M arch
1 4 2 2 9 4 2 9 1 2 9 6 7 4 3 9 3 3 . 4 9 5 , 2 3 5 3 4 ,3 9 u ,7 6 8
L in o s E S W _____ M a r c h
c
43184316 39827236 105894278 106453123
P e o r i a S P e k in U n . M a r c h
c
1 1 7 .6 9 4
1 0 4 .9 9 7
2 9 3 ,3 5 4
2 9 5 .3 2 1
P e r o M a r q u e t t e ___ M a r c h
2 ,2 8 1 , 2 0 8 1 ,9 9 6 ,4 0 9 5 , 0 8 5 . 7 6 0 5 , 2 7 5 . 2 0 6
P i t t s b «t S h a w m u t . M a r c h
1 0 7 ,6 3 3
1 0 4 ,5 5 5
2 8 6 .6 2 3
2 8 4 ,4 3 6
P i t t s S h a w S N o r t h M a r c h ___
c
1 2 5 ,3 0 4
1 2 3 ,0 3 8
3 5 4 .9 1 6
3 4 9 .2 0 6
P i t t s & W e s t V a ___ M a r c h _____
2 1 7 ,8 0 3
5 6 7 ,2 3 8
P o r t R e a d i n g _______ M a r c h
2 1 4 ,3 2 4
175TU 6
4 0 1 ,5 5 5
4 4 5 ,9 5 0
R e a d in g C o —
P h ila & R e a d i n g . M a r c h
6 ,1 2 5 ,5 8 2 5 ,6 1 9 ,8 2 6 1 5 .2 6 4 .5 2 2 1 5 .6 1 9 ,2 0 1
C o a l & Iron C o . . M a rch
4 ,6 7 7 ,6 6 8 3 . 9 3 4 ,5 3 9 1 2 .6 2 4 .1 8 8 1 1 ,2 5 3 ,4 7 0
T o t a l b o t h c o s ___ M a r c h
1 0 8 0 3 2 5 0 9 . 5 5 4 .3 6 5 2 7 . 8 8 8 , 7 1 0 2 6 ,8 7 2 ,6 7 1
R ic h F red S P o to m M a r c h
c
4 4 3 ,9 0 1
3 8 7 ,8 8 0 1 .2 0 6 ,7 6 8 1 , 1 0 9 , 5 4 8
W a s h in g ’n S o u th . M a r c h
2 5 0 .3 1 8
1 9 6 ,5 2 6
6 7 7 ,4 1 6
5 6 4 ,5 9 4
R u t l a n d ______________ M a r c h
3 8 4 .7 3 1
3 5 8 .2 7 1
9 5 7 .3 8 6
9 6 2 .4 5 3
S t J o s S G r a n d L sl. M a r c h
c
2 3 7 .2 4 4
1 8 6 .8 9 9
5 2 5 .1 5 9
6 5 4 ,1 5 5
S t L o u is - S a n F r a n . M a r c h
5 ,2 4 3 . 2 0 8 4 , 4 5 6 , 1 6 2 1 3 .8 2 0 .3 7 1 1 3 .0 4 0 ,1 2 5
F t W & llio G r _ . M a rch
8 7 ,2 1 7
6 6 ,0 8 2
1 9 8 .9 8 8
2 8 4 ,4 4 4
St L S F & T e x a s. M arch
1 2 1 .8 7 4
9 8 .0 9 1
3 8 9 ,2 6 4
2 9 5 ,5 5 3
S t L o u is S o u t h w e s t . 2 d w k M a y
2 9 1 .0 0 0
2 9 6 .0 0 0 7 ,0 9 2 ,7 9 0 5 ,8 9 2 ,7 9 7
S t L o u is S W o f T e x M a r c h
5 9 8 ,4 6 0
4 1 2 .7 9 3
1 , 7 5 5 ,3 5 0 1 , 2 2 7 , 1 3 2
S a n A n t < t A r a n P a ss M a r c n
3 6 7 .5 3 9
2 9 9 ,9 3 1
8 6 2 .6 5 4
1 , 0 7 0 .1 1 9
S e a b o a rd A ir L i n e .. M a r c h
3 . 0 9 4 .1 7 4 2 , 6 8 5 .5 4 2 8 , 3 2 7 ,6 0 2 7 .8 0 4 . 0 5 3
S o u t h B u f f a l o ______ A p r i l ______
1 6 8 ,2 5 2 1 1 5 3 ,0 4 6
4 7 0 ,7 5 3
4 6 8 .2 0 7
S o u t h e r n P a c i f i c ___ M a r c h
1 2 3 3 2 0 2 3 1 1 2 51 114 3 4 .0 2 4 .0 9 2 2 9 . 0 0 6 . 1 0 8
A r iz o n a & E a s t . . M a r c h
3 8 7 .9 4 4
4 0 6 ,5 1 7
1 .0 9 7 ,6 3 0
1 ,1 8 0 ,3 3 7
G a lv H o n s & S A . M a r c h
1 .7 3 4 ,4 5 2 1 .6 4 0 ,3 2 9 5 . 0 4 6 . 1 6 2 4 ,6 4 9 .8 2 1
H ou ston S T e x C M a rch
c
7 7 5 ,2 1 8
5 9 8 ,9 2 3 2 . 1 7 0 . 4 9 7
1 ,8 0 0 ,0 6 3
H o n s E St W T e x . M a r c h
1 6 8 ,2 6 0
1 5 8 .2 7 4
4 4 8 ,4 4 5
4 9 5 .4 4 9
L o u is i a n a it W e s t M a r c h
3 4 7 ,2 6 9
2 8 9 .1 9 1
9 8 8 ,2 6 0
8 1 1 .9 8 0
M organ s L a S T ex M arch
c
6 8 1 .0 0 1
5 2 7 ,1 4 9
1 .8 6 7 ,9 4 0
1 ,4 9 7 .7 7 5
T e x a s & N e w O rl M a r c h
6 0 0 ,1 3 6
5 0 5 .0 0 7
1 , 7 2 5 .3 7 3
1 ,4 6 9 .9 5 0
S o u t h e r n R y S y s t . . 2 d w k M a y 2 , 4 9 9 , 3 6 0 2 ,1 0 2 ,4 5 6 1 7 ,8 2 7 ,0 3 6 3 9 , 1 6 0 , 2 7 7
A la G re a t S o u t h . M a r c h
6 7 9 .4 7 6
5 2 3 ,9 1 7
1 . 7 8 5 .8 6 5
1 .5 0 8 ,4 4 1
C I n N O & T e x P . M arch
1 .1 5 3 .5 5 8 1 .0 5 1 .0 4 8 2 .8 2 9 .5 3 5 2 . 9 8 8 . 9 7 s
N e w O rl i t N o r E M a r c h
5 1 7 .9 0 6
3 5 3 .2 7 5
1 ,4 1 9 .0 0 9
1 . 1 1 6 .6 2 5
M o b i l e & O h i o ___ 2 d w k M a y
2 5 4 ,8 8 5 : 2 8 6 ,2 8 9 4 ,7 0 2 ,4 9 6 4 , 7 4 1 , 09(v
G e o r g i a S o u «t F la 2 d w k M a y
6 1 ,5 1 3
4 8 ,7 5 6 1 , 1 9 0 ,9 3 2 1 , 0 2 7 , 6 1 r
S p o k a n e I n t e r n a t 'l . M a r c b
8 0 ,6 4 6
7 3 ,8 2 8
2 1 1 ,6 5 4
1 7 2 .3 8 a
S p o k P o r t & S e a t t le M a r c h
5 4 2 ,5 7 1 j 4 8 6 ,8 9 7 1 ,8 3 6 ,8 3 1
1 ,3 8 6 . 6 8 c
T c n n A l a S G e o r g i a 1st w k M a y
c
1 ,8 1 0
1 ,8 9 7
3 8 ,0 4 8
4 2 ,3 5 f )
T en n essee C e n tr a l. M a rch
1 9 6 .4 1 6
1 3 4 ,6 1 8
4 7 1 .9 1 7
4 0 1 ,6 2 o
T e rm R R A ssn St L M a rch
3 0 4 ,3 0 2
2 7 5 ,9 1 4
8 3 0 .6 3 1
8 3 4 ,78q
S t L M B T e r m . . M arch
2 7 7 ,4 0 8
2 5 0 .0 0 9
7 2 2 .9 8 r
7 1 9 ,4 9 2
T e x a s & P a c i f i c _____ 1 st w k M a y
4 1 7 ,5 0 1
4 1 1 ,4 8 3 8 ,0 6 0 ,6 2 3 7 ,3 2 8 ,8 7 < r
T o l e d o P o o r St W e s t M a r c n
1 3 1 .5 7 7
1 0 1 .4 0 5
3 4 4 .7 4 4
2 9 6 .3 5 ?
2d w k M a y
T o le d o St L S W est
c
1 8 1 ,4 3 4
1 6 0 .0 0 0 2 , 5 0 3 , 2 9 9 2 , 3 8 8 , 9 7 o
U ls t e r S D e l a w a r o . M a r c h
c
6 3 ,4 9 6
6 0 ,7 6 3
1 6 0 ,6 2 b 1 6 5 ,6 9 9
U n io n P a c i f i c ______ M a r c h
6 ,8 9 9 ,8 8 5 ' 5 ,4 1 3 ,6 7 7 1 8 .2 4 7 .1 3 9 1 4 .7 8 3 .0 4 S
O r e g o n S h o r t L _ . V la rch
2 ,5 6 4 .2 3 9 ! 2 .3 0 0 ,8 8 4 7 , f>2 0 ,5 3 6 6 . 2 4 0 .3 1 r
O re -W a s h R R & N M arch
1 . 9 2 0 ,0 1 5 1 ,5 4 4 ,4 8 4 5 , 0 5 4 , 4 0 8 4 , 3 0 5 , 8 4 ?
U n io n R14 ( B a l t ) . . V la rch
1 7 8 .9 8 7
1 7 3 ,5 9 9
4 8 2 ,0 9 9
4 7 6 ,9 7 1
U n io n R R ( P a ) _____ M a r c h
4 2 3 .8 7 1
4 2 6 ,2 4 2
1 .1 1 7 .0 0 4
1 .0 5 4 ,4 1 1
V i c k s S lir o v o S P a c V pril
c
1 9 7 ,6 3 7
1 5 8 ,3 5 9
6 8 4 .2 8 J
8 2 2 ,8 5 1
V i r g i n i a n ____________ M a r c h
8 2 7 .9 5 0
9 1 0 ,5 0 6 2 . 3 0 6 . 6 4 5 2 , 5 0 5 , 5 6 2
W a b a s h _____________ M a r c h
3 .6 2 3 .1 3 5 1 .3 7 8 ,1 4 4 8 , 5 5 1 . 0 5 0 9 .0 0 9 .3 1 i
W e s t e r n M a r y l a n d . V larch
1 .2 4 2 .7 2 0
. 1 1 1 .5 0 3 3 .0 6 4 , 8 5 5 3 ,1 1 8 . 6 8 1
W e s t e r n P a c i f i c _____ V la rch
7 7 2 .2 8 7
7 6 3 ,2 2 7 2 . 3 4 8 . 4 9 8 1 .8 2 9 . 5 8 ”
W e s t e r n R y o f A l a - V la rch
1 9 0 ,1 6 3
3 7 9 ,9 0 4
1 4 4 ,2 7 7
5 3 9 ,7 4 3
W h e e l i t L a k e E r i e . V la r c h
8 6 5 .4 7 6
6 9 9 ,8 8 2 2 .2 5 0 .1 8 8 1 , 9 5 6 , 1 7 “
Y a z o o & M is s V a i l . M a r c h
1 .8 6 3 .6 6 6
. 3 5 9 .9 9 7 4 , 8 8 8 . 1 3 0 4 , 0 1 4 . 7 3 *
A G G R E G A T E S O F G R O S S E A R N I N G S — W e ek ly an d M onth ly.
*
4th
1st
2d
3d
4th
1st
2d
3d
4 th
1st
2d
w eek
w eek
w eek
w cok
w eek
w ook
w ook
w eek
w eek
w eek
w eek
Fob
M ar
M ar
M ar
M ar
Apr
A p r il
A p r il
A p r il
M ay
M ay
(2 6
(2 5
(2 4
(2 4
(2 2
(2 3
(2 3
(2 3
(2 0
(2 0
(1 5
r o a d s ) ____
r o a d s ) ____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
r o a d s ) _____
Current
Year.
Previous
Year.
Increase or
Decrease.
$
Wceklg Summaries.
$
1 0 ,3 0 5 .6 6 7
9 ,8 9 0 .0 8 4
1 0 ,4 9 9 .3 5 9
1 0 ,0 9 6 ,0 1 7
1 5 ,5 1 2 ,6 0 8
1 0 .6 8 8 ,4 0 2
1 0 ,9 7 0 .5 9 5
1 0 ,5 0 5 ,5 2 5
1 3 ,6 7 3 .8 6 3
1 0 ,1 4 7 ,7 5 3
8 .6 0 3 ,1 2 0
S
+ 1 .3 1 6 ,1 4 2
+ 1 .0 3 5 .3 6 4
+ 7 7 5 .5 5 1
+ 2 ,0 0 0 .8 9 3
+ 1 .6 4 5 .3 6 4
+ 1 .0 6 0 ,0 9 9
+ 1 .0 9 7 .1 4 3
+ 1 .6 3 7 ,8 8 1
+ 3 ,4 6 6 .8 5 8
+ 8 8 3 ,9 6 0
+ 5 2 5 .0 8 9
1 1 ,6 5 1 ,8 0 9
1 0 ,9 2 5 ,4 4 8
1 1 .2 7 4 .9 1 0
1 2 .0 9 6 .9 1 0
1 7 .1 5 7 ,9 7 2
1 1 ,7 4 8 ,5 0 1
1 2 ,0 6 7 ,7 3 8
1 2 ,1 4 3 ,4 0 6
1 7 ,1 4 0 ,7 2 1
1 1 ,0 3 1 ,7 1 3
9 ,1 2 8 ,2 0 9
%
*
Monthly Summaries.
Mileage.
1 3 .0 7
1 0 .4 7
7 .1 0
1 9 .8 2
1 0 .5 6
9 .7 2
1 0 .0 1
1 5 .7 5
2 4 .2 5
8 .7 1
6 .1 0
Cur. Yr. P rep . Yr
J u n e ________ . 2 1 2 . 1 1 1
J u l y .............. . 2 4 5 . 6 9 9
A u g u s t _____ . 2 4 7 . 0 9 9
S e p t e m b e r . .2 4 5 ,1 4 8
O c t o b e r ___ - 2 4 7 . 0 1 8
N o v e m b e r . .2 4 2 .4 0 7
D e c e m b e r . -2 4 7 ,9 8 8
J a n u a r y . . . .2 4 0 ,0 1 6
F e b r u a r y .. .2 3 0 ,3 3 6
M a r c h _____ . 2 3 8 , 8 9 1
A p r i l ............. . 6 5 ,7 2 3
2 4 1 .5 5 0
2 4 4 ,9 2 1
2 4 6 ,1 9 0
2 4 3 ,0 2 7
2 4 5 .9 6 7
2 4 1 .6 2 1
2 4 7 ,2 6 5
2 3 9 ,8 8 5
2 2 8 ,8 3 5
2 3 7 ,4 6 3
6 5 .0 0 3
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
3 5 1 .0 0 1 ,0 4 5
3 5 3 .2 1 9 .9 8 2
3 7 3 .3 2 6 711
.3 6 4 ,8 8 0 .0 8 6
3 8 9 ,0 1 7 .3 0 9
3 6 0 .0 6 2 .0 5 2
3 4 3 .8 7 5 .0 5 2
2 8 2 .3 9 1 ,6 6 5
3 6 2 ,7 6 1 ,2 3 8
2 8 5 ,7 7 6 ,2 0 3
6 0 .3 7 4 .3 1 6
S
3 0 1 .3 0 4 .8 0 3
3 0 1 ,8 9 1 .9 5 ;
3 3 3 .5 5 5 136
3 3 0 ,9 7 8 .4 4 8
3 4 5 .0 7 9 .9 7 7
3 2 8 .7 5 7 ,1 4 7
3 1 7 ,8 3 6 ,3 8 6
2 9 4 ,0 0 2 .7 9 1
3 1 2 ,2 7 6 ,8 8 1
2 6 0 ,6 2 7 ,7 5 2
5 3 ,3 1 2 ,6 5 1
$
4 - 4 9 .6 9 8 ,2 4 2
+ 4 8 . 3 2 8 ,0 2 6
+ 3 9 .7 7 1 ,5 7 6
+ 3 3 .9 0 1 .6 3 8
+ 4 3 ,9 3 7 .3 3 2
+ 3 3 ,3 0 4 .9 0 5
+ 2 6 ,0 3 8 ,6 6 6
— 1 1 , 6 0 8 ,1 2 6
+ 5 0 ,4 8 1 ,3 5 7
+ 2 5 ,1 4 8 .4 5 1
+ 7 ,0 6 1 ,6 6 5
1849
1509
1 1 .9 2
1 0 .2 4
1 2 .7 3
1 0 .1 9
8 .1 8
3 .9 5
1 6 .2 2
9 .6 5
1 2 .9 8
[V o l . 10b.
THE CHRONICLE
2218
L a t e s t G r o s s E a r n i n g s b y W e e k s — In the table which
follows we sum up separately the earnings for the second
week of M ay. The table covers 15 roads and shows 6.10%
Latest Gross Earnings.
Jan. 1 to Latest Date.
Week or
Month.
Name of Road
or Company.
b H udson & M a n h a t. M arch
1917.
1918.
Second Week of May.
Increase. Decrease.
8
3 5 4 ,6 6 5
8 5 7 ,3 0 0
3 ,1 0 9 ,0 0 0
1 6 8 ,9 8 4
3 2 3 ,6 0 6
3 1 ,6 8 6
9 5 ,8 6 8
6 1 ,5 1 3
1 8 ,6 1 7
8 7 6 ,3 4 6
2 5 4 ,8 8 5
3 ,9 4 5
2 9 1 ,0 0 0
2 ,4 9 9 ,3 6 0
1 8 1 ,4 3 4
T o t a l (1 5 r o d ) ------- ; --------------N e t in c r e a s e ( 0 . 1 0 % ) -------------
$
3 0 9 ,7 3 3
8 8 2 ,0 0 0
3 ,1 2 3 ,0 0 0
1 7 1 ,4 6 6
3 2 5 ,8 2 2
2 5 ,7 9 3
7 3 ,8 1 9
4 8 ,7 5 6
2 0 ,1 6 7
7 7 0 ,1 9 7
2 8 6 ,2 8 9
7 ,6 2 2
2 9 6 .0 0 0
2 ,1 0 2 ,4 5 6
1 6 0 ,0 0 0
9 ,1 2 8 ,2 0 9
B u ffa lo R o c h e s te r & P itts b u r g h
C a n a d i a n N o r t h e r n ----------------------C a n a d i a n P a c i f i c --------------------------C h i c a g o I n d i a n a p o li s & L o u i s v .
C o l o r a d o & S o u t h e r n -----------------D e t r o i t & M a c k i n a c -------------------D u lu th S o u th S h o re & A tla n t ic
G e o r g i a S o u t h e r n & F l o r i d a ------M in e r a l R a n g e ------------------------------M i s s o u r i K a n s a s & T e x a s -----------M o b i l e & O h i o _________________
N e v a d a - C a l i f o r n i a - O r e g o n ---------S t L o u is S o u t h w e s t e r n ----------S o u t h e r n R a i l w a y -------------------T o l e d o S t L o u is & W e s t e r n -------
8 ,6 0 3 ,1 2 0
S
S
„
4 4 ,9 3 2
2 4 ,7 0 0
1 4 ,0 0 0
2 ,4 8 2
2 ,2 1 6
5 ,8 9 3
2 2 ,0 4 9
1 2 ,7 5 7
________
1 ,5 5 0
3 1 ,4 0 4
1 0 6 ,1 4 9
3 1 ,4 0 4
3 ,6 7 7
5 ,0 0 0
3 9 6 ,9 0 4
2 1 ,4 3 4
8 5 ,0 2 9
6 1 0 ,1 1 8
5 2 5 ,0 8 9
N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re
ported last week:
------- Gross
Current
Year.
$
Roads.
Earnings—
Previous
Year.
$
8 2 ,3 6 9
C r ip C rk & C o lo S p g s .. . M a r
2 3 2 ,8 0 3
J a n 1 t o M a r 3 1 -----------K a n s a s C i t y S o u t h . b — A p r 1 , 3 6 5 ,6 0 4
J a n 1 t o A p r 3 0 ------------ 5 , 1 7 4 , 3 3 6
1 2 5 ,3 0 4
P i t t s S h a w m & N o r ------- M a r
J a n 1 t o M a r 3 1 -----------3 5 4 ,9 1 6
1 6 8 ,2 5 2
S o u t h B u f f a l o ____________ A p r
J a n 1 t o A p r 3 0 -----------4 7 0 ,7 5 3
1 0 7 ,8 3 0
3 2 5 ,3 7 4
1 ,0 5 8 ,7 3 1
4 ,2 0 1 , 1 6 0
1 2 3 ,0 3 8
3 4 9 .2 0 6
1 5 3 ,0 4 6
4 6 8 .2 0 7
-------- Net
Current
Year.
«
Earnings------Previous
Year.
3 6 ,6 9 5
9 2 ,3 0 0
5 2 6 ,3 2 8
1 ,8 3 3 ,5 1 5
d e f2 8 ,6 1 3
d e f8 6 ,8 5 7
7 8 ,2 4 4
1 1 2 ,1 3 5
$
5 4 ,7 6 7
1 6 5 ,9 7 8
4 2 8 ,2 5 9
1 , 6 8 1 ,4 6 6
4 ,1 2 5
5 ,0 9 6
8 6 ,6 7 5
1 9 2 ,8 4 6
a N e t e a r n in g s h e r o g i v e n a r e a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r o g i v e n a r o b e f o r e d e d u c t i n g t a x e s .
Gross
Earnings.
Net
Earnings.
Ollier
Income.
Total
Income.
Charges
A Taxes.
S
S
S
8
Balance,
Surplus
S
Pittsb & WC3t Va R y Co—
40,111
M a r ’ 18
217,803
55,016
’ 17
.................................
128’,757
3 mos
’ 18
507,23S91.SS1
’ 17
..................................
EXPRESS
S
05,157
25,643
69,514
223,638
84",833
138,805
b R e p r e s e n t s i n c o m e f r o m a ll s o u r c e s , c T h e s e fig u r e s a r e fo r c o n s o l i
d a t e d c o m p a n y . / E a r n i n g s n o w g i v e n In m ilr e is .
g I n c lu d e s c o n s t i t u e n t
co m p a n ie s
C O M P A N IE S .
— A dams Express Co.--------- Great Northern Co.
-— 8
' -------- .
1917
191 $
$
3 .8 0 8 ,0 9 9
T o t a l f r o m t r a n s p o r t a t i o n . . 4 ,3 2 3 , 8 6 5
1 ,8 9 3 ,7 7 7
E x p r e s s p r i v il e g e s — D r ---------- 2 ,1 5 7 ,2 4 6
Month of January—
R e v e n u e f r o m t r .— , — . . . . . 2 , 1 6 6 , 6 1 9
4 2 ,1 3 6
O p or. o th er th a n tr a n s p o r t’n
2 .2 0 8 , 7 5 5
2 ,8 7 5 ,9 4 3
1 , 9 1 4 ,3 2 2
6 1 ,0 6 2
1 , 9 7 5 .3 8 4
2 .1 5 0 ,6 8 1
d e f6 6 7 ,1 8 8 d e f l7 5 ,2 9 7
977
1 ,2 2 0
U n c o l l e c t , r e v . 'f r o m t r a n s p ’ n
2 1 ,2 4 4
2 5 ,2 8 0
E x p r e s s t a x e s ----------------
1918.
19 17.
2 0 6 ,8 8 2
1 2 6 ,1 9 9
2 3 2 ,0 2 1
1 4 0 ,9 6 6
8 0 ,6 8 3
3 ,7 6 6
9 1 ,0 5 5
4 ,2 2 7
9 5 ,2 8 2
1 0 7 ,1 8 3
8 4 ,4 4 9
9 0 ,3 4 5
lo s s 5 ,8 9 6 lo s s 1 1 ,9 0 1
2.1
29
4 ,3 G 5
5 ,7 4 0
O p e r a t in g i n c o m e _________ lo s s 6 9 3 6 8 8 l o s s l 9 7 , 5 1 8 l o s s 1 1 ,6 6 5 lo s s 1 6 ,2 8 9
Month of February-----------Jan. 1 to Feb. 2 8 —
1917.
8
2 0 5 ,4 9 6
1 1 3 ,4 4 5
1918.
$
4 4 5 ,0 3 3
2 6 4 ,0 0 9
1917
S
4 2 3 ,4 6 5
2 3 4 ,5 4 9
9 3 ,0 7 1
3 ,0 5 4
9 2 ,0 5 1
2 ,9 6 0
1 8 1 ,0 2 4
6 ,1 9 6
1 8 8 ,9 1 6
6 ,2 5 8
9 6 ,1 2 5
1 0 9 ,2 9 6
9 5 ,0 1 1
9 0 ,7 5 5
1 8 7 ,2 2 0
2 2 0 ,5 7 4
1 9 5 ,1 7 4
1 8 3 ,6 6 4
N o t o p e r a t i n g r e v e n u e ------- d e f l 3 , 1 7 1
41
U n c o lle c t ib lo r e v . fr o m tra n s .
8 ,0 0 0
E x p r e s s t a x e s __________________
4 ,2 5 6
97
6 ,0 0 0
d e f 3 3 ,3 5 4
51
1 6 ,0 0 0
1 1 ,5 1 0
155
1 2 ,0 0 0
1918.
8
Northern Express Co.—
t r a n s p o r t a t io n ..
2 2 8 ,9 6 5
R e v en u e fro m tr a n s p o r t’n .
O p e r . o t h e r t h a n t r a n s p o r t ’ ll
T o t a l o p e r a tin g r e v e n u e s .
O p e r a t in g e x p e n s e s ----------------
T o t a l fro m
O p e r a t in g i n c o m e _____________l o s s 2 1 ,2 1 2
l o s s 1 ,8 4 1 lo s s 4 9 ,4 0 5
E L E C T R IC
P U B L IC
R A IL W A Y
AND
I llln o ls T r a c t i o n -------- M a r c h
In terb oro R a p T r a n . M a rch
J a c k s o n v il l e T r a c C o M a r c h
K e o k u k E le c t r ic C o M a r c h
K e y W e s t E le c t r ic C o M a r c h
L a k e S h o re E le c R y . F e b ru a ry
L e w is t A u g & W a t e r v M a r c h
L o n g I s la n d E l e c t r i c D e c e m b e r
L o u is v i ll e R a i l w a y . . A p r i l
M i l w E l R y & L t C o A p r il
M i l w l , t , H t & T r C o A p r il
N a s h v i ll e R y & L t — M a r c h
N e w p N & H R y . G & E A p r il
N Y & L o n g I s la n d . . D e ce m b e r
N Y & N o rth S h o r e .- D e ce m b e r
D ecem b er
N Y & Q ueens C o —
N o w Y o r k R a ilw a y s . M a r c h
N V & S ta m fo r d R y . D e ce m b e r
N Y W e stch e e & B oat D e ce m b e r
N o r t h a m p t o n T r a c . . A p ril
N . r ..
E le c C o r p
. . .o . t h. O h io ___________ M a r c h
N o r t h T e x a s E le c t r ic M a r c h
O c e a n E l e c t r ic ( L I )_ | D e c e m b e r
P a c i f ic G a s & E l e c
| ecem ber
D
7 P a du cah T r & L t C o M a rch
P e n s a c o la E l e c t r i c C o ; M a r c h
P h il a & W e s t e r n ____ 'A p r i l
I 'h i l a R a p i d T r a n s i t . * ~”
P o r t (O r e ) R y , L & P C o .
g P u get Sd T r, L t & P
p R e p u b lic R y & L ig h t
R h o d e I s la n d C o . . .
R ic h m o n d L t & R R .
S a n tia g o E l L t & T r .
S a v a n n a h E le c t r ic C o
S econ d A v e n u e (R o c)
S o u th e rn B o u le v a r d .
S o u th e rn C a l E d is o n .
S ta te n Is l’d M id la n d .
T a m p a E le c t r ic C o . .
T h ir d A v e n u e I I y —
D D E B & B RR.
4 2 d S tM & S tN A v R y
U n io n R y C o ( N Y C )
Y on k ers R a ilr o a d -.
N Y C ity Iu te rb R y
B e lt L in e R y C o r p . .
T h ir d A v e n u e System
T w in C it y R a p T r a n .
V i r g i n ia R y & P o w e r
W a s h B a lt & A n n a p .
W e stch e ste r E le c t r ic .
W e s t c h e s te r S tr e e t -R R
Y o r k R a i l w a y s _______
Y o u n g s to w n & O h io .
________________________________________
E le c t r ic R a ilw a y a n d O t h e r P u b lic U t i l i t y N e t E a r n
i n g s . — The following tablo gives the returns of E L E C T R I C
railway and other public utility gross and not earnings with
charges and surplus reported this week:
-------- Gross
Current
Companies.
D a y ton P ow er & L t — A pr
J a n 1 t o A p r 3 0 -----------N o rth a m p to n
Jan 1 to
T r a c t .a .A p r
A p r 3 0 ------------
S a n tia g o E le c t L t & T r .M a r
J a n 1 t o M a r 3 1 ________
COS.
Latest Gross Earnings.
$
1 4 ,2 8 4
7 6 .1 0 7
2 0 ,3 2 2
5 8 ,9 1 6
/8 0 9 4 0 0 0
7 .9 7 8
2 4 2 2 ,4 5 5
3 9 ,5 1 6
2 5 .2 3 9
1 5 1 ,5 3 3
1 8 8 5 ,7 5 0
3 5 ,3 9 7
9 6 8 ,6 1 3
9 6 .1 9 5
3 6 2 ,5 2 6
1 7 5 6 ,6 8 8
8 3 7 ,6 4 7
5 0 8 ,0 7 8
2 4 5 .2 7 0
1 8 8 ,9 0 1
1 0 9 0 ,2 9 7
1 4 7 3 ,5 7 2
1 4 6 ,7 2 1
3 2 8 ,2 2 1
8 7 ,4 5 9
1 0 7 ,5 3 2
2 9 0 ,5 4 0
2 1 5 ,5 9 1
1 0 8 ,9 1 8
3 3 2 ,2 6 4
1 0 5 ,1 2 3
6 4 2 ,1 1 0
6 1 .1 2 5
3 1 .8 3 4
Previous
Year.
Previous
Year.
S
$
9 7 ,8 4 0
46 413
2 7 ,1 5 8
2 1 4 ,6 6 3
221 3 6 8
7 1 ,2 0 3
5 7 .5 4 5
61 6 9 9
1 8 ,2 7 7
9 9 9 .8 8 6
8 7 ,4 7 8
1 .0 5 8 7 2 9
/ 7 5 4 9 0 0 0 /2 3 2 4 6 ,000 /2 1 6 8 7 . 0 0 0
99 7 2 9
2 5 ,1 4 2
8 ,4 1 2
2 4 5 2 ,7 0 6 3 0 ,5 6 3 ,718 2 9 .3 0 4 ,9 4 8
1 0 4 ,3 4 5
3 3 ,7 5 4
117 2 38
7 4 ,2 6 2
79 268
2 3 ,6 2 9
3 1 6 ,3 3 4
422 , 326
1 0 6 ,6 9 1
1 6 0 9 ,0 1 3 7 ,7 4 2 , 0 3 5 6 ,8 6 6 ,8 1 1
6 8 ,7 9 8
7 6 , 169
3 2 ,3 6 2
9 1 7 ,7 8 2 4 ,4 3 6 , 9 0 6 4 , 0 8 2 , 8 1 4
2 5 8 ,4 4 5
301, 634
8 7 ,8 5 1
9 8 6 .2 7 8
3 3 2 ,3 8 9 1 ,0 7 7 , 5 6 2
1 5 5 8 ,5 3 8 5 ,0 7 6 ,359 4 , 7 0 6 .9 9 1
8 0 8 ,1 9 8 1 0 .0 2 3 ,162 9 .5 6 6 ,4 3 5
1 ,5 1 2 ,461 1 , 4 0 2 ,1 8 7
4 5 4 ,5 8 1
6 9 2 .3 8 1
6 8 7 ,9 1 3
2 3 6 ,3 8 7
6 3 6 ,6 1 3
771 ,8 5 8
1 4 2 ,0 2 3
9 7 7 ,6 6 8 4 ,6 5 0 .8 0 5 4 ,1 6 6 ,1 0 4
1 3 7 0 .4 4 7
3 7 9 .3 1 5
4 1 8 ,9 2 2
1 3 3 ,1 0 1
8 4 7 ,8 1 7
2 8 7 ,0 5 2
9 3 8 ,9 7 2
2 2 8 .4 2 1
2 5 2 ,3 2 7
7 6 ,0 6 2
3 3 5 .7 8 1
3 2 5 ,7 6 7
1 0 8 .1 8 3
4 7 3 .6 9 1
6 0 0 ,8 8 4
2 2 9 ,8 1 3
4 6 9 ,8 2 9
591 ,5 9 6
1 5 7 ,4 6 9
3 2 9 ,7 7 3
3 1 8 ,6 5 7
1 1 2 ,7 3 3
9 8 6 ,4 3 9
3 1 5 ,7 7 2 1 ,0 4 5 ,9 8 9
2 7 4 .7 1 6
2 9 4 ,7 8 4
9 4 ,9 2 6
,5 9 7 ,2 1 0
5 4 5 ,3 9 7 1 ,9 0 4 ,191
1 7 3 ,9 9 2
1 7 0 .7 9 1
5 9 .7 4 1
8 4 .4 9 9
8 7 ,9 2 2
3 0 ,4 9 7
5 8 ,5 7 7
2 1 3 ,1 6 4
4 6 ,4 7 5
2 0 2 ,9 2 9
1 7 ,6 7 8
7 0 ,6 8 7
1 7 ,3 3 4
6 8 ,1 9 3
6 ,3 9 5
2 6 .9 9 8
7 ,3 1 2
3 1 ,3 5 9
5 4 ,0 9 6
1 6 1 ,8 6 6
4 0 ,0 2 1
1 3 3 ,4 4 4
21,012
6 3 .9 9 9
8 ,0 7 4
4 3 ,9 4 5
3 9 7 ,2 4 9
1 , 5 3 4 ,8 9 2
1 0 9 ,5 1 8
4 4 4 ,9 3 0
U t a h S e c u r it ie s C o r p —
(s u b s id c o s o n l y ) ----------A p r
J a n 1 t o A p r 3 0 ________
5 2 6 .2 2 3
2 ,0 7 3 ,6 3 7
3 1 3 ,9 3 5
1 ,3 0 5 ,9 2 1
2 9 6 ,8 0 6
, 1 5 2 ,9 1 7
______
5 6 1 ,2 8 5
2 ,3 3 4 ,0 1 1
a N e t e a r n in g s h o r e g i v e n a r o a f t e r d e d u c t i n g t a x e s ,
b N e t e a r n in g s h e r o g i v e n a r e b e f o r e d e d u c t i n g t a x e s .
Net
Gross
Earnings. Earnings.
L o u is v i ll e E l R y
1 8 ,8 4 6
2 2 ,9 6 2
2 6 9 ,0 2 7
2 7 2 ,6 0 5
1 4 ,0 8 4
1 2 ,5 1 7
1 6 2 ,7 3 6
1 5 0 ,4 7 9
4 ,7 6 2
1 0 .4 4 5
1 0 6 ,2 9 1
1 2 2 ,1 2 6
2 8 3 ,7 6 4
2 6 1 .1 7 6
2 ,7 7 9 , 4 7 4
2 .5 8 8 ,4 3 2
1 6 2 ,6 4 4
1 5 3 ,3 5 1
1 ,5 9 7 .8 6 8
1 ,5 1 2 ,3 1 4
7 1 3 5 ,0 0 2
7 1 1 5 ,4 2 2
7 1 ,2 8 2 ,3 1 4
7 1 , 1 5 5 ,2 8 8
1 9 3 ,1 4 0
8 6 ,3 1 4
5 2 9 ,8 8 0
2 1 1 ,3 2 6
Apr
Apr
11 m o s
W a s h B a lt &
A nnap E l
S
z 5 2 ,0 5 6
z .5 6 ,2 6 2
Z 2 2 5 .9 3 5
7233 . 615
6 4 2 ,5 2 0
5 0 6 ,0 7 3
6 ,0 9 8 ,9 8 7
5 ,0 0 3 ,4 6 8
4 m os
V i r g i n ia R y & P o w
M ar
Ry
3 m os
1 0 0 .1 7 6
3 3 ,8 5 1
2 7 9 ,4 9 1
6 9 ,0 0 3
3 6 ,3 9 6
2 6 ,7 6 5
1 2 1 ,6 5 0
7 9 ,4 1 7
7 7 2 ,3 4 3
7 9 ,1 8 4
7 1 8 4 .6 1 6
z d e f 3 ,5 5 5
1 2 1 ,8 5 2
1 2 1 ,8 2 9
4 9 7 ,7 3 3
5 0 0 ,2 6 8
Gross
Earnings.
C o l u m b u s (G a )
E le c t r ic C o
M ar ’
3 m os ’
C o l G a s & E le c
Apr ’
4 m os ’
E le c t r ic L ig h t
& P ow er C o
N o . A b in g to u ,
M ass.
M ar
12 m o s
G roa t W e st P ow or M a r
S y stem
3 m os
H a rris b u rg R y s
M ar
3 m os
M ilw E le c R y & L t M a r
4 m os
Ralance,
Surplus.
$
7 8 .8 1 3
7 7 .8 1 3
3 1 2 ,2 5 0
3 1 0 ,2 5 0
4 5 ,8 0 4
4 5 ,6 4 5
5 8 3 ,6 9 0
5 2 9 ,6 0 5
Apr
P h ila & W e s t e r n
Fixed Chgs.
& Taxes.
*
8
2 9 2 ,5 1 4
2 5 4 ,5 6 2
1 , 1 3 9 ,1 3 2
1 ,0 0 3 ,1 0 3
Jan. 1 to Latest Date
Current
Year.
1 4 2 ,0 2 3
6 3 6 ,6 1 3
'
Net after
Taxes.
•
Fixed
Charges.
Ralance,
Surplus.
$
9 6 ,1 9 5
8 7 ,8 5 1
3 0 1 ,6 3 4
2 5 8 .4 4 5
S
5 4 ,5 8 6
5 3 ,9 4 4
1 7 9 ,6 0 9
1 6 0 ,6 1 4
S
3 2 ,6 5 8
2 8 ,3 5 0
9 6 ,8 0 6
8 5 ,2 8 5
$
2 1 ,9 2 8
2 5 ,5 9 4
8 2 ,8 0 3
7 5 ,3 2 9
9 6 8 ,6 1 3
9 1 7 ,7 8 2
4 ,4 3 6 ,9 0 6
4 ,0 3 2 ,8 1 4
4 9 0 ,8 2 9
4 8 9 ,5 5 4
2 ,2 3 6 ,4 0 2
2 ,2 1 8 ,4 1 5
3 5 0 ,9 0 7
3 4 8 ,1 6 3
1 ,4 0 3 ,6 3 2
7 3 0 2 ,2 2 9
7 3 0 3 ,5 7 6
7 1 ,4 8 1 , 9 3 0
7 1 ,4 7 9 , 5 7 5
1 6 ,0 6 5
1 5 ,7 7 6
2 t i ,4 7 7
1 9 8 ,2 0 1
2 ,8 3 8
2 ,4 5 5
4 7 ,6 7 9
4 7 ,8 9 4
543
222
4 ,5 4 4
2 ,3 0 2
2 ,2 9 5
2 ,2 3 3
4 3 ,1 3 5
4 5 ,5 9 2
3 3 2 ,2 6 4
3 1 5 ,7 7 2
1 ,0 4 5 ,9 8 9
9 6 8 ,4 3 9
1 0 5 ,1 2 3
9 4 ,9 2 6
2 9 4 ,7 8 4
2 7 4 ,7 1 6
6 8 7 ,0 3 1
6 3 9 ,4 0 6
2 ,9 1 8 ,3 5 8
2 ,6 1 0 .8 8 2
2 0 9 ,1 3 2
1 8 6 ,6 0 9
6 2 5 ,0 8 8
6 1 0 ,0 7 4
4 6 ,6 9 5
4 3 ,7 5 9
1 2 6 ,9 5 3
1 3 2 ,2 3 1
1 5 9 ,6 8 8
1 4 1 ,6 3 3
5 6 1 ,4 2 2
6 3 4 .5 3 6
1 3 8 ,6 9 5
1 4 0 ,6 1 8
4 1 6 ,7 0 2
4 2 1 ,0 2 1
3 2 ,8 7 7
3 2 ,2 4 3
9 8 ,6 3 0
9 6 ,7 3 0
9 7 ,0 4 4
7 8 ,1 3 2
3 8 9 .3 0 4
2 8 3 ,0 6 5
7 7 7 ,5 3 7
7 5 0 ,0 1 4
7 2 1 0 ,6 2 5
7 2 0 1 ,1 2 9
1 3 ,8 1 8
1 1 ,5 1 6
2 8 ,3 2 3
3 5 ,5 0 1
7 7 0 ,1 4 4
7 7 1 ,7 1 6
7 2 1 ,4 2 4
7 3 8 0 ,0 4 5
o
A p r il
M arch
M arch
D ecem ber
M arch
v la r c h
D ecem ber
M arch
M arch
M arch
A p r il
F eb ru a ry
A p r il
M arch
M arch
M arch
D ecem ber
M arch
M arch
A p r il
A p ril
M arch
M arch
M arch
M arch
M arch
F eb ru a ry
M arch
M arch
M arch
M arch
M arch
M arch
M arch
Current
Year.
$
1 8 8 ,9 0 1
7 7 1 ,8 5 8
■"
m
CC
CO
A tla n tic S h ore R y —
B a n g o r R y & E l e c t r ic
B a to n R o u g e E le c C o
B e r k s h ir e S t r e e t R y .
B r a z ilia n T r a c , L & I’
B r o c k & P ly m S t R y .
B k ly n R a p T r a n S y s t
C a p e B re to n E le c C o
C e n t M Lss V E l P r o p .
C h a tta n o o g a R y & L t
C i t i e s S e r v ic e C o ------C l e v e P a in e s v & E a s t
( /C o lu m b ia G a s & E l
C o lu m b u s (G a ) E l C o
C o l u m (O ) R y . P & L t
C o m ’ w ’ th P , R y & L t
C o n n e c t i c u t C o --------C o n s u m I’ o w ( M i c h ) .
C u m b C o (M e ) P & L
D a y t o n P o w & L ig h t
g D e t r o i t E d i s o n ------D e t r o i t U n it e d L in e s
D u lu t h - S u p o r io r T r a c
E a s t S t L o u is & S u b .
E a ste rn T e x a s E l e c .
E l P a s o E l e c t r ic C o .
g F od era l L t & T r a c .
G a lv -ilo u s E le c C o _ .
G r a n d R a p id s R y C o
G rea t W est P ow S yst
H a r r i s b u r g R a il w a y s .
H avana El R y , L & P
H o n o lu lu R T & L a n d
H ou gh ton C o T ra c C o
Week or
Month.
— Net Earnings--------Current
Previous
Year.
Year.
S o u th N o w E n g T o l e p .-A p r
4 1 6 ,8 1 9
J a n 1 t o A p r 3 0 ------------ 1 , 6 3 6 ,6 5 5
12 m o s
Name of Road
or Company.
Y ear.
1 0 4 ,7 0 9
4 0 3 ,6 8 5
lo s s 6 4 5
U T IL IT Y
Earnings—
Previous
Y ea r.
May 25 1918.]
THE CHRONICLE
M ilw L t l i t A T r a c A p r
4 m os
4 m os
N ew port N ow s A
Apr
I la m jjto n B G t E
4 m os
P h ila R a p i d T r a n s
Apr
10 m o s
P u get Sound T r
L t A Pow er
18
17
18
17
3 m o s ’ 18
17
M ar
Net after
Taxes.
2 1 0 ,5 0 4
1 0 7 ,2 7 4
8 3 3 ,9 2 7
6 0 0 ,7 5 3
1 5 0 ,2 9 4
9 2 ,8 7 3
5 6 5 ,1 7 1
3 4 8 ,9 0 6
2 ,6 4 2 ,0 9 0
2 ,4 5 6 ,3 0 0
2 5 , 0 6 0 ,5 4 9
2 3 ,4 5 7 ,3 9 5
9 6 5 ,9 1 1
7 6 8 ,4 1 9
2 ,8 4 5 ,2 9 0
2 ,2 7 6 ,4 0 7
4 5 ,7 8 5
3 8 ,3 3 2
1 2 1 ,9 4 6
1 3 9 ,2 9 1
4 4 ,7 3 1
3 6 ,3 7 0
1 6 0 ,5 4 4
1 2 3 ,1 9 5
1 ,0 0 7 ,5 8 8
1 ,0 7 3 ,3 5 2
9 ,9 2 7 ,9 3 3
1 0 ,2 9 5 ,1 2 3
3 8 4 ,4 0 4
2 8 9 ,7 8 9
1 ,1 0 7 ,4 1 2
8 8 6 ,2 0 8
Fixed
Charges.
Balance,
Surplus
S
4 4 ,4 4 5
il,4 5 2
150
3 8 ,6 4 9 rrdef
1 7 4 ,6 8 9 z d e f 5 2 , 8 2 9
1 5 4 ,3 8 5 z d c f l 4 , 9 1 9
2 0 ,5 0 0
2 2 4 ,3 2 7
2 0 ,6 3 0
2 1 5 ,8 3 2
8 1 ,4 2 4
2 8 0 ,9 7 5
8 2 ,4 9 3
2 4 1 ,3 3 1
8 1 4 ,1 2 0
1 9 3 ,4 6 2
8 1 3 ,7 4 0
2 5 9 ,6 0 6
8 ,1 2 5 ,6 5 0
1 , 8 0 2 ,2 8 3
8 ,1 4 2 ,2 1 4
2 ,1 5 2 ,9 0 9
2 0 7 ,6 0 5
1 7 6 ,7 3 9
1 9 1 ,7 2 3
9 8 ,0 6 6
6 1 8 ,3 7 6
4 8 9 ,0 3 6
5 7 2 ,7 9 0
3 1 3 ,4 1 8
ANNUAL REPORTS.
A n n u a l, & c . , R ep o rts. — T h e fo llo w in g is a n in d e x to all
a n n u a l a n d o th e r re p o rts o f s te a m ra ilro a d s, str e e t r a ilw a y s
a n d m isc e lla n e o u s co m p a n ie s p u b lish e d sin ce A p r il 2 7 1 9 1 8 .
T h is in d e x , w h ic h is g iv e n m o n t h ly , d o e s not in clu d e
re p o r ts in t o -d a y ’s “ C h r o n ic le .”
F u ll-fa c e figu res in d ic a te re p o rts p u b lish e d a t le n g th
Steam Roads —
Page.
Industrials (Concl.)—
Page.
_
Atchison Topeka A Santa Fe R y _ 2113 Buttorworth-Judsou C orp __________ 1798
Bangor A A roostook R R _________ 1788
California Petroleum C o ___________ 1793
Boston & Albany R R _ - . . . .2010
_
Canadian Car A Foundry C o ______ 1794
Buffalo & Susquehanna R R .............. 21)04 Canadian Cottons, L td ____________ 2124
Carolina Clinchflehl A Ohio R R ____2006 Carbon Steel C o. (3 m o s .)__________ 1798
Central R R . of New Jersey_________ 1787 Carolina Power & Light C o _________2122
Chesapeake * Ohio R y ......... 1892, 2004 Central Leather C o. (3 m o s .)______ 1798
Chicago Burlington & Quincy R R ..2 U 4 Cerro de Pasco Copper C o _________ 1792
Chicago A Eastern Illinois R R _____2007 Charcoal Iron C o. (3 m o s .)_________2012
Chicago Groat Western R R _______ 2007 Chino Copper C o ., 1792 (3 m o s.)..201 3
Chicago Indianapolis A Loulsv. Ry_2009 Coastwise Transportation C o . . . .2125
Chicago Milwaukee & St. Paul R y .,2 0 0 5 Colorado Fuel A Iron C o. (3 m o s .) .. 1798
Cincinnati Northern R R .....................2010 Colorado Power C o_________________ 1790
Cloy. Cine. Chic. & St. Louis R R . .2003 Copper Range C o ........... ...................11798
Cleveland Palnesv. A Ashtabula R R .2010 Corn Products Refining Co. (3 m os.) 1798
Cleveland Palnesv. A Eastern R R ..2 0 1 0 Curtiss Aeroplane A M otor C o r p ..2013
Cripple Creek Central R y ......... ......... 1893 Dennison M fg . C o. (balanco sheet). 1903
Delaware A Hudson C o ______ 1893, 2002 Electric Bond A Share C o ...................1903
Delaware Laekaw. A Western R R ..1 9 0 0 Elk H orn Coal C orp..............................2013
Denver A R io Graiulo R R ......... .........2010 Fort W orth Power A Light C o . . 1799
Duluth South Shore A Atlantic R y 1893 General Asphalt Co. (11 m o s .)____2013
Erie R R -----------1795 General Electric C o ________
1790
Fonda Johnstown A Gloversv. R R .2 122 Groat Atlantic * Pacific Tea C o . ..2 0 1 3
Grand Trunk R y ............................
2113 Hercules Powder C o. (3 m o s .)_____ 1904
Hooking Valley R y ..................
2004 Holly Sugar C o r p . . .......................
2013
Indiana Harbor Belt R R ___________ 2123 International Cotton M ills_________ 1899
International & Great Northern R y.2008 Internat. Harvester C o. of N . J ____1894
Kanawha & M ichigan R y _______ .2123 International Harvester C orp______ 1895
Kansas City Southern R y ____1892, 2005 Island Crock Coal Co. (3 m o s .)......... 2125
Lako Erie A W estern R R . . . .............. 2099 Kansas Gas A Electric C o .................1 7 9 9
Lehigh A Hudson River R y ________ 1901 ' K cnnecott Copper Corporation____ 2120
L e h ig h A N o w E n g l a n d R R ...................2 01 1 Lake Superior C orp ......... ..................1799
L o u is ia n a A A r k a n s a s l t y . ...................2 9 0 9 Lanston M onotype-M achlno C o ___2125
M a n l s t c o A N o r t h E a s t e r n R R ______ 2 01 1
MacAndrewa A Forbes C o __________2014
M i c h i g a n C e n t r a l R R ______ ___________ 2 0 0 2 M agma Copper C o _______ _________ 1799
M i s s o u r i P a c i f i c R R ........... ...................... 189 2 Magnolia Petroleum C o. (bal. shoot) 2014
N a s h v i ll e C l i a t t . & S t . L o u is R y _____1 78 8 M anhattan Elec. Supply C o ........... 2120
N o w O r le a n s 4 'o x a s A M e x i c o R y ___ 2 1 14 M anufac. Light A Heat C o. (3 mos ) 2120
N e w Y o r k C e n t r a l R R ________________ 2 0 0 2 M idvale Steel A Ordnance C o _____ 190 4
N e w Y o r k C h i c a g o A S t . L o u is R R . 2 0 0 7 M idwest Refining C o ........... .......... 111795
N e w Y o r k P h il a . A N o r f o l k R R . . . 1 9 0 1 M olr H otel C o __________________
212(5
N o r t h e r n P a c i f i c R y _________ __________2 0 9 5 M ontana Power C o. (3 m o s .)____111799
P h il a d e lp h ia & R e a d i n g R y . . . _ . 1 7 8 6 M otor Products C orp______________ 1794
P it t s b u r g h A L a k e E r l e l R R ................. 2 0 0 3 M t. Vernon W oodberry Mills, Inc_.1898
P it t s b u r g h A W e s t V a . R y ........... ........ 201 1 National Acm e C o. (3 m o s .)________ 1799
R e a d i n g C o m p a n y ........... ..............
. 1 7 8 6 National Fuel Gas C o ______________ 1799
R u t l a n d R R _____________________
. 1 7 8 9 Nebraska Power C o ________________ 1800
S t . L o u ls -S a u F r a n c i s c o R y ___________ 2 0 0 6 Nevada Consolidated Copper C o..
S e a b o a r d A ir L in e R y ................................ 2 1 1 3
1896; (3 m o s .)___________________ 2126
S p o k a n e A I n la n d E m p ir e R R ...........2 1 1 3 Now England C o. Power System .
1800
T o l e d o A O h io C e n t r a l R y ..................... 2 12 1 New Jersey Zinc C o. (3 m o s .)______ 1904
W a b a s h R y . . ............................................... 2 1 2 4 New Y ork D ock C o ________
..1 7 9 4
W e s t e r n P a c i f i c R R . ................... 1 7 8 7 , 1 89 2 Niagara Falls Power C o. (3 m os.)
1901
Electric Roads—
Nlplsslng M lne 3 C o ........... .... .
1904
A m e r ic a n C it ie s C o ........... .. .............
2 01 2 N orth American Pulp A Paper C o
2126
A u g u s t a - A ik e n R y . A E l e c . C o r p . . 2 1 1 7 N ova Scotia Steel A Coal C o ______ 1790
C a p e B r e t o n E l e c t r i c C o ..................... . 1 9 0 0 Owens Bottle Machine C o. (0 m o s .).2126
C a p i t a l T r a c t i o n C o . . . ............................2 11 3 Pacific Power A Light C o ...................1800
F e d e r a l L ig h t A T r a c t i o n C o . ........... .1 9 0 0
1 hi! 1. A Reading Coal A Iron C o . . 1787
H a v a n a E l e c . R y . , L i g h t & P o w . C o .2 0 1 1 P erco Arrow M otor Car C o. (3 mos.)2126
L a k o S h o r e E l e c t r i c R y .................
2 U 6 Pierce OH C orp ______________
.2120
M o t io n g a h n la V a l l e y T r a c t i o n C o . . 2 1 2 3 Portland Gas A Coke C o ..............
1800
N e w p o rt N ow s A H a m p ton R y ., G as
Prairie Oil A Gas C o. (bal. s h e e t)..1800
A E l e c t r i c C o . ..................
2 1 1 7 J y C o p S ' Cop. C o ., 1791 (3 m o s .).2126
N o r t h e r n O h io T r a c t i o n & L t . C o . . 2 1 1 7 Safety Gar Heating A Lighting Co
1791
O t t a w a T r a c t i o n C o ................................ . 1 7 9 0 Savage Arms Corp. (3 m o s .)______ 1005
P o r t o R i c o R a i l w a y s ......................
1901 Shattuck-Ariz Copper C o. (3 m o s.). 1905
U n it e d G a s A E l e c t r i c C o r p ....................2 1 1 5 Sinclair Gulf C o r p .........................
2U 9
U n it e d L ig h t A R a i l w a y s ......................... 1789 Sinclair Oil A Refining C o. (3 m os.) .2014
W a s h i n g t o n R y . A E l e c t r i c C o ______ 2 0 1 2 South Western Power A Light C o . . 1300
Industrials—
Standard Oil C o. of N . Y . . . ............ 1809
A e t n a E x p l o s i v e s C o . (3 m o s . ) ........... 190 2 Standard Screw C o
2014
A la s k a G o l d M i n e s C o ..............................1 79 7 Submarine Signal C o _____ ” ”
2015
A lll s - C h a l m e r s M f g . C o . (3 m o s . ) . . 179 7 Tennessee Copper C o
............ 1905
A m e r ic a n B e e t S u g a r C o ......................... 2 U 9 Jpxas Power A Light C o . i l l l l l l l l i s o o
A m e r ic a n G lu e C o --------------2 1 2 4 Tidewater Oil C o .................................2118
A m . I l l d o A L e a t h e r C o . (3 A 9 m o s .) 1797 Tonopah Belmont Developm ent C o .2127
A m e r ic a n P o w e r A L ig h t C o ................. 189 7 United Drug C o. (3 m o s .) ................. 2015
A m e r ic a n S t e e l F o u n d r ie s (3 m o s .) . . 1 9 0 2 United Gas Improvement C o ______ 1792
A m e r ic a n W a t e r W o r k s A E l e c t r i c
United States Gypsum C o
1793
C o . ( 0 m o s . ) . 1 7 9 8 : (9 m o s . ) ------- 2 1 2 4 U- »• Smelting, R ef. A M ining C o .Il7 9 1
A m e r ic a n W r i t in g P a p e r C o ...............1 7 9 3
United States Steel Corp
1894
A n a c o n d a C o p p e r M i n in g C o ------------1895
Utah Copper C o ., 1809 (3 m os') 7 . 2015
A p p a la c h i a n P o w e r C o . ......................... 1902 Vacuum Oil C o ................................
2 121
B r a d e n C o p p e r M i n e s C o ------------------- 2121 Victor Talking M achine C o ...............1894
B u s h T e r m in a l C o ............... .................... 189 7 Washington W ater Power C o ______ 1789
B u r n s B r o s . , N . J . A N . Y ........... . . . 2 1 2 0
Wcstlnghouso, Church, Kerr A C o 1800
B u t t e A S u p e r io r M i n i n g C o . , 1 7 9 8:
W orthington Pump A M ach. C o . . .1905
(3 m o s . ) ....................
...2 1 2 4
A tla n tic C oast L in e R a ilro a d .
(Report for Fiscal Year ending Dec.
3 1 1 9 1 7 .)
T lio re p o rt sig n ed b y C h a ir m a n H e n r y W a lt e r s a n d P re si
d e n t J . It. K e n ly , to g e th e r w ith th e c o m p a r a tiv e b a la n c e
s h e e t, w ill bo fo u n d o n su b se q u e n t p a g e s.
GENERAL STATISTICS FOR CALENDAR YEARS.
' Operations—
1917.
1916.
1915.
T o t a l m ile s o p e r a t e d ___________________
4 .7 8 7
4 ,7 7 4
4 700
P a s s e n g e r s c a r r ie d ( N o . ) _________ ■-—
9 ,6 5 8 , 1 4 0
8 ,1 1 5 ,0 5 3
7 ,4 5 5 ’ l0 6
P a s s e n g e r s c a r r ie d o n e m i l e ___________5 1 7 ,7 8 7 ,1 4 0 4 0 7 ,1 5 0 ,9 9 1 3 5 1 ,0 2 5 ]3 0 3
A v e ra g e ra te per passen ger p er m il e ..
2 .2 3 0 c t s .
2 .2 0 3 c t s .
2 .1 8 2 c ts .
F r e i g h t (r e v e n u e t o n n a g e ) ____________ 1 5 ,3 9 3 ,6 5 2
1 3 ,4 4 6 ,7 8 1
1 1 ,0 1 1 .5 1 4
T o n s o n o m ile ( r e v e n u e ) ......... ..............3 , 0 0 1 , 8 3 5 , 3 9 0 2 5 1 4 2 4 3 ,2 9 5 1 8 3 2 4 5 5 4 5 5
A v o r a g o r a t e p e r t o n p e r m l l o ........... ..
0 .9 6 5 c t s .
1 .0 0 2 c t s .
1 .1 8 0 c t s .
P a s s e n g e r e a r n in g s p e r t r a in m il o ___
S I . 21
S .).9 6
SO .8 6
F r e i g h t e a r n in g s p e r t r a in m i l e ______
8 3 .3 4
8 3 .0 8
8 2 02
G r o s s e a r n in g s p e r m i l e . . . ......................
8 9 ,2 1 7
8 7 .8 9 5
8 6 .7 9 5
IN COM E ACCOUNT FOR CALENDAR YEARS.
Operating Revenues—
1917.
1916.
1915.
F r e i g h t ------------------ ------------------------------------ $ 2 8 ,9 6 0 ,4 1 3 S 2 5 , 1 8 4 ,9 5 2 S 2 1 .6 3 0 .8 4 1
P a s s e n g e r .......................................
1 1 ,5 7 6 ,8 6 6
8 ,9 7 0 ,8 7 9
7 ,6 7 3 ,5 5 5
M a i l , e x p r e s s , & c ------------------------------------2 ,7 4 4 ,3 5 5
2 ,5 0 5 .6 0 0
2 ,1 3 6 ,9 8 4
I n c i d e n t a l ......... ...........................
7 8 1 ,6 9 7
6 6 0 ,6 5 4
4 9 5 ,5 8 2
T o t a l o p e r a t i n g r e v e n u e -------------------- $ 4 4 ,0 6 3 ,3 3 1 $ 3 7 ,3 2 2 ,0 8 5 $ 3 1 ,9 3 6 ,9 6 2
Operating Expenses—
M a i n t e n a n c e o f w a y , A c .................................$ 4 , 8 9 1 , 4 6 2 8 4 , 4 4 3 , 5 5 9 $ 4 , 3 2 2 , 1 2 4
M a i n t e n a n c e o f e q u i p m e n t -------------------7 ,0 0 2 ,2 2 6
5 ,9 9 1 ,6 5 7
5 ,2 8 7 , 9 5 9
T r a f f i c e x p e n s e s .............. ..............
7 5 2 ,6 7 0
7 2 3 ,8 0 2
6 4 6 ,8 2 2
1 5 ,9 8 2 ,7 7 1
1 1 ,8 7 9 ,4 3 0
1 0 ,9 2 1 ,1 3 8
T r a n s p o r t a t i o n -----------------------------G e n e r a l e x p e n s e s --------------9 9 4 ,5 8 7
9 1 3 ,6 7 3
8 4 9 ,7 8 2
M i s c e l l a n e o u s ------------------------1 7 8 ,7 3 9
1 3 5 .5 0 0
1 1 1 ,1 9 2
1 r a n s p o r t a t i o n f o r i n v e s t m e n t _________
C r .2 8 ,4 6 0
Cr.2 7 ,0 1 7
Cr.2 5 , 8 4 0
T o t a l o p e r a t i n g e x p e n s e s ......................... 8 2 9 ,7 7 3 ,9 9 5 S 2 4 .0 6 0 .6 0 5 8 2 2 ,1 1 3 ,1 7 7
N e t e a r n i n g s ------------------8 1 4 ,2 8 9 ,3 3 6 $ 1 3 ,2 6 1 ,4 8 0 8 9 ,8 2 3 , 7 8 5
T a x e s ------------------2 ,2 6 4 ,0 0 0
1 , 8 4 3 ,4 1 0
1 , 6 1 8 ,1 5 7
U n c o l l e c t i b l e s .....................
1 1 ,5 9 4
1 1 ,8 3 3
2 0 ,1 2 2
O p e r a t in g i n c o m e ......... ....................... . . 8 1 2 , 0 1 3 , 7 4 2 8 1 1 ,4 0 6 ,2 3 7 8 8 ,1 8 5 , 5 0 6
D iv i d e n d s o n L. A N . s t o c k -------------- ( 7 % ) 2 , 5 7 0 ,4 0 0 ( 7 ) 2 ,5 7 0 ,4 0 0 ( 5 ) 1 ,8 3 6 ,0 0 0
O t h e r d i v i d e n d s , A c . , r e c e i v e d ------------4 5 8 ,4 5 0
3 4 0 ,7 4 4
3 4 8 ,5 0 1
O t h e r in t e r e s t , r e n t s , A c -----------------------7 7 5 ,5 5 8
6 7 6 ,0 9 9
5 2 1 ,6 3 3
J o i n t f a c il i t i e s ------- --------------2 5 8 ,5 8 0
2 5 7 ,3 5 8
2 5 5 ,7 0 1
H ir e o f e q u i p m e n t ----------------------------------1 ,1 1 6 ,2 3 0
7 2 2 ,2 6 6
4 2 2 ,6 5 1
$ 1 7 ,1 9 2 ,9 6 0 8 1 5 ,9 7 3 ,1 0 5 8 1 1 ,5 6 9 ,9 9 2
G r o s s i n c o m e ...............................
Deduct—
♦ I n t e r e s t o n f u n d e d d e b t ------------------------- $ 6 , 0 5 0 , 6 5 7 $ 5 ,8 1 2 , 2 6 7 S 5 ,6 5 6 ,7 7 9
I n t e r e s t o n c t f s . o f in d e b t e d n e s s , A c .
6 ,1 9 6
6 496
7 006
I n t e r e s t o n e q u i p m e n t t r u s t s ...................
5 3 ,9 8 7
8 0 ,1 7 0
1 0 9 ,4 2 0
R e n t a ls o f le a s e d lin e s ___________________
4 3 ,4 7 6
4 3 ,6 6 6
4 3 .2 7 6
J o i n t f a c il i t i e s ............................................
1 4 8 ,6 5 0
1 2 6 ,1 7 4
1 2 4 ,9 5 6
M i s c e l l a n e o u s . ..................
5 5 ,9 0 3
3 6 ,6 9 7
1 8 4 ,6 6 6
A p p r o p . f o r i n v e s t , in p h y s i c a l p r o p ’ y
1 1 3 ,9 2 3
1 7 9 ,1 0 4
______
S in k in g , A c . , f u n d s -----------------------------------1 8 ,8 7 4
1 6 ,9 0 3
1 5 ,5 2 1
D iv i d e n d s o n c o m m o n s t o c k ( 7 % ) 4 , 7 2 9 . 1 0 9 ( 6 ) 4 ,0 5 3 ,4 8 0 ( 5 ) 3 ,3 7 7 ,9 0 0
D v b l e n d s o n R . A P . “ A ” s t o c k _______( 7 % ) 7 0 , 0 0 0
( 6 ) 6 0 ,0 0 0
( 5 ) 5 0 ,0 0 0
D iv id e n d s o n p re fe rre d s t o c k ( 5 % ) . _
9 ,8 3 5
9 ,8 3 5
9 ,8 3 5
_
Gross
Earnings.
2219
T o t a l d e d u c t i o n s . . --------------------------------$ 1 1 ,3 0 0 ,6 1 0 8 1 0 ,4 2 4 .7 9 3
B a la n c e , s u r p l u s -------------------------------------------$ 5 ,8 9 2 , 3 5 0 $ 5 , 5 4 8 , 3 1 2
$ 9 ,5 7 9 ,3 6 0
$ 1 ,9 9 0 ,6 3 2
* D o e s n o t in c lu d e i n t . o n c o . ’s b o n d s h e ld in t r e a s u r y .— V . 1 0 6 , p . 6 0 1 .
C h icago R ock Is la n d & P acific R ailw ay .
{Report for Fiscal Year ending Dec.
31
1 9 1 7 .)
T h e ro p o rt o f P re s id e n t J . B . G o r m a n fo r th e c a le n d a r
y e a r 1 9 1 7 w a s cite d a t m u c h le n g th in th e “ C h r o n ic le ” o f
M a y 1 1 , p a g e 2 0 2 5 , in c o n n e c tio n w ith c o m p a r a tiv e ta b le s o f
in c o m e a c c o u n t a n d b a la n c e s h e e t fo r tw o y e a rs p a s t, a n d
th e p ro fit a n d loss a c c o u n t o f D e c . 3 1 1 9 1 7 .
T h e c o m p a n y , a fte r a su cc essfu l r e o rg a n iz a tio n , e m erg e d
fr o m re ce iv ersh ip a t m id n ig h t J u n e 2 4 1 9 1 7 , h a v in g e scap e d
th o n e c e s s ity fo r a fore clo su re sale th r o u g h th e c o -o p e ra tio n
o f th e sto c k h o ld e r s a n d th e re p la c e m e n t o f tho $ 2 0 ,0 0 0 ,0 0 0
d e b e n tu re b o n d s w ith 6 %
preferred s to c k .
O n J u ly 1
1 9 1 7 a lso th e $ 1 2 ,5 0 0 ,0 0 0 1st M . Gs o f 1 8 7 7 m a tu r e d
a n d w ero p a id .
D u r in g th e y e a r th e re w as a to ta l re d u c tio n
o f $ 4 4 ,0 9 6 ,9 6 7 in th e a m o u n t o f fu n d e d d e b t in th e h a n d s
o f th o p u b lic , w h ile th e re ce iv e rs’ ce rtific a te s ( $ 6 ,5 8 8 ,0 0 0 )
a n d th e lo a n s a n d b ills p a y a b le ( $ 4 ,1 0 0 ,0 0 0 ) w ere p a id o ff
a n d a p ro fit a n d loss d e fic it o f $ 5 ,0 2 4 ,4 2 3 b e c a m e a su rp lu s
o f $ 9 ,9 3 8 ,3 7 9 .
F o r fu rth e r p articu la rs see th e a fo re sa id
ro p o rt in V . 1 0 6 , p . 2 0 2 5 , 1 6 7 8 .— V . 1 0 6 , p . 2 0 1 0 .
C a ro lin a C lin c h fie ld & O h io Ry.
{7th Annual Report— Year ended Dec.
3 1 1 9 1 7 .)
P r e s . M a r k W . P o t t e r , N . Y . , F e b . 1 w ro te in s u b s ta n c e
(c o m p a re m a p o n p . 2 2 o f “ R a ilw a y & In d u s tr ia l” S e c tio n ):
Results.— T h o f is c a l y e a r h a v i n g b o o n c h a n g e d t o e n d D e c . 3 1 , a s u m m a r y
o f t h o r e s u lt s o f 1 9 1 7 s h o w s : O p e r a t in g r e v e n u e in c r e a s e d 8 1 , 0 0 8 , 9 0 3 ,
o r 3 0 . 7 9 % , b u t o p e r a t i n g e x p e n s e s I n c r e a s e d 8 7 0 8 ,0 3 1 , o r 4 0 . 6 4 % , s o t h a t
n o t o p e r a t i n g r e v e n u e in c r e a s e d 8 3 0 0 ,8 7 2 , o r 1 9 . 0 1 % .
T a x e s in c r e a s e d
$ 7 1 ,5 9 7 , o r 4 6 . 1 1 % , w h ile m is c e l la n e o u s i n c o m o I n c r e a s e d $ 1 7 7 ,4 9 4 , o r
3 9 . 7 8 % , a n d I n t e r e s t , r e n t a ls a n d o t h e r f i x e d c h a r g e s i n c r e a s e d $ 9 4 ,6 9 4 , o r
7 .6 5 % .
I n c o m o c a r r ie d t o p r o f i t a n d l o s s , t h e r e fo r e , a m o u n t e d t o 8 8 9 9 ,7 9 4 ,
b e i n g a n i n c r e a s o o f $ 3 1 2 ,0 7 6 , o r 5 3 . 1 0 % o v e r 1 9 1 6 .
T h o r e v e n u o f r o m m e r c h a n d is e f r e i g h t a m o u n t e d t o $ 1 , 6 3 9 , 3 1 1 , b e i n g
a n i n c r e a s o o f $ 4 9 1 ,3 9 5 .
T h o n u m b e r o f t o n s c a r r ie d o n e m ilo a m o u n t e d
t o 1 4 9 ,0 5 8 ,5 9 5 , a n I n c r e a s e o f 6 5 .4 1 % . a n d t h e a v e r a g e h a u l in c r e a s e d f r o m
7 6 .2 7 t o 9 6 . 4 0 m ile s , a n i n c r e a s e o f 2 0 .1 3 m ile s .
P ro p o r tio n o f g ro ss r e v
e n u e d e r i v e d f r o m m e r c h a n d is e f r e i g h t , 3 8 . 2 5 % , a n in c r e a s o o f 3 . 2 1 % .
F r o m t r a n s p o r t a t io n o f c o a l t h e r o w a s d e r i v e d $ 2 , 2 1 7 , 1 9 8 , a n i n c r e a s e
o f 3 4 3 3 ,4 5 9 .
T h o n u m b e r o f t o n s o f c o a l c a r r ie d o n o m ile s h o w s a n i n
c r e a s e o f 8 2 , 8 8 9 , 0 9 8 t o n m ile s , o r 2 1 . 0 2 % .
P r o p o r tio n o f g ro ss r e v e n u e
d e r iv e d f r o m c o a l fre ig h t 5 1 .7 4 % , a d e cre a s e o f 2 .7 0 % .
T i i o e x p e n d it u r e f o r m a i n t e n a n c e o f w a y a n d s t r u c t u r e s a v e r a g e d 8 1 ,4 6 4
p e r m ilo o p e r a t e d , a s c o m p a r e d w it h 8 9 9 5 5 7 p e r n iiio in 1 9 1 6 , a n i n c r e a s e
o f 4 7 .1 0 % .
T h o e x p e n s e s f o r m a i n t e n a n c e o f e q u i p m e n t in c r e a s e d $ 1 8 8 ,
162, o r 4 2 .0 6 % .
T h e t o t a l c o s t o f t r a n s p o r t a t io n w a s 8 9 8 6 ,3 7 0 , a n in c r e a s o o f $ 3 3 9 ,3 4 5 ,
o r 5 2 . 4 4 % ; t h o i n c r e a s o in t h e r e v e n u e t o n m ile s w a s 2 9 . 2 8 % .
Funded Debt.— F ir s t m o r t g a g e b o n d s o f $ 2 0 0 ,0 0 0 w e r e s o ld o n N o v . 2 3 ’ 1 6 .
O n J a n . 1 1 91 7 t h e r e w e r e p u r c h a s e d 5 0 0 5 0 - t o n a ll- s t e e l h o p p e r c a r s a n d
5 s t o o l u n d e r f r a m e c a b o o s e c a r s , a t a c o s t o f $ 9 0 3 ,1 1 4 , $ 1 4 3 ,1 1 4 b e i n g p a i d
in c a s h a n d a n is s u o m a d o o f S 7 6 0 .0 0 0 5 % e q u i p m e n t t r u s t s . S e r ie s F ,
p a y a b l e in 2 0 s e m i- a n n u a l i n s t a lh n c n t s o f 8 3 8 ,0 0 0 e a c h , c o m m e n c i n g
J u l y 1 1 9 1 7 a n d e n d in g J a n . 1 1 9 2 7 .
O n A p r i l 2 1 9 1 7 a n a g r e e m e n t w a s e x e c u t e d f o r t h o le a s o o f 7 M a l l e t t y p e
l o c o m o t i v e e n g in e s a n d 9 M i k a d o t y p e l o c o m o t i v e e n g in e s , a n d t h e c r e a
t io n t h o r o o n o f $ 8 4 0 ,0 0 0 5 % e q u i p m e n t t r u s t s , S e r ie s G , f o ll o w i n g a c a s h
p a y m e n t o f $ 2 5 2 ,9 5 0 .
T h o c e r t i f ic a t e s a r e p a y a b l e $ 4 2 ,0 0 0 e a c h A p r i l 1
a n d O c t . I t ill A p r i l 1 1 9 2 7 ( V . 1 0 4 , p . 2 2 3 5 ) .
T h o f ir s t d e liv e r ie s o f t h e s e
l o c o m o t i v e s w ill b o m a d o in A p r il 1 9 1 8 .
O n F o b . 1 1 9 1 7 t h e r o w e r o is s u e d ( V . 1 0 4 , p . 1 0 4 4 , 1 1 4 4 ) $ 6 , 0 0 0 , 0 0 0 o f
E l k l i o r n E x t e n s i o n F i r s t M t g e . 5 % g o l d n o t e s , m a t u r in g F e b . 1 1 9 2 0 , a n d
s e c u r e d b y f i r s t m o r t g a g o o n t h e r a i lw a y a n d o t h e r p r o p e r t y f r o m V i r g i n ia l v o n t u c k y S t a t e lin e t o D a n t e , V a . , 3 2 m ile s , a n d b y 8 5 0 0 ,0 0 0 F ir s t M o r t
g a g e 5 % g o l d n o t e s o f C l i n c h f ie l d N o r t h e r n R y . o f K e n t u c k y .
T h o pro
c e e d s w e r o u s e d t o r e t ir e $ 5 , 5 0 0 , 0 0 0 E l k h o r n E x t e n s i o n 5 % g o l d n o t e s o f
1 9 1 2 , m a t u r in g M a y 1 1 9 1 7 , a n d f o r im p r o v e m e n t s o n t h o E l k h o r n E x t e n s ’ n .
O n M a y 18 1 9 1 7 $ 4 7 5 ,0 0 0 F ir s t M t g e . 5 % g o l d b o n d s , 8 5 0 ,0 0 0 6 % C o n
v e r t i b l e F ir s t I n c o m e d e b e n t u r e s a n d 8 2 5 0 ,0 0 0 6 % S e c o n d I n c o m e d e b e n
t u r e s o f B l a c k M o u n t a i n R y . C o . w e r e p u r c h a s e d f o r 8 4 7 5 ,0 0 0 , p a y a b l e in
o u r 6 % p r o m is s o r y n o t e s d a t e d M a y 1 5 1 9 1 7 , r e is s u a b ie f r o m t im e t o t im e
w it h a f in a l m a t u r i t y d a t e n o t l a t e r t h a n J a n . 1 1 9 2 0 .
A n o p tio n t o p u r
c h a s e t h o o n t i r o $ 5 0 ,0 0 0 c a p i t a l s t o c k w a s a l s o o b t a i n e d .
P a y m e n t s d u r i n g t h o y e a r o n a c c o u n t o f p r i n c ip a l o f e q u i p m e n t t r u s t
n o t e s a g g r e g a t e d $ 7 6 6 ,0 0 0 .
O f t h e $ 7 ,3 6 2 ,9 5 0 e q u ip m e n t tr u s t o b lig a
t io n s is s u e d , t h o c o . h a s p a id $ 4 ,2 6 1 ,0 0 0 . l e a v i n g o u t s t a n d i n g $ 3 , 1 0 1 , 9 5 0 .
Industrial Development.— S a t i s f a c t o r y p r o g r e s s lia s b e e n m a d o in s e c u r
in g t lio l o c a t i o n o f n o w i n d u s t r ie s a l o n g t h o l in e .
A lis t o f t h e s e is a p p e n d e d
t o th o ro p o r t.
Damage bg Storm.— I n J u l y 1 9 1 6 a s t o r m o f u n p r e c e d e n t e d v i o l e n c e o c
c u r r e d in w e s t e r n N o r t h C a r o l i n a , t h r o u g h w h ic h t h e r a i lw a y e x t e n d s .
A t A l t a p a s s 2 2 .2 2 in c h e s o f r a in f e ll in 2 4 h o u r s , a r e c o r d f o r t h e U n it e d
S ta te s.
T h r o u g h t r a f f i c w a s i n t e r r u p t e d f o r f i v e w e e k s , w it h t h e e s t im a t e d
c o s t o f r e s t o r i n g t h o r o a d b e d a n d t r a c k 8 3 2 5 ,0 0 0 , o f w h ic h t h e r o h a d b e e n
e x p e n d e d t o D e c . 31 1 9 1 7 $ 2 1 7 ,9 0 9 .
T h e lo s s o f r e v e n u o w a s e s t im a t e d
a t $ 3 5 0 ,0 0 0 .
[Vol. 106.
THE CHRONICLE
2220
CLASSIFICATION OF TONNAGE FOR YEARS ENDING DEC. 3 1 .
Products—
Aqricul. Animals. Mines.
Forests. Mamifac. Mdse.
1 9 1 7 ( t o n s ) _______ 1 6 4 ,1 1 2 3 1 , 6 1 0
1 9 1 6 ( t o n s ) _______ 9 4 ,6 4 6 2 4 , 1 9 0
2 ,9 4 2 , 9 2 6
2 ,4 5 8 .4 9 9
4 3 4 ,6 3 1
3 7 5 ,4 7 6
4 1 5 ,6 8 7
2 9 5 ,8 8 7
1 0 4 ,5 0 0
7 1 ,4 1 1
TRAFFIC STITISTICS.
— Years end. Dec. 3 1 ---------- Years end. June 3 0 —
1917.
1916.
1916.
1015.
A v e r , m ile s o p e r a t e d —
291
291
291
2o6
5 1 9 ,0 4 5
5 0 9 ,1 5 0
4 1 6 ,4 5 9
3 6 2 ,7 1 4
P a s s e n g e r s c a r r i e d ______
P a s s , c a r r ie d 1 m i l o _____ 1 2 ,9 4 1 ,0 8 2
1 2 ,0 8 6 ,7 6 0
1 0 , 0 2 8 ,7 8 5
8 ,0 1 8 ,6 5 7
2 .3 1 c t s .
2 .3 4 c t s .
2 .1 0 c t s .
2 .4 9 c t s .
A v . rets. p . p ass. p . m .
1 ,5 5 0 ,2 4 9
1 ,9 6 2 ,3 1 5
2 ,5 4 7 ,2 2 2
2 ,1 3 8 ,5 7 6
C o a l c a r r ie d , t o n s -----------C o a l c a r ’d 1 m ilo ( t o n s ) . 4 7 7 , 1 3 3 , 1 5 5 3 9 4 ,2 4 4 ,0 5 7 3 9 6 ,5 9 3 ,1 1 3 3 0 3 ,2 1 3 ,1 2 0
A v . re ts. p . to n p . m ile .
0 .4 6 c t s .
0 .4 5 c t s .
0 .4 5 c t s .
0 .4 4 c ts .
T o ta l rov . ton s c a r r ie d ..
4 ,0 9 3 ,5 0 2
3 ,3 2 0 ,1 0 9
3 ,0 1 9 ,9 6 5
2 ,3 2 8 ,3 6 9
T o t . r e v . f r t . t o n s 1 m il e 6 2 6 ,1 9 1 ,7 5 0 4 8 4 .3 5 6 ,9 9 9 4 7 8 ,9 4 1 ,4 9 1 3 5 9 ,9 0 2 ,4 1 1
0 .5 6 c ts .
0 .5 8 c ts .
A v . rets. p . to n p . m ile .
0 .6 2 c t s .
0 .6 1 c t s .
$ 8 ,8 2 8
$ 1 0 ,6 6 1
G ross rov en u o p er m ile .
$ 1 4 ,5 7 2
$ 1 1 ,1 4 9
INCOME ACCOUNT.
— Years end. Dec. 3 1 —
-Years end. June 3 0 —
1917.
F r e i g h t r o v e n u o ___________$ 3 , 8 5 6 , 5 0 9
3 2 2 ,1 1 9
P a s s e n g e r ________________
M a i l , e x p r e s s , & c ________
1 0 6 ,7 6 2
1916.
$ 2 ,9 3 1 ,6 5 6
2 5 3 ,9 8 5
9 0 ,8 4 6
1916.
$ 2 ,7 9 9 ,6 5 2
2 3 4 ,1 8 9
6 7 ,6 0 3
1915.
$ 2 ,0 2 2 ,7 7 9
1 8 5 ,4 8 4
5 2 ,5 1 3
T o t a l o p e r . r o v e n u o . _ $ 4 ,2 8 5 ,3 9 0
$ 4 2 6 ,1 7 0
M a in t. o f w ay & s t r u c ..
6 3 5 ,4 8 0
M a i n t . o f e q u i p m e n t ___
2 2 7 ,9 8 0
T r a f f i c e x p e n s e s _________
9 8 6 ,3 7 0
T r a n sp o rta ’n ex p e n se s. _
1 7 4 ,3 1 0
G e n e r a l e x p e n s e s , & c ___
$ 3 , 2 7 6 ,4 8 7
$ 2 8 9 ,7 2 0
4 4 7 ,3 1 8
2 2 1 ,0 1 7
6 4 7 ,0 2 5
1 3 7 ,1 9 8
$ 3 ,1 0 1 ,4 4 4
$ 3 0 5 ,8 8 6
3 9 0 ,0 6 9
1 6 4 ,6 0 1
5 5 8 ,9 7 2
1 2 1 ,2 8 0
$ 2 ,2 6 0 ,7 7 6
$ 2 5 0 ,5 7 8
2 7 8 ,7 7 3
1 0 1 ,4 4 1
4 4 9 ,4 1 7
T o t a l o p e r . e x p e n s e s .. $ 2 , 4 5 0 , 3 1 0
N o t o p e r a t i n g r e v e n u e . .. $ 1 , 8 3 5 , 0 8 0
2 2 6 ,8 7 7
T a x e s ______________________ .
$ 1 ,7 4 2 ,2 7 9
$ 1 , 5 3 4 ,2 0 8
1 5 5 ,2 8 0
$ 1 , 5 4 0 ,8 0 8
$ 1 ,5 6 0 ,6 3 6
1 5 5 ,2 8 0
$ 1 , 1 9 2 ,3 0 9
$ 1 ,0 6 8 ,4 6 7
1 6 4 ,2 6 7
O p e r a t in g I n c o m e _____. $ 1 , 6 0 8 ,2 0 3
6 2 3 ,7 2 1
I l i r o o f e q u i p m e n t , & c . _.
$ 1 ,3 7 8 ,9 2 8
4 4 6 ,2 2 6
$ 1 ,4 0 5 ,3 5 6
4 0 9 ,8 2 2
$ 9 0 4 ,2 0 0
2 3 2 ,5 7 3
T o t a l i n c o m o __________ . $ 2 ,2 3 1 ,9 2 4
I n t . o n f u n d e d d e b t _____. $ 1 ,1 2 2 ,8 6 1
1 5 2 ,9 8 4
I n t . o n e q u i p , t r u s t _____.
5 6 .2 8 4
M i s c e l l . i n t . a n d r e n t s . ..
$ 1 , 8 2 5 ,1 5 4
$ 1 ,0 7 3 ,5 5 6
1 1 6 ,3 3 8
4 7 ,5 4 2
$ 1 ,8 1 5 ,1 7 8
$ 1 ,0 6 7 ,9 8 6
1 2 3 ,9 6 7
6 2 ,9 8 6
$ 5 6 0 ,2 3 9
$ 1 , 1 3 6 ,7 7 3
$ 7 8 5 ,0 0 0
1 4 2 ,6 7 1
6 1 ,2 9 6
B a la n c o , s u r p l u s ______ .
$ 8 9 9 ,7 9 4
$ 5 8 7 ,7 1 9
112,101
$ 1 4 7 ,8 0 6
BALANCE SHEETS.
— Caro. Clinch. & Ohio— • — Car. Cl. & O. of S. C.—
Dec. 31 T 7 . June 3 0 T 6 . Dec. 31 T 7 . June 3 0 T 6 .
Assets— •
P r o p e r t y o w n e d ________ .$ 5 6 ,1 9 3 ,6 6 1 $ 5 5 ,0 0 3 ,9 1 9
S e c u r it ie s o w n e d ________
7 ,4 4 8 ,5 5 1
6 ,9 7 7 ,5 5 3
E q u ip , fu n d s o n d e p o s it
1 ,1 7 7 ,7 3 7
2 2 0 .6 4 0
4 5 3 ,9 4 1
M a t e r ia l s a n d s u p p l i e s . .
2 1 4 ,5 8 2
C a s h ......... .................. ..............
* 3 3 4 ,2 8 5
1 2 9 ,1 5 3
T r a ffic , & c ., b a la n c e s .
1 7 8 ,4 2 4
1 0 0 ,6 8 7
1 4 6 ,0 4 4
A g en ts an d co n d u c to r s .
8 3 7 ,5 0 0
1 ,0 6 2 ,5 0 0
I n t . S . C . C o . b o n d s ____
2 9 0 .6 4 0
2 8 3 ,7 6 8
M i s c e l l a n e o u s ___________
2 0 1 ,5 2 0
2 8 ,7 7 8
U n a d j u s t e d I t o m s ______
P r o f i t a n d l o s s __________
$ 3 ,1 0 3 ,3 3 7
$ 3 ,1 0 0 ,6 9 3
4 ,6 5 2
29", 1 4 4
4 ,80.8
1 8 ,9 0 9
9 ,7 2 1
1 1 8 ,1 4 7
4 ,1 6 9
8 5 5 ,2 2 3
2 9 ,9 1 9
4 ,0 3 7
7 1 3 ,1 2 2
T o t a l .....................
$ 6 7 , 4 8 0 ,4 3 2 $ 6 3 ,8 0 3 ,4 5 2
Liabilities— •
C o m m o n s t o c k ___________$ 2 5 , 000 000 $ 2 5 ,0 0 0 ,0 0 0
1 1 .5 0 0 .0 0 0
P r e f e r r e d s t o c k __________ 11, 5 0 0 000
2 3 .8 7 1 .0 0 0
F u n d e d d e b t _______________ 2 5 , 721 ,9 5 0
5 5 0 ,0 0 0
L o a n s a n d b ills p a y a b l e .
1, 3 7 4 000
5 9 ,4 0 7
T r a ffic , & c ., b a la n c e s . .
77 ,1 3 9
2 8 5 ,9 3 1
A c c o u n t s a n d w a g e s _____
2 6 7 ,5 3 7
493
M i s c e l l a n e o u s ____________
3 4 ,0 7 4
6 ,1 5 0
1 8 2 ,9 2 5
M a t u r e d i n t ., & c . , u n p ’d
9 0 ,0 0 0
A c c r u e d t a x e s ____________
8 7 ,5 1 2
,4 6 2
1 9 9 ,7 2 7
A c c r u e d i n t . , & c _________
4 6 9 ,4 9 7
5 9 3 ,2 5 4
A c c r u e d d e p r e c i a t i o n ___
1 1 8 ,2 5 9
1 3 9 ,022
Unadjusted a c c o u n t s ___
A d d ’ ns to p r o p , th ro u g h
1 9 ,6 4 5
i n c o m o a n d s u r p l u s ___
1 ,6 5 2 ,9 8 8
P r o f i t a n d l o s s ____________
2 2 6 1 ,9 1 3
$ 4 ,1 1 4 ,6 7 4
$ 3 ,8 8 1 ,2 0 9
$ 12,000
$ 12,000
3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
2 ,0 6 9
3 3 ,0 7 5
4 ,5 7 2
2 0 ,9 4 6
1 ,0 6 2 ,5 0 0
660
8 2 5 ,6 6 6
T o t a l .............. .................... $ 6 7 ,4 8 0 ,4 3 2 $ 6 3 ,8 0 3 ,4 5 2
$ 4 ,1 1 4 ,6 7 4
221
6,000
1 2 ,5 0 0
""'ioo
4 ,3 7 0
$ 3 ,8 8 1 ,2 0 9
* I n c lu d e s a s o f D e c . 31 1 9 1 7 c a s h in b a n k , $ 1 3 8 ,7 0 4 , a n d c a s h d e p o s i t
f o r p r in c ip a l a n d in t e r e s t o f o b l ig a t io n s m a t u r e d , $ ' 9 5 , 5 8 ' . — V . 1 0 6 , p .
20 0 6 , 1036.
W abash
R a ilw a y
Com pany.
(Second Annual Report— Year ended Dec.
3 1 1 9 1 7 .)
P re sid e n t E d w a r d F . K e a r n e y sa y s in s u b s ta n c e :
Annual Meeting.— T h o f is c a l y o a r h a v i n g b e e n c h a n g e d t o t h e c a l e n d a r
y e a r , t h e a n n u a l m e e t in g w ill h e r e a ft e r b o h e ld t h o t h i r d M o n d a y in M a y .
Funded Debt.— T h e r e d u c t io n o f $ 1 6 3 ,0 0 0 in c lu d e d G o l d E q u ip m e n t
b o n d s o r 1 9 0 1 , $ 1 4 4 ,0 0 0 ; D e t r o i t & C h ic a g o E x t e n s io n b o n d s , $ 1 9 ,0 0 0 .
Road and Equipment.— T h e e x p e n d it u r e s o n t h is a c c o u n t in 1 9 1 7 , a g g r o
g a t i n g $ 3 , 4 1 8 , 5 3 6 , in c lu d e d $ 6 9 3 ,5 3 1 o n r o a d a n d $ 3 , 3 2 6 ,0 4 6 g r o s s ( $ 2 ,
4 7 1 ,5 8 0 n e t) o n e q u i p m e n t , n o t a b l y : 2 5 n o w S a n t a F o t y p o l o c o m o t i v e s ,
$ 1 , 1 5 0 , 7 8 3 ; 1 ,0 0 0 n e w b o x c a r s , $ 7 9 6 ,1 9 2 ; 3 0 0 n o w s t o c k c a r s , $ 1 8 9 ,5 1 8 .
Results.— T h e o p e r a t i n g r e v o n u e s w e r o $ 4 0 ,4 7 1 ,9 9 9 , a n in c r e a s e o f $ 2 ,
7 5 0 ,8 9 4 , o r 7 . 2 9 % , a n d t h o la r g e s t d u r i n g t h o h i s t o r y o f t h o p r o p e r t y .
R e v e n u e f r o m f r e i g h t t r a ff i c i n c r e a s e d $ 1 ,7 3 3 ,1 1 4 , o r 6 . 2 8 % .
T o n s c a r r ie d
o n e m ile in c r e a s e d 3 4 4 ,5 1 3 ,3 0 7 , o r 7 . 7 6 % ; a v e r a g o r o v o n u o p e r t o n m ilo w a s
6 . 1 3 m ills , a d e c r e a s e o f .0 9 m ill.
R e v e n u e f r o m p a s s e n g e r t r a f f i c in
c r e a s e d $ 6 4 9 ,5 8 2 , o r 9 . 2 5 % ; a v e r a g o r e v e n u e p e r p a s s o n g e r m ile , $ .0 1 9 7 5 ;
in c r e a s e $ .6 0 0 4 9 .
R o v o n u o f r o m e x p r e s s in c r e a s e d $ 2 0 3 ,6 7 6 , o r 1 8 . 9 9 % .
O p e r a t in g e x p e n s e s s h o w a n i n c r e a s e o f $ 3 , 5 9 4 , 4 7 9 , o r 1 2 . 6 3 % , t h o r a t io
o f e x p e n s e s t o r e v o n u e s b e i n g 7 0 . 3 4 % , c o m p a r e d w it h 6 5 . 9 4 % f o r 1917
d u e p r i n c ip a ll y t o in c r e a s e s in r a t e s o f w a g e s a n d p r ic e s o f fu e l, m a t e r ia ls
F o r t h e y e a r 1 9 1 7 t h e y w e r e a p p r o x i m a t e ly $ 3 ,2 1 6 ,0 0 0
a n d s u p p lie s .
g r e a t e r t h a n t h e y w o u ld h a v e b e e n a t t h e r a t e s a n d p r ic e s p r e v a i l in g In
1 9 1 6 ; o f t h is a g g r e g a t e , $ 1 , 7 3 6 , 0 0 0 w a s d u e t o in c r e a s e s in r a t o s o f w a g e s
a n d $ 1 , 4 8 0 ,0 0 0 t o i n c r e a s e s in p r i c e s o f f u e l, m a t e r ia ls a n d s u p p lie s , a n d
t h e r e is a c o n t in u e d u p w a r d t e n d e n c y in t h o c o s t o f l a b o r a n d m a t e r ia ls .
E x t r a o r d i n a r y r e p a ir s a n d r e n e w a ls , a m o u n t i n g t o $ 7 0 6 ,8 9 3 , w e r o in
c l u d e d in o p e r a t i n g e x p e n s e s , t h o la r g e s t i t e m b o i n g f r e i g h t - t r a in c a r s
r e b u i lt , r o n e w e d a n d r e p a i r e d , $ 3 0 1 ,3 7 5 .
M a in te n a n c e o f w a y a n d s tru c
t u r e s in c r e a s e d $ 1 6 4 ,2 7 3 , o r 4 . 3 3 % ; t h e p r in c ip a l i n c r e a s e w a s in c r o s s t ie s ,
t h e r e b e in g a n in c r e a s o in t h o n u m b e r la id in t r a c k o f 9 9 ,1 1 0 a s c o m p a r e d
w it h 1 9 1 5 .
M a i n t e n a n c e o f e q u i p m o n t o x p o n s o s d e c r e a s e d $ 1 9 0 ,7 8 9 , o r
3 . 4 8 % , d u e p r i n c ip a ll y t o t h o la r g e e x p e n d it u r e m a d o d u r in g 1 9 1 6 in r e
c o n s tr u c tin g fre ig h t ca rs .
T r a f f i c e x p e n s e s s h o w a d e c r e a s e o f $ 7 0 ,7 2 1 , o r 6 . 3 7 % , b u t t r a n s p o r t a t io n
e x p e n s e s in c r e a s e d $ 3 , 5 2 3 , 5 5 5 , o r 2 6 . 3 6 % .
T h o a v e r a g e n u m b e r o f ton s
o f a ll f r e ig h t p e r t r a in m il e w a s 6 0 9 .0 1 . a n in c r e a s o o f 5 0 .7 4 t o n s , o r 9 . 0 9 % ,
o v e r t h e h e a v y l o a d i n g o f la s t y o a r .
T a x e s i n c r e a s e d $ 2 8 4 ,2 1 3 , o r 1 9 . 5 5 % ,
d u o c h i e f l y t o i n c r o a s o in t h o F e d e r a l i n c o m o t a x o n a c c o u n c o f in c r o a s o in
ra te fro m 2 % to 6 % .
T h o in c o m e a c c o u n t f o r t h o y o a r s h o w s a n e t c o r p o r a t e g a in o f $ 4 , 1 7 2 , 0 4 5 ,
a s c o m p a r e d w it h $ 5 , 3 0 6 , 4 9 8 f o r t h e p r e c e d i n g y o a r , a d e c r e a s e o f $ 1 ,1 .3 4 ,
453.
T h i s d e c r e a s e is d u o t o t h o i n c r e a s o in o p e r a t i n g e x p e n s e s c a u s e d
p r i n c ip a ll y b y i n c r e a s e s i n , a t o o f w a g e s a n d p r ic e s o f f u e l a n d s u p p d o s .
F o u r d i v i d e n d s o f 1 % , N o s . 2 t o 5 , i n c lu s i v e , o f $ 4 6 2 ,0 0 0 o a c h , w o r o
d o c l a r o d u p o n t h o o u t s t a n d i n g $ 4 6 ,2 0 0 ,0 0 0 o f 5 % p r o f it - s h a r in g p r e fo r r o d
s t o c k A , d u r in g t h o y o a r , p a y a b l e q u a r t e r l y A p r i l 3 0 1 9 1 7 t o J a n . 31 1 9 1 8 ,
c a l li n g f o r $ 1 , 8 4 8 , 0 0 0 .
GENERAL STATISTICS FOR YEARS ENDING DEC. 3 1 .
1917.
1916.
1915.
A v e r a g e m ile s o p e r a t e d ________________
2 .5 1 9
2 ,5 1 9
2 ,5 1 9
P a s s e n g e r s c a r r i e d ______________________
5 ,6 2 1 , 4 0 7
5 ,9 3 2 ,1 1 7
5 ,4 4 0 ,2 5 5
F a s s o n g o r s c a r r ie d 1 m i l o _______________ 3 8 8 ,4 6 0 ,2 8 8 3 6 4 ,7 7 4 ,7 1 4 3 0 4 ,3 8 9 ,2 6 4
A v e ra g e roven u o p er pass, p orm il o ..
1 .9 7 5 c t s .
1 .9 2 6 c t s .
1 .9 8 9 c t s .
R o v o n u o t o n s c a r r i e d ___________________ 1 8 ,1 5 6 ,2 5 9
1 7 ,2 3 6 ,8 8 4 1 4 ,3 0 4 ,7 7 5
R o v e n u o t o n s c a r r ie d 1 m i l o __________ 4 7 8 5 3 7 4 7 9 5 4 4 4 0 8 6 1 4 8 8 3 4 3 6 0 0 0 9 0 4
A v e r a g o r o v o n u o p e r t o n p e r m i l o _____0 . 6 1 3 2 c t s .
0 .6 2 1 7 c ts . 0 .6 4 0 0 c ts .
R o v e n u o p o r lm ilo o f r o a d _______________
$ 1 6 ,0 6 6
$ 1 4 ,9 7 4
$ 1 2 ,1 8 2
IN COM E ACCOUNT FOR CALENDAR YEARS.
1917.
F r e i g h t r o v o n u e s ________$ 2 9 ,3 4 2 ,8 5 5
I’ a s s o n g o r r o v o n u e s _____
7 ,6 7 3 ,8 1 0
M is c e l la n e o u s r o v o n u o . .
3 ,4 5 5 ,3 3 4
T o t a l o p e r . r o v o n u o s _ $ 4 0 ,4 7 1 ,9 9 9
M a in t . o f w a y & s t r u c . . $ 3 ,9 6 1 ,0 7 5
M a i n t . o f e q u i p m e n t ___
5 ,4 6 6 ,1 2 0
1 ,0 3 9 ,2 1 2
T r a f f i c . . ................................
T r a n s p o r t a t i o n __________ 1 6 ,8 8 8 ,3 3 1
M is c e l la n e o u s o p e r a t i o n s
2 3 3 ,6 9 3
G e n o r a l, & c _______________
8 8 0 ,4 6 5
T o t a l o p e r . o x p o n s o s .$ 2 8 ,4 6 8 ,8 9 6
N o t e a r n i n g s ......... ................$ 1 2 ,0 0 3 ,1 0 3
T a x e s ......................................
1 ,4 5 3 ,5 9 3
1916.
1915.
1914.
$ 2 7 ,6 0 9 ,7 4 1 $ 2 2 , 6 l 1 ,2 8 8 $ 1 9 ,8 2 4 ,4 9 9
7 ,0 2 4 ,2 2 8
6 ,0 5 4 , 8 3 4
6 ,5 6 7 .2 9 0
3 ,0 8 7 ,1 3 5
2 ,6 2 1 ,1 9 6
2 ,5 9 5 , 0 8 2
$ 3 7 ,7 2 1 ,1 0 4 $ 3 0 ,6 8 7 ,3 1 8 8 2 8 ,9 8 6 ,8 7 1
$ 3 ,7 9 6 , 8 0 2
$ 4 ,0 3 7 , 5 9 0
$ 3 ,7 9 0 ,4 9 6
5 ,6 6 2 , 9 0 9
5 ,3 3 8 ,3 9 6
1 ,1 0 9 ,9 3 3
1 ,0 2 2 ,1 2 2
1 ,0 0 2 ,0 6 9
1 3 ,3 6 4 ,7 7 6
1 2 ,0 5 0 ,8 6 1
1 2 ,4 2 9 ,2 0 7
2 0 8 ,9 1 2
1 7 1 ,3 8 2
9 1 ,8 2 5
7 3 1 ,0 8 5
7 5 6 ,0 3 9
7 6 2 ,o 6 4
$ 2 4 ,8 7 4 ,4 1 7 $ 2 3 ,3 7 6 ,3 9 0 $ 2 3 ,5 4 6 ,6 2 6
$ 1 2 ,8 4 6 ,6 8 7
$ 7 ,3 1 0 , 9 2 8
$ o ,4 4 0 .2 4 5
1 ,1 6 9 ,3 8 0
9 6 6 ,0 8 8
1 , 0 8 3 ,0 1 1
O p e r a t in g i n c o m o _____$ 1 0 ,5 4 9 ,5 1 0 $ 1 1 ,6 7 7 ,3 0 7
e____ _ J----------
o n 4A 4
CM O’j n
)
$ 6 ,3 4 4 ,8 4 0
fin
$ 4 ,3 5 7 , 2 3 4
(\7 .M X
6 0 4 ,4 2 9
3 8 6 .9 0 0
R e n t a ls r e c e i v e d , & c ____
4 8 5 ,3 8 3
4 2 7 ,5 4 2
$ 6 ,7 9 2 , 2 9 8
$ 5 ,0 2 9 ,0 1 0
T o t a l i n c o m o ____________$ 1 1 ,1 2 1 ,2 9 7 $ 1 2 ,1 8 7 ,0 7 9
Deductions— •
$ 1 ,6 7 5 ,1 9 0
$ 1 ,8 3 1 ,8 8 4
$ 1 ,8 9 6 ,7 4 8
R e n t a ls p a i d _______________ $ 1 ,9 0 8 ,6 4 6
1 ,2 3 3 , 3 8 5
1 . 0 6 0 ,4 4 2
I li r o o f e q u i p m e n t _____________________ 1 ,6 3 1 ,,8 3 4 ,8 7 4
1 5 18
2 0 3 ,5 9 1
2 5 3 ,6 2 1
2 0 2 ,0 0 3
2 4 8 ,8 5 6
M is c e l la n e o u s
3 ,1 3 5 .0 8 9
3 ,1 5 6 ,3 0 2
3 ,1 0 2 , 5 4 6
3 ,0 4 4 ,8 7 2
In t. o n b d s. & e q . o b lig .
9 0 1 ,1 8 0
8 0 2 ,9 2 7
I n t . o n r e c e iv e r s ’ c t f s ___
2 0 9 ,0 3 4
9 9 .9 2 8
D i s c ’ t o n r e c e i v e r ’s c t f s .
10,000
6 0 ,0 0 0
6 0 ,0 0 0
In t. o n 4 % g o ld n o t e s ..
8 4 ,4 1 0
5 5 ,0 6 0
S in k in g , & c . , f u n d s _____
4 6 7 ,0 2 1
...............
I n v e s t , in p h y s i c a l p r o p .
P r o f . “ A ” d i v i d e n d s . ( 4 % ) 1 ,8 4 8 ,0 0 0 ( 1 % ) 4 6 2 , 0 0 0
$ 7 ,3 5 7 ,4 6 9
T o t a l d e d u c t i o n s _____$ 8 ,7 9 7 ,2 5 2
* 7 , 3 4 2 , 5 8 1 , - $ 7 ,6 8 2 , 1 2 5
B a la n c o , s u r . o r d o f . . s u r . $ 2 , 3 2 4 , 0 4 5 s r $ 4 , 8 4 4 , 4 9 8 d e f . $ 8 8 9 , 8 2 7 d f $ 2 , 3 2 8 , 4 o 9
T h e n e t r e s u lt s f o r t h e t w o m o n t h s e n d i n g D o c . 3 1 1 9 1 5 o f t h o W a b a s h
R y . s h o w e d : G r o s s e a r n in g s , $ 5 , 7 8 1 ,5 5 8 : n o t a f t e r t a x e s , $ l ,7 3 3 ,8 6 5 ; o t h e r
I n c o m o , $ 7 4 ,3 9 5 ; in t . c h a r g o s , & c . , $ 9 9 8 ,7 2 7 , a n d b a l a n c o , s u r p l u s , $ 8 0 9 ,5 3 3 .
GENERAL BALANCE SHEET DEC. 3 1 .
1917.
1910.
Liabilities—
Assets •
s
s
Road & equ ip’t . 200,342,288 202,953,317 Profit shar. pref.
“ A” s t o c k .. .
----------3,717
2 0 (5 ,3 6 7
S in k in g f u n d s . .
Convertible prof
D e p o s i t s in lie u o f
" B ” s t o c k ...
m tg ed . p rop
131,079 Com m on stock.
5,500
e r t y s o l d _____
_
2,749,511 Funded d e b t_
2,852,590
M i s e p h y s .p r o p .
1,989,287 L oa n s* bills pay
2,174,230
I n v . In a r fll. c o s .
234,700 Traffic, & c., bal.
178,180
O t h e r in v e s t m ’ t s
3,5 5 3 ,8 0 4 A cc’ts & wages.
1,375,053
C a s h ______ _______
1,012 I n t.,* c .,m a tu r .
1,97.8
S p e c .d e p o s .,* o .
895,020 Unmatured divs.
1,072,039
T r a ffle , & c ., b a l.
declared_____
A g en ts a n d c o n
1,720,005 Accr’d int., * c .
d u c t o r s ________
1 ,9 4 7 ,5 7 2
2,5 2 1 ,1 0 9 M iscellaneous..
M a t e r . & s u p p l.
3 ,5 6 2 ,3 9 1
2,050,242 Tax lia b ility .. .
2,810,904
M is c e lla n e o u s ..
30,551 Operat'g res'ves
38,000
P r e p 'd r e n t s , & c
185,271 Accrued dcprec.
424,202
O th . u n a d j.d e b .
Unad).,*c.,Item s
S cc u rs . Issu ed o r
Approp. surplus
a s s u m e d (u n
1 , 000,000 Profit and loss.
p l e d g e d ) ______
1 ,0 1 6 ,0 0 0
T o t a l ...2 2 4 ,0 7 4 ,0 3 4
2 2 0 ,0 3 8 ,5 8 1
1916.
3
1917.
8
40,200,000
40,200,000
48,728,134
43,504,403
60,310,359
330,000
1,102,258
3,933,759
425,770
4 8 ,7 2 6 ,1 1 0
402,000
831,071
1,013,000
1,010,033
36,849
742,342
1,144,463
133,944
a7,938,388
402,000
828,905
1,001,089
827,137
182,500
380,434
928,244
80,007
5,050,728
43,558,330
00,424,900
1,093,670
3,237,373
452,009
T o t a l ................................................2 2 4 ,0 7 4 ,0 3 4 2 2 0 , 0 3 8 , 5 8 1
a A f t e r d e d u c t i n g m is c e l la n e o u s i t o m s (n o t ) a g g r e g a t i n g $ 3 6 ,3 8 5 .
p . 2124, 2012.
V . 106,
T o led o & O hio C e n tral Railv/ay.
(Report for Fiscal Year ending Dec.
President Alfred
H.
31
1 9 1 7 .)
Smith says in substance:
Funded Debt.— E q u i p m e n t t r u s t c e r t i f i c a t e s o f 1 9 1 7 , $ 1 ,2 0 0 , 0 0 0 w e r o
is s u e d ( V . 1 0 4 , p . 1 2 6 5 ) a n d t h c r o w e r o r e t ir e d d u r i n g t h o y e a r : e q u i p m e n t
t r u s t c e r t i f ic a t e s o f 1 9 0 7 , $ 2 8 ,0 0 0 ; o f 1 9 1 0 , $ 1 2 0 ,0 0 0 ; o f 1 9 1 3 , $ 2 1 3 ,3 2 3 ,;
R a i l w a y o p e r a t i n g r e v e n u e in c r e a s e d $ 1 , 8 8 4 , 6 9 4 a n d (n e t )
r a i lw a y o p e r a t i n g i n c o m o i n c r e a s e d $ 3 0 9 ,1 5 3 ; b u t n o n - o p e r a t i n g i n c o m o
d e c r e a s e d $ 2 2 3 ,9 1 4 ( w h o l l y d u o t o d c c r e a s o in h ir e o f e q u i p m e n t c r e d i t
i t e m ) ; “ d e d u c t i o n s ” f r o m g r o s s i n c o m o d e c r e a s e d $ 8 5 ,1 5 0 , t h e lo s s f r o m
t h o s e p a r a t e l y o p e r a t e d Z a n e s v il le & W e s t e r n R y . a l o n o h a v i n g d e c r e a s e d
f r o m $ 2 3 9 ,4 2 6 t o $ 1 1 1 ,0 4 5 .
T h o r e s u lt f o r t h o y e a r w a s : n o t I n c o m o ,
$ 9 1 4 ,6 9 0 , a g a in s t $ 7 4 4 ,3 0 1 in 1 9 1 6 .
, ,
„
. .. .
nO rQ<>
Q
A d d in g t h o b a l a n c e t o c r e d i t o f p r o f i t a n d l o s s D e c . 31 1 9 1 6 , $ .> ,0 8 8 ,6 3 2
t o t h is i t e m o f $ 9 1 4 ,6 9 0 m a k e s a t o t a l o f $ 6 , 0 0 3 , 3 2 2 , a g a in s t w h ic h w a s
c h a r g e d “ lo s s o n s a lo S u n d a y C r e e k C o . b o n d s ” , $ 2 3 0 ,6 2 ;>; a n d s u n d r y
a d j u s t m e n t s , $ 1 7 ,3 5 0 ; l e a v i n g b a l a n c o t o c r e d i t o f p r o f i t a n d lo s s D e c . 31
^Operations— Coal Traffic.— F r e i g h t r o v o n u o in c r e a s e d $ 1 , 6 9 6 , 0 6 5 , a s
t h o r e s u lt o f a g a in o f $ 1 ,5 0 8 ,8 1 7 in c o a l r o v e n u o , a n d $ 1 8 7 ,2 4 8 in r e v e n u e
f r o m o t h e r f r e i g h t h a n d le d .
T h o la r g o n u m b e r o f n o w m in e s o p e n e d
d u r i n g t h e y e a r , a n d t h e i n c r e a s e d d e m a n d f o r O h io c o a l , p r o d u c e d l o c a l
c o a l t r a f f i c o f 2 ,8 9 1 ,0 5 6 t o n s , a n in c r e a s o o v e r 1 9 ) 6 o f 1 ,3 5 2 ,9 8 6 t o n s o r
88% .
T h o c o a l r e c e iv e d f r o m c o n n e c t in g lin o s a m o u n t e d t o 4 , 8 6 4 , 6 8 3
t o n s , a d e c r e a s o o f 3 4 2 ,7 0 2 t o n s , o r 6 % , a s c o m p a r e d w it h t h o p r e v i o u s
year.
T h e r e w e r o l a r g e ly i n c r e a s e d s h i p m e n t s o f c o k e , i r o n , o r e , lu m b e r ,
g r a in , h a y a n d m is c e lla n e o u s m a n u f a c t u r e s , a n d s o m e f a llin g o i l h i t h o
m o v e m e n t o f b r i c k , s t o n e a n d o t h e r b u i l d in g a n d r o a d m a k i n g m a t e r ia ls .
T h o t o t a l t r a f f i c h a n d le d a m o u n t e d t o 1 0 ,7 5 8 ,4 1 8 t o n s , a n e t g a in o f 1 ,3 0 8 ,
286 to n s, o r 1 1 % .
T h o r e c e ip t s p e r t o n p e r m ilo w e r o 4 .4 7 m ills , a s c o m
p a r e d w it h 4 .0 3 m ills in 1 9 1 6 , t h o i n c r e a s o b e in g m a i n ly d u o t o t h o la r g e r
_______ , .
„
v o l u m e o f lo c a l c o a l t r a f f i c .
T h e r e w a s a n in c r e a s o o f 1 4 % in t o t a l t o n n a g o , a n d 2 0 % in t o n m il e a g e
a n d t h c r o w a s a n in c r e a s o o f o n l y 1 2 % in t h o t r a in m ile s .
T h e avorago
n u m b e r o f t o n s o f f r e i g h t p e r t r a in m ilo w a s 8 5 5 , a g a in o f 5 5 t o n s , o r 7 % ,
as c o m p a r e d w it h th o p r e v io u s y e a r , a tt r ib u ta b le t o th o u so o f h e a v io r p o w e r .
P a s s e n g e r r o v e n u o in c r e a s e d $ 7 3 ,6 2 4 , w it h a n i n c r e a s e o f 6 % in t h o
n u m b e r o f p a s s e n g e r s c a r r ie d o n o m ilo ; a v e r a g o r e c e ip t s p e r p a s s e n g o r p e r
m ilo 1 .8 6 c e n t s , a s c o m p a r e d w it h 1 .7 8 c o n t s f o r 1 9 1 6 .
T h o o p e r a t i n g e x p o n s e s s h o w in c r e a s e s a g g r e g a t i n g $ 1 , 5 0 3 , 4 6 9 , o c c a s io n e d
l a r g e ly b y t h e g r e a t e r v o l u m o o f t r a f f i c h a n d le d , t o g e t h e r w it l i m u c h h ig h e r
p r i c e s f o r m a t e r ia l a n d g r e a t l y i n c r e a s e d l a b o r c o s t s .
Maintenance. Improvements, &c.— T h e r o w o r o 2 , 0 7 8 t o n s o f n o w o p e n
h e a r t h s t e e l r a ils w e ig h in g 9 0 p o u n d s p e r y a r d l a id in 1 3 .5 m ile s o f m a i n
tra ck .
T h e r e w e r o u s e d in r e n e w a ls 1 4 0 ,6 3 1 m a in t r a c k t ie s o f w h ic h
3 4 ,9 7 6 w e ro c r e o s o tc d .
S t o n e b a lla s t w a s a p p li e d t o 5 9 .7 m ile s o f t r a c k .
A n o w s ta n d a r d ste e l tru ss b r id g o , 135 fo o t lo n g w a s e r e c te d o v e r A lu m
G r e e k n e a r B a n n o n , a n d s t a n d a r d s t o o l d o c k g ir d e r v i a d u c t 3 2 2 r o o t l o n g
o v e r P o p la r C r e e k n e a r I l a r l o y , r e p l a c in g s t e e l s t r u c t u r e s t o o l ig h t f o r
h e a v y p o w e r , w h ic h c a n n o t b o o p e r a t e d b e t w e e n C o l u m b u s a n d 1 h u r s t o n
u n t il t w o o t h e r b r id g e s r e c e iv e d s in c o t h o c l o s o o f t h o y e a r h a v o b o o n e r e c t e d .
T h e e x p e n d it u r e s f o r i n v e s t m e n t in r o a d a g g r e g a t e d ( n o t ) , $ 2 6 3 ,0 7 0 .
T h e r o w e r o 10 h o a v y c o n s o l i d a t i o n f r e i g h t a n d 5 p a s s o n g e r e n g in e s pirnc h a s e d d u r in g th o y e a r .
D u r in g J u n o , J u l y a n il A u g u s t 1 ,0 0 0 n o w s t o o l
h o p p o r c a r s w e r o r e c e iv e d u n d e r t h o e q u i p m o n t t r u s t o f 1 9 1 7 .
T h e r o w O ro
r e t ir e d f r o m s e r v ic e 1 p a s s e n g e r a n d 6 f r e i g h t l o c o m o t i v e s , a n d 6 8 7 f r e i g h t ,
15 c a b o o s o a n d 7 5 s e r v ic e c a r s .
N o t in cre a s o e q u ip m o n t $ 1 ,4 7 3 ,7 9 3 .
Zanesville A Western Rg.— S t a t e m e n t s s h o w in g d a t a c o n c e r n in g t h o
Z a n e s v il le & W e s t e r n R a il w a y C o . , i n c lu d in g r e s u lt s o f o p e r a t i o n o f its
r o a d f o r t h o y e a r 1 9 1 7 , w ill b o f o u n d a p p e n d e d b o l o w , a n d i t w ill b o n o t e d
t h a t t h o m in e s s e r v e d b y it s lin o p r o d u c e d m o r e t h a n 1 ,6 0 0 ,0 0 0 t o n s o f
c o a l , a n in c r e a s o o f 7 5 0 ,0 0 0 t o n s , o r 8 7 % o v e r t h o p r e v i o u s y o a r .
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1914.
1916.
1915.
1917.
446
436
436
M i l o s o p e r a t e d __________
436
Operations—
1 ,1 0 4 ,2 9 0
9 8 6 ,4 1 8
1 , 0 1 1 ,2 6 0
N o . p a ssen g ers c a r r ie d . .
1 ,0 6 7 ,6 6 5
3 4 ,7 9 8 ,1 1 8
3 2 ,0 0 9 ,7 6 0
P a s s , c a r r ie d o n o m i l o . . 3 7 ,0 5 6 ,5 3 1
3 4 ,7 7 3 ,6 3 7
1 .7 6 5 c ts .
1 .8 0 4 c t s .
1 .7 7 6 c t s .
R o v . p er p ass, p e r m ile .
1 .8 6 5 c t s .
7 ,1 1 7 ,7 7 3
7 ,0 7 0 ,7 3 5
9 ,4 5 0 , 1 3 2
T o n s m o v e d ( r e v e n u e ) . . 1 0 ,7 5 8 ,4 1 8
T o n s m o v e d l m . ( r o v . ) L 5 3 7 , 7 6 9 , 1 2 5 1 2 8 5 1 0 2 ,9 1 0 9 3 6 ,7 5 3 .7 6 4 9 4 5 ,0 5 4 ,7 8 9
R ov . p er ton p er m ilo ..
0 .4 4 7 c t s .
0 .4 0 3 c t s .
0 .4 1 1 c t s
0 .4 2 5 c t s .
A v g o . t r a in -l o a d ( t o n s ) .
855
800
695
. 643
E a r n , p e r p a s s , t r a in m .
$ 1 .1 0
$ 1 .0 0
$ 0 .9 4
$ 0 .9 4
E a r n s , p e r f g t .- t r a l n m ilo
$ 3 .8 2
$ 3 .2 2
$ 2 .8 6
$ 2 .7 3
G r o s s e a r n in g s p e r m i l o .
$ 1 8 ,5 6 5
$ 1 4 ,2 3 9
$ 1 0 ,8 3 9
$ 1 1 ,0 4 8 -
M ay 25 1918.]
IN CO M E ACCOUNT YEARS ENDIN G DEC. 3 1 .
1917.
$ 6 ,8 6 8 ,7 6 9
P a s s o n g e r r e v e n u e ______
6 9 1 ,1 1 9
2 5 0 ,2 0 1
M a l l , e x p r e s s , A c ________
2 7 8 ,4 5 3
I n c i d e n t a l s _______________
1916.
$ 5 ,1 7 2 ,7 0 3
6 1 7 ,4 9 4
2 2 6 ,4 0 4
1 8 7 ,2 4 6
1915.
$ 3 ,8 5 2 ,7 5 9
5 7 7 ,4 8 3
1 8 5 ,0 2 0
1 0 7 ,0 9 0
1914.
$ 4 ,0 1 3 , 8 7 6
6 1 4 ,2 3 9
1 7 4 ,8 7 3
1 2 7 ,6 3 8
$ 8 ,0 8 8 ,5 4 1
$ 1 ,0 3 5 ,5 6 9
1 ,4 6 8 ,6 8 0
M a l n t . o f e q u i p m e n t ___
9 9 ,4 5 1
T r a f f i c e x p e n s e s _________
3 ,3 5 6 ,4 4 5
T r a n s p o r t a t i o n __________
1 5 4 ,1 6 0
G o n o r a l & m is c e l la n e o u s
$ 6 ,2 0 3 ,8 4 7
$ 7 8 6 ,1 2 7
1 ,3 9 5 ,0 6 8
8 7 ,7 0 7
2 ,1 9 7 ,8 5 0
1 4 4 ,0 8 4
$ 4 ,7 2 2 , 3 5 2
$ 8 6 7 ,8 8 3
9 6 1 ,6 4 0
8 4 ,4 7 7
1 , 7 5 5 ,4 1 3
1 4 0 ,3 8 1
$ 4 ,9 3 0 ,6 2 6
$ 8 0 9 ,4 0 5
9 9 7 ,5 3 4
9 1 ,7 6 3
1 ,9 8 2 , 0 4 3
1 4 6 ,7 5 8
$ 6 ,1 1 4 ,3 0 5
$ 1 ,9 7 4 ,2 3 6
3 7 1 .9 1 3
$ 4 ,6 1 0 , 8 3 5
$ 1 ,5 9 3 ,0 1 2
2 9 9 .8 4 1
$ 3 ,6 0 9 ,7 9 4
$ 1 ,1 1 2 ,5 5 8
2 7 0 ,9 1 7
$ 4 ,0 2 7 ,5 0 3
$ 9 0 3 ,1 2 3
2 6 7 ,4 2 8
$ 1 ,6 0 2 , 3 2 4
$ 1 , 2 9 3 ,1 7 1
$ 8 3 5 ,6 4 1
$ 6 3 5 ,6 9 5
4 2 ,8 1 2
4 4 7 ,3 9 0
2 0 1 ,9 4 7
2 6 7 ,8 9 6
4 4 7 ,3 9 0
2 0 0 ,7 7 7
4 4 7 ,3 9 0
1 9 4 ,8 5 3
$ 2 ,2 9 4 ,4 7 3
$ 2 ,2 0 9 ,2 3 4
$ 1 ,4 7 7 ,8 8 4
$ 1 , 0 4 9 ,6 2 1
$ 5 4 5 ,7 0 0
5 4 4 ,0 0 6
1 2 9 ,1 6 4
6 ,6 3 7
2 3 9 ,4 2 6
$ 1 1 ,2 5 0
5 5 6 ,3 5 4
5 4 7 ,8 9 3
9 2 ,6 5 6
6 ,3 4 7
2 2 0 ,2 7 1
hi $ 2 3 6 ,1 8 9
4 9 6 ,2 4 0
2 6 3 ,4 8 3
1 0 0 ,7 4 8
5 ,0 7 8
2 5 4 ,4 9 9
T axos accru ed, A c .
Other Income—
I lir o o f e q u ip m e n t______
D iv id e n d s r e c e iv e d ____
M is c e lla n e o u s ___________
Deduct—
H i r e o f e q u i p m e n t ______
M i s c o l . i n t o r o s t , A c ------In te r e s t o n fu n d e d d e b t .
J o i n t f a c i l i t y r e n t s ______
O t h e r r e n t s , & c __________
D e fic it o f Z . & W . I t y . .
$ 5 4 1 ,0 5 2
5 6 5 ,9 2 9
1 5 4 ,9 6 8
6 ,7 8 8
1 1 1 ,0 4 5
2 2 6 ,9 2 8
1 8 6 ,9 9 8
T o t a l d e d u c t i o n s _____$ 1 , 3 7 9 , 7 8 3
$ 1 ,4 6 4 ,9 3 3
$ 1 ,4 3 4 ,7 7 1
$ 1 ,3 5 6 ,2 3 7
B a l a n c e , s u r p lu s o r d o f _ s u r $ 9 1 4 , 6 9 0 s u r . $ 7 4 4 ,3 0 1 s u r .$ 4 3 , 1 1 3 d e f .$ 3 0 6 , 6 1 6
Zanesville & W estern Ry.— R esults for Calendar Years.
Calendar
Years—
Gross
Earnings.
Net (after
Taxes).
1 9 1 7 ................ $ 6 1 3 ,3 4 7
1 9 1 6 — ........... 3 9 1 .5 3 5
$ 3 1 ,9 4 1
lo s s 1 2 1 .0 4 1
Other
Income.
Interest,
Rents, Che.
Balance,
Deficit.
$ 8 ,4 4 2
7 ,5 8 5
$ 1 5 1 ,4 2 9
1 2 5 ,9 7 0
$ 1 1 1 ,0 4 5
2 3 9 ,4 2 6
1017.
1916.
S
5,846,300
3,701,400
BALANCE SHEET DEC. 3 1 .
1917.
Assets—
1916.
S
8
Liabilities—
S
R oad A equip’t . — 28 ,787,943 27,051,181 Stock, com m on .a. 5,,846,300
In v. In nffll. cos.:
Stock, preferred.a 3 ,701,400
Stock ................8 ,362,215 8,368,297 Bonds (see “ H y. A
B onds..................2 ,000,000 2,000,000
Ind.” Section) .a 8 ,272,000 8,272,000
330,000
330,000 Equlpm 't obllg’ ns. 3 ,453,230 2,734,553
N otes..................
Advances...........
293,752
250,010 N on-negot'le debt
Other Investments
256,250
to affiliated cos.
286,483
169,452
151,020
M lsc. phys. p rop.
151,351 N otes, A c ______blO ,543,199 10,569,012
Materials & supp. ,345,070
524,513 Accounts A wages. 1,098,794
498,596
Cash_____________
591,442
662,703 Traffic, A c., bals.
194,693
274,189
83,245
Special dep osits..
80,415 M at'd lnt. unpaid.
84,850
81,705
Agents A conduo.
317,371
224,191 M lscell. accounts. 1 ,882,354 1,729,344
Traffic, & o., bals.
180,132 A ccr.lnt.,dlvs.,A c.
77,459
57,107
121,121
M lscell. accounts.
193,411
131,882
955,863
845,457 UnadJ., A c.,Item s.
Interest, A c., reo. ,053,333
973,333 Accrued deprec’n . 1,,805,615 1,654,475
UnadJ. debits, A c .
304,462
163,872 A d d’ns to property
thro.Inc.A surp. 1,,334 889 1,332,583
Profit and loss__ *5 ,755,347 5,038,632
T o t a l .................. 44,653,182 42,061,736
T o t a l .................. 44,653,182 42,061,736
* A f t e r d e d u c t i n g $ 1 7 ,3 5 0 f o r s u n d r y a d j u s t m e n t s ( n e t ) .
a A fte r d e
d u c t i n g $ 6 5 3 ,7 0 0 c o m m o n s t o c k , $ 6 ,6 0 0 p r o f , s t o c k a n d $ 2 2 8 ,0 0 0 i n c o m e
b o n d s , S t . M a r y ’s d i v i s i o n , h e l d b y o r f o r c a r r io r .
b N o n -n e g o t ia b lo d o b t
t o a f f i l i a t e d c o m p a n i e s ( n o t e s ) in 1 9 1 7 , a g a i n s t J o a n s J a n d ^ b i ll s p a y a b l e in
1 9 1 6 .— V . 1 0 6 , p . 2 1 2 4 .
K a n a w h a & M ich igan R a ilw a y .
{Report fo r Fiscal Y ear ended D ec. 31 1917.)
President Alfred H. Smith says in substance:
Equipment Trusts Retired.— I s s u e o f 1 9 1 2 , $ 1 2 0 ,0 0 0 ; o f 1 9 1 4 , $ 1 2 0 ,0 0 0 .
Results.— F r e i g h t r e v e n u e in c r e a s e d $ 6 , 3 0 0 . T h e r e w a s a g a in o f $ 1 1 7 6 2 6 in c o k o t r a f f i c , a n d $ 2 0 2 ,5 6 9 in o t h e r f r e i g h t h a n d le d , w h i c h m o r e t h a n
o f f s o t a d e c r e a s e o f $ 3 1 3 ,8 9 5 in c o a l r e v o n u o .
T h ero w as a decrease o f
$ 9 6 8 ,2 9 1 t o n s in c o a l t r a f f i c h a n d le d , d u o t o s h o r t a g e o f c a r s f o r t h o f ir s t
t h r o o m o n t h s o f t h o y e a r , s h o r t a g e o f m in e r s f o r t h o n e x t t h r e o m o n t h s
a n d i n a b i l i t y o f c o n n e c t i n g lin o s t o r e c e iv e a n d t r a n s p o r t t h o t r a f f i c t o t h e
m a r k e t s d u r i n g t h e r o m a in d o r o f t h o y e a r .
T h e r o w a s a n in c re a s o o f 134 189
t o n s in c o k o t r a f f i c , a n d 2 4 2 ,2 7 7 t o n s in o t h e r f r o i g h t h a n d le d , m a k i n g a
n e t d e c r o a s o in t o t a l t o n n a g e o f 5 9 1 ,8 2 5 t o n s .
T h o r e c e ip t s p e r t o n p e r
m il o w o r o 4 . 4 8 m il l s , a s c o m p a r e d w i t h 3 . 9 3 m ills f o r t h o p r e v i o u s y e a r
N | W it h a d e c r o a s o o f 1 1 . 9 3 % in t o n m il e a g o , t h e r o w a s a d e c r e a s o o f 12 6 2 %
in t h o f r e i g h t t r a in m ile a g o , r e s u lt in g in a s l ig h t g a i n in t h o t r a in lo a d .
Tho
a v o r a g o n u m b e r o f t o n s o f r o v o n u o f r e i g h t p e r t r a in m il o w a s 1 1 8 6 a n
in c r e a s o o f 9 t o n s o v e r t h o p r o v i o u s y e a r .
P a s s o n g o r r e v e n u e i n c r e a s e d $ 3 7 ,8 4 2 ; a v o r a g o r e c e ip t s p e r p a s s e n g e r
p e r m ilo 2 .0 3 c o n t s , a n in c r o a s o o f 0 . 0 5 c o n t s .
O p e r a t in g o x p o n s o s s h o w a n o t i n c r e a s o o f $ 1 6 4 ,3 3 9 .
N o n -o p e r a tin g
i n c o m o i n c r o a s o d $ 1 3 5 ,7 3 8 , d u o a l m o s t e n t i r e l y t o h ir e o f e q u i p m e n t e a r n in g s .
Maintenance, &c.— N o w o p e n h o a r t h s t e e l r a ils , w e ig h i n g 9 0 p o u n d s n o r
y a r d , w e r e la id in 1 8 .3 m ile s o f m a in t r a c k ; a l s o 5 4 4 3 0 w h it o o a k t {c s
S t o n o b a l l a s t w a s a p p li e d t o 6 . 2 m ile s o f m a in t r a c k .
A n ow sta n d a rd
s t o o l d o c k g ir d o r b r i d g e 3 4 f e e t l o n g w a s c r o c t o d a t R o c k v l l l o r e p l a c in g o n e
t o o l ig h t f o r h e a v y p o w e r ; a n d a r e in fo r c e d c o n c r e t o b r i d g o w a s c r o c t o d o v e r
F l o r i d a S t . i n C h a r le s t o n , t h o c i t y b e a r i n g 3 5 % o f t h o c o s t o f e l im i n a t i n g
th o fo r m e r g r a d o cro s s in g .
T h o e x p e n d it u r e s f o r i n v e s t m e n t in r o a d d u r i n g t h o y e a r a g g r e g a t e d n o t
$ 5 7 ,6 1 6 ; f o r e q u i p i n o n t a n o t r e d u c t io n o f $ 9 3 ,8 8 6 .
88 8
Subsidiaries.— T o D o c . 3 1 1 9 1 7 c a p i t a l s t o c k o f t h o Kanawha ,?•. West
Virginia RR. Co. t o t h e a m o u n t o f 1 3 ,4 9 2 s h a r e s o u t o f t h o t o t a l is s u e O f
1 3 ,5 9 6 s h a r e s o u t s t a n d i n g h a d b o o n d e l iv e r e d t o t h is c o m p a n y , l o a v i n g
d u o o n l y 1 0 4 s h a r o s , t h o d o l iv o r y o f w h i c h is s e c u r e d b y $ 1 0 0 0 0 o f f i r s t
m o r tg a g o b o n d s o f th o c o m p a n y h e ld in e s c r o w .
T h o s a m o c a u s e s w h ic h
b r o u g h t a b o u t t h o d e c r o a s o in c o a l t r a f f i c o f t h o Kanawha & M i c h i g a n
R y . , a s a l r e a d y s t a t e d , s e r v e d a s a b a r t o a n y I n c r o a s o in c o a l p r o d u c t i o n
f r o m t h o m in e s s o r v o d b y t h o K a n a w h a A W e s t V ir g in ia l t l t . ; b u t n o t w i t h
s t a n d i n g t h o s o a d v o r s o c o n d i t i o n s , t h o e a r n in g s f o r t h o y e a r w o r o s u f f i c ie n t
t o m o o t a ll o x p o n s o s a n d t a x o s , b u t a f t e r p a y m e n t o f i n t e r e s t o n t h o b o n d s
t h e r o w a s a r e s u lt in g d e f i c i t o f $ 1 8 ,5 5 7 .
D u r in g t h o y e a r $ 1 9 0 0 0 o f c a r
t r u s t b o n d s w o r e r e t ir e d .
O n J u n o 12 1 9 1 7 , t h o D i r e c t o r s a u t h o r i z e d a l o a n o f $ 3 0 0 ,0 0 0 t o t h e
Gauleg & Eastern Ry. Co., a s u b s i d i a r y o f t h is c o m p a n y , t o m e o t t h o c o s t o f
c o n s tr u c tin g
m ile s o f lin o u p t h o G a u l o y R i v e r f r o m t h o p r e s e n t t e r
m in u s o f t h o K a n a w h a & M ic h i g a n R y . a t G a u l o y B r i d g o t o a c o n n e c t i o n
a t B o l v a w it h t h o K a n a w h a & W o s t V ir g in ia R R . , w h i c h o x t o n d s f r o m
t h a t p o i n t e a s t w a r d u p t h o r iv e r 4 m ile s t o S w is s .
T o D o c . 31 1 9 1 7
$ 1 2 0 ,0 0 0 lia s b e e n a d v a n c e d , a ll o f t h o r i g h t - o f - w a y h a s b o o n p u r c h a s e d ’
a n d a b o u t 2 m ile s o f t h o g r a d i n g , w h ic h i n v o l v o s s o m o h o a v y r o c k w o r k ’
h a s b o o n c o m p le t e d .
T h o lin o w ill p r o b a b l y b o o p o r a t e d b y D e c . 3 1 . ’
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1917.
1916.
1915.
177
A v o r a g o m ile s o p e r a t o d ------------------------177
17 7
Operations—
P a s s o n g o r s ( n u m b o r ) ----------------------------1 ,1 3 2 ,5 1 5
1 . 0 9 9 ,6 8 9
1 ,0 0 8 ,5 4 9
P a s s , c a r r ie d o n o m i l o .......................
2 0 ,6 7 5 ,6 2 2
1 9 ,2 7 2 ,7 9 5
1 7 , 8 8 7 ,6 1 5
A v . r o c o lp t p o r p a s s o n g e r p e r m i l e . .
2 .0 3 c t s .
1 .9 8 c t s .
1 .9 6 c t s .
T o n s ( r o v e n u o ) f r e i g h t --------------------------5 ,5 4 4 , 3 3 3
______ w
6 ,1 3 6 ,1 5 8
5 ,5 3 8 ,2 3 9
T o n s ( r o v o n u o ) f r o i g h t o n o m i l e ------- 6 8 2 ,4 9 2 ,1 0 7 7 7 4 ,9 4 3 ,1 3 4 7 0 l '7 2 6 ’ 0 2 4
A v o r a g o r e c e ip t s p o r t o n p e r m i l o ------0 .4 4 8 c t s .
0 .3 9 3 c t s .
o!385 c t s
A v o r a g o t o n s p o r t r a in m i l o ---------------- -1 ,2 0 6
1 ,1 9 4
1 ,0 9 3
E a r n in g s p o r p a s s o n g o r t r . m i l e -----------$ 1 .2 9
$ 1 .0 6
$ 0 .9 6
E a r n in g s p o r f r o i g h t t r . m i l o ___________
$ 5 .3 1
$ 4 .6 3
$ 4 .1 5
G r o s s o a r n in g s p o r m i l o ________________
$ 2 0 ,4 2 5
$ 1 9 ,9 7 7
$ 1 7 ,7 7 5
2221
THE CHRONICLE
INCOM E ACCOUNT FOR CALENDAR YEARS.
Earnings—
1917.
1916.
$ 4 1 9 ,1 9 1
3 ,0 5 5 ,0 8 5
1 3 2 ,7 1 5
$ 3 8 1 ,3 4 8
3 ,0 4 8 ,7 8 5
9 7 ,7 2 7
1915.
$ 3 5 0 ,8 8 0
2 ,7 0 3 ,1 9 8
8 5 ,0 2 6
$ 3 ,6 0 6 ,9 9 1
$ 3 , 5 2 7 ,8 6 1
$ 3 ,1 3 9 ,1 0 4
$ 4 2 1 ,5 1 1
8 9 5 ,7 0 0
1 ,0 9 2 ,1 4 0
4 1 ,1 4 7
9 2 ,6 2 8
$ 4 4 6 ,2 8 4
9 1 7 ,6 2 4
8 9 7 ,0 1 1
3 5 ,1 7 8
8 2 ,6 9 0
$ 4 1 5 ,1 6 3
6 7 2 ,8 7 3
8 5 6 ,9 3 6
3 8 ,0 1 6
7 7 ,6 3 1
$ 2 ,5 4 3 ,1 2 6
$ 1 ,0 6 3 ,8 6 5
6 5 4 ,6 4 0
3 3 ,2 6 0
$ 2 ,3 7 8 ,7 8 7
$ 1 ,1 4 9 ,0 7 4
5 2 0 ,5 3 0
3 1 ,6 3 2
$ 2 ,0 6 0 ,6 1 9
$ 1 ,0 7 8 , 4 8 6
2 0 0 ,1 3 8
2 2 ,6 1 1
$ 1 ,7 5 1 , 7 6 5
$ 1 ,7 0 1 ,2 3 6
$ 1 ,3 0 1 ,2 3 5
$ 2 9 1 ,2 6 0
2 8 0 ,4 0 8
2 1 ,3 2 0
4 5 0 ,0 0 0
$ 3 0 3 ,5 8 9
1 0 ,1 8 5
1 6 8 ,2 1 6
2 1 ,8 8 1
4 5 0 ,0 0 0
$ 3 1 8 ,1 0 6
1 0 ,5 2 5
1 4 6 ,8 0 8
2 0 ,7 1 8
4 5 0 ,0 0 0
----------------------------- $ 1 , 0 4 2 , 9 8 8
----------------------------$ 7 0 8 ,7 7 7
$ 9 5 3 ,8 7 1
$ 7 4 7 ,3 6 5
$ 9 4 6 ,1 5 8
$ 3 5 5 ,0 7 7
M a il, o x p re ss, A c .
Expenses—
M a i n t e n a n c e o f w a y a n d s t r u c t u r e s . -.
M a i n t e n a n c e o f e q u i p m e n t ____________
T r a f f i c __________________
G on oral expen ses, A c .
I l i r o o f e q u i p m e n t ______
R e n t s & m is c e l la n e o u s .
Deduct—
O th e r in te r e s t. . .
T a x e s , & c .................
R e n ts p a id , & c . .
D iv id e n d s ( 5 % ) .
T o t a l ____________
B a la n c e , s u r p lu s .
.
.
BALAN CE SHEET DEC. 3 1 .
1917.
1916.
1917.
Assets—
S
S
Liabilities—
$
R oad A equlpm’t . 18 ,062,631 18,098,901 Com m on s t o c k .. . 9,000,000
Inv. in affll. cos.:
M ortgage b o n d s.. 4,969,000
Stocks ________
, 000,000
1,000,000 Equip, trust o bllg . 1,440,000
Bonds__________
000,000
1 ,000,000 Traffic, A c., bals.
40,246
Other investments
101,505
45,505 Accounts A wages.
372,621
Cash....... .......... ..
146,937
103,329 M iscellaneous____
8,314
Special d e posits..
218,333
222,755 M atured lnt., A c .
100,658
Bills receivable.. .
172,676
52,600 Accrued Interest..
24,690
Traffic, A c., bals.
138,795
272,875 Accrued taxes____
90,570
Agents A conduc.
33,289
15,295 Accrued deprec’n .
816,071
M iscellaneous____
210,798
89,461 UnadJ. credits,A c.
36,334
Material A suppl’s
783,188
358,464 A dd’ns to property
Deferred assets_
_
137,887
51,501
thro.inc. A surp. 1,069,156
Unadjusted debits
38,449 Profit and loss____*4,085,406
47,027
,
T o t a l ---------------22,053,065 21,349,136
1916.
S
9,000,000
4.969.000
1.680.000
32,814
244,272
4,927
101,770
24,690
68,227
734,530
6,980.
1,063,676
3,410,250
T o t a l __________ 22,053,065 21,349,136
* A f t e r d e d u c t i n g s u n d r y n e t i t e m s , $ 3 3 ,6 2 2 . — V . 1 0 6 , p . 2 1 2 3 , 6 0 1 .
C o lo rad o & S o u th e rn R a ilw ay .
{19th Annual Report— Year ended Dec.
3 1 1 9 1 7 .)
P r e s . H a le H o ld e n , C h ic a g o , J a n . 1 , w ro te in s u b s ta n c e :
Results.— T h e t o t a l o p e r a t i n g r e v e n u e s s h o w a n I n c r e a s e o f $ 2 ,2 1 6 , 5 3 2 ,
o r 1 3 . 4 6 % ; o p e r a t i n g e x p e n s e s a n in c r e a s e o f $ 1 ,5 1 0 , 9 6 9 , o r 1 4 . 9 8 % , a n d
t h e n e t o p e r a t i n g r e v e n u e a n i n c r e a s e o f $ 7 0 5 ,5 6 3 , o r 1 1 . 0 5 % .
T a x ac
c r u a ls in c r e a s e d $ 3 4 8 ,8 6 0 , d u e c h i e f l y t o in c r e a s e s in t h e F e d e r a l i n c o m e a n d
w a r t a x . O p e r a t in g i n c o m e s h o w s a n in c r e a s e o f $ 3 5 6 ,0 2 3 , o r 6 . 3 3 % .
Losses Charged Off.— I n J u n e 1 9 1 5 t h e r e w a s a p p r o p r i a t e d f r o m s u r p lu s
t h o s u m o f $ 1 , 0 0 0 , 0 0 0 , a n d in J u n e 1 9 1 6 a f u r t h e r $ 5 0 0 ,0 0 0 , t o e s t a b l is h
a r o s o r v o t o p r o v i d e f o r p o s s i b l e lo s s e s a r is in g o u t o f t h e d e p r e c i a t io n in
v a l u e o f t h o s e c u r it ie s o f c e r t a in r a ilr o a d s o w n e d b y t h e c o m p a n y . D u r i n g
t h e c u r r e n t y e a r t h e r o h a s b e e n c h a r g e d a g a in s t t h is a p p r o p r i a t i o n lo s s e s
d e t e r m in e d a s f o ll o w s : B o o k v a l u e o f c a p i t a l s t o c k o f t h o C o l o r a d o M i d l a n d
, o ' } 3tn M ' f o r e c l o s e d ) , $ 1 ,0 2 1 ,5 5 7 ; b o o k v a l u e o f c a p i t a l s t o c k o f t h e
C
G il p i n R R . C o . (1 s t M . f o r e c l o s e d ) , $ 6 3 ,3 0 7 .
Obligations Retired.— D u r in g t h o y e a r t h e f o l l o w i n g l o n g - t e r m d e b t o b l i
g a t i o n s a g g r e g a t i n g $ 2 4 7 ,0 0 0 h a v e b e e n r e t ir e d : I s M . b o n d s o f t h e C o l o .
S p r in g s & C r i p p l e C r e e k D i s t r i c t R y . C o . , t h r o u g h s i n k i n g f u n d , $ 6 4 ,0 0 0 ;
d e f e r r e d r e n t a ls u n d e r e q u i p m e n t le a s e s , $ 1 8 3 ,0 0 0 .
cn n ?%
Account.— T h e r o w e r e c h a r g e s t o c a p i t a l a c c o u n a g g r e g a t i n g
$ 1 0 4 ,1 3 9 f o r a d d it i o n s a n d b e t t e r m e n t s .
D u o to abandonm ent o f road
a n d r e m o v a l o f t r a c k t h e r e f r o m , a l s o e q u i p m e n t d e s t r o y e d , t o t a l c r e d it s
w o r o p a s s e d t o c a p i t a l a c c o u n t a m o u n t i n g t o $ 2 2 6 ,3 2 8 , l e a v i n g a n e t c r e d it
d u r i n g t h o y e a r o f $ 1 2 2 ,1 8 8 .
Improvements, e t c .— I n p u r s u a n c e o f o u r i m p r o v e m e n t p o l i c y w e h a v e
c o n s t r u c t e d n o w i n d u s t r y t r a c k s a n d e x t e n s i o n s a g g r e g a t i n g 6 7 ,8 6 3 t r a c k
l o o t a n d h a v e la id In m a in l in e t r a c k l l t f t r a c k m ile s o f n e w 8 5 - l b . s t e e l
( r e p la c i n g r a il o f l ig h t e r w e ig h t s ) ; a l s o 4 4 ,5 6 6 r a il a n c h o r s a n d 2 6 5 ,7 1 9 t ie
p la te s .
C r o s s - t ie r e n e w a ls w e r e 5 7 1 ,5 7 8 , b e i n g 8 . 3 % o f c r o s s t ie s in t r a c k .
M a i n l in o t r a c k b a l l a s t e d w it h g r a v e l , 7 .9 7 m ile s ; w it h c in d e r s , 1 0 .7 3 m ile s .
B a ll a s t r e n e w a ls , 1 6 .2 m ile s , w it h c in d e r s a n d c o k o b r a iz e .
W e b u ilt
178 fr e ig h t ca rs a t th e D e n v e r s h o p s a n d p u r c h a s e d 53 s e c o n d -h a n d b o x
c a r s , in a d d i t i o n t o d o i n g a l a r g e a m o u n t o f i m p r o v e m e n t w o r k o n c a r s
a n d .lo c o m o t iv e s .
Industrial, &c.. Developments.— T w e n t y - f i v e n e w in d u s t r ie s w e r e l o c a t e d
o n t h o lin o , i n c lu d in g o n e c o a l m in e , s i x o r e m in e s , s i x o i l- l o a d i n g s t a t i o n s ,
t w o g r a in e l e v a t o r s , t w o m a n u f a c t o r ie s , s e v e n w h o le s a le d e a le r s a n d o n e
U . S . G . e x p e rim e n ta l s ta t io n .
N e w s e t t le r s h a v e b e e n a i d e d in t a k i n g
u p d r y la n d s in C o l o r a d o .
D a ir y in g h a s b e e n e n c o u r a g e d , a ls o th e p la n t
in g o f p i n t o b e a n s o n d r y l a n d .
T h e p la n tin g o f p e a n u ts h a s b e e n e n c o u r
a g e d a n d d e v e l o p e d , s o t h a t t h e r e Is n o w a la r g e a c r e a g e d e v o t e d t o t h is c r o p .
Traffic.— T h o e s t a b l is h m e n t o f a N a t io n a l G u a r d d i v i s i o n a l t r a in in g
c a m p a t F t . W o r t h , a v i a t i o n t r a in in g c a m p s a t H ic k s a n d W i c h i t a F a lls ,
a n d t h o e n la r g e m e n t o f t h e r e g u la r a r m y i n c r e m e n t c a m p a t F t . D . A .
R u s s e ll h a v o p r o d u c e d a c o n s i d e r a b l e a m o u n t o f a d d it i o n a l b u s in e s s f o r
o u r lin o s .
T h e o p e n i n g u p o f la r g e b o d i e s o f l o w - g r a d e m o l y b d e n u m o r e
o n o u r n a r r o w -g a u g e lin o In S u m m i t C o u n t y , C o l o . , w ill r e s u l t in i n c r e a s e d
t o n n a g e a n d r e v e n u e d u r in g t h e p e r io d o f th e w a r.
Line Abandoned.— T h e lin o w h ic h w a s o r ig in a ll y c o n s t r u c t e d b y t h e
D e n v e r & N o w O r le a n s R R . C o . in 1 8 8 2 h a s n o t b e e n u s e d b y t h e C o l o . &
S o u t h . R y . C o . f o r t h e o p e r a t i o n o f its t r a in s f o r a n u m b e r o f y e a r s .
The
l in o a b a n d o n e d is in a n u n p r o d u c t i v e t e r r i t o r y w h e r e t h e r e a r o n o t o w n s o r
s t a t io n s r e q u i r in g t r a n s p o r t a t io n fa c il i t i e s , a n d d u r i n g t h e p a s t y e a r p o r t io n s
o f t h o r a il a n d o t h e r p r o p e r t y in t h a t t e r r i t o r y h a v o b e e n r e m o v e d .
*4
I n A u g u s t 1900 th o C o lo . A S o u th . R y . C o . e n te r e d in t o a jo in t o p e r a tio n
c o n t r a c t a n d le a s o a g r e e m e n t w i t h t h e A t c h . T o p e k a & S a n t a F o R y . C o . ,
a n d h a s s i n c e t h a t t im e u n d e r a l o n g - t e r m c o n t r a c t u s e d t h e A . T . & S . F o
le a s e d m il e a g o b o t w e e n D e n v e r a n d P u e b l o f o r t h e o p e r a t i o n o f t h e ir
t h r o u g h b u s in e s s .
A l t h o u g h t h e r e w a s a g r e a t e r a c r e a g e o f c o t t o n a l o n g o u r T e x a s lin e s in
1 9 1 7 t h a n in p r o v i o u s y e a r s , t h e y i e ld p e r a c r e , o w i n g t o t h o p r o t r a c t e d
d r o u g h t , w a s t h o lo w e s t in a p e r i o d o f 13 y e a r s .
O n th o o th e r h a n d , o n a c c o u n t o f d r o u g h t c o n d it io n s , th e re w a s a n u n
u su a l m o v e m e n t o f liv e s t o c k , t h o m o v e m e n t b e in g p r in c ip a lly o u t o f w o st
T exas.
T h is c o m p a n y h a n d le d o v e r 2 1 ,0 0 0 c a r s o f s t o c k o u t o f t h is t e r r i
t o r y d u r in g th e y e a r .
I t w ill t a k e a n u m b e r o f y e a r s f u l l y t o r e c o v e r a n d
r e s t o c k th o p a stu res a b a n d o n e d .
Trinity & Brazos Valley Ry.— T h o r e c e iv e r o f t h e T . A B . V . R y . C o .
r e p o r t s a d e f i c i t in t h o n e t o p e r a t i n g r e v e n u e o f $ 1 1 6 ,1 6 0 , t o w h i c h w a s
a d d e d f o r t a x e s $ 7 1 ,9 7 9 , less n e t c r e d it in m is c e lla n e o u s i t e m s , $ 4 0 ,9 5 4 ,
c r e a t in g a n e t i n c o m e d e f i c i t f o r t h o y e a r o f $ 1 4 7 ,1 8 5 .
[Lines included.— T h e C o l o . A S o u t h e r n L in e s e m b r a c e d in t h e s t a t is t i c s
h e r e w it h a r o a s f o ll o w s : C o l o . A S o u t h . I t y . , C o l o r a d o R R . , D e n v e r A I n
t e r u r b a n R R . , C o l o . S p r in g s A C r i p . C r k . D i s t . R y . , F t . W o r t h A D e n . C i t y
R y . , W i c h i t a V a llo y R y . , W i c h i t a F a lls A O k la . R y . , W i c h i t a V a ll e y R R . ,
S t a m f o r d A N . W . R y . , A b il e n e A N o r . R y . , F t . W o r t h A D e n . T e r m . R y . ]
OPERATING STATISTICS— COLORADO & SOUTHERN LINES.
Calendar Years—
1917.
1916.
1915.
A v o r a g o m ilo s o f r o a d o p e r a t e d
1 ,8 4 1
1 ,8 4 2
1 ,8 2 9
Operations—
2 ,9 5 4 ,0 9 4
2 ,7 8 0 ,4 3 7
2 ,7 2 5 ,5 4 8
R o v o n u e p a s s e n g e r s c a r r i e d _____
l t o v o n u e p a s s , c a r r ie d 1 m i l e . . .
1 5 7 ,3 5 1 ,7 8 2
1 3 4 ,1 5 0 ,5 5 6
1 2 6 ,9 0 1 ,6 7 0
R a t o p e r p a s s e n g e r p e r m i l e _____
2 .6 2 c t s .
2 .6 3 c t s .
2 .5 7 c t s .
R e v e n u e f r e i g h t ( t o n s ) __________
8 ,7 2 9 ,7 1 2
7 ,8 7 2 ,5 2 9
6 ,7 6 3 ,4 8 0
R e v e n u e f r e i g h t ( t o n s ) 1 m i l e . . 1 , 3 0 2 ,7 1 0 ,9 2 1 1 , 2 2 1 , 5 4 7 , 2 3 0 1 , 0 7 7 , 7 7 3 , 9 3 0
R a t o p o r t o n p e r m i l e -----------------1 .0 2 5 c t s .
0 .9 7 8 c t s .
0 .9 8 0 c t s .
A v e r a g e r o v . t r a in lo a d ( t o n s ) . .
3 9 8 .9 5
4 0 0 .3 1
3 4 6 .8 6
E a r n in g s p e r p a s s , t r a in m i l o ___
$ 1 .7 9
$ 1 .5 2
$ 1 .4 5
E a r n in g s p o r f r e i g h t t r a in m i l e .
$ 4 .0 9
$ 3 .9 2
$ 3 .4 0
O p e r a t in g r e v e n u e s p e r m i l e ___
$ 1 0 ,1 4 9
$ 8 ,9 4 2
$ 8 ,0 6 2
COLORADO & SOUTHERN LINES— RESULTS FOR CALENDAR YEARS.
Operating Revenues—
1917.
1916.
1915.
F r e i g h t ....................................................................$ 1 3 ,3 5 0 ,6 3 7 $ 1 1 ,9 5 1 ,0 0 1 $ 1 0 ,5 6 0 ,9 2 6
4 ,1 2 3 ,3 4 8
3 ,5 2 2 , 9 5 5
3 ,2 6 0 ,4 6 9
P a s s e n g e r ......................._ .................. .................
M a i l , o x p r e s s , & c ......... ...............................1 . 2 1 1 ,8 2 5
9 9 5 ,3 2 3
9 2 4 ,2 7 0
T o t a l o p e r a t i n g r e v e n u e s _____$ 1 8 ,6 8 5 ,8 1 0
$ 1 6 ,4 6 9 ,2 7 9 $ 1 4 ,7 4 5 ,6 6 5
Operating Expenses—
$ 1 ,9 4 4 , 3 1 0
$ 1 ,8 8 1 ,7 3 8
M a i n t e n a n c e o r w a y a n d s t r u c t u r e s . . $ 1 ,7 8 3 ,0 5 4
2 ,7 6 9 , 2 1 4
3 ,1 0 4 ,4 2 4
2 ,8 2 1 , 3 6 7
M a i n t e n a n c e o f e q u i p m e n t _____
2 0 2 ,1 6 0
2 1 3 ,6 7 2
T r a f f i c __________________
2 2 5 ,0 0 1
4 ,6 0 4 ,3 7 7
4 ,6 1 1 ,1 0 3
T r a n s p o r t a t i o n ___________________
5 ,8 2 8 ,3 3 4
76, 30
7 7 ,7 5 1
M i s c e l l a n e o u s , & c ...............................
1 0 2 ,1 9 8
4 7 5 ,0 8 5
4 7 9 ,7 0 0
G e n e r a l _____________________________
5 5 3 ,2 9 0
T o t a l o p e r a t i n g e x p e n s e s .......................$ 1 1 ,5 9 6 ,3 0 1 $ 1 0 ,0 8 5 ,3 3 2 $ 1 0 ,0 7 1 ,2 7 7
**“ "
$ 4 ,6 7 4 ,3 8 8
N e t e a r n i n g s _______________________________ $ 7 , 0 8 9 , 5 0 9
$ 6 ,3 8 3 ,9 4 7
6 6 6 ,1 8 3
R a i l w a y t a x a c c r u a l s ___________________
1 , 1 0 6 ,4 7 2
7 5 7 ,6 1 1
U n c o l l e c t i b l e s ____________________
1 ,3 9 5 __________7 1 7
299
O p e r a t in g i n c o m e ______________________ $ 5 ,9 8 1 ,6 4 2
$ 5 ,6 2 5 ,6 1 9
$ 4 ,0 0 7 ,9 0 6
6 3 1 ,5 4 6
5 0 9 ,9 6 8
. A d d - R e n t s ___________________ _________ 6 6 7 ,0 5 7
1 9 3 ,2 3 3
M is c e l la n e o u s i n t e r e s t _______________
9 0 ,6 1 5
68,101
$ 6 ,8 4 1 ,9 3 2
$ 6 ,3 4 7 ,7 8 0
$ 4 ,5 7 5 , 9 7 5
G r o s s i n c o m e ..................
Deductions—
R e n t s , & c .....................
$ 2 9 9 ,2 3 4
$ 3 3 3 ,7 3 4
$ 4 9 1 ,0 0 9
2 ,8 5 9 , 2 5 7
I n t e r e s t o n f u n d e d d e b t -------------------------2 , 8 4 4 ,8 7 1
2 ,8 6 0 ,3 2 9
M i s c e l l a n e o u s __________________
9 0 ,5 5 4
1 4 2 ,4 9 0
1 1 7 ,5 6 0
S i n k i n g f u n d s ............ .....................
3 6 ,4 5 7
6 7 ,4 3 2
6 8 ,3 0 1
1 s t p r e f e r r e d d i v i d e n d ......... ......................( 4 % ) 3 4 0 , 0 0 0
(2 )1 7 0 ,0 0 0
2 d p r e f e r r e d d i v i d e n d ___________________( 4 % ) 3 4 0 , 0 0 0
-----------A d d i t i o n s a n d b e t t e r m e n t s ____________
2 5 0 ,7 2 3
2 8 0 ,2 2 0
M i s c e l l . a p p r o p r i a t i o n s o f i n c o m e ---------------5 0 0 ,0 0 0
$ 4 ,2 0 1 , 8 3 8
T o t a l d e d u c t i o n s ..........................
B a l a n c e , s u r p l u s ......... ................................. - $ 2 ,6 4 0 , 0 9 4
$ 4 ,3 5 4 ,2 0 6
$ 1 ,9 9 3 ,5 7 4
$ 3 ,5 3 6 ,1 2 7
$ 1 ,0 3 9 ,8 4 8
BALANCE SHEET DEC. 3 1 .
1917.
1917.
1916.
S
S
8,500,000 8,500,000
8,500,000 8,500,000
31,021,484 31,021,484
1916.
S
Assets—
S
Liabilities—
R o a d & e q u ip ’t .1 1 1 ,1 8 6 ,4 8 6 1 1 1 ,308 ,50 8 1st prof, s t o c k ..
2d prof, s t o c k ..
I n v . In a ffil. c o s .:
S t o c k s ............
Bonds..............
N otes_______
Advances____
Other investm’ts
Phys. prop., &c.
Cash........... ........
Tim e drafts, &e.
Special deposits.
Loans & bills reo
Trafflc,& c.,bals.
Agts. & conduc.
M iscellaneuos . .
Material & supp
D isc .of fund. dt.
Unadjusted, A c.
a c c o u n t s ____
387,203
8,839,252
1 ,6 9 0 ,4 9 8
30,282
686,254
219,957
4,800,106
2,530,000
703,878
300
564,871
443,110
739,623
2,051,081
253,090
Com m on stock .
M tge. bonds(see
“ R y.& In d.” ) .a61,304,900 a61,392,900
Equip, tr. obllg.
840,000 1,023,000
740,513
Traffic,& c.,bals.
573,582
Accts. & wages. 1,382,889
992,929
M atur. int., & c.
151,705
126,476
M lsc. accounts.
348,023
162,380
Acer, int., & c_.
632,338
633,407
Accrucd ta x e s ..
736.604
433,720
Accrued depreo. 5,693,784
5,043,188
UnadJ.,&c.,accts
207.604
150,562
Thro. inc. & sur.:
Add to prop’y 6,601,961
0,498,973
Fim d.dt.retlr.
500,000
504,000
Sink. fd. res’ves
34,743
6,107
151,002 Approp. sur. not
915,130
specif. Invest.
2,000,000
Profit and lo s s .. a7,212,446
4,618,271
449,710
8.760.000
1,440,498
30,282
1,441,031
23,575
2,682,201
2.970.000
137,901
7,950
525,693
296,492
475,724
1,233,350
271,154
230,563
T o t a l _______ 135,362,555 132,205,681
T o t a l ...............135,362,555 132,205,681
a A f t e r a d d in g m l s c . i t e m s a g g r e g a t i n g ( n e t ) $ 2 6 1 ,9 3 2 , a n d d e d u c t i n g
$ 3 0 7 ,8 5 0 lo s s o n r e t ir e d r o a d a n d e q u i p m e n t . — V . lO O , p . 2 1 2 2 , 1 1 2 6 .
C e n tra l of G e o rg ia R a ilw a y Co.
(2 3 d
(Vol . 106
THE CHRONICLE
2222
Annual Report— Year ended Dec.
31
1 9 1 7 .)
C . H . M a r k h a m , C h a ir m a n o f th e B o a r d , sa y s in s u b s ta n c e :
Results.— T h e r e w a s a n in c r e a s e o f $ 1 ,1 3 9 , 5 7 6 , o r 1 2 . 7 2 % , i n f r e i g h t
r e v e n u e , $ 9 3 6 ,8 2 9 , o r 2 8 . 2 5 % , i n p a s s , r e v e n u e , a n d $ 2 2 2 ,9 8 8 , o r 1 5 . 3 8 % ,
i n o t h e r o p e r a t i n g r o v o n u e s , m a k i n g a t o t a l I n c r e s a o in r e v e n u e s f r o m
o p e r a t i o n s o f $ 2 ,2 9 9 , 3 9 4 , o r 1 6 . 7 5 % .
T h e o p e r a tin g r a t io w a s 6 8 .9 3 , a n in c re a s e o f 1 .9 4 % .
M a in te n a n c e o f
w a y a n a s t r u c t u r e s I n c r e a s e d $ 2 3 2 ,9 3 6 , o r 1 2 . 1 9 % , a n d m a i n t e n a n c e o f
e q u i p m e n t , $ 3 5 1 ,0 6 5 , o r 1 5 . 1 2 % .
C h a r g e s f o r d e p r e c i a t io n o f e q u i p m e n t
w e r e $ 5 4 1 ,4 9 7 , a n in c r e a s e o f $ 1 8 ,6 8 6 , o r 3 . 5 7 % .
T ra n sp o rta tio n e x p en ses
I n c r e a s e d $ 1 ,1 4 6 , 5 1 7 , o r 2 7 . 8 3 % , a n d a c c r u o d t a x e s $ 1 7 1 ,1 5 8 , o r 2 4 . 2 7 % .
Funded Debt.— E q u i p m e n t o b l ig a t io n s a g g r e g a t i n g $ 1 3 8 ,0 0 0 . a n d G r e e n
v i ll e & N e w n a n M a i n L i n o b o n d s a n d U p p e r C a h a b a B r a n c h b o n d s
a g g r e g a t i n g $ 6 0 ,0 0 0 , m a t u r e d a n d w e r e p a i d .
E q u ip m e n t T r u s t “ K ” h a s
b e e n f u lly p a id o f f .
T h o o n l y e q u i p m e n t o b l ig a t io n s n o w o u t s t a n d i n g a r e
$ 8 0 0 ,0 0 0 u n d e r E q u i p m e n t T r u s t “ L . ”
N o g e n e r a l a n d r e fu n d i n g m t g e .
b o n d s h a v e b e e n e x e c u t e d o r is s u e d s i n c o t h e d a t o o f la s t a n n u a l r e p o r t .
T h o a m o u n t s o l d a n d o u t s t a n d i n g ( $ 1 2 2 ,0 0 0 ) a n d t h e a m o u n t u n s o l d a n d
a v a i l a b l e f o r c o r p o r a t e p u r p o s e s ( $ 7 ,8 3 9 ,0 0 0 ) r e m a in u n c h a n g e d .
Dividends.— D u r i n g t h o y e a r p r o f . d i v . N o . 9 ( $ 4 5 0 ,0 0 0 ) a t t h o s t ip u la t e d
r a t e o f 6 % p e r a n n u m a n d c o m . d i v . N o . 5 ( $ 1 2 5 ,0 0 0 ) a t t h e r a t o o f 5 % ,
w e r e d e c l a r e d a n d p a i d a n d c h a r g e d t o t h o r e s e r v e s o t a s id e in 1 9 1 6 f o r t h o
s i x m o n t h s e n d e d D e c . 3 1 1 9 1 6 , a n d p r e f . d i v s . N o s . 1 0 a n d 11 ( $ 9 0 0 ,0 0 0 )
a t t h o s t ip u la t e d r a t o o f 6 % p e r a n n u m a n d c o m . d l v s . N o s . 6 a n d 7 ( $ 2 5 0 ,
0 0 0 ) a t r a t o o f 5 % p . a . , w e r o d e c l a r e d a n d c h a r g e d In t h e a c c o u n t s o r 1 9 1 7 .
Road and Equipment.— T h e e x p e n d it u r e s f o r a d d it i o n s a n d b e t t e r m o n t s ,
& c . , i n c lu d in g t h o s e o n le a s e d r a i lw a y p r o p e r t y a g g r e g a t i n g ( n e t ) $ 1 ,1 8 1 ,4 6 9 .
T h e r e w e r o 2 9 . 0 5 3 4 m ile s o f t r a c k r e la id w it h 9 0 - I b . n o w s t e e l r a i l, 3 2
m ile s w it h 8 0 - l b . n o w s t e e l r a il; $ 1 2 6 ,9 9 6 w e r e e x p e n d e d i n c o n s t r u c t i o n o f
a u t o m a t i c b l o c k s ig n a ls .
GENERAL TRAFFIC STATISTICS FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
A v e r a g e m ile s o p e r a t e d 1 ,9 1 8 .7 4
1 , 9 2 1 .8 6
1 ,9 2 4 .0 9
1 ,9 2 4 .0 9
R e v . fro ig h t (to n s ) c a r r .
6 ,2 7 3 .0 8 9
5 , 6 0 0 ,3 5 3
5 ,0 1 1 , 0 5 2
5 ,2 3 9 , 0 4 9
R e v . f g t . ( t o n s ) c a r r . 1 m . 1 0 5 0 6 0 7 5 1 6 9 0 7 ,3 7 0 ,7 4 6 7 8 6 .4 2 0 ,1 1 3 7 8 1 ,6 4 2 ,8 8 0
A v g e . r e v .p e r t o n p e r m .
0 .9 6 c t s .
0 .9 9 c t s .
1 .0 2 c t s .
1 .0 6 c t s .
E a r a s .p e r f g t .t r . l o a d .$ 3 .5 6
$ 3 .3 9
$ 3 .1 0
$ 3 .0 1
A v e r . r o v . (tr . lo a d ) to n s
3 7 0 .8 5
3 4 3 .6 1
3 0 2 .7 8
2 8 3 .1 9
P a s s e n g e r s c a r r i e d ............
5 ,4 7 6 , 7 5 8
4 ,5 1 1 .5 2 0
4 ,1 8 8 ,6 4 4
4 ,7 2 7 ,0 6 6
P a s s e n g e r s c a r r ie d 1 m ll o 2 0 5 ,2 5 0 .0 8 8 1 6 4 ,8 3 0 ,3 3 1 1 4 5 ,4 9 5 ,9 1 1 1 6 4 ,1 4 0 .0 3 2
A v . ro v . per pass, p er m .
2 .0 7 c t s .
2 .0 1 c t s .
2 .0 3 c t s .
2 .0 7 c t s .
E a r n s , p e r p a s s , t r a in m .
$ 1 .0 9
$ 0 .8 6
$ 0 .7 9
$ 0.88
E a r n s , p e r m il e o f r o a d $ 8 ,3 5 1 .5 9
$ 7 ,1 4 1 .5 9
$ 6 ,3 6 8 .8 0
5 ,7 5 8 .7 9
INCOM E ACCOUNT FOR CALENDAR YEARS.
Operating Revenues—
1917.
1916.
1915.
F r e i g h t ......................................... - ....................... $ 1 0 ,0 9 7 ,9 5 3
$ 8 ,9 5 8 ,3 7 7
$ 8 ,0 5 2 ,4 2 4
P a s s e n g e r ..............................................................
4 ,2 5 3 ,7 0 0
3 ,3 1 6 ,8 7 0
2 ,9 5 6 ,5 8 6
M a i l , o x p r e s s , & c ............................................
1 ,1 3 3 ,1 0 1
1 ,0 1 0 ,4 2 5
9 1 4 ,0 9 4
I n c i d e n t a l ............................................................
5 3 9 ,7 8 3
4 3 9 ,4 7 1
3 3 1 ,0 4 9
T o t a l o p e r a t i n g r e v e n u e s .......................$ 1 6 ,0 2 4 ,5 3 7 $ 1 3 ,7 2 5 ,1 4 4 $ 1 2 ,2 5 4 ,1 5 3
M a i n t e n a n c e o f w a y , & c _________________$ 2 , 1 4 3 ,1 4 1
$ 1 ,9 1 0 ,2 0 4
$ 1 ,5 8 1 ,9 7 3
M a i n t e n a n c e o f e q u i p m e n t ____________
2 ,6 7 2 ,9 4 7
2 ,3 2 1 ,8 8 2
2 ,0 8 5 , 5 9 3
T r a f f i c ........................
4 8 0 ,4 9 2
4 5 7 ,3 6 6
4 0 9 ,4 6 2
T r a n s p o r t a t i o n . - .......................
5 , 2 6 5 ,4 0 2
4 , 1 1 8 ,8 8 0
4 , 1 2 1 ,9 7 1
M is c e l la n e o u s o p e r a t i o n s _______________
1 8 ,4 7 7
1 6 ,8 5 7
1 7 ,2 4 4
G e n e r a l, & c _______________________________
4 6 5 ,3 9 0
4 5 5 ,8 5 0
4 3 8 ,2 2 5
T o t a l o p e r a t i n g e x p e n s e s .......................$ 1 1 ,0 4 5 ,8 4 9
$ 9 ,2 8 1 ,0 4 6
$ 8 , 6 5 4 ,4 6 8
N e t e a r ni!n g s ......... ...................................
________ _____
____________
l ..
$ 4 ,9 7 8 ,6 8 8
$ 4 ,4 4 4 ,0 9 8
$ 3 , 5 9 9 ,6 8 5
T a x o s , & c _________________________________
8 8 7 ,1 5 2
7 2 0 ,4 1 2
6 3 7 ,8 5 0
O p e r a t in g i n c o m e ....................- ................$ 4 , 0 9 1 , 5 3 6
$ 3 ,3 ,7 3 , 6,6 6 6 $ 2 , 9 6 1 , 8 3 5
$ 72 23 8 8
H ir o o f e q u i p m e n t ..................
4 3 0 ,8 4 1
3 8 7 ,9 0 9
2 1 0 ,1 9 1
3 8 7 ,9 0 9
R e n t s , & c . , r e c e i v e d ......................................
3 8 2 ,0 7 9
3 6 4 ,1 5 6
3 4 5 ,8 3 6
3 6 4 ,1 5 6
D i v i d e n d i n c o m o — ......................................
4 5 4 ,5 4 0
8 7 1 ,2 3 8
8 6 8 ,4 2 7
8 7 1 ,2 3 8
M i s c e l la n e o u s o p e r a t i o n s ( n e t ) -----------3 ,2 4 5
________
________
G r o s s i n c o m o .................................................... $ 5 , 3 6 2 , 2 4 2
Deductions—
R e n t f o r le a s e d r o a d s ...................................
$ 3 6 9 ,2 4 9
O t h e r r e n t s , & c .................................................
3 5 4 ,9 5 4
I n t e r e s t o n f u n d e d d e b t . ............................
1 ,9 9 7 ,4 1 1
P r e f e r r e d d i v i d e n d s ( 6 % ) .........................
9 0 0 ,0 0 0
C o m m o n d i v i d e n d s ( 5 % ) _____________
2 5 0 .0 0 0
T o t a l d e d u c t i o n s _________ ____________ $ 3 ,8 7 1 ,6 1 4
B a la n c e , s u r p l u s ................. - .......................... $ 1 ,4 9 0 ,6 2 8
$ 5 ,3 4 6 ,9 8 9
$ 4 ,3 8 6 , 2 9 2
$ 3 6 8 ,8 6 8
2 9 8 ,5 2 1
2 ,0 2 9 ,9 4 9
9 0 0 ,0 0 0
2 5 0 ,0 0 0
$ 3 6 9 ,3 6 8
2 8 6 ,8 8 4
2 ,0 3 5 , 9 1 6
9 0 0 ,0 0 0
2 5 0 ,0 0 0
$ 3 ,8 4 7 ,3 3 8
$ 1 ,4 9 9 ,6 5 1
$ 3 ,8 4 2 ,1 6 8
$ 5 4 4 ,1 2 4
BALANCE SHEET DECEMBER 3 1 .
1917.
1916.
■
1916.
1917.
Assets—
s
L ia b ilities $
S
S'
5 ,000,000 5,000,000
R oad & equipm’t.6 4 610,688 63,613,566 Com m on sto ck
Preferred stock
15 , 000,000 15,000,000
Im prov. on leased
800,000
railway property 441,893
938,000
257,546 Equip, obligations
♦Mortgage bonds.31 ,383,000 31,443.000
Deposits In lieu of
m tgd. prop, sold - _____
30,166 Coll, trust bonds
(Cent.RR.& Bkg.
M lscell’s physical
442,894
C o. o f G eorgia). 4 ,840,000 4,840,000
p r o p e r t y ______
427,909
Inv. in affil. co3.:
♦Income bond s___
288,350
295,350
Stocks _______ 4,799,092 4,799,242 N on-negot’lo debt
650,000
650,000
to affiliated co s . 3 , 100,000 3,000,000
Bonds__________
Traffic, & c., bals.
372,374
N otes & ctfs. o f
353,338
543,455 Accounts & wages. 1 ,255,264 1,051,668
indebtedness.
546)282
878,685 M iscellaneous____
Advances......... ..
881,323
249,266
174,746
644,426 M atured lntcrest.
Other Investm’t s . .
776,904
211,607
162,318
Cash....... ................. 1,291,084 1,032,161 M at’d funded debt
50,000
234,093 Unmat’d dlvs. decl
Special dep osits..
261,739
575,000
Loans & bills re c.
10,539
2,545 Accrued int.., & c_.
408,305
386,296
187,370 Tax liability..........
Traffic, & c., bals.
140,878
168,760
61,960
Agents & conduc295,925
350,532
63,082 Insurance reserve288,916
546,270 o th e r reserves,&c. 1 ,210,437
M iscellaneous____ 1,036,923
408,422
M aterial & suppl’s 2,046,071 1,413,110 Accrued d ep rcc'n . 4 ,548,027 4,136,426
Deferred a s s e ts ..18,451
16,990 aA dd'as to prop’y 3 690,447 3,674,939
Prcp’d rents, & c ..
14,297
229,213
21,050 aFund.debt retired
229 213
Other unadjusted
A pprop. surp. not
233,586
debits..................
467,352
speclflc’ y invest. 575,000
Profit and loss___b5 020,700 3,556,631
T o t a l __________78,732,336 75,595,259
T o t a l ............ ...7 8 ,7 3 2 ,3 3 0 75,595,259
S e c u r it ie s is s u e d o r a s s u m e d — u n p le d g e d , $ 6 ,5 2 7 , 9 5 0 .
* A c tu a lly o u ts ta n d in g ,
a T h r o u g h i n c o m o a n d s u r p lu s s i n c o J u n e 3 0
1907.
b A f t e r d e d u c t i n g s u n d r y i t e m s ( n e t ) a g g r e g a t i n g $ 2 6 ,5 5 8 . — V . 1 0 6 ,
p . 1125, 606.
L o n g Is la n d R a ilro a d .
(36th Annual Report— Year ended Dec. 31 1917.)
P re s id e n t R a lp h P e te r s s a y s in s u b s ta n c e :
Results.— T o t a l o p e r a t i n g r o v o n u e s i n c r e a s e d $ 2 , 3 1 4 , 3 4 0 , o r 1 5 . 4 6 % ;
p a s s e n g e r r o v e n u o in c r e a s e d $ 2 ,1 1 0 , 2 1 5 , o r 2 4 . 7 0 % , a n d f r e i g h t r e v e n u e
I n c r e a s e d $ 2 2 6 ,3 6 8 , o r 5 . 1 5 % .
T h o n u m b e r o f p a s s e n g e r s c a r r ie d o n e m ile
in c r e a s e d 1 7 . 5 0 % ; p a s s e n g e r - t r a in m ile a g e i n c r e a s e d 1 . 9 5 % .
T h o p a s s o n g e r b u s in e s s c r e a t e d b y t h o n o w r o u t e t o t h e P e n n s y lv a n ia
S t a t i o n c o n t in u & s t o in c r e a s e , t h o t o t a l n u m b e r h a n d l e d b e i n g 1 4 , 4 5 9 ,2 5 9 ,
a n in c r e a s o o f 1 ,2 3 5 ,0 0 1 o v e r 1 9 1 6 .
M u c h a d d it i o n a l p a s s e n g e r b u s in e s s
w a s c r e a t e d b y t h e l o c a l a r m y c a m p s ; t r o o p s h a n d le d a m o u n t e d t o 7 5 1 ,2 1 5
passen gers.
A n in c r e a s e in p a s s e n g e r m il o a g o b o o k r a t e s a n d a l s o In t r ip
t i c k e t r a t e s e a r l y in t h e y e a r in c r e a s e d t h o g o n e r a l r o v o n u e .
C om m u ta
t i o n t r a v e l in c r e a s e d 7 . 3 % , n o t w it h s t a n d i n g a s m a ll lo s s o n t h e N o r t h
S h o r e a n d A t l a n t i c d i v i s i o n s , w h e r e c e r t a in c i t y r a p i d t r a n s i t e x t e n s io n s
d r e w t r a f f i c f r o m y o u r lin e s .
T h o o p e r a t i n g e x p e n s e s s h o w a n I n c r e a s o o f $ 2 , 0 3 3 , 3 2 7 , d u o t o in c r e a s e d
c o s t o f w a g e s , m a t e r ia l s , s u p p l i e s , f u e l, & c . , a n d in c r e a s e d s o r v i c o t o a r m y
cam p s.
T a x o s i n c r e a s e d $ 6 5 ,2 4 6 , o r 7 . 4 2 % .
I n c o m e f r o m o t h e r s o u r c e s d e c r e a s e d $ 2 0 ,7 2 2 , d u o t o d e c r e a s e in d i v i
d e n d i n c o m o o f $ 4 8 ,6 1 0 , f r o m fa il u r e o f N . Y . & R o c k a w a y B e a c h R y . t o
e a r n d i v i d e n d , in c o m b i n a t i o n w it h o t h e r i t e m s , c r e d i t a n d d e b i t .
I n t e r e s t o n f u n d e d d e b t s h o w s a d e c r e a s o o f $ 2 1 7 ,3 2 2 , a n d o n u n f u n d e d
d e b t a d e c r e a s e o f $ 2 2 4 ,6 7 6 , r e f l e c t in g t h o r e a d j u s t m e n t o f t h o c o . ’s d o b t .
A ft e r d e d u c tin g in te re s t o n fu n d e d a n d o th e r d e b t , th e re s u lt fo r th e y e a r
s h o w s a s u r p lu s o f $ 8 6 9 ,3 0 1 .
Profit ana Loss.— T h is a c c o u n t , a f t e r t a k i n g c r e d i t f o r t h o 1 9 1 7 n e t in
c o m e , s h o w s a d e c r e a s e t o t h o d e b i t o f t h a t a c c o u n t o f $ 7 0 5 ,7 7 4 .
The
c h a r g e s t o t h o a c c o u n t f o r t h e y e a r a g g r e g a t e d $ 4 5 4 ,7 9 4 , a n d i n c lu d e d
t h o y e a r l y c h a r g e o f $ 1 5 0 ,0 0 0 o n a c c o u n t o f w r i t in g o f f A t l a n t i c A v o . l e a s e
h o l d e s t a t e , $ 2 5 4 ,3 9 5 o n a c c o u n t o f r o a d a n d e q u i p m e n t , a n d $ 5 0 ,3 9 9
m is c e l la n e o u s .
T h o a c c o u n t w a s c r e d i t e d w it h $ 2 9 1 ,2 6 8 , b e s id e s t h o n e t
i n c o m o , b e i n g c r e d it s o n p r o p e r t y a n d e q u i p m e n t c h a n g e s d u r i n g t h e y e a r .
Road and Equipment.— T h o e x p e n d it u r e s a c c o u n t o f r o a d a n d e q u i p
m e n t a g g r e g a t e d $ 2 ,6 8 4 ,4 9 7 g r o s s ( $ 2 , 1 7 6 , 4 0 8 n o t ) , i n c lu d in g c h i o f l y :
B a y R i d g e i m p t . a n d B r o o k l y n g r a d e - c r o s s i n g i m p t . , $ 7 3 5 ,5 2 5 ; r e a l e s t a t e ,
$ 1 9 1 ,6 9 6 ; G a m p U p t o n , $ 2 1 9 ,0 6 3 ; e q u i p m e n t , $ 9 7 6 ,7 8 2 ; fa c il i t i e s a c c o u n t
p a s s e n g e r a n d f r e i g h t s e r v ic e , $ 2 5 7 ,1 6 0 ; O a k d a l o t o o a s t o f S a y v il l o , s e c o n d
t r a c k , $ 1 1 6 ,7 0 2 .
Bay Ridge Improvement.— T h o t o t a l e x p e n d it u r e s a g g r e g a t e d $ 7 3 5 ,5 2 5 .
F l o a t b r id g e s a n d y a r d a t B a y R i d g o w e r o p r a c t i c a l l y c o m p l e t e d a n d c o m
m u n i c a t in g s y s t e m in s t a ll e d .
T h o N o w Y o r k C o n n e c tin g ItII. h a s b e e n
c o m p l e t e d t o a c o n n e c t i o n w it h t h is d i v i s i o n a t F r e s h P o n d J u n c t i o n , a n d
th o d ir e c t th r o u g h r o u t e fo r fre ig h t t r a ffic b o tw e o n th o N o w H a v e n a n d
P e n n s y lv a n ia s y s t e m s is n o w c o m p l e t e d a n d i n o p e r a t i o n .
Y ou r com pan y
w ill n o w r e c o iv o a r e t u r n u p o n i t s la r g e i n v e s t m e n t , s t a r t e d In 1 9 0 3 , a n d
t h o n o w r o u t e t o N o w E n g la n d w ill g i v e y o u r c o m p a n y i n c r e a s e d t o n n a g e
t o a n d f r o m Its o w n t e r m in a ls a n d d e l i v e r y y a r d s a l o n g it s b o l t lin o t h r o u g h
th o B o r o u g h o f B r o o k ly n .
D u r in g 1917 y o u r c o m p a n y w a s a b le t o p la y a co n s id e r a b le p a r t in r e
l ie v i n g t h e f r e i g h t c o n g e s t i o n in t h o N o w Y o r k t e r m i n a l s , t li r o u g h t h o u s o
o f its fa c ilit ie s f o r e x p o r t t o n n a g e , a n d n a t u r a l l y p r o f i t e d t h e r e b y .
T h ero
w o r e 6 1 v e s s e ls h a n d le d a t y o u r B a y R i d g e p i e r , r e s u l t i n g in g i v i n g u s 1 ,8 1 1
cars o f fre ig h t.
T h e r o w e r o 6 , 8 1 0 c a r s h a n d le d o v e r f l o a t b r id g e s a t B a y
R i d g o a t v a r i o u s t im e s d u r i n g t h o y e a r , t h u s h o l p i n g o u t t h o b r id g e s a t
L o n d I s la n d C i t y , w h e r o 2 9 5 ,9 2 4 c a r s w o r e h a n d le d .
Y o u r fa c il i t i e s a l s o ,
b y d e t o u r i n g , w e r o u s e d s e v e r a l t im e s f o r h a n d li n g e m p t y c a m W e s t b o u n d
f r o m t h o N o w H a v e n s y s t o m t o t h o P e n n s y lv a n ia s y s t e m v i a B a y R i d g e
d iv isio n .
T h o N e w Y o r k C o n n e c t i n g R R . w a s n o t q u i t e fin i s h e d in 1 9 1 7
t o p u t t h o o n t ir o l in o in o p e r a t i o n .
Y o u r r a i lr o a d s h o u l d , h o w e v e r , r e c e i v e
t h o fu ll b e n o f i t o f t h o I m p r o v e m e n t In 1 9 1 8 .
Equipment.— U n d e r 1 9 1 6 a n d 1 9 1 7 c o n t r a c t s w o r e c e i v e d t e n l o c o m o t l v o s ,
s i x p a r lo r c a r s , 6 3 p a s s o n g e r c a m a n d 2 5 b a g g a g e , o x p r e s s a n d m il k c a m ,
w h ilo 9 2 o l d , w o r n - o u t p a s s e n g e r c a m a n d s i x l o c o m o t i v e s w o r o d i s p o s e d
o f d u r in g th o y e a r .
T o t a l m a i n t e n a n c e a n d d e p r e c i a t io n c h a r g e f o r e q u i p
m e n t i n 1 9 1 7 , $ 2 , 1 0 1 ,4 8 5 .
Equipment Trust Notes.— A n e w I s s u e , a g g r e g a t i n g $ 9 4 0 ,0 0 0 , w a s m a d e
a n d s o ld .
E a r lie r e q u i p m e n t n o t e s o f $ 4 2 8 ,0 0 0 w e r o p a i d a n d c a n c e l e d .
Financial Plan Successful.— T h o p l a n o f r e a d j u s t m e n t o f t h o c a p i t a l s t o c k
a n d in d e b te d n e ss w as co n s u m m a te d as o f M a y 1 19 1 7 .
O n M a r c h 29 1917
a n i n c r e a s o o f t h o c a p i t a l s t o c k f r o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 4 0 ,0 0 0 ,0 0 0 w a s d u l y
a u t h o r i z e d b y t h e s h a r e h o ld e r s , a n d o n A p r il 2 6 1 9 1 7 t h o P . S . C o m m i s s io n
a u t h o r i z e d a n i m m e d i a t e is s u e o f $ 2 2 ,1 1 0 ,2 5 0 , t o g e t h e r w i t h a n is s u e o f
$ 5 ,2 0 2 ,1 0 0 2 0 -y e a r 5 % d e b e n tu r e s .
[ V . 1 0 4 , p . 3 6 1 .]
T h is c o m b i n e d is s u o o f s t o c k a n d d e b e n t u r e b o n d s , a g g r e g a t i n g in a ll
$ 2 7 ,3 1 2 ,3 5 0 , w a s d e l iv e r e d t o t h e P e n n s y lv a n ia R R . C o . In e x c h a n g e f o r
y o u r p r i o r is s u e o f 4 % d e b e n t u r e s f o r c a n c e l l a t i o n ( $ 2 6 , 5 0 0 , 0 0 0 ) , a n d in
p a y m o n t o f u n s e c u r e d a d v a n c e s o f $ 8 1 2 ,3 5 0 .
T h o 5 % d e b e n tu re b o n d s
w e r o o f f e r e d b y t h o P e n n s y lv a n ia R R . C o . t o s t o c k h o l d e r s o f y o u r c o m p a n y
in e x c h a n g e f o r t h e ir h o l d i n g s o n a b a s is o f p a r f o r p a r .
T h o s a v in g t o y o u r
c o m p a n y m i n t e r e s t t h r o u g h t h e c a n c e l la t i o n o f t h o s a i d u n s e c u r e d a d v a n c e s
a n d r e t ir e m e n t o f t h e 4 % d e b e n t u r e s in e x c h a n g e fo r t h o 5 % d e b e n t u r e s
a n d a d d it i o n a l is s u e o f c o m m o n s t o c k a m o u n t s t o $ 8 3 2 ,3 8 9 p e r a n n u m .
Guaranty and Exchange of Bonds.— D u r i n g t h o y e a r t h o P e n n s y lv a n ia R R .
C o . c o n s e n t e d t o p l a c o i t s g u a r a n t y o f p r i n c ip a l a n d I n t e r e s t u p o n a n a d d i
t io n a l $ 5 , 6 6 0 , 0 0 0 o f 4 % R e f u n d i n g M o r t g a g o b o n d s , w h i c h w o r o t h e n
o f f e r e d , p a r f o r p a r , t o t h o h o l d e r s o f t h o U n if i e d M o r t g a g o b o n d s in o x c h a n g e , th o s e la tte r b e in g o f th o s a m e t e n o r , r a to o f In te re st a n d d a t e o f
m a t u r it y , b u t w it h o u t g u a r a n ty .
O n N o v . 2 8 1 9 1 7 $ 1 ,6 0 7 ,0 0 0 o f th e s e
g u a r a n t e e d R e f u n d in g M o r t g a g e b o n d s w o r o i s s u e d In e x c h a n g e f o r a lik o
a m o u n t o f U n i f i e d M o r t g a g o B o n d s , t h o l a t t o r b e i n g d e p o s i t e d w it h t h o
tru s te e u n d o r th o r e fu n d in g m o r tg a g o a n d s t a m p e d n o t n e g o tia b le , a n d a re
h e ld in t r u s t f o r t h e p u r p o s o s d e c l a r e d in t h o R e f u n d i n g m o r t g a g o .
Dismissal of Suit.— T h e s u i t b r o u g h t b y t h o c o - p a r t n e r s o f D i c k B r o t h e r s
& C o . , s u i n g in t h e ir o w n b e h a lf a n d in b o h a l f o r o t h e r s t o c k h o l d e r s , f il e d
e a r ly in 1 9 1 5 , w a s d is m is s e d b y J u s t i c o L e h m a n o n M a r c h 2 0 1 9 1 7 .
OPERATING STATISTICS.
Operations—
1917.
1916.
1915.
1914.
398
397
397
398
M i l e s o p e r a t e d __________
T o n s c a r r ie d . N o ..............
5 ,2 7 1 ,5 0 9
5 .1 3 4 ,8 3 8
4 ,4 4 3 ,3 3 3
4 ,4 8 0 .2 3 1
T o n s o n e m il e . N o ............1 3 1 ,5 5 8 ,2 4 1 1 1 8 ,0 9 2 ,6 1 2 1 0 6 ,0 0 5 ,9 8 5 1 0 5 ,4 5 7 ,6 2 2
R a to p e r t o n per m ile —
3 .5 2 0 c ts .
3 .7 2 6 c t s .
3 .6 1 9 c t s .
3 .6 1 2 c t s .
P a s s e n g e r s c a r r ie d , N o . 5 0 , 7 9 0 , 0 2 8
4 5 ,8 0 2 ,7 2 2
4 2 ,6 2 9 ,3 2 5
4 1 ,6 3 4 ,2 2 3
P a s s o n g e r s o n o m ile , N o .7 7 2 .6 2 5 .5 2 1 6 5 7 ,5 0 5 ,5 2 0 6 0 9 ,5 0 3 ,0 3 8 6 0 5 ,5 2 8 ,1 3 2
R a to p e r pass, p er m ilo .
1 .3 8 2 c t s .
1 .3 0 2 c t s .
1 .3 1 8 c t s .
1 .3 1 7 c t s .
P a s s , p e r t r a in m il e , N o .
136
118
115
111
T o n s p o r t r a in , N o ............
2 4 2 .7 0
2 1 1 .3 4
1 9 9 .0 4
1 9 6 .2 3
R o v . p e r m il e o f r o a d . . .
$ 4 3 ,3 9 3
$ 3 7 ,7 0 9
$ 3 4 ,1 4 0
$ 3 3 ,1 7 7
INCOME ACCOUNT FOR CALENDAR YEARS.
Revenues-
1917.
. $ 4 , 6 2 3 ,5 7 8
F r o i g l i t ___
. 1 0 ,6 5 2 ,0 9 1
2 , 0 1 0 ,5 1 0
M a i l , o x p r o s s , & c _______ .
1916.
$ 4 ,3 9 7 ,2 1 0
8 ,5 4 1 .8 7 6
2 ,0 3 2 ,7 5 3 -
1915.
$ 3 , 8 6 5 ,7 4 6
7 ,9 5 1 ,3 2 2
1 ,7 3 6 ,7 1 2
1914.
$ 3 ,7 3 9 ,5 6 8
7 ,8 9 9 ,9 7 2
1 , 6 4 3 ,3 9 0
.$ 1 7 ,2 8 6 ,1 7 9 $ 1 4 ,9 7 1 ,8 3 9 $ 1 3 ,5 5 3 ,7 8 0 $ 1 3 ,2 8 2 ,9 3 0
Operating Expenses-
. $ 1 , 7 5 7 ,3 4 4
.
2 ,1 0 1 ,4 8 5
.
1 4 9 ,7 9 8
. 7 ,4 1 2 ,1 5 8
.
9 5 ,1 7 2
.
4 4 4 ,5 7 8
$ 1 ,6 5 6 ,1 5 5
1 , 6 6 2 ,2 0 3
1 3 9 ,6 1 9
5 ,9 9 1 ,4 9 9
6 3 ,6 7 7
4 1 4 ,0 5 5
$ 1 ,5 2 9 ,2 2 3
1 , 5 1 7 ,4 1 0
1 2 8 ,8 9 8
5 ,4 9 9 ,6 8 0
7 7 ,5 1 3
3 7 4 ,1 9 7
$ 1 ,4 5 7 ,5 1 0
1 ,4 5 0 ,2 8 2
1 4 1 ,8 5 1
5 ,7 2 4 ,4 3 3
4 3 ,3 1 4
3 4 5 ,0 8 8
. $ 1 1 ,9 6 0 ,5 3 5
. $ 5 ,3 2 5 ,6 4 4
1 ,5 4 4
U n c o l l e c t i b i o r e v e n u e s . ..
9 4 4 ,2 9 3
T a x e s ______________________ .
$ 9 ,9 2 7 ,2 0 8
$ 5 ,0 4 4 ,6 3 1
8 ,7 3 9
8 7 9 ,0 4 7
$ 9 , 1 2 6 ,9 2 2
$ 4 ,4 2 6 ,8 5 8
5 ,4 3 5
9 3 4 ,8 2 2
$ 9 ,1 6 2 ,4 7 8
$ 4 ,1 2 0 ,4 5 2
2 ,0 7 1
7 8 2 ,5 0 2
O p e r a t in g i n c o m e ------- . $ 4 , 3 7 9 ,8 0 7
Other Income—
4 0 5 ,4 7 0
J o in t fa c ll. re n ts , & c . . . . .
2 5 3 ,9 9 9
U n fit , s e c u r ., & c . , a c c ’ ts .
$ 4 ,1 5 6 ,8 4 5
$ 3 ,4 8 6 ,6 0 2
$ 3 ,3 3 5 ,8 7 9
4 5 2 ,8 1 2
2 2 7 .3 7 9
4 4 2 ,8 3 4
2 9 0 ,8 5 7
4 4 1 ,9 5 3
2 0 5 .0 3 7
G r o s s i n c o m e _________. $ 5 ,0 3 9 ,2 7 7
Deduct— •
$ 6 1 2 ,8 9 7
L e a s e o f o t h e r r o a d s -------.
2 2 1 ,6 5 2
H ir e o f e q u i p m e n t --------- .
4 9 5 ,4 8 8
J o i n t fa c il i t i e s r o u t s -------.
2 0 3 ,2 8 7
M is c e l la n e o u s r o u t s , & c ..
. 2 ,4 2 8 ,5 9 8
B o n d i n t e r e s t ------.
1 3 6 ,1 9 7
O t h e r i n t e r e s t _____
.
7 1 .8 5 7
$ 4 , 8 3 7 ,0 3 6
$ 4 ,2 2 0 ,2 9 3
$ 3 ,9 8 2 ,8 6 9
$ 6 6 8 ,6 2 5
2 0 4 ,1 6 9
4 8 6 ,1 9 0
2 0 0 ,6 1 5
2 ,6 4 5 ,9 2 0
3 6 0 .8 7 3
2 9 ,1 7 1
$ 6 6 4 ,2 6 5
1 1 ,7 1 5
4 5 7 ,3 6 2
2 0 4 .4 5 1
2 .4 7 1 ,0 4 9
5 1 8 ,2 9 8
5 4 ,3 0 4
$ 6 9 3 ,1 9 6
6 5 ,8 2 3
4 3 4 ,3 0 8
2 3 5 ,5 6 8
2 ,4 4 4 ,4 4 4
5 4 3 ,3 4 6
6 0 ,3 1 6
M a in t . o f w a y & stru c
M a ln t . o f e q u ip m e n t.
T r a f f i c e x p e n s e s --------G en eral .
T o t a l d e d u c t i o n s _____$ 4 , 1 6 9 , 0 7 6
$ 4 ,5 9 5 ,5 0 4
$ 4 ,3 8 1 ,4 4 3
$ 4 ,4 7 7 , 0 0 0
B a l a n c e , s tir, o r d e f i e i t .s u r . $ 8 G 9 , 3 0 1 s u r . $ 2 4 1 , 4 7 2 d e f . $ 1 0 1 , 1 5 0 d o f .$ 4 9 4 ,1 3 1
BAL ANCE SHEET DEC. 3 1 .
1917.
1916.
1917.
1916.
.
Liabilities—
S
S
3
S
Assets—
Hoad & equlpm’t.0 9 , 774,511 OS,314,684 Capital s t o c k ____34 ,110,250 12 , 000,000
Funded debt (see
Impts. on leased
“ R y . & Indus.”
rail p r o p e r t y ... 0, 360,276 5,013,695
Section)............. 47, 603,637 67,662,488
Inv. in affll. cos.:
S t o c k s __________ 1, 563,101 1,563,101 Equip, trust o b llg . 2 872.000 2,300,000
237,000
102.000
Bonds.....................1, 192,296 1,192,290 Real estate intges.
N otes___________ 4, 125,937 4,309,444 Loans & bills p a y . 1 ,493,589 2,490,758
986,314
Advances______ 2, 413,602 2,281,381 Traffic, & c., bale. 1 109,600
856,336
GO, 236 Accounts < wages 1 087,116
Other investments
388,178
fc
57,908 M atured interest. 3 443,905 3,076 493
07,208
M iso. p ly s . prop.
Funded debt ma
D eposlts in lieu of
131,073
125,237
mtgil. prop, sold
tured, u n p a id .. 1 530,680 1.5S0.GS0
610,827 Accrued interest <
613,160
fc
C a s h ......................
576,835
626,496
rents....................
909,709
595,348
Special depos.,& c.
381,711
520,495
79,207 M iscellaneous____
82 394
Traffic, &e., b a l ..
207,888
221,988
650,363 T a xes......................
914,63S
Agents & con du c.
66,071 Accrued deprec’n . 2 570,179 2,126,874
In t.,d lvs.,& c.,roc.
67,923
Materials & supp. 1, 524.203 1,120,246 Other unadjusted
512,390
395,407
451,150
a c c o u n ts ............
723.203
M iscellaneous____
P rop . aban. charge
31,666
63,333
able to oper.oxp.
832,097
927,602
Oth. unadj. accts.
TotaKcach slde)97,892,324 94,938,785
D eflclt___________ aO 086,484 6,812,535
a A f t e r a d d in g $ 1 0 3 ,5 2 0 s u n d r y n e t d e b i t s a n d c r e d i t i n g $ 2 9 2 ,1 7 7 a p
p r o p r i a t e d s u r p l u s .— V . 1 0 6 . p . 2 0 1 1 . 1 6 8 9 .
C a n a d ia n N o rth e rn R a ilw ay .
(Financial Statement— Earns.
1 9 1 6 -1 7 —
Bal. Sh. Sept. 3 0
1917)
T h ir d V ie o -P ro sid o u t D . B . H a n n a in a le tte r o f M a y 9
1 9 1 8 , p re se n tin g the re su lts fo r th o n in e m o n th s on d in g
M a r c h 3 1 1 9 1 8 , sa y s in su b sta n c o :
E a r n in g s f o r t h e n in o m o n t h s e n d i n g M a r c h 3 1 w e r o a s f o ll o w s :
9 M os. to March 3 1 —
1 9 1 7 -1 8 .
1 9 1 0 -1 7 .
Inc. or Dec.
T o t a l g r o s s e a r n i n g s ......................$ 3 0 ,0 9 9 ,3 9 1
$ 3 0 ,0 9 5 ,8 8 7
I n c . $ 0 0 3 ,5 0 4
O p e r a t in g e x p e n s e s _____________ 2 8 , 2 0 9 , 4 3 9 2 2 , 5 9 1 , 4 3 2
In c.
5 ,6 1 8 ,0 0 7
N o t e a r n i n g s ................................. $ 2 , 4 8 9 , 9 5 2
$ 7 ,5 0 4 ,4 5 5
D e c . $ 5 ,0 1 4 ,5 0 3
I t w ill b o s e e n t h a t g r o s s e a r n in g s in c r e a s e d b y $ 6 0 3 ,5 0 5 o v e r t h e s a m o
p e r i o d o f 1 9 1 7 , s o t h a t i f n o r m a l c o n d i t i o n s h a d c o n t i n u e d , t h o n e t e a r n in g s
f o r t h o n in o m o n t h s e n d e d M a r c h 3 1 1 9 1 8 w o u ld h a v o b e e n a p p r o x i m a t e l y
$ 7 ,6 7 5 ,0 0 0 .
U n fo r t u n a t e l y , h o w e v e r , c o n d i t i o n s d i d n o t r e m a in n o r m a l ,
w in t e r w e a t h e r o f u n p r e c e d e n t e d s o v e r i t y w a s e x p e r i e n c e d , a n d , d u e t o
i n c r e a s e d fu e l c o s t , h ig h e r w a g e s In o v o r y d e p a r t m e n t , c o u p l e d w it h i n
c r e a s e d p r ic e s f o r a ll m a t e r ia ls a n d s u p p lie s u s e d in o p e r a t i o n o f t h o r a i lw a y ,
t h o o p e r a t i n g e x p e n s e s w e re I n c r e a s e d b y $ 5 ,0 1 8 , 0 0 7 , r e s u lt in g in a d e c r o a s o
in n e t e a r n in g s o f $ 5 , 0 1 4 , 5 0 3 , a d e c r e a s o o f 0 6 . 8 2 % .
'I 'lio in c r e a s e s in o p e r a t i n g e x p e n s e s s u m m a r iz e d in r o u n d f ig u r e s a r e a s
f o ll o w s : F u e l, $ 2 , 3 7 0 , 0 0 0 ; m a i n t e n a n c e o f w a y o x p o n s e s , $ 9 4 0 ,0 0 0 ; m a i n
t e n a n c e o f e q u i p m e n t , $ 1 , 2 2 2 , 0 0 0 ; t r a n s p o r t a t io n e x p e n s e s , $ 1 , 2 2 8 , 0 0 0 ;
t o t a l , $ 5 ,7 0 0 , 0 0 0 .
,
N o t o n l y a r o w o p a y i n g a n e x c e s s iv e l y h i g h p r i c e f o r o u r f u e l, b u t d u o
t o r e s t r i c t io n s in s u p p l y f r o m t h o U n it e d S t a t e s , t h is c o m p a n y h a s h a d t o
t a k o f r e i g h t c a r s o u t o f r e v e n u e s e r v ic e a n d u s o t h e m in t h o lia u la g o o f
l o c o m o t i v e c o a l f o r v e r y l o n g d i s t a n c e s , a n d t h is c o n d i t i o n , a b s o l u t e l y b e
y o n d o u r c o n t r o l , r e d u c e s o u r r e v e n u e a s w e ll a s in c r e a s e s o u r o p e r a t i n g
expen ses.
T h e a v e r a g e c o s t p e r t o n o f c o a l u s e d b y l o c o m o t i v e s f o r t iio
y e a r 1 9 1 8 Is e s t im a t e d a t $ 5 7 0 , a g a in s t a n a c t u a l c o s t o f $ 3 7 0 p e r t o n in
1 9 1 7 , $ 3 5 7 p e r t o n in 1 9 1 6 a n d $ 3 3 4 p e r t o n in 1 9 1 5 .
A s t h o f r e i g h t a n d p a s s e n g e r r a t e in c r e a s e s w o n t i n t o e f f e c t o n M a r c h 15—
o x c c p t t h e i n c r e a s e in g r a in r a t e s , w h ic h is n o t e f f e c t i v e u n t il J u n o 1 n e x t —
p r a c t i c a l l y n o b e n e f i t is r e fl e c t e d in t h e g r o s s e a r n in g s f o r t h o n in o m o n t h s .
G r o s s e a r n in g s , h o w o v o r , f o r A p r il s h o w a n in c r e a s e o f $ 0 4 2 ,0 0 0 , r e f l e c t
i n g , t o s o m e e x t e n t , t h o b e n e f i t s w h ic h m a y b o e x p e c t e d f r o m t h e r a t o
in c r e a s e s .
T h o c o m p a r a t i v e f ig u r e s a r o a s f o ll o w s : A p r i l 1 9 1 8 . $ 3 , 9 5 8 , 1 0 0 :
A p r il 1 9 1 7 , $ 3 ,3 1 5 ,5 0 0 ; i n c r c a s o , $ 0 4 2 ,6 0 0 .
I t is i m p o s s i b l e t o s a y h o w f a r t h e i n c r e a s e in g r o s s e a r n in g s w ill g o
t o w a r d s m o o t in g t h o i n c r e a s e d c o s t o f o p e r a t i n g , a s t h o c o n d i t i o n s a f f e c t i n g
t h o o x p o n s e s a r o a l t o g e t h e r u n u s u a l.
T h o b e s t t h a t c a n b o s a id is t h a t t h o
s a m o c lo s e s c r u t i n y w h ic h h a s o b t a i n e d in t h o p a s t b y t h o m a n a g e m e n t
in r e s p e c t o f c o s t s w ill c o n t in u e in t h e f u t u r e .
H o n . A . K . M a c le a n , A c tin g M in is t e r o f F in a n c o , o n M a y
1 0 in th o C a n a d ia n H o u s e o f C o m m o n s re p o r te d in b r ie f:
f t t n a v b e o f i n t o r e s t t o t h o H o u s e t o g i v e a n e s t im a t e o f t h o r e q u i r e m e n t s
o f t h o C a n a d i a n N o r t h e r n R a il w a y f o r t h is y e a r .
H o n . g e n t le m e n w ill
r e m e m b e r t h a t t h e e s t im a t e s [in t h o B u d g e t f o r 1 9 1 8 ] c o n t a i n a n i t o in f o r
$ 2 5 ,0 0 0 ,0 0 0 f o r t h o C a n a d ia n N o r t h e r n R a i l w a y , c o m p o s e d o f t h o f o l
lo w in g a m o u n ts :
Canadian Northern Ry. Estimate of $ 2 5 ,0 0 0 ,0 0 0 Requirements for Year 1 9 1 8 .
1. B a la n c e r e q u i r e d f o r i n t e r e s t o n s e c u r it i e s , lo a n s , See., o u t
s t a n d i n g , i n c h i n t . o n lin e s a n d w o r k s u n d e r c o n s t r u c t i o n - . $ 5 , 3 8 9 , 9 2 3
b e t t e r m e n t s , a s p e r d e t a i le d s t a t e m e n t . --------------------------------- 3 ,4 0 0 , 9 2 2
2 . P a y m e n t o f p r i n c ip a l o f e q u i p , b o n d m a t u r in g d u r i n g y e a r . 2 ,9 9 5 , 0 0 0
3 . E s t i m a t e d a m o u n t r e q u ir e d t o p a y In r e d u c t i o n o f e x i s t i n g
c o ll a t e r a l l o a n t in c o n n e c t io n w it h r e n e w a l --------------------------- 6 ,0 2 8 , 8 5 5
4 . E s t i m a t e d a m o u n t r e q u ir e d f o r i m p r o v e m e n t s , a d d it i o n s a n d
b e t t e r m e n t s , a s p e r d e t a i le d s t a t e
n t ---------------------------------- 3 ,4 0 0 , 9 2 2
5 . C o n s t r u c t i o n , c o m p l e t i o n o f W e s t e r n B r a n c h lin e s a l r e a d y
g r a d e d , t e r m in a ls , & c . , a s p e r s t a t e m e n t ........................... ............. 7 , 1 8 5 , 3 0 0
T h i s Is m e r e ly a n e s t im a t e , a n d i t w ill b o s e e n t h a t i t is a n t i c ip a t e d t h a t
t h e r e w ill b e a d e f i c i t In o p e r a t i o n o f o v e r $ 5 , 0 0 0 , 0 0 0 f o r t h e y e a r 1 9 1 8 .
T h o a m o u n t o f $ 3 , 4 0 0 ,9 2 2 f o r i m p t . , a d d it i o n s a n d b e t t e n n ’ ts is a l l o c a t e d
a s f o ll o w s : F o r t h o W e s t e r n lin e s , $ 2 , 1 4 8 , 5 8 9 ; f o r E a s t e r n lin e s , $ 1 , 2 5 2 , 3 3 3 .
T h o a m o u n t r e q u ir e d f o r c o n s t r u c t i o n , n a m e l y 8 7 , 1 8 5 . 3 0 0 , w ill b e e x
p e n d e d In t h o c o m p le t i o n o f W e s t e r n b r a n c h lin e s w e ll a lo n g In c o n s t r u c
t i o n , It b o in g v e r y d o s ir a b lo t h a t t h e y b e c o m p l e t e d i f p o s s i b le .
2223
THE CHRONICLE
M ay 25 1918.]
Estimates of Cost to Complete Lines and Terminals under Construction Sept. 3 0
1 9 1 7 (Total $ 2 0 ,9 5 8 ,1 4 2 ) .
Name o f Lines—
Mileage.
Prairie Lines (Sask.)—
Swift Current________ 55.75
C .N .Sask. (ElroseExt.) 50.00
Vonda N o r th -E a s t... 25.00
T lm m ierh ill.................. 47.27
Luck Lake B r a n c h ... 35.00
N o . Battleford— Tu rt le f o r d - ..................
5.21
Prairie Lines (Alberta)—
Manna— Medicine Mat 144.76
Calgary— M acLeod ..1 0 3 .2 3
Strathcona— Calgary . 32.66
Peace R iver___. . . 42.52
Oliver N orth ............ ..1 1 5 .0 0
M acLeod— Plncher Ck. 34.00
Cost to
Complete.
$325,771
383,073
240,212
452,772
473,626
52,876
3,344,296
1,609,392
566,029
571,178
911,978
463,836
Cost to
Name o f Lines—
Mileage. Complete.
Prairie Lines (M a n .)—
Portage Juncion— PadPf
d in g to n ........... ............
4.58 $681,822
Vancouver Island D ivi
sion A . B . & C ................100.00 682,368
D ivision D ......... ............ 45.57 1,182,603
Okanaga Branches_____141.00 4,460,353
N ew Westmininster to
S te v e sto n ____________ 13.35 138,049
Terminals at Vancouver,
Steveston, Port M ann,
New Westminster and
V ic t o r ia ..................................... 3,456,112
M oose Jaw T erm inals.. 7.95
461,794
Short Term Loans of Company Mar 1 1 9 1 8 . Total, $ 5 5 ,4 3 7 ,2 7 4 .
Loan Made by or Through— •
Amount.
Maturity.
1. D e m a n d .”
D o m i n i o n G o v e r n m e n t , C a n a d a _____________$ 1 0 ,0 0 0 ,0 0 0
2. D em a n d.
C a n . B a n k o f C o m m e r c e , C a n a d a ___________
5 ,8 8 9 ,0 6 6
C a n . B a n k o f C o m m e r c e , L o n d o n ___________ 1 0 , 0 7 4 ,4 0 8
3. D em and.
4. D em and.
C a n . B a n k o f C o m m e r c e , C a n a d a ___________
1 ,2 5 0 ,0 0 0
N a t io n a l T r u s t C o . , L t d . , C a n a d a __________
1 1 5 ,0 0 0
5. D em a n d.
6. D em and.
D o m i n i o n S e c u r it ie s C o r p . , L t d . , C a n a d a .
1 5 0 ,0 0 0
7. M a r.
3 1 1 9 1 8 . B r it is h E m p i r e T r u s t C o . , L o n d o n __________
9 2 9 ,5 3 3
8 . A p ril
9 1 9 1 8 . L a z a r d B r o s . , L o n d o n _________________________
1 ,4 7 2 ,1 6 7
9 . A p ril
15 1 9 1 8 . L a z a r d B r o s . , L o n d o n _________________________
2 ,9 1 9 ,0 2 6
10. A p ril
15 1 9 1 8 . L l o y d ’ s B a n k , L o n d o n --------------------------------------5 ,2 0 1 ,4 0 7
11. Jun o
9 1 9 1 8 . N a t . B a n k S c o t l a n d , L o n d o n ________________
4 8 6 ,6 6 7
12. J u ly
1 0 1 9 1 8 . W i n . A . R e a d & C o . , N e w Y o r k ___________
2 ,7 0 0 ,0 0 0
13. J u ly
10 1 9 1 8 . W m . A . R e a d & C o . , N e w Y o r k ___________
3 ,0 0 0 ,0 0 0
14. S ep t.
1 1 9 1 8 . W m . A . R e a d & C o . , N e w Y o r k ___________ 1 0 , 0 0 0 , 0 0 0
1 5 . J a n .I 10 1 9 1 9 . W m . A . R e a d & C o . , N e w Y o r k ___________
1 ,2 5 0 .0 0 0
A ll s e c u r it ie s , m a t u r in g t o d a t e t h is y e a r h a v e b e e n r e n e w e d In f u ll .
I n a d d it i o n t o t h e m a t u r it ie s a b o v e m e n t io n e d t h e r e a r e t h e f o l l o w i n g
s e c u r it ie s m a t u r in g in A u g u s t a n d J a n u a r y n e x t : (a) A u g . 12 1 9 1 8 , L o n d o n
( £ 2 , 0 0 0 . 0 0 0 ) , $ 9 ,7 3 3 ,3 3 3 ; ( b) J u n e 12 1 9 1 9 , L o n d o u ( £ 4 5 0 , 0 0 0 ) , $ 2 , 1 9 0 , 0 0 0 .
T h e t o t a l m a t u r it i e s f o r t h e y e a r , t h e r e fo r e , a m o u n t t o S 6 7 ,3 6 0 ,6 0 7 .
[ T h e b ill a u t h o r i z in g t h o D o m i n i o n G o v e r n m e n t t o t a k o u p t h o m a t u r in g
o b l ig a t io n s o f t h o s y s t e m p a s s e d t h e t h i r d r e a d i n g in t h e H o u s e o f C o m m o n s
a t O t t a w a o n M a y 1 7 .— E d .]
INCOME ACCOUNT FOR YEARS END IN G JU N E 3 0 .
Operating Revenues—
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
P a s s e n g e r . . ......................... .............................. $ 7 , 6 1 1 , 8 0 8
$ 6 ,1 2 8 ,4 7 1
$ 5 ,4 1 1 ,2 2 4
1 8 ,2 0 7 ,8 0 1
2 6 ,5 6 0 ,2 1 3
F r e i g h t _____________________________________ 3 2 , 1 8 8 , 8 0 0
2 1 2 ,8 4 1
2 2 5 ,7 1 9
M a i l ___________________
2 3 8 ,9 7 9
6 4 4 ,4 9 3
8 3 9 ,5 5 8
E x p r e s s ____________________________________
1 ,0 9 6 ,2 6 4
1 ,4 3 5 ,7 4 8
1 ,7 2 2 ,3 1 5
M i s c e l l a n e o u s ____________________________
2 ,3 5 9 .2 2 6
No.
T o t a l o p e r a t i n g r e v e n u e s ____________ $ -4 3 ,4 9 5 ,0 7 7 $ 3 5 ,4 7 6 ,2 7 5 $ 2 5 ,9 1 2 ,1 0 6
Operating Expenses ( Incl. Taxes, A c . ) —
$ 3 ,9 7 4 ,8 2 0
$ 5 ,8 9 9 ,5 4 0
M a in t e n a n c e o f w a y a n d s t r u c t u r e s .. $ 7 ,1 6 0 ,3 3 8
2 ,8 7 1 ,9 8 1
4 ,0 9 5 ,7 4 6
4 ,8 6 7 , 2 0 9
M a i n t e n a n c e o f e q u i p m e n t ____________
5 6 2 ,9 9 5
5 5 3 ,0 7 6
T r a f f i c e x p e n s e s _________________________
7 1 2 ,8 0 9
1 0 ,1 5 4 ,5 1 1
1 3 ,3 8 4 ,5 -1 8
T r a n s p o r t a t i o n e x p e n s e s _______________ 1 6 ,1 0 0 ,8 2 7
4 6 4 ,8 6 9
8 5 8 ,5 5 8
T a x e s , r e n t a ls , j o i n t f a c il i t i e s , & c ___
5 0 9 ,1 7 4
1 ,1 1 3 ,0 0 5
G e n e r a l e x p e n s e s _________________________
1 , 4 8 9 ,1 9 8
9 3 1 ,6 3 0
1 4 6 ,6 3 3
3 7 9 ,6 4 6
M i s c e l la n e o u s e x p e n s e s ________________
5 0 9 ,8 5 4
T o t a l o p e r a t i n g o x p . , i n c l. t a x e s ___ $ 3 1 ,3 4 9 ,4 0 9 $ 2 6 ,1 0 2 ,7 4 5 $ 1 9 ,2 8 8 ,8 1 4
$ 9 ,3 7 3 ,5 3 0
$ 6 ,6 2 3 ,2 9 2
N o t e a r n i n g s ______ ______________________ $ 1 2 ,1 4 5 ,6 6 8
Deductions—
6 ,5 3 3 ,0 6 2
6 , 0 1 0 ,4 2 1
F ix e d ch a rg e s o f C a n a d ia n N o r . R y . _
7 ,6 9 0 ,9 4 2
2 ,2 5 3 , 1 5 4
F i x e d c h a r g e s o f a f f i l ia t e d c o s ________
5 ,1 3 9 ,6 9 0
3 ,0 8 8 , 5 9 5
I n t . a t 5 % p . a . o n in c o m e ch a r g e c o n
v e r t i b l e d e b . s t o c k in r e s p e c t o f s u r .
6 2 5 ,0 0 0
oa rn s. fo r 6 m o s . e n d . Ju n o 30 1914
---------------I n t . o n d e m a n d a n d s h o r t -t e r m lo a n s ,
$ 3 , 7 2 0 , 2 6 9 , lo ss $ 1 , 9 4 3 , 0 9 5 c h a r g e
a b le t o c a p ita l o n c o n s tr . a c c t .; b a l .
1 , 7 7 7 ,1 7 3
B a la n c e tra n s fe rre d t o d e b it o f p r o f
i t a n d lo s s J u n o 3 0 ________________ $ 2 , 4 6 2 , 1 3 7
$ 2 4 8 ,1 2 7
$ 2 ,2 6 5 ,2 8 3
BALANCE SHEET SEPT. 3 0 1 9 1 7 A N D JU NE 3 0 1 9 1 6 .
Sept. 3 0 ’ 1 7 . June 3 0 ’ 1 6 .
Assets—
,
$
$
P r o p e r t y i n v e s t m e n t — R a il w a y & e q u i p ’ t a t c o s t ]
t o t h o s y s t e m ( in c l . d i s c o u n t o n s e c u r it i e s ) , & c . f 5 1 0 ,6 3 7 ,5 7 3 ( 4 4 7 , 8 4 3 , 1 8 7
A c q u i r e d s e c u r it ie s ( c o s t ) _____________________________ J
1 4 6 ,2 6 9 , 3 0 2
O t h e r i n v e s t m e n t s _______________________________________
2 ,7 5 3 ,7 8 0
1 , 1 2 3 ,3 9 4
N a t io n a l T r u s t C o . c t f s . R e L a n d G r a n t b o n d s o f
1 , 6 5 7 ,5 0 0
1 8 9 9 , h e l d a s c o lla t e r a l t o l o a n s . __________________
1 ,6 5 7 ,5 0 0
5 ,9 2 2 ,9 4 5
T e r m i n a l a n d o t h e r p r o p e r t i e s -----------------------------------6 ,2 5 7 ,3 6 6
D e fe r r e d p a y m e n t s a n d a c c r u e d i n t e r e s t o n s a le s ,
$ 6 , 2 6 2 , 0 8 4 ; c a s h w it h N a t io n a l T r u s t C o . a c c ’ t
o f l a n d s a le s , $ 2 ,3 5 5 ,1 3 6 ; l a n d s u n s o l d , $ 2 0 ,4 2 7 ,
2 9 ,4 0 5 ,1 6 5
5 7 0 (a ll o f S e p t . 1 9 1 7 ) .............. ....................... .................. 2 9 ,0 4 4 .7 9 1
C a s h h e l d o n a c c o u n t o f D o m . G o v t . , $ 2 ,1 5 3 ,0 4 9 ;
P r o v i n c e s o f : M a n i t o b a , $ 4 5 ,9 2 1 ; S a s k a t c h e w a n ,
$ 1 , 2 0 2 , 8 2 5 ; A l b o r t a , $ 2 ,6 9 1 ,1 3 1 ; O n t a r io , $ 4 1 9 ,
8 0 4 ; a n d B r it is h C o l u m b i a , $ 3 ,7 7 2 ,9 6 4 ; a n d N a t .
T r u s t C o . , $ 2 ,0 9 2 ,9 3 3 ; s in k i n g f u n d s , $ 7 6 ,7 6 5 ;
B r it is h E m p i r e T r u s t C o . , t r u s t e e s a c c o u n t ,
$ 2 0 ,6 2 1 ; C e n t r a l T r u s t C o . o f N . Y . , $ 3 8 ,9 0 2 ;
(a ll o f S e p t . 1 9 1 7 ) ________________ ____________ _______ 1 2 , 5 1 4 , 9 1 5
2 0 ,8 9 9 ,6 8 7
C a s h o n h a n d , $ 2 ,3 3 1 ,8 6 1 ; m i s c . a c c t s . r e c e iv a b le ,
8 ,4 0 5 ,0 4 6
$ 7 , 1 1 1 , 6 9 7 ................
9 ,4 4 3 ,5 5 8
3 ,3 6 8 , 9 2 5
V a lu o o f m a t e r ia ls a n d s u p p lie s o n h a n d ---------------6 ,0 8 3 ,8 7 9
1 ,4 4 6 ,0 1 1
D u o f r o m a g e n t s , s t a t io n b a l a n c e s , & c -------------------2 ,0 5 2 ,5 9 2
1 ,2 2 6 ,1 7 1
B r i t is h A d m i r a l t y _______________________________________
6 6 4 ,0 7 1
6 8 2 ,9 0 6
I n s u r a n c e p a i d in a d v a n c e _____________________________
8 2 3 ,7 0 9
1 0 ,2 5 0 ,5 0 6
A d v a n c e s b y C a n . N o r . R y . C o . t o a f f i l ia t e d c o s . .
9 ,3 7 9 ,5 8 2
2 4 6 ,5 4 5 ______
D e f o r r e d c h a r g o s , u n a d ju s t e d d e b i t s , b a l a n c e ------8 6 0 ,1 1 4
T o t a l a s s e t s ________________________
5 9 2 ,1 7 3 ,4 2 9 5 7 8 ,7 4 7 ,2 9 1
Liabilities__
C o m m o n s t o c k , $ 1 0 0 ,0 0 0 ,0 0 0 ; c a p i t a l s t o c k a f f i l i
a t e d c o s . , $ 7 5 ,4 2 9 ,5 0 0 : lass $ 6 9 ,4 8 2 ,4 0 0 h e l d in
t r e a s u r y , b a l a n c e , $ 5 , 9 4 7 , l 0 0 ( o n S e p t . 3 0 1 9 1 7 ) . 1 0 5 , 9 4 7 ,1 0 0 1 0 5 ,8 7 2 ,1 0 0
5 % I n c o m e C h a r g e C o n v e r tib le D e b e n tu r e s t o c k . . 2 5 ,0 0 0 ,0 0 0
2 5 ,0 0 0 ,0 0 0
F u n d e d d e b t ( in c l . s h o r t t e r m n o t e s ) — C a n a d ia n
N o r . , $ 1 6 0 ,5 6 6 ,5 4 2 ; a f f i l ia t e d c o s . , $ 1 2 5 , 2 2 8 , 8 7 8 2 8 5 ,7 9 5 .4 2 1 2 8 5 ,4 1 6 ,2 6 5
E q u i p m e n t ( r u s t o b l i g a t i o n s ___________________________ 1 3 ,5 2 6 ,0 0 0
1 6 ,8 6 2 ,5 0 0
D e m a n d a n d s h o r t - t e r m lo a n s s e c u r e d b y c o ll a t e r a l 5 8 ,0 5 6 ,9 6 1
T e m p o r a r y lo a n s a g a i n s t d e p o s i t a s c o ll a t e r a l o f
i n t o r a lia G o v t . - g u a r a n t e e d s e c u r it i e s , t h o v a l u e
5 5 , 9 1 2 ,9 6 2
o f w h ic h a t c u r r e n t p r ic e s e x c e e d s a m t . b o r r o w e d .
---------------1 6 ,6 6 6 ,9 5 7
D u e t o o t h e r c o s . o n c o n s t r u c t i o n a c c t . ( s e c u r e d ) . . 3 0 , 5 0 2 ,3 9 2
P a v - r o l l s , $ 2 , 1 2 9 , 9 1 2 : a u d it e d v o u c h e r s a n d o t h e r
1 2 ,9 9 4 ,1 5 2
f l o a t i n g lia b il i t i e s , $ 1 7 ,2 7 8 ,5 8 4 (a ll o f S e p t . 1 9 1 7 ) 1 9 , 4 0 8 ,4 9 6
C o u p o n a n d d i v i d e n d w a r r a n t s d u e o n J u l y 1 ( s in c e
p a i d ) , $ 1 , 6 7 7 , 8 6 0 ; a c c r u e d i n t . o n b o n d s , lo a n s
a n d e q u i p m e n t s e c u r it ie s , o p e r a t i n g , $ 2 , 7 4 6 , 4 2 4 ;
_______
4 ,5 7 9 ,2 7 1
c o n s t r u c t i o n , $ 3 0 5 ,7 8 6 ----------------------------------------------4 ,7 3 0 , 0 7 0
R e s e r v e s — E q u ip , r e p la c e m e n t r e s e r v e , $ 1 ,6 9 3 ,2 2 9 ;
in s u r . a c c t . , $ 7 4 5 ,0 3 8 ; a c c r . t a x e s , $ 5 0 0 ,0 0 0 ;
s t e a m s h ip r e p l a c e m e n t f u n d (a ll o f S e p t . 1 9 1 7 ) ,
_______ _
_
$ 2 , 0 4 7 , 0 6 6 ....................................
4 ,9 8 5 ,3 3 3
5 ,3 6 9 .1 1 9
A f f i l i a t e d c o m p a n i e s , a d v a n c e s a c c o u n t ______________
9 , 3 7 9 , 5 8 2 1 0 ,2 5 0 ,5 0 6
S u r p l u s ..........................._ _ i ............... ............................................ 3 4 , 8 4 2 , 0 7 4
3 9 ,8 2 3 ,4 5 9
Y o t a i l ia b il i t i e s ________________________________________ 5 9 2 ,1 7 3 ,4 2 9 5 7 8 ,7 4 7 ,2 9 1
( C o m p a r o V . 1 0 5 , p . 1 3 0 4 , 1 2 0 7 .) — V . 1 0 6 , p . 2 0 1 0 , 1 9 0 0 .
W e s tin g h o u s e
E le c t r i c
&
M fg .
C o .,
{Report for Fiscal Year ending March
P itts b u r g h .
3 1 1 9 1 8 .)
I n ou r a d v e r tis in g c o lu m n s o n a p re v io u s p a g e w ill be
fo u n d th o re m a rk s o f C h a ir m a n G u y E . T r ip p , th o b a la n c e
s h e e t as o f M a r c h 3 1 1 9 1 8 , a n d th e p r o fit a n d lo ss a c c o u n t.
T h o re p o rt o f M r . T r ip p s a y s in b r ie f:
Sates.— T h o g r o s s e a r n in g s (s a le s b ille d ) f o r t h e y e a r in c lu d e s h ip m e n t s
s i n c o J u n o 1 5 1 9 1 7 f r o m t h o M a c h i n e W o r k s ( f o r m e r l y W e s t in g h o u s o
M a c h i n e C o . ) , a ls o $ 4 ,5 3 6 , 0 0 0 f o r m u n i t io n s .
T h o v o l u m e o f s a le s b i ll e d
f o r t h e r e g u la r p r o d u c t s o f y o u r c o m p a n y w a s g r o a t l y in o x c o s s o f a n y
p r e v io u s y e a r.
Unfilled. Orders.— A s o f A p r i l 1 1 9 1 8 t h o v a l u e o f u n f l l e d o r d e r s i n h a n d
w a s $ 1 4 7 ,8 5 7 ,5 8 0 , o f w h ic h $ 1 1 0 ,1 8 5 ,0 0 7 w a s f o r t h o r e g u la r p r o d u c t s o f
your com pany.
N o fa c il i t i e s h e r e t o f o r e o m p l o y o d o n r e g u l a r p r o d u c t s
a r e o n g a g e d o n m u n it io n w o rk .
New Plants.— T h e p r o p e r t y a n d p l a n t a c c o u n t in c lu d e s e x p e n d it u r e s
d u r i n g t h o y e a r in c o n n e c t i o n w it h t h o n o w E s s i n g t o n W o r k s , l o c a t e d n e a r
P h il a d e l p h i a , P a .
T h i s p l a n t , w h ic h is n o w c o m p l e t e d a n d n e a r l y e q u i p p e d .
Is o p e r a t i n g w i t h a f o r c e o f a b o u t 3 , 0 0 0 m e n , w h ic h i t is e x p e c t e d w ill b o
i n c r e a s e d t o a p p r o x i m a t e l y 5 ,0 0 0 d u r i n g t h o y e a r .
C o n tr a c t s w it h th o
U . 8 . G o v e r n m e n t f o r e q u i p m e n t f o r c a r g o s h i p s w il l o c c u p y t h o c a p a c i t y
o f t h is p l a n t f o r a p p r o x i m a t e l y t w o y e a r s .
A n o t h e r i m p o r t a n t i m p r o v e m e n t c o m p e l l e d d u r i n g t h e y e a r is a f a c t o r y
a t T r e n t o n , N . J ., f o r th e m a n u fa c tu r e o f in c a n d e s c o n t la m p s .
T h is
f a c t o r y h a s b o e n in o p e r a t i o n f o r s o m e m o n t h s .
U. S. Browning Gun Contract Replaces Rifle Order for Russia.— W h e n
s l i g h t l y m o r e t h a n 1 ,0 0 0 ,0 0 0 r ifle s h a d b o o n d e l iv e r e d a n d p r o b a b l y b e c a u s e
o f t h o c o n d i t i o n s in R u s s ia a n d in t h o w it h d r a w a l o f t h a t c o u n t r y f r o m t h e
w a r , t h o B r i t is h G o v e r n m e n t in D o c . 1 9 1 7 e x o r c is e d its p r i v il e g e o f c a n c e l la
t i o n o f t h o u n d e li v e r e d p a r t o f it s c o n t r a c t s .
H o w e v e r , a l m o s t s im u lt a n e
o u s l y , i n q u ir ie s w e r o r e c e i v e d f r o m t h e U n it e d S t a t e s G o v e r n m e n t a s t o t h o
m a n u f a c t u r e b y t h e N o w E n g la n d W e s t in g h o u s e C o . o f h e a v y B r o w n i n g
m a c h in e g u n s .
N e g o t i a t i o n s r e s u l t e d in t h o r e c e i p t o f o r d e r s f r o m t h e
U . 8 . G o v e r n m e n t fo r th o s e m a c h in o g u n s .
D e li v e r ie s b e g a n in A p r i l ,
a n d a r o in a d v a n c o o f t h e s c h e d u l e f ix e d b y t h e c o n t r a c t .
T h o c a n c e l la t i o n o f t h o R u s s ia n r if le c o n t r a c t s r e s u lt e d in y o u r c o m p a n y
s u s t a i n in g t h o f u ll lo s s o f $ 5 , 0 0 0 , 0 0 0 , a g a in s t w h ic h a r o s e r v o in t h a t a m o u n t
w a s s o t a s id e la s t y e a r .
Y o u r d i r e c t o r s t h e r e fo r e a u t h o r i z e d t h o a b s o r p t i o n
o f t h is a m o u n t in s a id r o s e r v o .
T h o n e c e s s a r y e n t r ie s w e r o m a d o a s o f
D e c .3 1 1 9 1 7 , s o t h a t t h o b o o k s o f y o u r c o m p a n y a s o f M a r c h 3 1 1 9 1 8
i n c l u d o n o a c c o u n t s r e la t i n g t o t h o c o n t r a c t s f o r R u s s ia n r ifle s .
CONSOLIDATED RESULTS FOR YEARS ENDING M A R CH 3 1 .
[ I n c l u d i n g W e s t in g h o u s e M a c h i n o W o r k s s i n c o m e r g o r J u n o 15 1 9 1 7 .
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
S a le s b i l l e d ............................ $ 9 5 ,7 3 5 ,4 0 7 $ 8 9 ,5 3 9 ,4 4 2 $ 5 0 ,2 6 9 ,2 4 0 $ 3 3 ,6 7 1 ,4 8 5
a C o s t o f s a l e s ................... 8 0 , 2 2 5 , 9 3 7
7 2 ,0 7 7 ,7 5 1
4 0 ,8 3 9 ,3 4 4
3 1 ,1 0 9 ,0 7 4
N e t o a r n i n g s ....................$ 1 5 ,5 0 9 ,4 7 0 $ 1 7 ,4 6 1 ,6 9 1
Other Income—
I n t e r e s t a n d d i s c o u n t ___
3 0 8 ,8 3 5 .
2 9 8 ,0 8 8
9 0 3 ,5 5 9
1 ,0 2 7 ,8 0 8
I n t. a n d d iv . r e c e iv e d ..
M i s c . , r o y a l t ie s , & c _____
1 1 2 ,8 7 0
6 0 ,6 5 2
$ 9 ,4 2 9 , 8 9 6
4 0 0 ,0 6 6
6 6 9 ,2 4 3
3 7 ,4 2 0
T o t a l i n c o m e __________ $ 1 6 ,8 3 4 ,7 3 3 $ 1 8 ,8 4 8 ,2 3 7 $ 1 0 ,5 3 6 ,6 2 6
Deductions from Income—
In t. o n b o n d s a n d deb3
$ 3 0 3 ,9 1 7
$ 8 9 ,3 3 3
$ 7 1 8 ,4 7 7
I n t . o n c o ll a t e r a l n o t e s .
________
1 3 6 ,0 0 0
1 3 5 ,9 9 9
I n t . o n n o t e s p a y a b l e ___
1 , 1 0 8 ,0 1 6
5 2 9 ,1 1 5
________
M is c e l la n e o u s i n t e r e s t . .
1 7 ,0 8 9
1 3 ,9 0 0
1 5 .3 6 1
I n c l u d e d in c o s t o f s a le s a b o v e . /
P r o p . exp.bd.¬o issuel
M i s c . & oxtraord. oxp..J
_
P r o f , dividends ( 7 % ) _
2 7 9 ,9 0 9
2 7 9 ,9 0 9
2 7 9 ,9 0 9
P r o f . d i v s . f o r R o d C r o s s ( > £ % ) 1 9 ,9 9 4
C o m m o n d i v i d e n d s _____
4 ,9 5 6 ,8 7 6
3 ,7 5 0 ,0 0 0
2 ,5 2 8 ,9 5
C o m m o n d iv id o n d r a t e .
(7 % )
(5 X % )
(6 'A%)
C o m .d iv .f o r R e d C r o s s ( ^ % )3 5 4 0 7 0
$ 2 , 5 6 2 ,4 1 2
4 4 7 ,1 7 8
6 8 6 ,2 3 9
2 5 ,1 1 0
$ 3 ,7 2 0 ,9 3 9
$ 1 ,0 2 3 ,8 0 1
200,866
4 4 ,2 5 1
8 5 ,2 0 8
3 5 7 ,0 6 9
2 7 9 ,9 0 9
1 ,4 2 7 ,3 5 0
(4 % )
$ 4 ,7 9 8 ,2 5 7
$ 3 ,6 7 6 ,6 9 7
T o t a l d e d u c t i o n s _____ $ 7 , 0 3 9 , 9 0 0
$ 3 , 4 1 8 ,4 5 4
B a l a n c e , s u r p l u s _________ $ 9 , 7 9 4 , 8 3 3 $ 1 4 ,0 4 9 ,9 8 0 $ 0 , 8 5 9 , 9 2 9
$ 3 0 2 ,4 8 5
a I n c lu d e s f a c t o r y c o s t , e m b r a c in g a ll e x p e n d it u r e s f o r p a t t e r n s , d ie s ,
n e w s m a ll t o o l s a n d o t h o r b e t t e r m e n t s a n d e x t e n s i o n s , d e p r e c i a t io n s o f
p r o p e r t y a n d p l a n t , i n v e n t o r y a d j u s t m e n t s a n d a ll s o ilin g , a d m i n i s t r a t i o n ,
g e n e r a l a n d d o v e l o p m o n t o x p o n s e s , a n d a l s o in 1 9 1 7 -1 8 , a ll t a x o s .
CONSOL. BAL. SHEET M A R C H 31 {EXCEPT N E W ENG. WEST. CO.).
[ F o r d e t a i ls o f M a r c h 31
1 9 1 8 b a l a n c e s h e e t s e e a d v e r t i s in g p a g e s .l
1918.
1917.
S
S
P r o p ’ y & p l a n t . 4 1 ,1 6 7 ,8 7 4
2 2 ,7 0 1 ,1 1 0
S in k in g f u n d ___
3 4 ,1 7 7
I n v e s t m e n t s ___ 1 9 ,2 1 2 ,0 7 2
1 8 ,1 5 8 ,5 7 7
C a s h _____________
8 ,9 1 8 , 5 5 6
1 2 ,4 7 6 ,3 2 0
C a sh fo r red em p
o f m a tu r. d e b .
c t fs .,
b on ds,
n o t e s & f o r in t
1 4 9 ,2 5 4
A d iv s . (c o n t r a )
9 2 ,2 5 6
N o t e 3 r e c e iv a b l e ! 2 9 , 1 5 0 , 3 3 6 /
4 ,9 3 5 ,5 1 1
A c c t s . r e c e iv a b le
l 3 2 ,7 5 7 ,6 3 2
W o r k in g A tr a d 3 1 ,9 3 4 ,5 9 5
in g a s s e t s ___ 6 0 , 5 4 8 ,5 3 3
O t h o r a s s e t s ___
5 ,5 9 0 ,0 7 5
4 ,4 3 1 ,8 1 1
Assets—
T o t a K e a c h s ld e ) 1 6 l,7 1 4 ,3 7 S
1 2 7 ,5 4 2 ,8 1 1
1918.
S
P r e fe r r e d s t o c k .
3 ,9 9 3 ,7 0 0
C o m m o n s t o c k . 7 0 ,8 1 3 ,9 5 0
1917.
S
3 ,9 9 8 ,7 0 0
7 0 ,8 1 3 ,9 5 0
Liabilities—
IAibtllties {con.)
1917.
S
1918.
$
F u n d .d e b t (W e s t in g .M .C o .)..
6 ,3 9 6 ,0 0 0
1 -y e a r n o t e s d u e
1 9 1 9 ___________ 1 5 ,0 0 0 ,0 0 0
C o lla t e r a l n o t e s .
L o n g -te r m n otes
5 2 ,5 0 0
R e a l ost. m tg e s .
1 7 5 ,0 0 0
N o t e s p a y a b le —
B a n k lo a n s . . 1 2 ,7 0 0 ,0 0 0
S u b s c r ip ts to
L ib . b o n d s .
2 ,4 3 3 ,5 5 1
A c c 't s p a y a b l e .
8 ,0 1 6 ,0 9 8
I n t ., ta x e s , A c .,
a c c r ., n o t d u e
3 ,1 4 2 ,2 0 6
D lv s . a c c r u e d . .
1 ,3 0 9 ,2 2 1
A d v . p a y 't s o n
c o n t r a c t s _____ 1 0 ,6 2 4 ,9 2 6
U n p a id d e b . c t f s .
9 2 ,2 5 6
A c . (c o n t r a ).
3 ,5 5 5 ,2 7 6
R e s e r v e ................
P r o f i t a n d l o s s . . x 2 6 , 4 0 4 ,6 9 5
x A ft e r d e d u c t in g $ 1 ,3 6 0 ,0 3 6 a p p r o p r ia tio n t o r e s e r v o
$ 1 3 5 ,4 0 1 m is c e lla n e o u s ( n o t ) . — V . 1 0 6 , p . 1 8 0 9 , 1 0 4 0 .
2 ,7 2 0 ,0 0 0
8 3 ,7 5 0
1 8 0 ,0 0 0
1 5 ,1 0 0 ,0 0 0
5 ,9 3 8 ,1 8 1
2 ,4 7 0 ,1 6 4
1 ,3 0 9 ,2 2 1
1 4 9 ,2 5 4
6 ,6 2 4 ,2 9 1
1 8 ,1 0 5 ,2 9 9
a ccou n ts
and
U n ite d Shoe M ach in ery C o rp o ra tio n , B oston .
(Report for Fiscal Year ending Feb.
28
1 9 1 8 .)
P r e s . E d w in P . B r o w n , P a te r s o n , N . J . , M a y 1 8 , w ro te
in s u b s ta n c e :
Results.— T h o v o l u m e o f o u r b u s in e s s h a s n e v e r b e f o r o b e e n s o g r e a t a s
n o w ; b u t , w h ilo o u r c h a r g o s t o c u s t o m e r s w o r e n o t c h a n g e d , t h o e x p o n s o
o f c a r r y in g o n t h o b u s in e s s w a s c o n s i d e r a b l y h i g h e r .
T h o la t e s t r e t u r n s
s h o w a g r a t i f y i n g a d v a n c o in r e c e i p t s , i n d i c a t i n g t h a t i m p r o v e m e n t h a s
n o w s e t in .
T h o c iv il ia n d e m a n d f o r h i g h - g r a d e G o o d y e a r w o lt s h o e s w a s
s o m o w h a t lo ss a c t i v e d u r i n g t h o y e a r .
T h e ro a r o in d ic a tio n s , h o w e v e r , th a t
s u r p l u s s t o c k s i n t h o h a n d s o f r e t a ile r s a r o b e c o m i n g d e p l e t e d .
M anu
f a c t u r e r s a r o g e t t i n g l a r g e r o r d e r s f o r G o o d y e a r w e lt s .
T h o u g h th e ro w as
a d e c r e a s e In t h o r e t u r n s f r o m r o y a l t ie s , a s c o m p a r e d w it h t h o r e c o r d s o t
a y e a r a g o , t h o y w e r o la r g e r t h a n t h e r o t u r n s f o r a n y y e a r p r o v i o u s t o 1 9 1 7 ,
a n d t h o d o m e s t i c a n d f o r e i g n s a le s o f m a c h i n e s , p a r t s a n d s u p p l i o s w e r o
la r g e r la s t y e a r t h a n o v e r b e f o r e .
T h o n o t o p e r a t i n g r e v o n u o is g r a t i f y i n g .
F r o m t h is r o v o n u o w o h a v e
r e s e r v e d $ 7 5 0 ,0 0 0 a s a w a r r e s e r v e f u n d f o r t h o p a y m e n t o f t a x o s a n d t o m e e t
o t h e r u n u s u a l e x p e n s e s w h ic h m a y b o i n c u r r e d u n d e r p r o s e n t c o n d i t i o n s .
U. S. Army-Navy Needi.— W h e n w a r w a s d e c l a r e d a g a i n s t G e r m a n y t h o
H o r p o r a t io n d i d m u c h t o m a k e i t p o s s i b le f o r A m e r i c a n s h o o m a n u f a c t u r e r s
t o ra s p o n d im m e d ia t e ly t o th e im p e ra tiv e d o m a n d s o f th o a r m y a n d n a v y
f o r e s t a b l is h e d t y p o s o f s h o o s , a n d w it h t h e a w a r d o f c o n t r a c t s f o r t h o n o w
“ P e r s h in g s h o o ” w o a n t i c i p a t e d a n d t h r o u g h o u r m a n u f a c t u r in g a n d s e r v ic e
d e p a r t m e n t s p r e p a r e d f o r s h i p m e n t a n d in s t a lle d t h o n e c e s s a r y e q u i p m e n t
w h ic h in c lu d e d m a n y t y p e s o f m a c h in e s n o t n e e d e d i n t h o m a n u f a c t u r e
o f t h o r o g u la r f i e l d s h o e .
Foreign Business.— W o h a v e b e e n a b l e t o c o n t i n u e t h o a s s is t a n c e r e n d e r e d
t h o A i lio s t h r o u g h o u r E u r o p e a n f a c t o r i e s a n d o u r a f f i l i a t e d c o m p a n i e s
a b r o a d in fu r n is h in g m a c h i n e r y , s e r v ic e a n d s u p p l i o s .
I n E n g la n d , F r a n c o
a n d I t a l y , in s p i t o o f d i f f i c u lt i e s in s h i p p i n g g o o d s , t h o b u s in e s s o f o u r
a f f i l ia t e d c o m p a n i e s h a s b e e n s a t i s f a c t o r y .
R e v o n u e s h a v o b o o n la r g o r
th a n p r io r t o th o w a r, b u t th e n o t in c o m o h a s o f c o u r s e b o e n a ffe c t e d b y
in c re a s e d ta x o s .
T h e r o h a s b e e n n o i m p r o v e m e n t in t h o c o n d i t i o n s w h ic h
c a u s e d a f a ll i n g o f f in o u r S c a n d in a v ia n a n d R u s s ia n b u s in o s s a s i n d i c a t e d
in t h o la s t a n n u a l r o p o r t .
T h e M o x i c a n b u s in e s s , c o n s i d e r in g c o n d i t i o n s ,
is f a i r l y s a t i s f a c t o r y a n d o u r S o u t h A m e r i c a n b u s in o s s s h o w s i m p r o v e m e n t .
W o h a v e b e o n e m b a r r a s s e d in o u r s h i p m e n t s a b r o a d b y t h o s c a r c i t y o f
c a r g o s p a c o , r e s u lt in g in a n e n o r m o u s in c r e a s o in o c e a n f r e i g h t r a t o s , a n d
b y a b n o r m a l l y h ig h r a t e s f o r w a r r is k in s u r a n c e .
I n o u r s h i p m e n t s t o a f f i l i a t e d c o m p a n i e s in A l l ie d c o u n t r io s w o h a v o h a d
t h o b e n e f i t o f r e c o g n i t i o n b y t h o G o v e r n m e n t a u t h o r i t ie s in E n g la n d ,
F r a n c o a n d I t a l y t h a t o u r b u s in e s s is n e c e s s a r y t o t h e ir m il i t a r y e s t a b l is h
m en ts.
T h o F r o n c h M in is t r y o f C o m m o r c o h a s a p p o in t e d a c o m m is s io n
t o o x a m i n o o u r f a c t o r y n e a r P a r is a n d o b t a i n lis t s o f w o r k m o n p r e v i o u s l y
e m p l o y e d t h e r o a n d n o w s e r v in g in t h o a r m y w it h a v i o w t o h a v i n g t h o s e
m en rotu rn ed to th e fa c to r y .
[Vol. 106
THE CHRONICLE
2224c
Merger.— T h o m erger o f th o U n ite d S h o e M a c h in e r y C o . w ith tho
U n ite d S h o o M a c h in e r y C o r p o r a t io n , w h ic h w as fir s t p r o p o s e d in F e b .
1915 b u t w as d e la y e d b y a s t o c k h o ld e r ’s s u it, is n o w e ffe c t iv e , th o o p e ra tin g
c o m p a n y b e in g n o w th e U n ite d S h o o M a c h in e r y C o r p o r a t io n — a m o v o
fo r s im p lic ity an d e c o n o m y .
Suit Under the Clayton Act.— T h e U n ite d S tatos w as fo r c e d in M a y 1916
t o a b a n d o n th o pre lim in a ry in ju n c tio n o b ta in e d in M is s o u ri. J u d g e
T r ie b e r , b e fo r o w h o m th e caso w as a ssign ed fo r tria l, a p p o in te d F ra n k R .
H a n n a o f N e w Y o r k as S pecial E x a m in e r. S in co A u g . 29 1917 hearings
h a v o b o e n h e ld b y th o E x a m in er in B o s t o n , N e w Y o r k , & c . , a n d n ea rly
100 d a y s h a v e a lre a d y b e e n o c c u p ie d in ta ld n g e v id e n c e . T h o G o v e rn
m e n t has c o m p le te d th e ta k in g o f its o v id o n c o in c h ie f b o fo r o th o E x a m in er,
a n d th o c o r p o r a tio n is n o w p resen tin g its e v id e n ce .
Dissolution Suit Under the Sherman Act Begun in 191 1.— O n M a r c h 18
1915 th o F ed era l C o u r t h a n d e d d o w n a u n a n im o u s d e cis io n d ism issin g tho
G o v e r n m e n t’s n o titio n a n d su stain in g in e v e r y p a rticu la r th o le g a lity o f tho
c o m p a n y ’s bu sin ess m e th o d s .
F r o m this u n a n im o u s d e cisio n th o G o v e rn
m e n t a p p e a le d . T h e caso w as a rg u e d b e fo r e th o U . S. S u p rem o C o u r t on
M a r c h 16, 19, 20 a n d 21 1917, a n d u n d e r o rd e r o f C o u r t w as a gain a rgu ed
o n Jan . 11, 14 a n d 15 1918. [As t o fa v o r a b lo d e c is io n h a n d e d d o w n this
w eok see “ In v e s tm e n t N o w s D e p a r t m e n t." !
Employees— Stockholders.— T h e a v e ra g o n u m b e r o f e m p lo y e e s in th o
B e v e rly fa c to r y d u rin g th o y e a r w as 4 ,7 4 5 , a m o n g th em o v e r 500 w o m on
w h o re p la ce d y o u n g m en ca lle d t o m ilita ry d u t y .
T h e ro w ero 10,348
s to c k h o ld e r s o f re c o rd o n M a r c h 1, o u r re c o rd n u m b e r , 5 ,5 4 3 h o ld in g c o m
m o n s t o c k o n ly , 3 ,1 1 3 h o ld in g p re fe rre d o n ly a n d 1,692 h o ld in g b o th
p re fe rre d a n d c o m m o n .
Death of President.— S id n o y W . W in s lo w , P ro s id o n t, d ie d o n Ju n o 18 1917
INCOME ACCOUNT.
Years ending—
Feb. 28 ’ 18. Feb. 28 ’ 17. Feb. 29 T 6 .
C o m b in e d earnings o f U n ite d S hoo
M a c h . C o r p . ( o f N . J . a n d M a i n e ). $ 6 ,1 3 7 ,3 2 3 $ 8 ,1 7 4 ,4 5 3 a $ 6 ,1 3 8 ,4 3 3
__________
__________
W a r re s e r v e ____________________________
7 5 0 ,0 0 0
3 ,2 3 3 ,2 8 5
4 ,9 9 6 ,3 6 0
5 ,8 5 3 ,6 5 8
C a sh d iv id e n d s p a id ........ .................
R a to o n c o m m o n _____________________ _______( 8 % )
( 1 4 % ) ______ (1 8 % )
B a la n ce , su rp lu s, fo r y e a r ____________$ 2 ,1 5 4 ,0 3 8
$ 3 ,1 7 8 ,0 9 3
$28 4 ,7 7 5
P r o v io u s s u r p l u s .. ..................................... 2 7 ,1 0 9 ,9 6 6
1 4 ,9 1 9 ,0 5 0 17,4 9 7 ,7 7 3
T o t a l . .................................
$ 2 9 ,2 6 4 ,0 0 4 $ 1 8 ,0 9 7 ,1 4 3 $ 1 7 ,7 8 2 ,5 4 8
D iv id e n d s p aid o n s t o c k » ( 1 0 % ) ____
3 ,1 4 9 ,8 5 8
1,8 8 9 ,7 8 2
2 ,8 6 3 ,4 9 8
D iv id e n d s p a id in L ib e rty b o n d s ( 4 % )
1 ,259,943
__________
__________
B a l a n c e ......................... ............................ $ 2 4 ,8 5 4 ,2 0 3 $1 6 ,2 0 7 ,3 6 1 $ 1 4 ,9 1 9 ,0 5 0
Add— R o v a l. o f s t o c k o f s u b . c o s ____
_________ 1)10,902,605
__________
T o t a l su rplu s M a r c h 1......................... $ 2 4 ,8 5 4 ,2 0 3 $ 2 7 ,1 0 9 ,9 6 6 $ 1 4 ,9 1 9 ,0 5 0
a A fte r d e d u ctin g p r o p o r tio n a p p lic a b le t o o u ts ta n d in g s t o c k o f th o
U n ite d S h oo M a c h in e r y C o . n o t h o ld b y th o U n ite d S h oo M a c h in e r y C o r p .
b S to c k s an d b o n d s o f s u b -c o r p o r a tio n s h a v o been ca rried on th e b o o k s
p r o v io u s t o F o b . 28 1917 a t a fig u ro w h ic h , in th o o p in io n o f th o d ire cto rs ,
w as loss th a n th eir a ctu a l v a lu e . T h is ite m h as th on in crea sed b y a re
a pp ra isal to an a m o u n t n o t e x ce e d in g their a ctu a l ta n g ib lo assot v a lu o on
M a r c h 1 1916.
BALANCE SHEET M A R CH 1.
1918.
1917.
1918.
1917.
Assets—
Liabilities—
3
$
$
$
Real estate . . ____ 2,176,260 2,171,839 Preferred stock_ 9,818,775 9,786,975
_
M achinery_ ____ 1,532,460 1,403,802 Com m on stock ___ 34,650,839 31,506,981
_
Patent rights ____
400.000
400,000 Accounts payable. 1,918,663
860,722
Securs. other C O S.
W ar reservo. . . .
750,000
A leased mach’ y 40,086,149x37,992,360 Other R e s e r v e s ___ 1,947,066 1,919,484
Cash A receivables 19,987,551 20,927,834 United Shoo M ach
Inventories . . ____ 9,893,427 8,476,419
C o. stock not
166,223
Miscellaneous ____
35,921
27,249
held by corp'n.
215,374
S u rp lu s__________ 24,854,203 27,109,966
T o t a l _____ ____74,111,768 71,399,502
T o t a l ............. ..
71,399,502
x S eo fo o t n o t e “ b ” a b o v e .— V . 106 , p . 11 4 3 , 4 0 4 .
O hio Cities Com pany, C o lu m bu s, O.
{Report for Fiscal Year ended March
31
1 9 1 8 .)
O n su b s e q u e n t p a g es o f th is issuo o f th o “ C h r o n ic lo ” w ill
be fo u n d th e re p o r t o f P re sid e n t B . G . D a w o s , d a te d M a y 2 0 ,
c o v e r in g th e o p e ra tio n s o f th o la te fisca l y e a r , to g o th e r w ith
th e c o n s o lid a te d b a la n c e s h e e t o f M a r c h 3 1 a n d tho c o n s o li
d a te d s ta te m e n t o f in co m e a n d su rp lu s fo r th o y o a r 1 9 1 7 -1 8 .
T h e ro are a lso in c lu d e d a list o f th e s u b s id ia r y c o m p a n ie s
c o n tr o lle d , w ith th e a m o u n t o f s to c k h e ld b y th e p a r e n t c o m
p a n y in e ach o f t h e m , a n d th e ir o ffice rs a n d d ire ctors an d
th e ce rtific a te o f th e p u b lic a c c o u n ta n ts w h o e x a m in e d tho
c o m p a n y ’ s a c c o u n ts .
T i m y o a r h a s b e o n o n e o f m u c h i m p o r t a n c e in t h o h i s t o r y o f t h o c o m p a n y ,
a n d th o re a d e r m a y t h e r e fo r e b e in te re s te d t o s u p p le m e n t t h o c o n c is o s ta te
m e n t m a d o in t h o r o p o r t b y P r e s i d e n t D a w e s b y r e fe r r in g t o t h o " C h r o n i c l o , ”
w h e r o t h o s t o c k in c r e a s e w a s m e n t io n e d q u i t e f u l l y ( V . 1 0 4 , p . 1 0 4 9 , 1 1 4 9 ,
180 5; V . 105, p . 7 6 , 2 9 4 ; V . 10 6 , p . 4 0 2 ), as w e ro a ls o th o a c q u is itio n o f
t h o P u r e O il C o . a n d o t h e r p r o p e r t ie s ( V . 1 0 4 , p . 2 6 4 5 ; V . 1 0 5 , p . 7 6 ) . —
V . 106, p . 7 1 9 , 602.
C a lifo rn ia P a c k in g C o rp o ratio n .
(Second Annual Report— Year ending Feb.
2 8 1 9 1 8 .)
P r e s . J . K . A r m s b y , S a n F r a n ., M a y 3 , w ro te in s u b s ta n c e :
Results.— T h o p r o f i t f r o m o p e r a t i o n s f o r t h o y e a r e n d i n g F e b . 2 8 1 9 1 8
a f t e r d e d u c t i n g a ll e x p e n s e s , t a x e s a n d p r o v i s io n f o r I n c o m o a n d o x c o s s
p r o f i t s t a x o s , w a s $ 3 ,6 1 4 ,5 3 1 . w i t h i n c o m e f r o m I n v e s t m e n t s [ in c lu d in g
u n d is t r ib u t e d e a r n in g s t h e r e o n — s e o b o l o w j , $ 2 , 5 3 3 , 4 0 9 , m a k i n g
to ta l
o f $ 6 ,1 4 7 ,9 4 0 .
A f t e r d e d u c t i n g (1 ) f o u r q u a r t e r l y d i v i d e n d s p a i d o n
p r e f . s t o c k a g g r e g a t i n g $ 5 9 2 ,2 6 8 ; (2 ) f o u r q u a r t e r l y d i v i d e n d s o a c l i o f
5 0 c t s . p e r s h a r e d e c l a r e d o n c o m m o n s t o c k ( t h o in it ia l d i s t r i b u t i o n o n t h is
s t o c k h a v i n g b e e n m a d e J u n o 15 1 9 1 7 a n d d i v i d o n d N o . 4 b e i n g p a y a b l o
M a r c h 15 1 9 1 8 ). $ 6 7 7 ,8 0 1 ; (3 ) a l s o a f u r t h e r 1 % % d i v i d e n d . N o . 6 , o n p r o f ,
s h a r o s , p a y a b l o M a r c h 31 1 9 1 8 , $ 1 4 8 ,1 5 9 , t h e r o r e m a in e d a b a l a n c e , s u r p lu s ,
o f $ 1 ,7 2 9 ,7 1 2 , m a k in g p r o f i t a n d lo s s s u r p lu s F o b . 2 8 1 9 1 8 $ 5 , 7 0 5 , 1 4 5 .
“ Income from Investments."— T h is i t e m o f $ 2 , 5 3 3 ,4 0 9 in c lu d e s $ 2 , 4 4 9 , 2 1 5
r e p r e s e n t in g t h e p r o p o r t i o n o f t h o p r o f i t s o f t h o A l a s k a P a c k e r s ’ A s s o c i a t io n
a p p li c a b l e t o t h o 4 5 ,4 7 1 s h a r o s o f s t o c k o w n e d b y t h o C a li f o r n ia P a c k in g
C orp.
O f t h is a m o u n t $ 1 , 3 6 3 , 8 5 0 h a s b e o n r e c e iv e d in d i v i d e n d s d u r in g
t h o y e a r , a n d t h o b a l a n c e o f $ 1 , 0 8 5 ,3 6 5 r e m a in s i n v e s t e d in t h o p r o p e r t ie s
o f th a t c o m p a n y .
T h o p r o f i t s o f t h o A la s k a P a c k e r s A s s o c i a t io n f o r t h o
y e a r e n d i n g D e c . 31 1 9 1 7 , a f t e r s e t t in g a s id e $ 2 , 2 0 0 , 0 0 0 f o r i n c o m o a n d
o x c e s s p r o f i t s t a x e s , a m o u n t e d t o $ 3 ,0 9 7 ,5 2 8 .
Sales.— T h o s a le s o f t h o C a li f o r n ia P a c k in g C o r p o r a t i o n d u r i n g t h o p a s t
y e a r a m o u n t e d t o $ 5 5 ,6 7 8 ,6 1 3 , .a g a in st $ 3 7 ,6 9 3 ,7 5 9 f o r t h o y e a r 1 9 1 6 , o r a n
in c r e a s o o f $ 1 7 ,9 8 4 ,8 5 4 .
Additions, iS c . — E x p e n d i t u r e s o f $ 1 , 5 7 0 , 2 4 5 w e r o m a d o d u r i n g t h o y e a r
f o r a d d it i o n a l p r o p e r t ie s a n d d e p r e c i a t io n o f $ 4 4 0 ,6 6 7 w a s w r i t t e n o f f .
A l l t h o p r o p e r t ie s w e r o m a i n t a in e d in g o o d c o n d i t i o n a n d $ 4 3 4 ,4 5 8 w a s
e x p o n d e d f o r t h is p u r p o s e .
Balance Sheet.— A s t h o r e s u l t o f t h o d e l a y in t r a n s p o r t a t io n d u r i n g t h o
f is c a l y e a r t h o c o r p o r a t i o n c a r r ie d f o r w a r d a n i n v e n t o r y o f $ 5 , 9 2 7 , 4 3 1 , a n d
a c c o u n t s r e c e iv a b le o f $ 6 , 2 6 6 , 9 3 5 .
C o n s e q u e n t l y , i t w a s u n a b le t o r o p a y
a ll o f t h e o u t s t a n d i n g n o t e s w h ic h a t F e b . 2 8 1 9 1 8 a m o u n t e d t o $ 4 , 3 7 1 , 3 5 0 .
S in c o t h a t d a t o , h o w e v e r , t h o n o t e s p a y a b lo h a v o b o o n r e d u c e d t o 3V,5 4 4 ,0 0 0
a n d t h o c o n t in g e n t l ia b il i t y o n d r a f t s d i s c o u n t e d t o $ 1 , 9 2 2 , 9 8 2 .
D u r in g t h o p a s t y e a r 2 ,2 6 1 s h a r e s o f p r e f . s t o c k w o r o a c q u i r e d o n a c c o u n t
o f t h o s i n k i n g f u n d in s t a ll m e n t d u o S e p t . 3 0 1 9 1 8 , a n d g o o d - w i l l o f $ 3 0 6 ,1 1 6
o n p r o p e r t ie s a c q u i r e d h a s b e o n c h a r g e d a g a i n s t b o o k v a l u o o f c o m . s t o c k .
CONSL. RESULTS— YEAR END. FEB. 2 8 1 9 1 8 A N D
1 9 1 6 TO FEB. 2 8 1 9 1 7 .
FROM NOV. 8
1 9 1 7 - 1 8 . Per.’ I d - 17.
1 9 1 7 - 1 8 . P e r .'I d -17.
T o t a l I n c o m o ______ $ 0 ,1 4 7 ,9 1 0 $ 1 ,0 8 6 ,5 2 2
P r o f i t * .......................$ 3 ,6 1 4 ,5 3 1 $ 1 ,0 8 6 ,5 2 2
“ I n c o m e fr o m in
P r e fe r r e d d l v s . - ( 7 % ) 5 9 2 , 2 0 8
y lll,0 8 9
v e s t m e n t s ” ____ y 2 , 5 3 3 ,4 0 9
____________ C o m m o n d l v s . ($ 2 )
6 7 7 ,8 0 2
___________
T o t a l I n c o m o . . . $ 6 , 1 4 7 , 9 4 0 $ 1 ,0 8 6 ,5 2 2
Surplus
.x $ 4 ,8 7 7 ,8 6 9
$ 9 7 5 ,4 3 3
w * J A fte r d e d u c t i n g a ll e x p e n s e s a n d t a x o s a n d a l s o in 1 9 1 7 -1 8 p r o v i s i o n
fo r in c o m o a n d o x ce s s p r o fit s ta x o s .
y T h is I t o m in c lu d e s In a d d i t i o n t o
d i v i d e n d s a c t u a l ly r e c e iv e d (s e e t e x t a b o v e ) , S I ,0 8 5 ,3 6 5 e a r n e d b u t l e ft
i n v e s t e d i n p r o p e r t ie s o f A l a s k a P a c k e r s A s s o c i a t io n .
1Q1Q
x T h e c o m p a n y In it s a n n u a l r e p o r t f o r t h e y e a r e n d i n g F e b . 2 8 1 9 1 8
d e d u c t s i n a d d it i o n t o t h e f o u r r e g u l a r q u a r t c r y d t y i d c n d s o f l M % e a c h
o n th e p r e f. s t o c k a fift h d iv id e n d o f 1 M % p a id M a r c h 31 191 8.
A fte r
d e d u c t i n g t h a t a d d it i o n a l d i s t r i b u t i o n t h e s u r p lu s c a r r ie d t o p r o f i t a n d lo ss
a s s h o w n in th e r e p o r t w a s $ 4 ,7 2 9 ,7 1 2 .
y R e p r e s e n t s t h e f i r s t d e c l a r a t io n
o n th e p r e f. s t o c k a m o u n tin g t o 1 .3 8 % .
CALIFORNIA PACKING CORP.— CONSOL. BALANCE SHEET FEB. 2 8 .
1918.
Assets —
$
Land,
buildings,
machinery, & c.a7,438,46l
Stocks o f other cos.10,002,953
Cash......... ............... 1,904,902
N otes & accts. rec. C,897,490
Materials & supp. 1,665,188
M erchandise-------- 4,202,242
A dv. to grow ers..
159,339
Liberty bonds-----377,500
Insur. fund, & c—
226,235
Expend, for future
c r o p s __________
616,001
M iscellaneous____
158,505
1917.
1918.
S
1917.
S
Liabilities—
7 % cum .conv.pref.
_
stock (par S100)b8,240,100 8,352,600
6,481,370
8,801,761 Bal. represented b y
338,917 shs. (as
1,560,352
of Feb. 28 ’ 18)
1,517,523
of com . stock
780,722
without par val.11,684,255 11,952,577
2,601,691
N otes payable____ 4,371,350\ 1,247,901
Accounts payable. 2,090,410/
---------.184,223 Dividends declared 317,617
Prov. for Income &
exc. profits taxes
•377,143
pay. Aug. 1918 1,300,000
193,727
975,433
S u rplu s........... ..
5,705,145
T o t a l ....... .......... 33,708,878 22,528,511
T o t a l ...............3 3 ,7 0 8 ,8 7 8 22.523,511
a I n c lu d e s in 1 9 1 8 la n d a n d b u i l d in g s , $ 4 , 3 2 3 ,7 8 4 ; m a c h i n e r y a n d e q u i p
m ent
3 2 7 1 6 9 a n d r a n c h e s , $ 1 , 2 4 1 ,0 5 2 ; t o t a l , $ 8 ,8 9 2 , 0 0 5 , less $ l , 4 o 3 , 5 4 4 1r e s e r v o f o r d e p r e c i a t i o n .
b A f t e r d e d u c t i n g $ 2 2 6 ,1 0 0 p r e f . s t o c k p u r C h T h e r o f °L s C o n t i n g e n t
l i a b i l i t y o f $ 6 1 9 5 ,6 0 2 o n d r a f t s d i s c o u n t e d t o
w h ic h b ills o f l a d i n g c o v e r in g m e r c h a n d is e s o l d a r e a t t a c h e d .
ALASKA
PACKERS' ASSOCIATION BALANCE SHEET
1916.
1917.
Assets—
Canncries,fleet,&c.
Inventories......... Liberty bonds-----Insurance fund—
A cc’ts receiva ble..
Cash on hand____
$
5,162,009
2 »819>822
2,658,125
2,870,050
1,734,794
757,881
S
5,260,991
1,807,816
2,724,925
517,072
932,160
DEC.
1917.
S
Capital s t o c k ------ 5,750,800
Current indebted
ness ___________
87,784
Insurance f u n d . .. 4,570,977
Reserve for taxes. 2,200,000
S u rp lu s__________ 3,393,120
T o t a l ...................1 6 ,0 0 2 ,6 8 2 11,2 4 2 ,9 6 4
— V . 106, p . 819, 399.
Liabilities—
31.
1916.
S
5,750,800
50,513
2,896,735
2,544,915
T o t a l ......... ....1 6 ,0 0 2 ,6 8 2 11,242,964
In te rn a tio n a l Salt Co., Scran ton , Pa.
(Report for Fiscal Year ending Feb.
2 8 1 9 1 8 .)
P r e s . M o r t im e r B . F u lle r , S c r a n to n , P a . , M a y 5 , w ro te
in s u b s ta n c e :
Results.— A f t e r d e d u c t i n g a ll o p e r a t i n g , m a i n t e n a n c e a n d a d m i n i s t r a t i o n
exDonses d e p l e t io n a n d d e p r e c i a t io n c h a r g e s , i n s u r a n c e a n d t a x e s ( in c l u d i n g
r e s e r v o o f $ 2 0 4 ,7 1 2 f o r e s t im a t e d F e d e r a l i n c o m e a n d w a r t a x e s ) , t h o c o m
b i n e d g r o s s e a r n in g s w e r e $ 1 ,2 3 1 , 5 4 6 .
A ft e r p a y m e n t o f In terest o n b o n d s
o f t h o I n t e r n a t io n a l S a lt C o . , R e t s o f M i n i n g C o . a n d D e t r o i t R o c k S a lt
C o . , t h o t o t a l n e t p r o f i t s w e r o $ 8 3 5 ,9 0 1 .
.
Quick Assets.— O n F o b . 2 8 1 9 1 8 t h o n o t q u i c k a s s e t s o f t h e c o m p a n y a n d
s u b s id ia r ie s — c o n s i s t i n g o f c a s h , b ills a n d a c c o u n t s r e c e i v a b l e , a n d i n v e n
t o r ie s — a m o u n t e d t o $ 5 8 2 ,4 4 4 , a f t e r p r o v i d i n g r e s e r v o f o r F e d e r a l t a x e s
1917 o n th e N . Y . S to c k E x c h a n g e , n o w s t o c k c e r tific a t e s t o m e e t th e
r e q u i r e m e n t s o f t h o E x c h a n g o a r o b e in g :is s u e d d n p l a c e o f ’ t h e o l d c e r t m c | t e s
w h ic h s h o u l d b o s e n t p r o m p t l y t o t h e C o r p o r a t i o n T r u s t C o . , 3 7 W a ll S t . ,
N b I f > o ? / tf c c f c ° S a / T c o n D u r in g 1 9 1 7 t h is s u b s i d i a r y , t h r o u g h l iq u id a t i n g
—
d i v i d e n d s r e t ir e d t h o b a l a n c o o f i t s p r e f . s t o c k ,
l li o m ortg a g e o f th e
D e t r o i t C o . p r o v i d e s t h a t a f t e r such e v e n t , 6 0 % o f t h e
e x c o s s o f n e c e s s a r y I m p r o v e m e n t s a n d w o r k in g c a p i t a l ) s h a ll b o p a i d i n t o
^Operations.— N o t w i t h s t a n d i n g t li o m a n y hat h e ^ r d a n t s °o f t h o ^ u b s l d i a r y
c o ^ p a n i e ^ w e r e ’a b l e t o 'p r o d u c e 'a n d T s h i p a l a ^ e r \ o r ^ g e ° t h a i f d u r in g ^ t h o
P r A b du U o t ln °is s u e d in J a n u a r y 1 9 1 8 b y t h e U . S - G e o l o ^ c a l S u ^ e y s a y s t o
s u b s t a n c e ] : “ T h o r u m o r t h a t t h e r o is a g e n e r a l s h o r t a g e irf s a l t d n t h e U n it e d
S t a t e s h a s n o f o u n d a t i o n . O u r e s t im a t e s o f th.® P r o d u c t i o n i n 1 9 1 7 ^ o w a
t o t a l o f m o r e t h a n 6 , 9 4 6 , 0 0 0 s h o r t t o n s , a n in c r e a s e o f 5 8 3 ,0 0 0 t o n s o r
9 % o v e r 1916.
A s t h o la r g e s t d o m e s t ic : c o n s u m p t i o n o n r e c o r d , t h a t o f
1 9 1 6 w a s lo s s t h a n 6 ,5 0 0 , 0 0 0 t o n s , a n d a s t h e i m p o r t s in 1 9 1 6 w e r e le s s t h a n
2 % o f t h o t o t a l c o n s u m p t i o n , i t is e v i d e n t t h a t t h e c o u n t r y is In n o w a y
d e p e n d e n t o n a f o r o i g n s u p p l y f o r it s s a l t , f o r t h o d o m e s t i c p r o d u c t i o n is
a m p lo .
T h e in c r e a s o in p r o d u c t i o n w a s i n d u c e d b y h i g h e r p r i c e s a n d
b r i s k d e m a n d a n d w a s m a d o in s p i t e o f u n f a v o r a b l e c o n d i t i o n s a t s o m e
p la n ts .
S h o r t a g e o f l a b o r , d i f f i c u l t y in o b t a i n i n g f u e l , a n d a n i n a d e q u a t e
s u p p ly o f fre ig h t ca rs a ro g iv e n a s r e a s o n s w h y s o m e p la n ts d id n o t m a k e
a n e v e n la r g e r i n c r e a s e .”
IN TE R N A T. SALT CO. INCOM E ACCOUNT FEB. 2 8 YEARS.
1917-1 8. 1916-17.
1917-18. 1916-17.
$31,753
D iva, from sub. c o s .$1,027,500 $675,000 Exp. Int. Salt C o ____$51,873
215,980
Int. on 5% bond s____210,645
Interest on treasury
,
77,287
72,142 D iv id e n d s......... ........... 622,906 364,628
bonds------------------
T o ta l...................... $1,104,787 $747,142
Balanco, surplus...$ 2 1 9 ,3 6 3 $134,782
CONSOL. RESULTS OF SUB. COS. FOR YEAR ENDIN G FEB. 2 8 1 9 1 8 .
C r o s s e a r n in g s o f s u b s i d i a r y c o m p a n i e s .........................................................$ 1 , 2 0 6 ,1 3 2
B o n d i n t o r e s t — I t o t s o f M i n . C o . , $ 1 2 5 ,0 0 0 ; D o t r o l t R o c k S a lt
C o . , $ 6 0 ,0 0 0 .............................................. ................................................................1 8 5 ,0 0 0
B a la n c o s u r p l y s , a v a i l a b l e f o r d i v i d e n d s , & c ......................... .......... $ 1 ,0 2 1 ,1 3 2
P r e v i o u s s u r p lu s c a r r ie d f o r w a r d (le s s a d j u s t m e n t , $ 4 , 3 2 3 ) _____- 2 ,6 6 8 ,9 7 1
................................... .................... - ---------- -------------------------------------$ 3 , 6 8 9 ,9 0 3
T o ta l
D i v i d e n d s ' t o I n t . S a lt C o . , $ 1 ,0 2 7 ,5 0 0 ; p r e f . d i v s . o f D o t r o l t
I t o c k S o.lt C o . , $ 5 , 3 8 0 ------------------ -------- ------------------------------ — - - - - -- 1 ,0 3 2 ,8 8 0
T o t a l s u r p lu s F e b . 2 8 1 9 1 8 ---------------------------------------------------------------- $ 2 , 6 5 7 ,0 2 3
IN TERNATIONAL SALT CO. BALANCE SHEET.
Assets—
Investment acc’t:
Feb. 28 ’ 18. July 31’ 17.
5
3
?a:“-n
. r\w.s7o
7,500 shs. Int.S.
C o. o f N .Y .s tk . 4,675,804
1,692,000 R etsof
,
bon d s.............. 1,424,295
192,600 Int.Salt
C o. b o n d s ..145,774
Furn. & fixtu res..
952
Bond disc’t (to be
am ortized)_____
231,363
Liberty bonds____
101,412
Cash....... .................
8,161
Accounts recelv’ Io.
19,790
5,328,620
4,675,804
1,224,925
50,511
952
230,413
Liabilities—
Feb.28’ 18. July 31T 7.
$
Capital s t o c k ____ 6,077,130
First & Consol. M .
coll, trust gold
bond s----------------- 4,215,400
D lvs.,& c.,u n pa id- ................
Bills payable.........
211,605
Accounts payable.
1,257
Bond Int. accrued.
87,821
D lv . pay. April 1 .
01,157
Reserved for war
taxes....................
22,948
S u rp lu s.................. 1,229,100
3
0,077,130
4,211,400
837
..............
1,164,086
T o t a l ..................11,936,418 11,528,644
COMBINED BALANCE SHEET OF SUB. COS. FEB. 2 8 1 9 1 8 .
Capital stock................................$0,190,000
125,680 B onds.......................................... 3,500,000
Current accounts.....................
72,796
Bond Interest accrued............
30,833
422,
Reserved for war taxes...........
181,764
595,432
Avery C o. rental accrued (not
due— tobeam ort.dur.Iease)
94,286
Total each side___________$12,726,702 S u rp lu s ..................................... 2,657,023
— V . 106, p . 604.
E astm an K o d a k Co. (o f N . J.), R ochester, N . Y .
(,Report for Fiscal Year ending Dec. 3 1 1 9 1 7 .)
COMBINED INCOM E ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1915.
1914.
N e t p r o f i t s ............................$ 1 9 ,2 9 2 ,5 6 7 $ 1 7 ,2 8 9 ,2 0 6 $ 1 5 ,7 4 1 , 4 5 3 * $ 1 1 , 3 1 3 ,0 1 2
W a rT n c. & e x c. p r o f, ta x
4 ,7 5 0 ,0 0 0
----------------------------------------------D O n p r e i t t o c k C( 6 % f - T
O n c o m m o n s t o c k ___
P e r c e n t .....................
3 6 9 .9 4 2
5 ,8 6 1 ,5 2 0
(3 0 % )
3 6 9 ,9 4 2
1 3 ,6 7 4 ,6 3 5
(7 0 % )
3 6 9 ,9 4 2
1 1 ,7 1 9 ,6 8 0
(6 0 % )
3 6 9 ,9 4 2
5 ,8 5 9 , 8 4 0
(3 0 % )
$ 3 , 2 4 4 ,6 2 9
B a l a n c e , s u r p l u s ______ $ S ,3 1 1 .1 0 5
$ 3 ,6 5 1 ,8 3 1
$ 5 , 0 8 3 ,2 3 0
* A f t e r p r o v i d i n g f o r p o s s i b le w a r lo s s e s i n 1 9 1 4 .
COMBINED BALAN CE SHEET DEC. 3 1 ( INCLUDING SUB. COS.).
1917.
1916.
Assess—
S
S
Real estate, build
ings, & c_a_____20,413,393 16,776,04S
W elfare f’d assets. 1,062,653 1,056,548
Supplies, & c_____ 17,774,338 16,760,084
Accounts and bills
receivable (net) .b 6 ,160,915 4,875,912
Bonds and sto ck s.c4 ,933,273 c 5 ,298,515
C ash...................... d l 2 ,733,72610,448,846
Prepaid int., & c . .
827,807
369,209
1917.
1916.
L iabilities—
$
S
Com m on s t o c k ...19,538 ,400 19,538,400
Preferred s t o c k ... 6,165,700 6,165,700
Accounts payable. 3,528,336 3,980,672
Prov. for war exc.
prof. & inc.taxes 4,000,000 _________
Pref. div. Jan. 1 . .
92,486
92,485
C o m .d iv . Jan. 1 . .
488,460 4,396,140
Welfare fu n d 're s.. 1,062,653 1,056,548
Contingency res’ve 2,048,047 1,684,298
S u rp lu s.................. 26,982,024 18,670,918
T o t a l .................. 63,906,105 55,585,161
T o t a l __________63,906,105 55,585,161
a I n c l u d e s r e a l e s t a t e , b u i l d in g s , p l a n t , m a c h i n e r y a n d c a p i t a l i n v e s t
m e n t s a t c o s t le s s d e p r e c i a t io n r e s e r v e ,
b I n c lu d e s i n 1 9 1 7 L i b e r t y L o a n
s u b s c r ip t i o n s d u o b y e m p l o y e e s , $ 2 8 9 ,1 1 8 .
c M a r k e ta b le b o n d s a n d sto ck s
a t o r b e lo w c o s t ,
d I n c lu d e s i n 1 9 1 7 $ 9 , 2 9 4 , 5 1 0 c a s h o n d e p o s i t a t in t e r e s t
a n d $ 3 ,4 3 9 ,2 1 6 c a s h a t b a n k s o n c u r r e n t a c c o u n t s a n d o n h a n d . — V . 1 0 6
p . 201 3, 1129.
C o p p er R a n g e
( 1 7 th
Co. of M ich igan , B oston .
Annual Report— Year ended Dec.
31
1 9 1 7 .)
P r e s . W m . A . P a in e , B o s t o n , A p r il 1 5 , w r o te in s u b s ta n c e :
A lt h o u g h o u r c o p p e r w a s d o ld fo r a p r ic e n e a r ly 2 H c . p e r lb . h ig h e r th a n
In 1 9 1 6 , y e t , o w in g t o t h e r e d u c e d p r o d u c t i o n a n d i n c r e a s e d c o s t , t h e b a l
a n c o o f $ 1 ,0 2 2 ,9 1 2 a d d e d t o t h e s u r p lu s f r o m t h o y e a r ’s o p e r a t i o n w a s le ss
b y m o r o t h a n $ 1 ,0 0 0 ,0 0 0 t h a n t h e a m o u n t a d d e d in 1 9 1 6 .
T h o t o t a l p r o d u c t i o n o f c o p p e r f r o m w h ic h t h is c o m p a n y ’s p r o f i t s a r e
d e r i v e d , t h a t is , B a l t i c , T n m o u n t a i n a n d o n e - h a i f o f C h a m p i o n , w a s
3 1 ,2 6 8 ,1 3 0 l b s . , a d e c r e a s e o f 6 ,6 7 8 , 8 0 0 l b s . u n d e r 1 9 1 6 .
Production
Costs and Profits—
(Lbs.).
B a lt ic
- _________ _______1 1 ,2 1 4 ,8 6 1
T r i m o u n t a i n ________________ _
6 , 2 7 8 ,0 9 7
C h a m p i o n ( o n o - h a l f ) .............. - . 1 3 , 7 7 5 , 1 7 2
Cost
per Lb.
1 3 .7 6 9 c .
1 5 .2 2 3 c .
1 0 .4 0 4 c .
Profits.
Price
Received.
$ 1 ,6 7 8 ,3 2 3
8 4 8 ,2 4 1
2 ,5 2 5 ,0 8 6
2 8 .7 3 5 c .
2 8 .7 3 5 c .
2 8 .7 3 5 c .
28.735c.
1 2 .5 7 9 c .
$ 5 ,0 5 1 ,6 5 0
C o p p e r R a n g e C o ____________3 1 ,2 6 8 ,1 3 0
25.28c.
9 .5 6 c .
5 , 9 6 4 ,0 2 0
1 9 1 6 _________________________3 7 ,9 4 6 ,9 3 0
17.4c.
8 .0 6 c .
3 ,4 5 9 , 2 3 6
1 9 1 5 ______________
3 7 , 0 3 5 ,6 4 2
1 0 .6 6 c .
13.38c.
5 4 1 ,9 6 1
1 9 1 4 ________
1 9 ,9 5 3 ,8 5 4
1 1 .7 1 c .
14.89c.
5 9 5 ,9 5 8
1 9 1 3 ................................... i ~ . 1 8 ,7 6 7 , 3 5 9
T h o r e d u c e d p r o d u c t i o n is d u e t o t h e s c a r c i t y a n d i n e f f i c i e n c y o f l a b o r .
T h o lo s s o f m e n w a s n o t f e l t s e v e r e ly u n t il a f t e r t h e d r a f t w e n t i n t o e f f e c t .
I n t h o t h i r d q u a r t e r o f t h e y e a r t h e n u m b e r o f u n d e r g r o u n d m e n fe ll o f f
2 0 % f r o m t h o n u m b e r e m p l o y e d in t h e f i r s t q u a r t e r , a n d in t h e f o u r t h q u a r
t e r t h o lo s s w a s in c r e a s e d t o 2 4 % .
W a g e s h a v e b e e n h ig h , c o a l a n d o th e r
s u p p lie s a r o n o w c o s t i n g d o u b l e t h e p r i c e o f n o r m a l t im e s .
S t a m p m ill c o s t s a r e n o w m o r e t h a n 1 0 0 % h ig h e r t h a n f o r m e r l y , a n d a t
t h e p r e s e n t t im e t h e c o s t s In a ll d e p a r t m e n t s o f t h e o p e r a t i o n w ill a v e r a g e
a b o u t 7 5 % a b o v e n o r m a l t im e s .
Tonnage Mined and Average Yield of Copper per Ton of Rock.
1917.
1916.
1914.
1912.
1910.
1908.
C o p p e r (lb s .)
3 2 .9 7
3 3 .0 7
2 2 .9 0
2 1 .0 7
2 3 .3 2
2 1 .9 4
R o ck stm n d .
( t o n s ) . . . 1 ,3 6 6 ,0 3 3 1 , 6 5 5 , 4 4 7 1 , 2 1 6 ,5 3 8 1 ,7 8 4 ,4 0 2 1 , 8 0 2 ,7 6 9 1 , 8 9 3 ,7 4 9
W h i l o t h o p r o d u c t i o n s h o w s a d e c l in e o f a b o u t 1 8 % f r o m t h e p r e v i o u s
y e a r , w h e n i t r e a c h e d h i g h - w a t e r m a r k , s t ill i t w a s g r e a t e r t h a n in a n y
p re v io u s y e a r e x c e p t 1915 a n d 1916.
Sales.— T h e a v e r a g e p r i c e o f 2 8 . 7 3 5 c . o b t a i n e d f o r t h e y e a r ’s p r o d u c t i o n
m a rk s th e h ig h e s t p r ic e th a t th e c o m p a n y h a s e v e r r e c e iv e d .
T h is a v e r
a g e p r i c e c o v e r s t h e f u ll y e a r ’s p r o d u c t i o n , i n c lu d in g a ll t h e c o p p e r t h a t
h a d n o t b e e n d e l iv e r e d o n D e c . 31 1 9 1 7 .
T h e g o o d a v e r a g e r e c e i v e d is
l a r g o ly d u e t o o u r p o l i c y o f b e i n g w e ll s o l d a h e a d a t a ll t im e s d u r i n g t h o y e a r .
Subsidiaries.— D u r in g t h e y e a r t h e B a l t i c M i n i n g C o . h a s b e e n d i s s o lv e d
a n d a ll its a s s e t s , i n c lu d in g t h e B a l t i c M i n e , t r a n s f e r r e d t o t h e C o p p e r
R T h e T r i m o u n t a i n M i n i n g C o . w a s o r d e r e d d i s s o lv e d b y t h o C i r c u i t C o u r t
f o r t h o C o u n t y o f H o u g h t o n , M i c h . , in J a n . , 1 9 1 6 .
T h e d i s s o lu t i o n o r d e r
w a s a p p e a le d b y d is s e n t in g s t o c k h o l d e r s r e p r e s e n t in g t h r e e -t e n t h s o f 1 %
o f th o c a p ita l s t o c k .
In M a r c h 191 8 th e S u p re m e C o u r t o f M ic h ig a n r e
v e r s e d t h e d e c i s io n o f t h e C i r c u i t C o u r t , s o t h a t h e n c e f o r t h t h e T r i m o u n
t a i n M i n i n g C o . w ill c o n t i n u e t o j b e o p e r a t e d a s a s e p a r a t e c o r p o r a t i o n .
No Allowance for Excess Profits Tax.— O w i n g t o t h e u n c e r t a i n t ie s i n
v o l v e d in a c o m p u t a t i o n o f t h o e x c e s s p r o f i t s t a x , n o f ig u r e s o f s a m e a r e
i n c lu d e d in t h is r e p o r t .
S t o c k h o ld e r s a r e a s s u re d , h o w e v e r , t h a t t h o su r
p lu s f r o m t h o y e a r ’s o p e r a t i o n s is u n d o u b t e d l y s u f f i c i e n t t o c o v e r a n y
a m o u n t w e m a y b o c a l le d u p o n t o p a y .
Copper Range RR.— T h o g r o s s e a r n in g s o f $ 9 6 0 ,2 7 5 a r e t h o la r g e s t e v e r
reach ed.
O p e r a t in g e x p e n s e s , h o w e v e r , a b s o r v e d 7 6 . 2 % , s o t h a t t h e i n
c o m e b a l a n c e , a f t e r p a y m e n t o f i n t e r e s t c h a r g e s , w a s le s s b y $ 5 2 ,9 2 5 t h a n
in 1 9 1 6 .
I n D e c e m b e r t h o R a il r o a d C o . e n t e r e d i n t o f i v e - y e a r c o n t r a c t s
w it h t h o M o h a w k M i n i n g C o . a n d t h o W o l v e r i n e C o p p e r M i n i n g C o .
f o r t h o t r a n s p o r t a t io n o f t h e i r r o c k , c o a l a n d s u p p l i e s .
T h i s s h o u l d r e s u lt
iu a m a t e r ia l i n c r o a s e in g r o s s r e v e n u e s .
Lands Purchased.— T h e c o m p a n y h a s p u r c h a s e d f o r a b o u t $ 5 0 ,0 0 0 5 ,0 5 0
a c r e s o f s u r f a c e a n d m in e r a l r ig h t s in H o u g h t o n a n d O n t o n a g o n c o u n t i e s ,
M i c h i g a n , a n d t h o m in e r a l r ig h t s o n a n a d d it i o n a l 2 , 0 0 0 a c r e s , p r a c t i c a l l y
a ll i n t h e M in e r a l R a n g e .
CONSOLIDATED STA TE M E N T OF THE OPERATING COMPANIES.
[Without Allowance for the Excess Profits Tax in 1 9 1 7 .]
For Calendar Years—
1917.
1916.
1915.
1 ,3 6 6 ,0 3 3
R o c k s t a m p e d ( t o n s ) ___________
A v e r a g e y i e ld r e fi n e d c o p p e r ( l b s . ) —
3 2 .9 7
3 3 .0 7
C o p p e r p r o d u c e d ( l b s . ) ________ 4 5 , 0 4 3 ,3 0 1
5 4 ,7 4 7 ,4 9 8
A v e r a g e p r i c e r e c e iv e d p e r l b .............. ..
2 8 .7 3 5 c t s .
2 5 .2 8 c t s .
R e c e i v e d f r o m c o p p e r s a l e s . ... . $ 1 2 , 9 4 3 , 1 5 7
$ 1 3 ,8 4 0 ,1 6 7
I n t e r e s t __________________________
1 5 4 ,7 7 5
6 9 ,8 6 9
1 ,6 5 5 ,4 4 7 1 ,6 5 1 .8 /0
3 2 .5 0
6 3 ,7 3 9 ,4 4 2
1 7 .4 0 c t s .
$ 9 ,3 5 2 ,8 4 6
2 0 ,2 7 4
$ 1 3 ,0 9 7 ,9 3 2
$ 1 3 ,9 1 0 ,0 3 6
$ 9 ,3 7 3 ,1 2 0
$ 5 ,1 8 8 ,8 5 0
a 5 4 2 ,8 8 1
$ 4 ,7 7 1 ,3 9 9
3 2 7 ,1 9 5
$ 3 ,8 7 6 ,5 2 6
1 9 0 ,3 0 9
. $ 7 ,3 6 6 ,2 0 1
.
* 1 0 9 ,6 5 7
.
* 1 6 ,0 5 3
$ 8 ,8 1 1 ,4 4 2
* 2 0 2 ,6 0 0
* 1 7 ,2 2 5
$ 5 ,3 0 6 ,2 8 5
1 5 7 ,5 3 2
1 8 ,8 9 0
. $ 7 ,4 9 1 ,9 1 1
Deduct—
N e t b a la n c o o f gen era l e x p e n se s, & c . .
O n e - h a l f n o t m in in g p r o f i t C h a m p i o n
$ 9 ,0 3 1 ,2 6 7
$ 5 ,4 8 2 ,7 0 7
$ 1 7 ,7 7 5
$ 6 3 ,4 2 0
M in in g e x p .
m a rk
5,000
70,190
10,472
6,946
T o t a l .................. 11,936,418 11,528,644
Plant and property..................
Cash...........................................
Liberty bond s..........................
Accounts receivable------------Inventories at cost......... ........
2225
THE CHRONICLE
M ay 25 1918.]
A t la n t ic M in in g C o . s u r p lu s .
L
J
,
.
.
S88SS&VM
2 ,5 2 6 . 0 8 6
2 .0 3 5 .3 0 3 1 ,8 5 4 .5 2 5
D i v i d e n d s p a i d ......................................... I 4 0 % ) 3 . 9 4 3 . 9 1 3 (4 0 ) 3 0 4 1 . 6 1 8 ( 1 2 ) 1 1 8 2 .0 0 3
T o t a l d e d u c t i o n s ------------------------------------ 5 6 ,4 6 8 ,9 9 9
B a l a n c e , s u r p l u s -----------------------------------------$ 1 ,0 2 2 ,9 1 2
$ 6 ,8 9 4 ,7 2 5
$ 2 ,1 3 6 ,5 4 2
$ 3 ,0 9 9 ,9 4 8
$ 2 ,3 8 2 ,7 5 9
* B e f o r e d e d u c t i n g t a x e s i n 1 9 1 7 a n d 1 9 1 6 a n d a f t e r in p r e v i o u s y e a r s ,
a I n c lu d e s o n l y t a x e s d u e a n d p a y a b l e in t h e c a l e n d a r y e a r 1 9 1 7 ; d o c s
n o t i n c lu d o F e d e r a l i n c o m e t a x a g a i n s t t h e o p e r a t i o n s o f 1 9 1 7 , n o r t h e
u n d e t e r m i n e d c x c o s s p r o f i t s t a x , b o t h o f w h ic h a r e p a y a b l e in J u n e 1 9 1 8 .
T o t a l d i v i d e n d s p a i d 1 9 0 5 t o 1 9 1 7 i n c lu s i v e . $ 2 3 ,0 5 4 ,3 1 0 .
222(i
THE CHRONICLE
COPPER PRODUCTION. RECEIPTS, NET PROFITS A N D D IV ID E N D S
OF IN D IV ID U A L M IN E S.
Copper Produced (lbs. ) — 1 9 1 7 .
1916.
1914.
1915.
B a l t i c ..................
1 1 ,2 1 4 .8 6 1
C h a m p i o n ----------------------------2 7 , 5 5 0 , 5 4 3
6 ,2 9 8 ,0 9 7
T r i r a o u n t a i n ........................
Receipts—
B a l t i c ----------------------------------N o t r e p o r t e d
C h a m p i o n ..................................$ 7 ,9 2 7 ,2 9 1
T r i m o u n t a i n . .......................
1 ,8 5 2 ,6 5 8
Net Profits—
B a l t i c --------- ----------$ 1 ,6 7 8 ,3 2 3
C h a m p io n ( o n e - h a l f ) .
2 ,5 2 5 ,0 8 5
T r i m o u n t a i n . .......................
8 4 8 ,2 4 1
Dividends Paid—
•
C h a m p i o n ( o n e - h a l f ) ___ $ 2 , 2 4 0 , 0 0 0
1 2 ,1 2 5 ,8 0 1
3 3 ,6 0 1 ,1 3 6
8 ,7 2 0 ,5 5 8
1 2 ,0 2 8 ,9 4 7
3 3 ,4 0 7 ,5 9 9
8 ,3 0 2 ,8 9 6
7 ,0 0 1 , 9 4 5
1 5 , 8 0 7 ,2 0 6
5 ,0 4 8 ,3 0 6
$ 3 ,1 7 2 ,6 1 1
8 ,5 0 8 ,8 0 1
2 ,2 2 8 ,6 2 4
$ 2 ,1 0 1 ,2 4 4
5 ,8 2 2 ,7 6 0
1 , 4 4 9 ,1 1 6
$ 9 3 6 ,6 2 7
2 ,1 1 4 ,6 6 5
6 7 5 ,2 9 4
$ 1 ,7 9 2 ,6 6 8
2 ,9 3 5 ,3 0 3
1 , 3 3 3 ,9 4 4
$ 9 4 9 ,9 6 5
1 , 8 5 4 ,5 2 5
6 5 4 ,7 4 7
$ 1 5 4 ,2 3 3
3 2 9 ,0 8 8
5 8 ,6 4 0
$ 3 ,0 0 7 ,2 7 1
$ 1 ,5 5 0 ,0 0 0
..
[Vol. 106.
CONSOLIDATED BALANCE SHEET DEC. 31 1 9 1 7 .
( I n c h T e n n e s s e e C o p p e r & C h e m ic a l C o r p . a n d T e n n . C o p p e r C o .)
O u r r o n t a s s e t s : C a s h , $ 4 9 9 ,8 0 8 ; a c c ’ t s & n o t e s r e c . , $ 3 6 0 ,7 6 3
.
$ 8 6 0 ,5 7 1
f i n i s h e d c o p p e r o n h a n d , in t r a n s it a n d a t r e fi n e r y , $ 7 7 3 ,0 0 1 ;
i n v e n t o r ie s o f c o p p e r in p r o c e s s , o r o , a c i d a n d o t h e r c h o r n 1 ,5 5 6 171
i c a ls , m a t e r ia ls a n d s u p p l i e s , $ 7 8 3 ,1 7 0 _________________________
L i b e r t y b o n d s a n d b o n d s u b s e t i p t io n s o f o m p l o y e o 3 , a n d
N e w Y o r k C i t y w a r r a n t s _______________________________________
6 7 2 ,0 0 8
R a i l r o a d c la im s , $ 4 6 ,9 0 3 ; p r e p a i d i n s u r a n c e a n d o t h e r e x
p e n s e s , $ 7 , 9 9 7 ___ _____________________________ ______________ _______
5 4 ,9 0 0
T o t a l c u r r e n t a s s e t s _____________________________________
D e d u c t : A c c ’ ts p a y a b l e , $ 1 7 3 ,9 4 4 ; a c c r ’ d e x p . , t a x e s , i n t . , & c .
$ 1 2 3 ,5 9 2 ; a c c r ’d s i n k i n g f u n d , $ 1 8 4 ,9 0 1 _______________________
$ 3 ,1 4 3 ,6 5 0
4 8 2 ,4 3 7
$ 4 7 ,4 8 1
1 0 0 .4 0 8
N e t c u r r e n t a s s e t s ____________________________________
$ 2 ,6 6 1 ,2 1 3
A d d : O t h e r a s s e t s — S p e c ia l d e p o s i t s , c a s h a n d s e c u r it ie s
2 3 2 ,3 9 1
S t o c k o f o t h e r c o m p a n i e s , n e t b o o k v a l u e _______________________
1 7 3 ,2 5 0
O r g a n iz a t i o n e x p e n s e a n d u n a n io r t i z e d b o n d e x p e n s e .
_
4 9 3 ,1 1 8
B o o k v a l u o o f m in in g p r o p e r t y , p l a n t a n d e q u i p m e n t o f
l e n n o s s e e C o p p e r C o . a s c a r r ie d o n b o o k s o f t h a t c o ________
9 ,2 4 3 ,6 9 0
CURRENT ASSETS A N D LIA BIL ITIE S DEC. 31 (INCLUDING SUB
S ID IA R Y M IN IN G COMPANIES).
Asset?—
1917.
1910.
Liabilities—
1917.
1910.
•
« ) 2 803 662
T o t a l n e t c u r r e n t a s s e t s __________ .
1 s t M , b o n d s is s u e d , $ 2 ,8 5 5 ,0 0 0 ; le s s b o n d s o w n e d " b v 't e i m .
’
’
, ,(y, - , C /0rP -t $ 2 0 0 ,0 0 0 ; p l e d g e d a s c o ll a t e r a l , $ 1 , 0 0 0 , 0 0 0 ,
a n d s i n k i n g f u n d a c c r u e d , $ 1 8 4 ,9 0 1 ; b a l a n c e . . . .............. .............
1 , 4 7 0 ,0 9 9
COPPER RANGE RR.— RESULTS FOR CALENDAR YEARS
Calendar\
Gross
Net (.after Other
Bond
Rental,&c. Balance
Years—
Earnings.
Taxes). Income. Interest. Charges. Surplus
1 9 1 7 ......................$ 9 6 0 ,2 7 5
1 9 1 6 ----------------- 9 3 0 ,6 0 6
Ca3h_____________
d o and supplies
at mines_____
U . S. Lib. Loan
Ixls.A ctfs.of ind
Copper on h a n d ..
C . R . R R . bonds.
A ccts. receivable.
M lch.Sm .C o.stock
$ 1 6 6 ,6 7 5
2 2 2 ,0 0 0
$ 6 ,8 1 8
5 ,6 7 3
$ 1 1 4 ,0 0 0
1 1 4 ,0 0 0
$ 1 2 ,0 1 2
1 3 ,2 6 6
§003,958 $2,647,943 Current indebted
ness at m in es.. 3210,840
813,9 45 Accounts payable.
237,903
Champion (h a lf).. 1,121,053
3.107,500
N et excess of assets
1,717,053 2,053,759
over liabilities.. G,213,092
870,000
870,000
33,101
89,918
340,000
310,000
1,100,541
T o t a l .................. S7,837,753 SO.815,56 4
$191,319
220,313
835,960
5,558,460
T o t a l .................. $7,837,753 $0,315,501
T h e a u th o r iz e d c a p ita l s t o c k o f th o C o p p e r R a n g o C o . o n D e c . 31 1917
w a s $ 1 0 , 0 0 0 , 0 0 0 , o f w h ic h $ 9 ,8 5 4 , 1 5 0 h a s b o o n is s u e d ( p a r v a l u e $ 2 5 ) .
T h o C o p p e r R a n g o C o . h o l d s in its t r e a s u r y t h o f o l l o w i n g : 9 9 , 6 9 0 s h a r e s
T r i m o u n t a i n M i n i n g C o . s t o c k : 9 7 ,0 0 1 s h a r o s A t l a n t i c M i n i n g C o . s t o c k :
4 2 , 4 4 3 s h a r e s C o p p e r R a n g e R R . C o . s t o c k , a n d 5 0 ,0 0 0 s h a r e s o f C h a m
p io n C o p p e r C o . s t o c k .— V . 10 5 , p . 2 1 2 5 . 179 8.
Tennessee C o p p er & C hem ical C o rp., N e w Y o rk
{Re-port f o r F i s c a l Y e a r e n d in g D e c . 31 1917.)
President Adolph Lowisolm, New York, April 5 1918
wrote in substance:
T h e p r o d u c t i o n o f s u l p h u r i c a c i d w a s m u c h t h o l a r g o s t in t h o h i s t o r y o f
t h e c o m p a n y , a n d a m o u n t e d t o 2 6 2 ,8 5 8 t o n s , o f 6 0 - d o g r e o a c i d , a s c o m p a r e d
w i t h a p r o d u c t i o n f o r 1 9 1 6 o f 1 8 1 ,6 3 7 t o n s .
T h o p r o d u c t io n o f a c id fo r
t h o t h r e o m o n t h s o f J a n ., F e b . a n d M a r c h , 1 9 1 8 , a m o u n t e d t o 7 5 , 7 0 5 t o n s
t h o p r o d u c t i o n f o r M a r c h b e i n g la r g e r t h a n f o r a n y p r e v i o u s m o n t h .
T h o p r o d u c t i o n o f c o p p e r , w h ic h a m o u n t e d t o 1 0 ,5 4 7 ,7 0 8 l b s . f r o m c o m
p a n y o r o , a s c o m p a r e d w it h 9 ,4 0 1 , 2 9 5 lb s . in 1 9 1 6 , w a s i n t e r f e r e d w it h
s o m e w h a t d u o t o t h o n e c e s s it y o f e n t i r e l y r e b u i ld in g t h o B u r r a B u r r a m in
i n g p l a n t in o r d e r t o s i n k t h o s h a f t t o l o w e r l e v e ls .
T h e B u rra B u rra
m in e is n o w e q u i p p e d w it h a f ir s t -c l a s s s t e e l h e a d fr a m e a n d o r o b i n s , a n d
d r i f t i n g lia s b e e n in p r o g r e s s f o r s o m e t i m o o n t h o 1 , 0 0 0 - f o o t l e v e l.
T h o c o s t s f o r t h e y e a r 1 9 1 7 w o r e l a r g e ly in c r e a s e d b e c a u s e o f t h o o x c o s
s i v o p r ic e s f o r c o a l a n d c o k o w h ic h p r e v a i l e d p a r t o f t h o y e a r , a n d b e c a u s e
o f i n c r e a s e s in t h o w a g e s c a l e .
A n a r r a n g e m e n t h a s b e e n e n t e r e d i n t o w i t h t h e I n t e r n a t io n a l A g r i c u l
t u r a l C o r p o r a t i o n in c r e a s in g u n d e r c e r t a in c o n d i t i o n s t h e p r i c o p a i d f o r
a c i d , w h ic h i t is h o p e d w ill s o m e w h a t o v e r c o m e t h o e n h a n c e d c a s t s a t t h o
p la n t.
( V . 1 0 6 , p . 9 3 4 .)
D a ta
fro m
R ep ort o f
G en eral
M anager T en n essee
C op per C o.
Burra Burra M ine .— T h e o p e r a t i o n o f t h o n o w e q u i p m e n t
s in c o th o
c h a n g e s w o r e c o m p l e t e d h a s s h o w n v e r y s a t i s f a c t o r y r e s u lt s .
T h o 8th
le v e l h as b een e n tire ly o p e n e d u p a n d a c o n s id e r a b le p e rce n ta g e o f th o o u t
p u t o f t h o m in e n o w c o m e s f r o m t h is l e v e l.
D i a m o n d d r illin g o n t h is lo v e l
t o t h o n o r t h , t o g e t h e r w it h t h o m in in g w o r k d o n e , h a s e n a b le d u s t o a d d
4 9 8 ,7 9 2 t o n s t o t h o o r o r e s e r v e s o f t h e m in e .
T h i s t o n n a g e is a lit t l e
m o r o t h a n t h o t o t a l p r o d u c t i o n f r o m a ll m in e s f o r t h o y o a r .
T h o cro s s-cu t
o n t h o 1 0 t h l e v e l h a s b e e n d r i v e n ; o r o w a s e n c o u n t e r e d in t h o 1 0 t li le v e l
n o r th d r ift .
London Mine .— T h o s h a f t w a s c o m p l e t e d t o t h o 7 t h lo v o l a n d t h o c r o s s
c u t h a s b e e n d r i v e n a n d t h o o r o c u t o n t h is l o v e l.
I lo w o v e r , th e ro w a s n o t
s u f f i c i e n t w o r k d o n o o n t h o o r e t o w a r r a n t f ig u r i n g a n y n e w o r o t o n n a g e ,
Polk Countg M ine .— S o v o r a l d i a m o n d d r ill h o le s w o r e p u t d o w n in t h o
f l o o r o f t h e 4 t h l o v e l, w h ic h Is t h e b o t t o m lo v o l in t h is m in e , t o p r o s p e c t a t
a grea ter d e p th .
A l t h o u g h s o m e o r o w a s e n c o u n t e r e d , t h o r e s u lt s w o r o
n o t v e r y p r o m is i n g .
Eureka Aline.— N o w o r k w a s d o n o a t t h is m in o d u r i n g t h o y e a r .
Burra Burra. London.Polk Countg. All Mines
T o n n a g e p r o d u c e d ................................ 3 1 1 ,9 0 2
C o s t p e r t o n o f m i n i n g . ..................... $ 1 .0 1 3 0 7
‘
“
d e v e l o p m e n t -------------- $ 0 .1 3 1 2 1
T o t a l c a s t p e r t o n --------- ----------- . . . $ 1 . 1 4 4 2 8
O r o r e s e r v e s , t o n s ( e s t . ) ................... 3 ,2 1 4 ,3 4 6
8 3 ,3 9 4
$ 1 .2 7 1 0 3
$ 0 .2 1 4 7 1
$ 1 .4 8 5 7 4
1 8 2 ,8 0 5
6 0 ,6 4 1
4 5 5 ,9 3 7
$ 1 .8 0 4 9 2 $ 1 .1 6 5 5 6
$ 0 .0 7 7 6 8 $ 0 .1 3 9 3 7
$ 1 .8 8 2 6 0 $ 1 .3 0 4 9 3
8 8 ,5 6 2 * 3 ,4 8 5 ,7 1 3
* E x clu s iv e o f E u re k a M in o .
Smelling.— T h o c o k o s i t u a t io n w a s b a d t h r o u g h o u t t h o y e a r .
T h o aver
a g e p r ice o f th e 3 7 ,7 9 8 to n s o f c o k o u sed d u r in g th e y e a r w a s $9 93 p o r to n
( m a x im u m $ 1 5 ) , a g a i n s t a p r i c o o f $ 4 5 0 p e r t o n d u r i n g n o r m a l t im e s .
W i t h t h o p r i c e f ix e d b y t h o G o v e r n m e n t w o s h a ll l ia v o less c o s t l y f u e l
d u r in g 1918.
T h o m a t o r ia l s m e lt e d d u r i n g 1 9 1 7 a g g r e g a t e d
6 7 1 ,0 1 5
t o n s , v i z . : T o n n o s s e o c o p p e r o r o in b l a s t fu r n a c e s , 4 3 6 ,0 9 9 t o n s , a n d In
c o n v e r t o r s , 1 8 ,1 2 5 t o n s ; c u s t o m o r o ( a l l ) , 3 9 ,2 9 0 ; r e m a in d e r , s l a g , i n a t t o ,
& c.
C o n v e r t e r c o s t s w o r e $ 0 .0 0 5 8 5 p e r l b . o f fin e c o p p e r .
T h o 4 5 7 ,9 0 2 t o n s o f T o n n o s s e o C o p p e r C o . o r o s m e lt e d y i e ld e d 1 0 ,5 1 7 ,7 0 8
lb s . o f f in o c o p p e r , o r a n e x t r a t io n o r 2 3 .0 3 5 l b s . o f c o p p e r p o r t o n o f o r e
s m e lt e d ; a n d t h o t o t a l c a s t p e r t o n w a s $ 3 .4 3 2 7 5 ( o x c lu s i v o o f M . Y. c h a r g o s ) ,
e q u a l t o 1 4 .9 0 2 c e n t s p e r p o u n d o f fin o c o p p e r p r o d u c e d , s u b d i v i d e d as
f o l l o w s : M i n i n g , .6 0 3 c t s . ; r a i lw a y , .2 9 0 c t s . ; s m e lt i n g , 7 .0 0 2 c t s . ; c o n v e r t o r ,
.5 8 5 c t s . ; F o l k C o u n t y s l a g , .0 5 1 c t s . ; g e n e r a l , 1 . 3 3 0 c t s . ; I o a c h in g , .0 0 1 1 c t s .
D a ta fro m
R ep ort o f T reasu rer
E . H . W e s t la k e , N . Y ., A p r il 5 1918.
T h o c o r p o r a t io n h a s d u r in g th o y e a r 191 7 a d v a n c e d m o n o y s t o th o T e n
n e s s e e C o p p e r C o . a s r e q u i r e d a n d h a s t a k e n in r e t u r n f r o m t h a t c o m p a n y
it s n o t e s , p a r t o f w h ic h a r e s e c u r e d b y t h o b o n d s o f t h o T e n u o s s e o C o p p e r
C o.
D u r in g 1917 th o T o n n o s s e o C o p p e r C o . p u r c h a s e d fo r th o s in k in g
f u n d $ 1 4 o ,0 0 0 o f it s o w n F ir s t M o r t g a g o 6 % g o l d b o n d s , t h u s r e d u c i n g
t h o o u t s t a n d i n g b o n d e d d e b t o n D e c . 31 1 9 1 7 t o $ 1 , 8 5 5 , 0 0 0 .
T h o p r o d u c t i o n o f fin o c o p p e r f o r 1 9 1 7 f r o m o r o o u t o f t h o c o m p a n y ’s
m in e s a m o u n t e d t o 1 0 ,5 4 7 ,7 0 8 l b s . , a s c o m p a r e d w it h 9 ,4 0 1 ,2 9 5 l b s . d u r
in g t h o y e a r 1 9 1 6 .
T h e r o w a s r e c o v e r e d In a d d it i o n 5 9 ,0 1 9 o u n c e s o f s i lv e r
a n d 197 o u n c e s o f g o ld .
T h e r o w a s a l s o p r o d u c e d 9 3 0 ,6 9 1 l b s . o f f in o c o p
p e r fro m cu sto m oro .
T h o c o s t o f fin o c o p p e r in p i g , in c lu d in g f r o i g h t ,
c o m m i s s i o n , t a x e s , le g a l a n d a d m i n , o x p e n s o s , & c . , w a s 1 6 .6 c t s . p o r l b .
TENN. COPPER & CH EM . CORP.— RESULTS FOR CAL. YEAR 1 9 1 7 .
$1 2 8 533
Income— I n t e r e s t o n s e c u r it ie s a n d b a n k d e p o s i t s __________
Deduct— G o n o r a l e x p . , $ 1 1 ,9 7 1 ; t a x e s , $ 1 , 5 9 8 ; n o w p r o p e r t ie s , $ 7 6 4 $ 1 4 ,3 3 3
A m o u n t w r i t t e n o f f o r g a n i z a t io n e x p e n s e s ( 1 0 % ) ________
45 222
. B a la n c e — b e i n g o x c o s s o f i n c o m o o v e r e x p e n d it u r e s ________________ $ 6 8 ,9 7 8
TENNESSEE COPPER CO.— RESULTS FOR CALENDAR YEARS.
1917.
1910.
Deduct, (coni'd.)— ■ 1917.
1910.
N ot profits................$1,340,032 $334,571 D epreciation............ S200.000 $200 000
113,826 120,000 D ivid e n d s.................
(3)150 000
115,790
41,010 Surplus....................... $911,150 S237’ 053
5,310
85,207 Total surplus____ x$l,895,40351,717)881
Deduct— Bond i n t ..
Other Interest, A c . .
Miscellaneous---------
x A f t e r d e d u c t i n g $ 7 3 3 ,6 3 1 c h a r g e s a g a i n s t s u r p lu s c o v o r i n g s e t t le m e n t
o f s u n d r y c la im s a n d lo s s e s .
.
.
.
D o ie rrc d c re d it fo r d is c o u n t o n b o n d s re d e e m e d .
R e s e r v e fo r p o s s ib lo lia b ility u n d e r R u s s ia n c o n t r a c t in d i s p u t e .
2 9 ,1 8 3
1 , 1 4 0 ,0 0 0
N e t c o m b i n e d a s s e t s ________________________________________________ x $ 1 0 , 1 6 4 ,3 8 1
x R e p r e s e n t e d b y s t o c k o f T e n n a s s e o C o p p e r C o . is s u e d , 2 0 0 ,0 0 0 s lia r a s
( p a r $ 2 5 ) , loss 1 9 2 ,4 4 1 s h a r e s o w n e d b y T e n n e s s e o C o p p e r & C h e m i c a l
C o r p . ; b a l a n c o o u t s t a n d i n g , 7 ,5 5 9 s h a r e s (p a r $ 2 5 ) , a n d (2 ) s t o c k o f T o n n e s s e o C o p p e r & C h e m i c a l C o r p . , 4 0 0 ,0 0 0 s h a r e s ( n o p a r v a lu o )#
TENNESSEE COPPER & CHEM ICAL CORP. BALANCE SHEET.
Assets—
Dec. 3 1 T 7 .
l c n n e s s e o C o p p e r C o . s h a r e a c c o u n t — 1 9 2 ,4 4 1 s h a r e s
s t a t e d o n b o o k s a t a n o m i n a l v a lu o o f ________________
S I ,000
L o a n s t o T e n n e s s e e C o p p e r C o ________
1 020 000
s . 4 % L i b e r t y b o n d s , $ 1 8 9 ,9 4 5 ; 3 K s , $ 4 3 5 , 2 8 4 . .
6 2 5 ’, 2 2 9
N.
Y . C i t y 4 . 8 0 % w a r r a n t s ____________ _
25 479
1 8 5 ,8 5 2
h e n n . C o p p e r C o . 6 % b o n d s , p a r v a l . $ 2 0 0 ,0 0 0 ; c o s t .
M i s c e l l a n e o u s _______________________________ .
g 8 q8
O r g a n iz a t i o n expense (less 1 0 % w r it t e n o f f ) I III H I I
4 0 7 )0 0 0
C a s h in b a n k ________________________________________________
3 9 6 ,6 1 0
P a id t o b a n k e r s f o r u n d e r w r it i n g s a le o f s t o c k l l H I I I
. . I ___
J a n .3
’ 17
$ 1,000
2 0 ,1 0 9
2 ,7 7 9 ,8 9 1
'4 0 0 , 0 0 0
T o t a l ................................. - .............................- .................................. $ 3 ,2 6 9 , 9 7 8 $ 3 ,2 0 1 , 0 0 0
Liabilities—
S t a t e d c a p i t a l , r e p r e s e n t in g 4 0 0 ,0 0 0 s h a r e s , t h o fu ll
n u m b e r o f s h a r e s a u t h o r i z e d , f u ll y p a i d . . .............. $ 2 ,0 0 0 , 0 0 0 $ 2 , 0 0 0 , 0 0 0
C a p i t a l s u r p l u s , b e i n g a m o u n t in e x c e s s o f t h o s t a t e d
c a p i t a l r e c e i v e d f o r 2 0 0 ,0 0 0 s h a r e s @ $ 1 6 a s h a r e ,
S I , 2 0 0 ,0 0 0 ; n o m i n a l a m o u n t e n t e r e d o n b o o k s f o r
1 9 2 ,4 4 1 s h a r o s o f T e n n e s s e o C o p p e r C o . , $ 1 , 0 0 0 . . . 1 ,2 0 1 ,0 0 0
1 ,2 0 1 ,0 0 0
B a la n c e o f i n c o m e o v e r e x p e n d it u r e s t o D e c . 31 1 9 1 7 .
6 8 ,9 7 8
________
T o t a l ..................................................................... ...............................$ 3 , 2 6 9 , 9 7 8 $ 3 ,2 0 1 . 0 0 0
a.r o s t a t e d f o r i n c o m o a n d e x c e s s p r o f i t s t a x e s t o b o p a id
1 J 1 8 o n t h e b a s ts o f t h e 1 9 1 7 i n c o m e , t h e a m o u n t o f s u c h t a x e s n o t h a v i n g
y e t b e e n d e f i n i t e l y d e t e r m in e d .
info0rcs®rvVs
in
TENNESSEE COPPER CO. BALANCE SHEET DEC. 3 1 .
1917.
Asset?—
§
Mine property,Ac. 3,407,400
Developm ent, A c .x 5 ,836,290
C a s h .-----------------103,198
Cash, A c., held in
special deposit.
232,391
Notes A accounts
rec’d, leas res’ ve.
351,955
Inventories............
783,170
Copper on hand, In]
transit, A c .........
773,001
Stocks ow ned____
173,250
Liberty bonds____
z21,300
U lamortized bond
80118
oxponses_______
M iscellaneous____
54,900
1916.
1917.
Liabilities—
1910.
$
$
3,407,400 Capital stock____ 5,000,000
5,772,805 First M . 0% bondsyl ,670,009
125,252 Notes p a y a b le ., . z l , 020,000
Accts., A c. pay'lo
173,94 4
154,253 A ccr’d Int., tax ,Ac. 123,592
Aecr’d sink. fund.
184,901
503,902 Discount on bonds,
•
888,603
15,035
redeem ed______
R eserves_________
______
204,735 S u rp lu s.................. 1,895,405
173,250 ♦Contlng. Habit's. 1,140,000
5,000,000
1,894,480
792,850
010,039
82,190
105,514
4,908
1,717,884
1,140,000
90,49 4
40,047
Total ..............-.11,822,974 11,377,871
T o t a l .................. 11,822,974 11,377,871
- X A f t e r d e d u c t i n g in 1 9 1 6 $ 1 ,6 3 8 ,3 0 8 r e s e r v o f o r d e p r e c i a t i o n , a g a in s t
$ 8 2 1 ,7 8 0 iu 1 9 1 5 .
y A f t e r d e d u c t i n g $ 1 ,0 0 0 , 0 0 0 t r e a s u r y b o n d s p l e d g e d
a s c o ll a t e r a l a n d $ 1 8 4 ,9 0 1 s i n k i n g f u n d a c c r u e d ,
z L i b e r t y b o n d s u b s c r ip
t io n s o f e m p l o y e e s , a m o u n t a d v a n c e d b y c o m p a n y o n s u b s c r ip t i o n s t o
$ 4 2 ,7 0 0 q f b o n d s , 6 0 % p a id ( n e t ) , $ 2 1 ,3 0 0 .
* Contingent Liabilities.— R e s e r v e f o r p o s s i b lo l i a b i l i t y u n d e r R u s s i a n
c o n t r a c t , w h ic h l i a b i l i t y is d i s p u t e d , $ 1 , 1 4 0 , 0 0 0 .
Note.— T h o b a l a n c o s h e e t a n d p r o f i t a n d lo s s s t a t e m e n t a r e m a d e u p o n
t h o s a m e b a s is a s h e r e t o f o r e .
I l o w o v e r , in o r d e r t o c o m p l y w it l i tiro F e d
e r a l G o v e r n m e n t i n c o m o t a x r e q u ir e m e n t s f o r t h o p u r p o s o o f c o m p u t i n g
d e p l e t io n , a n a d d i t i o n a l v a l u a t i o n o f m in in g p r o p e r t y a s o f M a r c h 1 191 3
h a s b e e n r e c o r d e d u p o n t h e b o o k s o f t h o c o m p a n y , a n d t h o f ig u r e o f n o t
p r o f i t s a s s h o w n in t h o p r o f i t a n d la ss s t a t e m e n t a b o v e n e c e s s a r il y i n c l u d e
t h o p r o c e e d s o f d e p l e t io n a s u n d e r s t o o d b y t h o G o v e r n m e n t .
F or th o sa k e*
o f u n i f o r m i t y w it h p r e v i o u s a n n u a l r e p o r t s , t h o r e s u lt o f t h o s e e n t r ie s h a s
b e e n o m it t e d f r o m th o cu r r e n t s ta te m e n ts o f a c c o u n t .— V . 10 6 , p . 1 9 0 5 .
L a n s to n
M onotype
M achin e
Co.,
P h ila d e lp h ia .
28 1918.)
President J. Maury Dovo, M ay 2 1918, wroto in substance:
{R e p o r t f o r
F isca l
Y e a r e n d in g
F eb.
T h e b u s in e s s f o r t h o p a s t y e a r , o w in g t o w a r c o n d i t i o n s a n d o u r i n a b i l i t y
t o m a k e s h i p m e n t s , s h o w e d a fa il i n g o f f iu t h o s a lo o f m o n o t y p e m a c h i n e s
a n d in o r d e r s f o r m u n i t io n s f r o m a b r o a d .
D u r in g t h o y e a r la r g o p u r c h a s e s o f s t o c k a n d m a c h i n e r y w o r o m a d o in
o r d e r t o p r o t e c t o u r s e lv e s a s f a r a s p o s s i b le a g a in s t u n u s u a l a d v a n c o s in
m a t e r ia ls o f a ll k i n d s .
T h o p r i c o s f o r m a t e r ia ls w e r e 1 0 % t o 2 5 % g r e a t e r
t h a n w o o v e r p a i d , a n d t h o i n c r e a s e in l a b o r r a n g e d f r o m 5 % t o 4 0 % .
W o w o ro a ls o s u b je c t th o p a s t y e a r t o u n u su a l p a y m e n ts t o m o o t ta x e s ,
r h o s o i n c r e a s e s w o r o d u o t o w a r c o n d i t i o n s a n d a ls o t o n d o d t o m a t e r i a l l y
r e d u c e o u r p r o f i t s w h ic h w o r o $ 5 0 2 ,0 3 3 , o r a l it t l o o v e r 8 % o n o u r s t o c k .
T h o b u s in e s s o f t h e E n g lis h c o r p o r a t i o n s h o w e d s u c h a d e c i d e d i m p r o v o m o n t t h a t t h e y w o r o e n a b le d t o in c r e a s o t h o ir d i v i d e n d f r o m 6 % t o 7 % .
T h e i m p r o v e m e n t in t h o i r b u s in e s s w a s d u o in p a r t t o t h o f a c t t h a t t h o
E n g li s h G o v e r n m e n t c o m m a u d e o r e d t h e ir w o r k s a n d a l l o w e d th o r n t o
m a k e a r e a s o n a b l e p r o f i t o n w o r k f o r t h o G o v e r n m e n t , f u r n is h in g i n c r e a s e d
b u i l d in g a n d m a c h i n e r y f a c il i t i e s a n d a t t h o s a m e t im o p e r m it t i n g t h e m t o
m o o t th o ir o r d in a r y m o n o t y p o d e m a n d s .
M a r c h a n d A p r i l o f t h is y e a r s h o w q u i t e a n o t l c o a b l o i m p r o v e m e n t in
o u r m o n o t y p e b u s in e s s a n d t h o p r e s o n t o u t l o o k is t h a t t h o c u r r e n t y e a r
w ill s h o w m u c h b e t t e r r e s u lts t h a n t h o p a s t y o a r .
A la r g o a m o u n t h a s b e e n w r it t e n o f f , w h ic h w a s m a i n ly d u o t o t h o h e a v y
d e p r e c i a t io n in m u n i t io n m a c h i n e r y p u r c h a s e d f o r c o n t r a c t s t h a t w o r e
c o m p le t e d d u r in g th o y e a r .
I t w as b e h o v e d th a t n o fu r th e r o rd o rs r e q u i r
i n g t h e u s e o f t h is c la s s o f m a c h i n e r y w o u ld b o f o r t h c o m i n g , b u t in A p r i l
1 9 1 8 w o r e c e iv e d n e w o r d e r s f r o m t h o E n g lis h G o v e r n m e n t f o r t h o m a n u
f a c t u r e o f m u n i t io n s w h ic h w ill a g a in m a k e a l a r g o p a r t o f t h i s m a c h i n e r y
a v a ila b le .
A n e i g h t s t o r y a d d it i o n t o t h o f a c t o r y is b o i n g b u i l t a t a c o s t
o f .a b o u t $ 1 2 5 ,0 0 0 , a s w e u n d e r s t a n d t h a t la r g o o r d e r s f o r m u n i t i o n w o r k
w ill b o p l a c e d w it h u s v e r y s h o r t l y .
T h o a d d it io n t o o u r f a c t o r y s h o u ld
b o c o m p l e t e d w it h in t h o n e x t 3 0 d a y s .
RESULTS FOR YEARS ENDING FEBRUARY 2 8 .
1 9 1 7 -1 8 .
N o t p r o fit a fte r d o p r e c ’ n
$ 5 0 2 ,0 3 3
Deduct— D i v s . o n s t o c k ( 6 % ) 3 6 0 , 0 0 0
B a l a n c o , s u r p l u s ............
$ 1 4 2 ,0 3 3
1 9 1 6 -1 7 .
$ 8 2 2 ,5 1 8
3 6 0 ,0 0 0
1 9 1 5 -1 6 .
$ 4 2 9 ,9 9 5
1 9 1 4 -1 5 .
$ 3 8 1 ,2 9 7
(3 )1 8 0 ,0 0 0
$ 4 6 2 ,5 1 8
$ 4 2 9 ,9 9 5
$ 2 0 1 ,2 9 7
THE CHRONICLE
M ay 25 1918.]
New Director— Report.—
BALANCE SHEET M A R C H 1.
1917.
$122,272
360,148
982,896
829,346
731.613
815,231
996,675
34,167
4,448,841
Liabilities—
1918.
1917.
Capital stock (au
thorized, $10,
000,000), Issued $6,000,000 $6,000,000
Accounts p aya ble. 1
[
167,632
Bills receivable d ls-)l,096,976{
[
600,000
c o u n te d _______ J
Profit and loss (see
below )........... . 2,542,774 2,553,558
T otal assets____ 89,639,750 $9,321,190
T o t a l lia b ilitie s .$ 9 ,6 3 9 ,7 5 0 $ 9 ,3 2 1 ,1 9 0
1918.
Assets—
§83,770
Cash......... ...............
450,066
Real e s t a t e ______
964,673
Bills receivable_
_
763,16!)
A co'ts receiva ble..
731,613
Stocks and bonds.
Inventory (c o s t ) .. 1,044,848
M achinery, & c_
_ 1,049,488
36,230
M iscellaneous-----R ts.,fran.& lm pts. 4,515,894
* A f t e r d e d u c t i n g $ 1 2 0 ,0 2 2 f o r a m o r t iz a t i o n o f m a c h i n e r y a c c o u n t d i s
c a r d e d o b s o lo t o m a ch in e p a rts , & c ., w ritte n o f f f o r th e y e a r e n d . F e b . 28
1 9 1 8 a n d $ 3 2 ,7 9 6 f o r t h e p r e c o d i n g f is c a l y e a r . — V . 1 0 6 , p . 2 1 2 5 , 5 0 4 .
C h ic ag o J u n c tio n R a ilw ay s & U n io n Stock Y a r d s Co.
(o f N e w Jersey), N e w Y o rk .
(27 'th
Annual Report— Year ending Dec.
31
1 9 1 7 .)
P re s. F re d e r ic k H . P rin c e , M a r c h 1 2 , w ro te in s u b s ta n c e :
Results — T h e g r o s s e a r n in g s o f t h e U n io n S t o c k Y a r d & T r a n s i t C o . , t h e
C h i c a g o j u n c t i o n R v . C o . a n d t h e C h i c a g o J u n c t i o n R a i l w a y s & U n io n
S t o c k Y a r d C o in 1 9 1 7 w e r e $ 7 , 7 2 6 , 1 3 2 . c o n t r a s t in g w it h $ 7 , 2 0 8 , 3 1 3 in
1 9 1 6 w h ilo t h o n o t i n c o m e , a f t e r d e d u c t i n g t a x e s , i n t e r e s t a n d o p e r a t i n g
e x p e n s e s w a s $ 1 ,4 0 5 ,5 6 3 , a g a in s t $ 1 ,6 9 3 ,2 0 4 .
T h e o p e r a t i n g e x p e n s e s in
1 9 1 7 i n c lu d e d $ 4 0 0 ,0 0 0 e x p e n d e d in t h e e r e c t i o n o f t h o n e w e l e c t r i c lig h t
a n d p o w e r p l a n t le a s e d t o t h e P r o d u c o T e r m i n a l C o r p o r a t i o n .
T h o f o l l o w i n g is a c o m p a r a t i v e s t a t e m e n t o f l iv e s t o c k a n d c a r r e c e ip t s :
Cnl Year—
Cattle.
Calves.
Hogs.
Sheen.
Horses.
Cars.
1917
3 2 0 9 ,4 2 7
6 1 0 ,8 4 4
7 ,1 6 8 ,8 5 2 3 ,5 9 5 ,2 2 8
1 0 7 ,3 1 1 2 5 5 ,0 9 3
1 9 1 6 ............... 2 7 3 0 1 7 6 5 1 9 6 2 4
9 ,1 8 8 ,2 2 4 4 ,2 9 1 ,0 2 4
2 0 5 ,4 4 9 2 7 0 ,5 2 1
I n c . 6 r D e c : + 4 7 9 . 2 5 1 + 9 1 , 2 2 0 — 2 , 0 1 9 ,3 7 2 — 6 9 5 ,7 9 6 — 9 8 , 1 3 8 — 1 5 ,4 2 8
T h o l iv e s t o c k r c c o i p t s f o r 1 9 1 7 s h o w la r g e in c r e a s e s In c a t t l e a n d c a l v e s .
P r e v i o u s r e c o r d s w e r e b r o k e n a s t o t h e r e c e i p t o f c a t t l e f o r a n y s in g le m o n t h ,
t h e r e c e ip t o f r a t t l e a n d o f c a l v e s f o r a n y s in g le w e e k , a n d la r g o s t. r e c e i p t o f
ca lv e s fo r a n v y e a r.
T h o t o t a l v a l u a t i o n o f a ll r e c e ip t s o f l iv e s t o c k f o r
t h e y e a r 1 9 1 7 w a s $ 6 3 0 ,6 1 2 ,5 5 0 , t h o la r g o s t i n t h o h i s t o r y o f t h e y a r d s .
Note I s s u e — Guaranteed Bonds of Central Manufacturing District.— U n d e r
th o m o r tg a g e o f th o C o n tra l M a n u fa c t u r in g D is t r ic t , th e ro a r o a t p re s e n t
o u t s t a n d i n g $ 4 ,0 0 0 ,0 0 0 in b o n d s w h ic h a r e n o t t h e d i r e c t o b l i g a t i o n s o f t h is
o o m n a n v . b u t a r o g u a r a n t e e d b y it .
I t w a s t h o in t e n t io n t o is s u e a n a d d it i o n a l $ 1 , 0 0 0 , 0 0 0 o f C o n t r a l M a n u f a c
t u r in g D i s t r i c t b o n d s t o c o m p l e t o t h o c o n s t r u c t i o n o f t h e n e w b u ild in g s
c o n t r a c t e d f o r in t h e d i s t r i c t o n J u n c t i o n t r a c k s , b u t o n a c c o u n t o f t h o
c o n d i t i o n o f t h o b o n d m a r k e t i t w a s d e c i d e d t o b o r r o w t e m p o r a r il y f r o m t h o
F i r s t T r u s t & S a v in g s B a n k o f C h i c a g o $ 5 0 0 ,0 0 0 , a n d d e p o s i t a s s e c u r it y
t h o b o n d s o f t h o C e n t r a l M a n u f a c t u r i n g D is t r ic t , a u t h o r i z e d a s a b o v e .
T h o s o n o t e s w ill b o p a i d f r o m t h o s a le o f t h o b o n d s w h e n c o n d i t i o n s a r o
f a v o r a b l e o r f r o m t h e s a le s o f l a n d n o w p e n d in g .
In c o m e t o th e tru stees
o f t h o d i s t r i c t is a t p r e s e n t m o r e t h a n s u f f i c i e n t t o t a k e r a r e o f i n t e r e s t a n d
s in k in g fu n d re q u ire m e n ts o n b o n d s a n d n o te s n o w o u ts ta n d in g .
Central Manufacturing District.— I n 1 9 1 7 t h o D i s t r i c t c o m p l e t e d t h o
b u i l d in g s c o n t r a c t e d f o r d u r i n g 1 9 1 6 , n a m e l y , t h o C e n t r a l U n io n F r e i g h t
S t a t i o n a n d M o n t g o m e r y W a r d & C o . b u i l d in g , t h o C r o s s , R o y & S a u n d e r s
b u i l d i n g , t h o C e n t r a l P o w e r s t a t io n a n d s p r i n k l e r p l a n t , a n d , in a d d it i o n
le a s e d t o t h o U . S . G o v e r n m e n t c e r t a in l a n d in t h e D i s t r i c t o n w h ic h w o a r o
n o w c o n s tr u c tin g fo r th o G o v e rn m e n t w a re h o u se s t o b o u so d fo r th e Q u a rt e r m a s t o r - G o n e r a l ’s D e p a r t m e n t .
.................................... .......
T h e t o n n a g e t o b o d e r i v e d f r o m t h o s e v a r i o u s in d u s t r ie s w ill b o la r g o .
D u r i n g t h o y e a r t h o C h i c a g o J u n c t i o n R y . h a n d le d f r o m t h o D is t r ic t
a p p r o x i m a t e l y 9 0 .0 0 0 f u ll c a r lo a d s o f f r e i g h t , a n in c r o a s o o f 2 0 % o v e r t h e
p re v io u s y e a r .
I t a l s o h a n d le d , t h r o u g h Its f r o i g h t s t a t io n a n d d i r e c t t o
t r u n k lin e s t a t io n s , a p p r o x i m a t e l y t h o s a m e v o l u m e o f le ss t h a n c a r lo a d
fr e ig h t fr o m th o d is t r ic t as la s t y e a r .
[ S in c o t h i s r e p o r t w o n t t o p r e s s t h o t r u s t e e s o f t h o C e n t r a l M f g . D i s t r i c t
h a v o s o l d t o t h e G o v e r n m e n t a f u r t h e r u n i t o f 3 0 0 ,0 0 0 s o . f t . o f la n d a n d
h a v e e n t e r e d i n t o a c o n t r a t t o c o n s t r u c t a p e r m a n e n t b u i l d in g c o n t a i n in g
1 ,2 0 0 ,0 0 0
s q . f t . o f f l o o r s p a c e a t a c o s t o f $ 2 , 8 0 0 ,0 0 0 .]
COMBINED EARNINGS OF THE C O M P A N Y A N D THE CONTROLLED
STOCK YARDS CO. A N D CHICAGO JUNCTION RY.
G ross
1917.
1916.
e a r n i n g s ................. . * $ 7 , 7 2 6 , 1 3 2 * $ 7 ,2 0 8 ,3 1 4
x 6 , 3 2 0 ,5 6 9
5 ,5 1 5 , 1 1 0
T a x e s , in t . & o p e r . e x p .
S u r p lu s a f t e r i n t . , & c . $ 1 ,4 0 5 ,5 6 3
$ 1 ,6 9 3 ,2 0 4
1915.
$ 6 ,5 6 6 , 8 3 6
4 ,9 4 3 ,3 2 4
1914.
$ 5 ,9 8 2 , 3 6 8
4 ,3 8 4 ,8 9 8
$ 1 ,6 2 3 ,5 1 2
$ 1 ,5 9 7 ,4 7 0
* E x c l u s i v e o f e a r n in g s f r o m r e a l e s t a t e i n v e s t m e n t s ,
x I n c lu d e s in 1917
$ 4 0 0 0 0 0 o x p e n d e d in t h e e r e c t i o n o f t h o n o w e l e c t r i c l ig h t a n d p o w e r p l a n t
le a se d t o t h o P r o d u c e T e r m in a l C o r p o r a t io n .
BALANCE SHEET DECEMBER 3 1 .
1917.
1916.
$
$
1916.
1917.
Liabilities
...
S
5
Stock, c o m m o n ... 6,500,000 6,500,000
Stock, preferred.. 6,500,090 0,500,000
132,000 sh. of]
B on d s.. ..................14,000,000 14,004,000
U n . S tk . Y d s . I
Notes payablo____
500,000
___
54,99ia"sU. of 30,265,879 30,255,805 Accrued in terest..
165,000
165,000
Accounts, A c., pay
10,809
7,171
C h lc.J ct.lly s .i
Miscellaneous____
15,929
11,242
& c., in v e s t..-J
197,259 S u rplu s.................. 3,415,186 3,477,749
148,020
Cash........................
202,501
202,501
Interest, & c., rec.
9,598
6,523
Coupon a c c o u n t-.
500,000
Cent’l mfg. d is t ..
Assets—
Xnv.— Cap. stock:
T o t a l .................. 31,112,923 30,665,103
T o t a l . ................ 31,112,923 30,065,163
T h o c o m p a n y g u a r a n t e e s b o t h p r i n c ip a l a n d in t e r e s t , $ 7 6 5 ,0 0 0 C h i c a g o
R iv e r & I n d ia n a l i l t . 5 s, d u e O c t . 1 1 9 2 5 : $ 2 ,3 2 7 ,0 0 0 C h ic a g o J u n c t io n R R .
4 s , d u e M a r c h 1 1 9 4 5 : a n d $ 4 ,0 0 0 ,0 0 0 C e n tr a l M f g . D is t r ic t 5 s, d u o M a r c h 1
1 9 4 1 — V . 106, p . 1129.
__________
_ __________
GENERAL INVESTMENT NEWS.
R A IL R O A D S ,
IN C L U D IN G
E L E C T R IC
ROADS.
“ N o t e .” — Government Funds for Railroads— New Officers
under Government Regime.— Tho United States Railroad Ad
ministration has authorized the expenditure of sums ten
tatively aggregating §937,961,318, by 183 companies, for
additions, bettorments and extensions. The tabular state
ment giving tho names of tho companies and the amount of
expenditures of each class as aforesaid will be found on a
precoding pago.
. ,
..
.
See also previous pages for facts regarding operating offi
cials and position of Presidents under Government regime.
A m erican R a ilw ay s Co., P h ila . — Com. Div. Omitted.—
T h e d i r e c t o r s t o o k n o a c t io n o n t h o c o m m o n d i v i d e n d a t t h e m e e t i n g
yesterd a y.
O n D o c . 1 5 la s t 2 % w a s p a i d . — V . 1 0 6 , p . 1 3 4 3 .
A tch . T o p e k a & S a n ta Fe R y .— New Capital— Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 1 7 ,7 5 7 ,6 4 7 ; e q u i p m e n t , $ 2 3 ,0 0 7 ,1 3 7 : e x t e n s i o n s , $ 7 0 1 ,0 0 0 .
See " N o t e "
abovo.
I n a d d it i o n t o t h o f o r e g o in g s im ila r e x p e n d it u r e s , a g g r e g a t in g
$ 2 ,4 7 6 ,2 6 3 , h a v e b e e n a u th o r iz e d o n th e s u b s id ia r y p r o p e r t y . G u lf C o lo
r a d o & S a n t a F o R R . — V . 1 0 6 , I). 2 1 2 8 , 2 1 1 3 .
A tla n tic C oast L in e R R .— New Capital— Officers.—
T h o U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d Im p r o v e m e n t o u t la y s
$ 2 ,8 2 3 ,9 5 0 ; e q u i p m e n t , $ 7 ,3 2 8 ,1 7 7 ; e x t e n s i o n s , $ 1 4 3 ,6 5 6 .
See " N o t e ”
above.
2227
F r a n k K . B o r d e n s u c c e e d s th e la t e I i. B . B o r d e n a s d ir e cto r .
T h o a n n u a l r e p o r t is c i t e d o n a p r e v i o u s p a g e . — V . 1 0 6 , p . 6 0 1 .
A u b u r n & Syracuse E lectric R y .— Wages.—
T h is c o m p a n y h a s in c r e a s e d t h e w a g e s o f it s e m p l o y e e s f r o m 2 6 K c t s .
p e r h o u r , m in im u m , a n d 3 6 H c t s . . m a x i m u m , t o 3 1 c t s . a n d 4 0 J 4 c t s . ,
r e s p e c t iv e ly .— V . 1 0 6 , p . 1 88 .
B altim ore & O h io R R .— New Capital— Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 1 6 ,0 2 2 .1 7 1 ; e q u i p . , $ 2 7 ,3 3 6 ,1 3 2 ; e x t e n s . , $ 4 5 0 ,0 0 0 . S e e “ N o t e ” a b o v o .
D ir e c t o r - G e n e r a l M c A d o o , i t is r e p o r t e d , c o n t e m p la t e s a p p o i n t i n g h is
o w n n o m in e o as F e d e ra l M a n a g e r t o d ir e c t th o o p e r a tio n s o f th e p r o p e r t y .
P r e s i d e n t D a n i e l W i ll a r d o f t h e B . & O . ( li k e P r e s . R e a o f t h e P e n n s y lv a n ia
R R . ) is s a id t o h a v e b e e n c a l le d t o W a s h i n g t o n t o r e c e i v e n o t i f i c a t i o n t h a t
h is s e r v ic e s w o u ld n o t b e r e q u i r e d b y t h o G o v e r n m e n t in t h e c a p a c i t y o f
M an ager.
W h e t h e r h e w ill c o n t i n u e in o f f i c e in t h e i n t e r e s t o f t h e s h a r e
h o l d e r s is n o t s t a t e d . — V . 1 0 8 , p . 2 0 1 0 , 1 7 9 5 .
B a y State Street R y .— Public Control Bill.— ■
T h e I I o u s o C o m m i t t e e o n S t r e e t R a il w a y s in t h o M a s s a c h u s e t t s L e g is
l a t u r e h a s r e p o r t e d a b i ll f o r p u b l i c o p e r a t i o n o f t h o c o m p a n y ’s p r o p e r t ie s
f o r 10 y e a r s u n d e r t h e s e r v ic e -a fr -c o s t p l a n .
T h e p r o v i s io n s o f t h is m e a s u r e
a r o s im ila r in c e r t a in p a r t ic u la r s t o t h e b i ll f o r p u b l i c c o n t r o l o f t h e B o s t o n
E l e v a t e d R y . (s e e c a p t i o n o f t h a t c o m p a n y b e l o w ) a s r e g a r d s c o n t r o l b y
a b o a rd o f tru ste e s, & c .— V . 106, p . 179 5. 1688.
B oston & M ain e R R .— New Capital— Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 8 ,9 4 8 ,6 4 8 ; e q u i p m e n t . $ 1 3 ,3 5 9 ,7 6 1 .
See “ N o te ” a b o v e .
A b o u t h a l f o f t h o s u m a l lo w e d b y t h e G o v e r n m e n t , i t is s t a t e d , w ill b e
u s e d f o r e q u i p m e n t , i n c lu d in g s w i t c h i n g l o c o m o t i v e s , c o a l c a r s , b o x c a r s ,
s t o c k c a r s , c a b o o s e s , r e fr i g e r a t o r c a r s , b a g g a g e c a r s , p o s t a l c a r s a n d m il k
cars.
T h o o t h e r h a l f w il l b e e x p e n d e d in e n l a r g i n g f r e i g h t y a r d s , l a y i n g
n o w t r a c k s , s t r e n g t h e n i n g t h o l in e s a n d e x p a n d in g t h o r e p a i r s h o p s .
Interest on Notes— Dividends— J. H . Hustis, Temporary
Receiver, as of M a y 18 writes:
T h e m a tu r e d in te re s t o n C o n n e c t ic u t R iv e r R R . 4 s o f 1 8 9 3 , d u e M a r c h
1 9 1 8 [ $ 1 ,0 0 0 ,0 0 0 o u t s t a n d i n g ] , C o n n e c t i c u t R i v e r 3 H s o f 1 9 0 1 a n d 1 9 0 3 ,
d u o J a n . 1 9 1 8 [ $ 2 9 0 ,0 0 0 a n d $ 9 6 9 ,0 0 0 , r e s p e c t i v e l y , o u t s t a n d i n g ] , V e r m o n t
V a ll e y $ 2 ,3 0 0 ,0 0 0 n o t e s , a n d t h e d i v i d e n d o n [t h e $ 3 , 2 3 3 ,3 0 0 ] C o n n e c t i c u t
R i v e r s t o c k , d u o J a n . 1 9 1 8 , h a v e a ll b e e n p a i d .
T h o in te re s t o n $ 2 ,0 0 0 ,0 0 0
C o n n e c t i c u t R i v e r n o t e s w a s p a i d t o A u g . 31 1 9 1 7 .
( V . 1 0 6 , p . 1 9 9 8 .)
■
T h e r e h a s b e e n n o c h a n g o in t h e g e n e r a l s i t u a t io n .
D iv id e n d s a n d
i n t e r o s t p a y m e n t s o n l e a s e d lin e s s e c u r it i e s h a v e b e e n p a i d o n m a t u r i t y
w it h t h e e x c e p t i o n o f i n t e r e s t o n t h e C o n n e c t i c u t R i v e r n o t e s a b o v e r e
fe rre d t o .
Earnings as Reported to P.S. Comm.
3
Months to
March 31.
Gross
Earnings.
Net (after
Taxes).
Other
Income.
Interest,
Rents, Ac.
Balance.
Deficit.
1 9 1 8 ...........- . $ 1 3 , 2 1 7 , 5 0 6
lo s s $ 8 1 4 ,5 9 7 $ 2 2 2 ,7 2 3 $ 2 , 8 5 5 ,4 1 1 $ 3 ,4 4 7 , 2 8 6
1917
— ........... 1 3 ,2 5 4 ,7 4 5 p r o f . 1 , 6 1 2 , 4 9 8
2 8 5 ,6 9 2
3 .0 9 9 ,6 9 1
1 .2 0 1 ,5 0 1
— V . 106, p . 1676, 1576.
B oston E levated R y .— Public Control Bill Signed.— The
bill providing for the public control of this company’s prop
erties has been signed by tho Governor of Massachusetts.
Chiof provisions of the bill are summarized as follows:
(1 ) R o a d t o b e m a n a g e d b y 5 t r u s t e e s , a p p o i n t e d b y t h e G o v e r n o r .
( 2 ) P e r i o d o f p u b l i c c o n t r o l , 1 0 y e a r s o r lo n g e r , a t o p t i o n o f C o m m o n w t h .
( 3 ) T r u s t e e s h a v e p o w e r t o r e g u l a t e f a r e s a n d t r a n s f e r p r i v il e g e s , a n d
d o t o r m in o c h a r a c t e r a n d e x t e n t o f s e r v ic e .
( 4 ) C o . s h a ll r a is e $ 3 , 0 0 0 , 0 0 0 b y s a le o f p r e f . s t o c k a t n o t le s s t h a n p a r ,
$ 1 , 0 0 0 , 0 0 0 t o b e u s e d a s a r e s e r v e f u n d a n d $ 2 , 0 0 0 , 0 0 0 f o r a d d 'n s & im p t s .
(5 ) F a r e s m u s t b o s u f f i c i e n t t o m e e t c o s t o f s e r v ic e , p r e f . d i v i d e n d s a n d
c o m m o n d i v i d e n d s a t r a t e o f $ 5 a s h a r e f o r f ir s t t w o y e a r s , $ 5 5 0 f o r n e x t
t w o y e a r s a n d $ 6 d u r i n g b a l a n c e o f p e r i o d o f p u b li c o p e r a t i o n .
( 6 ) T r u s t e e s s h a ll a d o p t a s c h e d u l e o f e i g h t d i f f e r e n t g r a d e s o f f a r e s , o f
w h i c h f o u r s h a ll b o b e l o w a n d f o u r a b o v e r a t e o f f a r o f i r s t e s t a b l is h e d .
S c h e d u le s h a ll b e i n c r e a s e d w h e n f a r e is c h a n g e d , s o t h a t t h e r e s h a ll a lw a y s
b e n o t le s s t h a n f o u r a b o v e a n d f o u r b e l o w t h e e x is t in g f a r e .
( 7 ) W h e n e v e r i n c o m e is i n s u f f i c ie n t t o m e e t c o s t o f s e r v i c e , t h e r e s e r v e
f u n d s h a ll b o d r a w n u p o n ; i t m o r e t h a n s u f f i c i e n t , e x c e s s s h a ll b e t r a n s fe r r e d
to th e reserve fu n d .
.
( 8 ) W h e n r e s e r v e f u n d e x c e e d s b y 3 0 % o r m o r e o r ig in a l a m o u n t , a n d
i n c o m e d u r i n g p r e c e d i n g t h r e e m o n t h s e x c e e d e d c o s t o f s e r v ic e , n e x t l o w e r
g r a d o o f f a r e s h a ll b e a d o p t e d ; w h e n r e s e r v e f u n d is le s s t h a n 7 0 % o f o r ig in a l
a m o u n t , a n d d u r i n g p r e c e d i n g t h r e e m o n t h s i n c o m e w a s le ss t h a n c o s t o f
s e r v ic e , n e x t h i g h e r g r a d o o f f a r e s h a ll b e a d o p t e d .
F a r e sh a ll c o n t in u e
t o b e d e c r e a s e d o r i n c r e a s e d i f r e s e r v e f u n d is a b o v e o r b e l o w s a id lim it s .
( 9 ) I f r e s e r v e f u n d is i n s u f f i c ie n t t o m e e t d e f i c i e n c y in c o s t o f s e r v ic e .
S t a t e s h a ll m a k e u p t h o d e f i c i t a n d a s s e s s s a m e u p o n c it i e s a n d t o w n s in
w h ic h t h e c o m p a n y o p e r a te s .
, .
’ (1 0 ) A t e n d o f p e r io d o f p u b lic c o n t r o l, r o a d re v e rts t o b o a r d o f d ir e c t o r s ,
w h o m a y c o n t in u e t o o p e r a te s a m e o n s e r v ic o -a t -c o s t p la n , a n d p a y $ 6
a sh a re c o m m o n d iv id e n d s .
. . .
......
( 1 1 ) S t a t e h a s o p t i o n o f t a k i n g o v e r t h e r o a d b y a s s u m in g l ia b ilit ie s ,
a n d p a y i n g in c a s h a n a m o u n t e q u a l t o t h a t p a i d in b y t h e s t o c k h o l d e r s ;
a ls o S t a t e ' m a y t a k e o v e r W e s t E n d S t . R y . i f l a t t e r h a s a l r e a d y b e e n
m e rg e d in t o B o s to n E le v a te d .
W e s t E n d p u r c h a s o p r ice t o b e an a m o u n t
in c a s h e q u a l t o a m o u n t p a i d i n b y c o m m o n s t o c k h o l d e r s o f W e s t E n d
p lu s p a r v a l u e o f t h e p r e f e r r e d .
.
,
^ .
. . .
T h e s h a r e h o ld e r s w il l v o t e J u n e 3 o n a c c e p t i n g t h e A c t t o p r o v i d e f o r
t h e p u b l i c o p e r a t i o n o f t h e c o m p a n y a n d o n a u t h o r i z in g t h e is s u e o f $ 3 ,
0 0 0 0 0 0 p a r v a l u o o f p r e f . s t o c k f o r t h o p u r p o s e s s p e c i f i e d in t h e A c t .
— V . 106, p . 1688, 1569.
B ro o k ly n R a p id T ra n s it Co.— Mtge. Approved— Notes.—
T h e s h a r e h o ld e r s o n M a y 2 3 a p p r o v e d t h e r e c o m m e n d a t io n o f t h e d i r e c
t o r s a n d r a t if i e d t h o c r e a t io n o f t h e $ 1 5 0 ,0 0 0 ,0 0 0 m o r t g a g e ( f o r w h ic h
S° A.V lira rin g * w ill b o h e l d M a y 2 8 i n W a s h i n g t o n b e f o r e t h e W a r F i n a n c e
B o a r d w it h r e s p e c t t o t h e c o m p a n y ’ s a p p l i c a t i o n f o r G o v e r n m e n t a s s is t a n c e
in m e e t in g t h e $ 5 7 ,7 3 5 ,0 0 0 n o t e s m a t u r in g in J u l y .
C o m p a re V . 106,
p . 2 1 2 2 , 2 0 1 0 , 1900-
C aro. C lin ch . & O hio R y .— New Capital, &c.— Report.
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
$ 3 9 8 ,4 7 5 ; e q u i p m e n t , $ 4 ,4 9 2 , 7 5 0 .
See “ N o t e ” a b o v e .
F o r a n n u al r e p o rt se c " R e p o r t s ” a b o v e .— V . 106 , p . 2 0 0 6 , 103 6.
C e n tra l C ro sstow n R R . (N e w Y o r k ).— Sale.—
J u s t i c e G r c e n b a u m in t h e N e w Y o r k S u p r e m o C o u r t o n M a y 17 a p
p o i n t e d L y t t l e t o n F o x a s r e fe r e e t o s e ll t h o r ig h t s , f r a n c h is e s & c . , o f t h is
com p a n y .
T h is a c t i o n is t h o r e s u l t o f a s u i t b r o u g h t la s t D e c e m b e r b y
th e G u a r a n ty T r u s t C o ., as tr u s te e , a g a in s t th e c o m p a n y a n d o th e r s t o
f o r e c l o s e a m o r t g a g e o f $ 3 ,0 0 0 ,0 0 0 e x e c u t e d o n M a y 1 1 9 0 2 , t o s e c u r e a n
is s u e o f F ir s t C o n s o li d a t e d M t g e . 4 % g o l d b o n d s , o n w h ic h t h e r o Is d u e
$3 545 4 34 .
T h e c o m p a n y o p e r a t e s t h e s u r f a c e l in e s , c o m m e n c i n g a t 2 3 d
S t.’ a n d t h o E a s t R i v e r a n d r u n n i n g t o t h e N o r t h R i v e r , a n d r e t u r n in g f r o m
f o o t o f C h r is to p h e r S t .— V . 1 0 1 , p . 1 3 6 9 .
C e n tra l Illin o is P u b lic Service Co.— Acquisition.—
P r e s . M a r s h a l l E . S a m p s e ll o n M a y 2 1 1 9 1 8 w r o t e : “ T h e c o m p a n y w a s
a u t h o r i z e d b y t h e S t a t e P . U . C o m m i s s i o n o f I ll i n o i s t o p u r c h a s e t h e e n t ir e
o u t s t a n d i n g c a p i t a l s t o c k , p r e f e r r e d a n d c o m m o n , o f t h e S o u t h e r n I llin o is
R y . & P o w e r C o . a n d t h o C e n t r a l I ll i n o i s P . S . C o . , p u r s u a n t t o it s a u t h o r
i t y , h a v e a c t u a l l y a c q u i r e d a ll s a i d s t o c k . ” — V . 1 0 6 , p . 1 0 3 6 , 9 3 1 , 4 9 7 .
C e n tra l R R . o f N e w Jersey.— New Capital— Officers.—
T h e U . S . R a ilr o a d A d m in is tr a tio n h a s s a n c tio n e d im p r o v e m e n t o u tla y s
o f $ 7 ,4 5 7 ,6 4 7 ; e q u i p . , $ 8 , 7 6 8 , 8 0 0 .
S ec “ N o t e ” a b o v e .— V . 106 , p . 20 1 0 .
C h arlesto n (S. C .) C o n so lid ated R y .— No Fare Raise.—
T h e C h a r le s t o n C i t y C o u n c i l o n M a y 14 r e j e c t e d t h is c o m p a n y ’s p e t i t i o n
f o r a n in c r e a s e in s t r e e t c a r fa r e s f r o m 5 c t s . t o 6 c t s . — V . 1 0 5 , p . 2 0 9 o .
C h esapeake & O h io R y .— New Capital— Officers.—
T h e U S R a ilr o a d A d m in is tra tio n h a s s a n c t io n e d im p r o v e m e n t o u tla y s
o f $ 7 ,0 2 8 ,0 9 4 ; e q u i p m e n t . $ 1 0 ,8 7 7 ,9 9 6 ; e x t e n s i o n s , $ 5 0 0 ,6 3 1 .
See “ N o te
abovo.
m s
THE CHRONICLE
Dividend of 2% .
T h o E x e c u t i v e C o m m i t t e o y e s t e r d a y d e c l a r e d t h e c u s t o m a r y s e m i- a n n u a l
d iv id e n d o f 2 % , p a y a b lo o n J u n o 2 9 1918 t o s t o c k h o ld e r s o f r e c o r d J u n o 7
1918.
T h o a c t i o n w a s t a k e n w it h t h o a p p r o v a l o f t h o F e d e r a l A d m i n i s
t r a t i o n o f R a i l w a y s a n d C h a ir m a n F r a n k T r u m b u l l s p e a k s in h ig h p r a is e
o f t h o c e le r i t y w it h w h ic h t h o m a t t e r w a s h a n d le d in d i f f e r e n t o f f i c e s in
W a s h i n g t o n , a s s o o n a s a n u n d e r s t a n d in g w a s h a d a s t o 1 9 1 8 .
D e cla r a tio n
o f t h o d iv id e n d h a d b e e n d e la y e d s o m o w h a t p e n d in g th is a c t io n .— V . 106,
p . 212 2, 2 00 4, 1911.
C h ic a g o & A lt o n R R
.— New Capital— Officers.—
T h o U . S . R a ilr o a d A d m in is t r a tio n h a s s a n c tio n e d im p r o v e m e n t o u t la y s
o f S I , 0 0 0 ,5 4 2 ; e q u i p m e n t , S 5 7 8 .7 9 3 .
S eo “ N o t e ” a b o v e .— V . 105 , p . 1522
C h ic a g o & E a s te r n I llin o is R R
.— New Capital— Officers.
T h o U . S . R a ilr o a d A d m in is tr a tio n h a s s a n c t io n e d im p r o v e m e n t o u t la y s
o f $ 2 ,1 8 5 ,4 8 8 ; e q u ip m e n t , $ 2 ,1 2 3 ,2 0 9 .
S eo “ N o t e ” a b o v e .— V . 106 , p
2010, 2007.
C h ic a g o
&
N o r t h W e s t e r n R y .— New Capital—
Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 7 ,5 7 0 ,8 3 2 ; e q u ip m e n t , $ 3 ,6 4 0 ,5 2 0 .
S ee “ N o t e " a b o v e .— V . 10 6 . p .
2122, 1688.
.
C h ic . B u r lin g to n & Q u in c y R R
.— Neio Capital— Officers.
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 6 ,2 4 6 ,6 3 8 ; e q u ip m e n t , $ 6 ,5 9 9 ,2 0 0 .
S eo “ N o t o ” a b o v e .— V . 106 , p .
2114, 2010.
C h ic a g o G r e a t W e s t e r n R R .—
New Capital— Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 7 5 5 ,5 7 1 ; e q u i p . , $ 3 3 0 ,7 1 0 .
S e e “ N o t e ” a b o v e . — V .J 1 0 6 , p . 2 0 0 7 .
C h i c a g o M i lw . & S t . P a u l R y .— New
Capital— Officers.—
T h o U . S . R a ilr o a d A d m in is t r a tio n h a s s a n c tio n e d im p r o v e m e n t o u tla y s
o f $ 1 2 ,6 3 6 ,6 5 0 ; e q u i p m e n t , $ 9 , 8 4 8 , 0 0 3 ; e x t e n s i o n s , $ 6 4 2 ,0 0 0 .
See “ N o t o ”
abovo.
New Director.—
C h ic a g o R . I. &
P a c i f i c C o .— New
Capital— Officers.—
T h o U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p ro v e m e n t o u tla y s
o f $ 8 ,2 4 8 ,6 0 5 ; e q u ip m e n t , $ 5 ,9 5 0 ,4 3 1 .
S ee “ N o t o ” a b o v o .— V . 106,
p . 2010, 2025.
C h ic a g o & W e s t e r n I n d . R R
.— New Capital— Officers.—
T h o U . S . R R . A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u t la y s o f
$ 6 2 1 ,0 0 0 ; e q u i p m e n t , $ 3 9 0 ,6 8 8 .
T h i s in c lu d e s t h o B e l t R y . o f C h i c a g o .
S ee “ N o t e ” a b o v e .— V . 106 , p . 7 1 5 .
C i n c i n n a t i D a y t o n & T o l e d o T r a c t i o n C o .— Default—
D e f a u lt h a v in g o c cu rre d in th e p a y m e n t o f th e
M a y 1 1 9 1 8 in te r e st o n th e 8 1 , 3 5 0 ,0 0 0 o u ts ta n d in g F ir s t
C o n s o lid a te d M t g e . 5 % b o n d s , d u e M a y 1 1 9 2 0 , o f th e
S o u th e r n O h io T r a c tio n C o ., th e c o m m it te e n a m e d b e lo w
h a s co n se n te d to a c t a s a p ro te c tiv e c o m m it te e u n d e r a n
a g r e e m e n t n o w in co u rse o f p re p a ra tio n .
Committee.—
B o n d h o l d e r s a r o r e q u e s t e d t o d e p o s i t t h e ir b o n d s I m m e d ia t e l y w it h t h o
C l e v e l a n d T r u s t C o . , d e p o s i t o r y [a ls o t r u s t e e ], o r t h o G ir a r d T r u s t C o . ,
s u b -d e p o s ito r y .
Committee.— R . M . S t i n s o n , C h a ir m a n , R . M . S t in s o n & C o . , P h il a d e l
p h i a ; L i v i n g s t o n E . J o n e s , P r e s . S a v in g s F u n d S o c i e t y o f G e r m a n t o w n ,
P h il a d e l p h i a ; E d w a r d E . N e w m a n , S e c . t h o C l e v e l a n d T r u s t C o . , C l e v e
la n d .— V . 1 0 6 , p . 1 4 6 1 , 2 9 5 .
C in c in n a t i F in d la y &
F t . W a y n e R R .—
Abandoned.—
A p r e s s d i s p a t c h f r o m T o l e d o s t a t e s t h a t o p e r a t i o n s o n t h is c o m p a n y 's
9 4 - m il e lin o w e r o a b a n d o n e d M a y 1 8 u n d e r G o v t , o r d e r .
T h o . 'c o m p a n y
w a s s c h e d u l e d t o c e a s e b u s in e s s o n M a r . 1 5 , b u t w a s k e p t in o p e r a t i o n b y t h o
G o v e r n m e n t u n t il t h o a b o v e d a t o .
I t is s t a t e d t h a t t h e G o v e r n m e n t o r d e r t o c e a s o o p e r a t i o n s h a s b e e n s u s
p e n d e d s o f a r a s t h o b r a n c h b e t w e e n D e l p h o s a d d F t . W a y n o is c o n c e r n e d
t o seo if so m e a rra n g e m e n ts ca n b o m a d e fo r th e o p e r a tio n o f th a t b ra n ch
b y t h o D a y t o n T o le d o & C h ic a g o R y . — V . 10 6 , p . 1 3 4 4 , 929
C i n c i n n a t i N e w O r l. & T e x . P a c . R y
_
-New Capital.—
T h e U . S . R R . A d m in is tra tio n h a s s a n c tio n e d im p ro v e m e n t o u tla y s o f
$ 5 , 4 1 5 , 9 9 4 ; e q u i p m e n t , $ 6 1 9 ,7 5 0 .
S ee " N o t e ” a b o v o .— V . 10 6 , p . 7 0 9 .
Clev. Cin. C hi. & St. L . R y .— New Capital— Officers.—
T h o U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t outluys o f
$ 1 0 ,1 1 7 ,7 9 6 ; e q u i p . , $ 1 2 ,0 4 4 ,2 1 1 . S e o “ N o t o ” a b o v e . — V . 1 0 0 ,p . 2 0 2 0 , 2 0 0 3 .
C o n n ecticu t R iver R R .— Interest— Dividends.—
S ee B o s to n & M a in o R R . a b o v e .— V . 105 , p . 199 8.
C rip p le Creek & C olo rad o S p rin gs R R .— Lease.—
W o le a r n t h a t t h o M i d l a n d T e r m i n a l R y . C o . ’s p r o p e r t y is a t p r e s e n t
u n d e r le a s e t o t h o C r i p p l e C r e e k & C o l o r a d o S p r in g s R R . C o . o n a r e n t a l
b a s is o f $ 6 ,5 0 0 p e r m o n t h . — V . 1 0 5 , p . 9 9 7 .
D e law a re & H u d s o n C o.— New Capital.— Officers.
T h e U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s 'o f
$ 1 , 1 9 6 , 6 5 9 ; e q u i p . , $ 1 , 9 6 1 , 9 5 4 . S e e " N o t e ” a b o v e . — V . 1 0 6 ,p . 2 0 2 2 , 2 0 0 2 .
D elaw a re L ack . & W e ste rn R R .— New Capital— Officers.
T h o U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 1 ,8 3 5 118*
e q u ip m e n t, $ 1 ,5 9 7 ,6 9 2 .
S eo “ N o t o ” a b o v e .— V . 106, p . 190 0, 13 4 4 .
’
D elaw a re R iver R R . & B rid g e Co.— Lease to Penn. RR.—
S e e P e n n s y lv a n ia R R . b o l o w . — V . 1 0 2 , p . 1 5 4 0 .
Denver, & R io G ra n d e R R .— Prepared to Pay Overdue
Coupons, cfee.— U n d e r o rd er o f th e U . S . D is t r ic t C o u r t for
th e D is t r ic t o f C o lo r a d o , th o re c e iv e r , A le x a n d e r R . B a ld
w in , h a s d ep o site d w ith tru ste e s o r p a y in g a g en cie s h e rein
a fte r n a m e d , fu n d s to p a y th o fo llo w in g m e n tio n e d in te r e st
u p o n m o rtg a g e b o n d s o f th e c o m p a n y , or its c o n s titu e n ts ,
a n d th o b o n d h o ld e rs aro a c c o r d in g ly re c e iv in g th e m o n e y
d u o th e m as a n n o u n c e d b y a d v . o n a n o th e r p a g e :
D . A R. O. RR. Co. First Consol. 4 s and 4 4 £ s. I n t e r e s t m a t u r in g o n o r
p r i o r t o J a n . 1 1 9 1 8 , a t N a t io n a l P a r k B a n k , N . Y .
[T h is r e fe r s o n l y
t o c o u p o n s n o t p r e s e n t e d p r i o r t o t h o a p p o in t m e n t o f t h e r e c e iv e r s o n o r
a b ou t Jan. 26.
A l l c o u p o n s p r e s e n t e d b e f o r o t h a t o v e n t w e r o p a id
p r o m p t l y — E d .]
•*,
D . & R. O. RR. Co. Improvement 5 s . I n t e r e s t m a t u r in g o n o r p r i o r t o
J u n o 1 1 9 1 8 , a t N a t io n a l P a r k B a n k , N . Y .
v
Rio Grande Western Rg. Co. First Trust Is. I n t e r e s t m a t u r in g o n o r p r i o r
to J a n . 1 1918, a t G u a ra n ty T ru st C o . o f N . Y .
[ T h i s r e fe r s o n l y t o
c o u p o n s n o t p r e s e n t e d p r i o r t o t h o a p p o i n t e m n t o f t h o r e c e iv e r s o n o r
a bou t Jan. 26.
A l l c o u p o n s p r e s e n t e d b e f o r o t h a t e v e n t w o r o p a id
p r o m p t l y . — E d .]
It,a
Rio Grande Western Rg. Co. First Consolidated 4 s . I n t e r e s t m a t u r in g o n o r
p r io r t o A p ril 1 1 9 1 8 , a t G u a r a n ty T r u s t C o . o f N . Y .
u l a ',uluJB o u ° .
D . A R. G. RR. Co. First and Refunding 5 s . I n t e r e s t m a t u r in g o n o r p r i o r
t o F e b . 1 1918, a t B a n k ers T ru s t C o ., N . Y .
v p*
D . A R. G. RR. Co. Adjustment 7s.
I n t e r e s t m a t u r in g o n o r p r i o r t o A p r i l
1 191 8, a t N o w Y o r k T ru s t C o ., N . Y .
a*
A ll c la im s f o r m a t e r ia ls , s u p p l i e s , & c . , r e p r e s e n t e d b y v o u c h e r s o f t h o
c o m p a n y f o r D e c . 1 9 1 7 o r p r e c e d i n g m o n t h s w ill b o p a id t h r o u g h t h o
t r e a s u r e r f o r t h o * r e c e i v e r , E q u i t a b l e B u il d i n g , D e n v e r .
►
—
[T h e s e p a y m e n t s h a v e b e e n m a d o p o s s i b le b y a n a d v a n c o o f $1 5 0 0 0 0 0
a l lo w e d t o t h o r e c e iv e r b y t h o R a il r o a d A d m i n i s t r a t i o n o n a c c o u n t o f a c
c r u e d re n ta l u n d e r th o p r o p o s e d c o n t r a c t f o r th o o p e r a tio n o f s y s te m b y
t h o U . S . G o v e r n m e n t , t h is m o n e y b e i n g . a v a i l a b l e in c o n j u n c t i o n w it h
o t h e r f u n d s a l r e a d y in h is h a n d s .— E d . ]
I
Notices from Both Bondholders' Committees.— T h o c o m m itte o
o f h o ld e rs o f F ir s t & R e f . M t g e . 5 % b o n d s o f th e D . & R . G .
a n n o u n c e b y a d v . o n a p re ce d in g p ag e th o su ccess o f th eir
e ffo r ts to o b ta in th o p a y m e n t o f th e c o u p o n s o n th is issu e
a n d urgo h o ld e rs o f u n d e p o site d F ir s t & R e f . M t g e . 5 s to
d e p o s it th ese b o n d s p r o m p t ly in ord er th a t tho a b ility o f th o
c o m m itte e to a c t fo r th e p r o te c tio n o f th o b o n d h o ld e rs m a y
bo m a d e still m o re p M e n t .
T h e in te r e s t o n th o b o n d s n o w
d e p o site d w ill b e p a id th r o u g h th o se v e ra l d ep o sita rie s o f
th e c o m m it te e .
T h e c o m m it te e re p re se n tin g th o 7 % C u m u la tiv e A d j u s t
m e n t M t g e . g o ld b o n d s lik ew ise a n n o u n c o t h a t th e y h a v e
c o n c lu d e d a rra n g e m e n ts w ith th o re ce iv er fo r th e p a y m e n t o f
th e in te r e st d u e A p r il 1 o n th ese b o n d s , p a y m e n t to bo m a d e
th ro u g h th o N . Y . T r u s t C o ., th e d e p o s ita r y .
H o ld e r s o f
u n d o p o s ite d A d ju s t m e n t b o n d s aro a sk e d to d e p o s it th o s a m o
p r o m p t ly w ith said d e p o s ita r y , or w ith th o F ir s t T r u s t &
S a v in g s B a n k , a g e n t o f th e d e p o s ita r y , 6 8 W e s t M o n r o e S t . ,
C h ic a g o , in e x c h a n g e fo r tr a n sfe ra b le c e rtific a te s o f d e p o s it.
New Capital— Officers.—
T h o U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 2 ,4 2 2 , 6 6 8 .
e q u i p m e n t , $ 3 6 3 ,6 9 4 ; e x t e n s io n s , $ 6 2 ,1 7 9 .
S eo " N o t o ” a b o v o .— V . 106 ,
2010.
D e tro it & M ack inac R y . — Earnings.—
Cal.
Gross
Net,after Other Interest, Pf.Divs.
Years. Earnings. Taxes. Income. Rents.Ac. ( 5 % ) .
Com. Dies. Balance,
Paid.
Surplus.
1 9 1 7 . . $ 1 , 3 5 0 ,4 5 0 $ 1 7 8 ,6 9 6 $ 1 0 8 ,9 5 4 $ 9 2 ,3 0 0 $ 4 7 ,5 0 0 ( 2 M ) $ 5 0 , 0 0 0 $ 9 7 ,8 5 0
— V6 " i 0 6 ’ 2p 4 81°7
E d w a r d S . IJ a rk n ess h a s b e e n e le c te d a m e m b e r o f th o e x e c u t iv e c o m
m it t e e t o s u c c e e d J o h n D . R y a n .
M r . R y a n c o n t in u e s a s d i r e c t o r o f
th o r o a d .— V . 106 , p . 2 0 0 5 .
[Vol. 106.
m 6 ’4 8 8
8 6 ,6 2 5 1 9 9 > 3 6
0
4 7 ,5 0 0 ( 5 % ) 1 0 0 ,0 0 0
5 6 ,5 7 7
Erie R R . — New Capital Expenditures— Officers.—
T h o U . S . R R . A d m in is tr a tio n h a s s a n c tio n e d im p t . o u t la y s o f $ 9 ,7 9 9 ,2 6 2 :
e q u i p m e n t , $ 1 4 ,7 9 4 ,1 7 8 .
S ee " N o t o " a b o v e .— V . 106, p . 190 0, 1796.
F re ig h t R ates.— Supr. Court Decision— 25% Inc. Urged.
T h e U . S . S u p r e m e C o u r t o n M a y 2 0 in e f f e c t s u s t a i n e d F e d e r a l d e c r e e s
u p h o l d i n g I . - S . C . C o m m i s s io n o r d e r s a d j u s t in g f r e i g h t r a t e s b e t w e e n
S h r o v e p o r t, L a ., a n d T e x a s p o in ts a n d e n jo in in g th o T e x a s R R . C o m m is
s i o n f r o m I n t e r fe r in g w it h t h o f i x i n g o f i n t r a - S t a t o r a t e s in c o m p l i a n c e w it h
th o ord er.
S e o p a g e 2 0 8 7 in la s t w e e k ’s is s u e .— V . 1 0 6 , p . 2 1 2 2 , 1 9 0 0 .
G a u le y & E astern R y . — Loan.—
S eo K a n a w h a & M ic h ig a n R y . u n d e r “ R o p o r t s ” a b o v e .
G re a t N o rth e rn R y — New Capital— Officers.—
T h e U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u t
l a y s o f $ 9 , 5 1 0 , 6 0 0 ; e q u i p m e n t , $ 4 , 6 2 2 , 3 8 8 ; e x t e n s i o n s , $ 4 5 0 ,0 0 0 .
See
“ N o t e ” a b o v o .— V . 1 06 , p . 1577, 8 1 7 .
H o c k in g V alle y R R . — New Capital— Officers, &c.—
T h e U . S ^ R a O r o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u t la y s o f $ 3 , 6 2 2 , 0 4 3 ; e q u i p m“e n ^, $ 2 , 0 4 6 , 9 9 8 .
t
S eo “ N o to “ a b o v e , a ls o B u n ~
‘
d a y C re e k C o . u n d e r "I n d u s t r ia ls ” b e lo w .
Common Dividend Reduced.—
A s e m i- a n n u a l d i v i d e n d o f 2 % h a s b e e n d e c l a r e d o n t h o c o m m o n s t o c k
p a y a b le J u n o 2 9 t o h o ld e rs o f r e c o rd J u n o 1 4 .
T h e l a s t s e m i- a n n u a l n a v m e n t o n D e c . 31 1 9 1 7 w a s 3 > S % . — V . 1 0 6 , p . 2 0 2 8 , 2 0 0 4 .
H o u s to n (T ex.) B elt & T erm in al Co. — Lease, dkc. —
S e e I n t e r n a t io n a l & G r e a t N o r t h e r n R R . b e l o w . — V . 1 0 6 , p . 1 7 9 6 .
Illin o is C e n tral R R . — New Capital— Officers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 1 0 ,6 6 0 ,2 5 1 ; e q u i p m e n t , $ 1 5 ,7 2 0 ,3 9 7 ; e x t e n s io n s , $ 3 2 5 ,0 0 0 .
Seo " N o t e "
« q ° iV
qo
a d d it i o n t o t h e f o r e g o in g s i m i l a r e x p e n d it u r e s , a g g r e g a t i n g
$ 3 ,1 8 2 ,9 9 7 , h a v e b een a u th o r iz e d o n th o s u b s id ia r y p r o p e r t y , Y a z o o &
M is s i s s ip p i V a ll e y R R . — V . 1 0 6 , p . 2 1 2 3 , 1 6 9 3 .
4
*
Illin o is T ra c tio n Co. — Dividends on Common Stock Sus
pended.—
A circu lar d a te d a t C h a m p a ig n , 111., M a y 1 0 , a n d
sig n e d b y P re sid o n t W . B . M c K i n l e y a n d S e c re ta ry T . B .
M a c a u lo y , s a y s in s u b s ta n c e ;
O w in g t o t h o g r o a t in c r e a s e in o p e r a t i n g o x p o n s e s d u o t o w a r c o n d i t io n s
th o d ir e cto r s h a v e d e c id e d t o s u s p e n d h o p a y m e n t o f d iv id e n d s o n th o
com m on stock .
T h e in c r e a s e in e x p e n s e s is d u o t o t h o g r e a t a d v a n c o in
c o s t o f l a b o r a n d m a t e r ia ls r e q u i r e d in o p e r a t i n g t h o p r o p e r t i e s , t h o la r g e s t
s in g lo i t e m , a s id o f r o m l a b o r , b e i n g t h o I n c r e a s e d c a s t o f c o a l ,
i L 10 c o m p a n y h a s b e e n g r a n t e d b y t h o M is s o u r i C o m m i s s io n a n I n c r e a s e
in t h o p r i c o o f g a s s u p p l i e d a t J e f fe r s o n C i t y , M o .
W o a ls o d u r in g F e b
r u a r y a p p li e d t o t h o I llin o is C o m m i s s io n f o r i n c r e a s e s In s t r e e t r a i lw a y fa r o s
g a s a n d e l e c t r i c r a t e s In p r a c t i c a l l y a ll o f t h e t o w n s in I ll i n o i s in w h ic h t h o
co m p a n y op era tes.
H e a r in g s w e r o h o l d b y t h o C o m m i s s io n in F o b a n d
M a r c h a n d a d e c i s io n in t h o n e a r f u t u r o is h o p e d f o r .
W h ilo w o e x p e c t t o b o g r a n t e d c o n s i d e r a b l e in c r e a s e s In o u r s t r e e t r a il
w a y fa re s a n d g a s a n d e le ctr ic ra te s th o d ir e cto r s c o n s id e r t h a t t h o c o m
p a n y s h o u l d o v e n t h e n c o n s e r v e it s r e s o u r c e s a n d n o t p a y d i v i d e n d s o n t h o
c o m m o n s t o c k u n t il w a r c o n d i t io n s a r o p a s s e d .
O u r i n t e n i r b a n lin e s a r e a l s o s u f fe r i n g f r o m h ig h e x p e n s e s w i t h o u t c o m
p e n s a t i n g in c r e a s e s in r a t e s .
In a sm u ch as tn o G o v e rn m e n t-o p e r a te d
r a i lr o a d s t h r o u g h o u t t h o c o u n t r y a r o s h o w in g la r g o d e c r e a s e s in n o t e a r n
in g s p o s s i b l y s o m e r e li e f f r o m t h is s i t u a t io n m a y c o m o t h r o u g h t h o e f f o r t s
o f t h o R a il r o a d A d m i n i s t r a t i o n .
Subsidiary Co. Fares— Rates.—
T h o I ll i n o i s P . U . C o m m i s s io n h a s a u t h o r i z e d t h o f o l l o w i n g r a t o a n d
f a r o r e v i s i o n s in t h o b e l o w - n a m e d c it i e s w h e r e s u b s id ia r ie s o f t h o c o m
p a n y op era te:
A 6 - c e n t s t r e e t c a r f a r o a t J a c k s o n v il l e a n d C a i r o .
A s t r a ig h t 5 - c c n t
fa r e a t D a n v ille , D e c a t u r , C h a m p a ig n , U rb a n a , B lo o m in g t o n , Q u in c y a n d
G a le s b u r g .
A t b o t h J a c k s o n v il l e a n d C a i r o a n a r r a n g e m e n t w a s a p p r o v e d
w h e r e b y 2 0 t i c k e t s w ill b o s o l d f o r S I .
I n c r e a s e s o f f r o m 10 c e n t s t o 2 5 c e n t s p e r 1 ,0 0 0 c u . f t . f o r t h o f ir s t 5 ,0 0 0
c u . f t . o f g a s c o n s u m e d m o n t h l y w e r o a l lo w e d a s f o l l o w s : D e c a t u r , 10
c e n t s ’ ^ H v ^ ’ / O ^ n t s ^ C h a m p a i g n a n d U r b a n a a n d G a le s b u r g , 2 5
In te rn a t. & G rt. N o rth e rn R y . — Lease of City Trackage.
T h e H o u s t o n C i t y C o u n c il o n M a y 8 a u t h o r i z e d M a y o r P r o T o m . M o o d y
t o e x e c u t e a c o n t r a c t w it h t h i s c o m p a n y a n d t h o H o u s t o n B o le & T e r m i n a l
C o . , lo a s in g t o t h e m f o r o n o y o a r t h o c i t y ’s t r a c k a g o f o r o p e r a t i o n a n d
m a i n t e n a n c e ( V . 1 0 6 , p . 1 7 9 6 ).
T h o H ou ston “ P o s t" o f M a y 9 says:
“ B y t h is m o v e t h e c i t y w ill b o r e li o v o d o f t h o f in a n c ia l b u r d o n o f g e t t in g
__________
r
Eec o n s t r u c t e d _, w h ic h i n c liu ____________________________________r a_______________T_n_c lavw
o
lo t h e e x t e n s i o n o f t h e c i t y t c k s t o t h o 's
lr
O il & R e f i n i n g C o . , t h o T e x a s P o r t l a n d C e m o n t C o . , t h o T o x a s C k o m i c a l
C o . a n d th o M a g n o lia P o tr o lo u m C o .
“ T h o c o n t r a c t p r o v id e s fo r th o p a y m e n t t o th o c it y b y th o r a llr o a d s jo f
5 0 c o n t s a l o a d f o r e a c h l o a d e d c a r m o v e d t o o r f r o m t h o I n d u s t r ie s w h ic h
t h e lin o w il l s e r v o .
T h o r o a d s w il l b e p o r m lt t o d t o c h a r g o n o t m o r o t h a n
$ 5 n o r c a r f o r s w i t c h i n g b e t w e e n t h o I n d u s t r ie s a n d t h o c o n n e c t i n g t r a c k s
w it h o t h e r t r a c k s .
T h o r a t o f o r d o l lv o r i o s o f s h i p m e n t s t o a n y p a r t o f
t h o b e l t lin e w ill b e t h o s a m o a s in H o u s t o n . " C o m p a r o V . 1 0 6 , p . 2 0 0 8 , 1 7 9 7 .
Connection.—
Seo M o .
K an.
K anaw ha
& T o x a s R y . b e lo w .— V . 1 0 6 , p . 2 0 0 8 , 1 7 9 7 .
&
W e s t V ir g in ia
R R . — Sale— Earnings.—
S ee K a n a w h a & M ic h ig a n R y . u n d e r " R o p o r t s ” a b o v o .— V . 1 0 4 , p . 2 0 1 0 .
K a n . C i t y F t . S c o t t & M e m p h i s R y .—
Sub. Co. Coupons,
S e o K a n s a s C i t y M e m p h i s & B i r m in g h a m R R . b e l o w . — V . 1 0 6 , p . 1 2 2 7 .
K a n sa s C ity M em phis & Birm . R R .— Coupons Paid.—
N o t i c o is g i v e n t h a t o n a n d a f t e r M a y 2 0 t h o c o m p a n y w ill p a y a t t h e
O ld C o l o n y T r u s t C o . , 1 3 o s to n , c o u p o n s b e a r i n g s e r ia l n u m b e r s 2 1 , 2 2 a n d
23 matured Sept. 1 1 9 1 5 , 1 9 1 6 a n d 1 9 1 7 , r e s p e c t i v e l y , p e r t a i n in g t o its
5 % I n c o m e b o n d s o f 1 8 9 4 . T h is is e q u a l t o 6 . 1 9 8 % o f t h e p a r v a l u e ($ 5 0 0 ,
Sec. ) , b e i n g a t t h o r a t o o f 1 .1 9 8 % in r e s p e c t o f c o u p o n m a t u r e d S o p t . 1 1 9 1 6 ,
a n d a t t h e r a t e o f 5 % in r e s p e c t o f c o u p o n m a t u r e d S e p t . 1 1 9 1 7 .— V .
75, p . 1147.
K a n sa s C ity S o u th ern R y .— New Capital— Officers.—
T b e TJ s R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ i 2 0 4 ,2 7 9 ; e q u i p m e n t , $ 1 ,0 2 6 ,8 9 9 .
S ee “ N o te ” a b o v e .— V . 106 , p .
2 1 2 3 , '2 0 0 5 .
Lake Erie & W e ste rn R R .— New Capital— Officers.—
T h e U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u tla y s
o f $ 1 ,1 3 3 ,6 0 0 ; e q u i p . , $ 2 , 2 3 7 ,2 5 0 . S e e “ N o t e a b o v e — V . 1 0 6 , p . 2 0 0 9 .
--------L e h ig h & H u d so n R iver Ry.- -New Capital— Officers
T h e U S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u tla y s
o f’ $ 5 9 ,3 0 6 ; e q u i p m e n t , $ 2 0 2 ,6 4 0 .
See “ N o t e ” a b o v e — V . 1 06 , p . 189.
"N
V
L o n d o n & L ak e Erie R R .— Valuation.—
T h is p r o p o r t y , o ffe n d t o th e c it y o f L o n d o n O n t
f o r 1 4 2 0 ,0 0 0 . h a s
b o o n a p p r a is e d , a c c o r d in g t o a
n
v
^ n « r ^ di
B eC k t 0 th 0
B o a r d o f C o n t r o l , a t a t o t a l o f $ 2 6 2 ,1 6 4 .
See V . 106, p . 1344.
L o u isv ille & N ash ville R R .— New Capital— Officers.—
T
d m in is tra io “
T h e U . S ., R a n r o a d A u iiiiu i5 » r a «ti'> n h a s ^ n r t i ^
u » i t il
a
o f $ 5 , 9 4 4 , 0 1 3 : e q u i p m e n t , $ 5 , 7 6 8 ,2 2 5 ; e x t e n s i o n s , $ 9 7 6 ,0 3 5 .
a b o v e .— V . 106, p . 158 4, 1567.
M a h o n in g & S h en an go Ry. & L ig h t.— Offering of Bonds.
— L e e , I lig g in s o n & C o ., D r e x e l & C o ., R e illy , B r o c k &
C o ., G r a h a m , P a rso n s & C o . a n d M o n t g o m e r y & C o ., arc
o ffe r in g a t 9 4 a n d in te r e st, to y ie ld 7 . 6 5 % , a n a d d itio n a l
b lo c k o f .15600,000 F ir s t a n d C o n s o lid a te d M t g o . 5 s , d ue
1 9 2 0 m a k in g a t p re sen t o u ts ta n d in g $ 1 0 ,6 0 0 ,0 0 0 .— V . 1 0 6 ,
p . 2 1 2 3 , 1577.
M anistee L ig h t & T ra c tio n C o .— Successor Co. Fares —
S e e M a n i s t e e R a il w a y b e l o w . — V . 8 8 , p . 5 0 6 .
T h i s c o m p a n y ’ s f a r e s h a v e b e e n i n c r e a s e d t o 1 0 c e n t s , w it h c o m m u t a t i o n
a t 3 t ic k e t s f o r 2 5 c e n t s a n d 7 f o r 5 0 c e n t s .
M ich igan C en tral R R .— New Capital— Officers.—
M ilw au k ee E lectric Ry. & L ig h t Co.— Offering of 2-Year
Notes.—
T h e b a n k e rs n a m e d b e lo w are offo rin g a t 9 8 X a n d
A
in te r e st, y ie ld in g o v e r 7 . 8 0 % , $ 2 ,0 0 0 ,0 0 0 2 -y e a r 7 % secured
g o ld n o te s d a te d M a y 1 1 9 1 8 , d u o M a y 1 1 9 2 0 , b u t ca lla b le
o n fo u r w e e k s’ n otico a t 101 a n d in te re st o n N o v . 1 1 9 1 8 a n d
o n a n y in te r e st p a y m e n t d a te th e rea fter prior to m a tu r ity a t
1 0 0 ^ a n d in t .
In t. M . & N .
D e n o m . $ 1 ,0 0 0 a n d $ 5 0 0 c * .
T r u s te o , B a n k e rs T r u s t C o . , N . Y .
c,. .
. *
“ P a s s e d a s n o t i n c o m p a t i b l e w it h t h o i n t e r e s t o f t h e U n i t e d S t a t e s , b u t
w i t h o u t a p p r o v a l o f t h o m e r it s , s e c u r it y o r l e g a l it y .
O p in io n N o . A 2 9 3 .
( S ig n e d ) C a p it a l I s s u e s C o m m i t t e e o f t h e F e d e r a l R e s e r v e B o a r d .
T h e b a n k e r s m a k i n g t h o o f fe r i n g a r e : S p e n c e r T r a s k & C o . , H a r r is ,
F o rb e s & C o ., C o ffin & B u rr,
t h o W i s c o n s i n T r u s t C o . a n d t h e F ir s t
N a t io n a l B a n k o f M il w u a k o o .
Data from Letter o f President J. D. Mortimer, Dated May 23 1918.
Company.— I n c o r p o r a t e d J a n . 2 9 1 8 9 6 in W i s e . , o w n s a n d o p e r a t e s s u b
s t a n t i a ll y t h o c n t lr o c e n t r a l s t a t io n e l e c t r i c l ig h t a n d p o w e r a n d s t r e e t r a il
w a y b u s in e s s a n d a s t e a m -h e a t in g b u s in e s s in M il w a u k e e , s e r v in g a p o p u
l a t io n n o w e s t im a t e d a t 4 5 0 ,0 0 0 .
(upon w u w w w of Financing)— n nAuthorized^ Outstanding^
< Completion
•
------------------ n n n
n
C o m m o n s t o c k ------------------ - .....................................................- ®2 9 ' cR n ’ nnn
P r e f e r r e d ( 6 % n o n - c u m u l a t lv e ) s t o c k . ------- -- - - - - 4 ,5 0 0 ,0 0 0
T w o -y e a r 7 % s e cu re d g o ld n o te s , d u e M a y 1
1 9 2 0 ( p r e s e n t i s s u e ) --------------------------------------- ----------3 ,5 0 0 ,0 0 0
6 % S e r ia l n o t e s , d u o 1 9 1 8 - 1 9 2 6 - - - - - - .........................
C lo s e d
C o n s o l i d a t e d M o r t g a g e 5 s , d u e 1 9 2 6 - - - - - - - - ------C lo s e d
R e f u n d i n g & E x t e n s i o n M t g o . 4 H s , d u o 1 9 3 1 ------a
G o n o r a i & R e f u n d i n g M o r t g a g e 5 s , d u o 1 9 5 1 ------- 9 0 , 0 0 0 , 0 0 0
Y,500\000
2 ,000,000
1 .3 0 0 .0 0 0
6 .5 0 0 . 0 0 0
a 6 , 7 2 8 ,0 0 0
b 5 , 8 1 9 ,0 0 0
b $ 3 , 0 0 0 , 0 0 0 a d d it i o n a l G e n . & R e f . M t g o . 5 s w ill b o p l e d g e d t o s e c u r e
th o $2 0 0 0 00 0 7 % n o te s .
$ 1 ,0 0 0 ,0 0 0 f u r t h e r G e n . & R e f . 5 s a r e p le d g e d
a s ° e c u r i t y f o r t h o $ 1 ,3 0 0 ,0 0 0 5 % S e r ia l n o t e s d u o 1 9 1 8 -1 9 2 6 .
of
B a l a n c e ......... ................................................................................................................. $ 1 , 0 3 4 ,1 5 0
Securitu.— I n a d d it i o n t o b e i n g t h o d i r e c t o b l i g a t i o n s o f t h e c o . , w ill b o
s e c u r e d b y th o p le d g e o f $ 3 ,0 0 0 ,0 0 0 G e n . & R e f. 5 s.
T h e s e $ 3 ,0 0 0 ,0 0 0
b o n d s w ill b o p l e d g e d b y t h o W i s c o n s i n E d is o n C o . , I n c . , w h ic h o w n s t h o
e n t ir e c o m m o n s t o c k ( e x c e p t in g d i r e c t o r s s h a r e s ) o f t h e M il w a u k e e E l e c
t r ic R y . & L ig h t C o .
T h o b o n d s s o t o b o p l e d g e d a r e a d i r e c t lio n o n t h o
e n t ir e o l e c t r i c lig h t a n d p o w e r a n d s t r e e t r a i lw a y p r o p e r t y o f t h o M i l w . E l e c .
R y . & L t . C o . , s u b j e c t t o t h o $ 6 ,6 0 0 ,0 0 0 C o n s o l . M t g o . 5s a n d t h o $ 6 , 7 2 8 GOO R o f . & E x t . 4 ) 1 3 , a n d a l s o a f ir s t m o r t g a g o o n t h e c o m p a a y ’s s t e a m
h e a tin g p r o p e r t y .
The G e n . & R e f . M t g e . b o n d s a r e f u r t h e r s e c u r e d b y
p l o d g o a s c o lla t e r a l o f $ 6 ,7 7 2 ,0 0 0 R o f . & E x t . M t g o . 4 J 4 s .
R e m a i n i n g $ 1 ,5 0 0 ,0 0 0 n o t e s m a y o n l y b o is s u e d a s a d d it i o n a l G e n . &
R o f 5 s ( is s u a b le o n l y f o r 8 0 % o f t h o a c t u a l c a s h c o s t a n d f a ir v a l u e o f
p e r m a n e n t e x t e n s io n s a n d a d d it i o n s t o t h o p r o p e r t y ) a r o p l e d g e d in th o
f o r o g o l n g r a t io o f 1 5 0 % , a n d p r o v i d e d t h o n o t e a r n in g s a r o 1 % t im e s t h o
a n n u a l i n t e r e s t c h a r g e s o n t h o f u n d e d d e b t t h e n o u t s t a n d i n g w it h t h o p u b
l ic t o g e t h e r w it h t h o n o t e s p r o p o s e d , o r a g a in s t t h e d e p o s i t o f c a s h e q u a l
t o th e fa c e v a lu e o f th o n o te s s o t o b e Issu ed .
Eauilu.— O n t h o b a s is o f t h o v a l u a t i o n a s o f J a n . 1 1 9 1 4 , w it h t h o a d d i
tion o f c o n s t r u c t i o n e x p e n d it u r e s d u r in g 1 9 1 4 t o 1 9 1 7 , i n c l . , t h o e s t im a t e d
r e p r o d u c t i o n c o s t n o w o f t h o p r o p e r t y (o x c lu s i v o o f $ 2 , 1 2 9 , 4 2 8 o f m a t e r ia ls
a n d s u p p l i e s o n h a n d ) a s o f D e c . 31 1 9 1 7 w a s $ 3 0 ,7 9 3 ,2 4 9 .
T o ta l fu n d e d
d e b t o f tho c o m p a n y w ill, w it h t h e p r e s e n t is s u e o f n o t e s , a m o u n t t o
$ 2 2 ,3 4 7 ,0 0 0 . — V . 1 0 6 , p . 1 1 2 4 , 9 1 9 , 8 2 2 .
Capital— Officers.—
T h e U . S , R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 2 , 3 4 8 ,7 0 5 ;
e q u i p m e n t , $ 2 ,5 8 8 ,3 7 3 .
S e o “ N o t e „ai , 0 \ e ’ .
,
.
1 1917
Coupons on
ls f
M.
4s
to be Paid May
2 9 .—
W o a ro a d v is e d th a t th o D e c . 1 1917 c o u p o n o n th o F ir s t M t g o . 4 % g o ld
b o n d s w ill b o p a id o n M a y 2 9 a t t h o U n it e d S t a t e s T r u s t C o . , N o w Y o r k .
T h e c o m m i t t o o , o f w h ic h 'W illia m C h u r c h O s b o r n is C h a ir m a n , f u r t h e r
a d v is e s u s th a t fu n d s h a v e b e e n a d v a n c e d t o p a y th o J u n o 1 1918 c o u p o n .
New Connection.—
T i l ls c o m p a n y lia s b e e n g r a n t e d a u t h o r i t y b y t h o F e d e r a l G o v e r n m e n t
t o c o n s t r u c t a 1 0 0 -m ilo c o n n e c t i o n b e t w e e n W e l d o n , T o x . , o n i t s T r i n i t y
d i v i s i o n , w h ic h is i s o la t e d f r o m t h o m a in s y s t e m , a n d M a r t o n t h o I n t e r
n a t io n a l & G r e a t N o r t h e r n R y . — V . 1 0 6 , p . 1 9 0 1 , 1 4 6 1 .
M is s o u r i P a c ific
R y .—
New Capital— Officers.—
T h o IJ . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 2 ,3 9 4 ,6 0 9 ; e q u i p m e n t , $ 7 ,5 1 7 ,0 5 0 ; o x t o n s l o n s . $ 1 5 ,0 0 0 .
Seo “ N o t o ”
a b o v e .— V . 106, p . 2 1 2 3 , 1910.
Net (after
Fixed
Taxes).
Charges.
Pref.
Dies.
Common Balance.
Divs.
Surplus,
* $ 1 , 4 0 7 , 3 8 8 $ -1 5 4 ,0 2 6 $ 1 5 9 ,1 2 0 $ 4 4 4 ,6 0 5 $ 3 4 9 ,6 3 7
* A ft e r d e d u c t in g in c o m e a n d e x ce s s p r o fit s ta x e s .
T h e t o t a l s u r p lu s D e c . 31 1 9 1 7 w a s $ 3 2 0 ,9 6 4 , a f t e r d e d u c t i n g $ 4 0 6 ,8 2 4
6 % s t o c k d i v i d e n d p a i d J a n . 12 1 9 1 7 , $ 1 6 0 ,0 1 5 r e s e r v e f o r d e p r e c i a t io n
a n d d e p l e t io n o f p r o p e r t y a n d $ 3 ,4 3 9 a d j u s t m e n t s . — V . 1 0 6 , p . 2 1 2 3 , 9 2 5 .
Mt. W a s h in g to n R y .— N ot to Operate This Y ea r .—
T h i s c o m p a n y w il l n o t o p e r a t e t r a in s t o t h e s u m m it o f M t . W a s h i n g t o n
t h is y e a r b e c a u s e o f t h e f a c t t h a t t h e m a j o r i t y o f t h e s p e c i a l l y t r a in e d e m
p l o y e e s h a v e e n t e r e d w a r s e r v ic e . — V . 7 8 , p . 2 8 8 .
N e w Jersey & P e n n s y lv a n ia T rac. Co.— Fare In crea se .—
T h e N e w J e r s e y P . U . C o m m i s s i o n h a s a u t h o r i z e d t h is c o m p a n y t o w i t h
d r a w t h o s a le o f c o m m u t a t i o n t i c k e t s a n d t o in c r e a s e f r o m 5 c t s . t o 6 c t s .
t h o f a r e in e a c h o f t h o f o u r z o n e s b e t w e e n T r e n t o n a n d P r i n c e t o n , N . J .
— V . 105, p . 2366, 2277.
N e w O rlean s Ry. & L ig h t Co.— E arn ings.— B e r t r o n ,
G r is c o m & C o . r e p o r t fo r th e 3 m o n th s e n d in g M a r c h 3 1 :
3 Mos. end.
Gross
Net (after Misc. Bond, A c.. Renewal & Balance,
Mar. 3 1 — Earnings.
Taxes). Discount. Interest. Rcplacem't. Surplus.
1 9 1 8 __________ $ 2 ,0 8 2 ,6 0 3 $ 8 1 2 ,9 3 9 $ 1 2 ,4 8 5 $ 4 8 7 ,6 0 2 N o t s t a t e d $ 3 1 2 ,8 5 2
1 9 1 7 __________ 1 , 9 8 9 , 0 0 0
7 4 7 ,5 2 0
1 0 ,4 9 0
4 6 3 ,9 1 9
5 1 ,6 7 0
2 2 1 .4 4 1
— V . 106, p . 1680, 1577.
N e w Y o rk C e n tra l R R .— N ew Capital — O fficers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t s o u t l a y s
o f $ 3 2 ,4 2 8 ,6 9 3 ; e q u i p m e n t , $ 3 8 ,1 6 8 ,3 9 4 ; e x t e n s i o n s , $ 7 5 ,0 0 0 .
See
N o te
T h e i t e m s o f e x p e n d it u r e s f o r I m p r o v e m e n t s o n t h o N e w Y o r k C e n t r a l
p r o p e r , w h i c h t h o D i r e c t o r - G e n e r a l n a s a p p r o v e d , i n c lu d e m a n y a d d it i o n a l
p a s s in g t r a c k s a n d e n la r g e m e n t s o f y a r d s , a d d it i o n a l i n t e r c h a n g e f a c il i t i e s ,
i n c r e a s e d t e le p h o n e a n d t e le g r a p h w ir e s , a d d it i o n a l s ig n a l i n s t e l l a t i o n , n e w
o r e n la r g e d c o a l i n g p l a n t s , r e p a i r s h o p s . — V . 1 0 6 , p . 2 1 2 3 , 2 0 1 6 , 2 0 1 1 , 2 0 0 2 .
T h e U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u t la y s
o f $ 1 ,3 6 2 ,5 3 8 ; e q u i p m e n t , $ 2 ,6 0 1 ,1 2 0 ; e x t e n s i o n s , $ 6 2 8 ,2 0 0 .
See
N o te ,
a b o v e .— V . 106, p . 2 0 1 1 . 2 00 7.
N e w Y o r k & H arlem R R .— N ew D irectors.—
A lfr e d n . S m ith a n d O g d e n M ills h a v e b e e n e le cte d d ir e cto r s t o s u c c e e d
C h a r le s A . P e a b o d y a n d R o b e r t S . L o v e t t . — V . 1 0 6 , p . 4 9 9 .
N . Y . N . H . & H a r t fo rd R R .— N ew Capital— O fficers.—
T h e U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 1 4 ,7 1 3 ,9 1 9 ; e q u i p . . $ 9 , 6 0 2 , 0 1 0 .
See “ N o te ” a b o v e .
I t is u n d e r s t o o d t h a t t h e f ig u r e a l lo w e d f o r n e w e q u i p m e n t o f $ 9 , 6 0 2 , 0 1 0
d o e s n o t m e a n a n a d d it i o n a l a m o u n t o f r o ll i n g s t o c k t o c o s t t h is s u m b u t
in c lu d e s p a y m e n t f o r e q u i p m e n t a l r e a d y o r d e r e d . — V . 1 0 6 , p . 1 9 0 1 , 1 / 9 / •
N e w Y o rk R a ilw ay s Co.— Operated Co. Sale.—
See C e n tr a l C r o s s to w n R R . a b o v e .— V . 106 , p . 190 1 , 9 2 9 .
N o rfo lk & W e ste rn R y .— New Capital — O fficers .— •
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 8 ,8 8 8 ,1 6 7 ; e q u i p . , $ 1 4 ,6 3 9 ,0 5 7 : e x t e n s i o n s , $ 7 7 ,0 0 0 .
See “ N o te ” a b o v e .
N ew O fficers .—
„ _
P r e s s r e p o r t s s t a t e t h a t C h a ir m a n L . E . J o h n s o n h a s s u c c e e d e d N . D .
M a ile r a s R e s i d e n t , a n d th a t S a m u e l R e a , P re s id e n t o f th e P e n n a . R R .
C o . , h a s t a k e n M r . M a h e r ’s p l a c e a s d i r e c t o r .
_
D ir e c t o r -G e n e r a l M c A d o o h a s a p p o in t e d M r . M a h e r a s R e g io n a l D ir e c
t o r fo r th e n e w P o c a h o n t a s o p e r a tin g d is t r ic t w it h h e a d q u a r te r s a t R o a
noke, V a.
N ew President.— Term inal E xten sion .—
T h i s c o m p a n y , w h ic h c o n n e c t s a t B r i s t o l, T e n n . , w it h t h e S o u t h e r n
R y . , Is r e p o r t e d t o b e e x p e n d in g a b o u t $ 1 , 0 0 0 , 0 0 0 f o r t e r m in a l e x t e n s i o n s
a n d Im p r o v e m e n ts ’ a t B r is t o l.— V . 1 0 6 , p . 1 2 3 7 , 1 2 2 3 .
.
JM _
N o rth e rn C a m b ria (E lectric) R y .— Successor Com pany.
T h o a b o v e is t h o n e w n a m e f o r t h e p r o p e r t ie s o f t h e N o r t h e r n C a m b r i a
S tr e e t R y ., r e c e n t ly p u r c h a s e d t o s a tis fy a m o r tg a g e , C a m b r ia T it le
S a v in g s & T r u s t C o . , t r u s t e o . T h e p r o p e r t y w ill b o o p e r a t e d a s b e f o r e , w it h
s l ig h t c h a n g e s in m a n a g e m e n t .
M . D . K it t e l o f E b e n s b u r g , P a ., a c t in g
f o r t h o ia t o A . W . B u c k o f t h e s a m e c i t y p u r c h a s e d t h o p r o p e r t y f o r $ 5 4 )0 0 .
O ff ic e r s a n d d i r e c t o r s o f t h e s u c c e s s o r c o m p a n y a r e : P r e s . , W . H . D e n I in g e r w h o w a s a ls o P r e s id e n t o f t h e o l d c o r p o r a t i o n ; J a m e s I I . A l l p o r t o r
B a r n e s b o r o , S e c .-T r e a s .
R e m b r a n d t P e a le , V . - P r e s .
T h e d ir e cto r s a re
F . I I . B a rk e r a n d A t t o r n e y P . J . L it t le o f E b e n s b u r g ; W . B A d a ir o f P it t s
b u r g h a n d W i ll ia m B ig le r o f C l e a r f ie l d , P a .
C om p a re V . 106, p . 1231.
N o rth e rn C a m bria S treet R y . — Name Changed— Sold.—
Earnings for the Year ended March 31 1 9 1 8 .
G r o s s e a r n in g s ( in c l u d i n g n o n - o p e r a t i n g r o v e n u e ) .............................. $ 8 , 3 4 7 , 6 1 8
N o t , a f t e r t a x e s a n d d e p r e c i a t io n r e s e r v e
-----------------------$ 2 ,1 5 7 ,8 6 0
A n n u a l in t o r a s t o n f u n d e d d e b t , i n c l. t h o s e $ 2 ,0 0 0 ,0 0 0 2 - y r . n o t e s 1 ,1 2 3 ,7 1 0
Dec.
Gross
Earnings.
1 9 1 7 .................$ 3 , 0 4 6 , 7 6 9
T h e U . S . R a ilr o a d A d m in is tra tio n h a s s a n c tio n e d im p r o v e m e n t o u t la y s
o f $ 1 ,2 1 7 , 7 6 7 .
S eo “ N o t o ” a b o v e .— V . 106 , p . 3 9 6 .
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o f $ 4 4 2 6 ,2 2 5 ; e q u i p m e n t , $ 1 5 ,6 0 1 ,3 3 2 .
S ee “ N o te ” a b o v e .— V . 106, p .
2123. 2018.
M i s s o u r i K a n . & T e x . R y . — New;
M o n o n g ah ela V a lle y T ra c tio n Co.— Annual Report.—
Calendar
Year—
N8W Y o rk C o n n ectin g R R .— N ew Capital.—
M assachusetts Electric Cos.— Sub. Co. Control Bill.—
S oe B a y S ta te S tre e t R y . a b o v e .— V . 1 0 6 , p . 10 3 6 , 4 9 9 .
772
th e .
M obile & O h io R R .— Extension.—
T h i s c o m p a n y 's b r a n c h , k n o w n a s t h e M o b i l e & B a y S h o r e R R . , f r o m
A l a b a m a P o r t t o C e d a r P o i n t , 3 ) 4 m ile s , w a s c o m p l e t e d A p r . 2 7 , g i v in g
M o b ile a n o th e r o u tle t t o th e G u lf o f M e x ic o .— V . 106 , p . 9 2 9 .
N . Y . C h icago & St. L o u is R R .— N ew Capital— O fficers.
M anistee (M ich .) R a ilw a y .— Fare Increase.—
Capitalization
u a p u u n z u n u r*
2229
TIIE CHRONICLE
M ay 25 1918.]
S eo N o r th e r n C a m b ria R y . a b o v e .— V . 1 0 6 , p . 1 2 3 1 .
N o rth e rn Pacific R R . — New Capital— Officers —
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
Seo
N o te
of $ 5 , 1 4 6 , 1 2 3 ; e q u i p m e n t , $ 8 ,6 7 8 ,7 5 7 ; e x t e n s i o n s , $ 2 3 5 ,0 0 0 .
a b o v o .— V .
106, p . 5 0 0 , 190.
O k lah om a R y . — Valuation.—
T h e O k la h o m a S t a t e B o a r d o f E q u a l iz a t i o n o n M a y 1 6 f i x e d t h e v a l u a
t i o n o f t h is c o m p a n y ’s p r o p e r t y a t $ 2 .8 0 0 . 0 0 0 . — V . 1 0 2 . p . 1 9 8 7 .
O m ah a & C o u n cil B lu ffs Street R y . — Wages.—
T h is c o m p a n y h a s in c r e a s e d t h o w a g e s o f it s e m p l o y e e s f r o m 3 5 c t s . t o
4 0 c t s . p e r h o u r .— V . 1 0 6 , p . 1 3 4 5 , 7 1 0 .
O tta w a Electric R y . — Debentures Called.—
F i f t e e n ($ 1 5 ,0 0 0 ) 4 % d e b e n t u r e s d u o J u l y 5 1 9 2 2 h a v e b e e n c a l le d f o r
p a y m e n t J u ly 5 a t p a r a n d in t . a t th e o ffic e o f th e c o m p a n y , O tta w a , O n t.
— V . 104, p . 2343.
Passen ger R ates.— 2 5 % Increase Urged.—
S e e p a g e 2 0 8 7 in la s t w e o k ’ s i s s u e .— V . 1 0 6 , p . 2 1 2 3 .
P en n sy lv an ia R R . — Lease of Delaware Bridge Co.— The
following has been officially revised for the “ Chronicle” :
T h e 1*. S . C o m m i s s io n o f P e n n s y lv a n ia a n d t h e P . U . C o m m i s s io n o f
N J have a p p r o v e d o f t h e le a s e o f t h e r a i lr o a d , b r i d g e , p r o p e r t y a n d f r a n
c h is e s o f t h o D e la w a r e R i v e r R R . & B r i d g e C o . t o t h e P e n n s y lv a n ia R R . .
a n d s a id le a s e is a b o u t t o b e c o n s u m m a t e d .
B y th o term s th e re o f th e
P e n n s y lv a n ia R R . C o . w il l p a y a s r e n t a l a s u m e q u i v a l e n t t o 6 % p o r a n
n u m o n t h e B r i d g e C o . ’s $ 1 , 3 0 0 , 0 0 0 o u t s t a n d i n g c a p i t a l s t o c k , a n d its
t a x e s a n d f ix e d c h a r g e s .
W h e n c o n s u m m a t e d , t h e le a s e w il l b e e r ie c t i v e
a s o f A p ril 1 1918.
New Capital Expenditures— Officers.—
,
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d o n t h e c o m p a n y s
lin e s b o t h e a s t a n d w e s t o f P i t t s b u r g h i m p r o v e m e n t o u t l a y s ^ $ 6 5 ,7 7 5 ,
6 7 1 ; e q u i p m e n t , $ 4 0 ,2 5 5 ,7 7 1 ; e x t e n s io n s , $ 6 , 7 7 5 , 2 1 0 .
See N o te a b o v e .
New Director.—
cinTYumf’ n
^
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Nfiwhnld siipcsods tlio lzito W • I I . B&tdos 3.S director*
P r e s id e n t S a m u e l R e a , i t is s a i d , h a s b e « i n o t i f io d t h a t D i r w t o r - G e n e r a l
M c A d o o h a s d e c i d e d t o a p p o i n t h is o w n F e d e r a l M a n a g e r t o d i r e c t t h e
o p e r a tio n s o f th o p r o p e r t y .
M r . R e a w il l, it is u n d e r s t o o d , r e m a in a t t h e
h e a d o f th e c o m p a n y t o lo o k a fte r th e in te re s ts o f th e s h a re h o ld e rs .
V . 106, p . 2 01 1, 1901.
2230
THE CHRONICLE
r^ e r ® M a r q u e t t e R y .— New
i
Capital Expenditures— Officers.
e q i i i p m e nn ? '« \ Ri ^ 1 ,C 8 2 nfata e e i -xN h t e .?a ,?cl:ione<1 t a p t - o u t la y s o f $ 3 ,9 7 2 ,7 5 9 ;
7
To?s above.
e o u in m Y t, $ 1 ,4 4 ^ 7 ? i .
S at
Decision as to Switching Case.—
San F ra n cisco -O ak lan d Term. R ys.— Coupons.—
. C o u p o n s d u e J u l y 7 1 9 1 7 o n t h e O a k la n d T r a n s i t f ir s t C o n s o l . M t g e .
6 % b o n d s a r e b e i n g p a i d , r e p o r t s s t a t e , a t t h o W e lls F a r g o N e v a d a N a
t io n a l B a n k , S a n F r a n c i s c o . — V . 1 0 6 , p . 1 6 8 9 .
S eabo ard A ir L in e R y . — Neio Capital— Officers.—
T h o u - S . U R - A d m in is tr a tio n h a s s a n c tio n e d im p t. o u t la y s o f $ 2 ,9 6 1 ,1 0 1 :
e q u i p . , $ 5 ,5 9 6 ,6 2 2 ; o x t e n s . , $ 1 5 3 ,0 0 0 .
Seo “ N o t o " a b o v e .— V . 106, p .
2 1 o l , 2113«
Sub. Co. Notes— Director.—
S eo D u q u e s n o L ig h t C o . u n d e r “ I n d u s .” b e lo w .
E v e r e t t B . S w e e z y h a s lb e c n e le c te d a d ir e c t o r .— V . 106 , p . 2 1 2 3 , 1 90 1.
P h ila d e lp h ia
R a p id
ir a n sn o
o o .—
1 9 1 7 -1 8 and 1 9 1 8 -1 9 .
T
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in P h ila d e lp h ia p e titio n s sig n ed b y 9 ,3 8 8 o u t o f 9 ,7 1 4 o f its
e m p lo y e e s a sk in g fo r a fla t increase in w a g e s o f 5 c e n ts an
h o u r a n d re q u e stin g th a t th e c o m p a n y p e titio n th e c it y fo r
c o n s e n t to a n in cre ase in fa r e to 6 ce n ts in ord er to m a k e
p o s s ib le su c h a d v a n c e s in w a g e s , as w ell as n e ce ssa ry a d d i
tio n s to ro llin g s to c k , & c .
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o f t b e n ic tl o n e w h ic h s h o u ld b o g r a n t e d a n d t h e m e n k n o w t h a t
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( P a .) R y s . C o .— Fare
Changes.—
M - w lb i Cr? n ,T .,n f I i r u ° f n a ,1 *t h ? c o m p a n y ’s lin e s t o 7 c t s . w a s a n n o u n c e d
S - r J n t r iJ A " i d ?
? ghA fa r e J t o b 2 10 c t s •■ in c r e a s e s e f f e c t i v e J u n o 2 0 .
A
n 4 ? ° c h a r g e d o n t h o c r o s s t o w n lin o s a n d f o r t r a n s fe r s f r o m
i t a n d f r o m lin o s t o o t h e r lin e s c o n t e m p l a t i n g a r id o b e y o n d t h o 2 -n iiio z o n e
a c h a r g e o f 2 c e n t s Ls t o b o m a d e . — V . 1 0 6 . p . 2 1 2 3 , 2 0 1 1 .
P itt s b u rg h & W e st V irg in ia R y .— Earnings for March
and 3 Mos. end. Mar.
3 1 1 9 1 8 .— ( I n d . W e s t S id e B e lt R R . )
Period in 1 9 1 8 — March.
3 Mos. ^
,
March.
3 Mos.
G r o s s e a r n i n g s . . . $ 2 1 7 , 8 0 2 $ 5 6 7 ,2 3 8 C r o s s i n c o m o ------- $ 8 5 ,5 4 9 $ 1 8 2 ,0 9 0
N e t . a f t e r t a x e s . . $ 4 5 ,4 3 7
8 5 3 3 3 3 D e d u c t i o n s ..............
1 6 ,0 3 5
4 3 ,2 8 6
O t h e r i n c o m e ------1 0 .1 1 2
1281757
N e t i n c o m e ------- $ 6 9 ,5 1 4 $ 1 3 8 ,8 0 4
— V . 106, p. 2 0 1 1 , 168 9.
P u b lic Service R y — Hoboken Fares.—
npT ih l , ^ OW Jt;.r,s0,y
A
U . C o m m i s s io n h a s d is m is s e d t h e p e t i t i o n o f t h o C i t y
p
fl (: d M a r c h 2 6 1 9 1 3 , a s k in g t h a t t h o fa r e s b o r e d u c e d in t h a t
c it y f r o m 5 c e n ts t o 3 c e n t s .— V . 1 06 , p . 8 7 .
A ran s^
i*1 N e w Y o rk . —
Prospective Operations.—
, A,b o L e x i n g t o n a n d S e v e n t h A v o n u o s u b w a y s w ill b o r e a d y f o r o p e r a t i o n
w i,r d / ; u " ° 1 5 , J f a n a g r e e m e n t p r o v i d i n g f o r t r a c k c o n n e c t i o n s a n d o t h e r
w o r k a t T i m e s S q u a r e a n d t h e G r a n d C e n t r a l s t a t io n s is a p p r o v e d in s u f f i w o r k orP h n tt^ Ifn n a
^ E s t i m a t e an<! A p p o r t i o n m e n t .
C o n s tr u c tio n
n o w . rnrt n r w n H i ? 1 c o m p l e t e d w it h t h o e x c e p t i o n o f a f o w m in o r m a t t e r s
n o w u n d e r w a y a t v a r i o u s s t a t io n s .
Wage Demands of Contractors' Employees.—
» f ..t h e c o n t r a c t o r s o n s u b w a y c o n s t r u c t i o n h a v e a d o p t e d a
K o m
M a y 1 5 - v ” ni o r p . 2 0 r l ! & 9 0 ^ !'ea S ed WagCS aSkCd f ° r a r e g r a n t e d
1
R e a d in g C om pan y.— New Capital— Railway Officers.—
« i 7 q u c q q ^ ’ R R : A d m i n i s t r a t i o n h a s s a n c t i o n e d r a i lr o a d i m p t . o u t l a y s o f
$ 1 3 ,3 8 6 ,3 8 7 ; e q u i p . , $ 1 1 ,5 3 2 ,2 7 6 .
S ee “ N o t o ” a b o v e .— V . 106, p . 1786.
R e a d in g T ran sit & L ig h t Co. — Wage Increase.—
T h i s c o m p a n y h a s a n n o u n c e d a n i n c r e a s e o f l c . a n h o u r In t h o w a g e s o f
it s m o t o r m o n , c o n d u c t o r s a n d c a r s e r v ic e m e n .
T h e n e w r a t e w ill b e f r o m
2 8 t o 3 1 c . , d e p e n d e n t u p o n le n g t h o f s e r v i c o , f r o m 1 t o 3 y e a r s .
Sub. Co. Bonds.—
S e o M e t r o p o l i t a n E d is o n C o . u n d e r “ I n d u s . ” b e l o w . — V . 1 0 6 , p . 1 4 6 2 , 2 9 7 .
Sidell & O ln ey R R .— Abandonment.—
Wages— Petition for
Sw-tent Fares— Estimate of Earnings for
St. L o u is -S a n Francisco R y .— New Capital— Officers.—•
T h o U . S . R I t . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 5 ,7 0 9 , 3 9 7 ;
e q u ip ., $ 1 ,6 6 1 ,5 3 3 . S ee “ N o t e ” a b o v e .— V . 106 , p . 2 1 2 3 ,2 0 0 6 .;
p-usnHn f o « A ^ v 9 » o m i r is s io n A^M?-h a lJ ? ° l1 (lp '7 n a m a j o r i t y d e c i s io n in a t e s t
S n n jJ i./
o f -V10 y u r o n i d l i n g C o . , p l a i n t if f , o f H a r b o r B e a c h , M i c h . ,
r e q u i r in g t h e r a i lr o a d c o m p a n y t o m a k e a n a l lo w a n c e t o t h o m il l in g c o r a J W
? 7 j c e n t s p e r c a r f o r s w i t c h i n g i n t e r -S t a o e s h i p m e n t s b e t w e e n t h e
y a r d a n a t h o c o m p l a i n a n t 's p l a n t , a n d o f 4 5 c e n t s p e r c a r f o r
s w i t c h i n g b e t w e e n l o a d i n g a n d u n l o a d i n g p o i n t s w it h in t h e p l a n t . —
v . tu b , p . 15b8, 1462.
P h i l a d e l p h i a C o m p a n y .—
[V o l . 106 .
T h i s c o m p a n y ’s p a t r o n s h a v e a p p li e d t o t h e I llin o is P . U . C o m m i s s io n
r e q u e s t i n g i t t o d e n y t h e c o m p a n y s p o t i t i o n t o a b a n d o n it s s e r v ic e a n d d is
m a n tle its e q u ip m e n t .— V . 1 0 1 , p . 2 5 5 3 .
S o u th e rn Illin o is Ry. & P o w e r Co.— Sale.—
S e o C e n t r a l I llin o is P u b l i c S e r v i c o C o . a b o v o . — V . 1 0 5 , p . 9 1 0 , 7 1 7 .
S o u th e rn N e w Y o rk P o w e r & Ry. C o rp. — Mtge., Ac.—
T h o N o w Y o r k P . S . C o m m i s s io n h a s a u t h o r i z e d t h is c o r p o r a t i o n t o e x e
c u t e a n d d o l iv e r t o t h o E q u i t a b l e T r u s t C o . o f N o w Y o r k , a s t r u s t c o , a
m o r t g a g e o n it s p r o p e r t y t o s e c u r o $ 5 , 0 0 0 , 0 0 0 F ir s t M t g e . 1 0 - y e a r b o n d s .
A n is s u e o f $ 1 , 0 0 0 , 0 0 0 in b o n d s is a u t h o r i z e d , o f w h ic h $ 9 5 2 ,0 0 0 s h a ll b o
e x c h a n g e d f o r S I , 0 8 5 , 0 0 0 F i r s t M t g e . b o n d s o f t h e c o m p a n y is s u e d u n d e r
Its t e r m e r c o r p o r a t e n a m e , t h e O t s e g o & H e r k im e r R R . , a n d t h o b o n d s t h u s
re d e e m e d t o b o ca n c e le d .
B o n d s f o r $ 4 8 ,0 0 0 a r o t o b o u s e d f o r t h e a c
q u i r in g o f a h k o a m o u n t o f c a p i t a l s t o c k o f t h o S o u t h e r n N e w Y o r k P o w e r
C o . , f o r m e r l y t h e C o l l ie r s L i g h t , H e a t & P o w e r C o . , t h o o r d e r a ls o p r o v i d i n g
t h a t a lik e a m o u n t o f b o n d s s h a ll b e c a n c e l e d .
j » i/T n S /P P ^ F n ^
ss^o n b a s a *s o c a n c e l e d a u t h o r i t y t o e x e c u t e a i n o r t g a g o f o r
$ 1 0 ,0 0 0 ,0 0 0 a n d is s u e 5 % b o n d s u n d e r a n o r d e r g r a n t e d O c t . 19 1 9 1 6 .
C o m p a re V . 106, p . 1578, 822 .
S o u th ern O hio T ra c tio n Co. — Default— Committee.—
S eo C in c in n a ti D a y t o n & T o le d o T r a c t io n C o . a b o v o .— Y . 7 4 , p . 1 03 9.
S o u th ern P acific Co.— Nero Capital— Railway Officers.—
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o n t h o lin e s o n t h o c o m p a n y ’s s y s t e m t o a t o t a l o f $ 1 0 ,1 5 0 ,2 7 5 ; f o r e q u i p
m e n t , $ 1 7 ,6 6 8 ,5 1 0 , a n d f o r e x t e n s io n s , $ 1 , 6 1 4 , 3 3 1 .
Seo “ N o t o ” a b o v o .
— V . 106, p . 2123, 1462.
S o u th ern
R a ilw a y .— New Capital— Officers.—
__ T h o U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d I m p t . o u t l a y s o f $ 1 1 ,6 3 6 ,
6 8 4 ; e q u i p m e n t , $ 1 7 ,4 7 6 ,8 2 7 .
S eo " N o t o ” a b o v o .— V . 106, p . 190 1, 1 0 3 7 .
Tennessee R a ilw ay , L ig h t & P o w e r Co.— Loan— Re
funding.—
H o ld e r s o f th is c o m p a n y ’s 8 2 ,5 0 0 ,0 0 0 2 -y o a r 5 %
g o ld c o u p o n n o tes d uo Ju n o 1 n e x t h a v e re ce iv ed th e fo l
lo w in g fro m P res. C . N . C la r k :
T h e T e n n e s s e e R a ilw a y , L ig h t & P o w e r C o . h a s m a d e a p p lic a t io n t o th e
W a r F i n a n c e C o r p o r a t i o n f o r a lo a n o f s u f f i c ie n t m a g n i t u d e t o p r o v i d e
f o r t h o p a y m e n t o f it s $ 2 , 5 0 0 , 0 0 0 o f 5 % g o l d c o u p o n n o t e s m a t u r in g J u n o 1
1918.
A n e f f o r t is b e i n g m a d e t o s e c u r e a n e a r l y h e a r in g u p o n t h o a p p li c a
t io n o f t h is c o m p a n y .
In a s m u c h , h o w o v e r , as it m a y b o im p o s s ib le t o
s e c u r o a c t i o n in t lm o t o p r o v i d e f o r t h o p a y m e n t o f t h e s e n o t e s a t m a t u r i t y ,
t iie h o l d e r s t h e r e o f a r o r e q u e s t e d t o w it h h o l d p r e s e n t a t io n f o r p a y m e n t
u n t il t h o d e c i s io n o f t h o W a r F l n a n c o C o r p o r a t i o n Is r e a c h e d .
W e h a v e c o m m u n i c a t e d w it h t h e o w n e r s o f a la r g e a m o u n t o f t h o s e n o t e s ,
w h o h a v e a c q u i e s c e d in o u r r e q u e s t , a n d w o t r u s t t h a t t h o h o l d o r s o f t h o
b a l a n c e o f t h o n o t e s w ill fe e l j u s t i f ie d in n o t p r e s e n t in g t h e ir n o t e s f o r p a y
m e n t a s h e r e in s u g g e s t e d .
P r o m p t n o t i c e w ill b o g i v e n a s s o o n a s a c t i o n
is t a k e n b y t h o W a r F i n a n c o C o r p o r a t i o n .
C o u p o n s d u o J u n o 1 1 9 1 8 w ill o o p a i d a s u s u a l u p o n p r e s e n t a t i o n , a n d
t h o n o t e s w ill o f c o u r s o c o n t in u e t o d r a w I n t e r e s t u n t il d a t e o f p a y m e n t . —
V . 106, p . 1462.
Texas E lectric R ys.— Strike Declared Off.— •
T r a in m e n w h o s tr u c k M a r c ii 9 fo r s h o rte r h o u rs a n d r e c o g n itio n o f th e
u n io n w e r e r e fu s e d a n d h a v e r e t u r n e d t o w o r k . — V . 1 0 6 , p . 3 9 7 .
Texas & P acific R R .— New Capital— Officers.—
T h o U . S . R R . A d m in is tr a tio n h a s s a n c tio n e d im p t. o u t la y s o f $ 3 ,1 1 7 ,5 5 9 :
e q u ip m e n t , $ 3 ,0 3 7 ,8 5 2 .
S eo " N o t o ” a b o v e .— V . 106, p . 1231.
T oledo & O hio C e n tral R y .— New Capital— Officers.—
T h e U . S . R R . A d m in is tr a tio n h a s s a n c tio n e d im p t. o u t la y s o f $ 1 ,3 0 8 ,1 4 1 ;
e q u i p . , $ 4 , 4 8 0 , 1 1 1 ; e x t . , $ 7 3 7 ,7 7 5 .
S eo “ N o t o ” a b o v e .— V . 106, p . 2 1 2 4 .
T oledo St. L o u is & W est. R R .— New Capital— Officers.
T h e U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 7 1 4 ,1 3 4 ;
e q u ip m e n t , $ 3 ,7 6 7 ,5 0 0 .
S eo “ N o t e " a b o v o .— V . 106, p . 1462.
T re n to n Street R y .— Listing in Philadelphia.—
T h e P h ll a . S t o c k E x c h a n g o h a s p l a c e d o n t h o r e g u la r lis t a n a d d it i o n a l
$ 1 2 0 ,0 0 0 o f t h is c o m p a n y ’s c o n s o l id a t e d m o r t g a g o 5 % b o n d s d u o 1 9 3 8 ,
m a k i n g t o t a l n o w lis t e d $ 1 , 1 3 0 , 0 0 0 . — V . 9 4 , p . 8 2 8 .
T o n o p a h & G o ld fie ld R R .— Annual Report.—
Periods
Ending—
Gross
Earns.
Total Net Int., Pf. Divs. Com.I>io.
Balance,
Income. Rents,Ac.(7%p.a.) (7%p.a.) Sur.or Def.
12 m o s . t o D e c .
31 1 9 1 7 --------- $ 6 2 5 ,6 1 2 $ 2 7 4 ,9 8 6 $ 1 2 1 ,9 5 6 $ 3 5 ,0 0 0 $ 1 1 5 ,5 0 0 s u r .$ 2 ,5 2 9
6 m os. to D ec.
3 1 1 9 1 6 --------- 3 2 1 ,9 0 7
1 2 7 ,9 7 8
5 3 ,3 1 8
1 7 ,5 0 0
5 7 ,5 7 0 d o f .
590
— V . 106, p . 397.
U n io n P acific R R .— New Capital— Officers.—
T h o U . S . R a il r o a d A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p r o v e m e n t o u t l a y s
o r $ 1 6 ,1 0 8 ,6 0 8 ; e q u i p m e n t , $ 1 3 ,7 6 4 ,3 8 4 ; e x t e n s io n s , $ 8 1 7 ,1 5 9 .
8
Seo “ N o te ;’
abovo.
Regional Director.—
B.
L . W i n c h e ll , t r a f f i c d i r e c t o r , it is r e p o r t e d , lia s b e e n a p p o i n t e d a s
R e g io n a l D i r e c t o r f o r t h o S o u t h e r n D i s t r i c t , w it h h e a d q u a r t e r s a t A t l a n t a ,
t o s u c c e e d C . I I . M a r k h a m , w h o h a s b een m a d e d ir e c to r o f th o n ow A l l e
g h e n y r e g i o n .— V . 1 0 6 , p . 1 5 7 8 , 1 4 6 2 .
U n ite d P o w er & T ra n sp o rta tio n C o. — Sub. Co. Listing.
S eo T r e n t o n S tr e o t R y . a b o v e .— V . 106, p . 1462, 92 5 .
V irg in ia n R a ilw a y .— New Capital— Officers.—
T h e IT. S . R R . A d m i n i s t r a t i o n s a n c t i o n e d i m p t . o u t l a y s o f $ 4 , 3 8 6 , 1 5 0 ;
e q u i p . , $ 4 , 0 0 7 , 6 9 3 ; e x t . , $ 2 3 7 ,4 4 4 . S e e “ N o t e ” a b o v e . — V . 1 0 6 , p . 1 9 0 2 .
W a g e s . — Table Showing Estimate of Increased Cost Result
ing from Railroad Wage Commission Aaward.—
S e o p a g e 2 0 8 6 In la s t w e e k ’s ls s u o .— V . 1 0 6 , p . 2 1 2 4 , 2 0 1 2 .
W e ste rn P ac ific R R . — New Capital— Officers.—
T h o U . S . R R . A d m i n i s t r a t i o n h a s s a n c t i o n e d i m p t . o u t l a y s o f $ 9 7 7 ,0 2 4 ;
e q u ip ., $ 4 ,1 4 9 ,1 3 3 .
Seo “ N o t e ” a b o v e .— V . 106, p . 1892. 1787.
W isco n sin C en tral R R . — Bonds.—
T h e W i s c o n s i n R R . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o is s u e
a b o u t $ 1 ,8 9 0 , 0 0 0 F i r s t & R e f u n d in g M t g e . b o n d s o f t h o is s u e o f 1 9 0 9
( $ 5 , 8 1 6 , 0 0 0 o u t s t a n d i n g a t la s t a c c o u n t s ) , t o b e s o l d a t n o t le s s t h a n 7 5 .
T h e p r o c e e d s o f t h o is s u e a r o t o b o u s e d f o r t h e r e t ir in g o f F ir s t G o n e r a l
M t g o . b o n d s o f t h o (s u b s id ia r y ) M a r s h f ie l d A S o u t h e a s t e r n I t y . a n d f o r
a d d i t i o n a l e x t e n s io n s a n d i m p r o v e m e n t s . — V . 1 0 6 , p . 8 1 8 , 5 0 0 .
W isco n sin & N o rth e rn R R . — Proposed Extension.—
S u b je c t t o t h e p e r m is s io n o f t h o D ir e c t o r - G o n e r a l o f R a i l r o a d s , t ills
c o m p a n y w ill c o n s t r u c t a 1 4 -m ile e x t e n s i o n f r o m B l a c k C r e e k , W l s . , t o
A p p le t o n .
R e s id e n t s o f A p p l e t o n h a v o s u b s c r ib e d t o a n Is s u e o f $ 2 0 0 ,0 0 0
o f t h o c o m p a n y ’s 6 % n o t e s , a s r e q u i r e d In o r d e r t o b r i n g a b o u t t h e e x
te n s io n .— V . 1 03 , p . 2 4 0 .
Zanesville & W e stern R y . — Earnings, Ac .—
See T o le d o
& O h i o C e n t r a l R R . u n d e r " R e p o r t s ” a b o v e . — V . 1 0 0 .p . 4 0 0 .
M ay 25 1918.]
IN D U S T R IA L
AND
M IS C E L L A N E O U S .
A b i t i b i P o w e r & P a p e r C o ., L t d .— Offering of Debenture
R o y a l S ecu rities C o r p ., L t d ., M o n t r e a l, h as o f
fered a t 8 7 a n d i n t ., y ie ld in g o v e r 8 > 2 % , th e su b sc rip tio n
list c lo sin g o n or b e fo re A p r . 3 0 , 8 1 ,0 0 0 ,0 0 0 7 % C o n v e r tib le
M o r t g a g e d e b e n tu re sto c k d a te d D e e . I 1 9 1 7 , duo D e c . 1
1 9 3 2 , b u t c a lla b le a t th e c o m p a n y ’s o p tio n a t 1 1 0 % a n d in t .
a t a n y tim e o n or b e fo re M a r . 1 1 9 2 1 .
Stock.—
In te r e s t J . & D . a t M o n t r e a l, T o r o n t o , N e w Y o r k a n d C h ic a g o .
R e g is
t e r e d c e r t i f ic a t e s in m u l t i p l e s o f $ 1 0 0 .
C o n v e r tib le a t th e h o ld e r s ’ o p t io n
i n t o c o m m o n s t o c k a t p a r a t a n y t im e a f t e r M a r c h 1 1 9 2 1 .
T ru stee,
M on trea l T ru st C o .
D ig e s t o f L e t t e r f r o m P r e s . P . H . A n s o n , M o n t r e a l, A p r . 10 1 91 8.
Company.— I n c o r p o r a t e d in C a n a d a a n d m a n u f a c t u r e s n o w s p r in t p a p e r
a n ti p u l p , w it h m ills a t I r o q u o i s F a ll s o n t h e A b i t i b i I t iv e r , N o r t h e r n O n
t a r io .
C o n t r o l s u n d e r le a s e f r o m t h e O n t a r io G o v t , o v e r 1 ,0 0 0 ,0 0 0 a c r e s
o f p u l p w o o d la n d s a n d w a t e r p o w e r s o f a b o u t 4 8 , 0 0 0 h . p .
P u lp a n d p a p e r
m ills o f s t e e l a n d c o n c r e t e f i r e p r o o f c o n s t r u c t i o n , h a v e a p r e s e n t a n n u a l
c a p a c i t y o f a b o u t (5 2 ,0 0 0 t o n s o f n e w s p r in t , 2 1 , 0 0 0 s u r p lu s s u l p h i t e p u l p ,
2 2 , 5 0 0 t o n s s u r p lu s m e c h a n i c a l p u l p .
I t is i n t e n d e d t o in c r e a s e c a p a c i t y
t o a n u l t im a t e p r o d u c t i o n o f 1 2 0 ,0 0 0 t o n s o f n e w s p r in t a n n u a l ly , w it h d e
v e lo p e d w a te r p o w e r s o f 4 8 ,0 0 0 h . p .
C a p it a liz a t io n :
C o m m o n s t o c k ( f u r t h e r 8 1 ,0 0 0 , 0 0 0 f o r c o n v e r s i o n o f d e b e n t u r e
-$ 5 ,0 0 0 ,0 0 0
s i o e k ) .......................................................
7 % c u m u l a t i v e p r e f e r r e d s t o c k ----------------------------------------------------------- 1 ,0 0 0 .0 0 0
F u n d e d d e b t ( in c l u d i n g t h is i s s u e ) ----- ----------6 ,4 0 0 ,7 0 0
T h o c o m p a n y c o n t r o ls t h r o u g h le a s o f r o m t h e G o v t , o f O n t a r io t h r e o
w a t e r p o w e r s , C o u c h i c h i n g F a lls , T w i n F a lls a n d I r o q u o i s F a ll s , o n t h o
A b i t i b i R i v e r , w ld c h is t h e o n l y o u t l e t o f A b i t i b i L a k e , w it h a c o m b i n e d
a v a i l a b l e c a p a c i t y o f o v e r 4 8 .0 0 0 h . p . , o f w h ic h 2 8 ,0 0 0 h . p . h a s b e e n d e
v e lo p e d to d a te .
U n d e r a s im ila r le a s o a p p r o x i m a t e ly 1 , 0 0 0 ,0 0 0 a c r e s o f
p u l p w o o d la n d s a r o c o n t r o l l e d , w h ic h a r e e s t im a t e d t o c o n t a i n o v e r 5 ,0 0 0 ,
0 0 0 c o r d s o f p a p e r-m a k in g w o o d s .
T h o A b it ib i w a te rs h e d , a b o v e I r o q u o is
F a ll s , c o n t a i n s o v e r 1 5 ,0 0 0 ,0 0 0 c o r d s .
T h o p r o d u c t is p r i n c ip a ll y m a r k e t e d In t h o U . S .
S ta tis tic s o f e x p o r t o f
p u l p a n d n e w s p r in t p a p e r t o t h e U . S . f o r y e a r s e n d in g M a r . 3 1 f o l l o w :
Chemical Pulp.MechanicalPulp. Newsprint.
1 9 0 9 - 1 9 1 0 ....................................................$ 1 , 0 5 8 , 8 4 0
$ 3 ,5 4 5 ,7 5 1
$ 2 ,0 1 2 ,2 4 3
1 9 1 0 - 1 9 1 1 . ..............................- ................... 1 ,3 0 8 ,1 0 1
4 ,4 0 7 ,4 3 1
3 ,0 9 2 ,4 3 7
1 ,5 8 7 ,5 3 5 3 , 5 0 7 , 7 7 0 3 , 2 9 1 , 9 2 6
1 9 1 1 - 1 9 1 2 ...............................
1 9 1 2 - 1 9 1 3 .................................................
2 ,1 0 0 ,8 4 2
3 ,4 0 8 ,7 0 2
5 ,0 9 2 . 1 2 6
1 9 1 3 - 1 9 1 4 ................................................... 2 , 9 2 3 , 0 8 3
3 ,4 4 1 ,7 4 1
1 1 ,3 8 5 ,8 4 5
1 9 1 4 - 1 9 1 5 ................................................
4 ,8 0 0 ,0 2 2
4 ,4 5 9 ,5 3 9
1 4 ,0 9 1 ,0 8 2
1 9 1 5 - 191(5................................................... 0 ,8 0 1 ,0 1 1
3 ,7 7 5 ,5 3 7
1 7 ,9 7 4 ,2 0 2
6 ,3 7 1 ,1 3 3
2 3 ,5 9 4 ,1 3 4
1 9 1 0 - 1 9 1 7 . ....................................- ............. 1 4 ,0 3 2 ,9 5 0
Security.— A d i r e c t m o r t g a g o o n p r e s e n t a n d f u t u r e f ix e d a s s e t s , s u b j e c t
o n l y t o t h e S e r ia l F ir s t M o r t g a g o b o n d s a n d o t h e r p r i o r s e c u r it ie s o u t s t a n d
in g a g g r e g a tin g $ 5 ,4 0 0 ,7 0 0 .
P r o v i s io n f o r a n n u a l r e d e m p t io n o f t h o s e
is p r o v i d e d b y s in k i n g f u n d a n d s e r ia l r e t ir e m e n t o f b o n d s a n n u a l ly f r o m
1919 t o 1934.
A fu r th e r $ 1 ,0 0 0 ,0 0 0 d e b e n tu r e s t o c k m a y b o issu e d r a n k
in g p a r i p a s s u w it h t h is is s u e i f r e q u i r e d f o r f u r t h e r c a p i t a l e x p e n d it u r e .
Valuation.— A n e n g in e e r s ’ r e p o r t d a t e d O c t . 13 1 9 1 7 s t a t e d a c o n s e r v a
t i v e e s t im a t e o f t h o v a lu e o f t h o u n d e r t a k in g m ig h t b o a t lo a s t $ 1 3 ,2 0 0 ,0 0 0 .
Earnings for Calendar Year 1 9 1 7 .
A v a i l a b l e f o r in t e r e s t a n d d e p r e c i a t i o n r e s e r v e s _________ ________ . . $ 1 , 1 3 9 , 2 7 5
S u r p lu s a f t e r i n t e r e s t f o r y e a r o f $ 3 0 1 ,4 1 1 ____________________________ $ 7 7 7 ,8 0 4
O n t h o b a s is o f p r o d u c t i o n a m i c a p a c i t y a s o f O c t . 13 1 9 1 7 , t h o m in im u m
a n n u a l n o t p r o f i t s f o r 1 9 1 8 a n d f o r a t lo a s t s o v c r a l y e a r s f o ll o w i n g , a f t e r
d e p r e c i a t i o n , a c c o r d i n g t o e n g i n e e r s ’ r e p o r t s , s h o u l d b o r a t e d a t n o t less
t h a n ......................................._ _ ............. ....................... I . ______________ ________ - . . $ 1 , 3 2 0 , 0 0 0
M a x i m u m p r i o r i n t e r e s t c h a r g o s , t o d e c r e a s e a n n u a l l y -----------------3 3 2 ,(5 3 4
S u r p l u s __________________________________________________________________________
$ 9 8 7 ,3 6 6
Directors (anil Officers).— F . I t . A n s o n ( P r e s . ) a n d S h i r l e y O g i l v i o
( V i c o - l ’r o s . ) , M o n t r e a l : E . M . M i l l s ( V i c o - P r o s . ) , C h i c a g o ; G e o r g e E .
C l i a l l e s , G o o r g o II. K i l m e r a n d W . IC . G e o r g e , T o r o n t o : H o n . G e o r g o
G o r d o n , N o r t h H a y , O n t .; V ic to r E . M i tc h e l l , K .Q ., a n d S ir T h o s . T a i t ,
M o n tre a l. — V . 1 0 3 , p . 2 1 5 7 .
A d iro n d a c k E lectric P o w e r C o rp . — Deposits Under Plan.
A b o u t 9 5 % o f t h o $ 9 ,5 0 0 ,0 0 0 c o m m o n s t o c k a n d a n e q u a l p r o p o r ti o n o f
t h o preferred l i a s b e e n d e p o s i t e d o r w i l l b e d e p o s i t e d a s a s s e n t i n g t o t h e
m e r g e r p la n a s g iv e n in V . 1 0 5 , p . 2 5 4 4 .— V . 1 0 6 , p . 9 3 0 , 8 1 8 , 8 8 .
A e tn a E xplo sives Co. — Oakdale Plan Destroyed.—
T h i s c o m p a n y ’s T . N . T . p l a n t a t O a k d a l e , P a . , w a s d e s t r o y e d b y e x
p lo s io n M a y 18.
R e c e iv e r B . I I . O d e ll, h o w e v e r , h a s t a k e n u p t h o m a t t e r
o f a r r a n g in g fo r th e r e b u ild in g o f th o p l a n t w itli d o u b le t h e c a p a c ity o f th o
o ld o n e , a n a d v a n c e f r o m th o G o v e r n m e n t b e in g s o u g h t fo r th is p u r p o s e .
Order Affirmed.—
T h e U . S . C ir c u it C o u rt o f A p p e a ls a t N e w Y o rk o n M a y 2 4 h a n d e d d o w n
a d e c is io n a f f ir m in g th o r e c e n t o r d e r o f J u d g e J u liu s M . M a y e r , in th o U . S .
D is tr ic t C o u r t, p o s tp o n in g th o a n n u a l m e e tin g o f th o s to c k h o ld e r s o f th o
c o m p a n y , a t w h ic h tim e h o a n n o u n c e d t h a t h o w o u ld m a k e a d d itio n a l p o s t
p o n e m e n ts fr o m tim e to tim o u n til th o m e e tin g w o u ld fin a lly b e p e r m itte d
3 0 d a y s p r io r to th o d is c h a r g e o f th o re c e iv e rs .— V . 1 0 6 , p . 2 0 1 2 , 1 9 0 2 .
A m erican C a n Co. — Federal Trade Commission’s Com
plaint— Official Statement.—
S eo p a g e
2231
THE CHRONICLE
1 9 0 2 in o u r is s u o o f M a y
1 1 .— V . 1 0 6 , p . 2 0 1 2 , 7 0 4 .
A m erican G as Co., P h ila .— Dividend Reduced— Rates.—
A q u a r t e r l y d i v i d e n d o f 1 'A % h a s b e e n d e c l a r e d o n t h o s t o c k p a y a b l o
J u n o I t o h o ld e r s o f r e c o r d M a y 2 2 .
T h e la s t d i s t r i b u t i o n p a i d M a r . 1
w as 2 % .
I U g lie r o p e r a t i n g c o s t s , i t is s t a t e d , w it h w h ic h t h e c o m p a n y
h a s h a d t o c o n t o n d h a v e b e e n c o n s p i c u o u s a s t o o il a n d c o a l s u p p l i e s .
L a b o r h as d o u b le d .
M a t e r i a l f o r im p r o v e m e n t s h a s b e e n v e r y e x p e n s iv e
a n d d e l iv e r i e s s l o w .
P ros. M . W . S tr o u d is q u o te d as s a y in g :
W e h a v o m a d e a p p l i c a t i o n f o r a d v a n c e s in r a t e s a t v a r i o u s p o i n t s a n d
t h u s f a r n o n e o f t h e m h a v o b e e n r e fu s e d .
Q u it o a n u m b e r h a v o b o o n g r a n t e d
a n d a r o in o p e r a t i o n , w liilo o t h e r s p r o p o s e d h a v o n o t y e t b e e n f il e d .
I t is h o p e d a n d e x p e c t e d t h a t t h e P u b li c S e r v ic e C o m m i s s io n s w ill a c t
f r e e l y in t h is m a t t e r , a s t h e r a t e s a r e a ll j u s t i f ie d a n d i f t h e y a r o a ll g r a n t e d
w ill tfo a l o n g w a y t o w a r d o f f s e t t i n g t h o in c r c a s o in o p e r a t i n g c o s t s t h a t w o ,
in c o m m o n w it h a ll g a s c o m p a n i e s , a r o o b l ig e d t o m o o t .
T h r e e n o w p la n t s n o w b e in g c o m p l e t e d s h o u l d a ls o h e l p o u r e a r n in g s b y
in c r e a s in g o p e r a t i n g e f f i c i e n c y .
O n e is l o c a t e d a t C r o m l y n e a r P h o e n i x v i ll o , P a ., o p e r a t e d b y t h o P h ila d e lp h ia & S u b u r b a n G a s C o . ; a n o t h e r is
a t W a t e r l o o , l a . , a n d t h o o t h e r is o u r L u z e r n e C o u n t y p l a n t a t P l y m o u t h ,
P a . — V . 10(5, p . 1 5 7 6 .
A m erican L a Fran ce Fire E ngin e Co. — Dio. Not Reduced
T h e r e g u la r q u a r t e r l y d i v i d e n d o f 1 'A % o n t h e s t o c k w a s p a i d M a y 15.
T h o d i v i d e n d h a s n o t b e e n r e d u c e d t o 1)4% a s w a s e r r o n e o u s l y r e p o r t e d
la s t w o o k .— V . 1 0 6 , p . 2 1 2 4 .
A m erican M u ltig ra p h Co. — Extra Dividend.—
A n e x t r a d i v i d e n d o f 5 % h a s b e e n d e c l a r e d o n t h o s t o c k , a l o n g w it h t h o
r e g u la r q u a r t e r l y 2 % , b o t l i p a y a b le J u n o 1 t o h o ld e r s o f r e c o r d M a y 2 0 .
— V . 100, p . 9 2 5 .
A m erican S u g a r R e fin in g Co. — Important Investment
Holdings— “ Latent Equities and Possibilities. ” — L a m b o r n &
o f t h o U . S . is a l lo w e d a m a r g in o f 1 3 0 p o i n t s p e r 1 0 0 lb s . b e t w e e n it s c o s t
o f r a w s u g a r a n d it s s e llin g p r i c e o f r e f i n e d , a s a g a i n s t a p r e - w a r m a r g i n o f
8 4 . 7 , t h is m a r g i n c o v e r i n g t h e c o s t o f r e fi n i n g , d i s t r i b u t i o n a n d p r o f i t , a n d
w h ilo t lio in c r e a s e d m a r g in a s a g a i n s t t h o p r e - w a r r a t e is g r a n t e d o n a c c o u n t
o f t h e in c r e a s e d c o s t o f l a b o r , p a c k a g e s , & c . , n e v e r t h e l e s s t h e a g r e e m e n t
b e t w e o n t h e U . S . F o o d A d m i n i s t r a t i o n a n d t h e r e fin e r s m a k e s i t m a n d a
t o r y u p o n b o t h s id e s t o d e c r e a s e o r in c r e a s e t h e m a r g in b e l o w o r a b o v e 1 3 0
p o in t s w h e n c o s ts d e cre a s e o r in cre a s e .
C o n t i n g e n t r is k s a r e t h e r e f o r e
p r a c t i c a l l y e l im i n a t e d .
T lio c o m p a n y h a s n o b o n d e d d e b t .
W o w o u l d e m p h a s i z e t h a t m a n y o f t h e c o m p a n y ’s i n v e s t m e n t h o l d i n g s
a r o c a r r ie d o n it s b o o k s a t Tar b e l o w c u r r e n t m a r k e t v a l u a t i o n s — t h e p r e s e n t
m a r k e t v a l u e $ 2 9 ,9 8 9 ,2 8 2 , c o m p a r i n g w i t h $ 1 0 ,0 8 2 ,7 1 0 , t h e c o m p a n y s
v a l u a t i o n , a s f o ll o w s :
Held by A . S. R. Co.
Co.’s Val'n.
Reel Sugar Companies— No. Shrs.
A l a m c d a S u g a r C o . ( p a r $ 2 5 ) - 1 4 ,8 5 0
C o n t i n e n t a l S u g a r C o ___________ ___
“ S "Jf
Present
Value.
Increase.
$ 3 7 1 ,2 5 0
$ 5 0 5 ,4 4 0
$ 3 5 2 ,3 7 5
$ 5 0 5 ,4 4 0
$ 1 8 ,8 7 5
------------
o o f . 0- ' "
5 1 . 7 5 2 ) S 4 . 0 5 2 .2 8 7 / S 5 . 4 8 5 .7 1 2 ) S 1 2 .7 4 7 . 1 8 5
C o m m o n ( p a r $ 1 0 0 ) ---------- 3 6 , 4 9 6 /
t $ ll,3 1 3 ,7 6 0 /
I o w a S u g a r C o ___________________
___
$ 4 0 5 ,6 5 0
$ 4 0 5 ,0 5 0
---------M ic h ig a n S u g a r C o .—
_ „
„ „ „ __
$ 8 4 0 ,5 1 2
$ 3 ,1 5 i , 4 i 0
P r e f e r r e d ( p a r $ 1 0 0 ) ______ 2 0 ,4 3 8 1 $ 2 , 3 1 6 , 9 5 8
C o m m o n ( p a r $ 1 0 0 ) ______ 1 7 , 5 7 4 /
SPm o n ' T p a r T f o O ) ^ ” - - -
2 5 ,0 0 0
$ 2 ,4 5 0 ,0 0 0
* $ 8 ,7 5 0 ,0 0 0
$ 6 ,3 0 0 ,0 0 0
T o t a l ____________________
$ 1 0 ,0 8 2 ,7 1 0 $ 2 9 ,9 8 9 ,2 8 2 $ 1 9 ,9 0 0 ,5 7 2
♦ C lo s e ly h e l d , v a l u a t i o n b a s e d o n s e llin g p r i c e o f b e e t s u g a r
c o s . , j ia y i n g
s im ila r d i v i d e n d .
T h o e n tire “ in v e s tm e n t g e n e r a l” a c c o u n t a s ite m iz e d fo r u s b y th e c o m
p a n y o f f i c i a l s a g g r e g a t e s $ 2 4 ,7 8 2 ,5 4 0 , v i z . :
.
M a r k e t s e c u r it ie s a t m a r k e t p r i c e D e c . 31 1 9 1 7 ----------------------------- $ 7 ,9 1 2 , 9 2 5
R e e t s u g a r s t o c k s (a s a b o v e ) ---------------------------------------------------------------- 1 0 ,0 8 2 ,7 1 0
N a t io n a l S u g a r R e f i n i n g C o . , 2 4 ,2 8 9 s h a r e s ( q u o t e d a r o u n d p a r ,
t h e A . S . It. C o . ’s v a l u a t i o n , b u t e a r n e d la s t y e a r a f t e r d o p r o c ia t i o n a n d t a x e s o v e r 3 0 % ) ---------------- ----------------- -- — --------- -- 2 , 4 2 8 , 9 0 0
S u n d r y p r o p e r t ie s , i n c h W e s t S t . B l d g , ( n o t s u b . t o m a r k e t c h a n g e ) 4 , 3 5 8 , 0 0 5
M o r e o v e r , i f w e a d d t h e in c r e a s e d v a l u e o f t h e beet, s t o c k s t o “ i n v e s t m e n t
g e n e r a l , ” t h e t o t a l is s w e lle d t o $ 4 4 ,6 8 9 ,1 1 2 , o r in o t h e r w o r d s , e n o u g h t o
p a y o f f p r a c t i c a l l y t h o e n t ir e is s u e o f p r e f e r r e d , l e a v i n g a ll t h e r e m a in in g
a s s e t s f o r h o ld e r s o f t h o $ 4 5 ,0 0 0 ,0 0 0 c o m m o n s t o c k .
T h o s u g a r in v e s t
m e n t s a l o n e p r o d u c e d in i 9 i 7 a n i n c o m e o f $ 3 , 8 9 0 , 6 7 8 , o r e n o u g h t o p a y a
d i v i d e n d o f 8 . 0 5 % o n $ 4 5 ,0 0 0 ,0 0 0 s t o c k . — V . i 0 6 , p . 2 i 2 4 , 2 0 1 2 .
A m erican T o bacco C o.— Notes Extended.—
T h i s c o m p a n y ’ s is s u o o f 9 0 - d a y 6 % d i s c o u n t n o t e s , o r ig in a ll y is s u e d in
N o v . 1 9 1 7 t o p r o v i d e f o r g r e a t l y i n c r e a s e d b u s in e s s , a n d w h ic h f a ll d u e
M a y 2 7 , w ill b o r e n e w e d f o r t h r e e m o n t h s . — V . 1 0 6 , p . 1 9 0 2 , 1 5 7 8 , 8 2 2 .
A m erican W in d o w G lass M ach. Co., P itts b .— Report.—
Results for Years ending April 3 0 .
1917-1 8.
1916-17.
1916-17.
1917-18.
T o t a l in c o m e _______5 1 ,9 7 9 ,2 4 1 $ 3 ,5 7 5 ,5 2 2
Earnings— R oyalty
2 0 1 ,3 3 4
9 6 ,0 6 2
received_____ ..$1,978,278 $3,572,740 E x p ., ta x es, & c ____
2,782 D iv id e n d s _________ 1,8 5 4 ,6 4 8 3 ,3 9 4 ,9 0 7
963
Other Income . . . .
R a te per c e n t_____
(2 6 1 4 % )
(4 8 1 4 % )
B a la n ce _______ d e f .5 7 6 ,7 4 0 sur .$ 84,553
_____________
___________ e e n t h is c o m p a n y a n d t h e
A m e r . W i n d o w G la s s C o . , t h e t o t a l a m o u n t o f r o y a l t y w h ic h
h a s a c c r u e d f r o m t h e d a t e o f t h e lic e n s e t o A p r i l 12 1 9 1 8 i s _ _ $ l l , 1 1 7 , 3 4 3
A g a in s t w h ic h t h o A m e r i c a n W i n d o w G la s s C o . h a s p a id t o t h is
c o m p a n y o n a c c o u n t d u r in g th o y e a r e n d e d A p ril 3 0 1910 $ 2 ,
1 4 4 ,4 5 6 , a n d f o r t h e y e a r e n d e d A p r i l 3 0 1 9 1 7 , $ 3 , 5 7 2 , 7 3 9 , a n d
f o r y e a r e n d i n g A p r i l 3 0 1 9 1 8 , $ 1 ,9 7 8 ,2 7 8 : t o t a l ------------------------7 ,6 9 5 ,4 7 3
Total Incom e. ..$1,979,241 $3,575,522
B a la n c e d u o ( n o t i n c lu d e d in t h e a b o v e s t a t e m e n t ) ---------------- $ 3 , 4 2 1 , 8 7 0
Balance Sheet April 3 0 .
1918.
1917.
1918.
1917.
TAabUUies—
$
$
Assets__
S
S
Pat. rights in U .S . 0,999,000 6,999,000 P referred s t o c k ___ 6 ,9 9 8 ,9 9 4 6 ,9 9 8 ,6 4 4
C o m m o n s t o c k ___12,9 9 7 ,9 9 4 1 2 ,9 9 7 ,6 4 4
Invest.: 129,97914
D iv id e n d s u n p a id 7
7
shs. com . stock
A c c ’ ts p a y a b le ,& c.
----------240
of Am . W indow
1 6 ,125
9 2 ,8 6 5
Glass C o ______ 12,997,988 12.997,288 P rofit an d lo s s ____
Cash, ....................
10,132
93,112
T o t a l ......................2 0 ,0 1 3 ,1 1 9 2 0 ,0 8 9 ,3 9 9
T o t a l ..................20,013,119. 20,089,399
— V . 100, p . 192.
A riz o n a G as & Electric Co.— Bonds.—
T h i s c o m p a n y h a s a p p li e d t o t h o A r i z o n a C o r p o r a t i o n C o m m i s s io n f o r
a u t h o r i t y t o is s u o $ 1 , 0 0 0 , 0 0 0 in b o n d s , p r o c e e d s t o b o u s e d t o p a y f o r o u t
s t a n d i n g i n d e b t e d n e s s a n d a n a d d it i o n a l g e n e r a t i n g u n i t . — V . 1 0 4 , p . 2 1 2 0 .
A rlin g to n (M ass.) G as L ig h t Co.— Rates.—
T l i o M a s s a c h u s e t t s B o a r d o f G a s & E l e c t r i c L i g h t C o m m i s s io n e r s h a s
g r a n t e d t h is c o m p a n y a u t h o r i t y t o i n c r e a s e i t s r a t e s f r o m $1 1 0 p e r 1 , 0 0 0
c u . f t . t o S I 2 5 .— V . 9 7 , p . 135 8.
A tlas P o w d e r Co.— Extra Dividend.—
A n e x t r a d i v i d e n d o f 3 % h a s b e e n d e c l a r e d o n t h e c o m m o n s t o c k in a d d i
t io n t o t h o r e g u la r q u a r t e r l y 2 % . b o t h p a y a b le J u n e 1 0 t o h o ld e r s o f r e c o r d
M a y 31.
A n e x t r a d i v i d e n d o f 8 % w a s p a i d la s t D e c e m b e r o n t h e c o m m o n
a n d a R e d C r o s s d i v i d e n d o f 1 % o n M a y 1 8 .— V . 1 0 6 , p . 2 0 1 2 .
B a ld w in Locom otive W o rk s .— No Common Dividend.—
T h e d i r e c t o r s a t t h e m e e t in g o n T h u r s d a y t o o k n o a c t i o n o n t h o r e
s u m p tio n o f c o m m o n d iv id e n d s .
I t h a d b e e n e x p e c t e d in s o m e q u a r t e r s
t h a t a d i v i d e n d w o u ld b e d e c l a r e d , b u t t h e o n l y a c t i o n w a s t li o d e c l a r a t io n
o f th o re g u la r se n d a n n u a l 3 ) 4 % o n th e p re fe rre d s t o c k .
T h e la s t d i v i
d e n d o n t h o c o m m o n s t o c k o f 1 % w a s p a i d J a n . 1 1 9 1 5 . S e e ) . 10 6 , p . 2 1 2 4 .
B rie r H ill Steel Co.— Extra Dividend.—
A n e x tr a d iv id e n d o f 3 )4 % h a s b e e n d e c la r e d o n th e c o m m o n s t o c k a lo n g
w it h t lio r e g u la r q u a r t e r l y 1 )4 % o n t h e c o m m o n a n d t h e r e g u la r q u a r t e r l y
1: 4% o n t h e p r e f e r r e d , a ll p a y a b l e J u l y 1 t o h o l d e r s o f r e c o r d J u n e 2 0 .
<
S ln n la r a m o u n t s w e r e p a i d A p r i l 1 l a s t .
C o m p a re V . 106, p . 8 23 .
B ritish -A m e ric an T o bacco Co., L td .— Interim Dividend.
A n in t e r i m d i v i d e n d o f 6 % ( t a x - e x e m p t in G r e a t B r it a in ) h a s b e e n d e
c la r e d o n t li o o r d i n a r y s h a r e s p a y a b l o J u n o 2 9 .
C o u p o n 67 m u s t b q u s e d
f o r t lio d i v i d e n d .
A l l t r a n s fe r s r e c e iv e d in o r d e r a t L o n d o n o n o r b e f o r e
J u n o 10 w ill b o in t im o t o b o p a s s e d f o r p a y m e n t o f d i v i d e n d t o t r a n s
f e r e e s .— V . IOC, p . 2 1 2 4 .
B ritish W e stin g h o u se E lectric & M fg. Co., L t d .—
Calendar
Year—
Gross
Interest D epre-Reserves Pf. Dirs.
Miscel-
Balance,
Profits. Charges. Ciation.
A c.
(7 )4 % )
laneous. Sur.or Dcf.
£ 3 ,2 6 5 * £ 6 8 ,6 2 5 d f . £ 3 8 ,5 0 1
1 9 1 7 _______ £ 1 9 4 ,4 0 3 £ 6 9 ,6 5 4 £ 8 1 ,3 0 1 £ 1 0 ,0 0 0
1 9 1 6 _______ 3 1 1 ,1 9 9 6 9 .6 5 4
8 3 ,1 3 2 3 5 ,0 0 0
7 5 ,0 0 0
3 ,3 1 0 sr. 4 5 ,1 0 3
♦ A ft e r d e d u c t in g in c o m e t a x .— V . 104, p . 190 1.
B ro o k ly n U n io n G as Co. —Results to P. S. Comm.—
Cal. Years—
1917.
1916.
G r o s s e a r n s .$ 1 2 ,2 4 3 ,7 6 2 $ 1 1 ,3 5 3 ,5 9 4
N e t , a f t . t a x . $ 2 ,1 2 9 , 4 3 0
$ 1 ,9 9 0 ,9 7 2
O th e r i n c - .
2 0 1 ,9 1 4
2 3 9 ,2 0 0
— V . 100, p . 9 31 , 710 .
1917.
1916.
B o n d i n t . , & c . $ 8 5 9 ,9 1 2
$ 8 4 7 ,2 5 6
D i v i d e n d s . (7 ) 1 , 2 6 0 ,0 0 0 (8 ) 1 ,4 4 0 ,0 0 0
B a la n c e
s u r . $ 2 7 1 ,4 1 2 d e f .$ 5 1 ,0 8 4
B u tte & S u p erio r M in in g C o. — Decision— Appeal.—
S e e M in e r a ls S e p a r a t i o n , L t d . , b e l o w . — V . 1 0 6 , p . 1 5 8 0 , 1 1 2 9 , 1 1 2 4 .
B u tte rw o rth J u d so n C o rp . — Government Contract, &c.—
C o . , 7 W a l l S t ., h a v o issued a circu lar ca llin g a tte n tio n to
th e in v e s t m e n t p ossib ilitie s o f th o c o m m o n sh a re s, w h ich
sinco tho fo r m a tio n o f tho c o m p a n y h a v o n e v e r fa ile d to re
ce iv e d iv id e n d s o f 7 % p . a .
T h o circu lar sa y s in b rief:
T h i s c o m p a n y is r e p o r t e d t o h a v o r e c e iv e d f r o m t h e U . S . G o v e r n m e n t
a c o n t r a c t f o r t h o m a n u f a c t u r e o f 7 2 ,0 0 0 ,0 0 0 p o u n d s o f p i c r i c a c i d .
A new
p l a n t w ill b o c o n s t r u c t e d t o h a v o a c a p a c i t y o f 6 ,0 0 0 ,0 0 0 p o u n d s p e r m o n t h ,
f u n d s f o r w h ic h w ill b o a d v a n c e d b y t h o G o v e r n m e n t . — V . 1 0 6 , p . 1 7 9 8 .
T h o c o m p a n y r e fi n e d d u r i n g 1 9 1 7 o v e r 2 9 % o f a ll t h o s u g a r c o n s u m e d in
t h o U n it e d S t a t e s a n d h a s a l l o c a t e d t o it b y t h o U . S . F o o d A d m i n i s t r a t i o n
f o r t h o p e r i o d o f t h o w a r s l ig h t l y o v e r 4 0 % o f all r a w s u g a r p u r c h a s e d
t h r o u g h t h o I n t e r n a t io n a l S u g a r C o m m i t t e e f o r A m e r i c a n a c c o u n t .
U nder
t h o a g r e e m e n t w it h t h o F o o d A d m i n i s t r a t i o n t h o r e fi n e d s u g a r in d u s t r y
A q u a rte r ly d iv id e n d o f $ 15 p e r sh a re h a s b e e n d e c la r e d o n th e s t o c k ,
p a y a b l o J u n o 14 t o h o l d e r s o f r e c o r d M a y 2 8 .
T h e t w o la s t q u a r t e r l y
d i s t r i b u t i o n s o n M a r . 2 0 a n d D e c . 2 0 w e r e $ 1 0 p e r s h a r e .— V . 1 0 6 , p . 1 6 9 0 .
C a lu m et & H ecla M in in g Co. — Dividend Increased.—
2232
THE CHRONICLE
C asein Co. of A m erica .— Combined Results.—
Calendar Years—
1917.
1916.
1915.
1914.
N e t e a r n i n g s ...................................... .............$ 3 8 8 ,8 8 1 $ 4 2 5 ,6 1 5 $ 1 4 0 ,8 3 8 $ 1 0 9 ,3 3 3
D e p r e c i a t i o n ------- ---------- ------------------------$ 6 3 ,4 7 6
$ 5 9 ,8 9 8
$ 4 1 ,6 4 9
$ 4 2 ,0 6 3
P r e f e r r e d d i v i d e n d s ( C a s e in C o . ) . ( 8 % ) 8 0 , 0 0 0
________
________
____
B a la n c e , s u r p l u s ------------------------------- $ 2 4 5 ,4 0 5 $ 3 6 5 ,7 1 7
$ 9 9 ,1 8 9
$ 6 7 ,2 7 0
T h e t o t a l s u r p lu s D e c . 3 1 1 9 1 7 o f t h e C a s e in C o . o f A m e r i c a a n d s u b
s id ia r ie s w a s $ 2 4 3 ,3 2 6 a f t e r d e d u c t i n g $ 2 , 0 7 9 p r e f e r r e d d i v i d e n d s o f t h o
D r y M ilk C o . a n d $ 8 5 0 a d ju s t m e n t .— V . 1 0 2 , p . 2 07 6.
C e n t r a l U n i o n ( B e l l ) T e l e p h o n e C o .—
Merger.—
Listed in Boston.
T h o B o s t o n S t o c k E x c h a n g e h a s p l a c e d o n t h o lis t t h e 7 0 ,0 0 0 s h a r e s (p a r
t h is c o m p a n y ’s o u t s t a n d i n g c a p i t a l s t o c k , t h e r e m a in in g 5 , 0 0 0 s h a r e s
o f t h o t o t a l o f 7 5 ,0 0 0 s h a r e s a u t h o r i z e d b e i n g r e s e r v e d b y t h o c o m p a n y f o r
fu tu re u se.
S e e o f f e r i n g o f s t o c k , d e s c r ip t i o n o f p r o p o r t y , e a r n in g s , o f
f ic e r s , & c . , in V . 1 0 6 , p . 1 5 8 0 .
C e r t a i n - t e e d P r o d u c t s C o r p .—
Capital Stock Listed.—
The N
Y
S t o c k E x c h a n g e h a s lis t e d $ 3 , 3 5 0 , 0 0 0 7 % c u m . 1 s t p r o f ,
s t o c k , $ 1 , 9 2 5 , 0 0 0 ; 7 % c u m . c o n v e r t i b l e 2 n d p r o f , s t o c k a n d 6 5 ,0 0 0 s h a r e s
o f c o m m o n s t o c k w i t h o u t n o m i n a l o r p a r v a l u e , a n d lia s g i v e n a u t h o r i t y
t o a d d 2 5 .6 6 7 s h a r e s o f c o m m o n s t o c k o n o f f i c i a l n o t i c o o f is s u a n c e u p o n
c o n v e r s io n o f 7 % c u m . c o n v . 2 d p r o f, s t o c k , m a k in g th o to t a l a m o u n ts a u th .
t o b o lis t e d , $ 3 , 3 5 0 , 0 0 0 — 7 % c u m . 1 st p r o f , s t o c k , $ 1 , 9 2 5 , 0 0 0 7 % c u m
c o n v . 2 d p r o f , s t o c k a n d 9 0 ,6 6 7 _ s h a r e s w i t h o u t n o m i n a l o r p a r v a l u e .
Combined Earnings.— F o r y e a r e n d . D e c . 3 1 1 9 1 7 (excl,
G e n e ra l R o o fin g C o .) :
Calendar
Gross
Cost of
Disc’ts A
Net
, „ YSa r —
Sales.
Goods Sold. Alloicances. Expenses.
Profit.
— V7 i 6 6 " p " 2 0 1 3 37l54 6 3 9
C h in o C o p p er
. 1 9 1 Sr—Apri 1— 19 1 7
S 6 '0 4 3 ’ 5 6 3
$ 1 6 0 -5 7 1
$ 1 ,4 4 6 ,5 6 3
$ 1 ,7 2 5 ,2 2 1
C o .— Production (lbs. ) . —
Decrease. I 1 9 1 8 — 4 M os.— 1 9 1 7
6 , 2 9 0 ,5 1 3
6 ,3 6 8 , 8 7 5
— V . 106, p . 20 1 3 , 1792.
7 8 ,3 6 2 2 7 , 5 9 6 , 3 9 2
Increase.
2 5 ,5 7 3 ,9 8 6
C i t i z e n s ’ G a 3 C o . (o f I n d i a n a p o li s ) .—
2 ,0 2 2 ,4 0 6
Bonds Authorized.
T h o , I n d i a n a P . S . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o is su o
a n d s e ll a t 9 0 $ 1 , 5 0 0 , 0 0 0 7 % b o n d s d a t e d M a y 1 1 9 1 8 a n d d u o in f r o m o n e
t o f i v o y e a r s , t h o p r o c e e d s t o b e u s e d f o r t h e c o n s t r u c t i o n o f 4 0 a d d it i o n a l
b y -p ro d u ct co k e o v en s.
T h o o r d o r f o l l o w s a p r e v i o u s o r d e r , i n w h ic h t h o
c o m m i s s i o n g r a n t o d a n in c r e a s o in g a s r a t e f r o m 5 5 c o n t s t o 6 0 c e n t s a t h o u s , / S o t ’ P r ° v i d e d t h o c o m p a n y m a d o t h o a d d i t i o n t o it s p l a n t .
C om p a ro
V . 106, p . 1903, 601.
C l e a r f i e l d B i t u m i n o u s C o a l C o r p .—
Earnings.—
S e e P e n n s y lv a n ia C o a l & C o k o C o r p . b e l o w . — V . 1 0 3 , p . 1 7 9 4 .
C le v e la n d
T e le p h o n e
C o .— -Notes
Authorized.—
n n ,T n n ,w .hi , ° p - u - C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o is s u o $ 3 , UUU.OOO 6 % n o t e s a t p a r t h o p r o c e e d s t o a p p l y t o t h o r e t ir e m e n t o f a s im ila r
a m o u n t o f n o te s d u e M a y 10.
T h o c o m p a n y in it s a p p l i c a t i o n s o u g h t p e r
m is s io n t o Issu e a f u r t h e r $ 1 , 5 2 5 , 0 0 0 in p a r t f o r in s t a llin g a m e a s u r e d m e t e r
s e r v ic o a n d $ 3 , 4 7 5 , 0 0 0 t o t a k e u p o b l ig a t io n s is s u e d f r o m t im e t o t im e , b u t
o n t h e s e l a t t e r a c t i o n w a s d e fe r r e d !,
C o m p a re V . 106. p . 21 2 4 , 1580.
C o l u m b i a T e l e p h o n e C o . ( M o .) .—
Bonds Called.—
F ir s t M t g o . 6 % re d e e m a b le g o ld b o n d s (N o s . 2 7 , 9 2 , I 0 l
a «
J a n . 2 1 9 0 9 , h a v e b e e n c a l le d f o r p a y m e n t J u l y 1 a t p a r
a n d i n t . a t t h e M is s i s s ip p i V a l l e y T r u s t C o . . S t . L o u i s . M o . — V . 1 0 5 ,p .2 2 7 5 .
t)u q u e sn e
L ig h t
C o ., P i t ^ b u r g h T ^ P a ? —
Note Issue.—
D a l l y F i n a n c ia l A m e r i c a ” o n M a y 21 p u b li s h e d t h o f o l l o w i n g
A r r a n g e m e n t s a r e n e a r in g c o m p l e t i o n f o r t h o s a l o o f $ 1 0 ,0 0 0 ,0 0 0 o f
J J u q u e s n o E ig h t C o . 6 % n o t e s t o r u n f o r t w o o r t h r e e y e a r s .
T h o rep orts
t h a t t h e c o m p a n y w a s a r r a n g in g t o p u t o u t o n l y $ 3 , 0 0 0 , 0 0 0 o f n o t e s a t
t m s t im e , w o a r e r e l i a b l y i n f o r m e d , w e r e i n c o r r e c t .
T h o u n d e r w r it in g
f y u u t e i t o h a v i n g c h a r g e o f t h e m a t t e r is c o m p o s e d o f t h o F i r s t N a t . B a n k ,
t h e C h a s e N a t . B a n k , L a d e n b u r g , T h a lm a n n & C o . a n d H a r r is , F o r b e s &
C o.
i t is e x p e c t e d t h a t t h o is s u e w ill b e o f f e r e d a t a n e a r l y d a t e o n a
Ls h o w in g a y i e ld o f a r o u n d 6 H % , o r p e r h a p s b e t t e r .
.
l i p t o t h o p r e s e n t t im e t h o C a p it a l I s s u e s C o m m i t t e o in W a s h i n g t o n
n as n o t lo r m a lly a p p r o v e d th e issu o , b u t e x p e c ta tio n s a re t h a t t h a t b o d y
w ill s o o n t a k o t h e n e c e s s a r y s t e p s t o p e r m it t h o a u t h o r i z a t io n o f t h o n e w
n otes.
I t is p o i n t e d o u t t h a t a s t h e n e w s e c u r it i e s a r e is s u e d t o t a k e p l a c e
PPr , j.n. s e c u r it i e s n o w o u t s t a n d i n g a s w e ll a s t o r e im b u r s e t h o t r e a s u r y
o r t n o 1 h ila d e lp h ia c o m p a n y f o r m o n o y s n o w o w e d t o it b y t h o D u q u e s n e
c » I? p a ,n y >
, ?,w n o t e s w ill r e p r e s e n t o n l y a c o m p a r a t i v e l y s m a ll a m o u n t
n
o f fre sh c a p it a l."
>
New Directors.—
'
’ E * V . R . T h a y e r, P res, o f th e C h a se N a t. B a n k ; E v e re tt B . S w eozy,
V i c e - P r e s . o f t h e F i r s t N a t . B a n k o f N e w Y o r k , a n d B e n ja m i n 8 . G u in n e s s
° f i n n W i o ^ ’ T h a lm a n n & C o . , h a v o b e e n a d d e d t o t h o b o a r d . — V . 1 0 6 ,
P» lU U o, o l o «
E a ste rn P ow er
&
L i g h t C o .—
Subsidiary Co. Bonds.—
S e e M e t r o p o li t a n E d is o n C o . u n d e r “ I n d u s t r i a ls ” b e l o w . — V . 1 0 6 , p . 9 2 4 .
E b en sb u rg
Coal
C o .—
Bonds Called.—
T w e n t y ($ 2 0 ,0 0 0 ) F i r s t M t g o . 2 0 - y e a r 6 % g o l d b o n d s , d a t e d J a n . 2 1 9 1 1 ,
h a v o b e e n c a l le d f o r p a y m e n t J u l y 1 a t 1 0 2 a n d i n t . a t t h o C o m m e r c ia l
T r u s t C o . , P h ila d e lp h ia .
E le c t r i c B o n d
&
Share
C o ., N .
Calendar Years—
1917.
G r o s s i n c o m e ........................... $ 3 , 1 4 0 , 0 2 0
N e t in c o m e
..................$ 2 , 0 6 6 , 3 9 0
4 8 7 ,7 1 0
P r e f e r r e d d i v i d e n d s _______
C o m m o n d i v i d e n d s .............
6 4 4 ,8 8 9
S u r p lu s ....................................
$ 9 3 3 ,7 9 0
Y.
—Annual Report.—
1916
$ 2 ,1 7 0 ,9 1 5
$ 1 ,5 6 6 ,9 3 2
3 7 5 ,5 5 8
* 4 5 8 ,2 2 2
1915.
$ 1 ,8 2 0 ,3 3 7
$ 1 ,4 0 1 ,0 8 5
3 4 4 ,6 4 7
4 3 3 ,7 7 8
1914.
$ 1 ,5 5 8 ,5 2 1
$ 1 ,1 3 7 ,0 4 2
2 9 8 ,3 9 2
4 0 0 ,0 0 0
$ 7 3 3 ,1 5 3
$ 6 2 2 ,6 6 0
$ 4 3 8 ,6 5 0
* A n a d d it i o n a l s p e c ia l d i v i d e n d o f $ 1 ,0 0 0 , 0 0 0 w a s p a i d in 1 9 1 6
Balance Sheet December 3 1 .
1917.
Assets —
s
S t o c k s .......................9,717,399
Bonds&coup.notes 5,410,026
Syndicate holdings
underwritings &
ad va n ces______
611,340
C a s h ...................... 2,763,567
A cc’ts rcccIv’lo,&c.
523,392
N otes receivable.. 0,311,106
Int. accr. recelv'Ic
109,741
1916.
1917.
1916.
L ia b ilitie s —
8
S
S
9,126,870 Common s tock _ 8,500,000' 8 , 000,000
_
4,780,027 Preferred stock _ 8,158,200 7,992,200
_
Syndicate Sc con
tingent liabilities
535,589
750,512
4,240,625 N otes payable____ 3,326,000
2,232,277 A ccts..A c..p a y’le..
30,535
37,344
357,061 Prof. dlv. payable.
84,582
79,922
1,287,600 R eserves________
1S9,000
101,100
110,617 S u rp lu s............... .x 4 , 393,666
5,173,700
T o ta
_______ l..................25,517,571 22,135,078
T o t a l .................25,517,571 22,135,078
x A f t e r d e d u c t i n g $ 1 , 7 1 3 , 8 2 5 a d j u s t m e n t s in v a l u e o f s e c u r it ie s a n d a c
c o u n t s .— V . 1 0 6 , p . 1 9 0 3 , 9 3 1 .
E rie & N e w Y o rk State B arge C a n al System .— Opening.
S e o p a g e 2 0 8 5 in la s t w e e k ’s i s s u o .— V . 1 0 6 , p . 1 6 9 0 .
G a le n a S ign a l O il C o .— Stock Increase, ifee.— Dividends.
. T h o s h a r e h o ld e r s v o t e d M a y 21 t o i n c r e a s o t h o a u t h o r i z e d c o m m o n
s t o c k f r o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 a n d t o c r e a t o $ 8 ,0 0 0 ,0 0 0 o f 8 %
c u m u l a t i v e p r e f e r r e d s t o c k , ( c a ll a b l e a t $ 1 1 5 a n d d i v i d e n d s ) r a n k i n g a s
an<* d i v i d e n d s a h e a d o f a ll o t h e r s t o c k e x c o p t t h o p r e s e n t $ 2 ,
0 0 0 ,0 0 0 8 % c u m . p r e f . s t o c k .
I t is u n d e r s t o o d t .i a t t h e s t o c k h o l d e r s w ill
s h o r t ly b o a llo w e d t o s u b s c r ib e t o a p o r t io n o f t h o n o w p r e f. s t o c k .
T h o d ifc c t o r s h a v o d e c la r e d th e u su a l d iv id e n d s t o r e c o rd h o ld e rs o f
M a y 3 1 , p a y m e n t b e in g d e f e r r e d t o J u l y 31 o n a c c o u n t o f p r o c e d u r e p o n d
i n g t h e I n c r e a s e d c a p i t a li z a t i o n a n d t h o t a k i n g o v e r o f t h o T e x a s p r o p e r t ie s .
— V . 106, p . 1233, 932 .
G e n e ra l M otors C o rp o ra tio n .— Erratum.—
S e o P e r lm a n R i m C o r p o r a t i o n b e l o w . — V . 1 0 6 , p . 2 1 2 5 .
G o ld fie ld 'C o n s o lid a te d Mines'.Co., N e v ad a .— Decision.
T h o S u p r e m e C o u r t o f t h e U n it e d S t a t e s o n M a y 2 0 d e c i d e d t h a t t h is
c o m p a n y c o u l d n o t , u n d e r t h o c o r p o r a t i o n e x c is e t a x l a w , d e d u c t f r o m it s
g r o s s i n c o m e t h o e s t im a t e d v a l u o o f it s o r e d o p o s i t s in g r o u n d .
T h o com
p a n y s o u g h t t o d e d u c t t h o e s t im a t e d v a l u o o f t h o o r e s a s a d e p r e c i a t i o n o f
c a p it a l.— V . 104 , p . 1390.
G r a n b y M in in g & Sm elting Co. — Bonds Called.—
O n e h u n d r e d s i x t e e n F ir s t M t g o . 5 % b o n d s o f 1 9 1 6 o f $ 1 ,0 0 0 e a c h a n d
15 b o n d s o f $ 1 0 0 e a c h , a g g r e g a t i n g $ 1 1 7 ,5 0 0 , i ia v o b e e n c a l le d f o r p a y m e n t
J u n o 1 a t th e N o rth e r n T r u s t C o ., C h ic a g o .— V . 106, p . 1904.
G u lf States Steel Co. — Additional Com. Stock Listed.—
S ee L a fa y e t t o T e le p h o n e C o . b e lo w .— V . 105 , p . 183.
C e n t u r y S te e l C o . o f A m e r ic a , L t d .—
(V o l . 106
T h e N . Y . S t o c k E x c h a n g o h a s a u t h o r i z e d t h o lis t in g o n a n d a f t o r
J u n o 3 1 9 1 8 o f a n a d d it i o n a l $ 2 , 2 5 0 ,0 0 0 s t o c k t r u s t c e r t i f i c a t e s f o r c o m m o n
s t o c k o n o f f i c ia l n o t i c e o f is s u a n c e a s a s t o c k d i v i d e n d o f 2 5 % t o h o l d e r s
o f c o m m o n s t o c k o f r e c o r d o n M a y 15 m a k in g th o to t a l a m o u n t a u th o r iz e d
t o b o l is t e d , $ 1 2 ,2 4 7 ,6 0 0 .
C o m p a ro V . 106, p . 2 0 1 3 . 1789.
Earnings— Dividend— Red Cross Contribution.—
T h o d ir e cto r s o n T h u r s d a y d e c la r e d th o u su al q u a rte r ly d iv id e n d o
2 1 3 % o n th o c o m m o n s t o c k , p a y a b le J u ly 1 t o h o ld e r s o f r e c o rd J u n o 15.
T h i s d i v i d e n d w ill a l s o a p p l y t o t h o c o m m o n s t o c k t r u s t c e r t i f ic a t e s w h ic h
w ill b o i s s u e d t o r e p r e s e n t t h o 2 5 % s t o c k d i s t r i b u t i o n t o b o m a d o in J u n o .
T h o o f f i c i a l a n n o u n c e m e n t a d d s in s u b s t a n c e :
, T h e r e w a s fo r m e r ly $ 4 ,0 0 0 ,0 0 0 2 d p r e f. s t o c k o u ts ta n d in g .
A ll b u t
$ 1 5 2 ,1 0 0 h a s b e e n c o n v e r t e d i n t o c o m m o n s t o c k , w h ic h w ill m a k e a t o t a l
o u t s t a n d i n g c o m m o n s t o c k a s o f J u n o 3 $ 1 1 ,0 9 7 ,9 0 0 , in a d d i t i o n t o t h o
$ 2 , 0 0 0 , 0 0 0 f ir s t p r e f e r r e d s t o c k .
N e t o p e r a t i n g i n c o m e o f $ 2 7 2 ,5 2 4 f o r A p r i l c o m p a r e s w i t h $ 2 5 9 ,4 3 7 in
M a r c h , w it h $ 2 2 4 ,5 4 4 in F e b . a n d w it h $ 3 7 0 ,1 3 2 in J a n . 1 9 1 8 a n d w it h t h o
r e c o r d o f $ 4 4 4 ,7 4 7 in A u g .1 9 1 7 .
T h o d i r e c t o r s h a v o v o t e d a c o n t r i b u t i o n o f $ 2 0 ,0 0 0 t o t h o A m e r i c a n R e d
C r o s s s e c o n d w a r f u n d , t o b o d i v i d e d b e t w e e n N o w Y o r k a n d B i r m in g h a m ,
A la .— V . 1 0 6 , p . 2 0 1 3 , 179 9 .
H ask e ll & B a rk er Co. — Dividend Increased.—
A q u a r t e r l y d i v i d e n d o f $1 p e r s h a r o h a s b o o n d e c l a r e d o n t h o s t o c k ,
p a y a b lo J u ly 1 t o h o ld e rs o f r e c o r d J u n o 15.
T h o la s t q u a r t e r l y d i s t r i b u
t i o n , p a i d A p r i l 1 , w a s 7 5 c e n t s a s h a r o .— V . 1 0 6 , p . 2 0 1 3 .
Im p erial O il Co. of C a n a d a . — Neiv Director.—
E d m u n d S . O s ie r , B r o s , o f t h o D o m i n i o n
a p p o in t e d a d ir e c t o r .— V . 10 6 , p . 113 0.
Bank,
T oron to,
has been
In d e p e n d e n t Pneu m atic T ool Co. — New Company.—
T h is c o m p a n y i n c o r p . in N . J . a n d t h o A u r o r a A u t o m a t i c M a c h i n e r y
C o . , a D e l . c o r p . , h a v o b e e n c o n s o l i d a t e d u n d e r t h o f o r m e r n a m e w it h a n
a u th . c a p ita l s t o c k o f $ 3 ,0 0 0 ,0 0 0 .
D ir e c t o r s : J o h n D . H o p k in s ( C h a i r m a n ) , J o h n D . H u r le y ( P r e s . ) ,
R a lp h 8 . C o o p e r ( V . - P .) , F le tc h e r W . B u ch a n a n ( S e c .) , a n d E d w a r d
G . G u s t a fs o n ( T r e a s .) ; J a m e s J . M c C a r t h y , W i ll ia m A . L i b k e m a n , L e o n a r d
S . F lo r s h o im , R o b e r t T . S c o t t , a n d A u g u s t G a t z e r t .— V . 1 0 6 , p . 1 9 0 4 .
In te rn a tio n a l M ercan tile M arine Co. — Progress Being
Made in Proposed Transfer of Shipping to British Syndicate.—
W h ile d e fin ite in fo r m a tio n is n o t a v a ila b le , w ith re sp e c t to
th e c o n te m p la te d sale to a g r o u p o f E n g lis h fin an c iers of
th is c o m p a n y ’s sh ip s fly in g th e B r itis h fla g , cu rre n t re p o rts
a v e r th a t n e g o tia tio n s a re p ro g re ssin g f a v o r a b ly .
I t is u n d e r s t o o d t h a t t h o t e n t a t i v e p la n s c a ll f o r t h o e s t a b l is h m e n t o f a
n o w A m e r i c a n c o r p o r a t i o n , w h ic h w ill b e d e v e l o p e d , w it h t h o A m e r i c a n
f l a g s t e a m e r s a s its n u c le u s .
T h e t e r m s o f t h o o f f e r o f t h o B r i t is h i n t o r o s t s , i t is u n d e r s t o o d , a r o lik e l y
t o p r o v o a c c e p ta b le .
T h o c o n s i d e r a t io n t o b o p a i d f o r t h o v e s s e ls is s a id
t o a g g r e g a t o $ 1 2 5 ,0 0 0 ,0 0 0 , a n a m o u n t s u f fi c ie n t t o p a y o f f t h o c o m p a n y 's
$ 3 9 ,0 6 1 ,0 0 0 6 % b o n d s , d u o 1 9 4 1 , w h ic h a r o c a l l a b l e a t 1 1 0 , t a k o u p t h o
$ 5 1 ,7 2 5 ,5 0 0 p r e f e r r e d s t o c k a t p a r a n d in a d d it i o n c le a r u p t h o b a c k d i v i
d e n d s o n th o p re fe rre d , n o w e q u a l to $ 6 7 a sh a ro.
T h o lin e s t h a t w o u ld b o a f f e c t e d b y a t r a n s f e r o f o w n e r s h ip t o B r i t is h
in t e r e s t s a r o t h o A t l a n t i c T r a n s p o r t , t h o W h i t e S t a r , t h o O c e a n ic S t e a m
N a v i g a t i o n C o . , L t d . , t h o B r it is h & O c e a n ic S t e a m s h ip C o . , L t d . , t h o
A t la n t ic T r a n s p o r t C o ., L t d ., a n d F re d e rick L e y la n d & C o ., L t d .
S a lo
o f t h e s o p r o p e r t ie s w o u l d le a v e t h o A t l a n t i c T r a n s p o r t C o . o f W e s t V ir g in ia
a s t h o n u c le u s o f a n o w A m e r i c a n c o m p a n y .
C o m p a r o V . 106, p . 2 1 2 5 , 1581.
“ D a i l y F in a n c ia l A m e r i c a " o n M a y 2 3 h a d t h o fo ll o w i n g : “ T h o p la n s
n o w b e i n g c o n s i d e r e d c a l li n g f o r t h e s a le o f t h o B r it is h c o m p a n i e s p r o v i d o
f o r t h o d i s p o s it i o n o f t h o s t o c k s o f t h o s e c o m p a n i e s h e ld in t h o t r e a s u r y
o f t h e I n t e r n a t io n a l M e r c a n t il e M a r i n o C o .
T h e r e f o r e , t h e s a lo w ill c a r r y
a ll o f t h o a s s e t s o f t h e s e c o m p a n i e s , in c lu d in g t h e c a s h a n d c a s h a s s e t s n o w
h e ld b y t h e m a s w e ll a s ( h e t o n n a g o o w n e d b y t h o B r i t is h s u b s id ia r ie s .
A c c o r d i n g t o t h o s e b e s t i n fo r m e d t h is w ill p r o v i d o s u f fi c ie n t m o n e y t o p a y
o f f t h o o u t s t a n d i n g b o n d s , l iq u id a t e a ll o f t h o 6 3 % b a c k d i v i d e n d s o n t h o
p r e f e r r e d a n d r e t ir o t h o p r e f e r r e d s t o c k n o w o u t s t a n d i n g .
T h is , o f c o u r s e ,
w ill d e p e n d o n t h o a m o u n t t h a t t h o A m e r i c a n in t e r e s t s a r e c o m p e l l e d t o
p a y in i n c o m e a n d e x c e s s p r o f i t s t a x e s .
I t is p o s s i b le , l io w o v e r , t h a t t h o
B r it is h g r o u p m a y s e c f i t t o m e e t t h e A m e r ic a n s h a l f - w a y in t h e a d j u s t m e n t
o f t h is e n d o f t h o t r a n s a c t io n w h ic h w ill m a k e p o s s i b lo its s u c c e s s fu l c o n
c lu s io n .
“ W h i le i t h a s b e e n r e p o r t e d t h a t t h o C u n n r d S S . C o . is i d e n t if i e d w it h
t h o s e n o w e n d e a v o r i n g t o p u r c h a s o t h o B r it is h s u b s id ia r ie s o f t h o I n t e r n a
t io n a l M e r c a n t il e M a r in o , t h e r e is n o c o n f ir m a t i o n o f s u c h s t a t e m e n t s ,
t h o s o b e s t i n fo r m e d in s is t in g t h a t t h e y d o n o t k n o w w h o t h e g r o u p o f
n e g o t i a t o r s a c t u a l ly r e p r e s e n t .
“ I n t h o e v e n t o f t h o d e a l b e i n g c o n s u m m a t e d , s u f f i c ie n t a n d a d e q u a t o
p r o v i s io n w ill h a v o b e e n m a d o f o r t h e c o m m o n s t o c k h o l d e r s .
T h o A m e r ic a n
b o a t s o w n e d b y t h e c o r p o r a t i o n a s w e ll a s t h o fu n d s in t h o t r e a s u r y o f t h o
c o m p a n y in t h is c o u n t r y w ill b o a v a i l a b l e f o r t h is c la s s o f s e c u r i t y h o ld e r s ,
w h ile t h e p o s s i b lo r o y a l t y b a s is p la n s t h a t m a y b o a r r a n g e d a ls o w ill
a c c r u e t o th e m .”
C om p a ro V . 106, p . 2125, 1581.
Iro q u o is Iro n Co., C h ic a g o .— New Furnace.—
T h o “ I r o n T r a d e R e v i e w ” in it s is s u e o f M a y 16 d e s c r ib e s w it h n u m e r o u s
i ll u s t ia t i o n s t h is c o m p a n y ’s n o w 6 0 0 -t o n c a p a c i t y b l a s t f u r n a c o , w h ic h w a s
b u i l t a n d p u t in o p e r a t i o n c o m p l e t e , w it h o r o d o c k a n d o r e - h a n d l in g m a
c h i n e r y , w it h in 12 m o n t h s . — V . 1 0 6 , p . 1 9 0 4 .
Jefferson & C le arfie ld C oal & Iro n C o .— Bonds Called.
A l l t h o o u t s t a n d i n g ($ 6 2 ,0 0 0 ) F ir s t M t g o . 5 % 3 0 - y e a r g o l d b o n d s d u o
J u n o 1 1 9 2 6 h a v o b e e n c a l le d f o r p a y m e n t J u n o 1 a t 1 0 5 a n d i n t . a t G u a r
a n ty T r u s t C o . o f N . Y .— V . 106, p. 1228, 932.
Jones
B ro th ers
T ea
Co.,
In c.,
B ro o k ly n ,
N.
Y .—
Annual Report for Calendar Year 1917.—
CONSOLIDATED INCOME ACCOUNT FOR YEAR END . DEC. 31 1 9 1 7 .
N e t p r o f i t s ------------------------------- $ 6 3 6 ,1 -1 6 1C o m m o n d i v i d e n d s ( 1 % ) . . $ 1 0 0 , 0 0 0
R e s e r v e d f o r w o r k ’ g c a p i t a l . 1 5 0 .0 0 0 E x c e s s p r o f it s & I n c . t a x e s .
5 7 ,0 3 0
4 9 ,1 1 6
P r e f e r r e d d i v i d e n d s ( 7 % ) - - 2 8 0 , 0 0 0 1B a la n c o , s u r p l u s .........................
CONSOLIDATED BALANCE SHEET DECEMBER 3 1 1 9 1 7 .
Assets {Total, $ 1 5 ,7 1 9 ,7 4 8 ) —
P l a n t s , m a c h i n e r y a n d f ix t u r e s , le ss d e p r e c i a t i o n __________________
$ 9 5 8 ,6 9 4
G o o d - w i l l a n d t r a d o - m a r k s _________________________________ ___________ 1 0 ,5 7 1 ,5 1 6
I n v e s t m e n t s in s e c u r it i e s ______________________________________________
1 2 6 ,2 2 5
I n v e n t o r i e s o f m e r c h a n d is e a n d m a t e r ia l s _________________________
3 ,0 9 3 ,2 0 8
A c c t s . r e c e i v . , less r e s e r v e , $ 3 3 5 ,8 7 4 ; a g e n t s ’ d e p o s . f d s . , $ 7 ,5 2 4
3 -1 3 ,3 9 8
C a s h in b a n k a n d o n h a n d _____________________________________________
5 6 4 ,5 5 6
D e fe r r e d c h a r g e s t o o p e r a t i o n s _______________________________________
6 2 ,1 5 2
Liabilities {Total, $ 1 5 ,7 1 9 ,7 4 8 ) —
P r e fe r r e d 7 % c u m u l a t iv e s t o c k ( p a r $ 1 0 0 ) , $ 4 ,0 0 0 ,0 0 0 ; c o m
m o n s t o c k (p a r $ 1 0 0 ) , $ 1 0 ,0 0 0 ,0 0 0 ______________ ___________ ____ $ 1 4 ,0 0 0 ,0 0 0
N o t e s p a y a b le . $ 6 0 0 ,0 0 0 ; a c c t s . p a y a b l o , $ 1 7 6 ,2 5 0 ; a g e n t s ’ d o
p o s i t s p a y a b l o , $ 7 , 9 5 9 ...............................................
7 8 4 ,2 0 9
5 7 ,0 3 0
A c c r u e d e x c e s s p r o f i t s a n d i n c o m o t a x e s ____________________________
C o m m o n s t o c k d i v i d e n d s p a y a b l o J a n . 15 1 9 1 8 ___________________
5 0 ,0 0 0
R o s e r v o f o r u n r e d e e m e d t ic k e t s , $ 5 5 0 ,0 0 0 ; fo r i n s u r a n c e , $ 4 3 ,2 0 8
5 9 3 ,2 0 8
A p p r o p r i a t e d s u r p lu s — P r o v i s io n f o r w o r k in g c a p i t a l __________
1 5 0 ,0 0 0
U n a p p r o p r i a t e d s u r p lu s D e c . 31 1 9 1 7 _______________________________
8 5 ,3 0 1
P r i c e , W a t e r h o u s e & C o . , a c c o u n t a n t s , r e p o r t t h o s a le s o f t h o c o m p a n y
f o r t h o y e a r 1 9 1 7 a s $ 1 3 ,2 5 2 ,0 6 0 .
Directors.— H a r r y L . J o n e s ( P r e s . ) , G u s t a v E . K r u s e ( V . - l ’ r e s . ) , 8 . 8 .
K r o s g o , E d m u n d C . L y n c h , C h a s . E . M e r r i l l, R o b e r t P . M a r s h a l l a n d
W m . II. S im o n s .
A . R . D o e r l o is S e c r e t a r y a n d F r a n k C . T o r h u n o is
T r e a s u r e r .— V . 1 0 6 , p . 2 1 2 5 , 1 7 9 9 .
M ay 25 1918.1
K e ith Ry. E q u ip m en t Co.— Equipment Trusts Called.—
T h is c o m p a n y h a s c a l le d f o r p a y m e n t J u n o 1 a t 1 0 3 a n d d l v . t h o f o ll o w i n g
E q u i p m e n t T r u s t c e r t i f ic a t e s , d a t e d M a r c h 1 1 9 1 7 : M - 1 0 9 t o M - 1 2 0 , i n c h ,
o f $ 1 , 0 0 0 e a c h ; a n d D - 5 5 t o D - 6 0 , i n c h , o f $ 5 0 0 e a c h ; a g g r e g a t i n g $ 1 5 ,0 0 0 .
P a y m e n t w ill b o m a d e a t c o m p a n y ’s o f f i c o , 1 1 2 W e s t A d a m s S t . , C h i c a g o . —
V . 105. p . 1002.
K ello g g S w itc h b o a rd & S u p p ly Co.— Bal. Sheet Dec. 31.
1916.
1917.
1917.
1916.
Liabilities—
$
$
S
Assets—
5
Capital stock ...........4,000,000 3,000,000
Plant, real estate,
_ 6S5.079
530,419 Payroll & accr. taxes. *157,111
machinery, & c_
52,803
Patents & goodw ill-. 890,103
900,000 Trade & miscel. accts.
In ventories________ 2,913,629 2,222,503
& notes p ayable-271,521 120,289
Special reserves, re
N otes & accts. rec'le
and investments-.1,284,203 1,436,984
serve for excessive
Cash..............
34,348
68,242
cost of inven’y, Ac.
725,000 600,000
M iscellaneous______
4,935
5,409 S u rp lu s_____ ________ 653,667 1,390,465
T ota l
.5,812,298 5,163,557
.5,812,298 5,163,557
♦ I n c lu d e s p r o v i s io n s f o r w a r e x c e s s p r o f i t s a n d i n c o m e t a x . V . 1 0 6 ,p . 3 0 1 .
Total
(S. S.) K resge Co.— Capital Stock Listed.—
T i t o N . Y . S t o c k K x c h a n g o h a s l is t e d ( a ) $ 1 , 8 4 9 , 1 0 0 7 % c u m u l a t iv e
p r e f e r r e d s t o c k ; a n d (b ) $ 9 , 9 2 9 , 2 0 0 c o m m o n s t o c k , b o t h in s h a r e s o f $ 1 0 0
e a c h ; a n d lia s g i v o n a u t h o r i t y ( c ) t o a d d $ 1 4 8 ,4 0 0 p r e f e r r e d a n d $ 6 3 ,2 0 0
c o m m o n s t o c k s o n o f f i c ia l n o t i c o o f is s u a n c e in e x c h a n g e f o r o u t s t a n d i n g
p r e f e r r e d a n d c o m m o n s h a r e s o f t h o p a r v a l u e o f $ 1 0 e a c h ; ( d ) $ 2 ,5 0 0 p r e f .
a n d $ 7 ,6 0 0 c o m m o n s t o c k o n o f f i c i a l n o t i c o o f i s s u a n c o in o x c h a n g o f o r o u t
s t a n d i n g p r e f . a n d c o m m o n s c r ip , m a k i n g t h o t o t a l a m o u n t s a u t h o r i z e d t o
b o l is t e d $ 2 , 0 0 0 ,0 0 0 7 % c u m . p r e f . s t o c k a n d $ 1 0 ,0 0 0 ,0 0 0 c o m m o n s t o c k .
Earnings.—
F o r 3 m o s . to M a r . 3 1 1 9 1 8 (s u b . to a d j u s t .) —
3 mos.
Sales. Gross Profits. Net Prof. Pref. Divs. Com. Dies.
Surplus.
1 9 1 8 ___ $ 7 , 1 5 6 ,0 5 2 $ 2 , 1 6 7 ,5 0 8 $ 4 9 7 ,8 7 0 ( 1 M ) $ 3 5 ,0 0 0 ( 1 ) 8 1 0 0 ,0 0 0 $ 3 6 2 ,8 7 0
— V . 10 6 , p . 2 1 2 5 , 1 58 1, 1348.
(S. H .) K ress Co.— Initial Dividend on Common Stock.—
A n in it ia l d i v i d e n d o f $1 a s h a r e h a s b e e n d e c l a r e d o n t h o c o m m o n s t o c k ,
p a y a b l e A u g . 1 t o h o ld e r s o f r e c o r d J u l y 2 0 .
T h e r e g u la r q u a r t e r l y p r e f .
1 9 4 % h a s b e e n d e c l a r e d p a y a b l o J u l y 1 t o h o ld e r s o f r e c o r d J u n o 2 0 .—
V . 106, p . 1581.
L a c k a w a n n a Steel Co.— Extra Dividend of 2}4 % . — •
A n e x t r a d i v i d e n d o f 2 9 4 % h a s b e e n p a i d o n t h o c o m m o n s t o c k a l o n g w it h
th o u su al q u a rte r ly 1 H % , b o t h p a y a b lo J u n o 2 9 t o h o ld e rs o f r e c o r d J u n o 1 4 .
O n D o c . 31 la s t a n e x t r a 3 9 4 % w a s p a i d o n t h o c o m m o n s t o c k . — V . 1 0 6 ,
p . 158 1, 1228.
L afay ette (I n d .) T elep h o n e Co.— Merger.—
A c c o r d i n g t o p r e s s d i s p a t c h e s , t h is c o m p a n y h a s a c q u i r e d l o c a l p r o p e r t ie s
o f t h o C e n t r a l U n io n ( B o l l) T e l c p h o n o C o . ( V . 1 0 5 , p . 1 8 3 ), a n d w ill m e r g o
t h o l a t t e r a n d o p o r a t o t h o t o ll lin o s .— V . 8 0 , p . 1 7 3 3 .
Law ren ce M fg. Co., B o sto n .— Extra Dividend.—
A n e x tr a d iv id e n d o f 2 % h a s b o o n d e c la r e d o n th o s t o c k , re p o rts s ta te ,
a l o n g w i t h t h o r e g u la r s e m i- a n n u a l 3 % , b o t h p a y a b l o J u n o 1 t o h o ld e r s o f
r e c o r d M a y 2 3 . — V . 1 0 6 , p . 92 7 .
L ew is F o u n d ry & M achin e Co.— Sale.— •
J u d g e O o o rg o W . K a y o f th o U . S . D is t r ic t C o u r t fo r th o N o rth e r n D is
t r i c t o f N o w Y o r k , h a s g r a n t e d a n o r d e r t o t h is c o m p a n y , t h o C a y u g a T o o l
S teol C o . , L t d ., O e o r g o C . P e a rs o n o f A u b u r n , N . Y . , a n d G e o r g o T im m o n s
o f S y r a c u s e , a s r e c e iv e r s , a n d a ll c r e d i t o r s o f t h o s t e e l c o m p a n y , t o s h o w
c a u s o o n M a y 2 3 w h y a f in a l d e c r e e o f s a lo o f t h o p r o p e r t y s h a ll n o t b o
g ra n ted .
L ib o rty O rd in an ce Corp. (o f N . Y . ) . — Sale of Securities.
S t o c k h o l d e r s w ill v o t o J u n o 4 o n t h o s a lo o f c e r t a in o b l ig a t io n s d e s ig
n a t e d P a r t i c i p a t i o n C e r t i fi c a t e s c o n v o y i n g r ig h t s in a n d t o a s p e c ia l d e v e l
o p m e n t fu n d t o b o fo rm e d fr o m p a y m e n ts on th o c o m p a n y ’ s p r o d u c ts .
— V . 105, p . 1714.
L o n e Star Corp. (M otio n P ic tu re s ).— Redemption.—
T h is c o m p a n y w ill o n M a y 15 r e d e e m a t 1 1 0 a n d d i v s . 1 0 % o f $ 4 0 0 ,0 0 0
o u t s t a n d i n g 7 % c u m u l a t iv e p r e f . s t o c k .
T h o c o r p o r a t i o n w a s o r g a n i z e d f o r t h o m e r c h a n d i s in g o f t h o s e r ie s o f
t w o l v o c o m e d ie s f e a t u r in g C h a r le s C h a p l in p r o d u c e d b y t h o L o n o S t a r
C o r p . a n d r e le a s e d t h r o u g h t h o M u t u a l F i l m C o r p o r a t i o n ( V . 1 0 6 , p . 2 0 1 4 ) .
A la r g o p e r c e n t a g e o f t h o o r ig in a l c a p i t a l r e p r e s e n t e d b y t h o p r e fe r r e d s t o c k
h as b een retu rn ed t o th o s to c k h o ld e r s .
T h o c o m p a n y w a s o r g a n i z e d w it h
a n a u t h o r i z e d a n d o u t s t a n d i n g c a p i t a li z a t i o n o f $ 1 , 1 0 0 , 0 0 0 c o m m o n s t o c k
a n d $ 1 0 0 ,0 0 0 p r e f .
J . K . F r e u le r , l ’ r e s .
O ffic e o f c o ., 2 2 0 S o u th S ta te
S t . , C l d c a g o , 111.
Lono S tar G as Co., Ft. W o rth , Tex.— Earnings.Cal. Years—
1917.
1916.
G r o s s e a r n s . . $ 1 ,9 1 3 ,5 0 3 $ 1 , 5 1 9 ,3 8 6
O p e r . e x p e n s .,
ta x os & l n t .
6 1 0 ,5 8 5
3 7 7 ,9 6 1
M is c . c h a r g e s .
4 ,4 6 5
3 0 ,9 9 6
— V . 104, p . 245 6.
1917.
1916.
D e p r ’n & ca n
c e le d le a s e s . $ 5 2 5 ,8 2 3
8 5 9 2 ,7 1 0
D iv id e n d s . . . ( 8 )4 0 0 ,0 0 0 (6 9 4 )3 2 5 ,0 0 0
H a l., s u r p lu s .
3 7 2 ,6 3 0
1 9 2 ,7 2 0
M an ati S u gar C o m p an y.— Tenders.—
T h e C e n t r a l T r u s t C o . , N . Y . , a s t r u s t e o , w ill r c c o i v o t e n d e r s f o r t h o s a lo
o f $ 4 0 0 ,9 8 6 F i r s t M t g o . 6 % 1 5 - y c a r g o l d b o n d s , d a t e d M a y 1 1 9 1 4 . a t n o t
e x c e e d i n g 110 a n d
in te re s t.
P r o p o s a ls w e ro o p o n e d
M ay
1 7 .— V .
106, p . 1228, 6 05 .
M a 3 sey-H arris Co., T o ro n to .— Stock Increase.—
T h i s c o m p a n y h a s in c r e a s e d its a u t h o r i z e d c a p i t a l s t o c k f r o m $ 1 5 ,0 0 0 ,0 0 0
t o $ 2 5 ,0 0 0 ,0 0 0 . t h o n e w s t o c k t o c o n s i s t o f 1 0 0 ,0 0 0 s h a r e s a t a p a r v a l u e
o f $ 1 0 0 .— V . 1 0 4 , p . 2 1 2 2 .
Maxim M u n itio n s C o rp .— New Officers and Directors.—
C . I f . T h o m a s h a s b e e n e l e c t e d a V i c e - P r e s id e n t a n d G e o r g o T . R o w l a n d
T reasurer.
B o t h h a v o a ls o b e e n e l e c t e d d ir e c t o r s t o fill v a c a n c i e s .—
V . 106, p . 1131.
M eadow R iver L u m b er Co.— Bonds Called.—
T w e n t y - f i v e ( $ 2 5 ,0 0 0 )
( N o s . 3 5 1 -3 7 5 i n c l . ) a n d
1 1 9 2 2 , h a v o b e e n c a l le d
T r u s t C o . , C l a r i o n , P a .—
F i r s t M t g o . 6 % g o l d b o n d s , d u o D e c . 1 192 1
5 ( $ 5 ,0 0 0 ) b o n d s ( N o . 3 7 6 -3 8 0 i n d . ) , d u o J a n .
fo r p a y m e n t J u n o 1 a t 105 a n d h it . a t C itiz e n s
V . 105, p . 20 0 3 .
M exican Eaglo Oil Co., L td .— Extend Conversion Privilege.
H o ld e r s o f t h o £ 1 ,5 0 0 ,0 0 0 S t e r lin g C o n v e r t i b l e 6 % 1 s t M t g e . b o n d s
h a v o t h o r ig h t o f c o n v e r t i n g s a m e i n t o fu lly -p a id , o r d i n a r y s h a r e s a t t h o
r a t o o f o n o s h a r e o f $ 1 0 M e x i c a n f o r e v e r y p r i n c ip a l s u m o f £ 3 ( e x c lu d in g
p r e m iu m ) r e p r e s e n t e d b y t h e ir b o n d s , s u c h o x c h a n g o t o b o m a d e a t a n y
t im o p r i o r t o J u l y 1 1 9 1 8 .
H a v i n g r e g a r d t o t h o f a c t t h a t m a n y h o l d e r s w ill e x p e r i e n c e d i f f i c u l t y in
c a r r y in g t h r o u g h t h o t r a n s a c t io n in t h o p r e s e n t e x c e p t i o n a l t im e s , t h o
d i r e c t o r s a t a g e n e r a l m o o t in g h e ld in M e x i c o C i t y o n A p r i l 8 1 9 1 8 r e s o lv e d
t o e x t e n d t h o t im o f o r c o n v e r s io n f o r a f u r t h e r p e r i o d o f t w o y e a r s , t o e x p ir e
on J u n o 30 1920.
I t w a s f u r t h e r r e s o lv e d t o s u s p e n d u n t il J u l y 1 1 9 2 0 t h o
c o m p a n y ’s r ig h t t o p a y o f f a ll o u t s t a n d i n g b o n d s a t 1 1 0 % .
T h o c o m p a n y is , h o w e v e r , u n a b le t o s u s p e n d t h e d r a w in g o f b o n d s a n
n u a ll y in t h e la s t w e e k o f M a y , a n d t h e r e fo r e a n y b o n d s n o t c o n v e r t e d
b o f o r o J u l y I 1 9 1 8 w ill t h e r e a f t e r b o s u b j e c t t o r e d e m p t i o n b y d r a w in g s
a t 1 0 5 % .— V . 106, p . 4 0 2 , 3 9 3 .
M inerals S ep aratio n , L t d .— Decision— A ppeal.— C o u n se l
for th o c o m p a n y w a s q u o te d r e c e n tly as fo llo w s :
I n t h e s u it o f t h o M in e r a ls S e p a r a t i o n , L t d . , a n d o t h e r s a g a i n s t t h o B u t t e
& S u p e r io r M in in g C o . ( V . 1 0 6 . p . 1 5 8 0 ), t h o U n it e d S t a t e s C i r c u i t C o u r t
o f A p p e a ls has e n te re d th e ju d g m e n t o f th e m a jo r it y o f th o C o u r t th a t th o
p a t e n t is lim it e d t o t h e u s e o f o il in t h o p r o p o r t i o n o f 94 o f 1 % o r le ss t o
th o to n o f o r e a n d th a t th o d e fe n d a n t h as a lw a y s u s e d m o r o th a n t h a t
a m o u n t o f o il a n d t h e r e fo r e h a s n o t in fr i n g e d .
H e n co th o d e cre o has d i
r e c t e d t h a t t h o c a s e b o r e m a n d e d t o t h o c o u r t b e l o w w it h d i r e c t i o n s t o
d is m is s t h e Dill a t p l a i n t i f f ’s c o s t s .
J u d g e R o s s , t h e s e n i o r J u d g e , f il e d h is
o p i n i o n t o t h is e f f e c t .
J u d g e H u n t f il e d a c o n c u r r in g o p i n i o n .
2233
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J u d g o M o r r o w f i l e d a n o p i n i o n c o n c u r r in g in p a r t w it h a n d d i s s e n t in g
in p a r t f r o m t h o o p i n i o n s o f h is c o ll e a g u e s .
H o f in d s t h a t t h o p a t e n t is
l im i t e d t o t h o u s e o f a n y a m o u n t o f o il w h ic h is a f r a c t i o n o f 1 % o f t h e
o r e a n d t h a t t h e d is c la im e r is v a l i d .
A l l o f t h o J u d g e s g i v e c a r e fu l c o n
s i d e r a t io n t o a n d e l a b o r a t e q u o t a t i o n f r o m t h o o p i n i o n o f t h o S u p r e m e
C o u r t in t h o c a s e o f M in e r a ls S e p a r a t i o n s , L t d . , a g a in s t H y d e a n d t h e c o n
f l i c t is d u o t o c o n f l i c t in i n t e r p r e t i n g t h a t d e c i s io n in t h o S u p r e m o C o u r t .
T h e r e is n o b r e a t h o f s u s p i c io n a g a i n s t t h e v a l i d i t y o f t h o p a t e n t .
T h e d i f f e r e n c e o f o p i n i o n a s t o w h a t t h o S u p r e m o C o u r t m e a n t fu r n is h e s
e x c e l le n t g r o u n d f o r t a k i n g t b o c a s e a t o n c e t o t h o S u p r e m e C o u r t o f t h o
U n it e d S t a t e s a n d p l a i n t if f s w ill p r o m p t l y a p p l y f o r a w r i t o f c e r t i o r a r i ,
j u d g m e n t b e i n g s u s p e n d e d m e a n w h i le .
( “ D a ily F in a n cia l A m e r ic a .” )
Injunction, &c.—
C o u n s e l f o r t h is c o r p o r a t i o n h a s a n n o u n c e d t h a t t h o c o m p a n y h a s r e
c e i v e d a d e c r e o f r o m t h e U . S . C i r c u i t C o u r t o f A p p e a l s in S a n F r a n c i s c o ,
g r a n t i n g t h o c o m p a n y a n i n ju n c t i o n a n d a c c o u n t i n g a g a in s t t h e B u t t e &
S u p e r i o r M i n i n g C o . o n a ll o p e r a t i o n s o f t h o l a t t e r c o m p a n y c o v e r i n g t h e
u s o o f 94 o f 1 % o r less o f o il u p t o a n d in c lu d in g J a n . 7 1 9 1 7 .— V . 1 0 6 ,p . 2 0 1 4 .
M u tu a l Film C o rp o ra tio n . — Allied Co. Redemption.—
S eo L o n o S ta r C o r p . a b o v e .— V . 106 , p . 2 0 1 4 , 1235.
N a s h M otors Co. — Common Dividend Increased.—
A d iv id e n d o f $ 1 5 p e r s h a re h a s b e e n d e c la r e d o n th e c o m m o n s t o c k ,
p a y a b l o M a y 31 t o h o ld e r s o f r e c o r d M a y 2 0 .
T h o in it ia l d i v i d e n d o n t h e
c o m m o n o f $ 6 p e r s h a re w a s p a id F e b . 1 la s t .— V . 1 0 6 , p . 1 0 3 6 , 5 9 8 .
N a tio n a l L e a d Co. — Red Cross Dividend.—
A ‘ ‘ R e d C r o s s ” d iv id e n d o f 1 % h a s b e e n d e c la r e d o n t h e c o m m o n s t o c k ,
p a y a b le J u ly 2 5 t o h o ld e r s o f r e c o r d J u ly 5 .
T h o r e g u la r q u a r t e r l y 194 %
o n t h o c o m m o n w ill b e p a i d J u n o 2 9 t o h o l d e r s o f r e c o r d J U n e 1 4 .— V . 1 0 6 ,
p . 169 1, 1581.
N a tio n a l T ra n s it Co. — Extra Dividend.—
A n e x tr a d iv id e n d o f 50 c e n t s p e r sh a re h a s b e e n d e c la r e d o n th o s t o c k
a l o n g w it h t h o r e g u la r q u a r t e r l y s e m i- a n n u a l 5 0 c e n t s p e r s h a r e , b o t h p a y
a b l o J u n o 15 t o a ll h o l d e r s o f r e c o r d M a y 3 1 .— V . 1 0 5 , p . 9 3 3 .
N e v a d a C o n so lid ated C op p er Co. — Production (Lbs.) —
1918— •
April— 1 9 1 7 .
6 ,9 0 0 , 0 0 0
6 ,7 2 7 , 1 9 2
— V . 106, p . 2126, 1896.
New
E n g la n d
Increase. I
Co.
1 9 1 8 — 4 M o s .— 1 9 1 7 .
1 7 2 ,8 0 8 2 5 , 7 1 0 , 0 0 0
2 5 ,5 7 9 ,5 1 3
Pow er
Increase.
1 3 0 ,4 8 7
System.— Offering of First
Mtge. 5s .—
C o ff in & B u r r , B o s t o n , are o ffe r in g a t 8 9 a n d
i n t ., to y ie ld 5.75%, a n a d d itio n a l b lo c k o f $ 5 0 0 ,0 0 0 F ir s t
M t g o . S in k in g F u n d 5 % g o ld b o n d s d u e J u ly 1 1 9 5 1 , b u t c a ll
a b le a t 1 0 5 a n d in t . o n a n y in te r e st d a te , m a k in g th e to ta l
a t p re se n t o u ts ta n d in g $ 6 ,4 3 8 ,0 0 0 , n o t in c lu d in g $62,000
ca n ce le d b y s in k in g f u n d .
T h e b a n k e rs re p o r t:
Outstanding Capitalization.
C o m m o n s t o c k ____________________________________________________________ $ 3 , 5 0 0 , 0 0 0
P r e f e r r e d 6 % c u m u l a t i v e s t o c k ________________________________________ 3 ,4 3 2 , 2 0 0
1 s t M . S in k in g F u n d 5 % b o n d s ( M a y 16 1 9 1 8 ) ______________________ 6 ,4 3 8 , 0 0 0
“ P a s s e d a s n o t i n c o m p a t i b l e w it h t h o i n t e r e s t o f t h o U n it e d S t a t e s , b u t
w i t h o u t a p p r o v a l o f t h e m e r it s , s e c u r i t y o r l e g a l it y .
O p in io n N o . 5 8 ,
(s ig n e d ) C a p i t a l I s s u e s C o m m i t t e e o f t h o F e d e r a l R e s e r v e B o a r d . ”
T h e N o w E n g la n d P o w e r C o . o w n s a n d o p e r a t e s f i v o h y d r o - e l e c t r i c
g e n e r a t i n g s t a t io n s o n t h e D e e r f i e l d R i v e r , w h ic h a t p r e s e n t h a v o a t o t a l
r a t e d c a p a c i t y o f 4 8 , 0 0 0 h . p . , a n d a l s o p u r c h a s e s p o w e r f r o m its a l l y , t h e
C o n n e c t i c u t R i v e r P o w e r C o . ( V . 1 0 6 , p . 7 1 0 ) , w in c h o w n s a 2 7 , 0 0 0 h . p .
h y d r o -e le c tr ic p la n t o n th e C o n n e c tic u t R iv e r .
T h o N e w E n g la n d P o w e r
C o . o w n s a b o u t 2 5 0 m ile s o f h i g h - t e n s io n t r a n s m is s i o n lin e s , w h ic h e n a b le
i t t o s e r v e m a n y in d u s t r ie s , c o m m u n it i e s a n d p u b l i c s e r v i c e c o r p o r a t i o n s
th r o u g h o u t th e c e n tr a l a n d w e ste rn p a r ts o f M a s s ., th e t o t a l p o p u la t io n
d i r e c t l y a n d i n d i r e c t l y s e r v e d b e i n g e s t im a t e d a t a b o u t 1 ,0 0 0 ,0 0 0 .
T h e p r o p e r t y o f t h o N e w E n g la n d P o w e r C o . n o w u n d e r t h o m o r t g a g e
s e c u r in g t h e s e b o n d s r e p r e s e n t s a n o r ig in a l v a l u a t i o n o f $ 1 3 ,0 0 0 ,0 0 0 , a s
c o m p ile d b y th o c o m p a n y .
__ _
Earnings for Calendar Year 1 9 1 7 .
G r o s s e a r n i n g s _____________ $ 2 , 0 2 3 ,4 2 .5 1A n n u a l b o n d i n t e r e s t ------------- $ 3 2 1 ,9 0 0
N e t , a f t e r t a x e s ___________
$ 7 7 5 ,2 0 2 ( B a l a n c e ________________________ $ 4 5 3 ,3 0 2
S eo m a p o f p r o p e r t y o n p a g e 182 o f th o “ R a ilw a y & In d u s tr ia l” S e c tio n ,
a l s o r e v i e w o f c o m p a n y 's c a p i t a l i z a t i o n , b o n d e d d e b t , p r o p e r t ie s , & c . ,
C o m p a r o V . 1 03 , p . 2 4 3 ; V . 1 02 , p . 172 1 ; V . 9 8 , p . 3 0 8 .— V . 1 06 , p . 1 8 0 0 .
N e w Y o r k & Q u een s G as Co.— Litigation.—
J u s t i c e G r e o n b a u m in t h e s p e c ia l t e r m o f t h e S u p r e m o C o u r t , N e w Y o r k
C o u n t y , h a s g r a n t e d t h e a p p l i c a t i o n o f c o u n s e l t o t h e P . S . C o m m i s s io n
d ir e ctin g th e c o m p a n y fo rth w ith t o a n sw e r th o p e t itio n o f th e c o m m is s io n
f o r a s u m m a r y w r i t o f m a n d a m u s o r i n ju n c t i o n r e q u i r in g t h a t c o m p a n y
t o c o m p l y w it h t h e c o m m i s s i o n ’s o r d e r in t h o D o u g l a s t o n G a s M a i n s
C a so.
C om p a ro V . 106, p . 1582, 612.
O hio Cities G as C o.— Earnings Year end. Mar. 31 1918.
G r o s s e a r n i n g s ____________ $ 3 9 ,9 2 9 ,1 3 4 D e p r e c i a t i o n _______________ $ 2 , 2 0 8 , 8 9 5
4 7 3 ,8 6 5
N e t e a r n i n g s _______________ 1 4 ,7 8 7 ,8 7 6 P r e f . d i q s . ( O . C . C o . ) . .
F e d e r a l t a x e s _____________
1 ,7 7 2 ,6 3 9 C o m m o n d i v s . ( O . C . C o . ) 5 ,9 6 0 ,6 1 1
4 6 8 ,3 9 5
B o n d i n t e r e s t _____________
1 6 7 ,2 7 4 D i v s . b y P u r e O il C o _____
M i s c e l l a n e o u s _____________
3 1 0 ,5 7 1 B a la n c e , s u r p l u s ___________ $ 3 , 4 2 5 , 6 1 8
T h e a b o v e s t a t e m e n t in c lu d e s t h o e a r n in g s o f a ll o f t h e s u b s i d i a r y c o r
p o r a t i o n s f o r t h is p e r i o d , w it h t h e e x c e p t i o n o f t h e U n it e d S t a t e s P i p e L i n e
C o . , o f w h ic h t h o O h io C it ie s G a s C o . o w n s 5 2 % .
In. t h o c a s o o f t h o o t h e r
c o m p a n i e s t h o O h io C i t i e s G a s C o . o w n s 1 0 0 % . — V . 1 0 6 , p . 7 1 9 , 6 0 2 .
O ld D o m in io n Co.— Combined Earnings for Year 1917.—
S a le s o f c o p p e r , & c _______ $ 8 , 5 9 5 , 4 4 4 1S t a t e a n d F e d e r a l t a x e s . .
3 9 ,7 2 7 D e p r e c i a t i o n & d e p l e t i o n .
O t h e r i n c o m e _______________
$ 5 7 1 ,5 1 7
5 8 3 ,7 2 7
D ividends_________________
2 ,376,262
_
T o t a l i n c o m e ____________ $ 8 ,6 3 5 ,1 7 1 j
N e t e a r n i n g s ________________ $ 2 , 3 7 6 , 5 0 9 !
D e f i c i t --------------------------------$ 1 , 1 5 4 , 9 9 7
T l i e t o t a l s u r p lu s D e c . 31 1 9 1 7 w a s $ 4 , 8 2 0 , 4 8 3 , a f t e r a d d i n g $ 5 , 6 0 7 , 8 9 4
n e t s u r p lu s o f O ld D o m i n i o n C o p p e r M i n i n g & S m e l t in g C o . a n d t h e
U n it e d G l o b o M i n o s a c q u i r e d .
O ld D o m in io n L a n d Co.— Reduction in Capital Stock.—
T h is c o m p a n y , o f N e w p o r t N e w s , V a . , i n c o r p o r a t e d O c t . 19 1 8 8 0 u n d e r
V ir g in ia l a w s , lia s fil e d a n a m e n d m e n t t o its c h a r t e r , r e d u c i n g t h e a u t h o r i z e d
c a p i t a l s t o c k f r o m $ 4 ,0 0 0 ,0 0 0 t o $ 3 ,8 0 0 ,0 0 0 .
T h o c o m p a n y w a s in c o r
p o r a t e d w it h a p e r p e t u a l c h a r t e r t o b u i l d t h o c i t y o f N e w p o r t N o w s , V a . ,
a m i t o s o c u r o p r o f it s o n t h e s a lo o f la n d .
T h e c o m p a n y h a s a n a u t h o r i z e d is s u e o f $ 4 0 0 ,0 0 0 b o n d s s e c u r e d o n t h e
C a s in o w a t e r f r o n t p r o p e r t y o n l y a t N e w p o r t N e w s , o f w h ic h $ 2 5 0 ,0 0 0
b o n d s h a v o b e e n c e r t i f ie d b y t h e t r u s t e e , b u t a t la s t a c c o u n t s n o t y e t s o l d .
P eaced ale (R . I.) M fg. Co.— Change of Control.—
T h o f o l l o w i n g o f fi c e r s h a v e b e e n e l e c t e d : P r e s . , J . P . S t e v e n s ; S e c . - T r e a s .,
R o w la n d H a za rd ; A s s t. T r e a s ., H . D . M a n n .
T h e s e c h a n g e s in t h o m a n
a g e m e n t w e r o e f f e c t e d o w in g t o t h e d e a t h s o f R . G . H a z a r d ( f o r m e r P r e s .)
a n d F . R . H azard.
M . T . S te v e n s & S on s C o . h a s b e e n a p p o in t e d t o
m a n a g o t h o c o m p a n y , w h ic h a t la s t a c c o u n t s h a d a n a u t h . c a p i t a l s t o c k o f
$ 2 , 0 0 0 , 0 0 0 , o f w h ic h $ 4 6 8 ,5 0 0 c o m m o n a n d $ 1 , 0 8 5 ,1 0 0 p r e f e r r e d w a s o u t
s t a n d i n g (p a r $ 1 0 0 ) .
T h e co m p a n y has n o b o n d e d d eb t.
P en n sy lv an ia C oal & Coke C o rp o ra tio n .— Earnings
1916.
1917.
1917.
1916.
$ 7 8 ,0 3 0
G r o s s s a l e s . . . $ 8 , 8 1 1 , 1 1 1 $ 4 ,4 3 0 ,4 5 1 D e d u c t i o n s . . $ 1 , 0 3 5 , 1 1 7
4 4 5 ,1 9 6
N o t c a r n i n g s . $ 2 , 1 8 2 ,3 5 4
$ 1 8 1 ,6 7 4 F e d e r a l t a x e s .
2 4 6 ,7 8 1
O th e r in c o m e .
9 1 ,6 1 6
5 3 ,0 9 2 D i v i d e n d s ___
$ 1 5 6 ,7 3 6
G ro s s in c o m o .$ 2 ,2 7 3 ,9 7 0
$ 2 3 4 ,7 6 6 S u r p l u s ________ $ 5 4 6 ,8 7 4
I n 1911 t h o c o m p a n y t o o k o v e r u n d e r le a s e t h o d e v e l o p e d c o a l p r o p e r t ie s
o f t h e C l e a r f ie l d B i t u m i n o u s C o a l C o r p .
See V . 9 2 , p . 1 43 9; V . 9 3 , p . 160 6;
V . 9 8 , p . 3 9 1 , a n d p a g o 153 o f " R y . & In d . S e c t io n .” — V . 10 6 , p . 1 8 0 0 .
Cal. Years—
P e o p le ’s G as L ig h t & Coke Co., C h ic ag o .— Loan— Rates
C h a ir m a n S a m u e l I n s u l l o n M a y 2 3 , in h is t e s t i m o n y b e f o r e t h e I ll i n o i s
U t i l it i e s C o m m i s s io n a s t o t h o a p p li c a t io n f o r in c r e a s e d r a t e s , is q u o t e d
a s s a y i n g t h a t t h o c o m p a n y h a s r e c e n t ly n e e d e d m o r e m o n e y , a n d o n A p r il 1
l a s t , In o r d e r t o m e e t t a x e s , o b t a i n e d a l o a n o f $ 1 , 0 0 0 , 0 0 0 a t 6 % f r o m 16
b a n k in g i n s t it u t i o n s in C h i c a g o , s e c u r e d b y t h o a s s ig n m e n t o f i t s a c c o u n t s
r e c e iv a b le a n d c o n t r a c ts f o r a p p a ra tu s s o ld .
P a y m e n ts o n th o lo a n a re
\
22S4:
THE CHRONICLE
n o w b e i n g m a c lo t o t h e F i r s t T r u s t & S a v i n g s B a n k o f C h ic a g o , a s t r u s t e e ,
d a i l y a s m o n e y c o m e s in , t h e r e h a v i n g b e e n a l r e a d y p a i d in 8 1 0 6 ,0 0 0 .
I f c o r r e c tly r e p o r t e d , M r . I n s u ll b e lie v e s 3 0 % a d v a n c e in s e r v ic e c h a r g e s
™ nl l d ? P ^ b l° th 0 c o m p a n y to e a r n $ 4 ,7 5 0 ,0 0 0 , le s s b o n d i n t e r e s t o f $ 2 ,3 7 5 ,
000.
U n le s s s o m e r e lie f is a f fo rd e d t h e c o m p a n y b y A u g . 1, M r . In s u ll
in tu n a ta d t h a t it m ig h t b o n e c e s s a ry to p u t th o p ro p e rty u n d e r th e c a ro
o f th e F e d e ra l C o u rt.— V . 106, p . 1 9 0 5 , 1 8 0 0 .
P erlm an Rim C o rp o ra tio n .— Sale of Assets.—
S . ^ ^ c h o l d o r s o n M a y 1 3 v o t e d t o t u r n o v e r t h e c o m p a n y ’s a s s e t s t o t h o
U n ite d
(n o t th o
G e n e ra l) M o to r s C o r p o r a tio n , w h ic h a lr e a d y o w n e d
c o n tro l.
C o m p a re V . 106, p . 1905.
tt
P h ila d e lp h ia B re w in g C o.— Proposed Bond Issue.—
S h a r e h o ld e r s w ill v o te J u n e 1 8 o n is s u in g $ 4 0 0 ,0 0 0 F i r s t M t g e . 6 % s in k in g
fu n d g o ld b o n d s , th e C o n tin e n ta l- E q u ita b le T itle & T r u s t C o . o f P h ila
d e l p h i a t o b .e t r u s t e e .
P itt s b u rg h
R o lls C o rp .— Initial Common Dividend.—
d iv id e n d o f 1 % h a s b e e n d e c la re d o n th o c o m m o n s to c k a lo n g
w i t h t h e r e g u l a r 'q u a r t e r l y 1 ) 4 % , b o t h p a y a b l o J u l y 1 t o h o l d e r s o f r e c o r d
J u n o 2 0 .— V . 1 0 5 , p . 1 9 0 3 .
P rod u cers & R efin ers C orp., Denver, Colo. — Offering
oj Pref. Stock.—
C . W . A n derson &
in g a t 8 1 0 0 a n d d iv id e n d 1 0 shares
la t iv e p a r tic ip a tin g c o n v e r tib le 7 %
5 sh ares o f c o m m o n , p a r o f e a ch
A circu lar sh o w s:
C o . , C h ic a g o , are o ffe r
o f th is c o m p a n y ’s c u m u
p r e f. (a . & d .) s to c k a n d
class 8 1 0 .
D i v s . Q .- F .
l h e s t o c k .h a s f u ll v o t i n g r i g h t s , is f u ll p a i d a n d n o n - a s s e s s a b l e , a n d p a r
tic ip a te s w ith c o m m o n s to c k in d iv id e n d s in e x c o ss o f 7 % .
C o n v e rtib le
in to c o m m o n s to c k a t o p tio n o f h o ld e r a t a n y tim e u p to J u n e i 1 9 2 2 .
a *> 1 0 7 ) 4 % o n a n y d i v i d e n d d a t e .
A f te r J u n o 1 1 9 2 2 to b e r e tir e d
o n e - te n th a n n u a lly o u t o f s u rp lu s e a rn in g s p r io r to p a y m e n t o f a n y d iv i
d e n d s o n th o c o m m o n s to c k .
C apitalization (N o Bonded Debt)—
A u th orized.
Issu ed .
1 % P ? f l Crr^ C , s t 0 C k ...................................... - .............................- S 3 . 0 0 0 , 0 0 0
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$ 2 .0 0 0 .0 0 0
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za^ nn • - O r g a n iz e d M a y 14 1 9 1 7 in W y o m i n g a n d is a s u c c e s s fu l
g o in g co n c e r n .
I t o w n s : (a ) O il le a s e s o n 6 7 ,6 1 5 a c r e s t h r o u g h o u t O k la .,
K a n ., W y o ., N e w M e x ., M o n t a n a , C o lo , a n d N e b .
U p o n t h e s o it h a s 2 8
p r o d u c i n g o il w e lls a n d 14 p r o d u c i n g g a s w e lls .
I t is n o w d r illin g 11 n o w
A °\ A w o l l - c m u p p e d r e fi n e r y a t B l a c k w e ll , O k l a ., w h ic h w h e n a c
q u i r e d in J u n e 1 J 1 7 h a d a c a p a c i t y o f 1 ,4 0 0 b b l s . p e r d a y .
T h is c a p a c i t y
h a s b e e n in c r e a s e d t o 2 . 6 0 0 b b l s . p e r d a y .
1
y
I h o c o r p o r a t i o n h a s 136 s t e e l t a n k c a r s in its s e r v ic e .
I t a ls o o w n s t h o
m a i n p i p e lin e s f r o m it s r e fi n e r y t o t h o B l a c k w e ll f ie l d , w it h g a t h e r in g
lin e s a n d p u m p i n g s t a t io n s , a n d a t o t a l s t o r a g e c a p a c i t y o f 1 0 0 ,0 0 0 b b l s .
tin arni^0S— I ' o r 7 m o s . e n d in g F e b . 2 8 1 9 1 8 , n e t e a r n in g s f r o m t h e r o t e n n ° n % h f , ° bc.o n * 2 5 2 .7 0 0 , a n d f o r t h o y e a r 1 9 1 8 a r o e s t im a t e d a t
a b o u t 8900 000 *
e a r n in g s o f t h o c o r p o r a t i o n f o r 1 9 1 8 a r e e s t im a t e d a t
Management.— F . E . IC istler is P r e s i d e n t , W m . A . O t is o f O t is & C o .
v . - l r e s . an d T re a su re r, a n d F ra n k D . M c C a u llo y . D e n v e r, S e creta ry .
R a p i d C i t y ( S o . D a k . ) G a s L i g h t C o .—
Sale.—
A*
H u n t a s t r u s t e e h a s p u r c h a s e d a t S h e r i f f ’s s a le t h o p r o p e r t y o f
t h is c o m p a n y f o r w h ic h F . P . H o o p e r w a s a p p o i n t e d r e c e iv e r in 1 9 1 4 .
111 M i c h .
? 1 ? 0 3 . C a p it a l s t o c k a u t h . a n d o u t s t a n d i n g .
, T h e b o n d e d d e b t c o n s i s t e d o f $ 5 0 ,0 0 0 F ir s t g o l d 5 s
d a t e d M a y 1 ,1 9 0 3 , d u o M a y 1 1 9 2 3 .
I n t . M . & N . a t t h o M ic h i g a n T r u s t
< ' rf*rK‘ R a p i d s , t r u s t e e .
D o n o m ., $ 1 ,0 0 0 .
S e c u r e d b y a il t h o p r o p
erty .
A n n u a l o u t p u t o f g a s , 5 ,0 0 0 , 0 0 0 c u . f t . ; f i v e m ile s o f m a i n s .—
v . / o , p . lo y o .
R ay
C o n s o lid a te d
7
— V .°io °6 ° p
‘> [ 2 6 ° 21791l
C o p p e r C o .— Production (Lbs. ) . —
M os.— 1 9 1 7 .
Decrease.
D e c m is c . | 1918— 4
5 5 2 , 7 2 4 12 9 , 3 6 6 , 0 0 0
R i v e r F a r m s C o m p a n y .—
3 0 ,8 5 5 ,1 2 8
1 ,4 8 9 ,1 2 8
Bonds Called.—
, ^ e n t y - o n e F i r s t M t g e . 6 % s e r ia l g o l d b o n d s o f $ 1 ,0 0 0 e a c h (r a n g in g
in n u m b e r f r o m 1 2 1 t o 1 99 ) a n d 2 b o n d s $ 5 0 0 e a c h a g g r e g a t i n g $ 2 2 ,0 0 0 ,
h a v e b e e n c a l le d f o r p a y m e n t J u n o 1 a t 1 0 2 >4 a n d i n t . a t A n g lo - C a li f o r n ia
I r u s t C o . , S a n F r a n c is c o .— V . 10 5 , p . 2 0 9 9 .
S t . L o u i s C a r C o .—
Strike Adjusted.—
I h e s t r ik e o f t h e e m p l o y e e s o f t h is c o m p a n y w a s a d j u s t e d o n M a y 1 5 ,
t h e c o m p a n y in c r e a s in g w a g e s a f i a t 1 0 % , a ll s t r ik i n g e m p l o y e e s t o b e t a k e n
b a c k w h e t h e r u n io n m e m b e r s o r n o t . — V . i n q . p. 2 0 1 4 , 9 3 .
C o r p .— New Control.— The follow
has been officially confirmed:
S m ith M o to r T r u c k
ing
d a ta
C o n t r o l o f t h is c o m p a n y h a s b e e n a c q u i r e d b y a ~ y n d i c a t o ' h e a d e d b y
R i c h a r d s o n , H ill & C o . , B o s t o n , t h r o u g h t h o p u r c h a s o o f s h a r e s o f c a p i t a l
s t o c k in t ile m a r k e t .
T i i o n o w i n t e r e s t s p l a n t o p u t n o w c a p i t a l i n t o t h o c o m p a n y in o r d e r t o
m a k e it a g o in g c o n c e r n a n d b id fo r G o v e r n m e n t c o n t r a c ts .
A sch e m e has
b e e n p r o m u l g a t e d t o d i s p o s e o f t h e c r e d i t o r s ’ c o m m i t t e e , w h ic h h a s b e e n
*1 c h a r g e o f t h e p r o p e r t y s i n c o J a n . T h o c r e d i t o r s a r o b e i n g o f f e r e d 2 5 %
o f t h e ir c ia u n s in c a s h , 2 5 % in 3 - y c a r n o t e s a n d 5 0 % in p r e f e r r e d s t o c k
h e l d in t h e c o m p a n y ’s t r e a s u r y .
R i c h a r d s o n , H ill & C o . a r o p r e p a r e d , i t is s a i d , t o p u t in w h a t o v e r a m o u n t
o f m o n o y is n e c e s s a r y n o t o n l y t o p a y t h o 2 5 % c a s h t o t h o c r e d it o r s b u t t o
g i v o t h e c o m p a n y s u f f i c i e n t w o r k in g c a p i t a l t o c a r r y o n t h e ir b u s in e s s
Ih o i c r e d it o r s , it is u n d e r s t o o d , w ill n o t e v e n r e c e i v o t h e 1 5 % c a s h o f f e r e d '
in t h is s e t t le m e n t i f t h o c o m p a n y is t h r o w n i n t o b a n k r u p t c y .
T h o c r e d i t o r s ’ c o m m i t t e e c o n s i s t s o f D a v i d 11. F o r g a n , W . R . D a w e s
C . J . l e e h lm g a n d P r e n tis s ’ L . C o o n lo y o f C h ic a g o , C . E . D a n fo r t h o f
N e w Y o r k a n d P . A . C o n le y o f C le v e la n d .— V . 10 6 . o . 1 0 4 0 . 4 0 3 , 3 0 3 .
S ta n d a rd O il Co. of In d ia n a .— federal Trade Commis
sion’s Complaint— Official Statement.—
S e o p a g e 2 0 7 5 i n l a s t w e e k ’s i s s u e . — V . 1 0 6 , p .
1905, 1143.
S ta n d a rd O il Co. of N e w Jersey.— Assistant to President.
V ic to r R o s s , fo r s e v e ra l y e a r s fin a n c ia l e d ito r o f th o T o r o n to “ G lo b e ,”
“ a s b e e n a p p o in te d A s s is ta n t to P r e s id e n t W a lte r C . T e a g l o — V . 1 0 6 , p .
Standard: O il Co. o f O h io .— Extra Dividend.—
,A n ®x t r a d i v i d e n d o f $ 1 p e r s h a r e h a s b e e n d e c l a r e d o n t h o s t o c k , a l o n g
M a y 3 1 r e y U j l(l) f ( | U a r j $ 3 ^ p e r s h a r e , b o t h p a y a b l o J u l y 1 t o h o l d e r s o f r e c o r d
S w ift & Co.— New Stock— Stock Dividend.— ^
.
T J ,11 a D
A
S
' 1 c a p i ta l s t o c k h a v i n g b e e n in c r e a s e d f r o m $ 1 0 0 ,0 0 0 ,0 0 0
* lo 1 - j ) 0 0 ,0 0 0 ( V . 1 0 6 , p . 2 1 2 7 ) , $ 2 5 ,0 0 0 ,0 0 0 o f t h o n e w s t o c k is n o w
°
o f t e r e d i o r s u b s c r i p t i o n a t p a r , $ 1 0 0 , t o t h o c o m p a n y ’s s t o c k h o l d e r s o f
r e c o r d M a y 1 8 in th e r a tio o f o n e n o w s h a r o fo r e a c h
fo u r
sh ares
h e ld .
S u b s c r i p t i o n s m u s t b o m a d e a n d p a i d a t t h o S e c r e t a r y ’s o f f i c e , C h i c a g o ,
o n o r b e fo re J u n e 15.
T h o r e m a i n i n g $ 2 5 ,0 0 0 ,0 0 0 s t o c k w ill b o d i s t r i b u t e d
a s a s to c k d iv id e n d to h o ld e rs o f re c o rd M a y 18, in th o ra tio o f o n e n ew
s h a r e fo r e a c h f o u r h o ld , w a r r a n ts fo r t h e n o w s to c k to b o m a ile d a b o u t
Ju n o 1.
C o m p a ro V . 106, p . 2 1 2 7 , 1692, 1583, 1466.
(T . H .) Sym in gton Co., B a lto .— Accumulated Dividends.
A n e x t r a d iv id e n d o f 2 % d e c la r e d o n t h e p r e f e r r e d s to c k in a d d itio n to
t h e r e g u l a r q u a r t e r l y 2 % w e r e b o t h p a i d o n M a y 15 o n a c c o u n t o f a c c u m u
la tio n s .
A s i m i l a r a m o u n t w a s p a i d F e b . last,. C o m p a r e V. 106 p 303
T i m k e n - D e t r o i t Axle Co.— Sale of 7% Serial Gold Notes.
T h e N a tio n a l C i t y C o ., N . Y . , o ffe re d d u rin g th o w ee k a t the
p rices n a m e d b e lo w , a n issu e o f 8 2 ,0 0 0 ,0 0 0 7 % serial g o ld
n o te s o f th is w e ll-e sta b lish e d e n te rp rise , to b e d a te d J u n o 1
1918.
A u th o r iz e d a n d to b e issu e d , 8 2 ,0 0 0 ,0 0 0 .
In te re s t
J . & D . w ith o u t d e d u c tio n fo r a n y F e d e ra l n o rm a l in co m o
ta x e s n o w or lie re a fto r^ d e d u ctib le a t th e s o u r c e iu p to 4 % .
[Vol . 106.
I t is a n n o u n c e d b y a d v e r tis e m e n t o n a n o th e r p a g e th a t th e
en tiro issu e h as b e e n s o ld .
“ P a s s e d b y th o C a p ita l Is s u e s C o m m itte e a s n o t in c o m p a tib le w ith th o
n a tio n a l in te r e s t, b u t w ith o u t a p p r o v a l o f lo g a lity , v a lid ity , w o r th o r so c iu -ity . _ O p in io n N o . 3 5 5 .”
P r in c ip a l d u e in t h r e e a n n u a l i n s ta llm e n ts a s fo llo w s : S e rie s A n o te s ,
$ 6 7 5 ,0 0 0 , m a t u r i n g J u n e 1 1 9 1 9 : S e rie s B n o t e s , $ 6 5 0 ,0 0 0 , 1 9 2 0 , a n d
S e rie s C n o t e s , $ 6 7 5 ,0 0 0 , J u n o 1 1 9 2 1 .
T h o n o te s a r o re d e e m a b le a t th o
o p tio n o f t h e c o m p a n y o n a n y i n te r e s t d a to u p o n 3 0 d a y s ’ n o tic o , a s a w h o lo
o r in s e r ie s (in w h ic h e v e n t i t m u s t c a ll fo r r e d e m p tio n a ll t h o n o te s o f o n o
o r m o r o o f t h o s e r i e s l a s t m a t u r i n g ) , a t 1 0 1 3 -^ f o r n o t e s w i t h 2 y e a r s o r m o r e
t o r u n , 1 0 1 , 1 y e a r o r m o ro b u t le ss t h a n 2 y e a r s t o r u n , a n d 1 0 0 )3 f o r n o te s
w ith le ss th a n 1 y e a r t o r u n .
T r u s te e , t h e F a r m e r s ’ L o a n & T r u s t C o ., N .Y .
, O f fe r in g p ric e s o f S e rie s A , 1 0 0 a n d i n t . , t o y ie ld 7 % ; S e rie s B , 9 9 )3 a n d
h i t . , t o y ie ld o v e r 7 ) 4 % , a n d S e rie s C , 9 9 a n d i n t . , t o y ie ld o v e r 7 % % .
Summary of Letter of Chairman H. H. Tim ken, Detroit, Alay 21 1918.
The C om pa n y .— T h o l a r g e s t m a n u f a c t u r e r i n t h o w o r l d o f a x l e s f o r m o t o r
v e h ic le s .
1 17 m a n u f a c t u r e r s o f m o to r v e h ic le s in t h o U . S . a r o u s e r s o f
th e s o a x le s.
S e c u r it y T h o d ir e c t o b lig a tio n s o f th o c o m p a n y a n d w ill c o n s t i t u te it s
o n ly o b lig a tio n s o u ts ta n d in g in th e h a n d s o f th o p u b lic .
T h o p ro c eed s of
t h o is s u e w ill b o u s e d t o f u n d n o te s p a y a b lo a n d t o p r o v id e a d d i t i o n a l w o r k
in g c a p ita l to ta k o c a ro o f in c re a s e d p r o d u c tio n .
T h o c o m p a n y w ill n o t
m o r tg a g e o r p le d g e a n y o f it s fix e d a s s e ts w ith o u t p r o v id in g f o r p r io r ity
o f p a y m o n t o f t h e s e n o te s , a n d w ill a t a ll tim e s m a i n t a i n c u r r e n t a s s o ts
e q u a l to a t le a s t tw ic e th e a m o u n t o f a ll its lia b ilitie s , d ir e c t o r c o n tin g e n t.
E a rn in g s . — A v e r a g e n e t i n c o m e f o r t i r o l a s t t h r e e y e a r s , b e f o r o d e d u c t i n g
th o 1 9 1 7 r e s e r v o f o r F e d e r a l ta x e s , a m o u n t e d t o $ 2 ,6 9 7 ,7 3 0 .
F ro m in
c o r p o r a tio n in 1 9 0 9 t o D e c . 31 1 9 1 7 e a r n in g s a v a i la b l e f o r d iv id e n d s h a v o
a m o u n t e d t o $ 1 2 ,2 3 6 ,5 9 4 , o f w h ic h c a s h d i v id e n d s h a v o b o o n d e c la r e d a n d
p a i d t o t h e a m o u n t o f o n ly $ 4 ,4 2 8 ,9 5 7 , t h e b a la n c e , $ 7 ,8 0 7 ,6 3 7 , h a v i n g b e e n
r e ta in e d in th o b u s in e s s .
E quity . — I t e c e n t q u o t a t i o n s i n d i c a t e a n e q u i t y f o r t h o s e n o t o s , r e p r e
s e n t e d b y th o p r e f e r r e d a n d c o m m o n s t o c k is s u e s , o f o v e r $ 1 0 ,0 0 0 ,0 0 0 .
F u r t h e r p a r tic u la r s s h o u ld a p p e a r a n o th e r w e e k .— V . 1 0 2 , p . 1 3 5 2 .
T i n d e l - M o r r i s C o ., E d d y s t o n e , P a . ( S h i p F o r g i n g s ,
& c . ) . — Offering o f N otes. — W e s t & C o . , P h i l a ., aro o ffo rin g
a t p rices fro m 9 6 % to 9 2 % , y ie ld in g fr o m 7 . 2 5 % to 7 . 7 5 % ,
a c c o r d in g to m a tu r ity , a n issue o f 8 0 0 0 ,0 0 0 S erial 0 % socurocl
g o ld n o te s , d a te d M a y 1 1 9 1 8 , d uo 8 1 0 0 ,0 0 0 o n M a y an d
N o v . 1 1 9 2 1 ; 8 1 5 0 ,0 0 0 M a y a n d N o v . 1 1 9 2 2 and 8 1 5 0 ,0 0 0
M a y 1 1923.
I n t . M . & N . a t P h ila . a n d P itts b u r g h .
P a s s e d a s n o t i n c o m p a t i b l e w it h t h o in t e r e s t o f t h o U n it e d S t a t o s , b u t
w i t h o u t a p p r o v a l o f t h e m e r it s , s e c u r it y o r l o g a l i t y .
O p in io n N o . 1 2 4 .
( S ig n e d ) C a p it a l I s s u e s C o m m i t t c o o f t h e F e d e r a l R e s e r v e B o a r d .
T h o n o t e s a r e t a x - f r e e in P e n n s y lv a n ia .
C o m p a n y agrees t o p a y n o rm a l
F e d e ra l in c o m e ta x u p t o 4 % .
A u t h o r i z e d a n d is s u e d , $ 6 0 0 ,0 0 0 .
R e
d e e m a b l e a t 101 a n d i n t . o n a n y in t e r e s t d a t e u p o n 3 0 d a y s ’ n o t i c e .
T ru s
t e e , U n io n T r u s t C o . o f P i t t s b u r g h , P a .
Extracts o f Letter of Chairman Adam T indel, Eddystone, Alay 6.
Organization.— E s t a b lis h e d in 1 8 6 2 a n d i n c o r p o r a t e d in P a . in 1 9 0 1 .
P r e s e n t o u t s t a n d i n g c a p i t a l s t o c k is $ 5 9 0 ,6 0 0 .
T h e o n l y in d e b t e d n e s s ,
o u t s i d o o f c u r r e n t b ills a n d a c c o u n t s , is t h is n o t e is s u e .
T h o c o m p a n y is
t h e o l d e s t c o n c e r n in t h o U n it e d S t a t e s m a k i n g a s p e c i a l t y o f s h ip f o r g in g s ,
a n d a t t h e p r e s e n t t im e t h e p la n t s a r o l a r g e ly e n g a g e d in G o v e r n m e n t
w o r k , s u c h a s s t e e l c r a n k s h a f t s , s h ip s h a f t in g , f o r g in g s f o r s u b m a r in e s a n d
s c o u t c r u is e r s , n a v a l a n t i - a ir c r a f t o r d n a n c o , a n d s t e e l b o t t le s o r c y l in d e r s o f
e v e r y d e s c r ip t i o n .
Security.— A d i r e c t o b l ig a t io n a n d s e c u r e d b y d e p o s i t o f $ 7 5 0 ,0 0 0 F i r s t
M o r tg a g e 6 % 2 0 -y e a r g o ld b o n d s.
T h o s e b o n d s , a u t h o r i z e d is s u o $ 1 , 0 0 0 ,
0 0 0 , a r o a n a b s o l u t e f ir s t m o r t g a g e u p o n t h o r e a l e s t a t o , b u i l d in g s , m a c h i n
e r y , e q u ip m e n t, & c ., n o w o w n e d o r h e re a fte r a c q u ir e d .
T h e r e m a in in g
b o n d s c a n n o t b e is s u e d W h ile a n y o f t h e n o t e s r e m a in o u t s t a n d i n g .
Properly.— T h e p la n t s a r o l o c a t e d a t E d d y s t o n e , P a . , 12 m ile s s o u t h o f
P h il a . o n t h o D c l a w a r o R i v e r .
P r o p e r t y c o n s i s t s o f a b o u t 5 4 a c r e s w it h
e x c e l le n t r a il a n d w a t e r f a c ilit ie s ; t w o la r g e m a c h i n e s h o p s w it h a t h i r d
u n d e r c o n s t r u c t i o n ; t w o s t e a m f o r g e p l a n t s , h y d r a u li c p r e s s e s , m a c li i n o
t o o l b u i l d in g e q u i p m e n t , t r a v e l in g c r a n e s , & c .
Appraisal.— T h e r e a l e s t a t e h a s b e e n a p p r a is e d a t $ 2 7 0 ,0 0 0 ; t h o b u i l d
i n g s , m a c h i n e r y a n d e q u i p m e n t a t S I ,1 0 8 ,0 0 0 .
T h e c o s t o f th e n e w p la n ts ,
a s e s t im a t e d , is $ 6 0 7 ,0 0 0 .
I n o r d e r t o b e in d e p e n d e n t f o r its s u p p l y , t h e c o m p a n y h a s c o m m e n c e d
c o n s tr u c tio n o f a n o p e n h e a r th steel p la n t, h a v in g a c a p a c it y o f a b o u t
2 0 .0 0 0 t o n s o f h i g h - g r a d e s t e e l p e r y e a r , a n d a h y d r a u li c f o r g in g p l a n t t o
fo r g e th o p r o d u c t s o f th o steel d e p a r tm e n t.
liusincss.— O r d e r s a g g r e g a t i n g a t le a s t $ 2 , 0 0 0 , 0 0 0 a r o n o w o n t h o b o o k s .
A r e c e n t o r d e r f r o m th e U . S . G o v e r n m e n t c o v e r s 5 ,0 0 0 to n s o f s h ip fo r g
i n g s , w it h a n o p t i o n t o in c r e a s e t h is 7 , 5 0 0 t o n s a d d i t i o n a l .
T h i s b u s in e s s
t . r; n
.. i ........x.
........ .............. a... ______
w ill t e s t f a c ilitie s f o r a b o u t t w o y e a r s t o c o m e .
Years endinq N o v . 3 0 —
1 9 1 5 -1 6 .
G r o s s p r o f i t .............................. ................... ...................................................................... $ 4 0 8 , 6 8 6
N o t , a f t e r o p e r a t i n g e x p e n s e s , t a x e s , i n t o r e s t , & c ________ $ 3 1 8 , 6 9 1
A m o u n t w r itte n o ff a g s t. p a te n ts , to o ls , m a te r ia ls , & c .
6 8 ,9 6 3
1 9 1 6 -1 7 .
$ 1 4 8 ,4 1 7
$ 2 9 6 ,9 6 6
7 7 ,2 2 9
P r o f i t o n s a l e o f l a t h e s a n d i n t e r e s t o n s i n k i n g f u n d _____
$ 2 1 9 ,7 3 7
3 ,4 1 6
P r o f it f o r y e a r (in 1 9 1 6 -1 7 s u b je c t to F e d e r a l t a x e s ) - .$ 2 4 9 ,9 9 8
$ 2 2 3 ,1 5 3
F o r th o f ir s t fo u r m o n th s o f th o 1 9 1 7 -1 8 fis c a l y e a r n e t o a r n in g s w e re
$ 1 4 5 ,1 9 9 .
T h e a b o v e e a r n in g s w ill b o a u g m e n te d b y ti ie n e w o p e n h e a r t h
p l a n t a n d h y d r a u lic f o r g in g p l a n t , e a c h e s tim a te d t o s h o w a p r o f it o f $ 2 0 0 ,
000 p e r y e a r.
Officers .— A d a m T i n d e l ,
M a n a g e r fo r 39 y e a rs; L .
V .- P r e s . a n d G e n . S u p t.; G
d i r e c t o r a n d G e n ’l E n g i n e e
C h a irm a n a n d T
I . M o rr is . C h . D
e o rg e N . C ris p in ,
r; J . A . D ra in , M
re a s ., fo u n d e r a n d G e n e ra l
. , P r e s i d e n t ; 11. E . T i n d e l ,
S e c ’y ; O t t o A l b r e c h t , M . E . ,
e ta llu rg ic a l E n g in e e r.
V ic to r-M o n a g h a n M ills, G reenville, S. C.— Dividend.—
O n M a y 8 a q u a r te r ly d iv id e n d o f $1 5 0 p e r s h a r e w a s d e c la re d o n th o
$ 4 ,4 5 0 ,0 0 0 c o m m o n s t o c k , p a y a b l o J u n o 1 , w h ic h p u t s i t o n a 6 % b a s is .
J.
l l . H ils m a n & C o ., in v e s tm e n t s e c u ritie s , A tla n ta , a r o a d v is e d t h a t
t h o n e t e a r n in g s f o r t h o p a s t f o u r w e e k s w e re $ 2 9 0 ,0 0 0 , a n d f o r th o y e a r
1 9 1 8 , t h e y b e lie v o , w ill e x c e e d $ 3 ,0 0 0 ,0 0 0 .
T h e q u o ta tio n s o n co m m o n
s to c k a r e r e p o r te d a s fo llo w s : D e c . 1 9 1 7 , 5 5 ; F o b . 1 9 1 8 , 6 3 ; A p r il 1 9 1 8 , 8 5 ;
M a y 1 9 1 8 , 9 5 .— V . 1 0 3 , p . 1 8 9 4 .
U n io n B a g & P a p e r C orp.— Earns, for 3 Mos. to April 30.
Com bined Results for A p r i l 3 0 Q u a r .—
1918.
E a r n in g s a f te r r e p a ir s a n d m a in t e n a n c e ..$ 7 2 5 ,9 5 8
D e p r e c i a t i o n ...........................................................
I n t e r e s t o n b o n d s -------------------------------------------------5 1 ,5 0 4
R e s e r v o f o r t a x e s . . ............................................................
9 0 ,0 0 0
B a la n c e
f o r d i v i d e n d s ...............................................$ 5 1 8 , 9 4 5
1917.
In c . or D ec.
$ 8 6 3 ,7 2 2
— $ 1 3 7 ,7 6 4
6 5 ,5 0 9 8 3 ,0 6 1 — 1 7 ,5 5 2
6 7 ,9 7 2
— 1 6 ,4 6 8
9 0 ,0 0 0
-----------$ 6 2 2 ,6 8 9
T h o a b o v o e a rn in g s d o n o t in c lu d e th o S t. M a u r ic o P a p e r
T h e c o m p a n y h a s d e c la re d th e r e g u la r q u a r te r ly d iv id e n
th o $ 1 0 ,0 0 0 ,0 0 0 c a p i ta l s t o c k , p a y a b le J u n o 15 t o h o ld e r s o f
T h i s d is b u r s e m e n t is t o b o m a d e o u t o f e a r n in g s o f t h e
A p r il 3 0 l a s t.— V . 1 0 6 , p . 1 3 4 0 , 1 2 3 6 .
— $ 1 0 3 ,7 4 4
C o ., L td .
d o f 1 )4 %
on
re c o rd Ju n e 5.
q u a r te r e n d e d
U n ite d M otors C o rp o ra tio n .— Acquisition.—
S ee P e rlm a n
R im
C o . a b o v o .— V . 1 0 6 , p .
1809.
U n ite d States Steel C o rp .— Red Cross Donation.—
M a n y c o r p o r a tio n s w h ic h d e c la re d s o -c a lle d R e d C ro s s d iv id e n d s a t th o
ti m e o f t h o r a is in g o f t h e f i r s t $ 1 0 0 ,0 0 0 ,0 0 0 f u n d f o r th o A m e r ic a n R e d
C ro s s , h a v o c h a n g e d th e i r p o lic y , o w in g to th e f a c t t h a t th o p a s s a g e o f la w s
b y s e v e r a l S ta t e s h a s m a d o i t p o s s ib le f o r th o c o r p o r a tio n s to c o n t r i b u t e
d ir e c tly r a th e r th a n to d e p e n d u p o n s to c k h o ld e r s f o r w a r d in g th e ir c h e c k s
to th e R e d C ro ss T re a s u re r.
T h o U . S . S te e l C o r p o r a tio n lia s m a d e a
d o n a t i o n o f $ 2 ,0 0 0 ,0 0 0 , o f w h i c h $ 5 0 0 ,0 0 0 is c r e d i t e d t o N o w Y o r k , a n d w ill
n o t d e c la r o a d iv id e n d a s w a s d o n e in th o c a s e o f th o f i r s t c a m p a ig n .
S to c k
h o ld e rs w h o h a v e d e la y e d m a k in g s u b s c r ip tio n s , th in k in g t h a t th e y w o u ld
fo rw a rd d iv id e n d c h e c k s la te r , a ro e a rn e s tly r e q u e s te d to e n te r th e ir s u b
s c r ip t i o n s t ills w e e k .— ( " I r o n A g o ,” M a y 2 2 1 9 1 8 .)— V . 1 0 6 , p . 2 0 1 5 .
F or oth er
In v e stm e n t N ew s, see
p a g e 2233.
M ay 25 1918.]
2235
THE CHRONICLE
%zpoxt$ imxi ^ommmiSo
ATLANTIC COAST LINE RAILROAD COMPANY
A N N U AL REPORT FOR TH E Y E A R E N D E D
Richmond, Va., May 2 1 1 9 1 8 .
To the Stockholders of the Atlantic Coast Line Railroad Company:
T h e B o a r d o f D ir e c to r s o f th e A t la n t ic C o a s t L in e R a il
ro a d C o m p a n y re sp e c tfu lly su b m its th e fo llo w in g r e p o r t fo r
th e fisc a l y e a r e n d e d D e c e m b e r 3 1 1 9 1 7 :
M i l o s o w n e d D e c . 3 1 1 9 1 6 ------------------------------------------------------------4 , 6 8 4 . 3 8
M ii e s n o t o w n e d b u t o p e r a t e d u n d e r l e a s e a n d t r a c k a g e
c o n t r a c t s ...................... - ............... ............... ....................................... ..........
1 0 6 .1 1
M i l e s o w n e d b u t n o t o p e r a t e d b y t h is C o m p a n y --------------------
4 ,7 9 0 . 4 9
1 6 .8 3
M i l e s o p e r a t e d D e c . 3 1 1 9 1 6 .............. ................................................. ....................... 4 , 7 7 3 . 6 6
Miles added during the year:
S p u r s t o m ills a n d f a c t o r i e s -------------------------------------T o t a l a d d e d t o o p e r a t e d lin e s a c c o u n t r e s u r v e y .
J a m e s R i v e r B r a n c h , M e a d o w J u n c t i o n t o F a ll
in g C r o o k , t r a n s f e r r e d t o o p e r a t e d m il e a g e —
1 0 .8 9
0 .8 4
4 .4 8
1 6 .2 1
Less:
T o t a l d e d u c t e d f r o m o p e r a t e d lin e s a c c o u n t r e s u r v e y ,
s a l o a n d a b a n d o n m e n t .................................................. ...............
3 .1 3
1 3 .0 8
T o t a l m ile s o p e r a t e d D e c . 31 1 9 1 7 ----------------------------------------------------------- 4 , 7 8 6 . 7 4
A v e r a g e m ile a g o o p e r a t e d d u r i n g y e a r ---------------------------------------------------4 , 7 8 0 . 6 4
M ile a g e o w n e d D e c . 31
1 9 1 7 -------------------------------------------------------------------- 4 , 6 9 3 . 0 5
D o u b l e - t r a c k m il e a g o D e c . 3 1
1 9 1 7 ................................................................. ..
3 3 2 .3 5
IN C O M E A C C O U N T .
1917.
1916.
Increase.
O p e r a t in g r e v e n u e s ...................$ 4 4 ,0 6 3 ,3 3 1 2 5 $ 3 7 ,3 2 2 ,0 8 5 4 2 $ 6 , 7 4 1 , 2 4 5 8 3
O p e r a t in g e x p e n s e s a n d t a x e s 3 2 , 0 3 7 , 9 9 4 9 1
2 5 ,9 0 4 ,0 1 5 3 0
6 , 1 3 3 . 9 7 9 61
N e t o p e r a t i n g r e v e n u e s , less
t a x e s .................................................$ 1 2 ,0 2 5 ,3 3 6 3 4 $ 1 1 ,4 1 8 ,0 7 0 12
U n c o ll e c t ib l e r a i lw a y r e v e n u e
1 1 ,5 9 4 3 9
1 1 ,8 3 3 0 6
$ 6 0 7 ,2 6 6 2 2
*2 3 8 57
$ 1 2 ,0 1 3 ,7 4 1 9 5 $ 1 1 ,4 0 6 ,2 3 7 0 6
$ 6 0 7 ,5 0 4 8 9
5 ,1 7 9 , 2 1 8 1 4
4 , 5 6 6 , 8 6 7 9 6 6 1 2 ,3 5 0 1 8
O t h e r i n c o m o .................................
G r o s s i n c o m e ------------------------------ $ 1 7 ,1 9 2 ,9 6 0 0 9
I n t e r o s t a n d r e n t a l s .....................
6 ,1 5 4 , 3 1 5 4 0
$ 1 5 ,9 7 3 ,1 0 5 0 2 1 , 2 1 9 , 8 5 5 0 7
$
5 , 9 4 2 , 5 9 8 99 2 1 1 ,7 1 6 4 1
$ 1 1 ,0 3 8 ,6 4 4 6 9 $ 1 0 ,0 3 0 ,5 0 6 0 3 $ 1 , 0 0 8 , 1 3 8 6 6
M is c e l la n e o u s d e d u c t i o n s
f r o m i n c o m e .............. ..
3 3 7 ,3 5 0 3 8
* 2 1 ,5 2 8 4 0
3 5 8 ,8 7 8 7 8
N e t i n c o m o ......................................$ 1 0 ,7 0 1 ,2 9 4 3 1
$ 9 ,6 7 1 ,6 2 7 2 5 $ 1 ,0 2 9 ,6 6 7 0 6
* D ecrea se.
IN T E R E S T A N D R E N T A L S .
1917.
1916.
I n t e r e s t o n f u n d e d d e b t — ...................... ................. $ 6 , 0 5 0 , 6 5 6 7 3 $ 5 , 8 1 2 , 2 6 6
I n t e r e s t o n c e r t i f ic a t e s o f i n d e b t e d n e s s _________
5 ,4 4 6 0 0
5 ,4 4 6
In te re st o n e q id p in e n t tru st b o n d s o f M a r c h 1
1 9 0 7 -----------------------------------------------------------------------1 ,4 8 6 6 7
1 6 ,4 2 0
In te ro s t o n e q u ip m e n t tru st b o n d s o f D e c . 1
1 91 1 ---------5 2 ,5 0 0 0 0
6 3 ,7 5 0
In te r e s t o n B r u n s w ic k & W e s te rn in c o m e b o n d s
750 00
1 ,0 5 0
R e n t a l s .........................................................................................
4 3 ,4 7 6 0 0
4 3 ,6 6 6
99
00
00
00
00
00
$ 6 ,1 5 4 ,3 1 5 4 0 $ 5 ,9 4 2 ,5 9 8 9 9
DECEM BER
C A P IT A L A C C O U N T .
C o m m o n S tock .
O u t s t a n d in g D e c e m b e r 31 1 9 1 6 ___________________________________ $ 6 8 ,5 5 8 ,0 0 0 0 0
I s s u e d b e t w e e n J a n u a r y 1 a n d D e c e m b e r 31 1 9 1 7 t o r e t ir e
$ 1 , 8 9 0 C o n v e r t i b l e D e b e n t u r e 4% B o n d s ___________________
1 ,4 0 0 0 0
O u t s t a n d in g D e c e m b e r 31 1 9 1 7 ________________________________ $ 6 8 ,5 5 9 ,4 0 0 0 0
U N IF IE D
T o P re fe rre d S to c k h o ld e r s , 5 %
T o C o m m o n S t o c k h o ld e r s , 7 %
1917.
F r e i g h t .................................. $ 2 8 ,9 6 0 ,4 1 2
P a s s e n g e r ----------------------- 1 1 ,5 7 6 ,8 6 5
E x c e s s b a g g a g e . ............
1 0 3 ,8 1 0
M a i l .......................
& 0 6 .7 8 6
E x p r e s s .................................
1 ,4 6 7 ,2 9 1
M i s c e l l a n e o u s .............. 1 ,1 4 8 ,1 6 4
=
=
REVENUES.
1916.
6 5 $ 2 5 ,1 8 4 ,9 5 2
93
8 ,9 7 0 , 8 7 9
32
9 0 ,0 6 1
3?
7 1 6 ,1 0 2
31
1 , 3 8 4 ,8 2 3
70
9 7 5 ,2 6 7
Per
Cent.
Increase.
1 4 .9 9
2 9 .0 5
1 5 .2 7
1 2 .6 6
5 .9 6
1 7 .7 3
$ 4 4 ,0 6 3 ,3 3 1 2 5 $ 3 7 ,3 2 2 ,0 8 5 4 2 $ 6 , 7 4 1 , 2 4 5 8 3
1 8 .0 6
EXPENSES
1917.
M a i n t e n a n c e o f w a y iY
s t r u c t u r e s -------------------$ 4 ,8 9 1 ,4 6 2 2 6
M a in te n a n c e o f e q u ip
7 , 0 0 2 , 2 2 6 19
m e n t ---------------- ---------7 5 2 ,6 6 9 5 4
T r a f f i c ......... ..........................
T r a n s p o r t a t i o n ------------ 1 5 ,9 8 2 ,7 7 0 81
M is c e l la n e o u s
opera
1 7 8 ,7 3 8 8 0
t io n s __________________
9 9 4 ,5 8 7 4 3
G e n e r a l e x p e n s e s ............
T r a n s p o r t a t i o n f o r In
2 8 ,4 6 0 12
v e s tm e n t— C r e d it _ -
AND
15 $ 3 ,7 7 5 ,4 6 0
17 2 , 6 0 5 , 9 8 6
19
1 3 ,7 4 9
15
9 0 ,6 8 4
62
8 2 ,4 6 7
24
172 897
TAXES.
1916.
$ 4 ,4 4 3 ,5 5 8 5 5
Increase.
$ 4 4 7 ,9 0 3 71
Per
Cent.
1 0 .0 8
5 . 9 9 1 ,6 5 7
7 2 3 ,8 0 1
1 1 , 8 7 9 ,4 3 0
PER
CENT.
BON DS.
O u t s t a n d in g D e c e m b e r 3 1
$ 1 6 ,0 0 0 0 0
8 2 ,0 0 0 0 0
1 9 1 7 .......
G E N E R A L U N IF IE D M O R T G A G E B O N D S .
O u t s t a n d in g D e c e m b e r 31 1 9 1 6 , S e r ie s “ A ” 4 H % __________ $ 3 9 ,1 5 7 ,2 8 2 2 8
I s s u e d b e t w e e n J a n u a r y 1 a n d D e c e m b e r 3 1 1 9 1 7 t o r e t ir e
lik e a m o u n t o f U n if i e d 4 % B o n d s _____________________________
8 2 ,0 0 0 0 0
Is s u e d b e tw e e n J a n u a r y 1 a n d D e c e m b e r 31 1917 f o r A d d i
t io n s a n d B e t t e r m e n t s — R o a d a n d E q u i p m e n t _____________
1 , 8 8 7 ,5 4 4 5 2
O u t s t a n d in g D e c e m b e r 3 1
1 9 1 7 ________________
$ 4 1 ,1 2 6 ,8 2 6 8 0
O u t s t a n d in g D e c e m b e r 3 1 1 9 1 7 S e r ie s " B ” 4 % _________________
1 0 0 ,0 0 0 0 0
1 3 5 ,5 0 0
9 1 3 ,6 7 3
4 3 , 2 3 8 4 7 3 1 .9 1
8 0 ,9 1 4 10
8.86
C O N S T R U C T IO N .
T h e c o n s tr u c tio n o f se c o n d tr a c k , 6 . 4 m ile s lo n g , b e tw e e n
F lo re n c e and J a v a , S . C . , w a s p r a c tic a lly c o m p le te d d u rin g
th e y e a r b u t h a d n o t b e e n p u t in o p e ra tio n o n D e c . 3 1 1 9 1 7 .
E Q U IP M E N T R E P L A C E M E N T
C r e d i t s D u r in g t h o Y e a r :
F r o m O p e r a t in g E x p e n s e s :
2 7 ,0 1 6 61
1 ,4 4 3 51
5 .3 4
T o t a l __________________$ 3 2 ,0 3 7 ,9 9 4 9 1 $ 2 5 ,9 0 4 ,0 1 5 3 0 $ 6 , 1 3 3 , 9 7 9 6 1 23.<
O p e r a t in g r e v e n u e s in c r e a s e d ......................— ............... $ 6 ,7 4 1 , 2 4 5 8 3 , o r 1 8 .0 6 '
O p e r a t in g e x p e n s e s i n c r e a s e d . - --------------------------------- 5 ,7 1 3 , 3 8 9 7 0 , o r 2 3 .7 5 '
T a x e s i n c r e a s e d ----- -------- --------------------- ------------------------4 2 0 ,5 8 9 9 1 , o r 2 2 . 8 1 '
N e t o p e r a t i n g r e v e n u e s , le s s t a x e s , i n c r e a s e d ------6 0 7 ,2 6 6 2 2 , o r 5 . 3 2 '
T h e r a tio o f o p e ra tin g e xp en ses a n d ta xe s to operatin
re v e n u e s w a s 7 2 .7 1 per c e n t, as c o m p a re d w ith 6 9 .4 1 por cei
fo r th o p re v io u s y e a r .
IN D U S T R IA L .
T h o A g r ic u ltu r a l a n d I m m ig r a tio n D e p a r tm e n t h a s coi
tin u od its u su a l a c tiv ity w ith en co u ra g in g r e s u lts , espoeiall
so in v ie w o f th e d istu rb e d c o n d itio n s b r o u g h t a b o u t b
th o w a r.
I t w a s n o t th o u g h t a d v is a b le to sen d o u t a t th is tim e oi
c u s t o m a r y e x h ib it o f a g ric u ltu ra l a n d h o r tic u ltu ra l produci
to th e a g ric u ltu ra l fairs in th e N o r t h e r n , E a s te r n a n d M id d l
W e s t e r n S ta t e s .
T h e ro h as b e e n a m a rk e d d e v e lo p m e n t in th o liv e sto c
in d u s tr y in G e o r g ia , F lo r id a , A la b a m a a n d th o C a rolin a :
ACCOU NTS.
Depreciation:
F or
For
F or
F or
F or
l o c o m o t i v e s _____________________________
p a s s e n g e r t r a in c a r s ____________________
f r e i g h t t r a in c a r s ......... .................................
w o r k e q u i p m e n t .............................. ..
f l o a t i n g e q u i p m e n t ......................................
Retirements, equipment destroyed or sold:
F or 40
F or
1
F or 615
F o r 29
l o c o m o t i v e s ..............................................
p a s s e n g e r t r a in c a r . ..................... . .
f r e i g h t t r a in c a r s __________________
w o r k e q u i p m e n t c a r s _____________
1 , 0 1 0 ,5 6 8 9 8 1 6 .8 7
3 .9 9
2 8 ,8 6 7 5 7
4 , 1 0 3 . 3 4 0 3 8 3 4 .5 4
$ 2 9 ,7 7 3 ,9 9 4 91 $ 2 4 ,0 6 0 ,6 0 5 2 1 $ 5 ,7 1 3 ,3 8 9 7 0 2 3 .7 5
T a x e s ___________________
2 ,2 6 4 ,0 0 0 0 0
1 ,8 4 3 ,4 1 0 0 9
4 2 0 ,5 8 9 91 2 2 .8 1
FOUR
$ 9 8 ,0 0 0 0 0
NEW
$ 9 ,8 3 5 0 0
$ 4 ,7 9 9 ,1 0 9 0 0
50
76
13
19
79
46
O P E R A T IN G
M ORTGAGE
O u t s t a n d in g D e c e m b e r 31 1 9 1 6 _________ ________ _________________
P u r c h a s e d b e t w e e n J a n u a r y 1 a n d D e c e m b e r 31
1 9 1 7 a n d r e t ir e d b y i s s u a n c e o f lik e a m o u n t o f
G e n e r a l U n if i e d S e r ie s “ A ” 4Pi b o n d s __________ $ 3 2 ,0 0 0 0 0
R e c e i v e d in e x c h a n g e f o r $ 5 0 ,0 0 0 0 0 o f F ir s t C o n
s o l id a t e d 4% B o n d s (h e ld in C o m p a n y ’s T r e a s
u r y ) a n d r e t ir e d b y is s u a n c e o f lik e a m o u n t o f
G e n e r a l U n if i e d S e r ie s " A ” 4V>f B o n d s _______ 5 0 ,0 0 0 0 0
/o
-------------------
T o t a l o u t s t a n d i n g G e n e r a l U n if i e d B o n d s , D e c . 3 1 1 9 1 7 _____$ 4 1 ,2 2 6 ,8 2 6 8 0
D IV ID E N D S .
O P E R A T IN G
1917.
T h e c o n tin u e d e re ctio n a n d d e v e lo p m e n t o f p a c k in g h o u se
p la n ts a t p o in ts a lo n g y o u r lin es h a v e s tim u la te d th e in te r e s t
o f th e fa rm e r s in th is im p o r ta n t in d u s tr y .
T h e c u ltu re o f p e a n u ts a n d s o y a b e a n s h a s b e e n g r e a tly
s tim u la te d , e sp e c ia lly in th e S ta te s o f A la b a m a a n d G e o r g ia ,
a n d th e cru sh in g o f th ese p ro d u c ts h as k e p t a la r g e n u m b e r
o f th e c o tto n seed m ills in o p e ra tio n th r o u g h o u t th e y e a r .
I n te r e s t in th e sh ip b u ild in g in d u s tr y h a s c o n tin u e d , a n d
p la n ts h a v e b e e n e s ta b lish e d a t s e v e ra l im p o r ta n t p o r ts
re a ch e d b y y o u r lin e s .
T h e h ig h p rices a t w h ic h th e fa r m e r h a s c o n tin u e d to b e
a b le to d isp o se o f h is p ro d u c ts h a v e g r e a tly in cre ase d th e
w e a lth o f th o te r r ito r y tra v e rse d b y y o u r lin e s , a n d h a v e
g iv e n a h e a lth y s tim u lu s to all b u sin e ss a c tiv itie s .
N o tw ith s t a n d in g th e a b n o r m a l la b o r c o n d itio n s in th e
in d u stria l w o r ld , th ere w ere 2 ,5 4 4 h e a d s o f fa m ilie s e n g a g e d
in a g ric u ltu ra l o r in d u str ia l p u rsu its lo c a te d a lo n g y o u r
lin e s d u rin g th e y e a r , a n in crease o f 5 4 0 as c o m p a r e d w ith
la s t y e a r .
T h e r e w ere 2 3 0 n e w in d u s tr ie s , in c lu d in g m ills a n d v a rio u s
m a n u fa c to r ie s , lo c a te d o n y o u r lin es d u rin g th e y e a r , a n
in cre ase o f 2 3 as c o m p a re d w ith la s t y e a r .
T h e r e w ere 1 5 2 in d u str ia l sid e tra c k s or e x te n sio n s c o n
s tr u c te d d u rin g th e y e a r to reach n e w p la n ts o r th o s e a lr e a d y
in e x is te n c e .
D iv id e n d s w oro d ec la re d a s fo llo w s d u rin g th e y e a r :
.
31
$ 3 0 4 ,5 2 4 4 0
9 4 ,7 9 8 2 1
7 4 5 ,0 4 8 6 2
2 3 ,7 2 7 8 2
2 ,9 7 6 6 8
--------------------------$ 1 , 1 7 1 , 0 7 5 7 3
$ 3 8 ,1 5 0 2 4
1 ,3 6 8 1 5
5 4 ,4 2 8 6 0
2 ,4 7 5 2 3
--------------------------
9 6 ,4 2 2 2 2
$ 1 ,2 6 7 ,4 9 7 9 5
C h a rg e s D u r in g th e Y e a r:
F o r c o s t v a l u o o f e q u i p m e n t r e t ir e d b y d e
s t r u c t i o n , s a lo o r t r a n s f e r t o o t h e r c l a s s e s . .
$ 9 5 7 ,2 8 0 0 0
L e s s v a l u e a t w h ic h e q u i p m e n t w a s t r a n s f e r r e d
1 7 3 ,0 3 2 9 0
t o o t h e r c la s s e s _________________________________
-------------------------C a re d fo r as F o llo w s :
F r o m o p e r a t i n g e x p e n s e s , r e t ir e m e n t s . ............
$ 9 6 ,4 2 2 2 2
F r o m a c c r u e d d e p r e c i a t i o n ______________________
5 2 1 ,4 0 1 4 6
F r o m s a l v a g e , f ir e in s u r a n c e a n d f o r e i g n r o a d s
1 6 6 ,4 2 3 4 2
--------------------------
$ 7 8 4 ,2 4 7 10
C o s t o f t r a n s f e r r in g e q u i p m e n t t o o t h e r c la s s e s _______________
$ 1 1 ,6 5 3 6 4
$ 7 8 4 ,2 4 7 10
T h e fo llo w in g ta b le sh ow s th e e q u ip m e n t o w n e d o r lea sed
u n d e r car tru sts o n h a n d a t th e close o f e a c h y e a r :
1909
1910
1911
1912 | 1913
1914
1915
1916 1910 * 1917 *
L ocom otive,!..
663
832
669
6S6
719
777
814
820
807
811
674
678
678:
698
Pass, train cars
602
605
603
646
671
679
Fr’t train cars 24,50!' 24,881 25,472 27,510 29,210 29,833 28,927 28,615 28,994 30,377
773
946
975 1,070 1,169 1,172 1,227 1,422
W ork equlpm’t
057
847,
21
21
21
Floating equip.
16
17
23
191
201
20
17
* On hand at close o l year ended D ec. 31: the other years in table are for period
ended June 30.
GENERAL
REM ARKS.
Y o u r C o m p a n y e n jo y e d th e la rg e st v o lu m e o f b u sin e ss in
its h is t o r y , w ith G r o s s O p e ra tin g R e v e n u e s o f $ 4 4 ,0 6 3 ,
3 3 1 2 5 , a n in crease o f 1 8 .0 6 p er c e n t o v e r th e p re v io u s y e a r .
E x p e n s e s in cre ase d 2 3 .7 5 p er c e n t, a n d T a x e s in cre ase d
2236
THE CHRONICLE
2 2 ,8 1 p e r c e n t, re su ltin g in a n in cre ase in N e t O p e ra tin g
R e v e n u e s o f 5 .3 2 p er c e n t.
T h e la rg e in creaso in T a x e s is duo in p a r t to th e “ W a r
I n c o m e T a x ” a n d “ W a r E x c e ss P r o fits T a x ” im p o s e d b y
A c t o f C o n g re ss a p p r o v e d O c t . 3 1 9 1 7 .
T o D e c e m b e r 3 1 1 9 1 7 th e re w ere 7 6 0 e m p lo y e e s o f y o u r
C o m p a n y in so m e b r a n c h o f th e m ilit a r y se rv ice o f th e
U n it e d S ta t e s G o v e r n m e n t , 3 7 o f w h o m h a d re c e iv e d c o m
m is s io n s as o ffic e r s.
T h e B o a r d o f D ir e c to r s o f y o u r C o m p a n y a u th o r iz e d s u b
scr ip tio n s to th e F ir s t L ib e r t y L o a n a n d th e S e c o n d L ib e r t y
Loan.
O n a c c o u n t o f a n o v e r -s u b s c r ip tio n , th e re w ere
p u rc h a se d o n ly 8 3 0 0 ,0 0 0 o f th e 3 Yz p er c e n t b o n d s , a n d b y
a llo t m e n t $ 2 ,9 2 0 ,0 0 0 o f th e 4 p er c e n t b o n d s .
The Com pany
a lso p u rc h a se d fo r its e m p lo y e e s , g iv in g th e m th e p riv ileg e
o f p a y in g fo r sa m e b y m o n t h ly d e d u c tio n s fr o m th e p a y -r o lls ,
$ 2 0 9 ,1 5 0 o f th e F ir s t L ib e r t y L o a n a n d $ 2 0 3 ,6 0 0 o f th e S ec
o n d L ib e r t y L o a n .
T h e s c a r c ity o f la b o r in a ll b ra n ch e s o f th e se rv ice h a s c o n
tin u e d a n d h as d e la y e d th e c o m p le tio n o f a ll c o n str u c tio n
w ork .
P ro g re ss h a s b e e n m a d o in th o e x te n sio n o f ’ th e H a in e s C it y
B r a n c h in S o u th F lo r id a fr o m S o b rin g to I m m o k a le e , a n d th e
b r a n c h to M o o r e H a v e n ,
I t is n o w e x p e c te d t h a t th o line
to M o o r e H a v e n w ill b e o p e n fo r tr a ffic a b o u t M a y 1 1 9 1 8 .
___
U N IT E D
STA TES G OVE R N M E N T
CONTROL.
I n a c c o r d a n c e w ith a p r o c la m a tio n issu e d o n D e c ? "2 6 1 9 1 7
b y H o n . W o o d r o w W i ls o n , P re sid e n t o f th o U n it e d S ta te s ,
a n d ord er d a te d D e c e m b e r 2 9 1 9 1 7 , sig n e d b y H o n . W . G .
M c A d o o , D ir e c to r -G e n e r a l o f R a ilr o a d s , y o u r p r o p e r ty h a s ,
sin ce 1 2 :0 0 o ’ c lo c k n o o n D e c e m b e r 2 8 1 9 1 7 , b e e n o p e ra te d
u n d e r th e d ire c t su p e r v isio n a n d c o n tr o l o f th o U n it e d S ta te s
G o v e r n m e n t , a n d th e a c c o u n tin g p e rio d as b e tw e e n th o G o v
e r n m e n t a n d th o R a ilr o a d C o m p a n y h as b e e n m a d o e ffe c tiv e
as o f m id n ig h t D e c e m b e r 3 1 1 9 1 7 .
A s th is m a y bo fo r se v e ra l y e a r s th o la s t a n n u a l re p o r t o f
th o o p e ra tio n s o f th e A t la n t ic C o a s t L in e R a ilr o a d C o m p a n y
in w h ic h figu res w ill p e r m it c o m p a riso n o f to n n a g e an d
e a rn in g s w ith p re v io u s y e a r s b a se d u p o n th e n a tu ra l c o m
p e t itiv e flo w o f b u sin e ss, w e p re sen t so m o figu res to reco rd
th o d e v e lo p m e n t d u rin g th e p a s t fo u r te o n a n d o n e -h a lf
years:
Fiscal Years ended June 30.
1904.
Mileage operated during year__________
1908.
4,192.26
December 31
1917.
1912.
4,361.72
4,524.71
4,780.64
Gross Revenues_____ $20,544,975 20 520,029,052 40 $33,403,557 70 $44,003,331 25
Operating Expenses. 12,110,404 22 18,971,742 77 22,541,582 95 29,773,094 91
T a x e s ____________
710,629 32
1,072,051 84
1,399,395 01
2,261,000 00
Operating Income_
_
N et Incom e______
Number tons carried
one m ile.............
Num ber passengers
carried one mile___
Revenue train miles.
Loaded cars per train
mile..................
Tons of freight per
train mile______
Tons of freight per
loaded car m ile___
Equipment Owned:
L ocom otiv es____
Passenger T r a i n
C a r s ..... ..........
Freight Train Cars
W ork Equipment.
F l o a t i n g Equipm eat................
Aggregate Tractive
Pow erofall Locomotives, pounds
AggregatcCapactty
o f a ll F r e ig h t
Train Cars, tons
57,717,881 66
54,283,482 28
85,985,257 79
82,781,147 47
59,522,579 74 512,013,741 95
57,010,881 70 810,701,291 31
1,075,158,468
1,436,141,810
1,825,598,508
3,001,835,390
174,350,363
12,310,860
261,881,340
14,241,082
370,292,408
16,789,166
517,787,140
17,570,025
14.05
14.54
16.48
20.23
157.09
185.26
210.41
345.82
10.72
12.74
12.77
17.10
407
672
719
604
24,068
603
610
27,510
946
098
30,377
1,422
12
10
19
23
8,220,000
18,819,800
378,270
928,415
Capital S t o c k ____
538,376,700 00 S50,134,200
Security Obligations. 120,713,200 07 137,900,000
‘ Profit and L os s ..
14.198,734 34
9,338,093
Property and Investmonta .................... 177,492,890 91 193,251,453
Current, Assets . . .
Current liab ilities...
7,321,742 08
4,173,384 44
Excess Current Assets
over Current Llabtlltie s ........................
00 $58,943,700 00 $68,756,100 00
00 133,439,040 00 113,193,715 00
97 29,800,711 44 48,001,525 39
34 213,790,667 52 253,880,482 42
10,953,363 05
5,250,398 86
23,746,775 20
0,770,803 05
28,482,051 23
8,998,400 67
$5,702,904 19 510,975,972 21 819,483,590 50
Increase
June 30 1904
to December 31 1917.
Excess of Current Assets over Current Liabilities,
510,332,232 32
70,393,591 48
C O M P A R A T IV E
Investments—
GENERAL
BALANCE
ASSETS.
S IIE E T .
Dec. 31 1 9 1 6 .
Dec. 3 1 1 9 1 7 .
I n v e s t m e n t in R o a d a n d E q u i p m e n t ______ $ 1 8 0 ,2 1 3 ,4 1 3 0 4 $ 1 8 4 ,8 9 0 ,4 3 0 8 1
Im p r o v e m e n ts o n L e a se d R a ilw a y P r o p
5 4 ,1 9 1 8 9
e r t y __________________________________
5 4 ,4 7 0 0 8
D e p o s i t s i n lie u o f M o r t g a g e d P r o p e r t y
9 6 ,9 3 8 95
S o l d ____________
1 ,8 6 2 9 5
M is c e l la n e o u s P h y s ic a l P r o p e r t y ______________
1 , 0 4 0 ,0 6 0 01
1 , 0 7 1 ,5 1 5 6 9
I n v e s t m e n t s In A f f i l i a t e d C o m p a n ie s :
S t o c k s .....................
$ 5 5 ,9 4 7 ,9 2 6 9 0
$ 5 6 ,8 2 5 ,3 0 7 9 1
3 ,8 0 7 ,6 0 5 7 6
B o n d s .................................................
1 ,8 7 8 ,8 2 1 8 0
2 , 4 3 3 , 1 4 3 10
N o t e s ......... ................................................
2 ,3 5 7 ,3 3 1 2 4
4 1 4 ,7 7 8 9 2
A d v a n c e s ___________________________________
4 2 3 .6 9 9 2 4
$ 6 3 ,4 8 0 ,8 3 5
$ 6 0 ,6 0 7 ,7 7 9 2 7
O th e r In v e s tm e n ts :
$ 2 4 9 ,3 4 0
S t o c k s ................................................. _ ........................
$ 2 2 8 ,4 3 1 2 5
2 ,9 0 3 , 5 0 0
B o n d s .......................................
1 ,1 0 1 ,5 0 0 0 0
N o t e s ________
2 9 9 ,8 0 7 0 8
2 9 7 ,3 8 7
8 4 2 ,3 4 1
A d v a n c e s ________________________________________
6 0 5 ,2 6 4 7 9
8 2 ,2 3 5 ,0 0 3
69
50
00
08
81
$ 4 ,2 9 2 , 5 6 9 3 9
12 __________________
T o t a l ................................................................................... $ 2 4 4 ,1 5 2 ,5 8 8 4 7 $ 2 5 3 ,8 8 6 ,4 8 2 4 2
Current Assets—
$ 1 4 ,6 7 2 ,6 9 2 9 7
C a s h . ..........................
$ 1 6 ,3 1 2 ,3 7 4 4 9
D e m a n d L o a n s a n d D e p o s it s .
4 5 6 ,1 7 4 4 4
4 5 0 ,5 4 4 12
S p e c ia l D e p o s it s :
6 8 2 ,6 8 4 17
5 6 7 ,5 3 1 6 7
C a s h f o r D iv i d e n d s , I n t e r e s t a n d D e b t s
B o n d s t o S e c u r o L e a s e s ___________________
5 9 0 ,2 2 5 0 0
5 9 0 ,2 2 5 0 0
L e s s : T h i s C o m p a n y ’s O w n I s s u e s _____
5 7 5 ,0 0 0 0 0
5 7 5 ,0 0 0 0 0
$ 1 5 ,2 2 5 0 0
$ 1 5 ,2 2 5 0 0
L o a n s a n d B ills R e c e i v a b l e __________________
1 0 ,7 7 5 3 4
4 3 ,1 0 5 97
T r a f f i c a n d C a r S e r v i c e B a la n c e s R e c e i v
a b l e ___________________________________________
1 , 3 1 6 ,4 4 6 2 3
1 ,5 2 5 ,1 6 1 8 2
N o t B a la n c e R e c e i v a b l e f r o m A g e n t s a n d
1 , 0 9 9 ,9 8 1 51
C o n d u c t o r s _________________________________
5 5 8 ,9 5 5 4 3
1 ,9 1 2 ,7 5 3 3 5
M is c e l la n e o u s A c c t s . R e c e i v a b l e __________
1 , 1 9 8 ,1 2 7 7 6
3 ,1 2 9 ,8 6 2 94
5 ,5 3 2 , 6 2 8 5 9
M a t e r ia l s a n d S u p p li e s ______ _______________
1 ,4 0 6 ,3 3 8 01
1 , 5 2 9 ,6 6 8 9 9
I n t e r e s t a n d D iv i d e n d s R e c e i v a b l e ________
6 0 ,6 6 7 2 2
3 2 1 ,9 7 5 6 0
O t h e r C u r r e n t A s s e t s ______________________________________________
T o t a l ...................................................... .................... $ 2 5 ,1 7 4 ,3 3 1 3 4
$ 2 7 ,6 4 4 ,5 6 9 2 8
Deferred Assets—
$ 6 ,4 8 8 7 5
$ 6 ,6 0 0 3 5
W o r k i n g F u n d A d v a n c e s __________________
In s u r a n c e a n d O th e r F u n d s :
T o t a l B o o k A s s o t s ______________________
4 4 5 ,7 5 3 5 2
4 2 4 ,7 7 2 4 5
1 5 0 ,0 0 0 0 0
L e s s : T h i s C o m p a n y ’s O w n I s s u o ___
1 5 0 ,0 0 0 0 0
$ 2 9 5 ,7 5 3 5 2
$ 2 7 4 ,7 7 2 4 5
T o t a l _________________________________________
$ 3 0 2 ,3 5 3 8 7
$ 2 8 1 ,2 6 1 2 0
Unadjusted Debits—
R e n t s a n d I n s u r a n c e P r e m i u m s p a i d in
a d v a n c e ______________________________________
$ 8 2 ,9 6 7 5 4
$ 1 ,1 1 2 ,4 9 9 93
O t h e r U n a d j u s t e d D e b i t s ___________________
6 1 6 ,9 1 1 0 7
$ 1 ,1 1 2 ,4 9 9 93
$ 6 9 9 ,8 7 8 61
S e c u r it ie s I s s u e d o r A s s u m e d :
P a r v a lu e o f h o ld in g s —
1 9 1 7 , $ 1 8 ,6 6 6 ,5 7 6 8 0 .
1916,
$ 2 2 ,0 2 7 ,0 3 2 2 8 .
G r a n d T o t a l ...................... .................................... $ 2 7 0 ,3 0 8 ,0 5 9 6 2 $ 2 8 2 ,9 4 5 ,9 0 5 5 0
LIA BILITIE S.
Slock—
Dec. 31 1 9 1 6 .
C o m m o n S t o c k .............................................. ............. $ 6 7 ,5 5 8 ,0 0 0 0 0
C la s s “ A ” R i c h m o n d & P e t e r s b u r g R a i l
r o a d C o . S t o c k .............. .................................
1 ,0 0 0 ,0 0 0 0 0
P r e f e r r e d S t o c k ...................... ....................................
1 9 6 ,7 0 0 0 0
P r e m iu m s r e a liz e d o n C a p it a l S t o c k ............
$ 6 8 ,7 5 4 ,7 0 0 0 0
4 ,8 1 9 ,5 7 2 5 0
T o t a l ................................................... ....................... $ 7 3 ,5 7 4 ,2 7 2
Long Term Debt—
E q u i p m e n t T r u s t O b li g a t i o n s _______________
$ 1 ,4 7 3 ,0 0 0
M o rtg a g e B on d s:
B o o k L i a b i l i t y ....................$ 1 2 1 ,9 5 3 ,4 7 6 8 0
H o ld b y o r f o r C a r r i e r . .
1 9 ,3 9 1 ,5 7 6 8 0
9 7 ,3 1 4 ,0 0 0
C o lla te ra l T r u s t B o n d s
3 5 , 0 0 0 ,0 0 0
I n c o m o B o n d s ___________
21,000
M i s c e l l a n e o u s ___________
4 ,6 1 8 ,6 3 5
T ota l
Dec. 31 1 9 1 7 .
$ 6 7 ,5 5 9 ,4 0 0 0 0
1 , 0 0 0 ,0 0 0 0 0
1 9 6 ,7 0 0 0 0
$ 6 8 ,7 5 6 ,1 0 0 0 0
4 ,8 2 0 ,0 6 2 50
50
$ 7 3 ,5 7 6 ,1 6 2 5 0
00
$ 1 ,000,000 00
00
00
00
00
1 0 2 ,5 6 2 ,0 0 0
3 5 ,0 0 0 ,0 0 0
1 5 ,0 0 0
4 ,6 1 6 , 7 4 5
00
00
00
00
$ 1 3 8 ,4 2 6 ,6 3 5 0 0 $ 1 4 3 ,1 9 3 ,7 4 5 0 0
Current Liabilities—
T r a f f i c a n d C a r S e r v ic o B a la n c e s P a y a b l o .
A u d it e d A c c o u n t s a n d W a g e s P a y a b l o ___
M is c e l la n e o u s A c c o u n t s P a y a b l o __________
I n t e r e s t M a t u r e d U n p a i d ___________________
D i v i d e n d s M a t u r e d U n p a i d ________________
F u n d e d D e b t M a t u r e d U n p a i d _____________
U n m a t u r e d D iv i d e n d s D e c l a r e d __________
U n m a t u r e d I n t e r e s t A c c r u e d _______________
U n m a t u r e d R e n t s A c c r u e d __________________
$ 8 6 2 ,8 8 3
2 ,0 8 4 ,8 2 1
3 4 2 ,4 8 0
5 0 1 ,0 9 0
5 ,8 5 0
1 4 ,0 0 0
2 ,3 9 9 ,5 3 0
1 , 1 6 2 ,6 5 7
1 ,3 5 6
18
77
78
84
75
00
00
41
25
$ 1 ,0 0 0 ,2 7 2
2 ,6 6 9 ,6 8 5
6 1 7 ,8 0 6
5 4 6 ,9 3 8
5 ,8 5 0
3 ,0 0 0
2 ,3 9 9 , 5 7 9
1 ,1 7 8 ,9 2 7
1 ,3 5 6
14
37
59
34
75
00
00
91
25
.
$92,725,823 80
530,379,400 00
10,480,478 33
Deferred Liabilities—
O t h e r D e fe r r e d L i a b i l it i e s __________
$ 7 , 3 7 4 ,0 7 0 9 8
$ 8 ,4 2 3 ,4 1 0 3 5
.
$ 1 0 1 ,2 4 8 0 0
$ 1 3 1 ,2 2 9 0 9
Unadjusted Credits—
40,859,878 33
Increase in Property and Assets not C apitalized.. ........................ - $45,805,945 47
Increaso In Depreciation Accounts_______ ________
511,509,303 83
In tho above comparison wo have readjusted certain assets conservatively, which
make3 a comparison with tho printed balance sheet difficult without greater details.
* Includes Profit and Loss, Taxes Accrued, Operating Reserves and Premium on
S tock .
W e m a k e c o m p a ris o n w ith th o y e a r e n d in g J u n o 3 0 1 9 0 4
b e c a u se th a t w as th e first fu ll y e a r o f o p e ra tio n a fte r th o
p u rc h a se o f tho P la n t S y s te m a n d o f th e sto c k o f th e L o u is
v ille & N a s h v ille R a ilr o a d C o m p a n y .
. .=
; 4
•/
T h o R a ilw a y O p e r a tin g I n c o m e o f th o A t la n t ic C o a s t
L in o R a ilr o a d C o m p a n y fo r J a n u a r y , F e b r u a r y a n d M a r c h
1 9 1 8 , th e fir s t th re e m o n th s o f o p e ra tio n b y th o D ir e c to r G o n e r a l, h a s n e tte d th o U n it e d S ta te s G o v e r n m e n t a n a v e r
a g e p er m o n th a p p r o x im a te ly o f $ 4 0 0 ,0 0 0 a b o v e w h a t w e
e s tim a te w ill b o th e S ta n d a r d R e tu r n to bo p a id th o R a il
ro a d C o r p o r a tio n u n d e r th o A c t o f M a r c h 3 1 1 9 1 8 .
W o re n e w th o e x p re ssio n o f o u r a p p re c ia tio n o f th o in
te llig e n t a n d fa ith fu l w o rk d o n e b y o u r o ffic e rs a n d e m
p lo y e e s , a n d w e a p p e a l to th e m to g iv e to th o D ir e c to r G e n e r a l, d u rin g h is te m p o r a r y co n tr o l a n d o p e r a tio n , t h a t
s a m e lo y a lt y a n d p erso n a l in te re st in e ffic ie n t o p e ra tio n
w h ic h h as b e e n th e re a l ca u se le a d in g to th o su cc essfu l
d e v e lo p m e n t o f th e A t la n t ic C o a s t L in e R a ilr o a d C o m p a n y
a n d h as a ssiste d so la r g e ly in a id in g th o d e v e lo p m e n t o f th e
te rr ito ry w h ic h it s e rv e s.
J . R . K E N L Y , President.
H . W A L T E R S , Chairman.
807
503
14,433
432
[V ol . 106
T a x L i a b i l i t y __________________________
In s u ra n ce a n d C a s u a lty R e s e r v e s .
O p e r a t in g R e s e r v e s __________________
A c c r u e d D e p r e c i a t i o n — R o a d ______
A c c r u e d D e p r e c i a t i o n — E q u ip m e n t
O t h e r U n a d j u s t e d C r e d i t s __________
.
.
$ 5 3 1 ,2 2 9
4 2 1 ,8 8 1
1 ,0 0 7 .0 4 4
1 ,3 8 1 ,9 0 0
1 0 ,9 8 0 ,4 5 7
5 0 9 ,0 0 5
03
09
44
43
44
00
. $ 1 4 ,8 3 1 ,5 7 8 0 9
Corporate Surplus—
A d d i t i o n s t o P r o p e r t y t h r o u g h I n c o m o)
a n d S u r p l u s ______ ___________________
$ 2 9 5 ,5 4 8 0 3
. 3 5 ,0 4 4 ,1 0 7 0 2
$ 0 2 1 ,8 0 5
4 4 3 ,8 1 5
5 8 3 ,2 0 4
1 ,0 0 5 ,0 7 0
1 1 ,0 3 0 ,1 3 1
0 4 0 ,2 7 2
34
23
72
31
71
42
$ 1 5 ,5 8 4 ,9 5 9 7 3
i
yA
$ 4 4 4 ,7 0 7 5 0
4 1 ,5 9 1 ,0 8 5 27
$ 3 5 ,9 3 9 ,0 5 5 0 5
$ 4 2 ,0 3 0 ,3 9 2 1 8 3
.$ 2 7 0 ,3 0 8 ,0 5 9 02 $ 2 8 2 ,9 4 5 ,9 0 5 '5 0
2237
THE CHRONICLE
M ay 25 1918.]
THE OHIO CITIES GAS COMPANY
COLUMBUS, OHIO
FOURTH
ANNUAL
REPORT— FOR THE
Columbus, Ohio, May
20 1918.
YEAR
ENDED
M ARCH
31
1918.
T H E O H IO C IT IE S G A S C O M P A N Y A N D
S U B S ID IA R IE S .
.
T h e D ir e c to r s s u b m it h e re w ith a re p o r t o f th e o p e ra tio n s
C O N S O L ID A T E D B A L A N C E S H E E T
o f th e C o m p a n y fo r th e fisc a l y e a r e n d e d M a r c h 3 1 la s t ,
to g e th e r w ith a C o n s o lid a te d B a la n c e S h e e t s h o w in g th e
A T M A R C H 31 1918
a sso ts a n d lia b ilitie s o f th e C o m p a n y a n d its su b sid ia rie s,
ASSETS
a n d a C o n s o lid a te d S ta t e m e n t o f I n c o m e a n d S u rp lu s.
P r o p e r t y , P l a n t a n d E q u i p m e n t --------------$ 1 0 1 ,4 8 1 ,1 2 3 4 8
O n Ju n o 5 t h la s t b y re so lu tio n o f th e s to c k h o ld e r s , th e
L e s s R e s e r v e f o r D e p r e c i a t i o n _____________
5 ,4 3 2 ,9 6 6 61
a u th o riz e d c o m m o n c a p ita l s to c k o f th e C o m p a n y w a s
$ 9 6 ,0 4 8 ,1 5 6 8 7
in creased fr o m $ 1 0 ,0 0 0 ,0 0 0 to $ 1 0 0 ,0 0 0 ,0 0 0 , c o n sistin g o f O t h e r I n v e s t m e n t s -----------------7 3 8 ,0 1 9 4 3
4 ,0 0 0 ,0 0 0 sh ares o f th e p a r v a lu e o f $ 2 5 e a c h ; th e a u th o r iz e d
C u rr e n t A sse ts:
issuo o f p referred sto c k o f $ 1 0 ,0 0 0 ,0 0 0 re m a in e d u n c h a n g e d .
3 ,4 2 1 ,6 4 0 2 0
C a s h _____________________________
D u r in g th e y e a r th e o u ts ta n d in g p re fe rre d sto c k w as
U . S . G o v e r n m e n t S e c u r i t ie s .
8 7 1 ,7 0 7 9 0
A c c o u n t s R e c e i v a b l e _________
4 ,2 1 9 ,4 1 7 87
in cre ase d b y 4 5 9 sh a r e s, e x c h a n g e d a n d a p p ro p r ia te d fo r
N o t e s R e c e i v a b l e -------------------2 9 0 ,5 9 6 7 7
a n e q u a l n u m b e r o f sh ares o f th e p a r v a lu e o f $ 1 0 0 e a ch of
S t o c k s o f F i n i s h e d O i l _________
3 ,1 4 3 ,5 0 0 41
T h e D a y t o n G a s C o m p a n y a n d T h e C o lu m b u s G a s & F u e l
S t o c k s o f C r u d e O i l -----------------1 ,6 4 1 , 4 2 3 4 6
Com pany.
... 3 7 6 , 7 2 8 2 5
M a t e r i a l a n d S u p p li e s ----------A t th e b e g in n in g o f th e la s t fisc a l y e a r 3 6 1 ,1 7 0 sh are s of
1 4 ,9 6 5 ,0 .4 86
c o m m o n sto c k o f th e p a r v a lu e o f $ 9 ,0 2 9 ,2 5 0 w ere o u t
3 9 5 ,2 8 1 3 8
D e fe r r e d C h a r g e s .
s ta n d in g , a n d th e re w ere issu e d a n d a p p ro p r ia te d d u rin g
T o t a l A s s e t s . . . .............................................................. ............. $ 1 1 2 ,1 4 6 ,4 7 2 5 4
th e y e a r 1 ,1 0 8 ,8 3 0 sh ares o f th e p a r v a lu o o f $ 2 7 ,7 2 0 ,7 5 0 ,
m a k in g th o to ta l o u ts ta n d in g s to c k a t th e en d o f th e y e a r
L IA B IL IT IE S , C A P IT A L A N D S U R P L U S .
1 ,4 7 0 ,0 0 0 sh are s o f th e p a r v a lu o o f $ 3 6 ,7 5 0 ,0 0 0 .
T h ere
C a p it a l S t o c k O u t s t a n d in g :
w oro e x ch a n g e d a n d a p p ro p r ia te d fo r c o m m o n s to c k o f T h o
C o m m o n ________________________________________$ 3 6 ,7 5 0 ,0 0 0 0 0
D a y t o n G a s C o m p a n y a n d T h e C o lu m b u s G a s & F u e l
P r e f e r r e d ...................................... .................... ..........
9 ,0 0 2 ,1 0 0 0 0
C o m p a n y , a n d to c o v e r o u ts ta n d in g d iv id e n d w a rra n ts 2 4 7
------------------------------ $ 4 5 ,7 5 2 ,1 0 0 0 0
F u n d ed D eb t:
sh ares o f th o p a r v a lu e o f $ 6 ,1 7 5 ; 7 0 ,0 0 0 sh ares o f th o p ar
B o n d s — C o l u m b u s G a s C o m p a n y ________
$ 1 ,3 7 1 , 0 0 0 0 0
v a lu o o f $ 1 ,7 5 0 ,0 0 0 w ere d istr ib u te d F o b r u a r y 1 s t, la s t,
B o n d s — D a y t o n G a s C o m p a n y .................
1 ,4 4 1 ,0 0 0 0 0
as a d iv id e n d to th e c o m m o n sh a re h o ld e rs, a n d 1 ,0 3 8 ,5 8 3
B o n d s — S p r i n g f ie l d G a s C o m p a n y ________
4 0 0 ,0 0 0 0 0
sh ares w ere s o ld fo r c a sh , y ie ld in g $ 3 0 ,5 2 9 ,5 5 5 .
S e r ia l T r u s t N o t e s ---------------------------------------3 ,7 5 0 ,0 0 0 0 0
-----------------------------6 ,9 6 2 ,0 0 0 0 0
T h e su m o f $ 3 1 ,0 5 7 ,5 8 7 0 6 w a s in v e ste d d u rin g th o y e a r
C u r r e n t L ia b ilit ie s :
in th e p r o d u c in g , re fin in g a n d d istr ib u tin g d iv isio n s o f th e
A c c o u n t s P a y a b l e ____________________________
$ 1 ,7 6 7 ,0 7 2 84
C o m p a n y ; th e p urcliaso o f th o P u re O il C o m p a n y a n d its
N o t e s P a y a b l e ------------------1 1 ,9 1 6 14
s u b sid ia rie s; th e a c q u ir in g a n d c o n str u c tin g o f ca sin g -lie a d
A c c r u e d T a x e s _______________________________
2 ,4 6 2 ,3 5 6 2 5
g a so lin e p la n ts in O k la h o m a a n d W e s t V ir g in ia ; th e c o n s tr u c
A c c r u e d I n t e r e s t _____________________________
8 8 ,4 1 1 2 6
tio n a n d su b s ta n tia l c o m p le tio n o f th e C a b in C reo k R e fin e r y
C o n s u m e r s ’ D e p o s i t s -----------------------------------2 4 6 ,9 5 5 4 3
-----------------------------4 ,5 7 6 ,7 1 1 9 2
in W o s t V ir g in ia ; th e p u rc h ase o f th o C o r n p la n te r R e fin e r y a t
P r e m i u m a n d D i s c o u n t ------ ----------8 ,6 9 0 ,1 2 1 2 4
W a r r e n , P e n n s y lv a n ia ; th o p u rch ase o f O ink ca rs; in p ro d u c
S u r p l u s ----------------------------------------------------------------------------------------------------4 6 ,1 6 5 ,5 3 9 3 8
in g p ro p e rtie s a n d le a se h o ld s, a n d in a d d itio n , th o C o m p a n y
T o t a l L i a b i l i t i e s , C a p i t a l a n d S u r p l u s ------------------- $ 1 1 2 ,1 4 6 ,4 7 2 5 4
h a s u n d e r c o n str u c tio n a m o d e r n s a lt p la n t n e ar C h a r le s to n ,
W e s t V ir g in ia .
B y ord er o f th e B o a r d o f D ir e c to r s .
C O N S O L ID A T E D S T A T E M E N T O F IN C O M E A N D
*
B . G . D A W E S , President.
To the Shareholders:
S U R P L U S F O R Y E A R 1 E N D E D M A R C H 31 1918.
I m p a r t ia l A u d it s
S p o c ia l I n v e s t ig a t io n s
A cco u n tin g & C o s t S y stem s
T e le p h o n e M a in 8 2 5
G r o s s E a r n i n g s ______________________________________________________ $ 3 9 ,9 2 9 ,1 3 4 41
C o s t s a n d O p e r a t i n g E x p e n s e s , I n c lu d in g o r d i n a r y t a x e s . 2 5 ,1 4 1 , 2 5 7 8 5
J. D . C L O U D & C O .
C e r t ifie d P u b lic A c c o u n t a n ts
F irs t N a t io n a l B a n k B ld g .,
C in c in n a ti
N e t O p e r a t i n g E a r n i n g s ----------------------------------------------------------------$ 1 4 ,7 8 7 ,8 7 6 5 6
May
2 1918.
To the President and Board of Directors,
The Ohio Cities Gas Company,
Columbus, Ohio.
Sirs.— W o b e g to re p o r t t h a t w o h a v e
a u d ite d th e a c c o u n ts
o f T h e O h io C itie s G a s C o m p a n y a n d o f its su b s id ia ry
c o m p a n ie s fo r th e fisc a l y e a r e n d e d M a r . 3 1 1 9 1 8 , a n d w o
aro s u b m ittin g h e re w ith a C o n s o lid a te d B a la n c o S h e e t, s e t
tin g fo r t h th o A s s e t s a n d L ia b ilitie s a t th a t d a to , in w h ic h
T h o O h io C itie s G a s C o m p a n y h a s p r a c tic a lly a fu ll e q u it y ,
a n d a C o n s o lid a te d S ta t e m e n t o f I n c o m e a n d S u rp lu s fo r
th e y e a r .
T h o S ta t e m e n t o f In c o m e a n d S u rp lu s in clu d e s th e earn in gs
o f th e P u re O il C o m p a n y a n d o f its su b sid ia ry c o m p a n ie s
fo r th o y e a r , less th e d iv id e n d s a n d o th e r su rp lu s c h a rg e s
p o rta in in g to th o fo rm e r P u re O il C o m p a n y sto c k h o ld e r s .
T lio earn in gs o f th o C o r n p la n te r R e fin e r y aro in c lu d e d in
th is S ta t e m e n t fr o m th o tim e o f its a c q u is itio n , A u g . 1 1 9 1 7
a n d th o e arn in gs o f th e C a b in C r e e k R e fin e r y fr o m th e tim e
i t c o m m e n c e d o p e ra tio n s, O c t . 1 1 9 1 7 .
T h o v a lu e s o f th o P r o p e r t y , P la n t a n d E q u ip m e n t are
b a se d o n th o a p p ra ise d v a lu e s as e sta b lish e d b y th o a u th o r
iz e d ap p ra isa l o f M a r . 3 1 1 9 1 7 to w h ic h h a s b e e n a d d e d th e
c o s t v a lu e o f th e n e t a d d itio n s d u rin g th o c u rre n t y e a r .
' W o h a v o v e r ifie d th e c a sh a n d se cu ritie s b y c o u n t a n d
in s p e c tio n , or b y re c o n c ile m e n t w ith th e a c c o u n ts o f d e
p o sita rie s.
T h e secu rities are b e in g ca rried a t fa ir v a lu N iW © h a v o in sp e c te d th o a c c o u n ts re c e iv a b le a n d b e lie v e
th a t th o lo ss in c o lle c tio n o f sa m e w ill b o n e g lig ib le .
T h o in v e n to r ie s o f oils a n d o f m a te ria ls a n d su p p lie s a p p ea r
to 'b o c o r r e c tly s ta te d .
W o h a v e e x a m in e d th e lia b ility a c c o u n ts a n d f o u n d thorn
t o 'b o a s s t a t e d .
T h e m a n a g e m e n t assu res u s th a t n o o th e r
lia b ilitie s e x is t .
.
,
,
W o h o ro b y c e r tify th a t th o S ta te m e n ts s u b m itte d aro in
a c co rd {w ith th o b o o k s , a n d , in o u r o p in io n , c o rr e c tly sh o w
th o c o n d itio n o f th o a ffa irs o f th e C o m p a n y a n d o f its s u b
sid iaries as o f M a r . 3 1 1 9 1 8 , a n d th o c o m b in e d r e su lts fr o m
o p e ra tio n fo r th e y e a r e n d e d th a t d a te .
R e s p e c t fu lly s u b m itte d ,
j.
d
.
c l o u d
&
co.,
Certified Public Accountants.
D ed u ct—
F e d e r a l I n c o m e a n d E x c e s s P r o f i t s T a x e s . . $ 1 ,7 7 2 , 6 3 9
I n t e r e s t o n S e r ia l N o t e s -----------------------------------2 5 9 ,3 7 5
I n t e r e s t o n B o n d s o f S u b s id i a r y C o m p a n ie s
1 6 7 ,2 7 4
A m o r t i z e d D i s c o u n t o n S e r ia l N o t e s -----------5 1 ,2 0 0
D e p r e c i a t i o n ____________________________________
2 ,2 0 8 ,8 9 5
67
00
97
00
82
T o t a l D e d u c t i o n s _________________________________________________
4 ,4 5 9 , 3 8 5 4 6
N e t S u r p l u s I n c o m e -------------------------------------------------------------------- $ 1 0 ,3 2 8 ,4 9 1 1 0
D e d u ct—
P r e f e r r e d D i v i d e n d s P a i d i n C a s h -------------C o m m o n D iv i d e n d s P a id in C a s h ---------------D i v i d e n d s P a id b y P u r e O il C o . t o O t h e r s .
$ 4 7 3 ,8 6 5 5 0
5 ,9 6 0 ,6 1 1 8 6
4 6 8 ,3 9 5 4 0
T o t a l C a s h D i v i d e n d s . . . .................................................................
6 ,9 0 2 ,8 7 2 76
B a l a n c e t o S u r p l u s ------------------------------------------------------------------------ $ 3 ,4 2 5 , 6 1 8 3 4
A p r i l I 1 9 1 7 — S u r p lu s B a la n c e O h io C i t i e s
G a s C o m p a n y a n d S u b s id ia r ie s .............. . . $ 4 5 , 0 9 6 , 3 9 8 7 5
L e s s S u r p lu s A d j u s t m e n t s ------------------------------1 0 5 ,1 9 8 0 8
L e s s C o m m o n D i v i d e n d P a i d i n S t o c k _____
$ 4 4 ,9 9 1 ,2 0 0 6 7
1 , 7 5 0 ,0 0 0 0 0
---------------------------- 4 3 , 2 4 1 , 2 0 0 6 7
L e s s S u r p lu s A d ju s t m e n t s o f A c q u i r e d C o m p a n i e s ------------
$ 4 6 ,6 6 6 ,8 1 9 0 1
6 0 1 .2 7 9 6 3
S u r p l u s a t M a r c h 3 1 1 9 1 8 , a s s h o w n o n B a la n c e S h e e t --------- $ 4 6 ,1 6 5 ,5 3 9 3 8
S U B S ID IA R Y
C O M P A N IE S
CONTROLLED.
IN C L U D E D IN C O N S O L ID A T E D S T A T E M E N T S .
C a p ita l
H o ld i n g s o f P e r C e n t o f
S tock
O h io C itie s G a s C o m p a n y 's
N a m e o f C om pany—
O u ts ta n d in g .
C om pany.
H o ld in g s
T h e C o lu m b u s G a s & F u e l C o m p a n y :
Preferred S t o c k . ..................
$ 6 ,0 0 0 , 0 0 0 0 0
$ 5 ,9 7 4 , 2 0 0 0 0
9 9 .5 7
C o m m o n S t o c k ___________________
3 ,0 0 0 ,0 0 0 0 0
2 .9 9 9 .3 0 0 0 0
9 9 .9 8
T h e F ed era l G a s & F u el C o m p a n y
1 , 0 0 0 ,0 0 0 0 0
1 , 0 0 0 ,0 0 0 0 0 1 0 0 .0 0
T h o S p r i n g f ie l d G a s C o m p a n y ___
6 1 0 ,0 0 0 0 0
6 1 0 ,0 0 0 0 0 1 0 0 .0 0
T h o D a v ton G as C om pa n y:
A P r e f e r r e d S t o c k ...... ............................
1 ,7 5 2 , 1 0 0 0 0
1 , 7 4 1 ,6 0 0 0C
9 9 .3 9
C o m m o n S t o c k ......... ..........................
6 4 9 .4 0 0 0 0
6 4 8 ,1 0 0 0 0
9 9 .8 0
M o u n t a i n S t a t e G a s C o m p a n y ___
5 7 ,2 0 0 0 0
5 7 ,2 0 0 0 0 1 0 0 .0 0
P u r e O il P i p e L i n e C o . ( O h i o ) _____
1 ,6 0 0 ,0 0 0 0 0
1 , 6 0 0 .0 0 0 0 0 1 0 0 .0 0
Pure O il P i p e L i n o C o . ( P e n n ' a ) . .
3 0 0 ,0 0 0 0 0
3 0 0 ,0 0 0 0 0 1 0 0 .0 0
P r o d u c e r s & R e fin e r s P ip e L in e C o .
1 0 ,0 0 0 0 0
1 0 .0 0 0 0 0 1 0 0 .0 0
$ 1 4 ,9 7 8 ,7 0 0 0 0
IN C L U D E D
IN
"O T H E R
IN V E S T M E N T S ”
STATEM EN TS.
C a p ita l
S lock
N a m e o f C om pany—
O u ts ta n d in g .
United S t a t e s P i p e L i n e l C o ............$ 1 , 1 9 3 , 9 0 0 0 0
$ 1 4 ,9 4 0 ,3 0 0 0 0
ON
C O N S O L ID A T E D
H o ld i n g s o f P e r C e n t o f
O h io C it ie s G a s C o m p a n y 's
C om pany.
H o ld in g s
$ 6 2 5 ,7 0 0 0 0
5 2 .4 1
2238
THE CHRONICLE
C o . — Favorable Decision in
T h e U . S . S uprem o C o u rt on
M a y 2 0 h a n d e d d o w n a m a jo r it y o p in io n a ffir m in g th e d e
cision o f th o U . S . D is t r ic t C o m -t a t B o s t o n o n M a r . 1 8 1 9 1 5 ,
w h ic h re fu se d to ord er th o d isso lu tio n o f th o U n it e d S h oo
M a c h in e r y C o . o f M a s s , a n d its su b sid ia rie s, c o n s titu tin g th o
s o -c a lle d “ S h o e M a c h in e r y T r u s t ,” u n d e r th o p ro v isio n s o f
th e S h e r m a n A n t i -T r u s t L a w .
U n ite d
Shoe
M a c h in e r y
©mmwjcraal Times,
United States Supreme Court.—
T h o o p i n i o n , a n s w e r in g t h e G o v e r n m e n t ’s c o n t e n t i o n t h a t t h e c o m p a n y
is a n o r g a n i z a t io n in r e s t r a in t o f t r a d e a n d s h o u l d b e b r o k e n u p a s a n u n
l a w f u l t r u s t , d e c l a r e s “ t h o i d e a is r e p e l le n t t h a t s o c o m p l e t e a n i n s t r u m e n
t a l i t y s h o u l d b e d i s m a n t le d a n d its c o n c e n t r a t i o n a n d e f f i c i e n c y l o s t .
‘ T h e c o m p a n y , i n d e e d , h a s m a g n i t u d e , b u t i t is a t o n c e t h o r e s u lt a n d
c a u s o o f e f f i c i e n c y , a n d t h e c h a r g e t h a t i t h a s o e e n o p p r e s s i v e ly u s e d is n o t
s u s ta in e d .
P a tr o n s a ro g iv e n th e b e n e fits o f im p r o v e m e n ts m a d e b y th o
c o m p a n y a n d n e w m a c h i n e s a r e s u b s t i t u t e d f o r t h e o l d o n e s w it h p r o p o r
tio n a t e c h a r g o .
T h c r o h a s b e e n a s a v i n g a s w e ll in t h o c o s t o f m a n u f a c
tu re o f s h o e s.
T h e s e a r o s o m e o f t h o r e s u lt s o f t h o o r g a n i z a t io n o f t h e
U n it e d C o m p a n y .
B y c o n t r o l l i n g t h o s h o e m a c h i n e r y lo o s e d t o v a r i o u s s h o e m a n u f a c t u r e r s
t h o c o m p a n y d i d n o t u n d u ly m a k e u s e o f it s p o w e r s , t h e C o u r t h o l d s . I n
s t e a d , b y le a s in g t h o s e m a c h i n e s , m a n u f a c t u r e r s o f s m a ll m e a n s w e r e a b l e
t o p r o c u r e m a c h i n e r y w h ic h t h e y o t h e r w i s e w o u l d b o w i t h o u t c a p i t a l t o b u y .
I n d i s s e n t in g . J u s t i c e D a y d e c l a r e d t h o “ t y i n g le a s e s ” t e n d “ t o p r o v e n t
t h e f r e o f l o w o f i n t e r - S t a t o c o m m e r c e a n d t h e n a t u r a l c o u r s e o f it s a c t iv it i e s
a n d a t le a s t t e n d t o m o n o p o l i z e a n i m p o r t a n t t r a d e . "
I n h is o p i n i o n h e
added,
t h e r e s t r i c t iv e a n d p r o h i b i t i v e c la u s e s o f t h e s o le a s e s a r o w it h in
t h o S h o r m a n A c t , a s t h e y a r e c l o a r l y in r e s t r a in t o f t r a d o . ”
O n D e c . 12 1 91 1 t h o G o v e r n m e n t b r o u g h t s u i t in t h o U . S . D i s t r i c t C o u r t
a t B o s t o n a g a in s t t h o U n it e d S h o e M a c h i n e r y C o n i , a n d t h e U n it e d S h o e
M a c h i n e r y C o . , 1 8 s u b s i d i a r y c o m p a r ’ es a n d 2 3 i n d i v id u a l s f o r a lle g e d
v io la tio n o f th e S h e rm a n A n ti-T r u s t L a w .
T h e G o v e r n m e n t a lle g e d t h a t
t h e o r g a n i z a t io n o f t h o c o m p a n y w a s f o r t h o p u r p o s e o f s t if l in g c o m p e t i
t io n a n d t o c r e a t e a m o n o p o l y in t h e p r o d u c t i o n o f m a c h in e s u s e d in t h o
m a n u fa c tu r e o f sh oes.
T h o l o w e r F e d e r a l D o u r t o n M a r c h 18 1 9 1 5 d is m is s e d t h o d i s s o lu t io n
s u it b ro u g h t b y th o G o v e rn m e n t.
V . 100, p . 985 , 1598: V . 9 3 . p . 1072
2156 V .
P'
^
P ’ 1 8 4 5 : N e w G o v e r n m e n t s u it, V . 101, p . 1374
S e o a ls o “ A n n u a l R e p o r t s ” o n a p r e c e d in g p a g e .— V . 1 0 6 , p . 1 1 4 3 .
U n ite d
S ta te s
R ubber
C o . — New
Rubber Prices An
nounced by War Trade Board.—
S e o p a g e 2 0 7 3 in la s t w e o lc’ s i s s u e .— V . 1 0 6 , p . 2 0 1 5 , 1 9 0 5 .
U n i t e d S t e e l C o m p a n i e s , L t d . — Dealings in
London.—
T h o B r i t is h T r e a s u r y h a s a p p r o v e d d e a l i n g s o n t h o L o n d o n S t o c k E x
c h a n g e in t h is c o m p a n y ’s s e c u r it ie s , n a m e l y , £ 1 , 0 0 0 , 0 0 0 “ A ” 6 % F ir s t
M o r t g a g o d e b e n t u r e s ; 1 ,3 3 0 ,0 0 0 6 %
p r e f e r o n e o s h a r e s o f £1 e a c h , a n d
6 , 3 o 0 , 0 0 0 o r d i n a r y s h a r e s o f £1 e a c h , a f t e r i s s u e o f a l l o t m e n t l e t t e r s .
U n i t e d V e r d e C o p p e r C o ., N . Y . —
Dividends.—
T h o c o m p a n y o n M a y 10 p a i d a d i v i d e n d o f S I 5 0 p e r s lia r o o n t h o s t o c k
N o d i v i d e n d w a s p a i d In J a n u a r y , b u t $ 7 p e r s h a r e w a s p a id b o t h in F e b
a n d M a r c h a n d $1 5 0 p e r sh a re o n A p r il i f .
C o m p a re V . 106, p . 1692.
U n i t e d Z i n c S m e l t i n g C o r p .—
Bonds.—
T h e s h a r e h o ld e r s w ill v o t e M a y 2 5 o n is s u in g S I ,0 0 0 ,0 0 0 8 % S e r ia l b o n d s
d a t e d M a j ^ 1 ^ 1 9 18^ a n d m a t u r in g $ 2 0 0 ,0 0 0 o n A u g . 1 1 9 1 9 , § 2 5 0 ,0 0 0 o n
A ug. 1
§ 2 5 0 ,0 0 0 o n A u g . 1 1 92 1 a n d § 3 0 0 ,0 0 0 o n A u g . ’ l 1 9 2 2 .
The
b o n d s a r o t o b e s e c u r e d b y a m o r t g a g e c o v e r i n g t h o c o m p a n y ’s r e a l a n d
p e r s o n a l p r o p e r t ie s a t M o u n d s v i l l o , v v . V a . — V . 1 0 5 , p . 5 0 7 .
U ta h
C o p p e r C o .— Production (Lbs. ) . —
Decrease. I 1 9 1 8 — 4 M os.— 1 9 1 7 .
1 9 1 8 — April— -1 9 1 7 .
1 6 ,6 9 0 ,8 3 3
1 7 ,2 3 1 ,5 1 2
— V . 106, p . 2015, 1905.
5 4 0 ,6 7 9 1 5 8 . 4 7 0 , 8 3 3
W a l t h a m W a t c h C o .—
6 0 ,1 1 7 ,8 2 8
Decrease.
1 , 6 4 6 ,9 9 5
Annual Report.—
T r e a s u r e r H a r r y L . B r o w n in c ir c u l a r o f M a y 2 0 s a y s in s u b s t a u c o :
“ T h o c o m p a n y h a s j u s t c lo s e d t h o b e s t y e a r in its h i s t o r y .
A n e x tr a o r d i
n a r y d e m a n d f o r a ll g r a d e s o f w a t c h e s a r o s e d u r i n g t h o y e a r a n d t h is d o m a n d
is s t ill in c r e a s in g .
T h o s m a lle r o u t p u t o f m o t o r c a r s h a s d e c r e a s e d t h o
d e m a n d f o r m o t o r t im e p i e c e s b u t t h is h a s b e e n m o i o t h a n m a d o u p b y t h e
G o v e r n m e n t ’s r e q u ir e m e n t s f o r a ir p la n e s a n d t r u c k s .
T h e G overn m en t
is a l s o t a k i n g t h o e n t i r e c h r o n o m e t e r o u t p u t .
N o en d ea vor has been m ado
t o s e c u r e m o r e s p e e d o m e t e r b u s in e s s o n a c c o u n t o f t h e n e e d f o r t h i s l a b o r
in o t h e r d e p a r t m e n t s .
T h o c l o c k b u s in e s s c o n t in u e s t o g r o w a n d w o a ls o
h a v o G o v e r n m e n t o r d e r s in t ills D e p a r t m e n t .
T h e c o m p a n y ’s s a le s a r e
t o - d a y l im i t e d o n l y b y t h e p r o d u c t a n d t h o p r o d u c t l im i t e d o n l y b y t h o
d i f f i c u l t y in s e c u r in g la b o r .
“ T h e f o l l o w i n g i t e m s i n d i c a t e t h o d i s t r i b u t i o n o f t h o y e a r ’s e a r n in g s :
$ 3 0 0 ,0 0 0 h a s b e e n p a i d in d i v i d e n d s o n t h e 'p r e f e r r e d s t o c k .
$ 1 7 0 ,0 0 0 d e
p r e c i a t i o n h a s b o o n t a k e n o n p l a n t a n d m a c h i n e r y , a s t h is is t h o p a r t i c u la r
a m o u n t p e r m it t e d b y l a w in o u r G o v e r n m e n t r e t u r n s , a l t h o u g h t h o p l a n t
a n d m a c h i n e r y h a v o in a c c o r d a n c e w it h o u r r e g u la r p r a c t i c e b e e n k e p t t o
f u ll e f f i c i e n c y b y a m p l o r e p a ir s w h ic h h a v o b e e n i n c lu d e d in o p e r a t i n g e x
p en se.
A lib e r a l d e p r e c i a t io n in i n v e n t o r y h a s a l s o b e e n t a k e n t o a v o i d
a n y p o s s i b lo o v e r v a l u a t i o n f r o m in c r e a s e d c o s t s .
T h o reserves h a v o been
in c r e a s e d t o t a k e c a r e o f F e d e r a l t a x e s a n d s o m e r is k o n o u r L o n d o n b u s in e s s
I n a d d i t i o n t o a ll t h is $ 4 7 8 ,0 0 0 h a s b e e n a d d e d t o s u r p lu s .
“ T h o c o m p a n y ’s l o a n is p r a c t i c a l l y a t t h e f ig u r e o f a y e a r a g o , w h ic h is
a n a c h i e v e m e n t in v i e w o f t h o g r e a t l y in c r e a s e d c a p i t a l n e e d e d t o t a k e c a r e
o f in c r e a s e d c o s t o f m a n u f a c t u r e a n d a n in c r e a s e d i n v e s t m e n t in a c c o u n t s
t h r o u g h g r e a t e r v o l u m e o f b u s in e s s .
I n o t h e r w o r d s , e a r n in g s a b o v o t h o
p r e f e r r e d d i v i d e n d h a v o g o n e i n t o t h o b u s in e s s a n d t h e r e b y p r o v o n t e d a n
I n c r o a s o in t h o l o a n w h ic h w o u ld o t h e r w i s e h a v o b e e n n e c e s s a r y .
" I n v i e w o f t h is f a c t It s e e m e d t o t h o d i r e c t o r s t h a t t h o c a s h r e s o u r c e s o f
t h e c o . s h o u ld b e c o n s e r v e d b y n o p a y m e n t o f d iv . o n th e c o m m o n s t o c k .”
Balance Sheet March 3 1 .
Assets—
Real cat. & mach’y
M erchandise_____
Trado names, A c .
Cash_____________
Accts. & notes rec.
Liberty bonds____
Deferred assets_
_
191S.
S
3,779.385
5,946,485
4,502,000
97,071
2,149,614
150,000
51,554
1917.
S
3,811,405
5,671,743
4,502,000
133,602
1,701,461
1918.
1917.
L ia b ilitie s —
S
S
Capital sto ck ____12,000,000 12,000,000
110,782
188,125
Accounts payable.
Notes payable____ 2,895,500 2,787,000
N otes pay’le secured
by Liberty bonds 135,000
______
M isccll. reserves..
221,638
130,400
57,231 Reserve for d iv s ..
150,000
150,000
S u rp lu s.................. 1,103,191
684,920
T o t a l ......... ........ 16,676,111 15,910,445
T o t a l ...................16,670,111 15,940,445
— V . 104, p . 770.
W e s t e r n U n i o n T e le g r a p h C o .—
Ticker Decision.—
T h o S u p r e m o C o u r t o f t h o U n it e d S t a t e s o n M a y 2 0 h a n d e d d o w n a d e
c is i o n b y w h ic h t h is c o m p a n y is n o t c o m p e l l e d t o f u r n is h a c li e n t w it h
t ic k e r s e r v ic e , a s o r d e r e d b y t h o M a s s a c h u s e t t s I ’ . S . C o m m i s s io n ,
in
i t s o p i n i o n t h o S u p r o m o C o u r t o v e r r u l e d t h o M a s s . S u p r e m e C o u r t , w liic h
h a d o r d e r e d t h o c o m p a n y t o fu r n is h s e r v ic o t o a c l i o n t w h o s o a p p li c a t io n
w a s n o t a p p ro v e d b y th e S to ck E x ch a n g e.
Labor Controversy.—
S e o p a g e 2 0 9 0 In la s t w e e k ’s is s u e .— V . 1 0 6 , p . 2 1 2 7 , 1 5 8 3 .
W i l l y s - O v e r l a n d C o . — Contemplated
Merger of Allied Co.
S o o E l e c t r i c A u t o - L i t e C o r p . in l a s t w e e k ’s “ C h r o n i c l o . ”
T h o E l e c t r ic
A u t o - L i t e C o . a t o r g a n i z a t io n in J u l y 1 9 1 7 a c q u i r e d $ 1 2 ,5 0 0 ,0 0 0 o f t h o
c o m m o n s t o c k o f t h o W i ll y s - O v o r l a n d C o . , § 4 1 , 6 2 1 , 8 2 5 o f w h ic h w a s a t
la s t a c c o u n t s r e p o r te d o u ts ta n d in g .— V . 1 0 6 , p . 2 1 2 7 , 147 7 .
W r ig h t-M a r tin
A i r c r a f t C o r p .—
Purchase.—
T h is c o m p a n y h a s p u r c h a s e d , f o r a n a m o u n t s a id t o b o u p w a r d s o f $ 1 ,
0 0 0 ,0 0 0 , t h o p l a n t o f t h o G e n e r a l V e h ic l o C o . a t L o n g I s la n d C i t y , N . Y .
( V . 1 0 5 , p . 2 0 9 8 ) , a n d w ill s h o r t l y e n t o r u p o n G o v e r n m e n t , w o r k ’ t h e r e ,
e m p lo y in g a b o u t 5 ,0 0 0 p e o p le .— V . 1 0 6 , p . 2 0 1 5 .
Y o r k M fg . C o . o f M a in e , B o s t o n .—
Extra'’ Dividend.—
-
TJ
A n e x t r a d i v i d e n d o f 3 % lia s b e e n d e c l a r e d o n t h o s t o c k a l o n g w it h t h e
r e g u la r s e m i- a n n u a l 3 % , b o t h p a y a b lo J u n o 1 t o h o l d e r s o f r e c o r d M a y 2 3 .
O n D e c . 1 la s t a n e x t r a d i v i d e n d o f 1 % w a s p a i d .
C o m p a re V . 105, p . 2010
[Vol. 106.
COM M ERCIAL EPITOM E.
Friday Night, May 2 4 1 9 1 8 .
G e n e ra l tr a d e stra in s a b it a t th o lea sh fo r b u sin ess is
in c r e a s in g ly d o m in a te d b y G o v e r n m e n t re q u ir e m e n ts .
Yet
s o m e h o w q u ite a large civ ilia n tra d e is b e in g d o n e .
T h ere
is n o g a in s a y in g tho fa c t , h o w e v e r , th a t G o v e r n m e n t n eed s
are tu rn in g o u t to b e v a s t ly g re a te r th a n h a d b e e n e x p e c te d
a n d t h a t o rd in a r y tra n sa ctio n s are p erforco k o p t w ith in
n a rro w e r b o u n d s th a n w o u ld oth erw ise bo tho c a s e .
In
c a s tin g u p th e s u m o f tr a n sa c tio n s it is s till n o tic e d th a t
v a lu e s m a k e a fa r m o re s tr ik in g to ta l th a n q u a n tit ie s . N o n
e ssen tial in d u strie s te n d to d w in d le .
T h e stress is e m
p h a tic a lly o n e ssen tials a lw a y s a n d e v e ry w h e re .
G overn
m e n t d eliv eries n a tu r a lly ta k e p re ce d e n ce .
C iv ilia n e ffo r ts
to re p len ish b a d ly d e p le te d su p p lie s aro u n a v o id a b ly h a m
p ered b y th e su p re m e n eed s o f th e a r m y a n d n a v y .
Y e t as
fa r as m a y b e th ere is a s te a d y bu sin e ss o f s u g g e s tiv e p ro p o r
tio n s a ll o v e r th o c o u n tr y .
U n d o u b t e d ly it w o u ld b e fa r
large r w ere it n o t fo r th e w a r .
A t tho s a m o tim e , p ricos o n
th o w h o le h a v e b e e n d ec lin in g ra th e r th a n a d v a n c in g .
Tho
G o v e r n m e n t h as a p r e tty fir m g rip o n th o b u sin e ss o f th e
c o u n tr y .
I t h as la r g e ly sta b iliz e d p ric es.
S p e c u la tio n h as
e v e ry w h e re b e e n c u r b e d .
C o t t o n h as re c e n tly d ec lin ed 8 4 0
to S 5 0 a b a le , th o u g h th is , it is tr u e , w a s th o re su lt m o re of
th e n a tu ra l w o rk in g o u t o f e c o n o m ic law s th a n a n y th in g
e lse .
S to c k s o f c o tto n on th is sid e o f tho w a to r aro largo a n d
e x p o r ts s m a ll.
C o r n has d ec lin ed a n d th o u g h o th or grain
p rices h a v e sh o w n little c h a n g e , th o ge n e ra l to n d e n c y is
d ow n w ard .
T h o G o v e r n m e n t h as re fu sed to a d v a n c o tho
prico o f c o p p e r fr o m th e 2 3 j^ -c o n t lev el an d tin , sp e lte r an d
lea d h a v e b e e n s o m e w h a t e a sie r.
O n th o o th o r h a n d , c o tto n
a n d w o o le n g o o d s h a v o a d v a n c e d s o m e w h a t.
T h e b u sin e ss
in h id e s a n d le a th e r h as beon a c t iv e .
T h o p r o d u c tio n o f iron
a n d steol is la r g e .
T h e te n d e n c y , in f a c t , is to rea ch a n ow
h ig h lev el o f o u t p u t .
M o s t c o m m o d itie s aro c o n s id e r a b ly
h ig h er th a n th o y w ero a y e a r a g o .
M e a n w h ilo tho crop o u t
lo o k in th e m a in is fa v o r a b le , th o u g h a p eriod o f w a r m , d ry
w e a th e r a t th e W e s t w o u ld bo b e n e fic ia l.
In d ic a tio n s p o in t
to a larger c o tto n c r o p .
C o m m e r c ia l failu re s still s h o w a
g r a tify in g d ecrease as c o m p a re d w ith fo rm e r y e a r s .
E x p o r ts
o f d o m e s tic m e rc h a n d ise s h o w s o m e d ec re a se .
B u t o n th e
o th e r h a n d , it is ru m o re d th a t tho w a r risk ra te w ill bo re
d u ce d b y th e U n it e d S ta te s G o v e r n m e n t .
T h o ro p orts in
re g ard to th e U - b o a t w arfare are m o re c h e e rfu l.
P rem ier
L lo y d G e o r g e sa y s th a t su b m a rin e s are b e in g s u n k fa s te r
th a n th e y c a n b o b u ilt an d th a t m e r c h a n tm e n aro b e in g b u ilt
fa s te r th a n th e y c a n b e s u n k .
V ic e -A d m ir a l S im s also issu ed
a ch e e rfu l s ta te m e n t in regard to th is v ita l m a t t e r , a lth o u g h
M r . L lo y d G e o r g e a d d s th a t th e d a n g e r is s till fo r m id a b le .
M e a n w h ile s h ip b u ild in g is b e in g s tim u la te d in e v e r y p o ssib le
w a y all o v e r tho c o u n tr y .
T h o re h a s n o t y e t b e o n , h o w e v e r ,
su ffic ie n t increaso in th e sh ip s u p p ly to a ffe c t ra te s fo r ocea n
fre ig h ts .
A n d th o d iffic u lty in e x p o r tin g c o tto n is on o o f tho
re g re tta b le fe a tu re s in tho bu sin e ss s itu a tio n .
F u r th e r m o r e ,
th e b u sin oss w o rld h as its oyo o n th e W e s t e r n f r o n t, w horo
a n o th e r G e r m a n o ffe n s iv e is b o lie v e d to b e im m in o n t.
But
ta k in g th e s itu a tio n as a w h o lo it is s o u n d .
L A R D low er; p rim o W e s t o r n , 2 4 . 7 0 @ 2 4 . 8 0 c .; refin e d to
tho C o n tin e n t, 2 6 .7 5 o .
S o u th A m e r ic a n , 2 7 .1 5 c .; B r a z il,
2 8 .1 5 c .
F u tu r e s a d v a n c e d a t o n e tim e a n d th o n re a c te d ,
w ith d o m e s tic ca sh trad o d u ll a n d liq u id a tio n v e r y ge n e ra l.
T h e re h as b e e n a la c k o f s u p p o r t in sp ite o f a d v a n c e s n o w
a n d then in h o g s .
T o - d a y p rices d e c lin e d , w ith h o g s d o w n
1 5 to 2 0 c o n ts , or 3 5 co n ts low er th a n earlior in th o w e e k .
L a r d is low er th a n a w ee k a g o .
D A IL Y
C L O S IN G
P R IC E S
Sat.
J u l y d e l i v e r y ________c t s . 2 5 . 0 0
S e p t e m b e r d e l i v e r y ------- 2 5 .3 2
OF
LARD
Alan.
2 4 .9 2
2 5 .2 2
FUTU RES
Tues.
2 4 .6 6
2 4 .9 7
Wed.
2 4 .6 5
2 4 .9 5
IN
C H IC A G O .
Thurs.
2 4 .5 0
2 4 .8 2
Fri.
2 4 .2 0
2 4 .5 0
P O R K low or; m e s s , 8 5 1 @ 8 5 1 5 0 ; c le a r, 8 4 7 @ 8 5 2 .
B eef
p ro d u c ts fir m ; m e s s , 8 3 2 @ 8 3 3 ; e x tr a I n d ia m e s s , .$ 5 G @ 8 5 7 .
C u t m e a ts s te a d y ; p ic k le d h a m s , 1 0 to 2 0 l b s ., 2 5 % c . ;
p ick led b e llie s, 3 3 c .
T o - d a y J u ly p o rk e n d e d a t 8 4 0 7 5 ,
a lth o u g h e a r ly in th e d a y it w as 8 4 1 5 0 .
I t sh o w s a d eclino
fo r th e w e e k o f 8 1 3 0 .
B u tte r, cream ery, 4 4 K @ 4 5 c .
C h e e s e , fla ts ,
h o ld , co lo re d , s p e c ia ls, 2 5 K @ 2 G c . ~ E g g s ,
fre s h , 3 6 @ 3 7 c .
C O F F E E easier; N o . 7 R i o , 8 % @ 8 j h i C .; N o . 4 S a n t o s ,
1 0 % c . ; fa ir to £ o o d C u c u t a , 1 1 3 ^ @ 1 2 j /£ c .
F u tu r e s h a v e
flu c tu a te d w ith in v e r y n arro w lim it s .
P ric e s a t tim e s ,
h o w e v e r, h a v e sh o w n a s o m e w h a t e asier te n d e n c y .
Now
fe a tu re s are la c k in g .
T h o s to c k o f B r a z il coffoo a t N e w
Y o r k is , it is tr u e , a b o u t 7 0 0 ,0 0 0 b a g s s m a lle r th a n a yo a r
a g o , b u t o n th o o th e r h a n d S a n to s h a s a s to c k o v e r 1 ,0 0 0 ,0 0 0
b a g s larger th a n a t th is tim e la s t y e a r a n d th a t a t R io is
6 7 5 ,0 0 0 b a g s larger th a n th o n .
S o th a t thero is n o la c k o f
c o ffe e .
T h e tr o u b le is to g e t it fr o m p ro d u c in g to c o n s u m in g
m a r k e ts .
T o - d a y p ricos a d v a n c e d s lig h t ly , b u t th o y are
low er fo r th o w e e k .
M a y _____c t s . 8 . 0 0 0 8 . 0 4
J u n o ________ 8 0 4 0 8 . 0 6
J u l y ................ 8 . 0 8 0 8 . 1 0
A u g u s t _____8 . 1 7 0 8 . 1 8
S o p t e m ’ r c t s . 8 .2 5 0 8 .2 7
O c t o b e r ______ 8 .3 1 0 8 . 3 3
D e c e m b e r __ 8 . 4 3 0 8 . 4 5
J a n u a r y _ c t s _ 8 .4 9 0 8 .5 1
F e b r u a r y _____ 8 . 5 6 0 8 . 5 7
M a r c h ............... 8 .6 3 (<48.64
A p r i l ..................8 . 6 9 0 8 . 7 1
S U G A R fir m ; c e n tr ifu g a l, 9G -d cgroes te s t, 0 .0 0 5 c .; g ra n u
la t e d , 7 .4 5 c .
N o strik in g fe a tu re s h a v o a p p o a ro d , b u t it
se o m s th a t th o to ta l p u rch ases o f ra w su ga r fo r M a y sh ip
m e n t aro n o t u n lik e ly to re a ch 4 0 0 ,0 0 0 to n s .
T h a t w o u ld
b e s o m e th in g u n p re c e d e n te d .
T h o I n te r n a tio n a l c o m m itto o
M ay 25 1918.]
THE CHRONICLE
2*39
h a s m a d e fu rth e r p u rch ases a t 4 .9 8 5 c ., c o s t a n d fro ig h t fo r
C u b a n r a w , 6 .0 0 5 c . c .i .f . fo r P o r to R ic o a n d S a n C r o ix ,
a n d 4 .7 4 9 c . c .i .f . fo r V e n e z u e la a f lo a t .
L a r g e c o n su m e rs
are n o w su p p o se d to bo p r e tty w e ll su p p lie d .
R e fin e d h a s
th e refore b e e n ra th e r q u ie t.
O I L S .— L in se ed s te a d y ; c it y , ra w A m e r ic a n se e d , 8 1 5 7 @
8 1 5 8 ; C a lc u t t a , 8 1 5 0 .
L a r d , p rim e , 8 2 3 0 .
C o c o a n u t,
C o c h in , 1 8 % @ 1 9 c .
C e y lo n , 1 6 % @ 1 7 c .
Soya bean, 1 8 %
@ 19c.
S p irits o f tu r p e n tin e , 5 2 % @ 5 3 e .
S tr a in e d ro s in ,
c o m m o n to g o o d , 8 8 2 5 .
C o tto n s e e d o il, p rim e c r u d e ,
S o u th e a s t, 1 7 .5 0 c .
P E T R O L E U M h ig h er; refin ed in b a rre ls, 8 1 3 3 0 @ 8 1 4 3 0 ;
b u lk , 8 6 5 0 @ 8 7 5 0 ; c a se s, 8 1 7 @ 8 1 8 .
N a p h t h a , 7 3 to 7 6
d eg ro es, in 1 0 0 -g a llo n d ru m s a n d o v e r , 5 5 % c .
G a s o lin e
fir m ; m o to r g a so lin e , in steel b a rre ls, to g a ra g e s, 2 4 c .; to
co n su m e rs, 2 6 c .
G a s o lin e , g a s m a c h in e , s te e l, 4 1 c .; 7 2 to
7 6 d eg re e s, 3 3 @ 3 9 c .
T h e h e a v y c o n su m p tio n o f g a so lin e
h as s tim u la te d e ffo r ts to w a rd s in cre ase d p r o d u c tio n .
T h ere
is little in te r e st, h o w e v e r, in la te fie ld a d v ic e s .
C o n tin u e d
d iffic u lty in secu rin g n ow oil w ell su p p lie s is e x p e rie n c e d .
T h is n e ce ssita te s th e use o f se c o n d -h a n d m a te r ia l, w h ic h
n a tu r a lly c a n n o t sta n d th e stra in a n d s o m e tim e s fa il a t th e
m o s t critic al tim e .
A v e r a g e w ells are re p o r te d in O k la h o m a .
C o n sid e r a b le w o rk is in progress in th e K e n t u c k y fie ld s .
iro n w a te r p ip e , a r e d u c tio n o f 2 5 c e n ts p er 1 0 0 lb s . fo r
s tr u c tu ra l a n d s h ip r iv e ts a n d 1 5 ce n ts fo r b o ile r r iv e ts (a
d iffe re n tia tio n n o w b e in g m a d e ) , a n d a r e d u c tio n o f a b o u t
5 % o n s m a lle r r iv e ts .
A p p e a ls are m a d e to ste e l m a n u fa c
tu rers to c o n se r v e c h r o m e ores a n d to lim it th e c o n s u m p tio n
to d o m e s tic a n d C a n a d ia n o u t p u t .
M o r e a n d m o re i t b e
c o m e s a p p a r e n t th a t th e ste e l in d u s tr y is to b e th o r o u g h ly
m o b iliz e d to m e e t th e n ecessities o f th e
U n it e d S ta te s
G o vern m en t.
M a y s h ip m e n ts o f ste e l w ill p r o b a b ly b e
th e la r g e st fo r a y e a r p a s t .
T h o p ro d u c tio n in o th e r w o rd s
is a t a n e w h ig h le v e l.
P e n n s y lv a n ia d a r k $ 4 0 0 1 o u t h L i m a ---------- $ 2
S
38
C a b e l l .............. ............. 2 7 7 I n d i a n a --------------------2
28
C r i c h t o n ______________1 4 0 P r i n c e t o n ................ —
2 42
C o r n i n g ...................... 2 8 5 S o m e r s e t , 3 2 d e g . .
2 60
W o o s t e r ____________ 2 6 8 1 R a g l a n d .......................1 2 5
2 2 5 E 'o e t r a .......................... 2 2 5
T h r a ll
2 2 5 M o r a n _______________ 2 2 5
S tra w n .,
D e S o t o ____________ 2 1 5 P l y m o u t h ___________ 2 3 3
N o r t h L i m a ...............2 3 8
G a l v e s t o n ________
T e x a s C i t y ______
P o r t A r t h u r _____
A ran sas P a ss, & c
N e w O r le a n s _____
M o b i l e . . .................
P e n s a c o l a ________
J a c k s o n v i l l e _____
S a v a n n a h ________
B r u n s w i c k ______
C h a r l e s t o n ______
W i l m i n g t o n _____
N o r f o l k ....................
N ’p o r t N e w s , & c
N e w Y o r k ________
B o s t o n ____________
B a l t i m o r e ________
P h i l a d e l p h i a _____
I ll i n o i s , a b o v e 3 0
d e g r e e s .................... $ 2
K a n s a s a n d O k la
h o m a ______________2
C a d d o , L a ., lig h t . 2
C a d d o , L a ., h e a v y 1
C a n a d a ----------------------- 2
H o a l d t o n ____________ 1
H e n r i e t t a ____________ 2
42
25
25
25
68
45
25
T O B A C C O . — D o m e s tic le a f h as c o n tin u e d firm w ith th e
s to c k sm a ll a n d th e d e m a n d u n in te r r u p te d .
F ir m p rices
a lso p re v a il fo r fo re ig n to b a c c o , fo r w h ic h th ere is a g o o d
dem and.
T h e m a r k e t as a w h o le d iscloses n o r e a lly n e w
fe a tu r e s .
B u sin e ss is re stric te d in d o m e stic to b a c c o b y th o
sn a lln e ss o f th e s u p p lie s.
T h e tr a n sp la n tin g o f to b a c c o
h a s b e g u n as fa r n o r th a s K e n t u c k y .
T h e sp re a d o f th e
le a f d isoa se ca lle d w ild fire w as c h e c k e d "s o m e w h a t la s t w e e k
in N o r t h C a r o lin a b y d r y w e a th e r.
T h is d ise a se , h o w e v e r ,
is g iv in g c o n sid e r a b le tro u b lo in th a t S t a t e .
I t is s o m e
th in g n e w .
I t w a s fir s t d e fin ite ly re c o g n iz e d in Ju n o 1 9 1 7
d u rin g a p e rio d o f r a in y w e a th e r, a c c o m p a n ie d b y n ig h ts
so c o o l as t o re ta rd th e g r o w th o f th o p la n t.
M a n y p la n ts
p e rish e d ; r e p la n tin g h a d to b o d o n e th e se c o n d or th ird tim e .
T h is w as fo llo w e d b y a p eriod o f re la tiv e ly d r y , w a r m w e a th e r
w h ic h a p p e a re d to c h e c k th e d ise a se .
A f t e r a b o u t a m o n th ,
h o w e v e r , thero w as a n o th e r r a in y se a so n , a n d th a t led to a
se c o n d e p id e m ic .
T h e sp re a d o f “ w ild fir e ” is g r e a tly
fa c ilita te d b y m o is tu r e .
W h e n th o rains aro a c c o m p a n ie d
b y w in d s th e d isse m in a tio n is e sp e c ia lly r a p id .
T h e d isea se
ap p e a re d so q u ic k ly in 1 9 1 7 , a G o v e r n m e n t re p o r t p o in ts
o u t , a n d sp re a d so r a p id ly , a ffe c tin g th e le a v e s so se rio u s ly ,
th a t it h a s b e e n g iv e n th e n a m e o f w ild fire .
I t is c a lle d
th o m o s t d e str u c tiv e d isea se th a t a tta c k s th o p la n t .
I t w as
fo u n d d u rin g th e se a so n in 1 9 co u n tie s o f N o r t h C a r o lin a
a n d 3 o f V ir g in ia .
C O P P E R is u n c h a n g e d a t 2 3 % c .
I t w as an n ou n ced on
th e 2 3 d in s t . fr o m W a s h in g t o n th a t th e p re se n t prico o f 2 3 %
ce n ts w o u ld b e c o n tin u e d fo r a t le a st a n o th e r th ree m o n th s
a fte r M a y 3 1 .
T h o n e w s , o f c o u rse , w a s d isa p p o in tin g .
A d v ic e s earlier in th e w e e k h a d in tim a te d th a t a c o m p r o
m ise o n 2 5 c e n ts w a s n o t u n lik e ly , o w in g to th e in creased
c o s t o f la b o r a n d m a te r ia ls .
H ig h e r re fin in g c o st w a s a n
o th e r a r g u m e n t u se d in f a v o r o f a n a d v a n c e .
M e a n w h ile
th o d e m a n d o f la te h as b e e n q u ie t.
T i n is ra th o r easier a n d
q u ie t.
A re p o r t fr o m T h o H a g u e th a t th e H o lla n d G o v e r n
m e n t h a d p ro h ib ite d sailin g s o f all D u t c h ste a m e rs fr o m
D u t c h p o r ts a ttr a c te d so m e a t te n tin , as th o s to p p a g e o f
ste a m ers a b o u t to sail fr o m B a t a v ia w ith tin fo r th is c o u n tr y
sh o u ld h a v e a d e c id e d ly b u llish e ffe c t o n th is m a r k e t .
Banka
tin offered la tto r ly a t 9 3 c ., a n d a t th e c o a s t 8 1 0 2 .
S m a ll
lo ts o f S tr a its tin o n th e s p o t w ero o ffered a t 8 1 1 0 .
C h in e s e
tin fo r M a y s h ip m e n ts fr o m H o n g K o n g fell to 9 2 c . a n d fo r
Ju n o sh ip m e n t to 9 0 o .
T h e s p o t price is 8 1 0 1 .
F o r C h in e s e
a t th o c o a st 9 6 % to 9 7 c . w a s a s k e d . T o t a l a v a ila b le A m e r i
c a n s to c k s , 8 1 5 to n s; a flo a t fr o m th o E a s t , 5 ,0 0 0 to n s .
L e a d fir m a t 7 @ 7 % o . , w ith little d o in g o u tsid e o f G o v e r n
m e n t b u sin e ss.
E x p o r ts o f lea d d u rin g A p r il a m o u n te d to
5 ,3 8 3 to n s .
S p e lte r q u ie t a t 7 % @ 7 % c .
I t w as ann ou n ed
o n th o 2 3 d in s t. th a t th e fix e d prico o f 12 c e n ts fo r gra d e
“ A ” zin c w ill re m a in in fo rc e fo r th ree m o n th s b o g in n in g
P I G I R O N is in leb oral d o m a n d a n d sh ip m e n ts are m o v in g
m o re fre e ly fr o m V irg in ia a n d e aste rn P e n n s y lv a n ia .
O ffe r
in g s o f low er grad es o f iron aro ra th o r fre e .
T h e y aro ta k e n
r e a d ily , h o w e v e r , as c o n su m e rs are o n ly to o g la d to g o t
w h a t th e y c a n .
I t is a n n o u n c e d th a t th e b a se prico o f 8 3 3
p er gross t o n , f . o . b . a t fu rn a c e a p p lie s fr o m a n d a fte r
A p r il 1 to N o . 2 fo u n d r y p ig iron o n ly .
B a s ic iro n is 8 1
p er gross to n b o lo w tho b a se p ric e , B e sse m e r iro n u p to 3 %
silico n is 1 0 % p er gross to n a b o v e th o p rice o f b a s ic .
For
B e sso m o r iro n o v e r 3 % silicon a n d ra n g in g u p to 5 % a d d
8 2 to 8 5 p or gross to n .
A lo n g lis t o f o th e r p ric e m o d ific a
tio n s h a v o b e e n m a d e to o n u m e ro u s to m e n tio n h e re .
S T E E L is o f co u rse in b ig d e m a n d , la r g e ly o n G o v e r n
m e n t o r d e r s.
A s u b sta n tia l list o f c h a n g e s in p rices h a s
b e e n o rd ered in sc r a p , fo rg in g in g o ts , b a r s , p la te s , tu b e s ,
sh e o ts, tin p la to , w iro a n d sh e e t ste e l, p ig , p ip e a n d c a s tin g s
a s w ell as in p ig ir o n . N o t a b le a m o n g th o price a d ju s tm e n t s
a n n o u n c e d o n M a y 2 1 w as a 8 6 p or to n a d v a n c e o n c a s t
COTTON.
Friday Night, May 2 4 1 9 1 8 .
T H E M O V E M E N T O F T H E C R O P , as in d ic a te d b y o u r
te le g ra m s fr o m th e S o u th t o -n ig h t, is g iv e n b e lo w .
F o r th e
w e e k e n d in g th is e v e n in g th o to ta l r e c e ip ts h a v o re a ch e d
4 8 ,8 5 6 b a le s , a g a in s t 4 8 ,4 9 0 b a le s la s t w e e k a n d 5 6 ,7 1 3
b a le s th e p re v io u s w e e k , m a k in g th e to ta l re ce ip ts since
A u g . 1 1 9 1 7 5 ,3 7 6 ,6 1 4 b a le s , a g a in s t 6 ,3 5 0 ,3 7 6 b a le s fo r th e
sa m e p eriod o f 1 9 1 6 -1 7 sh o w in g a -d ecreaso since A u g . 1
1 9 1 7 o f 9 7 3 ,7 6 2 b a le s .
Sat.
Mon.
Tues.
Wed. ! Thurs. j
1 ,2 6 5
1 ,5 0 5
__
2 ,3 8 6
____
____
3*825
813
2*140
532
3 ,4 5 8
509
4 ,0 9 4
147
____
346
1 ,7 0 5 ;
9 ,7 5 6
876
295
876
1 7 ,0 4 5
2 ,0 0 1
300
2 ,3 2 9
4 ,0 0 0
452
299
60
"*3 0 0
8 ,6 3 2
4 ,0 0 0
608
1 ,3 8 4
895
"*4 4 5
299
598
135
"* 9 7 3
1 ,3 7 6
598
412
6 , 1 4 0 ■ 1 2 ,6 3 7
4 8 .8 5 6
____
3*233
____
__
741
1 ,3 5 8
1 ,5 9 9
2 ,3 5 1
254
*107
391
119
- __
101
383
* "* 4
248
72
**45
165
261
180
__
____
195
130
311
208
6 ,4 6 0
____
.
104
180
____
"5 0
____
—
7 ,5 0 6
T o t a l s t h is w e e k .
_
. __
....
____
8 .5 6 7
294
183
____
—
227
Total.
2 ,5 4 9
____
.
Fri.
____
—
7 ,5 4 6 1
T h e fo llo w in g sh o w s th e w e e k ’ s to ta l r e c e ip ts , th e to ta l
since A u g . 1 1 9 1 7 a n d th e s to c k s t o -n ig h t, c o m p a r e d w ith
la s t y e a r :
1 9 1 7 -1 8 .
Receipts to
May 2 4 .
Slock.
1 9 1 6 -1 7 .
This Since Aug This Since Aug
Week.
Week.
1 1916.
1 1917.
1918.
1917.
2 5 4 ,2 7 2
4 1 ,8 4 2
1 9 5 ,4 7 7
1 9 ,2 8 1
3 9 3 ,4 8 6
1 3 ,1 4 2
248*483
6 ,3 0 6
*1*3,666
1 9 7 ,2 2 5
1 9 ,5 3 5
4 1 ,7 6 0
3 5 ,5 5 6
7 7 ,9 6 5
*8*766
1 1 8 ,3 1 4
5 ,1 0 0
2 0 ,3 4 4
5 3 ,4 3 9
1 0 5 ,2 2 5
9 ,7 5 6 1 ,5 3 3 .3 5 1
6 6 ,9 4 8
8 ,1 0 2
*876
3 4 ,5 9 6
17,0-15 1 ,4 8 6 ,4 0 7
9 4 ,7 0 9
2 ,0 0 1
3 3 ,7 9 2
4 0 ,8 8 8
*300
8 ,6 3 2 1 ,0 6 0 ,1 1 2
1 2 8 ,5 0 0
4 ,0 0 0
2 0 0 ,5 9 7
608
9 4 ,6 3 4
1 ,3 8 4
2 8 7 ,7 5 4
895
5 ,4 2 0
1 1 6 ,8 6 8
*973
1 0 1 ,6 2 6
1 ,3 7 6
7 7 ,6 8 2
598
4 ,6 3 0
412
1 5 ,9 9 5 2 , 4 9 5 , 2 8 6
2 4 3 ,1 3 1
—
4 1 ,4 4 7
4 9 ,9 9 1
8 * 7 5 6 1 ,4 2 0 ,7 3 2
444
9 6 ,4 5 1
3 1 ,3 8 1
6 0 ,0 8 1
3 ,1 5 6
8 0 8 ,9 7 7
1 ,5 0 0
1 2 1 ,5 0 0
706
1 6 4 ,3 3 7
230
8 6 ,7 8 6
8 ,9 7 0
4 9 9 ,7 5 0
1 2 ,0 7 5
91
3 5 ,3 0 5
8 5 ,2 3 8
576
488
9 2 .4 1 9
5 ,5 8 9
40
1 5 8 ,4 4 9
1 7 ,3 6 1
2 8 ,3 2 7
1 1 ,3 6 8
7 6 ,3 3 3
1 2 ,2 9 2
2 7 ,4 6 6
4 ,9 8 5
4 8 ,8 5 6 5 , 3 7 6 , 6 1 4
G a l v e s t o n _________
T e x a s C i t y ________
P o r t A r t h u r ______
A ra n sa s P a ss, & c_
N e w O r l e a n s _____
M o b i l e ..............
P e n s a c o l a _________
J a c k s o n v i l l e ______
S a v a n n a h _________
B r u n s w i c k ________
C h a r l e s t o n ________
W i l m i n g t o n ______
N o r f o l k ____________
N ’p o r t N e w s , & c .
N o w Y o r k ________
B o s t o n ____________
B a l t i m o r e _________
P h i l a d e l p h i a _____
4 0 .9 5 2 6 .3 5 0 ,3 7 6 1 ,3 0 3 ,8 8 8
9 0 2 ,2 8 5
__
T o t a l __________
__
__
__
___
. .
.
I n ord er th a t co m p a riso n m a y b e m a d e w ith o th e r y e a r s ,
w e g iv o b e lo w th e to ta ls a t le a d in g p o r ts fo r six se a so n s:
Receipts at—
1918.
1916.
1917.
1915.
1914.
1913.
2 6 ,5 9 2
5 ,9 9 7
1 2 ,5 2 0
493
6 ,3 2 7
500
1 .0 6 4
1 ,4 1 1
3 ,2 2 1
4 ,7 1 4
1 0 ,4 0 6
1 5 ,6 4 9
18 9
1 6 ,7 6 7
6 ,5 0 9
1 2 ,8 0 6
..............
1 ,8 2 2
119
2 ,3 2 3
1 .0 0 3
3 ,7 5 0
1 1 ,9 2 0
1 ,3 9 1
1 7 ,4 6 6
2 ,4 6 4
1 1 ,3 7 4
1 ,5 5 0
934
1 .2 7 0
2 .2 7 1
*1*195
2 6 ,9 1 6
1 ,7 5 3
2 0 ,2 0 1
5 ,3 1 8
1 0 ,0 6 0
5 .0 0 0
1 ,9 5 8
3 ,3 5 9
8 ,2 8 8
267
2 ,2 2 2
4 0 ,9 5 2
8 5 ,3 4 0
7 3 ,2 4 5
6 1 ,0 3 7
5 3 ,5 7 8
G a lv e s t o n —
T e x a s C it y ,& c
N e w O r le a n s .
M o b i l e ______
S a v a n n a h ___
B r u n s w i c k ___
C h a r le s t o n ,& c
W ilm in g t o n ..
N o r f o l k ______
N ’ p o r t N ..& C .
A ll o t h e r s _____
9 ,7 5 6
876
1 7 ,0 4 5
2 ,0 0 1
8 ,6 3 2
4 ,0 0 0
608
1 ,3 8 4
895
1 5 ,9 9 5
*'3*. 6 5 9
T o t a l th is w k .
4 8 ,8 5 6
8 ,7 5 6
444
3 ,1 5 6
1 ,5 0 0
706
230
8 ,9 7 0
2 ,9 3 8
S i n c e A u g . 1 . 5 , 3 7 6 ,6 1 4 6 ,3 5 0 ,3 7 6 6 , 6 0 5 ,2 3 7 1 0 0 7 1 9 4 5 1 0 2 3 5 8 1 0 9 .5 1 0 , 8 4 2
Tho exports fo r th e w e e k e n d in g th is e v e n in g re a ch a to ta l
o f 6 1 ,3 9 7 b a le s , o f w h ic h 2 1 ,7 9 6 w ore t o G r e a t B r ita in ,
2 4 ,6 9 2 to F ra n co a n d 1 4 ,9 0 9 to o th e r d e s t in a t io n s .
ExWeek ending M ay 24 1918.
Exported to—
Exports
from —
Great
Britain. France. Other.
Total.
5,000
flilvost on - 5,000
LUUVhOtUU.
"Port Arthur
X U li L bilui
1
Laredo, & c.
Now Orleans *10,796 2*4*692 *2*.018 4*3*566
M o b ile ____
Pnnoo nrtle - . . . . . .
rCiladUUld.
Brunsw ick.
W ilm ington
V llllllllgbUll
V
Norfolk
N ow York .
1 uW 1 Ul IV
>
B o s t o n ____
Bnlt.lmoro
Phlladelph’a
T>rvrt ix,
n
r o n iI’ll ivxo.
Pacific ports
12,891 12,891
From Aug. 1 1917 to M ay 24 1918.
Exported, to—
Great
Britain.
France.
449,875
8,102
57,780
3 *2
*6 ’,972
67,184
34,566
185,354
102,562
7.174
65,800
432,763
119,627
81,298
28,078
1,750
1,623
...........
18*3*078
1*3*2*759
.
..!
3*5,989
21.000
101.269
25,670
1,367
___
___
.............
Other.
Total.
165,158
672,813
8,102
2,657
* *2*657
53,317 599,367
68,184
1,000
34,566
142,537 460,650
102,562
*2*4*966
68,069
2,003
88,803
185,398 719,430
2,782 148,079
3,666
86,331
473
28,551
1,750
1,623
519,381 519,381
___
___
T o ta l____ 21,796 24,692 14,909 61.397 1,948,728
558,912 1,103,278 3,610,918
130 38,339 2,410,672
9,606
9.999 65.794 126.870 12.298.866
867,363 1,613,938 4,891,973
772.324 1.836.193 4.907.323
T o t. ’ 16-’ 17 28,603
T o t. ’ 15-’ 16 51,077
3340
THE CHRONICLE
I n a d d itio n to a b o v e e x p o r ts , ou r te le g ra m s to -n ig h t also
g iv e u s th e fo llo w in g a m o u n ts o f c o tto n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r ts n a m e d .
W e a d d sim ila r figu res fo r
N ew Y ork.
O n S h ip b o a r d , N o t C le a r e d f o r —
G rea t
M a y 2 4 a t — B r ita in . F r a n c e .
G a l v e s t o n _____
N e w O rle a n s * .
S a v a n n a h _____
C h a r l e s t o n _____
M o b i l e ______
N o r f o l k ________
N e w Y o r k * ___
O th e r p o r t s * ..
T ota l 1 9 1 8 T o ta l 1 9 1 7 T o t a l 1 9 1 6 .-
3 ,5 5 2
2 ,0 0 0
3 ,3 0 0
G er
m any.
—
2 .0 6
6
O th er
C o n t’t.
1 2 ,9 6 2
3 ,0 0 0
2 ',2 0 0
—
9~,666
5 ,0 0 0
2*665
1 ,0 0 0
2 5 ,0 5 2
3 4 ,1 1 5
7 2 ,4 9 8
5 ,0 0 0
4 ,8 7 0
7 ,6 1 8
2‘!6 6 6
1 ,0 0 0
'1 6 6
1 8 ,9 6 2
3 6 ,1 7 7
4 9 ,3 1 7
C o a st- |
w is e . | T o ta l.
1 ,0 0 0 ;
3 ,0 0 0 ,
3 ,0 0 0
500
1 7 ,5 1 4
1 0 ,0 0 0
6 .3 0 0
500
300!
300
--------1 1 3 ,0 0 0
------- 1 7 .0 0 0
L e a v in g
S lo ck .
2 3 6 .7 5 8
3 8 3 ,4 8 6
1 9 0 ,9 2 5
4 1 ,2 6 0
1 0 ,9 4 2
7 7 .6 6 5
1 4 5 ,4 4 9
1 6 0 ,5 8 9
7 ,8 0 0 ; 5 6 .8 1 4 1 ,2 4 7 ,0 7 4
8 .4 2 8 ! 8 3 , 5 9 0
8 1 8 .6 9 5
1 3 .5 2 3 1 4 3 ,0 5 6
9 8 3 ,0 6 6
S p e c u la tio n in c o tto n fo r fu tu r e d e liv e r y h a s n o t b e e n
a c tiv e ; fa r fr o m i t .
A n d p rices h a v e d rifte d r a p id ly d o w n
w ard ,
w ith
o n ly
m o m en tary
in te r r u p tio n s.
N ew
lo w
g r o u n d h a s b e e n re a c h e d .
T h e f a c t th a t sto c k s are largo in
th is c o u n tr y a n d e x p o r ts s m a ll h a s h a d a d is tin c tly dep ressin g
e ffe c t.
S o h a s im p r o v in g w e a th e r .
M o r e o v e r , th o crop
re p o r ts a re b e tto r .
T h o N a tio n a l G in n e r s’ A s s o c ia tio n th e
o th e r d a y is u n d e r sto o d to h a v o issu e d a r e p o r t p u ttin g th e
c o n d itio n o f th e crop a t 8 2 . 4 % , a n d p o in tin g to a crop of
s o m e th in g liko 1 4 ,2 5 0 ,0 0 0 to 1 4 ,5 0 0 ,0 0 0 b a le s , w ith o u t lin te rs.
I f w e h a v o a n y th in g lik e th e c a rr y o v e r g e n e ra lly ex
p e c te d , su c h a c ro p w o u ld insure a m o re th a n a m p lo s u p p ly
fo r th e se a so n o f 1 9 1 8 -1 9 .
B u t m a n y b e lie v e th a t w ith lin ters th e y ie ld w ill b e o v o r 1 5 ,0 0 0 ,0 0 0 b a le s .
O f courso this
is lo o k in g a lo n g w a y a h e a d .
N o b o d y k n o w s h o w th e p la n t
w ill w e a th o r th o ch a n ce s a n d ch a n g e s o f th e s e a s o n .
N o
b o d y k n o w s a n y th in g a s to w h a t ra v a g e s m a y b o c o m m itte d
b y p e sts lik e th o b o ll w e e v il, w h a t th e d a te o f k illin g fro st
w ill b e , h o w th e p ro b le m o f c u ltiv a tin g th o cro p s w ill bo m o t,
a n d h o w th e q u e stio n o f p ic k in g it w ill b e so lv e d if , as is so
w id e ly p r e d ic te d , there is to b o a n in cre a sin g a n d u ltim a te ly
a seriou s sc a r c ity o f la b o r a t th o S o u t h .
B u t th o gen eral
b e lie f is t h a t th e crop p ro sp e c ts are fa r h o tte r th a n th e y w ore
a year ag o.
T h e n th e G o v e r n m e n t p u t tho c o n d itio n a t th e
u n p r e c e d e n te d ly lo w le v e l o f 6 9 . 5 % .
T h o q u e stio n o f la
b o r , it is b e lie v e d , w ill b o s o lv e d , o v e n if e x tr a o rd in a r y
m e a su ro s h a v e to b e ta k e n to d o i t .
C o tto n is still h ig h .
F a r m o r s co u ld p a y v o r y h ig h w a g e s. A ll sorts a n d co n d itio n s
o f p e o p le m ig h t a t a p in ch b e in d u c e d , fr o m m o tiv e s o f
p a tr io tis m , if fo r n o o th e r re a so n , to h e lp ga rn e r tlio crop
w h ic h m e a n s so m u c h , n o t o n ly to th e U n it e d S ta t e s , b u t to
h or a llie s.
T h o G o v e r n m e n t re p o r t w ill a p p e a r o n Ju n o 4 ,
a n d th o ge n e ra l n o tio n is th a t it w ill b o so m ew h e ro a ro u n d
8 0 % a n d a b o v e , a s a g a in st 6 9 . 5 % la s t y e a r , 7 7 . 5 % th o y e a r
b e fo r e , a n d a te n -y e a r a v e r a g o o f 7 8 . 9 % , o n a n in creased
a c re ag e th is se a so n , a n d a m u c h la rg e r uso o f fertilize rs o f
a m u c h b e tt e r q u a lity th a n w a s e m p lo y e d la s t y e a r .
And
i t is fe a re d t h a t th o w o r ld ’ s c o n s u m p tio n m a y p erh a p s b e
s m a lle r n o x t se a so n th a n i t h as b e e n d u rin g th e p re sen t crop
year.
C e r t a in ly th e n e w s f r o m M a n c h e s te r is th a t th e o u t p u t
is re s tr ic te d th ere to a 4 0 -h o u r w e e k o n A m e r ic a n c o tto n .
T h e C o t t o n C o n tr o l B o a r d o f G r e a t B r ita in h a s a n n o u n c e d
th a t b e g in n in g J u n e 1 0 n o sp in d le s or lo o m s sh a ll bo ru n
w ith o u t a licen se fr o m th e B o a r d .
S p in n in g m ills e n g a g e d
e n tir e ly o n E g y p t ia n c o t t o n , S e a I s la n d , S u ra t a n d o n w a ste 1
m a y ru n u p to 8 0 % o f th o to ta l sp in d le w e e k o f 5 5 K h o u rs .
O n A m e r ic a n a n d o th e r g r o w th s th e r e d u c tio n is 5 0 % , w ith
4 0 % p e r in itte d fo r m ix e d m ills a n d a 4 0 -h o u r w e e k , as a l 1
r e a d y in t im a t e d , w h e n a m ill is e x c lu s iv e ly e m p lo y e d o n
A m e r ic a n c o t t o n .
W e a v i n g m ills , u n le ss e n g a g e d e n tire ly
o n G o v e r n m e n t wro r k , o r e n tir e ly o n w a s te c lo t h s , aro re
s tr ic te d to a 4 0 -h o u r w e e k .
I t is a d d e d th a t th e r e c e n t cen su s
ta k e n b y th e C o t t o n C o n tr o l B o a r d d iscloses a v e r y p oo r
s itu a tio n , a n d u n le ss m o re to n n a g o s p e e d ily b e c o m e s a v a il
a b le , a m u c h m o ro seriou s s itu a tio n in th o n e a r fu tu r e i3
in e v it a b le .
B u t in th o m e a n tim o , w ith n o sh ip s , or v o r y fo w ,
a ll th is d o e s n o t h e lp th e A m o r ic a n tr a d e , b u r d e n e d b y b ig
s to c k s a n d a n e w se a so n lo o m in g a h e a d w ith w h a t m o s t p e o
p le r e g a rd a s a p ro m ise o f a g o o d -s iz e d c r o p .
M in d f u l o f
th is , a s ig n ific a n t th in g oc cu rre d a t th o S o u t h .
N o r f o lk an d
S a v a n n a h in o n e d a y a b a n d o n e d th e ir n o m in a l q u o ta tio n s
a n d re d u c e d th e m 2 5 0 to 3 0 0 p o in ts .
T h is is n o t a tim e w h en
n o m in a l q u o ta tio n s g o .
I t is a tim e w h e n p rices aro fix e d
b y a c tu a l tr a n s a c tio n s .
M o r e o v e r , a n o th e r s ig n ific a n t th in g
h a p p e n e d d u rin g th e w e e k .
T h is w a s th o c o m m e n t o n th e
s itu a tio n b y th e V ic e -P r e s id e n t o f th o G u a r a n t y T r u s t C o .
H e th in k s th a t co n sid e r a tio n sh o u ld bo g iv e n to th e im
p o r ta n t f a c t th a t p re sen t in d ic a tio n s p o in t to a su r p lu s o f c o t
to n in sto ra g e 7 5 0 ,0 0 0 b a le s gre a te r th a n a t th e sa m e tim e
la s t y e a r , w h e n th e n ow c ro p is r e a d y to b a le in S e p te m b e r .
H e a d d s th a t u n le ss p la n s are m a d e to relievo th is c o n g e s
tio n as r a p id ly as p o ssib le , th e w a re h o u sin g o f th o n ow crop
w ill p re se n t a d iffic u lt'-p r o b le m .
T h o q u e stio n is h o w th e
S o u th e r n b a n k s are g o in g to re g a rd th e h o ld in g o f c o tto n .
T i m e , o f c o u rse , m u s t d e te r m in e th is m a tte r .
W h a t is cer
ta in is th a t th o e x p o r ts are v e r y s m a ll.
M u c h o f th e tim e
s p o t m a rk o ts h a v o la t te r ly b e e n q u ie t.
O n th o o th e r h a n d ,
th o trad e in c o tto n g o o d s is b r isk a t h ig h p ric e s, th e G o v e r n
m e n t is u n d e r sto o d to b e g iv in g o u t largo o rd ers, a n a r m y o f
3 , 0 0 0 , 0 0 0 to 5 ,0 0 0 ,0 0 0 m e n se e m s to b e c o n te m p la te d , a n d if
th a t is s o , m ills , it w o u ld s e e m , m u s t b o k e p t b u s y fo r a lo n g
tim e to c o m e . M o r e o v e r , sh ip b u ild in g is b e in g sp e e d e d u p .
T h e s u p p ly o f n e w to n n a g e is n o w b e in g in cre ase d w e e k b y
[Yol. 106.
w eek.
T h e r e is a g r o w in g r iv a lr y a m o n g th e s h ip y a rd s o f
th e c o u n tr y in th e m a t t e r o f r a p id ity o f b u ild in g .
T h e r e are
e v e n c o n te s ts a m o n g riv e te rs fo r th e p a lm in th e m a tte r o f
fa st w ork .
U lt i m a t e ly th is m u s t h a v e a n e ffe c t.
B e s id e s ,
th o sin k in g s b y s u b m a rin e s in A p r il sh o w e d a sh a rp fa llin g
o ff.
W a s h in g t o n d is p a tc h e s said th a t th o q u e s tio n is b o in g
c o n sid ered o f re d u c in g th e w a r risk r a te to 1 H % .
The G ov
e r n m e n t o p e n ly a n n o u n c e s th e n u m b e r o f tro o p s th a t h a v e
re c e n tly b e e n tr a n s p o r te d a n d w h ic h it is p ro p o se d to tr a n s
p o r t in th e n e a r fu tu r e .
T h a t o f its e lf se em s to m a n y to b e
s ig n ific a n t o f g r e a te r s a f e ty o f th e s e a s .
O f co u rse th e a c tu a l
s u p p ly o f a v a ila b le to n n a g e is , h o w e v e r , a fte r a ll, th o m a in
q u e s tio n .
T h a t is still s m a ll.
T o - d a y prices a d v a n c e d 5 0
to 9 0 p o in ts , b u t lo s t m o s t o f i t b e fo ro th e closo o n all m o n th s
e x c e p t J u ly .
M o r e a c tiv e s p o t m a rk e ts h a d a n e ffe c t fo r a
tin jo .
S o d id th e g e n e r a lly fa v o r a b le w a r n e w s a n d c h e e rfu l
re p o rts a b o u t th e s u b m a rin e w a r fa r e .
S o m e stress w a s laid
o n th o re p o r t o f a r e v o lt a m o n g G e r m a n re g im e n ts in R u s s ia ,
o rd ered to th e w estern fr o n t .
M o s t o f a ll, h o w e v e r , th o o v e r
so ld c o n d itio n o f th e m a r k e t t o ld .
A ft o r th e re c e n t b ig d e
cline a r a lly in a n y case w a s g e n e ra lly co n sid ered d u o . A ft e r
th o sh o rts c o v e r e d , h o w o v e r, p rices c o lla p s e d .
T h a t w as
c o n sid ered s ig n ific a n t.
M id d lin g u p la n d s clo se d a t 2 7 .3 0 c .,
a n a d v a n c e o f 6 5 p o in ts fo r th o w e e k , th o u g h fu tu r e s are
d e c id e d ly lo w e r .
T h o o fficia l q u o ta tio n fo r m id d lin g u p la n d c o tto n in th e
N e w Y o r k m a r k o t e a c h d a y fo r th e p a s t w e e k h a s bo on :
M a y 1 8 to M a y 2 4 —
S a t . M o n . T u e s . W e d . T l i u r s . F r l.
2 6 .2 5
2 6 .1 0
2 5 .7 0
2 6 .4 5
2 7 .3 0
M i d d l i n g u p l a n d s - . . .....................2 6 . 5 5
NEW
YORK
Q U O T A T IO N S
1 9 1 8 - C _____ - 2 7 . 3 0 1 9 1 0 - C ._____ 1 5 .3 5
1 9 1 7 ............... - 2 1 . 5 5 1 9 0 9 — -------- 1 1 .6 5
1 9 1 6 .............. - 1 3 . 0 5 1 9 0 8 . . --------1 1 .2 0
1 9 1 5 ------------ - 9 . 7 0 1 9 0 7 - - . --------1 2 .3 5
1 9 1 4 .............. . 1 3 . 7 0 1 9 0 6 - . . ------- 1 1 .9 0
1 9 1 3 ________ - 1 2 . 1 0 1 9 0 5 — --------8 .6 5
1 9 1 2 ------------ - 1 1 . 6 0 1 9 0 4 - - - _____1 3 .3 5
1 9 1 1 .............. . 1 6 . 0 0 1 9 0 3 — ------- 1 2 .0 0
FOR
1 9 0 2 - c ............
1 90 1 — ............
1 9 0 0 .................
1 8 9 9 .................
1 8 9 8 _________
1 8 9 7 .................
1 8 9 6 .................
1 8 9 5 .................
32
9 .5 6
8 .1 2
9 .3 1
6 .2 5
6 .4 4
7 .0 9
8 .1 2
7 .3 1
YEARS.
1 8 9 4 - C —. — . 7 . 2 5
1 8 9 3 ____ . . . . 7 .6 9
1 8 9 2 _________ 7 . 3 8
1 8 9 1 ------- . . . 8 . 9 4
1 8 9 0 ____ - - - 1 2 . 3 8
1 8 8 9 _________ 1 1 .1 2
1 8 8 8 _____ - - . 1 0 . 0 0
1 8 7 7 ------- - . - 1 1 . 0 6
M A R K E T A N D SALES A T N E W Y O R K .
T h o to ta l sales o f c o tto n o n th o s p o t oacli d a y d u rin g th e
w e e k a t N e w Y o r k aro in d ic a te d in th e fo llo w in g s ta te m e n t.
F o r th e c o n v e n ie n c e o f th e re a d e r w e a lso a d d c o lu m n s w h ic h
s h o w a t a g la n c e h o w th e m a r k e t fo r s p o t a n d fu tu r e s closod
on sam e d a y s.
Spot
M a rket
C lo s e d .
S a t u r d a y ___
M o n d a y ___
T u e s d a y ___
W edn asday.
T h u rsd ay . F r i d a y ______
Q u ie t ,
Q u ie t ,
Q u ie t ,
Q u ie t ,
Q u ie t ,
Q u ie t ,
10
30
15
40
75
85
p ts.
p ts.
p ts.
p ts.
p ts.
p ts.
F u tu r e s
M arket
C lo s e d .
d ec—
dec—
dec—
dec—
adv—
adv—
SALES.
S p o t.
C on tra ct
F i r m .................
S t e a d y _______
V ery stea d y .
W e a k .................
V ery stea d y .
S t e a d y ________
T o ta l.
1 ,9 0 0 ,
300,
300
300,
2 ,8 0 0
T o ta l.
1 ,9 0 0
300
300
300
2 ,8 0 0
F U T U R E S . — T h e h ig h e s t, lo w e s t a n d c lo sin g p rices a t
N e w Y o r k fo r th e p a s t w e e k h a v e b e e n a s fo llo w s :
Saturday, Monday, Tuesday, Wed’day, Thursd'y, Friday,
M ay IS M ay 20 M ay 21 M ay 22 M ay 23 M ay 24
M ay—
R ange.........
Closing____
June—
R ange_____
Closing____
July—
R ange_____
Closing____
August—
R ange.........
Closing____
September—
Range_____
Closing____
October—
Week.
25.00-.08 24.70-.25 24.60-.00 23.81-.25 23.12-.80 23.40-.C7 23.12/.08
25.01-.09 24.75-.79 24.57 — 23.60-.70 23.35 — -------- -— — __ __
24.99 — 24.63 — 24.60 — 23.70 — 23.44 — 23.70 — —
24.65-.05 24.4.5- .95 24.36-.01 23.70-.40 23.05-.72 23.53-.32 23.05/.05
24.94-.95 24.5S-.59 24.57-.61 23.70-.73 23.44-.48 23.70-.81
— — — 24.30 — 24.05 — —
23.05 — 23.34 — 23.05/.30
24.64 — 24.28 — 24.20 — 23.40 — 23.14 — 23.44 — —
—
—
— — — —
23.60 — —
23.00 —
24.38 — 23.99 — 24.00 — 23.30 — 23.04 — 23.34 —
—__
Range_____ 23.80-.21 23.5v-.94 23.50-. 15 23.05-.50 22.51-.10 22.85-.44 22.Sll.21
Closing____ 24.0S-.10 23.69-.72 23.70-.73 23.05-.08 22.86-.89 22.87-.93
November—
—
R ange_____ — — — — —. — —■ — — — — .— — —
23.20 — 23.20 —
Closing____ 24.03 — 23.03 — 23.64 — 23.03 — 22.81 — 22.83 — -------- —
December—
Range_____
Closing____
January—
R ange.........
Closing____
February—
R ange.........
Closing____
M arch— |
R ange-------Closing____
/ 25c.
23.70-.03 23.45-.75 23.44-.00 23.00-.35 22.44-.01 22.80-.29 22.441.03
23.98- .00|23.59-.60 23.60 — 22.98-.00 22.76-.79 22.82-.83 —
23.60-.87 23.30-.60 23.23-.88 22.95-.20 22.36-.93 22.74-.15 22.30i.87
23.86-.89 23.45-.47 23.49 — 22.86 — 22.60-.09 22.74-.75
23.76-.78 23.35 — 23.39 — 22.80 — 2 2 .0 0 — 2 2 .6 8 —
____
23.62-.65 23.25-.35 23.25-.42 23.00-.15 22.53-.90 22.70-.04 22.53LC5
23.66 — 23.25 — 23.30 — 22.80 — 22.62 — 22.70 — -------- —
/2 4 c .
i2 3 c .
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e lo w are th o clo sin g q u o ta tio n s o f m id d lin g
c o tto n a t S o u th e r n a n d o th e r p rin cip a l c o tto n m a rk o ts fo r
e a c h d a y o f th e w e e k .
C lo s in g Q u o ta tio n s f o r M id d li n g C o tto n o n —
W e e k e n d in g
M a y 24.
S a tu rd a y. M o n d a y .
G a l v e s t o n ______ 2 8 .0 0
N o w O r le a n s ___ 2 9 .2 5
M o b i l e ___________ 29.00
S a v a n n a h ______ 3 2 .5 0
C h a r le s t o n ............ 3 2 .5 0
W i l m i n g t o n _____ 3 0 .0 0
N o r f o l k ................. 3 0 .0 0
B a l t i m o r e ______ 3 0 .0 0
P h il a d e l p h i a . . . 2 6 .8 0
A u g u s t a _________ 2 8 .2 5
M e m p h i s ________ 3 0 . 0 0
D a lla s ...................
H ou ston
.................................... , 2 7 .7 5
L i t t le R o c k _____130 .00
2 8 .0 0
2 9 .2 5
2 9 .0 0
3 2 .5 0
3 2 .5 0
30.00
3 0 .0 0
2 9 .5 0
26.50
2 8 .2 5
3 0 .0 0
28.85
2 7 .5 0
3 0 .0 0
T u e s d a y .\ W e d 'd a y . Thursd 'y.\ F r id a y
2 8 .0 0
2 9 .0 0
2 9 .0 0
80.00
32.60
3 0 .0 0
2 7 .0 0
2 9 .5 0
2 6 .3 5
2 7 .7 5
3 0 .0 0
28.85
2 7 .5 0
3 0 .0 0
2 7 .7 0
2 9 .0 0
28.60
3 0 .0 0
3 2 .5 0
2 7 .0 0
2 7 .0 0
2 9 .0 0
2 5 .9 5
2 7 .7 5
3 0 .0 0
2 8 .8 5
2 6 .9 0
2 9 .5 0
2 7 .7 0
2 8 .7 5
2 8 .0 0
3 0 .0 0
3 0 .0 0
2 7 .0 0
2 7 .0 0
2 8 .0 0
2 6 .7 0
2 7 .5 0
3 0 .0 0
2 8 .8 5
2 6 .6 5
2 9 .5 0
2 8 .0 0
2 8 .7 5
2 8 .0 0
3 0 .0 0
3 0 .0 0
2 8 .0 0
2 8 .0 0
2 7 .5 0
2 7 .5 5
2 7 .8 8
3 0 .0 0
2 8 .8 5
28.00
2 9 .3 0
2241
THE CHRONICLE
M ay 25 1918.]
T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t, as m a d e
u p b y ca b le a n d te le g ra p h , is as fo llo w s .
F o r e ig n s t o c k s , as
w ell as th e a f lo a t, aro th is w e e k ’s r e tu r n s , and. c o n s e q u e n tly
a ll foro ign figu ros are b r o u g h t d o w n to T h u r s d a y e v e n in g .
B u t to m a k e th e to ta l th o c o m p lo te figu res fo r to -n ig h t
( F r id a y ), w e a d d th e ite m o f e x p o r ts fr o m tho U n it e d S ta t e s ,
in c lu d in g in it th o e x p o r ts o f F r id a y o n ly .
1916.
1915.
May 2 4 —
*918.
1917.
S to c k a t L iv e r p o o l --------------- b a l o s .
S to ck a t London
.................................
S to c k at M a n c h e s t e r -----------------------
3 0 3 ,0 0 0
2 2 ,0 0 0
4 4 ,0 0 0
5 4 1 ,0 0 0
2 4 ,0 0 0
5 1 ,0 0 0
7 0 1 ,0 0 0 1 ,7 0 8 ,0 0 0
4 0 .0 0 0
4 3 ,0 0 0
6 4 .0 0 0
1 7 5 ,0 0 0
T o t a l G r e a t B r i t a i n . ......................
S t o c k a t H a m b u r g — .........................
S t o c k a t B r e m e n ___________________
S t o c k a t H a v r e ----------------S t o c k a t M a r s e i l l e s ..............................
S t o c k a t B a r c e l o n a --------------S t o c k a t G e n o a -------------------------------S t o c k a t T r i e s t o _____________________
3 6 9 ,0 0 0
...............
-----1 4 2 ,0 0 0
LOW )
8 0 5 .0 0 0
3 ,0 0 0
________
6 1 6 ,0 0 0
* 1 .0 0 0
* 1 .0 0 0
2 2 0 ,0 0 0
4 ,0 0 0
§ & ’R£R
3 9 ’ R89
1 .0 0 0
T o ta l C o n tin e n ta l s t o c k s ..............
1 6 1 ,0 0 0
3 4 2 ,0 0 0
5 2 2 ,0 0 0
15,000
2 9 0 .0 0 0
1 6 ,0 0 0
9 5 ,0 0 0
1 1 8 .0 0 0
*
1,000
1 ,9 2 6 ,0 0 0
*
12,000
-------- 1 9 1 7 - 1 8 —
May 2 4 .
lipped—
V ia
V ia
V ia
V ia
V ia
V ia
V ia
a l8 ,1 7 3
2 ,6 8 8
65
995
73
3 ,8 6 4
7 ,4 1 1
S t . L o u i s _________________________ 2 3 ,4 5 2
M o u n d s , & c -------------------------------- 1 3 ,5 5 2
B o c k I s l a n d ______________________ 7 , 6 7 6
L o u i s v i l l e -------------------------------------- 2 , 2 2 6
C i n c i n n a t i --------------------------------385
V i r g i n ia p o i n t s --------------------------- 1 ,9 8 4
o t h e r r o u t e s , & c -------------------------1 2 , 5 8 6
* 3 2 2 ,0 0 0
3 1 8 .0 0 0
-------- 1 9 1 6 -1 7 ---------
Week.
Week.
Since
Aug. 1 .
a 9 2 6 ,2 3 1
2 5 3 ,0 6 1
6 ,1 2 8
1 1 1 ,7 7 6
6 1 ,3 0 3
2 9 9 ,2 5 7
6 8 7 ,8 5 8
..6 1 ,8 6 1
2 , 3 7 0 ,0 9 1
4 6 ,0 0 0
4 9 0 .0 0 0
3 ,0 0 0
O v e r l a n d t o N . Y . , B o s t o n , & c —. . 3 , 3 5 9
,3
.. 4 1 1
B o t w e e n i n t e r i o r t o w n s ------------------3 , 3 , 46 6
. 1 4 ,3 8
I n l a n d , & c . , f r o m S o u t h -----------------.1 4 ,3 8 33
3 0 0 ,8 0 6
9 8 ,8 4 5
7 8 0 ,9 9 2
1 ,1 9 5
2 ,4 1 8
1 5 ,6 4 9
1 , 2 0 3 ,0 0 0
..2 1 ,1 5 8
1 ,1 8 0 ,6 4 3
1 9 ,3 0 7
7 7 6 ,6 2 7
1 , 1 8 9 ,4 4 8
1 3 ,9 6 2
1 ,5 6 8 ,9 8 7
12,000
T o t a l v i s ib l o s u p p l y ......................... 4 ,0 6 1 .5 6 7 3 ,9 5 9 ,9 1 7 4 ,6 2 7 ,8 6 7 6 ,7 5 4 ,6 6 7
O f t h o a b o v e , t o t a ls o f A m e r i c a n a n d o t h e r d e s c r ip t io n s a r o a s f o ll o w s :
American—
, ,
... ...
4 1 5 .0 0 0
5 5 8 ,000 1 4 1 9 .0 0 0
L i v e r p o o l s t o c k --------------------b a l o s .
1 4 1 ,0 0 0
52 ,000
1 5 3 .0 0 0
3 8 ,0 0 0
M a n c h e s t e r s t o c k ......... ..............
1 4 ,0 0 0
* 2 8 5 ,0 0 0 * 4 1 6 ,0 0 0 * 1 , 0 3 4 .0 0 0
C o n t i n e n t a l s t o c k ----------------------------5 5 2 ,0 7 3
3 2 8 ,3 5 6
1 8 5 .0 0 0
A m e r i c a n a f lo a t f o r E u r o p e ---------- 1 3 5 ,0 0 0
9 0 2 ,2 8 5 1 ,1 2 6 ,122 1 , 0 8 7 ,0 6 5
U . S . p o r t s t o c k s ------------------------------1 .3 0 3 ,8 8 8
6 3 5 ,5 9 5
6 9 2 ,6 0 9
8 0 1 ,7 5 0
U . S . in t o r io r s t o c k s ------------------------- 9 8 4 .3 4 1
3 4 ,9 3 4
13 ,7 8 0
882
4 3 .3 3 8
U . S . o x p o r t s t o - d a y ________________
C
O
o
9 5 8 ,0 0 0 1 ,3 2 7 ,0 0 0 3 ,1 2 9 ,0 0 0
—
- • 000
1 1 4 .0 0 0
7 3 .0 0 0
54,
5 5 2 ,0 7 3
1 8 5 .0 0 0
3 2 8 ,,3 5 6
3 6 ,0 0 0
3 0 .0 0 0
2 4 ,,000
1 8 6 .0 0 0
1 2 3 .0 0 0
6 9 ,,000
9 8 0 ,0 0 0
886.000
9 9 3 ,,000
9 0 2 ,2 8 5
,1 2 6 ,,122 1 , 0 8 7 ,0 6 5
6 3 5 ,5 9 5
8 0 1 ,7 5 0
6 9 2 ,,6 0 9
3 4 ,9 3 4
882
1 3 .,7 8 0
Deduct Shipments—
©
T o t a l E u r o p e a n s t o c k s -------------- 5 3 0 ,0 0 0
I n d i a c o t t o n a f lo a t f o r E u r o p o - . .
3 0 ,0 0 0
A m o r , c o t t o n a flo a t fo r E u r o p e ..
1 3 5 ,0 0 0
E g y p t ,B r a z i l , Sec. ,a f l o a t f o r E u r p o
7 5 ,0 0 0
S t o c k in A l e x a n d r ia , E g y p t ---------- 3 0 0 ,0 0 0
S t o c k in B o m b a y , I n d i a ------------------ * 6 0 0 ,0 0 0
S t o c k In U . S . p o r t s ............................... L 3 0 3 .8 8 8
S t o c k in U . S . I n t e r io r t o w n s ------9 8 4 .3 4 1
U . S . o x p o r t s t o - d a y ----------------------4 3 ,3 3 8
* 1,000
* 1,000
OVERLAND M O VEM EN T FOR TH E W E E K AN D
S I N C E A U G . 1 .— W e g iv e b e lo w a s ta te m e n t s h o w in g th e
o v e r la n d m o v e m e n t fo r th e w e e k a n d since A u g . 1 , as m a d e
u p fr o m te leg ra p h ic re p o rts F r id a y n ig h t.
T h e re su lts fo r th e
w e e k a n d sin ce A u g . 1 in th e la s t tw o y e a r s are a s fo llo w s :
3 3 ,2 6 9 2 , 3 4 5 , 6 1 4
2 1 8 ,4 5 1
1 4 5 ,5 6 1
4 1 2 ,6 1 5
a R e v is e d .
T h e fo re g o in g sh ow s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h as b e e n 4 0 ,7 0 3 b a le s , a g a in s t 1 3 ,9 6 2 b a le s fo r tho w eo k la s t
y e a r , a n d th a t fo r th o se a so n to d a te th e a g g r e g a te n e t o v e r
la n d o x h ib its a d ecrease fr o m a y e a r a g o o f 3 7 9 ,5 3 9 b a le s .
* I n c lu d in g m o v e m e n t b y r a il t o C a n a d a ,
-1 9 1 7 -1 8 -
-
1916- 17-
Week.
Since
Aug. 1.
Week.
4 8 ,8 5 6
4 0 ,7 0 3
8 5 ,0 0 0
5 ,3 7 6 ,6 1 4
1 , 1 8 9 ,4 4 8
3 ,5 0 1 ,0 0 0
4 0 ,9 5 2
1 3 ,9 6 2
9 1 ,0 0 0
1 7 4 ,5 5 9
* 4 3 ,8 7 6
1 0 ,0 6 7 ,0 6 2
6 2 9 ,8 4 9
In Sight and Spinners’
Takings.
R c c e ip ts a t p c
N o t o v e r la n d (
Since
Aug. 1.
6 ,3 5 0 ,3 7 6
1 ,5 6 8 ,9 8 7
3 ,5 0 8 ,0 0 0
1 4 5 ,9 1 4 1 1 ,4 2 7 ,3 6 3
4 4 8 ,0 1 6
* 3 6 ,8 8 4
1 0 9 ,0 3 0
1 3 0 ,6 8 3
1 1 ,8 7 5 ,3 7 9
T o t a l in s i g h t M a y 2 4 1 0 ,6 9 6 ,9 1 1
A m o r i c a n . . .....................................................2 , 7 6 3 ,5 6 7 2 ,6 2 7 ,9 1 7 3 ,1 8 6 ,8 6 7 4 ,9 1 5 ,6 6 7
4 1 ,9 7 0
2 ,7 6 0 ,4 9 1
Hast Indian, Brazil, A c . —
2 ,1 3 3 , 1 9 0
7 5 ,3 8 1
2 8 9 .0 0 0
143 0 0 0
1 2 6 ,0 0 0
L i v e r p o o l s t o c k ---------------------------------- lj> 2 ,0 0 0
4 3 .0 0 0
40 000
2 4 .0 0 0
L o n d o n s t o c k -----------------------------------2 2 ,0 0 0
* O o cre a s o d u r in g w e o k .
a T h e s e f ig u r e s a r o c o n s u m p t i o n ; t a k in g s n o t
22.000 a v a i l a b l e .
12 0 0 0
1 3 .0 0 0
M a n c h e s t e r s t o c k ----------------------------3 0 ,0 0 0
* 1 6 9 ,0 0 0
*106 000
* 5 7 ,0 0 0
C o n t i n e n t a l s t o c k ----------------------------* 1 9 ,0 0 0
M o v o in o n t in to sig h t in p re v io u s y e a r s :
1 1 4 .0 0 0
5 4 ,000
7 3 .0 0 0
I n d i a a f l o a t f o r E u r o p e . . .................
3 0 ,0 0 0
3 6 ,0 0 0
3 0 .0 0 0
2 4 ,000
Bales.
E g y p t , B r a z i l , & c . , a t l o a t .................
7 5 ,0 0 0
Bales. Since Aug. 1—
Week
1 8 6 .0 0 0
6 9 ,000
1 2 3 .0 0 0
1 1 ,4 1 6 ,6 5 7
S t o c k in A l e x a n d r ia , E g y p t ---------- 3 0 0 ,0 0 0
1 4 6 .9 6 0 1 9 1 5 -1 6 — M a y 2 6
1916— M a y 26
9 8 0 ,0 0 0
9 9 3 ,000
886.000
1 4 ,4 8 3 ,3 5 6
S t o c k in B o m b a y , I n d i a ---------------- 6 6 0 ,0 0 0
1 3 7 ,3 1 1 1 9 1 4 -1 5 — M a y 2 8 .
1915— M a y 28.
1 4 ,2 1 9 ,8 7 6
9 6 ,2 7 2 1 9 1 3 -1 4 — M a y 2 9
1914— M a y 29
T o t a l E a s t I n d i a , & c ...................... 1 ,2 9 8 ,0 0 0 1 ,3 3 2 ,0 0 0 1 ,4 4 1 ,0 0 0 1 .8 3 9 ,0 0 0
N E W O R L E A N S C O N T R A C T M A R K E T .— T h e c lo s
T o t a l A m e r ic a n
......................... . 2 ,7 6 3 ,5 6 7 2 , 6 2 7 ,9 1 7 3 ,1 8 6 ,8 6 7 4 , 9 1 5 ,6 6 7
T ota l
__
T o t a l v iis ib l o s u p p l y ______________ 4 ,0 6 1 ,5 6 7 3 , 9 5 9 ,9 1 7 4 ,6 2 7 .8 6 7 6 , 7 5 4 ,6 0 7
s ib lo
20.H 8(1.
1 3 .9 0 d .
8 .4 7 d .
5.
M i d d l i n g u p l a n d , L i v e r p o o l ----------p la n d N e w
2 7 .3 0 c .
2 1 .9 5 c .
1 2 .9 0 c .
9.60c.
M i d d l i n g U _______ , ______ Y o r k ______
O .lO d .
1 1 .8 9 d .
2 7 .5 0 d .
E g y p t , G o o d B ro w n , L iv e r p o o l..
3 1 .4 0 d .
1 0 .5 0 d .
1 3 .5 0 d .
2 2 .5 0 d .
P e r u v ia n , B o u g h G o o d , L iv e r p o o l
8 9 .0 0 d .
5 .0 0 d .
8 .2 0 d .
1 3 .5 0 U .
2 0 .7 9 U .
B r o a c h , F i n e , L i v e r p o o l ---------------5 .1 2 d .
8.22d.
1 3 .6 8 d .
T l n n e v e l l y , G o o d , L i v e r p o o l ------2 1 . O ld .
* E s tim a te d .
C o n tin e n ta l im p o r ts for p a st w e e k h a v e b een - - - - - - - b a le s .
T h o a b o v o figuros fo r 1 9 1 8 sh o w a decrease fro m la s t w eo k
o f 5 8 ,7 5 8 b a lo s, a g a in o f 1 0 1 ,0 5 0 b a le s o v e r 1 9 1 7 , a doclino
o f 5 6 0 ,3 0 0 b a les f r o m 1 9 1 0 a n d a l o s s o f 2 ,6 9 3 ,1 0 0 balos fro m
1 9 1 5 .j
k $ A T T H E I N T E R I O R T O W N S th o m o v e m e n t— th a t is,
tho re ce ip ts fo r the w e o k a n d sin ce A u g . 1, tho sh ip m e n ts fo r
th o w eo k a n d tho sto c k s to -n ig h t, a n d th o sa m e ite m s fo r th e
c o rre sp o n d in g p e rio d o f th e p re v io u s y e a r
is se t o u t in
do tail b e lo w .
Movement to May 24 1918.
Towns.
Receipts.
Season.
eek.
Pino Bluff- .
21
3
52
466
502
400
1,052
83!)
100
Oil
170
624
M ss., Columbus
150
326
172
12
M o ., St. Louis. 22,154
1,000
Raleigh______
2,419
H ugo...............
418
509
150
2,061
Tonn.,Memphis 25,970
44
7
538
2,739
700
San A n ton io..
Ship
ments.
Week.
Slocks
M ay
24.
Movement to M ay 25 1917.
Receipts.
Week.
Season.
Ship
ments.
Week.
Stocks
M ay
25.
2,807
14
378 7,773
9,763
4,461
1,182 23,219
183 6,221
249
43,172
48,401
618
1
161 3,180
33,990
67
21,459
647 5,618
810 8,500
41,428
125
72,948
228,624 3,038 19,707
1,003 228,259 2,905 22,088
014 31,000
143,205 3,826 35,008
250 150,061
1 1,079
8
1,308
12,345
19,158
235
1,300 23,138
121,098
130 101,133
800 10,531
320,904 5,063 33,771
2,218 304,952
4,600 63,852
432,428 5,550 103,645
1,531 365,655 5,022 71,963
37,304
300 7,150
12
01,462
2,875 10,620
1,842 101,165
166,207 3,524 17,404
1,660 15,708
775 7,383
243
54,329
544 5,743
57,338
1,146 147,012
195,833 3,205 25,103
1,701
9,351
482
88
10,096
10
6,059
12
716
104,840 1,650 24,500
20
28 17,000
56,240
1,174 30,152
129,302
750 111,704
1,250 19,000
7,856
304
447
34,981
22 372
302 5,593
4,884
____
58
34,023
51,297
601 7,046
2
30,313
145 3,2S0
10,160
1,985
316
572 11,169
38,299
19,218
319 3,981
974,823 23,452 18,225 l i '.i o i 935,961 18,173 21,857
.800 12,000
1,400
58,176
75,059
1,90(1 6,000
____
237
114
10,533
11,425
91
100
1,022 173,117
128,938 4,418 11,799
1,628 14,753
52,052
13,750
59
1,350
'757
197 6,221
63,785
80,476
107 3,213
____
809 3,100
35,10(1
29,597
108
383
50
263 2,700
38,172
44,529
92
850
1,323 139,345
271 21,790
1,923 23,400
134,396
—
254 5,246
10,432
413 3,123
13,591
1,311,016 29,908 360,394 12,562 1,247,116 22,961 287,010
63
1,235
1,847
428
219
1,867
037
501
60,294
____
____
26,992
1,788
72
797
12
23,917
1,004
1,0.88
21,174
1,700
I
100
42,093
187
53,378
837
510 119,925
988 11,625
741 5,094
128,66!!
175
300 4,400
____
39,622
1,101
62,070
1,867,530 13,129 141,060 11,519 2,432,012 15,277 79,502
1,683 137,801
2,300 9,000
2,247 3,833
101,100
5
43,528
24
101
30,141
4
— ~
* Last year’s figures aro Mr Grccnvlllo.
_
T h o a b o v e to ta ls sh o w th a t th o in terior sto c k s h a v o de
creased d u rin g th o w e e k 4 3 ,8 7 6 b alos a n d aro to -n ig h t 1 8 2 ,5 9 1
b alos m o ro th a n a t th o sa m o tim e la s t y e a r .
T h o re c e ip ts a t
a ll to w n s h a v o boon 7 ,8 9 2 balos m o ro th a n th o sa m o w eok
la s t y e a r .
in g q u o ta tio n s fo r le a d in g c o n tr a c ts in th e N e w O rlean s
c o tto n m a r k e t fo r th e p a s t w ee k h a v e b e e n a s fo llo w s :
Thursd’y, Friday,
Saturday, Monday, Tuesday, Wed’day, ■
May 18 May 2 0 May 21 May 2 2 j M ay 2 3 May 2 4
M a y _____________
J u n o _____________
J u l y _____________
A u g u s t __________
O c t o b e r _________
D e c e m b e r ______
J a n u a r y _________
M a r c h __________
Tone—
S p o t ___________
O p t i o n s ______
2 5 .5 3 —
2 5 .5 3 2 4 .5 3 2 4 .4 3 - .4 5
2 3 .2 2 - .2 5
2 2 .9 6 - .9 8
2 2 .8 6 - .8 8
2 2 .7 6 - .7 8
2 5 .4 1 —
2 5.54 1 - .4 3
.5
2 4.5 57 - .3 1
.2
2 4 .1 6 —18
2 2 . 8 7 - .9 2
2 2 .5 6 -5 7
2 2 .5 0 - .5 1
2 2 . 3 6 - .3 8
2 5 .7 6 —
2 5 . 7 6 - .7 8
2 4 . 2 5 - .2 8
2 4 .1 5 -1 7
2 2 .8 4 -8 9
2 2 .5 3 - .5 4
2 2 . 4 3 - .4 5
2 2 . 3 3 - .3 5
2 5 .5 0 —
2 5 . 5 0 - .5 3
2 3 . 7 5 - .7 9
2 3 . 6 5 - .6 7
2 2 .3 4 - .3 7
2 2 . 0 4 —0 5
2 1 . 9 2 - .9 5
2 1 .8 2 —8 4
2 7 . 7 5 - .0 0
2 7 .7 5 - .8 0
2 3 .5 9 -6 4
2 3 .4 9 - .5 2
2 2 . 1 3 —15
2 1 .8 8 -9 1
2 1 .7 9 - .8 1
2 1 . 6 9 —7 0
2 5 . 7 5 '" —
2 4 . 2 5 - .2 7
2 3 . 9 5 - .0 S
2 2 .1 4 —18
2 1 . 9 1 - .9 2
2 1 . 8 2 —8 4
2 1 . 7 2 - .7 4
S tea d y
S te a d y
S tea d y
S tea d y
S tea d y
S tea d y
D u ll
S tea d y
Q u ie t
I V ’r y s t d y
S tea d y
S tea d y
W E A T H E R R E P O R T S B Y T E L E G R A P H . — R e p o r ts to
u s b y te lo g ra p h fro m th e S o u th th is e v e n in g are o n th e w h o le
o f a s a tis fa c to r y te n o r , th e w e a th e r h a v in g b e e n fa v o r a b le
t o g r o w th a n d d e v e lo p m e n t o f c o tto n q u ite g e n e ra lly .
Texas
re p o r ts s te a d y im p r o v e m e n t e x c e p t in w e ste rn a n d n o r th
w e ste rn c o u n tie s , w h ere la c k o f m o is tu r e is co m p la in e d o f .
Galveston, Tex.— T h e w e a th e r d u rin g th e w e e k w as fa v o r
a b le fo r crop d e v e lo p m e n t.
T h e p la n t is in a h e a lth y c o n
d itio n , b u t is late in w e ste r n a n d n o r th w e ste rn c o u n tie s
E lso w h e ro s te a d y im p r o v e m e n t is n o te d .
T h ere has been
n o r a in d u rin g the w e e k .
T h e th e r m o m e te r h a s ra n g e d
fr o m 7 4 to 8 2 , a v e r a g in g 7 8 .
Abilene, Tex.— I t h as ra in e d o n o n e d a y o f th e w e e k , t h e
ra in fa ll re a ch in g on e in ch a n d f o r t y -t w o h u n d r e d th s . M i n i
m u m th e r m o m e te r 6 6 , m a x im u m 9 4 , m e a n 8 0 .
Brcnham, Tex.— W e h a v e h a d no rain th e p a s t w e e k .
T h o th e r m o m e te r h as a v e r a g e d 7 9 , th e h ig h e s t b e in g 9 0
a n d th o lo w e s t 6 8 .
Broivnsville, Tex.— W e h a v e h a d n o ra in d u rin g th e w eek..
T h o th e r m o m e te r h as a v e r a g e d 8 1 , ra n g in g fr o m 7 0 to 9 2 .
Cucro, Tex.— T liero h as b e e n n o ra in d u rin g th e w e e k .
T h o th e r m o m e te r h a s ra n g e d fr o m 6 8 to 9 0 , a v e r a g in g 7 9 .
Dallas, Tex.— T h o w e e k ’ s ra in fa ll h as b e e n tw o in ch es a n d
e ig h te e n h u n d r e d th s , o n tw o d a y s .
A v e r a g e th e r m o m e te r
7 7 , h ig h e s t 9 0 , lo w e st 6 4 .
Henrietta, Tex.— T h e r e h as b e e n n o rain d u rin g th o w e e k .
T h o th e r m o m e te r h as a v e r a g e d 7 7 , th e h ig h e s t b e in g 9 2
a n d th o lo w e s t 6 2 .
Huntsville, Tex.— D r y a ll th e w e e k . T h e th e r m o m e te r
h as a v e r a g e d 7 6 , ra n g in g fr o m 6 4 to 8 8 .
Kerrville, Tex.— W e h a v o h a d n o ra in d u rin g th e w e e k .
T h o th e r m o m e te r h as ra n g e d fr o m 6 4 to 8 8 , a v e r a g in g 7 6 .
Lampasas, Tex.— I t h as b e e n d r y all th e w e e k . M i n i m u m
th e r m o m e te r 6 4 , h ig h e s t 9 6 , a v e r a g e 8 0 .
Longview, Tex.— D r y all th e w e e k . T h e th e r m o m e te r
h a s a v e r a g e d 7 6 , th o h ig h e s t b e in g 9 4 a n d th e lo w e s t 5 8 .
Luling, Tex.— W e h a v e h a d n o ra in d u rin g th e w e e k . T h e
th e r m o m e te r h as a v e r a g e d 7 9 , ra n g in g fro m 6 6 to 9 2 .
Nacogdoches, Tex.— D r y a ll th e w e e k . T h o th e r m o m e te r
ra n g e d fr o m 6 4 to 9 0 , a v e r a g in g 7 7 .
Palestine, Tex.— W e h a v e h a d n o ra in th e p a s t w e e k .
M i n i m u m th e r m o m e te r 6 6 , m a x im u m 9 0 , m e a n 7 8 .
Paris, Tex.— I t h as ra in e d o n o n e d a y o f th o w e e k , the ra in
fa ll re a c h in g o n e in c h a n d fift y -s ix h u n d r e d th s .
T h e th e r
m o m e te r h as a v e r a g e d 7 2 , h ig h e s t b e in g 9 0 a n d lo w e s t 5 4 .
2242
THE CHRONICLE
KgSan Antonio, Tex.— Dry all the week.
The thormomoter
has averaged 78, ranging from 68 to 88.
Taylor, Tex.— There has been no rain during the week.
Lowest thermometer 60.
Weatherford, Tex.— W e h a v e h a d a ra in fa ll o f o n e in c h an d
tw e n ty -fo u r h u n d re d th s d u rin g th e w e e k , o n o n e d a y .
M e a n th e r m o m e te r 7 7 , h ig h e st 8 8 , lo w e s t 6 6 .
Ardmore, Okla.— W o h a v e h a d ra in o n o n e d a y th e p a s t
w e e k , th e ra in fa ll b e in g f if t y -f o u r h u n d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 8 , th o h ig h e st b e in g 9 2 an d
th e lo w e s t 6 3 .
Muskogee, Okla.— I t h as ra in e d o n fo u r d a y s o f th o w e e k ,
th e ra in fa ll re a c h in g th re e in ch es a n d tw e lv e h u n d r e d th s .
T h e th e r m o m e te r h as a v e r a g e d 7 5 , r a n g in g f r o m 6 3 to 8 7 .
Oklahoma,, Okla.— -W e h a v e h a d ra in o n o n e d a y d u rin g th e
w e e k , th e ra in fa ll b e in g o n e in ch a n d f o r t y -fo u r h u n d r e d th s .
T h e th e r m o m e te r h as ra n g e d fr o m 6 1 to 8 4 , a v e r a g in g 7 3 .
- 4 Brinkley, Ark.— D r y a ll th e w o e k .
A v e r a g e th e r m o m e te r
7 9 , h ig h e st 9 5 , lo w e s t 6 3 .
Eldorado, Ark.— W e h a v e h a d ra in o n o n e d a y th e p a s t
w e e k , th o ra in fa ll b e in g tw e n ty h u n d re d th s o f a n in c h .
The
th e r m o m e te r h as a v e r a g e d 7 7 , th e h ig h e st b e in g 9 5 a n d th e
lo w e s t 5 9 .
Little Rock, Ark.— W o h a v e h a d ra in o n tw o d a y s o f th e p a s t
w e e k , th e ra in fa ll b e in g f i f t y h u n d re d th s o f a n in c h .
The
th e r m o m e te r h as a v e r a g e d 7 7 , ra n g in g fr o m 6 6 to 9 0 .
Alexandria, La.— W o h a v e h a d n o rain d u rin g th o w e e k .
T h e th e r m o m e te r h as ra n g e d fr o m 6 6 to 9 2 , a v e r a g in g 7 9 .
New Orleans, La.— D r y all th e w e e k .
Shreveport, La.— W o h a v e h a d ra in o n o n e d a y th o p a s t
w e e k to a n in a p p re c ia b le e x te n t.
T h e th e r m o m e te r h as
a v e r a g e d 7 9 , th e h ig h e st b e in g 9 2 a n d th e lo w e s t 6 7 .
Columbus, Miss.— I t h as b e e n d ry a ll th e w e e k . T h e th e r
m o m e t e r h as a v e r a g e d 7 8 , ra n g in g fr o m 6 1 to 9 5 .
Greenwood, Miss.— W o h a v e h a d no ra in d u rin g th e w e e k .
T h o th o rm o m o te r h as ra n g o d fro m 6 3 to 9 8 , a v e r a g in g 8 0 .
Vicksburg, Miss.— D r y a ll tho w o e k . M i n i m u m th e r
m o m e t e r 6 6 , m a x im u m 9 2 , m e a n 7 7 .5 .
Mobile, Ala.— T h e jw eath er c o n tin u e s fa v o r a b le a n d th e
c r o p is c le a n .
S c a tte r e d sh ow e rs in th e in te rio r h a v e
p r o m o te d g r o w th .
W o h a v e h a d ra in o n tw o d a y s o f th e
w e e k , th e ra in fa ll re a c h in g th ir ty -o n e h u n d re d th s o f a n in c h .
T h e th e r m o m e to r h a s a v e r a g e d 7 7 , tho h ig h e st b e in g 8 9 an d
th o lo w e st 6 8 .
Montgomery, Ala.— I t h as ra in e d o n o n e d a y o f tho w e e k ,
th o ra in fa ll re a c h in g fo u r te e n h u n d re d th s o f a n in c h .
The
th e r m o m e te r h as a v e r a g e d 7 7 , ra n g in g fr o m 6 4 to 9 0 .
Selma, Ala.— T h e r e h as b e e n ra in o n tw o d a y s d u rin g
th e w e e k , to th o e x te n t o f s e v e n ty -s ix h u n d re d th s o f a n
in c h .
T h o th e r m o m e te r h a s ra n g e d fr o m 6 3 to 9 4 , a v e r
a g in g 7 8 .
Madison, Fla.— T h e r e h as b e e n ra in o n on e d a y d u rin g
th o w o e k , th e ra in fa ll ro a c h in g th ree h u n d re d th s o f a n in c h .
A v o r a g o th e r m o m e te r 7 6 , h ig h e st 9 1 , lo w e st 6 1 .
Tallahasse, Fla.— I t h a s b e e n d r y a ll th e w e e k . T h o
th e r m o m e te r h as a v e r a g e d 7 2 , th e h ig h e st b e in g 9 3 a n d the
lo w e s t 6 3 .
Atlanta, Ga.— T h e w e e k ’ s ra in fa ll h a s b e e n fo u r h u n
d re d th s o f a n in ch o n o n e d a y .
T h e th e r m o m e te r h as a v o r a g e d 7 4 , ra n g in g fr o m 6 2 to 8 6 .
Augusta, Ga.— R a in h as fa lle n o n tw o d a y s d u rin g th e
w e e k , th o p re c ip ita tio n re a c h in g six te e n h u n d re d th s o f an
in c h .
T h o th e r m o m e te r h as ra n g e d f r o m 6 0 to 8 7 a v e r a g in g
74.
Savannah, Ga.— Tho week’s rainfall has been thirty-seven
hundredths of an inch on one day. Average thormometer
72, highest 82, lowest 62.
Charleston, S. C.— Wo have had rain on two days the past
week, the rainfall being fivo hundredths of an inch. Tho
thormomoter has averaged 72,tho highest being 80 and tho
lowest 64.
Greenwood, S. C.— It has rained on one day of tho weok,
the rainfall reaching seventeen hundredths of an inch. The
thermometer has averaged 72, ranging from 60 to 84.
Spartanburg, S. C.— There has been rain on two days
during tho week, the rainfall being twenty hundredths of an
inch. Tho thermometer has ranged from 58 to 88, aver
aging 73.
Charlotte, N . C — It has rained on three days of tho week,
tho rainfall reaching one inch and sixteen hundredths.
Minimum thermometer 60, highest 84, average 72.
Weldon, N. C.— We havo had rain on two days the past
week, the rainfall being one inch and thirty-one hundredth!?.
Tho thermometer has averaged 74, the highest being 91
and the lowest 58.
Dyersburg, Tenn.— There has been rain on three days of
the woek, to tho extent of one inch and sixteen hundredths.
The thermometor has averaged 77, ranging from 64 to 89.
Memphis, Tenn.— Favorablo weather for growth of cot
ton the past week. No rainfall. Tho thermometer has
rangod from 67 to 91, averaging 77.
* 1
1
-3 :
M
t t — n w n n w — wmim — MwiiBiwwiiPwiMi linn i
i
"ho following statement wo have also receivod by tolograph, showing tho height of the rivers at tho points namod
at 8 a. m. of the dates given:
B
N o w O r l o a n s ------------------------------ A b o v e
M o m p h l s ------------------------------------- A b o v o
N a s h v i l l o --------------------------------------A b o v o
S h r e v e p o r t ----------------------------------- A b o v o
V l c k s b u r g ----------------------------------- A b o v o
* B e lo w .
zero
zero
zoro
zoro
zoro
May 2 4 1 9 1 8 .
Feel.
o f g a u g o .12.0
o f g a u g o - 6 .1
2
o f g a u g o . 1 .3
1
o f g a u g o . 1 .9
o f g a u g e . 3 .2
3
May 2 5 1 9 1 7 .
Feet.
1 3 .5
1 7 .8
8.2
* 1 .5
3 1 .4
[Vol. 106.
COTTON CONSUM PTION AND OVERLAND MOVE
M EN T TO M A Y 1.— Below wo present, a synopsis of tho
crop movement for tho month of April and tho nine months
ondod April 30 for three yoars.
1 9 1 7 -1 8 .
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
G r o s s o v e r l a n d ,fo r A p r i l _____________ b a le s
2 2 0 ,2 0 7
1 7 8 ,6 7 2
1 7 9 ,5 8 9
G r o s s o v e r l a n d f o r 9 m o n t h s ______________
2 . 1 6 2 , 4 8 6 2 , 2 1 7 ,6 2 1
1 , 7 9 8 ,8 8 3
N o t o v e r l a n d o r A p r i l ______________________
1 0 6 ,4 5 7
8 3 ,5 6 7
1 2 5 ,1 4 2
N o t J o v e r la n d f o r ,9 m o n t h s ________________
1 ,0 5 7 ,6 1 1
1 , 5 3 5 ,2 6 6 1 ,2 5 5 ,2 2 8
P o r t ^ re c e ip t s in A p r i l _______________________
2 8 3 ,9 6 1
2 8 2 ,1 9 8
4 2 7 ,1 4 4
P o r t r e c o ip t s in 9 m o n t h s __________________ 5 , 1 9 7 , 6 1 7 6 , 1 4 2 , 7 9 5 6 ,2 2 6 ,5 8 7
E x p o r t s in A p r i l ______________________________
1 7 4 ,5 4 4
2 8 3 ,7 2 8
5 0 1 ,2 0 5
E x p o r t s . i n 9 m o n t h s ________________________
3 ,4 9 6 ,4 8 1 4 , 6 6 2 , 3 4 0 4 ,5 0 3 , 2 3 0
P o r t 's t o c k s o n A p r i l 3 0 __________ ___________
1 ,4 2 9 ,3 2 0 1 , 0 4 2 ,6 8 6
1 ,2 2 9 ,6 4 8
N o r t n o r n s p i n n e r s ’ t a k i n g s t o M a y 1 _____
1 ,8 4 0 ,7 1 1 2 ,5 7 4 ,8 6 0 2 , 6 8 1 , 1 6 8
S o u t h e r n c o n s u m p t i o n t o M a y 1 _________
3 . 2 0 3 , 0 0 0 3 , 1 7 6 , 0 0 0 2 ,8 9 7 , 0 0 0
O v e r l a n d t o C a n a d a f o r 9 m o n t h s ( in c h
in n o t o v e r l a n d ) ____________________________
1 8 0 ,9 7 1
1 2 4 ,3 7 3
1 4 8 ,2 9 7
B u r n t N o r t i r a n d , S o u t h ’.in 9 m o n t h s _____
1,3 8 3
2 ,5 2 2
S t o c k a t N o r t h e r n in t e r i o r m a r k o t s M a y 1
2 5 ,6 3 5
1 7 ,6 8 9
1 3 ,1 0 3
C a m e I n t o s i g h t d u r i n g A p r i l _______________
6 0 5 ,4 1 8
6 2 4 ,7 6 5
7 4 0 ,8 1 9
A m o u n t o f c r o p in s ig h t M a y 1 ____________ 1 0 ,2 2 8 ,2 2 8 1 1 ,4 4 7 ,0 6 1 1 0 ,8 0 5 ,8 1 5
C a m e i n t o s i g h t b a l a n c e o f s e a s o n _________
1 , 5 2 8 ,5 0 8 2 , 1 4 7 , 6 3 5
T o t a l c r o p ______________________________________
1 2 , 9 7 5 ,5 6 9 1 2 ,9 5 3 ,4 5 0
A v e r a g o gross w e ig h t o f b a l e s .............. ..........
5 1 1 .7 3
5 1 3 .5 7
. 5 1 2 .9 2
A v e r a g e net w e ig h t o f b a l e s ________________
4 8 6 .7 3
4 8 8 .5 7
4 8 7 .9 2
Note.— E x p o r t s h a v o b e e n o n l y s l ig h t l y in c r e a s e d b y t h o a d d i t i o n o f
M a r c h f ig u r e s f o r N o r t h o r n a n d P a c i f ic p o r t s n o t a v a i l a b l e u n t il t h is w e e k ,
a n d c o n s o q u o n t l y m o d o r a t o r e v i s i o n u p w a r d o f t h o N o r t h e r n s p in n o r s ’
t a k i n g s h a s b o o n n e c e s s a r y , a s a l lo w a n c e a l r o a d y m a d o t h e r e f o r w a s g r e a t e r
t h a n t h o a c t u a l. —
i
.4 i
-4 -«> vt. w . 'u M ’K
a 1
‘"O U R 'C O W O N T C R E AGE'REPO RT.— Our cotton acre
age report will probably bo ready about the 20th of Juno.
Parties desiring the circular in quantities, with their businoss
cards printed thereon, should send in their orders as soon as
possible, to ensure early dolivery. ,
1
>•
1 1
EG YPTIA N COTTON C R IP.— The Alexandria Cotton
Co., Limited, of Boston, has tho following by mail from
Alexandria under date of April 12 1 9 1 8 : A
____ _ _
_
T h o w e a t h o r i h a s 's o m o w h a t i m p r o v e d , b u t ' t h o ’a d v c r s o 'c o n d i t l o n s o f t h o
p a s t f o w w o o k s j i a v c f c o n s i d e r a b l y r e t a r d e d , t h e g r o w t h o f "tho y o u n g p l a n t s ,
w it h t h o r e s u l t i t h a t i n o t i o n l y ^ h a s i t h o l a d v a n c o o b t a i n e d ; b y ^ ea rlier s o w i n g
b e e n o n t i r o l y l o s t , ’ b u t , t h o ’ c r o p Is n o w d a t e b y s o m e . 10 d a y s .
T h o W h ite
N il e r o m a in s .'a b o v o '- n o r m a l ja n d t h o h n a in j N ll o l s jt h u s a b u n d a n t l y s u p p l i e d ,
a n d i t is e x p e c t e d i t h a W t h o J c o t t o n .p l a n t a t i o n s w ill h a v o a p l e n t if u l s u p p l y
o f w a t e r .d u r in g jt h o js u m m o r .
■
*
xn,
~ E X ’POR?S~OF~ CX)T1*6N GOODS FROM G ^ E ^ T
B R IT A IN .— Below we give the exports of cotton yarn
goods, &c., from Great Britain for tho month of March
and since Aug. 1 in 1917-18 and 1916-17, as compiled by us
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of All.
0 00 's
omitted. 1917-18(1916-17 1917-18. 191 0 -1 7 . 1917-18. 1916-17. 1917-18. 1910-17.
lbs.
lbs.
yards.
lbs.
lbs.
lbs.
A u g u st.
S e p t ___
O cto b e r
18,766
11,074
12,272
17,750
16,436
15,674
4 2 4 ,3 1 7
4 0 1 ,6 9 7
3 8 0 ,2 2 9
87,079
78,671
71,555
79,312
8 6 ,298
72,192
100,445
8 9 ,745
8 3 ,8 2 7
97,062
102,784
8 7 ,800
409 ,033
4 2 0 ,448
382,821
lbs.
1st quar
42,122
4 9 ,910 1,272,352 1,272,213
2 3 7 ,905
237 ,802
2 8 0 ,017
287 ,712
N o v ___
D e o ____
J a u ____
9 ,929
9 ,5 il
10,344
14,785
13,024
10,424
34 0 .5 0 0
499,361
499 ,484
73,730
05,965
74,881
0 3 ,0 4 5
9 3 ,3 2 0
93,361
8 3 ,0 0 5
75,500
8 5 ,225
78,430
106,344
109,785
2d q u a r.
29,814
44,233 1,148,011 1 ,339,345
2 14 ,532
2 5 0 ,320
2 1 4 ,390
294 559
F e b ____
M a r ___
7,151
11,038
11,975
12,990
04,251
50,631
0 1 ,7 0 5
8 3 ,052
71,402
0 7 ,719
7 3 ,0 3 0
9 0 ,048
1,075
3 0 ,104
1,589
3 2 ,9 8 0
394 ,487
352,912
400 ,612
36 3 ,0 0 2
3 0 2 ,975
3 3 0 ,1 2 5
4 4 4 ,3 2 3
S tock in g s and s o c k s ______________________
S un dry a r t ic le s ..
_
_
.
T o t a l ex p orts o f c o t t o n m a n u fa c tu r e s ____
09 4,773
780 ,50
The foregoing shows that There havo been exported from
the United Kingdom during the eight months 694,773,000 .
pounds of manufactured cotton, against 786,568,000 pounds "
last year, a decreaso of 91,795,000 pounds.
DOM ESTIC EXPORTS OF COTTON M AN U FAC
TU R E S.— Wo give below a statement showing tho exports
of domestic cotton manufactures '•for March and for tho
nine months ended March 31 1918, and for purposos of
comparison, like figures for the "corresponding periods of
tho previous year are also presented: -U 4 4 * \ «j-v < 4 4
Manufactures
of
Colton Eiported.
P iece g o o d s __________
y ards
P iece g o o d s ___________
value
W e a r ’ g a p p arel, k n it g o o d s .v a lu e
W ea rin g ap p a rel, all o t h e r ..v a lu e
W a ste c o t to n , & c ___________ value
Y a r n .....................
value
A ll o t h e r ________
vatue
Month ending Mar. 3 1 .
1918.
1917.
9
Atos. ending Mar. 31
1917-1 8.
191G-17.
4 1 ,1 3 7 ,0 1 3 54,321 831 5 4 5 ,0 2 0 ,9 3 3 5 0 7 ,4 3 9 ,0 7 4
$ 7 ,0 3 0 ,4 9 1 $ 6 ,214 ,282 $ 7 7 ,7 3 3 ,9 4 6 $ 5 1 ,2 2 7 ,0 9 2
908 ,899 ;
1,074 ,712 1 1,550,402 1 4 ,5 8 5 ,6 2 0
85 2 ,7 5 5
1,071 977
7 ,9 2 1 ,0 1 0
9 ,6 9 4 ,7 9 0
5 0 7 ,0 9 0
020 ,493
8 ,1 8 7 ,0 2 3
4 ,7 1 4 ,7 6 3
528 ,302
318 ,709
5 ,0 0 3 ,2 0 9
3 ,7 3 3 ,7 7 3
1,813,592
1,578 057 1 5 ,7 3 3 ,5 5 9 10,210,853
T o t a l m an u factu res o f . v a l u e . . 511,737,132 $10 ,8 7 8 ,2 3 0 $ 1 2 0 7 9 8 8 7 5 $10 01 7 2 8 9 7
' BRITISH COTTON M TLL'W AGE IN CR E A SE .R E C
OM M ENDED.— Cable advices from London of dato M ay 23
are to tho effect that an agreement?was"!reached a t j tho
cotton trade wages conference on Wednesday to recommend
to the respective organizations a 25% advancoHn wages on
tho standard piece price-listT’rates beginning with the pay
day on Juno 15,'and.to continuoTmtil Dec. 7. %jThe Control
Board’s levy scheme is an" integral "part of tho agreement.
All branches of tho cotton tradoTare covered, and it'ps be
hoved that the recommendation will provo acceptable1to all
concerned.
“iL E C i^ ^
P L A N T A T I O N S 1 h e fo llo w
T
in g ta b le in d ic a te s th e a c tu a l m o v o m o n t e a ch w e e k fr o m th e
p la n ta tio n s .
T h e fig u res d o n o t in clu d o o v o r la n d re ce ip ts
n o r S o u th e r n c o n s u m p tio n ; th e y are s im p ly a s ta te m e n t o f
th e w e e k ly m o v e m e n t fr o m th e p la n ta tio n s o f t h a t p a r t o f th e
oro p w h ich fin a lly re a ch e s th e m a r k e t th ro u g h th o o u t p o r t s :
W eek
end's.
Receipts at Ports.
1918.
April
5 -.
12 . .
1 9 -2 6 ..
M ay
3 -.
10._
17__
2 4 ..
1917.
1916.
93,455
102,550
113.603
99,812
3343
THE CHRONICLE
May 25 1918.]
Stocks at Interior Towns.
1916.
1917.
1918.
Receipts from Plantations
1918.
1917.
1916.
1,270,758 1,061,258 1,060,178 61,843 61,843 80,989
1,238,522 1,026,113 1,013,861 33,101 29,119 56,233
1,197,106 995,501 966,013 11,897 41,190 65,755
1,151,082 957,090 909,613 19,014 28,403 43,412
74,681
71,337
53,313
62,068
75,372
64,264
71,799
66,817
65,373
56,713
48,490
48,856
60,243 97,583 1,038,016
70,719 83,041 1.085.18G
60.116 101.366 1.028,217
40,952) 85,340 984,341
922,841
877,537
838,634
801,750
852,920 9,307 25,994 40,890
803,134 23,886 25,415 33,295
747,540 11,518 21,213 45,772
692,609 4,980 4,068 30,409
fr o m th e p la n ta tio n s sin ce A u g . 1 1 9 1 7 are 6 ,0 0 6 ,4 6 3 b a le s ; in
1 9 1 6 -1 7 woro 6 ,7 9 8 ,3 9 2 b a le s ,a n d in 1 9 1 5 -1 6 w ere 6 , 8 2 0 , 6 6 9
b a le s .
2 . — T h a t a lth o u g h th e re ce ip ts a t th e o u tp o r ts th o
p a s t w e e k w ere 4 8 ,8 5 6 b a lo s, th e a c tu a l m o v e m e n t fr o m
p la n ta tio n s w a s 4 ,9 8 0 b a le s, tho b a la n c e b e in g ta k e n fr o m
s to c k s a t in te rio r to w n s .
L a s t y e a r r e c e ip ts fr o m th e p la n
ta tio n s fo r th e w e e k w ore 4 ,0 6 8 b a le s a n d fo r 1 9 1 6 th e y
w ere 3 0 ,4 0 9 b a le s.
W O R L D ’S S U P P L Y A N D
T h e p rices o f fu tu r e s a t L iv e r p o o l fo r e a ch d a y are g iv e n
b e lo w .
P ric es aro o n th e b a sis o f g o o d m id d lin g u p la n d
fo r n e w c o n tr a c t a n d m id d lin g u p la n d fo r o ld c o n tr a c t , u n
less o th e rw ise s ta to d .
T A K IN G S OF C O T T O N .
1 9 1 7 -1 8 .
Week.
Season.
1 9 1 6 -1 7 .
Week.
Season.
T h u rs.
Frl.
d.
d.
d.
n o LI-
n o LI-
D AY
d.
21.70
21.13
20.29
19.59
19.12
d.
21.80
21.32
20.48
19.68
19.17
d.
d.
21.18 21.08
20.86 20.66
20.11 19.89
19.46 19.18
18.98 18.76
d.
21.02
20.54
19.73
19.02
18.62
D AY
d.
20.9!
20.44
19.57
18.8S
18.45
d.
d~.~
n o LID AY
20.20 20.36 19.73 19.53 19.73 19.6.3
20.18 20.28 19.65 19.45 19.65 19.55
20.10 20.20 19.57 19.37 19.57 19.47
BREADSTUFFS.
Friday Night, May
F lo u r h a s b e e n q u ie t.
q u ie tly p ro g re ssin g .
h a r v e s t.
w as
That
p re d ic te d
is
24 1918.
T h e d is tr ib u tio n o f s u b s titu te s is
E x is t in g s to c k s w ill d o u n til th e n e x t
th e
th a t b y
ge n e ra l ju d g m e n t .
th is
tim e
th ere
L ast
w o u ld
w in te r
be
N e e d le s s to s a y th ere is n o th in g o f th e k in d .
th e fe a r o f it b r o u g h t a b o u t o n e e v il.
o v e r s to c k in g
on
s u b s titu te s
it
a flo u r
But
T h a t w a s th e h e a v y
fo r flo u r .
G r a d u a lly th is
Now
th o
p ro b le m
is b e in g d o n e .
A
3 ,1 9 8 ,2 5 1
1 0 9 ,0 3 0 1 1 ,8 7 5 ,3 7 9
7 2 .0 0 0 2 , 4 5 2 , 0 0 0
2 2 4 .0 0 0
2 ,0 0 0
6 7 1 .0 0 0
1 ,0 0 0
1 6 ,0 0 0
1 6 .0 0 0
c o m m itte e is w o rk in g s te a d ily a t th e d is tr ib u tio n o f c o r n -
T o t a l s u p p l y _____________________ 4 , 3 1 9 . 0 0 8 1 6 ,2 0 6 ,6 8 7 4 ,2 9 0 ,4 6 0 1 8 ,6 1 6 ,6 3 0
fu rn ish e s o n e o f th e k n o ttie s t p ro b le m s th a t th e C o r p o r a tio n
V i s i b lo s u p p l y A u g . 1 -----------------A m e r i c a n in s i g h t t o M a y 2 4 —
B o m b a y r o c o ip t s t o M a y 2 3 ------O t h e r I n d i a s n l p m ’ ts t o M a y 2 3
A l e x a n d r ia r e c e ip t s t o M a y 2 2 - O t h o r s u p p l y t o M a y 2 2 * ------------
2 ,8 i 4 ,7 7 6
1 3 0 ,6 8 3 1 0 , 6 9 6 , 9 1 1
6 5 0 .0 0 0 1 ,6 3 5 ,0 0 0
7 5 ,0 0 0
6 2 ,0 0 0
8 0 2 ,0 0 0
6 1 2 .0 0 0
1 8 3 ,0 0 0
6 0 ,0 0 0
d.
is to g e t rid o f t h e m .
4 ,0 9 0 ,4 3 0
4 ,1 1 8 , 3 2 5
W ed .
4
4
4
4
12^
12H
4
12 K 12M 12K
12K
12 X
p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m. p. m p. m. p. m. p. m .
New Contracts.
M a y ................ ..
June..................
J u ly __________
August----------Septem ber____
Old Contract:
M a y __________
M a y -J u n o ____
J u n e -J u ly ____
fa m in o .
C o t t o n T a k in g s .
W eek an d S eason .
T u e s.
M on .
Sat.
M ay 18
to
M ay 24.
Deduct—
V i s ib lo s u p p l y M a y 2 4 ---------------- 4 ,0 6 1 ,5 6 7
T o t a l t a k i n g s t o M a y 2 4 - f l ------O f w h ic h A m e r i c a n ____________
O f w h ic h o t h e r __________________
4 ,0 6 1 ,5 6 7 3 ,9 5 9 ,9 1 7
2 5 7 .4 4 1 1 2 ,1 4 5 ,1 2 0
1 6 9 .4 4 1 9 ,4 5 3 ,1 2 0
8 8 ,0 0 0 2 , 6 9 2 , 0 0 0
3 ,9 5 9 ,9 1 7
3 3 0 .5 4 3 1 4 .6 5 6 .7 1 3
2 1 6 .5 4 3 1 1 .3 3 5 .7 1 3
1 1 4 ,0 0 0 3 , 3 2 1 , 0 0 0
♦ E m b r a c e s r e c e ip t s in Europe f r o m B r a z i l , S m y r n a , W e s t I n d i e s , &c.
a T h is t o t a l o m b r a c o s t h o e s t im a t e d c o n s u m p t i o n b y S o u t h e r n m ills ,
3 ,5 0 1 , 0 0 0 b a le s in 1 9 1 7 -1 8 a n d 3 ,5 0 8 , 0 0 0 in 1 9 1 6 -1 7 — t a k in g s n o t b e i n g
a v a ila b le — a n d th o a g g r o g a to a m o u n ts ta k e n b y N o rth e r n a n d fo re ig n
s p in n e r s , 8 , 6 1 4 , 1 2 0 b a le s ; in ,1 9 1 7 -1 8 a n d 1 1 ,1 4 8 ,7 1 3 b a lo s in 1 9 1 6 -1 7 , o f
w h ic h 5 ,9 5 2 , 1 2 0 b a le s a n d y , 8 2 7 ,7 1 3 b a le s A m e r i c a n .
b E s tim a te d .
m e a l, r y e flo u r a n d b a rle y flo u r u n d e r th e d ire c tio n o f th e
G r a in
C o r p o r a tio n
of
th e
Food
A d m in is tr a tio n .
C orn
m e a l is w e a k a n d irre g u la r, b e c a u se it is so p le n tifu l.
h as to h a n d le .
th o e n d .
m e a l.
It
B u t p r o b a b ly it w ill w o rk o u t all r ig h t in
T h e m a in tr o u b le is th e m o is tu r e a n d f a ts in th e
T h is fa c t m a k e s it d esirab le to re d u ce th e s u p p ly
as r a p id ly a s p o s s ib le , b e fo re th e c o m in g o f w a r m w e a th e r .
M e a n w h ile th e s u p p ly o f w h e a t in th e c o u n tr y tu rn s o u t to
bo large r th a n m a n y h a d e x p e c te d .
T h e s to c k s o f flo u r in
th e U n it e d S ta te s a n d C a n a d a o n M a y
1 , h o w e v e r , w ere
o n ly 9 4 9 ,0 0 0 b b l s ., a g a in s t 1 ,0 6 5 ,0 0 0 b b ls . o n A p r il 1 a n d
2 ,8 9 6 ,0 0 0 b b ls . a y e a r a g o .
W a s h in g to n s a y s th a t fu rth e r
re strictio n s o n th o a m o u n t o f w h e a t flo u r , p la c e d in b re a d
lo a v e s , aro in p r o s p e c t. A t b e s t o n ly o n e -th ir d o f th e n o r m a l
s u p p ly o f w h e a t is a v a ila b le th is y e a r to la s t to A u g . 1 .
1915-16.
1916-17.
1917-18.
T h e r e w as a ro p o rt h ere t o -d a y th a t sh ip p ers to n e u tra l
M ay 2.
c o u n tr ie s , p a r tic u la rly N o r w a y a n d S w e d e n , h a d se cu re d
Since
Since
Since
Receipts at—
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
close to 9 0 ,0 0 0 b b ls . o f co rn m e a l, ry e flo u r a n d b a rle y
flo u r , th r o u g h th o sp e c ia l c o m m it te e o f th e N e w Y o r k P r o
58,000 2,715,000
B om bay................................... 67,000 1,430,000 100,000 2,201,00
d u c e E x c h a n g e w o rk in g in c o n ju n c tio n w ith th e F o o d A d
iV U V iN A y l 'l i H O X i i i x v a v i i i i n v i J x .
n o
(n io u o
w uu\y
m in is tr a tio n .
b e lo w a n d loa vo th o se fo r p ro v io u s w ee k s o f th is a n d la s t
W h e a t h a s b o on s te a d y , o w in g to th e sm a lln e ss o f su p p lie s .
I t is s ta te d , h o w e v e r , th a t th o q u a n tit y o f w h e a t in th e
y e a r fo r co m p a riso n :
c o u n tr y fo r ox p o rt a n d ca rr y o v e r o n M a y 1 w a s 5 4 ,0 0 0 ,0 0 0
1917.
1918.
b u s h e ls .
T h is is larger th a n w a s g e n e ra lly s u s p e c te d .
If
8 44 lbs. Shirt Cot’ n
844 lbs. Shirt Cot’ n it c a n b o m o v e d w ith a re a so n a b le d egree o f p ro m p tn e s s it
ings Common Mid .
32s Cop
ings Common M i d . m a y roliovo th e s itu a tio n m a te r ia lly .
32s Cop
T h e C h ic a g o “ D a i ly
to finest.
Upl's
Twist.
to finest.
Upl’s
Ttolst.
T r a d e B u lle t in ” s a y s th a t a fte r a llo w in g 5 3 0 ,0 0 0 ,0 0 0 b u sh e ls
8. d.
d.
d.
d. 3. d.
s. d. d.
d. s. d.
fo r b re a d a n d seed re q u ire m e n ts fo r tho c o u n tr y fo r th o crop
M a r d.
18
9 4 @ 12 44* 12.69
6 42 M © 45 U 19 1 0 4 *023 14* 24.95 104* ©
y e a r a n d e x p o rts to M a y 1 o f 1 1 5 ,0 0 0 ,0 0 0 b u s h e ls , there
24.38 164* ©
18
9 9 @ 13 0
13.08
12 44
@ 46 >5 20 0 4 * 0 2 8 6
22.79 1644 ©
re m a in 5 4 ,0 0 0 ,0 0 0 b u sh e ls a v a ila b le fo r ox p o rt to J u ly 1 an d
18
21 6 0 2 8 0
9 4 4 * 0 1 2 74* 12.26
@ 46
19 43 K
21.98 1644 ©
1844 9 4 4 * 0 1 2 74* 12.88 fo r a ca rr y o v e r in to n e x t se a so n .
20 44 44 0
464* 22 0 © 2 9 0
L a s t y e a r th e e x p o r ts fr o m
M ay
T h e gen era l
21.40 1044 ©
12.89 M a y 1 to J u ly 1 w ere 3 7 ,0 0 0 ,0 0 0 b u sh e ls.
1844 9 4 4 * 0 1 2 9
40 4* 22 0 © 2 9 0
3 44 44 0
21.55 164* ©
18
9 44*@ 1 2 104* 12.80
46 If 22 0 @ 29 0
43 H @
10
o u tlo o k fo r th o crop in th is c o u n tr y is fa v o r a b le .
In C a n a d a
21.55 164* ©
13.26
1844 9 6 @ 1 3 0
©
17 44
164* 22 0 @ 28 0
th o aeroago w ill b e c o n sid e r a b ly larger th a n th a t o f la s t
20.88 1744
13.90
1844 10 0 @ 1 3 9
24 44
© 464* 22 0 © 28 0
year.
I t is a re g re tta b le f a c t th a t th e w in te r w h e a t crop
L I V E R P O O L . — B y ca b lo fr o m L iv e r p o o l w o h a v e th o fo l
tliero is n o t lo o k in g w e ll.
O n th e P a c ific C o a s t th e w e a th e r
lo w in g s ta to m o n t o f th o w e e k ’ s sa le s, s to c k s , & c ., a t th a t p o r t: h as boon g e n e ra lly g o o d fo r g ro w in g c r o p s , p a r tly o w in g to
May 3 . M ay 1 0 . May 1 7 . May 2 4
b o n oficial r a in s .
G lo w in g re p o rts are re ce iv e d as to th e
S a l o s 'o f t h o w e e k ___________________
1 2 ,0 0 0
1 0 ,0 0 0 8.000 r,r>r> 6,000
°
£!r“'r
w h e a t o u tlo o k tliero .
T h o co n d itio n o f w in te r w h e a t is
O f w h ic h [ s p e c u la t o r s t o o k -----------------O f w h i c h \ o x p o r to rs t o o k ________
________
g o o d an d a t le a s t a fa ir crop is e x p e c te d .
T h e r o are so m e
3 ,0 0 0
S a la s , A m o r i c a n _____________________
4 ,0 0 0
3 ,0 0 0
2,000
c o m p la in ts , h o w e v e r, o f th o s c a rc ity o f la b o r .
M ills tliero
......
A c t u a l e x p o r t -----------------------------------5 4 ,6 6 5 "
F o r w a r d e d ____________________________
6 2 ,0 0 0
3 ",6 6 3 5 , 0 0 0 aro o p e ra tin g a c tiv e ly , m o s tly on G o v e r n m e n t o rd ers.
8 6"
3 3 2 ,0 0 0
T o t a l s t o c k ............- .................................. 3 3 9 .0 0 0
3 2 2 .0 0 0
3 0 3 .0 0 0
A r r iv a ls
of
A u s tr a lia n
w heat
c o n tin u e
fa ir ,
and
11 8 9 ,0 0 0
O f w h ic h 'A m e r i c a n --------------------- 1 9 0 ,0 0 0
1 6 0 .0 0 0
1 4 1 .0 0 0
T o t a l i m p o r t s o f t h o / w e e k -----------1 4 ,0 0 0 A 3 8 ,0 0 0
____
2 4 ,0 0 0
20,000 so m e
in crease
is
e x p e c te d in th e n e ar f u tu r e .
In
O f w h ic h ( A m e r ic a n .........................
4 ,0 0 0
^ 3 3 ,0 0 0
5 ,0 0 0
R u s s ia c o n d itio n s are still u n se ttle d a n d p lo w in g h a s b e e n
A m o u n t a f l o a t . ...................................... 1 3 6 ,0 0 0
1 1 7 ,0 0 0
103,666
1 0 5 .0 0 0
O f w h ic h A m e r i c a n _____________
5 4 ,0 0 0 £% 5 5 ,0 0 0 __.......... 0 0
.......
....5 9 ,0
g r e a tly d e la y e d .
J u d g in g fr o m p re sen t a p p e a ra n ce s no
5 9 ,0 0 0
T h e to n e o f 't h e L iv e r p o o l m a r k e t for sp o ts a n d fu tu re s largo acreag e w ill b e p la n te d to sp rin g crop s a n d th e w in te r
e a ch d a y o f t th e p a st| w e e k a n d th o d a ily c lo sin g p rices o f crop s w ill b e s h o r t.
In F ra n ce ra in s, a n d e v e n s n o w , h a v e
s p o t c o tto n lia v o b een as fo llo w s:
in te r ru p te d
sp rin g
soo d in g.
N a t u r a lly ,
to o ,
th e
co ld
w eath er ch e ck e d g r o w th .
C o n d itio n s are n o w m o re fa v o r
Tuesday. Wednesday. Thursday.
Monday.
Friday.
Spot.
Saturday.
a b le , h o w o v e r, a n d th o a p p e a ra n c e o f a ll crop s is g o o d .
At
th o sa m o tim e , tliero h as b een s o m e increase in s u p p lie s.
M arket, (
Quiet.
Quiet.
D ull.
M e lb o u r n e , A u s tr a lia , c a b le s th a t in re sp on se to a re q u e s t
ft 12:15
<
i> l> M . 1
» .
fr o m th o U n it e d S ta te s th o C o m m o n w e a lth h a s d ec id e d to
21.41
20.88
20.88
M ld .U p l’ds
cliartor A m o r ic a n v e sse ls to c a rr y w h e a t to th o U n it e d S ta t e s .
n o L iH O L IG ood iM ld.
21.41
21.93
21.41
DAY.
DAY.
Uplands
I 11 th o U n it e d K in g d o m , th e w e a th e r h as b e e n g e n e ra lly
2,000
fa v o ra b lo fo r tho crop s a n d seed in g h as b e e n r a p id .
I n I t a ly
3,000
2,000
kv -v.fSj
to rron tial rain s ca u sed so m e d a m a g e to th e y o u n g crop s an d
Steady at
Quiet at
Quiet at
n on 4 Futures.
th e w o t w e a th e r , o f co u rse , in terfered w ith field w o r k .
B u t,
23027
15045
3 © 10
DAY.
M arket
\
pts. dec.
pts. dec.
pts. dec.
opened
/
o n th o w h o lo , co n d itio n s are g e n e ra lly fa v o r a b le , a n d th e
p re son t crop is su p p o so d to e q u a l th a t o f la s t y e a r .
In
Steady, 32 Quiet, 38 Quiet, 14
(
pts. dec. td @ 72 pts.
@ 34 pts.
M arket, I
A r g e n tin a p lo w in g a n d p la n tin g are p ro gre ssin g u n d er fa v o r
5 pts. adv. dec .on now dec. on new
closed
i
ab lo c o n d itio n s .
I t lo o k s as th o u g h th o ac re ag e w ill bo
on new, 4 83 pts. on 10 pts. adv.
1
old.
pts. dec. on
on o ld .
co n sid e r a b ly in c re a se d .
T h o sto c k s a t th e p o r ts are a m p le ,
1
old.
l
th o u g h re ce ip ts o f la te h a v e b e e n o n ly m o d e r a te . T h e to n -
B O M B A Y C O T T O N M O V E M E N T . — T h o re ce ip ts of
In d ia c o tto n a t B o m b a y fo r th o w e e k e n d in g M a y 2 a n d fo r
th o s e a s o n fro m A u g . 1 fo r throe y e a r s h a v e b o en a s fo llo w s :
2244
THE CHRONICLE
n a g e s itu a tio n there is g r a d u a lly im p r o v in g .
I n S p a in th e
g e n e ra l o u tlo o k is g o o d .
R a in s h a v e h e lp e d i t .
The
S c a n d in a v ia n c o u n trio s h a v e h a d fin e sp rin g lik e w e a th e r.
B e n e fic ia l ra in s h a v e fa lle n in N o r t h A fr ic a .
T h e a v a ila b le
s to c k o f N o r t h A m e r ic a n w h e a t is 1 7 ,7 0 7 ,0 0 0 b u s h e ls , a g a in s t
7 5 ,6 6 7 ,0 0 0 b u sh e ls a y e a r a g o , a n d 1 1 7 ,5 7 5 ,0 0 0 b u sh e ls a t
th is tim e in 1 9 1 6 .
T o - d a y there w ere re n e w e d fa v o r a b le
r e p o r ts a b o u t th e c r o p .
B u t th e sm a lln e ss o f su p p lie s k ee p s
p rices f ir m .
D A IL Y
C L O S IN G
P R IC E S
OP
W HEAT
Sat.
N o . 2 r e d ...................... ........................_ c t s _ 2 2 6
N o . 1 s p r i n g ....................................................2 2 9
NEW YORK.
IN
Man. Tues. Wed. Thurs.
226
229
226
229
226
229
226
229
Fri.
226
229
I n d ia n c o m h a s b e e n irre g u la r, a d v a n c in g a t o n e tim e a n d
th e n d e c lin in g .
T h e w e a th e r in th e N o r t h w e s t h as b e e n
r a th e r c o o l.
H e a v y ra in s in o th e r p a r ts o f th e b o lt h a v e
d e la y e d p la n tin g .
S till, o n th e w h o le , th e se c tio n s w h ich h a d
th e m o s t ra in n e ed e d i t .
A n d th e a v a ila b le s to c k in N o r t h
A m e r ic a is 1 7 ,3 0 1 ,0 0 0 b u s h , a g a in s t 6 ,3 5 3 ,0 0 0 a y e a r a g o .
T h e s h ip p in g d e m a n d h a s b e e n slo w .
A n d b e fo re lo n g a n
in cre a se in th e c ro p m o v e m e n t is e x p e c te d .
P la n tin g is
n e a r in g th e o n d , s o m e w h a t earlier th a n u s u a l.
E a r ly
fr o s t m a y th u s b e a v o id e d n e x t F a ll.
T h a t w as th e m is fo r
tu n e o f th o la s t c r o p .
I t c a u sed a g o o d d e a l o f lo w grad e
corn.
O n th e 2 2 d in s ta n t b y ord er o f th e C h ic a g o B o a r d of
T r a d e D ir e c to r s tr a d in g in M a y co rn w a s s to p p e d .
The
s e ttlin g p ric e w a s fix e d a t S I 2 8 .
H o w e v e r , th is w a s la rg e ly
a m a tte r of fo rm .
T h e r e h a d b e e n v e r y little tr a d in g in M a y
co rn fo r so m e m o n th s p a s t. T h e r e w ere r u m o r s th a t co rn
h a d re c e n tly b e e n b o u g h t in A r g e n t in a fo r sh ip m e n t to
C anada.
T h e id ea w a s th a t so m e o f it m ig h t s to p h ere.
N a t u r a lly th is id e a d id n o t h e lp th e p ric e .
F r o m A r g e n tin a
a d v ic e s a re th a t h a r v e stin g re tu rn s are v e r y fa v o r a b le a n d
th a t th e n e w o fferin gs are o f g o o d q u a li t y .
I t is a d d e d th a t
p re se n t in d ic a tio n s p o in t to a lib era l e x p o r ta b le su r p lu s.
F o r a tim e a t le a st, h o w e v e r , th o m o d e ra te s u p p ly o f to n n a g e
w ill p r e s u m a b ly ch e c k large cle a ra n ce s.
I n ord er to relieve
th e p ressu re o f su p p lie s in A r g e n tin a , in d u strie s are b u rn in g
co rn fo r fu e l.
T h e h ig h e st q u a lity th ere is b rin g in g $ 1 5 3 0
g o ld p e r to n as f u e l.
T h e to n n a g e s itu a tio n , h o w e v e r , is
g r a d u a lly im p r o v in g .
T o - d a y prices a d v a n c e d , o w in g to
w e t w e a th e r a t th e W e s t .
R e c e ip ts , t o o , are s m a ll.
The
w e e k ’ s e x p o r ts fr o m A r g e n tin a w ere sm a lle r th a n e x p e c te d .
O n ly a little w a s se n t to A m e r ic a .
P ric es are lo w e r fo r
th e w e e k a t C h ic a g o .
.
D A IL Y
C L O S IN G
P R IC E S
OP
Sat.
N o . 3 y e l l o w .............. ......................... c t s . 1 5 0
CORN
NEW YO R K .
IN
Mon. Tues.
150
Wed. Thurs. Fri.
150
150
D A I L Y C L O S IN G P R IC E S O P C O R N F U T U R E S IN
Sat.
Mon.
Tues.
180^
C L O S IN G
P R IC E S
Sat.
OP
Mon.
OATS
Tues.
S t a n d a r d s .............c t s . - - 8 4 @ 8 5 8 4 > 4 @ 8 5 8 5 > 4
N o . 2 w h i t e ................. — - 8 4 @ 8 5
85
86
D A IL Y
C L O S IN G
P R IC E S
OP
OATS
Sat.
J u n o d e l l v . in e l e v . ( n e w c o n t r a c t ) . 7 1 V
%
J u l y d e l i v . In o l e v . ( n o w c o n t r a c t ) . 6 6 > 4
IN
138^
14014
Thurs.
83® 83*4'
84
FUTURES
73 > 4 7 4 1 4
68
67J4
Receipts at—
Flour.
Fri.
81>4@ 82
82>4
82*4
83
IN
CHICAGO.
Wed. Thurs. Fri.
7314
67
7 1 >4
66
Corn.
Oats.
Barley.
Rye.
.....
___
Total wk 1918
Same wk 1917
Same wk 1916
287,000
349,000
297,000
1,564,000
5,738,000
5,294,000
3,866,000
3,710,000
2,933,000
3,853,000
791,000
3,992,000
813,000
6,542,000 1,416,000
154,000
223,000
133,000
Since Auk. 11917-18.. . 13,456,000 154,287,000 204,775,000 282,800,000 48,244,000 22,404,000
1 9 1 6 -1 7 -.. 15,805,000 320,790,000 479,217,000 234,652,000 77,634,000 19,987,000
1915-16--. 17,178,000 457,883,000 197,715,000 179,852,000 101850000 20,770,000
th e w e e k e n d e d M a y 1 8 1 9 1 8 fo llo w :
Receipts at—
Flour
Wheat.
Barrels.
170,000
48.000
40.000
64.000
60.000
37,000
_
New Y o rk _
B oston ______
Philadelphia .
B a ltim o re ___
New Orleans*
M ontreal____
Corn.
Bushels.
48.000
3,000
- 37,000
10.000
23,000
929,000
Oats.
Bushels.
70.000
27.000
168.000
94.000
43.000
Barley.
Rye.
Bushels.
Bushels.
572.000
11,000
532.000
200,000
526.000
1,000
748.000
105.000
614.000
140,666
Bushels.
1,000
10,000
4,000
Total wk 1918
419.000
402.000 3.097.000
1.050.000
358.000
15,000
sinceJan.l ’ 18 9.805.000 12.577.000 10.035.000 43.016.000 3.809.000 2.341.000
Week 1 9 1 7 ...
399.000 6.898.000
525.000 3.750.000
207.000
390,000
SinceJan.l ’ 17 8.188.000 83.085.000 30.236.000 47.223.000 7.130.000 5.132.000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e e x p o r ts fr o m th e se ve ra l s e a b o a rd p o r ts fo r th o w e e k
e n d in g M a y 18 are sh o w n in th e a n n e x e d s ta te m e n t:
Wheat.
Bushels.
New Y o rk ______ __
Boston____________
B a lt im o r e ..............
128,596
-----
45,820
63,745
80,878 , 129,981
130,000
3,426
10,425
24', 363
80,878 259,981
59,271 2,238,091
----
27,789 10,425
60,000 278,343
9,858
—
9,858
8,046
T h o d es tin a tio n o f th e se e x p o r ts fo r th e w e e k a n d since
J u ly 1 1 9 1 7 is as b e lo w :
Flour.
Exports for Week,
and Since
Week
Since
July 1 to—
May 18
July 1
1918.
1917.
United K ingdom Continent ..............
So. & Cont. Amer.
W est Indies_____
H rlt.N o.Am .CoIs.
Other countries. .
T o t a l..................
T otal 1916-17------
Barrels.
8,769
72,109
Wheal.
Week
M ay 18
1918.
Barrels.
2,050,139
2,819,888
241,065
383,628
5,250
70,697
Bushels.
58,596
70,000
Since
July 1
1917.
Week
M ay 18
1918.
Since
July
1917.
Bushels.
Bushels.
Bushels.
22,770,131
45,820 11,117,589
23,053,729
63,745 6,550,523
510,730
2,797
7,282
175/13A
200
32,190
9,482
80,878 5,570,967
128,596 50,890,329
109,565 18,363,762
59,271 11,353,627 2,147,297 220,756,001 1,078,564 47,015,318
T h e w o r ld ’s s h ip m e n ts o f w h e a t a n d co rn fo r tho w oe k
e n d in g M a y 1 8 1 9 1 8 a n d since J u ly 1 1 9 1 7 a n d 1 9 1 6 aro
sh o w n in th e fo llo w in g :
Wheat.
Exports.
Week
M ay 18.
Corn.
01916-17.
1917-18.
Since
July 1.
Since
July 1.
1917-18.
Week
M ay 18.
Since
July 1.
al916-17.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
710,000 28,814,000 47.129.000
N orth Amer* 3,551,000 238,907,000 298,024,000
Russia..........
6.352.000
D anube____
Argentina.-. 1,592’,666 43*.916’,666 59 ,922",666 ‘ 313’,666 187146.666 95.653.000
620,000 36.261.000 38.424.000
Australia___
280,000 13.822.000 28.298.000
I n d ia ______
",Tib’,666 4.8 m :66 o
O th .countr’s
46,000 2,958,000 3.030.000 " 76',666 3
T o t a l ____ 6,089,000 335,864,000 134,100.000 1,093,000 50.379.000 147,678,000
* North America.— The Canadian Government has officially prohibited tho
Issuance of both manifests and cxpdrts until after ten days. This Is effective
during tho continuance o f the war. a Revised.
T h e q u a n tit y o f w h e a t a n d co rn a flo a t fo r E u r o p e o n d a te s
m e n tio n e d w a s a s fo llo w s :
71;
60S
FLOUR.
S p r i n g . . ............................. $ 1 0 7 5 @ $ 1 1 2 0 T a p i o c a f l o u r ___________________ n o m .
W i n t e r .................................. 1 0 8 5 @ 11 10 H o m i n y ( 1 0 0 - l b .s a c k s ) ___________ $ 5 2 5
K a n s a s _________________ 1 0 9 0 @ 11 2 0 Y e l l o w g r a n u l a t e d ______________ 4 8 5
R y e f l o u r .......................... 10 4 0 @ 12 0 0 B a r l e y g o o d s — P o r t a g e b a r l o y :
C o r n g o o d s , a ll s a c k s 1 0 0 lb s .
N o . 1 . . .............................
$8 50
W h i t e . . ................................. $ 5 2 5 @ $ 5 4 0
N o s . 2 . 3 a n d 4 ..................
8 15
B o l t e d - ......................... ..........
4 75
N o s . 2 - 0 a n d 3 - 0 _________ 8 5 0 @ 8 6 5
C o r n f l o u r _______________
5 50
N o . 4 - 0 ....................- ............. ..........
8 80
C o r n s t a r c h _________ p e r l b .
614 c .
C o a r s e , N o s . 2 , 3 a n d 4 _____
5 80
R ic e flo u r , s p o t a n d t o
O a ts g o o d — C a r lo a d , s p o t d e
a r r iv e ---------------- p e r l b . 9 ! 4 @ 1 0 ! 4 c .
l i v e r y ___________________________
9 55
Corn.
Flour.
Oats.
Rye.
Barley- Peas.
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Total w eek_____
128,596
109,565
Week 1917_______ 2,147,297 1,078,564
Corn.
Wheat.
T h e fo llo w in g are c lo sin g q u o ta t io n s :
Wheat.
bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush .4825s. bush.56lbs.
C h icago.........
157,000
60,000
1,530,000
1,877,000
334,000
52,000
M inneapolis .
1,174,000
219,000
224.000
231.000
75,000
D uluth______
14,000
4,000
84,000
Milwaukee . .
lV,666
18,000
76,000
329.000
103.000
20,000
Toledo
________
17,000
45,000
70,000
2,000
1,000
D etroit______
1,000
71,000
55,000
C le ve la n d ___
17,000
10,000
35,000
141,000
' o',666
’ i',665
St. Louis____
62,000
66,000
392,000
426,000
16,000
P e o r ia ______
35,000
5,000
527,000
207,000
15,000
5,000
Kansas C lty.
73,000
414,000
276,000
O maha...........
126,000
557,000
244,000
—
...........
CHICAGO.
NEW YO R K .
Wed.
Mon. Tues.
T h e s ta te m e n ts o f th e m o v e m e n t o f b r e a d s tu ffs to m a r k e t
in d ic a te d b e lo w are p re p a re d b y u s fr o m figu res c o lle c te d b y
th e N e w Y o r k P r o d u c e E x c h a n g e .
T h e re ce ip ts a t W e s t e r n
la k e a n d riv o r p o r ts fo r th e w e e k e n d in g la s t S a tu r d a y a n d
153
O a ts a d v a n c e d s o m e w h a t, o w in g p a r tly to a p in c h in th o
M a y p o s it io n .
S h o r ts fo u n d d iffic u lty in c o v e r in g .
T h is
h e lp e d to b ra c e u p o th e r d e liv e r ie s.
W in n ip e g p ric e s , to o ,
h a v e b e e n f ir m , o w in g to co ld w e a th e r in th e N o r t h w e s t .
B e s id e s , re ce ip ts a t W e s t e r n p o in ts a t tim e s h a v e b e e n
s m a lle r th a n o n th e c o rre sp o n d in g d a y s la s t w e e k a n d la s t
year.
T h is also h a d a c e rta in e ffe c t.
W in n ip e g a d v ic e s
s a y th a t o a ts se e d in g h as b e e n c o m p le te d u n d e r fa ir ly f a v o r
a b le c o n d itio n s a n d th a t th e acre ag e w ill p r o b a b ly b e s lig h tly
la rg e r th a n th a t o f la s t y e a r .
A t th e sa m e t im e , th e w e a th e r
h a s b e e n to o d ry a n d c o ld u p to th e p re se n t t im e .
H ig h
w in d s a n d fro sts h a v e d o n e m o re or less d a m a g e in th e
C a n a d ia n N o r t h w e s t .
I n A r g e n t in a , o n th o o th e r h a n d , o a ts
are b e in g fre e ly offe re d a n d th e o u tlo o k fo r to n n a g e is g r a d u
a lly im p r o v in g .
I n th is c o u n tr y th e ge n e ra l c r o p o u tlo o k is ,
o n th e w h o le , fa v o r a b le , a n d u n d o u b te d ly th e a c re ag e w as
v e r y la r g e .
E x p o r te r s h a v e n o t b e e n b u y in g a t a ll fre e ly .
I t w a s in t im a t e d th a t th e ir J u n e re q u ire m e n ts h a v e b e e n
p r o v id e d fo r .
A t B u ffa lo th e sto c k is o v e r 2 ,0 0 0 ,0 0 0
b u sh e ls a n d there is a large q u a n tit y in tr a n s it .
A t th e sam e
t i m e , h o w e v e r , th e N o r t h A m e r ic a n a v a ila b le s u p p ly is
o n ly 3 2 ,5 4 0 ,0 0 0 b u sh e ls, a g a in st 4 0 ,5 4 7 ,0 0 0 a y e a r a g o .
M a y , h o w e v e r , h a s la tte r ly d ec lin ed s h a r p ly a s th e sh ort
in te r e st w a s re d u c e d .
B e n e fic ia l ra in s h a v e o ccu rred in
N e b r a s k a a n d K a n s a s . T h e y p u t a s to p to ta lk o f d r o u g h t
in th o se S ta t e s .
T h e E a s te r n d e m a n d a t C h ic a g o h a s la t
te r ly b e e n p o o r .
O u tsid e m a r k e ts h a v e b e e n n a m in g low er
p ric es th a n th o se a t C h ic a g o .
T o - d a y p rices w ere h ig h er.
W a r m e r w e a th e r is w a n te d , a lth o u g h crop r e p o r ts in th e
m a in are fa v o r a b le .
M a y d ec lin ed a t fir s t % c . o n ru m o r s
o f fa ir ly large d eliv erie s o n c o n tr a c ts .
P ric e s are a sh ad e
h ig h e r , h o w e v e r , fo r th o w e e k o n m o s t m o n th s .
D A IL Y
G R A IN .
W h ea t— •
O a ts—
N o . 2 r e d ________________________ $ 2 2 6
S t a n d a r d _________________________8 2 1 4
N o . 1 s p r i n g _____________________ 2 2 9
N o . 2 w h i t e ........................... ..........8 3
N o . 1 N o r t h e r n __________________ 2 2 8
N o . 3 w h i t o ____________________ 8 2
C orn —
N o . 4 w h i t e _____________________ 8 1 1 4
N o . 3 m i x e d ________________ 1 5 3
B a rle y —
N o . 2 y e l l o w ................. ............. 1 6 5
F e e d i n g ............................ $1 3 5 @ $ 1 4 0
N o . 3 y e l l o w ..... .....................
l 53
M a l t i n g ............................ 1 4 5 @ 1 5 0
N o . 4 y e l l o w _____________________ 1 43 R y e —
A r g e n t i n e _____________________ n o m .
W e s t e r n ______________________ 2 1 2
Wed. Thurs. Fri.
J u n e d e l i v e r y in e l o v a t o r ( n e w c o n
t r a c t ) ........................................ .......... c t s . 1 3 9 % .............141>S 1 4 1 K 1 3 7
J u ly d e liv e r y in e le v a to r (n e w c o n
t r a c t ) ................................................. .......... U0J4 1 4 3 ^ 1 4 2 1 4 1 4 1 1 4 1 3 9 1 4
[VoL. 106.
United
Kingdom.
M ay
M ay
M ay
M ay
18
11
19
20
1018-.
191S-.
1917. .
1916..
Continent.
Bushels.
Bushels.
N ot avail able
N ot avail able
N o t avail able
—
- ............-
Total.
United
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
................
- - - - - i* 13,167,000
58,968,000
T h e v is ib le s u p p ly o f g r a in , co m p ris in g th o s to c k s in
g r a n a r y a t p rin cip a l p o in ts o f a c c u m u la tio n a t la k o a n d
s e a b o a r d p o rts M a y 1 8 1 9 1 8 w a s as fo llo w s :
THE CHRONICLE
M ay 25 1918.]
C H A IN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
309,000 1.447.000
59.01)0
962.000
191,000
4,000
404,000 1.817.000
78,000
698,000 2.716.000
22,000
478.000
555,000 3.204.000
5,000
2 ,0 00
567,000
22,000
498,000 1,210,000 2.048.000
356.000
171,000
39,000
128.000
76,000
74,000
426,000 4,523,000 2.918.000
179,000
812,000
1,000
89,000
23,000
124,000
U n ited S ta tesNew Y ork _______
B o s t o n ....................
P h ilad elp h ia.........
Baltim ore________
Newport N e w s ...
New Orleans_____
Galvo3ton__........
Toledo .
D etroit .
M ilw a u k e e .
"
afloat.
Minneapolis.........
St. L ouis............
Kansas C ity_____
Peoria___________
Indianapolis_____
O m a h a..................
On Lakes..............
56,000
9,000
59,000
37,000
39,000
14,000
635,000
438,000
2,307,000
152,000
890,000
1,132,000
25,000
Rye.
bush.
33.000
6,000
9,000
45.000
Barley.
bush.
563.000
136.000
65.000
2,000
9 2 ',d d o
46.000
253.000
59.000
397.000
101,000
28.000
458.000
489.000
90,000
44.000
222.000
6,000
2,000
145.000 1,009,000
53,000
6,000
10.000
865.000
743.000
902.000
244.000
379.000
1,042,000
"T.odo
11,000
46.000
91.000
Total M ay 18 1 9 1 8 _____ 1,566,000 15,118,000 20,514,000
993,000 3,528,000
Total M ay 11 1918
1,872,000 15,424,000 21,390,000
952,000 4,122,000
Total M ay 19 1917.............30,173,000 3,872,000 22,892,000 1,189,000 2,787,000
N ote.— Bonded grain not Included above: O a t s ,----------New York; total.................
bushels, against 3,961,000 In 1917; and barley, 20,000 In N ew Y ork, 32,000 Duluth;
total, 52,000, against 433,000 In 1917.
C a n a d ia n —
646,000
94,000 2,396,000
M o n tre a l......... ................. — 4,351,000
______ 4,475,000
F t. William Sc Pt. A rth u r..
848,000
______ _3,304,000
Other Canadian...................931,000
______
Total M ay 18 1918............. 6,130,000
Total M ay 11 1 9 1 8 _____ 5,990,000
Total M a y 19 1917..............17,691,000
94,000 10,175,000
86,000 10,187,000
1,101,000 11,439,000
Amer™an'ry~
- - 1,566,000 15,118,000 20,514,000
Canadian! 11III 1................... 6,130,000
94,000 10,175,000
245,000
646,000
432,000
139,000
993,000 3,528,000
616,000
993,000 4,174,000
Total M ay 18 1 9 1 8 ... . . . 7,696,000 15,212.000 30,689,000
7,862,000 15,510,000 31,583,000
952,000 4,554,000
Total M ay 11 1 9 1 8 ...
47,867,000 4.973,000 34,331,000 1,434,000 2,926,000
Total M ay 19 1 9 1 7 ...
W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
M A Y 2 1 .— T h o g e n e r a l s u m m a r y Qf th e w e a th e r b u lle tin
issu e d b y th o D e p a r tm e n t o f A g r ic u ltu r e , in d ic a tin g th e
in flu en c es o f th o w e a th e r fo r th o w e e k e n d in g M a y 2 1 , is
as fo llo w s:
C O T T O N .— T h o w eath er d u rin g th o w eek ju s t clo s e d co n tin u e d fa v o r a blo for c o t to n in m o s t d istricts o f th o c o t t o n b e lt. T h e re w as little inter
r u p tio n t o w ork fro m ra in fa ll, a lth o u g h m o d e ra te t o fa irly h e a v y rains o c
cu rred in th o m oro eastern S tates an d also In n orth ern T e x a s , p o rtio n s o f
A rkansas an d O k la h om a . E lsew h ere littlo rain o c c u r re d . T h o tem pera
tures d u rin g th o w eek a vera ged near th o n o rm a l, e x c e p t a lo n g th o A tla n tic
C o a s t, w horo th o w eek ly m ean s w ere 2 degrees o r 3 degrees b e lo w th o nor
m a l. T h o c o n d it io n o f c o t to n is r e p o r te d g o o d in sou th ern T e x a s , and
a ls o in m a n y cen tral cou n tie s o f th a t S ta to , b u t th o c r o p co n tin u e s lato
a n d th o s ta n d Is p o o r in th o n o rth ern p o r tio n . C h o p p in g is progressin g and
p la n tin g an d rep la n tin g aro a b o u t c o m p le te d .
G o o d sh ow ers in p o rtio n s o f
w est T exa s a n d a m p lo sun sh in e in th o eastern co u n tie s im p ro v e d p ro s p e cts .
C o t t o n con tin u es p o o r in so u th e rn A rka nsas b u t fair t o g o o d and im p ro v
in g elsew here in th a t S ta to .
T h o c o n d itio n o f th o cro p s sh o w s s te a d y im
p ro v e m e n t east o f th o M ississip pi U iv cr a n d c h o p p in g an d c u ltiv a tio n aro
progressin g s a tis fa c to r ily , a lth o u g h th e ro w as s o m e d e la y in S ou th C a ro lin a
a n d G eorg ia , d u o t o w ot s o il.
L a to -p la n tc d c o t to n in n o rth ern p o rtio n s o f
th o b elt is co m in g u p w ith a s a tis fa c to r y sta n d .
W I N T E R W H E A T .— E x ce p t in th o ce n tra l plains r e g io n , w h e re la c k
o f m oistu re an d h o t , d r y w inds ca u se d s o m e d e te r io r a tio n , tiro w eath er o f
th o w eek ju s t c los ed c o n tin u e d fa v o r a b le fo r th o d e v e lo p m e n t o f th e w in
ter-w h ea t c r o p in all o f th o prin cip a l areas. L ig h t t o m o d e ra te sh ow ers w ero
general an d in loca l areas th e rainfall w as fa ir ly h e a v y , p a r ticu la r ly in
p o r tio n s o f A rkansas an d M isso u ri an d in oastorn N eb ra sk a . T e m p e ra tu re s
w ore c o n s id e ra b ly a b o v o th o n orm al th r o u g h o u t th e b e lt.
E a st o f th o
M ississip pi R iv er w h eat con tin u e s t o d o w ell in all d is tricts . I t is h e a d in g
s a tisfa c to r ily as far n orth as th o so u th e rn p o rtio n s o f Illin o is, O h io an d
P en n s y lv a n ia . T h e c r o p co n tin u e s in fair c o n d itio n in M is s o u ri an d is
g o o d t o excellen t in A rk a n sas. I t Ls m o s tly h e a d e d a n d v e r y p ro m isin g in
O k la h om a . W a r m , d r y an d w in d y w e a th e r, h o w e v e r , ca u s e d s o m e d e
teriora tion in K ansas a n d d id co n sid e ra b le d a m a g o in N e b ra sk a , b u t
g o o d rains at th o c los e o f th o w eek b r o u g h t r e lie f in m o st o f t h o latter Stato.
W h e a t is p r a c tic a lly all h oad ed in s o u th e a ste rn K ansas an d in th o eastern
p o rtio n s h ead s aro sh ow in g t o th o N e b ra sk a lino.
In S ou th D a k o ta c o n
d itio n s c o n tin u o s a tis fa c to r y .
In W a s h in g to n a n d O re go n th o o u t lo o k Ls
ex cellon t, th o c r o p b o in g g re a tly im p ro v e d b y g o o d rains in W a sh in g to n .
T h o c o o l w oathor in C a liforn ia w as b e n e ficia l.
H arvestin g has been begu n
in tiio sou th ern p ortion s o f th o G u lf S tates a t a b o u t th o norm al d a to , a n d will
a d v a n c o b y Jun o 1 t o th o cen tral p o rtio n s o f th o se S tates an d t o th e s o u th
cen tral S ou th C a rolin a an d extrem e so u th e a ste rn co u n tie s o f N o rth C a r o
lina.
H arvest is e x p e cte d t o b egin b y Ju n o 1 as fa r n o r th as th o s o u th e a s t
ern p o r tio n o f K an sas.
.
,
^
„
S P R I N G W H E A T .— Spring w h ea t w as u n fa v o r a b ly a ffe c te d in N o rth
D a k o t a b y c o ld w eath er d u rin g th o w eek ju s t c lo s e d a n d s o m e slig h t d e
teriora tion is r e p orted in M in n e s o ta , w hero lo ca l s to r m d a m a g e o n ligh t soil
is also In dicated. T h o c r o p sh o w s s o m e e ffe c t o f th o u n fa v o r a b le w eather
tliat p re v a ile d until near th o c lo s e o f th o w eek in N e b ra s k a , b u t o th erw ise
co n d itio n s co n tin u o la v o r a b lo fo r this area.
S prin g w h oa t co n tin u e s in
excellen t c o n d itio n in W isco n sin a n d is a d v a n c in g ra p id ly in S o u th D a k o t a .
M o r o m oistu re is n eed ed in p o rtio n s o f M o n t a n a , b u t th o rains w ero h ig h ly
ben eficia l in W a sh in g ton . S eeding is p r a c tic a lly c o m p le te d an d on th o
w h ole th o c r o p con tin u es in s a tis fa c to r y c o n d itio n in th o p rin cip a l p r o d u c in g
al C O R N .— L ig h t t o m o d e r a te ly h e a v y sh o w e rs o c c u r re d in p r a c tic a lly th e
on tiro corn b e lt.
T lio ro w as s o m e flo o d in g o f lo w la n d s b y h e a v y lo ca l rains
in parts o f th o O h io V a lley. T h o tem peratu res a v e ra g e d c o n s id e r a b ly a b o v o
th o n orm a l in th e m ain c o r n g ro w in g area.
I h e w eath er w as fa v o r a b lo for
th o g r o w th o f this c r o p in tho C en tral an d S ou th ern S tates. E a rly c o r n is
ta ssclin g in T ex a s and is b e in g la id b y In L ou isian a. C o r n is co m in g up w ell
as far n orth as W est Virginia, Illin ois, Iow a a n d N e b ra sk a , a n d g o o d stan ds
aro in d ica te d , o x co p t w horo p o o r an d u n tested s e e d w as u se d . I t is germ i
n a tin g s lo w ly in C a liforn ia .
L a to co rn is b e in g p la n te d in th o S o u th .
P la n tin g is general an d noaring c o m p le tio n in th o C e n tra l V a lley d istricts,
o x c o p t w hro d ela y ed b y h e a v y rains, and is u nd er w a y n e a rly t o th e n o r th
ern lim its o f th o c o u n tr y .
E X P O R T S O F B R E A D S ! 'U F F S , P R O V I S I O N S ,
C O T T O N , P E T R O L E U M , & c.
Exports
from
U. S.
Quantities.
W h eat. bu
Flour, bhls
W heat *bu
C o r n .-.b u
T otal.bu
Values.
Breadst’ ffs
Provisions
_
C o tto n _
P etrol., &o
C ot’s’d oil
1917-18.
April.
10 Months.
1916-17.
April.
.
10 Months.\
1,024,045 33,298,897 14,233,013 122,668,105
949,348
9,628,210
2,519,977 17,108,309
1915-10.
April.
10 Months.
16,505,658 152,798,020
1,315,174 12,778,899
12,363,941 110,286,287 18,505,079 165,995,050 22,423,941 210,304,016
6,462,802 56,162,960 4.897,816 28,069,881
8,614,588 33,921,941
21,008,529
8
71,080,061
103,482,938
34,303,442
25,689,393
2,959.848
144,208,228
S
518,771,129
190,166,248
573,826,879
238,830,694
11,424,433
24,967,881 222,158,010
8
8
61,376,662 116,263,021
42,833,889 315,946,972
23,994,396 178,755,351
19,481,880 181,437,485
3,050,746 15,650,227
27,321,757
8
40,218,692
24,111,765
34,212,205
12,542,136
2,065,531
238,373,897
8
353.773,260
206,139,090
302,823,385
128,027,439
19,599,032
Total val. 237,515,682 1833019383 151,337,573 1438053056 113,150,329 1010902206
Including flur reduced to bushels.
2245
THE DRY GOODS TRADE.
New York, Friday Night, May 2 4 1 9 1 8 .
M a r k e t s fo r d r y g o o d s are c o m in g m o re a n d m o re u n d e r
G o v e r n m e n t co n tr o l b o th d ir e c tly a n d in d ir e c tly .
That
is , in c e rta in b ra n ch e s w h ic h are n o t re g u la te d b y th e F e d
eral a u th o r itie s , m e rc h a n ts are c o -o p e r a tin g as m u c h as
p o ssib le in lo o k in g a fte r G o v e r n m e n t re q u ir e m e n ts , a n d
e v e r y th in g p o ssib le is b e in g d on e in a p a tr io tic w a y fo r th e
su cc essfu l p ro se c u tio n o f th e w a r .
M e r c h a n t s are c o n
tin u a lly b e in g o b lig e d to fa ce n e w d e v e lo p m e n t s , m a n y of
w h ic h are d e tr im e n ta l to th eir b u sin e ss, b u t as h a s b e e n th e
ca se sinco th e o u tb r e a k o f th e w a r, th e y h a v e e n d e a v o r e d to
a d ju s t th e m s e lv e s to p re v a ilin g c o n d itio n s th e b e s t th e y
c o u ld .
M a n y classes o f g o o d s h a v e b e e n c o m p le te ly w ith
d ra w n fr o m th e m a r k e t fo r c iv ilia n u s e , a n d b u y e r s h a v e
b e e n c o m p e lle d to se ek s u b s titu te s .
A s m o re m e n aro
c a lle d in to th o G o v e r n m e n t se rv ic e , m ilita r y n eed s in cre a se ,
a n d c o n s e q u e n tly su p p lie s fo r o r d in a r y p u rp o se s c o n tin u e s
to g ro w s m a lle r as m a n u fa c tu r e rs are u n a b le to k e e p p a c e
w ith th e largo d e m a n d s .
T h e tr a d e f u lly rea lizes t h a t th e
s itu a tio n w ill g ro w m o re a c u te as th e y e a r p ro g re sse s, a n d
a ge n e ra l s c a r c ity is lo o k e d fo r la te r o n .
D e liv e rie s o f g o o d s
to b u y e r s fo r civ ilia n a c c o u n t are v e r y u n c e r ta in , a n d in
m a n y in s ta n c e s , m ills are in fo r m in g th e ir c u s to m e rs th a t
th e y w ill e ith e r h a v e to ca n ce l or d e la y th e ir o r d e r s .
F ac
tors th a t o rd in a r ily e ffe c t th e m a rk e ts fo r d r y g o o d s are n o
lo n g e r o f m u c h co n se q u e n c e as h as b e e n e v id e n c e d b y th e
fa ilu re of tho sh a rp b re a k in ra w m a te ria l p rices to re su lt in
co n cession s fo r th e m a n u fa c tu r e d p r o d u c t.
N e ith e r is
thero a n y p ro s p e c t o f prices b e in g lo w e r e d .
D u r in g th e
p a s t w e e k , b u sin e ss lias a g a in b e e n c o m p a r a tiv e ly q u ie t,
as a tte n tio n fo r th e m o s t p a r t h as b e e n d e v o te d to th e R e d
C ro ss d riv e w ith d r y g o o d s in te re sts lib e ra l s u b sc rib e rs.
T h e r e h as b e e n co n sid era b le in q u ir y fo r fa b r ic s , h o w e v e r ,
b u t a c tu a l b u sin e ss is h eld in c h e c k b y th e re lu c ta n c e o f
m a n u fa c tu r e rs to b o o k a d d itio n a l o r d e rs.
T h ere has been
v ir tu a lly no se llin g b y se co n d h a n d s , an d p a r tic u la r ly a t
c o n c e ssio n s.
I n f a c t , m a n y w h o r e c e n tly so ld their fo rw a r d
p u rch ases h a v e b e e n tr y in g to r e -b u y re g re ttin g th a t th e y
iiad n o t ro ta in ed th e ir orig in a l h o ld in g .
Q u ite a g o o d in
q u ir y is n o te d fo r e x p o r t a n d a fa ir a m o u n t o f b u sin e ss h as
b e e n tr a n sa c te d w ith S o u th A m e r ic a n c o u n tr ie s . S h ip m e n ts
o f g o o d s c o n tin u e v e r y irre g u la r, a n d th ere is still co n sid e r
a b le ro -se llin g o f g o o d s t h a t h a v e b e e n a w a itin g ca rg o s p a c e .
D O M E S T I C C O T T O N G O O D S .— T h e ro c o n tin u e s to
bo q u ito a n a c tiv e in q u iry fo r s ta p le c o tto n s w h ic h aro a g a in
sh o w in g a m u c h firm e r tren d w ith m a n y d esc rip tio n s a d
v a n c in g to th eir re c e n t h ig h le v e ls .
L o w e r p rices fo r th e
ra w m a te ria l h a v e h a d n o e ffe c t o n th e d ry g o o d s s itu a tio n
as d o m a n d for fa b ric s c o n tin u e s to e xce e d s u p p lie s, a n d th ere
are n o in d ic a tio n s o f p ro d u c tio n in creasin g to b r in g a b o u t
a n y re lie f.
D e m a n d fr o m th e G o v e r n m e n t c o n tin u e s to
e x p a n d , a n d m ills are b e in g ta x e d to th o u tm o s t to m e e t
th o re q u ire m e n ts .
T h e r e is m o re o r less ta lk a b o u t th o
G o v e r n m e n t re g u la tin g p rices fo r g o o d fo r c iv ilia n u se , a l
th o u g h n o officia l a c tio n h a s boon ta k e n in th is d ire ction
as y e t .
D e m a n d fo r h e a v y fa b ric s is a c tiv o w ith b u y e r s
fin d in g it m o ro d iffic u lt to o b ta in th e g o o d s .
F in e c lo th s
rulo m u c h firm e r, a n d m ills in m a n y cases aro u n a b le to
a c c e p t fu rth e r ord ers fo r co lo re d fa b r ic s .
T h e s m a lln e ss
o f a v a ila b le su p p lie s a n d re lu c ta n c e o f m ills to ta k e large
fo rw a rd ord ers c o n tin u o to r e str ic t b u sin e ss in g r a y g o o d s
w h ich re m a in fir m .
G r a y g o o d s , 3 8 3 ^ -in c h s ta n d a rd are
q u o te d a t 1 9 J ^ c .
W O O L E N G O O D S .— B u sin e ss fo r civ ilia n a c c o u n t in
w o o le n s a n d w o rste d s co n tin u e s to fa ll o ff w ith m o s t o f th e
b u sin e ss n o w ta k in g p la ce co n fin ed to se con d h a n d s .
Job
b e rs a n d w h o lesa lers h a v e b een p ick in g u p d ress g o o d s a n d
m o n s ’ w ear fa b rics w h erev er a v a ila b le , a n d a c c o r d in g to
ru m o rs a largo p a r t o f th e b u y in g h as b e e n s p e c u la tiv e .
R e q u ire m e n ts o f th o G o v e r n m e n t c o n tin u o to a t tr a c t th o
a tte n tio n o f th o tr a d e , a n d c o n s e q u e n tly littlo b u sin e ss
fo r o r d in a ry a c c o u n t is b e in g tra n sa c te d in p r im a r y m a r k e ts .
C u tte r s aro ro p orted to h a v e d isp ose d o f fair q u a n titie s o f
g o o d s o f la to , an d are said to h a v e rea lized v e r y h a n d s o m e
p ro fits .
G o v e r n m e n t co n tr o l o f th e ra w m a te ria l m a r k e t
is n o w p ra c tic a lly c o m p le te , a n d th o W a r In d u strie s B o a r d
h as fixe d th e price o f th e 1 9 1 8 d o m e s tic clip a t p rices w h ich
p re v a iled J u n o 3 0 1 9 1 7 a t A tla n t ic S e a b o a rd m a r k e ts on
tho scou red b a s is .
T h e G o v e r n m e n t is to h a v o p rior rig h ts
fo r all it n eed s w ith th e re m a in d e r s u b je c t to a llo c a tio n fo r
o th e r uses b y th e W a r T r a d e B o a r d .
F O R E I G N D R Y G O O D S .— B u sin e ss in lin en s c o n tin u e s
to fa ll o ff a s sto c k s o f pure lin en s are b e c o m in g sm a lle r a n d
h old ers loss w illin g to sell e x c e p t a t a d v a n c in g p ric es.
W h ile
th is is u su a lly a q u ie t p eriod o f th o y e a r , it is m o re so a t
p re sen t o w in g to th e g e n e ra lly u n s a tis fa c to r y s ta te o f a f
fairs w h ich p re v a ils .
A fe w s m a ll arriv a ls co n tin u e to
c o m o to h a n d a n d are re a d ily a b s o r b e d .
S o m e reta ilers
are ro p orted to b e m o v in g g o o d s w ith fa ir fre e d o m a t p rices
b e lo w c o s t o f re p le n is h m e n t in a n e ffo r t to k ee p th e lin en
ond o f th e ir bu sin e ss a c tiv e , w h ile oth ers are h o ld in g o n to
tlioir s m a ll su p p lie s o f linens an d are p u sh in g s u b s titu te s .
A s a re s u lt, th o d o m a n d fo r d o m e s tic a n d im p o r te d s u b s ti
tu te s is c o n tin u a lly g r o w in g .
A d v ic e s fr o m G r e a t B r ita in
re g a rd in g th o fla x situ a tio n p o in t to a m u c h larger a c re a g e ,
th o u g h tho s ta r t o f th o n e w crop is n o t e n tir e ly s a tis fa c to r y .
B u r la p m a rk e ts h a v o ru le d q u ie t w ith prices a b o u t u n
ch an ged .
L ig h t w o ig h ts aro q u o te d a t 1 9 .5 0 c . a n d h e a v y
w e ig h ts a t 2 4 .0 0 c .
2246
THE CHRONICLE
J)£1OTW£flT<
w s
NEWS ITEMS.
C onn ecticu t. — List of Legal Investments for Savings Banks.
— Complying with Section 38 of Chapter 127 of the Public
Acts of 1913, the Bank Commissioners on M ay 1 1918 issued
a list of bonds and obligations which, they find upon investi
gation, are legal investments for savings banks under the
provisions of Chapter 127. This list, as previously announced,
is revised each six months; that is, during the first week of
M ay and November. Tho Commissioners again call atten
tion to the wording of the law which discriminates against
the “ Special Assessment” or “ Improvement” bonds, or other
bonds or obligations which are not the direct obligation of the
city issuing tho same and for which the faith and credit
of the issuing city are not pledged. Tho list issued in Nov.
1917 was printed in full in the “ Chronicle” of Nov. 15 1917,
pages 2019 and 2020. No now securities have been added
since Nov. 1917 except the Third Liberty Loan 4 ^ s. Out
side of those issues which havo matured, the only bonds
eliminated are the N. Y . Bay RR. guaranteed 1st 4s, due
1948, which road is part of the Pennsylvania system.
The following table shows the State and municipal bonds
_
which are considered legal investments: I 0 }
^_
.
..
.. . f
.
O ttu m w a , Io w a .
B o n d s o - t h e . . n . . e d S t a t e s , o r .. o s e fo r ■E l m ir a , N . Y .
U it .
th
w h ic h t h o fa it h o f t h e U n it e d S t a te s Is E l P a s o , T e x .
P a d u ca h , K y .
p l e d g e d , I n c lu d in g t h e b o n d s o f t h e D i s E r ie , P a .
P a s a d e n a , C a l.
trict o f C o lu m b ia .
E v a n s t o n , 111.
P a s s a ic , N . J .
U n it e d S t a t e s B o n d s ________________2 s , 1 9 3 0 E v a n s v il le , I n d .
P a terson , N . J .
"
'* ........................... 3 s , 1 91 8 F a ll R i v e r , M a s s .
P e o r i a , 111.
........................................................................ 4 s , 1 92 5F it c h b u r g , M a s s .
P h il a d e lp h ia , P a .
U . S . P a n a m a C a n a l ............................ 2 s , 1 93 6 F li n t , M i c h .
P it t s b u r g h , P a .
U . S . P a n a m a C a n a l ________________3 s , 1961 F o r t W a y n e , I n d .
P it t s f ie l d , M a s s .
D i s t r i c t o f C o l u m b i a . . ................3 .6 5 s , 192 4 F o r t W o r t h , T e x a s . P la in f ie l d , N . J .
L i b e r t y b o n d 3 ......................3 ) 4 , 4 a n d 4 X %
F r e s n o , C a l.
P o r tla n d , M e .
L e g a l ly I ssu e d b o n d s a n d
I n te r e s t G a l e s b u r g , 111.
P o r t s m o u t h , O h io
b e a r in g o b li g a t io n s o f t h e f o l lo w i n g S ta te s : G lo u c e s t e r , M a s s .
P o t t s v lllo , P a .
G r a n d R a p i d s ,M l o h .P o u g h k e e p s i e , N . Y
C a lif o r n ia
N evada
G reen B a y , W ls .
P r o v id e n c e , R . I .
C o lo r a d o
N e w H a m p s h ir e
H a m il t o n , O h io .
Q u i n c y , 111.
C o n n e c t ic u t
N ew Y ork
H a m m on d, In d.
Q u in c y , M a s s .
D e la w a r e
N o rth D a k ota
H a r r is b u r g , P a .
R a c in e , W ls.
F lo r id a
O regon
H a v e r h i ll , M a s s .
R e a d in g , P a .
Idah o
P e n n s y lv a n ia
H o ly o k e , M a ss .
R ich m o n d , In d .
I n d ia n a
R h o d e I s la n d
I n d i a n a p o l is , I n d .
R o ch ester, N . Y .
K ansas
S ou th D a k o ta
J a ck son , M ich .
R o c k f o r d , 111.
K e n tu ck y
T en n essee
J a m estow n , N . Y .
R o c k I s l a n d , 111.
M a in e
T exas
J oh n stow n , P a .
R om e, N . Y .
M a ry la n d
V erm on t
J o li e t , III.
S a c r a m e n t o , C a l.
M a ssach u setts
W a s h in g t o n
J o p l in , M o .
S a g in a w , M l c b .
M in n e so ta
W is c o n s in
K a la m a z o o , M ic h . S t . J o s e p h , M o .
M is s o u r i
W y o m in g
K a n s a s C i t y , K a n . S t . L o u is , M o .
M on ta n a
K an sas C ity , M o .
S t . P a u l, M in n .
L e g a l ly Issu e d b o n d s a n d o b li g a t io n s o f K e n o s h a , W l s .
S a le m , M a s s .
a n y c o u n ty , to w n , c i t y , b o r o u g h , sc h o o l K in g s t o n , N . Y .
S a n A n to n io , T e x .
d i s t r ic t , fir e d i s t r i c t , o r s e w e r d i s t r ic t In L a C r o a s e , W l s .
S a n D ie g o , C a l.
th e S ta te o f C o n n e c t ic u t .
L a fa y e tte , I n d .
S a n d u s k y , O h io .
L e g a l ly a u t h o r i z e d b o n d s o f t h e fo l lo w L a n c a s t e r , P a .
S a n F r a n c i s c o , C a l.
in g c i t ie s o u t s l d o o f C o n n e c t ic u t , a n d L a n s in g , M i c h .
S cra n ton , P a .
w h ic h a r e t h e d i r e c t o b li g a t io n s o f th o L a w r e n c e , M a s s
S h e b o y g a n , W ls.
c i t y Issu in g t h e s a m e .
“ S p e c ia l A s se ss L e a v e n w o r t h , K a n . S h e n a n d o a h , P a .
m e n t ” a n d " I m p r o v e m e n t " b o n d s w h ic h L e w is t o n , M e .
S io u x C i t y , I o w a .
a r o n o t t h e d i r e c t o b li g a t io n s o f t h e c i t y L e x i n g t o n , K y .
S io u x F a lls , S o . D a k
a n d f o r w h ic h Its fa it h a n d c r e d i t a r e n o t L im a , O h io .
S o m e r v il le , M a s s .
p le d g e d a r e n o t a ll o w a b le .
L in c o ln , N e b .
S ou th B e n d , In d .
A k r o n , O h io .
C h e ls e a , M a s s .
L on g B ea ch , C o l.
S ou th O m ah a , N e b .
A la m e d a , C a l.
C h ester, P a .
L o s A n g e le s , C a l.
S p r in g fi e ld , III.
A lb a n y , N . Y .
C h i c a g o . 111.
L o u is v i ll e , K y .
S p r in g fi e ld . M a s s .
A l le n t o w n , P a .
C h ic o p e e , M a s s .
L o w e l l, M a s s .
S p r in g fi e ld , M o .
A lto o n a , P a .
L y n n , M ass.
C i n c i n n a t i , O h io .
S p r in g fie ld , O h io .
A m s t e r d a m , N . Y . C l e v e l a n d , O h io .
M o K e csp o rt, P a .
S pok an e, W ash .
A n d erson , In d .
C ohoes, N . Y .
M a d is o n , W ls.
S t e u b e n v i ll e , O h io .
A t l a n t i c C i t y , N . J . C o l o r a d o S p g s ., C o l . M a l d e n , M o s s .
S t o c k t o n , C a l.
A u b u rn , N . Y .
C o l u m b u s , O h io .
M a n c h e s t e r , N . H . S u p e r io r , W l s .
A u r o r a , 111.
C o n co rd , N . II.
M a n s f ie l d , O h io .
S yra cu se, N . Y .
B a lt i m o r e , M d .
C o u n c il B l u f f s ,I o w a . M i lw a u k e e , W l s .
T a co m a , W ash .
B a n gor, M e .
C o v in g t o n , K y .
M i n n e a p o l is , M i n n . T a u n t o n , M a s s .
B a t t le C r e e k , M i c h . C r a n s t o n , R . I .
M o l i n e , 111.
T e rre H a u te, In d .
B ay C ity , M ic h .
C u m b e rla n d , M d .
M u n cte, In d .
T o l e d o , O h io .
B ea u m on t, T e x .
D a l la s , T e x .
M u s k eg on , M ich .
Topeka, K an.
B e l li n g h a m , W a s h . D a n v i l l e , 111.
N ash u a. N . I I.
T re n to n , N . J .
B e r k e le y , C a l.
D a v e n p o rt, Iow a .
N e w a r k , O h io .
T roy, N . Y .
B i n g h a m t o n , N . Y . D a y t o n , O h io .
N e w A lb a n y , In d .
U tica , N . Y .
B l o o m in g t o n , II .
D e c a t u r , 111,
N e w B e d f o r d , M a s s .W a c o , T e x .
B o s to n , M a s s .
D e n v e r, C o lo .
N e w B r u n s w I c k .N .J .W a l t h a m , M a s s .
B rock ton , M a ss.
D o s M o in e s , Io w a .
N ew bu rgh , N . Y .
W a te rlo o , Io w a .
B u f f a lo , N . Y .
D e tro it, M ic h .
N e w C a s tle , P a .
W a tertow n , N . Y .
B u r li n g t o n , V t .
D u b u q u e, Iow a.
N o w p o rt, K y .
W ic h ita , K u n .
B u r li n g t o n , I o w a .
D u lu t h , M in n .
N e w p o rt, R . I.
W i lk e s -B a r r e , P a .
B u tte , M o n t .
E a ston , P a .
N e w to n , M a ss.
W i ll ia m s p o r t , P a .
C a m b r id g e , M a s s .
E a st L iv e r p o o l, O .
O a k la n d , C a l.
W orcester, M o s s.
C am den, N . J .
E a s t S t . L o u is , 111.
O m aha, N eb.
Y ork , Pa.
C a n t o n , O h io .
E l g i n , 111.
O sh k o s h , W ls.
Y o u n g s t o w n , O h io .
C e d a r R a p id s . I o w a .E lI z a b e t h , N . J .
O sw ego, N . Y .
Z a n e s v il le . O h io .
Railroad bonds which the Bank Commissioners find to be
legal investments are shown below:
B O N D S O F N E W E N G L A N D C O M P A N IE S .
B o s t o n A A l b a n y R R . d e b . 3 X a , 1951
F it c h b u r g R R . d e b . 4 ) 4 s . 1 93 2
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3 X s , 195 2
...............................4 ) 4 s . 1 93 3
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4 s , 193 3
...............................5 s . 193 4
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4 s , 1 93 4
T r o y A B o s t o n R R . 1 st 7 s , 1924
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4 s , 1 93 5
V e r m o n t A M a s s . R R . p la in 3 ) 4 s , 1 92 3
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4 ) 4 3 , 1 93 7
M a in e C e n t r a l S y s t e m .
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*
6 s , 1 93 8
B e lfa s t A M o o s e h e a d I .a k e R R . 1 st 4 s , '2 0
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5 s . 196 3
C o l la t e r a l T r u s t 5 s , 1 92 3
B o s to n A L o w e ll R R . d e b .
F ir s t A r e f u n d in g 4 ) 4 s . 1 93 5
4 s , 1 92 6
D e x t e r A P is c a t a q u is R R . 1 st 4 s , 192 9
4 s , 192 7
E u r o p e a n A N o . A m e r . R y . 1st 4 s , 193 3
4 s , 192 9
K n o x A L in c o ln R y . 5 s , 1921
4 s , 193 2
M a in e S h o r e L in e R R . 1 st 6 s , 1 92 3
3 X s , 191 9
P o r t la n d A O g d e n s . R y . 1 st 4 ) 4 s , 192 8
3 ) 4 8 , 1921
P o r t la n d T e r m . C o . ( g u a r .) 1 st 4 s . 1961
3 ) 4 s , 192 3
P o r t l . A R u m f . F a lls R y . c o n s . 4 s , 192 6
3)
4 8 , 1 92 5
P e n o b s c o t S h o r e L in e R R . 1st 4 a , 1 92 6
4)
4 s , 193 3
S om erset R y .
5 s, 1936
“
“ c o n s . 4 s, 1950
"
“ 1 s t A r e f . 4 s , 1 95 5
C o n c o r d A M o n t r e a l R R . c o n s 4 s , 1 92 0
U p p e r C o o s R R . 1 st 4 s , 1 93 0
“
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d e b . 4 s . 1 92 0
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e x t e n s io n 4 ) 4 s , 1 93 0
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*• 3 ) 4 s , 1 9 2 0
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5 s W 1 9 2 0i n g t o n C o . R y . 1 st 3 ) 4 a . 1 95 4
. ash
C o n n . A P a s a u m p a lc R i v e r R R . 4 s , 1 94 3
N e w L o n d o n N o r t h e r n R R . 1 st 4 s , 1 9 4 0
F it c h b u r g R R . d e b . 4 s , 1 9 2 0
............................... 3 ) 4 3 , 1 92 0
...............................3 ) 4 s , 1 92 1
...............................4 s , 1 92 5
...............................4 s , 1 9 2 7
...............................4 s , 192 8
...............................4 s , 1 9 3 7
............................... 4 ) 4 8 , 1 92 8
N e w Y o r k N e w H a v e n & H a r t f .S y s t e m
H o l y o k e A W e s t f ie l d R R . 1 st 4 X s , 1951
O ld C o l o n y R R . d e b . 4 s , 193 8
........................................4 s , 192 4
........................................ 4 s , 1 92 5
........................................ 3 ) 4 s , 193 2
P r o v i d e n c e A W o r c e s t e r R R . 1st 4 s , 1947
S u lH v a n C o u n t y R R . 1 s t 4 s , 192 4
(Vol. 106
B O N D S O F O T H E R C O M P A N IE S .
A t c h is o n T o p e k a & S a n ta F e S y ste m .
G e n e r a l m o r t g a g e 4 s , 1 99 5
C h l o . S a n t a F e . A C a l i f . R y . 1 st 5 s , 193 7
E a s t e r n O k l a h o m a D iv is io n 1 st 4 s , 1 92 8
H u t c h in s o n A S o u t h e r n R y . 1 st 5 s . 192 8
R o c k y M o u n t a i n D i v is io n 1 s t 4 s , 1 9 6 5
S a n F r . A S a n J o a q . V a l. R y . 1 s t 5 a , 1 94 0
T r a n s c o n t i n e n t a l S h o r t L in e 1 s t 4 s , 1 9 5 8
A t l a n t i c C o a s t L in e S y s te m .
F ir s t c o n s o li d a t e d 4 s , 1 95 2
A l a b a m a M i d l a n d R y . 1 st 5 s , 1 92 8
A t l . C o a s t L in e o f S o . C a r o . 1 st 4 s , 194 8
B r u n s w ic k A W e s t e r n R R . 1 st 4 s , 1 93 8
C h a r l e s t o n A S a v a n n a h R y . 1 st 7 s , 193 6
F lo r id a S o u t h e r n R R . 1 st 4 s , 194 5
N o r t h e a s t e r n R R . c o n s . 6 s , 1 93 3
N o r f o l k A C a r o l in a R R . 1 st 5 s , 193 9
...........................................2 d 5 s , 1 94 6
P e t e r s b u r g R R . c o n s . A , 5 s , 192 6
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B , 6 s , 1 92 6
R Ich m . A P e te rs b . R R . c o n s . 4 X s , 1940
S a n fo r d A S t . P e t e r s b u r g R R . 1 st 4 s , 192 4
S a v . , F l a . A W e s t . R y . 1 st 5 s A 6 s , 1 93 4
S liv e r S p g s . O c a la A G u l f R R . 1 st 4 s , 1 91 8
W i lm . A W e l d o n R R . g e n . 4 s A 5 s , 1 93 5
W U m . A N e w B e r n e R R . 1st 4 s . 194 7
B a lt im o r e & O h io S y s te m .
Illin o is C e n tr a l S y ste m .
C o lla t e r a l T r u s t 3 X s . 1 9 5 0
C a ir o B r id g e 4 s , 1 95 0
F ir s t M o r t g a g e , g o l d , 3 X 8 A 4 s , 195 1
F ir s t M o r t g a g e , G o l d E x t e n s i o n 3 X s , '5 1
F ir s t M t g e . , S t e r lin g E x t e n . , 3 s A 4 s , 1 95 1
F ir s t M t g e . , S t e r lin g E x t e n ., 3 X s , 1 9 5 0
K a n k a k e e A S o u th w e s te rn R R . 5 s, 1921
L it c h fie l d D iv is io n 3 s , 1951
L o u is v ille D iv is io n 3 X a . 195 3
P u r c h a s e d L in e s 3 X s , 1 95 2
R e f u n d i n g M o r t g a g e 4 s , 1 95 5
S t . L o u is D iv is io n 3 s A 3 X s , 195 1
S p r in g fie ld D iv is io n 3 X s , 195 1
O m a h a D iv is io n 3 s , 1951
W e s t e r n L in e s 4 s . 1951
L o u is v ille & N a s h v ille S y s t e m .
F ir s t M o r t g a g e 1 st 5 s , 1937
G e n e r a l M o r t g a g e 6 s , 1 93 0
U n ifie d M o r t g a g e 4 s , 1 94 0
E v a n s v . H e n . A N a s h v . D l v . 1st 6 s, 1919
M o b ile A M o n t g o m . R y . 1st 4 X s , 1945
N a s h . F l o r . A S h e f. R y . ( g u a r .) 1 st 5 s , '3 7
N e w O r le a n s A M o b i l e D l v . 1 st 6 s , 1 9 3 0
P e n s a c o la D i v is io n 1st 6 s , 1 9 2 0
P e n s a c o l a A A t l a n t i c (g u a r .) 1 st 6 s , 1 92 1
P a d u c a h A M e m p h is D l v . 1st 4 s , 1 94 6
S o u t h e a s t A S t . L o u is D l v . 1 st 6 s , 1 9 2 1
T r u s t 1 st 5 s , 1931
L o u ls v . C l n . A L e x in g t o n g e n . 4 X s , 1 9 3 1
S o . A N o . A l a . R R . ( g u a r .) c o n s . 5 s , 1 9 3 0
S o . A N o . A l a . R R . c o n s . 5 s , 1 96 3
B a l t . A O h io R R . 1 s t 4 s , 1 94 8
............................
p r io r lie n 3 X s , 1 9 2 5
C o n v e r tib le 4 X s , 1933
R e fu n d in g A g e n . m tg . 5 s , 1995
M ich ig a n C e n tr a l S y ste m .
S o u t h w e s t e r n D iv is io n 3 X s . 1 92 5
D e t r o i t A B a y C i t y 1 st 5 s , 193 1
B a lt . A N . Y . R R . 1 st 5 s , 193 9
F ir s t M o r t g a g e 1st 3 X s , 1 95 2
C l e v e . T . A V . R R . 1 st 4 s , 1 99 5
J o lie t A N o r . I n d ia n a 1 st 4 s , 195 7
C e n t r a l o f O h io R R . 1 st 4 ) 4 s . 1 9 3 0
J a c k s o n L a n s in g A S a g . 1st 3 X s , 195 1
C l e v e . L o r a in A W h e e l . R y . c o n s .5 s .1 9 3 3 K a l a m a z o o A S o u t h H a v e n 1st 5 s , 1 9 3 9
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" g e n . 5 s , 1 93 6 M i c h i g a n A i r L in e 1st 4 s , 1 94 0
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" r c f . 4 X s . '3 0
H u n t ’ n A B i g S a n d y R R . 1 s t 6 s , 1 92 2
M in n . S t. P a u l & S . S . M a rio S y s te m .
M o n o n g a h e la R i v e r R R . 1 st 5 s , 191 9
F ir s t C o n s o li d a t e d 4 s A 5 s , 1 9 3 8
O h io R i v e r R R . 1st 5 s , 1 93 6
M i n n . A P a c if i c R y . 1 st 4 s , 193 6
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g en era l 5 s, 1937
M i n n . S . S . M . A A t . R y . 1 st 4 s , 1 92 8
P it t s b u r g J o . A M i d . D l v . 3 X s , 1 9 2 5
M o b ile & O h io S y s te m .
P lt t s b . C le v . A T o le d o 1st 6 s, 1922.
P i t t s . L a k e E r lo A W e s t V a . r e f . 4 s , 1 94 1 F ir s t M o r t g a g e 6 s , 192 7
R a v e s n w . S p e n . A G l e n v . R y . 1 st 6 s , 1 92 0 N a s h v . C h a t t . & S t . L o u i s S y s t e m
S c h u y l k i ll R . E . S . R R . 1 st 4 s , 192 5
C o n s o li d a t e d M o r t g a g e 5 s , 1928
W e s t V a . A P it t s b u r g h R R . 1st 4 s , 1 9 9 0
C e n tr e v lU o B r a n c h 1 st 6 s , 1 92 3
W a s h . T e r m . C o . (g u a r .) 1 st 3 X s A 4 s , ’ 4 5 J a s p e r B r a n c h E x t e n s io n 1st 6 s , 192 3
L o u ls v . A N a s h . T ’ l C o . ( g u a r . ) 1 st 4 s , '5 2
C e n t r a l R a ilw a y o f N e w J e r s e y .
M e m p h . U n . S t a . C o . (g u a r .) 1 st 5 s . 1 9 5 9
G e n e r a l m o r t g a g e 5 s , 1 98 7
N ew Y o r k C e n tr a l S y stem .
A m e r . D o c k A I m p . C o . (g u a r .) 1 s t 5 s ,'2 1
F ir s t M o r t g a g e 3 X s , 199 7
C h i c a g o M i l w a u k e e & S t . P a u l S y s t e m C o n s o li d a t e d M o r t g a g o 4 s . 1 0 9 8
R e fu n d . A Im p t. 4 X s , 2013
G en era l m o rtg a g e 3 X s , 4s A 4 X s , 1989
D e b e n t u r e s 4 s , 1 93 4
G e n e ra l A R e fu n d in g 4 ) $ s , 2 014
4 s , 1 94 2
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“
S e rie s B 5 s , 2 0 1 4
C a r t h . W a t . A S a c k . H . R R . 1 st 5 s , 1 93 1
C h i c . M l l w . A P u g e t S o u n d 1st 4 s , 1 94 9
C a r t h a g e A A d l r o n d . R y . 1 st 4 s , 198 1
C h i c . A L a k e S u p e r io r D l v . 1st 5 s , 1921
C h i c a g o I n d . A S u t h e r n 1 st 4 s , 1 9 5 6
C h i c . A M i s s o u r i R I v . D l v . 1st 5 s , 1 9 2 6
C h i c a g o A P a c . W e s t e r n D l v . 1 st 5 s , 192 1 C l e v e l a n d S h o r t L in e 1 st 4 X s , 198 1
G o u v e r n e u r A O s w e g a t c h le R R . 1 st 6 s , '4 2
C o n v e rtib le 4 X s , 1 9 3 2
I n d ia n a I ll in o i s A I o w a 1 st 4 s , 1 9 5 0
D e b e n t u r e s 4 s , 192 5 A 193 4
J a m e s t o w n F r a n k lin A C l e a r f. 1 st 4 a ,1 9 5 9
D u b u q u o D iv is io n 1st 6 s , 192 0
K a l a m . A W h i t e P ig e o n R R . 1 st 5 s , 1 9 4 0
F a r g o A S o u t h e r n R y . 1 st 6 s , 192 4
M i lw a u k e e A N o r t h e r n e x t e n . 4 ) 4 s , 1 93 4 L a k e S h o r e A M l o h . S o . g e n . 3 X s , 1 9 9 7
L a C r o s s e A D a v e n p o r t D l v . 1 st 5 s , 191 9 L a k e S h o r e C o l la t e r a l 3 X s , 1 9 9 8
L a k e S h ore A M lo h . S o . D e b . 4a, 1928
W i s c o n s in A M i n n . D l v . 1 st 5 s , 192 1
....................................................4 s , 103 1
W i s c o n s in V a ll e y D l v . 1st 6 s , 1 9 2 0
L it t l e F a lls A D o lg e v ll t e 1 st 3 s , 103 2
C h i c a g o B u r l i n g t o n & Q u i n c y S y s t e m M i c h i g a n C e n t r a l C o l la t e r a l 3 X s . 1 9 0 8
M o h a w k A M a l o n e R y . 1 st I s , 1091
G e n e r a l m o r t g a g e 4 s , 1 95 8
“
"
"
co n s . 3 X s , 2002
B u r l. A M is s o u r i R i v e r c o n s . 6 s , 1 91 8
N.
Y . A P u tn a m R R . c o n s . 4 s, 1993
D e n v e r E x t e n s io n 4 s , 192 2
N.
Y . A N o r t h e r n R y . 1 s t 5 3 , 192 7
I llin o is D i v is io n 3 X s A 4 s , 1 94 9
P in e C r e e k R y . 1 st 6 s , 1 93 2
I o w a D iv is io n 4 s A 5 s , 191 9
R o m e W . A O . R R . c o n 3 . 3 X 8 ,4 s A 5 s , 1 9 2 2
N e b r a s k a E x t e n s io n 4 s , 192 7
S t u r g e s G o s h e n A S t . L o u is 1 st 3 s , 1 9 8 0
N o d a w a y V a ll e y R R . 1 st 7 s , 1 92 0
S p u y . D 'v l l . A P t . M o r . R R . 1st 3 X s . ' 5 9
R e p u b l ic a n V a ll e y R R . 1 st 6 s , 191 9
U t i c a A B l a c k R i v e r R R . 1 st 4 s , 102 2
T a r k lo V a ll e y R R . 1 s t 7 s , 1 92 0
N o r fo lk & W e s te r n S y ste m .
C h ic a g o & N o r th W e s te r n S y ste m .
C o n s o li d a t e d M o r t g a g e 4 s , 199 6
G e n e r a l M o r t g a g o 6 s , 1931
G e n e r a l m o r t g a g e 3 X s , 4 s a n d 5 s , 1 98 7
C o l u m b u s C o n . A T e r m . C o . 1 st 6 s . 1 9 2 2
B o y e r V a ll e y R R . 1 st 3Xs, 1 92 3
N e w R i v e r D iv is io n 1 s t 6 s , 1 93 2
C o l la t e r a l T r u s t 4 s , 192 6
I m p t . a n d E x t e n . M t g e . 6 s , 193 4
D e s P la in e s V a ll e y R y . 1 st 4 X s , 1 9 4 7
F r c m . E l k h . A M o . V a l. R R . c o n s . 6 s , '3 3 N o r f o l k T e r m in a l R y . (g u a r .) 1 s t 4 s , 1 9 6 1
I o w a M i n n . A N o r t h w . R y . 1st 3 X s , 1 9 3 5 S c i o t o V a l. A N o w E n g . R R . 1 st I s . 1 9 8 9
M a n l. G reen B a y A N .W .R y .ls t 3 X s , '4 l
N o r th e r n P a c ific S y stem .
M a n k a t o A N e w U l m R y . 1 st 3 X s , 192 9
G e n e r a l L ie n 3 s , 2 0 4 7
M i n n . A S o u t h D a k o t a R y . 1 st 3 X s , 193 5
P r io r I-le n 4 s , 199 7
M i lw a u k e e A S t a t e L in o R y . 1 st 3 X s , '4 1
R e fu n d . A Im p . 4 X s , 2047
M l l w . S p a r t a A N . W . R y . 1 st 4 s , 1 9 4 7
S t . P a u l A N o r . P a c . R y . 1 st 6 s , 192 3
M l lw . L a k e 8 h . A W e s t . R y . 1st 6 s , 1921
S t . P a u l A D u lu t h R R . c o n s . 4 s , 196 3
A s h la n d D iv is io n 1 st 6 s , 1 92 5
'•
"
"
1st 5 s , 1931
E x t e n s io n a n d I m p r o v e m e n t 5 s , 1 92 9
W a s h . A C o l u m b i a R i v e r R y . 1 st 4 s ,
M a r s h fi e ld E x t e n s io n 1st 5 s , 1 92 2
M i c h i g a n D iv is io n 1 st 6 s , 1924
P i t t s b u r g h Sc L a k e E r i e S y s t e m
M i n n e s o t a A I o w a R y . 1 st 3)4s, 1924
P it t s . A L a k o E r ie R R . 1 st 6 s , 1928
P r i n c e t o n A N o r t h w R y . 1 st 3 X 8 , 1 92 6
P it t s . M c K . A Y o u g . R . ( g u a r . ) 1 st 0 s , 1 9 3 2
P e o r ia A N o r t h w . R y . 1 st 3 X s , 1 92 6
P e n n s y lv a n ia S y s te m .
S io u x C i t y A P a c if i c R R . 1 s t 3 X s , 1938
C o n s o li d a t e d M o r t g a g e 6 s , 191 0
S t . L o u is P e o r ia A N . W . 1 st 5 s , 1 94 8
'•
'•
4 s , 194 3
S t . P a u l E a s t . O . T . R y . ( g u a r . ) l s t 4 X s , ’ 47
"
'*
4 s , 1 94 8
W i s c o n s in N o r t h e r n 1 st 4 s . 1931
'•
"
3 X s . 104 5
"
"
4 ) 4 8 , 1 96 0
C h ic . S t. P a u l M in n . & O m a h a S y stem
A lle g h e n y V a lle y R y . g e n . 4 s , 194 2
C o n s o li d a t e d 6 s A 3 X s , 1 93 0
B e l v . D e l . R R . (g u a r .) c o n s . 4 s , 1 92 5
N o r t h W i s c o n s in R y . 1st 6 s , 1 9 3 0
...................................................... 4 s , 192 7
S t . P a u l A S io u x C i t y R R . 1st 6 s , 1919
...................................................... 3 X s . 1943
S u p e r io r S h o r t L in e R y . 1 st 5 s , 1 93 0
C a m b r ia A C le a r fie ld R y . g e n . 4 s . 1 9 5 5
C a m b r ia A C l e a r fi e ld R y . l3 t 5 s , 1 9 4 1 .
D e l a w a r e Sc H u d s o n S y s t e m .
C le a r fie ld A J e ffe r s o n R y . 1 st 6 s , 192 7
A d ir o n d a c k R y . 1 st 4 X s , 194 2
C l o v e . A P it t s , (g u a r .) g e n . 3 X s , 194 8
A l b a n y A H u s .R R .( g u a r .) c o n v . 3 X « , '4 6
..............................3 ) 4 s , 1 95 0
D e l. A H u d s o n C o . 1st A r e f . 4 s , 1 94 3
..............................3 X a A 4 X s ’ 4 2
S c h e n e c . A D u a n e e b . R R . 1 st 6 s , 192 4
C o n n e c t in g R y . ( g u a r .) 4 s , 1951
D e l. R l v . A B r id g e C o . ( g u a r .) 1 st 4 s , '3 6
D e la w . L a c k a w a n n a
W e s t e r n S y s t . G en era l M o r tg a g e 4 X s . 1905
B a n g o r A P o r t la n d R y . 1 st 6 s , 1 9 3 0
H o l ll d a y s b u r g h B . A O '. R y . 1 s t 4 s , 1951
M o r r is A E ssex R R .( g u a r .) r e f .3 X s , 2 000 J u n ctio n R R . g e n . 3 X s , 1930
W a r r e n R R . ( g u a r .) r e f . 3 X s , 2 0 0 0
P e n n . A N o r t h w . R R . g e n . 6 s , 1 93 0
P h ll a . A E r ie R y . g e n . 4 s , 5a A 6 s , 1 9 2 0
Q r e a t N o r th e rn S y stem .
P lt t s b . V a . A C h a r l o s t . R y . 1st 4 s , 194 3
P h lla . B a lt A W a s h . R R . 1st 4 s , 1 94 3
F ir s t a n d R e f u n d i n g 4 X a . 1961
E a s t . R R . o f M i n n . , N o . D l v . 1 st 4 s , 1 94 8 P h lla . W l l m . A B a l t . R R . 4 s , 1 92 2
“
“
"
4 s , 1026
M i n n e a p o l is U n io n R y . 1st 5 s A 6 s , 1922
'•
'•
'*
4 s , 1 93 2
M o n t a n a C e n t r a l R y . 1 s t 6 s A 6 s , 1 93 7
P h ll a , A B a l t . C e n t r a l 1 s t 4 s , 1051
S p o k a n e F a lls A N o r . R y . 1 st 6 s , 1 93 9
S t . P . M . A M . R y . c o n s . 4 s , 4 X s A 6 s , '3 3 l u n b u r y A L e w is t o n R y . 1 st 4 s , 193 6
S u n b . H a z . A W l lk e s - B . R y . 1 st 6 s , 1 02 8
M o n t a n a E x t e n s io n 4 s , 193 7
"
''
2 d 0 s . 1 93 8
P a c if i c E x t e n s i o n 4 s , 1 94 0
U n . N . J . R R . A C a n a l C o . g e n . 4 s , 1 94 8
W tllm a r A S io u x F a lls R y . 1 st 5 s , 1 93 8
“
4 s , 194 4
L e h ig h V a lle y S y s te m .
''
4 s , 192 9
A n n u i t y P e r p e t u a l C o n s o l 'd 4 X * A 6 s
...................................................4 s , 1 0 2 3
C o n s o li d a t e d 4 X s A 6 s . i g 2 3
.............................................. 3 X s . '5 1
W e s t C h e s t e r R R . 1st 6 s , 191 0
F ir s t M o r t g a g e 4 s , 194 8
W e ste rn P e n a s y lv a n la R R . c o n s . 4 s, 192*
E a s t o n A A m b o y (g u a r .) 1 st 5 a , 1 92 0
Sc
May 25 1918.]
2247
THE CHRONICLE
of tho State for 1918 on a levy of the full constitutional tax
of 5 mills will be 86,865,774 38, including $4,666,421 38
U n ion P a cific R a ilro a d .
raised from ad valorem taxes and $2,199,353 from special
First M ortgage 4s, 1947
taxes and other sources. The total revenue of the State is
Refunding M ortgage 4s, 2008
short of the appropriations already mado for this year by
Railroad bonds which are at present not legal under the $451,575 62. The 1918 appropriations amount to $7,317,
general provisions of the law but which are legal investments 350. An important recommendation made by the Comp
under Section 36 (given below) are as follows:
troller-General is that railroads which are now exempt from
Sec. 30. The provisions of thla A ct shall not render Illegal the Investment In
taxation by the State by special Acts of the Legislature of
nor the Investment hereafter In, any bonds or Interest-bearing obligations Issued or
years past, be made hereafter to pay taxes. In his report
assumed by a railroad corporation, which were a legal Investment at the time of the
passage of this Act, so long as such bonds or Interest-bearing obligations continue
which was published in the “ Macon (Ga.) Daily Telegraph’ '
to com ply with the laws In force prior to the passage of this Act; but no such bond
of M ay 19 the Comptroller-General says:
or Interest-bearing obligation that falls subsequent to the passage of this A ct, to
R ea d in g System .
Philadelphia A Reading R R . 5a. 1933
S o u th e r n P a c ific System .
Northern R y . 1st 5s, 1938
Northern California R y . 1st 5a, 1929
Southern Pacific Branch R y . 1st 6s, 1937
Southern Pacific R R . cons. 5s, 1937
"
“ ref. 4s, 1955
com ply with said laws shall again be a legal Investment unless such bonds or Interest
bearing obligations com ply with the provisions of this Act.
A tc h is o n T op ek a & S an ta Fe System .
U U n o ls C e n tra l System .
Callfornla-Arlz Lines 1st A ref. 4 H s, 1962 Chic. St. L . A New Orl. cons. 5s, 1951
" Cons. 3M a, 1951
Bos. R ev . Bch. A Lynn R R . 1st 4J4s, '27
L o u isv ille & N ashville.
Atlanta K noxv. A Cln. D Iv. 1st 4s. 1955
Bridgeton A Saco RIv. R R . 1st 4s, 1928
Lake S h ore & M ich . S o u th . System .
B u ffa lo R o ch e s te r & P ltts b . System . Kalam. Allegan A G . R . R R . 1st 5s, 1938
Allegheny A Western R y . 1st 4s, 1998
Mahoning Coal R R . 1st 5s, 1934
Buff. R och. A Pitts. R y . gen. 5s, 1937
M cK eesp. A Belle Vern. R R . 1st 6s, 1918
“
“
“
“ cons. 4H s. 1957
M ln neap. St. P aul & S S. M. System .
Clearfield A Mahoning R y . 1st 5s, 1943
Lincoln Pk. A Charlotte R R . 1st 5s, 1939 Central Terminal R y . 1st 4s, 1941
Rochester A Pittsburgh R R . 1st 6s, 1921
"
"
“ cons. 6s, '22 M obile A Ohio R R . 1st ext. 6s, 1927
N ew Y o rk C e n tra l System .
C en tral R y . o f New Jersey System .
N . Y . A Harlem R R . ref. 3 H s, 2000
N. Y . A Long Brch. R R . gen. 4s A 5s, '41 Beech Creek R R . 1st 4s, 1936
Wllkes-Barro A Scran. R y . 1st 4 H s , 1938
N orth ern P a cific System .
C h ic a g o & N orth W estern System .
St. Paul A Duluth Division 4s, 1996
P en n sylva n ia System .
Collateral Trust 6s A 6s, 1929
C o n n e c tic u t R a ilw a y & L ig h tin g C o. Camden A Burl. C o. R R . 1st 4s, 1927
Delaware R R . gen. 4 H s, 1932
First Refunding 4 ^ 8 , 1951
Elmira A Wllllamspt. R R . 1st 4s, 1950
Bridgeport Traction C o. 1st 5s, 1923
Erie A Pittsburgh R R . gen. 3 ^ s , 1940
Conn. Lighting A Power C o. 1st 5s, 1939 Little Miami R R . gen. 4s, 1962
Massillon A Cleveland R R . 1st 5s, 1920
Chic. A Western Indiana R R . 1st 6s, 1932 N . Y . Phlla. A N orfolk R R . 1st 4s, 1939
Ohio Connecting R y . 1st 4s, 1943
Cum b. A Penn. R R . 1st 5s, 1921
Pitts. Youngs. A Ash. R R . cons. 5s, 1927
“
“ gen. 4s, 1948
D elaw are & H u d son System .
Pitts. W heel. A K y . R R . cons. 6s, 1934
Sham. Val. A Pottsvllle R R . 1st SMs, '31
Rensselaer A Saratoga R R . 1st 7s, 1921
West Jersey A Sea Shoro R R .—
TIcondcroga R R . 1st 6s, 1921
Series A , B, C , D , E and F 3 ^ 8 A 4s,’ 36
D elaw are L a ck aw . & W estern System .
Raritan River R R . 1st 5s, 1939
N . Y . Lack. A West. R y . 1st 6s, 1921
R e a d in g System .
D ot. A T ol. Shoro Line R R . 1st 4s, 1953 D el. A Bound Brook R R . cons. 3J48, 1955
Duluth A Iron Range R R . 1st 5s, 1937
East Pennsylvania R It. 1st 4s, 1968
Duluth Messabe A Northern R y —
North Pennsylvania R R . 1st 4s, 1936
1st 6s, 1922
Phlla. Harrisburg A Pitts. R R . 1st 5s, '25
Cons. 6s, 1923
Phlla. A Reading R R . Im pt. 4s, 1947
“
“
Term . 5s, 1911
Elgin Joliet A Eastern R y . 1st 5s, 1941
Reading Belt R R . 1st 4s, 1950
Sham. Sunb. A Lowisb. R R . 1st 4s, 1926
Erie R a ilroad ^System.
S o u th e rn P a cific System .
Clove. A Mahoning Val. R y . 1st 5s, 1938
Goshen A Dcckortown R R . 1st 6s, 1928 San Francisco Terminal 4s, 1950
T erm in al R ailw ay A ssn, o f S t. L o u is .
M ontgomery A Erie R y . 1st 6s, 1926
Consolidated M ortgago 5s, 1944
Sharon R y . 1st 4J4a, 1919
First Mortgage i'/is. 1939
General Refunding M ortgage 4s, 1953
Geneseo A W yoming R R . 1st 5s, 1929
St. Louis M er.B dge.T erm .R y. 1st 5s, '30
H ock in g Vnlley R a ilw a y C o.
St. Louis M er. Bdge. C o. 1st 6s, 1929
First Consolidated 4}$s, 1999
W estern M aryland System .
Colum. A H ock. Val. R R . 1st ext. 4 s,1948 Balt. A Cum b. Val. Ext. 1st 6s, 1931
Columbus A Toledo R R . l3t ext. 4s, 1955 Balt. A Harrisburg R y . 1st 5s, 1936
Equipment trust obligations as follows (savings banks may
Invest not exceeding two per centum of their deposits and
surplus therom):
B altim ore & O h io R a ilroa d .
L o u isville & N ashville R a ilro a d .
Equip, trust of 1912 4 H s, serially to 1922 Series A 5s, semi-annually to 1923
Equip, trust of 1913 4H s, serially to 1923
N ew Y o r k C e n tra l L in es.
C en tral R a ilroad o f New Jersey.
Joint Equip. Trust—
Series G 4)48, serially to 1926
5s, serially, 1907 to 1922
M inn. S t. P aul & S a u li S tc. M arie
4>4s, serially, 1910 to 1925
Scries B 4 !* s , serially to 1920
4 H s, serially, 1912 to 1927
Series C 4)48, serially to 1921
4 H s, serially, 1913 to 1928
Series D 4)4s, serially to 1922
4)4s, serially, 1918 to 1933.
Series E 4)48, serially to 1923
B. A A . Equip. Trust 4)4s, scr, '13 to '27
Scries F 5s, serially to 1923
Series G 4)4s, serially to 1926
Other securities in which banks may invest are classified
as follows:
B on ds o f Street R ailw ays In C o n n .
Savings banks may Invest not exceed
ing two per centum of their deposits and
surplus therein.
Bristol A Plalnv. Tram . C o. 1st 4J4s,1945
ing two per centum o f their deposits and
surplus therein.
So. New Eng. Telep. C o. 1st 5s, 1948
B on ds o f T e le p . C os. o u ts id e o f C o n n .
Savings banks may Invest not exceed
B on ds o f W ater C os. In C o n n e c tic u t. ing two per centum of their deposits and
surplus therein.
Savings banks may Invest not exceed nm er. i c i . a I el. C o. coll, trust 4s, 192
ing two per centum of their deposits and
.. v
,
“
coll, trust 5s, 194
surplus therein.
N . Y . Telephone C o. 1st 4)48, 1939
Bridgeport Hydraulic C o. 1st 4s, 1925
'•
'' notes 6s 1920
B on ds o f G as an d E le c tr ic L ig h tin g
•
•
"
'* 6s, 1921
C om p a n ies in C o n n e c tic u t .
New Haven Water Co. deb. 4J4s 1962
Savings banks m ay Invest not exceed
“
'•
1st 4)$S, 1945
per centum o f their deposits and
Also under Chapter 112 of the Public ing two therein:
surplus
Acts of 1917 any bonds or interest-bear
ing obligations of the following water Bridgeport Gas Lt. C o. 1st 4s, 1952
Derby Gas C o. 1st 4s, 1921
companies:
Hartford City Gas Lt. C o. 1st 4s, '35
Ansonla Water Co.
Now Britain Gas L t. C o. 1st 5s, 1926
Greenwich Water C o.
Stamford Gas A Elec. C o. 1st 5s, '29
Stamford Water C o.
Torrlngton Water C o.
Union Ellectrlc Light A Power C o .
Unlonvllle 6s, 1944
B on ds o f T e le p h o n e C os. In C o n n e c ’ t. United Illuminating C o. 1st 4s 1910
Savings banks may Invest not exceed WInsteed Gas C o. 1st M . 4s, 1920
S in c o t h o d a t e o f t h e la s t a n n u a l r e p o r t o f t h is d e p a r t m e n t , J a n . 1 1 9 1 7 ,
t o D e c . 31 1 9 1 7 , t h e S t a t e T r e a s u r e r h a s r e c e iv e d a n d c e r t i f ie d t o t h is
o f f i c e , a n d m y o f f i c ia l v o u c h e r s h a v e 'b e e n d u l y is s u e d f o r S 7 ,5 9 9 ,1 4 4 8 2 .
E x e c u t i v e a n d o t h e r w a r r a n t s u n d e r t h e g e n e r a l a n d s e v e r a l s p e c ia l a p p r o
p r i a t io n a c t s a m o u n t i n g t o $ 7 ,5 2 5 ,9 4 9 0 6 h a v e b e e n a u d it e d b y m e a n d p a i d
b y t h e T r e a s u r e r f o r t h e s a m e p e r i o d a n d h is a c c o u n t c r e d it e d t h e r e w it h .
T h o c o n d i t i o n o f t h o t r e a s u r y , t h e r e fo r e , o n J a n . 1 1 9 1 8 , w a s a s f o ll o w s :
B a la n c e in t r e a s u r y J a n . 1 1 9 1 7 - - .............................. $ 1 ,3 8 6 , 1 3 5 4 2
R e c e i p t s f r o m a ll s o u r c e s f r o m J a n . 1 1 9 1 7 t o
J a n . 1 1 9 1 8 - - - .............................................................. ..
7 ,5 9 9 ,1 4 4 82
T o t a l a m o u n t t o b e a c c o u n t e d f o r _______________________________$ 8 , 9 8 5 , 2 8 0 2 4
E x e c u t i v e w a r r a n t s p a i d b y T r e a s u r e r __________ $ 7 , 4 3 8 , 8 4 4 3 0
W a r r a n ts P r e s id e n t o f S e n a to a n d S p e a k e r o f
H o u s e ................. ......................................................................
8 7 ,1 0 4 76
T o t a l p a y m e n t b y T r e a s u r e r ____________________________________
7 ,5 2 5 ,9 4 9 0 6
B a la n c e in t h e t r e a s u r y J a n . 1 1 9 1 8 ____________________________$ 1 ,4 5 9 ,3 3 1 18
I t s h o u l d b e s t a t e d t h a t in t h is b a l a n c o o f $ 1 ,4 5 9 ,3 3 1 1 8 is in c lu d e d
$ 1 0 0 ,0 0 0 o f t h o s in k i n g f u n d , w h ic h , b y t h o t e r m s o f t h o c o n s t i t u t i o n , c a n
o n l y b o u s e d f o r r e t ir i n g t h o p r i n c ip a l o f t h o p u b l i c d e b t .
T h o tota l
b o n d e d d e b t o f t h o S t a t e a t t h e t im e o f t h o a d o p t i o n o f t h is s in k i n g f u n d
p r o v i s i o n o f t h o c o n s t i t u t i o n w a s $ 1 0 ,6 4 4 ,5 0 0 , a n d a n n u a l i n t e r e s t t h e r e o n
a m o u n t e d t o $ 7 1 9 ,1 3 5 .
U n d e r t h is v e r y w is o p l a n o f r e t ir i n g a n n u a l ly a
p a r t o f th o p u b lic d e b t th o a g g r e g a te h a s b e e n r e d u c e d t o $ 6 ,0 1 8 ,2 0 2 .
T h is in c lu d e s t h o d e b t d u o t h e S t a t e U n iv e r s i t y a n d t h e l a n d s c r ip t f u n d .
B y t h o f u n d i n g o f m a s t o f t h is d e b t a t m u c h l o w e r r a t e s t h o in t e r e s t c h a r g e
o n t h o b o n d e d d e b t lia s b e e n r e d u c e d t o $ 2 4 8 ,1 8 7 5 0 , s h o w in g a r e d u c t io n
in t h o p r i n c ip a l o f t h o d e b t o f S 4 ,4 2 6 ,2 9 8 , a n d in o u r a n n u a l i n t e r e s t
a c c o u n t o f $ 4 6 2 ,9 4 8 .
It m u st b o sta ted , h o w e v e r, th a t th e p roceed s o f th o
s a le o f c e r t a in p r o p e r t y o f t h o S t a t e h a v o b e e n a p p li e d t o t h o e x t in g u is h
m e n t o f a p a r t o f t h e d e b t — w h ic h is a ls o r e q u i r e d b y t h e C o n s t i t u t i o n o f
1877.
T h o b a l a n c e o f t h is b o n d e d d e b t is s e c u r e d b y t h e S t a t e ’ s im m e n s e l y
v a l u a b l o p r o p e r t y , t h o W e s t e r n & A t l a n t i c R l t . , e s t im a t e d t o b e w o r t h
$ 20 , 000 , 000 .
I d a s ir o t o s u b m i t f o r y o u r in f o r m a t i o n a c a r e f u l l y p r e p a r e d e s t im a t e o f
t h o r o v e n u o o f t h o S t a t e a n d t h o a p p r o p r i a t i o n s f o r t h e fis c a l y e a r 1 9 1 8 .
A s s o s s e d v a l u o p r o p e r t y f o r t a x a t i o n 1 9 1 7 - ................................... $ 8 8 1 ,6 6 1 ,6 1 6 0 0
P r o p o r t y o n d i g e s t , $ 8 3 3 ,9 6 2 ,0 1 0 , t a x a t 5 m . $ 4 , 1 6 9 , 8 1 0 0 5
C o s t o f c o l l e c t i o n , 7 % _____________ ______________
2 9 1 ,8 8 6 7 0
N e t t o S t a t e ...................................... ........................ . $ 3 , 8 7 7 , 9 2 3 3 5
P u b l i c s e r v ic e c o r p o r a t i o n s , $ 1 5 7 ,6 9 9 ,6 0 6 , t a x
a t 5 m i l l s _________________________________ _______
7 8 8 ,4 9 8 0 3
N o t r e v e n u e t o S t a t e a d v a l o r e m t a x _________________________
I n c o m e f r o m o t h e r s o u r c e s _______________________________________
4 ,6 6 6 ,4 2 1 3 8
2 ,1 9 9 ,3 5 3 0 0
T o t a l e s t im a t e d r e v e n u e _______________________________________
$ 6 , 8 6 5 ,7 7 4 3 8
A p p r o p r i a t i o n s , 1 9 1 8 _________ __________________________________
7 ,3 1 7 ,3 5 0 0 0
E x c o s s o f a p p r o p r i a t i o n s o v e r e s t im a t e d r e v e n u e __________
4 5 1 ,5 7 5 6 2
b o o b s e r v e d t h a t in e s t im a t i n g t h o r e v e n u e f o r 1 9 1 8 a t a x r a t e o f
5 m ills h a s b e o u u s e d , t h is b e i n g t h o l im i t f ix e d b y t h o c o n s t it u t i o n .
The
e s t im a t e d r o v e n u o o n t h is b a s is a m o u n t s t o $ 6 , 8 6 5 , 7 7 4 3 8 , o f w h ic h $ 4 ,
0 6 6 ,4 2 1 3 8 is r a is e d f r o m a d v a l o r e m t a x e s , a n d $ 2 , 1 9 9 ,3 5 3 0 0 f r o m s p e c ia l
t a x e s a n d a ll o t h e r s o u r c e s .
I d o s ir o t o c a ll a t t e n t i o n t o t h o f a c t t h a t t h e e s t im a t e d r e v e n u e f o r t h e
S t a t o f o r 1 9 1 8 is b a s e d u p o n v a l u a t i o n s o f 1 9 1 7 .
T h o a p p ro p r ia tio n s a lr e a d y
m a d o f o r 1 9 1 8 e x c e e d t h o e s t im a t e d r e v e n u e $ 4 5 1 ,5 7 6 .
S h o u ld v a l u a t i o n s
f o r 1 9 1 8 s h o w a n y m a t e r ia l d e c r e a s o a s c o m p a r e d w it h 1 9 1 7 v a l u a t i o n s ,
t h o d e f i c i t w ill b o c o r r e s p o n d i n g ly in c r e a s e d , a n d o n t h o o t h e r h a n d i f t h o
v a l u a t i o n s s h o u l d b o in c r e a s e d t h e d e f i c i t w o u ld b e d e c r e a s e d in p r o p o r t i o n .
I t s h o u l d a l s o b e b o r n e in m in d t h a t in c a l c u la t i n g t h e e s t im a t e d r e v e n u e
f r o m a d v a l o r e m t a x e s a r a x r a t e o f 5 m ills , t h e lim it f ix e d b y t h e c o n s t i t u
t io n , h a s b e e n u s e d .
I w o u l d t h e r e fo r e r e s p e c t f u l l y s u g g e s t t h a t a p p r o
p r i a t io n s f o r 1 9 1 8 b o n o t i n c r e a s e d , a n d n o s p e c i a l a p p r o p r i a t i o n s b e m a d e
a t t h o c o m i n g s e s s io n o f t h o L e g is la t u r e .
I w o u ld f u r t h e r u r g o t h a t t h o L e g is la t u r e s h o u l d r e q u i r e a ll r e v e n u e o f
th o S ta to , f r o m w h a te v e r s o u r c e d e r iv e d a n d c o lle c t e d , p a id in t o th e trea s
u r y , a n d a ll e x p e n s e s o f g o v e r n m e n t , a n d o f e v e r y d e p a r t m e n t o f t h e
g o v e r n m e n t , p a i d o u t o f t h is g e n e r a l f u n d b y w a r r a n t o f t h e G o v e r n o r
d r a w n o n a p p r o p r i a t i o n s d u l y m a d o b y t h o L e g is la t u r e .
T h is w ill r e li e v e
m u c h c o n f u s i o n in t h o k e e p i n g o f a c c o u n t s b y t h e b o o k k e e p i n g d e p a r t m e n t ,
a n d w o u ld a t a g l a n c e s h o w t h o c o s t t o t h e p e o p l e o f t h e S t a t e o f e v e r y b r a n c h
o f t h o G o v e r n m e n t m a i n t a in e d b y t h o S t a t o .
T h i s I c o n s i d e r v e r y d e s ir
a b l e , in a s m u c h a s b o t h t h o r o v e n u o o f t h o S t a t o a n d t h o e x p e n s e o f g o v e r n
m e n t a r e in c r e a s in g e a c h y e a r , a n d t h e p e o p l o o f G e o r g i a s h o u l d b o a d v i s e d
in d e t a il o f t h o c a s t t o t h e m o f m a i n t a in in g t h e d i f f e r e n t p u b l i c i n s t it u t i o n s
an d g ov ern m en ta l d ep a rtm en ts.
T h o v a lu a tio n o f c o r p o r a t e p r o p e r t y r e tu rn e d t o th e C o m p t r o lle r G o n e r a l f o r t a x a t i o n f o r t h o y e a r 1 9 1 7 d o e s n o t e m b r a c o a ll o f s u c h p r o p e r t y
in t h o S t a t o .
U n d e r c h a r t e r s g r a n t e d b y t h o S t a t o t h e r o a r e t h r e e r a i lr o a d s
c la im i n g e x e m p t i o n s f r o m a d v a l o r e m t a x a t i o n , t h o G e o r g i a R a il r o a d &
B a n k in g C o . , th o S o u th w e s te rn a n d th o A u g u s ta A S a v a n n a h .
B e s id e s
t h o s e x e m p t e d lin e s w o h a v o t h o S t a t e ’s r o a d , t h e W e s t e r n A A t l a n t i c .
A m o n g p u b l i c s e r v ic e c o r p o r a t i o n s a r e a l a r g o n u m b e r o f v e r y s m a ll lo c a l
t o le p h o n o p r o p e r t ie s .
S o m e o f th e m a re in c o r p o r a te d , b u t q u ito a n u m b e r
o f th e m a ro u n in c o r p o r a te d .
M o s t o f th e m h a v e b een c h e a p ly c o n s tr u c te d
b y t h o c o - o p e r a t i o n o f t h o f a r m e r s in t h o t e r r i t o r y t h r o u g h w h ic h t h e y
r u n , s o l e l y f o r t h e ir c o n v e n i e n c e a n d n o t f o r m a k i n g m o n e y , a n d a r e t h e r e
f o r e o f n o v a l u o e x c e p t a s a c o n v e n i e n c e t o fa m ilie s o f t h e f a r m e r s .
I
w o u ld e a r n e s t l y u r g o t h a t t h o la w b o a m e n d e d in r e s p e c t t o t h o r e t u r n o f
t h e s o p r o p e r t ie s f o r t a x a t i o n s o a s t o r e q u ir e t h e m r e t u r n e d t o t h o t a x
r e c o iv e r s a n d t a x e s p a i d t o t h o t a x c o l l e c t o r s , t h e y b e i n g , p u r e l y lo c a l in
ch a ra cter.
K a n s a s — I o w a .— T orn a d oes
T h e s e S t a t e s .— According to the
(
Do
C o n s id e r a b le
D a m a g e {in
daily papers, ten persons were
killed, two probably fatally injured, and dozens of others less
seriously injured in a tornado which swept across northern
Ellis and southern Rooks counties (Kan.) on M ay 21. At
tho little town of Codell, in Rooks County, all the churches,
schools and larger business houses and homes were demolished
by tho tornado and the debris was swept away. Tho tor
nado started 15 miles northwest of Hays and swept a strip
a mile wide in a northwesterly direction for 35 miles. Hun
C a n a d a ( D o m i n i o n o f ) . — P a r l i a m e n t P r o r o g u e d .— Tho dreds of horses and cattle were killed and much damage
first session of tho Dominion Parliament under Union was caused to growing crops by hail, which camo after the
government was prorogued shortly after midnight on M ay 24 wind had passed.
In Iowa, tornadoes swept the central parts of the State on
by tho Governor-General, after having been in session sinco
M ay 21 and resulted in the death of at least six persons and
March 18.
tho injury of scores of others, according to reports received
“ V ictor)/ L o a n ” D e f i n i t i v e C e r tific a te s B e i n g E x c h a n g e d f o r
at that time. Property damage is estimated at more than
I n t e r i m C e r tific a te s — J u n e I n t e r e s t P a y m e n t .— See reference in
$1,000,000. It is stated that three of the dead were killed
our editorial columns this week.
at Boone, 40 miles north of here, and two others at New
G e o r g i a ( S t a t e o f ) . — S ta te R e v e n u e s f o r 1918.— Comp- ton, 35 miles to the aest.
trollor-Gcnoral Win. A. Wright made public his annual re
Iloports from Boone said the tornado swept across the
port on M ay 19 in which ho calculates that tho total rovenuo ontiro county from southwest to northwest, leveling farm
2248
THE CHRONICLE
b u ild in g s , k illin g liv e sto c k a n d in flic tin g h e a v y d a m a g e on
g r o w in g c r o p s.
I n th e c it y o f B o o n e 5 0 h o u se s w ere razed
a n d th e Io w a d iv isio n sh o p s o f th e C h ic a g o & N o r th w e s te r n
R R . v ir tu a lly d e m o lis h e d .
T h e v ic tim s m e t d e a th , fo r th e
m o s t p a r t, in th e ru in s o f th e ir h o m e s .
C a lls fo r aid w ero se n t o u t b y ra ilro a d offic ia ls to v ir tu a lly
a ll to w n s in I o w a e a s t a n d w e st o n th o m a in lin e o f th e
N o r t h w e s te r n .
_
E a r ly e stim a te s o f th e d a m a g e in th o c it y o f B o o n e va rie d
f r o m § 2 0 0 ,0 0 0 to $ 5 0 0 ,0 0 0 , w h ile f r a g m e n ta r y re p o rts fr o m
ru ra l d istric ts p la c e d th e d a m a g e thero a t close to $ 1 ,0 0 0 ,0 0 0 .
F A t N e w t o n tw o p erson s w ero k ille d a n d h a lf a d o z e n in
ju r e d w h e n th e sto r m w re c k e d a f a c t o r y .
T r e e s w ere u p
r o o t e d , b u ild in g s u n r o o fe d , a n d in ru ra l d istric ts cro p s w ero
ru in e d a n d liv e s to c k w a s k ille d .
E s tim a te s o f th e d a m a g e
r u n in t6 fiv e fig u re s.
O n e m a n w a s k ille d a n d tw o w ere s e v e re ly in ju re d near
D e n is o n , in th e w e s t ce n tr a l p o r tio n o f th e S t a t e , a c co rd in g
to re p o rts fr o m th e r e .
H a lf a d o z e n o th e r to rn a d o e s o f n o g r e a t m a g n itu d e w ero
r e p o r te d .
L o u is ia n a
(S ta te
o f ) . — House Defeats Resolution to
Ratify National Prohibition Amendment.— W e refer to th is in
ou r editorial c o lu m n s th is w e o k .
o f ) . — Savings
Banks Permitted to
Invest in Bankers’ Acceptances and Bills of Exchange— Cor
rection.— See fu ll te x t o f n e w la w in o u r e d ito ria l co lu m n s
M a s s a c h u s e t t s -(S t a t e
th is w e e k , p e r m ittin g s a v in g s in stitu tio n s in M a s s a c h u s e t ts
to in v e s t 1 0 %
(n o t 3 0 % , as s ta te d b y u s la s t w e e k ) o f th eir
d e p o sits in b a n k e r s ’ a c c e p ta n c e s a n d b ills o f e x c h a n g e .
N e w Y o r k S t a t e . — Advisory
Council of Real Estate Inter
ests Advocates State Income Tax.—
S ee referen ce in ou r edi
to ria l c o lu m n s th is w e o k .
Increase in State Revenues.—
R e fe re n c e is m a d e in o u r edi
to ria l c o lu m n s th is w e o k .
U n i t e d S t a t e s . — House Adopts Prohibition Amendment to
Food Stimulation Bill.— S ee referen ce th is w e e k in ou r editorial
_______
c o lu m n s .
_ _________
BOND PROPOSALS AND
th is
w eek
have
been
as
N EG O TIATION S
fo llo w s :
A K R O N , S u m m i t C o u n t y , O h i o . — BONDS AUTHORIZED.- -T h o
C i t y C o u n c i l lia s a u t h o r i z e d t h o i s s u a n c e o f $ 2 , 0 0 0 , 0 0 0 w a t e r - w o r k s -e x
t e n s i o n b o n d s a n d $ 2 0 ,0 0 0 s o w e r - i m p r o v e m e n t b o n d s , i t is s t a t e d .
A N D E R S O N C O U N T Y ( P . O . C l i n t o n ) , T e n n . — BOND SALE .—
O n A p r il 2 7 t h o $ 3 0 ,0 0 0 5'A % r o a d b o n d s — V . 1 0 6 , p . 1 7 0 8 — w e r e a w a r d e d
t o t h o U n io n B a n k o f C l i n t o n a t p a r .
D c n o m . $ 1 ,0 0 0 .
D a t e M a y 1 1918.
In t. M . & N .
D u o y e a r l y f r o m 1 9 2 8 t o 1 9 3 2 i n c l.
A R C H B O L D , F u l t o n C o u n t y , O h i o . — BOND OFFERING.— P r o p o s a l s
w ill b o r e c e iv e d b y K . I t . M u l l . V i l la g o C l e r k , u n t il 12 m . J u n o 3 f o r $ 3 ,3 0 0
8 - 1 2 - y e a r s e r ia l t im o - e x t e n s i o n b o n d s .
D c n o m . 1 f o r $ 3 ,0 0 0 a n d 6 f o r
$500.
D a te Ju n o 20 1918.
C e r t , c h e c k f o r $ 1 0 0 . p a y a b l e t o t h o V illa g e
T r e a s u r e r , r e c iu ir e d .
B o n d s t o b o d e l iv e r e d a n d p a i d f o r w it h i n 10 d a y s
f r o m tim e o f a w a r d .
A T T L E B O R O , B r i s t o l C o u n t y , M a s 3 . — TEMPORARY LOAN.— I t is
r e p o r t e d th a t F . S . M o s e lo y & C o . o f B o s t o n w e ro a w a rd e d a t e m p o r a r y
l o a n o f $ 5 0 ,0 0 0 in a n t i c ip a t i o n o f t a x e s f o r 1 9 1 8 , d a t e d M a y 2 3 a n d d u o in
s ix m o n t h s , a t a 5 . 0 7 % d i s c o u n t .
A U S T I N , T r a v i s C o u n t y , T ex.— BOND ELECTION PROPOSED.—
L o c a l p a p e r s s t a t o t h a t t h e v o t e r s p r o b a b l y w ill b o a s k e d t o p a s s u p o n a
p r o p o s i t i o n t o is su e $ 1 0 0 ,0 0 0 s e w a g e -d is p o s a l b o n d s .
B A N G O R , P en ob scot
C ou n ty ,
Me.— TEMPORARY LOAN.— O n
M a y 2 2 t h o M e r r ill T r u s t C o . o f B a n g o r w a s a w a r d e d t h e t e m p o r a r y lo a n
o f $ 2 5 0 ,0 0 0 d a t e d M a y 2 3 a n d m a t u r in g D e c . 2 3 — V . 1 0 6 , p . 1 9 3 0 — a t a
d is c o u n t o f 4 .6 9 % .
O th e r b id d e r s w o re :
„
_
Discount.
F i r s t N a t io n a l B a n k , B a n g o r -------------------------------------------------4 - 9 3 %
E a s t e r n T r u s t & B a n k i n g C o . , B a n g o r ............- .....................5 . 1 8 %
A . B . L e a c h & C o . , B o s t o n .......................................................- . 5 . 2 5 %
R . W . P r e s s p r ic h & C o . , N e w Y o r k ......................... .................. 5 . 2 7 %
S . N . B o n d & C o . , N o w Y o r k . . . ............- .................................. 5 . 3 0 %
Premium.
----------
$17 00
---------------
B E A T R I C E , G a g e C o u n t y , N e b . — BOND SALE.— T h o B e l l a m I n v e s t
m e n t C o . o f D e n v e r w a s a w a r d e d $ 2 2 ,0 0 0 6 % p a v i n g b o n d s a t p a r .
D on om . $500.
D a te M a y 1 1918.
In t. an n .
D u o M a y 1 1927.
B E L D E N , C e d a r C o u n t y , N e b . — BONDS VOTED.— O n M a y 4 t h o
q u e s t i o n o f is s u in g $ 4 , 0 0 0 5 H % e l e c t r i c l ig h t p l a n t b o n d s c a r r ie d b y a v o t e
o f 2 8 t o 14.
B E L L E F O N T A IN E S C H O O L D I S T R I C T (P . O .
B e lle fo n ta in e ),
L o g a n C o u n t y , O h i o . — BOND SALE.— A n is s u o o f $ 1 0 5 ,0 0 0 5 % s c h o o l
b o n d s w a s r o c o n t ly p u r c h a s e d b y t h o S t a t o I n d u s t r ia l C o m m i s s io n o f
O h io a t p a r .
D cn om . $500.
D a to M a y 1 1918.
In t. M . & N .
D uo
1 9 1 9 t o 1 94 1 a n d 194 1 t o 1 9 5 8 i n c l.
B I L L I N G S C O U N T Y ( P . O . M e d o r a ) , N o . D a k . — DESCRIPTION OF
s e e d a n d g r a in b o n d s , r e c e n t l y a w a r d e d t o
S i d n o y S p it z e r & C o . , a n d S t a c y & B r o w n , b o t h o f T o l e d o , J o in t ly a t p a r
a n d i n t . ( n o t 9 8 .1 8 a s w o w e r o f ir s t a d v i s e d ) — V . 1 0 6 , p . 1 9 3 9 — a r e d e s c r ib e d
a s f o ll o w s : D e n o m . $ 5 0 0 .
D a te M a r . 1 1918.
In t. M . & S.
D u o M ar.
1 1923.
B L A D E N S B U R G R U R A L S C H O O L D I S T R I C T (P . O . B la d e n s b u r g ) , K n o x C o u n t y , O h i o . — BOND OFFERING.— P r o p o s a l s w ill b o
r e c e i v e d b y A . J . R i n o , C l e r k o f B d . o f E d u c a t i o n , i t is s t a t e d , u n t il J u n o 1
f o r $ 1 ,1 0 0 6 % s c h o o l - i m p t . b o n d s .
BONDS.— T h o $ 6 5 ,0 0 0 6 %
B L A S D E L L , E r i e C o u n t y , N . Y . — BOND SALE.— O n M a y 2 0 t h o
$ 1 8 ,0 0 0 L a k e A v o . p a v i n g b o n d s — V . 1 0 6 , p . 1 93 0— w o r e a w a r d e d t o
G e o . B . G i b b o n s & C o . o f N e w Y o r k f o r $ 1 8 ,1 7 5 5 0 (1 0 0 .2 2 5 ) a n d in t .
f o r 4 .9 0 s .
O t h e r b i d s , a ll f o r 5 % b o n d s , w e r e :
„„„
I I . A . K a h l e r & C o . , N . Y _ . 1 0 0 . 5 2 [ P e o p l e s B a n k , H a m b u r g ----- 1 0 0 .0 0
W m , R . C o m p t o n C o . , N . Y . 1 0 0 .1 2 9 IW . S . L a w t o n , L a w t o n ------------1 0 0 .0 0
I . W . S h e r r ill, P o u g h k e o p s i o - 1 0 0 .0 0 [
______
B L O O M V IL L E T O W N S H I P (P . O . B lo o m v ille ), S e n e c a C o u n t y ,
O h i o . — BOND OFFERING.— P r o p o s a l s w ill b e r e c e iv e d b y J . B . W e b s t e r ,
T w p . C l e r k , u n t il J u n o 10 f o r $ 2 ,0 0 0 5 > J % fir e - e n g i n e b o n d s , i t is s t a t e d .
B O S S I E R C I T Y , B o s s i e r P a r i s h , L a .— BONDS NOT YET~SOLIL—
N o s a l o h a s y e t b e e n m a d e o f t h o $ 3 0 ,0 0 0 5 % 1 - 4 0 - y e a r s e r ia l w a t e r w o r k s
b o n d s , d a te d D e c . 1 1 9 1 7 , o ffe r e d w it h o u t su c c e s s o n A p r . 3 0 .— V . 106,
p . 2040.
BOW DLEY
SCHOOL
D IS T R IC T
(P . O . B o w d l e y ) ,
Edm unds
C o u n t y , S o . D a k . — BOND SALE.— T h e $ 4 0 ,0 0 0 s c h o o l b o n d s , r e c e n t ly
v o t e d — V . 106, p . 1818— h a v e b e e n p u r c h a s e d b y th o S ta to o f S ou th
D a k ota .
B R A D E N T O W N , M a n a t e e C o u n t y , F l a . — BOND SALE.— T h o $ 4 5 .
0 0 0 0 % 2 0 - 3 0 - y e a r b r id g e b o n d s , v o t e d o n A p r . 3 0 — V . 1 0 6 , p . 2 0 4 0 —
h a v e b e e n p u r c h a s e d b y t h o I l a n c h o t t B o n d C o . o f C h i c a g o a t p a r a n d in t
(Vol 10(5
B R O C K T O N , P l y m o u t h C o u n t y , M o s s . — LOAN OFFERING— B i d s
w ill b o r e c e i v e d b y J o h n J . O ’ R e i l l y , C i t y T r e a s . , u n t il 12 m . M a y 2 8 f o r a
t e m p o r a r y lo a n o f $ 1 9 0 ,0 0 0 , is s u e d in a n t i c ip a t i o n o f t a x e s .
D a t o M a y 31
1918.
D u o $ 9 0 ,0 0 0 F o b . 2 0 1 9 1 9 a n d $ 1 0 ,0 0 0 M a r . 2 0 1 9 1 9 .
T h o n otes
w ill b o c e r t i f ie d t o b y t h e F i r s t N a t . B a n k o f B o s t o n a n d m a y b o m a d e p a y
a b l e a t t h o N a t io n a l S h a w m u t B a n k o f t h a t c i t y o r t h o N a t . P a r k B a n k
o f N . Y . , a t t h e o p t i o n o f t h o p u r c h a s e r a t t h o t im o o f s a lo , a n d m a d e In
d e n o m in a tio n s t o s u it p u rch a s e r.
T h e a b o v e n o t e s a r o t o t a k o t h e p l a c o o f n i n o is su e s o f r e g is t e r e d b o n d s
a g g r e g a t i n g $ 1 5 0 ,0 0 0 , w h ic h w e r e t o h a v e b e e n o f f e r e d M a y 2 2 , b u t h a v o
b e e n t e m p o r a r il y w it h d r a w n f r o m t h e m a r k o t .
C A M P B E L L P U B L IC
SCH OOL
D IS T R IC T
N O . 2 6, A b b e v ille
C o u n t y , S o . C a r o . — BONDS VOTED.— A p r o p o s i t io n t o Is s u o $ 4 ,0 0 0
6 % 2 0 - y e a r ( o p t . ) s c h o o l b l d g , b o n d s s u b m i t t e d t o t h o v o t e r s o n M a y 11
c a r r ie d b y a v o t e o f 3 6 t o 0 .
S . M . B e a t t y is T r u s t c o ( P . O . A b b o v i l l e ) .
C A M B R I D G E , M i d d l e s e x C o u n t y , M a s s . — BIDS.— ' h o o t h e r b i d s
T
r e c e iv e d f o r t h o $ 2 5 0 ,0 0 0 l o a n a w a r d e d t o B l a k o B r o s . & C o . o f B o s t o n o n
M a y 10— V . 1 0 6 , p . 2 1 4 1 — w o r e :
Discount.
S . N . B o n d & C o . , N e w Y o r k ............................................................ - 5 . 1 8
R . L . D a y & C o . , B o s t o n _______________________________________ 5 .2 4
T h o N a t io n a l C i t y C o . , N o w Y o r k _____________________________ 5 . 2 5
H a r v a r d T r u s t C o . , B o s t o n ______________________________________5 .2 8
A r t h u r P e r r y S C o . , B o s t o n ______________________________________5 .2 9
c
G o l d m a n , S a c h s & C o . , N o w Y o r k _____________________________ 5 .2 9
E . H . R o l l in s & S o n s , B o s t o n ___________________________________5 .3 4
B e r n h a r d , S c h o l l e & C o . , N e w Y o r k ____________________________5 .3 9
Premium.
$ 3 .2 5
1 25
1 00
2 00
CANTON,
S ta rk
C ou n ty ,
O h i o . — BONDS AUTHORIZED.— An
o r d i n a n c e h a s b e e n p a s s e d a u t h o r i z in g t h o i s s u a n c e o f $ 6 ,0 0 0 5 'A % 1 0 - y r .
c o u p o n a u d it o r iu m r o p a i r b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to M a r. 1 1918.
P r i n . a n d s e m i- a n n . i n t . p a y a b l o a t t h o C i t y T r e a s u r e r ’s o f f i c e .
W . E.
J a c k s o n is C l e r k o f C o u n c i l .
C A R R O L L C O U N T Y ( P . O . D e l p h i ) , I n d .— BOND OFFERING.—
I ) . L . M u s s u lm a n , C o u n t y T r e a s u r e r , w ill r e c e iv e b i d s u n t il 3 p . m . M a y 2 8
f o r t h o f o l l o w i n g 4 H % 1 - 1 0 - y e a r s e r ia l h i g h w a y - im p t . b o n d s , $ 8 0 0 b e a r i n g
I n t e r e s t f r o m a n d a f t e r A p r i l 6 1 9 1 8 : $ 2 2 ,4 0 0 a n d $ 5 ,6 0 0 b e a r in g i n t e r e s t
fro m a n d a fte r M a y 7 191 8.
I n t e r e s t s o m l- a n n u a l .
C A S C A D E C O U N T Y ( P . O . G r e a t F a l l s ) , M o n t . — BONDS A P
PROVED B Y CAPITAL ISSUE CO M M ITTEE.— A c c o r d i n g t o r e p o r t s t h o
C a p it a l I s s u e s C o m m i t t e e o f t h e F e d e r a l R e s e r v e B o a r d lia s a p p r o v e d t h o
i s s u a n c e o f $ 4 6 7 ,0 0 0 b r i d g e b o n d s .
C H A G R I N F A L L S , C u y a h o g a C o u n t y , O h i o . — BOND SALE.— T h o
S t a t e I n d u s t r i a l C o m m i s s io n o f O h io h a s p u r c h a s e d $ 7 ,5 0 0 w a t c r - w o r k s im p ro v o m o n t b o n d s.
C I N C I N N A T I , O h i o . — BOND SALE.— A . B . L e a c h & C o . , I n c . , h a v o
b e e n a w a r d e d $ 1 5 0 ,0 0 0 5 % 2 0 - y e a r d e f i c i e n c y b o n d s , d a t e d F o b . 1 1 9 1 8 .
C L A Y C O U N T Y ( P . O . B r a z i l ) , I n d . — BOND OFFERING.— S e a le d
b id s w ill b e r e c e iv e d u n t il 10 a . m . t o - d a y ( M a y 2 5 ) b y W . J . H a ll, C o u n t y
T r e a s u r e r , f o r $ 5 0 ,7 6 0 6 % 1 - 1 5 - y c a r s e r ia l s p e c ia l a s s e s s , b o n d s .
D a to
Ju n e 3 1918.
I n t . s e m i- a n n .
C e r t , c h e c k fo r $ 3 0 0 p a y a b lo t o th o a b o v o
T re a s u re r re q u ire d .
C L O V I S , C u r r y C o u n t y , N . M ex.— BOND OFFERING.— Sealed b id s
w ill b o r e c e iv e d until 8 p . m . Ju n o 17 b y th o C it y C o u n c il fo r $ 7 5 ,0 0 0 0 %
2 0 -3 0 -y e a r o p t . w ater an d sew er b o n d s.
D a to M a y 1 191 8.
U n co n d ition a l
c e r tifie d c h e c k o n a n ation a l b a n k fo r 1 0 % o f th o a m o u n t o f b id re q u ired .
C O H O E S , A l b a n y C o u n t y , N . Y .— BOND A N D CERTIFICATE
SALE.— O n M a y 2 0 t h o $ 4 5 ,0 0 0 5 % 1 1 I I - y e a r a v e r , w a t e r - i m p r o v e m e n t
b o n d s a n d $ 5 ,0 0 0 c e r t i f ic a t e s o f i n d e b t e d n e s s — V . 1 0 6 , p . 2 1 4 4 — w e r e
a w a r d e d t o J a m e s R . S t e v e n s J r . , o f A l b a n y f o r $ 4 6 ,0 3 5 , e q u a l t o 1 0 2 .3 0 .
O th e r b id d e r s w ere:
R e m i c k , H o d g e s & C o . , N . Y . 1 0 2 .2 7 3 J . S . B a c h o & C o . , N . Y ------- 1 0 1 .2 9 7
I s a a c W . S h e r r ill & C o . ,
E . H .R o l l i n s & S o n s , B o s t o n . _ 1 0 2 . 2 1
P o u g h k e o p s i o -----------------------1 0 1 .2 4
I I . A . K a h le r & C o ., N . Y . - . 1 0 1 . 7 8
C . VV. W h i m s . N e w Y o r k - - - 1 0 1 . 1 8
G . B . G ib b o n s & C o . , N . Y _ .1 0 1 .3 3
C O K E C O U N T Y ( P . O . S n n A n g e l o ) , T e x a s . — BONDS VOTED .—
R o p o r t s s t a t o t h a t $ 6 0 ,0 0 0 r o a d b o n d s c a r r ie d a t a r e c e n t e l e c t i o n .
C O M A N C H E C O U N T Y \ p T o T B r o w n w o o d ) , T ex.— BOND ELEC
TIONS.— I t is r e p o r t e d t h a t e l e c t i o n s w ill b o h e ld in t h o n e a r f u t u r e t o v o t o
o n p r o p o s i t io n s t o Issu o $ 7 5 ,0 0 0 D o L o o n D i s t r i c t a n d $ 1 2 5 ,0 0 0 C o m a n c h o
D is t r ic t ro a d b o n d s .
.
C O N C O R D S C H O O L D I S T R I C T , C h a m p a i g n C o u n t y , O h i o .— BOND
ELECTION.— R e p o r t s s t a t o t h a t a n is s u o o f $ 1 ,5 0 0 f u r n a c e r o p a ir b o n d s
w ill b o v o t e d o n a t a n e l e c t i o n M a y 2 6 .
_ ___ 1 1
I . .
'
C Y N T H IA N A S C H O O L D IS T R I C T (P . O . C y n t h ia n a ), H a r ris o n
C o u n t y , K y .— BONDS TO BE OFFERED N E X 1 YEAR.— T h e $ 6 5 ,0 0 0
5 % 2 0 - y e a r s c h o o l b o n d s , v o t e d o n A p r i l 3 0 — V . 1 0 6 , p . 1 9 3 1 — w ill n o t b e
o f f e r e d u n t il J a n . 3 1 9 1 9 .
D A K O T A C O U N T Y S C H O O L D I S T R I C T N O . 19 ( P . O . R o s e m o u n t ) , M i n n . — BOND OFFERING.— A d d it i o n a l i n f o r m a t i o n is a t h a n d
r e la t i v e t o t h o o f f e r i n g t o - d a y ( M a y 2 5 ) o f t h o $ 1 7 ,0 0 0 s c h o o l b o n d s , a t
n o t e x c e e d in g 6 % in t .— V . 106, p . 2 1 4 4 .
P r o p o s a l s f o r t lie s o b o n d s w ill
b o r e c e iv e d u n t il 2 p . m . o n t h a t d a y b y J . F . G o r a g h t y , D i s t r i c t T r e a s u r e r .
D e n o m . $ 1 ,0 0 0 .
D a to M a y 1 1918.
P r i n . & s e m i- a n n . i n t . p a y a b l o a t
th o W e lls -D ic k e y T r u s t C o ., M in n e a p o lis .
D u o M a y 1 1933.
A n un
c o n d i t io n a l c e r t i f ie d c h e c k f o r $ 5 ,0 0 0 p a y a b l o t o t h o a b o v e T r e a s u r e r ,
re q u ire d .
T h o b o n d s h a v o b e e n .a p p r o v e d b y A l f r e d E . R i c t y , E s q . , o r
F a rm in g to n .
D A L L A S , D a l l a s C o u n t y , T ex.— BONDS D EFEATED.— O n A p r . ' 2
t h o p r o p o s i t io n t o Issu o $ 2 5 ,0 0 0 n e w s b o y s ’ h o m o b o n d s w a s d e f e a t e d b y
a v o t o o f 9 4 3 " f o r ” t o 2 ,8 1 0 “ a g a in s t .”
D A R K E C O U N T Y ( P . O . G r e e n v i l l e ) , O h i o . — BOND SALE.— O n
M a y 8 3 3 0 ,0 0 0 5 % c o u n t y b r i d g e b o n d s w e r o a w a r d e d t o t h o G r e c n v i l io
N a t i o n a l , S e c o n d N a t i o n a l , F a r m e r s ’ N a t io n a l a n d C i t i z e n s S t a t o b a n k s
o f G r e e n v il l o a t p a r a n d i n t . , i t is s t a t e d .
D A Y T O N A , V a l u s i a C o u n t y , F l a . — NO BONDS TO BE ISSUED A I'
PRESENT.— A . M il l ig a n . C i t y C l e r k , a d v is e s u s t h a t t h o p r o p o s i t io n t o
is su e $ 5 0 ,0 0 0 c i t y h a ll b o n d s — V . 1 0 6 , p . 1 7 0 9 — h a s b o o n c a l le d o f f f o r t h o
p
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D E F I A N C E C O U N T Y ( P . O . D e f i a n c e ) , O h i o . — BOND SALE.—
O n M a y 17 t h e $ 6 ,7 0 0 5 % 1 - 8 - y e a r s e r ia l c o u p o n h i g h w a y i m p t . b o n d s — V .
1 0 6 , p . 2 0 4 1 — w e r o a w a r d e d a t p a r a n d i n t . t o t h o F i r s t N a t io n a l B a n k o f
___
)
D e fia n c e , l
.
...
D E L A W A R E C O U N T Y ( P . O . M u n c i e ) , I n d . — BOND OFFERING.—
P r o p o s a l s w ill b e r e c e iv e d u n t il 10 a . m . t o - d a y ( M a y 2 5 ) b y E a r l o H .
S w a in , C o u n t y T r e a s u r e r , f o r t h o f o ll o w i n g 4 J ^ % b o n d s :
$ 1 5 ,0 0 0 S a m u e l A . S e d a n o t al h i g h w a y b o n d s , o f H a r r i s o n , H a m il t o n a n d
C e n te r T o w n s h ip s .
D en om . $375.
D a t o A p r . 15 1 9 1 8 .
D uo
$ 7 5 0 e a c h s ix m o n t h s f r o m M a y 15 1 9 1 9 t o N o v . 15 1 9 2 9 , In c l.
C . W e l li n g t o n e t al h i g h w a y b o n d s o f M t . P le a s a n t T o w n s h i p .
9 ,6 0 0 O .
1
D en om . $480.
D a t o A p r . 15 1 9 1 8 .
D u o $ 4 8 0 e a c h s ix m o n t h s
f r o m M a y 15 1 9 1 9 t o N o v . 15 1 9 2 9 , in c l.
5 , 2 0 0 J o h n S t a f f o r d e t al h i g h w a y b o n d s .
D en om . $260.
D a te F eb .
15 1 9 1 8 .
D u o $ 2 6 0 e a c h s ix m o n t h s f r o m M a y 15 1 9 1 9 t o N o v .
1 5 1 9 2 9 in c l
7 , 6 0 0 H a r r y W h i t n e y e t al h i g h w a y b o n d s o f P e r r y T o w n s h i p .
D cn om .
$380.
D a t e A p r . 15 1 9 1 8 .
D u o $ 3 8 0 e a c h s ix m o n t h s f r o m M a y
15 1 9 1 9 t o N o v . 15 1 9 2 9 . in c l.
In t. M . & N .
B o n d s t o b e d e l iv e r e d a n d p a i d f o r a t t h e o f f i c o o f C o u n t y
T reasu rer.
D O R M O N T B O R O U G H S C H O O L D I S T R I C T (P . O . P it t s b u r g h ) ,
A l l e g h e n y C o u n t y , P a .— BOND OFFEItl NG.— P r o p o s a l s w d l b o r e c e iv e d
b y J . C . D o w n s . D ls t . S e c . , u n t il 8 p . m . J u n o 3 f o r $ 4 0 ,0 0 3 4 H c o u p o n
school b on d s.
D e n o m . $ 1 ,0 0 0 .
D u e p a r t y e a r l y f r o m 1 9 2 3 t o 1 9 4 6 . i n c l.
C e r t , c h e c k f o r $ 5 0 0 r e q u ir e d .
D O U G L A S S C H O O L D I S T R I C T (P . O . D o u g la s ), K n o x C o u n t y ,
I I I .— CORRECTION.— U s in g n e w s p a p e r r e p o r t s , w o s t a t e d in V . 1 0 6 ,
p . 2 0 4 1 , t h a t t h is d i s t r i c t h a d v o t e d a n Issu e o f $ 1 ,8 0 0 s c h o o l b o n d s .
Wo
a ro n o w a d v is e d th a t n o b o n d s w o re v o t e d u p o n .
D R E W , S u n f l o w e r C o u n t y , M i s s . — BOND OFFERING.— P r o p o s a l s
w ill b o r e c e iv e d u n t il 12 m . J u n o 4 b y A . D . M . M ’ F a r la n o , M a y o r , f o r
$ 1 5 ,0 0 0 6 % b o n d s .
D e n o m . $ 1 ,0 0 0 .
I n t . s e m i- a n n .
D u o y e a r ly b o
g in n in g J a n . 1 1 9 1 9 .
C e r t , c h e c k fo r $ 5 0 0 re q u ire d .
May 25 1918.]
DUBUQUE
SCH OOL
THE CHRONICLE
D IS T R IC T
(P .
O.
D u b u q u e ),
D ubuque
C o u n t y , I o w a . — BONDS APPROVED B Y CAPITAL ISSUES COM
M IT T E E . — R e p o r t s s t a t o t h a t t h o is s u a n c e o f $ 1 5 0 ,0 0 0 s c h o o l b o n d s h a s
b e e n a p p r o v e d b y t h o C a p it a l I s s u e s O o m m i t t c o o f F e d e r a l R e s e r v e B o a r d
E A G L E T O W N S H I P S C H O O L D I S T R I C T (P . O . Z io n v ille ) , B o o n e
C o u n t y , I n d . — BOND OFFERING.— W a l t e r P i t z c r , T o w n s h i p T r u s t e e ,
w il l r e c e iv e b i d s u n t il 2 p . m . J u n e 8 f o r $ 7 ,0 0 0 5A % 1 - 1 0 - y e a r s e r ia l s c h o o l
b on d s.
D o n o in . $ 7 0 0 .
D a te J u ly 1 1918.
I n t . s e m i- a n n .
C ert, ch eck
f o r $ 1 0 0 , p a y a b l e t o t h o a b o v e T o w n s h i p T r u s t e e ,^ r e q u ir e d .
P u r c lia s o r
t o p a y a c c r u e d in t e r e s t .
E A S T A U R O R A , E r i e C o u n t y , N . Y . — BONDS AUTHORIZED.— T h o
1 9 1 8 L e g is la t u r e a u t h o r i z e d t h o I s s u a n c o o f $ 2 5 ,0 0 0 C e n t r o S t r e e t b o n d s
D u o p a r t y e a r l y b e g i n n i n g 5 y e a r s f r o m d a t e o f is u s o .
E D G E W O O D ( T o w n ) , O h i o C o u n t y , W . V a . — BOND OFFERING.—
F u r t h e r d e t a ils a r e a t h a n d r e la t i v e t o t h o o f f e r i n g o n M a y 2 7 o f t h e
$ 2 8 ,0 0 0 6 % 1 -1 0 -y e a r ( o p t . ) t a x - f r e e c o u p o n s t r e e t p a v i n g b o n d s . — Y . 1 0 0 ,
p . 2145.
P r o p o s a ls f o r t h e s e b o n d s w ill b o r e c e iv e d u n t il 5 p . m . o n t h a t
d a y b y J o h n L . D i c k o y a n d A l e x a n d e r G la s s , B o n d C o m m i s s io n e r s , c a r e
N a t io n a l E x c h a n g e B a n k B u il d i n g , W h e e l i n g .
D en om . $500.
D a to
J u n o 1 1918.
I n t . a n n . o n J u n o 1 a t t h o W h e e l in g B a n k & T r u s t C o .
C e r t , c h e c k fo r 1 % o f a m o u n t o f b o n d s b id fo r p a y a b le t o th e a b o v e B o n d
C o m m i s s io n e r s , r e q u i r e d .
T h e is s u e o f t h e s o b o n d s h a s b e e n a p p r o v e d b y
t h o A t t o r n o y G e n e r a l o f t h e S t a t e o f W e s t V i r g i n ia , a n d , w h e n is s u e d , t h e
s a m o b e c o m e i n c o n t e s t a b le a n d b i n d i n g o b l i g a t i o n s o f t h o t o w n .
T ota l
b o n d e d d e b t ( in c l u d i n g t h is is s u e ), $ 9 1 ,0 0 0 .
A s s e s s , v a l . 1 9 1 7 $ 1 , 8 9 3 ,3 2 9
T o t a l t a x r a t e ( p e r $ 1 ,0 0 0 ) $ 1 5 0 0 .
E L K S C H O O L D I S T R I C T (P . O . E lk v ie w ), K a n a w h a C o u n t y ,
W . V a . — BONDS DEFEATED. — O n M a y 7 t h e p r o p o s i t i o n t o is s u e
$ 3 5 ,0 0 0 5 % s c h o o l b o n d s w a s d e f e a t e d b y a v o t e o f 3 0 2 “ f o r ” t o 3 7 0
“ a g a in s t .”
E R I E C O U N T Y ( P . O . S a n d u s k y ) , O h i o . — BOND OFFERING.— •
P r o p o s a l s w ill b o r e c e iv e d b y F r e d W . B a u e r , C o u n t y A u d i t o r , u n t il 12 in
J u n e 6 f o r $ 7 9 ,0 0 0 5 % r o a d b o n d s .
D e n o m . $500.
D a t o J u n e 1 1918
P r i n . a n d s e m i-a n n u a l i n t e r e s t p a y a b l e a t t h o C o u n t y T r e a s u r e r ’s o f f i c e .
D u o $ 4 ,0 0 0 e a c h s ix m o n t h s f r o m D e c . 1 1 9 1 8 t o D e c . 1 1 9 2 7 , i n c lu s i v e , a n d
$ 3 ,0 0 0 J u n o 1 1 9 2 8 .
B o n d s t o b o d e l iv e r e d a t o f f i c e o f t h o a b o v e C o u n t y
T reasu rer.
C e r t i fi e d c h e c k f o r $ 5 0 0 , p a y a b l e t o t h e a b o v e C o u n t y T r e a s
u re r, r e q u ir e d .
B i d d e r s w ill b o r e q u ir e d t o s a t i s f y t h e m s e lv e s o f t h o l e g a l it y
o f t h is is s u e , b u t fu ll t r a n s c r ip t w ill b o fu r n is h e d p u r c h a s e r .
E S C A M B I A C O U N T Y ( P . O . P e n s a c o l a ) , F l a . — BOND SALE.— On
M a y 14 t h o D a v ie s - B e r t r a m C o . o f C i n c i n n a t i w a s a w a r d e d t h o $ 5 0 ,0 0 0
G a n d 8 1 4 % b o n d s o f f e r e d o n t h a t d a y — V . 1 0 0 , p . 2 0 4 0 — f o r $ 5 0 ,4 0 0 , e q u a l
t o 1 0 1 .0 1 2 .
D en om . $500.
D a t e M a y 15 1 9 1 8 .
I n t . s e m i- a n n ., p a y a b le
a t P e n sa co la .
D u o M a y 15 1 9 3 8 , s u b j e c t t o c a ll $ 2 , 5 0 0 b e g . M a y 15 1 9 1 9 .
E S P A R T O , Y o l o C o u n t y , C a l i f . — BONDS VOTED.— R o p o r t s s t a t e
t h a t a p r o p o s i t io n t o is s u e 8 1 2 ,0 0 0 W a t e r D i s t r i c t N o . 1 b o n d s c a r r ie d , i t is
s t a t e d , a t an e le ctio n M a y 7 b y a v o t o o f 53 to 2 .
E S S E X C O U N T Y ( P . O . N e w a r k ) , N . 3 .— TEMPORARY LOAN.—
O n M a y 2 2 t h e t e m p o r a r y lo a n o f $ 1 , 0 0 0 , 0 0 0 , d a t e d M a y 2 4 a n d m a t u r in g
D o c . 2 3 — V . 1 0 0 , p . 2 1 4 5 — -w a s a w a r d e d t o J . S . R i p p c l & C o . o f N e w a r k
a t 5 .1 4 % in t.
O th e r b id d e r s w e re :
N a t i o n a l C i t y C o . , N . Y _____5 . 5 0 % I A . B . L o a c h & C o . , N . Y - . 5 . 2 0 %
S . N . B o n d & C o . , N . Y _____5 . 4 0 % |
E U C L I D , C u y a h o g a C o u n t y , O hio.— BONDS A W A R D E D I N PART.
— O n M a y 1 3 , i t is s t a t e d , S e a s o n g o o d & M a y e r o f C i n c i n n a t i w e r e a w a r d e d
0 o f t h o 8 is su e s o f 6 % c o u p o n s t r e e t a n d s o w e r b o n d s , a g g r e g a t i n g $ 0 3 ,1 3 7 ,
f o r $ 6 4 ,8 9 3 , e q u a l t o 1 0 2 .7 7 1 ( V . 1 0 0 , p . 1 7 0 9 ).
F A I R F A X , G r e g o r y C o u n t y , S o . D a k . — BOND SALE.— R e p o r t s s t a t o
t h a t a n is s u e o f $ 4 0 ,0 0 0 5 % 2 0 - y e a r w a t e r - w o r k s b o n d s w a s a w a r d e d t o t h e
M i n n e s o t a L o a n & T r u s t C o . o f M in n e a p o l is .
F A L L R I V E R , B r i s t o l C o u n t y , M a s s .— DESCRIPTION OF BONDS.—
T h e t h r e e is su o s o f 5 % b o n d s , a g g r e g a t i n g $ 1 5 0 ,0 0 0 , a w a r d e d t o E . I I .
R o l l in s & S o n s o f B o s t o n o n M a y 9 a t 1 0 2 .0 6 7 — a b a s is o f 4 . 6 1 % — V . 1 0 6 ,
p . 2 0 1 1 — a r e d e s c r ib e d a s f o ll o w s :
$ 4 0 ,0 0 0 p u b li c -i n a p t , b o n d s .
D u o $ 4 ,0 0 0 y e a r l y o n A p r i l 1 f r o m 1 9 1 9 t o
1928 in c l.
6 0 .0 0 0 h i g h w a y - lo a n b o n d s .
D u o $ 1 2 ,0 0 0 y e a r l y o n A p r . 1 f r o m 1 9 1 9
t o 1 92 3 i n c l.
5 0 .0 0 0 s o w e r b o n d s .
D u o $ 2 , 0 0 0 y e a r l y o n A p r . 1 f r o m 1 9 1 9 t o 1 9 3 8 in c l
a n d $ 1 ,0 0 0 y e a r l y o n A p r . 1 f r o m 1 9 3 9 t o 1 9 4 8 i n c l.
D e n o m . $ 1 ,0 0 0 o r m u l t i p l e s .
I n t . s e m i- a n n . ( A . & O . ) .
F L O R E N C E , D o u g l a s C o u n t y , N e b . — BONDS VOTED.— O n M a y
a p r o p o s i t i o n t o is s u e $ 3 5 ,0 0 0 f ir e - h o u s o b o n d s c a r r ie d , i t is s t a t e d .
7
F O R T L A U D E R D A L E , B r o w a r d C o u n t y , F l a . — BOND OFFERING
G . W . H a ll, C i t y C l e r k , w ill r e c e i v e b i d s u n t i l 7 :3 0 p . m . J u n o 1 8 , i t is
s t a t e d , f o r $ 3 5 ,0 0 0 6 % 2 0 - y e a r p a r k b o n d s .
D a to M a y 1 1918.
F O R T W A Y N E , A l l e n C o u n t y , I n d . — BONDS PROPOSED.— I t is
s t a t e d t h a t $ 4 0 ,0 0 0 4 'A% p a r k - s i t e p u r c h a s i n g b o n d s a r e u n d e r c o n s i d e r a
tio n .
F R E E P O R T , H a r r i s o n C o u n t y , O h i o . — BONDS VOTED.— R e p o r t s
s t a t o t h a t a p r o p o s i t io n t o is s u o $ 1 3 ,0 0 0 w a t e r s u p p l y s y s t e m b o n d s c a r r ie d
a t a r o c e n t e le ctio n b y a v o t o o f 108 t o 6 .
.
_
G E A U G A C O U N T Y ( P . O . C h a r d o n ) , O h i o . — BOND OFFERING _
P r o p o s a l s w ill b e r e c e iv e d b y I I . E . L e a c h , C o u n t y A u d i t o r u n t il 12 m
J u n o 10 f o r $ 8 ,3 0 0 5 % C h e s t e r T w p . i m p t . b o n d s .
D e n o m . 3’ fo r $5 0 0 a n d
17 f o r $ 4 0 0 .
P r m . a n d s e m i- a n n . i n t . ( M . & 8 . ) p a y a b l e a t t h o C o u n t y
T re a su re r s o ffic e .
D u e $ 8 0 0 y e a r l y o n S e p t . 1 f r o m 1 9 1 9 t o 1 9 2 6 incl
$ 5 0 0 S e p t . 1 1927 a n d $ 1 , 0 0 0 S e p t 1 1 9 2 8 .
C e rt, ch e c k fo r 1 0 % o f th e
a m o u n t o f b o n d s , p a y a b le t o th o C o u n t y T r e a s u r e r , re q u ire d .
GLENDALE IMPROVEMENT D ISTR IC T NO. 1 (P. O. G lendale),
Los Angeles C ounty, Cal.— BOND SALE.— D u r in g M a y L . C . B r a n d o f
G le n d a le w a s a w a r d e d a t p a r a n d i n t . a n is s u o o f $ 5 5 ,5 0 0 5 1 4 % 5 - 4 0 - y e a r
s e r ia l w a t e r - p l a n t p u r c h a s o b o n d s .
D e n o m . $ 1 ,0 0 0 .
In t. J . & J.
GLOUCESTER, Essex C ou n ty, Mass.— TEMPORARY L O A N — O n
M a y 2 3 a t e m p o r a r y loan o f $ 5 0 ,0 0 0 , d a t e d M a y 2 7 a n d m a t u r in g M a y 1
1 9 1 9 , w a s a w a rd e d t o B la k o B r o s . & C o . o f B o s t o n a t a 5 .1 5 % d is c o u n t.
It is s t a t o d .
GUTTENBERG, Hudson C oun ty, N. J.— BONDS A U T H O R IZE D __
A n o r d l n a n c o h a s b e e n p a s s e d a u t h o r i z in g t h o I s s u a n c e o f n o t e x c e e d
i n g $ 5 5 ,0 0 0 5 % r e fu n d i n g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t o J u lv 1 1918
In t. J. & J.
D u o $ 2 ,0 0 0 y e a r l y o n J u l y 1 f r o m
1 9 1 9 t o 1 9 2 3 in c l
a n d $ 3 ,0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 4 t o 1 9 3 8 , i n c l .
W m , J B r o m l e y is
T o w n C le rk .
HAGERSTOWN, W ashington C ou n ty, Md.— BOND OFFERING .—
P r o p o s a l s w ill b o r e c e iv e d b y W i ll ia m L o g a n T a x C o l l e c t o r , u n t il 12 m .
M a y 2 7 f o r t h o $ 8 5 0 ,0 0 0 5 % . c <?u P ° n w a t e r b o n d s r e c e n t ly a u t h o r i z e d —
V . 100, p . 20 4 1 .
D c n o m s . 2 0 0 fo r $ 5 0 0 a n d $ 7 5 0 fo r $ 1 ,0 0 0 .
D a to on or
a b o u t M a y 31 1 9 1 8 .
P r i n . a m i s e m i- a n n . i n t . — A . & O . — p a y a b l o a t t h o
o ffic e o f th e T a x C o lle c to r .
D u o $ 1 7 ,0 0 0 y e a r l y o n O c t . 1 f r o m 1 9 3 8 t o
1 9 8 7 . i n c l.
C e r tifie d c h e c k fo r 2 % o f th o a m o u n t o f b o n d s b id f o r , p a y
a b lo t o a b o v e C o lle c to r , re q u ire d .
T h o is su o h a s b e e n a p p r o v e d b y t h o
C a p it a l I s s u e s C o m m i t t e e o f t h o F e d e r a l R e s e r v e B o a r d .
B onded debt
( n o t i n c l. t h is is s u e ), $ 4 6 8 ,0 0 0 .
A s s e s s e d v a l u a t i o n ( e s t . ) , $ 1 8 ,0 0 0 ,0 0 0 .
HAMILTON COUNTY (P. O. N oblesville), In d .— NO S A L E — No
s a le w a s m a d e o f a n is s u e o f $ 7 , 2 0 0
AA % r o a d b o n d s , o f f e r e d o n M a y 1 6 .
HANCOCK COUNTY (P. O. F indlay), O h io.— BONDS NOT SOLD.__
T h o f o l l o w i n g b i d s , b o t h o f w h ic h w e r o c o n d i t io n a l a n d -were t h e r e fo r e
r e j e c t e d , w e r e r e c e iv e d f o r SI 1 7 ,8 0 0 5 % h i g h w a y b o n d s , o f f e r e d o n M a v 7B u c k e y e N a t . B k . . F i n d l ’ y . S l 1 8 , 0 0 0 1F . C . H o e h l c r & C o . , T o I . _ $ 1 1 7 , 9 7 5
HAPPY VALLEY IRRIGATION DISTR IC T (P. O. O linda), Shasta
C ou n ty, Cal.— BOND ELECTION.— A n e l e c t i o n w ill b o h e ld J u n o 7 t o
v o to on
r o c o n t ly
t h o q u e s t i o n o f is s u in g $ 6 1 5 ,0 0 0
a u th o r iz e d .— V . 1 0 6 , p . 1380.
/ q ouiuw i UUI1UH IUI
D a to A p r. 1 1918.
i r r ig a t io n
c o n s tr u c tio n
bonds
t 0«)» MI Udl IU
I n t . a n n . in A p r i l .
D u o A p r. 1 1928.
IIA R TW IC K INDEPENDENT SCHOOL D ISTR IC T (P. O. Hartw ick), Powesheik C ou n ty, Iow a. — BOND ELECTION .— A p r o p o s i t i o n
t o is s u o $ 2 0 ,0 0 0 s c h o o l b o n d s w ill b o s u b m i t t e d t o t h o v o t e r s o n M a y 3 1 .
J . f E . '. I 'o u l k o is S e c r e t a r y o f B o a r d o f D i r e c t o r s .
2249
H A S T I N G S S C H O O L D I S T R I C T (P . O . H a s t in g s ) , A d a m s C o u n t y ,
N e b . — BOND OFFERING.— F u r t h e r d e t a i ls a r e a t h a n d r e la t i v e t o t h e
o f f e r i n g o n M a y 2 7 o f t h e $ 1 0 0 ,0 0 0 1 0 - 2 0 - y e a r ( o p t . ) s c h o o l b o n d s , a t n o t
e x c e e d i n g 6 % in t e r e s t — V . 1 0 6 , p . 2 1 4 5 .
P r o p o s a l s w ill b e r e c e i v e d u n t il
12 i n . o n t h a t d a y b y H e n r y E . D a v i d s o n , S e c r e t a r y B o a r d o f E d u c a t i o n ,
a t th e S ta te T re a s u re r’s o ffic e .
C e rt, ch e ck fo r 2 A % o f th e a m o u n t o f
b o n d s b id f o r p a y a b l e t o t h o a b o v e S e c r e t a r y , r e q u i r e d .
T ota l bon d ed
d e b t O c t . 3 1 9 1 7 , $ 2 4 0 ,0 0 0 .
T a x l e v y v a l . 1 9 1 7 ( 1 -5 a p p r a i s e d ) , $ 2 ,
2 4 6 ,0 0 0 .
P o p u l a t i o n 1 9 1 6 ( e s t . ) , 1 2 ,5 0 0 .
H A Z L E T O N C I T Y S C H O O L D I S T R I C T (P . O . H a z le t o n ), L u z e r n e
C o u n t y , P a . — BONDS VOTED.— A t t h o e l e c t i o n h e ld M a y 2 1 — V . 1 0 6 ,
p . 2 1 4 5 — t h e p r o p o s i t i o n t o s s u e $ 2 0 0 ,0 0 0 s c h o o l b o n d s c a r r ie d b y a v o t e
o f 1 ,4 4 2 t o 3 9 5 , i t is s t a t e d . — V . 1 0 6 , p . 2 1 4 5 .
H I G H L A N D P A R K , W a y n e C o u n t y , M i c h . — BOND OFFERING .—
D.
C . G o w l in g , C i t y C l e r k , w ill r e c e i v e b i d s u n t il 8 p . m . J u n e 3 , i t is
s t a t e d , f o r $ 2 1 7 ,6 8 6 2 0 - y e a r i m p t . b o n d s a t n o t e x c e e d i n g 5 % i n t .
In t
s e m i- a n n .
C e r t , c h e c k fo r $ 5 0 0 r e q u ir e d .
H IL L C O U N T Y S C H O O L D IS T R I C T N O . 1 (P . O . H a v r e ), M o iu 7= BOND ELECTION.— A n e l e c t i o n w ill b e h e ld t o - d a y ( M a y 2 5 ) t o v o t e o n
t h e q u e s t i o n o f is s u in g $ 2 ,0 0 0 s c h o o l b l d g , a n d e q u i p , b o n d s .
H IL M A R C O L O N Y U N IO N H IG H S C H O O L D IS T R I C T , M e rce d .
C o u n t y , C a l . — BOND SALE.— I t is r e p o r t e d t h a t C y r u s P i e r c e & C o . o f
S a n F r a n c i s c o w e r o a w a r d e d S 2 5 .0 0 0 5 A % s h c o o l b o n d s .
H U M B O L D T S C H O O L D I S T R I C T (P . O . H u m b o ld t ), H u m b o ld t
C o u n t y , I o w a . — BOND SALE.— O n F e b . 21 t h e B a n k e r s ' M o r t g a g e C o .
o f D e s M o i n e s w a s a w a r d e d a t p a r t h e $ 1 0 0 ,0 0 0 s c h o o l b o n d s r e c e n t l y
a u th o r iz e d — V . 1 0 6 , p . 1 4 8 9 .
D e n o m . $ 1 ,0 0 0 .
D a te M a r. 1 1918.
In t. M . & S.
D u e y e a r l y o n M a r . 1 f r o m 1 9 2 2 t o 1 9 3 8 . i n c l.
I R O N T O N , L a w r e n c e C o u n t y , O h i o . — BONDS AU TH O RIZED . — A n
o r d i n a n c e w a s p a s s e d A p r . 2 6 a u t h o r i z in g t h e i s s u a n c o o f $ 1 ,4 0 0 5 % f i r e d ep a rtm en t b o n d s.
D en om . $140.
D a to M a y
15 1 9 1 8 .
P r in . a n d
s e m i- a n n . i n t . ( M . & N . ) p a y a b lo a t t h e S e c o n d N a t . B a n k o f I r o n t o n .
D u e S 1 4 0 y e a r l y o n M a y 15 f r o m 1 9 1 9 t o 1 9 2 8 i n c l .
" " J E F F E R S O N V I L L E ~ T vvi g g s ' C o u n t y , " ’ G ^ M w W d ~OFFF.RING~^S e a le d b id s w ill b e r e c e iv e d u n t i l 9 a . m . J u n e 1 b y A . K . S m i t h , C i t y C l e r k
a n d T r e a s u r e r , f o r $ 1 5 ,0 0 0 6 % w a t e r - w o r k s a n d l ig h t i n g b o n d s .
D a te
Ju n o 1 1918.
In t. J . & D .
D u e $5 0 0 y e a r ly o n D e c . 1 fr o m 1918 t o 19 4 7 ,
in c l.
C e r t , c h e c k fo r 5 % r e q u ir e d .
J E N N I N G S T O W N S H I P ( P . O . A l q u i n a ) , I n d . — BOND OFFERING.
— S e a le d b i d s w ill b e r e c e iv e d u n t il 1 p . m . J u n o 15 b y Q u i n c y P r i c e ,
T o w n s h ip T r u s te e , fo r $ 3 ,4 0 0 5 % b o n d s .
I n t e r e s t s e m i- a n n u a l .
D ue
$ 2 1 2 5 0 e a c h s ix m o n t h s from ^ J_une 1 . W 9 1 9 t o D e c . 15 1 9 2 6 , i n c lu s i v e .
J U A N I T A , A d a m s C o u n t y , Neh.— BOND SALE.— O n M a y 1 5 t h e
$ 6 ,8 0 0 6 % 1 - 1 0 - y e a r s e r ia l b o n d s — V . 1 0 6 , p . 1 8 1 9 -— w e r e a w a r d e d t o t h e
H a s t in g s ( N e b . ) C o l l e g e a t p a r a n d i n t .
K A L I D A , P u t n a m C o u n t y , O h i o . — BOND SALE.— T h e W m . R .
C o m p t o n C o . o f C i n c i n n a t i w a s a w a r d e d t h e $ 4 , 0 0 0 6 % 8 - 1 5 - y e a r s e r ia l
c o u p o n s t r e e t - r e p a i r in g b o n d s o f f e r e d o n A p r i l 2 9 — V . 1 0 6 , p . 1 7 1 0 — f o r
$ 4 ,0 5 2 4 0 , e q u a l t o $ 4 ,0 5 2 4 0 .
K E N M O R E , E r i e C o u n t y , N . Y .— BOND OFFERING.— P r o p o s a l s
w ill b e r e c e i v e d , i t Is s t a t e d , b y E . W . J o h n s t o n , V i l la g e C l e r k , u n t il 8
I n t . s e m i- a n n .
C ert,
p . m . M a y 2 8 f o r $ 1 7 ,7 7 5 5 A % s e w e r b o n d s .
c h e c k fo r 5 % r e q u ir e d .
K E N T , P o r t a g e C o u n t y , O h i o . — BOND SALE.— T h e $ 9 , 0 0 0 6 % c o u
p o n s t r e e t - i m p t . b o n d s o f f e r e d o n M a y 18— V . 1 0 6 , p . 1 9 3 1 — w e r e a w a r d e d
t o W e i l , R o t h & C o . o f C i n c i n n a t i f o r $ 9 ,3 7 2 6 0 — 1 0 4 .1 4 — a n d i n t .
O th e r
b id d e r s w e re :
W m . R . C o m p t o n C o . , C i n . $ 9 ,3 4 2 5 0 R u d o l p h K l e y b o l t e C o . , C i n .$ 9 ,2 7 7 7 7
G ra v e s , B la n c h e tt & T h o r n S e a s o n g o o d & M a y e r , C i n . 9 .2 7 7 0 0
b e r g , T o l e d o _______________ 9 , 3 2 4 6 0 S p i t z e r , R o r i c k & C o . , C i n . 9 , 2 3 7 5 0
F . C . H o e h le r & C o . , T o L . 9 ,3 0 1 2 0 D u r f e e , N ile s & C o . , T o l e d o 9 ,2 1 2 8 0
T i l l o t s o n & W o l c o t t , C i n e . 9 , 2 9 5 2 0 H a n c h e t t B o n d C o . , C h i c . 9 ,2 1 1 0 0
P r o v . S . B . & T r . C o . , C i n . 9 ,2 8 3 5 0 F i e l d , R i c h a r d s & C o . . C i n . 9 ,1 1 7 0 0
K E N T O N , H a r d i n C o u n t y , O h i o .— BOND SALE.— O n ~ M a y . 1 5 t h e
$ 2 8 ,0 0 0 6 %
1 0 - 3 0 - y c a r se ria l c o u p o n r e f u n d i n g ‘ b o n d s — V . 1 0 6 , p 1 8 1 9 —
w e r o a w a r d e d t o W e i l, R o t h & C o . o f C i n c i n n a t i fo r $ 2 9 ,9 1 8 ( 1 0 6 . 8 5 ) a n d
in t.
O th e r b i d d e r s w e r e :
S e a s o n g o o d & M a y e r , C i n e . $ 1 ,9 1 0 0 0 J . C . M a y e r & C o . , C i n e . . $ 1 , 4 0 2 0 0
S i d n e y S p it z e r & C o . , T o l . 1 ,7 1 9 0 0 B r e e d , E l l i o t t & H a r r i s o n ,
P r u d d c n & C o . , T o l e d o ___ 1 ,6 0 3 0 0
C i n c i n n a t i ________________ 1 ,2 6 8 4 0
W m . R . C o m p t o n C o . , C i n . 1 ,5 6 5 0 0 E .
H . R o l l in s & S o n s , C h i c . 1 ,2 3 5 0 0
K e n t o n N a t . B a n k , K e n t o n 1 ,5 6 0 0 0 D u r f e e , N il e s & C o . , T o l e d o 1 ,2 1 4 0 0
S t a c y B r a u n & C o . , T o l e d o 1 ,5 2 0 0 0 A . E . A u b & C o . , C i n c i n n a t i 1 ,1 3 0 0 0
F . C . H o e h le r & C o . , T o l . . 1 ,4 7 1 2 5 W . L . S l a y t o n & C o . , T o l _ . 1 ,0 5 8 4 0
P r o v i d e n t T r u s t & S a v in g s
A m e s , E m e rich & C o ., C h i
B a n k . C i n c i n n a t i _________ 1 ,4 4 7 6 0
c a g o ( f o r 5 A s ) -----------------636 00
KINGSBURG, F r e s n o C o u n t y , C a l i f . — BOND OFFERING.— A c c o r d
in g t o r e p o r t s p r o p o s a l s w ill b e r e c e iv e d u n t il 5 p . m . M a y 2 7 b y H . E .
V e r b l e , C i t y C l e r k , f o r $ 2 7 ,0 0 0 6 % 1 - 4 0 - y e a r s e r ia l s e w e r b o n d s .
In t.
A . & O.
C e r t , c h e c k fo r 1 0 % r e q u ir e d .
LAKELAND, P o l k C o u n t y , F l a . — NO BOND ELECTION.— I n r e p l y
t o o u r in q u i r y a s t o t h o r e s u lt o f t h o e l e c t i o n w h ic h w a s r e p o r t e d t o h e
b e e n h e ld M a y 14 t o v o t e o n t h o q u e s t i o n o f is s u in g $ 2 0 0 ,0 0 0 g a s - p l a n t
b o n d s — V . 1 0 6 , p . 2 0 4 2 — t h o C i t y C l e r k w r it e s u s a s f o l l o w s :
" A n s w e r in g y o u r i n q u i r y I w ill a d v i s e t h a t t h e r e h a s s o m e h o w a r is e n
a n e r r o r , a s w e w e r e n o t v o t i n g o n t h e is s u a n c e o f a n y b o n d s , b u t w e r o
r a t i f y i n g a p r o p o s e d a m e n d m e n t t o o u r c i t y c h a r t e r , w h ic h a m e n d m e n t
g i v e s t h e C i t y C o m m i s s io n e r s t h e r ig h t t o p u r c h a s e , o w n , o p e r a t e a n d
m a in t a in a g a s p l a n t : a n d t o b o n d f o r s u c h a p l a n t in a s u m n o t t o e x c e e d
$ 2 0 0 ,0 0 0 .
T h e r e is n o p r o b a b i l i t y o f a n e l e c t i o n t o v o t e t h is $ 2 0 0 ,0 0 0
b e i n g c a l le d , a s t h e b o n d m a r k e t f o r m u n i c ip a l b o n d s is n o t v e r y e n c o u r a g
in g f o r a g o o d s a le .
T h e r e is n o t h i n g d e f in it e o n t h is m a t t e r a t p r e s e n t .
I t m a y b e y e a r s b e f o r e a n e l e c t i o n is c a l le d : b u t t h e l o c a l c ir c u m s t a n c e s
w ill d e t e r m in e i t , a n d t h e e l e c t i o n m a y b e c a l le d in a f e w w e e k s .
T h ere
is a f i g h t o n h e r e w it h t h e g a s c o m p a n y t h a t o w n s t h e l o c a l p l a n t . ”
LAKELAND, Polk C oun ty, Fla.— BOND SALE.— D u r in g F e b r u .i r y an
is s u e o f a b o u t $ 2 0 0 ,0 0 0 6 % fu n d i n g i m p t . b o n d s w a s a w a r d e d t o S i d n e y
S p it z e r & C o . o f T o l e d o a t p a r a n d i n t .
D e n o m . $ 1 ,0 0 0 .
D a te F e b . 1
1918.
In t. F . & A .
D u e y e a r l y f r o m 1 9 1 9 t o 1 9 2 8 i n c l.
A lik e a m o u n t
o f b o n d s w a s r e p o r te d s o ld d u r in g J a n u a r y t o th e a b o v e b a n k e r s .— V . 1 06 ,
p . 518.
“ LAKE SCHOOL DISTRICT, G len C ou n ty, C al.— BO N D OFFERING
P r o p o s a l s w ill b e r e c e iv e d b y W . I I . S a le . C o u n t y C l e r k ( P . O . W i ll o w s )
u n t il 10 a . m . J u n o 3 f o r $ 1 4 ,0 0 0 5 % c o u p o n s c h o o l l o t s , b u i l d in g a n d
fu r n is h in g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te M a y 1 1918.
P r i n . & s e m ia n n . in t. ( M . & N .) p a y a b le a t t h e C o u n t y T r e a s u r e r ’s o f fic e .
D u o S 1 .0 C 0
y e a r l y o n M a y 1 f r o m 1 9 2 5 t o 1 9 4 8 i n c l.
C e r t , c h e c k o n a r e s p o n s i b le
C a li f o r n ia B a n k f o r 5 % o f t h e a m o u n t b i d . p a y a b l e t o C h a ir m a n o f t h e
B d . o f S u p e r v is o r s o f a b o v e c o u n t y , r e q u i r e d .
B o n d s t o b e d e l iv e r e d
a n d p a i d f o r w it h in 10 d a y s f r o m t i m e o f a w a r d .
LANCASTER, Fairfield C oun ty, O h io. — BOND SALE.— T h e ’ S in k
i n g F u n d C o m m i s s io n h a s p u r c h a s e d , i t is s t a t e d , $ 5 ,3 1 9 4 5 s t r e e t impt.,
$ 4 , 0 0 0 b o i le r p u r c h a s e a n d $ 3 ,0 0 0 r e fu n d i n g a n d d e b t - e x t e n s i o n b o n d s r e
c e n t ly a u th o riz e d
LAUDERDALE COUNTY SUPERVISORS DISTR IC T NO. 2 (PTIT.
M e r i d i a n ) , M i s s . — BOND OFFERING.— A d d i t i o n a l i n f o r m a t i o n is a t h a n d
r e la t i v e t o t h e o f f e r i n g o n J u n e 4 ( n o t J u n o 3 a s f ir s t r e p o r t e d ) o f t h o $ 2 0 ,0 0 0
6 % bon d s.
V . 106, p . 21 4 5 .
P r o p o s a l s f o r t h e s e b o n d s w ill b o r e c e iv e d
u n til 2 p . m . o n th a t d a y b y W m . R . P is t o lo , C h a n c e r y C le r k .
D enom .
$500.
D a te A p r. 1 1918.
I n t . a n n u a l ly o n A p r . 1, p a y a b l e a t t h e C o u n t y
T r e a s u r e r ’s o f f i c e .
D u e $ 1 ,0 0 0 y e a r l y o n A p r . 1 f r o m 1 9 2 3 t o 1 9 4 2 i n c l .
C e r t , c h e c k o n a n y b a n k in M e r id i a n f o r $ 2 0 0 r e q u i r e d .
O f f ic i a l c ir c u l a r
s t a t e s t h a t t h e r e is n o c o n t r o v e r s y o r l it i g a t io n p e n d in g o r t h r e a t e n e d
a f f e c t i n g c o r p o r a t e e x i s t e n c e o r b o u n d a r ie s o f s a i d d i s t r i c t .
Financial Statement.
T o t a l b o n d e d d e b t o f d i s t r i c t _______________________________________________ $ 2 0 ,0 0 0
A s s e s s e d v a l u a t i o n , r e a l e s t a t e ____________________________________________ 4 5 6 ,9 7 5
A s s e s s e d v a l u a t i o n , p e r s o n a l _______________________________________________ 1 5 9 ,3 4 0
A s s e s s e d v a l u a t i o n r a ilr o a d s ( e s t . ) _______________________________________ 1 5 1 ,8 3 5
T o t a l a s s e s s e d v a l u a t i o n . 1 9 1 7 ........................................................................ - - - . 7 6 8 ,1 5 0
LEWIS AND CLARK COUNTY SCHOOL DISTR IC T NO. 9 (P777.
East Helena), M ont.— BOND SALE.— O n M a y 13 t h e $ 8 , 0 0 0 6 % s c h o o l
b o n d s , d a te d M a y 1 191 8— V . 106 , p . 1819— w e ro a w a rd e d t o th e M o n ta n a
T r u s t & S a v . B a n k o f H e le n a , a t p a r a n d i n t . le ss $ 8 0 f o r f u r n is h in g b o n d s .
[Vol. 106
THE CHRONICLE
2250
& c.
D u e $ 2 , 0 0 0 1 9 2 1 , s u b j e c t t o c a ll 1 9 2 0 , $ 2 ,0 0 0 1 9 2 2 , s u b j e c t
1 9 2 1 , $ 2 , 0 0 0 1 9 2 3 , s u b j e c t t o c a ll 1 9 2 2 a n d $ 2 , 0 0 0 1 9 2 4 , s u b j e c t
1923.
O t h e r b id d e r s w e r e :
B e l l a m I n v e s t . C o . , D e n v e r , $ 8 ,0 5 0 a n d in t e r e s t le ss c o s t o f b o n d s .
W e l l s - D i c k e y C o . , M i n n e a p . , $ 8 , 0 0 0 a n d i n t e r e s t le ss $ 1 3 5 f o r c o s t o f
M o n t a n a S t a t e a n d L a n d B o a r d , H e le n a , $ 8 , 0 0 0 a n d i n t . le s s c o s t o f
t o c a ll
t o c a ll
b on d s.
b on d s.
C O U N T Y S C H O O L D I S T R I C T N O . 5 6 , W ash.— BOND
OFFERING.— R e p o r t s s t a t o J . E . K a u g h t , C o u n t y T r e a s u r e r ( P . O .
C h e h a l is ) w ill r e c e i v e b i d u n t il 1 p . m . J u n o 8 f o r $ 2 , 5 0 0 6 % 2 - 5 - y e a r ( o p t . )
sch ool b on d s.
I n t . s e m i- a n n .
L E W IS
L IM A , A lle n
C o u n t y , O h i o . — BOND S A L E — T h e S in k in g F u n d
T r u s t e e s h a v e p u r c h a s e d t h o $ 1 9 ,0 0 0 1 - 1 9 - y e a r s e r ia l 5 4 3 % w a t e r m a in
b o n d s r e c e n t ly a u t h o r iz e d .— V . 1 0 6 , p . 2 0 4 2 .
L O C K P O R T , N i a g a r a C o u n t y , N . Y .— BOND OFFERING.— P r o p o s a l s
w ill b o r e c e iv e d b y E . H . B o y n t o n , C i t y T r e a s u r e r , u n t il 12 m . M a y 2 4
( d a t o c h a n g e d f r o m M a y 2 1 .— V . 1 0 6 , p . 2 1 4 5 ) f o r $ 2 5 ,7 0 0 p u m p i n g - s it e
bon d s.
I n t e r e s t t o b o n a m e d in b i d .
D e n o m . $ 1 ,2 8 5 .
D a t o M a y 14
1918.
P r i n . a n d s e m i- a n n . i n t . ( J . & J . ) p a y a b l o a t o f f i c e o f t h e C i t y
T reasu rer.
D u e $ 1 ,2 8 5 y e a r l y o n J a n . 2 f r o m 1 9 1 9 t o 1 9 3 8 , i n c h
C ert,
c h e c k o n a s o l v e n t b a n ic in g i n s t it u t i o n f o r 2 % o f t h e a m o u n t o f t h e b o n d s
b i d f o r , p a y a b l e t o t h e “ C i t y o f L o c k p o r t , ” r e q u ir e d .
B o n d e d d e b t (in c l.
t h is is su e ) M a y 2 0 1 9 1 8 , $ 8 8 3 ,7 4 0 .
A s s e s s e d v a l u a t i o n 1 9 1 7 , $ 1 2 ,2 8 7 ,0 0 0 .
T o t a l t a x r a t e ( p e r $ 1 ,0 0 0 ) $ 3 6 9 5 .
L O G A N C O U N T Y ( P . O . B e l i e f o n t a i n e ) , O h i o . — BOND SALE.—
R e p o r t s s t a t e t h a t t h o S t a t e I n d u s t r i a l C o m m i s s io n o f O h io h a s p u r c h a s e d
$ 9 0 ,0 0 0 r o a d b o n d s .
M A C O N , B i b b C o u n t y , G a .— BOND ELECTION.— R e p o r t s s t a t o t h a t
a n e l e c t i o n w ill b o h o l d M a y 2 8 t o v o t e o n t h o q u e s t i o n o f is s u in g $ 1 6 ,0 0 0
S e p tic ta n k s y s te m b o n d s .
M A D I S O N C O U N T Y ( P . O . A n d e r s o n ) , I n d . — BOND OFFERING.—
S e a le d b i d s w ill b o r e c e iv e d u n t il 10 a . m . t o - d a y ( M a y 2 5 ) b y S . D . V a n
P o t t o n , C o u n t y , T r e a s u r e r , f o r t h o f o ll o w i n g 4 4 3 % L e w is E . F a d l o y o ta l
g r a v e l r o a d a n d ir n p t . b o n d s : $ 1 0 ,0 0 1 S c r ie s A ; S 1 0 .0 0 0 S e r ie s B ; $ 1 0 ,0 0 0
S e r ie s C ; $ 1 0 ,0 0 0 S e r ie s D ; $ 1 0 ,0 0 0 S e r ie s E : S ie.O O O S e r ie s F ; a n d $ 1 3 ,6 0 0
S e r ie s G .
D e n o m . $ 3 ,6 8 0 .
D a te M a y 25 1918.
I n t . s e m i- a n n .
D ue
$ 3 , 6 8 0 e a c h s ix m o n t h s f r o m M a y 1 5 1 9 1 9 t o N o v . 15 1 9 2 9 , i n c l.
The
o f f i c ia l a d v e r t i s e m e n t s t a t e s t h a t t o e n a b le i m m e d i a t e d e l i v e r y o f b o n d s
o n d a y o f s a le , e a c h t r a n s c r ip t w ill h a v o a t t a c h e d t o it a w r i t t e n o p i n i o n
o f S m i t h , R e m s t e r , H o r n b r o o k & S m i t h , a t t o r n e y s , c o s t o f s a m e t o ho
P a id b y p u r c h a s e r in a d d it i o n t o t h o a m o u n t o f h is b i d .
B la n k s f o r b i d d i n g
w ill b o f u r n is h e d b y S t a t o B o a r d o f A c c o u n t s .
P u rch a ser to p a y a ccru ed
in t e r e s t .
M A D IS O N S C H O O L D I S T R I C T (P . O . M a d is o n ), Y o l o C o u n t y ,
C a l i f . - BONDS VOTED.— T h o q u e s t i o n o f is s u in g $ 5 ,0 0 0 s c h o o l b o n d s
c a r r ie d , i t Is s t a t e d , b y a v o t e o f 18 t o 0 a t a n e l e c t i o n h e l d M a y 9 .
M A N S F I E L D , R i c h l a n d C o u n t y , O h i o . — BONDS AUTHORIZED .—
T h o C i t y C o u n c il p a s s e d a n o r d i n a n c e o n M a y 7 a u t h o r i z in g $ 3 5 ,0 0 0 6 %
J - 2 0 - y e a r s e r ia l f ir e a p p a r a t u s b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te Ju n o 1
1918.
P r i n c ip a l a n d s e m i-a n n u a l in t e r e s t p a y a b l o a t t h o o f f i c e o f t h o C i t y
T reasu rer.
W . W . C a r t e r is C l e r k o f C o u n c i l .
M A P L E S H A D E F I R E D I S T R I C T (P . O . P h ila d e lp h ia ) , P h ila
d e l p h i a C o u n t y , P a . — BONDS VOTED.— P a p e r s s t a t o t h a t a p r o p o s i t i o n
t o i s s u e $ 6 ,0 0 0 f i r e - h o u s e b o n d s h a s b e e n v o t e d .
M A R I O N C O U N T Y ( P . O . I n d i a n a p o l i s ) , I n d . — BOND SALE .—
T h o M e y e r - K i s e r B a n k o f I n d i a n a p o li s w a s a w a r d e d a t p a r , t h e $ 7 3 ,0 0 0
4 4 3 % 2 0 - y e a r h i g h w a y i m p t . b o n d s o f f e r e d o n M a y 1 0 .— V . 1 0 6 , p . 1 9 3 2 .
M E E K E R C O U N T Y ( P . O . L i t c h f i e l d ) , M i n n . — BOND OFFERING .—
P r o p o s a l s w ill b o r e c e iv e d , i t is s t a t e d , u n t il 2 p . m . J u n e 12 b y A . O .
P a l m q u i s t , C o u n t y A u d i t o r , f o r $ 3 0 ,0 0 0 p u b l i c d r a i n a g o d i t c h a n d $ 3 0 ,0 0 0
c o u n t y fu n d in g 6 % b o n d s .
C e r t , c h e c k fo r 1 0 % re q u ire d .
N E W A R K , N . J . — BOND OFFERING.— P r o p o s a l s w ill b e r e c e iv e d b y
A . A r c h i b a l d , D i r e c t o r o f R o v e n u o a n d F i n a n c e u n t i l 11 a . m . M a y 2 8
f o r $ 3 ,0 0 0 ,0 0 0 ta x a n t ic ip a tio n b o n d s .
A u th . C h a p . 192, L a w s 1917.
D a to Ju n o 1 1918.
D u o D e c . 1 1918T h o b o n d s m a y b o r e g is t e r e d u p o n
re q u e st o f th o p u rch a se r o r h o ld e r .
I n t e r e s t r a t e t o b o n a m e d in b i d .
B o n d s w ill b e d e l iv e r e d a t C i t y C o m p t r o l l e r ’s o f f i c o o n J u n o 1 1 9 1 8 a n d
w ill b o p a y a b l o a t m a t u r i t y w i t h i n t e r e s t a t t h o C i t y T r e a s u r e r ’s o f f i c o .
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
N E W C A S T L E , F o n d d u L a c C o u n t y , W y o .— BOND OFFERING.—
M a y o r A . M . N ic h o l s w ill r e c e i v e p r o p o s a l s , i t is s t a t e d , u n t il 8 p . m .
J u n o 2 8 f o r $ 9 0 ,0 0 0 6 % w a t e r b o n d s .
I n t . s e m i- a n n .
C e r t, ch e ck fo r
1 0 % re q u ire d .
N E W H A N O V E R C O U N T Y ( P . O . W i l m i n g t o n ) , N . C o .— BOND
OFFERING PROPOSED.— P r o p o s a l s w ill s h o r t ly b o c a l le d f o r , f o r t h o $ 2 5 0 ,
0 0 0 5 % c o u p o n s c h o o l b o n u s r e c e n t ly a u t h o r i z e d — V . lOO , p . 1 6 0 0 —
D e n o m . n o t le s s t h a n $ 1 0 0 o r m o r o t h a n $ 1 ,0 0 0 .
In t. J . & J .
O ffic ia l
c ir c u l a r s t a t e s t h a t t h e r e is n o t n o r h a s t h e r e b e e n a n y l it i g a t io n w h a t e v e r
a f f e c t i n g , in a n y m a n n e r , t h i s is su e o f b o n d s , a n d t h e r e h a s n e v e r b o o n a n y
d e f a u l t in p a y m e n t o f a n y o b l ig a t io n s b y t h is c o u n t y .
N o o t h e r is s u e o f
b o n d s is c o n t e m p l a t e d a t t h is t im e .
Financial Statement.
A s s e s s e d v a l u o o f t a x a b l e s 1 9 1 7 ------------------------------------------------------------$ 2 2 ,2 1 7 ,5 7 5
E s t i m a t e d a c t u a l v a l u o o f t a x a b l o p r o p e r t y . . * ----------------------------- 4 5 , 0 0 0 , 0 0 0
T o t a l b o n d e d d e b t ( in c l u d i n g t h is i s s u e ) ____________________________
7 7 7 ,0 0 0
F l o a t i n g d e b t ( a d d i t i o n a l ) _____________________________________________
2 5 ,2 0 0
C a s h v a l u o o f s in k in g f u n d _____________________________________________
5 4 ,9 0 3
P o p u l a t i o n 1 9 1 0 , 3 2 , 0 3 7 ; e s t im a t e d 1 9 1 8 , 3 5 ,0 0 0 .
„
T a x r a t e ( p e r $ 1 , 0 0 0 ) ________________ _____________________ - ................................$ 1 2 .0 0
N E W O R L E A N S , L a . — BONDS PROPOSED.— T h o C i t y A t t o r n o y h a s
b e e n a u t h o r i z e d , i t is s t a t e d , t o p r e p a r o a r e s o lu t i o n p r o v i d i n g f o r t h o is s u
a n c e o f $ 2 5 0 ,0 0 0 r e fu n d i n g b o n d s .
N E W P O R T , N e w p o r t C o u n t y , R . I — BOND S A L E — O n M a y 2 3 t h o
$ 5 0 .0 0
5%
1 -1 0 -y e a r c o u p o n C o v i n g t o n P o i n t l a n d b o n d s — V . 1 0 6 ,
p . 2 1 4 6 — w e r e a w a r d e d , i t is s t a t e d , t o t h o A q u i d n c c k N a t io n a l B a n k o f
N e w p o r t f o r $ 5 0 ,0 5 5 , e q u a l t o 1 0 0 .1 1 .
N I C K E R S O N S C H O O L D I S T R I C T , T u l a r e C o u n t y , C a l .— BOND
SALE.— Dr. C . L . P a g o o f V i s a lia w a s a w a r d e d $ 6 ,0 0 0 6 % s c h o o l b o n d s
f o r $ 6 ,1 2 6 — e q u a l t o 1 0 2 .1 , i t is s t a t e d .
N O R T H A D A M S , B e r k s h i r e C o u n t y , M a s s .— LOAN OFFERING.—
T h o C i t y T r e a s u r e r w ill r e c e iv e b i d s u n t il 11 a . m . M a y 2 7 , it is s t a t e d , t o r
t h o p u r c h a s o a t d i s c o u n t o f a t e m p o r a r y lo a n o f $ 1 0 0 ,0 0 0 , is s u e d in a n t i c i
p a t i o n o f r o v e n u e , d a t e d M a y 2 5 a n d m a t u r in g N o v . 5 1 9 1 8 .
N O R T H D A K O T A . — BONDS PURCHASED B Y THE STATE.— T h e
f o l l o w i n g t e n is su e s o f 4 % b o n d s , a g g r e g a t i n g $ 7 8 9 ,7 0 1 18 w e r o p u r c h a s e d
d u r in g th o m o n th o f A p ril a t p a r b y th e S ta te o f N o r t h D a k o ta :
Amt.
Place Issuing Bonds.
$150X00
4 0 .0 0 0
* 1 0 0 ,0 0 0
1 0 5 .0 0 0
5 0 .0 0 0
5 .5 0 0
1 7 5 ,o b o
4 .5 0 0
1 0 0 .0 0 0
5 9 ,7 0 1 18
Purpose.
B u r le ig h C o u n t y . S e e d , g r a in & f e e d
D i v i d e C o u n t y . . S e e d , g r a in S f e e d
c
G r a n t C o u n t y __ S e e d , g r a in S fe e d
c
H e t t i n g e r C o _____S e e d , g r a in S fe e d
c
K id d e r C o u n t y . . S e e d , g r a in & fe e d
K in g s l e y S . D . 8 - B u i l d i n g
M c L e a n C o u n t y . S c e d , g r a in
C it y o f P a rk R iv .R e fu n d in g
S h e r id a n C o ______ S e e d , g r a in & f e e d
W i s e r D r a in . 2 3 B .D r a i n a g o
Date.
Due.
M ar.
1 1918 M a r . 1 1920
M a r . 1 5 1 9 1 8 M a r . 15 1 9 2 3
M ar.
1 1918 M a r . 1 1923
M ar.
1 1 9 1 8 M a r . 1 1 92 3
M ar.
1 1918 M a r . 1 1923
M a r . 15 1918 M a r . 15 1938
&
fe e d A p r .
11 91 8 A p r . 11 92 1
M a r . 15 1 9 1 8 M a r . 15 1 9 3 8
M a r . 1 1918 M a r .
1 1921
A p r . 15 1 9 1 8 A p r . l 5 ’ 2 1 - ’ 3 3
* T h e s a le o f t h e s o b o n d s h a s a l r e a d y b e e n r e p o r t e d in t h o s e c o lu m n s ;_
_
M E L B O U R N E S C H O O L D I S T R I C T (P . O . M e lb o u r n e ), B r e v a r d
C o u n t y , F l a . — BONDS VOTED.— B y a v o t o o f 7 3 t o 2 7 t h o q u e s t i o n o f
is s u in g o f $ 7 5 ,0 0 0 6 % 2 5 - y e a r se ria l h ig h s c h o o l b l d g , c a r r ie d a t a n e le c t io n
h e l d M a y 6 . T h e b o n d s w ill b e o f f e r e d in a b o u t s i x t y d a y s .
O K L A H O M A C I T Y S C H O O L D I S T R I C T (P . O . O k la h o m a ), O k la
h o m a C o u n t y , O k l a . — BONDS VOTED.— A t a n e l e c t i o n h o ld M a y 13
$2O0,OOO s c h o o l b o n d s c a r r ie d b y a v o t o o f 2 , 8 3 0 “ f o r ” t o 4 3 8 “ a g a i n s t ”
i t is s t a t e d ( V . 1 0 6 , p . 2 1 4 6 ).
M E M P H I S , S h e l b y C o u n t y , T e n n.— BOND SALE.— T h o $ 5 0 0 ,0 0 0
5 % 2 0 - y e a r a v e r , g e n e r a l l i a b i l i t y b o n d s o f f e r e d o n M a y 21 ( V . 1 0 6 , p
2 1 4 6 ) w e r e a w a r d e d o n t h a t d a y t o A . B . L e a c h & C o . o f N . Y . , i t is s t a t e d .
O R V I L L E S C H O O L D I S T R I C T (P . O . O r v ille ), V /a y n e C o u n t y ,
O h i o . — B O N D E L E C T IO N . — A n e l e c t i o n w ill b e h e l d o n J u l y 1 6 , i t is
s t a t e d , t o v o t o o n a p r o p o s i t i o n t o is s u e $ 1 2 5 ,0 0 0 l i i g h - s c h o o l - b l d g . b o n d s .
M E N D O N S C H O O L D I S T R I C T (P . O . M e n d o n ), A d a m s C o u n t y ,
**L — BOND SALE.— T h o S t a t o S a v in g s , L o a n S T r u s t C o . , o f Q u in c y w a s
c
r e c e n t l y a w a r d e d $ 2 1 ,0 0 0 o f a n is s u e o f $ 3 0 ,0 0 0 h i g h - s c h o o l - b l d g , b o n d s .
O S A G E C O U N T Y S C H O O L D I S T R I C T N O . ' 5 5 , O k l a . — P O iV D S
OFFERED B Y BANKERS.— G e o . W . S J . E . P ie r s o l C o . o f O k la h o m a C i t y
c
a r o o f f e r i n g t o i n v e s t o r s $ 1 1 ,0 0 0 6 % s c h o o l b o n d s .
D en om . $500.
D a to
M a y 3 1918.
P r i n . a n d s e m i- a n n . i n t . ( J . S J . ) p a y a b l o a t t h e F i s c a l
c
A g o n c y o f t h o S t a t o o f O k la h o m a in N . Y .
D u o M a y 3 103K .
T o ta l
b o n d e d d e b t ( in c l u d i n g t h is is s u e ), $ 1 3 ,2 0 0 .
A s s e s s e d v a l . 1 9 1 7 , $ 3 9 3 ,9 9 5 .
A c t u a l v a l . ( e s t . ) , $ 6 0 0 ,0 0 0 .
P o p u l a t i o n o f d i s t r i c t ( e s t . ) , 1 ,0 0 0 .
M I A M I C O U N T Y ( P . O . P e r u ) , I n d . — NO BIDS RECEIVED.— No
b i d s w e r o r e c e i v e d , i t is s t a t e d , f o r t h e $ 9 ,5 0 0 4 4 3 % 1 0 - y e a r h i g h w a y b o n d s ,
o ffe r e d o n M a y 8 .— V . 1 06 . p . 1 81 9.
M IS S IS S IP P I
COUNTY
D R A IN A G E
D IS T R IC T
NO.
17,
A r k .—
BONDS OFFERED B Y BANKERS.— O t is & C o . o f T o l e d o , E a s t m a n ,
D il li o n S C o . , W . C . L a n g le y S C o . a n d W e i l , R o t h S C o . o f N e w Y o r k a r o
c
c
c
o ffe r in g t o in v e s to r s $ 1 ,6 8 2 ,5 0 0 5 % b o n d s .
D e n o m s . $ 1 ,0 0 0 a n d $ 5 0 0 .
D a te F eb . 4 1918.
P r i n . a n d s e m i- a n n . ( F . & A . ) p a y a b l e a t t h e C h a s e
N a t. B ank, N . Y .
D u e y e a r l y o n A u g . I a s f o ll o w s : $ 5 1 ,0 0 0 1 9 2 3 , $ 5 4 ,0 0 0
1 9 2 4 , $ 5 6 ,0 0 0 1 9 2 5 , $ 5 9 ,0 0 0 1 9 2 6 , $ 6 2 ,0 0 0 1 9 2 7 , $ 6 5 ,o 0 0 1 9 2 8 , $ 6 8 ,0 0 0
1 9 2 9 , $ 7 1 ,0 0 0 1 9 3 0 , $ 7 5 ,0 0 0 1 9 3 1 , $ 7 9 ,0 0 0 1 9 3 2 , $ 8 3 ,0 0 0 1 9 3 3 , 8 8 7 ,0 0 0
1 9 3 4 , $ 9 1 ,0 0 0 1 9 3 5 , $ 9 6 ,0 0 0 1 9 3 6 , $ 1 0 1 ,0 0 0 1 9 3 7 , $ 1 0 6 ,0 0 0 1 9 3 8 , $ 1 1 1 ,0 0 0
1 9 3 9 , $ 1 1 6 ,0 0 0 1 9 4 0 , $ 1 2 2 ,0 0 0 1 94 1 a n d $ 1 2 9 ,5 0 0 1 9 4 2 .
T ota l bon d ed
d e b t t h is is s u e o n l y .
R e a l v a l . ( e s t .) $ 1 0 ,0 0 0 ,0 0 0 .
P o p u la tio n 1910
( C e n s u s ) , 3 0 ,4 6 8 ; 1 9 1 8 ( e s t . ) , 5 0 ,0 0 0 .
M O N R O E C O U N T Y ( P . O . M o n r o e ) , M i c h . — BONDS VOTED".— At,
a s p e c i a l e l e c t i o n h e l d M a y 6 a p r o p o s i t i o n t o is s u e $ 2 0 0 ,0 0 0 r o a d b o n d s
c a r r ie d , i t is s t a t e d , b y a m a j o r i t y o f 5 3 4 v o t e s .
P A I N E S V I L L E R U R A L S C H O O L D I S T R I C T (P . O . P a in e s v ille ),
L a k e C o u n t y , O h i o .— BOND SALE . — S e a s o n g o o d S M a y e r o f C i n c i n
c
n a t i w e r o a w a r d e d o n M a y 21 $ 9 ,0 0 0 5 4 3 % s c h o o l b o n d s f o r $ 9 , 0 2 5 2 0
0 0 0 .2 8 ) a n d in t.
D en om . $500.
D a to A p r. 1 1918.
In t. A . & O .
D u o p a r t e a c h s ix m o n t h s f r o m A p r . 1 1 9 1 9 t o O c t . 1 1 9 2 7 .
P A S S A I C , P a s s a i c C o u n t y , N . J .— BOND S A L E . — O n M a y 2 6 t h e
5 % 2 -3 0 ta x -fr e e c o u p o n c it y im p t. b o n d s — V . 106, p . 1932— w e re a w a rd e d
t o E . I I . R o llin s & S o n s o f B o s t o n f o r $ 1 6 1 ,0 0 1 ( 1 0 3 .2 0 5 ) f o r $ 1 5 6 ,0 0 0 b o n d s .
O th e r b id d e r s w ero:
Bonds to
Be Taken.
Price to
Be Paid.
Rate.
.$ 5 7 ,0 0 0
$ 1 6 1 ,1 7 9 00
1 0 2 .6 6 1
O u t w a t e r S W e l ls , J o r s e y C i t y ------------$ 1 5 7 ,0 0 0
c
1 0 1 .8 4 2
161,920 00
J . S . R i p p e r S C o . , N e w a r k ----------------. 1 5 9 ,0 0 0
c
1 0 1 .9 0 1
1 6 1 ,0 0 3 5 8
H a r r is F o r b e s & C o . , N e w Y o r k -------. 1 5 8 ,0 0 0
1 0 1 .7 9
1 6 1 ,8 4 7 00
P a s s a ic T r . & S a fo D c p . C o . , P a s s a i c . 1 5 9 ,0 0 0
M O U N T K I S C O , W e s t c h e s t e r C o u n t y , N . Y . — BOND SALE.— O n
1 0 2 .0 9 3
1 6 1 ,3 0 6 9 4
R e m i c k , H o d g e s S C o . , N o w Y o r k . . 1 5 8 ,0 0 0
c
M a y 2 2 H . A . K a h l e r S C o . o f N . Y . w e r o a w a r d e d $ 1 4 ,0 0 0 5 'A% s o w e r
c
1 0 0 .6 0
1 6 1 ,9 6 7 00
1 1 ,0 0
N o r t h e r n T r u s t C o . , C h i c a g o , 111-------. 1 61 6,0 0 0 0
b o n d s f o r $ 1 4 ,1 5 5 4 0 , e q u a l t o 1 0 1 .1 1 .
D en om . $500.
D a to Ju n o 1 1918.
10 2 .0 2
1 6 1 ,1 9 1 6 0
B l o d g e t t & C o . , N e w Y o r k _____________ 1 5 8 ,0 0 0
In t. J . & J .
D u o $ 5 0 0 y r l y . o n J u l y 1 f r o m 1 9 2 0 t o 1 9 4 7 in c lu s i v e .
1 0 0 .3 8
1 6 1 ,6 1 1 8 0
. 161 0 0
S e c o n d N a t . B a n k , R e d B a n k ------------1 6 1 ,0 ,00 0
1 6 1 ,5 3 0 00
1 0 2 .2 3 4
N A S H U A , H i l l s b o r o u g h C o u n t y , N . H . — BOND OFFERING.— P r o
.
E s t a b r o o k & C o . , B o s t o n ----------------------- 1 5 8 ,0 0 0
1 0 2 .6 7
1 6 1 ,1 9 3 00
p o s a l s w ill b o r e c e iv e d b y S a m u e l D e a r b o r n , C i t y T r e a s . , u n t il 1 0 a . m .
l i . W . G r a n t & A . B . L e a c h , N . Y _ . 1 5 7 ,0 0 0
1 6 1 ,5 9 0 3 0 .
1 0 2 .2 5 8
J u n o 10 f o r t h o f o l l o w i n g 4 4 3 % c o u p o n b o n d s :
G e o . B . G i b b o n s S C o . , N o w Y o r k . . 1 5 8 ,0 0 0
c
1 6 1 ,1 8 5 6 0
1 0 0 .7 4 1
$ 3 0 ,0 0 0 M o r r i m a c V a ll e y r o a d b o n d s .
D u e $ 3 ,0 0 0 y e a r ly o n J u n o 1 fr o m
H o r n b lo w e r S W e e k s . N o w Y o r k ----- . 1 6 0 ,0 0 0
c
.
1 9 1 9 t o 1 9 2 8 i n c l.
1 0 2 .0 3 4
1 6 1 ,2 1 3 7 2
W m . R . C o m p t o n & C o . , S t . L o u i s . - 1 5 8 ,0 0 0
.
1 0 2 .3 5 9
2 4 ,0 0 0
d e p a rtm e n ta l e q u ip m e n t b o n d s .
D u o $ 2 ,0 0 0 y o a r l y o n J u n o 1 B . J . V a n I n g e n S C o . . N o w Y o r k — . 1 5 8 ,0 0 0
1 6 1 ,7 2 8 00
c
.
1 0 1 .5 7 1
f r o m 1 9 1 9 t o 1 9 2 2 i n c l. a n d $ 1 , 0 0 0 y e a r l y o n J u n o 1 f r o m 1 9 2 3
C u r t i s S S a n g e r , N o w Y o r k ------------------ 1 5 9 ,0 0 0
c
1 6 1 ,4 9 7 8 9
t o 1938 in c h
1 .-,9.00(1
1 6 1 ,5 1 7 0 0
R ed m o n d
t
Nrw \
.. .
. 159.0011
D e n o m . $ 1 ,0 0 0 .
D a to Ju n o 1 1918.
P r i n . a n d s o m l- a n n . i n t . ( J . S D . )
c
: ; !. .
L P H I A , P a .— BOND OFFER ING .— P r o p o s a l s w i l £ b « f ___
p a y a b l o a t t h o o f f i c e o f t h o C i t y T r e a s u r e r o r a t t h o F ir s t N a t . B a n k o f
B oston .
B o n d s a r o e n g r a v e d u n d e r t h e s u p e r v i s io n o f a n d c e r t i f ie d a s t o
c e i v c d b y T h o m a s B . S m i t h / M a y o r , ^ u n t il 12 m . J u n e ^ " "(d a to c h a n g e d
g e n u in e n e s s b y t h o F ir s t N a t . B a n k ''o f B o s t o n , a n d t h e ir l e g a l it y w ill b e
f r o m M a y 2 7 — V d T o e , , p .. 2 1 4 7 ) — 'f o r t h e $ 3 X 0 0 ,o< ' i p u b li c ' lihi■nry V i i d
a p p r o v e d b y R o p e s , G r a y , B o y d o n S P e r k in s o f B o s t o n .
c
A l l le g a l p a p e r s
$ 2 , 5 0 0 ,000~ ~ p u blic iim p t . 4 4 3 % 3 0 - y e a r t a x - f r e e c o u p o n (w i t h p r i v il e g e o f
i n c id e n t t o t h e s e is su e s w ill b o .file d w it h t h o a b o v o b a n k , w h e r o t h e y m a y
re g is tra tio n ) b o n d s .
D e n o m . $ 1 0 0 a n d m u ltip le s th e r e o f.
D a to M a y 1
b e i n s p e c t e d a n y t im e .
B o n d s t o b o d e l iv e r e d o n o r a b o u t J u n o 10 1 9 1 8
a t th o F irs t N a t . B a n k o f B o s t o n .
1918.
I n t . s e m i- a n n . ( J . & J . ) p a y a b l o a t t h o , F a r m e r s ’ & M e c h a n i c s
Financial Statement AIay'21 1 9 1 8 .
N a t . B a n k o f P h il a d e l p h i a .
B i d s m u s t b o m a d e o n b la n k f o r m s f u r n is h e d
$ 5 7 ,0 0 0 0 0
B r i d g e b o n d s _____________ ____________ _______________ _______________
b y t h o c i t y a n d b o a c c o m p a n ie d b y a c e r t i f ie d £ c h e c k f o r 5 % o f a m o u n t o f
F i r e d e p a r t m e n t b o n d s _____________________________________________
2 5 ,0 0 0 0 0
R e f u n d i n g b o n d s ______________________________________________________
5 4 0 ,0 0 0 00
b o n d s b i d f o r , p a y a b lo t o t h o " C i t y o f P h i l a d e l p h i a . ”
T h e bon d s h avo been
S c h o o l b o n d s ( a p p l ic a b le t o 2 % l im i t f o r s c h o o l d i s t r i c t s ) . .
4 9 8 ,5 0 0 0 0
a p p r o v e d b y t h e C a p it a l I s s u es C o m m i t l c u of t h e F e d e ra l. R e s e r v e B o a r d . _
S o w e r b o n d s ___ _________
1 0 ,0 0 0 0 0
' S t a l l m i n t A l a n 11918.
S e r ia l n o t e s .......................................
1 5 ,0 0 0 0 0
T o t a l f u n d , d e b t ( in c lT T o a n s a u t h l b u t n o t i s s u e d ) , $ 9 7 ,6 0 0 ,0 0 0 $ 2 5 4 ,6 2 4 ,5 5 0
$ 1 ,1 4 5 ,5 0 0 0 0
S in k in g f u n d s ...............................................................................
1 9 2 ,7 5 3 0 0
$ 9 5 2 ,7 4 7 0 0
A s s e s s e d v a l u a t i o n A p r i l 1 1 9 1 7 ____________________________ _______$ 2 6 ,2 4 1 ,0 8 8 0 0
P o p u l a t i o n 1 9 1 6 ( e s t i m a t e d ) ______________________________________
.
3 0 ,0 0 0
N A V A R R O C O U N T Y ( P . O . C o r s i c a n a ) , T ex.— BOND SALE —
R e c e n t l y S t ix S C o . o f S t . L o u is p u r c h a s e d a is s u e o f $ 8 0 ,0 0 0 5 % t a x - fr e e
c
R o a d D is t r ic t N o . I b o n d s .
D a to F eb . 1 1918.
P r i n . a n d s e m i-a n n .
in t . ( F . & A . ) , e x c e p t fir s t c o u p o n d u e F e b . 1 1 9 1 8 , p a y a b l o a t t h e S e a b o a r d
N a t io n a l B a n k , N . Y .
D u o F e b . 1 1 9 4 8 , s u b j e c t t o c a ll y e a r l y o n S 2 .0 0 0
y e a r ly o n F o b . 1 fr o m 1 9 1 9 t o 1 9 2 8 in c l., a n d $ 3 ,0 0 0 y e a r ly o n F e b . 1 fro m
1929 to 1948 In c.
T o t a l b o n d e d d e b t t h is is s u e o n l y .
A sse sse d v a lu a tio n
$ 1 ,2 6 3 ,3 1 5 .
R e a l v a lu o ( e s t .) $ 2 , 5 0 0 , 0 0 0 .
P o p u la tio n 1 9 1 0 (C e n s u s ),
7 , 0 o 0 ; 1 9 1 8 ( e s t . ) , 1 0 ,0 0 0 .
N E B O H IG H S C H O O L D I S T R I C T (P . O . N e b o ), M c D o w e ll C o u n t y ,
N o - C a r o . — BONDS VOTED.— A c c o r d i n g t o r e p o r t s t h o q u e s t i o n . o f is s u in g
o f $ 2 0 ,0 0 0 s c h o o l b l d g , b o n d s c a r r ie d a t a n e l e c t i o n h o l d M a y 9 .
t h o S t a t o o f P e n n s y lv a n ia , t h o r e a l d e b t is t h e a u t h o r i z e d
d e b t , less t h e a m o u n t o f c i t y c e r t i f ic a t e s p u r c h a s e d a n d u n
c a n c e l e d in s in k i n g f u n d . "
T h e r e s h o u l d , t h e r o fo r p , b o d o d u c t e d f r o m t h e a b o v o , t h o a m o u n t o f s u c h u n c a n c e l e d lo a n s
in t h e s in k in g f u n d , w h ic h i s ---------------------------------------------------------
2 7 ,6 8 9 ,9 0 0
L e a v i n g a n e t f u n d e d ( lo b t o f ------------------------------------ -- - ----------------$ 2 2 6 ,9 3 4 ,6 5 0
A s s e s s e d re a l e s ta te a n d p e rs o n a l (h o rs e s a n d c a t t le ) p r o p
e r t y 1 9 1 8 ---------------------------------------------- ---------- , - . - - 7 - - - . - . .............- $ 1 , 7 8 8 , 8 4 1 , 5 1 2
A ss e s s e d v a lu a tio n p e rs o n a l p r o p e r t y (ta x a b lo b y c it y u n d e r
A c t o f A s s o m b l y a p p r o v e d J u n o 17 1 9 1 3 ), 1 9 1 8 --------------------7 0 1 , 0 6 8 ,2 1 3
P o p u l a t io n in 1 9 1 0 ( C e n s u s ) . 1 ,5 4 9 ,0 0 8 ; 1 9 1 8 ( e s t i m a t e d t ^ l , 7 7 5 X _ 0 0 .) _ _
The offidalnotice of this bond offering will be"found among the advertise
ments on a preceding page of this week's issue.
May 25 1918.]
2251
THE CHRONICLE
P E A B O D Y , E s s e x C o u n t y , M a s s .— TEMPORARY LOAN . — C u r t i s
Sc S a n g e r o f N o w Y o r k w e r e a w a r d e d t h o t e m p o r a r y lo a n o f $ 7 5 ,0 0 0 d a t e d
M a y 22 a n d d u o O c t . 2 ,’ o ffe r e d o n M a y 2 2 ( V . 1 0 6 , p . 2 1 4 7 ) a t a d is c o u n t
o f 5 .1 1 % , i t is s t a t e d .
P E R T H A M B O Y , M i d d l e s e x C o u n t y , N . J .— RIDS REJECTED .— A l l
b i d s r o c e i v e d f o r t h o $ 10 0 ,0 0 0 S'A% t a x - a n t i c i p a t i o n b o n d s o f f e r e d o n
M a y 2 1 — V . 1 0 6 , p . 2 1 4 7 — w o r o r e je c t e d .
P E R U T O W N S H I P ( P . O . P e r u ) , M i a m i C o u n t y , I n d . — WARRANT
OFFERING .— P r o p o s a l s w ill b o r e c e iv e d u n t il 2 p . m . J u n o 4 b y F r a n k E .
B r a d l o y , T w p . T r u s t e o , f o r .$ 1 0 ,0 0 0 6 % 3 - y e a r s c h o o l w a r r a n t s , i t is s t a t e d .
P I K E C O U N T Y ( P . O . M a g n o l i a ) , M i s s .— BOND OFFERING - ^ A c c o r d i n g t o r e p o r t s , C h a r le s E . B r u m f i e ld , C l e r k B o a r d o f C o u n t y S u p e r
v i s o r s , w ill r e c e iv e b i d s u n t il 2 p . m . J u n o 3 f o r $ 3 0 ,0 0 0 6 % r o a d b o n d s .
S C O B E Y , S h e r i d a n C o u n t y , M o n t . — BOND OFFERING.— S e a le d b i d s
w ill b o r e c e iv e d u n t il 8 p . m . J u l y 1 5 , i t is s t a t e d , b y J . C . J a c k s o n , C i t y
C l e r k , f o r t h e $ 3 5 ,0 0 0 6 % 1 5 - 2 0 - y e a r o p t . w a t e r a n d s e w e r b o n d s a u
t h o r iz e d a t t h e e l e c t i o n h e ld J a n . 2 9 — V . 1 0 6 , p . 2 0 8 .
I n t . s e m i-a n n .
C e r tifie d c h e c k fo r 1 0 % re q u ire d .
S E A T T L E , W a s h . — BOND SALE.— T h o C i t y o f S e a t t le d u r i n g t h o
m o n t h o f A p r i l s o l d t h o f o l l o w i n g t h r e e is s u e s o f 6 % s p e c i a l i m p t . b o n d s ,
a g g r e g a t i n g $ 5 6 ,3 7 2 2 4 a t p a r :
Dist. No. Amount.
Purpose.
Date.
3086
$ 4 0 ,1 4 2 3 8
P a v in g
A p r. 27
3107
837 20
Sew er
A p r. 27
3076
1 5 ,3 9 2 6 6
Sew er
A p r. 29
A ll th e a b o v e b o n d s a re s u b je c t t o c a ll a n y in te re s t
Due.
1918
A p r . 27 1930
1918
A p r. 27 1930
1918
A p r. 29 1930
p a y in g d a te .
_ S E Q U O Y A H X O U N T Y S C H O O L D I S T R I C T N O . 8 (P . O . S a llis a w ),
O k l a . — BOND SALE.— A n is s u e o f $ 5 ,0 0 0 6 % s c h o o l b o n d s w a s a w a r d e d
t o t h e G e o . W . & J . E . P ie r s o l C o . o f O k la h o m a C i t y .
D e n o m . S500.
D a te A p r. 1 1918.
P r i n . a n d s e m i- a n n . ( J . & J . ) p a y a b l e a t t h o F i s c a l
A g e n c y o f t h e S t a t e o f O k la h o m a in N e w Y o r k .
D u e A p r. 1 1938.
T o ta l
b o n d e d d e b t ( in c l u d i n g t h i s is s u e ) $ 7 , 0 0 0 .
A s s e s s , v a l . 1 9 1 7 , $ 2 7 7 ,1 5 4 3
PONTOTOC COUNTY
( P . O . A d a ) , O k l a .— BOND SALE .— TiT e
P o p u l a t i o n o f d i s t r i c t ( e s t . ) 1 ,0 0 0 .
G.
W . & J . E . P io r s o l C o . o f O k la h o m a C i t y w a s a w a r d e d $ 9 , 7 6 5 6 % f u n d A c t u a l v a l . ( e s t . ) $ 5 0 0 ,0 0 0 .
in g b o n d s .
D c n o m s . 9 f o r .$ 1 ,0 0 0 a n d 1 f o r $ 7 6 5 .
D a t o M a y 15 1 9 1 8 .
S H A T T U C K , E l l i s C o u n t y , O k l a . — BOND SALE.— R e c e n t l y t h e
P r i n . a n d s o m i- a n n . i n t . ( F . & A . ) p a y a b l e a t t h o f is c a l a g e n c y o f t h e S t a t o
G.
W . & J . E . P ie r s o l C o . o f O k la h o m a C i t y , p u r c h a s e d $ 1 5 .6 9 0 6 %
o f O k la h o m a in t h o C i t y o f N e w Y o r k .
D u o M a y 5 1938.
T ota l bon d ed
fu n d in g b o n d s.
D e n o m s . 1 5 f o r $ 1 ,0 0 0 a n d 1 f o r $ 6 9 0 .
D a te A p r. 1 191.
d o b t ( in c l u d i n g t h is is s u e ) .$ 1 0 1 ,7 6 5 .
A ssessed
v a l. 1917 $3 247 4 99 .
4 r in . a n d s e m i- a n n . i n t . ( F . S A . ) p a y a b l e a t t h e F is c a l A g e n c y o f t h e S t a t
c
A c t u a l v a l . ( e s t . ) $ 6 ,0 0 0 , 0 0 0 .
P o p u l a t i o n 1 9 1 0 ( C e n s u s ) , 2 4 ,3 3 1 ; 1 9 1 8
o f 9 M a a o n ia *u t l l c C i t y o f N e w Y o r k .
D u e y e a r ly o n A p r . 1 as fo llo w s :
( e s t .) , 4 0 ,0 0 0 .
$ 4 , 0 0 0 1 9 2 3 , $ 4 ,0 C „ 1 9 2 8 . $ 4 , 0 0 0 1 9 3 3 a n d $ 3 , 6 9 0 1 9 3 8 .
T o ta l b on d ed
d e b t ( in c l u d i n g t h is is s u e ) $ 9 0 ,8 9 0 .
A s s e s s e d v a l u a t i o n , 1 9 1 7 . $ 5 6 0 ,5 5 8 .
P O R T L A N D , C u m b e r l a n d C o u n t y , M e .— TEMPORARY LOANA^A c t u a l v a l . ( e s t .) $ 9 0 0 ,0 0 0 .
P o p u l a t i o n , 1 9 1 0 ( C e n s u s ) , 1 ,2 3 1 ; 1 9 1 8 ( e s t . ) ,
T h o F ir s t N a t . B a n k o f B o s t o n w a s a w a r d e d t h e t e m p o r a r y l o a n o f $ 2 0 0 ,0 0 0
2 ,0 v )u .
.
d a t e d M a y 2 5 , d u o O c t . 2 1 91 8, o ffe r e d o n M a y 2 2 — V . 10 6 , p . 2 1 4 7 — a t a
d is c o u n t o f 5 .0 4 % .
O th e r b id d e rs w e re ;
S H E R I D A N C O U N T Y S C H O O L D I S T R I C T N O . 1 (P . O . S c o b e y ) ,
Discoun
Discount.
Premium. M o n t . — BONDS NOT SOLD.— T h e $ 2 1 ,8 0 0 1 5 - 2 0 - y e a r ( o p t . ) s c h o o l
B l a k e B r o t h e r s & C o . , B o s t o n __________________________ 5 . 0 9 %
$3 00
b o n d s o f fe r e d o n M a y 1 0 — V . 1 0 6 , p . 1 8 2 0 — w e r e n o t s o l d .
R . T . C ookG o l d m a n , S a c h s & C o . , B o s t o n _______________________ - - 5 ..0 9 %
5 09%
in g h a m is D i s t r ic t C l e r k .
S . N . j l o n d & C o . , N o w Y o r k ......... ..................................... 5 . 1 0 %
-%
3 50
S T A M F O R D , J o n e s C o u n t y , T e x . — BONDS VOTED.— I t is s t a t e d
. .1 1
I t . W . P r e s s p r ic h & C o . , N o w Y o r k ______ : __________ -5 51 1 %%
t h a t t h e q u e s t i o n o f is s u in g $ 4 4 0 ,0 0 0 w a t e r - w o r k s a n d $ 3 5 ,0 0 0 s e w e r a g o A . B . L e a c h & C o . , B o s t o n __________________________ . 552 2 0 %
- . .0%
l l'O O
s y s t e m b o n d s r e c e iv e d a f a v o r a b l e v o t e a t a n e l e c t i o n h e l d M a y 1 1 .
B e r n h a r d , S c h o l l o & C o . , N o w Y o r k __________ _
5 .2 4 %
E s t a b r o o k Sc C o . , B o s t o n __________________________
5 .2 4 %
S T O N E C O R R A L S C H O O L D I S T R I C T , S a n L u is O b is p o C o u n t y ,
I t . L . D a y S C o . , B o s t o n . . .............................. .....................5 . 2 6 %
c
C a l . — BOND SALE.-— -A n is s u o o f $ 9 ,0 0 0 6 % 2 0 - y e a r s c h o o l b o n d s w a s
E . I I . l t o l l in s & S o n s , B o s t o n __________________________ 5 . 3 4 %
—
a w a r d e d t o t h e F i r s t N a t i o n a l B a n k o f V i s a lia f o r $ 9 ,4 2 5 5 0 , e q u a l t o
P I T T S F I E L D , B e r k s h i r e C o u n t y , M a s s .— LOAN OFFERING.— A c
c o r d i n g t o r e p o r t s , p r o p o s a l s w ill b o r e c e iv e d u n t i l 11 a . m . M a y 2 8 b y t h o
D i t y T r e a s u r e r f o r t h o p u r c h a s o a t d i s c o u n t o f a t e m p o r a r y l o a n o f $ 1 5 0 ,0 0 0 ,
is s u e d i n a n t i c i p a t i o n o f t a x e s .
D a t e M a y 28 1918.
D u o N o v . 2 2 1 9 1 8 / - ''
P U R V I S , L a m a r C o u n t y , M i s s . — BONDS NOT TO BE OFFERED A T
PRESET .— T h e S 1 0 .0 0 0 e l e c t r i c l ig h t b o n d s , r e c e n t ly v o t e d — V . 1 0 6 ,
p . 1 8 2 0 — w ill n o t b o o f f e r e d a t p r e s o n t .
1 .
R A P I D E S P A R I S H R O A D D I S T R I C T N O . 11 ( P . O . A le iiT n d M ^ T ,
L a . — /SO;VJ>S A WARDED IN PART .— O f t h e $ 4 4 ,0 0 0 5 % s e r ia l r o a d b o n d s
o f f e r e d o n A p r . 1 8 — V . 1 0 6 , p . 1 6 0 0 — $ 1 0 ,5 0 0 w o r e a w a r d o d t o t h o B a n k
o f L o c o m p t o a t p a r a n d in t o r e s t .
„ R A V E N N A , P o r t a g e C o u n t y , O h i o .— BOND OFFERING.— w 7“ a .
B o o t , C i t y A u d i t o r w ill r e c e iv o b i d s u n t il 12 m . M a y 3 0 f o r $ 5 0 ,0 0 0 6 %
17
y e a r a v e r , b o n d s , i t is s t a t e d .
I n t o r e s t s e m i- a n n u a l .
C e r tifie d
c h e c k fo r $ 5 0 0 re q u ire d .
BOND SALE .— O n M a y 2 0 t h o $ 5 0 ,0 0 0 ' 6 % 1 4 - 2 3 - y e a r s e r ia l w a t e r
w ork s k ° “ “ s i V '
1 9 3 3 ) w e r e a w a r d e d t o t h o S e c o n d N a t io n a l B a n k
o f R a v e n n a f o r $ 5 4 ,0 7 5 ( 1 0 8 .1 5 ) a n d i n t .
O th e r b id d e r s w e re :
1 ru d d on & C o ., T o le d o
$ 5 3 ,7 0 3 5 0 S i d n e y S p i t z e r S C o . , T o l _ $ 5 2 ,7 2 7 0 0
c
A m o s , K m e r i c h & C o . , C h i c . 5 3 ,7 0 1 0 0 P r o v . S . B . S T . C o . , C h i . 5 2 ,5 3 5 0 0
c
H a y d o n , M il l e r & C o . , C l e v 5 3 ,5 2 5 0 0 T i l l o t s o n & W o l c o t t C o . , 0 1 .5 2 ,3 1 0 0 0
S e a s o n g o o d & M a y o r , C i n . 5 3 , 4 1 6 0 0 D u r f e e , N il e s & C o . , T o l . . 5 3 ,1 0 7 0 0
F . O . H o e h le r & C o . , T o l . . 5 3 ,0 9 2 2 5 W . I ,. S l a y t o n & C o . , T o l . 5 1 ,8 8 0 0 0
S t a c y A B r a u n , T o l e d o . . . 5 2 ,9 5 0 16 F ir s t N a t . B a n k , C i n c i n . . 5 1 ,1 2 5 0 0
S p i t z e r , R o r i c k & C o . , T o l . 5 2 , 7 6 0 0 0 A . B . L o a c h & C o . , C h i c . . 5 0 ,3 3 0 0 0
I t . K l o y b o l t e & C o . , C i n e . 5 2 ,7 5 0 0 0
... ri ,, tR O C H E S T E R , N . Y .— NOTE SALE .— O n M a y 17 $ 1 0 0 ,0 0 0 o v e r - d u o
t a x n o t o s , m a t u r in g f o u r m o n t h s f r o m M a y 2 0 1 9 1 9 , w o r o a w a r d e d t o S N
B o n d & C o . o f N o w Y o r k a t 4 . 8 5 % i n t . a n d $1 p r e m iu m .
O th e r b id d e r s ,
a ll o f N o w Y o r k , w e r e :
. _
.
, . _
Interest. Premium.
$7
A . B . L e a c h Sc C o _______________________________________________ 4 . 9 0 %
S a l o m o n B r o s . Sc I l u t z l o r ____________________________________ 4 . 9 3 %
B e r n h a r d , S c h o llo S C o _____________________________________ I I 4 9 4 %
c
~i
W h i t e , W e l d & C o -------------------------------------------------------------------------- 4 .9 7 '/£
G o l d m a n , S a c h s & C o -------------------------------------------- ---------- -- _
5 .14 %
T h o N a t io n a l C i t y C o m p a n y .............. .............................................
5 .2 5 %
q
G o o r g o i l . B u r r & C o .....................................................
5 .7 5 % _ .
R O C K I N G H A M C O U N T Y ( P . O . M a n c h e s t e r ) , N . H '— ' NJ) OF
bo
FERING . — P r o p o s a ls w ill b o r e c e iv e d b y t h o C o u n t y C o m m i s s io n e r s , i t is
s t a t e d , u n t il 11 a . m . J u n e 2 8 f o r $ 3 5 ,0 0 0 5 % ¥ r c f u n d i n g b o n d s .
D a to
J u ly 1 191 8.
D u o $ 5 ,0 0 0 y e a r l y f r o m 1 9 1 9 t o 1 9 2 3 i n c l.
R O C K C O U N T Y D I S T R I C T N O . 4 0 £ (P . O . M
OFFERING .-— P r o p o s a l s w ill b o r e c e i v e d b y M i s s R i t a
o f t h o B o a r d o l E d u c a t i o n , it is s t a t o d , u n t il 2 p . m .
5 % r e fu n d in g b o n d s .
D e n o m . $ 1 , 0 0 '.
D a to Ju y 1
D u o J u ly 1 1930.
C e r t , c h e c k f o r $ 4 0 0 ;r e q u i r e d .
o l i n e ) . I l l — BOND
K n o w lo s S e cre ta ry
M a y 2 8 fo r $2 0 00 0
19 ? ?
f
& J
& J-
R O G E R C O U N T Y IN D E P E N D E N T S C H O O L D I S T R I C T N O
2”
Okla.— BOND SALE.— Tho G e o . W . & J . E . P io r s o l C o o f O k la h o m a o ’i t v
h a s p u r c h a s e d $ 1 5 ,0 0 0 6 % s c h o o l b o n d s .
D a to Ju n e 1 1918
P r in M d
s o m i- a n n . i n t . ( J . & J . ) p a y a b l e a t t h o F i s c a l A g e n c y o f t h e S t a t e o f
O k la h o m a .
D u e Ju n o 1 1938.
T o t a l b o n d e d d e b t ( i n c h i d i n g t h is I s s u o f
$ 4 3 ,5 0 0 .
A s s e s s e d v a l . , 1 9 1 7 . $ 9 9 2 ,2 2 0 .
A ctu a l to
(e s t V $1 5 0 0 000
P o p u l a t i o n o f d i s t r i c t ( e s t .) 3 .0 0 0 .
1
®K5UU,UUU.
R O Y , M o r a C o u n t y , N . M e x .— BONDS NOT SOLD _ N o s a le s w a s
_
m a d e o f t h o $ 4 5 ,0 0 0 2 0 - 3 0 - y e a r ( o p t . ) w a t e r b o n d s , o f f e r e d o n M a v 15—
O c t o b e r o r ,!alerV
T h 6 a b ° V° b ° ' U l8’ w o a r o a d v i s e d , w i?l b e s M d ^ b ^ t
R U N N E L S C O U N T Y ( P . O . B a l l i n g e r ) , T e x .— BONDS VOTFD _
_
T h o p r o p o s i t io n t o is su e $ 7 5 ,0 0 0 r o a d b o n d s c a r r ie d i t is s t a t e d
at, t h e
e l e c t i o n h e ld M a y 11— V . 1 0 8 , p . 1 9 3 3 .
’ C ls s ,t a t c d * a t tU o
S T . J O S E P H C O U N T Y (P . O . S o u t h B e n d ), I n d —
OFFFRING . — E d w a r d F . K e ll e r , C o u n t y T r o a s . , w ill r o c o iv o b i d s im t i l 1 1 :3 0
a . m . J u n o 5 fo r th o fo llo w in g 4 i % h ig h w a y b o n d s :
$ 2 0 ,8 0 0 C h e s t e r L a id l o w h i g h w a y b o n d s o f P e n n ' T w n
“
D enom
8520
lo N o v ' i f ? 9 2 9 incT S 1 ’ ° 4 0 0 a c il s lx m o n t h s f r e m M a y l 5 1 9 1 9
1 3 ,0 0 0 G o o r g o S e y b o ld e t a l . h i g h w a y b o n d s o f P e n n T w n
D onom
$650.
D u e $ u 5 0 e a c h s ix m o n t h s f r o m M a y 1 5 1 9 1 9 t o N o v . 15
1 9 2 9 i n c l.
2 9 , 0 0 0 H e n r y B o o h lo r h i g h w a y b o n d s o f P e n n T w p .
D on om . $225.
D a t o A p r il 1 1 9 1 8 .
In t. M . S N .
c
SALEM, Colum biana C ounty, O h io.- BOND SALE .b i d 1 w e r e r e c e iv e d o n M a y 2 0 f o r t h o t w o is su e s o f 5 l V % b m u 1s° '
a?
g a t i n g $ 1 6 ,8 1 4 , o f f e r e d o n t h a t d a t o — V . 1 0 3 . p . 1 8 2 0 :
’ a < f?r° ’
S .3 5 ,0 0 0
j $ 1 1 ,8 1 4
Bonds.
W . L . S l a y t o n & C o . , T o l e d o .................................................$ 3 5 ,0 8 0 5 0
P r u d d o n & C o . , T o l e d o _________________________________ 3 5 ,9 5 3 0 0
S p i t z e r , R o r i c k S C o . , T o l e d o _________________________ 3 5 , 7 6 4 0 0
c
W e i l, R o t h & C o . , C i n c i n n a t i __________________________ 3,5 9 9 2 ,50
G r a v e s & B l a n c h e t t , T o l e d o ___________________________ 3 6 ! 1 0 2 5 0
c
F . C . l l o o l i l o r S, C o . , T o l o d o __________________________ 3 5 , 5 7 2 2 5
S t a c o y S B r a u n , T o l e d o ........................................... . ............... 3 5 , 6 1 2 2 0
c
c
A . E . A u b S C o . , C i n c i n n a t i ___________________________ 3 5 ,9 0 1 7 5
Bonds.
$ 1 1 ,8 2 3
1 2 .0 9 6
1 2 .0 5 6
1 2 .0 9 7
1 2 ,1 2 7
1 2 ,0 0 5
1 1 ,9 8 0
1 2 .0 5 6
1 2 ,1 2 6
12’058
45
00
50
50
00
64
85
50
00
55
1
P r o v i d e n t ba v i n g ” ’ B a n k C&8 T r i i s t O o . T c I n c f n n a t L l
°°
E . I I . R o l l in s & S o n s , C h i c a g o _________________________ 3 6 ,1 0 9 5 0
D t t r f e o , N ile s Sc C o . , T o l e d o ........... ....................................... 3 5 , 2 7 8 0 0
r l o l d , R ic h a r d s
C o . , C l o v o l a n d ____________________ 3 5 ,9 1 0 0 0
12 9 3 4 7 0
O t i s S C o . , C l o v o l a n d ___________________________________P a r S a c c r u e d i'n t n n v t
c
c
R u d o i p h K l o y b o l t e & C o . , C i n c i n n a t i ............................ 3 5 , 5 0 5 5 5
11 9 0 7 * 3 5
T i l l o t s o n . W o l c o t t S C o . , C l e v e l a n d .............................. 3 5 ,2 1 7 0 0
c
1 1 811 00
B r e e d , E l l io t t S H a r r i s o n , C i n c i n n a t i ________________ 3 6 ,2 8 4 0 0
c
1 2 /2 1 6 0 0
..........
D a te J u ly
1918.
I n t . s o m i- a n n .
„ . ,
—
e x ce e d in g
C e r t , c h e c k f o r $ 2 5 0 r e q u ir e d .
1 0 4 .7 2 2 .
D en om . $250.
D a t e A p ril 1 191 8.
I n t . a n n . in A p r il.
S T E U B E N V I L L E , J e f f e r s o n C o u n t y , O h i o . — BOND SALE.— S e a s o n g o o d & M a y o r o f C i n c i n n a t i w o r e a w a r d e d t h e $ 1 2 3 ,3 1 2 17 6 % 1 -2 1 y e a r
s e r ia l r e fu n d i n g b o n d s o f f e r e d o n M a y 18— V . 1 0 6 , p . 1 8 2 0 — f o r $ 1 3 1 ,
5 1 3 1 7 , e q u a l t o 1 0 6 .6 5 6 .
O th e r b id d e rs w e re :
Premium.
F . C . H o e h le r & C o . , T o l . . $ 7 ,1 6 7 10
S t a c y & B r a u n , T o l e d o _____ 6 , 7 0 0 9 4
E s t a b r o o k & C o . , N . Y _____
104%
H a r r is , F o r b e s S C o . , N . Y . 7 ,9 0 1 8 4
c
T illo t s o n S W o le . C o ., C le v . 7 ,1 0 8 00
c
O h io N a t . B a n k , C o l u m b u s 6 , 4 2 6 3 0
P r o v id e n t S. B . & T r ., C i n . 5 ,8 2 0 33
B r e e d , E l l i o t t & H a r r is o n ,
C i n c i n n a t i ------------------------- 6 , 2 8 8 9 2
O t is & C o . , C l e v e l a n d ______ 3 , 1 5 0 0 0
Premium.
C . E . D e n n i s o n S C o . , C l e v . $ 7 ,6 0 9 0 0
c
H o r n b lo w e r & W e e k s , N . Y . 8 ,0 0 0 0 0
A m e s , E m o r i c h S C o . , C h i . 6 ,2 9 1 0 0
c
G r a v e s ,B la n c h e t t & C o .,T o l. 6 ,3 1 9 7 4
R u d o lp h K l e y b o l t o C o .,C in . 5 ,6 7 2 35
R . M . G r a n t & C o . , C h i c . . 7 , 7 1 0 21
P r u d d e n & C o . , T o l e d o _____ 6 ,5 2 3 0 0
S p i t z e r , R o r i c k & C o . , T o l . 7 ,9 9 1 8 3
F ie ld ,
R ic h a r d s
&
C o .,
C l e v e l a n d . .............................. 7 ,2 4 3 8 3
STILLWATER COUNTY (P. O. Colum bus), M ont. — BOND ELEC
TION.— R e p o r t s s t a t e t h a t a n e l e c t i o n w ill b e h e ld t h e l a t t e r p a r t o f J u n e
t o v o t e o n a p r o p o s i t io n t o is s u e $ 1 0 0 ,0 0 0 c o u r t - h o u s e b o n d s .
SUGAR RIDGE CIVIL AND SCHOOL TOWNSHIP (P. O. Ash-
b oro), Clay C oun ty, Ind. — BOND OFFERING.— P r o p o s a l s w ill b o re
c e iv e d u n t il 1 0 a . m . J u n e 12 b y C h a s . F . S t u r a t , T w p . T r u s t e e , f o r $ 1 2 ,3 6 0
s c h o o l t w p . a n d $ 1 2 ,3 6 0 c iv il t w p . 5 % s c h o o l - b u i l d i n g b o n d s .
D e n o m . 24
fo r $50 0 an d 4 fo r S180.
D a t e J u ly 1 191 8.
I n t . s e m i- a n n .
D u e one
b o n d o f e a c h is s u e e a c h s ix m o n t h s b e g in n in g J u l y 1 1 9 1 9 .
SYRACUSE, N. Y . — BOND OFFERING.— P r o p o s a l s w ill b e r e c e iv e d
b y M . E . C o n a n , C i t y C o m p t r o l l e r , u n t il 1 p . m . J u n o 4 f o r t h o f o l l o w i n g
5 % 1 - 2 0 - y e a r s e r ia l t a x - f r e e r e g is t e r e d b o n d s , a g g r e g a t i n g $ 5 2 2 ,0 0 0 :
$ 3 7 2 ,0 0 0 s c h o o l b o n d s .
D e n o m . $ 6 0 0 a n d $ 1 ,0 0 0 .
1 5 2 ,0 0 0
in te rc e p tin g -s e w c r b o n d s .
D e n o m s . $ 5 0 0 a n d $ 1 ,0 0 0 .
P r in . a n d s e m i- a n n . i n t . p a y a b l e a t t h e C o l u m b i a T r u s t C o . o f N e w Y o r k .
C e r tifie d c h e c k fo r 2 % o f tn e a m o u n t o f b o n d s b id f o r , p a y a b le t o th o a b o v e
C o m p t r o l le r , r e q u i r e d .
B o n d s t o b e d e l iv e r e d a n d p a i d f o r o n J u n o 6 1 9 1 8
a t th e a b o v e n a m e d tru st c o m p a n y .
T h o l e g a l it y o f t h i s is s u o w ill b e e x
a m in e d b y C a ld w e l l & M a s s li c h o f N e w Y o r k , w h o s e f a v o r a b l e o p i n i o n
w ill b e fu r n is h e d t o t h o p u r c h a s e r .
Financial Statement May 21 1 9 1 8 .
A s s e s s e d v a l u a t i o n t a x a b l e p r o p e r t y ____________ _____________. . $ 1 5 8 , 1 8 9 , 3 7 1 0 0
A c t u a l v a l u a t i o n t a x a b l e p r o p e r t y ( e s t i m a t e d ) _____________ 1 9 7 ,0 0 0 ,0 0 0 0 0
A s s e s s e d v a l u a t i o n r e a l p r o p e r t y ________________________________ 1 4 3 ,2 2 7 ,8 1 8 0 0
9 ,3 1 0 , 4 6 0 0 0
A s s e s s e d v a l u a t i o n s p e c ia l f r a n c h is e s __________________________
B o n d e d d e b t , i n c lu d in g a b o v e i s s u e s . . . ______ _________________
1 3 ,3 3 8 ,7 3 6 9 6
W a t e r b o n d s , i n c lu d e d in a b o v e _________________________________
4 ,3 1 0 ,0 0 0 0 0
W a t e r b o n d s is s u e d s in c e J a n . 1 1 9 0 8 , in c lu d e d in a b o v o . .
$ 6 7 5 ,0 0 0 0 0
P o p u la t i o n , C e n s u s 1 9 1 0 , 1 3 7 ,2 4 9 ; 1 9 1 8 ( e s t . ) , 1 5 0 ,0 0 0 .
TACOMA, W ash. — BOND SALE.— D u r in g t h o m o n t h o f A p r i l t h is c i t y
is s u e d t h o f o ll o w i n g t w o Issu es o f 6 % s p e c i a l- i m p t . b o n d s a g g r e g a t i n g
$ 1 0 ,9 6 2 4 5 :
District Issuing
Amount.
Bonds— A T
o.
Purpose.
Date.
$ 9 .3 4 5 2 5 ........... .............4 8 2
p a v in g
A p r i l 19 1 9 1 8
s id e w a lk
A p r il 2 6 1 9 1 8
1 ,6 0 7 2 0 ...................... . 9 8 6
A ll t h o a b o v e b o n d s a r e s u b j e c t t o c a ll y e a r l y in A p r i l .
TALENT
IR R IG A TIO N
DISTRICT
(P.
O.
Due.
A p r i l 19 1 9 2 8
A p r il 2 6 1923
T alent),
Jackson
C o u n ty , Ore.— BONDS APPROVED B Y CAPITAL ISSUES CO M M ITT E E .— R e p o r t s s t a t e t h a t t h o C a p it a l I s s u e s C o m m i t t e e o f t h e F e d e r a l
R e s e r v e B o a r d h a s a p p r o v e d t h e i s s u a n c e o f $ 7 5 ,0 0 0 ir r ig a t io n b o n d s .
TANGIPAHOA PARISH (P. O. Amite), La.— NO ACTIO N YET
T A K E N . — N o a c t i o n h a s y e t b e e n t a k e n l o o k in g t o w a r d s t h o is s u a n c e o f
t h o $ 1 0 0 ,0 0 0 r o a d b o n d s , v o t e d A p r . 2 3 — V . 1 0 6 , p . 1 9 3 3 .
T E XA S. — BONDS PURCHASED B Y STATE.— 'T h o f o l l o w i n g 5 %
b o n d s a g g r e g a t i n g S 1 2 1 .4 0 0 w e r e r e c e n t ly p u r c h a s e d a t p a r a n d i n t . b y
th o S ta to B o a rd o f E d u c a t io n fo r th o P e r m a n e n t S c h o o l F u n d :
Common,County Sschool District
District & No.
District & No.
Amount.
B o x a r , 4 1 .............
$ 3 2 ,0 0 0
C a t t l o , 2 2 _______________________
1 ,4 0 0
C o l l in s , 5 0 ______________________
3 ,0 0 0
C o n c h o , 1 5 ..........
2 ,5 0 0
E llis , 1 5 _______________
1 2 ,0 0 0
E llis , 1 1 9 _______________________
5 ,0 0 0
Amount.
F a n n in , 1 1 7 ______________________ $ 1 , 3 0 0
F a n n in , 1 3 3 _____________________
1 ,1 0 0
H i d a l g o , 1 0 ________
8 ,0 0 0
J o n e s , < 37________________________
2 ,5 0 0
K a u f m a n , 3 5 ___________________
2 ,5 0 0
K a u f m a n , 9 7 ___________________
800
Independent School Districts.
K o u n t z o ................... $ 1 , 0 0 0 1M a u g ---------------------$ 8 , 0 0 0 1S p r i n g ...................... $ 1 0 ,0 0 0
L o d g o r ------------------ 2 , 5 0 0 1R e d w a t e r _________ 7 , 8 0 0 1
Cities.
P l c s a n t i o n ................................................................... ............................................................... $ 2 0 ,0 0 0
T H O M A S V I L L E , D a v i d s o n C o u n t y , N o . Caro.— BOND SALE.— O n
M a y 21 t h e $ 1 5 ,0 0 9 2 - 9 - y e a r s e r ia l f u n d i n g a n d t h e $ 8 , <00 2 - 9 - y e a r se ria l
s t r e e t - i m p r o v e m e n t 6 % c o u p o n b o n d s d a t e d A p r il 1 1 9 1 8 — V . 1 0 6 , p .
2 0 4 3 — w o r o a w a r d e d t o P r u d d e n & C o . o f T o l e d o f o r $ 2 3 ,1 3 3 ( 1 0 0 .5 7 8 )
a n d in t.
O t h e r b id d e r s w e r e :
1
I li l s m a n S C o . , A t l a n t a — $ 2 2 ,7 1 4 8 2 .
c
D u r f e e , N ile s S C o . , T o l e d o — P a r a n d in t . a n d $ 1 2 p r e m iu m lo s s $ 1 2 5 .
c
W . L . S la y t o n & C o . . T o l e d o — P a r a n d i n t . a n d $ 1 ,5 3 4 p r o m , le ss $ 6 8 9 .
D a v ie s - B e r t r a m & C o . , C i n e . — P a r a n d i n t . a n d $ 2 3 p r e m iu m .
J . C . M a y e r & C o . , C i n e . — P a r a n d in t . lo ss $ 3 4 5 .
P r o v i d e n c e S a v in g s B a n k S T r u s t C o . , C i n e . — P a r le ss $ 2 3 0 .
c
E l s t o n & C o . , C h i c a g o — P a r a n d in t . a n d $ 9 4 3 0 p r e m iu m ,
h i r s t N a t . B a n k , T h o m a s v il le — P a r a n d in t e r e s t .
F.
O . H o e h le r & C o . , T o l e d o — P a r a n d i n t e r e s t a n d $ 8 8 3 0 p r e m iu m .
S i d n o y S p it z e r & C o . , T o l e d o — P a r a n d i n t e r e s t le s s $ 3 4 5 .
W o i l, R o t h & C o . , C i n e . — P a r a n d i n t . a n d $ 1 5 p r e m . lo s s f e e t o b o a g r e e d .
J o h n N u v e o n S C o . , C h ic a g o — P a r a n d in t . a n d $ 2 6 p r o m , loss $ 5 4 3 5 0 .
c
T O L E D O , O h i o . — BONDS PROPOSED.— L o c a l p a p e r s s t a t e t h a t t h is
c i t y is c o n t e m p la t i n g t h o i s s u a n c e o f $ 3 0 ,0 0 0 s e w a g e d i s p o s a l - p l a n t b o n d s .
BOND SALE.— S i d n e y S p it z e r & C o . o f T o l e d o w e r e a w a r d e d , i t is
s t a t e d , a n is su o o f $ 1 0 0 ,0 0 0 5 % 3 0 - y e a r p a r k b o n d s a t p a r a n d i n t . , o n
M a y 27.
[Vol. 106.
THE CHRONICLE
2252
TOOLE COUNTY SCHOOL DISTRICT NO. 31 (P. O. S unburst),
Mont.— BOND SALE.— T h e $ 1 ,0 0 0 6 % 5 - 8 - y r . o p t . s c h o o l - b l d g , b o n d s
o f f e r e d o n M a y 6— V . 1 0 6 , p . 1 8 2 1 — w e r e a w a r d e d o n t h a t d a y t o t h e
S ta te o f M o n ta n a a t p a r.
T R U RO TOW NSHIP SCHOOL D IST R IC T NO. 1 (P .O . Station E.,
R ou te 8 , C olum bus), Franklin C oun ty, O h io.— BOND OFFERING.—•
P r o p o s a l s w ill b e r e c e iv e d b y P . P . B a u g h m a n , C l e r k o f B d . o f E d u c a t i o n ,
D e n o m . $ 1 ,0 0 0 .
D a te
u n t i l J u n o 2 2 f o r $ 1 5 ,0 0 0 5'A % s c h o o l b o n d s .
Ju n o 20 1918.
P r in . & s e m i- a n n . i n t . ( J . & D . ) p a y a b l e a t t h e a b o v e C l e r k s
o ffic e .
D u o $ 1 ,0 0 0 e a c h s ix m o n t h s f r o m J u n o 2 0 1 9 1 9 t o J u n o 2 0 1 9 2 7 ,
in c h
C e r t . - c h e c k f o r 1% o f a m o u n t o f b o n d s b i d f o r p a y a b l e t o t h e
D is t r ic t B o a r d re q u ire d .
V A N D E R G R I F T S C H O O L D I S T R I C T (P . O . V a n d e r g r if t ) , W e s t
m o r e l a n d C o u n t y , Pa.— BONDS DEFEATED.— A t a n e l e c t i o n h o l d
M a y 2 1 a p r o p o s i t io n t o is s u e $ 8 5 ,0 0 0 s c h o o l b o n d s w a s d e f e a t e d b y a
m a jo r ity o f 23 v o te s .
VERONA SCHOOL DISTRICT (P. O. V erona),
N. J . — BOND SALE.— T h e S t a t e o f N e w J e s r e y h a s
Essex C ounty,
p u r c h a s e d $ 3 5 ,0 0 0
D u o 1953.
CANADA,
its
Provinces
and
Municipalities.
ABBEY, Sask .— DEBENTURES AUTHORIZED.—
T h o L oca l G ov ern
m e n t B o a r d h a s a u t h o r i z e d t h o i s s u a n c o o f $ 1 ,0 0 0 5 - y e a r d e b e n t u r e s a t
n o t e x c e e d in g 8 % in t .
F . E . M c D o n a l d is V l l la g o S e c r e t a r y - 1 r e a s u r e r .
ALBANY, Sask.— DEBENTURES AUTHORIZED.— An
1 0 -y e a r d e b e n tu re s a t n o t e x c e e d in g 8 %
is s u o o f $ 3 , 5 0 0
in t . h a s b e e n a u th o r iz e d .
ALLINBY SCHOOL D ISTR IC T NO. 4002 (P. O. W yn ot), Sask.—
DEBENTURES AU T H O R IZE D — A n
d e b e n tu re s a t n o t e x c e e d in g 8 %
is S e c r e t a r y -T r e a s u r e r .
is s u e o f $ 2 ,4 0 0
1 0 -y o a r s c h o o l
h a s b e e n a u th o r iz e d .
H a r r y B o a n la n d
ALLISTON, Simcoe C ou n ty, O nt.— DEBENTURE OFFERING.—
P r o p o s a l s w ill b e r e c e iv e d b y J . E . A d d i s , M u n i c i p a l C l e r k , u n t i l J u n e 1 5
f o r $ 3 2 ,0 0 0 6 A % 3 0 - y e a r h y d r o - e l e c t r i c d e b e n t u r e s , i t is s t a t e d .
AMHERST, Nova S cotia. — LOAN AUTHORIZED.— I t is r e p o r t e d
t h a t t h o L e g i s l a t u r e h a s a u t h o r i z e d t h o i s s u a n c e o f $ 7 ,0 0 0 6 % d e b e n t u r e s .
BEULAH CONSOLIDATED SCHOOL DISTR IC T, Man.— DEBEN
TURE
el
on
ill o
ld
y 2
v
o
p o i
V IGO COUNTY (P. O. Terre H aute), In d .— BOND OFFERING.—■ t io n t o ELECTION.—0 Asn h o e c t ib o n w s . b W h o E . M aa r r e9n t o( P .o tO .o n a npl r o a ) s is
is s u o $ 2 6 ,0 0
c
ol
d
.
W
M i ot
5%
s c h o o l - b u il d i n g b o n d s .
In terest J . & J .
P r o p o s a l s w ill b o r e c e iv e d u n t il 2 p . m . t o - d a y ( M a y 2 5 ) b y E . E . M o s s lc k
C o u n t y T r e a s u r e r , fo r $ 9 ,2 4 0 C
>% 1 - 1 5 - y e a r s e r ia l s p e c i a l a s s e s s , b o n d s .
D a te Ju n o 3 1918.
I n t . s e m i- a n n .
C e r t , c h e c k f o r $ 1 0 0 , p a y a b le t o th e
C o u n t y T r e a s u r e r , r e q u ir e d .
W ALLOW A, W allowa C oun ty, Or e.— BONDS VOTED— A t a n e l e c
t i o n h o l d o n M a y 1 0 , t h o $ 7 ,6 8 2 3 9 s e w e r b o n d s — V . 1 0 6 , p . 1 6 0 1 — c a r r ie d
b y a v o to o f 65 to 46.
WARREN COUNTY (P. O. W illiam sport), Ind.— BOND OFFERING.
— S c a l e d b i d s w ill b o r e c e iv e d u n t il 1 p . m . J u n o 6 b y J . G . H il d e b r a n d ,
C o u n t y T r e a s u r e r , fo r $ 5 ,2 2 0 4 K % J . H . D ix o n t a x -fr e e g r a v e l r o a d im p t.
b o n d s o f M o u n d T o w n s h ip .
D en om . $261.
D a te M a y 6 1918.
In t.
s o m i- a n n .
D u o $ 2 6 1 e a c h s ix m o n t h s f r o m M a y 1 5 1 9 1 9 t o N o v . 15 1 9 2 9 ,
in c .
V/ARREN COUNTY (P. O. V icksburg), Miss.— BONDS AUTHOR
IZED.— P la n s h a v e b e e n c o m p l e t e d , a c c o r d i n g t o r e p o r t s , a u t h o r i z in g
I s s u a n c e o f $ 1 5 0 ,0 0 0 s e r ia l r o a d b o n d s .
th e
WAUPACA, W aupaca C oun ty, W ise.— BOND OFFERING.—
S e a le d
b i d s w il l b o r e c e i v e d u n t il 1 2 m . t o - d a y ( M a y . 2 5 ) f o r $ 1 2 ,0 0 0 s t r e e t i m p t .
bon d s.
W EATHERSFIELD TOWNSHIP (P. O. Niles), Trum bull C ou n ty,
O h io. — BONDS NOT TO BE REOFFERED A T PRESENT.— N o a c t io n h a s
y e t b e e n t a k e n n o r w ill b o d u r i n g t h e r e m a in in g p e r i o d o f w a r , l o o k i n g
t o w a r d t h o r o - o f f o r ln g t h o $ 1 2 0 ,0 0 0 5>£ % 1 - 2 0 - y o a r s e r ia l b r i d g e b o n d s ,
o f f e r e d w i t h o u t s u c c e s s o n A p r . 3 0 .— V . 1 0 6 , p . 1 6 0 1 .
WELLESLEY,
N orfolk
C oun ty,
Mass.— TEMPORARY
LOAN
—
E s t a b r o o k & C o . o f B o s t o n w e r e r e c e n t l y a w a r d e d t w o n o t e s o f $ 2 0 0 ,0 0 0
e a c h , d a t t x l M a y 2 0 a n d d u e O c t . 2 0 a t a d i s c o u n t o f 5 . 0 9 % , i t is s t a t e d .
S e c r e t a r y -T r e a s u r e r .
B R I D G E W A T E R , N . S .— DEBENTURES A U T H O R IZE D — A n is s u e
o f $ 2 0 ,0 0 0 6 % d e b e n t u r e s h a s b e e n a u t h o r i z e d , i t is s t a t e d .
BRITISH COLUMBIA ( P r o v i n c e o f ).— DEBENTURES PROPOSED —
T h o P r o v i n c e , i t is s t a t e d , w ill s h o r t l y p u t o n t h o m a r k e t a n is su e o r b e t w e e n
$ 1 , 0 0 0 , 0 0 0 a n d $ 2 ,0 0 0 , 0 0 0 w o r t h o f d e b e n t u r e s .
T h e m o n e y , i t Is s a i d ,
is r e q u i r e d t o t a k o c a r e o f m a t u r in g is s u e s , g e n e r a l P r o v i n c i a l e x p e n d it u r e s ,
a n d fo r th e fu rth e rin g o f th e c o m p le t io n o f th o P a c ific G ro a t E a s te r n , a n
u n d e r t a k in g w h ic h , f o l l o w i n g a G o v e r n m e n t i n v e s t ig a t i o n , w a s t a k e n o v e r b y
th o P r o v in c e .
T h o G o v e r n m e n t h a s n o w e x p e n d e d $ 2 5 ,0 0 0 ,0 0 0 o n t h is
r o a d , a n d i t is e s t im a t e d it w ill t a k o o v e r $ 4 ,0 0 0 , 0 0 0 t o c o m p l e t e i t .
.
BROOME TOWNSHIP, Q u e . — DEBENTURE ELECTION.— O r , M a y
2 7 a n e l e c t i o n w ill b e h e ld t o v o t o o n t h e q u e s t i o n o f I s s u in g $ 2 0 ,0 0 0 2 0 - y e a r
e l e c t r i c -l ig h t -p l a n t d e b e n t u r e s .
CLARKE SCHOOL D ISTRICT, Sask.— DEBENTURES AU THO R
IZED.— HecenOy a n is s u e o f $ 2 , 0 0 0 1 0 -y e a r d e b e n t u r e s a t n o t e x c e e d i n g
8 % in t . w a s a u th o r iz e d .
A . W . C la r k ( P . O . R e x ) is S c c . - T r e a s .
CONSUL, Sask.— DEBENTURES AUTHORIZED.— An
is s u e o f 81-002
1 0 - y o a r d e b e n t u r e s a t n o t e x c e e d in g 8 % i n t . h a s b e e n a u t h o r i z e d b y t h o
L oca l G overn m en t B oa rd .
A l e x D u n b a r is S c c .- T r e a s .
CRAIK SCHOOL D ISTRICT, Sask.— DEBENTURES AUTIIO RIZED.
— T h e L o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d t h e is s u a n c e o f * 9 , 0 0 0
2 0 -y o a r d e b e n tu re s a t n o t e x ce e d in g 8 % in t.
C . M . Iru m a n (1 . O .
C r a i k ) is S e c . - T r e a s .
DARTMOUTH, N. S .— DEBENTURES AU THO RIZED .— A n is s u e o f
$ 6 8 ,0 0 0 6 % d e b e n t u r e s w a s r e c e n t ly a u t h o r i z e d , i t Is s t a t e d .
OFFERING.—
EAGLE CREEK SCHOOL DISTRICT, Sask.— DEBENTURE SALE.
P r o p o s a l s w ill b o r e c e iv e d b y t h e C i t y T r e a s u r e r , i t is s t a t e d , u n t il 1 0 : 3 0
a . m . May 2 8 f o r $ 2 4 ,0 0 0 5 % r e fu n d i n g b o n d s .
D a to Ju n e 1 1918.
Duo
$ 1 , 0 J 0 y e a r l y f r o m 1 9 2 3 t o 1 9 4 6 in c lu s i v e .
— N a y & J a m e s o f R e g in a w e r e r e c e n t ly a w a r d e d $ l , 6 0 o s c h o o l d e b e n t u r e s .
WESTCHESTER COUNTY (P. O. W hite Plains), N. Y .— BOND OF
FIVE-MILE CREEK SCHOOL DISTRICT, Sask.— DEBENT URES
AUTHORIZED.— T h o L o c a l G o v e r n m e n t B o a r d h a s j u s t a u t h o r i z e d a n a
W ESTBROOK, Cum berland C oun ty, Mo.— BOND
FERING.— P r o p o s a l s w ill b e r e c e iv e d b y R o b e r t A . P a t t e s o n , C o u n t y
C o m p t r o l l e r , u n t il 12 m . M a y 2 9 f o r $ 1 7 5 ,0 0 0 5 % r e g i s t e r e d c o u n t y b l d g ,
bon d s.
D e n o m . $ 1 ,0 0 0 .
D a to Ju n o 1 1918.
P r i n . a n d s e m i- a n n . in t .
(J . & D . ) p a y a b lo a t t h e C o . T r e a s . o f f i c o .
D u e $ 5 ,0 0 0 y r ly . o n J u n o 1
fr o m 1 9 2 0 t o 195 4 in c l.
C e r t , c h o c k o n a S ta te o r n a tio n a l b a n k fo r
3 % o f a m o u n t o f b o n d s b i d f o r , p a y a b l o t o W i ll ia m A r c h e r , C o . T r e a s . ,
r e q u ir e d .
T h o b o n d s w ill b o p r o p a r e d u n d e r t h o s u p e r v i s io n o f t h e U . S .
M t g o . & T r u s t C o . , N . Y . C i t y , w h i c h w ill c e r t i f y a s t o t h o g e n u in e n e s s
o f t h o s ig n a t u r e s o f t h o c o u n t y o f fi c ia ls a n d t h e s e a l im p r e s s e d t h e r e o n
a n d t h o v a l i d i t y o f t h e b o n d s w ill b o a p p r o v e d b y H a w k in s , D e l a f i c l d &
L o n g f e l l o w o f N . Y . C i t y , a d u p li c a t e o r ig in a l o f w h o s o o p i n i o n w ill b o
f u r n is h e d t o t h e p u r c h a s e r .
Financial Statement.
A s s e s s e d v a l u e , r e a l p r o p e r t y ------------------------------------------------------- $ 4 5 7 ,0 1 2 ,0 2 2 0 0
A s s e s s e d v a l u o , p e r s o n a l p r o p e r t y ----------------------------------------------6 ,6 4 3 , 4 5 6 0 0
P e r c e n t o f a s s e s s e d v a l u o __________________________________________ s u p p o s e d 1 0 0 %
V a lu e o f r e a l c s t a t o o w n e d b y c o u n t y .................................................
$ 1 ,1 0 0 ,0 0 0 0 0
T o t a l b o n d e d d e b t , e x c l u d i n g t h is is s u e ______________________
1 0 ,2 2 1 ,7 4 5 51
F l o a t i n g d e b t ________________________________________________________
7 4 8 ,3 6 1 8 7
P o p u l a t i o n ______________________ _________ — .............- .......................
3 2 1 ,6 3 8
WESTERN, S a l i n e C oun ty, Neb.— NO BIDS RECEIVED.— No b i d s
w e r e r e c e iv e d f o r t h e $ 1 0 ,0 0 j 5 % 2 0 - y e a r se ria l e l e c t r i c - l ig h t b o n d s d a t e d
S e p t . I 1 9 1 7 o f f e r e d o n M a y 15— V . 1 0 6 , p . 1 8 2 1 .
WESTFIELD, U nion C oun ty, N. J .— BOND OFFERING.— P r o p o s a l s
w il l b e r e c e iv e d b y t h o T o w n C o u n c il u n t il 8 p . m . J u n o 12 f o r t h o f o ll o w i n g
5 % g o l d c o u p o n ( w i t h p r i v il e g e o f r e g i s t r a t i o n ) b o n d s r e c e n t ly a u t h o r i z e d ,
a t n o t e x c e e d in g t h e a m o u n ts m e n t io n e d .— V . 1 0 6 , p . 2 0 4 3 :
$ 4 1 ,0 0 0 s t r e e t a n d s e w e r b o n d s .
D u o $ 5 ,0 0 0 y e a r l y o n J u n o 1 5 f r o m
1 9 2 0 -1 9 2 4 i n c l . , a n d $ 4 ,0 0 0 y e a r l y o n J u n o 15 f r o m 1 9 2 5 t o 1 9 2 8 ,
7 2 .0 0 0
assessm ent b o n d s.
D u o $ 9 ,0 0 0 y e a r l y o n J u n o 1 5 f r o m 1 9 1 9 t o
1 9 2 3 , i n c l . ; $ 6 ,0 0 0 y e a r l y o n J u n o 15 in 1 9 2 4 a n d 1 9 2 5 , $ 5 ,0 0 0
y e a r l y o n J u n o 15 f r o m 1 9 2 6 t o 1 9 2 8 , i n c l.
8 2 . 0 0 0 g e n e r a l - im p r o v e m e n t b o n d s .
D u o $ 2 ,0 0 0 y e a r l y o n J u n e 15
f r o m 1 9 2 0 t o 1 9 6 0 , i n c l.
D e n o m . $ 1 ,0 0 0 .
D a t o J u n o 15 1 9 1 8 .
P r i n . a n d s e m i- a n n . i n t . (J .& D . )
p a y a b l o a t a b a n k o r t r u s t c o m p a n y in W e s t f i e l d .
T h e s u c c e s s fu l b i d d e r
o r b i d d e r s w ill b o fu r n is h e d w it h t h o o p i n i o n o f R e e d , M c C o o k & H o y t
o f N o w Y o r k t h a t t h e b o n d s a r e v a l i d a n d b i n d i n g o b l ig a t io n s o f t h o t o w n .
C e r t , c h e c k o n an in c o rp o ra te d b a n k o r tru st c o m p a n y fo r 2 % o f th o
a m o u n t o f b o n d s b id f o r . p a y a b lo t o th o “ T re a s u re r o f th o T o w n o f W e s t
f i e l d ” , r e q u i r e d . C h a s . C l a r k Is T o w n C l e r k .
WEST RIVER SCHOOL TOWNSHIP (P. O. H untsville), R an dolp h
C ou n ty, Ind.— BOND SALE.— O n M a y 2 t h o $ 1 4 ,5 9 0 5Vi% 1 -1 5 - y r .
s e r ia l c o u p o n s c h o o l b o n d s — V . 1 0 6 , p . 1 7 1 2 — w e r e a w a r d e d t o J . F . W i l d
& C o . o f I n d i a n a p o li s f o r $ 1 4 ,5 2 5 — -e q u a l t o 1 0 0 .1 7 2 .
W HITE BIRD HIGH W AY DISTRICT (P. O. W hite Bird), Idaho.
C ou n ty, Ida. — BOND OFFERING.— P r o p o s a l s w ill b o r e c e iv e d u n t il
1 p . m . t o - d a y ( M a y 2 5 ) , i t is s t a t e d , b y E d . C . S m i t h , D i s t r i c t S e c y . ,
f o r t h e f o l l o w i n g h i g h w a y - ! m p t . b o n d s a t n o t e x c e e d i n g 6 % in t e r e s t .
$ 1 5 ,0 0 0 i m p r o v e m e n t b o n d s .
D a t e J u ly 1 191 7.
7 .5 0 0 im p r o v e m e n t b o n d s .
D a te M a r . 1 1918.
2 .5 0 0 im p r o v e m e n t b o n d s .
D a t e J u ly 1 191 7.
,
,
D en om . $500.
P r i n . a n d s o m i- a n n . i n t . ( J . & J . ) p a y a b l o a t t h o D i s
t r i c t T r e a s u r e r ’s o f f i c e .
C e r t , c h e c k f o r $ 5 0 0 o n e a c h is s u e o f b o n d s
re<^ h o a b o v e b o n d s w e r o r e p o r t e d s o l d t o t h e S t a t e o f I d a h o d u r i n g t h e
m o n th o f A p ril.
V . 106, p . 1821.
WILLMAR SCHOOL
DISTRICT
(P.
O.
W illm ar),
Kandiyohi
C oun ty, Minn.— BONDS VOTED.— R e p o r t s s t a t e t h a t t h i s d i s t r i c t h a s
v o t e d a n Issu e o f $ 1 3 5 ,0 0 0 s c h o o l b o n d s .
W IT T , M ontgomery C oun ty, III.— BOND ELECTION.— A n e l e c t i o n
w il l b o h e ld J u n o 4 t o v o t o o n a p r o p o s i t i o n t o is s u e $ 1 6 ,0 0 0 5 % 1 - 1 0 - y e a r
( o p t .) w a te r-w o rk s b o n d s .
YALE, Payne C oun ty, Okla. — BOND E LE CT IO N — A n o l o c t i o n w ill
p r o b a b l y b o h o l d M a y 2 8 o r J u n e 3 t o v o t o o n t h e q u e s t i o n o f is s u in g $ 1 0 0 ,
0 0 0 w a t e r w o r k s , $ 1 0 0 ,0 0 0 e l e c t r i c - l i g h t i m p t . a n d $ 2 0 ,0 0 0 f ir o - a p p a r a t u s
6 % 20 to 25 year bon d s
YELLOWSTONE COUNTY (P. O. B illings), Mont.— BOND ELEC
TION.— R o p o r t s s t a t o t h a t a n o l e c t i o n w ill b o h e ld t h e l a t t e r p a r t o f J u n e
to
v o t o o n t n e q u o s t l o n o f is s u in g $ 1 0 0 ,0 0 0 c o u r t - h o u s o b o n d s .
YOUNGSTOW N, M ahoning C oun ty, O hio.— BONDS A W A R D E D
I N PART.— O f t h o s ix is su e s o f b o n d s a g g r e g a t in g $ 4 8 6 J 7 8 5 a n d o f f e r e d
ELFROS SCHOOL DISTRICT, Sask.— DEBENTURE
S A L E .— An
is su o o f 8 3 , 0 0 0 d e b e n t u r e s h a s b e e n s o ld t o E . B . J o n a h o f R e g in a .
w ill se ll a n is su o o f $ 2 ,2 0 0 l o - y e a r d e b e n t u r e s a t n o t e x c e e d i n g 8 %
L o u is L a z a r u s ( P . O . W o o d M o u n t a i n ) is S c c .- T r e a s .
m t.
GLENVIEW SCHOOL DISTRICT, Saak •— DEBENTURES A U THOR
IZED.— T h o L o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d $ 2 j 0 0 0 1 0 - > e a r d e
b e n t u r e s a t n o t e x c e e d in g 8 % h i t .
N . F . M a r u s k a ( P . O . V a n g u a r d ) is
S e c .-T r e a s .
GOLDEN VALLEY
SCHOOL D ISTR IC T NO. 1344 (P. O. P on-
t e i x ) , Sask .— DEBENTURES AUTHORIZED.— A n is s u o o f $ 2 2 0 0 1 0 - y r .
s c h o o l d e b e n tu re s a t n o t e x c e e d in g 8 % h a s b e e n a u th o r iz e d .
W m . Isa a cs
js S e c r e t a r y -T r e a s u r e r .
H ALIFAX, N. S .— DEBENTURES AUTHORIZED. R e c e n t l y t h o
L e g i s l a t u r e a u t h o r i z e d a n is s u e o f $ 1 1 0 ,0 0 0 5 % d e b e n t u r e s , i t is s t a t e d .
HAMILTON, O n t.— DEBENTURE SALE.— O n M a y 1 4 t lio $ 3 4 6 ,0 0 0
6 % 1 - 1 0 - y e a r s e r ia l d e b e n t u r e s — V . 1 0 6 , p . 2 0 4 4 — w o r o a w a r d o d t o O s ie r
& ^ T a m m o n d , I lo u s s e r , W o o d & C o . , a n d M u l l i o l l a n d , B i r d & G r a h a m a t
t h e ir j o i n t b i d o f $ 3 4 0 ,2 9 7 8 0 e q u a l t o 9 5 .9 3 .
HAYFIELD SCHOOL DISTR IC T, Man.— DEBENTURE ELECTION.
_ O n M a y 2 8 a n e l e c t i o n w ill b o h e ld t o v o t o o n t h o q u e s t i o n o f I s s u in g
_
$4^500 s ch o o l b o n d s .
W . T . J o h n s t o n ( P . O . W a w a n o s a ) is S c c .- T r e a s .
HESTER SCHOOL DISTRICT, Sask. — DEBENTURES AU THO R
IZED.— A n is su e o f $ 2 , 3 0 0 1 0 -y e a r d e b e n t u r e s a t n o t e x c e e d i n g 8 % i n t
has
(P .
b e e n a u th o riz e d
O . I l u g h t o n ) is
b y th e L o ca l
S c c .- T r e a s .
G ov ern m en t
B oa rd .
H en ry
M oon
HOME SCHOOL DISTRICT, Sask .— DEBENTURES AUTHORIZED.
— A n is su e o f $ 2 ,6 0 0 1 0 -y e a r 8 % d e b e n t u r e s h a s b o o n a u t h o r i z e d b y t h o
L oca l G ov ern m en t B oa rd .
C . S . R u d o ( P . O . S p a ld in g ) is S e c . - T r e a s .
KINGSLYN SCHOOL DISTRICT, S a sk .— DEBENTURES A U T H O R
IZED.— Tho L o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d t h e I s s u a n c e o f $ 6 0
8 -y e a r d e b e n tu re s a t n o t e x c e e d in g 8 % in t.
S. I t . C o m m o n ( I . O. Hazel
C l i f f ) Is S c c .- T r e a s .
KINGSMEADE SCHOOL D ISTRICT, Sask.— DEBENTURES A U
THORIZED.— A n Issu e o f $ 2 , 0 0 0 1 0 - y c a r d e b e n t u r e s a t n o t e x c e e d i n g 8 %
in t h a s b e e n a u t h o r i z e d , a n d w ill b o s o l d b y t h o L o c a l G o v e r n m e n t B o a r d .
A r t h u r J . K in g ( P . O . C a d il l a c ) is S c c .- T r e a s .
LOVERNA, S a s k . — DEBENTURE SALE.— O n M a y 1 t h e $ 3 , 0 0 0 7 %
d e b e n t u r e s r e c e n t ly a u t h o r i z e d — V . 1 0 6 , p . 1 9 3 4 — w e r e a w a r d e d t o lo c a l
p u rch asers a t p a r.
D a to M a y 1 1918.
A n n u a l i n t . in D e c e m b e r .
LYNTHORPE SCHOOL DISTRICT, Sask. -DEBENTURE S A U -
TIIORIZHD.— T h e L o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d $ 1 ,0 0 0 o - y e a r
d e b e n t u r e s a t n o t e x c e e d i n g 8 % in t .
H . S im p s o n ( P . O . L y n t h o r p o ) is
S e c .-T r e a s .
MARTINDALE SCHOOL DISTRICT, Sask.— DEBENTURES A UTIIORIZED.— T h o lo c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d t h o i s s u a n c e o r
$ 2 , 2 0 0 1 0 -y e a r d e b e n t u r e s a t n o t e x c e e d i n g
( P . O . P e n s o ) is S e c r e t a r y -T r e a s u r e r .
8%
In t.
E rn est
G ra n t,
MAXW ELL SCHOOL DISTRICT, Sask.— DEBENTURE S A L E .—
A n Issu o o f $ 1 ,2 0 0 d e b e n t u r e s h a s b e e n a w a r d e d t o t h e G r e a t w e s t m e
A ssu ra n ce C o . o f W in n ip e g .
MIMICO, O ntario.— DEBENTURE SALE.— O. H . B u r g e s s & C o . o f
T o r o n t o w e r e a w a r d e d t w o is su e s o f 6 % 1 -3 0 y e a r d e b e n t u r e s a g g r e g a t i n g
$ 2 3 ,5 4 9 4 9 .
P r in . a n d y e a r l y i n t . p a y a b l o a t t h e T r e a s u r e r s o f f i c o .
Financial Statement.
A s s e s s e d v a l u a t i o n f o r t a x a t i o n ................. .......................... - ..................... — » i , 3 i z , o o u
E s t i m a t e d t r u e v a l u e o f p r o p e r t y -------------------- ----------------------- -------------- - -= = =
G e n e r a l d e b e n t u r e d e b t .............................. ...............................................
2 5 0 ,3 3 8
Less— W a t e r w o r k s d e b e n t u r e s ......................................- .................. $ V ^ ’ q o o
— L i g h t i n g d e b e n t u r e s ...................... .............- ............................. 1 7 ,8 0 2
— S in k in g f u n d ............- .....................................................................- 5 0 ,0 0 0
151 7 3 3
N o t d e b e n t u r e d e b t ...................................................................................... - .............
M u n i c i p a l i t y ’s a s s e t s ......................................- ..........................................................
L o c a l i m p r o v e m e n t d e b t ...................... - ................................................. - P o p u l a t i o n ___________________________________________ 2 , 7 0 0
NEW
WATERFORD,
N.
S.— DEBENTURES
cv r f i
0 < 11
AUTHORIZED.— .
R e p o r t s s t a t o t h a t a n is s u o o f $ 3 5 ,0 0 0 5 % d e b e n t u r e s h a s b e e n a u t h o r i z e d
NORTH VANCOUVER, B. C.— DEBENTURES PROPOSED.— A n
issue of $40,000 water works system debentures is being contemplated,
it is stated.
OMEMEE, O nt. — DEBENTURE OFFERING.— P r o p o s a l s w ill b o r e
o n M a y 20— V . 1 06 , p . 1934— th o s e w e i. p o lic e -s t a t io n -im p t . a n d fir o e q u l p . b o n d s w e r e a w a r d e d t o R . M . G r a n t & C o . a s f o ll o w s :
$ 8 7 ,2 8 5 5 % 1 - 5 - y e a r s e r ia l A l b e r t S t r e e t s o w e r b o n d s f o r $ 8 7 ,3 7 2 , e q u a l
____
,
'
t o 1 0 0 .0 9 9 .
„
6 ,0 0 0
5 % 3 - 5 - y e a r s e r ia l p o l l c e - s t a t i o n - i m p t . b o n d s f o r $ 6 ,0 0 6 , e q u a l c e iv e d b y W . I I . K e n n e d y , V illa g o C l e r k , u n t il t o - d a y ( M a y 2 5 ) f o r $ 9 ,0 0 0
6 % 2 0 - i n s t a lm o n t v i ll a g e d e b e n t u r e s .
D en om . $784 67.
1 0 ,5 0 0
5 % 3 - 7 - y e a r s e r ia l f i r e - d e p t .- e q u i p . b o n d s f o r $ 1 0 ,5 1 0 , e q u a l t o
ONE MILE COULEE SCHOOL DISTRICT, Sask.— DEBENTURES
T h o $ 2 5 ,0 0 0 s t r e e t - o p e n i n g a n d $ 8 , 0 0 0 p u b l i c - c o m f o r t s t a t io n b o n d s
a d v e r t i s e d t o b o s o l d o n t h o s a m e d a y w e r e n o t a p p r o v e d b y t h o C a p it a l
Issu es C o m m itte e o f th e F ed era l R e se rv e B o a rd .
AUTHORIZED.— 'T h e L o c a l G o v e r n m e n t B o a r d
1 0 -y o a r d e b e n tu re s a t n o t e x c e e d in g j$ % In t.
is S e c r e t a r y -T r e a s u r e r .
h as a u th o r iz e d $ 2 ,0 0 0
P a u l V a n d a l ( I . O . M o la v a l )
O N T A R I O (Province o f). — DEBENTURE SALE.— O n M a y 2 0 t h o
S 3 .0 0 0 .0 0 0 6 % 1 0 - y o a r g o l d b o n d s — V . 1 0 6 , p . 2 1 4 8 — w e r e a w r a d e d t o a
s y n d l c a t o c o m p o s e d o f It. O . M a t t h o w s & C o . o f T o r o n t o , O . M e r e d i t h &
C o . o f M o n t r e a l , A m e lin s J a r v i s & C o . o f T o r o n t o a n d H a n s o n B r o s . o f
M o n t r e a l, jo in t l y , fo r 8 2 ,9 8 4 ,7 0 0 , e q u a l t o 9 9 .4 9 .
O th e r b id d e r s w ore:
C . I I . B u r g e s s & C o . , T o r o n t o ---------------------------------------------------------------M o r r o w & J o l l o t t , T o r o n t o --------------------------------------------------------------------------- ( 9 9 . 3 8 1
G r o o n s h io l d s & C o . , M o n t r o a i — --------------------------------------------------------C a n a d a B o n d C o r p o r a t i o n , T o r o n t o ----------------------------------------------------D o m i n i o n S e c u r it ie s , T o r o n t o -----------------------------------------------------------------W o o d , G u n d y & C o . , T o r o n t o .............. - ------------------------------------------------------ ( 9 9 . 2 7 7
A . E . A m o s « C o . , T o r o n t o -------------------------------------------- -----------------------H a r r is , F o r b e s & C o . , M o n t r o a i ............................................................- ............._ _
B r e n t , N o x o n & C o . , T o r o n t o ------------------ ------------------- -------------------------------- 1 9 9 .3 2 1
W . A . M a c k e n z i e & C o . , T o r o n t o --------- ------------------------------ -----------------------G . A . S t i m s o n & C o . , T o r o n t o ----------- ------------ ..................................... - ............. 9 7 .5 3
O s ie r & H a m m o n d a n d A s s o c i a t e s , T o r o n t o ------------------------------------------- 9 8 - 8 6 3
p r p E N N A N T , Sask.— DEBENTURE SALE.— I s s u e s o f $ 1 ,5 0 0 a n d . $ l , 7 5 0
d e b e n tu r e s h a v e b o o n a w a rd e d t o J . E . L in s d a y o f B a tt r u m .
> ►
PLENTY SCHOOL DISTRICT NO. 483 (P. O. P lenty), Sask.—
DEBENTURE SALE.— T h o $ 1 ,7 0 0 7 % 1 0 - y c a r s c h o o l d e b e n t u r e s r e c e n t ly
a u th o r iz e d — V . 1 0 6 , p . 1934— w ere s o ld t o G . A . R o g e rs a t p a r o n M a y 4 .
D o n o in . $ 1 7 0 .
REGINA, Sash.— DEBENTURE OFFERING— I t is s t a t e d t h a t t h o
C i t y T r e a s u r e r w ill r e c e i v e b id s u n t il M a y 3 1 f o r $ 2 3 0 ,0 0 0 e l e c t r i c -l ig h t b d s .
ROCKY
HILLS
2253
THE CHRONICLE
M ay 25 1918.]
SCHOOL
DISTRICT,
Sash.— DEBENTURES
AUTHORIZED.— T h o L o c a l G o v o r n m o n t B o a r d h a s a u t h o r i z e d t h o
l s s u a n c o o f $ 1 , 8 0 0 U )-y c a r d e b e n t u r e s , a t n o t e x c e e d i n g 8 % i n t .
H . J.
U n r u h ( P . O . L y d ia r d ) is S e c r o t a r y -T r e a s u r e r .
SALVADOR SCHOOL D ISTRICT NO. 109, Sask.— DEBENTURES
AUTHORIZED.— A n is s u o o f $ 6 0 0 1 0 - y e a r s c h o o l d e b e n t u r e s lia s b e e n
a u th o r iz e d , a t n o t o x c o o d in g 8 % .
J a m e s W . W h i t t a k e r is S e c ’y - T r o a s .
^ S A SK A T O O N , Sask .— DEBENTURE SALE.— W . A . M a c k e n z i e &
C o . o f T o r o n t o w e r e r e c o n t ly a w a r d e d t h o .s l0 0 ,2 6 .i 5 % 3 0 - y e a r s in k in g
f u n d d o o o t i t u r e s o f f e r e d o n A p r il 1 5 — V . 1 0 6 , p . 1 4 9 2 — f o r $ 7 5 ,7 1 0 ( 7 5 .5 0 )
a n d in te re s t.
'
SCARBORO TOW N SHIP (P. O. H ighland C rook).— BONDS VOTED.
— A n is s u o o f $ 2 0 , 0 0 0 s c h o o l b o n d s c a r r ie d o n M a y 1 3 , i t is s t a t e d .
SCHACKLETON SCHOOL DISTRICT, Sash.— DEBENTURES
AUTHORIZED.— A n is su e o f $ 1 , 0 0 0 1 0 -y e a r d e b e n t u r e s a t n o t e x c e e d i n g
8%
h a s b e e n a u th o r iz e d b y t h e L o c a l G o v e r n m e n t
C a s b u r g ( P . O . S h a c k le t o n ) is S e c r e t a r y -T r e a s u r e r .
SPRINGBROOK
SCHOOL
DISTRICT,
B oa rd .
Jas.
W ,
Sask.— DEBENTURES
AUTHORIZED.— T h e l o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d t h e is su
a n c e o f $ 1 ,0 0 0 1 0 -y e a r d e b e n tu r e s , a t n o t e x c e e d in g 8 %
B r o w n ( P . O . F t . Q u . ’ A p p c I l e ) is S e c r e t a r y -T r e a s u r e r .
SYDNEY, N. S .— DEBENTURES AUTHORIZED.— The
h a s a u t h o r i z e d $ 4 7 ,0 0 0 7 %
in t.
C.
W .
L e g is la t u r e
d e b e n t u r e s , i t is s t a t e d .
T O R O N T O , O n t .— BOND SALE .— A s y n d i c a t e c o m p o s e d o f A . E .
A m e s & C o . , t h o D o m i n i o n S e c u r it ie s C o r p . , L t d . , a n d W o o d , G u n d y &
C o . , a ll o f T o r o n t o , w e r e a w a r d e d $ 7 3 6 ,0 0 0 5 'A % 1 - 2 0 - y e a r s e r ia l g o l d
b o n d s f o r $ 7 0 1 ,0 5 0 4 0 , e q u a l t o 9 5 . 2 6 5 .
O th e r b id d e r s w e re :
A . E . A m o s & C o ______________________________ I
D o m i n i o n S e c u r it ie s C o r p o r a t i o n ------------------ ( T o r o n t o __________________ 9 5 .2 6 5
W o o d , G u n d y & C o ____________________________(
G r e e n s h ic l d s & C o . , M o n t r e a l _______________________________________________ 9 4 .8 3 1
M o r r o w & J e l le t t , T o r o n t o __________________________________________________ 9 4 .8 3 1
C a n a d a B o n d C o r p o r a t i o n ___________________ f
C . I I . B u r g e s s & C o ____________________________ ( T o r o n t o __________________ 9 4 . 7 5
C a m p b e l l , T h o m p s o n & C o __________________1
O s ie r & H a m m o n d _____________________________ |
H . C . M a t t h o w s & C o _______________________ ( T o r o n t o ---------------------------- 9 4 . 6 8
A e m i l iu s J a r v is & C o _________________________(
K e r r , F l o m in g & C o . . T o r o n t o _____________________________________________ 9 6 .2 2 2
W . A . M a c k e n z i e & C o . , T o r o n t o _________________________________________9 4 . 2 1 2
U o u s s e r , W o o d & C o __________________________ f
M a c n c i l l & Y o u n g _____________________________ ( T o r o n t o ------------------------------ 9 3 . 5 8
M u l l i o l l a n d , B i r d & G r a h a m ------------------------ (
R . O . R e a , T o r o n t o ( f o r $ 3 1 , 0 0 0 ) ................. ............. ...................................... . . 1 0 0 . 0 0
TR U RO , N. S.— DEBENTURE SALE.— R e p o r t s s t a t e t h a t t h o $ 2 2 ,6 0 0
6 % 3 0 - y e a r r e fu n d i n g d e b e n t u r e s r e c e n t l y a u t h o r i z e d — V . 1 0 6 , p . 1 6 0 2 —
w o r o a w a r d e d t o J . C . M a c k i n t o s h & C o . o f M o n t r o a i f o r $ 2 2 ,3 8 3 0 2 ,
e q u a l t o 9 7 .2 7 .
VALLEY C IT Y SCHOOL DISTR IC T NO. 2656 (P. O. Fiske), Sask.
— BOND OFFERING.— B id s w ill b o r e c e iv e d b y L . L . B r o w n , S e c . - T r e a s .,
fo r $ 2 ,0 0 0 7 M t o 8 % c o u p o n s c h o o l b o n d s .
D e n o m . $ 2 ,0 0 0 .
I n t . p a y a b le
a t th o R oyal B a n k o f C a n ad a a t R o setow n .
B o n d e d d e b t n o t i n c l. t h is
issu o ) M a y 4 1 9 1 8 , $ 7 ,5 6 1 .
A s s e s s e d v a l u a t i o n 1 9 1 8 , $ 4 8 8 ,0 0 0 .
Y O R K TOWNSHIP, O n t.— DEBENTURE SALE.— O n M a y 2 0 W. L .
M c K i n n o n & C o . o f T o r o n t o w e re a w a r d e d a n is s u o o f $ 3 5 ,0 0 0 6 % 2 5 i n s t a ll
m e n t s c h o o l d e b e n t u r e s f o r $ 3 4 ,7 6 6 2 o , e q u a l t o 9 9 . 3 3 2 , i t is s t a t e d .
FINANCIAL
NEW LOANS
PROPOSALS
CITY OF NEW ARK
Sealed proposals will be received by the Director of Revenue
and Finance, acting as the Comptroller of the City of Newark,
New Jersey, until 11 o ’clock A. M ., on Tuesday, M ay 28,
1918, at his office in the City Hall, City of Newark, New
Jersey, for the purchase of
HIGH-GRADE
SOUTHERN BONDS
W e buy and sell high
grade tax-secured munlolpal
bonds of the Southern States
and their sub-dlvlslons offer
ing a safe security with an
attractive yield.
Write for detcriptive booklet.
BOND DEPARTM ENT
NEW ORLEANS
Resources____ $35,000,000
S. N. BOND & CO.
T A X ANTICIPATION BONDS OF 1918
of the City of Newark in the amount of 83,000,000, issued pur
suant to Chapter 192, New Jersey Laws of 1917, and dated
June 1, 1918, payable Dec. 1, 1918.
They may be registered upon request of the purchaser or
holder.
No bids will be received for less than par.
Bidder must state amount of interest, expressed in multiples
of one one-hundredths of one per centum he is willing to take
for the loan, and the bidder offering the least interest rate will
be awarded the bonds, provided that if more than one bidder
offers such least interest rate the bidder offering the greatest
additional premium shall be awarded the bonds.
All proposals for said bonds must be enclosed in a sealed
envelope addressed to tho Comptroller of the City of Newark,
City Hall, Newark, New Jersey, and marked on the outside
“ Proposals for Tax Anticipation Bonds.”
The right is reserved to reject any and all bids.
Bonds will be delivered at the office of the Comptroller of the
City of Newark on the first day of June, 1918, and will be
payable at maturity with interest at the office of the Treasurer
of the City of Newark, City Hall, Newark, New Jersey.
A. ARCHIBALD,
Commercial Paper
Municipal Bondi
ill
Broadway
D IR E C T O R
OF R E V E N U E
AND
F IN A N C E .
N e w a rk , N . J ., M a y 18, 1 9 1 8 .
|New York
60 State Street, Boston
W
f
8 n k «r -
B o n d D «p t,
CHICAGO
Capital, Surplus and Undivided Profits
New Jersey
Securities
OUTWATER & WELLS
16 Exchange Place
T el. 20 Montgomery
Jersey City, N. J.
P ays Interest on T im e
D ep oslts, Current and Reserve
A ooounts.
shan ge.
•
-
$ 1 6 ,4 0 0 ,0 0 0
H as on band at all times a variety of exoellent securities.
D eals In Foreign E x T ransacts a General T ru st Business.
Buys and sells
G overnm ent, M unlolpal and
Corporation Bonds
2254
THE CHRONICLE
[Vol. 106
financial
^financial
ATLAN M TU IN R N CO PAN
TIC U AL SU A CE M Y
IS IT NOT
SOUND POLICY
N e w Y o r k , J a n u a ry 2 5 th , 1918.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
Zlst of December, 1917.
The Company’s business has been confined to marine and inland transportation insurance.
P rem iu m s o n su ch risks from th e 1st J a n u a ry , 1917, t o th e 31st D e ce m b e r , 1 91 7..................5 1 1 ,1 0 5 ,6 1 9 .4 6
1 ,1 3 5 ,7 8 5 .4 3
P rem iu m s o n P o licie s n o t m arked o f f 1st J a n u a ry , 1917______________________________________
T o t a l P rem iu m s___________________________________________________________________________________ 5 1 2 ,2 4 1 ,4 0 4 .8 9
P rem iu m s m a rk ed o f f fro m 1st J a n u a ry , 191 7, t o 3 1 st D e ce m b e r , 191 7.......................................... 5 1 1 .1 7 1 ,8 5 3 .9 3
In terest o n th e Investm ents o f the C o m p a n y receiv ed du rin g the y e a r 5 4 0 4,41 1.1 5
In terest o n D e p o sits In B a n k s an d T r u s t C om p a n ies, e t c ________ . 126 ,991 .53
R e n t receiv ed less T a x e s a n d E x p en ses______________________________
9 3 ,4 7 4 .6 6 5 62 4 ,8 7 7 .3 4
lo s s e s p aid d u rin g th e y e a r _______ ______ _____________________________________ ______ 5 3 , 5 1 3 , 6 5 0 3 '
L ess: S a lv a g es............................... 5 3 3 6,89 6.3 2
R e-in su ran ces.................... 5 0 3 ,8 5 7 .6 8
$ 8 1 0 ,7 5 4 .0 0
5 2 ,6 7 2 ,8 9 9 .2 0
R e-Insurance P rem iu m s a n d R etu rn s o f P r e m iu m s _____________________
— 5 1 ,9 1 3 ,7 1 0 .6 5
E x p en ses, in clu d in g com p en sa tion o f o fficers a n d clerk s, ta x es, sta tion ery ,
a d v ertisem en ts, e t c _____________________________________________________________ 5 8 5 7 ,5 9 6 ,0 9
fo r y o u
in g
B y or d e r o f t h e B oa rd ,
do
your
w ith
bank
a
T ru st
Com pany ?
S u ch a c o m p a n y n o t o n ly ca n
l o o k a f t e r y o u r m o n e y w h ilo y o u
a r e a l iv e , b u t , i f y o u w is h , c a n a c t
as E x e cu to r , A d m in is tra to r , G u a r
d ia n , R e c e iv e r o r T r u s t e e .
I t Is a
L e g a l D e p o s it o r y fo r fu n d s o f e v e r y
d e s c r ip t i o n .
A d iv id e n d o f interest o f S ix p er c e n t , o n th e ou tsta n d in g certifica tes o f p rofits w ill b e p a id t o tb*
holders th e re o f, o r th eir legal representatives, o n a n d a fter T u e s d a y the fifth o f F e b r u a r y n ex t.
T h e o u tsta n d in g certifica tes o f th e Issues o f 1915 an d o f 1916 w ill b e red eem ed a n d p aid t o th e hold ers
th e r e o f, o r th eir legal rep resen tatives, on an d a fter T u e s d a y the fifth o f F e b r u a r y n e x t, fro m w h ich d a te all
Interest th ereon w ill cease. T h e certifica tes t o b e p rod u ced a t the tim e o f p a y m en t an d ca n ce le d .
A d iv id e n d o f F o r t y p er cen t. Is d eclared o n the earned prem ium s o f th e C o m p a n y fo r th e y ea r en din g
31st D e ce m b e r , 1917, w hich are en titled t o pa rticip a te In d iv id e n d , fo r w h ich , u p o n a p p lic a t io n , certifica tes
w ill b e Issued o n an d a fter T u e s d a y the sev en th o f M a y n ext.
T h is
C om pany
e s p e c i a ll y
a t
ten d s
to
th e
m anagem ent
of
P erson a l P ro p e rty an d R ea l E sta te
a n d t o t h e c o l l e c t i o n a n d r e m it
ta n c e o f re n ts , In terest a n d d iv i
den d s.
G . S T A N T O N F L O Y D -JO N E S, S e cre ta ry.
TRUSTEES.
E D M U N D L . B A Y L IE S ,
JO H N N . B E A C II,
N IC H O L A S B ID D L E ,
JA M E S B R O W N ,
JO H N C L A F L IN ,
GEORGE C. CLARK,
F R E D E R IC A . D A L L E T T ,
C L E V E L A N D II. D O D G E ,
C O R N E L IU S E L D E R T ,
R IC H A R D H . E W A R T ,
G . S T A N T O N F L O Y D -J O N E S ,
P H IL IP A . S . F R A N K L IN .
to
b u sin e ss
Write for our booklet
"Management of Your Estate."
H E R B E R T L . G R IG G S
ANTON A. RAVEN,
JO H N J . R IK E R ,
SAM UEL T . H U BBARD ,
L E W IS CA SS L E D Y A R D ,
D O U G L A S R O B IN S O N ,
W IL L IA M II. L E F F E R T S ,
JU STU S R U P E R T I
W IL L IA M J A Y S C H IE F F E L IN ,
C H A R L E S D . L E V E ItlC H ,
SA M U E L SLO AN ,
N IC H O L A S F . P A L M E R ,
W IL L IA M SL O A N E ,
W A L T E R W OOD PARSONS.
L O U IS S T E R N ,
CH ARLES A . PE AB O D Y,
W IL L IA M A . S T R E E T .
W IL L IA M R . P E T E R S ,
GEORGE E. TU RN U RE,
J A M E S II . P O S T ,
G E O R G E C . V A N T U Y L , J r.
CH ARLES M . PR ATT,
._
R IC H A R D H . W IL L IA M S .
D A L L A S B , P R A T T ,.
A . A . R A V E N , Chairman of the Board.
C O R N E L I U S E L D E R T , President.
W A L T E R W O O D P A R S O N S , Vice-President.
C H A R L E S E . F A Y , 2d Vice-President.
W I L L I A M D . W I N T E R , 3rd Vice-President.
UNION TRUST
COMPANY
OF
N E W
Eighty
Y O R K
Broadway
Capital and Surplus - $8,500,000
LIABILITIES.
ASSETS.
E stim a ted L osses an d L osses U n set_
U n ite d S ta tes a n d S ta te o f N e w Y o r k
tied In process o f A d ju s t m e n t _____ 8 4 ,4 3 2 ,9 5 9 .0 b
B o n d s . . ....................................... ............. $ 1 ,1 8 5 ,0 0 0 .0 0
Prem ium s o n U n term in ated R is k s —
1 ,0 6 9 ,5 5 0 .9 6
S t o c k o f th e C it y o f N e w Y o r k a n d
S to ck s o f T r u s t C om p a n ies & B a n k s 1,44 5 ,5 5 0 .0 0 C ertificates o f P rofits a n d Interest
3 0 1 .4 0 6 .7 5
U n p a i d -------------------------------- ---------- S tock s an d B o n d s o f R a ilro a d s ............. 3 ,2 8 7 ,1 2 9 .8 5
121 ,989 .96
3 0 5 ,4 1 0 .0 0 R etu rn P rem ium s U n p a id ____________
O th er S ecu rities............................................
5 0 0 .0 0 0 .0 0
T a x es U n p a id .....................
—
Sp ecia l D e p o s its In B a n k s a n d T ru st
C om p a n ies . . ....................................... - 3 ,0 0 0 ,0 0 0 .0 0 R e-Insurance Prem ium s o n T e r m i
36 5 .6 8 7 .8 7
R e a l E state c o r . W a ll S tre e t, W illia m
n ated R is k s -------------------------------------S treet a n d E x ch a n g e P la c e ............. 3 ,9 0 0 ,0 0 0 .0 u Claim s n o t S ettled , Inclu din g C o m
18 3 ,6 1 7 .1 0
p en sa tion , e t c ............ ..............................
R e a l E sta te o n S taten Island (held
C ertifica tes o f P rofits O rd ered R e
u n d er p rov ision s o f C h a p ter 4 8 1 ,
d eem ed , W ith h eld fo r U n paid P re
L a w s o f 1 8 8 7 )..........................................
7 5 ,0 0 0 .0 0
—
2 2 .7 5 0 .1 0
m iu m s.................
P rem iu m N o te s .......... ......... .....................1 ,0 0 9 ,5 7 7 .7 4
3 ,1 3 5 .9 6
B ills R e c e iv a b le ............................................
1 ,0 3 8 ,4 6 0 .8 6 I n co m e T a x W ith h eld a t t h e S o u r c e ..
5 ,1 2 2 .2 6 C ertificates o f P rofits O u t s t a n d in g ... 5 ,7 2 2 .5 9 0 .0 0
N o t e R e c e iv a b le - ....................................
C a sh in h a n d s o f E u rop ea n B ankers
B a la n c e ________ . . . --------- . . . . --------- - 5 ,3 1 8 .3 2 2 .5 5
t o p a y losses u n d er policies p aya ble
598 ,6 7 5 .6 7
In foreig n co u n trie s........ ...................
C ash In B a n k an d in O ffic e ---------------2 ,1 8 7 ,1 9 8 .8 7
S ta tu to ry D e p o s it w ith th e S ta te o f
4 , 765 .00
Q ueensland, A u stra lia ---------- ----------5 1 8 ,0 4 1 .8 9 0 .2 5
5 1 8 .0 4 1 ,8 9 0 .2 5
Balance brough td o w n .......................................................... ................................................. ..................... .55,318,322.55
Accrued Interest on the 31st day o f December, 1917, amounted t o ........................................... . . . 5
75,724.00
Rents due and accrued on the 31st day o f December, 1917, amounted t o ------------------------------- $
22.201.5b
Re-insurance due or accrued, In companies authorized In New York, on the 31st day o f
D ecem ber, 1917, amounted t o ......... .............. ............ .............................................. .................— $ 683,467.D»
N ote: T he Insurance Department has estimated the value of the Real Estate on Staten Island
In excess of the Book Value given above, a t ------------------------------------------------------------ $
63,7002)%
The Insurance D epartm ent’s valuation o f Stocks, Bonds and other Securities exceeds the
Com pany’s valuation b y .............................................................................................- ....................... $2,303,887.87
O n th e basis o f these increased valuations the balance would b e . . . . . . . . . . . . . . . . ___. . . . . . . 5 8 ,367,303.84
T
J A M E S D. r - w - 1
y '*
lACEY liMBERlO
.
TIMBER BONDS
based always upon
expert verification
of underlyingassets
332 s o .
M
ic h ig a n
Av„
C
h ic a g o
e n g in e e r s
THE
J-G-WHTTE COM PANIES
Acts 88
Executor
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
PHILADELPHIA
P u rch asers
F in a n c ie r s
E n g in e e r s
C o n tra c tu re
O p e r a to r s
M a n a g e r i
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
al" P u b lic U t il it y a n d I n d u s tr ia l
P r o p e r tie s *
M e m b e r o f F e d e ra l R e se rv e S y ste m
R E P O R T S — V A L U A T I O N S -E 3 T I M A T B 8
E. B. Morris, President
43 EXCHANGE PLACE, NEW YORK.
LONDON
C H IC A G O
WILLARD CASE& COMPANY
MELLON NATIONAL BANK
PITTSBURGH
C O N S U L T IN G
E N G IN E E R S
D e v e lo p m e n t o f
Industrial Plants & Equipments
S T A T E M E N T O F C O N I D T I O N A T T H E C L O S E O F B U S IN E S S M A Y 10 1918
R ESO U RCES
Loans, Bonds and Investment Securities_____$96,636,621 57
Overdrafts_____________________________________
7 40
C a s h __________________________________________
4,015,074 41
Due from Banks_______________________________
19,035,360 26
$119,687,063 64
R e p o rts o n
Operating Methods & Conditions
D e te r m in a tio n s of
Worth of Established Properties
17 B A T T E R Y P L A C E
NEW YO R K
L IA B IL IT IE S
Capital___________________________
$6,000,000
Surplus and^Undivided Profits________________
4,254,084
Reserved for Depreciation, &c-----------------------1,724,523
CirculatingjNotes_____________________________
4,929,100
Deposits_______________________________________ 102,779,355
$119,687,063
00
38
55
00
71
64
A le x . O . H u m p h reys
A lt e o 8 . M I > »
HUMPHREYS^ MILLER, Inc
B N U IN B B U a
Power—Light—Gas
68 B R O A D W A Y
NEW
YORK
@FedFRASER