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The.
ollinurct314
INCLUDING
Bank 8z Quotation Section
Railway Earnings Section
fitianrtai
iirtintde
Railway Sc Industrial Section
Bankers' Convention Section
VOL. 104
Electric Railway Section
State and City Section
SATURDAY, MAY 26.1917
Thrattitit.
PUBLISHED WEEKLY.
1917.
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OTATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
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$4 20
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Soc. Addresses of all, Office of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, eze., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,699,790,662, against $5,693,601,635 last week and 2,4703,650,948
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending May '26.
Week ending May 19.
Clearings al-
Terms of Subscription-Payable in Advance
Per
Cent.
1917.
1916.
Now York
Chicago
Philadelphia __
Boston __ ._
Kansas City
St. Louis
San Francisco_
Pittsburgh
Detroit
Baltimore
New Orleans.
82.792,178,204
399,395,809
253,754,165
181,151,401
107,141,682
104,831,828
72,882,244
74,428,785
43,439,010
33,538,617
37,529,806
12,460,677,855
305,968,375
192,705,325
158,285,968
66,108,597
80,530,165
49,683,771
58,547,618
32,184,974
32,027,138
21,239,595
+13.5
+30.6
+31.7
+14.4
+62.1
+30.2
+46.7
+27.1
+35.0
+4.7
+76.7
Eleven cities, five days _ -._______
Other cities, five days
$4,100,271,551
655,114,723
13,457,955,381
470,207,914
+18.6
+39.3
$4,755,386,274
944,404,388
$3,928,167,295
775,483,653
+21.1
+21.8
NO. 2709
1916.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis _ Columbus
Toledo
Peoria
Grand Rapids_ _ _
Evansville
Dayton
Springfield, Ill. _
Fort Wayne_ _ _ _
Youngstown
_
Rockford
Akron
Lexington
South Bend
Quincy___
Canton
Bloomington_ _ _ _
Springfield, 0_
Jackson
Decatur
Mansfield
Danville
Jacksonville, Ill_
Lima
Owensboro
Ann Arbor
Adrian
Lansing
Tot. Mid.West
$
$
507,987,683 386,272,569
39,242,874
33,463,200
70,543,821
40,825,958
63,112,212
45,480,663
26,000,000
19,748,329
14,675,917
10,878,857
9,987,800
8,545,100
11,597,489
9,560,608
5000,000
2,950,000
5,753,154
4,505,231
3,067,466
1,826,533
3,217,871
3,175,149
1,882,461
1,462,418
1,533,649
1,575,679
3,229,359
2,093,243
1,593,653
1,058,187
5,728,000
4,424,000
468,719
685,390
1,000,000
971,199
1,100,000
847,874
4,395,921
2,417,078
1,098,211
807,002
1,023,018
808,558
1,000,000
945,647
758,847
594,246
1,034,912
687,409
462,306
455,114
435,072
308,150
850,000
713,791
532,927
327,365
381,001
363,556
123,614
102,456
1,500,000
1,273,477
786,310,765 590,159,228
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City-Spokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Fresno
San Jose
Stockton
North Yakima
Reno
Long Beach
Total Pacific__
91,743,875
33,694,000
21,599,406
18,245,498
13,354,679
8,000,365
3,367,249
5,320,108
2,629,669
2,766,387
1,261,339
1,951,807
772,016
1,700,241
726,235
500,000
682,854
2C6,315,726
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
650,600
1,171,242
456.654
360,868
606,858
150,140,630
Inc. or
Dec.
1915.
1914.
%
$
$
1-31.5 308,201,115 309,949.523
A-17.3
24,946,850
27,418.000
1-72.8
27,786,301
21,753,989
30,249,532
4-38.8
27,972,623
14,756,456
1-31.7
14,653,981
1-34.9
8,124,109
7,756,306
7,011,200
A-16.8
6,411,600
1-21.3
5,890,121
6,002,248
4-69.5
2,622,009
3,451,520
4-27.7
3,483,832
3,327,448
1-67.9
1,134,095
1,171,955
4-1.3
2,032,759
2,129,416
A-28.7
1,081,406
1,098,173
-2.7
1,250,825
1,252,425
1-54.3
1,415,002
1,390,132
1-50.6
947,785
868,484
-F29.5
2,376,000
2,157000
---31.7
612,332
628,852
707,091
1-3.0
576,048
+29.7
719,780
773,963
1-81.4
1,600,000
1.443,551
1-36.1
564,425
559,482
1-26.6
643,887
644,980
1-5.7
500,000
525.000
1-27.6
416,526
456,870
4-50.5
580,564
550.378
-1.6
444,412
450,000
A-41.2
225,259
203,498
A-19.1
481,978
426,398
1-63.2
360,418
352,663
212,925
1-4.8
206,314
1-20.2
77,569
58,703
4-17.8
606.272
486,675
1-33.2 452,062,835 447,108,198
+31.4
1-32.5
A-51.6
1-70.6
1-57.6
4-28.2
+43.5
1-20.3
A-1.1
+35.3
1-30.9
1-71.6
A-18.8
1-45.2
1-59.1
1-38.4
4-12.5
1-37.4
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
47,149,019
23,390,704
11,909,291
10000,000
6,141,565
3,834,456
2,175,655
3,248,712
2,075,000
1,898,810
994,887
875,162
616,747
776,302
301,271
264,477
584.269
116,236,327
Kansas City_ _ _ 137,224,052
83,961,020 A-63.4
71,704,933
51,075,122
Minneapolis
_
36,989,211
23,143,405 1-59.8
18,668,749
22,145,628
Omaha
37,244,652
22,506,899 A-65.5
19,127,565
14,984,469
St. Paul
15,764,057
14,722,661
A-7.1
12,167,434
11.871,401
Total all cities for week.....- .- .- - - $5,699,790,662 $4.703.650.948
14,031,082
13,300,000 1-5.5
9,005,328
8,887,691
+21.2 Denver
St. Joseph
14,950,086
9,224,684 1-62.1
6,846,777
6,589,259
The full details for the week covered by the above WI I be given next Saturday. Des Moines
8,143,718
6,551,065 1-24.3
5,654,300
5,123,468
n
on.
no,
-,
A
Oen
1111
_Lan
A
0
ARA
them
clearings
Cn0
to-day,
0
furnish
atA Al0
We cannot
being made t p by the clearing houses Duluth
at noon on Saturday, and hence in the above the last day of the week has to be in Sioux City
6,222,554
3,870,030 +60.8
3,092,219
3,053,923
all cases estimated, as we go to press Friday night.
Wichita
4,592,130 +28.4
5,898,000
3,385,396
2,961,888
Detailed figures for the week ending May 19 follow:
Lincoln
3,263,473 +39.4
4,549,130
2,254,377
1,953,320
Davenport
1,721,426 +25.8
2,165,225
1,331,166
1,304,376
Week ending May 19.
Topeka
1,829,866 +33
2,442,356
1,568,810
1,617,729
Clearings alCedar Rapids__ _
2,400,000
1,584,754 +51.4
1,772,910
1,923,540
Fargo
1,856,199
1,719,455 +8.0
1,145,206
1,058,201
Inc. or
1917.
1916.
Colorado Springs
723,403
673,057 +7.4
739,978
570,125
Dec.
1915.
1914.
695,111
Pueblo
545,374 +27.5
349,854
668.125
2
629,794
$
Fremont
425,000 +48.2
368,741
357,573
%
$
2
3,230,237,365 2,925,886,941
New York
2,558,000
2,609,615 +23.6
1,720,187
1,465,990
+0.4
1,711,566,497 Waterloo
346,205,933 239,731,554 +44.4 1,805,539,596
Philadelphia _ _ _
1,709,385
1,531,784 +11.4
1,023,088
1,020,329
155,284,809 154,628,193 Helena
73,263,474
Pittsburgh
972,101
879,785 +10.6
59,035,675 +24.1
519,768
490.039
49,340,954
54,328,006 Aberdeen
43,775,114
Baltimore
1,107,185
42,070,225 +4.1
721,256 +53.5
438,332
377,723
30,276,063
35,727,391 Billings
22,264,123
Buffalo
Hastings
17,446,474 +27.6
290.591 +67.1
485,756
208,931
176.915
11,802,649
11,572,401
11,572,547
_
Washington
9,469,529 +22.2
oth.West_
Tot.
8,342,889
305,962,744
203,381,244
+50.4
7,695,500
166,558,641
143,331,746
5,838,119
Albany_ ._ .- •5,485,408 +6.4
6,206,420
6,353,931
7,197,688
5,832,731 +23.4
Rochester
4,861,741
135,7813;118 100,350,569 +35.3
4,781,791 St. Louts •
77,804,838
74,796,066
3,610,885
3,223,328 +12.3
Scranton
3,438,159
35,331,626
15,443,493
3,411,796 New Orleans_ ___
21,864,298 +61.6
17,430.007
4,376,630
3,372,087 +29.8
Syracuse
3,090,669
18,336,183
15,079,514
3,480,632 Louisville
17,631,072 +4.0
12,633,250
3,022,126
2,348,428 +28.7
Reading
Houston
1,800,407
11,401,945
+22.5
6,840.016
1,850,625
9,304,935
7,925,296
3,209,203
Wilmington
2,796,266 +14.8
1,861,531
4,064,475
3,850,000
3,554,560 +8.3
1,875,286 Galveston
4,000,000
1,887,607
1,884,702
Wilkes-Barre __ 1-0.2
17,524,116 +46.5
1,771,047
9,212,459
25,675,233
1,559,916 Richmond
7,289,023
3,530,842
2,447,149 +44.3
Wheeling
1,881,307
16,192,384 +51.5
2,282,926 Atlanta
24,539,069
12,131,698
13,526,722
2,769,034
2,193,161 +20.3
Trenton
6,809,130 +38.3
1,896,394
5,356,746
9,417,981
1,726,412 Memphis
6,368,581
1,148,479
930,785 +23.4
York
Fort Worth
+42.8
874,326
8,647,926
12,344,342
8,563,200
930,306
7,230,406
2,159,841
1,781,864 +21.2
Lancaster
7,623,029 +21.1
1,395,583
5,664,813
9,229,859
1,603,035 Nashville
6,335,582
1,880,443
1,513,403 +24.3
Erie
5,100,661 -8.8
1,035,453
4,583,326
098,872 Savannah
4,653,616
3,935,615
1,000,000
984,000 +1.6
Binghamton _ 4,917,101 +26.0
3,763,452
674,400 Norfolk
6,195,072
4,139,773
715,100
977,625
850,000 +15.0
Greensburg _ _ 2,953.428
770,579
2,151,503 +37.3
2,334,779
609,380 Birmingham _ _ _ _
3,095,837
1,500,000
1,179,796 +27.1
Chester
3,523,245 +21.9
3,011,629
651,573
4,296,819
738,415 Jacksonville _ _ _ _
3,466,959
700,000
090,881
Altoona
+1.3
_ 4.024,862
579,746
2,188,041
607,069 Chattanooga _ _ _ _
3,099,708 +29.8
2,465,776
474,848
626,337 -24.3
Montclair _
2,715.755
1,737,176
399.352
425.934 Knoxville
2,379,535 +14.1
2,029,292
1,925,073
1,651,264 +17.2
1,461,169
Total Middle- 3,772,610,946 3,331,780,524 +13.2 2,093,816,347 2,009,328.624 Augusta
1,640,576
2,881,125
2,163,420 +33.2
2,012,488
2,021,703
228,733,907 210,413,870 +9.7 148,390,321 153,800,974 Little Rock
Boston
Charleston
2,596,867
2,614,432 -0.5
1,628,734
1,728,612
10,900,000 +10.0
11 995,000
Providence
8,066,200
7,401,100 Mobile _ _
1,145,159 +24.3
1,045,316
1,413,705
1,186,092
Hartford
8,435,410 +0.2
8'448,617
5,740,186
4,792,655 Oklahoma
3,788,644 +81.8
2,302,600
6,868.000
2,570,906
New Haven
4,581,129 +4.4
781,450
4
'
3,457,888
3,425,648 Macon
3,557,108 --65.0
2,380,933
3,271,469
1,245,000
Springfield
4,327,782 -29.3
200,000
4
'
2,755,937
2,702,619 Austin
1,800,000 +10.0
1,593,600
1,980,000
3,181,432
Portland
2,417,832 +24.1
000,000
3
'
1,884,731
2,104,218 Vicksburg
196,118
195,593 +23.3
241,261
200,400
Worcester
3,585,524
3706,532
'
+3.5
2,786,821
3,232,228 Jackson
284,412
374,787
+1.7
381,000
427,028
Fall River _
1,734,751
2:609,764
+13.5
1,220,974
1,362,460 Tulsa
1,557,208
6,423,941
4,221,942 +52.2
1,688,252
New Bedford _
1,500,947 +25.9
1,897,483
1,172,472
1.136,8/8 Muskogee
525,391
1,717,289
1,042,350 +64.8
826,273
Lowell
1,036,614 +24.7
1,292,307
886,373
765,207 Dallas
12,226,126
7,185,189 +70.2
Holyoke
993,387
1.8
975,000
728,142
868,817
Bangor
Total Southern 350,651.395 _260,413,660±j6 192,747,624 195,410,92,g
669,126 -2.8
650,000
400,795
443,040
Tot. New Eng_ 271 7AA nka 9kna09 279 -1-8k 177 don °AA soon.). OAA
Total all
5,693,601,635 4 786,477,6581 +19.0 3,199,4
.
71,261 3,093,451:667'
Outside N.' Y. 2,463,364,270 1-,860,-00,711 +32.4 1,303,931,665 1,381,885,120
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
Total all cities, five days
All cities, one day.
2042
THE CHRONICLE
STATE AND CITY SECTION.
A new number of our "State and City Section,"
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy
of it. As announced therein, a change has been made
in the scheme of issuing this Supplement. Instead
of publishing two complete numbers of the "State
and City Section" each year, as was the practice in
the past, this important publication is now issued in
parts, the first part appearing to-day while the
second part will appear next November. As the
best way of indicating the reasons for the change,
we reprint here the notice concerning the same given
in the current number of the "State and City Section."
[voL. 104.
try to each part. This, therefore, is the plan we have now
entered upon. In that way we shall be able to take care
of immediate needs and hope also to provide for the growth
of the country—for at least a few years to come. That any
other course would have been out of the question is evident
from the fact that in eliminating the "Additional Statements" merely in the portion of the book we present to-day
we have been obliged to add no less than 38 pages—that is,
while in the November 1916 number this portion of the book
ended on page 116 it now runs to 154 pages. The addition
to the second half of the book will have to be even greater.
THE FINANCIAL SITUATION.
The tax bill having been rushed through the House
of Representatives by the heavy vote of more than
four to one, divided nearly on party lines, all hope
of modifying its emotional and dangerous extravagancies must lie with the Senate. It may not be
PUBLISHERS' NOTICE OF CHANGE IN PLAN OF ISSUING "STATE useless to point out a few of the worst of these, and
AND CITY SECTION."
As announced by us last November, beginning with the also, without enlarging upon what ought to be
present number a change is made in the method of issuing accepted as almost axiomatic, to mention a few printhis publication. Owing to the great pressure for space, ciples of taxation which should always be rememwe have been obliged to divide up the matter in the "State bered, but in this procedure seem entirely disand City Section," and the periodical is now issued in two
parts. The first part, comprising the New England and the regarded.
Taxation must carry the ordinary governmental
Middle and the Central States (the latter embracing Ohio,
The
to-day.
appears
Michigan),
and
Indiana, Illinois
expenses, provide for interest on loans, make reasonsecond part, comprising the rest of the country, will appear able provision for gradual amortization, and cover
on the last Saturday of next November. And this plan will
some part of the war demand; the degree to which
be followed in the future.
be pushed ought to
This change is forced upon us by the constant addition to the last-named purpose should
alism for handing
to
inability
sentiment
the
of
any
and
clear
issues
kept
bond
be
municipal
of
the number
compress the information concerning the same within the down to posterity, free of financial charge, the
limits of a single number. Not only are the older and more liberty for which we have now joined other nations.
Important civic corporate bodies uninterruptedly putting
now on the stage must suffer in their persons
out further bonded obligations, but many of the minor Those
places, previously free from debt, have also entered the ranks as well as their property; posterity escapes the former
of borrowing communities and are steadily creating new suffering, and justice demands that it be left to take
Issues. Besides this, in the newer sections of the country its ample share of the latter. Further, if we overwhere expansion and development are such noteworthy load ourselves now in taxes, we shall enhance the
characteristics of affairs, new civil divisions are all the time
the war, shall possibly somewhat imperil its
springing into existence. The result is that the demands for cost of
retarding
additional space have outgrown our ability to provide for success, and may also wrong posterity by
which
nt
developme
way.
post-war
them in the customary
the present and the
In the endeavor to avoid having to divide up the contents must ever be trusted to carry the financial burden.
of the book, we have in the past resorted to all sorts of deStill further, borrowing is a simple process, comvices, hoping we might overcome our dilemma, but all in
paratively, if lenders can be found, and paying is
32
vain. We increased the size of the publication, adding
the
whole
publication
had
the difficult task. Congress may err in
we
naturally
years;
five
last
the
pages within
abbrevia,
elimination
reset in smaller type, and we practiced
the borrowing, but is much more liable and likely
tion and condensation. All these proved serviceable ex- to err in. taxing, inasmuch as the latter is the more
pedients in their "way, and yet all combined failed to suffice
complex, the more uncertain in its reactionary effects,
for the needs. In face of all of them we were obliged to
t in its reach. Theretransfer a steadily augmenting number of municipalities to and also the more permanen
State.
some necessity and a
each
of
end
under
the
is
at
"
fore, since Congress
the list of "Additional Statements
These "Additional Statements" comprised returns of munici- very keen emotional impulse, to hurry matters, it
pal divisions for which we had been unable to make room in would be wise to rely strongly upon borrowing and
the body of the returns. They afforded a very unsatisfactake more time and give far more thought to the
tory way of presenting the figures, since only a single line to
workings of a tax scheme, instead of rushing
y.
municipalit
possible
each
concerning
data
the
for
allowed
could be
more
"
the
Statements
l
The longer the list of these "Additiona
a crude bill along.
apparent it became that they ought all to be given in comThe first"principle of a sound and wise taxation
plete shape and appear in alphabetical order with the re- is to put the levy so that it shall touch surpluses of
maining returns for the different States.
cripple means and processes; that
Only a few years ago, by the employment of the methods industry and not
without putting drag on
practouched,
with
away
be
doing
shall
in
succeeded
gains
had
we
above outlined,
presthe
was
Such
."
tically all the "Additional Statements
instrumentalities; that there shall be neither dissure for added space, however, that in last November's couraging nor drying-up of industry. There must
number of this publication, issued in the old form, we were
be profits, before "excess" can be taken, and if excess
carrying 382 "Additional Statements" in Ohio, 243 in Texas,
attacked as such they should be
and even 166 in New York, while for all the States combined profits are to be
To
.
decent rule of average comparistatements
such
some
of
ascertained by
we were carrying no less than 3,396
have attempted to give detailed returns in place of the par- son and not by an arbitrary percentage upon some
tial returns for these 3,396 places and to have included them of the instrumentalities of the business, this peralong with the other returns in a single number of this Supcentage involving inequities and inequalities which
plement, as had been the plan up to the present time, would
pointed out. To tax unwisely
have increased the size of the book not only so as to make have already been
it
render
may swiftly lessen.the funds upon which tax can be
It unwieldy, but also so as, in all probability, to
facilimail
present
the
obtain
to
impossible,
not
if
difficult,
laid, and a natural apprehension concerning such a
ties for the same.
result in unsettling business and diminishing wage
There was no alternative, therefore, but to issue the
may even have the effect of hindering the
Supplement in two parts, and to assign a portion of the coun- earnings
MAY 26 1917.j
THE CHRONICLE
2043
present general effort on behalf of the Liberty Loan,
A sensible man once said that if he had three
the country over.
minutes in which to save his life in emergency he
The disposition to "conscript" wealth is being over- would take two of them in thinking
how to do it,
done; wealth is not shrinking from its full share. unless the method was entirely plain.
The course of
The proposition to go back and apply a new demand this country in performing the vital
task it has underto incomes of past years, already adjusted, may not taken is surely not plain in details.
Great as may
be literally against the constitutional bar upon ex be the desirability of avoiding delay,
it is better to
post facto laws, but it is unjust and immoral. The take full time for careful thinking
(not wasting any
income of a past year, after having paid its tax,may upon such follies as a censorshi
p over the press, which
itself have been spent and may no longer exist, or has proved a sufficient
censor of itself) than to act
it may have gone into a fixed form; at least all out- unwisely. Few thinking
persons can doubt that the
goes and forecasts have been made on the assump- lower branch of Congress
has acted with unhappy
tion that the tax was final. To go back and demand haste in this matter; let us now
hope for more and
another payment might be done in respect to any better-directed consideration by
the Senate.
and several past years, if to a recent one; it is not
only against good faith, but is counter to the uniCotton manufacturers—the National
versal rule that adjustment and settlement of any of Cotton Manufacturers, representing Association
the North,
obligation involves an absolute quittance; otherwise, and the American Cotton Manufact
urers' Associanobody could know where he stood.
tion, the South—in joint session at Washington,
An inheritance tax assumes that what comes with- D. C., on Tuesday did their "bit" in
the present
out labor may fairly be put under toll, but life insur- crisis in the affairs of the country
by establishing a
ance proceeds answer this description and might national council representing
both bodies as an aid
thus be declared open to conscription. The pending to the Government. In
addition, moreover, they
bill seems to share this view, proposing to levy, on had the pleasure of listening
to a very interesting
issuance of any life policy, 8 cents on each $100, or and instructive address by Mr.
Arthur J. Balfour,
fraction thereof, of the amount insured; also, one the head of the visiting British
War Commission.
cent on each dollar or part ,thereof of premium for This joint session was coinciden
t with the regular
insurance of property against fire "or other peril," annual convention
(the twenty-first) of the Ameriand the like on each premium in casualty or miscel- can Cotton Manufacturers'
Association, held at
laneous insurance. This is made worse by exempt- the New Willard Hotel,
which brought together a
ing, as under the present income tax, all fraternal or notable group of men very
prominent as growers
like organizations conducted by the members for as well as manufacturers of the
staple who, at the
their own benefit and not for profit.
outset of the meeting, laying aside for the time beThe tax on the press through multiplied postage ing the prescribed order of proceedin
g, indicated in
rates, has been modified to the extent only of delay- no uncertain way their earnest
support
of the nation,
ing its full operation for a few months—so as to thus turning the conclave
into a monster patriotic
produce slow, rather than quick death—and is one demonstration.
of the most indefensible items of the bill.
The first speaker at the American Association
The first aim of all taxation should be to follow convention was Dr. Hollis Godfrey,
of the engineerto the utmost the insurance principle of dividing ing and education committee of the
advisory comand distributing the burden so that it may be most mission to the Council of National
Defense, who
lightly and insensibly borne. On the contrary, our stated in effect that the
one aim of his committee is
tax laws have been among the worst, being put to accomplish maximum productio
n in minimum
together as a disagreeable task, performed in haste time, in which three factors—
production, quality
and without studious consideration of any except and delivery—are involved.
"It is one problem,"
partisan effects. The aim has been to get hold of he said, "to get goods to the
Government and it is
funds in the handiest manner. Certainly,there has another to get them through the mill;
the latter is
been no worse example of treatment which does not a matter so urgent that in some industrie
s it must be
even seek to be scientific than this pending bill. taken up at once." Reviewing the
year's
activities
If men of business and of experience in large affairs in the cotton manufacturing
industry, President
have been consulted they have been little heard, and J. A. Law, in his annual address,
remarked that it is
apparently less heeded. The groundless assump- now
on the strongest basis in its history, having
tion has persisted that wealth is the proper subject had opportunity of late
to recover from the
of levy, that wealthy men are concerned only in sion of recent years. It must, however, depresbe preavoidance, and that their advice could not be other paring for the "war
after the war." S. W. Cramer,
than selfish. The best judges of how taxes can be acting chairman of the Legislative
Committee, delevied with the least ill effect upon the industry and voted his attention to the subject of
war revenue
fair prosperity which alone can supply the taxes, taxation. Referring to the oppositio
n of his comare undeniably the men who have proved their mittee to the excess profits tax, he
proposed that
ability by success in business. Why should not more money be raised by bond
issues and less by
their advice be sought first and be accorded the ut- taxation. "The thought of taxation,
" he remarked,
most weight? In the uncertainty on every hand "has acted to depress business.
Cotton mills as a
which lies upon us all, whose foresight can be wiser class are undercapitalized
and an excess profits tax
and safer to trust than theirs? Shall we trust the on such corporati
ons would work a hardship commere politician? Is a matter of this vast and far- pared with
its effect on an industry previously
reaching importance to be handled in the manner inflated
by a great period of prosperity. There has
avowed by the head of the House committee when grown up a theory that railroad
rates must be fixed
he said of the flat 10% duty to be laid on the present on the basis of earning 6%.
If this bill establishes
free list (including pre-eminently therein raw ma- 8% as a normal profit for
industrial concerns, how
terials) "I shall vote for it with my eyes shut"?
long will it be before they will be regulated on this
2044
THE CHRONICLE
[VOL. 104
to declare that while the submarine menace is not
yet "in hand" there is no chance of "starving out"
England. In the House of Commons yesterday
Lloyd George, the Premier, spoke of recent successes
against submarines having resulted in a distinct
improvement in the food situation. The Premier
said more effective blows had been dealt the submarines during the last three weeks than in any corresponding period of the war. He asserted that there
was no danger to the country from starvation, but
that the utmost economy of foodstuffs still was
essential. "The submarine menace need cause no
fear that the war is going to be lost for that reason,"
he declared. The shipping loss for May probably
would show a reduction from the April figures. "We
owe a very considerable debt of gratitude to the great
American people," the Premier continued, "for the
effective assistance that they have rendered and the
craft they have placed at our disposal. Now that
in the war, it is easier to make
The Fall River cotton mill dividend record for the the American nation is
the protection of our mercantile
second quarter of 1917 fitly supplements that of the arrangements for
before." Lloyd George confirst quarter in indicating a very satisfactory situ- marine than it was
ion that the German subation in cotton manufacturing in the country's cluded with a declarat
to be "the greatest misdestined
is
leading centre of that industry. The showing, in marine warfare
of miscalculations of
series
whole
the
in
ion
fact, is even better than for the preceding three calculat
statement of the
weekly
The
"
Empire.
hated
months' period and presumably the best on record. that
sunk last week
ships
of
number
the
giving
ty
Admiral
It is true that in the closing quarter of 1913 the
at United Kingdom ports
average rate of distribution was moderately higher shows that out of arrivals
of 2,769, there were 18 British
than for the present period, but the payment at that of 2,664 and sailings
tons or over sunk by mines
time included an extra dividend of 50% paid by one merchantmen of 1,600
under that tonnage. The
9
of the mills out oCsurplusland involved no less than or submarines and
sfully attacked numunsucces
tmen
merchan
$600,000. The magnitude of the current distribu- British
fishing vessels were
British
3
addition
in
and
9,
bered
tion, on the other hand, is to be ascribed wholly to
British merchant
18
week
g
precedin
the
In
sunk.
At
the important augmentation in earnings of late.
tons also were sunk and 5
the present time all the mills1:are being operated as ships of more than 1,600
tons, and 3 British
near to full capacityiasfavailable labor will permit, merchantmen of less than 1,600
in the destrucmark
er
high-wat
and shortage of hands is to some extent offset by fishing vessels. The
the report of
in
reached
was
vessels
overtime working. Advices, furthermore, . are to tion of large
ed as
announc
were
vessels
such
40
when
26,
the effect that orders alreadyi:booked for future de- April
ty
An
Admiral
week.
a
of
a
period
during
d
destroye
livery are of sufficient volume:to insure active opthe
of
ondent
corresp
London
a
to
g
speakin
official
erations at an excellent:margin:of profit for several
Associated Press said that American destroyers were
months to come.
anti-submarine war, and
As regard the dividend:declarations of this second playing no small part in the
d the greatest enquarter, it is to be noted thatfall of the corporations British officers have expresse
acumen and quickse,
enterpri
spirit,
included in our compilation (37 in number) are thusiasm at the
n unit has taken
America
the
which
with
participants, a situation :not obtaining since 1910. wittedness
on Thursday
made
was
ement
Announc
work.
A dozen or more of the establishments have increased up its
was torvania
Transyl
t
transpor
British
the
that
have
their regular rate of distribution and several
a loss
with
4,
May
on
ranean
Mediter
the
in
pedoed
,
addition
made substantial extra dividends. In
was
also
ement
but not included in our total:ofamount paid out, the of 413 persons. Official announc
es
from
to
Marseill
Sontay
liner
French
Lincoln Mfg. Co. declared a stock dividend of 30% made that the
ed on April
and the Sagamore Mfg. Co. 50%,the two aggregating Saloniki with 344 passengers was torpedo
s were
steamer
Italian
No
45
lives.
of
loss
a
with
$975,000. In all the amount of cash to be paid out 16,
20.
May
ending
week
the
during
nes
submari
by
sunk
in the second quarter of 1917 is $1,059,125 (nearly
s
under
steamer
2
Italian
week
g
precedin
the
During
of
the
$300,000 more than for the first three months
craft were sunk.
year), or an average of 3.47% on the aggregate 1,900 tons each and 7 small sailing
one French
only
20
May
capitalization of $30,486,670, this contrasting with During the week ended
two under
and
tons,
1,600
than
more
$409,675, or 1.35% in the corresponding period of merchantman of
nes.
submari
by
sunk
last year, $258,025, or 0.87%, in 1915, and $315,667, that size, were
or 1.07%, in 1914. Moreover, the return to stockIn the military operations this week Italy has come
holders for the elapsed half-year totals no less than
into the limelight. On a front of nearly
forward
only
against
$1,821,100, or an average of 5.97%,
the Italian troops have
$752,092, or 2.48%, in 1916 and an even smaller ten miles on the Carso plateau
have taken various
and
pierced the Austrian line
return in 1915.
of Castagnavizza
town
the
positions extending from
They have reTriest.
of
Gulf
Britain is beginning to get over its fear that serious to the head of the
nine British
the
of
some
from
aid
food shortage is to result from the German submarine ceived valuable
guns down
big
their
hauled
have
which
s
batterie
menace. Admiral Lord Beresford at a luncheon in
aimed at
efforts
the
in
help
to
front
Isonzo
the
to
London on Thursday in introducing Sir Edward
seas
chief
Austria'
Carson, First Lord of the Admiralty, took occasion the capture of Triest, which is
basis? With a view to the future we must oppose
8% as a universal figure."
The joint session of the two associations was presided over by the head of the National Association,
Mr. Alfred F. Bemis, and crowded the assembly
hall of the New Willard to utmost capacity. After
preliminary remarks and the submission of the
necessary resolutions a committee was appointed
which, co-operatingthrough the Council of National
Defense, will undertake to see that all cotton needs
of the Government are promptly and economically
supplied. The committee, a thoroughly representative one, has as its chairman, Bristow Draper
of Hopedale, Mass., and associated with him are:
Ronald Lyman, Boston; John A. Law, Spartanburg,
S. C.; Fuller E. Callway, Lagrange, Ga.; Stuart W.
Cramer, Charlotte, N. C.; Albert Farwell. Bemis,
Boston, and Edwin F. Green, Boston.
MAY 26 191.7.j
THE CHRONICLE
port on the Adriatic. More than 1,200 Austrian
prisoners have been taken, including 300 officers.
The Italians are now within ten miles of Triest. The
ground yet to be passed over is difficult for military
operations and much hard work yet remains to be
done before the port can be captured. Comparative
quiet has prevailed on the Western front in France
that is held by the British, but further south around
the bend in the line from Soissons eastward intensive
artillery duels are in progress between the French
and the Germans. Russian troops are showing
more of an aggressive spirit. The entire garrison
at Sebastapol, which is Russia's big fortress and
naval station in the Crimea, has requested unanimously that it be permitted to go to the Riga front
and give battle to the Germans. Inclement weather
is said to be holding Field Marshal Haig's men to
their trenches along the Arras front. The British
troops started early in the week a new offensive, with
the idea of bringing their forces to the north of Bullecourt in full alignment with those within the village.
The completion of this task, however, has had to be
delayed. A series of attacks by the army of the
German Crown Prince that took place early in the
week were completely repulsed in all cases.
2045
increasing numbers. It is believed that the new
Minister of Finance, Shingarev, who is very popular
with the peasants, has helped greatly toward the
success of the loan. The subscription books will
remain open until June 2. The amount offered is
3,000,000,000 rubles ($1,545,000,000 at the exchange rate of 51c. to the ruble). The loan is being
marketed at 85% of its nominal value, the rate of
interest being 5% and the maturity 40 years. Only
one-half the total is being offered for public subscription, a syndicate of banks having agreed to take
1,500,000,000 rubles.
That the English discount market is hardening is
ascribable to the fact that yesterday's offering of
£30,000,000 in Treasury bills was larger than usual.
The London Stock Exchange, in addition to being
closed to-day (Saturday), will remain closed on Monday, in observance of Whitsuntide. The British
revenue return for last week was £8,835,000, the
total with other sources of income being £63,952,000.
Expenditures for the week aggregated £34,820,000.
The Exchequer balance is reported at £22,365,000,
being a decrease of £860,000. Outstanding Treasury
bills aggregate £554,837,000. One London correspondent declares that the prevailing opinion in
China has not officially declared war on Germany, financial circles there is that
but for the recent unbut the trend is clearly towards such a step and sug- happy developments in Russia,
the war would have
gests action in the near future. President Li Yuan been near its end; but
the situation that has been
Hung has issued a mandate dismissing Premier Tuan created seems at present
to insure the war's proChi Jui and naming Dr. Wu Ting-Fang, ex-Minister longation. Last week's speech
by the German Chanto the United States, as Acting Premier and empower- cellor is interpreted as
confirming the latter view,
ing him to form a new Cabinet. This action, it is since the Chancellor apparen
tly was under no urgent
expected, will end the deadlock in Parliament and necessity to placate
the German population by holdmake possible a declaration of war. The provincial ing out prospects
of an early peace. Last week's
military governors who were attempting to disband allotment
of Treasury bills was on a favorable basis,
Parliament, left Peking before the President took
the three and six months' issue being at 4 13-16%
action against Tuan Chi Jui as the President had
and the yearlings at 4%%. Rates accepted for yespositively announced that he would disregard their
terday's tenders were as follows: all tenders for three
demand for a dissolution of the legislative bbdy.
months' bills at 08 15s. 113/
2d. and above received
Advices cabled from Rio Janeiro quote the Brazil- allotme
nts in full; six months at £97 12s. and above
ian Foreign Minister, Nibo Pecanha, as declaring in received allotme
nts in full. One-year bills at £95
the Council of Ministers that it was not necessary for 2s. 6d. received
40%, and tenders above that were
Brazil to declare war on Germany because she already allotted in
full. There seems a general expectation
had been virtually forced into a state of war by cir- in London of
a further period of monetary ease, partly
cumstances. The press of Brazil is insistent, not in view
of the distribution on June 1 of the dividend
only upon a declaration of war, but that 200,000 on the war loan,
amounting approximately to
troops be sent to France. The Brazilian Congress £50,000,000.
is expected at an early date to revoke the decree of
neutrality as between the United States and GerThe French Parliament reopened on Tuesday.
many, which step has been recommended by Presi- Thirty-f
ive deputies had announced their intention
dent Braz. This will probably be a preliminary to of interpel
lating the Government in secret session.
joining the United States in the war upon Germany. Twelve
interpellations concern the recent offensive,
Norway seems also on the brink of joining the war four
were on the subject of the German submarine
on the side of the Allies.
war and eleven referred to the economic crisis and
measures for provisioning France. M. Ribot, the
London has been favorably impressed by news Premier, decline
d to agree to an immediate secret
from Petrograd of the success of the Russian "Loan session on the ground
that the public had a right to
of Liberty." In the first four days (ending Wednes- be informed. Concern
ing the interpellation on the
day) of the loan offering Petrograd and Moscow recent offensives there
had, he said, been some excessubscribed, it is said, 145,000,000 rubles, an amount sive hopes and some
errors of execution. But the
more than double the sum raised in a similar period results obtained
should be neither exaggerated nor
by the old Government during the previous loan. belittle
d. Never had the French soldiers proved
The greater volume of the new subscriptions is in- more
admirable. The Government had thought
terpreted at the British centre as an accurate test some changes
should be made and they had been
of the new regime's stability. One Petrograd insur- made.
The high command had been reorganized
ance company subscribed 6,000,000 rubles. The to relieve
it of everything not concerned in military
various oil firms decided to subscribe 10% of their operati
ons. The Minister of War now works in
capital, which will produce about 60,000,000 rubles. co-oper
ation with the Military Committee of the
Small subscriptions seem to be pouring in in ever Chamber.
M. Ribot asked postponement of the
2046
THE CHRONICLE
[VOL. iota
rich buyers, who paid any price the dealers asked,
discussion on this point until the work of bringing
In thus sending the quotations too high for modest
about this co-operation had been completed.
s. Maurice Viollette, Minister of Subsistence,
reference to submarine warfare he recognized that purse
ay presented to President Poincare a decree
more energetic and decisive means of dealing with on Tuesd
an which was formally issued on Wednesday, requiring
the menace must be sought. Taking up the Russi
ns who possess more than one ton of coal to
situation, the Premier said it was necessary to com- all perso
t to the authorities before June 20 on the
bat dangerous sophisms which sought to treat the repor
ts they have. All coal stocks not reported
restoration of "our lost Provinces" as being a ques- amoun
be subject to requisition. The purpose of the
tion of annexation, and which also includes the will
ed decree is to prevent the laying in of large stocks for
question of indemnities for ravages in the invad
winter, to the detriment of those who are unable
provinces. "Thisindemnity is a contribution which the
in advance. Dealing in coal, except through
is inflicted as a fine for wrong done," said the to buy
ed merchants, will be prohibited.
Premier, "it is a requirement which both law and licens
equity demand. The same reparation should be
The Imperial German Reichstag will reconvene on
been
required for all small nations which have
July 5 for a three day session, which, according to
crushed—for Belgium, Serbia, Rumania and Monat present plans, will comprise the summer legislative
tenegro. No conquests and no covetousness—th
d. Advices by way of Amsterdam say that the
in substance is what the Russian Government de- perio
any German Government's controlled press has launched
clares. France replies that it could not oppress
call a concerted effort to consolidate public opinion in
nationality, even that of its enemies. It will
ance, Germany against the United States and against the
to its aid to defend the small nations not venge
le early peace campaign. The newspapers, in order to
but justice. What France also wishes is a durab
to arouse prejudice, are utilizing President Wilson's
peace, but we do not wish military dispositions
when it effort to discriminate between the German people and
endure which can destroy this durable peace
ed the German Government. Prussian newspapers
once is made. If the German people comprehend
say
n. That especially are zealous in this propaganda. They
this, it would make peace easier to obtai
that
y
and
enem
ny's
Germa
is
n
United that President Wilso
is the view of Russia at the moment when the
war. if he dislikes Germany's Government that is a good
the
enter
to
ns
States is making preparatio
will be sign, since the Government suits Germany. Berlin
Now let Russia make her offensive, and we
of
r, but is now feeling the potato shortage. The supply
able to talk of peace not in an equivocal manne
days.
Thurs
of us, pork is short and may be sold only on
openly; and this peace, if they do not ask it
nce A reduction in the present meat ration after Aug. 15
refere
his
we will impose it." M. Ribot prefaced
e is being considered. In view of the food shortage,
to Russia by asking for a postponement of the debat
Prof. Weidner, an agricultural expert at Passau,
because of conversations to which the French Govn- Bavaria, advises the people to eat grass. He informs
ernment has been invited by the Russian Gover
the them that red clover and lucerne (alfalfa) may be used
ment. •"We are following the development of
making tasty dishes for human consumption.
Russian revolution with the utmost care and sym- for
geous It is reported that the Hungarian Cabinet, of which
pathy," he said. "The eminent and coura
by Count Tisza was Premier, has resigned. The Cabinet
statesmen of Russia were surrounded for a time
ult. is understood to have been strongly pro-German.
difficulties which rendered their action diffic
taken in Advices from Stockholm state that a strike has been
But the men of intelligence who have now
a- in progress continuously in all the Budapest munihand the Russian Government have made declar
say tions factories since May 1. The Belgium Governtion which gives us complete satisfaction. They
above ment has received intimation that the Germans have
they wish a strong government and they desire
discipline resumed the deportation of the Belgian civil populaall to establish in the army that severe
June 1 tion. Three thousand persons have been removed
which is indispensable." The Chamber set
the from the Brussels district since May 1. The Roman
for the discussion of France's military policy and
Catholic newspaper "Tijd" at Amsterdam claims
d
question whether delegates from France shoul atat Stock- authority for the statement that in accordance with
tend the international Socialist conference
dis- the wishes of Pope Benedict the Austrian Court is
holm. Yesterday the submarine situation was
initiating a new peace effort. Reports are current
cussed in secret session.
that Austria is endeavoring to induce Germany to
Cham
The French Government submitted to the
the year. promise that the head of the revived Kingdom of
ber its estimates for the third quarter of
francs Poland shall be an Austrian Prince.
The general budget totaled 9,843,000,000
t
($1,968,600,000) and the supplementary budge
al
It is difficult to form any satisfying opinion from
gener
The
000).
,400,
($206
s
1,032,000,000 franc
over the various reports from Petrograd as to actual
budget shows an increase of 218,000,000 francs
below conditions existing in Russia. A perusal of these
the second quarter of the year, but is slightly
of reports seems to suggest that the coalition Governwhat was expected, thus enabling the Minister
ment has obtained a better control of the general
Finance, in presenting his estimates, to state that
position, and at any rate the prospects of Germany
"for the first time since the beginning of hostilities
to being able to induce a separate peace from Russia
the aggregate of Government expenses begins
al are not so bright as they seemed a week ago. The
show a certain tendency toward stability." Marsh
Minister of War is getting a better grip on the army
Joffre and ex-Premier Viviani arrived at Brest on
navy. On Friday of last week he issued the
Wednesday on their return from the United States, and
wing Order of the Day to the army:
having sailed from New York on Tuesday, May 15. follo
two
With the beginning on May 21 of the regime of
Z,The country is in danger. Each one must do what he can
meatless days a week, beef in Paris went to $1 a to avert the peril. No request to be allowed totoresign, made
escape recommand with a desire
pound and vegetables and fish followed the upward by officers in high
so grave, will be accepted by me.
time
a
at
bility
EThonsi
st
again
ism
critic
much
is
tendency in price: There
MAY 26 1917.]
THE CHRONICLE
2047
Deserters are enjoined to return to the army and fleet by the total contribution to date 2,033,740,400 francs.
May 28. • All infractions of this order will be severely
In the amount of gold held in vault there was a repunished.
Furthermore, after a conference with the Government, with the Duma Committee and the Council
of Deputies, the commanding generals have returned
to the front. Addressing a Congress of peasants,
the Minister of War announced his determination to
introduce iron discipline into the army. He made
an impassioned appeal for support in restoring the
morale of Russia's military forces and his speech
was greeted with enthusiasm and applause. This
developed into "a great demonstration" after he had
completed his address, the delegates embracing the
Minister and carrying him on their shoulders to his
automobile. The new Russian Cabinet will follow
the lines agreed on previously for representation of
the various Socialist groups. The official statement
declares that six Socialists were included. In a statement dictated fort he Associated Press the Premier,
Lvoff, explained that:
The most serious crisis in the modern history of Russia
has been satisfactorily settled and conditions already show
marked symptoms of improvement. It is my impression
that the new coalition Cabinet will receive the support of
all reasonable Russian citizens. We have for the first time
the prospect of a Government which will combine both moral
authority and material power. . . .
My hope is that when the present enemies of national
tranquility see that not only the so-called bourgeoisie, but
also the workmen and the Socialists themselves stand for the
restoration of order, they will, without compelling us to take
action, abandon their present anarchical methods, which, if
continued, would result in the ruin of Russia. The program of policy which we have agreed upon with our new
colleagues contains very great concessions to the Socialists,
but these concessions were an indispensable condition of
Socialist collaboration in the Government.
In the future democratic Russia must not only enjoy freedom, but must take on itself the responsibility of defending
its freedom. Personally, I do not doubt our democracy's
fitness for higher governmental work. During the negotiations which led to a settlement the representatives of the
Council of Delegates showed that they thoroughly understood
the dangers threatening Russia, and were determined to. do
everything possible to save the country from anarchy, defeat,
and dissolution.
duction of 80,298,325 francs, so that the net change
for the week in the total gold holdings (both at home
and abroad) was an increase of 4,735,950 francs.
The total holdings of gold (at home and abroad)
now aggregate 5,269,155,525 francs. Last year the
amount held (all in vault) was 4,731,513,396 francs,
and in 1915 3,913,406,958 francs.
Since June 8 1916, when the item of gold held
abroad was first shown in the weekly returns of the
Bank, the amount so held has been increased from
69,182,975 francs to 2,033,740,400 francs. During
the same period the amount of gold held by theBank
has decreased from 4,676,061,938 francs to 3,235,415,125 francs. Combining the two items, we have
a net gain in the grand total since June 8 1916 of
523,910,612 francs, or from 4,745,244,913 francs to
5,269,155,525 francs. In the following table we
show the changes week by week in the gold reserve
of the Bank from June 8 1916 to date:
GOLD RESERVE OF THE BANK OF FRANCE.
In Bank
Abroad.
Total.
Francs.
Francs.
Francs.
4,676,061,938
4,745,244.913
69,182,975
4,580,401,022
170,107,636
4,750.508,658
4,586,811,159
170.107.636
4.756,918,795
4,492,201,097
271.055.668
4,763,256,765
4,498,645.443
271,055,668
4,759,701.111
4,504,487,355
271.055.668
4,775,543,203 .
4,509,222,283
271,055,668
4,780,277.951
4,515,457,548
271,055,668
4,786,513,216
4,522,135,934
271.055,668
4,793.191,602
4,426.380,856
371,965.271
4,798.346.127
4.430,175,672
371,965,271
4,802.140.943
4.335,172,029
472,885,788
4,808,057,817
4,238,958.193
573,773,871
4,812,732,064
573,773,871
4.243.545.828
4,817,319.699
4,247,825,666
573.773,871
4,821,599.537
4,152,170,201
674,553,075
4,826,723,276
4.158,198,210
674,553.075
4,832.751.285
4,165.888,287
674,558,075
4,840.446,362
4,181,975,850
674,558,075
4,856,533,925
4,211,226,617
674,558,075
4,885,784,692
4,247.421,247
674.558,075
4,921.979,322
4.115.807,288
876,212,957
4.992.020,245
4,133,179,615
876,219,957
5.009,399.572
3,944,965,602
1,078.038,626
5.023.004,228
3,957,016,578
1.079,072.906
5,036.089.484
3.764,625.496
1,280.921,624
5.045.547.120
3.669,587,329
1.385.185.949
5.054.773.278
3,680,827,770
1,385,185,949
5,066,013,719
3,483,945,385
1,592,680,318
5,076,625,703
3.382,826.828
1,693,087,732
5,075.914,560
3.392,694,296
1.693,088,532
5,085.782,828
3.405,929,855
1,693,088,532
5,099.018,387
3.316.125,506
1,794,122,312
5,110.247,818
3,326.901.384
1,794.122,812
5.121,024,196
3.336,006.050
1,795,157.100
5,131,163,150
3,284,152,000
1,844.559,000
5,128.711,000
3.189.131,125
1,945.603,275
5.134.734.400
3,196,918,975
1,945,603,275
5,142,522,250
3,203,278,175
1,945,603,275
5,148,881,450
3.210,265,500
1,946,610.500
5,156,876,000
3,221,405,500
1,946,637,500
5,168,043,000
3,237,838,800
1,946,637,500
5,184,476,350
3,252,423,967
1,947,671,846
5,200,095,813
3,265.897.334
1,947,671,848
5,213,569,180
3.274,674.716
1,947,671,846
5,222,346.562
3.284,816,734
1,947,671,846
5,232,488,580
3,294.524,230
1,947,671,846
5,242,196,076
3,302,735,525
1,948,707,125
5,251,442,650
3,309,894.450
1,948,707,125
5,258,601,575
3,315,713,450
1,948,706,125
5,264,419,575
3,235,415,125
2,033,740,400
5,269.155,525
Week ending—
June 8
15
22
29
July 6
13
20
27
Aug. 3
10
17
24
31
Sept. 7
14
21
28
Oct. 5
12
19
26
Nov. 2
9
16
23
30
Dec. 7
14
21
28
4
Jan
11
18
25
Feb. 1
8
15
22
March 1
8
15
22
29
April 5
12
19
26
May 3
10
17
24
Later dispatches from Petrograd, unfortunately,
are not so reassuring. Agrarian disturbances in the
Minsk district are said to be getting beyond control
of the militia. Soldiers and farmers recently sacked
the estate of Prince Mirsky. In Tsaritysn, in the
government of Saratov, official authority has been
overthrown and the peasants are said to be in control. A contribution of 1,500,000 rubles is said to
The silver item the past week was expanded 261,have been levied by the soldiers, who have also
000 francs. Note circulation increased 50,464,000
confiscated vessels in the Volga.
francs, while general deposits registered the substanOfficial rates continue to be quoted at 5% in tial increase of 117,247,000 francs. Bills discounted
London, Paris, Berlin, Vienna and Copenhagen; were reduced 20,961,000. Other changes were un53/2% in Italy, Portugal and Norway; 6% in Petro- important. Notes in circulation are now 19,394,grad and 432% in Switzerland, Holland and Spain. 509,000 francs. At this date last year the total was
In' London the private bank rate has remained at 15,434,971,165 francs and 11,827,868,670 francs in
4 11-16% for sixty days and 4%% for ninety days. 1915. Comparisons of the various items with the
No reports have been received by cable of open statement of last week and the corresponding dates
market rates at other European centres, as far as we in 1916 and 1915 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
have been able to learn. Call money in London has
Changes
Status as of
not been changed from 33/2@4%.
for Week.
May 24 1917. May 25 1916. May 27 1915.
The Bank of France is again putting new amounts
of gold at the joint disposal of the Entente Powers.
This week, according to the cablegram from our
special correspondent, it has transferred a further
sum of.85,034,275 francs to the jointjpool, making
Gold Holdings—
Francs,'
Francs.
Francs.
Francs.
In Bank
Dec.80,298,325 3,235,415,125 4,731,513,396 3,913,406,958
Abroad_ _
-Inc. 85,034.275 2,033,740,400
Total
Inc. 4,735,950
Silver
261,000
Inc.
Discounts
Dec. 20,981.000
Advances
Dec. 1,398,000
Note circulation_ .me. 50,464,000
Treasury deposits _Inc. 13,366,000
General deposits_ _Inc.117,247,000
5,269,155,525 4,731,513,396 3,913,408,958
257,493,000
352,435,511
375.338,359
462,445,000
421,811,165
243,535,421
1,141,327,000 1,211,839,897
639,551,705
19,391,509,000 15,434,971,165 11,827,868,670
105,705,685
81,205,000
75,074,455
2,628,814,000 2,109,144,167 2,201,045,051
2048
THE CHRONICLE
[VOL. 104.
Capital is far from urgent, and there is no sufficient
demand to induce lenders to advance their money
rates. On the contrary quotations are somewhat
easier as a net result than they were a week ago.
The immediate demands for funds in connection
with the war loans comprise a deposit of 2% with
subscriptions. This is not calculated to prove a
distinct drain. Payment by installments for the
Government bonds include 2% on application, 18%
on June 28, 20% on July 30, 30% on Aug. 15, and
30% on Aug. 30. Thus the proceeds of the bonds
will not begin to become available in anything like
substantial form until the close of June,which means,
of course, that the Treasury must again have recourse
to sale of short-term certificates of indebtedness to
the banks. It is estimated that approximately $400,000,000 will be advanced to our allies in June, which
will bring the total of the advances up to $1,070,000,000, or more than one-half of the proceeds of the
present offering of the Liberty Loan. The Italian
Commission, who have recently conferred with our
Treasury officials, have cabled to Rome for more
detailed information as to the commitments of that
Government in this country. When this information
is at hand it will be used in preparing a program to
meet Italian financial needs for several months.
British and French requirements already have been
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
outlined definitely. The proposals contemplate loans
1913.
1914.
1915.
1916.
1917.
to these Governments, according to what appear to
May 28.
May 27.
May 26.
May 24.
May 23.
be authentic advices from Washington, at the rate
_ - 38,695,000 34,743,360 32,947,290 28,933,380 28,269,065
Circulation_
to $300,000,000 a
Public deposits ._ ._ 47,119,000 54,250,998 132,088,558 19,014,809 13,862,969 of approximately $250,000,000
Other deposits
131,601,000 81,405,160 87,742,135 41,248,964 39,714,758 month.
yet drawn against
not
has
said,
is
it
Russia,
Govern't securities_ 45,044,000 33,187,474 51,043,491 11,046,570 12,802,275
for her,
been
established
30,688,096
Other securities__ _ _116,610,000 76,446,807 139,290,022 41,461,280
the $100,000,000 that has
Reserve notes & coin 34,830,000 43,738,926 47,240,524 25,463,980 27,896,562
of her
care
take
will
sum
that
this
thought
is
Coln and bullion_ _ _ 55,076,420 60,032,286 61,737,814 35,947,360 37,715,627 and it
Proportion of reeve
for the entire
possibly
time,
for
some
requirements
52.04%
42.24%
21.50%
32.24%
to liabilities
19.48%
434%
3%
month of June. The Treasury has allotted among
5%
Bank rate
5%
5%
the banks of the Federal Reserve districts the $200,The weekly statement of the Imperial Bank of 000,000 offering of Treasury certificates of indebtedGermany, issued as of May 15, shows the following ness, referred to last week. The allotment was made
changes: Total coin and bullion increased 4,341,000 on the basis of 72% of the subscriptions, the offering
marks; gold increased 177,000 marks; Treasury notes having been over-subscribed about 40%.
Last Saturday's bank statement of New York
declined 9,214,000 marks; notes of other banks
showed a gain of 737,000 marks. Bills discounted Clearing House members, which will be found in more
registered the large increase of 567,232,000 marks. complete form on a later page of this issue, about
Advances increased 819,000 marks; investments de- filled expectations and showed, in consequence of the
creased 686,000 marks; other securities were reduced Federal Reserve Bank's operations in connection with
3,428,000 marks. Notes in circulation showed a the settlement of recently granted credits to the
large reduction, namely, 97,293,000 marks, while de- Allies, a large increase in loans and deposits as well
posits recorded the almost sensational expansion of as a nominal reduction in the surplus reserve. The
640,584,000 marks. Other liabilities increased 16,- loan item was expanded $37,537,000. Net demand
510,000 marks. The German Bank's holdings of deposits increased $44,052,000, although net time
gold aggregate 2,533,097,000 marks. At this date deposits declined $2,080,000. Reserves in "own
a year ago the total was 2,462,284,000 marks, and in vaults" registered a gain of $14,429,000, to $462,1915 2,376,426,000 marks. Loans and discounts 905,000, of which $415,489,000 is shown to be specie.
total 8,804,895,000 marks, and compare with 5,046,- Last year the reserves ir own vaults totaled $433,000,000 marks in 1916 and 3,997,580,000 marks the 181,000, including $362,529,000 in specie. Reserves
year preceding. Circulation is 8,206,305,000 marks, in Federal Reserve banks were reduced $7,840,000,to
as against 6,536,000,000 marks and 5,143,307,000 $246,927,000, as compared with $160,623,000 a year
ago. The reserve in other depositories this week was
marks one and two years ago, respectively.
increased $668,000, to $60,619,000, against $60,849,in 1916. Circulation recorded a loss of $54,000.
in
strain
000
There is no indication of any approaching
reserves increased $7,257,000, and now
Aggregate
in
the
kinds,
all
of
local money circles. Financing
form of applications on the capital market, has given stand at $770,451,000, which compares with $654,way completely to the necessities of a full subscrip- 652,000 held at this date last year. The reserve retion—an over-subscription in fact—to the Liberty quired, however, increased $7,701,580, thereby reLoan. No attempt will be made at the present to sulting in a loss of $444,580 in surplus reserves, the
float any large amounts of other securities. Industry net total of which is $146,754,420, as contrasted with
is continuing phenomenally active, and general trade $76,956,310, the sum on hand in 1916.
Referring to money rates in detail, call loans this
seems to be showing slight, if any, conclusive evidence
0, comparing with
27
/
ranged between 2@31
week
for
working
of contraction. Nevertheless the demand
The Bank of England reports an increase in its
gold item of £235,641. Note circulation expanded
£181,000; hence the total reserve was increased L54,000. The proportion of reserve to liabilities, however, declined to 19.49%, against 20.42% a week
ago and 32.24% last year. This latter feature was
undoubtedly due to a large increase in loans. Public deposits decreased £5,876,000, although other deposits showed a gain of £14,378,000. Government
securities increased £81,000. Loans(other securities)
increased £8,379,000. The English Bank's gold
holdings now stand at £55,076,420, as against £60,032,286 in 1916 and £61,737,814 the preceding year.
Reserves aggregate £34,830,000. This compares
with £43,738,926 last year and £47,240,524 in 1915.
Loans total £116,610,000, contrasting with £76,446,807 and £139,290,022 one and two years ago, respectively. The Bank reports as of May 19 the
amount of currency notes outstanding as £140,527,655, comparing with £139,026,408 a week ago. The
amount of gold held for the redemption of such notes
is still £28,500,000. Our special correspondent is
no longer able to give details by cable of the gold
movement into and out of the Bank of the Bank
week, inasmuch as the Bank has discontinued such
reports. We append a tabular statement of comparisons:
NAN 26 1917.1
THE CHRONICLE
2@3% last week. Monday and Tuesday the high
was 23/2%, which was also the ruling quotation,
while 2% was the minimum. On Wednesday 23/2%
was still the maximum as well as the renewal basis,
0. Thursday the high was
while the low was 237
advanced to 31%% and the low to 23/2%, although
1 %. Friday's range was
renewals continued at 24
2%@34%,
1
with 33/2% the ruling figure. For fixed
maturities further declines were recorded, though
trading was exceptionally light. Sixty-day funds
are quoted at 4@43%, against 43@43/2% a week
ago; ninety days at 4@43%, against 432@4%%;
four months at 43@432%, against 43/2%, and five
and six months at 432%, against 432@4%%. Last
1 @3%,
year sixty-day money was quoted at 24
ninety days at 29'@3%, and four, five and six
months at 3@33%. In mercantile paper the
volume of transactions was again small. Sixty and
ninety days' endorsed bills receivable and six months'
names of choice character remain as heretofore at
4%@5%, and names not so well known 53'%,
against 53% a week ago. Banks' and bankers'
acceptances were very quiet and quotations remained at substantially previous levels. Detailed
rates are as follows:
2049
'Neu, York
America, $400,000 to Cuba and $10,000 to Mexico,
making a total of $7,853,000. There were no importations.
Dealing more specifically with detailed quotations,
sterling exchange on Saturday, comparing with Friday of the preceding week, was firm, with demand
quoted at 4 75 9-16@4 75%, cable transfers at
4 76 7-16 and sixty days at 4 721%. On Monday
trading was dull and featureless, though rates were
well maintained; demand bills ruled at 4 7555@
4 75 9-16, while cable transfers remained at 4 76 7-16
and sixty days at 4 721%; the fact that no mail
steamer was scheduled to sail before the end of the
week served to accentuate the prevailing dulness.
Very little business was reported on Tuesday and
quotations were not changed from 4 76 7-16 for cable
transfers and 4 721% for sixty days; demand ruled at
4 75 9-16. Wednesday's dealings were as dull as
ever and sterling rates continued pegged at 4 75 9-16
1
for demand, 4 76 7-16 for cable transfers and 4 72%
for sixty days. Trading was again at a low ebb on
Thursday and quotations were held at the previous
day's levels. The recent granting of extensive
credits to the British Government has undoubtedly
had much to do with the diminution in the inquiry
Delivery for exchange.
Spot Delivery
On Friday the market ruled quiet
within
Thirty
Sixty
Ninety
Closing quotations were 4 72%
1 for
30 Days, and steady.
Days.
Days.
Days.
3 1-1643
3% bid sixty
Eligible bills of mem.banks. 3181?43 1-16
34@3
7555@4 75 9-16 for demand and
days,
4
Eligible bills of non-member
Commercial sight fin3 3-16@3
354 bid 4 76 7-16 for cable transfers.
3 7-16@354
3%03%
banks
44 bid
4%034
4@354
4404
Ineligible bills
3 , ninety days at
ished at 4 75%, sixty days at 4 71%
(sixty days) at
payment
4
69%,
documents
for
were
announced
any
of
by
the
rates
No changes in
4 74%. Cotton
at
far
as
4
71
%
1
and
grain
bills
our
seven
day
as
banks
knowledge
goes.
Reserve
Federal
Prevailing rates for various classes of paper at the and grain for payment closed at 4 75%.
different Reserve banks are shown in the following:
The Continental exchanges have experienced anDISCOUNT RATES OF FEDERAL RESERVE BANKS.
other week of severe dulness and inactivity. Deali2.* V I
z tt, iav ings have been largely professional in character
CLASSES
.
OF
and limited in volume, although the tone generally
. 4
DISCOUNTS AND LOANS
l i
gi ill
i->
,g 4
'a ; I • speaking was firm and in some cases slight net ad---- -vances were recorded. Attention still centres to a
Member Banks,Coll. Loans:
34 3 3 34 334 3% 3% 354 3.
1 to l5 days' maturItY
3
considerable extent upon Russian affairs. Despite
Discounts:
1 to 15 days' maturity..... -.- 3 3 34 34 34 34 3% 3 3 34 334
the improvement in sentiment at the close of last
4
4
4
16 to 30 ' "
4
4 4 44 44 44 44 4 4 444 4 1
31 to 60 " "
from the announcement that
4
4 4
61 to 00 " "
44 4 454 434 4
4% 44 44 44 week which resulted
AgricuUural and
United States Government had decided to extend
the
Live-Stock Paperr, 6 6 6
91 days to 6 months maturity 5 5 44 5
454 6 6 6
Trade Acceptances-an immediate credit to Russia, further evidences of
34 34 34 3 34 34 34 34
1 to 30 days' maturity
4
34 2h,,
34 34 34 34 34 34 34 34 34
"
31 to 60
3% 4
34
.
7
1
34 3% 34 4 334 34 34 34 4 4 34 354 unsettlement and a renewal of the political discord
el to 90 " "
Commodity Paperbetween the various factions that has so persistently
4
--- 354 --- 3S4 :Its
ats a
a
a it nu
1 to 00 days' maturity
_
dominated
the situation and hampered progress
Note.—Rate for bankers' acceptances. 24% to 4%.
there, presented themselves, inducing fresh uneasiness and a disinclination to risk extensive commitThe sterling exchange situation is without new ments. Exchange on Petrograd moved irregularly
feature. Rates have hardly varied during the week and continues to reflect the kaleidoscopic rumors
and there appears no prospect of the re-establishment from time to time put forth. Fluctuations, howof anything like a free market, in which demand and ever, did not assume the sensational features of
supply shall be the dominating factors, until peace recent weeks and for the most part the quotation
has been secured. If anything, the position, since was fairly well maintained. Lire ruled easier at the
our own Government entered as an active participant close, while francs were firm and higher. Trading in
in the war, has become even more arbitrary. The these was without specific activity, and presented no
Treasury Department, aided by the Committee of new feature. No transactions in German and AusForeign Exchange Bankers, whose formation we trian exchange are being put through and quotations
referred to in our issue of April 21, is watching closely are unobtainable. The sterling check rate on Paris
the outward movements of gold. They will satisfy closed at 27.18, the previous close. In New York
themselves that such exports will not benefit the sight bills on the French centre finished at 5 719,
enemy before permitting them to go forward. Our against 5 7338; cables at 5 703-i, against 5 721%;
own country is merely getting in line with other commercial sight at 5 7338, against 5 743-i, and
belligerents in this respect, England, France, Russia commercial sixty days at 5 79, against 5 783/2 the
and Germany having long ago taken steps to con- preceding week. Reichmarks no quotations. Kronen
serve their supplies of the precious metal. This no quotations. Lire closed at 7 021% for bankers'
week's shipments of gold have included $5,765,000 sight bills and 7 013/
2 for cables, against 7 013/
2 and
to Japan, $1,178,000 to Spain, $500,000 to South 7 003/2 a week ago. Rubles, after declining to
THE CHRONICLE
2050
27.40, rallied and finished at 27.55, which compares
with 27.75 last week.
In the neutral exchanges very little business]is
passing, though here also the tendency was towards
higher levels. Swiss exchange was exceptionally
firm, showing an advance for the week of about 4
points, though no specific reason was assigned therefor. Scandinavian rates were strong and likewise
registered fractional gains, while guilders ruled firm
and higher. The improvement was attributed,
however, to a limited supply of commercial offerings.
Bankers' sight on Amsterdam finished at 413,
against 40%; cables at 41 5-16, against 411-16; commercial sight at 40 11-16, against 40 9-16, and commercial sixty days at 4098, against 403. a week ago.
Swiss exchange closed at 5 083 for bankers' sight
bills and 5 073/b for cables, comparing with 5 12M
and 5 113/ a week ago. Greek exchange (which is
still looked upon as neutral) closed at 5 04, against
5 00 a week ago. Copenhagen checks closed at
28.55, as compared with 28.40. Checks on Sweden
finished at 29.95, against 29.75, and checks on Norway closed at 29.25, in comparison with 29.20 on
Friday of last week. Spanish pesetas finished at
22.10. This compares with 21.85,the previous close.
The New York Clearing House banks, in their
operations with interior banking institutions, have
lost $1,437,000 net in cash as a result of the currency movements for the week ending May 25 1917.
Their receipts from the interior have aggregated
$8,967,000, while the shipments have reached $10,404,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which together occasioned a loss of $54,640,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $56,077,000, as follows:
Week ending May 25.
Banks' interior movement_ ._ ._ ._ ._
Sub-Tress, and Fed. Reserve oper.
and gold exports
Total
Out of
Banks.
Into
Banks.
$8,967,000
Net Change in
Bank Holdings.
$10,404,000 Loss $1,437,000
26,398,000
81,036,000 Loss 54,640,000
$35,363,000
$91,440,000 Loss $56,077,000
The following table indicates the amount of bullion
in the principal European banks:
May 25 1918.
May 24 1917.
Banks of
Gold.
£
England__ 55,076,420
Frances_ _ 129,416,605
Germany.128,654,850
Russia •__ 147,659,000
Aus-Hun.c 51,578,000
Spain ____ 55,878,000
Italy
33,944,000
Netherl'd 49,638,000
Nat.Bel_h 15,380,000
Switzland 13,688,400
Sweden __ 10,792,000
Denmark_ 9.595,000
Norway.. _ 7,165,000
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
60,032,286
60,032,286
-- -------55,076,420
_
10,280,000 139,696,805 189,220,000 14,097,000203,317,000
1,087,300 127,742,150 123,142,000 2,050,000 125,192,000
12,109,000 159,768,000 163,030,000 6,038,000 169,068,000
12,140,000 63,718,000 51,578,000 12,140,000 63,718,000
29,991,000 85,869,000 39,844,000 30,435.000 70,279,000
2,627,000 36,571,000 40,530,000 3,983,000 44,513,000
192,000 45,019,000
585,200 50,221,200 44,857,000
600,000 15,980,000
600,000 15,980,000 15,380,000
10,285,800
.-----13,688,400 10,285,800
9,166,000
10,792,000 9,166,000
207,000 7,960,000
131,000 9,728,000 7,753,000
6,127,000
7,165,000 6,127,000
Tot. week.706,483,275 69,550,500776,013,775760,945,088 69,742,000830,687,086
Prey.week 709.261.817 69.367.200 778.620.017760.293.847 69.651.400829.045.247
a Gold holdings of the Bank of France this year are exclusive of £81,349,618
held abroad.
•The gold holdings of the Bank of Russia for both years in the above statement
have been revised by eliminating the so-called gold balance held abroad On
the latest reported date, the amount so held, £211,888,000.
c July 30 1914 In both years. h Aug. 6 1914 In both years.
THE AMERICAN PEOPLE AND THE WAR.
The movement of events, since the United States
entered the war, has repeatedly shifted the position
of things so rapidly as to make it difficult to measure
either results or tt ndencies. The prevalent idea
among our people, when war became imminent at
the end of March, undoubtedly was that our direct
participation, whether as active combatants or
through restrictions on the ordinary habits of Amer-
[VOL. 104.
ican citizens, would be greatly limited by the necessities of the case. Our assistance through financial
advances, naval co-operation, and the forwarding of
supplies, was taken for granted beforehand; yet even
in these directions, the scope and magnitude to which
our national plans have already developed were
certainly not foreseen. There are already indications
that our advances to the Allies will be made in aggregate amounts per• annum surpassing the yearly
payments of England to her own allies and colonies
thus far in the war. The increase of annual taxation as proposed in the House bill would be nearly
as great as the increase made in England's annual
taxation during two and a half years of war. The
program for building new ships, though its scope
was greatly overstated a fortnight ago, promises,
nevertheless, to supersede all other requisitions on
our industries. Our navy's destroyer fleet, of whose
readiness for service no one knew, appeared in
European waters barely one month after war was
declared.
But these things make up only part of the changed
prospective. The plan for a selective draft for the
new army, which had been regarded in many quarters as a doubtful proposition when first discussed,
became a law on Friday of last week, only five weeks
after Congress declared war. Registration for the
draft will be called for on June 5, and 500,000 men
are expected to be in training by September. Discussion of an immediate expeditionary force to
France, deprecated at first, because of belief that
the necessary transportation facilities could not be
spared from the work of carrying food and munitions,
has suddenly taken official shape in the announcement regarding the prompt dispatch of 25,000 regulars under General Pershing.
The extravagant rise in the price of Wheat and
other grains, though due immediately, not to home
speculation for the rise butto excited and ill-regulated
bidding against one another in the market for future
delivery by European Governments, has been followed by voluntary regulation and partial suspension
of dealing in futures. This, in turn, has led to the
"Food Bill" in Congress, giving the widest powers
to the President and the Food Administrator, not
only to prevent hoarding and regulate distribution,
but under certain conditions to fix both maximum
and minimum prices, to prohibit methods regarded
as wasteful, or to restrict altogether the use of foodstuffs in manufacturing alcoholic liquors.
The effect on the public mind of so rapid, so farreaching, and in many ways so unexpected, a change
in surrounding circumstances, was bound to be
bawildering. It is certainly not less so from the
fact that while, as we have hitherto pointed out, the
new problems of the moment in Europe are political,
those of the United States are at present much more
largely of a military nature. This will inevitably
be true in increasing measure,as our plans for actual
participation in the war mature.
Assuming that transportation facilities could
properly be spared, the plan for a regular expeditionary army had much to recommend it. The sentimental influence of the appearance at the European
battlefronts of American divisions under the American
flag was itself by no means to be ignored; yet even
that is superseded by the importance of study on the
spot by our own educated soldiers, of European
military methods, discipline, training and tactics.
Beyond this, the fact that the utterly inadvisable
MAY 26 1917.]
THE CHRONICLE
2051
attempt of Colonel Roosevelt to get himself ap- ingenuity, which invented not only nearly all the
pointed at the head of an irregular volunteer ex- appliances used in present-day ocean warfare, but
pedition of the sort should now have been swept invented the submarine itself, to solve the problem
of the antidote. Should this actually be done, the
aside, is fortunate.
Such an expedition, whatever the individual plans end of the European conflict would be appreciably
and purposes of its organizers, could not possibly nearer. It was the German Government itself which
have failed to be surrounded from start to finish by described its program of unrestricted submarine
an atmosphere of the spectacular, if not indeed by warfare as the last stake in its fight against its
the atmosphere of politics. The incident was in enemies.
fact a curious illustration of our excitable way of
proposing and sometimes doing things in America;
PATRIOTISM TO AND BY GOVERNMENT.
for every principle which had been set up as indispensable in our new military program would have
The President's statement with reference to the
been overturned, had the Government yielded to the Administration's food control program, given to the
clamor for the "Roosevelt army." The "special country May 20, contains the following passage:
unit," the volunteer divisions organized by indi"The proposed food administration is intended, of
viduals and primarily responsible to them, the course, only to meet a manifest emergency and to
general appointed, not because of military experi- continue only while the war lasts. Since it will be
ence but because of political reputation or personal composed, for the most part, of volunteers, there
popularity—all these were among the old-time need be no fear of the possibility of a permanent
practices denounced as demoralizing when the Army bureaucracy arising out of it. All control of conBill was passed, and all would have been embodied sumption will disappear when the emergency is
in Colonel Roosevelt's division.
• passed. It is with that object in view that the
What the longer story of our army's direct par- Administration considers it to be of pre-eminent
ticipation in the European war will be,. it is impos- importance that the existing associations of prosible to predict. The Russian episode, creating, as ducers and distributers of foodstuffs should be
it did, a hysterical fear of such transfer of troops by mobilized and made use of on a volunteer basis.
Hindenburg from the Eastern to the Western front The successful conduct of the projected food adminas should overpower the French and English resist- istration by such means will be the finest possible
ance, occasioned some excitable discussion of our demonstration of the willingness, the ability, and
own instantaneous participation on a large scale the efficiency of democracy, and of its justified
on that front—a demand to which our War Depart- reliance upon the freedom of individual initiative.
ment authorities wisely gave no heed. The date The last thing that any American could contemplate
now appointed for mobilizing the drafted army in- with equanimity would be the introduction of anydicates that no really extensive transfer of troops thing resembling Prussian autocracy into the food
to Europe may be possible until the late autumn or control in this country."
next spring—even if two or three divisions of the
In view of present tendencies in legislation his
National Guard should go forward earlier. Pre- announcement is timely—and reassuring. We have
diction regarding duration of the war long since stated our own fears of certain drastic laws that are
became a futile task; yet it is at least within the proposed—and we have observed that the same fears
bounds of possibility that the war will be virtually, are growing in the minds of the people. That the
or actually, over before 1918. The early win ter President perceives the dangers that threaten the
months have thus far(as in 1916 and 1915) invariably people, augurs well. But, and we say it with respect,
been the period for the German Government to re- the claws concealed under this purring sound are in
sume its own overtures for peace.
a preceding clause: "it is absolutely necessary that
That aspect of the situation will itself be greatly unquestionable powers shall be placed in my
affected by the outcome of the submarine campaign. hands."
Decrease in aggregate results from these attacks on
Why? How can they be exercised without bringmerchant ships during the past week or two, com- ing about the condition warned against? Further,
bined with the presence of our destroyers, have why this food "administrator" working (wholly)
revived hopes of dealing effectively with this ques- with volunteers; why go to Congress for authority;
tion. Yet the loss of ships continues very formid- why create a machine; when voluntary co-operation
able and the food problem may, as a consequence, is to be solicited and used? However, we have
be much more acute before it is really better.
heretofore marshalled our argument against the
The question as to the hitting on some new con- general application of governmental price-fixing and
trivance or invention, which may cripple submarine food (business) control. It is our purpose now to
activities as a whole, remains. It is a question point out that the President's statement suggests a
which, it hardly need be said, appeals to the Ameri- principle of even wider scope than the class of laws
can imagination and is employing the highest powers in question. And it is nothing less than the coof the American inventor. It is no secret that more relation of people and government—their reciprocal
than one highly promising device is already under responsibilities and duties.
practical test by our own navy, and that the navy
It may seem anomalous to say that government
itself is hopeful. That the effectiveness of the can be patriotic. But government, though reprehunt for submarines will be increased by this con- sentative of the people, though possessing only
verging of fresh minds and active brains upon delegated authority, is, notwithstanding, an instithe problem is reasonably certain; that the whole tution—that acts. We are all conscious of the duty
pest will be exterminated as a result of it is far more of the citizen toward the government he has created.
doubtful. The task is one of immense difficulty. Loyalty to rule, obedience to law, willing service in
Yet the prize is very great, and history would at all the functions of statehood, pride in the purpose
least repeat itself if it should be reserved for American and power of that embodiment called The Govern
2052
THE CHRONICLE
[VOL. 104,
We can conceive of no time when these considerament, these are all components in the individual's
patriotism. But how can a government be patriotic, tions could be more important than the present.
To set in the sky of national endeavor a new ideal
and to whom?
To answer the question briefly—our kind of a never there before, and then use government as an
government can be patriotic by being democratic— instrumentality to accomplish that ideal, becomes,
within the limitations of a representative democracy. in so far as it sacrifices the rights and liberties of
Patriotism is vaguely defined as love of country— creating and supporting citizens, the anthithesis of
that love flowering into all means of active support democracy. Our own people come first. And the
and service. Love of country is not only to an ideal legislative and executive departments of the Governof what a nation may become, but to what a nation ment are bound to consider them first. Also, last,
actually is. And in any true analysis we ultimately and all the time—or we slip unconsciously into the
translate the word country into people. Territory rule of an autocracy, albeit one with a far-reaching
and wealth are nothing save for the people who in- democratic ideal. In the zeal of a high and even
habit the nation. So that patriotism upon the part holy crusade it is easy to lose sight of this fundamenof government is love and loyalty to the people. tal principle of our autonomy. Human rights are a
And this, too, is the whole content and extent of matter of growth. If they have always existed, they
have had to be slowly and painfully expressed. At
democracy.
We are passing through the most serious time our any stage of development they depend upon admitted
nation has ever known. We are engaged in the most and established relationships. They have the guarstupendous undertaking ever essayed by organized anty of Government that they shall be inviolate by
rule. Without a single important change in the the Government itself. They cannot be changed in
structural form of our government we are abandoning a day or a year. And since with us they are the retraditional policies heretofore considered inviolate, sult of one hundred and forty years of attainment
and we are engaging in processes that not only change through lawful endeavor, they are firmly fixed. To
for all time our relations to other nations, but affect forget this fact is to forego liberty and to imperil
no less, we fear, the economic, social and political democracy. And there is no more insistent thought
life of the people who form that government. The that should ever be present in the minds of those
exigencies of the present national endeavor are such who make and execute new laws.
The exercise of power is always a dangerous thing
that we cannot escape a degree of paternalism never
a self-constituted democracy. It is part of the
in
unusual
makes
before existent. This condition
of power that it tends to pass from the spenature
that
possible
be
it
Can
citizen.
demands upon the
the general. Too often it assumes to do
to
cific
an
as
government
the
upon
demand
less
a
it makes
acting institution? If patriotism upon the part of what the people demand before the demand has
one is required, is not the same solicitude and service been made. Too often, conscious of its own purrequired of the other? Love and loyalty by citizens pose, and filled with purest motives,we may add, it
to government is certainly no more incumbent than depends upon a sanction that it feels should be, but
which has not actually been, bestowed. Thus it
love and loyalty by government to the people!
to increase by its own exercise, one act requirtends
arguthe
of
advance
in
conclusion,
our
We reach
ment, by saying that no matter what ideal a govern- ing another, until, at last, it may go even beyond
ment may entertain, it can have none more impera- the privilege of the people to consent, without a
tive, none higher, than the welfare of its own people. change by them of the form of government.
Instantly, at this point, illustrations from current
And the degree in which it lives up to this principle is
common
affairs start in the mind. We need use but one—
the measure of its democracy. And, using a
taxing power. Nothing is more patent than
kind
of
any
storm
the
and
figure of speech, when stress
a representative democracy shall and must
people
do
the
that
only
not
of
State,
Ship
the
endanger
come first and the crew last, but the object of the maintain itself by taxation. The mode and objects
voyage, whatever it may be, must be abandoned at of it, involved in the laying, attain in practice a
the precise point where its continuance endangers wide range; automatically the property of the
• the passengers whose protection and safety are primal citizen, otherwise sacredly guarded and guaranteed
and imperative. This truth applied, declares that as a personal right, becomes subject to the needs
every act of Congress and every order of the Execu- of the Government for its own maintenance. But
tive in time of war must relate itself, must become government is not only a matter of growth, its adsubservient, to the static conditions of the free life ministration is human, and subject to the imperof our people at home in their customary and lawful fections of its administrators. It must, therefore,
activities. And that the measure of our democratic have its safeguards. And nowhere is this safeguardform of government is to be found in this freedom as ing of the rights of the citizens through specific
direction and limitation placed upon government
an actual possession.
are
more strongly entrenched, more definitely stated
we
ideal,
since
an
of
sake
the
We cannot for
in the principle of taxation. No principle is
than
the
present
sacrifice
democracy,
representative
a
for the future. Government can rightly demand more firmly established than this—that taxation
nothing of the citizen it is not willing to bestow upon cannot go beyond the purposes of maintenance—a
him. We speak, of course, of principles, as they limitation no more clearly fixed in peace than in
animate what we have been pleased to designate as war. And in the latter case coming under the genan acting institution. It cannot in all essentials eral rule and interpretation of a maintenance insacrifice less than does the individual citizen. In volving only defense. The definitive measure laid
fact, it is the citizen, enlarged, magnified, made upon every form of taxation and at all times is that
composite. Until, therefore, its form is changed it shall not become confiscatory. For it is obvious
by his consent and will, it is the same government, that in proportion as the State consumes the propwith the same responsibilities and duties to him, in erty and;energies of the people it weakens the means
of its own sustenance, and with confiscationvain whole
war as in peace.
MAY 26 1017.J
THE CHRONICLE
destroys its own life, its means of existence. It
is only necessary to say here that to take 50% of
any form of private property for any purpose in one
year is confiscatory, and contrary not only to the
spirit but to the letter of the law in a democracy.
We pass from this to the thought that the exercise of legislative power to confer upon the executive
the right to commandeer industrial integers, going
businesses, by reason of the needs of government
in war time, invades private and corporate rights,
sustained and supported by law and fixed in popular
customs and commercial conditions, and goes far
beyond any reasonable demand for governmentmaintenance, and if it does not constitute an unwarranted seizure without compensation, which is
wholesale confiscation, it is certainly an exercise of
power which has no well-adjudicated background
and has no adequate precedent in our past. Moreover, it is in contravention of the rights of the States
under which the property is acquired and held and
upon which State taxes must be laid to sustain the
State Government. Certainly the national Government has no right to destroy the existence of the
States by taking away their sustenance, by sequestrating the property on which the State subsists!
And just as certainly its very democracy requires
that it protect and sustain the citizen whose obedience it seeks and commands. And just here the
wise and careful statesman will hold aloof from legislation which impoverishes the nation by degrading
and pauperizing the citizen.
The duty of the Government, a duty in patriotism,
through its accredited representatives, to the people, our own people, at home, engaged in their lifesustaining tasks, should never leave the mind of
the legislator, and is paramount to every other consideration of national aim and prestige. To forget
the interests and welfare of the citizen when emergency is making its greatest demands for service
and sacrifice is to defeat the object sought by the
Government's latest adventure; is to change the very
nature of representative democracy; and is to fasten
upon ourselves the very yoke we are trying to lift
from the world. Let us above every other thought
strive to keep our present autonomy unchanged,
until by our own deliberations and votes we do
actually change it!
THE TWO BILLION DOLLAR ISSUE OF WAR
BONDS.
As the country-wide campaign to secure subscribers to the initial bond issue of the war progresses we are made aware of the magnitude of the
undertaking. No figures are to be given out by the
Treasury Department until the final result of the
canvass is obtained. Banks, corporations, and
business houses are responding cordially to the endeavor, taking large blocks of bonds on their own
account, and affording facilities free to the public
generally that are not only worthy of praise but are
productive of the greatest good. It seems almost
certain the loan would fail without the assistance
voluntarily given by these indispensable factors of
our national life. Other independent organizations
are lending aid, and there will be no lack of information and education. But when all is said it must
be apparent that the imminent danger which other
peoples have been sensible of is largely wanting in
the United States. And we are disposed to the
belief that a certain amount of the so-called apathy
2053
in certain sections of the country is attributable to
a sense of the remoteness not only of the war but of
its ultimate issues.
If this be true, to rely too much upon an appeal to
sentiment, where there is no deep and thrilling conviction, may not prove to be the wisest course. Yet,
after all, sentiment must be a moving influence with
the small subscriber, for he of all others is not able
to invest his savings in low interest bearing bonds.
In many sections of the country, with the most
elementary knowledge of investments, countless
ways of local buying and selling, and local loaning
will disclose a higher return. There are vast areas
of the country where the savings bank as a distinct
institution does not exist. The comparative rate
between savings bank dividends, as known to a
large city's population, and the rate of the bond, is
without bearing or interest. Yet there is an argument that holds always and everywhere, and it is
that as a form of investment this one is above all
others absolutely safe. A judicious combination
of sentiment and saving would seem therefore the
best argument. We cannot hope to add anything
to the numerous reasons that are being put forth
to induce subscriptions, but the average citizen of
small means would doubtless respond to an appeal
somewhat like this:
Help the Government while helping yourself!
Turn your small economies into a war bond; and
make your debt to your country an added credit
item in your own personal wealth. You have now a
double incentive to save. A like opportunity has
never occurred before—the whole world sincerely
hopes it may never occur again. The war may be a
long war—if your savings are placed in a war bond
they are free from taxation, which will become
increasingly heavier as the war goes on. Unless the
whole world becomes bankrupt, the bond is as good
as gold. No other national bond to-day is equally
well secured. Interest will be paid promptly—the
Government never defaults in its fixed charges, and
all its taxing machinery may be invoked to pay the
bond coupons when due.
At all times the bonds will be good security at the
banks for a loan, and thus they become the basis
for a subsequent business venture, or they will furnish you funds for any personal emergency need
which may occur. No other form of property is
more readily convertible into cash. Do not let the
rate of interest deter you. If peace were to come
to the world to-morrow these bonds would likely
in a few years bear a premium. As it is, it is almost
a certainty that other issues will be offered. With
no market at the present time for United States
bonds anywhere except in this country, it is a most
reasonable assumptio_i that subsequent issues will
bear a higher rate. Your bond is convertible by its
terms and the promise of the Treasury to this higher
rate, without lessening the time to run. An investment in these bonds is a hostage to the future, an
anchor to the windward, a security against the grim
effects of any and all the ills of life. The wealth
of the nation, the energies of the people are behind
them until they are paid. You can use them anywhere at any time to tide you over any temporary
stress of business, or any sudden misfortune, that
may come.
The partial payment plan which patriotism is
offering through so many firms and corporations
affords an easy means of acquirement, one that at-
2054
THE CHRONICLE
[VOL.
taches to no other investment in like manner and sically big. The most injurious factor, because
degree. You exercise only the most elementary the one apparently last to reach and hardest to reprinciple of thrift, as well as saving, when you enter move, is indifference, since people do not realize
your subscription for at least one bond. You should that the railroad touches them except when they
however cast up your own earnings and obligations pay fares and freight bills to it and do not see their
in life, and take as many bonds as you are reason- own indirect ownership in it.
It is because of this indifference in the public that
ably certain that you can pay for, and yet conduct
arbitrations on the recurring demands of railway
your other affairs in the usual manner.
None of these personal considerations militate employees for wage increases and hearings upon
against or detract from the service you are perform- petitions by the roads for the rate increases which
ing for the country. You have full right to felicitate alone can keep them living and growing are so oneyourself upon the good you are doing—sometime sided. The employees make their demands; the
and somewhere in the world, it is hoped, life will be shippers (or some of them, it should always be noted)
sweeter, joy more abundant, and human freedom appear in protest against any rate increase; the pubmore firmly fixed, because you bought a bond. lic stay aloof and exhibit neither a sense of concern
Somewhere a hundred dollar bond may change a nor a realization of having any interest in the whole
tear into a smile, bring the glow of new life to child- subject.
Five men, says the report of the Baltimore meethood or age, light the fire in a deserted home—bewill be appointed to represent the organization
ing,
husband
a
and
ended,
sooner
was
war
cause the
before the Inter-State Commission "and will present
and father has come back to labor for loved ones.
The die is cast; our participation in the conflict appeals for such action as necessary to stabilize the
is fixed. The common thought should be to make securities of carriers." The action necessary for
lasting
that participation conducive to the greatest good this purpose and for the equally large and
in the
efficient
tion
transporta
making
of
and to the most speedy termination of the awful purpose
forth
set
been
already
has
struggle
national
present
President
havoc. Unless all the asseverations of the
attempted
has
nobody
and
,
executives
railway
the
by
this
and
aim,
and Congress are wrong,this will be the
is now
should help to bring the end. Soldiers of peace must yet to seriously dispute their showing. It
making
and
rallying
support soldiers of war. They may not do more, for this latest attempt at
they should not do less. You are a citizen of your coherent the ownership and concern in the welfare
that the milcountry. You should abide by its decisions whether of railways to show the Commission
realize the
to
beginning
are
interested
really
in accordance with your personal views or not. lions
who have
men
the
that
hoped
be
to
is
It
interest.
your
Come what may it is your duty to support
earnest,
in
thoroughly
are
meeting
this
procured
the
feed
loans
own nation in its endeavors. These
by pres
earnestnes
their
hungry as well as strengthen the soldiery. They and that they will impress
unheard
hitherto
the
n
Commissio
—
T— in linewith the dictates of your con- senting before the
Tfol
;377E7
before them in
science. They appeal to the most humane in- side. They have a further work
newly-awakthe
that
seeing
of
duty
the
at
stincts, despite the awful reality of war. There is keeping
languish.
not
shall
interest
public
ened
no good reason why you, and every citizen, may not
add one name to the list of subscribers.
THE LABOR PROBLEM IN THE SOUTH.
[From a correspondent at New Orleans.)
THE MEETING OF RAILWAY,LOWNERS.
The announcement from Washington that the
The call for a meeting of owners of railway se- actual drafting of men for the new army under the
curities brought together in Baltimore on Wednesday conscription Act will not take place until Sept. 1 has
some 400 men, said to represent directly more than proven welcome news to the cotton planting interests
3,000 millions in those issues, the indirect representa- of the South. It is not generally known, but is a
tion of course being still larger. The declaration fact nevertheless, that the supply of labor in the
of principles adopted correctly says that the:railways South has already been materially reduced by the
are the greatest business organization existing and exodus of a large number of negroes to manufacturthat agricultural andlindustrial efficiency depends ing centres of the North. Statistics now available
upon them. Through a long course of years, pro- show that over 300,000 of the negro population of
ceeds this declaration, "a state of mind has been the South have left that portion of the country within
created which seems to forbid the fair consideration the last eight months. The loss in Southern populaof questions of vital consequence to the railroads tion from this cause is divided by States as follows:
Virginia, 49,768; Georgia, 48,879; North Carolina,
and to those who have invested their money in these
Mississippi, 35,291; South Carolina, 27,560;
of
35,376;
reprey
owners
these,
present-da
the
securities;
senting millions of our citizens, should be considered Arkansas, 23,528; Tennessee, 22,632; Kentucky,
in the settlement of these questions and not made 21,855; Louisiana, 16,912; Florida, 10,892; Texas,
responsible for the acts of a few men who may in 10,870; Oklahoma, 5,386.
These figures, as given out by James W. Poe,
the past have profited at the expense of the properPresident of the Colored Citizens' Patriotic League
ties they represented."
as
So
far
of Richmond, Va., do not, for some reason, include
This is a statement of great mildness.
in
still
persists
the State of Alabama,from which the exodus of negro
a hostile feeling towards railroads
according to reliable advices, has been fully
(at
labor,
bottom
notion
the
the
of
out
it
grows
the public,
of the demand for a physical valuation) that the as large as that from Georgia. Incomplete as the
roads are overcapitalized and are seeking dividends statistics appear to be, however, they show conon water. Even more hurtful is the delusion of clusively that there is a strong tendency to shift the
the senses which makes a road seem, in a vague way, negro population of the South to the North, and
to be oppressive in disposition and beyond danger hence the problem is a two-sided one, that affects
of suffering serious injuries itself, because it is phy- both sections of the country.
MAY 26 1917.j
THE CHRONICLE
Most of the negroes that have left the South have
sought employment in the "war" plants which have
grown to large proportions since the European
struggle broke out in the summer of 1914. The
promise of much larger wages than were being paid
in the South was the attraction that drew this class
of labor from the fields of the South. The Defense
Council of the State of Georgia has proposed that the
Federal Government, as a war-time measure, should
step in and deal with this problem, but there appears
no sound reason why the national authorities should
interfere in an economic adjustment of this sort. In
its final analysis, the problem is an economic one,
and can be solved if Southern planting interests will
pay the better wages which present conditions justify.
When cotton was selling at 8 and 9 cents per pound,
the present scale of wages on Southern plantations
may have been reasonable compensation; but with
cotton selling at 20 cents and above per pound, a
higher scale of wages for the man who works the
fields of the South must be put into effect, or that
section will have to face further inroads into its
available supply of labor. Should the Federal
Government draft a large proportion of negroesfor
the army from the agricultural districts of the South,
the labor problem in that section would become acute.
It is to be hoped that the interests vitally concerned
in the South will approach this problem in the spirit
of justice and fair play, and will establish a scale of
wages that will induce the negroes to remain at home,
where climatic conditions are more suited to their
nature and mode of living. According to Coroner's
Physician Joseph Springer of Chicago, thirty-five to
forty negroes from the South are dying monthly in
Chicago, and he has appealed to the authorities and
business men to stop the importation of this class
of labor to Northern States. Let the South lead off
in the solution of this problem, and there will be no
lack of co-operation on the part of other interests
concerned in the matter.
CANADA'S SHIPBUILDING ACTIVITY.
Ottawa, Canada, May 21.
Approximately thirty million dollars has been
made available during the past twelve months for
building ships in Canada. Five million dollars
worth of wooden vessels are now under way in British
Columbia. Ten millions have been placed by the
Dominion Government at the disposal of the Imperial Munitions Board for wooden vessels to augment the British merchant fleet. Forty-eight wooden
and steel ships of from 150 to 1,500 tons are being
built at the present time by private enterprise in the
maritime Provinces, mostly for the Munitions
Board.
This summary of Canadian shipbuilding activities
is gauged very largely by war-time necessities and
opportunities. British Columbia, for example, to
take care of its own export trade was obliged to
bonus shipbuilding by lending 35% upon vessels
built in the Province and used for provincial trade,
plus a bonus for ten years sufficient to bring the net
earnings of a ship up to.15%. The Imperial Munitions Board has gauged its wooden ship program by
the submarine losses, and the private maritime
Province builders are seeking some of the abnormal
profits for ocean and river carriers.
What will happen after the war when British shipbuilding enterprise reaches out after the world's
orders engaged the earnest attention of the House of
2055
Commons this week and some important news became
public. The Minister of Finance frankly asserted
his belief that subsidies might be necessary to encourage builders to maintain their present production. By collaboration with the British authorities
a standard type of wooden ship had been agreed
upon, and orders of the Imperial !Munitions Board
would be confined to that type chiefly. Steel ships
had been ordered from Canadian yards aggregating
more than 160,000 tons and would tax the country's
capacity for such ships well into 1918. The biggest
ships being produced were from seven to eight
thousand tons, but the Controller of Shipping for the
British Government had expressed a preference that
in future three thousand tons ought to be the standard for Canadian yards. Of wooden ships, nothing
less than 2,500 tons was required.
Outside of the orders for steel ships already placed,
there can be no extension of orders at the present
time, owing to the scarcity of steel. The entire output of steel from the Dominion Steel Corporation
has been contracted for by the Imperial Munitions
Board up to the middle of 1918 and the chances are
that this contract will run into 1919. While from
25 to 30 steel vessels are understood to be on the
ways in Canada, future construction will have to
rely mostly upon wooden materials and as British
Columbia timbers have distinct advantages the bulk
of building will probably be upon the Pacific Coast.
WIDENING THE CHANNEL THROUGH HELL
GATE.
The House Rivers and Harbors Committee has
reported in favor of increasing to forty feet the
channel through Hell Gate which the pending bill
had made only thirty-five. Navy yards and dry
docks are more than mere appliances of war-making
and will be needed as long as navigation continues.
The water along the east side of this island is conventionally called a river, but it is an estuary, a
natural canal which fulfills the best function of a
canal by joining two great bodies of water. It is,
however, a natural canal defective in its ends, one
of which has been artificially improved somewhat
(although not yet quite enough) while the other has
been less improved although naturally more defective. It is a canal with only one end open, as respects
the deepest hulls, and if the direct entrance were
blocked by some treachery such as the bridge patrol
is intended to prevent, the navy yard would be
mainly out of use. Viewed as a war measure, the
greater depth is a necessity which should require no
urging, yet Secretary Daniels has lately written to
the committee that a forty-foot depth (as proposed
in the bill) for the main approach and the like depth
through the Gate would practically double the
strength of our fleet in the Sound, since the exits at
Ambrose Channel and at Montauk are so far apart
that "it would take double the force to contain our
fleet in those waters in order to guard the inlets at
both of those points to prevent the egress of our
fleet."
This is the view as a war measure, but the value
of a deeper channel through the Gate is only less as
a measure of peaceful commerce, for thereby a large
area fit for industrial and trade improvement would
get more efficiency.
But only four months ago, while the country was
still the "great neutral" and had not given up expectation of remaining so, Congressman Hulbert of this
2056
THE CHRONICLE
(VOL. R&
Whoever believes in the existence of a Power above
city was pointing out to the Chamber of Commerce
definite and consistent and
the needs of the nation through this port, dwelling men, a Power that has a
, must believe that
evolution
of
plan
rable
particularly upon neglect to properly improve this unconque
into that plan.
enters
world
the
of
struggle
awful
this
very "river." Fifty years ago there was to be a
lessening
some
nations,
of
on
cy,
unificati
Democra
it
channel 26 feet deep, but while the work of making
some
struggle,
the
outlast
shall
which
s
selfishnes
of
in
and
,
dragged along the draught of ships increased
unusually
feel
now
we
what
in
t
force
permanen
more
uncally
"economi
1912 the work was abandoned as
not rational to count upon
advisable," less than two-thirds of it having been as a patriotic fervor—is it
tions to be offset against
done. Then a 35-foot channel, to cost about 133/ this as among the compensa
If this nation is now
cost?
ble
millions, was recommended, and in 1915 some pro- the almost unspeaka
in which each player
game
great
a
in
as
vision was made for removal of the Coenties reef; to join in war
to accept sacrifice,
willing
is
and
best
his
do
to
last year, Mr. Hulbert obtained a start upon a 35- aims
from it upon a
emerge
to
expect
should
we
then
foot channel as far as the navy yard, and at the last
learning much,
of
course
in
are
We
level.
higher
for
provision
session of Congress he tried to get a
nt, and about
governme
about
errors,
some
painful
by
thus
same,
the
to
deepening the upper entrance
We cannot
.
economy
making a sort of Kiel Canal. The item dropped both personal and political
concannot
We
"
into
"classes.
out of the bill in conference, but now, under the continue divided
labor.
and
capital
t
between
alignmen
hostile
the
tinue
stress of the war situation, it has come up anew.
on which to get
The obstacle is the old one: the notion that this We must find some common ground
cease to be
must
We
together.
stay.
and
together
and
city belongs to itself and its commercial facilities
the
regarding
into
grow
must
We
l."
"sectiona
Th
benefit.
local
expenditures thereon are for
belong
as
degree,
and
sense
new
a
in
country,
whole
,e
niggardly
treated
been
post office here has always
to the whole people.
as being a local matter; so has the custom house; so
nu,
ent.
improvem
harbor
for
ons
have all propositi
THE PROPOSED NEW YORK CENTRAL BRIDGE
assumption has been that this city was asking for
BELOW ALBANY.
itself and ought not to have more than its "share."
measures in the hands of
thirty-day
the
Among
On the contrary, this is a great entrepot and combill, pushed through
Welsh
is
the
Whitman
Governor
property
mercial exchange for the nation; its private
hours of the session,
last
the
in
y
rush
customar
the
in
that
even
but
,
is individually owned, as elsewhere
y fail and
frequentl
ons
propositi
desirable
when
an
asset
sense
just
and
property is in a very broad
slip
y
through
more
frequentl
of the nation and in the nation's service. Three undesirable ones perhapsThis bill would repeal the law
years ago, while speaking on behalf of the breaking without due thought.
re of 1913 allowing the N .Y. Central
up of the Coenties reef down to 35 feet at low water of the Legislatu
over the Hudson at Castleton, ten
a
bridge
build
to
before the new subway tube was carried (to its danger
and to set a pier in the stream.
Albany,
below
miles
reef,
the
unless the work were done in time) under
a double-track line from the
includes
plan
road's
The
in
that
e
Committe
Mayor Mitchel told the House
almost directly east to the Boston &
1913 46% of all foreign commerce passed through proposed bridge
Hoesen station and a somewhat
Van
this port, yet the State was getting only 6 2-3% and Albany at
erly to join the West Shore at
line
northwest
longer
the city only 2% of the total appropriations for river
This would make a better route
station.
Bush
Feura
n
and harbor improvement. The exact proportio
New England and New
between
freight
through
for
city
does not greatly matter. The fact is that this
the congestion at
avoid
and
West,
the
and
York
and
is both a national asset and a national agency,
grades.
present
the
and
Albany
to
it
goes
upon
nation
the
that what is expended by
The advantages of this new cut off and "connectimproving its efficiency as an instrument of the
All travelers east or west
nation; moreover, if one is to speak of "shares" at ing" road are 'obvious.
of the grades between the
aware
are
all, the share this city gets is no more than its just through Albany
especially the heavy one
ady,
and
Schenect
proportion of national progress and is not to be Capital
Albany. To surmount
West
and
Albany
between
exmeasured asla percentage of the appropriation
d passenger trains,
on
westboun
a
burden
is
rise
this
and
river
pended here to the total appropriation for
up and re-joining of long
breakinginvolves
and
harbor purposes.
trains. It is estimated that the change
It should be impossible, in the situation of to-day, freight
several days off the time on through
cut
would
selfish
and
archaic
the
of
present
for continuance_at
and
there would be a favorable effect on
methods by which, we are officially told, 180 millions freights,
also by lessening the congestion at
travel
passenger
have been wasted on needless public buildings in the
Albany.
for
bills
of
last twenty years, because a great bunch
The War Department issued the permit for the
local expenditures have been put into one logrolling
on the 2d of this month, and the work was
bridge
y,
separatel
case
each
up
scheme instead of taking
to commence when the obstructive bill which
to be dealt with according to its own merits or de- about
a bridge without a pier or an indefinite
merits. Yet "pork" bills may appear, for there is would compel
through. What good objection
slipped
was
delay
no:guarantee'against them, so long as the principal
to
allowing through freight to cross
have
could
Albany
duty and test of a Congressman at home remains
south is hard to conceive,
a
point
farther
at
river
the
appro(in the words of Mr. Hulbert) "securing an
as
profit by the facilitating
that
city
must
y
especiall
that
district
his
in
priation for every improvement
good objections were
no
and
traffic,
passenger
of
is
it
as
long
So
"
can be made at Federal expense.
No complaint was
on
Tuesday.
hearing
the
at
raised
collect
to
function
ntal
governme
held to be a chief
which
itself,
would be quite
bridge
the
against
made
local
for
them
ute
redistrib
and
great sums by tax
it
was
that the pier
but
alleged
ly
fructification, according to some scheme of sharing, sufficient elevated,
and floods
n
by
ice-jams
navigatio
obstruct
the parts of the country which contribute least to the would
a
ship canal
for
plans
defeat
to
tend
would
and
tax fund will be sharpest and least scrupulous about
at
The
psie has
bridge
the
river.
Poughkee
through
grabbing for the redistribution.
MAY 26 1917.]
THE CHRONICLE
not seriously disturbed navigation, and its piers are
"incomparably more obstructive" than the pier of
the Castleton structure would be, according to the
War Department. If anybody has a notion of such
heavy river traffic hereafter as shall make Albany a
seaport, something might be said on behalf of Troy
also, or is the head of river navigation (in dreams) to
be up nearer Glens Falls?
The cost of the proposed two-span bridge was
estimated at $4,670,000, against $7,330,000 for a
single span; this was on the basis of former prices, and
would be very considerably greater now. The Central road urges that the greater cost of a single span
makes the whole improvement economically impossible; but even if the work would proceed notwithstanding, what justification is there for subjecting
the road to a needless outlay? With all the burdens
now lying upon transportation, with existing facilities
inadequate to demand in the last two years and more
so now, and with rolling-stock overworked and about
to be even more so in order to afford needed aid to
the roads in France, every economic as well as
military consideration suggests lessening the difficulties in freight movement.
This later "connecting railroad" seems so clearly
in the interest of the whole country and the opposition to it so merely obstructive that Governor Whitman might well withhold approval of the bill,even
without passing on the legal point that bridging
navigable water is a matter wholly within Federal
jurisdiction.
THE FEDERAL RAILROAD VALUATION AND
WATERED STOCKS.
It is now more than four years since Congress
passed the so-called "Valuation Act," which was,
in reality, an amendment to the Act that created
the Inter-State Commerce Commission. Under its
provisions the Commerce Commission was instructed
to report to Congress on the "value" of the entire
railroad property in the country, aggregating upwards of 250,000 miles of line. This was, indeed,
a stupendous undertaking, having no parallel, or
anything like a parallel, in the history of railroading.
That Congress intended to be fully informed about
the railroads is evidenced by the language of the
amendment. Under it the Commerce Commission
is instructed to ascertain and report in detail in
respect to each individual piece of railroad property;
the Original Cost to Date, the Cost of Reproduction
New, and the Cost of Reproduction, less Depreciation. Also, an account of other elements of
value (intangible assets), if any are found. The
Commerce Commission was also instructed to ascertain and report in detail in respect to the financial
features of each property; the amount and kind of
stock and bonds that have been issued and the manner and terms under which they were gotten out;
an account of all syndicating and underwriting of
securities; an account of all brokerage arrangements
entered into in the process of floating, financing
and re-organizing the properties. The instructions
contained in the Act to the Commerce Commission were so clear and so much in detail in describing what was intended to be accomplished under
the Act, that, if fully and conscienciously carried
out, it would furnish a vast amount of information
regarding the inner history and workings of the
railroads. It would, however, furnish little or no
information as to "value."
2057
It is needless to say that the railroads, organizing
as a whole, fought this measure tooth and nail.
They could see no good that would be likely to come
from such an undertaking. They knew the uselessness of trying tb arrive at "value" by such methods.
They have been consistent, too, in that they have
never ceased to fight. Many others as well, who
were in favor of the valuation work, have now altered their minds, for they can see, as the railroad
people did at the start, the futility of ever bringing
this enormous undertaking to a successful conclusion, at a cost that would be anything like commensurate with the utility of the work. They now see,
as the railroad people saw from the beginning, that,
instead of costing 3 or 4 million dollars, as was estimated by experts at the outset, it will cost, if ever
finished, nearer 20 times this amount.
The advocates of the bill claimed that the work
was needed1st. To enable the Commerce Commission to more
readily and equitably adjust freight and passenger
rates so that a "fair return" (and no more) might
be realized by the roads on a "reasonable valuation."
2nd. To enable the Government to see whether or
not the railroads were over-capitalized and to guard
against this contingency in the future.
3rd. To furnish accurate and reliable statistics of
cost in detail for use in case of the Government taking over the lines (nationalization).
As to the first, all students of railway economics
agree that a "physical value" of a railroad property
has no connection with the rates it should charge
for carrying freight or passengers.
As to the third, should the United States Government ever seriously contemplate permanently taking
over the railroads, the physical valuation of their
property would or should have little weight in determining the price that should be paid for them.
The value of a "going" property or business, be it
a railroad or a cheese factory, is not what it cost, nor
what it would cost to reproduce it, but the amount
that a buyer who is willing to buy will pay to a
seller who is willing to sell. This is logic, common
sense and sound reasoning the world over, and no
amount of "physical valuing" can alter the laws of
barter and trade, as old as the world.
As to the second, it has long been held by the
"public" that the railroads are grossly over-capitalized. This idea has become a deep seated conviction of nearly every one except those who really
knew the inside workings of the railroads,and of those
who were capable of seeing beyond the surface. This
idea became an obsession and found expression in a
popular demand that the "truth" be known; and the
truth was expected to be found by making a "physical valuation." To our mind this was the real and
actuating motive behind the valuation demand.
Over-capitalization means "watered stocks." To
be sure, there has been watered stock in nearly
every railroad that ever was built. How else could
it ever have been done? Capital does not embark
in railroad enterprises for philanthropic motives.
It goes about railroad building actuated by the same •
motives as when engaging in any other business
enterprise; for the profit there is in it. In past
years, during the period when the bulk of our great
railway mileage was constructed, the laws of the
States in which they were operating permitted this
practice, or at least, winked at it. Watered stock;
stock given to promoters and projectors of railway
2058
THE CHRONICLE
enterprises for their services in promoting, was
freely made use of. Watered stock, given as a
bonus to original investors in bonds—to those who
staked their money in an untried enterprise—was
freely used; otherwise no incentive would have
been had. If, at the inception of a railroad enterprise it were possible to offer an investor only a
prospective 5% or 6% return for his money, he would
not consider such a proposition. He would, instead, invest in some proven, seasoned 1?usiness
where the element of risk was lacking. The original
investor needed the added inducement of bonus
stock, watered stock, to secure his backing. The
promoter (and the word is used here in its best
sense) needed his bonus stock, watered stock, in
order to obtain the benefit of his skill and genius
for organization. Watered stock was his pay, and
it was pay in coin that would be valueless unless
the venture proved successful.
The advocates of valuation do not seem to appreciate that watered stock represents any value being
rendered by the receiver. The reverse was the case,
however, in the majority of cases.
But of what value is it, at this late day, to know
whether or not the roads are over-capitalized?
Whether or not there is still any water in the stocks?
Is this bit of information worth $60,000,000? Suppose it were proven that there is a vast quantity
of "water" in these stocks, what use can be made
of the knowledge? It is of no avail to lock the door
after the horse has been stolen. Every railroad
that is now operatirg was built under the laws and
in conformit3r:with the regulations of some one of the
States. Every share of stock that has been issued
was issued in conformity with the regulatory supervision of such authority. In other words, the stock
has all been legally issued. In amount, it cannot
be reduced. No legislative body has the power or
the right to do this. Such action would be tantamount to confiscation, and this is contrary to the
Constitution under which we live.
But the "water" in the stocks has long since
evaporated. This has been demonstrated over and
over again to the satisfaction of all who really want
to know the truth of the matter. For those who do
not want to know the truth there is little hope, for
there are none so blind as those who will not see.
The water that was once so much in evidence in
the railroad stocks has long since been squeezed
out. The railroad companies themselves have done
this by their policy of making improvements and
betterments out of earnings rather than by issuing
new capital securities. The squeezing has been
going on automatically, too, by the gradual accretion that is constantly taking place in the value of
the road-bed, terminals, lands, franchises, &c., due
to the building up of a territory by the operation
of its service. This accretion is sure to take place
in the case of every property that continually operates at 100% efficiency as most of our trunk lines
do. It is self-regulatory, automatic and sure.
In other words, the railroads have "caught up."
The railroads will eventually emerge from under
the over-regulation and the multitude of difficulties
that have beset their path for so many years and will
again appear before the public in their proper light.
Any system of regulation of an economic question
that fails to take into account the laws of economic
progress is destined to ultimate failure. The logical
operation of economic laws will prevail over man
Ivor,. 104.
made laws and, sooner or later, human intelligence
will recognize this,and the re-arrangement that will
take place will be by adjusting the laws to the
economic conditions rather than by adjusting
economic conditions to laws. Already there are
signs that such an adjustment is beginning to take
place. After years of persecution the pendulum
has begun to swing the other way.
Railroad securities, when proper discrimination
is used in selection, are among the best forms of investment. "Physical Valuation" will have little
or no effect on this condition. The wise investor
knows this and is not interested in the work. He
looks with suspicion on it because he believes it is
not being fairly done, and even if fairly done he sees
that it will not help him in determining the "value"
of any of the securities in which he is interested.
He looks to the "market" quotations for this information. Here, to his mind, is the place to look for
"values." He has ceased to be interested in knowing whether the stock in which he is investing contains "water" or not, for he has learned the practical
impossibility of determining this fact, and has lost
faith in those who have told him it can be done.
THE TREMENDOUS PRODUCTION OF STEEL
IN THE UNITED STATES.
The official statistics of steel production in the
United States for the calendar year 1916, as compiled by the American Iron & Steel Institute, have
been made public this week, and they present a
record even more marvelous than that in the case
of the country's iron production. These statistics
come the present year much earlier than usual and
they are issued, too, in a very comprehensive and
complete form, recalling the work of the late James
M.Swank as General Manager of the American Iron
& Steel Association at Philadelphia, who was the
pioneer in the collection and compilation of the iron
and steel statistics of this country. Of course the
output of iron and steel is now on a much greater
scale than during Mr. Swank's time, and data are
collected concerning many items and articles never
previously covered in the annual returns. The present co-called Statistical Bulletin relates not alone
to the production of steel ingots and castings, but
embraces most comprehensive details regarding the
production of all the various finished forms of rolled
iron and steel. The United States not only surpasses
all other countries in its output of iron and steel, but
it also excels them in the comprehensiveness of its
statistics concerning the iron and steel trade and the
promptness with which they are furnished.
The present official figures afford testimony to the
magnitude of last year's steel production in this
country. Never in any previous period of twelve
months has there been such an output of steel, and
never before has there been such a continuous demand for steel in all its various forms from beginning
to end of the year. Neither have there ever before
been such sensational advances in prices, and thus
the trade had the double advantage of an unexampled
production and extraordinarily high prices. These
high prices did not serve in any way to check the
demand or tend to diminish the urgency of the inquiry. On the contrary, if they had any influence
at all on demand they served to stimulate it. Mills
were taxed to the limit of their capacity and it was
simply,nimpossible to satisfy the demand, which was
MAY 26 19174
THE CHRONICLE
continuously and uninterruptedly active (barring a
brief period at the beginning of the summer) on
foreign and domestic account alike, both, however,
having their origin in the great Eurcpean conflict.
In these circumstances constant accumulation of
orders awaiting execution was the inevitable outcome. The United States Steel Corporation reported
the unfilled orders on the books of its subsidiary corporations on Dec. 31 1916 as aggregating 11,547,286
tons, comparing with 7,806,220 tons on Dec. 31 1915
and only 3,836,643 tons on Dec. 311914. In 1917,
thus far, the accumulation of orders has continued,
the Steel Corporation reporting the aggregate of
unfilled orders as increased still further, so that
April 30 1917 the total was 12,183,083 tons. Prices,
too, have advanced yet higher during the current
ca4endar year. Taking steel billets for illustration,
the price at the mills at the end of 1916 was $60 per
ton, as against $32 at the opening of the year and
only $19 at the beginning of 1915. Since the country
entered the war, advances in prices have been still
more precipitate, and this week steel billets at the
mills at Pittsburgh were quoted at $90 per ton.
The statement of the American Iron Sc Steel Insti
tute now at hand shows that the production of
steel ingots and castings in 1916 aggregated no less
than 42,773,680 tons, as against 32,151,036 tons for
the calendar year 1915, and but 23,513,000 tons in
the calendar year 1914, the latter a period of intense
depression. The 1915 production was the previous
maximum output, and as compared with that total
the 1916 aggregate exceeded that figure by over
103/
2 million tons. The part played by the foreign
demand in swelling the aggregate is seen in the fact
that, taking all forms of iron and steel reported by
weight, the exports for 1916 reached no less than
6,110,791 tons as against 3,532,606 tons in 1915 and
but 1,638,829 tons in 1914.
At 42,773,680 tons the 1916 steel production exceeded the iron production by over 3,000,000 tons,
the make of iron having been only 39,434,797 tons.
As the iron is used for conversion into steel, this
shows that a considerable amount of old iron and
steel must have been used in 1916 and the same
statement applies to the excess of the steel production over the iron production in the years immediately preceding. The following shows the yearly
production of steel ingots and castings back to 1902,
divided according to the processes used in making
the steel:
PRODUCTION OF STEEL INGOTS AND CASTINGS BY PROCESSES.
Open-Hearth.
Bessemer,
Years.
Basic.
Acid.
Total.
Crucible.
misElec- cellaIrk. neous
Total.
Gross
Tons.
1902- 4,496,5331,191,196 5,687,729 9,138,363W772
8,38814,947,250
1903- 4,734,913 1,094,998 5,829,911 8,592,829 102,434
9,804 14,534,978
1904..- 5,106,367 801,799 5,908,166 7,859,140 83,391
9,19013,859,887
1905.-- 7,815,728 1,155,648 8,971,376 10,941,375 102,233
8,98320,023,947
1906-. 9,658,760 1,321,653 10,980,413 12,275,830 127,513
14,38023,398,136
1907___ 10,279,315 1,270,421 11,549,736 11,667,549 131,234
14,07523,362,594
1908_ 7,140,425 696,304 7,836,729 6,116,755 63,631
6,13214,023.247
1909- 13,417,472 1,076,464 14,493,936 9,330,783 107,355 13,762 9,18523,955,021
1910..... 15,292,329 1,212,18016,504,509 9,412,772 122,30352,141 3 194 26,094,919
1911- 14,685,932 912,71815,598.650 7,947,854 97,85329,105 2
844 23,676,106
'
1912._ 19,641,5021,139,221 20,780,723 10,327,901 121,517 18,309 2,853 31,251,303
1913... 20,344,626 1,255,30521,599,931 9,545,706 121,226 30,180 3,831 31,300,874
1914._ 16,271,129 903,55517,174,684 6,220,846 89,86924,009 362 23,513,030
1,370,37723,679,102 8,287,213 113,782 69,412
1915...22,308,725
1 527 32,151,036
1916...29,616,658 1,798,76931,415,427 11,059,039 129
,692168.918 '604 42.773.680
2059
recent years been turning almost exclusively to rails
made by the open-hearth process and that Bessemer
rails have been rapidly disappearing. The rail production in 1916, while having been larger than in
1915, and considerably above the diminutive output
of 1914, did not get anywhere near the previous
maximum of rail production, indicating that even
under the freight congestion prevailing the railroads
were slow in placing orders for rails. In brief, the
rail production for 1916 was 2,854,518 tons, against
2,204,203 tons for 1915 and 1,945,095 tons for 1914;
but comparing with 3,977,887 tons ten years before,
in 1906. In the following we furnish a comparison
of the rail production, the rail imports and the rail
exports for the last seven years:
RAIL PRODUCTION AND CONSUMPTION.
1916.
1915.
1914.
1913.
1912.
1911.
1910.
Tons.
Tons.
Tons.
Tons.
•
Tons.
Tons.
Tons.
Bessemer_ _ _ _ 440,092 326,952 323,897 817,591 1,099,9261,138,8331,884,442
Open-1iearth__ 2,269,600 1,775,168 1,525,851 2,527,7102,105,144 1,676,9231,751,359
7,234
230
Miscellaneous. 144,826 102,083
95,347 157,479 122,845
Total prod_ 2,854,5182,204.203 1,945,0953,502,7803,327,9152,822,7903,636,031
26,299
78,525
22,571
10,408
3,780
3,414
7,861
Imports
2,880,8172,282.728 1,967,666 3,513,188 3,331,695 2,826,2043,643,892
540,349 391,379 174,680 460,553 446,473 420,874 353,180
Exports
Home NITIFIIIM 2 240 462 1.801.846 1.702.0883.052.6352.885.222 2.405.3303.260.712
It will be seen from the foregoing that only 440,092
tons of rails were made by the Bessemer process in
1916, while 2,369,600 tons were made by the openhearth process. The change from Bessemer rails to
open-hearth rails occurred with wonderful suddenness. Ten years ago, in 1907, only 252,704 tons of
open-hearth rails were made, while the Bessemer rail
product then aggregated 3,380,025 tons. Advantage
is claimed for the open-hearth rail because of the fact
that open-hearth steel contains a smaller percentage
of phosphorus than does Bessemer steel. From
this it is argued that rail breakages due to brittleness
are greatly lessened. But whatever the explanation,
it is obvious that overwhelming preference is now
being shown by railroad managers for the openhearth rail.
The American Iron & Steel Institute also furnishes
an interesting statistical compilation showing the
production in each year since 1887 of the different
kinds of finished rolled iron and steel. This we reproduce as follows:
TOTAL PRODUCTION OF ALL KINDS OF FINISHED ROLLED IRON
AND STEEL, 1887-1916.
Iron and
Steel
Rails.
Years.
1887
1888
1889
1890
1891
1892
1894
1895 _
1896._
1897
1898._ _
1899
1900._ _
1901 _
1902
1903 _ _
1904 _
1905.
1906._
1907
1908
1909._ _
1910.
1911.1912
1913
1914
1915
1916
_
_
_
Plates
and
Sheets.
Nail
Plate.
Wire
Rods.
All Other
Structural Finished
Rolled
Shapes.
Products.
Total
Gross
Tons.
2,184,279 5,235,706
2,139,640 603,355 308,432
2,031,162 4,617,349
1,403,700 609,827 289,891 279,769
1,522,204 716,496 259,409 363,851
2,374,968 5,236,928
1,885,307 809,981 251,828 457,099
2,618,660 6,022,875
1,307,176 678,927 223,312 536,607
2,644,941 5,390,963
1,551,844 751,460 201,242 627,829 453,957 2,579,482 6,165,814
1,136,458 674,345 136,113 537,272 387,307 2,104,190 4,975,685
1,021,772 682,900 108,262 673,402 360,305 1,795,570 4,642,211
1,306,135 991,459 95,085 791,130 517,920 2,487,845 6,189,574
1,122,010 965,776 72,137 623,986 495,571 2,236,361 5,515,841
1,647,892 1,207,286 94,054 970,736 583,790 2,497,970 7,001,728
1,981,241 1,448,301 70,188 1,071,683 702,197 3,239,760 8,513,370
2,272,700 1,903,505 85,015 1,036,398 850,376 4,146,425 10,294,419
815,161 3,575,536 9,487,443
2,385,682 1,791,528 70,245 846,29
2,874,639 2,254,425 68,850 1,365,934 1,013,150 4,772,329 12,349.327
2,947,933 2,665,409 72,936 1,574,293 1,300,326 5,383,219 13,944,116
2,992,477 2,599,665 64,102 1,503,455 1,095,813 4,952,185 13,207,697
2,284,711 2,421,398 61,601 1,699,028 949,146 4,597,497 12,013,381
3,375,929 3,532,230 64,542 1,808,688 1,660,519 6,398,107 16,840,015
3,977,887 4,182,156 54,211 1,871,614 2,118,772 7,383,828 19,588,468
3,633,654 4,248,832 52,027 2,017,583 1,940,352 7,972,374 19,864,822
1,921,015 2,649,693 45,747 1,816,949 1,083,181 4,311,608 11,828,193
3,023,845 4,234,346 63,746 2,335,685 2,275,562 7,711,506 19,644,690
3,636,031 4,955,484 45,294 2,241,830 2,266,890 8,475,75021,621,279
2,822,790 4,488,049 48,522 2,450,453 1,912,367 7,316,990 19,039,171
3,327,915 5,875,080 45,331 2,653,553 2,848,487 9,908,475 24,656,841
3,502,780 5,751,037 37,503 2,464,807 3,004,972 10,030,144 24,791,243
1,945,095 4,719,246 38,573 2,431,714 2,031,124 7,204,444 18,370,196
2,204,203 6,077,694 31,929 3,095,907 2,437,003 10,546,188 24,392,924
2,854,518 7,453,980 30,088 3,518,746 3,029,964 15,493,093 32,380,389
_
The greater part of the country's steel production
is now made by the open-hearth process, the Bessemer process having been on the decline, but even in
the Bessemer product there was a large and noteworthy increase the past year, still leaving the
THIRD ISSUE OF TREASURY CERTIFICATES OF
INDEBTEDNESS OVERSCRIBED.
Bessemer product, however, below what it was over
of
the overwhelming response which greeted the
Because
In
no
small
ago.
measure the diminution
a decade
offering of $200,000,000 of Treasury certificates of
latest
of
the
proportion
Bessemer output is to be indebtedness, the subscription books were closed on May 23,
in the
ascribed to the fact that the United States has in two days ahead of the date originally set. The allotment of
2060
THE CHRONICLE
the offering among the banks of the Federal Reserve districts
was made on May 24, on the basis of 72% of the subscriptions, as the offering was oversubscribed about 40%. The
certificates, as stated in these columns last week, bear interest at the rate of 314%,an increase of Yi of 1% over the
last previous offering. They mature June 30, and while not
directly convertible in Liberty Loan bonds, are receivable
at par and accrued interest in payments made by subscribers
to the bonds. The eagerness of the banks to accept the latest
offering presented somewhat of a contrast to the acceptance
of the previous offering of $200,000,000, which bore 3% interest. Subscriptions from New York to the latest offering,
It is understood, were especially large, and in every Federal
Reserve district, it is stated, the amount taken by the banks
exceeded expectations.
LOANS OF FARM LOAN BANKS.
The Federal Land banks are reported to have thus far
made loans to farmers exceeding $1,000,000. Loans are
being made,it is stated, at the rate of $150,000 a day,and the
Farm LoanlBoard estimates that the total loans for. May will
reach $3,000,000. The loans by States up to May 15 had
been:
Nebraska, $168,750; South Carolina, $167,700; Kansas, $163,700;
California, $153,650; Mississippi, $105,325; Kentucky, $76,000; Washington, $50,150; Montana, $47,800; North Carolina, $38,600; Texas, $33,400;
Virginia, $23,450.
Loans in excess of $150,000,000 for the first year are looked
for by the Board. Announcement was made on May 15
tjaat the first issue of farm loan bonds will be placed on the
market within a month or six weeks.
GOVERNOR WHITMAN SIGNS BILL PERMITTING
STATE BANKS TO CARRY RESERVES WITH
FEDERAL RESERVE BANKS.
The bill permitting State banks and trust companies to
keep part of. their legal reserves with the Federal Reserve
bank of the district, passed by the New York Legislature,
was signed by Governor Whitman on May 22. As indicated
in our issue of Saturday last, the bill provides that any part
of the "reserves on hand"—that is, the cash in vault—in
excess of 4% of the deposits in the case of the banks and in
excess of 3% of the deposits in the case of the trust companies
may be deposited with a Federal Reserve bank in the district
in which the bank or trust company is located. It also
permits Federal. Reserve notes to be counted as part of the
cash on hand by abolishing the existing prohibition against
their being so counted. The text of thel.bill was printed in
these columns last week, page 1975.
STANDARD TRUST dc SAVINGS BANK OF CHICAGO
TO ENTER RESERVE SYSTEM.
President Charles S. Castle of thelStandard Trust & Savings Bank of Chicago filed application for membership in
the Federal Reserve system on May 18. The directors at
a meeting on the preceding day authorized President Castle
to take this step.
PROPOSED FEDERAL RESERVE BANK BRANCH AT
BALTIMORE.
A statement made by the Federal Reserve Board to the
effect that it has under consideration the matter of approving
the establishment of a branch at Baltimore of the Federal
Reserve Bank of Richmond, was printed in the Baltimore
"Sun" of May 24, as follows:
The Federal Reserve Board has had under consideration the approval of a
plan submitted by the Federal Reserve Bank of Richmond to establish a
branch bank at Baltimore. It has informally reached an agreement that
it will take favorable action upon the proposal, but has deferred formal
decision until such time as it is advised of the action of Congress with reference to the amendments to the Federal Reserve Act, now pending before
that body, inasmuch as these amendments have a direct bearing upon the
case of other cities, the establishment of branches in which is under consideration.
In addition to the Baltimore branch, the Baltimore paper
states that Reserve branches will also be established at
Louisville, Pittsburgh, Seattle, Spokane and Portland, and
probably at Denver and Omaha.
GREAT BRITAIN'S NEW ISSUE OF EXCHEQUER
BONDS.
From the English papers now at hand we are able to report
the details of the new issue of Exchequer bonds, applications for which the Bank of England was authorized by the
Lords Commissioners of the British Treasury to receive,
beginning April 13. The offering was referred to in our issue
of April 14. The bonds will be issued in denominations of
[VOL. 104.
£100, £200, £500, £1,000 and £5,000, and will bear interest
at 5%, payable half-yearly on April 1 and Oct. 1. The
bonds are repayable at par on April 1 1922, but a holder of
bonds of this issue, on giving three months' notice in the
prescribed form, may require repayment of such bonds at
par Oct. 1 1919. The bonds are exempt from all British
taxation, present or future, if it is shown in the manner
directed by the Treasury that the bonds are in the beneficial
ownership of a person who is neither domiciled nor ordinarily
resident in the United Kingdom of Great Britain and Ireland.
We give below the detaiis as announced by the Bank of
England on April 12:
EXCHEQUER BONDS.
Per Acts 29 Vict. c. 25;52 Vict. c.6;and 6 & 7 Goo. Y.C. 24.
Bearing Interest from the date of purchase at £5% per annum, payable HalfYearly, on the 1st April and the 1st October.
Repayable at Par on the 1st April 1922.
Price of Issue Fixed by H.M. Treasury at £100%.
The Governor and Company of the Bank of England are authorized by
the Lords Commissioners of His Majesty's Treasury to receive on the 13th
April 1917, and thereafter until further notice, applications for Exchequer
bonds as above.
The principal and interest of the bonds are chargeable on the Con..4ol1dated Fund of the United Kingdom.
The bonds will be repayable at par on the 1st April 1922, but a holder
of bonds of this issue, on giving three calendar months' notice in the prescribed form, may require repayment of such bonds at par on the 1st October 1919.
The bonds will be issued in denominations of £100, £200, £500, £1,000
and £5,000, and will bear interest at £5% per annum, payable half-yearly
by coupon, the first coupon on each bond representing interest from the
date upon which the proceeds of the payment for the bond are available
for the credit of H.M. Exchequer until the next succeeding day on which
a half-yearly payment of interest is due.
Bonds of this issue and the interest payable from time to time in respect
thereof, will be exempt from all British taxation, present or future, if it is
shown in the manner directed by the Treasury that they are in the beneficial ownership of a person who is neither domiciled nor ordinarily resident
in the United Kingdom of Great Britain and Ireland. Further, the interest payable from time to time in respect of bonds of this issue will be
exempt from British income tax, present or future, if it is shown in the
manner directed by the Treasury that the bonds are in the beneficial
ownership of a person who is not ordinarily resident in the United Kingdom of Great Britain and Ireland, without regard to the question of domicile. Where a bond belongs to a holder entitled to exemption under these
provisions the relative coupons will be paid without deduction for income
tax or other taxes, if accompanied by a declaration of ownership in such
form as may be required by the Treasury.
Bonds of this issue will be accepted at their nominal value, with due
allowance for any unpaid interest thereon, by the Commissioners of Inland Revenue in satisfaction of amounts due on account of death duties
or of excess profits duty and by the Ministry of Munitions in satisfaction of
amounts due on account of munitions Exchequer payments; provided, in
the case of death duties, that such bonds have formed part of the estate
of the deceased continuously up to the date of death from the date of the
original subscription or for a period of not less than six months immediately
preceding the date of death, and, in the case of excess profits duty or munitions Exechequer payments that they have been hold continuously by
the firm, company, or other person liable for such duty or payment, since
the date of the original subscription or for a period of not less than six
months before such duty or payment becomes due and payable.
Applications for bonds, which must in every case be accompanied by
payment of the full amount payable in respect of the bonds applied for,
may be lodged by hand at the Bank of England Loans Office, 5 and 6
Lombard Street, E.G 2, on any business day between the hours of 10 a. m.
and 2 p. m.(Saturdays between 10 a. m. and 12 noon); or they may be forwarded to the bank through the post. Where payment is made otherwise
than in cash or by banker's draft on the Bank of England, the amount of
the first interest payment in respect of the relative bonds will be calculated
as from the date on which the proceeds of the payment are actually received
by the bank.
In all cases in which the bank are asked to forward bonds by post, the
bonds will be dispatched by registered post at the risk of the applicant,
who must himself effect any insurance that may be desired.
Bonds of this issue may be registered free of cost in the books of the
Bank of England, or of the Bank of Ireland, in either of the following
forms, viz.:
1. Registered 5% Exchequer bonds 1922, transforable:idthe-_bank transfer books;
2. Registered 5% Exchequer bonds 1922, transferableTby deed.
Applicants who intend to register their holdings forthwith'should-notify
the fact on the form of application, in which case they_will_not_be required
to take delivery of the actual bonds.
Holdings of registered bonds,*which will bo transferable in any sums
which are multiples of £5, may be re-converted at any time inlwhole or in
part (in multiples of £100) into bonds to bearer with coupons attached,
such re-conversion being effected by moans of a transfer executed under
the provisions ordinarily applying to the transfer of Government-stocks.
Dividends on registered bonds of this issue will belpaid without deduction of income tax, but the income derived from!such dividends willibe
assessable to income tax in the hands of the recipients atfthe rates of tax
appropriate to their respective incomes. Dividend warrants will be transmitted by post. The warrant for the first dividend payable willibe forwarded when due to the holder, or,in the case of a joint holding, to the first
holder,in whose name the bonds are originally registered tor to his nominee.
Applications must be made upon the printed forms which maybe obtained, together with copies of this prospectus, at the Bank!of England;
at the Bank of Ireland; of Messrs. Mullens, Marshall
Co 13 George
Street, Mansion House, E.C. 2; and at any bank, money,,orderIoffice, or
Stock Exchange in the United Kingdom.
Bank of England, London, April 12 1917.
&T
THE LIBERTY LOAN.
The Liberty Loan campaign has been actively pushed this
week. In New York the retail stores entered the campaign
and undertook the work of furthering the sale of thel$2,000,000,000 issue of bonds, providing an easy payment method
where this was preferred to immediate payment in full. An
MAY 26 1917.1
THE CHRONICLE
army of salesmen from the New York bond houses, some five
hundred in number, began a systematic canvass of the New
York Federal Reserve District on Monday for subscriptions
to the loan, and efforts to awaken widespread interest in the
loan to the end that it will be a "popular" success in every
sense of the word have been taken in various other directions. At a conference in Washington on May 17 of representatives of Liberty Loan committees of the Federal Reserve
Banks with officials of the Treasury Department,the Reserve
Bank representatives were told that upon them would depend much of the task of arousing the "Spirit of '17" to
match the "Spirit of '76" and thus insure a large oversubscription to the loan.
While there were reports last week of semi-official announcements of the Treasury allotments of the loan, it was
made known at Washington on May 20 that there would be
no official announcement of the subscriptions until the close
of the subscription books on June 15. An indication, however, of what the different sections of the country were
expected to contribute in the way of subscriptions for the
absorption of the loan was given in an announcement made
by the Treasury Department on May 22. These figures are
the minimum. The maximum,the hope is expressed, will be
such an over-subscription as has never before been recorded
in the history of any nation. In framing the schedule of
minimum takings expected from the East, West, South,
and Pacific Slope, the Treasury experts have built a structure
of figures with the entire banking resources of the country
as its foundation. The,program tentatively created, it is
acknowledged, is likely to be entirely reshaped. But as a
guide in the absence of any other precedent, it serves the
purpose of showing each district just what the nation expects
of it. Coincident with the announcement of the tentative
estimates of what each region should take—the Federal
Reserve Board announced on May 22 that it had availed
itself of the extraordinary powers vested in it by Congress
and virtually had placed at the disposal of every bank in the
United States, member and non-member, the powerful
machinery of the Reserve system to assist in making the
loan an overwhelming success. In making public its tentative apportionments the Treasury Department adopted two
bases of estimating—a $2,000,000,000 issue and one of
$2,500,000,000, the latter designed to meet the possibility of
any one region failing to take the amount estimated. The
tentative allotments, maximum and minimum, by Reserve
districts, follow:
Boston, $240,000,000 to $300,000,000.
New York, $600,000,000 to $750,000,000.
Philadelphia, $140,000,000 to $175,000,000.
Cleveland, $180,000,000 to $225,000,000.
Richmond, $80,000,000 to $100,000,000.
Atlanta, $60,000,000 to $75,000,000.
Chicago, $260,000,000 to $325,000,000.
St. Louis, $80,000,000 to $100,000,000.
Minneapolis, $80,000,000 to $100,000,000.
Kansas City, $100,000,000 to $125,000,000.
Dallas, $40,000,000 to $50,000,000.
San Francisco, $140,000,000 to $175,000,000.
Analysis of the tabulation shows that the three reserve
districts with headquarters at Boston, New York and Philadelphia are expected to take 49% of the loan. Minimum
tentative allotments by States, estimated on the same basis,
show the following as each State's approximately proportionate share:
Maine
$16,500,000 Ohio
New Hampshire
10,500,000 Indiana
Vermont
10,000,000 Illinois
Massachusetts
144,000,000 Michigan
Rhode Island
19,000,000 Wisconsin
Connecticut
40,000,000 Minnesota
Now York
555,000,000 Iowa
New Jersey
53,000,000 Missouri
Pennsylvania
200,000,000 North Dakota
Delaware
4,000,000 South Dakota
Maryland
28,000,000 Nebraska
District of Columbia_ _ - 8,500,000 Kansas
Virginia
18,500,000 Montana
West Virginia
13,500,000 Wyoming
10,500,000 Colorado
North C'arolina
8,500,000 New Mexico
South Carolina
16,500.000 Oklahoma
Georgia
8,000,000 Washington
Florida
9,000,000 Oregon
Alabama
6,000,000 California
Mississippi
13,500,000 Idaho
Louisiana
Texas
36,000,000 Utah
Arkansas
7,000,000 Nevada
Kentucky
16,000,000 Arizona
Tennessee
15,000,000
393,000,000
36.000,000
135,000,000
50,000,000
32,000,000
43,000,000
45,500,000
60,000,000
10,000,000
9,500,000
22,000,000
20,000,000
9,500,000
2,600,000
14,000,000
2,500,000
14,500,000
17,500,000
10,000,000
92,000,000
4,000,000
6,500,000
1,500,000
3,000,000
Announcement that the Federal Reserve banks would
assist member and non-member banks in floating the bonds
through the rediscount of paper secured by the bonds was
made on May 22 by Paul M. Warburg, Vice-Governor of
2061
the Federal Reserve Board, in a letter to the Reserve
banks which said:
The Board has been advised that many corporations, including savings
banks, have agreed to subscribe substantial amounts of the Liberty Loan,
carrying the bonds for their employees subject to payment in small installments. It has been suggested that it would be helpful to the banks in
placing the Liberty Loan and particularly in assisting corporations which
make subscriptions of this character, if Federal Reserve banks were authorized to establish a special Liberty Loan rate of 33i% for notes, drafts
and bills of exchange drawn by customers of the banks, including savings
banks, having a maturity not in excess of ninety days and secured by
Liberty Loan bonds or United States Treasury certificates of indebtedness.
The Board has given this matter its careful consideration and has determined that it will grant such a rate to any Federal Reserve banks requesting it, good until countermanded or modified.
Consideration also has been given to the needs of non-member banks
under present conditions. While the law provides that member banks
may not, except with the special permission of the Board, act as agents in
rediscounting for non-member banks, the Board feels that in view of the
magnitude of the task imposed upon all banks of the country, member
banks should be permitted to rediscount for non-member banks, including
the savings banks, whenever the proceeds have been or will be used in
meeting demands caused by subscriptions to the Liberty Loan.
From June 15 to July 15 1917, subject to further notice, Federal Reserve
banks are, therefore, authorized, for such purposes, to rediscount such nonmember bank paper, indorsed by member banks and otherwise eligible,
without further permission from this Board. It is left to the discretion of
the Federal Reserve banks to withhold the facilities whenever they believe
that assistance is requested for other than the large objects and purposes
to be carried out at this time.
As far as possible all money paid in will be returned to the market without
delay. With this policy in operation, it is hoped to avoid any appreciable
shortage or contraction of banking funds, even though some time be required for the return of the funds to the usual channels.
To meet temporarily shortages which may arise here and there, however.
the Federal Reserve system should freely render assistance as needed, and
it is suggested, therefore, that when the time for the payment of the installments draws near the Federal Reserve banks establish or maintain
rates of discount at which member banks may by rediscounting with the
Reserve banks, recoup themselves for any unusual withdrawals they may
have to meet.
The Board's action is interpreted as opening the way to
direct financial aid from the Government,though the Reserve
banks, of the thousands of firms, corporations, savings banks
and other institutions purchasing large blocks of the Liberty
bonds for small investors who will pay for the bonds by installments. Under its ruling, it is pointed out, the Federal
Reserve banks may advance, through member banks, funds
to all such, organizations to enable them to aid the small
investor, at the same rate of interest as the bonds will
pay, 3M%Last week we referred briefly to the Treasury Department's announcement that the proceeds of the Liberty Loan
will be deposited in banks and trust companies which have
qualified as depositaries and which forwarded subscriptions
of at least $100,000. This announcement is contained in a
circular issued under date of May 16, which we print in full
herewith:
[Department Circular No. 79.1
DEPOSITS OF GOVERNMENT FUNDS IN CONNECTION WITH
THE LIBERTY LOAN.
Treasury Department, Office of the Secretary,
Washington, May 16 1917.
To Incorporated Banks and Trust Companies in the United States
Referring to Treasury Circular No. 78, dated May 14 1917, inviting subscriptions for bonds of the Liberty Loan; in order to avoid, even ternporarily, a derangement of the money situation, the Secretary of the
Treasury earnestly requests that all banks and trust companies, which
have or expect to have payments to make for themselves, or others, on
account of subscriptions to the loan, acquire, as and when offered from
time to time, Treasury Certificates of Indebtedness, issued under the Act
approved April 24 1917, to as large an amount as practicable and at least
equal to 50% of the payments which they will have to make from time to
time on account of subscriptions, and that they utilize such Certificates of
Indebtedness in making payment. Inasmuch as such Certificates of Indebtedness are payable at any Federal Reserve bank, banks and trust companies in acting upon this request will, gradually and without disturbing
the money market, acquire exchange payable in the place where subscriptions are to be paid, and meanwhile will secure an adequate interest return upon their money, and the privilege for themselves and their customers, to the extent of the Certificates of Indebtedness acquired, of making
payment in full for bonds allotted, without previous notice, if desired.
As a further precaution, the Secretary of the Treasury has determined
that banks and trust companies having payments to make on account of
subscriptions for $100,000 or more bonds, and which shall have qualified as
depositaries, may make payment upon such subscriptions on June 28
(as to any amounts not paid in Treasury Certificates of Indebtedness) by
credit on their books to the account of the Treasurer of the United States
of which credit and of the amount thereof notice shall be given in duplicate to the Treasurer and to the Federal Reserve bank of the district
on or before June 28. The amounts so credited will be withdrawn from
time to time when, and as required. How long they may be permitted to
remain will depend in large measure on the extent to which the privilege of
prepayment for the bonds of the Liberty Loan on or before June 28 is
availed of. It will be necessary that the early installments paid upon subscriptions to the loan be devoted largely to the payment of the short-term
Treasury Certificates of Indebtedness, which have been and will be placed
throughout the country chiefly for making loans to Governments engaged
in making war against Germany, and in part to meet unusual war expenditures of our own Government. As, however, practically all the proceeds
ofthe Liberty Loan, whether advanced to foreign Governments or expended
directly by Departments of the United States, will be spent in this country
in payment of indebtedness heretofore or hereafter incurred, the bank resources of the United States as a whole will not be diminished and the
operation involves only a shifting of credits.
2062
THE CHRONICLE
Because of the great amount of work involved in passing upon the
qualifications and securities of the banks and trust companies which will
have payments to make, it is deemed necessary, until after July 1, to limit
to those banks and trust companies having payments to make on subscriptions for $100,000 or more bonds, the provision for making payment by
credit—the object in providing for payment by credit being to avoid any
disturbance in the money position which might result from large payments
being made from June 28 to Monday, July 2, a period when there is customarily a heavy movement of funds due to corporate interest and other
payments. As soon after July 2 as practicable the qualifications and securities of other banks and trust companies desiring to participate in redeposits will be passed upon, and after provision has been made for the
immediate disbursements which the United States will have to make up to
and including July 1, the proceeds of the loan received from time to time,
in full or installment payments, will be redeposited with qualified banks and
trust companies in a proportion, yet to be determined, based upon the
amounts of bonds of the Liberty Loan for which subscriptions are filed by
and through them, and upon the amount of Treasury Certificates of Indebtedness acquired by them and utilized in payment thereupon on or
before June 28. Such deposits will, of course, be subject to call.
Interest at the rate of 2% per annum is to be allowed by the banks
upon the amounts credited and redeposited from time to time. A statement as to the formalities of qualification for the purpose of making payment by credit, and of receiving redeposit of funds, and of the securities
acceptable for such purposes, will be promptly furnished. The furnishing
of security for such deposits is required by Section 7 of the Act approved
April 24 1917, under which the Liberty Loan is issued, and Section 5153 of
the Revised Statutes and amendments thereto. Each bank or trust
company should at the earliest possible date make report to the Federal
Reserve bank of its district of the character and amount of the securities
which it will offer as security. These will be reported to the Secretary of
the Treasury, and, when his approval shall have been obtained, notification thereof will be made to the banks and trust companies, respectively.
The Secretary feels that he can not too strongly urge upon the banks and
trust companies of the country that it is their patriotic duty to prepare for
the payments which they will have to make on account of the Liberty Loan,
first by the acquisition of Certificates of Indebtedness, and second, by
qualifying under the Act so as to be in a position to make payment by
credit if the subscriptions by and through them are likely to amount to
$100,000 or more bonds. Bearing in mind the enormous amount of work
involved on the part of tho Treasury Department and Federal Reserve
banks, he particularly urges that action in these matters be taken as
promptly as possible by the banks and trust companies, inasmuch as it
may be physically impossible to pass upon the qualifications of late applicants if many applications are long delayed, and the object of permitting
payment in Certificates of Indebtedness—to avoid accumulation of great
cash payments within a few days—will in large measure be defeated if
such purchases are long postponed.
W. G. McADOO, Secretary of the Treasury.
[VOL. 104.
the maximum loan that they should make on the security; those questions
were left to the banks to determine each for itself, because there will enter
into such determination the bank's resources and the character of the person
applying for the loan. Banks will loan money to some men without Government bonds, and don't like to lend to some men on Government bonds.
It is the purpose to make these Liberty bond loans in small rather than in
large amounts. For example, if one of the great Chicago business houses
should ask for a loan of,say,$2,000,000 and offer Liberty bonds as security,
the bank likely would suggest that the borrower distribute his loan among a
number of banks. It would not take such a loan in whole at a rate 1%
below the prevailing rate of interest for commercial paper.
The current commercial rate just now is 5%,so the small borrower can
now borrow on liberty loan bonds at 4%,which is one-half of 1% higher than
the interest the Government pays on the Liberty bonds. This in itself
should be an inducement to the small investor to buy Liberty bonds.
The interest rate on commercial paper fluctuates from time to time,
now one-half of 1% higher, now one-half of 1% lower, but at all times the
holder of a Liberty bond will be able to obtain a 1% preferential rate on
that security, with the proviso that the rate to him shall not be below the
rate the Government is paying him on the bond.
The Chicago "Evening Post" of May 22 also stated that
a move in favor of the war bonds was also taken by the
Reserve Bank of Chicago. The rediscounting rate for
member banks on paper of fifteen-day maturity secured by
Liberty Bonds was placed at 3%,against 332% on ordinary
commercial paper.
A plan for subscriptions to the Liberty Loan by county
units was approved on May 21 by Secretary of the Treasury
McAdoo, who announced that he would immediately recommend its adoption throughout the country. The plan as
formulated by the Iowa State Bankers' Association contemplates through organization of the State to sell a minimum of
$100,000 in each of the ninety-nine counties, which, with
$2,000,000 subscribed on May 21 by the Des Moines banks
in place of their original subscription of $750,000, would
make the total Iowa subscriptions $11,900,000. Mr McAdoo
heartily indorsed the county unit plan because of its simplicity
and thoroughness and the possibility it offers of tremendous
oversubscription of the nation's war loan if other States
make proportional subscriptions. It was urged in behalf of
the plan that it would reach especially a rural population
holding large sums of money received from record prices
of wheat, corn and cotton during the last two years. The
announcement of the plan was made at a dinner which concluded the Secretary's visit to Iowa in behalf of the Liberty
Loan.
On May 21 announcement was made on behalf of Secretary of the Treasury McAdoo that a program had been
evolved under which depositors in savings banks would
not lose their semi-annual interest on deposits by withdrawing them June 28, three days before the savings banks compute their interest payments, to pay for installments on
The Corn Exchange Bank of New York announced last
Liberty bond purchases. The statement from the Treasury week that it would make loans to depositors and friends to
Department said:
assist them in subscribing to the new United States GovernThe Secretary of the Treasury is desirous of preventing any loss of inter- ment war loan on the following terms:
est to those subscribers to the Liberty Loan who may wish to pay the June 28
installment out of funds on deposit with savings banks. The Secretary has
learned with much gratification that large numbers of savings banks and
trust companies having savings bank departments, have already contemplated this situation and, acting in the interest of the Liberty Loan and of
their depositors, have ruled that any depositors withdrawing money on
June 28, to meet Liberty Loan installments due on that date, will be credited with interest up to that time and will not, therefore, suffer the loss of
interest which would otherwise be the case with respect to withdrawals
before July 1.
If, however, any purchasers of bonds find that the savings banks in
which their deposits are kept have not adopted such a practice, then the
Secretary of the Treasury will permit such depositors to make payment on
June 28 by giving an accepted order drawn to the credit of the Federal
Reserve bank of his district, payable not later than July 5, such order to be
taken subject to collection.
Subscribers to the Liberty Loan who may avail themselves of this regulation may find it necessary (dependent upon the rules of the particular
savings bank in which their money is deposited) to present their pass-books
to the bank before June 28 in order that the transaction here authorized,
in so far as it affects the Treasury Department, be noted in the pass-book,
thus conforming to the usual rules of procedure in the savings banks.
This exceptional ruling applies to payments on individual allotments
not exceeding $500 of bonds.
For thirty, sixty and ninety days at 4% on a 10% margin, renewals at
the same rate and time, provided the Federal Reserve bank does not increase its present rediscount rates.
Concerning a conference had by J. P. Morgan with
.Treasury officials on May 21 the New York "Times" said:
J. P. Morgan, the New York banker, conferred to-day with Treasury
officials about the Government's latest offering of $200,000,000 in Treasury
certificates. Mr. Morgan pointed out that the certificates bear interest
at the rate of 3M % and mature on July 30, paying a lower rate of interest
than the Liberty Loan bonds. The difference of ono-quarter of 1% on
$200,000,000, Mr. Morgan said, during the forty-five days, would amount
to about $60,000, which the banks would receive by taking Liberty bonds,
but would not receive if they should buy Treasury certificates of indebtedness.
Announcement that the National City Bank would make
loans aggregating $100,000,000 at 33/2% to •those desirous
of purchasing Liberty Loan bonds was made by President
Frank A. Vanderlip on May 22.
A number of big subscriptions to the Liberty Loan have
been announced during the past two weeks. Some of those
for unusually large sums previously made known were mentioned by us May 12. Since then a few of the subscriptions
for exceptional amounts have included the following: John
Rockefeller, who last week subscribed for $5,000,000
A sub-committee of the general committee in charge of the co-operation of D.
the banks and bond houses in marketing the Liberty Loan bonds in Federal of the bonds, subscribed for a similar amount the present
Reserve District No. 7 having asked the Clearing House Committee to week. The First National Bank has subscribed for $35,name the rate of interest or discount at which Chicago banks should make
for its own account and
loans on said bonds, it was unanimously agreed to recommend that said 000,000 of the bonds—$25,000,000
banks should make a preferential rate on such loans of 1% below the rate $5,000,000 each for the Northern Pacific and the Bell Telecurrent for ordinary commercial loans, but not less than the rate borne by phone System. The Central Trust Co. of New York has
said bonds.
subscribed for $25,000,000. The National Bank of ComIn giving out the Clearing House Committee's resolution
merce has applied for $10,000,000; and so has Kidder, Peafor publication James B. Forgan, Cairman of the Board of
body & Co.; the Republic Iron & Steel Co., The Prudential
of
the
Bank
Chairman
and
Directors of the First National
Insurance Co. and the General Electric Co. have subscribed
committee, said:
$5,000,000 of the bonds, and the Irving National Bank
for
While the resolution Is in the form of a recommendation, we believe it
made application for a like
will be generally followed by all the Chicago banks. How far its influence and the City of Milwaukee have
will go with the banks of the Seventh Federal District outside of Chicago, amount; F.S. Moseley & Co. have subscribed to $3,000,000;
I cannot say.
the Western Union Telegraph Co. and the Anaconda Copper
The Clearing House Committee did not undertake to fix or suggest either
he margin of loan on the face value of the bonds:the banks:should make,or Co. have subscribed for $2,500,000 of the bonds. Speyer
At a meeting of the Chicago Clearing House Association
on May 21 a resolution was adopted recommending that the
banks in the Association make loans on the bonds at a preferential rate of interest of 1% less than the current rate on
commercial loans. The resolution follows:
MAY 26 1917.]
THE CHRONICLE
& Co., Goldman, Sachs & Co., the Citizens' National Bank,
the Fifth Avenue Bank, J. & W. Seligman & Co., the Norfolk & Western RR., the Greenwich Savings Bank, the
International Mercantile Marine and the Equitable Life
Assurance Society have subscribed to the extent of
$2,000,000 each; the Bank for Savings, the Seamen's
Savings Bank, the People's Trust Co. of Brooklyn, Swift
& Co., the Illinois Central RR., Bernhard, Scholle &
Co.; Heidelbach, Ickelheimer & Co.; the Bank of Montreal;
the American International Corporation; Wells, Fargo &
Co.; the Canadian Pacific Ry.; Armour & Co.; the Crucible
Stall Co.; the Brier Hill Steel Co.; Tiffany & Co.; Boissevain
& Co.; W. J. Wollman & Co.; the American Can Co.; the
American Beet Sugar Co.; the Procter & Gamble Co.;
the Union Central Life Insurance Co., and the Interborough
Rapid Transit Co. are among those subscribing to the
extent of $1,000,000.
GOV. WHITMAN IN AID OF LIBERTY LOAN.
Governor Whitman of New York on May 23 called upon
the people of the State to organize their efforts in support of
the Liberty Loan. He also put in motion the machinery of
the State's defense organization, the Resource Mobilization
Bureau, to inaugurate a campaign for the sale of the Liberty
Loan bonds in every county. The Governor sent a letter to
the Chairman of each county home defense committee, and
the Chairman of the Mayor's defense committee in New
York City, calling attention to the opportunity presented
now "to assist actively in negotiating the Liberty Loan."
He said:
2063
NEW YORK CLEARING HOUSE FACILITATES BORROWING ON LIBERTY BONDS.
A letter recommending that loans backed by the Liberty
bonds be made at a rate not higher than IA% above the
Federal Reserve Bank rate was sent to members of the New
York Clearing House Association by Gates W. McGarrah,
Chairman of the Clearing House Committee, on Thursday,
as follows:
That the banks may assist subscriptions to the Liberty Loan in every
way, the Clearing House Committee recommends that loans secured by
Government bonds or interim receipts therefor be made, when circumstances warrant, at a rate not higher than
3 % above the rate established
by the Federal Reserve Bank of New York for the rediscount of
paper secured by Government bonds or interim receipts, and that
not more than
10% margin be required.
It is further recommended that the banks freely use their discount
privilege with the Federal Reserve Bank, and that loans to customers,
secured
by bonds of the Liberty Loan, should not be considered as part of the
regular lines previously granted to them for commercial purposes.
As the banks in rediscounting with the Federal Reserve Bank would
obligate themselves to take up their bills at the end of 90 days (the limit
of time for which the Federal Reserve Bank can discount), the suggested
spread of M % in the rate would seem equitable.
The Liberty Loan is fundamentally one to be taken by the people, and
customers of banks are urged not only to invetst their surplus funds and
present savings but also to borrow freely from their banks, in order to increase their subscriptions.
RECEIVING $10 SUBSCRIPTIONS FOR LIBERTY LOAN
BONDS.
The Federal Reserve Bank, in order to meet the demand
for participation certificates on the Liberty Loan in denominations of less than $50, has decided to issue such certificates
in the sum of $10. A statement given out on Thursday,
announcing this, follows:
It is my desire that each county organization under the resource mobilization bureau move officially in this matter and make it an immediate
In order to meet a very widespread and growing demand for particiand active part of its work. It is appropriate that the present defense pation certificates in the Liberty Loan in denominations of less than the
organization of the State in every county should definitely undertake $50 bond, which is the smallest denomination of the bonds to be issued by
She task ofinsuring the Empire State's full contribution to the Liberty Loan. the Treasury Department, the Federal Reserve Bank of New York has
to issue participation certificates in the sum of $10.
Governor Whitman also accepted the offer of the New decided
Each certificate will recite that it represents a payment of $10 as a subAssociation,
through
Bankers'
York State
its President, scription to the Liberty Loan of 1917 and that upon surrender of the certifiBenjamin E. Smythe, to do what it can for the State, and he cate to the Federal Reserve Bank of New York,accompanied by four others
like amount, the holder will be entitled to receive a $50 United States
sent a letter to Mr. Smythe urging the co-operation of the of
Government Liberty Loan 334% gold bond with all coupons attached.
Bankers' Association with county home defense committees
The certificates will probably be ready for distribution on next Tuesday,
in the Liberty Loan campaign. Yesterday the Governor May 29. It is hoped that they will be widely sold to individuals through
the
of department stores, chain stores, drug stores, cigar stores
announced that he desired all of the 18,000 employees of the and medium
other centres of distribution where large numbers of people may be
State to buy Liberty Loan bonds and promote that enter reached and interested by means of existing facilities. The plan contemplates the sale of the certificates by the Federal Reserve Bank to the stores
prise as much as their means would permit.
and other distributers in block, the stores and distributers then reselling
the certificates to their employees or customers, as the case may be. In
SECRETARY McADOO TO MAKE A SECOND SPEAKING the
case of large employers of labor, such as factories, railroads and public
service establishments, where there are no facilities for distribution to the
TOUR ON BEHALF OF LIBERTY LOAN.
public at large, it is hoped that blocks of these certificates may be taken
Secretary of the Treasury W. G. McAdoo, who has been for distribution to the employees.
touring the West in a speechmaking campaign to further the
The system contemplates that any individual purchasing a $10 certifisale of the Liberty Loan bonds, while in Denver on May 22 cate will retain same until he has purchased four more, making a total of
worth, when he will be able to exchange them for a full-paid Liberty
announced his intention of making a second speaking tour $50
Loan bond for that amount, with all coupons attached, thus insuring the
the
behalf
of
holder
a return of the regular interest rate on the money he has invested
Liberty
on
Loan with the conclusion of his
in the certificates. While the Federal Reserve Bank only agrees to expresent campaign this week. The second tour will carry change
$50 bonds for the certificates at its own banking rooms, it is to be
him to New York, Boston, Detroit, St. Louis, Cincinnati, presumed that the stores and other establishments
selling the certificates
will
also
make arrangements for making the exchange when five of them are
Pittsburgh and Harrisburgh, Pa. He will leave Washington
Presented at their counters.
on June 4 to make this tour. In making known his intenThe plan provides a very simple and accessible method for all persons of
tion to extend his campaign, Secretary McAdoo said:
moderate means to take a part in this great financial undertaking of the
ciovernment
and to do their bit towards winning the war.
Because of the patriotic response of the people of the cities I have already
The full text of the certificate, which will be printed on engraved imivisited and the deep interest they have displayed in the Liberty Loan, I
tation proof paper, is as follows:
am convinced I should go to other cities and explain the situation.
FIVE OF THESE CERTIFICATES MAY BE EXCHANGED FOR A
I have found the poope of the West co-operating magnificently
to make
$5000 LIBERTY LOAN BOND.
the Liberty Loan a success.
NO.
CHEMICAL NATIONAL BANK TO PAY INTEREST
ON DEPOSITS.
An announcement by the Chemical National Bank to the
effect that after nearly one hundred years of a non-interestpaying policy it had decided, in view of the situation brought
about by the war, to pay interest on deposits was made on
May 21. We quote the announcement below:
$1000
UNITED STATES GOVERNMENT LIBERTY LOAN BOND
Participation Certificate.
This certificate represents a payment of TEN DOLLARS as a subscription to the Liberty Loan of 1917. Upon surrender of this certificate
to the Federal Reserve Bank of New York accompanied by four others of
like amount,the holder hereof will be entitled to receive a $50 United States
Government Liberty Loan 334% Gold Bond with all coupons attached.
FEDERAL RESERVE BANK OF NEW YORK.
By
Governor.
P. A. VANDERLIP ON NECESSITY OF PAYING FOR
LIBERTY LOAN OUT OF SAVINGS.
"The Liberty Loan, Its Economic Status and Effects,"
was the caption under which Frank A. Vanderlip, President
of the National City Bank of New York,addressed a meeting
of Group V of the New York State Bankers' Association at
Albany on May 16. Mr. Vanderlip called attention to the
fact that a war is the current effort of a nation—that it has
H. K. Twitchell, Vice-President of the bank, was quoted got
to be fought out of the current savings of the'nation.
as follows in the "Journal of Commerce" of May 22, relative
In laying stress on the fact that the $2,000,000,000 fund must
to the action of his institution:
be raised out of the savings from now on, he showed the
The bank has taken this step so as to be in line with all
these who will
help the Government to float its war loans. Our rule against paying futility of drawing money out of the bank to pay for the bonds
interest was so faithfully kept that some time ago we requested
the Govern- since money in the bank is not idle, and somebody's loan must
ment to withdraw a balance of $1,000,000 because we could
not make an be called if funds are withdrawn. Among other things, Mr.
exception and pay interest on it. But in view of the present
situation, Vanderlip had something to
say concerning what might hapwhich calls for the placing of Government deposits on an
interest basis, also
to serve the interest of executors and trustees of wills, our board has taken pen if Russia mad,e a separate peace. His remarks in large
this step. We shall not compete with trust companies, but will pay 2%. part follow:
In view of the financial situation brought about by the war, which will
call for the placing of Government deposits on an interest basis, this bank,
after nearly one hundred years of a non-interest-paying policy, has decided
to pay interest on bank balances, time deposits, and special and reserve
accounts.
The strength of the Chemical National Bank and the conservatism that
has always characterized its management have given it a place among the
foremost financial institutions of the country. Through every crisis since
its founding it has always met in full the requirements of its customers,
including the payment in gold of its circulating notes.
2064
THE CHRONICLE
Wor, 104.
bank to a fixed rate. I think they will announce very
We are a good deal dazed by the size of this loan; the authorization of a to commit the
that it will be the policy of the Federal Reserve bank to loan freely,
$7,000,000,000 credit is something of a shock to the country. Not many shortly
really urge rediscounts, and probably to make a preferential rate for loans
people have thought in billions of dollars. All tho stocks listed on the to
rail- secured by these bonds.
Stock Exchange are less than twice that amount; all the stock of all the
Now what are the motives to lead men to subscribe to the Government
road companies in the country aggregate only $8,700,000,000; all the bonds
One is profit. Cupidity—that isn't the word. The sense that
of all the railroads in the country are little more than that figure. It is a bonds?
a sound investment returning a good rate of interest. The other is
huge total. And this amount must be raised this year. Don't think we It is
us take up the first set of reasons. Is this an attractive
are going to stop with $2,000,000,000. We are going to raise more. There patriotism. Let
are you facing calls to make financial sacrifices? I don't
will be other loans following this about as soon as this is out of the way, but investment or
it is a sacrifice. You are being offered a bond for security which
while it is almost incomprehensively large, so is the country, so are our believe
finest piece of paper in the world. The rate-334%
resources. There are 153 millions of depositors in the national banks Is beyond question the
are perquisites attached to that bond. Its income
alone in the United States. I should think it safe to say that there should —looks low, but there
You know what the minimum return is that goes
be ten million subscribers to this loan if the people wake up to the need for is free from taxation.
know what the maximum will be because
the loan and the opportunity it offers. You are facing an opportunity. into your pocket. You don't
war goes on, as it looks as if it may for a
The last loan of Germany, with her 65,000,000 inhabitants, had nearly the rate may be more. If this
that it will be more. You are not going
6,000,000 subscribers. Surely we ought to have 10,000,000 subscribers in good while, the chances are good
a subscriber to the first loan,.that is certain.
America if we would only wake up to it. The national bank deposits have to be penalized by being
at a-higher rate of interest, you are
increased in ten months $2,000,000,000—enough to take this part of the Whenever a subsequent loan comes out
subscribers. The law
issue that is now being offered. The resources of the banks in America going to be in just as good condition as the tardy
issued by the Secretary of the
total 1535,000,000,000. So you see, huge as this loan is—almost incon- was not very clear on this point; the circular
the advantage you ought to
ceivably large—it still is not so large when you measure it by some of the Treasury is perfectly clear and gives you all
of an issue at a higher
totals of the country. Our wealth is about $220,000,000.000. If the peo- have, all you could rightfully ask for in the event
is over and the pressure
ple subscribed to 5% of their wealth, they would oversubscribe this issue rate. Now does anybody doubt that when the war
be a rise in the value of
about six times. Back in the Civil War days, with bank resources one- is off the market for Government loans there will
would doubt that. Now
twentieth of what they are now, we raised $3,000,000,000. So you see we Government bonds? I don't believe anybody
a practical guarantee
are not facing an impossible proposition, but we are confronted by a serious remember,the bonds you buy now bearing 334% have
of of parity, that is to say, if events go so that the Government can't raise
proposition—we are up against the necessity, the very great necessity,
the higher rate, and
doing this thing. I feel that people are not altogether awake to the seri- money at 334%, your bonds will be convertible into
a premium. I
ousness of this war; not altogether comprehending that we are in war, that the minute the war is over, your bond at par will command
bearing a premium
we are in a very serious war—war that might even come to our own shores. can't think of a situation that will not find these bonds
disgruntled
It is easy to think that Germany is 3,000 miles away, surrounded by the on their issue price after the war is over. I find some people
are contributing
greatest armies that were ever assembled; that the war is likely to be over about the high taxes they have to pay. They say they
bond
low-rate
a
to
before we can get any mon into it; that we are like a manufacturer or mer- enough to the Government in taxes without subscribing
investment in
chant who is getting his customers to keep on buying at rather exorbitant issue, but the higher the tax the more advantageous is the
exactly what will
prices, and that we are doing a good thing in loaning to the Allies, but that these bonds. Hero you have an income where you know
will get into your
we are not in a very serious situation. As I conceive, it is much more seri- get into your pockets, at least the minimum amount that
pockets.
ous than that.
nobler reasons
much
are
possible.
there
or
perfectly
sacrifice,
Aside from the idea of profit
Now just let us take one or two contingencies that are
bonds, and they are an
We have had a revolution in Russia. No man in America or Russia can why ten million people should subscribe to those
belief in this Govtell what the future of that situation is. It is surely conceivable that Rus- attractive investment. Our belief in democracy, our
of the motives
sia might make a separate peace. I do not believe she will, but it is con- ernment, the foundations of our belief in freedom, lie back
Now we have
issue.
this
million
a
to
that ought to move ten million to subscribe
ceivable. What would happen then? It is said that there are
war. I heard a
and a half prisoners in Russia. Suppose all the forces of the Central Pow- got to be waked up as a nation to the fact that we are in
information that
ers on the eastern border might be withdrawn; suppose their forces were newspaper editor say the other night that he had secret
his readers yet.
augmented by a million and a half returned prisoners; suppose Russia's we were in war, but he had not been able to get it over to
yet recognized
as
promptly,
not
have
We
very
that.
And there is a good deal of truth in
food stores were opened for Germany,and all that happening
want to wake
which is a conceivable thing. In that event, could the armies of England what an unsuccessful prosecution of war would mean. We
subscription to
and France on the western border withstand the onslaught? Is it not con- up to some of the psychological effects of a very successful
that
this issue. It would be pretty discouraging to Prussianism if this loan is
ceivable that if some solution is not found for the submarine menace,
her subscribed twice over. It will be very encouraging to those men who are
England may be brought to the point of starvation? No matter what
front.
wealth may be, starving men could not fight. I tell you it is within the fighting under the flags of France and Great Britain on the western
possibilities that we may be raising not a Liberty Loan to pay for a war we It will units this nation to a degree, I believe, to see that this issue is a treof
back
has
President,
Germany
the
mendous success; that the whole people are back of
hope successfully to wage, but a loan to pay the cost of a war
overbeen waging on civilization. This is no wild picture. I certainly do not his Declaration for Liberty. The patriotic reasons seem to me so
this
believe it is within the future of events, but there is possibility enough in It whelming that we hardly ought to think of that other sid—whether
It
to cause us to wake up as a nation, to make us recognize that we are in a is an attractive investment—although it is an attractive investment.
to
going
is
it
America;
movement
in
patriotism
the
military
is going to mean something besides
great and uncertain war, and that we must support
mean a new element in American life. It is going to mean an element of
which this Government has got to make.
economy. We have got to have it just as certainly as we have got to have
Now I want to say a word about the economics of this investment.
0.
this expansion of credit to make this loan a success, because the banks must
We are a tremendously rich country. We must raise $2,000,000,00
Our wealth, as I have said, is about $220,000,000,000. Where is this be paid from the future income and there must be economy to permit that
wealth? It is in farms and railroads and factories and instruments of pro- beinddone. We cannot give the Government seven billion dollars or any
have
duction. But you cannot subscribe a railroad to a loan; you can't subscribe other number of billion dollars of purchasing power and expect to
a factory. We must have fresh capital for this loan. Now remember that just as much purchasing power ourselves. That would be a miracle of
the
in
done
to
economize.
been
got
has
that
have
nothing
loaves and fishes that we can't work out. We
a war is the current effort of a nation;
past can fight it. It has got to be fought out of the current savings of the We have got to see that what we spend, we spend for necessities. You
nation; all the savings of the past have been invested. The savings are now say "yes, but what is going to become of business, it can't go on as usual."
invested in fixed forms of capital; they are in the railroads, and farms and We don't want business as usual. Our business is war. It is going to take
factories, and the money that is going to be raised must come from the sav- the whole strtingth of this nation and it is going to discommode some people,
ings of the future, not the savings of the past. You may say,"I can pur- probably discommode a good many people. You can't have war without
chase a bond with some money I have in the bank." Yes, you can, but this worries. You have got to remember that we can't go on making unnecesmoney you have in the bank is at work to-day; it is not idle. If you draw sary things, luxurious things, and make seven billion dollars worth of other
it out, somebody's loan must be called. This fund must be raised out of things for war. Now you say, "Yes, but you have disorganized industry.
the savings from now on. The wealth you have accumulated is not in a You wil Imake it necessary for producers to throw their employees out of
0
work." Let me tell you there is going to be all the work that is possible
liquid form. The past savings are invested, and we want $2,000,000,00
time in
to do for all the men and all the women that we have got to do it. There
right away—and, let me tell you, we want it right away—not some
in,
paid
are
they
before
spent
the future. These $2,000,000,000 will be
are two jobs waiting for every man there is to take hold, so we have got to
may
under the terms of the offer. And I may stop to say that none of you
have that kind of economy, the kind of economy that will make you weigh
for
be worried whether or not you get any deposits out of this first loan,
whether what you buy is absolutely necessary, for if you do buy something
billion
a
be
the reason that there will be no deposits, there will probably
that is not necessary, you are competing for labor with the Government,
loan
this
on
subscriptions
the
before
dollars of short-time notes maturing
whiehlis engaged on works that are a national necessity. I think that is
are paid, and expenditures that are now being made will take this money as the test men must make of their purchases during this war. Are they comwill
issue
fast as it is paid in, so that the amounts of deposits from this first
peting with the Government for work that is unnecessary?
be practically nil. You are going to raise this money by a creation of new
Now I would like briefly to consider some of the objections to this loan
Get
can.
you
one
every
Get
subscriptions.
$50
can
get
You
credit now.
—some that I have heard—and I hope later to hear some more and see
the whole ten million people to subscribe, but after you have all the success whether we can sit down together and reason out answers for them. I say
you can hope for with the $50 and $100 bonds, you will not have a very large that men have got to borrow to invest. They have got to invest more capitotal, measured by a two billion dollar loan. I am not in any measure dis- tal than they have in immediate reach. There will be objection to that
couraging these small subscriptions, but the loan is going to be made up of surely. The rich man or any man used to making investments may remuch larger subscriptions. The men who will make these larger subscrip- gard it as a very poor policy to go in debt. He has occupied the position
tions are not going to make them from idle capital but from money which of creditor, not debtor. But I believe when he sees the economics of the
they will borrow, and it is for you to recognize that you must facilitate whole situation, when he sees the demands that are upon us, when ho sees
these loans on a more liberal basis than you have probably had in mind. the resources that are available to meet that demand, he will see that borThese bonds must be subscribed for in very large amounts, and the loans rowing's what he must do. The richer he is, the greater should be his
liquidated out of future savings; and we may be thankful that we have the borrowing. You gentlemen in the banking business, and most of you are,
banking machinery to do it. Fortunately, we have the Federal Reserve may wonder about the other side of that transaction; you may wonder
banks, not popular with some who don't like the system of collection or whether it is desirable to loan on bonds of this type because you may not
some other feature, but they stand there, an adequate piece of machinery see quite when the loans are going to be paid. You do want to see that the
to permit the raising of this huge credit. First of all, get out of your minds loan is going to be paid within a reasonable time. It is not desirable to
any preconceived prejudice about a bank rediscount. You have got to loan a man an amount beyond that which his accumulation during a reaget away from the idea that your bank has never borrowed and will never sonable period will wipe out. But within that safe range, I believe it is
borrow. It is going to do that as it never did before. It is going to borrow not only your duty to loan freely, but to encourage people to borrow from
from its correspondents or Federal Reserve banks until wo have a huge you to take these bonds.
in this loan
credit, and that credit is going to be wiped out by the current savings of the
I have hoard some men say,"Well, I will wait. I won't invest
people who will make and pay the loans.
the Government will need money on the third and fourth loan more
now,
as
rate
a
low
You are going to be called upon to make these loans at as
than now." The rule of conduct that any man adopts may be measured
you are willing to make them. It would be fine if we could say, we will loan by the results that would follow if all men adopted it. If you do not subto
able
be
will
we
believe
not
do
I
but
%,
3%
at
want
they
all
our customers
scribe to the Liberty Loan now, there may be an indemnity loan later and
do that. I think it is not quite within the province of a bank to agree to you will subscribe to that. You had better all subscribe to this one and
the
what
by
that in any great amount. That rate must be governed
not have the Government lacking in the support that means military
condition of the money market will be. The rate made by the Federal success.
Reserve bank for discount must be governed by the condition surrounding
You will find men who will say,"We will invest only our available cash;
the bank at the time the loan is made. There has been quite a little pressure we won't borrow." But I beg of you to see this as I do and ask those men
what
now
say
to
York
brought to bear on the Federal Reserve Bank of New
to borrow and invest all they:hope to accumulatoin:theilmonths to come.
the rate would be. I think they have wisely concluded that they ought not
MAY 26 1917.1
THE CHRONICLE
2065
I hoar from some of the State bankers that this is a Federal Reserve our situation is quite different from that of England in that England
had
bank affair, let the Federal Reserve system take care of it. Now that is a great amount of capital employed abroad which it was able to convert
narrow and short-sighted. It is everybody's affair and the institution and bring home. It had great holdings of foreign securities which it was
that isn't in the Federal Reserve system ought just the same to be thankful able to turn into cash in the United States, and it had a sum estimated
at
that there is a Federal Reserve system to act as a cushion in this situation. £300,000,000, or $1,500,000,000, employed in tho foreign bill market, that
You will find individuals who will tell you it is he banks' affair. It is, in financing trade outside of England,such as our own trade with South
isn't. It is less the banks' affair than anybody's else in respect to the origi- America and Asia, and this capital has been withdrawn for home use.
nal subscriptions. It is not the function of a bank to tie up its deposits Finally, the commercial demands at home have been much reduced, on
in a fifteen or thirty-year investment, but it is the function of a bank to account of the industries being so largely occupied with war business. Alloan to an individual or corporation on a ninety-day note, secured by this together,a great amount of British capital has been released for Government
bond. That is the banks' function. Let the banks aid the men who sub- use.
scribe.
We have few holdings of foreign securities and there is no other market
Some of you will hesitate a little and say "I don't want to lose my depos- in which securities can be sold. We are using more capital than formerly in
its. I don't want to encourage my depositors to subscribe." That is foreign trade and cannot withdraw it. We must raise these loans
among
short-sighted. You are going to gain deposits as you never before dreamed ourselves, and almost wholly out of current earnings and savings.
This is
of gaining deposits. The process that is going on here is to me perfectly a rich country, but its wealth is in real estate, factories,
railways and the
clear. You are going to expand credit which means to expand deposits, machinery of production. This property cannot be paid into the
Governseveral billion dollars before this war is over. Your deposits are going to ment Treasury, nor can money be raised in any general
sense by selling
be higher than they ever were before, not as a result of Government depos- property to each other. We see the effect of this in declining
security
its, but through the increase of credits. If you make a loan to a customer markets. Such efforts depreciate capital values, disturb
confidence, make
to subscribe to these bonds, the customer first has his balance increased people feel poor and in that way actually make the task harder. Withwith you; then the loan is checked out to the Government. What does the drawals from savings banks will force the banks to call in investments.
Government do with it? It at once pays it out somewhere to someone who The only capital that is really free for subscriptions is that which is reprehas money due. Now we are not going to use any more currency in this sented by bank balances against which the banks have made no investcountry, and by just the amount the loans go up, your deposits will go up. ments. These balances are chiefly in the country banks, the banks of the
There will be interaction between the banks, but the great total is there larger cities being well loaned up.
and will remain deposited until the loans are liquidated. You are facing
But this loan cannot possibly be taken up by the mere conversion of bank
a situation where your deposits are inevitably going up.
funds now idle. The people must anticipate their earnings and pledge them
in advance. There is a constant accumulation of profits and savings,
which in ordinary times are also being continually distributed into perF. A. VANDERLIP DOES NOT BELIEVE IN "BUSINESS manent investments. The amount awaiting investment at any one time is
comparatively small, but there is a regular flow in and out of the liquid
AS USUAL."
fund. The flow into other investments must be stopped for the present,
The war will not, in the view of Frank A. Vanderlip, and all the accumulations given to the Government; moreover, in view of the
great importance of having the Government's needs immediately and
President of the National City Bank of New York, bring a abundantly
met, each individual should look forward to payments which
diminution in the volunie of business. He says the sooner he may reasonably expect to receive and savings which he can possibly
make
in
the
near future, and pledge these. The Treasury allows payments
the public gets over the idea that we want "business as
upon installments,and if these terms do not suit the subscriber's convenience
usual" or can have "business as usual" the better for all. he
should consult a banker of his acquaintance.
Mr. Vanderlip sees ahead a "different business but better
The bankers must make up their minds to lend freely, and at a moderate
interest
rate,to promote this loan. This is a great national emergency,and
business." Times, he believes, will be better than ever
ordinary
should not govern. In the first place, loans made with these
before, and instead of stagnation, the people of the country bonds as rules
collateral, with marginal payments, will be safe beyond question,
should prepare for 'top speed production which will call for and,in the second place the Federal Reserve banks are at hand to back up
their every energy and resource. These observations are the local banks. It is time now to lay aside all resolutions and prejudices
against rediscounting.
contained in a statement prepared by Mr. Vanderlip and
The Federal Reserve banks have been established for the purpose of
enabling the local banks to serve the country more effectively in time of
given out by him on May 17. We print the same herewith:
need;
the ultimate and real purpose, of course, was to provide the service
The sooner the public gets over the idea that we want "business as usual,"
or can have "business as usual" during this great war the better for all. We to the public. The member banks are the agency through which the
want to stop all unnecessary work and unnecessary expenditures, and con- service must reach the public, and they are under obligations to use the
centrate on the immense volume of work which has to be done. Business facilities for that purpose. They have no right in any emergency, or when
men should get rid of any foolish fears that economy will bring on a general an opportunity is presented for public service, to consult only their own
paralysis of industry or trade. There is no danger of not having work for choice; each local bank is an essential factor in a great public system, and
everybody; the trouble is that there is more work in sight than can possibly it should perform the part assigned to it. Certainly a time of war, when
be done, and the question is whether we shall cut off luxuries or necessities. the supreme sacrifice is required of many, is no time for quibbling and
The farmers are crying for labor and the whole world is crying for food; finching over a plain duty.
On the other hand, no would-be subscriber has the right, while pretending
the great industries, like mining, lumbering, steel-making, cloth-making,
to render a public service himself, to throw all of the burden on a bank.
transportation, shipbuilding, car-building, &c., are Clamoring
for help; a He should not make a
subscription without a bonafide intention of paying
million to two million men are wanted for the army and
navy,and thousands up on it within
a reasonable time, and he should make a payment down.
of women will be wanted to take their places in shops and offices; the
army Furthermore, he should then set out,
earnestly and patriotically, with real
must be clothed and shod. It is absurd under these conditions to talk
of
the danger of unemployment, and to urge that the people shall go on buying economy and self denial, to pay up his subscription, so that he can then
what they do not actually need in order to keep labor from unemployment make another. That is the way these loans must be raised. The banks
or to maintain business as usual. How is labor to be had to make uniforms should make these subscriptions liquid, immediately available; they should
help every subscriber of this typo, and they can render enormous service
unless it is released from making other clothes; how aro looms
to be had for in this way. But the public must not think that
the bank can take care
blankets unless released from something else; how is
steel to be had for of the regular business of the country and supply
all the funds for the war
ships, tin can and agricultural implements unless other consumption
is also.
curtailed; how are women to be had for offices unless
released elsewhere?
And, finally, how are we to put $7,000,000,000 or $8,000,000,000 of purJ. OGDEN ARMOUR SEES PROSPERITY ASSURED.
chasing power at the disposal of the Government unless we curtail our
individual expenditures?
That the prompt adoption by the American people of the
The country should immediately awake to the fact that it has a great "business
as usual" idea is going to enable the nation to
task in hand, and that it cannot carry on a war like this with one hand and
continue to do all the business it did before with the other. No doubt prosecute this war without experiencing a temporary desome persons will be inconvenienced by being obliged to leave one job and pression such as England and France have recently recovered
look for another. In some instances they will probably improve their lot
from is the opinion advanced by J. Ogden Armour. Writing
permanently; in some instances possibly they will not place themselves so
well, but the sooner everybody recognizes the inevitable and plans for it, in the Chicago "Evening Post" of May 16 Mr. Armour
the better. We can no more expect to readjust business from peace condi- says in part:
tions to war conditions without some inconvenience and loss than we
can
Modern war requires the expenditure of huge sums of money and means
expect to send an army to the front without sacrifice and loss. We
should maximum employment and high wages for all workers. Other conditions,
unhesitatingly adjust our business affairs to support the army with
the peculiar to this war, make it certain that this nation will enjoy a period of
greatest possible efficiency.
Most of the argument against economy assumes that the people who business and industrial activity the like of which has never been seen and
which is assured whether the war lasts several months or several years.
economize will hoard their money. That, of course, would
be foolish, but
There is some reason to believe that economy rules will be misapplied for
if they lend their savings to the Government it will find its way directly
a
while but conditions are such that the public will soon see, if they have not
back into circulation in providing for the Government's needs.
already,
that there is no occasion whatever for them to become alarmed.
All possible aid should be given in effecting the necessary shifts in employ- They
will have more money to spend than ever before and they will not
ment. The Government should be prompt in placing its contracts, and
find the things they want disappearing from the market.
give some attention to their distribution with a view to taking up labor that
A continuation of the great prosperity that has ruled in this country for
is displaced, and there should be organized community effort to aid in
two years is assured. There is an abnormal demand for everything the
these readjustments. The essential fact in the situation is that readjustworkers of this nation can grow or manufacture. There is work at high
ment is unavoidable but that any general state of unemployment is imwages for every man and woman who wants work; the earning power of
possible.
the
people is restricted only by physical limitations; the buying power of
These bond issues will necessitate more taxation in the future than in
public is greater than ever before. These are certain guaranties of
the
the past, but the person who practices self denial now in order to buy a
continued prosperity and of an ever-widening scope of our business and
bond not only aids the Government but provides an offset to future taxation
industrial life.
on this account. The individual who takes his share of the bonds will pay
As to the advancing of billions of dollars to our allies, it is a misnomer
his taxes into his own pocket.
to call it a loan to our allies. We are primarily extending them credit.
Every community should be closely organized for subscriptions to these Instead
of sending billions of dollars out of the country, the transaction
loans. Once the habit of saving to buy a bond is established it will not
dollars will actually be freed for circulation in this
be abandoned when the war is over, but a million now springs of wealth means that billions of
Practically all of the billions we lend our allies will be spent in
country.
will be developed to help on the development of industry and the progress
products
of our soil and our factories and for payment of
this
country
the
for
of society in the future. Parents should buy for their children, and
employers should join hands with their employees, in the name of a common our workers. We are the storehouse and the factory of the world now, and
patriotism and to bring an end to the world's last great war. There should the more money the world can get hold of the more will be sent here, and the
be:no family in this country without one of these bonds as a certificate of more that comes here the more work and the more business will result.
its loyalty and devotion to the Government in this time of supreme national And, in this connection, remember the Government of the United States
Is now a buyer for war purposes, and the dollars of Uncle Sam have already
effort.
In setting out to raise the first installment of the $5,000,000,000 bond begun to pour forth to stores,factories and farms to pay for the expense of
mobilizing, drilling, equipping and feeding the army and navy.
issue, it is very important for the people of this country to understand just
I consider the present the most auspicious from the standpoint of national
how large the task is and how they must go about it. In the first place
prosperity in my memory. There is not one good reason why the busines
2066
TIIE CHRONICLE
[VOL. 104.
The Common Sense7of Taxation.
A bond issue at first to set
How then shall the nation finance itself
things going, of course. Missouri bankers and their customers will take
their full share. It is expected that we shall organize this very afternoon
a mighty, State-wide effort for the Liberty Loan and victory. Then,
seeing that we have agreed that the war must be fought with current income, and that this generation, as a whole, cannot pass one dollar of the
cost to the next generation, as a whole, we should arrange carefully and in a
business-like way to take by taxation, as we go, so much of the income of
our people as is necessary to win this war for liberty.
We must, of course, avoid taxing in such a manner as to discourage
effort and efficiency. As the money value of American income, however,
is estimated at forty thousand million dollars, much will be left above all
taxes. If we frame our tax laws carefully, there will remain profit enough,
and to spare, to incite the highest effort.
For other reasons taxation is the best finance. It brings home the necessity for economy. If you and I pay the military and naval expenses
and get Government bonds for the amount, our personal money income
will be about the same as before, and we shall probably keep up our present
scale of personal expenditure. If we pay the war cost in taxes, however,
we shall economize. We shall not be so apt, for instance, to bid against
the Government for motor cars and gasoline and other things the army
needs.
America will, to a large extent, pay as she goes. We shall thus avoid
much of the inflation that has accompanied other wars. We shall put
down the foes of liberty without doing social injustice at home.
The War and Business.
And what will the war do to our prosperity? Not a banker here but is
asked this by his customers every day. I need not recall how groat our
prosperity has been, how we have added more than one thousand millions
of gold to our stock, how we have lent abroad over two thousand millions,
or how we have brought back from Europe some three thousand millions
of American securities. We are to spend, Mr. Kitchin thinks, five thousand millions the very first year, and we shall withdraw a million men
from industry. Can any prosperity stand waste and strain like this?
Waste and Compensation.
But is war all waste? Are there no compensating factors? Most
writers compute the loss to be what the Government spends, plus what the
soldiers would have earned at peace. This, however, overstates the cost
of war, first because the soldiers get the food and clothing which would
have come out of their earnings at home, and second because when the
young men go away people who have been idle before step in to take their
places. The labor of women and older men fills, to a remarkable degree,
the gap in the labor supply. Every one does his or her share. Whatever
the ultimate effect on society of thus utilizing the labor of women and old
men, the economic effect, for short periods at least, is compensatory.
Again, organization and invention rise to necessity, and machinery is more
and more brought into play. If the scythe-men have gone to war, England
uses the self-binder, and in our Northwest Missouri counties the men who
have left the plow handles are being replaced by the tractor. Then there
Is the effect on the souls and bodies of men and women. Work in common
for the sake of country becomes a mighty uplift, so that the income of the
English people has actually increased during the war.
In the United States, production, at least of necessities, will be sufficient,
THORNTON COOKE DECLARES WAR MUST BE FOUGHT
and thero will also be groat activity because of large, simultaneous orders
WITH CURRENT PRODUCTION.
for the goods the Army wants—for cloths, shoes, flour, beef, rifles and
the outThe war and its financial problems came in for discussion gasoline. It is the universal experience of modern nations that
break of war stimulates business. We have observed the war nearly three
Bankers'
the
Missouri
of
President
Cooke,
by Thornton
years now. We can, if we are careful, avoid the financial and industrial
Association in his annual address at the convention of the errors of Europe. We need not repeat the blunder England made of sendat home, and
association, held at St. Joseph this week. Declaring that' ing to the front men who were needed to teach shell making
we shall avoid the inflation and the abandonment of the gold standard
the
producwar
with
current
fight
we will in the first place
that has been Germany's economic mistake.
tion, Mr. Cooke said:
We shall have no panic. The currency supply of the country is no longer
We shall not tear up railways to get metal or tear down houses to get a fixed quantity. The Federal Reserve banks can provide the country
will
shell
furnish
forests
and
with all the money needed to do business on.
wood. The 1917 production of our mines
With all the compensations, there is, of course, a heavy price to pay.
steel and ship timbers as we go. For these things constitute our national
Income. The income of our people is not money, except as we produce We cannot use for railroads and sky-scrapers the steel and the labor that
and mint some millions of gold. The gold serves, it is true, a very useful we are putting into guns and anununition. New enterprises will have to
purpose in connection with the credit machinery through which other be postponed. Right here the patriotic banker will see an opportunity
products are mobilized and exchanged. Gold is indispensable in handling for public service in pointing out to his clients that they ought to put off
our other income, but the other income exceeds it vastly. Our real in- new enterprises that would take energy, labor and material, when the
come is wheat and corn and cattle. Our income is coal and oil and steel. whole national life should be concentrated on war. Construction and deSome current production is a conversion of capital, but the income portion velopment must, for the most part, wait till our task of war is done.
If war goes on until our raw materials are exhausted, our machinery
of production is fortunately enough. We shall not trench upon the capital
—the structures—of the past, but with these things produced to-day we worn out, our railroads deteriorated and a large part of our young men
crippled or dead, we shall have business reaction. If need be we will pay
shall fight this war and win the victory.
I have faith, however,
In answer to those who argue that we should leave some all this to "make the world safe for democracy."
the cost will be less. I see after the war our people fully and happily
of the burden of the struggle for the next generation to pay that
employed at the tasks of peace. I see a people more efficient than ever
Mr. Cooke asserted that this cannot be done—that it is a before, because a common peril will have taught us to study and plan
together.
financial, a physical, impossibility. He continued:
The war will be fought with what this generation produces, with the
guns and the powder and the beef and the flour of this year and next. All
the wheat of 1937 will not feed a single platoon to-day,and all the shells the
BIGGER DEMAND FOR PRODUCTS EXPECTED
next generation can make will not batter in one kilometer of German trench
THROUGH THE WAR.
in all this war.
The effect of the war on the next generation will be severe enough withThere is no reason whatever for American business to
ot any attempt of ours to pass the burden on. Our sons must do with become panic-stricken over the business future during the
fewer ships because this generation sank its own. They must build the
Chairman of the Comrailroads we could not build for them because we spent our labor upon war, in the opinion of A. W. Shaw,
munitions and burst our steel in fragments at Verdun. A bond issue will mercial Economy Board of the Council of National Denot draw from out the future one single ounce of powder for the firing line fense. There must be readjustments in American business,
In France. Flour and guns and shells and powder must be furnished by
readjustments, to enus, the men and women of to-day, and by those of us who have the means. in some cases perhaps really radical
We may be taxed for these things, or we may get back bonds, promises to able the Government and other absolutely necessary inpay, for the money we advance to buy them, but we cannot escape the fact dustries to get the men needed; but, carried out properly,
that munitions and provisions must be furnished by this generation. They
cannot be furnished by the next. The mill will never grind with the water with due care on the part of all business houses alike to
that is past, and the water of to-morrow will grind no grist to-day.
eliminate any existing wasteful methods, the war may well
What a bond issue can do is this: It can bring it about that the sons
a highly valuable purpose in bringing economy of busiserve
of those who do not now provide the necessities of war shall pay interest
and principal to the descendants of those who do provide them. This is ness effort.
just, to the extent that the parents of the payors might have provided muMr. Shaw in a statement, given out on the 12th inst.,
nitions. It is unjust to precisely the extent that it passes to children the
the approval of the Council of National Defense and
financial burdens their fathers could not afford, and to the extent that it with
exacts from the children of the poor a sort of payment on the installment printed in the new Official Bulletin, issued by the Governplan for the mighty effort of the whole people of to-day.
ment, under the direction of the Committee on Public InLet me illustrate. Personally I shall be able to take some Government
by President Wilson, said:
bonds. My neighbor, the bookkeeper, who is raising a family on a $1,000 formation, appointed
The chief thing that business men must remember when they stop to cona year, hardly can, except perhaps a little bond for the sentiment of it. I
depends primarily on
don't want his children to pay interest and principal to my children for sider the effect of the war is that successful business
a bigger demand for
thirty years. I want him to pay his little share of this war, and I myself the demand for goods, and the war is going to bring
ever before known.
has
country
of
the
kinds
than
products
almost all
mixt to pay my somewhat larger share, both as we go.
of this country should not proceed in its normal course and on ever-increasing lines. There is not one reason why people should permit themselves
to be swayed from the certainty that they are on a sound financial basis.
The per capita wealth of Americans is greater to-day than over before—
greater than that of the people of any nation at any time in the past, or in
the present. Our national wealth is past the wildest dreams of a few years
back. Labor is satisfactorily employed and at record wages. Every day
that the war lasts will find a greater demand for the labor and the brains of
the wage and salary earners of the United States. Certainty of work and
certainty of wages are the prime factors of prosperity. They make prosperity certain.
Whether the war ends to-morrow, or whether it last indefinitely, this
much is certain: The United States, having possession of approximately
40% of the world's supply of gold, the greatest natural resources and geographical isolation, is certain to suffer less than any other nation in the
war or in the whole world.
The future of our nation is secure; our business prosperity is founded on
safe ground; our labor situation is remarkably good and I cannot conceive
of a sane or justifiable reason why the people of the United States should
become alarmed over any phase of the martial, business or indistrial situation.
The nation has been advised to economize on food. Economy means the
intelligent use without waste; it does not call for self-denial. Economy
was recommended to stop the waste of the $700,000,000 worth of food
which goes into the garbage pail each year. The wave of patriotism sweeping over the country should not seize upon parsimonious economy as a
means of expression. There is no need for people to cease purchasing; there
is need only for the elimination of extravagances and waste. There is no
reason whatever for curtailment of the use of things ordinarily needed by
people; there is need that everything be put to use.
As patriots it is our duty to stop the wastage of food; as patriots it is
equally important that we do not stop the ordinary purchasing on which
the business and the industry of the country are founded. Hysterical
economy is as much a menace to the nation as is prodigal waste. The
pursuance of our normal business along usual lines is of paramount importance at this time in order that our nation may maintain itself on a sound
economical and industrial basis from which to prosecute the military phase
of the struggle for the freedom of mankind.
Faith is the great need of the people to-day—faith in Providence to lend
might to our right, faith in nature to respond bountifully to the wonderful
efforts of our agriculturists to increase the food supply to provide a surplus
for our allies, and faith in our Government, which has taken hold of the
problems before it in a way that demonstrates it is deserving of our faith.
If I were asked to give a message to the American people—to the farmers,
the wage earners, the merchants, the manufacturers and all—it would be
this: Be strong in your faith that nature will reward the efforts being made
to produce big crops and co-operate with our President, Woodrow Wilson,
in his efforts to keep the nation composed and so organized as most efficiently to prosecute the war. Be confident and live your normal lives, as
far as possible. Make business proceed as usual.
MAY 26 1917.)
THE CHRONICLE
There will be no collapse of the market in any line. Business houses will
have to worry not about customers but about systematizing their plants so
.
that they can supply a larger trade with a smaller staff of employees.
It must be remembered, of course, that the nation will need to take men
from their present normal employment not alone for the Army, Navy, and
other branches of the military service but as well for the production of all
forms of munitions and supplies which will be needed for the prosecution
of the war. This is an industrial war, and American business must learn
to increase its efficiency to fill the gaps left by war workers as well as
fighters.
No matter how much individual economy in consumption is practiced.
British experience has shown that inevitably war wages increase the purchasing capacity of large classes of people, thus expanding the market on a
broad scale. Besides this, the men who have been withdrawn from productive work have to be fed and clothed as usual, increasing the proportionate demand for goods from those left in business. Added to all this,
the foreign demand will continue to grow as the war progresses.
The balance sheets of British business can look forward. Selfridge &
Co. (Ltd.), the London department store, showed at the end of the year
1916 a gain in profits over the previous year of £74,915, or approximately
$375,000. On Jan, 1 1916, the balance sheet showed a profit of £150,222,
and on Jan. 1 1917, a profit of £225,177. This was in spite of the loss of
900 members of the staff who bad gone to the front.
Other London retail profit figures are instructive. Whitley's shows a
gain in 1916 over 1915 of £15,000; Crove-Wilson's one of £4,886; Dickins &
Jones one of £24,100; Liberty & Co.'s profits jumped from £6,100 to£32,400
in the single year; Plummer Roddis gained £5,600; and Wallis & Co.climbed
from £21,400 in 1915 to £130,700 in 1916. Other firms show similar
records, gaining all the way from 5 to 50% in their not profits.
Whitley's gain was made in spite of a 40% increase in many of the operating costs, and other firms had to face similar obstacles. Disorganization of staffs and difficulties in securing goods to sell were unable to overcome the combined effects of a greatly increased demand and a systematic
attention to details of management and elimination of wastes.
Our own difficulties will not be as serious as those England had to face because of our much greater field of operations and larger resources, and there
is no reason whatever for assuming that the American business man will
not come out of the war with a better organized and more efficient business
machine than the one with which he has entered it.
It is to assist in making the readjustment to meet the new conditions
quick and easy that the commercial economy board expects to be of the
greatest service. To make our work count, it will be necessary to secure
the active co-operation of the business men themselves in order to pool our
common experience and place at the disposal of all the suggestions secured
from the most efficient.
We are now engaged in making a careful canvass of the distribution methods of many different kinds of business houses, securing through questionaires and through personal investigation information as to their present
business habits and suggestions from the managers themselves as to how
existing waste in these methods can be eliminated and the organizations
made more compact. As soon as we can determine the value of a general
policy from the combined experience and suggestions of a particular industry, we shall proceed to place our conclusions before the whole industry
through a publicity campaign of individual letters, articles in trade publications and other mediums. We are drawing heavily on the experience of
British merchants in working out similar problems.
It must be realized that businesss men in any one field must join in the
common effort, because under competitive conditions it will naturally be
impossible for one merchant to economize extensively without giving his
competitors an unfair advantage. We expect the whole-hearted and
patriotic co-operation of men in all branches of trade in solving the problem.
No merchant who faces the situation squarely, courageously, and imaginatively need fear the war readjustment. Whatever
disorganization
comes, can, with proper treatment, be passed over
with comparative
smoothness and speed.
ELBERT H. GARY ON PRINCIPLES FOR WHICH WE
ARE FIGHTING.
In answering the question "What Are We Fighting For?"
asked and answered in one form or another by millions of
people, Elbert H. Gary, in his address as President of the
American Iron and Steel Institute, at yesterday's annual
meeting, declared that "we are fighting to firmly establish
and permanently maintain a basis whereby every international question in dispute must be determined in accordance
with the principles of justice." "To bring this about,"
said Mr. Gary, "other questions, which are obvious, must
be determined; but if the above mentioned basis is secured,
everything else necessary will have been or will be disposed
of." Declaring that "now is the time to unite the whole
country in a common cause," Mr. Gary said:
The soldiers are on a level, as they ought to be. All others should be on
a level. Classes should be obliterated, and also politics, localities and religious differences, during war times, at least. Opportunity should be
open to all; Governmental burdens should be borne by all.
2067
trators of the country, from President Wilson down, are no more interested
than each of us. Life would not be worth living if our flag were to be permanently furled; if our country were subjugated by an alien enemy, especially such a one as we now defend ourselves against.
The pecuniary burdens to be imposed upon us will be very great. We
knew in advance such would be the case. We must pay the enormous cost
of mobilizing, °gulping, supplying and moving our own armies; and we
must advance money and provide supplies to our Allies in accordance with
their necessities and our resources. We could not decline if we were disposed, for they are now fighting our battles and we are, with them, under
the whole burden. We must never falter nor retrace our steps. Wherever
or whenever the end is, we must press forward with all our strength, might,
minds and souls. The more vigorously we proceed within the limits of
Intelligence, the sooner will the end be reached.
Some of us are complaining or criticizing because of the enormous taxes
that are likely to be imposed. We are apt to consider ourselves as opposed
by the legislative or executive departments of the Government, as if they
were partisans, seeking to punish or at least unfairly treat the private individual. We do ourselves an injustice by harboring such thoughts. We
can rightfully claim that the burden of taxation be equitably
distributed;
that all the people, after exempting the necessaries of life, shall
be compelled to contribute; and that there shall be no waste or extravagance in
making expenditures. Taxes ought to be levied and distributed, if possible,
so as to avoid clogging the channels of business prosperity. All this we
may properly demand. Equitable distribution is fair and reasonable, and
it makes all pecuniarily interested in the subject, including both the collection and the expenditure of the taxes levied. Less than this would tend
to create classes—the worst thing for any country.
Now is the time to unite the whole country in a common cause. The
soldiers are on a level as they ought to be. All others should be on a level.
Classes should be obliterated and also politics, localities and religious differences, during war time, at least. Opportunity should be open to all;
Governmental burdens should be borne by all. With such an administration of Governmental affairs, we should be satisfied, however severe the
drafts which are made upon us or upon the larger interests which we represent.
I lately spent a few days in Washington, and it was my privilege to meet
a number of men who in legislative halls or executive departments are serving their country; and it is certain that all are actuated by the motive to
fairly represent and protect the best interests of the country and all the people. Individuals are not influenced by politics. There are and will be
differences of opinion concerning the various questions presented, as a
matter of course, but these will be adjusted and the legislation finally passed
will represent an honest endeavor to do what is proper.
You have heard some criticism concerning the conduct of the Government's business affairs. It has been said that confusion, or at least lack
of system or co-operation, sometimes appears: but it must be remembered
that there has been suddenly thrust upon the Government officials an
enormous amount of business, extraordinary in volume and character, and
the strength and capacity of all are taxed to the utmost and often beyond
physical endurance. Besides, rules of law or of departments established to
fit other conditions sometimes appear and prevent the exercise of judgment
which would bring better results if more latitude were permitted. Officials
in Washington are entitled to credit and praise for their management under
existing circumstances, and so far I believe there is no just ground for severe
criticism.
And then there is a disposition on the part of Government officials to
co-operate with the business men in promoting the welfare of the country.
This is what all of us have desired and advocated, and now we will probably
have as much opportunity in this direction as we have ever desired. Just
what will be the result in all the ramifications of the business involved remains to be seen. To the extent that the directors of this Institute have
been personally connected with these matters they have been well satisfied,
except perhaps as to some of the prices in question.
Mr. B. M. Baruch, Chairman, Committee on Raw Materials, Minerals
and Metals of the Advisory Commission of the Counsel of National Defense,
writing for himself and the Secretary of War, and also representing the Secretary of the Navy, requested your President to act as Chairman and to
appoint other members of a committee on Steel and Steel Products, to cooperate with the Government; whereupon the matter was brought before
the directors of this Institute and such committee was designated. The
committees meet regularly and are devoting much time to the work Involved.
They have, with other work, been engaged in mobilizing the resources of
the different producers of steel, such as the Government requires for its
purposes, and the statistics are in the possession of the Secretary of this
Institute.
The Secretary of the Navy submitted a program for 1917 for plates,
structural shapes and bars needed for ships, and after considerable negotiation contracts were closed in behalf of the producers on the basis of $2 90
for plates and $2 50 for structural shapes and bars. We were of the opinion
that in view of present costs and other conditions we should receive larger
prices, but in the spirit I have referred to the proposition of the Government
was accepted. As costs of production are advancing on account of increases
in wages, taxes, prices of certain raw materials, &c., it is expected the Government will be willing to increase its purchasing prices accordingly.
The iron and steel fraternity, represented by this Institute, will be actuated by the highest conception of patriotic duty with respect to the requirements of the Government. We will cheerfully bear our full share of the load
which must be carried until there is realized a complete triumph over the
hosts of aggressive, desperate and inhuman autocracy. Personal interest I
will yield to the necessities of the country we love.
In pointing out that the task which confronts the country
is not confined to the army and navy, Mr. Gary stated that PRESIDENT WILSON CORRECTS STATEMENT THAT
WE HAVE NO GRIEVANCE AGAINST GERMANY.
the time, money and prayers of all civilians must be given
for the soldiers. We can rightfully claim, he said, that the
President Wilson's remark in his speech of May 12 before
burden of taxation be equitably distributed, that all the peo- the Red Cross Society that the United States had gone into
ple be compelled to contribute." His remarks in part follow: the war "with no special grievance of her own," and some
We are fighting to firmly ;establish and permanently maintain a basis misconceptions which have arisen with regard thereto have
whereby uvery international question in dispute must be determined in
caused the President this week to correct any misinterpretaaccordance with the principles of justice. To bring this about, other questions, which are obvious, must be determined; but if the above mentioned tion of his remarks. The President has answered his eritics
basis is secured, everything else necessarywill have been or will be disposed through Representative Heflin of Alabama,
after the latter
of.
had directed his attention to speeches made in Congress on
The task which confronts the country is not confined to the army
and
navy, although they will be entitled to she larger part of the credit and the War Revenue Bill by Representative Hill and Bland, in
glory if we succeed. They offer their bodies as a sacrifice,
and they must which reference was made to the phrase quoted above; Mr.
have the undivided, unqualified support of all outside their ranks. The
time, money and prayers of all civilians must be given for the soldiers. Heflin expressed to the President his opinion that the interThey bear the brunt they are the shield for our safety. All of us are fight- pretation placed on the President's remarks by Messrs. Hi 11
ing in self-defense. ftThis is our land andlthe flag isours. The adminis- and Bland was misleading, and
hence suggested that t
2068
THE CHRONICLE
[vol.. 104.
Details of the changes made by the House in Committee
erroneous view be corrected. In his letter to Representative
the Whole last week in the surtaxes on incomes of $40,000
of
said:
Wilson
Heflin, President
Washington, May 22.
and over were given in these columns last Saturday, when we
Dear Mr. Hejlin.—It is incomprehensible to me how any frank or honest also referred to Secretary McAdoo's new estimates of $2,245,person could doubt or question my position with regard to the war and its
000,000 (instead of the original estimate of $1,810,420,000)
objects. I have again and again stated the very serious and long-continued
against
perpetrated
has
Government
German
required to meet the expenditures of the Government for
Imperial
the
wrongs which
the rights, the commerce, and the citizens of the United States. The the fiscal year ended June 30 1918. On May 18 a stormy
the
or
itself
list is long and overwhelming. No nation that respected
session of the House Ways and Means Committee resulted
rights of humanity could have borne those wrongs any longer.
Our objects in going into the war have been stated with equal clear- in a final decision not to attempt to raise through the pending
ness. The whole of the conception which I take to be the conception bill the increased amount estimated by Secretary McAdoo
of our fellow-countrymen with regard to the outcome.of the war and
an as needed. On that day the advisability of raising approxithe terms of its settlement I set forth with the utmost explicitness in
address to the Senate of the United States on the 22d of January last. mately $400,000,000 by bond issue for the purchase of ships
Again in my message to Congress on the 2d of April last those objects were was discussed, and a tentative decision was reached to modify
stated in unmistakable terms.
section of the measure. ConI can conceive no purpose in seeking to becloud this matter except the the second-class mail rate
purpose of weakening the hands of the Government and making the part vinced of the inequality of the zone rate system on second•which the United States is to play in this great struggle for human liberty
class mail matter contained in the bill, the committee viran inefficient and hesitating part. We have entered the war for our own
neither
forget
shall
and
stated,
clearly
tually decided to substitute the Moon proposal, once included
objects
own
reasons and with our
the reasons nor the objects.
a Post Office bill, fixing a flat rate of one cent a pound on
in
a
is
there
but
There is no hate in our hearts for the German people,
matter and making the parcels post zone rate apply
reading
overcome
to
ation,
misrepresent
by
even
resolve, which cannot be shaken
purposes
upon
acts
which
g matter. Under this plan,it was proposed that
Government
advertisin
on
autocratic
the
of
pretensions
the
to which the German people have never consented.
make their return to the Post Office Department
publishers
yours,
Cordially
and be charged accordingly.
WOODROW WILSON.
On the following day, the 19th, Representative Johnson of
An earlier letter of the President's, addressed to Repren, a newspaper publisher, and Representative
Washingto
the
by
public
made
was
subject,
same
the
sentative Pou on
New York injected new proposals in the secondof
Fitzgerald
Pou
Mr.
latter on May 23. In making known this letter,
, which resulted in final action in the
legislation
mail
class
said:
Representative Johnson declared
deferred.
being
matter
some
was
there
that
saying
19,
May
on
Mr. Pou wrote the President
the mail rate on periodicals
delivered
speech
to
increase
plan,
Cross
Red
Moon
President's
the
the
that
of
part
of
ding
misunderstan
before the American Red Cross Society in Washington City on May 12 carried in the mails to any zones above the second, was unmorning.
this
received
1917. The following is a copy of the reply he
just, and suggested a substitute plan basing the mail rate on
May 21 1917.
subscripMy Dear Mr. Pou.—Certainly no apology was necessary for your letter of the number of subscribers served by mail and the
May 19. It was an act of friendship on your part to write it and of loyalty tion prices of the newspapers or periodicals affected, without
also to the great cause we are engaged in.
Under this plan, it was proposed
Your interpretation of my message I supposed would be the interpreta- regard to distance carried.
pay, in
tion everybody would give it. I meant just what you say, that our that a publication selling at.50 cents a year would
grievance, "while entirely sufficient, was the same as that of other neutral addition to the regular present 1-cent flat rate, a new rate of
us
made
had
nations," perhaps aggravated by the fact that Germany
cent a pound up to 20,000 subscribers. At 20,000 subspecial promises which she had grossly ignored.
I would be very much obliged to you for any steps you might take to scribers the additional rate would be raised to M cent per
correct this damaging and erroneous, and, I must believe, insincere, interthousand. Representative Fitzgerald proposed to reduce the
pretation of my address to the Red Cross.
5% tax on all advertising except newspapers and periodicals
Cordially and sincerely yours,
WOODROW WILSON.
to 1%,and exclude only country weeklies within their home
In a speech in the Senate, in behalf of the President and counties. This was passed over at the suggestion of Mr.
his utterances, Senator J. Hamilton Lewis, on May 23, Kitchin pending discussion of the mail rates. If newspapers
said in part:
are to be included, he said, the change might be made, but
Let me say that there has been a misapprehension. The President has otherwise it would not.
never said that America had no grievance. What the President said in the
A compromise on the second-class mail rates was agreed to
speech to which I invite attention is that America has, or we have, no
conthe
to
a
by the House Ways and Means Committee on May 22, and
special grievance—not that America did not have grievance;
trary; but that America had a grievance that could not be recounted in the new provisions were adopted by the House after midnight
words, as has been frequently disclosed hero in his address, as well as in the
on that day by a vote of 198 to 71. A proposal by Repreevents that have transpired all about us.
ss mail legisWhat the President meant was that the grievance that America had was sentative Mondell to strike out the second-cla
not special from that which was had by the other countries which were lation had previously been voted down 174 to 126. Later,
fighting for the same cause as America was now at war. That is, the
the House (on the 23rd) approved by a vote of
grievance of France, the grievance of Britain, the grievance of democracy, on a roll call,
ss
and was the general grievance which America had; that America's grievance 256 to 150 the committee proposal governing second-cla
was not special from the grievance of mankind, and that the conflict con- mail matter. Three schedules of rates are embodied in the
ducted by America was not only for America in her general grievance but
new provisions as follows:
for mankind.
BILL INCREASING GOVERNMENT REVENUES PASSED
BY HOUSE.
The War Revenue Bill, designed to raise nearly $2,000,000,000 during the coming year by increased taxation, was
passed by the House on May 23 by a vote of 329 to 76. The
bill as approved by the House differs in only a few particulars
from the bill originally drafted. The new surtaxes on incomes above $40,000 (in addition to the existing surtaxes),
which had ranged in the original bill from 8% to 33%, are
fixed in the bill as approved at from 10% to 45%; several
articles, including print paper and pulp and gold and silver,
slated for a duty of 10%, have been retained on the free list;
some relatively slight changes have been made in the rate
proposed on second class mail matter; the bill as introduced
provided for a zone system of rates on newspaper mail, ranging from 2 cents to 6 cents; the House bill in its presentform
would increase the present flat rate from one cent a pound to
a graduated scale ranging from 1 1-6 cents a pound in the
first zone to six cents a pound in the eighth, but these rates
would be temporary only, and by March 1 next would be up
to the high figures of the original bill. A proposed 5% tax
on all advertising other than in newspapers and periodicals
has been eliminated. This tax would have applied principally to street car and bill board advertising. An amendment adopted on the day of the passage of the bill provides
that individual, corporation and excess profits taxes shall be
paid when returns are made, and not three months after the
filing of returns as at present. The bill is expected to undergo material changes in the Senate.iSome of the changes proposed by the Committee on Finance are referred to below.
From July 1 to Nov. 1 1917, 1 1-6 cents a pound for delivery within the
or
first parcel post zone, 1 1-3 for the second or third, 1 2-3 for the fourth
fifth, 2 for the sixth, 2 1-3 for the seventh and 2 2-3 for the eighth.
second
the
for
2-3
1
zone,
first
the
From Nov. 1 to March 1, 1 1-3 cents for
or third, 2 1-3 for the fourth or(fifth, 3 for the sixth, 3 2-3 for the seventh
and 4 1-3 for the eighth.
After March 1, 1;,6 centsfor the first zone, 2 for thesecond or third, 3 for
the fourth or fifth, 4 for the sixth, 5 for the seventh, and 6 for the eighth.
These rates do not apply to second-class mail matter delivered directly from the post office at which the matter is
deposited.
So far as the House proceedings during the past week on
other sections of the bill are concerned, the House, sitting as
Committee of the Whole, successfully resisted on the 18th
repeated attempts to amend the retroactive income, excess
profits, beverage and cigars and tobacco products sections
of the bill. Provisions upheld included a retrocative tax
of one-third of the income tax of every person assessed last
year, a doubled excess profits tax, an increase on whisky
from $1 10 to $2 20 a gallon and from $1 25 to $2 50 on beer,
as well as a new soft-drink tax and a doubled tax on tobacco
and snuff and many other tobacco products. Only a perfunctory fight was made on the excess profits tax section.
Representative Good of Iowa offered an amendment patterned somewhat after the English law, but it was defeated.
Representative Madden of Illinois opposed the retroactive
income tax as unfair, but the section, as indicated last week,
was retained, 123 to 54.
Defeat of a proposal by Representative Lenroot of Wisconsin to strike out the 5%light and heat tax,andithe:adoption of
an amendment lowering the express transportation tax from
10 to 6% were the outstanding results of last Saturday's
debate in the House. The Lenroot proposal was voted down
MAY 26 1917.J
THE CHRONICLE
2069
116 to 58 despite the fact that the Wisconsin Representative subscriptions to the Liberty
Loan from the Exchange emhad effected a $66,000,000 increase in the income tax sur- ployees, either fully paid,
or on a partial payment plan:
tax schedules largely by the argument that he intended they
Resolved, That the Finance Committee be instructed to formulate
and
should be a substitute for the light and heat levies.
put into effect a plan for the reception of subscriptions to the Liberty
Loan
On May 21 the House, in Committee of the Whole, de- by employees of the Stock Exchange, either full paid or on a deferred payment plan to be approved by said committee; and the Finance
Committee
feated by a vote of 137 to 116 an amendment offered by Is hereby authorized
to finance said subscriptions.
Representative Moore of Pennsylvaia, calling for a tax of
$2 50 a bale on raw cotton; on the same day it decided by a
vote of 96 to 92 to limit the 5% tax on automobiles, motor- PRESIDENT PROCLAIMS WEEK ENDING JUNE 25
cycles and their tires to plants paying annual profits of over
AS RED CROSS WEEK:
$5,000,and at least 8% on their capital invested. The House
President Wilson in a proclamation to the American
struck out this provision on the 23d and retained the original people, issued yesterday, designated the week
ending
language levying a 5% tax on the factory price. The pro- June 25 as Red Cross Week. The proclamation urges
every
posal to strike out the entire paragraph relating to the 5% man, woman and child to aid the Red Cross with
generous
tax on automobiles, motorcycles and tires was defeated in gifts to make it possible to best serve in caring for
the
Committee of the Whole on the 21st by a vote of 85 to 48.
armed forces of the country and the administration of relief.
The inheritance tax section was adopted without change The text of President Wilson's proclamation follows:
on May 22. It would reduce the exemption to $25,000 and
PROCLAMATION.
Inasmuch as our thoughts as a nation are now turned in
increase the levies so that estates not in excess of $50,000 toward
united purpose
the performance to the utmost of the services and duties
which
would pay 1 M% and increase others correspondingly until we have assumed in the cause of justice
and liberty:
Inasmuch as but a small proportion of our people can have the
those of $15,000,000 and more would pay 30%.
opportunity to serve upon the actual field of battle, but all men,
The amendment eliminating the proposed tariff tax on children
women and
alike may serve, and serve effectively, by making it possible
to
gold and silver bullion, print paper, certain wood and rag care properly for those who do serve under arms
at home and abroad:
And inasmuch as the American Red Cross is the officially
pulps, coal, fertilizer and personal effects of travelers was
recognized
agency for voluntary effort in behalf of the armed forces of
adopted by the House on the 22d.
the nation and
for the administration of relief;
An effort by Representative Hill of Connecticut to subNow, therefore, by virtue of my authority as President of the
United
stitute for the 10% tariff tax a flat tax of 12 cents a pound on States and President of the American Red Cross, I, Woodrow Wilson, do
hereby proclaim the week ending June 25 1917 as Red Cross Week
during
tea and 6 cents a pound on coffee was defeated on the same which the people of the United
States will be called upon to give generously
day.
and in the spirit of patriotic sacrifice for the support and
maintenance of
As heretofore indicated, the bill calls for a tax of 2%, in this work of national need.
(Signed)
WOODROW
WILSON.
addition to the present tax of 2%,on incomes of corporations
and individuals, and imposes new surtaxes in addition to
those ranging from 1 to 13%;the new surtaxes run from 1% TEXT OF WAR ARMY BILL
EMBODYING SELECTIVE
on incomes between $5,000 and $7,500 to 45% on incomes
DRAFT LEGISLATION.
of $1,000,000 and over; the bill lowers the exemption of inThe Army Bill, providing for selective conscription, was
dividual incomes from $4,000 to $2,000 in the case of married signed
by President Wilson on May 18. The House and
persons and from $3,000 to 81,000 for single persons. In Senate
passed different bills on the subject on April 28, and
addition to the present inheritance taxes, now taxes from 1% a compromis
e bill, agreed to in conference, was accepted by
on estates between $25,000 and $50,000 to 15% on estates the
House on May 16 and by the Senate on May 17. The
of $15,000,000 and over are levied under the bill. In addi- bill as enacted
into law, provides among other things for an
tion to the tax of 8% on excess profits, a further tax of 8% increase
in
the
regular
army to full war strength, the drafting
is imposed; internal revenue taxes on liquor are increased into
the Federal service of all National Guard units, and the
and new taxes on amusements are called for, along with increase
of the Guard to full war strength. The law prostamp taxes.
hibits the sale of liquor at or near army training camps.
The revision of the bill by the Senate Finance Committee The law further provides for the drafting of 500,000 men bewas begun on May 24, when it was reported that reduction tween the ages of 21 and 30, both inclusive, and the drafting
of the gross tax levy of the bill by about one-third, or to of an additional 500,000 men of the same ages when the Presiabout $1,250,000,000, is favored by most of the committee- dent deems it necessary. President Wilson in signing the bill
men. It is the belief, at any rate, that the aggregate tax issued a statement announcing that he had decided not to
burden will not be increased, and that the committee will .avail himself of the authority given in the bill providing for
not consider adding the extra estimates of $445,000,000 the raising of a volunteer army of four divisions. This
recently submitted by the Treasury Department. Short- amendment played a prominent part in the proceedings on
term bonds to take care of the millions by which the total the bill before Congress, its purpose being to allow Colonel
levy for this year probably will be reduced apparently is Theodore Roosevelt to lead a volunteer army to France.
generally favored. Chairman Simmons announced after We refer elsewhere to the President's statement concerning
Thursday's meeting that the Committee had agreed to the the same and to the disbandment of the Roosevelt volunteers. Immediately after signing the bill the President issued
following changes in the House measure:
a proclamation (also printed in another column),fixing June 5
To strike out the additional retroactive income tax on incomes
earned
as the day on which all men between the ages of 21 and 30
in 1916;
To strike out all provisions for increased second class mall
rates under the both inclusive,are to register in their home precincts. About
zone system, and substitute a low direct tax (probably
advertising, including that in newspapers and magazines about 2%) on all 10,000,000 are expected to register;from this number 500,000
and of billboards,
posters and street cars; and
are to be conscripted to form the new National Army. After
To substitute for the House excess profits tax on profits over 8% of
registration and exemptions have been completed, those
the
incapital,
an
excess profits tax based instead on
vested
average profits for passing the physical examinatio
n and declared to be eligible
a period of years, not more than five.
Elimination of the retroactive tax on 1916 incomes, for war service will have their names placed in jury wheels
Senator Simmons estimated, alone would result in reduction and in this manner the first 500,000 men will be drafted.
of the House bill's tax levy by $108,000,000. The loss of byBelow we print in full the text of the Army bill as signed
the President on May 18:
revenue by elimination of the section will be partly, if not
[H. B. 3545.1
wholly, recouped, the committee believes, by the proposed AN ACT To authorize the President
to increase temporarily the Military
2% tax on all advertising. It was stated yesterday that it
Establishment of the United States.
had been definitely agreed to eliminate the 10% additional
Be it enacted by the Senate and House of Representatires of the United States
on the tariff, and to strike out the additional taxes on in- of America in Congress assembled, That in view of the existing emergency,
which demands the raising of troops in addition to those now available.
heritances.
the President be, and he is hereby, authorized—
NEW YORK STOCK EXCHANGE TO PAY CONSCRIPTED
MEN DIFFERENCE IN SALARIES.
The Committee of Arrangements of the New York Stock
Exchange on May 23 decided that all employees of the
Exchange who enlist, or are drafted for service in the army,
navy, or marine corps, will receive the difference between
their present salary and what the Government pays them,
up to Dec. 31 of this year.
The Committee also passed the following resolution
requesting the Finance Committeento arrange to receive
First. Immediately to raise, organize, officer, and equip all or such number of increments of the Regular Army provided by the national defense Act
approved June third, nineteen hundred and sixteen, or such parts thereof
as he may deem necessary; to raise all organizations of the Regular Army;
Including those added by such increments, to the maximum enlisted
strength authorized by law. Vacancies in the Regular Army created or'
caused by the addition of increments as herein authorized which can not
be filled by promotion may be filled by temporary appointment for the
period of the emergency or until replaced by permanent appointments or
by provisional appointments made under the provisions of section twentythree of the national defense Act, approved June third, nineteen hundred
and sixteen, and hereafter provisional appointments under such section
may be terminated whenever it is determined, in the manner prescribed
by the President, that the officer has not the suitability and fitness requisite
for permanent appointment.
2070
THE CHRONICLE
[VOL. 10g.
or draft, as herein provided, special and technical troops as he may
Second. To draft into the military service of the United States, organize. ment
necessary, and to embody them into organizations and to officer them
and officer, in accordance with the provisions of section one hundred and deem
provided in the third paragraph of section one and section nine of this Act.
eleven of said national defense Act, so far as the provisions of said section as
ns of the forces herein provided for, except the Regular Army
may be applicable and not inconsistent with the terms of this Act, any or Organizatio
the divisions authorized in the seventh paragraph of section one, shall,
all:members of the National Guard and of the National Guard Reserves, and
far as the interests of the service permit, be composed of men who come,
and:said members so drafted into the military service of the United States as
of officers who are appointed from, the same State or locality.
shall serve therein for the period of the existing emergency unless sooner and
Sec. 3. No bounty shall be paid to induce any person to enlist in the
discharged: Provided, That when so drafted the organizations or units of
service of the United States; and no person liable to military
the National Guard shall, so far as practicable, retain the State designa- military
service shall hereafter be permitted or allowed to furnish a substitute for
tions of their respective organizations.
such service; nor shall any substitute be received, enlisted, or enrolled in
Third. To raise by draft as herein provided, organize and equip an adparts the military service of the United States; and no such person shall be perditional force of five hundred thousand enlisted men, or such part or
mitted to escape such service or to be discharged therefrom prior to the
thereof as he may at any time deem necessary, and to provide the necesof his term of service by the payment of money or any other
sary officers, line and staff, for said force and for organizations of the other expiration
valuable thing whatsoever as consideration for his release from military
forces hereby authorized, or by combining organizations of said other forces,
in service or liability thereto
by ordering members of the Officers' Reserve Corps to temporary duty
Sec. 4. That the Vice-President of the United States, the officers,
accordance with the provisions of section thirty-eight of the national
legislative, executive, and judicial, of the United States and of the several
apby
sixteen;
and
defense Act, approved June third, nineteen hundred
Territories, and the District of Columbia, regular or duly ordained
pointment from the Regular Army, the Officers' Reserve Corps,from those States,
of religion, students who at the time of the approval of this Act
duly qualified and registered pursuant to section twenty-three of the Act ministers
for the ministry in recognized theological or divinity schools,
of Congress, approved January twenty-first, nineteen hundred and three are preparing
from the selective draft herein prescribed, and nothing in this Act
(Thirty-second Statutes at Large, page seven hundred and seventy-five), exempt
all persons in the military and naval service of the United States shall be
from the members of the National Guard drafted into the service of the and
contained shall be construed to require or compel any person to serve in
United States, from those who have been graduated from educational
of the forces herein provided for who is found to be a member of any
institutions at which military instruction is compulsory, or from those any
zed religious sect or organization at present organized and
well-recogni
Guard,
National
the
Army,
Regular
the
in
service
who have had honorable
existing and whose existing creed or principles forbid its members to paror in the volunteer forces, or from the country at large; by assigning retired
rank ticipate in war in any form and whose religious convictions are against
officers of the Regular Army to active duty with such force with their
the war or participation therein in accordance with the creed or principles
on the retired list and the full pay and allowances of their grade; or by
the of said religious organizations, but no person so exempted shall be exappointment of retired officers and enlisted men, active or retired, of
the empted from service in any capacity that the President shall declare to
That
Provided,
forces:
such
in
ed
officers
commission
as
Army
Regular
noncombatant; and the President is hereby authorized to exclude
organizations of said force shall be the same as that of the corresponding be
is or discharge from said selective draft and from the draft under the second
organizations of the Regular Army: Provided further, That the President
of section one hereof, or to draft for partial military service
authorized to increase or decrease the number of organizations prescribed paragraph
only from those liable to draft as in this Act provided, persons of the
Army,
Regular
the
of
corps
or
army
divisions,
brigades,
typical
for the
for following classes: County and municipal officials; customhouse clerks;
and to prescribe such new and different organizations and personnel
persons employed by the United States in the transmission of the mail;
army corps, divisions, brigades, regiments, battalions, squadrons, comrequire: artificers and workmen employed in the armories, arsenals, and navy
panies, troops, and batteries as the efficiency of the service may
of the United States, and such other persons employed in tho service
Provided further, That the number of organizations in a regiment shall not yards
of the United States as the President may designate; pilots, mariners
be increased nor shall the number of regiments be decreased: Provided
and actually employed in the sea service of any citizen or merchant within the
further, That the President in his discretion may organize, officer,
United States; persons engaged in industries, including agriculture, found
equip for each Infantry and Cavalry brigade three machine-gun combe necessary to the maintenance of the Military Establishment or the
to
comn
machine-gu
four
division
Cavalry
and
Infantry
each
for
panies, and
operation of the military forces or the maintenance of national
panies, all in addition to the machine-gun companies comprised in organi- effective
the interest during the emergency; those in a status with respect to persons
zations included in such brigades and divisions: Provided further, That
upon them for support which renders their exclusion or disPresident in his discretion may organize for each division one armored dependent
and those found to bb physically or morally deficient.
advisable;
charge
organized
companies
n
machine-gu
The
company.
n
motor-car machine-gu
person- No exemption or exclusion shall continuo when a cause therefor no longer
under this section shall consist of such commissioned and enlisted
And exists: Provided, That notwithstanding the exemptions enumerated herein,
nel and be equipped in such manner as the President may prescribe:
shall be each State, Territory, and the District of Columbia shall be required to
provided further, That officers with rank not above that of colonel
the supply its quota in the proportion that its population bears to the total
appointed by the President alone, and officers above that grade by
fur- population of the United States,
President by and with the advice and consent of the Senate: Provided
The President is hereby authorized, in his discretion, to create and esther, That the President may in his discretion recommission in the Coast
tablish throughout the several States and subdivisions thereof and in the
Guard persons who have heretofore held commissions in the Revenuehis
honorably, Territories and the District of Columbia local boards, and where, in
Cutter Service or the Coast Guard and have left the service
discretion, practicable and desirable, there shall be created and estabafter ascertaining that they are qualified for service physically, morally,
each
in
lished one such local board in each county or similar subdivision
and as to age and military fitness.
and one for approximately each thirty thousand of population
Fourt. The President is further authorized, in his discretion and at such State,
each city of thirty thousand population or over, according to the last
time as he may determine, to raise and begin the training of an additional in
taken or estimates furnished by the Bureau of Census of the Deforce of five hundred thousand men organized, officered, and equipped, census
this partment of Commerce. Such boards shall be appointed by the Presias provided for the force first mentioned in the preceding paragraph of
shall
dent, and shall consist of three or more members, none of whom
section.
with the Military Establishment, to be chosen from among
Fifth. To raise by draft, organize, equip, and officer, as provided in the be connected
residing
the local authorities of such subdivisions or from other citizens
third paragraph of this section, in addition to and for each of the above
jurisin the subdivision or area in which the respective boards will have
forces, such recruit training units as he may deem necessary for the mainSuch
President.
by
the
prescribed
and regulations
rules
the
under
diction
strength.
maximum
the
at
tenance of such forces
shall have power within their respective jurisdictions to hear and
Sixth. To raise, organize, officer, and maintain during the emergency board
of
and determine, subject to review as hereinafter provided, all questions
such number of ammunition batteries and battalions, depot batteries
of per- exemption under this Act, and all questions of or claims for including
battalions, and such artillery parks, with such numbers and grades
selective
the
from
or discharging individuals, or classes of individuals
sonnel as he may deem necessary. Such organizations shall be officered
the
draft, which shall be made under rules and regulations prescribed by
In the manner provided in the third paragraph of this section, and enlisted
or exPresident, except any and every question or claim for including
men may be assigned to said organizations from any of the forces herein
selective
cluding or discharging persons or classes of persons from the
provided for or raised by selective draft as by this Act provided.
exunder the provisions of this Act authorizing the President to
Seventh. The President is further authorized to raise and maintain by draft
clude or discharge from the selective draft, "Persons engaged in industries
infantry
four
exceed
to
not
equip,
and
organize,
to
enlistment,
voluntary
e of the Miliprovided by including agriculture, found to be necessary to the maintenanc
divisions, the officers of which shall be selected in the manner
the
organization tary Establishment, or the effective operation of the military forces, or
paragraph three of section one of this Act: Provided, That the
"
emergency.
the
of national interest during
maintenance
organization
ng
correspondi
the
of
of said force shall be the same as that
The President is hereby authorized to establish additional boards,
enlistof the Regular Army: And provided further, That there shall be no
of en- one in each Federal judicial district of the United States, consisting of such
ments in said force of men under twenty-four years of age at time
number of citizens, not connected with the Military Establishment, as the
listing: And provided further, That no such volunteer force shall be ac- President may determine, who shall be appointed by the President. The
division.
a
than
cepted in any unit smaller
President is hereby authorized, In his discretion, to establish more than
Sec. 2. That the enlisted men required to raise and maintain the organito
one such board in any Federal judicial district of the United States, or
zations of the Regular Army and to complete and maintain the organizainto
the establish one such board having jurisdiction of an area extending
tions embodying the members of the National Guard drafted into
district.
judicial
this Act more than one Federal
service of the United States, at the maximum legal strength as by
Such district boards shall review on appeal and affirm, modify, or rethe
provided, shall be raised by voluntary enlistment, or if and whenever
area in
verse any decision of any local board having jurisdiction in the
maintained,
or
President decides that they can not effectually be so raised
has jurisdiction under the rules and regulaboard
district
such
any
which
as
except
authorized,
hereby
forces
then by selective draft; and all other
have exclusive
main- tions prescribed by the President. Such district boards shall
provided in the seventh paragraph of section one, shall be raised and
hear and determine
prevent original jurisdiction within their res-pective areas to
tained by selective draft exclusively; but this provision shall not
persons or
all questions or claims for including or excluding or discharging
the transfer to any force of training cadres from other forces. Such draft
the selective draft, under the provisions of this
from
of
persons
classes
all
of
service
military
to
liability
upon
as herein provided shall be based
local boards.
their Act, not included within the original jurisdiction of such
male citizens, or male persons not alien enemies who have declared
The decisions of such district boards shall be final except that, in accordthirty
intention to become citizens, between the ages of twenty-one and
may prescribe, he
such ance with such rules and regulations as the President
years, both inclusive, and shall take place and be maintained under
any such decision.
reverse
or
modify
affirm,
may
terms
the
with
inconsistent
not
regulations as the President may prescribe
filled by
Any vacancy in any such local board or district board shall be
of
of this Act. Quotas for the several States, Territories, and the District
board or district board
to the the President, and any member of any such local
Columbia, or subdivisions thereof, shall be determined in proportion
President,
Dis- may be removed and another appointed in his place by the
population thereof, and credit shall be given to any State, Territory,
it.
the mili- whenever he considers that the interest of the nation demands organizatrict, or subdivision thereof, for the number of men who were in
the
governing
regulations
and
The President shall make rules
on
tary service of the United States as members of the National Guard
providing
tion and,procedure of such local boards and district boards, and
April first, nineteen hundred and seventeen, or who have since said date
and governing appeals from such local boards to such district boards,
for
State,
entered the military service of the United States from any such
having
board
the
by
district
Army and reviews of the decisions of any local board
Territory, District, or subdivision, either as members of the Regular
jurisdiction, and determining and prescribing the several areas in which
United
the
of
service
the
into
drafted
persons
All
or the National Guard.
, and
the respective local boards and district boards shall have jurisdiction
proStates and all officers accepting conunissions in the forces herein provided
other rules and regulations necessary to carry out the terms and
for shall, from the date of said draft or acceptance, be subject to the laws all
of
certificates
of
for the issuance
shall
provide
and
section,
this
of
visions
promotions,
to
as
except
and regulations governing the Regular Army,
exemption, or partial or limited exemptions, and for a system to exclude
perwhose
persons
to
applicable
are
regulations
so far as such laws and
discharge individuals from selective draft.
manent retention in the military service on the active or retired list is not and
and
Sec. 5. That all male persons between the ages of twenty-one
contemplated by existing law, and those drafted shall be required to serve
thirty, both inclusive, shall be subject to registration in accordance with
for the period of the existing emergency unless sooner discharged: Provided,
by
n
proclamatio
upon
and
President;
regulations to be prescribed by the
That the President is authorized to raise and maintain by voluntary enlist-
MAY 26 1917.]
THE CHRONICLE
2071
the President or other public notice givedbylim or by his direction stating perior in rank to the officer whose
qualifications are to be inquired into,
the time and place of such registration it shall be the duty of all persons of and if the report of such board be
adverse to the continuance of any such
the designated ages, except officers and enlisted men of the Regular Army, officer and be approved by the President,
such officer shall be discharged
the Navy, and the National Guard and Naval Militia while in the service from the service at the discretion of the
President with one month'epay
of the United States, to present themselves for and submit to registration and allowances.
under the provisions of this Act; and every such person shall be deemed
Sec. 10. That all officers and enlisted men of the forces herein provided
to have notice of the requirements of this Act upon the publication of said for other than the Regular Army shall be in
all respects on the same footing
proclamation or other notice as aforesaid given by the President or by his as to pay, allowances, and pensions as
officers and enlisted men of cordirection; and any person who shall willfully fail or refuse to present him- responding grades and length of service in the
Regular Army; and'comself for registration or to submit thereto as herein provided, shall be guilty mencing June one, nineteen hundred and
seventeen, and continuing'until
of a misdemeanor and shall, upon conviction in the district court of the the termination of the emergency, all
enlisted men of the Army of the
United States having jurisdiction thereof, be punished by imprisonment United States in active service whose
base pay does not exceed $21 per
for not more than one year, and shall thereupon be duly registered: Pro- month shall receive an increase
of $15 per month; those whose base pay is
vided, That in the call of the docket precedence shall be given, in courts $24, an increase of $12 per month;
those whose base pay is $30, $36, or
trying the same, to the trial of criminal proceedings under this Act: Pro- $40, an increase of $8 per
month; and those whose base pay is $45 or more,
vided further, That persons shall be subject to registration as herein pro- an increase of $6 per month:
Provided, That the increase of pay herein
vided who shall have attained their twenty-first birthday and who shall authorized shall not enter
into the computation of the continuous-service
not have attained their thirty-first birthday on or before the day set for pay.
the registration, and all persons so registered shall be and remain subject to
Sec. 11. That all existing restrictions upon the detail,
detachment, and
draft into the forces hereby authorized, unless exempted or excused there- employment of officers and
enlisted men of the Regular Army are hereby
from as in this Act provided: Provided further, That in the case of tem- suspended for the period of the
present emergency.
porary absence from actual place of legal residence of any person liable to
Sec. 12. That the President of the United States, as
Commander in Chief
registration as provided herein such registration may be made by mail of the Army, is authorized to make such
regulations governing the prounder regulations to be prescribed by the President.
hibition of alcoholic liquors in or near military camps and
to the officers
Sec. 6. That the President is hereby authorized to utilize the service of and enlisted men of the Army as he may from
time to time deem necessary
any or all departments and any or all officers or agents of the United States or advisable: Prorided, That no person,
corporation, partnership, or assoand of the several States, Territories, and the District of Columbia, and ciation shall sell, supply, or have in his or its
possession any intoxicating
subdivisions thereof, in the execution of this Act, and all officers and agents or spirituous liquors at any military station,
cantonment, camp, fort, post,
of the United States and of the several States, Territories, and subdivisions officers' or enlisted men's club, which is
being used at the time for military
thereof, and of the District of Columbia, and all persons designated or purposes under this Act,
but the Secretary of War may make regulations
appointed under regulations prescribed by the President whether such permitting the sale
and use of intoxicating liquors for medicinal purposes. It
appointments are made by the President himself or by the governor or shall be unlawful
to sell any intoxicating liquor, including beer, ale, or wine,
other officer of any State or Territory to perform any duty in the execution to any officer or
member of the military forces while in uniform, except as
of this Act, are hereby required to perform such duty as the President shall herein provided.
Any person, corporation, partnership, or association
order or direct, and all such officers and agents and persons so designated violating the
provisions of this section or the regulations made thereunder
or appointed shall hereby have full authority for all acts done by them in shall, unless otherwise
punishable under the Articles of War, be deemed
•the execution of this Act by the direction of the President. Correspon- guilty of a misdemeanor
and be punished by a fine of not more than $1,000
dence In the execution of this Act may be carried in penalty envelopes or imprisonment for not
more than twelve months, or both.
bearing the frank of the War Department. Any person charged as herein
Sec. 13. That the Secretary of War is hereby authorized, empowered,
provided with the duty of carrying into effect any of the provisions of this and directed during the
present war to do everything by him deemed necesAct or the regulations made or directions given thereunder who shall fail sary to suppress and prevent
the keeping or setting up of houses of ill fame,
or neglect to perform such duty; and any person charged with such duty brothels, or bawdy
houses within such distance as he may deem needful
or having and exercising any authority under said Act, regulations, or of any military camp,
station, fort, post, cantonment, training, or mobilidirections, who shall knowingly make or be a party to the making of any zation place, and any
person, corporation, partnership, or association refalse or incorrect registration, physical examination, exemption, enlist- ceiving or permitting
to be received for immoral purposes any person into
ment, enrollment, or muster; and any person who shall make or be a party any place, structure,
or building used for the purpose of lewdness, assignato the making of any false statement or certificate as to the fitness or lia- tion, or prostitution
within such distance of said places as may be desigbility of himself or any other person for service under the provisions of nated, or shall
permit any such person to remain for immoral purposes in
this Act, or regulations made by the President thereunder, or otherwise any such place,
structure, or building as aforesaid, or who shall violate any
evades or aids another to evade the requirements of this Act or of said order, rule,
or regulation issued to carry out the object and purpose of this
regulations, or who, in any manner,shall fail or neglect fully to perform any section shall, unless
otherwise punishable under the Articles of War, be
duty required of him in the execution of this Act, shall, if not subject to deemed guilty of a
misdemeanor and be punished by a fine of not more than
military law, be guilty of a misdemeanor, and upon conviction in the dis- $1,000, or
imprisonment for not more than twelve months or both.
trict court of the United States having jurisdiction thereof, be punished
Sec. 14. That all laws and parts of laws in conflict with the provisions of
by imprisonment for not more than one year, or, if subject to military law, this Act are hereby
suspended during the period of this emergency.
shall be tried by court-martial and suffer such punishment as a court-marApproved, May 18, 1917.
tial may direct.
Sec. 7. That the qualifications and conditions for voluntary enlistment
as herein provided shall be the same as those proscibed by existing law for PRESIDENT'S PROCLAMATION PUTTING INTO EFenlistments in the Regular Army, except that recruits must be between the
FECT THE SELECTIVE DRAFT PROVISIONS OF
ages of eighteen and forty years, both inclusive, at the time of their enlistment; and such enlistments shall be for the period of the emergency unless
ARMY BILL.
sooner discharged. All enlistments, including those in the Regular Army
Following the signing by President Wilson on May 18 of
Reserve, which are in force on the date of the approval of this Act and which
would terminate during the emergency shall continue in force during the the war Army Bill, embodying legislation for conscripting
emergency unless sooner discharged; but nothing herein contained shall be certain classes of young men into military service, a proclamaconstrued to shorten the period of any existing enlistment: Provided, That
tion was issued by the President fixing June 5 as the date for
all persons enlisted or drafted under any of the provisions of this Act shall as
far as practicable be grouped into units by States and the political subdi- the registration of men between the ages of twenty-one and
visions of the same: Provided further, That all persons who have
enlisted thirty, inclusive, subject to draft under the provisions of
since April first, nineteen hundred and seventeen, either in the Regular
the newly-enacted law. In his proclamation the President
Army or in the National Guard and all persons who have enlisted in the
National Guard since June third, nineteen hundred and sixteen, upon their sets out that "it is not an army that we must shape and train
application, shall be discharged upon the termination of the existing emer- for war—it is a nation. To this
end our people must draw
gency.
close in one compact front against a common foe. * * *
The President may provide for the discharge of any or all enlisted men
whoso status with respect to dependents renders such discharge advisable; The whole nation must be a team in which each man shall
and he may also authorize the employment on any active duty of retired play the part for which he is best fitted. To this
end Conenlisted men of the Regular Army, either with their rank on the retired list
or in higher enlisted grades, and such retired enlisted men shall receive the gress has provided that the nation shall be organized for war
full pay and allowances of the grades in which they are actively employed. by selection, and that each man shall be classified for service
Sec. 8. That the President, by and with the advice and consent of the in the place to which it
shall best serve the general good to
Senate, is authorized to appoint for the period of the existing emergency
such general officers of appropriate grades as may be necessary for duty call him. The significance of this cannot be overstated.
with brigades, divisions, and higher units in which the forces provided for It is a new thing in our history and a landmark in our proherein may be organized by the President, and general officers of approgress." The full text of the Army Bill appears elsewhere
priate grade for the several Coast Artillery districts. In so far as
such in our issue to-da
appointments may be made from any of the forces
y. The proclamation in full follows:
herein provided for,
Whereas, Congress has enacted and the President has on the 18th day of
the appointees may be selected irrespective of the grades hold by them in
May,
Vacancies
one
all
grades
in
thousand
in the Regular Army resulting
nine hundred and seventeen, approved a law which
such forces.
from
the appointment of officers thereof to higher grades in the forces other than contains the following provisions:
Section 5.—That all male persons between the ages of twenty-one and
the Regular Army herein provided for shall be filled by temporary promothirty, both inclusive, shall be subject to registration in accordance with
tions and appointments in the manner prescribed for filling temporary regulations
to be prescribed by the President, and upon proclamation by
vacancies by section one hundred and fourteen of the national defense Act, the President or other public notice given by him or by
his direction stating
approved June third, nineteen hundred and sixteen; and officers appointed the time and place of such registration, it shall be the duty of all persons of
the designated ages, except officers and enlisted men of the regular army,
under the provisions of this Act to higher grades in the forces other than the
navy and the National Guard and Naval
while in the service
the Regular Army herein provided for shall not vacate their permanent of the United States, to present themselves forMilitia
and submit to registration
commissions nor be prejudiced in their relative or lineal standing in the under the provisions of this Act; and every such person shall be deemed to
have notice of the requirements of this Act upon the publication of said
Regular Army.
proclamation
other notice as aforesaid given by the President or by his
Sec. 9. That the appointments authorized and made as provided by the direction; and or
any person who shall wilfully fail or refuse to present himself
second, third, fourth, fifth, sixth, and seventh paragraphs of section one for registration or to submit thereto as herein provided
shall be guilty of a
and
Act,
the
and by section eight of this
temporary appointments in the misdemeanor and shall, upon conviction in the district court of the United
Regular Army authorized by the first paragraph of section one of this Act, States having jurisdiction thereof, be punished by imprisonment for not
more
than
one
year
shall
and
thereupon
be duly registered, provided that
shall be for the period of the emergency, unless sooner terminated by dis- in the call of the docket precedence shall be
given in courts trying the same
charge or otherwise. The President is hereby authorized to discharge any to the trial of criminal proceedings under this Act.
Provided,
further, that persons shall be subject to registration, as hereofficer from the office held by him under such appointment for any cause
which, in the judgment of the President, would promote the public service; in provided, who shall have attained their twenty-first birthday, and who
shall not have attained their thirty-first birthday on or before the day sq:t
and the general commanding any division and higher tactical organization for the registration,
and all persons so registered shall be and remain su5or territorial department is authorized to appoint from time to time mili- ject to draft into the forces hereby authorized, unless exempted or excused
tary boards of not less than three nor more than five officers of the forces therefrom as in this Act provided;
Provided, further, that in the case of temporary absence from actual
herein provided for to examine into and report upon the capacity, qualifica- place
of legal residence of any person liable to registration as provided heretion, conduct, and efficiency of any commissioned officer within his com- in,such registration may be made by mail under
regulations to be prescribed
mand other than officers of the Regular Army holding permanent or pro- by the President.
6.—That the President is hereby authorized to utilize the service
visional commissions therein. Each member of such board shall be su- ofSection
any or all departments, and any or all officers or agents of the United
:7 2072
THE CHRONICLE
[VOL. 104.
States, and of the several States, Territories and the District of Columbia.
and HERBERT C. HOOVER APPOINTED FOOD ADMINISand subdivisions thereof, in the execution of this Act, and all officers
subagents of the United States and of the several States, Territories anddesigTRATOR—PRESIDENT'S PROCLAMATION.
persons
all
and
Columbia,
of
divisions thereof, and of the District
nated or appointed under regulations prescribed by the President, whether
Wilson, in a formal statement issued on May 19,
President
Governor
the
by
or
himself
President
the
by
made
are
appointments
such
in the exe- outlining the Administration's food control program, and
or other officer of any State or Territory, to perform any duty
cution of this Act, are hereby required to perform such duty as the President shall order or direct, and all such officers and agents and persons so explaining the scope and purpose of the Administration's
designated or appointed shall hereby have full authority for all acts done by
legislation now before Congress to control the food situation,
them in the execution of this Act by the direction of the President.
Correspondence in the execution of this Act may be carried in penalty announced that he had asked Herbert C. Hoover, head of the
envelopes bearing the frank of the War Department.
Any person charged as herein provided with the duty of carrying into American Commission for Relief in Belgium, and Chairman
effect any of the provisions of this Act or the regulations made or directions
any of the Committee on Food Supply and Prices, created by the
given thereunder who shall fail or neglect to perform such duty; and
person charged with such duty or having and exercising any authority under
Defense, to become Food Administrasaid Act, regulations or directions, who shall knowingly make or be a party Council of National
to the making of any false or incorrect registration, physical examination.
made known that Mr. Hoover had
also
President
The
tor.
shall
who
person
exemption, enlistment, enrollment, or muster, and any
make or be a party to the making of any false statement or certificate as accepted on condition that neither he nor his immediate
to the fitness or liability of himself or any other person for service under the
provisions of this Act, or regulations made by the President thereunder, assistants should receive pay for their services. The aporLotherwise evades or aids another to evade the requirements of this Act pointment of Mr. Hoover as Food Administrator is provioriel'said regulations, or who, in any manner, shall fail or neglect fully to
perform any duty required of him in the execution of this Act, shall, if not sional on authorization by Congress of the Emergency Food
subject to military law, be guilty of a misdemeanor, and upon conviction
In the District Court of the United States having jurisdiction thereof, be Commission provided for in one of the food bills before
punished by imprisonment for not more than one year, or, if subject to
military law, shall be tried by court-martial and suffer such punishment as Congress, and Mr. Hoover's acceptance of the office also was
a court-martial may direct.
on the assumption that Congress would not see fit to limit
Now, therefore, I, Woodrow Wilson, President of the United States, do
a successful
call upon the Governor of each of the several States and Territories, the the powers which Mr. Hoover regards as vital to
Board or Commissioners of the District of Columbia, and all officers and administration of the food situation. Soon after the Presiagents of the several States and Territories, of the District of Columbia and dent's statement was issued on May 19, Mr. Hoover made
of the counties and municipalities therein, to perform certain duties in the
he outline& his
execution of the foregoing law, which duties will be communicated to them public a declaration of principles in which
directly in regulations of even date herewith.
plans for feeding the Allies while still conserving sufficient
And I do further proclaim and give notice to all persons subject to regis- food supplies for consumption here. He said that he desired
Tation in the several States and in the District of Columbia, in accordgreat
ance with the above law, that the time and place of such registration shall to have the food administration divided into four
be between 7 a. m. and 9 p. in. on the fifth day of Tune, 1917, at the regis- sections, the duties of which he laid down in detail. Mr.
homes.
their
permanent
tration place in the precinct wherein they have
Hoover also took occasion to reject the titles of Food DicThose who shall have attained their twenty-first birthday and who shall
not have attained their thirty-first birthday on or before the day here tator and Food Controller, stating that they did not fit the
named are required to register, excepting only officers and enlisted men of emergency. The problem was one, he declared, not of dicthe regular army, the navy, the Marine Corps and the National Guard and
but of wise administration.
Naval Militia while in the service of the United States, and officers in the tation,
Officers' Reserve Corps and enlisted men in the enlisted Reserve Corps while
President Wilson's proclamation follows:
In active service. In the territories of Alaska. Hawaii and Porto Rico a
It is very desirable, in order to prevent misunderstandings or alarms and
day for registration will be named in a later proclamation.
And I do charge those who, through sickness, shall be unable to present to assure co-operation in a vital matter, that the country should understand
themselves for registration, that they apply on or before the day of regis- exactly the scope and purpose of the very great powers which I have thought
tration to the County Clerk of the county where they may be for instruc- it necessary in the circumstances to ask the Congress to put in my hands
tions as to how they may be registered by agent. Those who expect to be with regard to our food supplies. Those powers are very great, indeed,
absent on the day named from the counties in which they have their per- but they are no greater than it has proved necessary to lodge in the other
manent homes may register by mail, but their mailed registration cards Governments which are conducting this momentous war, and their object is
must reach the places in which they have their permanent homes by the stimulation and conservation, not arbitrary restraint or injurious interday named herein. They should apply as soon as practicable to the County ference with the normal processes of production. They are intended to
Clerk of the county wherein they may be for instructions as to how they benefit and assist the farmer and all those who play a legitimate part in the
preparation, distribution and marketing of foodstuffs.
may accomplish their registration by mall.
It is proposed to draw a sharp line of distinction between the normal
In case such persons as through sickness or absence may be unable to
cities
in
of the Government represented in the Department of Agriculture
sojourning
be
activities
present themselves personally for registration shall
city
the
of
City
Clerk
in
the
to
shall
apply
reference to food production, conservation and marketing, on the one
they
population,
of over 30,000
wherein they may be sojourning rather than to the Clerk of the County. hand, and the emergency activities necessitated by the war in reference
The clerks of counties and of cities of over 30,000 population in which to the regulation of food distribution and consumption, on the other. All
numerous applications from the sick and from non-residents are expected measures intended directly to extend the normal activities of the Departare authorized to establish such sub-agencies and to employ and deputize ment of Agriculture in reference to the production, conservation and the
marketing of farm crops will be administered, as in normal times, through
such clerical force as may be necessary to accommodate these applications
The Power against which we are arrayed has sought to impose its wiii that department, and the powers asked for over distribution and conIt
until
over exports, imports, prices, purchase, and requisition of comhas
armament
it
this
end
To
increased
sumption,
force.
by
upon the world
has changed the face of war. In the sense in which we have been wont modities, storing, and the like which may require regulation during the
to think of armies, there are no armies in this struggle; there are entire war will be placed in the hands of a Commissioner of Food Administration,
nations armed. Thus the men who remain to till the soil and man the appointed by the President and directly responsible to him.
The objects sought to be served by the legislation asked for are: Full
factories are no less a part of the army that is in France than the men beinquiry into the existing available stocks of foodstuffs and into the costs
neath the battle flags.
It must be so with us. It is not an army that we must shape and train and practices of the various food-producing and distributing trades; the
for war; it is a nation. To this end our people must draw close in one prevention of all unwarranted hoarding of every kind and of the control of
compact front against a common foe. But this cannot be if each man pur- foOdstuffs by persons who are not in any legitimate sense producers, dealers,
or traders; the requisitioning when necessary for the public use of food
sues a private purpose. All must pursue one purpose.
The nation needs all men, but it needs each man, not in the field that supplies and of the equipment necessary for handling them properly; the
will most pleasure him, but in the endeavor that will best servo the common licensing of wholesome and legitimate mixtures and milling percentages,
and the prohibition of the unnecessary or wasteful use of foods.
good.
Authority is asked also to establish prices, but not in order to limit the
Thus, though a sharpshooter pleases to operate a trip-hammer for the
forging of great guns, and an expert machinist desires to march with the profits of the farmers, but only to guarantee to them when necessary a
flag, the nation is being served only when the sharpshooter marches and the minimum price which will insure them a profit where they are asked to
machinist remains at his levers. The whole nation must be a team in which attempt now crops and to secure the consumer against extortion by breaking
up corners and attempts at speculation, when they occur, by fixing temeach man shall play the part for which he is best fitted.
e organized porarily a reasonable price at which middlemen must sell.
To this end, Congress has provided that the nation sha
-•'ce in the
I have asked Mr. Herbert Hoover to undertake this all-important task
for war by selection; that each man shall be classified tot
of food administration. He has expressed his willingness to do so on
place to which it shall best serve the general good to call him
thing
in
our
new
a
that he is to receive no payment for his services and that the
is
It
condition
be
cannot
overstated.
this
of
significance
The
istory and a landmark in our progress. It is a new manner of accepting whole of the force under him, exclusive of clerical assistance, shall be
the
employed, so far as possible, upon the same volunteer basis. He has
and vitalizing our duty, to give ourselves with thoughtful devotion to
common purpose of us all. It is in no sense a conscription of the unwill- expressed his confidence that this difficult matter of food administration
ing; it is rather selection from a nation which has volunteered in mass. It can be successfully accomplished through the voluntary co-operation and
Is no more a choosing of those who shall march with the colors than it is a direction of legitimate distributers of foodstuffs and with the help of the
selection of those who shall servo an equally necessary and devoted purpose women of the country.
Although it is absolutely necessary that unquestionable powers shall be
In the Industries that lie behind the battle line.
The day here named is the time upon which all shall present themselves placed in my hands, in order to insure the success of this administration
for assignment to their tasks. It is for that reason destined to be remem- of the food supplies of the country,I am confident that the exercise of those
bered as one of the most conspicuous moments in our history. It is noth- powers will be necessary only in the few cases where some small and selfish
ing less than the day upon which the manhood of the country shall step for- minority proves unwilling to put the nation's interests above personal adward in one solid rank in defence of the ideals to which this nation is conse- vantage. and that the whole country will heartily support Mr. Hoover's
crated. It is important to those ideals, no less than to the pride of this efforts by supplying the necessary volunteer agencies throughout the
generation in manifesting its devotion to them, that there be no gaps in country for the intelligent control of food consumption and securing the
co-operation of the most capable leaders of the very interests most directly
the ranks.
It is essential that the day be approached in thoughtful apprehension of affected, that the exercise of the powers deputed to him will rest very
Its significance and that we accord to it the honor and the meaning that successfully upon the good-will and co-operation of the people themselves,
it deserves. Our industrial need prescribes that it be not made a technical and'that the ordinary economic machinery of the country will be left
holiday, but the stern sacrifice that is before us urges that it be carried in substantially undisturbed.
The proposed food administration is intended, of course, only to meet a
all our hearts as a great day of patriotic devotion and obligation, when the
duty shall Ile upon every man, whether he is himself to be registered or manifest emergency and to continue only while the war lasts. Since it
not, to see to it that the name of every male person of the designated ages will be composed, for the most part, of volunteers, there need be no fear
Is written on these lists of honor.
of the possibility of a permanent bureaucracy arising out of it. All control
In witness whereof I have hereunto set my hand ond caused the seal of consumption will disappear when the emergency has passed. It is with
of the United States to be affixed. Done at the city of Washington this that object in view that the Administration considers it to be of pre18th day of May, in the year of our Lord one thousand nine hundred and eminent importance that the existing associations of producers and distribe uters of foodstuffs should be mobilized and made use of on a volunteer
.
seventeen, and of the independence ofthe-United"StatisrorAm-orierthone hundred and forty-first.
basis. The successful conduct of the projected food administration by
ROBERT LANSING, Secretary of State.
By the President.
such means will be the finest possible demonstration of the willingness, the
MAY 26 1917.1
THE CHRONICLE
ability and the efficiency of democracy, and of its justified reliance upon
thelfreedom of individual initiative. The last thing that any American
could contemplate with equanimity would be the introduction of anything
resembling Prussian autocracy into the food control in this country.
It is of vital interest and importance to every man who produces food and
to'every man who takes part in its distribution that these policies thus
liberally administered should succeed, and succeed altogether. It is
only in that way that we can prove it to be absolutely unnecessary to
resort to the rigorous and drastic measures which have proved to be necessary in some of the European countries.
2073
published information is useful to the enemy. The conferees
also agreed on the Senate amendment to empower the President to declare export embargoes. It is designed to prevent
shipments of supplies to Germany through neutrals. The
newly formed censorship section, prepared by Chairman
Webb, reads as follows:
When the United States is at war, the publishing wilfully of information
with respect to the movement, numbers, equipment, description, or disposition of any of the armed forces of the United States in naval or military
operations, or with respect to any of the works intended for the fortification
or defense of any place, which information is or may be useful to the enemy,
Is hereby prohibited, and the President may, from time to time by proclamation, declare the character of such above described information, which
is or may be useful to the enemy and in any prosecution hereunder the jury
trying the cause shall determine not only whether the defendant did wilfully
publish such information as set out in the indictment, but also whether
such information was of such character as was or might have been useful
to the enemy; provided that nothing in this section shall be construed to
limit or restrict any discussion, comment, or criticism of the acts or policies
of the Government or its representatives, or the publication of the same.
Whoever violates this section shall, upon conviction thereof, be punished
by a fine of not more than $10,000 or by imprisonment for not more than
five years, or both.
ADMINISTRATION INSISTS ON PRESS CENSORSHIP
LEGISLATION IN. ESPIONAGE BILL.
Contrary to the reports of last week that the Administration would probably make no further efforts at this time to
have Congress enact a press censorship law, evidence that
the President and his advisers would insist upon the inclusion of a press censorship provision in the espionage bill
(now in conference) was furnished this week. Following
the decision of the House Republicans, in caucus on May 22,
to oppose any newspaper censorship legislation in the bill,
there was made public a letter addressed by President Wilson
George W. Wickersham, former United.States Attorneyto Chairman Webb, of the House Judiciary Committee,
General,
speaking against the press censorship legislation
reiterating that it was imperative that Congress grant
censorship powers to deal with the few persons who could not before the Twenty-Ninth Assembly District Republican Club
on Thursday night, was quoted in the "Times" as saying:
be relied upon to observe "a patriotic reticence about everyIt is a singular fact
the Democratic Party, at present in control of
thing whose publication could be of injury." In his letter the Government of thisthat
nation, should be largely engaged in endeavoring
to have enacted into law measures conferring upon various departments
the President said:
My Dear Mr. Webb:
I have been very much surprised to find several of the public prints
stating that the Administration had abandoned the position which it so
distinctly took, and still holds, that authority to exercise censorship over
the press to the extent that that censorship is embodied in the recent
action of the House of Representatives is absolutely necessary to the
public safety. It, of course, has not been abandoned, because the reasons
still exist why such authority is necessary for the protection of the nation.
I have every confidence that the great majority of the newspapers of the
country will observe a patriotic reticence about everything whose publication could be of injury, but in every country there are some persons in a
position to do mischief in this field, who cannot be relied upon and whose
interests or desires will lead to actions on their part highly dangerous to
the nation in the midst of a war. I want to say again that it seems to
me imperative that powers of this sort should be granted. •
Cordially and sincerely yours,
WOODROW WILSON.
of the Government powers hitherto unknown in the history of free institutions and against which the English-speaking peoples have been engaged in
erecting bulwarks from the enactment of the Bill of Rights in 1688 until
the present hour. It is true that the present war and the result of the
disturbance of the world's commerce produced by it have given rise to new,
Intricate, and far-reaching problems; but it is yet to be demonstrated that
a free people, living under Constitutional Government, with restraints upon
the conduct of majorities and the arbitrary exercise of power by executives,
cannot effectively maintain a war for the protection of democracy without
the complete abandonment of the fundamentals of free government.
Supreme as is the sacrifice of the man who dies for his country, it may be
only a little less difficult to live for one's country, if living involves the
surrender of the rights of free men.
Especially dangerous is the attempt, with which, unfortunately, the
Democratic Party has initiated its plan of conducting the war, to establish
a censorship upon the press, in violation of every tradition of Anglo-Saxon
liberty. Undoubtedly, in the history of the press there is much of which
to complain. The great power of publicity has been too often abused; but
taking it for all and all, no one institution makes more for the preservation
of those liberties for the maintenance of which we have entered this war
than a free and unmuzzled press.
It would be the counsel of wisdom to require all newspapers printed in
German to publish In parallel columns an English translation of the German
text. Not even the most vigilant censor can be quite sure of the insidious
effect upon the German-speaking population of America of the German
vernacular press, and the task would be simplified and rendered easier by
requiring the publication in English as well as in German. But the
attempt to place the English-speaking press at the mercy of a military or
executive censor is one of the most dangerous menaces to freedom that has
yet been made in the name of liberty. The gentlemen who are engaged in
efforts to suspend the ordinary Constitutional restraints on liberty and to
vest themselves with vast autocratic power, should remember that as yet
there has been no demonstration to the country that those upon whom these
powers are proposed to be conferred are possessed of a wisdom or a capacity
sufficient to justify the assumption that these powers will be employed with
widsom, with restraint, with efficiency. Great powers should only be
vested in great men because of great emergencies. Surely we should wait
until there arises a demonstration of a great national need before we even
temporarily offer up all the liberties for which our fathers shed their blood
as a needed sacrifice to the cause of freedom.
It is stated that the renewed efforts for censorship legislation have been actively supported by Attorney-General
Gregory. A memorandum was sent by the Department
of Justice to the conferees stating that the Department was
not to be considered as having changed its belief that such
authority is important and of immediate necessity. It
was also reported on May 24 that President Wilson had been
told by some Senators with whom he has discussed the censorship situation that until the appointment of George Creel
as head of the Bureau of Public Information Congressional
opposition to censorship was not so strong as at present.
The President is said to have expressed full confidence in
Mr. Creel's ability and discretion. As noted in th-ge
columns last week, the espionage bill as it passed the Senate
on May 14 was stripped of the press censorship provision.
The House Bill, as passed on May 4, carries the Gard provision, which is a modification of the original censorship
section drawn by Attorney-General Gregory. The Gard
amendment prohibits the publication "wilfully and without THE NEWLY CREATED COMMERCIAL ECONOMY
BOARD.
proper authority" of information that might be "useful to
the enemy" and authorizes the President by proclamation
Announcement is made of the creation of a Commercial
from time to time to declare the character of such informa- Economy Board of the Advisory Commission of the Countion. The amendment also provides for a trial by jury, the cil of National Defense. The new board was organized by
latter to determine not only whether the prohibited matter the National Defense Council to assist in the readjustment
is published wilfully and without proper authority, but also of distribution which the war will make necessary through
whether the information is useful to the enemy. With the securing the voluntary co-operation of business men in
receipt of President Wilson's letter on May 22, Representa- adopting more efficient methods and cutting down waste.
tive Webb announced that he would wage a determined One of its chief objects is to assist commercial houses in refight in behalf of the censorship amendment carried in the leasing employees for Government service without disloHouse bill. Besides directing the attention of Representa- cating business. In this work the new board expects to
tive Webb to the desires of the Administration, the Presi- gather and re-distribute the experience of foreign and Amerident on May 23 called to the White House the Senate can business houses in an effort to make it available for all
conferees on the bill, Senators Overman, Fletcher and Nel- American business as the war progresses. The new Econson, and urged them to agree to a censorship section. They omy Board will have as its Chairman, A. W. Shaw, Presiwere asked to learn whether it was possible to allay the dent of the A. W. Shaw Company, of Chicago. The other
Senate's objections, and secure the adoption of a modified members are George Rublee, of New Hampshire, member
censorship clause. The Senate's opposition to any form of of the special commission appointed by President Wilson, to
censorship was made plain, it is said, to the President by investigate the effects of the Adamson Act and former
the conferees. It was finally agreed, however, by the con- member of the Federal Trade Commission; Henry S. Denferees to use their endeavors toward working out a pro- nison, Treasurer of the Dennison Manufacturing Co., of
vision along the lines of the less drastic Cummins-Thomas Farmingham, Mass.; Edwin F. Gay,Professor of Economics
proposal, stricken out of the Senate bill on May 12.
at Harvard University and dean of the Harvard Graduate
The conferees of the House and Senate yesterday agreed School of Business Administration, and Wallace D. Simto a so-called modified censorship provision which confines mons, President of the Simmons Hardware Company of
prohibited publication exclusively to military information, St. Louis. Dr. Hollis Godfrey, of the Advisory Commission
and retains the provision that a jury shall decide whether. of the Council of National Defense, is a member ex-officio.
2074
THE CHRONICLE
GENERAL PERSHING TO LEAD FIRST AMERICAN
ARMY DIVISION OVERSEAS.
President Wilson on May 18 issued orders directing that
an expeditionary force of approximately a division of regular
troops under the command of Major-General John J.Pershing,
commander of the Southern Department of the Army, proceed to France at as early a date as possible. The War
Department on the 18th issued the following statement
regarding the President's order:
[vol.. 104.
The American destroyers arrived at Queenstown. Rear-Admiral Sims
is in daily touch with the chief of staff.
The services the United States vessels are rendering the Allies is of the
greatest value and is deeply appreciated.
One of the American war vessels began duty even before
reaching the European side of the Atlantic, picking up and
escorting through the danger zone one of the Atlantic liners.
In appreciation the passengers sent the following message
to the commander of the destroyer:
British passengers on board a steamer bound for a British port, under the
The President has directed an expeditionary force of approximately protection of an American torpedo destroyer, send their hearty greetings
one division of regular troops, under command of General John J. Pershing, to her commander and her officers and crew, and desire to express their
to proceed to Franco at as early a date as practicable. General Pershing keen appreciation of this practical co-operation between the Government
and peoples of the United States and the British Empire, who are now
and staff will precede the troops abroad.
It is requested that no details or speculations with regard to the mobiliza- fighting together for the freedom of the seas.
tion of this command, dates of departure or other items, be carried by the
A special cable dispatch to the New York "Times" on
press, other than the official bulletins given out by the War Department
the 18th inst. quoted the London "Chronicle" as saying
relating thereto.
Secretary of the Navy Daniels the next day, May 19,
announced that a regiment of marines, 2,600 men strong,
would be sent to France along with the first army expeditionary force. The marines will be commanded by Colonel
Charles A.Doyen and will be composed generally of organizations which have been serving in Haiti, Santo Domingo and
Cuba. Colonel Doyen, it is said, is one of the keenest
fighters in the marine corps and has seen hard active service
in Central America, the Philippines, and was in command
of the marine contingent which went to Dominican waters
on the transport Hancock in 1914. Although details have
not been made public, it is said that with the marine regiment the total American force now designated for land
service in Europe is close to 40,000. An army division at
war strength comprises about 25,000 men and upwards
of 12,000 are expected to be in the nine regiments of
volunteers now being recruited. General Pershing and his
staff will sail for Europe ahead of the troops, as there is, it
is stated, much to be done on the other side to pave the way
for final training of the first forces and for the huge army the
United States is preparing to send across the seas as rapidly
as men can be trained and equipped.
When General Pershing leaves for France, orsoon after ho
arrives there, he will receive, it is stated, the rank of Lieutenant-General. This will require the approval of Congress
and, it is said, will make the General the ranking officer of
the United States army. With his present rank, General
Pershing would be junior to all the generals now in command
of forces at or near the front, including even the Portuguese.
ARRIVAL OF AMERICAN NAVAL VESSELS IN BRITISH
WATERS.
The British Admiralty, in a statement, issued on May 16,
announced the arrival atQueenstown ofa squadron of American torpedo boat destroyers. The squadron upon its arrival
at Queenstown made a formal exchange of greetings with
the British naval officials and immediately put to sea again
to patrol the waters for hostile submarines. Secretary of the
Navy Daniels, in confirming the Admiralty's announcement
on the 16th, issued a statement, saying that the American
destroyers had been operating in European waters since
May 4. The destroyers were dispatched from the United
States the latter part of April, following the conference at
Washington with British and French naval officers. Rear
Admiral Sims is in general command of all the United States
naval forces that are sent to European waters and is reported
to be in daily touch with the Chief of the British Naval
Staff. Secretary Daniels' statement read as follows:
United States naval vessels have been operating with the allied naval
forces in European waters since May 4. A number of destroyers sailed
from American ports in tho latter part of April and all arrived at their
destination without accident or delay of any kind. They were ready for
operations wben they arrived and went into service immediately.
The United States vessels are in command of Rear Admiral Sims, who
went to England and France several weeks ago to arrange for active cooperation between the naval forces of the United States and those of the
other nations at war with Germany. Plans formulated after reports from
Admiral Sims made as a result of his conferences with the British and
French admiralties are now being effected.
It has been the purpose of the United States Navy to give the largest
measure of assistance to the other countries at war with Germany that is
consistent with the full and complete protection of our own coasts and territorial waters.
The Navy Department has received no reports that engagements have
occurred between the United States vessels now in European waters and
thelvessels of the enemy.
The British Admiralty statement, announcing the arrival of the squadron on the 16th, said:
A United States destroyer flotilla has arrived to co-operate with our
naval forces.
Rear Admiral Sims, U. S. N., will command all naval forces in European waters.
that the American destroyers which arrived at Queenstown escorted the White Star liner Adriatic, and that the
destroyers had an encounter with a submarine which was
beaten off.
Secretary Daniels on May 17 cabled Rear Admiral Sims,
in command of the destroyers, asking whether there was
any truth in the news report that one of the destroyers had
been in action with a German U-boat. Secretary Daniels
stated that the Navy Department had received no confirmation of the story, although he had received a long cipher
report from Admiral Sims on the 17th dealing with the
arrival and activities of the destroyers on the other side of
the Atlantic. The report, he said, showed that the American destroyers were working in close co-operation with the
British and French naval vessels, and dealt with the plans
of the three navies for the solution of the German submarine
menace. It was stated on the 17th that the British Admiralty's announcement that the destroyers had arrived at
Queenstown came as a surprise to the Navy Department
officials at Washington who, as a matter of strategy, intended to keep the presence of the destroyers a secret for
the present. Later it was the intention of the Navy Department to make an announcement of its own regarding
the use of the vessels. The British Admiralty's announcement, it was stated, was made without consultation with
Washington. It is expected that in the future information
relative to the movements of American war vessels on the
other side of the Atlantic, will not be issued until after there
has been a more complete understanding on both sides.
The understanding at Washington, it is stated, was that the
official announcement at London was issued to arouse the
emotions of the British people and to demonstrate that evidence of the American Government's co-operation in the
war was already at hand. Dispatches from London on the
18th inst. stated that Commander Edward R. G. R. Evans,
who was second in command of the Scott Antarctic Expedition, had been assigned to advisory duty with the American destroyer squadron in British waters. Commander
Evans will, it is said, give practical advice to the senior
American officers on all matters concerning strategy, technique, and the latest methods of submarine warfare.
A luncheon was given at the Navy League in London on
the 17th inst. in honor of the American naval officers from
the destroyer squadron. The luncheon was attended by
many distinguished people. Sir Edward Carson, first Sea
Lord of the Admiralty, in proposing a toast to the American
Navy said that he desired to express his appreciation of the
speedy way in which the American Government had rendered assistance, and extended a hearty welcome to the
officers and men of the American Navy. No more important event in the history of the new world and the old,"
he said, "has ever happened than the arrival of this flotilla
of destroyers in our waters, side by side with our Navy,
intermingling the old Union Jack and the Stars and Stripes.
Both the navies are engaged in a work of necessity which
may have a far-reaching effect on the history of the relations between the great English-speaking races."
Admiral Henry T.Mayo,Commander of the United States
Atlantic Fleet, on May 16 received the following message
from Sir David Beatty, Commander of the British Grand
Fleet:
The Grand Fleet rejoices that the Atlantic Fleet will now share in preserving the liberties of the world and maintaining the chivalry of tho sea.
Admiral Mayo in reply to the communication answered:
The United States Atlantic Fleet appreciates the message from the
British Fleet, and welcomes opportunities for work with the British Fleet
for the freedom of the seas.
MAY 26 1917.1
THE CHRONICLE
GOVERNMENT TAKES OVER MISSOURI SHOE
FACTORY.
The taking over by the Government of a Missouri shoe
factory, which had been idle for months on account of a
strike, was made known in a special dispatch from Moberly
on May 15 to the St. Louis "Globe-Democrat," which we
print below:
The UnitediStates Government to-day announced the taking over of
the large Brown shoe factory here, which has been idle for the past four
months on account of a strike.
All efforts to reopen the factory for the manufacture of shoes have failed.
It is stated the plant will be opened the latter part of the week under
Government supervision for the manufacture of tents, leggings and other
war materials. All of the old employees, it is stated, will be taken back
and the force increased. New machinery worth $10,000 will be installed.
The material to be made into tents, leggings, &c., is being rushed to
Moberly under Government orders, and work will begin on its arrival.
William F. Rohloff of Moberly, a former factory foreman, has been
employed as superintendent. It is understood the manufacture of shoes
will begin in the fall.
2075
will participate in the pooling arrangement. As indicated
above, plans are being formulated under which the needs
of the American army and navy would be placed in the hands
of the commission. Heretofore the navy has been supplied
by its own buyers and the army,similarly, has been furnished
everything it requires from brass buttons to heavy artillery,
through contracts placed by the War Department. The
army and navy experts estimate will spend approximately
$3,500,000,000 during the first year of war. The mechanism
of the proposed organization would consist primarily of a'
directing head and subdivisions or bureaus, each in charge
of purchasers of certain commodities. As advisers, the
organization would probably consult financial and other
experts familiar with every line of industrial and commercial
activity.
SERVICE COMMISSION CO-OPERATING WITH CORPORATIONS TO PREVENT CESSATION OF FUNCTIONS.
The Public Service Commission for the First District is
co-operating with all of the great public service corporations
of New York City—some 40 in number—and in addition
with the New York Telephone Co., which is not under its
jurisdiction, to the end that there shall be no cessation of
functioning on the part of these great corporations during
the course of hostilities. The transportation, gas, electric
and telephone companies of New York City furnish approximately 20% of the whole quantity of such service furnished
in the entire country. It is hoped that when the draft law
goes into effect it may be possible for the employees of the
several utilities corporations to be so classified and their
.work adjusted that those within the ages specified by the
law may be spared for military service as far as may be consistent with keeping these utilities going. It is also hoped to
aid the Government by certifying to it such men as are
specialists in their respective lines, who may be needed fdr
important and specific work by the Government. As a
result of a circular to the heads of the several corporations,
setting forth the urgency of the situation, an informal conference was held at the offices of the Public Service Commission last week, at which an organization was formed
for the purpose mentioned above. The gathering was addressed by Chairman Oscar S. Straus, Commissioner Travis
H. Whitney, George B. Cortelyou, President of the Consolidated Gas Co., and several others. Chairman Straus,in
his address to the gathering, said that if at any time during
the war, owing to the lack of men or if for any other cause,
there should be a paralysis in the operation of any of the
great public utilities of New York City, the effect will be felt
far beyond New York City. He pointed out that one highly
trained man could perform at home functions more important
to the national welfare than the work of a regiment in the
field. The following executive committee was named to
carry out the project contemplated by the conference:
THE GOVERNMENT'S PROPOSED CENTRALIZATION
OF ALLIES PURCHASES.
An international agreement under which the purchasing
power of virtually every dollar of the billions to be loaned
to the Allies by the United States and the billions they will
spend in this country will be placed in the hands of a commission is being perfected. It is stated that the plans are
being drawn to include purchases for the army and navy of
the United States. While no official announcement has
been made as to the probable appointee, reports have it that
Bernard M. Baruch has been considered for the post. The
centralizationlof the purchases of the Allied Governments in
this country isisaidlto have been urged upon the Administration by J. P.1Morgan & Co. some weeks ago, and while it is
stated that the firm in view of the experience gained by it
as purchasing7agentifor the Allies, indicated its willingness to
place its services at the disposal of the Government, it also
evidenced its readiness to terminate its arrangement with
the Allies in the event that the Government should determine
upon other plans for carrying out the supervision of the
purchases under one head. On May 21, following a conference at Washington between Mr. Morgan and Treasury
officials withZreference to the establishment of the central
purchasing commission, an announcement from Washington
stated that the long established agreement between his firm
and Great Britainl'and France woula soon be replaced in part,
at least, by theiproposed international agreement. According to these reports the machinery through which the Morgan
firm transacted itslhuge volume of American purchases will
stand in part and probably will be utilized by the United
States Government. Experts employed by the Morgan
firm, it was indicated, will continue to a large extent their
activities in purchasing for the Allies, hereafter under the
direction of the central purchasing agency. The entire staff,
it is stated, probably will not be utilized, but much of the
valuable information obtained by the Morgan firm during
J. W. Lieb, Vice-President of the New York Edison Co.; Walter R.
the two and one-half years it has acted as- purchasing agent Addicks, Vice-President of the Consolidated Gas Co.; E. A. Maher Sr.,
President
has
ol the Third Avenue Railway Co.; J. J. Dempsey,Superintendent
France
and
already
been placed at the
for Great Britain
of Transportation, Brooklyn Rapid Transit Co.; F. H. Thurber, New
disposal of the Government and will be used by the new York
Telephone Co.; J. H.FJourdan, engineer, Brooklyn Union Gas Co.;
commission. Mr. Morgan discussed the situation with and Wilbur Fisk, President of the Hudson & Manhattan RR.
Chief
of
the British delegation,
Foreign Minister Balfour,
and afterward with Assistant Secretary of the Treasury
Crosby. In his talk with Mr.Balfour, Mr.Morgan discussed PRESIDENT WILSON SEEKS POWER TO DETERMINE
PRIORITY OF FREIGHT SHIPMENTS.
the future relations between the Morgan firm and the British
Pursuant to a request to Congress, made by President
Government. With Mr. Crosby, Mr. Morgan talked of the
details of the purchasing commission which will replace the Wilson, that he be given authority to create a transportaMorgan firm, to great extent, in making purchases here. tion commission, a resolution empowering the President to
Rapid headway has been made,it was officially stated on the determine what classes of freight shall have priority in ship21st, toward the completion of the program. The Govern- ment, and to direct shipments in accordance with the
ment expects to have a staff of experts sufficient in size to emergency needs of the nation, was introduced on the 15th
handle the great volume of orders which the Allies will place inst. by Chairman Webb of the House Committee on the
here for execution. The amount of the shipments to be Judiciary. The resolution authorizes the President to apmade through this single agency probably will reach $500,- point a commission or commissioner on transportation to
000,000 a month, or $6,000,000,000 annually. The present administer the law. In explaining the need for such legisplans call for the financing by loans of Entente Governments lation Attorney-General Gregory authorized this statement:
As war conditions develop it is certain there will be times when
at the rate of approximately $400,000,000 a month, every the shipment of arms and ammunitionYmay be of prime importance; at
dollar of which will be spent in the United States. In another time movement of provisionstmay be more improtant; at another.
the most important of all.
addition, the Allies will spend here a sizeable sum, estimated the movement of coal and iron ore/may become
Under these conditions it is thought essential that the power should be
at the very lowest, at $100,000,000 monthly, out of their fixed in the President to determine from time to time what particular
own income.
freights shall have priority and for how long this priority should continue.
are to exist only during the war. In carrying out
On May 23 it was said that Great Britain, France, Russia, The powers conferred
these powers it is proposed that the/President be authorized to utilize any
Italy, Japan, Belgium—virtually all the nations linked with existing department or agency of the Government, or to appoint for this
America in the war against Prussian autocracy—have agreed purpose a commissioner or a commission, not exceeding five in number.
Aside from the main purpose of the legislation as outlined
to the essentials of the proposed arrangement and will sign
an agreement making it effective as soon as the tremendous in the Attorney-General's statement, other sections would
amount of detail involved can be adjusted. At present the empower the transportation• commission or commissioners
program hinges on the extent to which the United States to adopt, subject to the President's approval, "all necessary
2076
[VOL. 104.
THE CHRONICLE
rules and regulations for this procedure and for the enforcement of the directions to be given to carriers." It also is
provided specifically that "no act done or omitted to be
done by any carrier necessary to comply with such a direction shall be the basis of any criminal or civil liability." In
a letter to Representative Webb and to Chairman Adamson
of the Commerce Committee the President, in submitting a
resolution authorizing him to exercise the powers asked for,
said:
ity. The warning , said the dispatch, was received off
Ushant, when the wireless reported that one or two German
submarines had succeeded in sinking three cargo steamships
in the same day in the locality in question.
OUR FOREIGN TRADE AS DISTRIBUTED AMONG THE
DIFFERENT COUNTRIES.
The analysis of the foreign commerce of the United States
for the month of March and the nine months ending with
The railroads of the country have in a very practical and patriotic way March was issued under date of the 10th inst. by the Bureau
consented to the formation, under the guidance of the Council of National
Domestic Commerce of the Department of
Defense, of an executive committee, presided over by Mr. Daniel Willard, of Foreign and
through which they undertake to serve the interests of the Government Commerce. For the nine months the exports totaled $4,and of the country in the best and most effective way possible under our 636,981,785, against $2,995,424,760 in the same period in
guidance. Of course, one department thinks the shipments in which it is
in 1915 and $1,883,221,915 in 1914.
most interested the most important and deserving of immediate transpor- 1916, $1,931,077,869
tation, while another department thinks it an imperative necessity that The value of the imports increased from $1,213,613,643
other shipments should take priority.
in 1915 and $1,504,662,718 in 1916 to $1,818,053,116
What this resolution would provide, if adopted, would be some authority
year over last for the
by which competitive questions of this sort could be determined. It would in 1917. Large increases this
cause no friction, indeed it would remove it, and it would relieve a very period under consideration are shown in the exports
great embarrassment arising out of the existing conditions.
to all of the principal countries, except Austria, Denmark,
In asking the Attorney-General to draw the inclosed resolutions I did
feature of the analysis
not request him to prescribe a penalty, because I had in mind the following Greece and Sweden. A noticeable
provision, which is already law and is contained in the Army Act of Aug. is the amount of exports in the case of Germany in the nine
29 1916:
months to March 1917, the figures shown, $2,196,174
"The President, in time of war, is empowered, through the Secretary of
War, to take possession and assume control of any system or systems of representing the value of the cargo carried by the Deutschtransportation, or any part thereof, and to utilize the same, to the excluthe nine
sion of all other traffic thereon, for the transfer or transportation of troops, land on its last voyage from this country. In
war material and equipment, or for such other purposes connected with months of the previous year the exports to Germany were
the emergency as may be needful or desirable."
I assumed that this furnished sufficient sanction, if sanction were needed, but $283,433, whereas for the same periods in 1915 and 1914
as I think it would not be.
they were $28,861,187 and $290,417,563 respectively. We
give below the table of imports and exports for the nine
FRENCH WAR MISSION ARRIVE. AFELY IN FRANCE. months for the past four years.
The members of the French War Mission to this country
Nine Months Ended with March.
arrived at Brest, France, on May 23, and immediately con1913-14.
1914-15.
1915-16.
1916-17.
to:
Exports
tinued on their homeward journey to Paris. The French
$
Marshal
and
$
Viviani
Divisions—
Vice-Premier
Grand
by
headed
Mission,
3,231,770,788 2,095,807,061 1,371,313,021 1,208,540,019
Europe
794,938,834 510,698,484 347,054,557 401,899,578
Joffre, sailed from New York on Tuesday, May 15. Their
North America
97,775,246
62,760,328
184,014,518 127,144,287
America
South
departure was unknown except to a few officials and many
90,888,955
76,261,002
300,441,'269 157,102,262
Asia
62,750,098
52,905,874
73,295,302
82,675,624
order
Oceania
in
secret
the
kept
loyally
which
American newspapers,
21,368,019
20,693,087
31,317,364
43,140,752
Africa
that the members of the Mission might not be unnecessarily
2,995,424,760 1,931,077,869 1,883,221,915
4,636,981,785
Total
endangered by German submarines. So well was the secret
countries—
of the departure of the French Mission kept by the news- principal
18,000,533
1,218,675
146,302
Austria-Hungary
48,401,216
16,794,203
16,808,242
36,122,606
papers, which are voluntarily co-operating with the Govern- Belgium
63,108,962
44,196,834
41,651,657
Denmark
731,339,964 420,121,369 224,887,474 134,413,328
ment in the censorship of war news, that the French Commis- France
28,861,187 290,417,563
283,433
2,196,174
sioners generally were supposed to be still in Washington, Germany
19,978,705
22,132,989
17,016,576
Greece
58,831,727
138,778,170
200,202,141
256,863,451
Italy
and up to the time of the announcement on the 23d that they
84,160,673
72,247,729 101,892,382
83,270,938
Netherlands
32,401,556
37,220,062
56,711,867
Norway
had arrived safely in France many invitations to them to
23,839;581
11,964,566
345,999,502 128,635,763
Russia in Europe
25,474,364
visit various parts of the country were received at their former
38,960,413
55,348,830
Spain
65,980,749
43,197,715
,778
38,7
Sweden
headquarters in Washington. On Monday, May 14, the
1,534,300,539 1,051,540,349 630,622,772 483,583,784
United Kingdom
526,461,970 319,212,751 219,949,705 258,728,652
Canada
French Mission returned to Washington on special trains
24,258,040
30,688,788
38,066,235
America
Central
32,254,578
24,128,491
35,760,842
47,500,964
from their tour of various cities of the country, where they
Mexico
53,327,489
55,016,121
90,172,092
135,773,389
Cuba
received an enthusiastic welcome. After the reception in
37,013,805
18,181,907
46,908,268
59,061,436
Argentina
23,619,562
17,165,589
29,062,427
39,079,178
the
Brazil
19,
and
12
May
on
columns
these
in
to
referred
this city,
7,263,912
16,519,392
30,921,403
Chile
17,500,453
10,667,383
16,151,588
26,159,256
China
Mission was divided and two groups, one headed by Marshal
11,000,508
17,740,062
27,191,438
British East Indies__ _ _
44,471,052
29,768,705
Joffre and the other by M. Viviani, made separate tours of
48,477,972
94,607,504
•
Japan
12,303,309
58,550,184
119,136,646
Russia in Asia
this country and Canada. The parties reunited at Balti35,804,322
55,652,840
62,521,682
Australia Az N. Zealand
16,433,592
16,691,782
19,082,594
Islands
more on May 14, and returned to Washington, presumably, Philippine
13,084,496
20,695,531
25,861,796
British Africa
it was thought, to again take up their conferences on the confrom.
Imports
the
to
return
their
duct of the war. The real reason for
Grand Divisions—
446,562,907 436,696,985 480,995,245 678,483,473
Europe
capital, however, was to bid farewell to the President and
507,345,746 394,890,045 325,846,130 302,060,732
North America
afternoon
the
in
late
party
368,670,239 271,241,192 183,289,503 163,023,310
The
officials.
America
South
other Government
407,565,481 286,785,231 176,729,440 214,023,228
Asia
28,545,822
33,087,712
70,635,475
of the 14th, in accordance with carefully laid plans, returned
43,736,084
Oceania
12,216,013
13,665,613
44,413,700
44,172,659
Africa
over the route they had traversed earlier in the day and ar1,398,352,578
1,213,613,643
1,504,662,718
were
1,818,053,116
Tugs
Total
midnight.
before
shortly
York
New
rived in
ready and the distinguished guests were taken to the liner Principal countries—
15,480,395
8,815,362
1,262,470
205,988
Austria-Hungary
30,031,408
which brought them over from France, and which was wait9,478,033
1,136,537
1,026,843
Belgium
60,923,778 115,721,795
73,868,272
81,357,318
France
harthe
through
sailed
ship
The
midstream.
in
them
for
ing
83,708,578 143,952,718
12,249,887
1,517,633
Germany
41,433,142
38,515,601
39,567,900
34,031,343
Italy
bor guards in the early morning of the 15th and started for
26,538,178
25,178,521
23,116,836
26,577,619
Netherlands
9,304,948
France under convoy of a French warship. The State De5,284,633
4,783,888
Norway
18,388,223
2,270,753
2,607,939
5,173,207
Russia in Europe
following
the
issued
23
May
on
Washington
at
partment
13,737,727
18,553,344
25,291,338
Spain
9,717,673
8,525,065
in
18,634,8/0
newspapers
Sweden
statement regarding the part played by the
14,915,281
15,805,506
15,320,294
Switzerland
217,855,178 220,162,401 187,961,309 215,870,973
keeping the departure of the French Mission a secret:
United Kingdom
The Department of State desires to express its sincere appreciation to
newspaper correspondents and to editors, who by their co-operation in not
publishing details of movements made It possible for the French Mission
not only to travel in this country with entire safety, but also to depart
without any intimation being given that might have made their journey
unsafe.
The returning commissioners were welcomed in Paris on
May 24 by huge crowds. Premier Ribot, Minister of the
Interior Malry and other members of the French Cabinet
were at the railroad station, and congratulated the members
of the Mission on the results of their trip to this country.
M. Viviani carried from President Wilson to Premier Ribot
a cordial letter of considerable length. Dispatches from
Paris on May 24 stated that according to the-Paris "Temps"
the steamship on which the French Mission returned to
France changed her course shortly before reaching port, owing
to the reported presence of German submarines in the vicin
Canada
Mexico
Cuba
Argentina
Brazil
Chile
China
British East Indies_ _ _ _
Japan
Australia ttc N. Zealand
Philippine Islands
Egypt
209,095,230
80,691,712
163,293,514
103,422,558
109,182,269
70,842,382
59,730,346
149,491,529
150,925,087
12,072,385
28,556,918
22,363,436
149,311,323
69,747,852
137,644,282
79,034,269
95,383,333
39,585,364
47,693,876
114,508,491
102,145,770
48,930,628
18,835,004
23,728,010
123,363,207 120,490,511
68,528,003
55,360,150
83,091,653
112,479,721
30,099,641
51,646,524
78,891,810
72,697,814
17,510,048
29,317,037
27,519,760
59,502,181
83,283,540
75,094,560
13,287,288
18,983,996 •
10,817,573
FREEDOM OF TRADE AS WELL AS FREEDOM OF SEAS
SOUGHT.
With a view to preventing a trade war at the conclusion of
the present war a message has been addressed to the heads
of the British and French Missions in this country by a
number of prominent Americans enlisting their efforts toward
effecting an economic freedom as well as freedom of the seas.
MAY 26 1917.1
THE CHRONICLE
The petitioners "hold that if the world is to be kept at peace,
economic peace, based upon freedom of trade as well as
freedom of the seas, must be established and maintained."
The petition addressed to Arthur J. Balfour of the British
Commission and Rene Viviani of the French Mission, under
date of May 7, was cabled to their respective Governments
on the 19th inst. Its text follows:
May 7 1917.
Right Hon. Arthur J. Balfour and Colleagues of Great Britain,
M. le Ministre Rene Viviani and Colleagues of France,
Gentlemen—We take the liberty of addressing you, the representatives
of our mother country and of our sister republic, in behalf of associations
and citizens favoring freedom of trade, as well as freedom of the seas, for
America and all nations, in the belief that your mission to America is the
harbinger of larger and closer relationship among all peoples. We believe
that a chief cause among the several causes which have led to the world war
has been the economic battle between selfish and restrictive "protection,"
so called, and international freedom of exchange. If Cobden's watchword,
"Peace on earth, good-will toward men," which England adopted as the
basis of her trade policy, had been accepted by Germany, instead of the
"national economics" of List and his cry "From Berlin to Bagdad," the
Imperial Government of Germany would probably not have plunged her
people into the present horror and distress. We honor England for the
broad economic policy which made her free ports the commercial centres
of the world, and which generously made possible the development of the
two great commercial fleets of Germany, now interned, seized or swept
from the seas as the result of tho war thrust upon the world, through the
violation of Belgium and the ruthless dal 020 of the rights of humanity
by the Imperial Teuton Governments. We honor France for the liberality
which has made her capital the school for artists of all nations and of all
classes through the bounty of education which she has given freely without
distinction of nationality to all who sought. We regret that our own
nation, though the home of political freedom, has denied to its people the
advantage of full economic freedbm, and has lessened from period to period,
as restrictive legislation has multiplied, its representation on the high seas,
once so promising, and its commercial rank among the nations.
We have learned with sorrow that there is some disposition after the close
of the present war to engage in economic war between tho present foes, a
contest which in our belief could only result in future cataclysms oven greater
than that which has already piled up on future generations burdens of taxation and sorrow well nigh too glevous to be borne. We hold that if the world
is to be kept at peace, economic peace based upon freedom of trade as well
as freedom of the seas must be established and maintained, and that this
is the one sure and enduring foundation for a league of honor or a league
of peace, for disarmament,for the reduction of burdens upon the people, and
for true and prosperous democracy throughout the world.
We recognize with joy that eminent publicists, both in England and in
France, have taken this broad view of the future, and are putting forth
their best endeavors to unite their own peoples and all peoples in this
thought of the common interest of mankind, based on economic as well as
political freedom. We venture the hope that the eyes of our own people
and of all peoples may be opened to the larger vision, that they may look
into the future with the full inspiration of international fellowship and
mutual trust, of which your coming is the most noteworthy example in
history, which will ultimately include all humanity and bring about the
United States of the World, as free from barriers against each other as the
States of our Union are free in mutual trade under the guaranties of our
Constitution. Thus only can enemies be made friends and peace on earth
good-will toward men be assured in the time to come.
We join with our fellow citizens in giving you heartfelt welcome, and in
assuring you that in the great cause, the contest of democracy against
autocracy, for whch your countries have made such heavy sacrifices, and
in which we are now striving to take our part, the soul of free America
responds with no uncertain sound.
The signers of the above, some thirty in number, include
Jacob H. Schiff, Dr. Charles W. Eliot, George Haven
Putnam, George Foster Peabody, J. G. Phelps Stokes,
Charles S. Fairchild, Horace E. Deming, Henry B. Sargent,
etc.
PREMIER RIBOT DECLARES FOR DURABLE PEACE—
WITH RESTITUTION.
In addressing the French Parliament with its re-opening
on May 22, Premier Ribot, referring to Russia's pronouncements on the question of peace, declared that what France
also wishesisa durable peace. "We ask," he said, "simply for
restitution of what belongs to us and not for annexation."
Addressing the Deputies relative to the interpellations regarding the conduct of the war, Premier Ribot said:
I recognize that the representatives of the people desire some explanations.
These may be given publicly. The public, like yourselves, has the right
to be informed. Secret sessions may well be reserved for other subjects.
Concerning the intorpellations on the last offensive, it may be said there
were some excessive hopes and some errors of execution, but the results
obtained should be neither exaggerated nor belittled. Never have our
soldiers proved more admirable.
The Government has thought some changes should be made, and it has
made them. It has reorganized the high command so as to relieve it of
everything not concerned with military operations. The Minister of War
now works in co-operation with the Military Committee of the Chamber.
I ask postponement of the discussion on this point until the work of bringing
about this co-operation has been concluded.
In reference to submarine warfare, I recognize that while the tonnage loss
has diminished, we must seek more energetic and decisive means of dealing
with submarines. We will consider that situation further on Friday.
As to the food supply, we are ready to discuss it as soon as possible, believing that the country has not been sufficiently informed.
Taking up the Russian situation, Premier Ribot said it
was necessary to combat dangerous sophisms which sought
to treat the restoration of "our lost provinces" as being a
question of annexation, and which also confused the question
of indemnities for ravages in the invaded provinces. Re
said:
This indemnity is a contribution which is inflicted as a fine for wrong
done. It is a requirement which both law and equity demand. The same
2077
reparation should be required for all small nations which have been crushed
—for Belgium, Serbia, Rumania and Montenegro.
No conquests and no covetousness—that, in substance, is what the
Russian Government declares. France replies that it could not oppress
any nationality, even that of its enemies. It will call to its aid to defend
the small nations not vengeance but justice.
What France also wishes is a durable peace, but we do not wish military
dispositions to endure which can destroy this durable peace when it is once
made. If the German people comprehended this, it would make peace
easier to attain. That is the view of Russia at the moment when the United
States is making preparations to enter the war. Now let Russia make her
offensive, and we will be able to talk of peace, not in an equivocal manner
but openly, and this peace, if they do not ask it of us, we will impose it.
M. Ribot prefaced his reference to Russia by asking for a
postponement of the debate, "because of conversations to
which the French Government has been invited by the
Russian Government." Continuing he said:
We are following the development of the Russian revolution with the
utmost care and sympathy. The eminent and courageous statesmen of
Russia were surrounded for a time by influences which rendered their
action difficult, but the men of intelligence, who have now taken in hand
the Russian Government have made declarations which give us complete
satisfaction. They say that they wish a strong Government, and they desire above all to establish in the army that severe discipline which is an
indispensable condition of the existence of the Russian nation.
The Premier created intense interest by reading a telegram
received from the Russian Minister of Foreign Affairs
which said:
Russia will never forget the elan with which France entered the war
on our side and will always remember that at the moment of the present
crisis in Russia's existence it was the splendid effort of the French people
which attracted the enemy masses toward the West, and thus permitted
our Russian forces to gain time for reorganization.
After reading the telegram he continued:
I accept for my country these words of confidence and gratitude. Yes,
we march hand in hand with Russia. ever faithful. Yes, at this moment.
,
France retains on her front all those German hordes gathered from the'
Russian front, permitting Russia to recover herself and prepare that confraternity of arms which will demonstrate that there is no question of a
separate peace.
As to the conditions of that peace, the Russian Minister of Foreign•
Affairs has himself exposed the sophisms whereby Germany's formula or
no annexation is made the pretext for Germany's holding the provinces
she tore from France. She annexed these provinces, always French until
Yesterday. There stands Germany, the culprit guilty of annexation.
We ask simply for restitution of what belongs to us and not for annexation.
The Chamber fixed May 31 for the submarine debate and
June 1 for the discussion of France's military policy and the
question of delegates from France attending the International
Socialist Conference at Stockholm.
UNIFIED RAILWAY OPERATION FOR THE WAR—
THE CRUCIAL TEST.
[From the "Railway Age Gazette" of May 11 19171•
The action taken by the chief executive officers of the railways a few weeks ago when they delegated the supervision
of the operation of all their lines to a committee of five was
one of the most important events in the history of the railways of the United States. Its real significance and importance are only beginning to be realized by railway officers themselves. They have not yet begun to dawn upon
the public.
Because of the radical and momentous character of that
step and of the situation which it has created, it is desirable
that certain features be emphasized for the information of
both railway officers and the public. In the first place, the
arrangement made does not affect the handling merely of
military or even of Government traffic. It affects the handling of every kind of traffic, military and non-military, passenger and freight.
During the period of the war the railways will have two
widely different functions. First, they will have to handle
strictly military traffic, troops, army and navy supplies, munitions And so on. Second, they will have to handle their
ordinary commercial business. The former function, while
its proper and adequate performance may in the long run
prove vital to the nation, will, for some time at least, require only a comparatively small part of the facilities of the
roads and the energies of their personnel. But the addition
of the military traffic to the ordinary traffic will increase the
difficulty of handling the latter. Before the war began the
facilities as then used were not sufficient to the demands.
The most difficult problem of the Central Executive Committee,so far as any one can now foresee, will be that of so
utilizing the facilities and personnel as to make them furnish
the transportation required for ordinary purposes. •
The step taken by the railway heads to make it possible
to solve this problem was revolutionary. It wiped out many
of the competitive relations which always had existed. It
tends to create a pool of all facilities, and to cause the railways to be operated as a single system. If all the railways.
of Europe were operated as a single system, neither the total
mileage nor the area covered by the system would be equal
to the mileage involved and the area covered by the railway
2078
THE CHRONICLE
[VoL. 104.
system placed under the supervision of the Central Execu- the call of S. Davies Warfield, President of the Continental
Trust Company of Baltimore and Chairman of the Board
tive Committee in the United States.
Aside from its revolutionary character the most significant of the Seaboard Air Line Railway, the National Associaand important feature of the action taken is that it is volun- tion of Owners of Railroad Securities, was organized. Mr.
tary. When Great Britain entered the war its railways were Warfield was elected President of the association. The
turned over to a central committee under a law passed forty meeting was attended by investors from all parts of the
years before, their net return was guaranteed, and they be- United States, representing over $3,000,000,000 of railroad
came almost as much a department of the Government as the investments. The following declaration of principles was
Army or Navy. In the United States there was no law adopted:
governing the railways in war; and the managements have
The National Association of Owners of Railroad Securities has for its
The
made legislation unnecessary by doing voluntarily practically object the protection of the credit of the railroads of the country.
represent in capital approximately $17,000,000,000. Together
what the British railways were required to do. The com- railroads
they constitute the greatest business organization in the world, and the
mittee of five which has been created to supervise the opera- greatest aggregation of capital. They are the arteries of the nation and
trade. Whatever adversely affects their
tion of our railways has sometimes been referred to as a sub- consequently the arteries ofthe
credit structure of the country; it affects
credit correspondingly affects
committee of the Government's Advisory Committee on railroad efficiency and hence the proper and effective conduCt of war.
National Defense. It has no direct relationship to that Upon their efficiency and preparedness at all times depends the industrial
agricultural prosperity of the nation, as well as the insurance in times.
of any other government body. If the managements of the and
of war of one of the country's most effective agencies in its conduct.
have
they
what
do
to
by
legislation
railways had been forced
The securities of the railroads are owned as follows:
By individuals outright, numbering about 1,000,000 owning over $10,done they would not deserve much credit for it. They do
deserve great credit because they have done it spontaneously 000,000,000.
By life insurance companies, with 46,000,000 of policies in force, reprein recognition of the needs of the country and of their pa- senting a total of $1,550,000,000.
By savings banks with 10,000,000 depositors, representing $847,000,000.
triotic duty.
By fire and marine insurance companies, casualty and surety companies,
The fact that the arrangement made is voluntary, and with
holders representing a total of $649,000,000.
that net return is not guaranteed is bound to raise some exBy benevolent as.sociations, colleges, schools, charitable institutions,
tremely important and difficult questions which have not &c., $350,000,000.
By trust companies, State and national banks, $865,000,000.
arisen in Great Britain. When the Central Executive ComBalance held in channels not enumerated, mostly abroad.
The life insurance companies have an army of policy-holders owning
mittee begins on a large scale actually to use the facilities
policies of an average amount of $530 each. The proportion
of the railways as those of a single system it will affect the insurance
of the money belonging to the policy-holders and invested by their reThen
degree..
an
to
important
interests of individual lines
spective insurance companies in securities of the railroads represents apwill come the crucial test. No voluntary railway organiza- proximately 25% of all the investments hold by the life insurance companies. Therefore, every small policy-holder of $1,000 or less and every
tion ever has been able to get all of the railways to subordi- other
policy-holder of the 46,000,000 of life insurance policies is an indirect
nate their individual interests to the welfare of all. It has owner or investor in the securities of railroads to the extent of 25% of his
been an easy thing to get the British railways to do this be- investment in his life insurance company represented by his life insurance
And his policy in most cases Is to insure the maintenance of those
cause,first, the Government required them to do it, and,sec- policy.
who are to come after him.
ond, no individual line had anything to lose by it.
Without presenting in detail similar comparisons in the case of holders
which protect policy-holders against conflagraThe difference in these respects between the arrangement of fire insurance policies,their
10,000,000 depositors, all with their pro rata
tion; savings banks with
made in Great Britain and that made in the United States Indirect ownership in the railroad securities owned by the banks; fire and
is what is going to make the problem of the Central Execu- marine insurance companies; surety and casualty cotnpanies; benevolent
colleges, schools and charitable institutions; trust companies,
tive Committee of our railways very difficult. The success associations,
State and national banks, with their pro rata interest of their stockholders,
fairself-restraint,
of the plan will depend, first, on the tact,
suffice it to say that in the aggregate over 50,090,000 people, half of our
ness, wisdom and courage of the executive committee and, population, are either direct of indirect owners of or investors in the securities of the railroads of the United States. They are, therefore, intimately
second, on the unselfishness, self-restraint and wisdom of the concerned
in whatever affects railroad credit with its corresponding effect
individual managements. If the individual managements on the securities of the railroads they own or in which they have the inwill give the executive committee cordial support, it is prob- direct interest mentioned above.
Through years of abuse of the railroads a "state of mind" has been created
able that in the long run such large economies will be af- which
seems to forbid the consideration, in a spirit of fairness, of questions
fected, that few or no individual lines will suffer, and that of vital consequence to the railroads and those who in good faith have inThe present-day owners of these
the railways as a whole will be greatly benefited. The vested their money in their securities.citizens,
should be considered in the
securities, representing millions of our
a
as
can
be
effected by really operating
economies which
settlement of these questions, and not made responsible for the acts of a
single system are large. Undoubtedly, differences of opinion few men who may, in the past, have unduly profited at the expense of the
they represented. The time has passed for this. Laws have
as to the things which ought to be done will arise. But it properties
been or can be enacted to prevent recurrences. The real owners of the
does seem most apparent that the managers ought to fight railroad properties, the owners of the securities, should now be heard.
We call upon the press of the country; the millions of men and women
these differences out absolutely among themselves, and that
who have their money In railroad securities represented either by the bonds
meantime they should loyally stick together and carry out in or
stocks of the railroads, or by the life insurance policies they own and
letter and spirit the injunctions of their own committee.
through which they are interested in the securities of railroads, or in the
It is the conviction of many leadimg railway men that if savings banks, and upon all others interested, to do their part in bringing
the attention of the public and those in authority the necessity of mainthey do not do this, the Government will intervene. The to
taining the credit of our railroads, the greatest of all enterprises and which
"Railway Age Gazette" shares that view. If this should oc- have done so much more than any other single agency towards the deand the prosperity of our country—the richest nation in the
cur, would the central control be left in the hands of men velopment
world.
selected by the railway? This is most improbable. If the
Six hundred representatives of banks, insurance comGovernment should intervene the railways would sacrifice
the credit for having voluntarily rendered a great patriotic panies and individual investors were present at the conservice regardlesss of their individual interests. Further- ference. It was announced that over a thousand telegrams
more, under direct Government control they undoubtedly and letters had been received from other investors who were
would be managed less efficiently and economically. These unable to be present but who announced their desire to join
are seemingly conclusive reasons why the railways should the movement. In opening the proceedings, Mr. Warfield,
wash all their dirty linen in private and go on steadfastly who was elected chairman of the meeting, said in part:
throughout the war carrying out the present plan, or, if not,
More than $3,000,000,000 actual investments, nearly one-fifth of the
some better plan of their own making.
total capital of all the railroads, is represented at this conference. The
of the securities of the railroads feel great concern in the settlement
The whole future of our railways is now in process of de- owners
pending questions of serious consequence to the carriers of the country
of
individualism
termination. The unrestrained and excessive
in which their money is invested.
The railroads are required to pay out by reason of increased prices this
which has characterized their management in the past has
year over last year for equipment, supplies, materials and labor over $570,done them great harm. If allowed to assert itself during the 000,000.
The items composing this vast sum are as follows: Increased
war it probably would ruin them. On the other hand, by price for fuel 8100,000,000;for locomotives and cars $195,000,000; materials
recognizing the fact that at least during the war their in- and supplies, $162,000,000; wages of trainmen, $60,000,000; increased
wages of other employees, $57,000,000. To help to moot this the railroads
terests as a whole must be put above those of individual lines, have
asked for an increase in their rates of 15%. This increase asked for
and that the interests of the country must be put above those will not begin to make up this huge sum; nevertheless, there seems to be
allowed, opposition having developed
of the railways, they will serve the country as best they can considerable doubt whether it will be very
properly have appointed a comcertain directions. The railroads
and in doing so further their own permanent interests in the in
mittee of five well known presidents to direct the operation of all the railmost effective manner.
roads entirely in the interest of the Government, which at this time is in
NEW ORGANIZATION OF RAILROAD SECURITY
OWNERS.
At the conference of owners of securities of railroad companies, held at Baltimore this week (May 23) in response to
the interest of the war. We are here confronted with an extraordinary
condition.
Every citizen of the country is doing his utmost in subscribing to tho
Liberty Loan. Any impairment of railroad credit must have its effect in
limiting the investing power of those of our citizens who are dependent
upon the returns from their investments in railroad securities to enable
them to subscribe to this loan.
MAY 26 1917.)
THE CHRONICLE
Addresses were made by,.H. A. Schenck, President of the
Bowery Savings Bank• of New York; John G. Lonsdale,
President of the National Bank of Commerce in St. Louis;
J. H. Eeker, of the Metropolitan Life Insurance Company,
New York; John E. Oldham, Boston; J. W. Stedman, of
the Prudential Life Insurance Company, Newark, N. J.;
J. E. Woodruff, President of the Trust Company of Georgia, Atlanta; and ex-Governor Edwin C. Stokes, of New
Jersey. Mr. Stokes had the following to say:
The American people are long suffering and slow to wrath, and I have
been wondering for the last decade how long the stockholders and security holders of our railroads would suffer a gradual impairment of their
property without a united effort for just and proper treatment.
There are 11,000,000 depositors in the savings banks of this country
and they are interested in the solvency and prosperity of the American
railways. I was amazed to hear Mr. Ecker give the figures of the life insurance policies. I think you said, Mr. Chairman, there were 34,000,000
holders, who represented $75,000,000,000 of insurance. Every one of
these policy-holders is interested in the solvency and prosperity of the
American railway systems. There are thousands of stockholders of banks
and trust companies in this country and they are all interested in the
solvency and prosperity of the American railway systems.
Every loyal patriotic American takes a just pride in the railway system
of this country. That is a marvel of efficiency, that has done so much
for this country, that has penetrated the wilderness, the pioneer that has
explored the desert and that to-day furnishes a market of one-third in
amount of all the sales made under the American flag. And yet, as vast
as their interests are, legitimate as they are, they are the last to be considered in the settlement of railroad problems.
At the conclusion of the morning session a committee on
organization was appointed consisting of 47 representatives
of the various cities represented at the conference. This
committee decided upon the name to be adopted for the
organization and those present at the conference enrolled
as members of the association. The committee on organization was authorized to select a general committee and other
officers except the Secretary who is to be appointed by the
President. Five Vice-Presidents will represent the following sub-divisions of the country: South, East, Southwest,
Middle West and Far West. The conference authorized
Mr. Warfield to appoint five representatives of the organization to appear before the Inter-State Commerce Commission to present to that body the necessity for such action to stabilize the securities of the railroads of the country
and to protect the credit of the carriers. President Warfield
has addressed a communication to the Commission requesting
permission for the security holders in the American railroad
systems to present their views as to the needs of the carriers
for an increase of 15% in freight rates.
L. F. LOREE DECLARES CRISIS CONFRONTS RAILROADS.
Speaking before the National Association of Manufacturers at their annual meeting at the Waldorf on May 16,
L. F. Loroe, President of the Delaware & Hudson Co.,
referred to the change worked in business since the advent
of the war in Aug. 1914, and its effect upon the railroads,
whose condition he said "is such as to create for them and
for those dependent upon them,an emergency." Describing
the conditions confronting the roads as "a crisis, an occassion for action," he said:
2079
no criticism to offer regarding its position, for myself and for every man
on the payrolls, with my whole heart and energy I resent that situation
and challenge everyone who is responsible for it. It is a situation not of
our making, not of our bringing about; a situation that, had we a free hand,
we would not for a moment permit to continue.
As a consequence of this the railroads have become the recruiting ground
for every other employing interest, whether it be the Federal Government
taking skilled mechanics for work in its arsenals and navy yards or the
contractor taking unskilled labor for work on the public highways. The
constant changes in the body of the employees and the great number of
promoted and green hands have resulted in a deterioration in railway labor
efficiency estimated by many to be as high as 30%.
The carrier claims that an emergency exists, that it has long been "coining
forth into view," that it has reached the condition of a "crisis" that it
presents "an occasion for action," and they urge as that necessary action
a general increase in all their freight rates of 15%. What we are confronting, then, is in very truth, an emergency; something that has been "coming
forth into view" for the past thirty years and for the past two and one-half
years, with menacing rapidity and sinister import; something that is a
"crisis, an occasion for action;" something which, unless intelligent and
adequate and immediate action is taken threatens the downfall of the
whole economic structure.
The reasonableness of the proposed increase must rest upon the presumption that those relations among the rates for different services which
persisted at the end of a thirty-year period of effective Federal regulation
of rates must be just and proper.
The necessity of the proposed increase must be evident to every one
familiar with commercial conditions.
It seems a remarkable thing that at this time of crisis, when the Government was never so much in need of the services of the railroads, when the
railroads themselves were never so well organized and capable of rendering
the services demanded of them, when their forces, both line and staff, were
never so eager to be of service, that this situation should be endangered
by the repressive influence of the Government itself. Our attitude in this
respect is in marked contrast with that of Great Britain. The first step
taken there was to relieve the railroad officers of all anxiety as to their
financial responsibility; here no relief is in sight. On the contrary, we
are compelled to assume all the hazards of the situation without freedom
of action to meet the changing conditions.
W. M. ACWORTH BEFORE INEWLANDS COMMITTEE
ON GOVERNMENT OWNERSHIP OF ROADS.
On May 7, before a special meeting of the Joint Committee
of Congress on Inter-State Commerce, of which Senator
Newlands is Chairman, W. M. Acworth, England's leading
railroad authority, appeared to discuss the question of Government ownership of railroads in foreign countries. Mr.
Acworth has just completed his work as one of the Royal
High Commission which recently investigated the railroad
situation in Canada. In his opening statement he said that
while it was true that "most countries own their own railways," the statement is misleading. Bulgaria, for illustration, owns its railways, which comprise only 1,204 miles.
Bulgaria counts as one country,and so does the United States.
But the United States has more than 200 tines the Bulgarian
mileage, all owned privately. Accordingly, on a mileage
basis, the witness pointed out, less than one-third of the
world's 700,000 miles of railways is owned by States. Mr.
Acworth dealt first with Prussia, which he regarded as the
best example of an efficient nationalized railway system.
Following the war of 1870, which unified Germany under the
leadership of Prussia, Bismarck attempted to acquire all the
railways of Germany in order to weld the newly formed Empire into one unit. In 1879, the Ministry submitted to the
Prussian Parliament an elaborate memorandum in support
of the policy of nationalizing the railroads then in private
hands. The significant feature of this memorandum, said
Mr. Acworth, was the emphasis placed upon the importance
of railways for military purposes. "On the whole," said he,
"it is abundantly clear that the main reason for Bismarck's
action was of a political nature. It is in harmony with all
Prussian history that the importance of military considerations and the necessity of making public control paramount in
the life of the country should weigh above all other considerations with a Prussian statesman; and after the war .with
France and the creation of the German Empire, these considerations might be expected to have even greater weight
than at any other time."
Citing Professor Schumacher of Bonn, Mr. Acworth said
that the freight receipts per ton mile in 1880 and 1909 in
Germany were respectively 1.65 and 1.41 cents. The corresponding receipts per ton-mile for American railways were,
in 1882,1.23 cents, and in 1909,0.763 cents. In other words,
the American ton-mile rate started at the beginning of the
period 25% below the Prussian rate, and it fell in the course
of the twenty-nine years, not 15%, but nearly 40%. At
the end of the period, the American rate was not much.more
than one-half the Prussian rate-0.763 cents compared with
1.41 cents. The witness added that progressive rate reductions in Germany had ceased long before 1909. Proceeding he said:
There are many who consider money solely as a standard of value and
for that purpose as having a fixed and unfluctuating value. If we take
that view, it is apparent that railroad service constitutes about
the only
commodity or service which has not in the past two years
risen, as compared with the standard. If this be the case, it is apparent that there
is
necessity for a general and immediate adjustment or increase in the rates
charged for railroad service, for otherwise the railroads
will be unable to
secure, out of their revenues, the labor and materials
necessary for their
operation, to meet their fixed charges and dividend
requirements,
and to
pay interest sufficient to attract the additional capital which is necessary
for their development.
There are others who consider money rather in its function as a medium
of exchange. They feel this to be a proper view which reduces all transactions to barter. If we take that view, it is apparent that in the past
two years there has been a dimunition in the value of money, and that with
the little-varying schedules of rates and the largely-increasing rise of wages
and prices of materials and supplies and of the rental value of money, a
fixed quantity of railroad transportation is, from year to year and especially
during the past two years, exchanged for a steadily decreasing quantity
of railroad labor and railroad material and supplies, as well as for money
borrowed. If this be the case, it is apparent that the railroads are not
now asking for real advances in rates, but merely for readjustment (readjustments that I think will be inadequate) to make up the losses which
they have sustained by reason of general rises in the wages level and the
prices level.
In the same way the railroads have seen the cost of their capital go up in
response to intensified competition from public and private sources.
Moreover, they have seen the natural reaction of their rates of faro and freight
to these conditions impeded or prevented by public authority. So far
from keeping pace with rising costs, which have been in progress since
1896, they have been required to reduce rates which had not been
changed
hace the value of money was at its highest.
When I see a corporation where within twelve months it can voluntarily
advance the wages of its employees 46%, advance the rate of dividends
paid to its common shareholders from zero to 17%, and change the earnWhile American companies have revolutionized their equipment and
ings on its common stock from zero to more than 70%, and contrast its methods of operation. Prussia has clung to old equipment and old methods.
condition with the condition of the railroads, contrast its treatment of its This is typical. In all the history of railway development it has been the
men with the attitude that we are compelled to take with ours, while I have private companies that have led the way. the State systems that have
2080
THE CHRONICLE
!Vol, 104.
"the deplorable situation of the State system, the insecurity
and irregularity of its workings."
In 1897 Switzerland took over all the railways of the
country. Immediately an increase in expenses was noted,
due to higher wages and reduced working hours. In three
years, after meeting operating expenses and the charges of
the debt, there was an accumulated deficit of over $2,500,- •
000. In 1900 the ton-mile rate was slightly under 3 cents
a mile; in 1911 it was slightly over. At the date of the last
account, so far from being reduced the sum paid for the acMr. Acworth
Referring to Italy, Mr. Acworth said: "It has tried State quisition of the railways had risen $270,000.
ownership
Government
to
as
conclusions
his
summarized
operation,
ownership and operation, private ownership and
State ownership with private operation. and now, for the of railroads as follows:
It is impossible to obtain satisfactory results on Government railways in
last ten years, it has reverted to both ownership and opera- a democratic
State unless the management is cut loose from direct political
tion by the State." The Italian Parliament on April 22 1905 control. Neither Australia nor any other country with a democratic condetermined to take over the railways of Italy. In the first stitution—perhaps an exception ought to be made of Switzerland—has sucin maintaining a permanent severance. The Australian Parliaments
year of nationalization the operating ratio was 73.4; in no ceeded
have loosened their hold for a few years, but only for a few years. In
three
subsequent year has it fallen below 79.5, and for the
France, in Belgium, in Italy, Parliamentary interference has never been
years, 1911-1913, it averaged 84.4. Each year shows a abandoned for a moment. Without imputing a double dose of original sin
politicians, it is easy to see why this happens.
substantial advance in operating costs over the year preced- toThe
railways belong to the people. Parliament is the authorized repreing it. The figure in the first year of the period was $57,- sentative of the people. It seems, therefore, to the ordinary citizen only
should control tho management of the
885,600; in the last it is $102,264,560, an increase of over right and natural that Parliament
people's railways. And yet facts are stubborn things; and the facts show
78%. He continued:
that Parliamentary interference has meant running the railways, not for
brought up the rear. Railroading is a progressive science. New ideas
lead to new inventions, to new plant and methods. This means the spending of much new capital. The State official mistrusts ideas, pours cold
water on new inventions and grudges new expenditure. In practical operation, German railway officials have taught the railway world nothing.
It would be difficult to point to a single important invention or improvement the introduction of which the world owes to a State railway. That
Prussia is the only country where the State system shows a profit after payment of operating expenses and interest on capital follows because Prussia
bought the railroads at a most opportune moment, and has been powerful
enough to maintain a scale of rates unaltered over a long period of years.
When it comes to railroad tariffs, no country has gone as far as Prussia in
giving advantage to the big shipper over the small man.
The final result is that whereas in the financial year 1006-07 the railways the beneift of the people at large, but to satisfy local and sectional or even
managepaid over to the treasury $9,796,366 as a return on a capital of $1,091,404,- personal interests. They show further that, under Parliamentary
for
045, which is, roughly, one per cent, in the last year they only returned ment, it is easier to get money for big schemes of new construction than
probably
$5,402,656 on a capital that meanwhile had risen to $1,374,975,952, which inconspicuous day-to-day betterments and improvements which
is, roughly, two-fifths of one per cent. In at least two cases just before the would produce much greater public benefit.
Some day, perhaps, having learned wisdom by experience, a Parliament
war, concessions had been granted to a private enterprise which was to take
not necesover a portion of the existing State railway, to build an extension with the and a people may recognize that management for the people is
of governhelp of substantial State subsidies, and then work on its own account both sarily management by the people; that there are other branches
ment besides the judicial branch, unsuited for popular interference; and
sections as one undertaking.
its own board of
Australia furnishes the most conspicuous instance of railway construc- may establish a permanent State railway organization, with
of Parliation by the State, because private enterprise refused to undertake the task. directors, with its own separate budget, and entirely independent
judicially
Speaking broadly, the seven separate States which make up Australia have mentary control, but controlled like any private company by a
earn a divi20,000 miles of railway owned and worked by the respective governments. minded commission, required also, like a private company, to
And it must be frankly said that public opinion is entirely in favor of the dend for its stockholders, the people. And then a main objection to Govforce.
its
lost
have
will
State
democratic
a
has
in
railways
Socialism
ernment
system. Having regard to the well-known fact that State
But hitherto no Parliament and no people have recognized this fact,
been carried further in Australia than in any other part of the world, this
even though it stands out abundantly clear on the pages of railway history.
is not surprising.
Ton-mile rates on the State railroads in Australia are
excessive compared with other countries, said the witness.
In two States they average 2.20 and 2.12 per ton-mile.
The corresponding private railroad rate in Canada is only
0.75 cent and in the United States 0.73 cent. A mixed
system of State and private ownership prevails in Russia,
Austria and India, owing mainly to political and military
reasons. Referring specifically to one company, which had
paid an average ,dividend of 12% for five years previous to
its acquisition by the Austrian Government, Mr. Acworth
quoted the President of the Austrian- Chamber of Deputies
in describing the result of the State's administration up to
1910. Said that official:
We have always been in favor of the State taking over the railways, but
f we had been able to foresee the results of the management, I assure you
we would have hesitated a little longer. We are still in favor of the principle, but it does seem to us that our Government has performed a remarkable feat when it has succeeded in creating a deficit on the Northern
Railway. The Government have enlisted an army of new employees; they
have gone much too far in the reduction of hours of labor; instead of commercial management, they have appointed lawyers to posts that require
business men or experts; they have established an entirely unpractical bureaucracy. At the present moment wo are face to face with a deficit of
$25,000,000. There would be no deficit at all if the return from our railways were that which it ought to be. I repeat that absolute imbecility has
characterized the taking over of our railways. We must introduce business
ideas into the Government service.
Of late years in Russia the tendency seems to be in the
direction of private railroad enterprise, subsidised and closely
controlled by the Government. Continuing, Mr. Acworth
said:
While in Holland some of the most important lines were built by the
State, the operation has always been wholly in private hands. In 1908 a
motion in Parliament in favor of nationalization was brought forward and
defeated. A Parliamentary commission to investigate the question was
subsequently appointed and reported unfavorably. The financial result to
the State is not over satisfactory, but is due largely to the competition of
the rivers and canals, which intersect the country. The railways have to
depend mainly on passengers and high-class freight for their income.
For more than 30 years the French Government have owned and worked
a system of lines in the central west of France. The financial results were
very unsatisfactory—the operating ratio over a series of years ranged between 72 and 83%. Among the great companies much the weakest financially is the Western. Year after year the French Government had to find
a considerable portion of the dividend for this road. During the last ten
years of company management the State had to pay an average of$2,894,280
a year to meet its liability under the dividend guarantee. During the first
three years after the transfer of this road to the Government, the latter had
to pay $6,753,320, $8,875,792 and $14,934,484, respectively. For the year
1913 the figure was $14,752,237.
Moreover, the service to the public was absolutely demoralized, and compensation for accidents, loss and damage
rose from an average of $400,000 under company rule to
$2,045,291 in 1911. The Minister of Public Works criticized
the State administration as a "frightful fraud," said Mr.
Acworth, and the Senate passed a resolution referring to
NEW YORK LAW ALLOWING CORPORATIONS TO ISSUE
STOCK WITHOUT NOMINAL OR PAR VALUE.
According to the Secretary of State at Albany, the Founds,
tion Company of New York, a concern engaged in the building of wooden ships for use in America's new mercantile
marine, has the distinction of being the first to file a certificate of reorganization at Albany with Secretary of State
Hugo's Corporation Bureau, under the provisions of the Walters-Pratt bill, which has just been signed by the Governor.
A number of corporations that have been waiting passage of
the bill will now take advantage of its provisions, which permit existing corporations to reorganize and issue shares without nominal or par value. The law is one of the most important affecting corporations of any enacted- in several
years. There has been much interest in the outcome of the
bill among corporation attorneys and others. An announcement coming from the office of the Secretary of State says:
Among other things, the Walters-Pratt bill is aimed au certain concerns
which ruthlessly water their stock, and dishonest promoters of corporations
whose one object is the marketing of worthless stocks. The bill adds five
new sections to the Stock Corporation Law, and is so constructed that it
affords an easy and effective method of changing the shares of stock of an
existing corporation from stock having a fixed par value to shares that are
without nominal or par value.
Sections 19 to 23, inclusive, of the Stock Corporation Law, enacted at
the instance of the New York State Bar Association in 1912, permitted the
inclusion in the original charter of corporations thereafter formed or reorganized of a provision for the issuance of shares without par value. It
failed, however, to provide any method by which a corporation that had
already been formed could be reorganized so that it could obtain the full
benefits of the new law without first going through the process of dissolution.
The advantage accruing to a corporation from the right to issue shares
without an expressed par value lies in tbe fact that such shares may be lawfully exchanged for patent rights, secret processes, the good-will of going
concerns, or other intangible property rights involving some element of
speculative risk, without the necessity of a preliminary determination by the
directors that the consideration received is equal to the face value of the
shares.
The corporation having shares without nominal value is likewise sometimes useful as a means of apportioning the estate of a decedent among those
entitled to share in it, without an inventory or appraisal of its value being
necessary and without interrupting business if the estate consists of an active
concern.
The new form of shares have the additional merit of putting the prospective investor on Inquiry as to the actual value of the shares he is about to
purchase, uninfluenced by any representation on the face of the stock certificates offered to him that the shares are of a certain stated value.
This statement of so-called "par value" expressed on certificates of stock,
always immaterial and often misleading, has been frequently not only a
contributing aid to stock watering transactions in the past, but it has been
helpful to the dishonest promoters of corporations formed for the solo purpose of disposing of worthless stocks.
The popularity of the "no par value" feature of New York's corporation
law is shown by the revenues which have been derived from fees and taxes
on the organization of corporations of this particular type, already reaching a sum in excess of $1.500,000.
MAY 26 19174
THE CHRONICLE
An amendatory Act, extending the operation of the law of 1912 to perviously existing corporadons, has been advocated by Secretary of State
Hugo for the last two years. The bill, introduced by Senator J. Henry
Walters and Assemblyman Charles 0. Pratt, embodies Mr. Hugo's recommendations along that line. The amendment cariles with it a revenueproducing feature consisting of an initial tax for the privilege of reorganization.
2081
Mexico will endeavor to continue to follow a policy of the most rigorous
and strictest neutrality in the European conflict. I am able to assure you
that actual relations with all the peoples on earth are friendly.
A statement to the Mexican press was issued by the
United States Ambassador to Mexico Henry P. Fletcher
on April 24 in which he declared that the relations between
Mexico and the United States were increasingly cordial and
GEN. CARRANZA TAKES OATH OF OFFICE—OTHER that any misunderstanding would be due to the activities
MEXICAN MATTERS.
of enemies of both countries. The statement follows:
I do not believe that any difficulty may be expected between the United
Gen. Venustiano Carranza on the 1st inst. took the oath
and Mexico as the result of the entrance of the United States into the
of office as the first constitutional President of Mexico since States
My Government is perfectly satisfied with the declaration of neuwar.
the assassination of Francisco Madero in 1913. The mem- trality of Mexico made by the President on April 15, and is confident that
suband
ceremony
Mexico as a sovereign people will respect the same, taking measures for
bers of the diplomatic corps attended the
strict observance.
sequently returned with the President to the National itsNo
pressure has been exercised by the United States on Mexico or on any
Ambassador
States
United
where
in
City,
Mexico
Palace
other neutral country to force its entrance into the war on the side of the
conthe
United
States. The relations between the United States and Mexico each
Fletcher, as ranking member, offered the President
grow more cordial and friendly, and I sincerely hope there will be no
gratulations of foreign nations of Mexico's return to con- day
occurrence to affect the good and complete understanding between the two
stituitonal government. The election of Gen. Carranza as great democracies of America. By situation we are neighbors and by comrewas
munity of ends, aspirations and feelings we should befriends. If in Mexico
President of Mexico under the new Constitution
anything occurs compromising her neutrality or involving in difficulties
ferred to in these columns April 7. The Chamber of Depu- the
two nations it will be the result of the efforts of enemies of one or other
ties, constituting the Electoral College, after a canvass of of the countries or both.
forThe
its
Government of the United States desires nothing except prosperity
returned
election,
the vote in the recent Presidential
for this country, and wishes nothing which disturbs the establishment of
mal report on April 27, declaring the election of Gen. Car- free, constitutional,
and orderly Government, pacification of the country
ranza, as President of the Republic by an overwhelming and promotion of prosperity. The United States, in spite of vehement
to remain aloof from the great conflict, has been
sincere
efforts
desires
and
Carranza
majority. The number of votes cast for Gen.
forced to take up arms, and I sincerely hope that Mexico will be more forwas 797,305. Pablo Gonzales had the next highest number tunate than us in this respect.
Americans in Mexico, conscious of the hospitality of this country will
of votes, and Gen. Alvaro Obregon was third in the race.
both in their official acts and private life, from any acts which
There was a scattering vote for other candidates whose abstain
might compromise the neutrality of Mexico or place this Government in
names were not given.
an embarrassing position..
Complete diplomatic relations between the United States
The statement was issued as the result of newspaper
and the Mexican Government were resumed on April 17 dispatches from the United States, which gave reports of the
when Ignacio Bonillas, the new Mexican Ambassador to suspicions there in regard to Mexico's position.
the United States formally presented his credentials to PresiOn April 26 official advices to the State Department at
dent Wilson. Senor Bonillas is the first officially recog- Washington were said to have announced that the Mexican
nized Ambassador in Washington since the murder of Presi- Government had warned Germans in Mexico that any
dent Madero, when the authority of Ambassador Calero concentration of Germans near the American border would
was cancelled. Eliseo Arredondo served semi-officially as be followed immediately by their arrest. It was reported
Ambassador until a few months ago but was never formally that the Mexican authorities in conveying this notice exrecognized by the United States Government.
plained that they could do no less in view of the fact that a
In addressing President Wilson Ambassador Bonillas state of war exists between Germany and the United States.
said:
Gen. Obregon, who has since (May 1) resigned as Minister
After the long struggle to institute a democratic government, emanating
War, in a statement issued on April 27 declaring that
of
of
representative
their
own
the
aspirations,
and
choice
own
from their
Mexican people have succeeded in the realization of their highest ideals. Mexico would remain strictly neutral, said:
By her recent elections Mexico has assured the re-establishment of constiMexico's relations with the United States are not as close as desired by us:
tutional order, and on May 1 the officials freely elected by the popular as we feel that by the acts of the United States in withholding the arms.
ballot will take the oath of office, and the Republic shall feel the satisfac- ammunition and machinery bought in the States after Carranza was recogtion of returning to its place in the concert of nationa.
nized as the head of Mexico the complete pacification of the Republic has
As a natural consequence, I hope the most cordial relations and sympa- been delayed more than six months. We want to be friendly with the
our
between
people
exist
and
our
to
My
continue
Governments.
thy will
United States, as our commercial interests lie there, but it is up to the
most ardent desires are that it may be so, and I trust that, in order to ac- United States to show friendship.
complish this end, a warm reciprocity may be accorded by the Government • Mexico has no interest and no intention of furthering the interests of
so worthily presided over by your Excellency.
any of the Powers now at war. All the Powers have respected Mexico's
The First Chief of the Constitutionalist Army.in charge ofthe executive rights. We cannot complain against any Power.
power of the nation, duly elected PresPent, has instructed me to convey
I will see that the term "strict neutrality" as declared by the First Chief
to your Excellency his sincerest desire for your personal happiness and for will be carried out. Mexico will not permit any foreigner to commit any
the
United
of
people
States.
the prosperity of the
overt act. We are amply able to punish any violations of neutrality.
Mexico will not enter into alliance with any Power, since Mexico's sphere
Replying to the new Ambassador President Wilson spoke
is in Mexico, not in Europe. I personally am interested only in the reas follows:
construction of the country. My only ambitions are to see Mexico take her
Mr. Ambassador, I am happy to accept the credential letters by which place with other nations. Mexico has too much to do to settle her own
His Excellency, the First Chief of the Constitutionalist Army in charge of problems, without entering into affairs of others, which could only injure
the executive power of the United Mexicon State accredits you as Ambassa- the future.
dor extraordinary and plenipotentiary of the de facto Government of Mexico near the Government of the United States and to accord you formal
Gen. Obregon was also said to have added that he believed
recognition in that high capacity.
reports on the number of German reservists and other
the
United
States
and
Mexico makes it most deTho close neighborhood ofthe
sirable that there should be between the two countries relations of friendly foreigners arriving in Mexico had been greatly exaggerated.
trust and confidence. It has been my endeavor in these years of unrest He did not deny that many Germans had come, but said that
and strife in Mexico to impress upon the Mexican people that the United
only natural refuge with the Allies in
States has none but the best interests of Mexico at heart and has no wish Mexico was their
more selfish than to see its people placed in the enjoyment of the blessings control of the seas and Canada, the United States and Cuba
of peace, happiness and prosperity by the establishment of a constitutional all in the war against Germany. He declared that the only
and stable Government, capable, among other things, of affording due protection to American citizens and property and of meeting all other inter- Germans in the Mexican army had served through the revolunational requirements.
tion and that none had been admitted since the United
I take note of your statement that constitutional order will be re-estab- States declared war on Germany, or would be. Mexicans
shall
1
welcome
1.
May
the
on
day that brings me conlished in Mexico
said, and would not
vincing evidence that a Constitutional Government has been established are able to fight their own battles, he
in Mexico both willing and able to afford to American citizens and their accept the aid of others who had their own ulterior purposes
property the same measure of protection and to apply to them the same to further. "Those foreigners who hold commissions in the
impartial administration of justice that is afforded to nationals or the citizens or subjects of other foreign countries. The United States asks no army," he conleuded,"and among them are some Americans,
more and can, of course, accept no less.
Japanese, but mostly Germans, had all been in
Gen. Carranza in a message read to the Mexican Congress with the reassembling of that body on April 15 devoted
much attention to the resumption of diplomatic relations
with the United States since 1913. He touched briefly on
the Benton case and referred to the occupation of Vera Cruz
as a "lamentable incident." Following an account of the
Villa raid on Columbus and the clashes with American troops
at Carrizal and Matamoros, he said:
This can be considered as a period of war with the United States, for hostilities had commenced. Nevertheless, the Government continued to
treat the situation by diplomatic methods and secured in the shortest possible time the retirement of the American forces.
In regard to Mexico's position as a neutral nation, Gen.
Carranza said:
two or three
the army long before the outbreak of the European struggle."
Luis Cabrera, General Carranza's Minister of Finance, in
a letter to Secretary Lane, with whom he sat on the MexicanAmerican Commission, has pledged not only Mexico's
neutrality, but his Government's intention to do nothing to
embarrass the United States in the war with Germany. A
part of Cabrera's letter, made public on May 2 by Secretary.
Lane, follows:
All Mexicans who know and appreciate the United States are striving to
keep Mexico absolutely neutral in the present world conflict, which unfortunately has extended to America. Although I believe that the war
between the United States and Germany will actually take place in Europe,
and not in America, the United States can be sure that the present Government of Mexcio will do everything in its power to make the United States
2082
THE CHRONICLE
feel absolutely confident that there will be no reason at all to fear from our
side.
Mexico has gone through a civil war, and there is nothing the people
desire more than to remain in peace, and without being engaged in international war.
On the 8th inst. the Mexican Senate, after a long, stormy
session, passed a bill giving President Carranza extraordinary
powers to deal with the finances of the country. Before the
measure was passed Gen. Carranza directed a communication
to the Senate explaining the necessity of that body granting
him the authority, and declaring that if Congress could not
give him the power his only recourse was to appeal direct
to the people.
BONAR LAW'S SPEECH IN DETAILING WAR BUDGET.
Brief reference to the remarks of the British Chancellor
of the Exchequer, Bonar Law, in introducing in the House
of Commons on the 2d inst. the war budget for the fiscal
year, was made in these columns May 5. We are now able
to give the Chancellor's speech in detail, as reported in the
London "Financial News." The Chancellor announced the
total estimated expenditure for the current year as £2,290,381,000 and the estimated revenue as £638,600,000, leaving
a balance of £1,651,781,000 to be provided by loans. In his
speech he also made known that from the beginning of the
war the total advances to the Allies have been £828,000,000,
and to the Dominions £142,000,000, making the aggregate
advances to the Allied Powers £970,000,000; the total
national expenditure during the war has been £4,318,000,000,
of which £1,137,000,000 was provided by revenue. The
national debt totals £3,854,000,000.
On the 9th inst.,in moving a vote of credit for 1300,000,000
in the House of Commons, the Chancellor stated that the
alarming feature of the figures was that they represented a
total daily expenditure of £7,450,000. Between April 1 and
May 5, he observed, the advances to the Allies and Dominions had increased so that they now average £2,000,000
daily. The budget estimate for this use was about £1,000,000 a day, so the estimate was exceeded by £1,000,000
daily. America, however, continued the Chancellor, had
acted with promptitude, for which the'nation could not be
too grateful. She not only promised but actually afforded
financial assistance to Great Britain's allies, and he, therefore, hoped that the budget estimate of expenditure under
this head would be realized. For the first period of the vote
of credit last year, Bonar Law said, the daily expenditure
was £4,820,000, and for the corresponding period this year
£7,450,000. The present vote would carry the Government
on until about Aug. 1. The vote of credit now asked brings
the total since the outbreak of the war to £4,642,000,000.
With the exception of the credit of £550,000,000 voted in
February the present credit was the largest of the war.
As heretofore indicated, the budget introduced by the
Chancellor on the 2d contained no surprises and fewer
changes from the existing taxation than did the previous
one. No new forms of taxation were proposed. The only
changes were increases in the excess profits tax, which was
. raised to 80% from 60%, the placing of excess profits on
munition works on the same basis, an increase of tobacco
duty by is. 10d. per pound, and increased entertainment
taxes on the higher-priced tickets. Economy in the employment of ships by Government impressment of all vessels
except small coasters at fixed rates of pay was also announced.
The budget speech in full follows:
In each succeeding year of the war the Chancellor of the Exchequer has
imposed upon him the duty of presenting to the House a financial statement
on a scale which has never been heard of, or dreamed of, in any country in
any previous period. These gigantic figures are not a subject of rejoicing,
though there is ground for thankfulness that we are able to bear the financial
strain, which is hard upon us. These figures represent part of the problem,
though not the biggest part, which we, as a nation, have to face for the
greatest act of madness for the greatest crime, which has ever been committed in the history of the world. But, looking at it from the point of
view of what seemed right at the time, and looking back after the experience
of nearly three years of war, we, as a nation, can still say, on our souls and
consciences, that it is a crime in which we have no share. Under these
circumstances, this is not an occasion for rhetoric, and I propose to follow,
to the best of my ability, the example set by my predecessor(Mr. McKenna)
and present to tne House a plain statement of our financial position as
clearly and as briefly as I can. It is a tradition that the Treasury is always
able to present fairly accurate estimates of taxation in the future, however
small the available data may appear to be, but at a time like this, when the
expenditure, especially for army supplies, depends not on any fixed and
constant demand, but on the powers of production in the country, and
when the revenue is influenced on every hand by restrictions imposed on
account of the war, it was hardly necessary for Mr. McKenna to claim the
Indulgence which he did, and to ask the House to receive the estimates as,
at best, more or less intelligent guesses. Now last year the estimate of
expenditure given by my right honorable friend was £1,825,380,000, and
the actual expenditure for the year was £2,198,113,000, or an excess of
£372,733,000, which is almost identical with the excess on the votes of
credit, which was about £373,000,000. It is hardly necessary for me to
explain again that this expenditure is largely due to two causes—the in-
[Vol,. 104.
creased cost of munitions and increased advances to our allieeannowour
Dominions. I need not justify to the House expenditure under either of
these heads. The result of the increased expenditure on munitions Is seen
in the position of our armies in France and on every front.
Aft
Financing our Dominions and Our Allies.
Now as regards the advances, the British Government from the first has
considered that this was one war in which the interests of all the allies were
alike, and that it was our duty to the extent of our ability to use our resources, financial or otherwise, in aid of our allies in precisely the same way
as if they were spent upon ourselves. With this explanation, I should like
to add that the estimate for loans to allies and Dominions has been exceeded
by something like £100,000,000. It is a satisfaction to me, as I am sure it
is to the Committee, to know that as regards the Dominions they have not
only had the will, of which there was no doubt, but they have had the power
to supply so much from their own resources that there has been no increasing
strain upon the British Exchequer from that source. The Committee will
be interested to know the total amount of these advances, and here I give
the figures which represent the obligations to the British Treasury, including, that is, interest and discount, and not the actual amount expended.
Last year the total advances to the allies were £540,000,000, and to Dominions £54,000,000, making a total of £594,000,000. From the beginning of
the war the total advances to the allies are £828,000,000, and to the Dominions £142,000,000, the total being £970,000,000. If we turn to the revenue,
we find a different picture and a more satisfactory one. The estimate of
revenue was £502,275,000. The actual revenue exceeded that amount by
£71,153,000.
In view of the restrictions of all kinds, the Committee will have anticipated—indeed, they will have seen from the figures—that there has been a
deficit in the case of customs and excise. Taking the two together, that
deficit amounts to £9,059,000, and it extends, as might be expected, over
almost every branch of those two services. The main exceptions are tea,
In which there is a surplus of £1,000,000, which, however, is almost entirely
represented by forestallments, and tobacco, in which there is an excess of
about £1,500,000. If we turn to the inland revenue there is a different
picture. There the total increase amounts to £66,039,000, and I shall
show the House the main sources of that excess.
The total amount of excess profits was £139,920,000, and the excess over
the estimate is £53,920,000. I need not remind the House that a large
part of that excess—between £30,000,000 and £40,000,000—was due to
advances made under discount, which was not arranged for at the time the
budget statement was made, and was put later into the finances. Income
tax exceeded.the estimate by £7,930,000 and super-tax by £2,103;000,
making altogether an excess of upwards of £10,000,000.
There has been an excess over the estimate in the case of stamps of
£878,000 and over the previous year of £1,114,000. That is interesting
because a largo part of the excess is due to stamps in connection with Stock
Exchange transactions, and shows that, in spite of the war, there has been
a considerable revival of business in this connection. Another fact will
Interest the House. The total amount collected by the penny stamp
exceeds £2,000,000, a larger sum than at any time previous to the war.
That is, of course, largely due to cheques, and shows that the use of cheques
as a form of currency has increased during the war.
The War Loans.
With this brief explanation of revenue and expenditure I come to the
balance. The actual issues were £2,198,113,000; the receipts were £573,428,000, leaving to be raised by loan the sum of £1,624,685,000. I think
It will interest the House to have fuller particulars of the war loan of this
year. In the table in the hands of members the amount from the recent
war loan appears less by £157,000,000 than the actual figure, the balance
being due to installments which have not yet fallen due. In giving the
figures now I shall treat it as if these installments had all been received.
The 5% war loan, including Treasury bills, amounted to £966,048,000.
The 4%% loan converted amounted to £821,005,000. Exchequer bonds
converted amounted to £282,792,000. The total amount converted is
therefore £1,048,612,000. As this loan was issued at a discount, this is
represented by face value stock at £1,103,797,000. I will now give the
figures of the 4% loan. The applications, including Treasury bills, were
£22,658,000. The 4%% Exchequer bonds converted were £28,726,000,
making a total of £51,384,000. The House will not be sorry to see as an
Indication of how the future is regarded that the tax-compounded loan has
not been taken advantage of to any great extent. The total amount
converted of the 4M % loan is 9734%, leaving something like £20,000,000
unconverted. Even that amount is larger than I had expected. As
regards Exchequer bonds the amount of 5% converted is 61.9% and of 6%
only 12.9.70. Looking at the position of what is called the floating debt
at the end of last year I think it must be regarded as satisfactory. The total
amount of Treasury bills outstanding was only £463,705,000, and I would
remind the House that, though in this connection Exchequer bonds are
often spoken of as if they were a floating loan, that is in no sense true. In
the statement which appears on the table, to which I have referred, there
is an amount of £72,750,000 from war savings certificates. In my judgment
there is nothing connected with the finance of the war so satisfactory as
the way in which men of small means have contributed to the expenses of
the war through this medium. I am very glad to tell the House that the
boom in war savings certificates at the time of the war loan has not spent
itself. Some idea of the growth of this form of saving will be found when I
say that the total amount contributed from Feb. 22, the date on which they
started, to Dec. 31 was £54,664,000, whereas the total from Jan. 1 to the
end of last month was nearly £46,000,000. I am informed that it is even
more satisfactory than this, because the subscriptions now consist almost
entirely of small individual applications.
Positton of the National Debt.
I will now deal with another aspect of the question, and that is the position of the national debt.
The debt was increased last year by £1,714,000,000. It stands now '
ata
sum of £3,854,000,000. From that, in any estimate of what our position
on a peace basis will be after the war, we are entitled to deduct the advances
made to our allies and to the Dominions.
My right hon. friend last year gave quite correctly the standard of our
position. It was that at the end of each financial year we should be able
to show a surplus of revenue, not including duties which will come to an
end when the war closes, which will provide the amount necessary to carry
on the service of the country, including reasonable provision for the paying
off of the debt which has been incurred. I have had the balance sheet
examined from that point of view, and this is the result. Our total revenue
is £573,428,000. If we deduct the excess profits duty and other non-recurring revenue, like fnterest from the Dominions and allies—the amount is
£157,000,000 roughly—it leaves a total revenue of £416,108,000. The prewar expenditure was approximately .C173,000,000. If you make additions,
they will not be less for pensions and education of £30,000,000; if you take
the debt charge at the rate of interest of 5Y6%, which would pay it off in
forty-two to forty-three years—the amount is £153,700,000—on this basis
at the end of last year there was a balance in our favor of upwards of
£59,000,000.
MAY 26 1917.]
THE CHRONICLE
2083
Interest Rates—Relative Position of England and Germany.
consider it unfair, or that anyone is badly used if he gets a larger
income
There is another point of view which, to my mind, is equally important, during the
war than he got before it.
and that is the extent to which this gigantic expenditure is being met out
But that is not the only point of view from which we have to regard
it.
of taxation, and not from borrowed money. The result of that for last year We have
to consider the effect on our national interests, and especially on
Is as follows: Our total national expenditure during the war is £4,318,000,- our
trade position after the war. I received a number of deputations from
000; of this £1,137,000,000. or fully 26%, was provided out of revenue, and those who
were against an increase in this tax. I heard all their arguments.
I need not remind the House that there is no belligerent country which, I
recognized the force of most of them, and I think I understand them
by any possibility, could present a figure so satisfactory. I think it will, completely.
It is not so simple as merely saying you are going to take
perhaps, interest the House to give you the average rate of interest which 80%. This
big increase of profits mearis a large increase of expenditure
we have paid on money borrowed. That is, approximately, 434%. That on working
capital, and on account of that large increase many of the firms
suggests to me a subject to which, since I went to the Exchequer, I have are not
able to pay this duty except by borrowing money. But the addigiven a great deal of thought, and in regard to which there is a great differ- tional
revenue is necessary, and I have come deliberately to the opinion—
ence of opinion—that is, as to what the rate of money at home ought to be. and I think
the House will agree with me—that there is no other form of
There is one school of thought which desires money to be at the lowest taxation
which on the whole will be fairer or less detrimental to the national
possible level. There is another which thinks this low level is bad.
Interest. One of the things which we would all
wish to avoid, if it were
If anyone is inclined to compare the rate of interest we have to pay with possible, would
be to make a tax retrospective. Nobody would do it if
the rate in Germany they have to bear in mind that the exchange there has he could help it.
I propose that this new rate of duty should begin on
been given up, and that they have only home conditions to consider. If Jan. 1 this year.
That seems to me, and I think it seemed to the reprewe had been in that condition I do not doubt we could have got the money sentatives of the
firms which are chiefly affected, perfectly fair. The Prime
1 or 1 % cheaper than we actually had to pay for it.
Minister, as a matter of fact, intimated in this
House a few days before that
date that the Government would raise this duty,
New Taxation.
so that warning has been
I now come to the new taxation which I think it necessary to impose. given of it.
On the one hand, the burden of taxation already is extremely heavy, and,
Munitions Levy.
however necessary it may be, no one can doubt that in whatever form that
From Jan. 1 the munitions levy is merged in the excess
profits duty, and
taxation is raised it diminishes the capital available at the end of the war, it will all be collected by the Board of
Inland Revenue.
and to that extent is a handicap upon trade after the war. On the other
That was one of the considerations which made it so difficult to
get the
hand, it is equally true that an immense national debt after the war will be men to look at a new tax—the additional
work which would be thrown on
a burden upon our trade and industry. We have therefore to decide the existing staff. The munitions levy
was first imposed—and rightly and
between the two.
necessarily imposed—not for revenue, but mainly for this reason, which was
The Committee will be surprised, and many members will be disappointed, just as strong, that
you could not expect the workmen to do their best if
when I tell thorn I do not propose to add any new taxes whatever, and that they had the
feeling that their work was being used to make private profit.
I only propose to make additions in the case of three existing taxes.
At that time the excess profits duty was not imposed. The munitions
levy
I recognize as fully as anyone that at a time like this the ordinary rule was a special
charge on this class of firm. It was a necessity, and was
which should guide a Chancellor of the Exchequer—that taxation should probably arranged
in the best way at the time, but it had this great disbe for the sake of revenue, and for that alone—does not apply. At a time advantage, that
once a certain amount of profit was made nothing more
when we are desirous of cutting down unnecessary expenditure in every could be made
by the firm; that is to say, all incentive beyond a certain
direction, it is right, if it can be done effectively, that the Exchequer should point was taken
away. By merging both duties into one the incentive—I
be used for that purpose also. From that point of view I have considered am sure they will feel it a
very small one—still remains. I do not consider
very carefully a largo number of proposals, but in every case I have rejected It an absolutely negligible
quantity. I do not believe, however, that that
them for two reasons. The first and least important is that each of them, system was bad entirely.
A great deal has been said about the way money
when you went into detail, suggested to me that the amount of gain in has been spent in advertising
and equipping the works with machinery.
cutting down unnecessary expenditure in proportion to the trouble of That money is not all lost.
It remains there, and in my opinion one of the
collection and to the disturbance which it would create made it not worth best hopes for the future
of this country after the war is to be found in this,
while to go on with them. But there was a much stronger reason. The that as a result
of the way in which munitions have been produced in this
staff at the disposal of the Treasury is not sufficient to enable us to cope country we have
revolutionized our whole industrial process.
with new taxation.
We have scrapped not only old machinery but old methods, and when
When I tell the Committee that from the Board of Inland Revenue alone the war is over
there will be plenty of demand for any production which is
upwards of 3,000 men have gone to join the fighting forces and remind the available, and,in my deliberate
opinion, the rapidity of the recovery of this
Committee of the immense increase of taxation already incurred during the country after the war
will depend upon the use which we make of the new
war and the labor involved, and further call attention to the fact that my methods and the new machinery
which have been introduced, and will
advisers are of opinion that to attempt to use the existing staff for new depend, above all, upon
the extent to which the old hostility between
duties, which would not give a large revenue and might produce results capital and labor can be
removed, so that both can work together to get the
which are problematical, the Committee will see that this would simply best possible output in the
national interest.
mean we should lose a larger amount of revenue in the collection of the big
The excess profits duty does tell very unfairly. It is inevitable that that
taxes than we should gain by a change in this direction.
should be so. Equality is our ideal of all taxation, but I know no tax in
Entertainments Tax.
which,taking all the circumstances into account, equality rigidly is secured.
The first new tax is comparatively a small item—that is, the entertain- This duty tells unfairly against one trade as against another, and in many
ment tax. That duty was put on by my predecessor, who estimated we cases it tells against particular methods of carrying on one particular trade
should get in a full year something like £5,000,000 from it. The revenue as against other methods of carrying on the same trade. I recognize
all
last year was about. £3,000,000. I think this form of taxation can con- that, and in dealing with the excess profits duty I have adopted the same
tribute a little more revenue without disadvantage to the State. I recog- method which I have tried with the issue of the loan.
nize the value of amusement to the public at the present time. I agree
Concessions Made.
enlrely with what was said by the Director of National Service on
the
I have made concessions which I think will be useful, and which will not
subject. No nation will show its best strength if it is always brooding
over cost the Treasury much money. The most important of those
is in regard
something which they cannot forget. There must be
some means by to the rate of interest on new capital put in since the war.
which they can forget. That is shown by what is being done by the War
That is one of the greatest grievances in connection with this tax. The
Office in providing recreation for our soldiers both at home
and at the value of money has risen enormously since the war. It would
not, for that
front. I do not much believe in a man, however responsible his position,
reason, be reasonable to say that money used before the war should therewho never leaves his work.
fore
have
a
higher
rate
interest,
of
but
in
the
interest
the
of
nation it is
Puritanical
feeling in regard to the theatre, and
• I have no
the addition I right to encourage the employment of now capital where it Is
required
propose to this tax is not a very heavy one. The total revenue I anticipate
and
where
war
emergencies demand it. The rate of interest previously
Is an additional £1,500,000. I do not think it right to raise the scale of
allowed
was
6%.
I
propose
make
to
a great increase on that figure.
the duties placed on id. and 2d. charges for admission, which is now %d.
I propose to allow an additional 3% for new money put in during the
The second addition is that the free complimentary tickets will bear taxawar, and I am making another concession.
That
others.
is
only
the
same
as
tion, the
fair, because the object of this
An allowance was made of 1% to private firms as against public comtax is not to get money out of the theatrical entertainers. It is the public
panies. I have examined this as carefully as I can, and I do not think that
who pay, and anyone who gets a ticket for nothing is in a very good position
allowance is quite sufficient, and I propose to make the allowance 1%
to pay.
additional, that is to say, 4% more will be given to private firms and 3%
Tobacco Duty.
to public companies. That will apply to all periods for which the 80%
The next tax to which I propose to make an addition is the
duty. tax applies
tobacco
It is a curious thing, although I am sure there has been no leakage
In order to get rid of some of the most obvious hardships of this tax, a
in the
Treasury, that the press has defined in advance exactly
the additional taxa- Board of Referees was set up which has allowed a higher rate of interest
tion I propose. There is good ground for this additional taxation.
on
money of this kind. I propose that this additional 3% should be handed
It is
justified by the simplest method of reasoning—namely,
that it is a revenue- over in every case where the referees have allowed a higher rate than the
producing tax. Last year, in spite of a heavy additional
duty, and of the 6%. Of course that is only to apply to accounting periods where the
fact that a large proportion of our countrymen wore where they get their increased rate of taxation also applies.
tobacco without paying duty, there has been no falling off in the conThere will be some other slight modifications introduced in the finance
sumption.
bill. Some of them remedy small grievances or inequalities, but none of
Tobacco is, I suppose, a luxury. There are few necessities which I would them, I am glad to say, will cost
the Exchequer very much money. In
not rather do without. For that reason also we aro entitled to put an connection with the excess profits
tax, there is one particular branch of
additional duty on it, and I propose to make the same addition as was made industry on which I must
say something, and that is the shipping trade.
last year—is. 19d. in the pound. I have been in consultation with those
Shipowners
and Their Profits.
acquainted with the trade, and I am satisfied that that figure, better than
Public opinion and the opinion of this House, which I share, is that there
any other, will enable the burden to be placed on the consumer without the
is
no
trade
probably
which
has
made
such big profits during the war and
middleman getting more as his part out of the additional taxation. This
additional burden is estimated to bring to the Treasury £6,000,000-in the which have been so directly due to the war.
For that reason this trade is being treated now in a special way. It is
current year. It may interest the House to know what are the ways in
easy to be wise after the event. In my opinion, we delayed too long in
which tobacco is smoked. 70% is smoked in a form of which
I have never taking over control of the
shipping.
been able to see the advantage, namely, cigarettes.
But I am not going to blame anyone else in connection with this matter.
Excess Profits Duty.
I was myself a member of the Government, and, more than that, as the
Now, I come to the source of taxation from which I expect
the largest leader of one of the parties in the Coalition I had as much right as anyone
amount of revenue. r propose to make the excess profits
duty
80%,
to press my own view; and though I think we made a mistake, I say frankly
instead of 60%.
that I do not suggest that anyone was more responsible for it than I am
Some members of the House cheer that
announcement, but I must myself. I do not think that the excess profits
duty fairly met that situafrankly say that if the need had not made a large
addition to our revenue tion.
necessary I should have been very glad to leave the
tax where it was left
I
have
many
shipowners
among
acquaintance,
my
and I have said—none
by my predecessor. No one, however, can for a moment
consider that it of them agreed with me—and I still hold the view, that merely
putting on
Is unfair to take so large a proportion of the profits, which
are due to the an excess profits duty when there was something like a monopoly
would
war, and which arise out of the war. But, of course, there
are many cases, almost unconsciously have this effect, that rates would be raised
in order to
though not by any means a largo proportion of the whole,
in my opinion, increase profits in consequence of the tax. I think that must
have happened
where the profits are not due to the war. But even there, when we consider
to some extent; at all events, shipowners have had a very good time. But
what privation, from the point of view of income, as well as in other directhere is no industry which will be more important to this country after the
tions, the great bulk of the population is undergoing, I cannot myself
war than shipowning, and the last thing this House or any Government
2084
THE CHRONICLE
[VOL. 104.
If we make a calculation precisely on the same basis as for the
should do would be to deal with a question of that kind on the ground of revenue.
there was a very largo balance, the result is that we
prejudice. It is quite true that they have had excessive profits, precisely end of last year when
in our own favor of only £2,000,000. Butlam glad to
in the same way as other business men have had, and nothing would be shall have a balance
a result much more favorable than I anticipated when I
more futile or unfair than to accuse them of any special lack of patriotism say that that is
the budget, and it is a result which, I think, the House has
or any special degree of wickedness in taking advantage of the situation began to prepare
be
satisfied with. It gives a small margin, but I leave out
to
reason
every
presented.
as it was
of account in that margin any expansion of revenue which is certain to
Special Treatment.
come from customs and excise after the war, and there is another item
But we have thought it necessary to deal with this trade in a special way. which is not available this year, but will become available, and that is
The method by which we are dealing with it in bringing it under control and income tax, which has been deferred in connection with the war loan by
in regulating its profits is by, to a large extent, requisitioning at the present not deducting it at the source. In addition to that there will be large
time of all ships of 1,600 tons and upwards. Over 90% are either requisi- arrears of excess profits to be collected. The Committee will remember
tioned or have notice that they are going to be requisitioned as soon as that income tax is not charged on excess profits, and if by good fortune we
they can be got home. It is true that at one stage the requisitioning at have anything like the same amount of profit after the war, there would be
Blue Book rates left still a large margin of profit. But the additional cost an income tax available which, if we put it at 5s. in the £, would be equal
In other directions of running ships, especially additional insurance, has to 150,000,000. I have kept my word and have tried to confine myself
made that no longer true. I have examined the accounts of something entirely to a plain statement of the financial position, and I am satisfied
like a score of typical ships, and in not one of those CMOS was it possiole that the result which I have given to the House justifies me in the statefor the ship under the requisitioning terms to make anything like a pre- ment which I made in my first speech as Chancellor of the Exchequer, that
war rate of profit. Many of them show a loss.
though we could not go on indefinitely on this scale of expenditure, yet it
It is impassible, under requisitioning, to make even a pre-war scale of is certain that it will not be want of money which will prevent our victory,
profit. The Shipping Controller has controlled the rates of freight and and that we shall be able to go on, from this point of view, longer than our
by that means also the shipping profits, as well as the use of ships under the
enemies.
control of the Government. It is not by the excess profits duty we propose
to deal with shipping, but by the method I have described. There is a
RUSSIAN INVESTMENT OPPORTUNITIES.
class ofships which it is impossible to requisition, and that is the small coasting steamer of under 500 tons. Of this class of steamer there are between
A. Russell, of New York, has been appointed
William
utthe
to
used
being
their
upon
depends
nation
the
4,000 and 5,000, and
Russian inmost. I am advised that it would be absolutely impossible for any Govern- to the position of special agent to investigate
ment department by any means to attempt to run that class of steamer. vestment opportunities in behalf of the Bureau of Foreign
They must be run by their present owners. There was two other methods
Domestic Commerce, of the Department of Commerce.
open to me in dealing with this question. One was to fix a definite scale and
great
of profit beyond which they should not be allowed to go without reference The opinion is generally held that Russia will need a
to the excess profits duty. That was the method I intended to adopt, but deal of American capital for the development that is sure
I have had to abandon it for a reason which seems to me conclusive. In
the near future, but definite information as to
the case of those small steamers which you cannot requisition, you would to come in
take away all incentive after they had once made the scale of profit. There the nature of the opportunities now presented has been lackIs the further consideration that in the case of many of these small steamers ing. The first step taken by the Government to remedy
the master is the owner, and therefore you would be expecting him not
t of Augustin W. Ferrin,
only to run his ship for nothing, but also to run it at the risk of his life. this difficulty was the appointmen
Taking all that into account, I came to the conclusion that we could not editor of "Moody's Magazine," to study conditions as they
adopt that method. Under the excess profits duty if a profit was made last really exist in Russia. Recent developments in Russia,
year and a loss this year there is a provision that this year's loss up to the
of the work to
pre-war standard and up to the amount paid in duty previously would be however, have emphasized the importance
made good. That is a perfectly fair arrangement. But look at the effect such an extent that it has been decided to send two agents
on the shipowners. They have paid such a large amount of taxation in
instead of one. Mr. Ferrin and Mr. Russell will travel
the past that if that provision was allowed to continue it would mean, in
spite of the restrictions we have imposed, that every shipowner would get together and divide the work.
back at the expense of duties he has already paid the whole of the pre-war
Mr. Russell is a native of Petrograd, received his educastandard. I have no feeling of prejudice against shipowners. I believe
there, and gained valuable experience as a consulting
tion
get
they
that
fact
remains
But
the
people.
other
as
patriotic
they are as
this
unduly large profits, and I don't think it would be right that they should engineer in Russia, Siberia and China before coming to
make good up to the pre-war standard out of taxes they had previously country. In New York he has been engaged as an advisory
paid the losses which they may be subjected to this year. I propose thereand has devoted much of his time to analyzing
fore to insert a provision in the Finance Act that in the case of shipowners engineer
this excess profits tax shall not apply, and they shall not be entitled to get investment propositions. It is stated that he will consult
back out of previous taxation the amount necessary to bring the present with interested American firms before sailing for Russia.
year's profits up to the pre-war standard. These are all the new taxes.
An Hon. Member: "What is the estimate?"
Coming Year's Estimates—Influence of the United States.
MEXICAN EMBARGO ON CATTLE AND FOOD
Mr Boner Law: The estimate of the extra revenue from excess profits
PRODUCTS.
the
duty next year is £20,000,000. This brings me to the estimates for
e Reports" of May 17, the De"Commerc
to
According
coming year:
The total expenditure is estimated at £2,290,381,000.
at Washington "has been informed by the
of
State
partment
First, there is a debt charge of which £41,500,000 represents the interest
American Vice-Consul at Eagle Pass, under date of May 15,
on debt at the beginning of this year.
that instructions have been issued to the Mexican collectors
The debt charge will be 1211,500,000.
The estimate of the vote of credit is £1,975,000,000, of which tho three of customs not to permit exportation to the United States of
war services amount to £1,438,500,000.
sheep, hogs, cattle, flour and other articles of prime
Miscellaneous war expenditure on the vote of credit amounts to £136,- goats,
500,000, bringing the expenditure by us out of the vote of credit to £1,- necessity for provisions. The instructions include chile
575,000,000.
(peppers), coffee and bean varieties."
When we came to form an estimate of the amount of advances to our
allies and Dominions the Committee will understand how difficult it was
to arrive at any figure. The entrance of the United States into the war has
The National City Bank of New York, in a statement on
altered the financial situation. We know that to the extent of their ability
of food imports from
the Government of the United States will help us in bearing the financial May 21 concerning the suspension
burdens of our allies. To what extent we can count upon this we cannot Mexico, said:
at present say. I have put in the estimate the figure of £400,000,000,
The action of the Mexican Government in prohibiting the exportation
which is £150,000,000 less than the amount expended last year. I hope of foodstuffs and food animals to the United States, as announced by the
this amount will not be required. It makes the total under the vote of Department of Commerce, closes a door through which the United States
discredit £1,975,000,000.
has been receiving considerable quantities of food, even during the
On this estimate the total rate of expenditure per day is £6,275,000, as turbances in that country, and which was of very considerable importance
of
year
16,022,000.
York
last
New
incurred
of
Bank
rate
City
an
actual
National
against
in former years. A compilation by the
Taking the items on the vote of credit, which are to be applied to our own of the principal foodstuffs entering the United States from Mexico shows
expenditure, and leaving out advances to our Dominions and allies, the that the total amounted to over $12,000,000 in 1916, and this total is much
former
expenditure is £1,575,000,000, and the rate per day becomes £4,315,000.
below the normal, which ranged from $15,000,000 to $25,000,000 in
If we turn to the revenue this is the result. The total estimated revenue years.
customs
The
is £638,600,000. Of this the tax revenue is £569,700,000.
Cattle are among the most important of the food animals imported from
and excise, in spite of the additional taxation to which I have referred, Mexico. In 1916 they amounted in value to over $4,000,000, and in 1915
including
tax,
income
The
year.
the past three
last
with
compared
as
show a diminution
and 1014 about $8,000,000 per annum. Shoop averaged in
the super-tax, is estimated to show an excess of £18,967,000. The excess years about $300,000 per annum, and other animals over $250,000 per anrevenue
non-tax
imports is
profits will show an additional £60,000,000, and in the
num. Whether horses are included in the list of prohibited
there is a diminution in every branch. It is not necessary to explain why not known; they amounted in 1916 to about $175,000, and in 1914 to over
that has occurred. There is only one item in which there is an increase, $500,000. Of rice the imports from Mexico in 1915 were 1,355,000 lbs.,
and that is a miscellaneous revenue. That increase is accounted for, and of wheat 55,000 bushels, and of other broadstuffs smaller quantities. Of
more than accounted for, by the loan so generously granted by the Govern- coffee the imports from Mexico in 1916 were 50,000,000 lbs., valued at
ment of India. They have undertaken responsibility for a loan of £100,- over $6,000,000, and in 1915 about 53,000,000 lbs., and coffee is named as
000,000. I do not know precisely how much they will be able to raise, one of the prohibited articles. Fresh fish from Mexico in 1916 amounted
but we expect that the Indian budget will produce £10,000,000. If you to about 2,500,000 lbs., and of shrimps, other shellfish and turtles about
add the interest they will become responsible for on the 190,000,000, that $150,000 worth.
imporwill give a total of £13,000,000, which is more than the increase on the
Of fruits the importations from Mexico are of very considerable
miscellaneous estimate. I have not gone into the details. Hon. members tance, bananas alone amounting to over 2,000,000 bunches in 1915, valued
Other fruits
will have them in their hands in the morning.
at over $500,000, and in the preceding year over $700,000.
oranges,
Our Balance Sheet Now.
coming in loss quantities include dates, figs, grapes, lemons, olives,
include
Mexico
pineapples and preserved fruits. Still other foodstuffs from
in 1915,
I shall now come to the balance sheet at the end of this year.
and,
cheese
of
lbs.
in
75,000
of fresh beef 1915,
lbs.
4,000,000
about
The total expenditure will be £2,290,381,000.
about 75,000,000 lbs. of sugar.
of manufacThe total revenue will be £638,600,000, making the balance to be proImports from Mexico other than foodstuffs consist chiefly
vided by loan £1,651,781,000.
intimation that these are included in the
no
is
there
and
materials,
turing
Committee—I
I wish—and this is tho last word I shall address to the
amount to approxilist of prohibited articles. Hides and skins alone
against $22,wish the House to consider what our position will be at the end of this year
$8,000,000 per annum; sisal in 1910 to $20,697,000,
mately
figures
the
revenue,
of
out
contribution
the
regards
As
on a peace basis.
mineral oil shows very
980,000 in 1914 and $15,496,000 in 1913. Crude
which I have given show that it has not fallen off. We still have considerin the fiscal
large increases in the imports from Mexico, having amounted
ably more than a quarter of the whole expenditure provided for out of
MAY 26 1917.1 *
THE CHRONICLE
2085
year 1916 to 834,000,000 gallons, valued at $11,357,000, against 738,000,And he is a whale of a man. White of hair, white of mustache, three
000 gallons in 1914 valued at $10,972,000, while in 1912 the total was but
score years or more of age, it would seem that he would show some sign
131,000,000 gallons valued at $2,143,000. Copper imports from Mexico of physical
wear. But he doesn't. He has the complexion of one who
In ore and pigs amount to about $2,000,000 per annum, India rubber apnever has known a day of ill-health, to whom living is a joy and to whom
proximately $1,000,000, lead about $2,000,000 and raw cotton $3,500,000. the years
add only strength. Deep of chest, wide of frame, he looks bulky
The principal exports to Mexico are, of course, manufactures of various
until he stands besides tall men, and then it is seen that he towers above
classes, including cotton cloths, electrical machinery, iron and steel manuthe others.
factures, railway material, fire arms, cartridges and limited amounts of
As a piece of human machinery Joffre is a credit to France. Few men
foodstuffs, including meats, lard compounds, condensed milk, butter,
subjected to the scrutiny of appraisement by millions of soul-searching
cheese, corn, oats and flour.
eyes could stand the test so well.
Trade between the United States and Mexico shows steady gains, despite
New York viewed him with affectionate, with loving and yet with a
the unfavorable conditions in that country in recent years. The imports
critical eye, and it was joyed, for it saw a wonder work, a master of men
into the United States from Mexico, which amounted to $86,000,000 in
and a master mind in as kindly,as simple and yet as powerful and impressive
1914 and to $84,000,000 in 1915, were $105,000,000 in 1916, and the exa human setting as perhaps ever was pictured by the fancy of man.
ports to that country, which amounted to $33,000,000 in 1914, were $41,000,000 in 1915 and $53,000,000 in 1916. In the nine months ending with
March 1917, imports from Mexico were $80,692,000, against $69,748,000
RENAMING OF INTERNED GERMAN RAIDERS.
in the same period of last year, and the exports to that country $47,501,000,
The two interned German raiders, Kronprinz Wilhelm
against $35,761,000 in the corresponding months of the preceding year.
ITALY PROHIBITS IMPORTATION OF UNNECESSARY
ARTICLES.
The Italian Government, according to a cablegram received by the Department of Commerce on April 6 from the
American Embassy at Rome, has placed restrictions on the
importation of unnecessary commodities. "Commerce Reports" of April 9 had the following to say regarding the new
prohibition:
A royal decree dated April 1, published to-day (April 6)
prohibits the
importation of goods coming from abroad with the following exceptions:
(1) Goods imported by the Government; (2) foodstuffs and raw materials
for industry, which will be designated by the Government; (3) such large
quantities of merchandise of known origin as may be admitted by decree
of the Minister of Finance; (4) goods for which special permits may be
Issued from time to time by the Minister of Finance.
ONE MEATLESS MEAL A DAY IN FRANCE.
The French Minister of Supplies on April 22 ordered one
meatless meal each day, instead of two meatless days a week,
as a measure of economy. All restaurants are prohibited
from serving anything in the nature of meat, poultry or game
for the evening meal. All butcher shops are obliged to close
their shops at 1 o'clock in the afternoon.
ALLIED SHIPPING RELEASED BY AGREEMENT BETWEEN GREAT BRITAIN AND SWEDEN.
Allied shipping, to the extent of approximately 90,000
tons, tied up in the Gulf of Bothnia, since the beginning of
the war, will be released, it is stated, as the result of an agreement between Great Britain and Sweden, perfected on the
9th inst. Information to this effect came in press dispatches
from Stockholm, which stated that Sweden secures as its
part of the bargain the release of its ships, laden with food
stuffs and other necessaries, which have been detained in
British harbors. The dispatches adds:
The of ficial statement of this arrangement says that thereby
the country's
wheat requirements until the next harvest will be met, provided the
present
system of rationing is steadfastly adhered to, even if, as there is reason
to
fear, the harvest is late. Furthermore, it is said,•it seems possible to
increase rations to some extent in very urgent cases.
The cables from London on the 9th inst. said:
An Exchange Telegraph dispatch from Stockholm quotes the "Svenska
Aftonbladet" as saying with reference to the Anglo-Swedish agreement
that it was not secured without compensation on the part of Sweden, the
main condition by Great Britain being that the narrow sound used by
British ships returning from the Baltic, and which was mined some months
ago, shall be reopened.
The newspaper also says that guarantees were received ,from Germany
that the vessels would not be torpedoed.
CLOSING OF PANAMA AT . NIGHT.
Announcement was made on the'5th inst. that beginning
the following day the Panama Canal terminal ports of
Cristobal and Balboa would be closed to navigation between sunset and sunrise,and lights would be extinguished.
Shipping is warned that it is unsafe to approach nearer than
two miles from the ports, by day or night.
MARSHAL JOFFRE.
Tjae following tribute to the hero of the Marne appeared
in the "Financial America" of the 10th inst.:
The greatest multitude ever assembled in the greatest city of the world
lined Broadway and Fifth Avenue yesterday to pay tribute to the Man
of the Marne. It is no disrespect to Balfour, he who had been Premier
of the British Empire, to Viviani, he who had been Premier of France to
say the Soldier of Franco was the one upon whom all eyes were turned and
upon whom all interest was centred.
Those who were fortunate enough to get dose to the Marshal, who
looked into his eyes and had him look into their eyes, can say that they
understood more in a few seconds about Joffre than they had learned in
the many months since August 1914 brought him into the limelight of the
world.
Of all men Now York has greeted no one comes up to specifications as
doss Joffre.
He is the embodiment of power. He suggests strength, endurance.
energy, reserve force more than any human being we have ever seen. It is
understandable now how the French soldiers have had such absolute faith
in him.
and Prinz Eitel Friedrich, which have been taken over by
the United States Government, have been renamed, according to an announcement made by Secretary of the Navy
Daniels on the 7th inst. The vessels will hereafter bear
the names of Germans who fought with the Continental
Army in the Revolutionary War. The Kronprinz Wilhelm
will hereafter be known as the Baron von Steuben, while
the Prinz Eitel Friedrich will bear the name of the Baron
de Kalb. Both vessels, the announcement says, are to be
placed in service under the American flag as soon as repairs
are completed. Reports received at the Navy Department at Washington on April 19 stated that the vessels were
being put in readiness for service, through the skill of experts working under the American engineer officers, who
lost no time in solving the various puzzles of machinery
which the Germans caused in dismantling intricate parts.
Baron von Steuben was a German soldier, born at Magdeburg, Prussia, in November 1730. He won fame in the
Seven Years' War, and was at one time Grand Marshal to
the Prince of Hohenzollern. In 1777 he came to this country
and offered his services to Congress as a volunteer in the
Continental Army. In March 1778 he began drilling the
inexperienced soldiers at Valley Forge, and in May of the
following year, when he was made Inspector General, with
the rank of Major General, he had established a thorough
system of discipline and economy. He was at one time
in command of the Continental Army in the district of
Virginia, being superseded in that charge in 1781 by Lafayette. He took part in the seige of Yorktown and re- •
tired from the service of the army after the war. He passed
the last years of his life at Steubenville, N. Y., where he
died on Nov. 28 1794. Baron Johann de Kalb was born in
Huttendorf, Germany, in June 1721. He served with the
French in the war of the Austrian Succession and won a
brilliant reputation in the Seven Years' War. He was one
of the first th volunteer his services to the colonists after
the Declaration of Independence. In 1777 he arrived at
Philadelphia on the ship fitted out by Lafayette. He was
made a Major General and was selected as second in command to Lafayette for the proposed expedition against
Canada, which was later abandoned. He died at Camden,
N.J., on Aug. 19 1780, a prisoner of war.
LIBERIA SEVERS DIPLOMATIC RELATIONS WITH
GERMANY.
Liberia's decision to sever relations with Germany was
officially reported to the State Department at Washington
by the American Minister at Monrovia on the 10th inst.
Similar advices were received at Baltimore on May 9 by
Ernest Lyon, the Consul General representing Liberia at
Baltimore. Considerable importance is attached to this
step, as Liberia is the landing point of many cables and was
used for some time by German residents as a base against
the British. It is reported, however, that the Liberian
authorities have recently suppressed that hostility. The
advices to the State Department covering the break with
Germany came in a telegram from Monrovia, which said:
Liberia severed diplomatic relations with Germany on May 8. The
authorities searched and disarmed all Germans whose residences and places
of business were examined. The flags of the United States, Great Britain,
and France were displayed at the executive mansion, and throughout the
day a band played the martial airs of the Allies, amid applause from assembled crowds. There was no disorder. Steps are being taken to disarm Germans at other points.
BANKS LOSE IN DAMAGE SUITS AGAINST
KRONPRINZESSIN CECILE.
An opinion adverse to the Guaranty Trust Co. and the
National City Bank in the damage suits brought against the
North German Lloyd Steamship Co., owners of the Kronprinzessin Cecile, was handed down by the United States
Supremerourt on May 7. Last November the United States
2086
THE CHRONICLE
Circuit Court of Appeals at Boston decided that the banking
institutions were entitled to damages_as a result of the failure
of the vessel to deliver the gold bullion shipped by them on
the vessel, which, with the news of the outbreak of the war
in 1914, discontinued her trip abroad and returned to the
United States. Previous to the verdict of the United States
Circuit Court of Appeals at Boston,Judge Hale in the United
States District Court at Boston on Feb. 2 1916 denied the
claims of the Guaranty Trust, his findings being made to
apply also to the suit of the National City Bank and to
proceedings brought by Charles W. Rantoul Jr., of New
York, and Maurice Hanssens, of Brussels. In response to
the plea of the North German Lloyd Line, the United States
Supreme Court on March 12 of this year granted the company's petition for a writ of certiorari to review the decision
of the United States Circuit Court of Appeals. The Supreme Court, in its opinion rendered on May 7, decided that
the steamer is not liable in damages to the shippers for
turning back to theUnited States in mid-ocean and abandoning her voyage. Justice Holmes delivered the opinion.
Justices Pitney and Clark dissented. With regard to the
findings of the Supreme Court the "Times" said:
[VOL. 104.
of local shortages being called to their attention by the Commission the
operators will relieve such local stringency immediately.
The agencies which handle and distribute coal after it leaves the mine
and before it comes into the hands of the consumer have also been heard
to say to the Commission, through numerous representatives, that they desire and will expect only a fair and reasonable profit for the useful labor
and service which they perform.
The fair retail price at any place is the price at the mouth of the mine
plus freight, plus the reasonable dealer's profit and cost of local delivery.
The May price at the mine of ordinary white ash anthracite, allowing for
the 40-cent discount, is approximately as follows:
Net Tons.
Gross Tons.
(2,240 lbs.) (2,000 lbs.)
$361
$405
Egg
384
430
Stove
3 93
4 40
Chestnut
So, then, anthracite coal consumers of the United States may feel assured, first, that there is an adequate supply of coal; second, that that
supply will be taken out and prepared for use in a large and constant flow
during the summer months; third, that in so far as the power of constant
scrutiny and publicity are effective, the Federal Trade Commission will
function; fourth, that prices at the mine will be reasonable and such as
would not justify the average prices now being paid by consumers.
As to the price of coal to the consumer for the coming season, this leaves
two problems for further action, either by the Congress of the United States
or by some authority to be designated by Congress. First, the elimination
of the element of speculation and the charging of an exorbitant price or the
withholding from use of this necessity of life and second, the imperative
need of keeping the coal moving from the point of its production to its
and of preventing coal cars from being held out of use
The Cecile carried a large number of passengers, among whom were 304 final destination
purpose of speculative storage.
Americans,667 Germans, 151 Russians, 406 Austrians and 14 English. In for the
During the past week, daily conferences have been held with anthracite
the view of the Court the fact that Austria had declared war against Serbia
the officials of the United Mine Workers of America, with
indicated that a general European war was imminent. On July 31 Ger- operators, with
and with retailers from various parts of the country.
many had declared that a state of war with Russia existed, which served to leading Jobbers,
The Commission is able to say that there now exists no good reason for
strengthen the expectation of a general war. The Court took the view that
market, nor for any increase in the present selling
anthracite
a panic in the
the action of the directors of the steamship company was therefore justified.
price to consumers. On the contrary, the retail prices generally obtaining
In the bill of lading there was no protecting clause except that the comto-day are unwarranted.
pany might be excused from specific performance by "arrest or restraint by
The wage increase agreed upon on Arpil 26 1917 will involve an increased
princes, rulers or peoples." The law that personal contact for service may
cost of production of between 24 and 30 cents a ton. The price at which leadbe excused by death, and that labor under contract has been held to be ing
operators have announced that they will sell, will not exceed this inexcused in the face of an epidemic of cholera, was cited to support the view
crease. This price is upon anthracite on cars at the mouth of the mine.
that the steamship company acted within its rights.
There is no justification for a larger increase to be passed on to the consumer
The further circumstance was urged that the responsibility of the comand these mine prices will not justify present retail prices in many instances.
pany to its German passengers, who would have been detained in British
The new wage scale with the United Mine Workers is a beneficial and
or French custody, was also a strong reason for the course taken.
steadying factor in the industry. The Commission has received assur"We are unable," says the Court, "to accept the argument that the
ances both from responsible anthracite operators and from the miners'
captain of a ship may not give up the voyage to avoid capture after war is
representatives that this will be a year of unusually large production. The
declared, and he is never to be at liberty to anticipate war."
mine prices announced for May reflect approximately the wage increase of
The gold shipment of the Guaranty Trust Co.destined last week. The Commission is assured that there is no reason why this
price should not continue for the season and be subject to the usual summer
for London, amounted to $4,942,937; the National City discounts,
namely 40 cents per ton in May,30 cents in June, and 20 cents
which
of
Bank had on board a consignment of $3,165,973,
in July, and 10 cents in August.
The Commission believes that the custom normally followed by the
$1,061,719 was being forwarded to London and $2,104,254
majority of retailers of passing the benefit of these discounts on to the conto Paris. The trust company claimed damages of $1,040,- sumer,
should be followed by the whole trade.
468, while the bank placed its damages at $446,828.
If the public is again so deceived as to indulge in a scramble for coal such
as occurred last winter, the favorable situation above reported may be
nullified. A demand for four months' coal in the single month of May
that,
Federal officials at Boston stated on the 7th inst.
will be most deplorable. If, on the other hand, purchases are made as
following the Supreme Court decision, the Collector of the usual, there will be no disturbance and small chance for speculators to fleece
public. The best thing that can happen now is for everyone to buy as
Port probably would be ordered by Washington to take pos- the
has been his custom in former years. Such normal buying spreads evenly
session of the Kronprinzessin Cecile, which then will have the through the summer, and will insure a steady flow of the production of the
to build up usual supplies in
same status as other German refugee steamers here. Ex- mines through the channels of distribution,
the hands of consumers, and more especially to build up the normal piles
it
that
reported
recently
Government
the
by
employed
perts
of wholesalers and retailers at points far removed from the anthracite
would cost $200,000 to repair the damage to the Cecile's region. Many of these points must build up their winter supply during
is available. Transportation will
machinery and that the vessel could not be made seaworthy the summer when water transportation
thereby be relieved of undue burdens and the coal will be steadily disthat
said
J.
Mitchell
John
in less than six months. Marshal
tributed during the summer against the needs of the winter.
During the coal panic of the winter of 1916-17, one of the greatest factors
while he had advertised for bids, none had been submitted,
the distressing and intolerable condition, was the unwarranted and inand that the repairs would be made under direction of the in
defensible practice of using coal cars for warehouses. Coal was held in
had
the
he
delivered
United States Shipping Board, after
cars bk speculators while shortages of cars was alleged as a cause of fuel
shortage. The Commission calls your attention also to other activities of
Cecilie to the Collector of the Port.
speculators in anthracite coal who perform no useful service in the distribution of the coal, but who insert themselves as a disturbing and clogging
FEDERAL TRADE COMMISSION SEES JUSTIFICATION factor upon the industry and whose unearned profits are often much greater
miner or operator or honest dealer. These
FOR ONLY MODERATE ADVANCE IN ANTHRACITE. than those enjoyed by either
profits, in many instances, more than 100%, were paid by the consumer.
According to a preliminary report of the Federal Trade together with enormous bills for car demurrage.
Commission issued on May 5 the wage increase to anthracite coal miners agreed upon on April 26 justifies only a
moderate advance in the retail prices of coal—in fact, they
say the new mine prices will not justify present retail prices
in many instances. The preliminary report of the Commission is based on a partially completed investigation
ordered by Congress during the winter. The Commission
states that it "will expose any unscrupulous wholesaler,
jobber or retailer who seeks to mislead the public into a belief that exorbitant prices are justifiable or that there is
any necessity to join in a frenzied bidding to secure immediate delivery for far-future needs." The report says:
With regard to the conferences held in Washington on
May 1 and 2 between members of the Federal Trade Commission and representatives of anthracite operators on the
high prices of anthracite, the "Coal Trade Journal" of the
9th inst. said:
An epoch-making event in the history of the anthracite coal trade was
the conference held in Washington on Tuesday and Wednesday of last
week between members of the Federal Trade Commission and representatives of the large producing interests, middlemen and retail dealers from
several of the larger cities. It was in the nature of an informal consultation, and while nothing in the way of an exact report of the proceedings is
available, it is quite evident from the news that has come to hand that the
trade was placed, as one might say, on probation.
The conference was, in a measure, incidental to the report that the FedWithin the scope of its own powers, this Commission will continue to eral Trade Commission is to render shortly to Congress, following its invesexert every influence to avert the threatened recurrence of thei conditions tigation of coal trade conditions during the past season. The privilege of
obtaining in the winter of 1916-1917. To this end the Commission proposes meeting for the interchange of views prior to the submission of the report was
to secure complete current information, keeping close to the conditions of sought by representatives of the trade, and in response to invitations exproduction, distribution, price at the mouth of mine, price to jobbers, price tended by the Commission a large number of coal men were present in
Washington last week. While a degree of informality prevailed and there
to retailers and price paid by the public.
The Commission will expose any unscrupulous wholesaler, jobber or was not any examination of witnesses In the customary legal form, the inretailer who seeks to mislead the public into a belief that exorbitant prices quiries were conducted on behalf of the Commission by former Governor
are justifiable or that there is any necessity to join in a frenzied bidding Fort of New Jersey and Dr. Durand, who has long been identified with
the compilation of statistics in the Government service. Ile is said to have
to secure immediate delivery for far-future needs.
The Commission will compile this information at frequent intervals and a great command of trade facts and figures.
A day and a half was spent in a careful investigation of anthracite matwill ask the co-operation of the patriotic newspapers of the country to the
end that the public may be kept constantly informed of what, in justice ters, and it was made quite clear that the usefulness of the middlemen was
and reason, it should be expected to pay for anthracite and as to the a subject of critical Inquiry. In fact, quite a question was raised as to the
volume of the production and stocks on hand existing at such times. The usefulness of middle-houses in the coal trade, with the upshot that it was
Commission has assurances from the anthracite operators that in case impressed upon company representatives and other producers that they
2088
THE CHRONICLE
[VOL. 104.
Charles K. Zug has been elected Vice-President and Trust
in the law passed this year giving the Governor wide military
powers. It was under the authority of this law that the Officer, of the Commonwealth Title Insurance and Trust
Governor issued his proclamation. Governor Edge yester- Company of Philadelphia, Pa.
day said:
'June 5 will be observed as a legal holiday in New Jersey, and I am quite
John R. Goehring has been elected a director of the Northsure no one will seriously question the edict.
western National Bank of Philadelphia.
The National Bank of Commerce in New York publishes
for its clients the Selective Draft Law and the President's
Registration Proclamation, which affect directly and immediately ten million young men and concern in a vital way the
entire nation. The complete text of the law and the proclamation is giVen in the hope that it may supply a definite
need for accurate information on a matter which has an intimate bearing on the banking business as well as every
other.
Arthur W. Wright has been elected an Assistant Cashier
of the Centennial National Bank of Philadelphia. Mr.
Wright was formerly paying teller of the institution.
The resignation of William Winchester as chairman of
the board of directors of the National Union Bank of Maryland at Baltimore occurred on April 30. Mr. Winchester
had been President of that institution for more than fifteen
years up to September last. Former Governor Goldsborough,
of Maryland, at that time became President, Mr. Winchester taking the post as chairman of the board. The
directors announce that Mr. Winchester's resignation from
the chairmanship and as a director was accepted at his request. Mr. Winchester has been actively identified with
banking business in Baltimore a great many years, not
only as President of the National Union Bank, but as head
of the Baltimore Clearing House Association.
To what degree the weight of econothic power thrown by
the United States into the balance against Germany brings
victory closer for the Allies, is indicated in a booklet, issued
this week by the Mechanics & Metals National Bank of
New York City. This booklet, entitled "Applying our
Wealth to War," shows that the developed resources of the
United States are more than double the resources of any
other single nation; that, in fact, our wealth exceeds the
combined wealth of the world's three other greatest powers—
the British and German Empires and the French Republic.
A change in the name of The Mohawk German Banking
The booklet is designed with the purpose of stimulating
& Savings Co. of Cincinnati to The Mohawk German Bank
subscriptions to the Liberty Loan.
of Cincinnati was approved by the stockholders on April 28.
E. Kerr, the librarian of William Morris Imbrie & Co.,
has written a book entitled "The Effect of Wars and Revolutions on Government Securities." The book explains,
in narrative form, how foreign wars and internal dissension
and revolutions have affected the prices of various government obligations. The first chapter gives a general summary of public debt since the days of Carthage. A chapter
is devoted to each one of ten important modern nations,
reviewing the general history and conflicts of each country.
Tables are included giving the range of prices of the securities of these nations. Graphic comparisons are provided
at the end of the different chapters showing the population,
wealth and debt of each country. A complimentary copy
of this book will, we believe, be mailed to those who may be
interested in the subject.
The Illinois State Auditor on May 23 closed the doors of
the Auburn State Bank and Morgan Park State Bank of
qhicago. The closing of the banks, it is said, was due to
mismanagement. The Auburn State Bank had a capital
of $200,000 and recently made a statement showing $566,835 deposits on its books, $322,490 of real estate loans;
$147,077 of collateral loans and $132,870 of other loans.
It was formerly a private bank operated by Mc Farland &
Bransfield, being incorporated as a State bank in April
1914. The Morgan Park State Bank, located at 1937
Monterey St., Morgan Park, a suburb of Chicago, had a
capital of $25,000, and recently reported deposits of $49,686. The officers of both banks were the same: Thomas
F. McFarland being President; Mark P. Bransfield, VicePresident and Cashier; William J. Cline, Assistant Cashier,
and they together with J. M. Bransfield and P. J. McFarEdmund P. Rogers, connected with the Union Trust land constituted the board of directors.
Company, of this city, has been appointed an Assistant
Secretary of the company.
James M. Hurst, Third Vice-President of the National
Bank
of the Republic of Chicago, will on June 1, it is anThe Atlantic National Bank announces the appointment
nounced, become President of the Central Bond & MortAssistant
as
Laird
Cashier.
P.
Mr.
has
filled
John
Laird
of
gage Co. He will, on assuming his new duties, retire from
various positions with the bank since 1882.
the National Republic Bank, in the management of which
he has been active for over twelve years. Mr. Hurst in a
Milo M. Belding, Treasurer and director of Belding Bros. statement said:
& Co.,silk manufacturers,of which he was one of the'foundThe Central Bond & Mortgage Co. has total resources of more than
ers, died in this city on May 23. Mr. Belding was a direc- $1,500,000. Its business consists of the purchase of manufacturers' acbills receivable and motor truck paper. It is controlled by James
counts,
tor of the Broadway Trust Co. of this city, second Vice- Mitchell Hoyt and Charles B. Little, both successful business men interdirector
of
the
President and
International Pulp Co., and ested in a number of substantial enterprises. Associated with them are
connected in one capacity or another with a number of other a number of wealthy and prominent men of the city.
corporations. He was eighty-four years of age.
Mr. Hoyt will become chairman of the board and Mr.Little, chairman of the executive committee, upon Mr.
The directors of the West Philadelphia Title & Trust Co. Hurst's election to the Presidency.
of Philadelphia, in addition to declaring the usual semiannual dividend of 6%, declared the usual half-yearly diviThe name of the A. H. Hill & Co. State Bank of Chicago
,
based_on the annual salary.
dend of 6% to employees,
has changed to the Hill State Bank.
Harry W. Cumner, President of the Boylston National
Bank of Boston, died on the 18th inst. at the age of fiftyseven years, from a cerebral hemorrhage, with which he was
stricken on the preceding day at a Red Cross meeting. Mr.
Cumner was a trustee and member of the executive committee
of the Home Savings Bank, a director of the John Hancock
Mutual Life Insurance Co., Vice-President and director of
the Thayer, McNeil Co., a director of the Frank W. Graves
Co. of Minneapolis, Minn., and President and director of
Cumner-Jones Co.and Cumner-Jones& Co.,Inc.,of Chicago.
—4--
At a meeting of the retailers of Chicago, held at the Grand
Pacific Hotel on May 15, an organization was formed to
further the mutual retail interests of Chicago. One of the
principal features of the association will be the establishing
of a bureau for credit, information and collections. The
association has taken offices in the Cunard Bldg., 140 North
Dearborn St., to be used as permanent headquarters. The •
officers elected for the year are: President, F. W. Hardcastle of M. Rothschild & Co.; Vice-President, Charles
Sommers of Klee Bros: & Co.; Secretary, M.A.H. Turner,
of F. E. Foster & Co.; Treasurer, H. J. Fiddelke of Lyon
W. W. Laird, Vice-President of the Wilmington Trust Co. & Healy; Assistant Treasurer, E. Krieger of the National
and Laird & Co. of Wilmington, Del., has been elected a City Bank, and Business Secretary, F. G. Leland, 140 N.
director of the Commercial Trust Co. of Philadelphia.
Dearborn St.
MAY 26 1917.]
THE CHRONICLE
must see that such middle-houses as, because of their long-established business connections, are supplied with tonnage must see in turn that the coal
sold by them is supplied in turn to dealers or consumers.
No More Compound Commissions.
The matter of coal changing hands several times, at a steadily increasing
price, and perchance—as happened more than a few times during the past
winter—eventually coming back to one of the original handlers for final
disposition, at much greater cost, was clearly discountenanced. In fact,
it was made plain that retailers who encouraged speculation in coal by buying freely at extreme prices, acted in a manner detrimental to the best interests of the trade, and of the country as well, and that if they persisted
in this course they would be cut off from their supply of company coal.
The representatives of the Commission did not hesitate to state that the
Government was prepared to take any necessary measures to secure not
only a fair price basis, but an equitable distribution of tonnage. It was
pointed out that control of the coal mines of England has been taken over
by the Government and may not return for many years, if at all, to their
owners, and that this was brought about largely by the fact that the British coal producers did not accept as readily as they might have done the
suggestions of the Government as to their trade policy.
As to prices, the operators contended that all due liberality must be observed in view of the cost of coal turned out by the mines most expensive
to operate. It was pointed out that in addition to the wage increases that
have become so familiar, higher royalties, higher taxes and increased cost
of material must be considered. Evidently the Commission was in a receptive mood in regard to this proposition and was prepared to give all due
heed to the matter of necessary expense. The point they emphasized particularly was the matter of a fair charge over and above cost of production,
and the fact that speculative influences, middlemen's commissions. &c.,
must be carefully restrained, and,indeed, eliminated as far as possible.
Buyers Already Notified.
We understand that notices have already been sent out by certain interests explaining the new policy and that very careful supervision will be exercised in the future over all sales that are made. In brief, tonnage that is
bought will not be absolutely the property of the buyer, to do with as he
pleases, but must be considered in the light of a public utility, and, as such,
subject to utilization in the best interests of the public.
The leading interests, which have in the face of much criticism and much
temptation to follow the general course of the market, held firmly to their
established policy, were, we understand, quite willing to accept all suggestions made, which in fact justified their actions in the strenuous times of
the recent past. But the middlemen, who have been reaping a harvest in
certain instances, and the retailers, who have not made careful calculations
as to the proportion of company coal received and the proportion of individual coal received, but have in effect based their selling price on the cost 9f
their independent tonnage, will have to modify their plans.
The fact that a liberal increase in wages had been granted the mine workers, without the customary controversy or quibbling, was specified by the
Commission as a reason why the men should display special energy in the
turning out of tonnage, and the intimation was conveyed that the Commission would see to it that such a course was pursued. This was naturally
a source of much satisfaction to the representatives of the producing interests there present.
The suggestion was advanced by a representative of the Commission
that the coal operators should one and all agree upon a fair price for tonnage. The producers were surprised that this idea was broached and one
representative of the companies inquired about the effect of the Sherman
Law upon such an arrangement. It was indicated very definitely that upon
necessity the Sherman Law could be waived. This shows clearly the unusual and urgent measures that the Government is prepared to take.
In the absence of more positive word from Washington, this seems to be
as definite a statement of the situation as can be made at the present time,
though it might be added that the Commission in this matter is acting in
close harmony with the Council of National Defense and that any action
taken by them is in accordance with the Administration's policy to exercise
every effort for the proper regulation of affairs in the great national emergency now prevailing.
In its New York market review the previous week the
"Coal Trade Journal" had the following to say:
2087
demand in all-rail territory, which is preventing much tonnage coming to
New York on consignment or speculation. Operators with any coal to sell
can dispose of it in the region at attractive figures direct to consumers or to
middlemen who are buying for their customers.
Rumors as to what the Government had done or was going to do in regard to commandeering tonnage and fixing prices on coal for its own use
and for munition makers,and perhaps later on regulating prices on the entire
coal output of the country, have been numerous. Naturally they have
caused a lot of discussion, and the trade seems to be pretty well agreed that
the Government, so far as it has gone, is handling the situation in a way
that will, in the long run, be in the best interest of the operators. A
liberal price is being allowed for qoal taken, according to current reports,
and apparently there is a disposition to allow a reasonable profit on commercial sales in the event that any general regulation is attempted.
The fact that coal must be treated as a preferred freight is encouraging
shippers to hope for a better car supply in the near future, and that in turn
will make it easier to hold working organizations together and maintain
the output on a heavier basis than in the recent past. Many mines in the
Clearfield-Cambria district are reported idle this week on account of
labor unrest.
Free coal at the piers is being held from $7 50 to $7 75 f. o. b. in the case
of the better grades. Mine prices are from $6 to $6 50 in central Pennsylvania, with West Virginia coals about 50 cents less on an average.
The following anthracite prices at New York, Philadelphia
and Buffalo were reported in the "Coal Trade Journal"
of the 9th:
Philadelphia & Reading Anthracite Prices.
Port Reading, New York Harbor—
Egg.
Stove.
White ash
$585
$610
Shamokin
6 10
6 35
Schuylkill red ash
6 35
6 60
Lorberry
6 35
6 60
Lykens Valley
6 85
7 10
Port Richmond, Philadelphia,—
White ash
$5 75
$6 00
Shamokin
6 00
6 25
Schuylldll red ash
6 25
6 50
Lorberry
625
650
Lykens Valley
6 75
7 00
Buffalo Prices.
All gross tons.
Stove.
Egg.
Nut.
On cars at Buffalo or Bridges
$6 45
$6 70
$6 80
F. 0. B. vessel, Buffalo
7 05
6 95
6 70
A reduction of 40 cents per ton will be allowed from the above
on shipments during the month of May 1917.
Nut.
$6 15
6 40
6 65
6 65
7 15
$6 05
63
6 55
655
7 05
Pea.
$5 30
5 55
prices
In March the Federal Trade Commission,fearing that the
operators would fail to make the 50 cents per ton reduction
in prices from the winter schedule, issued a statement saying
that no justification existed for an increase in the usual spring
price of coal through the failure to grant the customary
discounts. This warning was contained in an announcement
issued March 13 to twenty-five of the leading anthracite
coal producers. The statement said:
It is rumored in the anthracite trade that the producing companies are
intending either to withdraw or reduce the Spring discounts this year, thus
increasing the prices charged for anthracite coal. None of the large railroad coal companies has as yet announced its policy. The selling agent
of one of the more prominent of the independent operators, however, has
made the following announcement to the trade:
"Owing to a number of circumstances which have increased the cost
of mining coal, we do not intend to make the usual Spring reduction on
anthracite."
In its inquiry into the cost of mining anthracite, the report on which will
be issued in the near future, the Federal Trade Commission has obtained
detailed information on the cost of companies which mined in 1916 about
75% of the total production of anthracite. This information, obtained
directly from the records of the companies referred to, indicates no increase
in tiverage cost in the last four months of 1916, and further indicates am
actual decrease of cost in the case of some of the companies whose costs
of production are high. Judging from the tonnage produced in January
1917 there is no reason to believe that costs thus far in 1917 would materially
change the average shown by the figures compiled for September to December 1916.
Therefore It is the opinion of the Commission that further increase in
circular prices this Spring by failure to grant the customary discounts
could not be justified on the basis of increased cost. The Commission
makes this statement in advance of its forthcoming report, because it is a
matter of vital interest to the public that no unjustifiable increase of price
should be made.
This statement does not refer to the increases in circular prices of all
anthracite in May 1916, nor to the panic prices which have prevailed on
part of the tonnage this Fall and Winter, concerning which the Commission will make a report in the near future. The cost data already compiled by the Commission, however, are conclusive against further price in.
creases this Spring.
The past week has failed to bring any relief to the local anthracite market, where the shortage is so serious that retail dealers are obliged to see a
part of their delivery equipment remain idle day after day, although they
have orders enough booked to keep every team and motor truck busy for
weeks to come if the coal could be secured. Some yards are practically
shut down at times, waiting for the arrival of boats that are at the loading
ports waiting for cargoes and incidentally piling up big demurrage bills.
Under such conditions, wholesalera with coal to sell at the highest bidder
are able to dispose of their holdings at a steadily rising scale of prices.
The amount of this tonnage is so limited, however, that it hardly figures as
relieving the general scarcity of hard coal. Some of the largest independent
producers are selling to the retail trade at about the same price as the companies and are limiting their sales to regular customers, but at present it
is impossible to tell how many of the individuals will adopt this course and
how many will continue to sell to the buyer offering the higher price.
As anticipated, there is less uniformity than usual in the May prices announced during the past week by the various companies. The variation
amounts to as much as 20 cents an domestic sizes and much more than that on
steam sizes. Company pr ices, f. o. b. New York harbor ports, as fixed by
different circulars, show approximately the following range for May
loading: Broken, $5 30-5.50; egg, $5 35-5 50; stove, $5 60-35 75; chestnut,
$5 65- $5 80; Pea, 34-35 25; buckwheat, $3 95- $4 65; rice, $3 45-33 60;
BANKING AND FINANCIAL NEWS.
barley, $2 95-$3 15; boiler, $3 20-33 65.
Leading companies are quoting the following mine prices as the New
Only
ten
shares of bank stock were sold at the Stock ExEngland circular: Broken and egg, $3 95-$4 05; stove, $4 20-34 35; chestchange this week and no sales of either bank or trust comnut, $4 25-34 40; pea, $3 10-33 95; buckwheat, $2 65-33 30.
It is expected that the prices on the prepared sizes and pea coal will pany stocks were made at auction.
take the usual 10-cent monthly advance until Sept. 1.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
Individual egg, stove and chestnut are quoted at $8-$8 50 f. o. b. A 10 Nat. Bank of Commerce
170
170
170
May 1917— 167
sale of pea was reported this week at $7 50 and buckwheat is held at
around $7 to $7 25.
The Soft Coal Situation.
Governor Edge of New Jersey yesterday overruled the
Conditions in the bituminous trade are steadily becoming more acute, State Attorney-General and decided
that June 5, the day
and this has been reflected during the past week by a strong upward trend
to prices. The advance seems to gain momentum every day. Buyers find selected by the President when men eligible for national
that there is very little free coal at the piers and the amount is apparently conscription must register, shall be a legal holiday. The
growing less day by day. In spite of this, embargoes affecting all the prin- Attorney-General questioned the
right of the Governor to
cipal soft coal ports have been in force off and on, and the trade is at a loss
to understand it except that the roads are congested between here and the declare a holiday except for fasting and prayer, after several
mines or for some other reason are obliged to restrict the movement of coal of the banking institutions in the State raised a question as
to tidewater.
to the status of the day. The Attorney-General advised the
Furthermore the railroads have been buying and confiscating coal on
such a large scale of late that the tonnage available for sale and for delivery Governor that the banks would not be compelled to observe
on contracts is materially reduced. On top of all this is the very strong it and that the power to add to the holidays was not included
MAY 26 1917.1
THE CHRONICLE
•
J..W. Barton, formerly National Bank Examiner in the
West, was elected a Vice-President of the Metropolitan
National Bank of Minnectplois on May 10. Mr. Barton,
after serving as National Bank Examiner for five years,
resigned on May 1. Previously he had for two years acted
as State Bank Examiner for Idaho.
Harry W. Parker, President of the Bankers Trust & Savings Bank of Minneapolis, Minn., resigned on May 22, to
accept the Presidency and management of the organization
of a $3,000,000 trust company at Dallas, Texas. Mr.
Parker was for 20 years connected with Merchants National
Bank of St. Paul, resigning to accept the Presidency of the
Bankers Trust & Savings.Bank. J. E. Bryan, Secretary
and Treasurer of the latter, succeeds Mr. Parker in the
Presidency. H. S. Quiggle, Cashier, takes Mr. Bryan's
place as Secretary and Treasurer and John R. Schuknecht
Auditor has been elected Assistant Cashier. C. E. Ovenshire and Postmaster Purdy have been made Vice-Presidents
and Guy A. Thomas has been made chairman of the board
of directors.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular. of
Samuel Montagu & Co. of London, written under date of
May 3 1917:
GOLD.
The Bank of England gold reserve against its note issue shows a reduction
of £220,570, as compared with last week's return. In Now York the movements in gold have been small during the past week. As might have been
expected nothing has been received there from Canada, while the amount
engaged for export, mainiy to Japan, only reached about $1,500,000. The
West African gold output for March 1917 amounted to £158,727. as compared with £150,987 in March 1916 and £104,892 in February 1917.
SILVER
The silver market remains narrow and sensitive, and,as has been the case
recently, very little buying or selling has an effect on the market totally
disproportionate to the amount changing hands. For instance, on Friday
quite a moderate amount of buying caused a rise of 5-16d., and a few
further orders on Monday were responsible for a similar movement of
%d.. and to-day of Xd. New York has been selling very little here as the
American Mint is again buying for its own requirements at the rate of some
400,000 ounces weekly. For the fourth consecutive week there has been
a reduction in the amount of silver coin and bullion held in the currency
reserve in India. It now amounts to only 1,537 lacs, the lowest since
Nov. 25 1913. The Stock in Bombay consists of 1,500 bars and is unchanged. The stock in Shanghai on April 28 consisted of about 26,800,000
ounces in sycee and 17,400,000 dollars, as compared with about 26,500.000
ounces in sycee and 17,200,000 dollars on April 21 1917.
The last three Indian currency returns received by cable give details in
lacs of rupees as follow:
Apr.15. Apr.22. Apr.30
Notes in circulation
84.47
83,40
82,72.
Reserve in silver coin and.bullion
16,74
16,29
15,37
Gold coin and bullion in India
12,19
11,56
11,39
Gold in England
5,92
8,92
5,17
Statistics for the month of April are appended:
Highest price for cash
37 15-16
Lowest price for cash
36 9-16
Average price for cash
36.963
Quotations for bar silver per ounce standard:
37%
cash May 3
April 27
M12 cash
379-16 " Average
28
37 15-16 " Bank rate
" 30
5%
37
Bar
gold per oz. standard_ _77s. 9d.
M,Pr
37%
No quotation fixed for forward del very.
The quotation to-day for cash delivery is 13-16 above that fixed a week
ago.
l
g
ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
May 19. May 21. May 22. May 23. May
24. May 25.
Week ending May 25.
Sat.
Mon.
Tues.
Wed. Thurs.
FM.
d.3774
Sliver, per oz
38
3734
3734
3734
3734
Consols, 234 per cents
Holiday j53-)
553/
5534
5534
55%
British, 5 Per cents
94%
9434
041.6
9434
9434
British, 434 per cents
9134
9134
9131
9134
9134
French Rentes(in Paris)_ fr.61.40
61.40
61.30
61.25
61.25
61.25
Loan
5% (in
French War
..fr.87.75
Paris)
87.75
87.75
87.80
87.80
87.80
The price of silver in New York on the same days has been
Sliver in N. Y., per oz._0.8_74%
7434
7434
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Apr. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
Apr. 30:
CURRENT ASSETS AND LIABILITIES.
GOLD.
Assets—
$
Liabilities—
3
Gold coin
$880,865,553 68 Gold certificates outGold bullion
1,551,734,696 98
standing
2,214,472,359 00
Gold reserve
152,979,025 63
Avenel:4 geld in general fund
65,148,866 03
Total
2,432,600,250 66
Total
2,432,600,250 66
Note.—Reserved against 3346.681,016 of U. S. notes and
$1,990,606 of Treasury
=tee of 1890 outstanding. Treasury notes are also secured by sliver dollars
in
the Treasury.
Assets8flvtr dollars
rotal .
Assets—
Avail. gold (see above).
Available diver dollars
(see above)
United States notes_ _
Federal Reserve notes
Fed. Reserve bank notes
National bank notes_ _ _
Cert. checks on banks_ _
Subsidiary silver coin_ _
Minor coin
Silver bullion (available
for subsidiary coinage)
Unclassified (unsorted
currency. Sic.)
Deposits in Federal
Reserve banks
Deposits in national
banks:
To credit of Treasurer
United States
To credit of other
Governm't officers_
Deposits in Philippine
treasury:
To credit of Treasurer
United States
To credit of other
Governm't officers.
2089
SILVER DOLLARS.
LiabUUles$
497,060,487 00 Sliver certificates outstanding
480.731,823 00
Treasury notes of. 1890
outstanding
1,990,606 00
Available silver dollars
in general fund
14,338.058 00
497,060.487 0()
Total
GENERAL FUND
LiabU tiles$
65,148,866 03 I Treasurer's ohecks outstanding
14,338,058 00 Deposits of Government
officers:
8,091,661 00
Post Office Depart__ _
2,649,735 00
Board of trustees,
39,960 00
15,959,496 24
Postal Savings Sys17,641 38
tern (5% reserve)..
6,247,130 76
Comptroller of the
1,371,512 25
Currency, agent for
creditors of insol4,223,515 45
vent banks
Postmasters, clerks of
399,85668
courts, &c
Deposits for:
111,642,16792
Redemption of Federal Reserve notes
(5% fund)
Redemption of Fed33,235,91903
eral Reserve bank
notes(5% fund)__ _
Redemption of na5,588,400 92
tional bank notes
(5% fund)
Retirement of additional circulating
1,797,68589
notes. Act May 30
2,565,348 63
1908
Exchanges of currency. coin. &c_...
497,060,487 06
2.851.134 31
23,208,872 16
5,681,411 93
2,017,355 23
16,532,214 00
23,351,756 29
400,000 00
27,027.750 66
2,683,135 00
10,903,983 07
114,687,612 65
t Net balance
rota'
273,316,955 18
Total
158,629,342 53
273,316,955 18
All reports from Treasury offices received before 11 a. m.are proved on the same
day. All reports from depository banks are proved on the day of receipt or the
day following.
t The amount to the credit of disbursing officers to-day (April 301 was $83,193.878 01. This is a book credit and represents the maximum amount for which
disbursing officers are authorized to draw on the Treasurer of the United States
to pay Government obligations as they become due. The net balance stated is the
amount available to pay Treasury warrants, disbursing officers' checks and matured
public-debt obligations. It should be noted that the income tax, constituting a
large part of the Government's revenue, is not collected until June. It is estimated
that the receipts from this source for the fiscal year 1917 will be $244,750,000. To
date $56,849,856 43 has been paid, leaving 3187,900,143 57 as the estimated amount
of income taxes payable into the Treasury on or before June 15 1917.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts,and these obligations are made under
the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $53,629,464 50.
FINANCIAL STATEMENT OF U. S. APRIL 30 1917.
(Formerly Issued as "Stqtement of the Public Debt.")
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of April 30 1917:
CASH AVAILABLE TO. PAY MATURING OBLIGATIONS.
•
Balance held by the
Settlement warrants,
Treasurer of the United
coupons and checks
States as per daily
outstanding:
Treasury statement fo
Treasury warrants__ $3,259,542 48
April 30 1917-------$158,629,342 53
Matured coupons___
583,636 69
Add Net excess of reInterest checks
354,544 37
ceipts over Payments
Disbursing officers'
In April reports subchecks
15,817,423 98
sequently received____
8,164,263 57 Balance
146,778.458 58
Revised balance
$166,793,606 10
3166,793,606 10
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States notes
t_3346,681,016 00
Less gold reserve
152,979,025 63
Excess of notes over reserve
$193,701,990 37,
Obligations that will be retired on presentation:
Old demand notes
53,152 50
National bank notes and Federal Reserve bank notes assumed by
the U. B. on deposit of lawful money for their retirement
53,635,314 50
Fractional currency
6,846.868 15
Total
3251,237,325 52
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation)
Funded loan of 1891, continued at 2%.called for redemption May 18
1900: interest neased Aug. 18 1900
34,000 00
Funded loan of 1891, matured Sept. 2 1891
20,950 00
Loan of 1904, matured Feb. 2 1904
13.050 00
Funded loan of 1907, matured July 2 1907
508,600 00
Refunding certificates, matured July 1 1907
11,610 00
Old debt matured at various dates prior to Jan. 1 1861, and other
Items of debt matured at various dates subsequent to Jan. 11801.
901,010 26
Total
$1,459,220 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
Interest Amount
—Outstanding April 30 1917
Payable, Issued.
Registered.
Coupon.
Total.
Title of Loan—
$
a646,250,150 597,078,100
2s, Consols of 1930_ -2,645,950 599,724,050
38, Loan of 1908-18.---Q.-F. 6198,792,660 47,681,960 16,263,500
63,945,460
Q.-F. c162,315,400 101,386,150 17,103,750 118,489,900
48, Loan of 1925
Panama Canal Loan:
Q.-F. d54,631,980 48,943,840
28, Series 1906.
48,954,180
10,340
2s, Series 1908
Q.-F. e30,000,000 25,778,020
25,947A00
169,380
28, Series l911.. _Q.-M. 50,000,000 41,007,100
8,392,900
50,000,000
38, Conversion bonds Q.-J. 28,894,500
5,974,000 22,920,500
28,894,500
27,362,000
38, One-yr. Treas. notes.Q.-J. 27,362,000
1,270,000 26092000
28, Certs. of Indebt'ness.Mat. 50,000,000 50,000.000 ------- ----50,000.000
38, Certs. of indebt'ness.Mat. 265,000,000
265,000,000 265,000,000
Postal Savings Bonds:
210,(1st to 1 lth ser.)J.-J.
9,151,800
9,151,800
8,328,1®
823,700
887,960
887,960
801,260
86,700
234s,'17-'37(12th ser.)J.-I.
Aggregate int.-bearing dei_1,523,286,450 928,848,530 359,508,720 1,288,357,250
a Of this amount $24,648.100 have been conierted into conversion bonds and
$21,878,000 into one-year Treasury notes.
b Of this original amount Issued $132,449,600 have been refunded into the 2%,
consols of 1930 and $2,396,800 have been purchased for the sinking fund and cancelled and $500 have otherwise been purchased and cancelled
2090
THE CHRONICLE
c Of this original amount issued $43,825,500 have been purchased for the sinking
fund and cancelled.
d Of this original amount issued $2,238,800 have been converted into conversion
bonds and $3,439,000 into one-year Treasury notes.
e Of this original amount issued $2,007,600 have been converted into conversion
bonds and $2,045,000 into one-year Treasury notes.
GROSS DEBT.
NET DEBT.
Debt bearing no int__ $254,237,325 52 Gross debt (opposite)-$1,544,053,795 78
Debt on which interest
Deduct-Balance availhas ceased
1,459,220 26
able to pay maturing
Interest-bearing debt
obliges (see above). 146,778,458 58
1,288,357,250 00
Aggregate
$1,544,053,795 78
Net debt
$1,397,275,337 20
Commercial antinItscellantons
• MilOneNnol•••••....V.10
,
,,
,••••
nvit
.- •
104
Bonds and Legal Tenders
on DeposU for-
Circulation Afloat Under-
1916-17.
Bonds.
Legal
Tenders.
Legal
Tenders.
Bonds.
Total.
$
$
Apr. 30 1917._ j 667,587,120 53,245,374 664,245,448 53,245,374 717,490,822
Mar 31 1917._ 664,526,370 56,191,132 661,371,468 56,191,132 717,562,600
Feb. 28 1917._ 674,992,080 47,118,057 671,001,858 47,118,057 718,119,915
Jan, 31 1917._ 675,415,840 50,540,476 670,717,615 50,540,476 721,258,091
Dec 30 1916_ 677.315,840 52,165,627 674,659,613 52,165,627 726,825,840
Nov.30 1918-_ 682,853,740 49,199,416 675.008,203 49,199,416 724.205.619
Oct. 31 1916._ 687,957,990 46,418.377 679,650,913 46,418,377 726,069,290
Sept.30 1916-- 687,931,240 48,900,332 684,409,881 48,900,332 733,310,213
Aug 31 1916..- 689.739,180 50,707,153 683,788,698 50,707,153 734,493,851
July 31 1918.... 689,774,660 54.324,278 885,998,918 54,324,278 740,321,198
June 30 1918_ 690,440.930 57,591,025 686,583,635 57,591,025 744,174,660
May 31 1916-- 690,044,040 62,045,070 686,634,103 62,045,070 748,879,173
Apr1129 1918_ 696,750,590 80,622,296 693,132,610 60,622,296 753,754,900
*Including $8,000,000 Federal Reserve bank notes covered by bonds and $3,073,125 by lawful money.
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country, as well as the holdings by the Treasury and the amount
The following show the amount of each class of U. S.
in circulation on the dates given:
bonds held against national bank circulation and to secure
-Stock of Money May1'17- -Money in CirculationIn U. S. aHeld in Treas. May 1 1917. May 1 1916. public moneys held in national bank depoitaries on Apr. 30:
Gold coin and bullion
3,121,887,443 218,127,892 678,211,423 625,876,808
Gold certificates_b
1,812,883,009 1,300,904,319
Standard silver dollars____ 568,270,061 14,338,058
71,209,574
65,732,485
Silver certificates_b
480,731,823 487,472,228
Subsidiary silver
197,815,088
6,247,131 191,567,957 167,355,070
Treasury notes of 1890_
1,990,606
2,122,328
United States notes
346,681,016
8,091,661 338,589,355 340,472,423
Federal Reserve notes
451,743,460
2,649,735 449,093,725 182,172,805
Federal Reserve bank notes 11,073,125
39,960
11,033,165
6,899,970
National bank notes
717,490,822 15,959,496 701,531,326 731,272,366
Total
5,414,961,015 265,453,933 4,736,841,963 3,910,280,802
Population of continental United States estimated at 103,859,000. Circulation
per capita, $45 61.
a This statement of money held in tho Treasury as assets of the Government does
not include deposits of public money in Federal Reserve banks, and in national
bank depositaries to the credit of the Treasurer of the United States, amounting
to $144,878,086 95.
b For redemption of outstanding certificates and Treasury notes of 1890 an exact
equivalent in amount of the appropriate kinds of money is held in the Treasury.
and is not included in the account of money held as assets of the Government.
Note.-On May 1 1917 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $11,075,769 gold coin and bullion and $401,589,350
gold certificates-a total of $412,665,119, against $170,200,680 on May 1 1916.
GOVERNMENT REVENUES AND EXPENDTIURES.
-Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for April 1917 and
1916 and for the ten months of the fiscal years 1916-17 and
1915-16.
ReceiptsApril 1917.
OrdinaryCustoms
20,911,335 88
Ordinary internal rev40,238,672 65
Income tax
24,814,125 51
Miscellaneous
7,293,419 95
Total
Panama CanalTolls, &c
April 1916. 10 mos.'16-'17. 10 mos.'15-'16.
18,926,615 11
29.572,962 16
2,714,406 44
4,087,255 25
178,603,899 26
342,673,171 69
56,849,856 43
57,383,142 69
171,765,333 84
315,230,567 77
23,292,863 81
37,813,648 15
93,257,553 99 55,301,238 96 635,510,070 07 548,102,413 57
•
377,677 70
30,122 60
4,822,177 82
2,157,681 37
Public DebtBale of certificates of
indebtedness
265,000,000 00
315,000,000 00
Sale of Pan. Can.bonds
Sale of Post.Say,bonds
1,794,660 00
1,803,500 00
Deposits for the purchase of one-year
Treasury notes of
Apr. 1 1917 (Sec. 18,
Fed. Res. Act, approved Dec.23 1913) 4,390,000 00
4,390,000 00
Deposits for retirement
ofnat.bank notesand
Fed. Res. bank notes
(Acts of July 14 1890
and Dec. 23 1913)-294,047 50 9,907,085 00 36,538,712 50 48,267,472 50
Total
269,684,047 50 9,907,085 00 357,723,372 50 50,070,972 50
Grand total receipts_ _363,319,279 19 65,238,446 56 998,055,620 39 600,331,067 44
DisbursementsOrdinaryChecks & warrants paid
(less bal. repaid,&c.)78,175,384 93 51,783,368 91 772,429,825 10 577,018,737 40
Int.on public debt paid 3,424,213 29 3,265,336 82 20,798,441 81 20,462,497 42
Total
81,599,598 22 55,048,705 73 793,228,266 91 597,481,234 82
SpecialPanama Canal: Checks
paid (less balances
repaid,&c.)
2,346,334 78
Payment for West Indian Islands
Subscription to stock of
Federal Land banks. 5,948,020 00
Purchase of obligations
offoreignGovts.(Act
approved April 24
200,000,000 00
1917)
Total
208,294,354 78
1,396,100 59
16,832,612 26
15,921,571 75
25,000,000 00
5,948,020 00
200,000.000 00
1,396,100 59 247,780,632 26
15,921,571 75
Public DebtBonds,int.-bear'g notes
& certificates retired
938 00
6,555 00
15,508 75
33,72500
One-year Treas. notes
of Apr. 1 1916 redeemed (Sec. 18,
Fed. Res. Act, approved Dec.23 1913) 4,390,000 00
4,390,000 00
Nat.bank notes & Fed.
Res, bank notes retired (Acts of July 14
1890& Dec.23 1913) 3,289,510 00 4,082,917 50 34,415,485 50 15,408,067 50
Total
7,680,448 00 4,089,472 50 38,820,994 25 15,441,792 50
Grand total disburs'ts 297,574,401 00 60,534,278 82 1079829803 42 628,844,599 07
Excess total receipts over
total disbursements_85,744,878 19 4,704,167 74
Excess total disbursem'ts
over total receipts
81,774,273 03 28,513,531 83
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
U. S. Bonds Held April 30 to Secure-Bonds on Deposit
April 30 1917.
2s, consols of 1930
3s, loan of 1908-1918
4s, loan of 1925
2s, Panama of 1936
2s, Panama of 1938
_Total
On deposit to On deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held.
42,500
155,000
$
552,790,100
15,660,420
27,762,200
46,576,020
24,798,380
$
560,592,600
15,660,420
27,762,200
46,618,520
24,953,380
8,000,000
667,587,120
675,587,120
7,802,500
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Apr. 1 and
May 1 and their increase or decrease during the month of
April:
National Bank Not
Afloat- •
Amount afloat April 1 1917
Net amount retired during April
$717,562,600
71,778
Amount of bank notes afloat May 11017
Legal-Tender NotesAmount on deposit to redeem national bank notes April 1 1917
Net amount of bank notes issued in April
$717,490,822
556,191,132
2,945,758
Amount on deposit to redeem national bank notes May 1 1917
$53,245,374
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern,ordinary
2% Juno 26 Holders of rec. June 4a
Ordinary (extra)
1
Juno 26 Holders of rec. Juno 4a
Preferred
3
Aug. 28 Holders of rec. July 21a
Preferred (extra)
Aug. 28 Holders of rec. July 21a
Atch.Top.& Santa Fe.com.(qu.)(No.48) 15
June 1 Holders of rec. April 30a
Atlantic Coast Line Co. (guar.)
$1.50 Juno 9 Juno 1 to Juno 8
Atlantic Coast Line RR., common
335 July 10 holders of rec. Juno 19a
Boston de Albany (guar.)
d2% June 30 holders of rec. May 31a
Boston & Lowell
July 2 Holders of rec. May 26
4
Canadian Pacific, common (guar.)
2% June 30 holders of rec. June la
Central RR. of N. J. (extra)
2
Juno 30 Holders of rec. Juno Ifla
Chesapeake & Ohio
2
Juno 30 Holders of roe. June 8a
Chestnut Hill (quar.)
750. June 4 May 20 to June 3
Chicago Sic North Western, corn. (quar.). 1X July 1 Holders of rec. June 1
Preferred (guar.)
2
July 1 Holders of rec. JUTIO 1
Cin. New On.& Texas Pacific, common_
3
June 12 Holders of rec. May 29a
Common (extra)
3% June 12 Holders of roe. May 29a
Preferred (guar.)
1X Juno 1 Holders of rec. May 260
Cleveland & Pittsburgh, reg. guar.(qu.). 87%c June 1 Holders of rec. May 10a
Special guaranteed (guar.)
50o June 1 Holders of rec. May 10a
Cripple Crk. Cent., corn. (qu.) (No. 30) 1% June 1 Holders of rec. May 15a
Preferred (guar.) (No. 46)
1
June 1 Holders of rec. May 15a
Erie de Pittsburgh (quar.)
8735c. June 9 Holders of roe. May 31a
Hocking Valley, common
2
Juno 30 Holders of roe. Juno 110
Illinois Central (quar.) (No. 126)
1% Juno 1 Holders of rec. May 4a
Maine Central, preferred (guar.)
131 June 1 Holders of rec. May 15a
Mobile & Birmingham, pref
2
July 1 June 2 to July 1
N. Y. Philadelphia & Norfolk
$3
May 31 Holders of rec. May 15a
Norfolk & Western. adj. pref. (guar.)
1
May 19 holders of rec. April 30a
Norfolk 4, Western, common (quar.)___ _
134 June 19 Holders of roe. May 31a
Pennsylvania (quar.)
750. May 31 Holders of roe. May la
Phila. Germantown & Norristown (qu.) _ $1.50 June 4 May 20 to June 3
Pittsburgh Bessemer & Lake Erie, pref _ $1.50 June 1 holders of rec. May 15
Phut), Youngs.& Ashtabula, pref. (qu.).. 134 Juno 1 Holders of roe. May 21
Reading Co., 1st pref. (guar.)
50c. Juno 14 Holders of rec. May 29a
Reading Co., 1st pref. (guar.)
50c. Sept. 13 Holders of reo. Aug. 28a
Reading Co., 2d pref. (guar.)
50e. July 12 Holders of rec. June 25a
Southern Pacific (guar.) (No. 43)
135 July 2 Holders of rec. May 310
Union Pacific, common (guar.)
2
July 2 Holders of rec. June la
Extra
34 July 2 Holders of rec. June la
Street and Electric Railways.
American Railways, common
Juno 15 Holders of rec. May 31
$1
Baton Rouge Elec. Co., corn. (No. 4)...._
4
June 1 Holders of rec. May 19a
Preferred (No. 12)
3
Juno 1 Holders of roe. May 19a
Central Ark. Ry.& Light, pref.(guar.). _
1 X June 1 May 16 to May 28
Cent.M iss.Val.El.Prop.,pref.(qtr.)(No.14) 134 June 1 Holders of rec. May 18a
Cities Service, corn. and pref. (monthly).
34 Juno 1 Holders of roe. May 15
Common (payable in common stock).... 134 June 1 Ifolders of reo. May 15
Cities Service, corn. & pref. (monthly)._
35 July 1 Holders of roe. June 15
Common (payable in common stock)._
34 July 1 Holders of rec. June 15
Detroit United Ry. (quar.)
2
June 1 Holders of rec. May 16.2
Frankford & So'vvark Pass., Phila. (gnat.). $4.50 July 1 Holders of rec. June la
Indianapolis Street Ry
3
Juno 30 June 21 to July 1
Northern Ohio 7'rac & Lt., coin.(quay.) . _
1X Juno 1 Holders of rec. May 15a
Northern Texas Elec. Co.,common (qu.). 1
June 1 holders of roe. May 17a
Pensacola Elec. Co., pref.(No. 19)
3
June 1 Holders of rec. May 15a
Public Service Corp. of N. J.(guar.)
2
Juno 30 Holders of roe. June 150
1X June 1 Holders of reo. May 26a
Rochester R.& Light, pref.(guar.)
Second & Third Sts. Pass., Phila.(quay.) _
53 July 1 holders of roe. June la
United Rys. & Electric, Baltimore, pref..._ n2
May 31 Holders of roe. May 29
Washington (D. C.) Ry. & El., corn. (qu.)_
M
may 16
1,i Juno 1
Preferred (quar.)
1X Juno 1
Wisconsin-Minn. Lt.& Pow., pref. (qu.). 1X Juno 1 Holders of roe. May 21a
Miscellaneous.
Acme Tea, 1st and 2d preferred (guar.).- 1M June 1 Holders of roe. May 210
Adams Express (quar.)
$1 50 Juno 1 Holders of roe. May 21a
$1.50 June 15 Holders of reo. May 31a
Ajax Rubber, Inc. (guar.)
American Bank Note. pref. (guar.) _ _ - - 75e. July 2 Holders of roe. Juno 15
American Beet Sugar, pref.(quay.)(No.72) 1% July 2 Holders of rec. June 16
American Cotton 011, common (guar.)._
1
June 1 Holders of roe. May 15a
Preferred
3
June 1 Holders of too. May 15a
American Express (guar.)
$1.50 July 2 Holders of reo. May 31a
American Gas (guar.)
2
June 1 Holders of roe. May 16a
MAT 26 1917.1
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2091
Name of Company.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
Amer. Graphophone, corn. (qu.)(No.49)- 1( July 2 Holders of
rec. June 15
Lanston Monotype Mach. (queer.)
American Locomotive, common (guar.)._ ._
13, July 3 Holders of rec. June 22a Lehigh Coal
154 May 31 Holders of roe. May 21
& Nay.(guar.)(No. 154).,. $1
Preferred (guar.).
13.1 July 21 Holders of rec. July 5a Liggett
May 31 Holders of roe. Apr. 30a
& Myers Tobacco, con). (guar.). 3
Amer.Power & Light, com.(qu.)(No. 18)_
1
June 1 Holders of roe. May 15a
June 1 Holders of reo. May 24
Lindsay
Light,
common
(guar.)
American Radiator, oommon (quar.)_ _
3
May
3
31 Holders of rec. May 19a
June 30 June 22 to June 30
Common (extra)
American Sewer Pipe (guar.)
2
May 31 Holders of rec. May 19a
160e. June 20
See note (k)
Preferred (guar.)
Amer. Smelting & Refg., corn.(quar.)
1% June 15 May 26 to Juno 3
134 May 31 Holders of rec. May 19a
Louisville
Gas
&
Electric,
preferred (quar.)_
Preferred (quar.)
13-4 June 1 Holders of rec. May 21
13j June 1 May 12 to
Mackay Companies, corn. (guar.) (No. 48) 13.4
American Sugar Refg., com.&pref.(quar.) 1( July 2 Holders of rec. May 20
July 2 Holders of roe. June 9a
June la
Preferred (guar.) (No. 54)
Common and preferred (guar.)
1
14 Oct. 2 Holders of roe. Sept. la
July 2 Holders of rec. June lIce
Magma
CopperSo.(guar.)
American Thread, preferred
50e. June 30 Holders of reo. June 8
2M July 1 May 16 to May 31
_
American Tobacco, common (quar.)
2% June 1 Holders of rec. May 29
5
June 1 Holders of rec. May 15a Manati Sugar, common (guar.)-----Manhattan Shirt, corn.(guar.)(No.9)
Anaconda Copper Mining (guar.)
1
June 1 Holders of rec. May 21a
$2
May 28 April 22 to May 16
Associated Dry Goods, 1st pref.(No. 1)._
1M Doe. 1 Holders of rec. Nov. 15a Massachusetts Gas Companies, preferred 2
June 1 May 16 to May 81
Motor, Inc., common (guar.)._
Ad. Gulf cfe W.I. SS. Lines, common_ _
5
254 July 2 Holders of rec. June 110
Aug. 1 Holders of reo. June 29a Maxwell
First
preferred
(guar.)
Preferred (guar.)
134 July 2 Holders of rec. June Ila
01)4 July 2 Holders of reo. June 8a
Second preferred (guar.)
Atlantic Refining (guar.)
134 July 2 Holders of rec. June lla
5
June 15 Holders of rec. May 19a May
Department Stores, common (qu.)
Atlas Powder, common (guar.).
1M June 1 Holders of reo. May 150
2
June 10 June 1 to June 10
Morgenthaler
Linotype (guar.)
Common, (extra) --- - ------- - -.- 3
234 June
June 10 June 1 to June 10
Holders of rec. June 2a
Middle West Utilities, COM7714)11 (guar.).- 50c. July 30
Baldwin Locomotive Works, preferred
3M July 1 Holders of rec. June 9
2
Middle West Utilities, preferred (guar.). 134 June 1 Holders of rec. June 22
Bethlehem Steel, common (guar.)
254 July 2 Holders of rec. June 15
Holders
of reo. May 15a
Moline Plow, first preferred (guar.).
Common,Class B (guar.)
134 June 1 Holders of me. May 18a
23-4 July 2 Holders of rec. June 15
Second preferred (guar.)
Blackstone V.G.&E.,com.(qu.)(No. 19)_ 2
154 June 1 Holders of rec. May 18a
June 1 Holders of rec. May 14a
Montana
Power, corn. (guar.)(No. 19)
Preferred(No. 10)
134 July 2 Holders of rec. June 15
3
June 1 Holders of rec. May 14a
Preferred (guar.) (No. 19) - - - Booth Fisheries, common (guar.).
lm July 2 Holders of rec. June 15
1
July 2 Holders of rec. June 20
Montreal Cottons, common (guar.)
Preferred (guar.)
1
13-( July 2 Holders of rec. June 20
June 15 Holders of rec. June 5
Preferred (guar.)
Borden's Con. Milk, pref. (qu.) (No.62). 134 June 15 June 2 to June
134 June 15 Holders of me. June 5
15
National Acme Co. ((Mar.)
Brier Hill Steel, common (guar.)
75es. June 1 Holders of roe. May 15a
134 July 1 June 21 to July 1
National
Common (extra)
Biscuit,
common (qu.)(No.76) 134 July 14 Holders of rec. June 280
5
July 1 June 21 to July 1
Preferred (guar.) (No. 77)
Preferred (guar.)
1M July 1 June 21 to July 1
154 May 31 Holders of rec. May 174
Nat.Cloak & Suit, corn.(guar.)(No.2)._
British-American Tobacco, ordinary_ _ 6
June 30
134 July 14 Holders of rec. July So
See note (I)
Brooklyn Union Gas (guar.) (No. 65)--Preferred
(guar.)
(No. 12)
IM June 1 Holders of rec. May 22a
July 2 Holders of reo. June 15a National
134
Extra
Conduit & Cable, Inc.(No. 1)
1
July 16 Holders of roe. June 15
July 2 Holders of roe. June 15a
$1
National Lead, common (guar.)
Brown Shoe, common (guar.)
1
June 30 Holders of rec. June 8a
13.4 June 1 Holders of rec. May 21
Buckeye Pipe Line
Preferred (guar.)
1M June 15 Holders of roe. May 25a
June
15
$2
Holders
of
May
roe.
31
National Sugar Refining (guar.)
Burns Bros., Inc., corn.(quay.)
15)_
134 July 2 Holders of reo. June 14
134 May 31 Holders of reo. May 21
Common (payable in common(No.
National Surety (guar.)
3
July 2 Holders of rec. June 22a
California Packing Corp., corn, stook)- 11500. May 31 Holders of reo. May 21
National Transit (guar.)
500. June 15 Holders of rec May 3Ia
(No.
I).
June
15
Holders
reo.
May
of
31
N. Y. & Queens Elec. L. & P., pref. (qu.) 1
Calumet& Arizona Mining (guar.)
June 1 Holders of rec. May 25a
$2 June 18 Holders of rec. June 1
New
York
Extra
Transportati
on (guar.)
25e. June 1 Holders of rec. May 15a
$I June 18 Holders of reo. June 1
Niles-Bement-Pond,common (guar.) -- 3
Calumet & Ilecla Mining (guar.)
$25
June 20 June 7 to June 20
June 21 Holders of roe. June 1
Cambria Steel (guar.)
75c. June 15 Holders of rec. May 31a North American Co. (guar.) (No. 53)
134 July 2 Holders of rec. June 15a
NorthernOhi
o
Extra
Eleo. Corp., pref. (guar.). 134 June 1 Holders of
750. June 15 Holders of roe. May 31a
reo. May 21a
Northern Pipe Line._ ._
Canada Steamship Lines, pref
._
5
July 2 Holders of me. June 11
h534 June 15 Holders of rec. June 1
Ogilvie Flour Mills, Ltd., pref. (quar.)
Case (J. I.) Thresh. Mach., prOf. (guar.)
134 June 1 Holders of reo. May 22a
I% July 1 Holders of roe. June lie Ohio
Cities Gas, common (queer.)
Cent. Aguirre Sugar Cos., corn. (extra)
10
June 1 Holders of rec. May 26
$15634 June 1 May 18 to June 5
Ohio Fuel Oil (quar.)____.----- _
Central Leather, pref.(guar.)
50e. June 5 Holders of rec. May 31
1U July 2 Holders
rec. June 8
Ohio Oil (guar.)
Cerro de Pane Copper Corp.(quar.)_--- $1 June 1 Holders of
_
.___
$1.25 June 20 Holders of roe. May 26
rec. May 18a
of
Extra
Extra
$4.75 June 20 Holders of roe. May 26
50c. June 1 Holders of rec. May 18a
Owens Boule Machine, common (guar.). _
Chandler Motor Corporation (guar.)._ _ _
2
75e. July 2 Holders of rec. June 21
July 1 Holders of reo. June 15
Common (extra)_
Extra _ _ .----1
50e. July 2 Holders of rec. June 21
July 1 folders of rec. June 15
Preferred (guar.)
Chesebrough Manufacturing (quar.)_ _ _ 3
1M July 2 Holders of rec. June 21 '
Juno 19 folders of reo. June 2a
Pabst
Brewing,
Extra
preferred
(quar.)
50e. June 19 Holders of me. June 2a
134 June 15 June 7 to June 15
Pacific Mall S. S., prof. (guar.)
Childs Company, common (guar.)... _
1% June 11 Juno 1 to June11
134 June 1 Holders of roe. May 170
People's Natural Gas dt Pipeage (extra)._ _
Preferred (quar.)_
- ----- _ _.
1M June 11 June 1 to June 11
50e. May 25 Holders of roe. May 19
Philadelphia
Colorado Power, common (guar.)
Electric (guar.)
43-75e. June
34 July 16 Holders of reo. June 30
Holders of me. May 22a
Pierce-Arrow Motor Car,common-- - - $1.25 Aug. 15
Preferred (guar.)
1M June 15 Holders of roe. May 31
1 Holders of reo. July 14
Connecticut Power, pref. (qu.)(No. 17)- 134 June
Preferred (guar.)
2
July 2 Holders of me. June 15
1
Holders
rec.
of
May
14a
Consolldated Gas of New York (quar.)_ _
Pittsburgh Brewing, pref. (guar.)
1M June
134 May 31 May 20 to May $1
Coned Interstate-Callahan Mining (quar.) $1 Juno 15 Holders of reo. May 10
Prof. (on acct. of accumulated diva.). 1
May 31 May 20 to May 31
30 Holders of reo. June 15a Pittsburgh
Continental Oil (quar.)
Steel, pref. (guar.)
3
June 1 Holders of me. May 15a
June
16
154
May
27
to
June
16
Copper Range Co. (quay.)(No. 39)
Porto Rican-Amer. Tobacco (quar.)---- 4
$1.50 June 15 Holders of reo. May 25
June 7 Holders of rec. May 15a
Extra (No. 40)
Pressed
Steel
Car,
com.(quar.)
$1
(No. 27). 1M June 6 Holders of rec. May 16a
June 15 Holders of reo. May 25
Cosden & Co. (guar.)
Pure011 (guar.)
10o. June 1 Holders of roe. May
30c. June 1 May 15 to June 1
18
Extra
Extra
25o. June 1 Holders of rec. May 18
20e. June 1 May 15 to June 1
Cosden Oil & Gas, preferred (guar.)
Quaker
Oats,
common
834o. June 1 Holders of reo. May 21a
(guar.)
234 July 16 Holders of rec. July 2a
Crescent Pipe Line
Preferred (guar.)
75e. June 15 May 24 to June 15
134 Aug. 31 Holders of rec. Aug. la
Crucible Steel, pref. (guar.) (No. 57).... _
I% June 30 Holders of reo. June 15a Quaker Oats, pref. (guar.)
1M May 81 Holders of roe. MOLY la
Pref.(on acct. of accumulated divs.)_ _ h2
June 30 Holders of rec. June 15a Republic Iron & Steel, corn.(qu.)(No.3) 134 Aug. 1 Holders of rec. July Ha
Prof.(on acct. of aceumul.)(No. 56)
Preferred (guar.) (No. 55)
h2
1
July 2 Holders of rec. June 15a
Cuban-American Sugar, common (guar.) 23.4 June 12 Holders of rec. June la St. Joseph Lead Co.(guar.)
25c. June 20 June 10 to June 20
July 2 Holders of rec. June 15a
Preferred (guar.)
Extra (from reserve for amortiz.)
1M July 2 Holders of roe. June
50o. June 20 June 10 to June 20
15a Savoy 011
Cudahy Packing, common (guar.)
13i June 15 Holders of roe. Juno 1
30o. June 25 Holders of tee. June 11
Deere & Co., pref. (guar.)
Solar Refining
1M June 1 Holders of reo. May 15a
5
June 20 June 1 to Juned20
Diamond Match (guar.)
2
6
June 15 Holders of reo. May 31a Southern Pipe Line (guar.)
June 1 Holders of rec. May 15
Dome Mines, Ltd. (guar.)
South Penn Oil (guar.)
5
June 30 Holders of rec. June 14
Dominion Glass, Ltd., preferred (quar.)__ _ 25c. June 1 Holders of rec. May 19a Southwestern Power
&
Lt., pref.(quar.)_
1 N July 2 Holders of roe. June 12
1M June 1 Holders of rec. May 21
Dominion Textile, LW., common (guar.) 1M
South West Pa. Pipe Lines (guar.)
July 3 Holders of rec. June 15
3
July 2 Holders of rec. June15
Driggs-Seabury Ordnance, common_ _
Standard Milling, common (qu.)(No.6)_
134 June 15 Holders of roe. May
1
May 31 Holders of reo. May 21
31
First preferred (quar.)
Common (payable in common stook)_ _
1M June 15 Holders of reo. May 31
1
May 31 Holders of reo. May 21
Second preferred (guar.)
Preferred (guar.) (No. 30)
134
May
June
134
31 Holders of rec. May 21a
15
Holders
of
May
me.
31
Eastern Steel, common (guar.)
Standard 011 (Calif.) (guar.)
234 July 16 Holders of reo. July
234 June 15 Holders of reo. May 15
2
First and seoond preferred (quar.)__
Standard Oil (Indiana) (quar.)
3
1M June 15 Holders of roe. June 1
May 31 May 8 to May 31
Eastern Wisconsin Eleo. Co., pref. (qu.)
Extra
1M June
3
May 31 May 8 to May 31
Holders of rec. May 21a
Eastman Kodak,common (extra)
Standard 011 (Kansas) (guar.)
5 June 11 Holders
3
June 15 Holders of rec. May 31
of reo. April
Eastman Kodak, common (guar.)
Extra
2M July 2 Holders of roe. June 30a
2
June
15 Holders of rec. May 31
2a
Preferred (guar.)
13.4 July 2 Holders of reo. June 2a Standard 011 (Nebraska)
10
June 20 Holders of rec. May 19
Elk Horn Coal Corp., prof
3
Standard 011 of N. J. (guar.)
5
June 15 Holders of rec. May 18a
June 11 Holders of rec. June 1
Fairbanks, Morse & Co., preferred (quar.)_
134 June 1 May 22 to
Standard Oil of N. Y.(guar.)
3
June 15 May 20 to May 30
May 31
Federal Mining & Smelting, prof. (guar.) 1)4 June
Standard 011 (Ohio) (guar.)
3
July 2 June 1 to June 20
15 Holders of reo. May 22
Freeport Gas, preferred (guar.)
_
134 June 1 Holders of
Extra
1
July
2 June 1 to June 20
roe.
May
22
Galena-Signal Oil, common (guar.)
3
June 30 Holders of roe. May 31a Standard 011 Cloth, corn (guar.)(No.7)- 1
July d2 Holders of roe. June 15a
Preferred (guar.)
2
Pref.,
Classes
A & B (guar.)(No. 12). i3( July d2 Holders of rec. June 15a
June 30 Holders of me. May 31a
General Asphalt, pref. (guar.)
134 June 1 Holders of rec. May 17e Studebaker Corporation, corn. (guar.)._
234 June 1 Holders of roe. May 19a
General Chemical, common (quar.)
2
Preferred (guar.)
June 1 Holders of reo. May 22a
134 June 1 Holders of reo. May 19a
General Chemical, preferred (guar.)_ _ _
Supplee Milk, preferred (guar.)
13
4
July
134 June 1 Holders of roe. May 19
2
Holders
of
roe.
June
18e
General Cigar, Inc., prof. (guar.)
1M June 1 Holders of
Swift & Co.(guar.)(No. 123)
2
July 1 Holders of rec. June 9
roe. May 24
General Development (guar.)
2
Tennessee
Eastern
Electric,
pref.
(guar.). _
June• 1 Holders of roe. May 15a
134 June 1 Holders of reo. May 22a
General Electrio (guar.)
2
Texas Company (guar.)
July
June
30 Holders of rec. June-,41
14
234
Holders
of
rec.
Juned16a
General Fireproofing, corn. & pref. (cm.) 1)4
Texas Gas & Electric, preferred (guar.)___ _
July 1 Holders of me. June 20
134 June 1 Holders of rec. May 220
Globe Soap, common (guar.)
134
Toronto Paper
3
July 3 Holders of rec. June 23
First, second & special pref. stocks (guar.) 134 June 15 June 1 to June 15
Extra
Juno 15 June 1 to Juno 15
2
July 3 Holders of rec. June 23
Goodrich (B. F.) Co., common (quar.)_
1
Aug. 15 Holders of roe. Aug. 3e Underwood Typewriter, corn. (quar.)_ _ _
134 July 2 Holders of rec. June 150
Goodrich (B. F.) Co., pref.(guar.)
1( July 2 Holders
Preferred (guar.)
1M July 2 Holders of roes. June 15a
of rec. June 22a
Goodyear Tire & Rubber, common (quar.)
3
Union Bag & Paper Corporation (quar.).. 134 June 15 Holders of
June 1 May 20 to May 31
roe. June 5
Great Atlantic & Pacific Tea, pref.(quar.)_
Union Carbide (guar.)
1,1 June 1 Holders of reo. June 1
2
July 2 June 21 to July 1
Great Northern Paper
254 June 1 Holders of
Union Stock Yards of Omaha (guar.)
134 June 1 Holders of me. May 31e
May
reo.
26a
Cananea
Greene
Copper Co. (guar.)._ _ _
2
United
Cigar
Stores,
pref.
(qu.)
May
(No.
13.1
28
June
19)
Holders
_
15
Holders of rec. May 310
of roe. May lie
Gulf States Steel, common (quar.)_ _ _ 2
July 2 Holders of rec. June 15a United Drug, 2d pref. (guar.) (No. 5)
134 June 1 Holders of rec. May 15a
Common (extra)
1
July 2 Holders of rec. June 15a UnitedProfit Sharing Corporation
Sc
Tune 1 Holders of rec. May 15
First preferred (queer.)
1M July 2 Holders of reo. June
U.
Cast
S.
Iron
P.
&
Fdy.,
pref.
(quar.)_
June
15 Holders of rec. June la
134
15a
Second preferred (quar.)
I% July 2 Holders of rec. June 15a U.S. Gypsum, pref. (guar.)
134 June 30 June 21 to July 1
Hackensack Water, corn. and pref
75e. June
U.S. Indust. Alcohol, pref (qu.)
134 July 15 Holders of roe. June 30a
Harbison-Walker Refractories, corn.(qu.) 134 June 1 Holders of rec. May 19a United States Steel Corp., corn. (No.43) 134
June 29 June 2 to June 4
(guar.).
1 Holders of rec. May 19a
Common (extra)--6
Common (extra)
May
3
June 29 June 2 ma
to June 4
Harbison-Walker Refractories, Pref.(guar.) 134 July 29 Holders of roe. May 19a
Preferred (guar.)
154 May 29
20 Holders of rec. July 10a
Hart, Schaffner & Marx. Inc., Com.
1
Utah
Consolidated
Mining
(guar.)....... $I June 25 Holders of rec. June 9
June 1 Holders of rec. May 19a
Hart, Schaffner et Marx,Inc., corn. (qu.)_
1
Waltham Watch, preferred
Aug. 31 Holders of rec. Aug. 20
3
June 1 Holders of rec. May 19a
Preferred (quar.)
._
151 June 30 Holders of me. June
Wayland 011 dr Gas. common
10o. June 11 Holders of rect. June la
20
Hartman Corporation (guar.)(No. 1).__
Western Light & Power, preferred (guar.). 1
13.4 June
June 15 June 16 to June 15
Haverhill Gas Light (quar.) (No. 86).._ 11.1234 July 1 Holders of reo. May 15a White (J. G.)& Co..Ine.,pref. (guar.).
IM June 1 Holders of rec. May 15a.
2 Holders of rec. June 140
Heywood Bros. & Wakefield, common__ _
4
June I Holders of rec.May 22a White (J. G.) Engineering, pref.(quar). 134 June 1 Holders of reo. May 150
Common (payable in Liberty bands)---- m5
White (J. G.) Management, pref.(quar.)- 134 June 1 Holders of reo. May 150
(m)
Holders
of
roe.
May
22a
Illinois Pipe Line
12
Woolworth (F. W.).coin.(guar.)(N0.20) 2
June 15 May 22 to June 10
June 1 May 2 to May 16
Independent Brewing, prof. (quar.)
Woolworth (F. W.), pref. (guar.)
8734e. May 31 May 23 to May 30
154 July 1 Holders of rec. June 9a
Indian Refining, preferred
Worthington Pump.& M.,Class A,pf.(qu.) 13.4 July 2 Holders of rec. June 22
h554 June 25 Holders of reo. June 9
Indian Refining, preferred
Youngstown Sheet & Tube, corn. (guar.) 2
h53.1 May 26 Holders of reo. May 10
June 30 Holders of rec. June 200
Inland Steel (guar.)
2
Common (extra)
June 1 Holders
3
June 30 Holders of rec. June 20a
reo. May 10a
Internat. Cotton Mills, pref. (quar.)_ _ _
134 June 1 Holders of
Preferred
(guar.)
June
13.4
30 Holders of rec. June 202
of
reo.
May
17
Internat.Harv.of N.J., of.(qu.) (No. 41) 134 June
1 Holders of rec. May lie
Internat.IIarv.Corp.. pf. (qu.) (No. 17)
134 June 1 Holders of
a Transfer books not closed for this dividend. b Less British income tax. d CorMay
roe.
lie
InternationalNickel, corn. (guar.)
$1.50 June 1 Holders of rec. May 14e rection. e Payable in stock. I Payable in common
stock. g Payable In scrip.
International Silver, preferred (quar.)_ _ _
134 July
h On account of accumulated dividends. I Declared $1 50, payable 500. each
Interstate Elec. Corp., pref. (guar.)(No.6) 134 Juno 1 June 16 to July 1
1 Holders of rec. May 28
Jewell Tea, Ino., preferred (guar.)
June 20, Sept. 20 and Dec. 20; transfer books closed ten days before payment of
1( July 1 Holders of reo. June 20a
Kerr Lake Mining (guar.) (No. 47)--215o. June 15 Holders of roe. June la dividend. k Declared $1 50 payable 50c. each June 20. Sept. 20 and Dec. 20; transKings Co. El. Lt. 6c Pow.(qu.)(No.69)- 2
June 1 Holders of rec. May 21a fer book closed ten days before payment of dividend. I All transfers received in
Ladede Gas Light, common (guar.)
134 June 15 Holders of roe. June le order at London on or before June 15 will be in time for payment of dividend to
Preferred ---234 June 15 Holders of reo. June la transferees. m Payable in Liberty bonds as soon as they are available for delivery.
n Less a proportion of State, city and county taxes not exceeding X of 1%. o DeLake of the Woods Milling, oom. (guar.) 2
June 1 Holders of rec. May 26
clared three quarterly dividends on pref. stock, payable 1 X % as above, 1)4% Oct. 1
Preferred (guar.)
1M June 1 Holders of roe. May 26
to holders of roe. Sept. 10 and i34% Jan. 1 1918 to holders of reoord. Dee. 10.
FOREIGN TRADE OF NEW YORK-MONTHLY
in
STATEMENT.-In addition to the other tables giventhe
this department, made up from weekly returns, we give
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.
Imports.
1916-17.
1915-16.
Receipts
at New York.
Customs
Exports.
1916-17.
1915-16.
95,614,439 75,812,949 243,808,629156,746,121
July
August _ 107,920,942 76,266,845273,627,773 144,117,486
September 80,486,311 85,617,505265,387,737 163,608,127
October _ _ 85,883,225 77,121,468238,474,910176,847,5669
November 87,639,487 97,666,815233,798,432 189,813,69
December.102,935,533 94,197,777328,173,541 191.268,0970
January_ _ 128,344,239 99,988,117303,906,525 176,656,88
February_ 97,834,888 103,084,535223,464,135224,934,940
147,901,883 116,198,589 258,020,408232,726,208
March
126,801,160 115,290,462263,873,049 186,671,441
April
1916-17.
1915-16.
11,314,255
12,392,700
11,579,296
13,487,160
12,878,596
12,166,341
13,494,316
10,800,297
13,395,986
14,052,313
11,112,048
10,873,044
11,030,703
12,035,882
13,708,275
11,924,418
11,068,270
14,019,504
14,970,425
12,404,694
63
Total... 1061362107941,245,062 2632535139 1842390565 125,561,260 123,747,2
Imports and exports of gold and silver for the 10 months:
Gold Movement at New York.
Month.
Imports.
1916-17.
July
August
September
October _
November
December.
January_
February.
March _ _ _
April
Total
[VOL. 1.04.
THE CHRONICLE
2092
$
17,881,388
1,432,146
11,773,504
1,515,309
1,197,787
1,258,973
1,930,781
1,085,806
1,074,962
877,460
Exports.
1915-16. I 1916-17.
5,301,292
2,281,541
8,992,572
27,999,731
49,827,918
36,371,277
13,025,093
4,258.059
2,368,344
4,329,050
1915-16.
Silver-New York.
Imports.
w & Co., Boston:
By Messrs. Francis Hensha
$ per sh.
per sh. Shares. Stocks.
_ 4254
g American Glue, common.._
20254
each..
Shares. Stocks.
5 National Shawmut Bank
25 Great Falls Mfg., ex-dlv
10 Pepperell Mfg
100 Boston Wharf
2
40,038,116 154,754,877 84,842,681 39,706,595 13,621,213 46,801,49
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at`auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
$ per share
$ per share Shares. Stocks.
Shares. Stocks.
10 Winnisook Club, $50 each.... _55 lot
15 Remington Typewriter, corn_ 13%
corn.
Corp.,
Motor
500 Chalmers
119%
366 The Maltine Co. of N. Y
16%-13
50 Deep Well Water Co_ _ _53,100 lot
Per cent.
Bonds.
5,000 Argonaut Cons. Mm.$5 each
$1.70 per sh. $4,000 N. Y. & Hoboken Ferry 5s,
96
1946
9034
96
Barnes & Lofland, Philadelphia:
Canadian Bank Clearings.-The clearings for the week
ending May 17 at Canadian cities, in comparison withtethe
same week in 1916, shows an increase in the aggrega of
25.2%.
Week ending May 17.
Exports.
4,213,651
4,206,413
4,664,171
5,395,226
5,417,413
6,591,579
4,209,111
5,132,662
3,875,123
3,006,143
30 Merrimac Chemical, $50
1 Lowell & Andover RR
By Messrs.
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
38 Continental-Eqult. Tr., $50 ea. 87
1 Commercial Finance,$10 par.._150
_580
paid..
$500
Co.,
3 Fidelity Trust
375 Conneaut Jr Erie Trao., $50 03_33 lot
10 Guarantee Trust & Safe Dep.._155
23 Rembrandt Bldg. & Loan Assn.
-710
_
for
Insur.,&o_
Co.
18
Pennsyl.
lot
___ 8100
1st series _ _
175 Rights to subscribe Provident
25 East Phila. Bldg. & Loan Assn.
Life & Trust Co. at $100.300-302
$500 lot
1st series
L. I. & Trust_ _ _13354
1 Penn. Academy of Fine Arts ._ 2554 15 United Secur.
5 Fire Assoc. of Phila. (new stk),
30534
20 Germantown Trust
307
each
$50
pt.,
268.31 Amer. Manganese Mfg.,
3 Girard Life Insurnace, $10 each 914
12
350 each
each...- 1054
$10
Insur.,
Life
Phila,
20
_
_150
preferred
Co.,
Stetson
30S. B.
Ins., $10 each.-- 954
3 Farmers'& Mech. Nat. Bank. _15054 14 Scranton Life
2 Philadelphia 8c Trenton RR__ _235
50 Fourth Street National Bank_ _295
Pier Co_ _ _ _200
Steel
City
Atlantic
10
384
2 Girard National Bank
5 Bergner & Engel, preferred_ _ _ 55
367
3 Hatboro National Bank
Sts. Pass. Ry_240
Third
&
3
Second
_475
_
Bank_
National
ia
15 Philadelph
10 Commonwealth T. I. & Trust_252
Clearings at
1916-17. I 1916-17.
8,096,907 2,064,670 1,521,172
5,759,159 1,032,670 1,403,423
2,651,454 1,817,500 1,600,070
1,311,114 2,824,000 1,722,342
917,029
11,244,658 1,127,370
18,318,717 3,054,228 1,788,147
10,494,074 6,220,132 1,998,222
14,129,717 10,589,971 1,086,891I
982,904
9,819,730 4,532,820
601,007
3,017,151 6,443,234
20354
202
10034
1917.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Victoria
Calgary
Hamilton
Edmonton
Quebec
St. John
Halifax
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brantford
Brandon
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada
$
81,588,415
65,367,154
54,884,943
7,471,407
5,809,549
1,528.304
6,823,280
4,956,578
2,366,494
3,683,882
2,132,814
2,784,576
2,308,757
2,790,068
1,654,237
1,048,946
765,180
839,225
419,179
649,511
344,830
556,855
630,438
614,049
672,221
1916.
inc. or
Dec.
$
%
74,347,933 +9.7
50,240,714 +30.1
36,824,221 +49.1
5,973,888 +25.1
5,218,953 +11.3
1,499,626 +1.9
3,949,609 +72.8
3,780,274 +31.1
2,113,524 +12.0
3,854,306 -4.4
1,717,923 +24.1
2,231,547 +24.8
2,106,573 +9.6
1,811,286 +54.1
1,029,786 -1-60.7
767,619 +36.6
456,013 +67.8
634,870 +32.3
449,518 -6.7
509,705 +27.5
310,617 +11.0
410,090 • +35.6
511,210 +23.3
591,835 +3.8
500,000 +34.4
1915.
$
48,906,035
35,969,354
20,276,604
5,305,667
3,926,462
1,508,213
2,699,314
2,764,033
1,822,981
3,536,780
1,492,280
2,042,029
1,864,162
1,149,412
686,761
577,861
324,536
557,774
449,616
459,290
281,209
259,218
359,363
1914.
$
56,460,723
43,384,433
27,351,830
8,650,352
4,161,016
2,733,846
4,809,655
3,126,882
3,598,286
2,383,645
1,434,191
1,922,978
1,765,702
1,848,751
1,120,224
976,146
461,989
607,805
500,695
955,971
408,075
463,307
1
252.690.892 201.841.640 +25.2 137.218.954 160.116.20
Imports and Exports for the Week.-Under instructions from the Treasury Department the issuance of weekly
by
totals of imports and exports of merchandise and specie Inthe New York Custom House have been suspendedtion
definitely. Under the circumstance our usual compila
is omitted until such time as the figures may again be given
out.
Board on May 19:
weekly statementissued by the Federal Reserve
t as at close
The Federal Reserve Banks.-Following is the
by the weekly bank statemen
indicated
are
reserves
total
and
gold
in
decline
a
and
by the several
nt
deposits
Governme
scale of
of indebtedness received
Withdrawals on a largeThe
of U. S. certificates Bank,
chiefly payments on account
of 31.2
decrease
a
reports
funds withdrawn represent
which
York
New
the
to
of business May 18 1917. These
Fund
t
the Gold Settlemen
tion by 33.8
funds were transferred through
Federal Reserve banks.and of 26.4
other Federal Reserve banks. TheGold Settlement Fundshowsaldeple
millions in its balance due from
millions in cash reserveto the Governme
week.
past
the
in
financial operations during
of the larger member banks
discount operations of some
millions, owing mainly on hand shows nt's
largely as the result of00,
the week before, are member
an increase of 5.3 millions,
as against $11,235,000 shown
Commercial paperRichmond and Baltimore
held, $14,883,0 and
paper in
. Of the total discounts
bank
of
offerings
Larger
hia,
Banks.
York
New
d
Boston, Philadelpnotes.
Richmon
hia,
City
are held by the Philadelp
About 75% of these notes
banks' collateral
3 millions to the banks' holdings of acceptances, Minneapolis and Kansas by
markets account for a net addition of about
the New York and Boston
$112,000 of Treasury notes and of $3,423,000 of U. S. certificates are shown
report the purchase of $164,000 of United States bonds, while sales of
week before.
6 other Reserve banks.
e at present 4829' of the banks' paid-in capital, compared with 4739' the
8.5% by
millions and constitut
increased to 274
Total earning assets
by U. S. certificates of indebtedness; 16.4% by discounts; 13.3% by U. S. bonds;
19.9%
es;
acceptanc
by
ed
represent
is
36.6%
total,
Of the
for the
decrease
a
millions,
warrants.
187.1
as
by
given
Treasury notes, and 5.3% including 84.5 millions redeposited with subscribing banks and trust companies, are
nt funds. Member banks'
withdrawals of Governme
Government deposits,
reporting substantialofnet
Francisco
San
and
Bank.
York
York
New
Now
tho
except
by
banks
reported
the
all
millions
8
millions,
over
week of 55.3
decrease under thisishead
notwithstanding aoutstandi
certificates rean increase of 7.8 millions,
but 4.5 millions less than the amount of silverretirements are
ng, which
reserve deposits showagents
000 of notes Additiona
the week to 8 banks, while York, Philashow a total of $478,906,
Federal Reserve Departme
l notes were issued during
date.
same
the
on
ng
New
ng,
outstandi
outstandi
notes
nt
Reserve
in the total of Federal
ported by the Treasury
about 8.5 millionsentire
is a net increase of
banks. The result
increase. The banks show an actual Federal Reserve note circulareported by all the, Chicago
accounting for practically the
and San Francisco
week before. Their aggregate liabilities upon notes outstanding are
delphia, Cleveland
the
shown
n
circulatio
the
of
excess
in
millions
10
tion of $448,311,000, or about
given as $24,648,000.
table, and in addition
nt for the system as a whole are given in the following In
the second table we
The figures of the consolidated statemeprecedi
son.
compari
a
useful
ing
furnish
thus
weeks,
ng
we present the results for each of the eightfor each of the twelve Federal Reserve banks. The statement of Federal Reserve
show the resources and liabilities separately gives details regarding the transactions in Federal Reserve notes between the
Agents' Accounts (the third table following)
the latter and the Federal Reserve banks.
Comptroller and the Reserve Agents and between
FEDERAL RESERVE BANKS AT THE CLOSE OP BUSINESS MAY 18 1917.
THE
OF
TIES
LIABILI
AND
CES
COMBINED RESOUR
. 27 1917 Apr. 20 1917 Apr. 13 1917 Ayr. 5-6 '17. Mar.30 1911 Mar.23 1917.
May 18 1917. May 11 1917. May 4 1917.IApr
By Messrs. R. L. Day & Co., Boston:
5 per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
55 Adirondack Elec. Pow. Corp.,
6 Merchants' National Bank_ _ _ _280
20
common
798
each
5 Nashua Mfg., $500
134% 28 American Felt, preferred__ __ _100
52 Pacific Mills
Glue, common__ _ 42%
American
2-4ths
100
Belting
10 Boston
9% 20 Taunton-New Bedford Copper.167
5-10 Lincoln Mfg
5 Adirondack Elec. Power, pref.. 77%
_116%
29 Arlington Mills
20 Wamsutta Mills_112
415
_
.
par
,
$300
1 Boston Atheneum
35A
Iths Pacific Mills
25 Cambridge Gas Light _ _ ._ ..180
I
0C $350,736,000
RESOURCES.
$311,798,000 $330,152,000 5338,369,000 $362,472,000 3374,903,0
$350,269,000 $336,841,000 $336,118.000 207,920,000 206,830,000 198,271,000 200,125,000 200,061,000 209.281,000
3old coin and certificates in vault
2,519,000
187,969,000 221,759,000 218,910,0001
2,414,00C
2,505,000
2,434,000
2,651,000
2,518.000
)old settlement fund
2,687,000
2,754,000
...
2,669,0001
3old redemption fund with U. S. Treasurer..
000
0C
$562,536,
$577,378,0
000
00
8565,102,
'3522,236,000 3539,633,000 3539,074,0
10,605,000
9,282,000
3540,992,000 3561,287.000 $557,697.000
21,136,000 19,110,000
Total gold reserve
36,149,000 39,415,000 30,340,000 24,462,000
27,442,000
&o
silver,
notes,
Legal tender
000
000 $564,095,000 5560,210,000 $584,212.000 $586,660,000 $573,201,
400,000
400,000
$568,434,000 $597,436,000 3597,112,000 5552,576.
400.000
400,000
400,000
400,000
Total reserve
400,000
400,000
400,000
notes_
bank
R.
F.
against
1% redemption fund
00 $20,106,000 $18,473,000
335,043,000 $29,737,000 $22,009,000 $17,928.0
$14,846,000 $39,534,000 $35,916,000 71,400,000 72,925,000 80,604,000 82,735,000 84,473,000 87,798,000
Sills discounted-Members
83,871,000
07,156,000
0
0 29,275,000 29,275,000
100,177,00
36,629,00
36,223.000 36,215,000 36,218,000
Sills bought in open market•
36,383,000 36,222,000 36,222,000 23,450,000 23,360,000 23,370,000 23,042,000 18,425,000 18,818,000
United States bonds
23,450,000
23,450,000
23,338,000
0
50,000.00
0
notes
50,000,00
68,145,000 50,000,000
Dile-year U. S. Treasury
15,761,000
54,666,000 58,089,000 64,597,000 14.999,000 15,163,000 15,212,000 15,207.000 15,715,000
11. 8 certificates of indebtedness
14,639,000 14,688,000 14,755,000
Slunioipal warrants
000
00
000
$170,125,
$167,904,0
8225,541,
000
000 $227,400,000 3227,413,
$274,052,000 $269,138,000 $258,811,000 3239,260.
Total earning assets
$19,440,000
00
00
t$18,999,0
$16,235,0
00
$22,001,0
0
$20,640,00
00
2,275.00(1
3,298,000
$26,458,000 $24,080,000 $23,561,000 $20,622,0
3,412,000
1,071,000
2,473,000
132,000
Federal Reserve notes-Net
5,243,000
1,345,000
3,057,000
Due from other Federal Reserve banks-Net- 84,461,000
0
0
145,757,00
132,759,00
0
account
0
146,422,00
agent
169,184,00
banks-fiscal
0
204,842,000 166,966,00
Due from depository
5,680,000
192,830,000 310,685,000 184,639,000
4,900,000 t5,393.000
4,610,000
4,770,000
5,757,000
Uncollected items
5,412,000
6,078,000
5,981,000
resources
other
kll
*914.480.000 $917.901.000
1023.689.000 8988.744.000 8984.889.000 2981.131.000
1 1RA RDA ono 19no 182 ono 1076.178 000
Tntal re.iii roam
MAY 26 1917.]
THE CHRONICLE
2093
May 18 1917. May 111917. May 4 1917. Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr.5-6
1917 Mar.30 1917 Mar.23 1917
LIABILITIES.
Capital paid In
Government deposits
Due to members--Reserve account
Member bank deposits-Net
Collection Items
Federal Reserve notes-Net
Federal Reserve bank note liability
All other liabilities
$56,868,000 $56,859,000 $56,359,000 $56,409,000 *56,411,000 $56,408,000 556,100,000
187,127,000 242,421,000 107,868,004 99,689,000 41.988,000 42,247,000 46,461,000 $56,075,000 556,057,000
19,702.000
748,499,000 740,726,000 743,143,000 719,785,000 742,584,000 741,542,000 758.219,0110 20,567,000
720.411,000 711,117.000
136,750,000 134,447,000 122,761,000 129,032.000 128,856,000 131,064,000
105,436,000 100.961,000 113,784,000
24,648,000 23,975,000
18,974,000
18,226.000
16.459,000 13.014,000
14,295,000
15,941.000
16.725.000
1,781,000 10,734,000 25,573,000
448,000
446,000
614,000
620,000
525,000
110.000
1155,673,000 1209,162,000 1075,178,000 1023,589,000 $986,744,000
Total liabilities
5984.889,000 $981,131,000 $914,480,000 *917,901,000
66.2%
Gold reserve ag'st net dep. & note liabilities
66.9%
67.4%
68.6%
71.0%
71.2%
73.0%
79.9%
79.0%
69.5%
Cash reserve ag'st net dep. & note liabilities_ _
71.2%
72.1%
72.5%
74.2%
73.9%
81.2%
75.4%
80.5%
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against aggregate net liabilities on F. R. notes in
circulation
70..1%
72.1%
72.9%
73.3%
74.9%
74.5%
76.1%
42.1%
81.4%
Distribution by Maturities1-15 days bills discounted and bougnt
1-15 days Municipal warrants
16-30 days bills discounted and bought__ _
16-30 days municipal warrants
31-60 days bills discounted and bought
31-60 days municipal warrants
61-90 days bills discounted and bought_
61-00 days municipal warrants
Over 90 days bills discounted and bought_
Over 90 days municipal warrants
Federal Reserve NotesIssued to the banks
Held by banks
$10,496,000 $38,850,000 $41,038,000 $38,021,000 $36,555,000
$40,745,000 $34,433,000 $31.061,000 $30,245,000
773,000
54,000
119,000
392,000
520,000
345,000
52,000
744,000
794,000
24,028,000 22,153,000
18,397,000 20,000,000 24,462,000 21,543,000
22,631,000 30,320,000 28.410,000
11,434,000
9,153,000
772,000
2,088,000
2,153,000
292,000
519,000
345,000
52,000
44,204,000 37,442,000 34,741,000 29,620,000 26,529.000 26,038.000
29,744,000 30,636,000 36.260.000
107,000
3,058,000
11,441,000
10,325,000
9,973,000 12,232,000
7,720.000
437,000
582.000
33,849,000 36,378,000 24,107,000
16,733,000
14,102,000 13,367,000 13.073,000
11,735,000
10.505.000
1,289,000
1,336,00
1,321,000
531,000
355,000
2,000
4,574.000
11,977,000
12.122.000
2,446,000
1,866,000
1,504,000
1,014,000
1,167,000
920,000
732,000
827,000
851,000
1,036,000
1,087,000
1,102,000
1,986.000
1,839,000
2,341,000
2,342,000
2,212.000
2.211,000
$478,906,000 $470,401,000 $458,874,000 $446,544,000 $410,539,000 $431,789,000 3400,698,000 $382,564,000
32,405,000 32,183,000 30,372,000 26,035,000 20,182,000 29,979,000 24,188,000 24,799,000 $372.244.000
25,440,000
$446,501,000 $438,218,000 $428,502,000 $420,509,000 $414,357,000 $401,809,000 $376,510,000 *357.765,000 $346,804.000
In circulation
Gold and lawful money with Agent
Federal Reserve Notes (Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
Amount chargeable to Agent
In hands of Agent
$448,311,000 $438,323,000 $433,089,000 $422.905,000 $418,533,000 $410,790.000 $378,450,000 $360,663,000 $349,519,000
$778,440,000 $761,060,000 $747,580,000 $724,200,000 $708,520,000 5606,540,000 5667,060,000 $647,700,000 $625,320,000
142,918,000 141,523,000 139,325,000 137,725,000 135,902,000 132,292,000 130,248,000 127,917.000 121.867.000
$635,522,000 $619,537,000 $603,255,000 $586,475,000 $572,618,000 $564.248,000 $536,812,000 3519,783.000 *503,453,000
156,61(3,000 149,136,000 149,381,000 139,931,000 132,079,000 132.459,000 136,114,000 137,219,000 131,209,000
Issued to Federal Reserve banks_ _ _ _ $478,906,000 $470,401,000 $458,874,000 $446,544,000 $440,539,000 $431,788,000
$400,698,000 $382,564,000 $372,244.000
Row Secured$264,635,000 $261,025,000 $258,885,000 $253,944,000 $252,194,000 $248,313,000 $234,573,000 5222.377.000 5219.836.000
By gold coin and certificates
By lawful money
By commercial paper
30,595,000 32,078,000 25,785,000 23,639,000 22,001,000 20,994,000 22,253,000 21,898,000
22,725,000
Credit balances In gold redemption fund
20,596,000 21,028,000 20,634,000 20,931,000
18,644,000 18,583,000
17,697,000
17.631.000
14.353,000
Credit balances with Federal Reserve B'd_ 103,080,000 1513,270,000 153,570,000 148,030,000 147,700,000 143,900,000 126,180.000
120,660,000 115.330,000
$478.901,000 $470,401,000 $458,874,000 $446,544,000 $440,539,000
Total
$431,794,000 $400,703,000 $382,566,000 *372,244,000
= _
Commercial paper delivered to F. R. Agent-- $32,421,000 $32,776,000 $27,343,000 S25,981,000 $23,826,000
522.594.000 523.554.000 $23.050,000 $24,381,000
a Amount due to other Federal Reserve banks. t Amended figures.
WEEKLY STATEMENT of REsouRcESanci LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKSat CLOSE of BUSINESS MAY 18
'17.
•
1
Boston. ;New York. Philadera.Clevela
nd. Richmond. Atlanta. Chicago. St. Louis. Minneap. Kan. City.1 Dallas. San Fran.
Total.
I
$
RESOURCES.
1
$
I
$
I
$$
1
$
i
I
$
$
$
$
$
$
$
Gold coin & ctfs. in vault 15,126,0001189,625,00023,752,000,19,844,000 6,872,000 5,647,000 34,948,000 12,437,000 12,122,000 7,978,000
7,841,000 14,077,000 350,209,000
Gold settlement fund...22,421.0001 37,809,0001 4,854,000,18,041,000 13,090,000 4,973,00029,208,000, 7,462,000 7,923,00032,233,0
7,145.000
00
12,810,000
187,969.000
250,0001
50,000,
fund__
redemption
250,000,
Gold
37,000
694,000
442,0001 214,000, 278,000
250,000
20,000 2,754,000
125,000
144,000
Total gold reserve_ _ 37597.0001227,684,000128,856,00637,922,00620,656,000 11,032,000'64,370,00620,
177,000
20,295,000
30,355,000
'15,111,000
26,907,000
540,992,000
.notes,slIv.,&e.
418,000;
20,410,006____i
375_,000
Legal-ten
172,000
137,0001
244,000
15,000 1.278,000
100,000 27,442,000
997,0001 2,053,0001 1,234,000
.
38.015,000,218,103.00629,231,000138,059,000120,828,
Total reserve
000 12,059,00666,423,000 21,411.000 20,539,00630,370,00616,389,000 27,007,0001568,434,000
5% redemp. fund-F.R.
bank notes
I
300,000
100,000
400,000
13111s:
!
1
1:94
20
Discounted-Members 4,058,000 290
1
8;00
1
(
0jk8
,
2:6
23
1:00
00
0 8
.92
1,5
3
,
6
7
:0
0
0
0
0
8
0
2
9,515,000
5,663,000
1,448,000 3,064,000
.860.000
2,488,000
2,716,0
00
Bought in open mkt 11,676,000
806,0001 44,816,000
6,061,000 2,424,000 8,161,000, 4,565,000 3,871.000 2,913,000
998,000 9,259,0001100,177,000
Total bills on hand... 15,734,0001 30,963,000121,544,000
9,965,000 15,576.000 5,284,000 10,877,000! 7,053,000 9.534,000 4,361,0001 4,062,000 10,065,0001145,023,000
530,000, 1,305,000
United States bonds-549,000 5,844,000 1,152,000
672,000 7,007.000 2,233,000 1,857,000 8,842,000 3,966,000 2,429,0001 30,386,000
One-yr. Treasury notes- 2,194.000, 2,788,000 2,548,000
1,865,000 1,969,000 1.491.000 2,985,000 1,444,000 1,340,000 1,784,000 1,430,000 1,500,0001 23,338,000
US certfs.of indebtedness 3,000,000 20,000,000 3,500,000 3,710,000 2,000.000
2,810,000 5,253,000 2,505,000 2,000,000 2,510,000 2,905,000 4,473,000,, 54,666,000
127,000 5,029,000 1,422,000 2,885
Municipal warrants....
000
15,000
5,000 2,186,000 1,043,000
177,000
431,000
508,000
811,0001 14,639,000
' I
Total earning assets__ 21,585,000 60,090,000129,563,000 24,269,000,2
0,712,000110,262,000128,308,000 14,278,000 14,908.000,17,928,00612,371,000,19,278,006274,052,000
,
;
Fed. Res've notes-Net 1,913,000757781,000
1,638,000
1 5,435,000,
1
1,691,000! 26,458,000
Due from other Federal
i
I
I
Reserve banks-Net,
3,958,000 3,305,000,
1,345,000 5,349,000
' 2,603,000'
2,543,000 a3,057,000
Due from depos. banks83,361.000
!
Fiscal Agent account_
1,100,0001
1
84,461,000
1
1
16,147.000 43.445,000'24,515,000
Uncollected Items
22,000 1,332,000 1,422,000 10,473,000 9,850,000 9,385,00029,575,000 10,597,000 6,518,000,11,192,000 6,023,000 9,101,000 192,830,000
All other resources
311,0001
740.000
73,000
512,000, 407,000
97,000
161,000
646,000
258,000; 5,981,000
I
77,682,000 452,112,000 88,689,000
i
Total resources
84,055.000,51,469,000 33,791,000 13670200046.693,000 12,062,000,62,554,000 31,029,000,59,831,000,1155673
000
LIABILITIES.
I
5,082,000
12,0.59,000 5,263,000
Capital paid In
6,243,0001
3,440,000.
3.139,000
2,388,000: 7,057.000
2,434,000 3,081,0001 2,748,000 3,934,0001 56,838,000
Government deposits... 10,646,000 111,493,000 10,050,000
4,150,000i 3,236.000 6,053,000,14,244,000 2,579,000 4,314,000: 2,600.000: 4,642,00613,120,000 187,127,000
sDue to inember-R
I
49,277,000 287,071,000 48,402,000
serve account
I
I,
58,677,000,25,563,000 18,443,000,96,871,000 27,066,000 27,340,0004..983,
000 22,382,000 38,524,000 748,499,000
11,924,000 26,914,00022.681,
Collection items
2000
1020
9 000 14, 85,000 8,911,000 5.490,00018.530,000 8,502,000 2,888,000: 8,113,000 3,641,000 4,171,0,136,750,
000
00
Ites've
notes-Net
Fed.
'
9,910,000
1,417,006
4,356,000
4,091.000'
777,000 1,965,000
592,000 13,342,000,
1 24,648,000
Due to F.R.banks-Net
347,000
151,000
963.000
i
651,000
161,000 1,233.0001
All other liabilities
!
191,000
32,000
32,000
132,000 1,781,000
,
77,682,000452,112,000,88,689,000
Total liabilities
84,055,000151,469,000 33,791,000 136702 00046,693,000 42,062,00662,554,000,36,029,000 39,881.000 1155673 Ooo
Federal Reserve Notes21,912,000 205,229,00632,630,000
Issued to banks
19,635,000151,205,007)15,727,000 23,486,000125,268,000120,135,00621,889,000
178.900.000
1,913,000, 15,781,000, 803,000 24,882,00616,908,000
Hold by banks
1,633,0001 746,000
854,000, 6,715,000, 551.000 1,019,000
353,000, 336,000 4691.000, 32,403,000
F. R. notes In circulation 19,999,006189,448,000131,822,000 23,244,000116,162,000 18,781,00014,490,
000,15,176,000 22.407,000 24,915,000,19,799,000 20,198,006146,501.000
Gold and lawful mortal-I
21,912,000 205,229,000 29,720,000
with Agent
24,882.000T 6,222,000 17.3111,000 19,925.00010.820,000 18,376,00624,138.000 17.834.000 21.889.000448,311.000
a Difference between net amounts due from and net amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS MAY 18 1917.
Bolton. New Fork. Philadera. Cleveland. Richmond.
Atlanta. Chicago. St. Louis.1Minneap. Kan. City. Dallas. San Fran.
_
Total.
$
3
Federal Reserve Notes3
$
3
I
$
$
I
1
1
$
$
$
1 .ee'd from Cornptrolr 39,630,000 358,210,000 52,140,00(135,600,000 30,100,000:36,380,000 64,020.01)024,940.000,34.640,000
36,920,000 25,060,000 778,440,000
()turned to Comptro110,018,000 72,611,000 8,370,000 5,578,000 10,207,000 5,910,000 2,115,000 5.033,0001 5,314,000 40,720,000
6,262,000 8,299,000 3,171,000 142,918,000
Cli ,rgeable to Agent_ _ __ 20,662,000 285,629,000 13,770,000 30,022,000 19.893,000 30.440,00061,905,000 19,907,00029.326,000
34,458,000 28,621,000 21,889,000 635,522,000
I hands of F.R.Agent 7,730,000 80,400,000 11,140,000 5,140,000 2,985,00010,805,000 1.0,700,000 4,180,000 5,840.000
9,190,000 8,480,000
156,616,000
raued to F. It, bank_ 21,012,000 205,229,000 32,6:30,000 21,882,000 16,903,000 19,633,00051,205,000 15,727,000 23,486,000
25,268,000 20,135.00021,889.000 178,901,000
[feld by F. R. Agent101(1 coin & cents__ __ 20,860,000195,338,000 3,730,000 10,048,000
2,807,000
4,334,000 13,918,000 2,370.0001l,110,000
264,035,000
Cre(lit balances:
a gold redemption f'd 1,052,000 9,891,000 1,680.000 1,334,000
222,000
987,000
615,000
506,000 1,238.000 1,204,000 1,084,000
779.000 20,596.000
710 F. R. Board_._ _
21,310,000 13,500,000 6,000,000 13,480,000 49,310,000 5,950,000 3,220,00020,560,0
00 5,640,000 21,110,000 163,080,000
No es secured by cornterclal paper
2,910,000
10,686,000 2,271,000 1,280,000 4,907,000 5,110,000 1,130,000 2,301,000
30,595,000
_
Total
21,912,000 205,229,000 32,630,000 24,882,000 16,908,000 19.635,000 51,205,000 15,727,000 23,481,0001
25,268,000 20,135,000 21,889,000 478,906,000
Am stint of comml paper
nlivornd rn T.' TI A tet
2.917.000
19 194 Ann 2 97R nnn 1 101 onn 4.022.000 A 1100001 1 Immo 2 ARO nnn--------32.
421.000
[Vol.. 104.
THE CHRONICLE
2094
Statement of New York City Clearing Rouse Banks and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending May 19. The figures for the
separate banks are the averages of the daily results. In the ease of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
Capital.
MEMBERS.
Week Ending
May 19 1917.
(00s omitted.)
Loans,
Discounts,
Investmls,
&c.
JNat. B'ks May 11
1StateB'ks Feb. 281
Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A_
Mercsants' Nat. Bank_
Mech. & Metals NatNational City Bank__
Chemical Nat. Bank___
Atlantic National Bank
Nat. Butchers' & Drov_
Amer. Exch. Nat. Bank
Nat.,3ank of Commerce
Chatham & Phenix Nat.
Hanover National Bank
Citizens' National
Market & Fulton Nat
Corn Exchange Bank
Importers'& Traders'
National Park Bank _
East River Nat. Bank_
Second National Bank_
First National Bank _
Irving National Bank
N.Y.County Nat. Bank
Chase National Bank.._
Lincoln National Bank_
:larfield National Bank
Fifth National Bank.__
Seaboard Nat. Bank
Liberty National Bank_
Coal & Iron Nat. Bank_
Union Exchange Nat
Nassau National Bank_
Broadway Trust Co
Net
Profits.
Legal
Tenders.
Gold.
Silver.
Nat.Bank Nat Bank
Federal
Notes
Notes
Reserve
[Not
[Reserve
Notes
for State Counted
[Not
as
InstituReserve]. Reserve].
Average. Average. .4verage. Average. Average. Average. Average.
$
$
1,0
6,0
265,0
906,0
37,384,0 2,834,0
2,000,0 5,056,6
17,0
43,0
561,0
180,0
554,0
20,639,0
2,000,0 2,474,1
120,0
86,0
4,789,0
878,0
24,865,0
122,643,0
10,148,5
6,000,0
115,0 1,366,0
25,000,0 c44,253,5 446,970,0 54,898,0 4,119,0 1,800,0
43,0
54,0
675,0
641,0
870,0
39,199,0
3,000,0 8,442,1
20,0
35,0
308,0
189,0
871,0
14,592,0
846,5
1,000,0
4,0
6,0
59,0
47,0
81,0
2,331,0
74,5
300,0
174,0
141,0
755,0
87,113,0 4,687,0 1,615,0
5,000,0 5,115,5
95,0
25,000,0 19,850,5 261,034,0 16,422,0 3,938,0 1,378,0
349,0
356,0
726,0 1,487,0
69,336,0 5,166,0
3,500,0 2,233,9
44,0
299,0
3,000,0 16,482,4 129,617,0 21,079,0 1,897,0 1,595,0
22,0
20,0
126,0 1,102,0
888,0
28,906,0
2,550,0 2,521.0
191,0
54,0
349,0
288,0
774,0
11,384,0
1,000,0 2,077,1
601,0 1,767,0
889,0 2,718,0
3,500,0 7,294,2 105,912,0 8,458,0
3,0
320,0
34,669,0 2,120,0 1,393,0
1,500,0 7,747,2
382,0
67,0
553,0 2,270,0
5,000,0 16,192,6 151,107,0 12,837,0
17,0
2,0
149,0
33,0
80,0
2,369,0
77,8
250,0
69,0
38,0
495,0
186,0
18,771,0 1,128,0
1,000,0 3,545,0
11,0
11,0
957,0 1,782,0
10,000,0 26,285,0 165,357,0 25,284,0
273,0
14,0
842,0 2,816,0
88,074,0 7,429,0
4,000,0 4,298,4
27,0
106,0
294,0
951,0
122,0
11,514,0
500,0 1,247,5
370,0
39,0
10,000,0 13,197,8 236,478,0 19,297,0 6,170,0 2,802,0
201,0
343,0
165,0
429,0
18,087,0 1,508,0
1,000,0 1,983,0
119,0
13,0
394,0
862,0
243,0
10,315,0
1,000,0 1,325,4
25,0
11,0
411,0
163,0
144,0
6,043,0
413,7
250,0
33,0
83,0
922,0 1,075,0
39,498,0 2,536,0
1,000,0 3,120,4
100,0
7,0
209,0
393,0
61,335,0 3,817,0
1,000,0 3,856,2
37,0
7,0
191,0
230,0
10,762,0
508,0
827,5
1,000,0
11,0
28,0
553,0
201,0
478,0
12,539,0
1,000,0 1,131,6
11,0
39,0
423,0
111,0
11,493,0
320,0
1,136,5
1,000,0
47,0
82,0
732,0
337,0
24,840,0 1,753,0
1,500,0 1,050,6
Addit'al
Reserve Deposits
Net
with
with
Demand
Legal
Legal
Deposi- Deposi- Deposits.
taries.
taries.
Average. Average.
$
$
2,497,0
1,750,0
9,495,0
39,588,0
4,688,0
1,584,0
236,0
9,320,0
32,125,0
5,694,0
19,836,0
3,368,0
1,231,0
16,499,0
2,606,0
12,908,0
361,0
1,168,0
11,505,0
11,743,0
869,0
18,057,0
1,460,0
1,098,0
455,0
8,204,0
14,317,0
1,165,0
1,013,0
952,0
1,720,0
National
Bank
Net
CirculaTime
Deposits. tion.
Average. Average.
$
779,0
1,819,0
3,773,0
1,782,0
442,0
150,0
49,0
4,874,0
155,0
1,776,0
130,0
1,017,0
149,0
Average.
32,232,0 1,816,0
16,077,0
223,0
136,933,0 4,795,0
470,303,0 13,339,0
33,794,0
769,0
14,360,0
2,262,0
76,648,0 6,366,0
266,081,0 5,809,0
67,444,0 5,899,0
149,843,0
26,651,0 1,494,0
10,903,0
118,388,0
31,221,0
148,012,0 2,028,0
2,856,0
15,857,0
164,495,0 2,076,0
99,113,0 1,008,0
11,982,0
225,782,0 17,301,0
34,0
18,384,0
10,359,0
200,0
270,0
6,164,0
47,253,0
70,224,0 2,148,0
32,0
10,436,0
40,0
11,980,0
85,0
10,406,0
241,0
24,229,0
51,0
3,551,0
50,0
759,0
3,028,0
640,0
199,0
550,0
892,0
399,0
249,0
70,0
499,0
413,0
399,0
50,0
Totals,avge. for week 123,850,0 214,306,6 2,280,311,0 223,518,0 29,766,0 32,861,0
2,398,0
6,257,0 237,512,0
2,330,672,0 65,973,0 28,694,0
2,448,0
2,383,0
2,222,0
2,779,0
5,753,0 246,927,0
6,630,0 254,767,0
6,054,0 232,760,0
8,336,0 210,009,0
2,359,044,0
2,328,845,0
2,309,962,0
2,374,685,0
66,714,0
65,014,0
64,686,0
05,319,0
28,626,0
28,680,0
28,700.0
28,718,0
2,300,204,0 216,104,0
2,273,661,0 219,414,0
2,232,367,0 190,769,0
2,264,304,0 241,027,0
32,480,0
25,966,0
26,905,0
32,733,0
31,799,0
33,820,0
30,368,0
30,366,0
5,180,2
6,598,9
1,280,4
085,3
468,7
2,120,2
803,4
824,8
2,303,6
860,6
845,8
2,214,1
301,0
1,062,4
726,6
39,808,0 11,213,0
33,352,0 4,922,0
12,647,0 1,150,0
457,0
8,921,0
3,144,0
201,0
16,162,0 2,084,0
355,0
4,433,0
6,480,0 1,068,0
18,146,0 2,525,0
577,0
5,098,0
697,0
6,147,0
915,0
15,103,0
345,0
4,161,0
18,918,0 1,650,0
23,294,0 2,469,0
787,0
1,874,0
221,0
432,0
85,0
342,0
54,0
87,0
191,0
69,0
73,0
304,0
124,0
422,0
758,0
564,0
673,0
646,0
149,0
137,0
495,0
70,0
67,0
1,214,0
143,0
211,0
562,0
121,0
471,0
379,0
117,0
26,0
232,0
144,0
2,0
63,0
29,0
4,0
35,0
167,0
120,0
123,0
35,0
47,0
189,0
41,0
10.0
17,0
Totals, avgo. for week.. 12,150,0 26,576,0
215,814,0 30,628,0
5,823,0
5,902,0
1,333,0
32,603,0
28,410,0
26,885,0
28,058,0
7,585,0
5,490,0
6,239,0
6,102,0
6.685,0
5,788,0
5,824,0
5,922,0
1,234,0
1,331,0
1,196,0
1,427,0
35,084,0 2,048,0
278,660,0 25,144,0
67,405,0 5,076,0
45,025,0 2,554,0
374,037,0 66,571,0
739,0
10,700,0
28,233,0 1,629,0
91,452,0 6,536,0
1,919,0
24,536,0
71,302,0 5,549,0
22,085,0 1,805,0
14,816,0 1,028,0
61,938,0 4,803,0
385,0
68,0
265,0
286,0
1,203,0
74,0
215,0
258,0
91,0
141,0
843,0
138,0
404,0
255,0
478,0
170,0
143,0
764,0
77,0
133,0
589,0
329,0
62,0
480,0
275,0
304,0
237,0
55,0
141,0
130,0
420,0
10,0
28,0
166,0
138,0
11,0
203,0
59,0
411,0
Totals, avge. for week_ 57,750,0101.761,6 1,125,273,0 125,401,0
4,371,0
4,059,0
2,009,0
1,522,0 50,905,0 41,770,0 1,017,723,0 131,853,0
123.841.0
118,346,0
114,052,0
117,595,0
4,015,0
4,260,0
3,586,0
3,500,0
4,457,0
3,695,0
3,778,0
3,401,0
2,102,0
1,956,0
2,314.0
2,218,0
1,429,0
1,546,0
1,132,0
1,130,0
Grand Aggregate,avge_ 193,750,0 342,044,2 3,621,398,0 379,547,0 39,960,0 42,822,0
+40,231,0 +255270 +4,755,0 +2,643,0
Comparison prey. week
3,342,0
-47,0
2,398,0
+178,0
3,649,548,0 372,548,0 44,080,0 42,941,0
+37,537,0 +6,378,0 +8,364,0 -362,0
3,336,0
+49,0
2,448,0 7,397,0 307,546,0 50,206,0 b3617287,0 198,765,0 28,626,0
-54,0
+65,0 -1,051,0 -7,172,0 +73050 +44,052,0 -2,080,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
State Banks.
Not Members of
Federal Reserve Bank.
Bank of Manhattan Co_
Bank of America
Greenwich Bank
Pacific Bank
People's Bank
Metropolitan Bank__
Bowery Bank
German-American Bank
Fifth Avenue Bank_ _ _ _
German Exchange Bank
Germania Bank
Bank of Metropolls..
West Side Bank
N. Y.Produce Ex.Bank
State Bank
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
May
May
May
April
19
12
5
28
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
250,0
750,0
100,0
200,0
400,0
1,000,0
200,0
1,000,0
1,500,0
May
May
May
April
214,823,0
218,094,0
219,497,0
222,071,0
19
12
5
28
Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co..--- 1,500,0 3,799,5
11,250,0 15,919,5
Bankers' Trust Co
U.S.Mtge.& Trust Co. 2,000,0 4,507,1
Title Guar.& Trust Co_ 5,000,0 12,404,5
Guaranty Trust Co.._ _ _ 20,000,0 31,436,3
1,000,0 1,239,3
Fidelity Trust Co
Lawyers' Title & Trust.. 4,000,0 5,511,6
5,000,0 6,442,9
Columbia Trust Co.._
1,000,0 1,751,4
People's Trust Co
New York Trust Co.._ - 3,000,0 11,632,4
1,000,0 1,334,4
Franklin Trust Co
533,4
1,000,0
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 5,249,3
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
May 19
May 12
May 5
April 28
Grand Aggregate,actual May 19
Comparison prey. week
1,134,521,0
1,120,256,0
1,131,604,0
1,180,689,0
135,0
315,0
310,0
883,0 2,030,0
106,0
264,0
1,224,0 • 719,0
181,0
1,530,0
49,303,0
32,803,0
13,597,0
8,807,0
3,125,0
15,065,0
4,063,0
6,766,0
19,430,0
5,250,0
6,313,0
14,713,0
4,400,0
19,675,0
26,360,0
291,0
9,359,0 4,361,0
229,670,0
412,0
215,0
272,0
287,0
220,0
9,354,0
9,209,0
9,477,0
9,625,0
3,850,0
3,742,0
3,910,0
5,436,0
233,217,0
229,790,0
231,554,0
235,546,0
412,0
412,0
466,0
118,0
27,0 1,451,0 3,942,0
606,0 12,623,0 17,765,0
27,0 2,804,0 4,976,0
653,0
40,0 1,485,0
406,0 18,532,0 7,897,0
597,0
434,0
22,0
126,0
41,0 1,026,0
77,0 3,724,0 2,369,0
66,0 1,238,0 1,342,0
779,0
97,0 2,845,0
750,0
59,0 1,052,0
365,0
725.0
30,0
209,0
24,0 2,966,0
29,019,0
252,450,0
56,078,0
29,700,0
370,651,0
8.705,0
20,518,0
74,476,0
24,761,0
56,509,0
21,047,0
14,496,0
59,313,0
4,807,0
31,683,0
11,311,0
1,422,0
45,887,0
817,0
1,115,0
19,150,0
812,0
7,013,0
2,869,0
971,0
3,996,0
2,999,0
684,0
606,0
534,0
188,0
360,0
146,0
28,0
43,0
216,0
290,0
12,0
50,0
90,0
36,0
255,0
6,0
90,0
25,0
8,070,0 297,776,0 46,131,0 a3578065,0 198,238,0 28,694,0
-47,0
+503,0 -6,652,0 +111950 +19,544,0 +7,252,0
200,845,0
May 12 3,612,011,0 366,170,0 35,716,0 43,303,0 3,287,0 2,383,0 8,448,0 314,718,0 42,001,0 63573 235,0 191,749,0
7,473,0 293,434,0 24,313,0 3,569,281,0
May
5 3,583,468,0 331,706,0 36,730,0 39,970,0 3,510,0 2,222,0
204,733,0
3,682,626,0
36,615,0
273,260,0
9,686,0
2,779,0
3,645,0
39,689,0
42,335,0
386,680,0
April 28 3,667,064,0
201,910,0
April 21 3,669,132,0 374,961,0 48,005,0 43,284,0 3,534,0 2,438,0 11,173,0 288,854,0 52,492.0 3,699,800.0
for foreign branches, $6,000,000.
aside
set
capital
Includes
c
$82,163,000.
deducted,
deposits
S.
U.
b
$89,667,000.
deducted,
a U.S. deposits
Grand
Grand
Grand
Grand
•
51,265,0 46,356.0 1,025,026,0 131,639,0
50,742,0 39,159,0 1,014,600,0 135,419,0
51,197,0 20,403,0 1,027,765,0 126,597,0
53,626,0 31,179,0 1,072,395,0 139,290,0
Aggregate actual condition
Aggregate actual condition
Aggregate actual condition
Aggregate actual condition
28,680,0
28,706,0
28,718,0
28,651.0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash Reserve Reserve in
in Vault. Depositaries
Total
Reserve.
a Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
Cash Reserve Reserve in
from
Previous Week In Vault. Depositaries
Total
Reserve.
b Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
Previous Week
$
$
$
$
$
$
Members Federal
527,310,000 427,963.620 09,346,380-12,177,820
Reserve Bank__ __ 286,145,000 237,512,000 523,657,000 422,819,610 100,837,390 +5,517,710 280,383,000 246,927,000 57,461,00 41,079,060 15,481,940 +6,616,140
43,686,000 9,359,000 53,045,000 41,340,600 11,704,400 +4,051,940 48,107,000 9,354,000
State Banks.
134,415,000 51,265,000 185,680,000 153,753,900 31,926,100 +5,117,100
Trust Companies•__ 135,840,000 50,905,000 186,745,000 152,658,450 34,086,550 +13,074,900
770,451,000 623,696,580 146,754,420 -444,580
Total May 19____ 465,671,000297.776,000763.447,000 616,818.660,146,628,340 +22,644,550 462,905,000 307,546,000 763,194,000 615,995,000 147,199,000 +56,720,930
Total May 12____ 432,793,000 304,428,000 737,221,000 613,237,210 123,983,790 +44,381,530 448,476,000 314,718,000 705,350.000 614,871,930 90,478,070-21,164,150
293,434,000
Total May 5____ 422,697,000 278,448,000 701,145,000 621,542,7401 79,602,260-42,322,090 411,916,000
745,609,000 633,966,780 111,642,220 -9,256,980
Total April 28..___ 450,154,000311.935,000 762,089,000 640.164,650121,924,350 +7,142,330 472,349,000 273,260,000
• Not members of Federal Reserve Bank.
but in the case of Members of the Federal Reserve Bank
a This is the reserve required on Net DemandDeposits in the ease of State Banks and Trust Companies, 12,
$3,267,100; May 5,$3,298,150; Apr. 28. 43,277,100.
Includes also amount of reserve required on Net Time Deposits, which was as follows: May 19, $3,298,650; May
in the mute of Members of the Federal Reserve Bank
but
Companies,
Trust
State
and
Banks
of
case
the
in
Deposits
Demand
Net
on
required
reserve
the
Is
This
b
May 5,$3,234,300; Ain'. 28, $3,265,950.
$3,250,700;
12,
May
$3,335,700;
19,
May
follows:
as
naiades also amount of reserve required on Net Time Deposits, which was
MAY 26 1917.]
THE CHRONICLE
2095
The State Banking Department reports weekly figures.
In addition to the returns of "State banks and trust c om
showing the condition of State banks and trust companies panics in New York City not in the Clearing House," furnisheo
in New York City not in the Clearing House, and these are by the State Banking Department,
the Department als•
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
In the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT
(Figures Furnished by State Banking Department.) Differences from guish between the results for New York City (Greater New
previous week.
May 19.
York) and those for the rest of the State, as per the following
$841,476,000 Inc. $11,852,300
Loans and investments
656,600
Gold
67,915,900 Dec.
For definitions and rules under which the various items
255,000
Currency and bank notes
10,728,700 Dec.
Total deposits
1,055,373,800 Inc. 10,025,000 are made up,see "Chronicle," V.98, p. 1661.
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositories and from other banks and trust com881,259,200 Inc.
panies In New York City, and exchanges_
4,331,400
Reserve on deposits
242,085,900 Inc.
6,397,100 ments of State banking institutions were published in the
Percentage of reserve, 30.0%.
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaRESERVE.
-Slate Banks
Trust Companies
- tions relating to oaloulating the amount of deposits and what
Cash in vaults
$14,838,400 11.37%
563,836,200
9.43% deductions are
permitted in the computation of the reserves
Deposits in banks and trust cos_ __ _ 19,786,700 15.18%
143,624,600 21.23%
were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
Total
$207,460,800 30.66%
$34,625,100 26.55%
STATE BANKS AND TRUST COMPANIES.
The averages of the New York City Clearing House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans
and
Investments
Week
EndedFeb. 24___
Mar. 3__.
Mar. 10___
Mar. 17___
Mar. 24___
Mar. 31___
Apr. 7___
Apr. 14___
Apr. 2L...
Apr. 28._
May 5....
May 12___
May 19_ _ _
4,230,371,9
4,262,506,1
4,309,612,6
4,330,588,8
4,338.308,0
4,373,513,4
4,428,959,8
4,473,449,6
4,479,414,6
4,494,872,1
4,451,612,3
4,410,790,7
4,462,874,0
Specie.
Other
Money.
Entire
Total
Reserve on
Money
Holdings. Deposits.
$
538,044,3
538,553,5
513,952,9
516,425,5
517,268,4
492,947,2
512,177,1
511,593,4
489,493,1
470,621,0
450,551,7
462,801,5
490,314,9
$
71,511,5
73.535,3
68,656,4
69,368,5
68,877,9
70,214,9
66,029,6
65,546,0
62,529,3
60,017,7
51,821,4
49,577.7
54,030,7
$
609,555,8
612,088,8
582,609,3
585,794,0
586,146,3
563,162,1
578,206,7
577,139,4
552,022,4
530,638,7
502,373,1
512,379,2
544,315,6
Demand
Deposits.
3
4,539,468,4
4,386,187,0
4,396,027,8
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8
4,596,003,4
4,568,116,5
4,582.729,2
4.484,409,8
4,435,448,8
4,459,324,2
1,038,788,2
1,043,203,4
1,031,061,1
1,042,356,3
1,051,036,4
1,009,966,2
1,048,836,4
1,040,505,5
1,008,192,9
1,008,245,1
9:36,181,5
972,909,8
1,005,532,9
Week ended May 19.
State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y Greater N. V.
Capital as of Feb. 28
$
23,950,000
84,550,000
12,238,000
18,451,200
Surplus as of Feb. 28 _
42,309,900
179,277,600
15,228,300
18,123,900
Loans and investments_ _
Change from last week_
427,538,100 1,853,497,900
-2,376,900 +20,581,100
174,992,200
+806,300
297,936,200
+1,219,700
Gold
Change from last week_
52,770,700
+5,127,300
187,704,400
+1,599,200
Currency and bank notes_
Change from last week_
20,184,900
-534,100
14,846,000
+888,800
Deposits
578,519,000 2,257,572,700
Change from last week. +10,508,800 +25,197,100
190,598,300
+1,790,700
310,158,300
+156,000
130,276,300 453,274,900
+6,461,600 +29,535,800
32,984,500
+406,700
39,684,500
-1,539,800
20.7%
20.6%
16.0%
16.7%
Reserve on deposits
Change from last week_
28.5%
27.4%
P. C. reserve to deposits_
Percentage last week
+ Increase over last week.
25.6%
24.5%
-Decrease from last week.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
Net
CLEARING
NON-MEMBERS. Capital.' Profits.
Week Ending
May 19 1917.
Loans,
Discounts.
'Nat. hks. May 1k
Investbks.
Feb. 28f ments, &c.
kState
Members of
Fed'I Reserve Bank
Battery Park Nat_
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat., Hobok.
Average.
•
National
Bank
Circulation.
87,000
117,000
137,000
87,000
95,000
42,000
84,000
4,000
14,000
7,000
26,000
96,000
19,000
2,000
Average. Average. Average.
Average. Average. Average.
S
$
$
$
11,000 553,000
4,866,000
196,000 196,000
21,000 487,000
490,000 4,930,000
175,000 296,000
253,000 5,743,000
9.000 664,000
120,000
51,000 1,518,000 4,167,000 4,997,000
394,000
306,000 4,971,000
3,000 596,000
197,000
30,000 459,000
439,000 2,908,000 3,298,000 218,000
497,000 2,656,000 2,329,000 100,000
9,000 429,000
1,995,000 4,736,200 39,463,000 1,439,000
695,000
649,000
168,000
134,000 4,706,000 6,152,000 31,071,000 5,998,000 1,521,000
11,000
213,000
8,000
18,000
58,000
113,000
1,000
85,000
189,000
61,000
54,000
561,000
300,000
28,000
218,000
210,000
30,000
43,000
90,000
30,000
38,000
38,000
10,000
60,1100
10,000
1,000
279,000
745,000
107,000
91,000
332,000
20,000
757,000 2,502,000
682,000
32,000
92,000
46,000
38,000
Average. Average. Average. Average. Average.
443,300 2,383,000 151,000
949,800 8,939,000 733,000
674,100 9,521,000 819,000
113,500 3,845,000 347,000
470,100 8.301,000 888,000
219,000 4,292,000 180,000
551,000 3,354,000
62,000
593,900 6,912,000 493,000
840,800 21,190,000 1,560,000
184,800 4,446,000 327,000
4,100,000 5,040,300 73,186,000 5,560,000
Trust Conipanles.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,Bkin
Mechanics',Bayonne
Net
Time
Deposits.
79,000
32,000
70,000
437,000
16,000
11,000
50,000
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash. WO_
400,000
Colonial Bank
300,000
Columbia Bank
International Bank_ 500.000
200,000
Mutual Bank
200,000
New Netherland_
500,000
WRGrace&Co's13k
100,000
Yorkville Bank
1,600,000
Mechanics'; Bklyn
200,000
North Side, Bklyn
Total
Silver.
Reserve Additional
Nat.Bank Nat.Bank
with
Deposits
Notes[Re- Notes[Not Federal
Reserve
Legal with Legal
serve for Counted
Net
Notes[Not Deposas
DeposDemand
State Initaries.
stitutions) Reserve). Reserve]. itaries.
Deposits.
397,000
150,000
164,000
294,000
208,000
189,000
37,000
400,000
415,800 5,307,000
300,000
688,700 5,920,000
300,000
626,300 6,089,000
400,000 1,298,900 5,254,000
250,000
771,500 5,314,000
220,000
615,600 6,367,000
125,000
319,400 5,212,000
Total
Gold.
Legal
Tenders.
500,000 1,150,100 9,557,000
200,000
309,000 6,190,000
685,000
103,000
54,000
45,000
700,000 1,459,100 15,747,000 788,000
Total
84,000
99,000 124,000
Grand aggregate_
6,795,000 112:35600 1283913000 7,787,000 1,551,000 3,275,000 766,000
Comparlson,prev.wk.
-2476000 -286000 -141000 -49,000 -114000
Excess reserve, $488,280 decrease
-Grand aggeteNlay12 6.995,000 11.350.400 130872000 8,073,000
1,692,000 3,324,000 880,000
Grand aggete May 5 6,995.000 11,350,400 1299311000 8.259,0001,654,000
3,337,000 857.000
Grand aggr'te Apr 28 6,995,000 11,520,200 129703000 8,771,000 1,757,000 3,390,000 930,000
Grand aggr'te Apr 21 6,995.000 11,520,200 1 27793000 8,766,000 1,800,000 3,482,000 957,000
Grand Liget° Apr 14 6, 5,000 1 ,520,200 126233000 8,771,000 1,796,000 3,699,000 966.000
24,000
118,000
37,000 1,967,000
592,000
310,000 9,860,000
608,000
401,000 10,131,000
216,000
122,000 3,486,000
318,000
538,000
103,000 9,049,000
312,000
276,000
4,614,000
66,000
16,000 3,584,000 3,857,000 2,204,000
262,000 7,546,000
453,000
1,366.000 1,224,000 22,773,000
66,000
453,000 4,531,000
266,000
400,000
135,000 4,449,000 6,496,000 77,813,000 3,366,000
168.000
168,000
222,000
174,000
179,000
192,000
17,000
15,000
403,000 2,015,000 8,071,000
793,000
154,000
647,000 3,074,000 2,974,000
32,000
557,000 2,662,000 11,145,000 3,767,000
301,000 9,712,000 15,310,000 al20029 000 13,131,000 1,521,000
-20,000 +28,000 +3337000 -397,000 -883,000 +2,000
321,000 9,684,000
309,000 9,420,000
354,000 9,870.000
289.000 10010000
310,000 9,876.000
11,973,000 120426000 14,014,000 1,519,000
15,098,000 119930000 14,030,000 1,523,000
16,149,000 119772000 14,090,000 1,522,000
16,533,000 118260000 14,141,000 1,524,000
18,154,000 117047000 14,322,000 1,514.000
a U. S. Deposits deducted. 51,600.000.
Philadelphia Banks.-Summary of weekly totals of
Boston Clearing House Banks.-We give below a
Clearing House banks and trust companies of Philadelphia:
summary showing the totals for all the items in the Boston
c
two
phers
omit
(00) in all these figures.
We
Clearing House weekly statement for a series of weeks:
Due
Loans,
Disc'ts &
Innesets.
from
Banks.
Deposits
Bank.
Individ'l.
Total.
--Excess
Reserve
Reserve.
field.
2
May 19.
$
Nat. bank. 41)0,051,0 86,503,0 167,7:35,0 139,741,0 507,476,0 77,238,0 16,940,0
Trust cos__ 159,038,0 3,710,0 3,427,0 142,878,0 146,305.0 23,712,0 2,687,0
Total ___ 559,089,0 90,213,0 171,162,0 482,619,0 653,781,0 100,950,0
May 12_
566,933,0 83,367,0 169,055,0 489,811,0 658,866,0 99,983,0
May 5.... 563,681,0 90,095,0 176,807,0 49.5.644,0 672,451,0 105,957,0
Apr. 28.... 560,279,0 95,118,0 179,751,0 490,555,0 670,306,0 10:3,003,0
Apr. 21.... 551,943,0 100,829,0 187,149,0 495,582,0 682,731,0 114,734,0
Apr. 14..... 550,714,0 101.173,0 192,560,0,495,653.0 688,213,0 121,595,0
Apr. 7___ 549,749,0 96,682,0 190,440,01492,404,0 682,844,0 119,898,0
Mar. 31._ 549,020,0 89.678,0 185,230,01476,48.5,0 6111,715,0 112,033,0
Mar.24-_ 550,356,0 89,535,0 186,939,0 477,014,0 663,953,0 113,227,0
Mar. 17._ 553,267,0 88,624.0191,055,0 473,202,0 664,257,0 112,830,0
_• •
-^
19,627,0
17,303,0
22,225,0
20,090,0
31,186,0
37,061,0
35,850,0
29,560,0
30,404,0
29,572,0
Note -National bank note circulation May 19, 58,235,000; exchanges for Clearing House (Included n "Bank Deposits"), banks, $18,983,000; trust companies,
$2,422,000; total, $21,405,000. Capital and surplus at latest dates: Banks, $64,175,600; trust companies, $41,295,200; total, $105,470,800.
BOSTON CLEARING HOUSE MEMBERS.
May 19
1917.
Change from
previous week.
Circulation
55,656.000 Dec.
Loans, illso'ts & investments_ 457,051,000 Dec.
Individual deposits, Inci.U.S. 351,006,000 Dec.
Due to banks
137,273,000 Dee.
Time deposits
33,750,000:Dec.
Exchanges for Clear. House_ 14,744.000,Dec.
46,543,000Inc.
Due from other banks
24,441,000 Dec.
Cash reserve
Reserve in Fed. Res've Bank 31,117,000 Inc.
Reserve with otner banks_ _ _ 35,130,0001Dec.
Reserve excess in bank and
Federal Reserve Bank.... .5,688,000'Inc.
Excess with Reserve Agents_ 22.662,000 Dec.
May 12
1917.
May 5
1917.
518.000 55,674,000 55,690,000
3,604,000 460,655,000 461,292,000
857,000 351,863,000 363,766,000
2,253,000 139,526,000 143,947,000
2,001,000 35,751,000 84,382,000
200,000 14,944,000 19,056,000
1,634,000 44,909,000 46,811,000
826,000 25,267,000 26,180,000
2,560,000 28,507,000 31,986,000
2,291,000 37,421,000 40,313,000
2,094,000 3,594,000 7,074,000
2,202,000 24,864.000 27,540,000
Imports and Exports for the Week.-See third page
preceding.
[VOL. 10.4.
THE CHRONICLE
2096
05apc:-tie,
Bankers
Wall Street, Friday Night, May 25 1917.
The Money Market and Financial Situation.—The
security markets have responded liberally this week to a,
decided improvement in several phases of the general situation. Among the most important of these is the tendency
towards a more concrete form which Russian affairs are
assuming. This is a matter not likely to be overestimated,
as a collapse of the Provisional Government and army of
Russia, which earlier in the month seemed imminent, would
certainly have resulted in a prolongation of the war and
probably in greater difficulty in arriving at satisfactory
terms of peace.
Next in importance, perhaps, is the more conservative
attitude of legislators at Washington in formulating the
various schemes for increasing Government revenue to
meet large war demands. The latter will at best be severe
enough, but as passed by the House would have led to disastrous results. That these will be modified by the Senate,
as now seems certain, is regarded in financial circles as
cause for congratulation and hopefulness.
Weather reports from the wheat belt indicate both winter
and spring wheat have improved. It is well known that a
cool wet May is favorable for spring wheat, insuring a well
rooted, strong plant, not likely to be injured by the midsummer heat.
Notwithstanding elaborate plans made by practically all
financial institutions for handling large blocks of the Liberty
Loan, the money market has not been perceptibly affected.
Foreign Exchange.—The position continues completely
arbitrary in sterling exchange, quotations having scarcely
changed during the week. The Continental exchanges
were quiet but rates were well maintained.
To-day's (Friday's) actual rates for sterling exchange were 4 7234 for
sixty days, 4 755504 75 9-16 for cheques and 4 76 7-16 for cables. Commercial on banks: sight, 4 7534; sixty days, 4 7134; ninety days, 4 693/,;
and documents for payment (sixty days), 4 7134. Cotton for payment,
4 753',, and grain for payment, 4 753's.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 79©
5 7934 for long and 5 733405 7334 for short. Germany bankers' marks
were not quoted for sight, nominal for long and nominal for short. Amsterdam bankers' guilders were 40 11-16 for short.
Exchange at Paris on London, 27.18 fr.; week's range, 27.18 fr. high and
also 27.18 fr. low.
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sixty Days.
Sterling Actual—
4 76 7-16
4 75%
4 7234
High for the week
4 76 7-16
4 7555
4 7234
Low for the week
Paris Bankers' Francs—
5704
High for the week
5783's
57l%
5 7234
5 7334
5 7934
Low for the week
Germany Bankers' Marks—
____
High for the week
____
Low for the week
la Amsterdam Bankers' Guilders—
41
413-i
High for the week
4034
411- 6
4034
4034
Low for the week
Domestic Exchange.—Chicago, 10c. per $1.000 discount. Boston,
par. 9t. Louis, 15c. per $1,000 discount bid and 5c. discount asked.
San Francisco, 10c. per $1,000 premium. Montreal, 93 Mc.-to $1.25 per
$1,000 premium. Minneapolis, 10c. per $1,000 premium. Cincinnati,
par. New Orleans, sight 50c. per $1,000 discount, and brokers 50c.
premium.
State and Railroad Bonds.—Sales of State bonds at the
Board this week were $5,000 Va. 6s tr. co. recpts. at 5032.
Sales of railway and industrial bonds at the Stock Exchange have decreased considerably in volume, as compared
with those of last week. Prices, however, advanced, only
2 from a list of 25 most active issues showing any decline.
3
Cheseapeake & Ohio cony. 5s moved up from 853/i to 874
and Lackawanna Steel 5s 1950, the most spectacular, gained
%. New
from 983 to 104%, the closing figure being 1043
York Central deb. 6s moved up from 1043' to 106% and
Southern Pacific cony. 5s gained over a point. New York
Railways adj. 5s and St. Louis & San Francisco p. 1. 4s ser.
A fell away fractionally. Third Avenue adj. 5s advanced
from 43% to44%,while U.S. Rubber 5s tr.co.ctfs.and Midvale St.col. tr. 5s gained ,1 and 25
% points each for the week.
Among the bonds of the various foreign governments
which, as usual, made up a largo part of the transactions,
Anglo-French 5s7 American Foreign Securities 5s, the
several Great Britain & Ireland issues and the Dominion
of Canada securities were most prominent. Various of the
French municipal bonds, such as the City of Paris 6s and
securities of Lyons and Bordeaux, were also traded in. The
United States "Liberty Loan" has absorbed ,a great deal of
attention while other Government issues have been active.
No sales on a s-20-f basis have been reported.
United States Bonds.—Sales of Government bonds at
the Board include $19,000 4s coup. at 1053 to 1053/2,
$5,000 3s coup. at 99, $10,000 Panama 3s reg. at 91 and
$1,000 Panama 3s coup. at 90. For to-day's prices and for
the week's range, see third page following.
Railroad and Miscellaneous Stocks.—The stock market has been remarkably active this week, sales amounting
to considerably over a million shares having been recorded
on at least 3 days. Values advanced steadily, a continuation of the movement noted a week ago, which movement
has been fostered by the more favorable situation in Russia.
One cause for the remarkable strength shown by the industrial shares, especially those of the steel and copper companies is the certainty that huge quantities of these metals
will be required by our own and foreign nations in vigorous
prosecution of the war. United States Steel advancing
8. This price
from 121% reached a new high mark of 1333/
was not maintained, however, the close being at 132%.
American Beet Sugar gained from 893/i to 933/s. American
Locomotive, American Can and American Car & Foundry
gained 4%, 43/8, and 43/i points each for the week, while
Chili Copper and Chino Copper advanced from 21% and
549 to 233
% and 593 respectively. The high, low and
last prices of Inspiration Copper, United States Industrial Alcohol, International Mercantile Marine corn. and pf.,
/, 1353Baldwin Locomotive and Anaconda were 65-57-647
4-573
31, 623
443432, 31-273/2-30/8, 853'-793-84/
1273
%62% and 863g-793/2-86.
The railroad shares were less active but advanced generally. Union Pacific gained 33% points for the week.
Atcheson, Canadian Pacific, Cheasapeake & Ohio and New
s, 2 and 1% points each. Two
/
York Central gained 13/2, 13
notable exceptions were New Haven and Denver & Rio
Grande which fell away sharply, due to recent developments
%,
peculiar to themselves, the former falling from 39 to 323
gaining back to 35 at the close.
2105.
page
see
of
business
For daily volume
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 25.
Sales
for
Wee/c.
Range for Week.
Lowest.
Highest.
Range since Jan. 1
Highest.
Par. Shares $ per share. $ per share. $ per share $ per share.
Jan
Ja 103
100 103 May 25 103 May 25 102
Am Brake Shoe dr F_100
Am Smelters Secur
ar
My
Ma 97y4Ma
100 91 May 25 91 May 25 91
pref ser B tr recta.. _ _ _
Am Sumatra Tobao_100 7,600 304May 25 324May 24 304 Ma 3234
May
May 90
100 90 May 24 90 May 24 90
100
Preferred
Mar
100 60 May 19 60 May 19 60 May 66
Am Teleg & Cable_.100
Ap 6034 Apr
100 52 May 19 52 May 19 52
AssocDryGoodsIstpf100
Ma 784 Jan
200 624May 19 63 May 25 57
100
Associated Oil
700 16 May 21 16 May 24 1334 Feb 1734 Apr
Atlanta Birm & Aft _100
May
200 1104May 25 111 May 25 10534 May ill
Barrett sub roc full paid
Jan
May 2
Batopilas Mining _ _ _20 3,100 1 May 19 14May 23 1
Apr
1254
Ja
89
25
964May
23
May
95
_100 1,300
Burns Bros
Ma 1934 Jan
100 15 May 25 15 May 25 15
100
Butterlck
800 364May 24 384May 25 364 May 384 May
Calif Packing_ _ _.no par
Mar
Ap 83
Calumet & Arizona_ _10 1,100 80 May 19 83 May 24 76
Jan
Ma 155
15 1174May 24 1174May 24 117
Cent & So Am Teleg_100
Jan
1124
May
100
22
May
100
22
May
100
100
_100
Omaha_
C St PM &
Jan
200 68 May 19 684May 25 674 May 75
Cluett,Peabody&Co_100
Ma 12634 Jan
400 1124May 24 113 May 24 109
Cons 0,EL&P(Balt)100
Jan
Deere & Co prof.__ _100 400 98 May 23 984May 23 064 Fe 100
Jan
72 1194May 23 1204May 23 12534 Ma 145
100
Detroit Edison
Jan
1204
Ma
114
23
May
112
23
May
112
50
100
Detroit United
Driggs-Seabury Ord 100 400 72 May 22 72 May 24 3934 Fe 874 Apr
Duluth SS & A pref _100 400 8 May 23 8 May 24 8 May 114 Mar
Mar
200 604May 21 61 May 21 604 Ma 67
Elec Storage Battery 100
Elkhorn Coal Corp._ _50 5,400 304May 24 33 May 24 304 May 33 May
Mar
Federal Mg & S._100 300 14 May 24 144May 25 1134 Fe 21
Feb
Ja 45
700 394May 24 43 May 25 37
100
Preferred
Mar
May 95
200 89 May 21 89 May 21 89
Fisher Body Corp pf_100
Jan
40
32
Fe
24
24
May
28
May
1,300
31
par
no
Inc
Gaston,W&W
Jan
May 250
10 220 May 25 220 May 25 205
General Chemical...100
Apr
Fe 113
15 112 May 231i2 May 23 108
Gen Chemical pref -100
Jan
Ap 121
300 114 7May 25 115 May 24 114
Int IIary N J pref. _100
Jan
May 88
Int Harvest Corp- _100 1,000 74 May 25 76 May 22 74
Mar
Ma 102
500 964May 22 964May 25 94
Int Paper pre ctfs deP Feb
May 135
200 112 May 21 1144May 21 112
Kayser (Julius)& Co 100
Jan
100 964May 19 964May 19 93 May 10334
Laclede Gas _ _ .....100
May 12534 Jan
200 118 May 25 119 May 25 118
Liggett & Myers prof 100
Ja 4734 Jan
200 41 May 22 43 May 22 34
50
Long Island..
Fe 1204 Jan
100 115 May 19 115 May 19 115
Lorillard (P) pref... _100
Manhattan(Elev)Ry 100 1,060 1164May 19 1184May 2311034 May 1294 Jan
Mar
Ma 81
200 68 May 23 68 May 23 68
Manhattan Shirt _ _100
May 664 Mar
100 56 May 19 56 May 19 r55
May Dept Stores__ _100
May
23
May
Jan
106
23
1074
May
10534
106
200
100
Preferred
Mar
May 120
1 110 May 19 110 May 19 110
Michigan Central_ _100
175 64May 21 64May 21 44 Ma 1634 Jan
Missouri Pacific_ _100
Ma 1634 Jan
17,952 6%May 21 84May 21 4
Trust receipts
May
150 19 May 22 19 May 22 19 Ma 19
do Let paid
May 5834 May
57
24
584May
25
May
57
2,200
,do full paid
Jan
200 704May 19 71 May 25 704 Ma 84
Nat Cloak & Suit_..i00
Jan
7
100 6 May 24 6 May 24 44 Fe
Nat Rye Mex 24 prof 100
Jan
384
Ma
22
274May
22
274May
200
2634
NY Chic & St Louls_100
Jan
300 14 May 22 144May 25 124 Ma 16
New York Dock_ _ _ _100
Jan
Fe 125
Nova Scotia S & C..100 300 92 May 24 934May 25 90
Jan
Ap 106
700 904May 19 95 May 22 80
Owens Bottle-Mach..25
100 264May 22 264May 22 264 May 844 Jan
Pacific Tel & Tel_ _ _.100
Jan
98
Apr
90
24
May
93
23
May
92
200
P
pref.100
T
Pan-Am &
Jan
May 82
P C C & St Louis__ _100 655 66 May 19 73 May 23 66
Apr 1604 Jan
1 152 May 19 152 May 19 154
Pitts Ft Wayne & C_100
Jan
Fe 02
25 994May 24 994May 24 99
100
Pitts Steel prof
May 664 Mar
Royal Dutch Ors dep._ 6,600 634May 19 654May 25 59
Jan
MaY 42
100 28 May 23 28 May 23 28
St L-San Fran prof A 100
Feb
Apr 99
100 93 May 22 93 May 22 93
Sloa•SheMeId vet_ _100
Mayi 1144 Feb
151i2 May 23 112 May 23 112
So Porto Rico Sag P1100
100 7,800 46 May 24 494May 21 344 May 50 May
Superior Steel
100 200 1004May 24 1004May 24 994 May 1004 May
let preferred
Jan
100 8514May 21 854May 21 8534 May 91
United Drug 24 pref_100
Jan 224 Jan
400 123'sNlay 24 14 May 21 10
SRealfy & Impt_.100
Apr 104 May
300 8 May 19 8 May 22 6
Vulcan Detinning__ _100
Jan
112 984May 25 9R4May 25 974 May 144
Wells,Fargo Express 100
May
100 2,000 164May 22 18 May 19 124 Apr 18
Western Pacific
May
300 434May 21 46 May 24 394 May 46
100
Preferred
Mar
Feb 107
100 1023,4May 21 1024May 21 97
Wilson & Co pret _
Outside Securities.—In sympathy with the movement
at the Stock Exchange, values of securities at the Broad
Street "curb" advanced. American Sumatra Tobacco
fluctuated between 273A and 31%, and Carbon Stool advanced from 90 to 104, the final quotation being at that
figure. Chevrolet Motors was, as usual, irregular. From
95 it moved up to 99, fell to 97 and closed at 100. Haskell
& Barker Car Co. gained from 38 to 40, and Marlin Arms
from 84 to 86. American Stores Co. added % of a point to
its closing price of 353 a week ago, but West Indies Syndicate fell away from 433 to 40. The high, low and last
prices of New York Shipbuilding, Submarine Boat, United
Motors and Wright-Martin Aircraft were 42%-39-41%,
/, and 8/
8-55%-6.
4-284
/-335%, 313
35-313
3 .303
Standard Oil securities were fairly active. Ohio Oil
covered a range of 10 points, while Standard Oil of California
moved between 255 and 257. Standard Oil of New Jersey
advanced from 605 to 640,the final figure being 623. Illinois
Pipe Line fell from 220 to 218.
Among the bonds traded in at the "curb" were $68,500
American Smelters 5s at 903' to 92. $137,000 Bethlehem
Steel 2-yr. 5% notes at 97% to 983'. $79,000 Russian
Government now 53-s at 78 to 7932, and $80,000 Russian
Government 63's at 8434 to 88. A complete list of "curb"
market transactions for the week will be found on page 2105.
•
New
York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2097
OCCUPYING TWO PAGES.
For record of solos during the week of stocks usually inactive, see preceding pogo.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 19.
Monday
May 21.
Tuesday
May 22.
Wednesday
May 23.
Thursday
May 24
Friday
May 25
Salesfor
the
Week
Shares
$ per share $ per share $ per share $ per share 6 per share
1
4 102
10112 10214 10114 10112 10138 10134 11,500
100 10014 100/
1,000
97
9658 9634 9612 9658 9712 9718 *9634 9838 97
510
111 111
111 111 *111 112 *111 112
110 110
6918 6934 698 7012 7012 71
7012 71
708 7114 14,700
*6912 70
600
70
70
6978 70
70
70
698 70
5934 2,500
5912 60
588 60
5934 60/
1
4 5818 6914 59
16012 16114 15934 161
16014 16114 16012 16234 16112 16212 8,500
58
5734 58
5914 5814 5912 5838 59
5838 5912 11,750
600
12
11
*10
*10
12
*1012 12
111
/
4 1118 11
1,300
3212 33
38
3278 33
3312 338 32
3238 *31
7414 17,900
7234 7412 7234 7414 7312 7434 7312 7438 73
/
4 113 11312 113 11334 114 11412 114 11414 1,400
11314 1131
11038 11012 11038 11112 112 11214 112 11214 11138 11178 2,800
100
*145 150 *125 150
_
_.._ 153 153
3312 3312 2,600
3318 3334 3314 3334 3314 -33-58 *33- -34
33 -33
1,000
77
7712 7614 7612 7612 77
*76
763t 77
57612 7712 77
6614 6612 1,000
• *6512 6612 66
6638 6584 654 6638 6638 66
66
*4034 4118 4112 4214 4112 4218 42
4214 4112 4134 4138 4138 3,800
700
3912 3912 *39
40
38
4012 4012
38
38
43
46
*40
100
70
*70
96
96
*70
*70
76
76
*70
701s 7018 *70
700
26
25
25
2512 2538 26
*23
25
2512 2512 *25
*23
100
57
*55
*50
55
55
*52
55
57
*54
55
65
*51
47
*44
*40
46
*40
48
46
*44
*40
47
46
*45
115 116
115 116
114 11512 10834 11334 9,300
1157 115% 11412 116
500
210 212 *200 214
215 215
*205 219 *210 215 *210 215
1,600
512 6
812 9
9
*6
0
9
9
9
612 714
10,500
21
2058 21
1334 1834 1278 14
2114 20
19
20
20
/
4 2478 2512 2478 2558 2414 2518 2434 2512 32,600
2438 2434 2458 251
37
38
*3612 37
*3614 37
3714 378 3734 384 4,800
3712 38
3,300
2834 29
*2812 2912 *2812 2912 2812 2914 29
2912 2834 29
8,500
/
4 10734 107 108
10558 105% 10512 10612 106 10634 10634 10718 1071
52,300
345
/
4 3334 3438 34
3314 338 3338 341
341
/
4 3512 3514 36
700
10178 102
•101 102 *101 102
10238 10238 10118 10118 10112 10112
1014 1012 1084 1012 6,900
9
9/
1
4
9
978
938 10
912 934
10,600
56
5634 5612 5712 5714 5818 5814 59
537 5438 5434 57
22
3,900
22
21
21
2118 211s 2078 2112 2114 2118 2134 22
100
55
*50
*5212 5412 5412 5412 *527 55 .5178 55
55
*50
500
19
*17
16
*1512 19
19
*15
16
/
151
4 *1512 18
/
4 151
100
40
*30
40
33
39
*30
*30
40
*30
33
32
*30
608 0312 5,300
62
6334 6334 *6312 65
*60
6312 64
*6112 63
/
4 3912 40
*3912 4012 *3912 4012 3912 3913 1,100
3912 3912 *3912 401
870
*124 12512 12518 12518 12512 12914 *126 12914 12712 12712 *125 12712
1714 1818 1,000
18
*1412 20
*15
18
1714 18
18
17
20
1,000
106
106
108
106
10412 10512
103 10412 *101 106
*102 104
_ _i_ _ - _ *114 120
*110 120 *110 120 *110 120 *112 120
612
618 618 2,000
614 612
638 634
653 634 *612 638
15
*10
15
*10
*10
16
14
*10
14
*10
*10
14
2778 28,625
277 2812 27
2812 2634 2738 2714 28
2638 2778 27
5612
8612 *54
400
*54
56
54
*52
*52
58
5612 6012 *54
/
4 9114 0053 9112 16,300
9114 901
89
8914 89
8912 8938 9038 90
3414 30
3238 37
24,700
3834 3914 391
/
4 3938 391
/
4 3914 3653 39
2118
22% 2118 2112 21
900
22
*21
22
*21
22
22
22
123 124
12234 123
2,400
/
4 123
1221
*120 121
121 12112 12114 123
89
*82
82
82
89
100
80 .82
*82
87
*82
*82
87
10238 10314 103 10312 9,400
102 103
10138 103
*10018 102
10114 102
5214 63
5,780
5278 5278 5212 53
5238 52% 5238 5234 5258 527
1
191
600
1934 194 1912 1912 1812 1812 19
19
19
501 -- ---- *5012 -------------2
55
55
59/
4.55
1
4 .55
-- --00
- - - - _-_-59 *- - -- 58 --------- *- -- - 59
•-- -- 69 *_ _ - 2758 27
2734 2712 -2818 14,500
/
4 2678 2718 27
271
/
4 281
2758 28
1
4 63
63/
63
63
64
63
64
84
1,460
6314 64
*13012 04
9138 9134 9333 9238 9438 161,050
9138 90
89
8812 8912 888 90
*37
*3612 40
40
*38
40
3934 40
*40
41
360
*3934 40
4034 *40
4034 *40
4034
300
404 4034 4034 4034 404 *40
*40
167 1712 1634 1714
1712 1712 1734 18
17
1712 1712 1712 3,600
29
2878
283
4
2812
2812
2834
*28
29
2834
2812 2812
800
.28
52
*46
52
52 .40
*40
*42
49
52
*43
100
4814 4814
1238 1238 1212 1212 *1258 1318 *12511 1318 *1212 131
13
700
12
/
4
/
4
2612
2612
261
2612
27
27
27
263, 267s
1,800
27
27
27
1
4 937
9334 94
9412 14,900
*9112 9214 9214 9234 9278 9333 03/
94
2558 2512 2638 2578 2611 2578 2612 2618 2612 30,850
2538 25
25
5414 5434 5412 5514 55
55
*53
5553 5412 5458 5434 5538 2,000
1512 1514 15/
4.14
1812 *15
15
16
1
4 15
1534 1513 16
1,800
20
2034 20
20
1034 21
18
1918 2012 1912 20/
18
1
4 3,800
88
88
*87
87
92 .8612 90 .87
*8512 8712 87
300
90
136 13738 13612 13713 13(11
1344 13518 13512 13578 13538 137
/
4 13734 37,100
781
/
4 7818 *80
79
8118 80
800
7753 7738 *77
80
80
80
714 714 .714 714
*714 8
*71
/
4 8
71
/
4 7/
400
1
4 *7
712
16
10
19
16
*16
*16
16
20
16
16
400
*16
20
1218 12
12
/
4 1112 12
/
4 111
111
1218 1238 121
*11
/
4 1212 1,500
1
4 5,500
4678 4718 4714 4714 4718 478 4714 4734 4738 477
4712 48/
2538 2438 25
25/
25
1
4 6,800
/
4 2414 238 2438 2453 2478 25
241
1812 1812 10
1934 1812 191
/
4 6,200
1838 184 184 1834 1812 19
*30
38
36
*30
*30
38
an
*An
*30
38
*30
38
14
15'4
2
148
1418
4
14
14% 14
1 144 1438
1
4 35
*34
3412 *33/
35
4,3312 35
*3412 35
*34
31
5038 5018 5012 5018 5018 50
5134 52
1
4 50
4812 50/
$ per share
*100 1004
4.98
9718
*110 111
6918 6912
693 693
57/
1
4 5712
160/
1
4 161
5734 5734
1118
11
3218 3278
7338 7334
*112 114
11018 1101
/
4
17
1653 1634 16
10
*1534 16
16
300
*14
*1418 10 .15
33
*31
*30
35
*31
32
39
*30
*31
35
32
*30
70
*67
*67
70
71
71
75
*67
72
*68
72
*(18
/
4
018
61
/
4 61
6
514 534
618 614
534 6
61
/
4
6
514 *5
512
513 512
5
5
414 6
*5
512 *5
27% 2612 271s 2718 2812
27% 2838 26% 28% 26
2634 27
8434 8478 84
85
85
85
84
8412 85
*82
84% 843a
9312 943 *92
83
94
9312 93
92% 9278 93
948 9458 2,000
101 101 *100 10112
•100/
300
1
4 10112 *10012 10112 101 101 *101 102
9012
92
91
92
9011
90%
9214 9418 16,900
9112 92
90
90
*94% 9434 .90
97
*02
97 *_ _ _ _ 97
07
*92
15
97
.92
78,000
4534 4538 4634 4612 4814 4634 4878 4714 4914 4918 51
45
105% 1051s §10558 10538 *103 10612 105 105
330
*102 10612 *103 108
7114 7012 71% 7034 7212 7212 7312 31,300
70% 70
0814 0812 69
116 116 *114 117 *114 118
400
*114 116 *114 116 *114 116
4112 4138 4112 4134 *39
41
4118 42
42
1,200
4112 *40
*40
*90
93
97
*90
*90
98
*90
98
97
*90
99
*00
1234 1314 13
1414 141
/
4 15
8,000
/
1218 121
4 *1212 1314 1212 1212
0134 61
6334 6118 6312 64
6112 61
60
0434 5,700
01
59
*27 - 2734 2634 2634 2678 27
1
4 28
2634 264 .26/
400
*2512 28
22
2214 16,000
20% 2118 2114 2138 2114 2134 2114 2134 213 217
5734 5834 5634 5814 5718 5814 58
5812 10,750
5714 58
57% 683
57
4 71
69% 7078 6934 7138 7018 7158 7112 72,
6814 68%
8 51,000
250
•10212 10314 *10214 10312 .102 103 110212 10212 *102 10314 103/
1
4 10318
*914 10
958 10
912 978
10
10
*914 10
1,800
938 958
5088 56% 551
/
4 66
*5412 5612 5513 57
56
1,700
56
57% 58
94
*91
*89
*90
94
94
*91
04
.91
200
92
9034 90%
/
4 9814 9712 98
978 9818 9818 9814 9838 9812 2,100
1
4 *971
*9712 98/
/
4 10438 10338 10514 10414 10534 z104 100
10212 103% 1021
10078 102
83,900
11258
1127
11278
8
/
4
11258 11212 113 *112 113
11212 1121
112 112
700
64% 6434 6512 65
6034 6558 6678 6614 67% 19,210
63
63
63
1
4 112
.10912 11012 110 11034 110 11014 10912 11034 110 11018 .110/
6,700
11612 11612 *11612 118 *11612 118
117 117 *11612 118
200
*116 117
/
4 12153 12218 12112 12212 5,100
12014 12078 12012 12134 -1211s 1221
120 120
195 196
194 194
192 194
19618 19634 *195 197
1,200
•187 193
1004 10018 10312 10312 10338 10353 *102 106
*9912 102 *100 103
700
51% 5212 511
/
4 521
/
4 5138 51% 52
50/
1
4 53
5012 51
5278 19,500
/
4 9714 9758 97% 9734 9734 9712 9712
/
4 9718 971
1
4 971
98/
*97
653
4212 141
.3718 42
*40
40
41
40
.40
44
42
42
625
*3012 3212 3212 3314 33
33
32
32
32
*31
3234 33% 3,100
65
65
6512 6512 *6212 651
65
*04
65
/
4 6478 65
600
*63
/
4 8234 8214 8358 821.4 8314 83% 8618 178,000
79/
1
4 8014 8012 81% 811
1
4 10312 1051r 104% 10514 10312 10612 10312 1054 105 10914 38,400
10212 103/
62
*130
6178 6178 *61
62
01
62
300
.6012 61
*6012 03
1
4 6858 6018 59
61
5914 6112 6138 6234 72,000
57% 58/
1
4 5814 60/
10018 10018 *9912 10018 10018 1001
1
4 ---/
4 *9912 100/
10018 1001
500
/
4
11134 1111
4 *109 112 .107 11212 112 112
109 110
500
*106 109
138 139
138 139
138 141
137 137
2,800
141 143
*132 137
1
4 132
13058 13212 131 13434 13512 13712 188,930
12634 127% 12812 13118 129/
•Bld and asked prices; no sales On Ibis day. t Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1916
Lowest
Highest
Railroads
Pay $ per share $ per share $ per share $ per share
Atch Topeka& Santa Fe_ _100
9813 May 9 10712 Jan 8 100/
1
4 Apr 10878 Oct
Do pref
106
9612 May17 10012Feb 1 29812 Dec 102 Feb
Atlantic Coast Line RR__ _100 108 May10 119 Jan 4 10812 Apr 128 Nov
Baltimore & Ohio
67% May 9 85 Jan 18
100
96 Jan
8112 Dec
Do pref
6878 May15 76% Jan 17
10€
7212 Aug •80 Jan
Brooklyn Rapid Transit_10€
54 May 8 82 Jan 4
88/
1
4June
81 Dec
Canadian Pacific
10( 1481* Feb 7 167% Mar23 216212 Mar 18354 hal
Chesapeake & Ohio
65 May 9 6534Jan 3
100
58 Apr
71 Oat
Chicago Great Westertk
100
10 May 9 1418Jan 10
1134 Apr
1614 Dee
Do pref
29 May 9 4134Jan 2
10(
4712 Oct
33 Apr
Chicago /4.111w & St Paul_ 10(
69% May14 92 Jan 4
89 Dec 10212 Jan
Do pref
10( 11114 May12 1251!Jan 29 123 Dec 1361* Jan
Chicago & Northwestern 10€ 10814 May 9 12454 Jan 19 128 Dec 184/
1
4Jan
Do pref
10( 153 May25 17212 Feb 16 1165 API' 178 Dec
Chic Rock Isl & Pac (new) w
30 May 9 37 Apr 13
7% preferred when i8sued_
7512 May16 8414 Apr 14 ----6% preferred when issued_
65 May15 71 Apr 14
ChR I & Pae aft. of deP 2d Pi 525/
1
4Feb 8 49 Apr 3 531 Dec 53858 Dec
Clev Cin Chic & St Lou1s 10(
37 May 9 51 Jan 16
622,00*
38 Apr
Do pref
10(
70 Feb 1 80 Jan 29
86 JIM
70 Feb
Colorado dr Southern
10(
20 Feb 10 30 Jan 4
Oet
24% Apr
87
Do let pref
10(
5012 May 9 5712Jan 9
621,001
46 Apr
Do 2d pref
10€
42 Mar12 46 Mar17
40 Mar 57% JULIO
Delaware & Hudson
10( 108 May 4 15178 Jan 19 1487s Dec 156 Oct
Delaware Lack & Western_ _ 5( 210 May24 238 Mar24 216 Mar 242 Nos
Denver ds Rio Grande----10(
512 May25
17 Jan 6
2314 Oet
8% Mar
1278 May25 41 Jan 2
Do pref
10(
15 Mar 52120ot
Erie
2214 May 9 3434Jan 3
10(
82 Apr
43% Jan
Do 1st pref
34/
1
4 May14 4914 Jan 2
10(
59/
1
4Jan
48 Dec
Do 2d pref
2012 May14 8984 Jan 3
10(
5412 Jan
40 Dee
Great Northern pref
101 103/
1
4 May16 11814 Jan 4 115 Dee 12718 Jan
Iron Ore properties_No pal
2784 Feb 3 3818 mar 4
5014Jan
32 Dee
Illinois Central
1013 100 Feb 3 106% Jan 2
9934 Apr 1097s Oct
Interbor Con Corp, vtc No pal
814 May15 1718Jan 2
1512 Dec
2153 Jan
Do Ira
5034May 5 7214 Jan 2
101
7712 Jan
69 Den
Kansas City Southena
18% may 9 2578Jan 2
8214Jan
101
2318 Apr
Do pref
62 May 9 6812 Jan 30
547g Jan
101
5658 Dee
Lake Erie & Western
1514 May 9 2514 Jan 3
101
10 May 80 Dee
Do pref
30 May17 5334Jan 8
101
8611 Nov
82 Apr
Lehigh Valley
5714 May 9 7912 Jan 2
51
87180ot
7412 Jan
Long Island cents of deposit..
3912 May19 4334 Apr 14
Louisville de Nashville_ _ API
119 May 4 13384 Jan 4 1211
/
4 Mar 140 Oct
Minneap & St L (new)__ ..10l
1434 May15 3214 Jan 29
36 Oct
26 Oct
Minn St Paul & S S M__ _ _101
102 May16 119 Jan 3 110 Dec 130 Oct
Do prof
12058 Apr 24 127 Apr 13 12812 Sept 187 Jan
101
Missouri Kansas dr Texas-101
5 May 4 11 Jan 2
318 Sept 1314 Dee
Do pref
10 May 0 2012Jan 4
101
10 Apr
244 Dec
Missouri Pacific(new) wben las
2334 may 8 34 Jan 2
2218 Sept 3811 Dec
Do pref (or inc bonds) do_
61 Mar 7 61 Jan 8
New York Central
88 May 9 10358Jan 4 100
o
e
la
D:
1414
7k()
47114
4 Apr 164
N Y N H dr Hartford
3258 May24 5278Jan 2
10
777s Jan
4912 Dec
N Y Ontario & Western__ _10,
21 May10 2914 Jan 2
26 May 34$8 Dee
Norfolk & Western
11612 May 9 13858Jan 24 114 Mar 14718001
10
82 May25 8912 Feb 3
Do adjustment Pref---10
8418 Feb
8918 Map
Northern Pacific
98% May15 11014Jan 3 108 Dec 11878 Jan
10
Pennsylvania
51% May 9 5738 Jau 25
10
55 Sept 60 Oct
1712 May15 3684 Jan 2
Pere Marquette v t c
10
3818 Dee
36% Dec
5312 May12 7312 Jan 17
Do prior pref V t C---.10
73/
1
4 Dee
72 Dec
55 Jan 17 57 Jan 8
Do prof v t c
100
Pittsb & W Va interim Ws 10
2034 Apr 16 2812 May18
6358 Apr 17 661
Preferred interim ctfs__ _10
/
4 Apr 26
8353May 9 10414 Jan 3
5
Reading
7518 Jan _ 11.572
3934 May21 45 Jan 29
Do 1st pref
5
417s Feb
46 Feb
40% May17 451s Jan 16
Do 2d pref
5
4114 Feb
32 May
16 May 5 2638Jan 2
St Louis & San Fran new _10
151f May 3012 Dec
St Louis Southwestern____10
25 Feb 3 3118 Apr 14
Do prof
48 May 3 53 Jan 4
10
Seaboard Air Line
12 May19 18 Jan 3
10
3
17
4 B
A
MepaPryt 53
19
27:4
8D
nDll
ee
Do pref
2514 May16 3912Jan 3
10
Southern Pacific Co
8834May 9 9812 Mar24
9
3
54
O
DeDe
661
:
ctec
17 F
10
04
4
722
Aep
31114:1 Jan
pbr
Southern Railway
23
10
May 9 33% Jan 3
18 Apr
3634 Dec
Do pre
51% May15 7012Jan 30
10
Texas & Pacific
13/
1
4 May 9 1933 Jan 4
10
May15
17%
Third Avenue(New York) 10
4814 Jan 2
48 Nov Scar June
84% May12 95 Jan 20
44) June
Twin City Rapid Transit....10
94 Mar
1287s May 9 14918Jan 2 12404 Apr 15353001
Union Pacific
10
76/
1
4 May 9 85 Jan 24 280 Sept 8412 Sept
Do Prof
10
United Railways Invest__ _10
612Feb 1
1138Jan 2
714 May 214 Jan
16 May22 2334Jan 2
Do pref
10
17 Sept 8934 Jail
Wabash
1012 May10 1584 Jan 5
134 Sept 17 Jan
10
Do pref A
8012 Dee
4112 Mar
4430 May 9 58 Jan 2
10
25 Apr
23 May 9 3012Jan 2
32% Dee
1€
Do pref B
Western Maryland (new)-100
17% MaY 9 23 Apr 3
Do 2d pref
35 Apr 9 41 Mar27
10
13 May 7 22% Jan 2
21 Dec
2730 Dee
5812 Dec
3112Apr 10 50% Jan 22
46 Dec
8612JulY
33 Apr
4512Feb 14 5414Jan 2
2114 Dec
43 Apr
8918 Dec
261* Jan
1014 Jan
19
614 July
38 Nov
92 Nov
Mar10
70/
1
4July
9512 May 2
63 Apr 102 Nov
10312Jan 24
Mar 10314 Dee
6134 Feb 10812Nov
10212 Feb 15
98 Jan 24
9
i16
3 Apr 102 June
6812 Sept
44 Dec
5178 Mar29
11511 Sept
11050Jan 25
7882 Dec
7312 May25
July
°3
15%
5
8
2
88 8:14 imj
A
pau
enungre lint Mar
11812Jan 23 19
5012Jan 5
6818 Oct
4818 Dee
102 Mar
10112 Jan 9
20180ot
171
/
4 Mar29
45 Mar
76 Jan 4
8478 Dec
Jan
3234 Jan 2
3234 Dee
2175
2214 May25
2778 Nov
8234 Nov
5834 May22
ul y
8234Jan 4
Ju
98
9123
9814 Nov
5
109 Nov
1067s Jan 20
1934 Mar30
-_ 68 Mar30
---841;Jul; 9714 Nov
991
/
4 Jan 31
9184 July 102 Nov
10214 Mar10
8818 Apr 12278 N ov
11014Jan 19
11718Jan 19 10914 Apr 1181001
44 Apr
6758 May25
73 Dec
11558 Feb 21 104 Deo 12558001
12112Jan 25 11518 Ma)
, 123130ot
12812Jan 24 21231s Dec x13412 Sept
220 Mar12 188 Feb 22978 Nov
10984 Jan 18 :
DeeupIry 113 Sept
1
412 JA
10
397/
5412 Apr 3
587s Nov
92 Jan 102 Mar
994 Mar14
11 Jan
7614 Nov
5412 Mar10
9772 Apr
2983 July
4133Jan 28
87 Nov
7212 Jan 26
pee 10510 Nov
67
011 Apr
7
8634 Mar20
56 July 14714 Dec
1211s Jan 22
731
‘N ov
68 Jan 4
52 Dec 11850Jan
6312 Nlar26
10212 Jan 15
98 Dec 110 May
138 Jan 2 a1271,Dee 16712 Dee
515 Jan 4 418 Jan 700 Nov
14334 Mar21
14 Aug
30380ot
03 July
1014 Dec
Amer Agricultural Chem.._100
Do pref
100
100
American fleet Sugar
Do pref
100
American Can
100
100
Do pref
American Car & Foundry_100
Do prof
100
American Cotton Oil.
100
Do pref
100
American Illde & Leather_100
100
Do Prof
American Ice Securities- _100
100
American Linseed
100
Do pref
American Locomotive_ ___100
Do pref
100
American Malting
100
100
Do pref
Amer Smelters Sec pref B.100
Do pref Ser A stamped..Amer Smelting & Reflning_100
Do pref
100
American Steel Foundry-- 100
American Sugar Refining_ 100
Do pref
100
Amer Telephone & Teleg_ _100
100
American Tobacco
100
Do prof (new)
100
Am Woolen of Mass
100
Do pref
Am Writing Paper pref....100
25
Am Zinc Lead & S
25
Do prof
Anaconda Copper
50
Atl Gulf & W 188 Line ctfs 100
100
Do pref certfs
100
Baldwin Locomotive
100
Do pref
100
Barrett Co (The)
Bethlehem Steel
100
Do class B common._ .100
83 Feb 3
9858Feb 10
81 Feb 1
9112May 9
36 Feb 3
103 May 7
57 Feb 3
11512 Apr 18
34312May 9
92 May10
10 Feb 2
5512 May 7
24 Feb 2
1534 Feb 3
48 Feb 3
6212Feb 2
102 May 4
812 May14
54 May14
9034 May25
9738 May10
9458 Feb 2
x11012 Mayl 1
52 Feb 3
10433 Feb 3
11612 Niay23
11614 Mayl1
184 Apr 21
100 Apr 24
1
4 Feb 3
37/
94 Feb 3
37 Feb 3
28 May 9
63 May 9
70 Feb 1
8912Feb 3
54 Feb 8
43 Feb 3
99 May 5
10434 May15
a119 Mar 1
103 Mar 1
II Less than 100 shares. a Ex-div. and rights. s Ex-divides& I Before payment of let Install/neat.
2098
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
May 19
Monday
May21
Tuesday
May22
Wednesday
May 23
Thursday
May 24
Friday
May 25
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1916
Lowest
Highest
$ per share $ per share $ per share $
$ per share $ Per share
Industriat&Mise.(Con.) Par $ per share $ per share $ per share $ per share.
per
*120 123
300 Bethlehem Steel pref
120 120
120 120 *120 share
100 1174 Mar 3 135 Jan 5 126 July 186 Nov
123 *120 123
4312 4312 434 4414 4434 4512 4478 4513 4514 46
-,Thil, 165; 4,600 Butte & Superior Copper _10 3814 Feb 3 5214 Jan '26 417g Deo 10514 Mat
*19
1938 20
2114 2112 4,000 California Petroleum v t c..100
21
2014 20
1712 Apr 24 3013 Jan 25
2034 2012 2114 21
15 June 4258Jan
4912 49
*48
Do prof
4912 50
46 May12 6214 Jan 25
100
5012 51
40 June 8038Jan
5112 5112 5134 5113 5213 2,600
8578 8612 8634 8834 8734 8938 90
9312 9512 124,600 Central Leather
100
70 Feb 1 9773 Jan 4
49 Apr 123 No,
9214 9058 93
*10912 112 *10912112 *10912 112
112 112
Do pref
11712 Noy
300
11134 11134 *110 112
100 10912 May16 11578 Jan 25 .1
.72!_a_n
.
.
08
3612 3614 3718 3612 3714 37
36
3658 3712 4,600 Cerro de Pasco CopNo par
3278 May 9 41 Feb 20
3714 3612 37
85
88
86
*88
8634 88
85 May19 10434 Mar20
8912 3,000 Chandler Motor Car
100
89
91
8738 89
90
8812 Apr 251 June
2158 22
2212 2234 2273 2334 18,700 Chile Copper
22
2214 2134 2234 2212 23
20 Feb 3 2758 Mar12
25
1958July
391
/
4 N ov
5438 5514 5558 5614 56
5712 5914 28,700 Chino Copper
5
4818 Feb 3 6334 Mar 7
5758 5678 584 5714 58
4618July
74 Nov
5012 51
5112 5314 5218 5312 5258 54
54
5538 39,900 Colorado Fuel & Iron
5212 54
100
3812 Feb 2 5538 May25
6314 Sept
381s Apr
4018 4078 4114 413
4058 4114 4,700 Columbia Gas &Elea
41
41
411
100
341s Feb 3 4778 Apr 4
4012 4134 41
3014 Sept 537g Dec
*3834 40
100 Computing-Tab-Record _100
*3834 40
*3834 40 - -------- *3834_ 40
40
40
3834 Mayl1 46 Jan 4
4018 July 524 Jan
1074 1074 *107 109 .1074 109
10734 10734 108 10912 4,000 Consolidated Gas(N Y)_ _ 100 z10432 May10 1345s Jan 18 12934 Dee l445 Jan
107 108
*92
9312 9312 9312 94
94
9412 95
9234 94
9412 9612 3,500 Continental Can
8212 Feb 3 9612 May25
100
7514Jan till Sept
*10812 110 *10812 110 *10813 110 *10812 110 *10813 110 *10812 110
Do pref
100 10834May 7 11212Feb 7 106 Feb 114 Nov
2438 2514 25
2512 2538 2614 2613 2714 2612 2758 2712 2914 140,400 Corn Products Refining..100
lh Feb 2 2914 May25
1314 Aug
2934 Dec
10034 10034 101 10118 10118 10178 101 10134 10178 102
10258 10278 4,100
100
9634 Apr 11 11238Jan 2
Do prof
85 June 1134 Dec
6712 6838 69
7138 694 7114 7038 7212 7078 7518 7434 7718 197,100 Crucible Steel of Amertca_100
5012Feb 2 7718 May25
504 Dec.
9912 Mat
107 107
10712 10734 10973 110 *10712 110 *10812 110 *108 110
Do pref
700
100 104 May 9 11734Jan 3 10814Jan
12478 Dee
3534 Feb 3 5514 Jan 4
4414 4433 4533 4312 4438 43
44
4512 59,500 Cuba Cane Sugar
No par
4412 4212 4312 43
763s Oct
43 Dee
*90
92
00 8512 Feb 14 9412Jan 3
9012 91
900
92 92
*9012 92
91
Do profPre(
9114 Dec 10012 Oot
9112 9114 92
*180 190 *180 190 *180 190
500
Cuban-American
Sugar....
*180
185 185
185
185 185
100 159 Feb 14 205 Apr 16 152 Jan 2697s Sept
*99 103
150
101 101 *100 105 *101 105 *101 105 *101 105
Do pref
9912May10 105 Mar 8 10018 Deo 110 June
100
1634 1838 1812 1934 1734 1812 1614 18
1678 1734 17/
1
4 1738 22,900 Distillers' Securities Corp_100
544 Apr
1134 Apr 20 32 Jan 2
24 Dec
1138 12
1138 12
1214 1214 1214 2,400 Dome Mines, Ltd
1112 1153 1134 1134 12
11 May10 245 Jan 9 15
10
Fe
01:
1 0
74
19
8 D
89
Ap
er
0 12
158 158
158 15934 158 1598 159 16034 15978 160
16014 16134 4,200 General Electric
100 15072May 9 17134Jan 26
10033 103
10012 104
10034 10378 10212 104
10212 10412 10458 10612 51,500 General Motors tom etts_100
9814 Apr 20 125 Mar16 120 Dec 135 Dee
•87
88
400
*87
Do prof tern ctfs
88
8712 8712 88
*8712 8812 8812 8812
100
88
85 Apr 24 93 Jan 4
93 Dee
884 Dec
5014 5012 49
5112 *51
5012 50
5113 5213 5214 5312 7,300 Goodrich Co(B F)
100
52
4734 Apr 20 6114 Jan 19
80 Apr
491:Dec
*10712 10818 *10614 109 *10614 10814 *10614 10814 *10614 10818 *106 10812
Do pref
100 107 Apr 18 112 Jan 4 11012 Deo 11634 Mat
*80
81
8134 8134 81
8518 2,900 Granby Cons M S & P_ _ _ _100
8234 83
8373 *83
7512 Feb 3 9238Jan 17
83
84
80 July 120 No,
4214 4212 *4073 43
44
2,930 Greene Cananea Copper 100
45
4234 4312 4378 4478 4478 45
40 Apr 23 47 Jan 26
34 June 564 Nov
*122 12512 124 12512 124 12414 12434 12631 *122 125
3400 Gulf States Steel tr ctfs_100
125 127
99'a Feb 3 137 Jan 3
71 May 193 Nov
110712 10712 *107 110
Do 1st pref tr ctfs_100 102 Feb 3 109 Apr 21
-------*107 110 *107 110
- 50
87 May 118 Nov
Do 2d pref tr ctfs_.. 100 117 Feb 10 11712 Feb 2
72 May 190 Nov
5714 5712 5734 588 5813 6034 7113 6233 -6154 Ii1-4 "ail -iii" 1-50,76.0 Inspiration
Cons Copper___20
48 Feb 1 65 May25
Nov
4214 Apr
7414N
*20
2114 2078 2118 20
2,100 Internat Agricul Corp---100
20
20
21
21
2178 20142014 21
297s Jan
1314 Feb 5 2178 May22
11 Aug
53
5314 53
Do pref
5278 2,500
55
52
*52
54
5273 5273 5114 53
100
351
/
4 Feb 5 54 May21
113 114 *11214 114 *109 114
1,100 Intern Harvester of N J._100 1072 May 9 123 Jan 2 10
113 114
113 113 *110 114
12
74
67g'
38
Lao%
71g Jan
2712 2814 2712 2812 2712 2814 2712 2838 2814 2878 2834 31
59,000 Int Mercantile Marine___ _ 100
1934 Feb 1 3878 Mar23 91338 Feb e507s Sept
8118 7934 8158 7914 8112 7934 8134 80,2 8178 8112 8512 124,200
80
623a Feb 8 9512 Mar24 v6114 Mar 012514 Sept
100
Do Prof
40
4114 4038 4112 4034 4114 4058 4134 41
37'2 Feb 3 4738 Mar21
4214 4114 42
51,000 Intern Nickel (The) v t o__25
387g Dec 56% Jan
•36
3712 374 384 39
33 Mar 2 4958Jan 4
100
3915 3812 3973 38
754 Nov
94 Mar
3834 3812 3912 12,800 International Paper
Do pref
200
100
*95 101
94 Mar19 105 Mar26
*97 100
*96 100
424 Feb 109/
98
*96
98
1
4 Dee
*96
'50
53
25
48 May 5 641k Jan 4
800 Kelly-Springfield Tire
53
*51
53
5214 54
*51
55
*52
54
53
56 Dec
854 Sept
4538 4534 4572 4612 4618 47
40 Feb 1 4918 May25
4613 4712 4658 4718 4718 4918 86,300 Kennecott Copper___ No par
6414 Nov
40 Dec
9013 9138 92
100
1
4 Feb 3 9878 May25
95
70/
64 May 107 Nov
9414 9553 9518 97
9538 9734 9634 9878 133,000 Lackawanna Steel
18
18
1812 1812 19
2,800 Lee Rubber & Tire_No par
1713 Feb 28 30 Jan 2
19
1812 1812 19
1838 18
18
5612 June
25/
1
4 Dec
*19478 19934 19912 19913 *185 200 *190 19958•195 19912 19934 19934
100 19912 May21 232 Jan 19 17914 Jan 2397s Aug
200 Lorillard Co (P)
*8213 83
3
10
00
*83
0 Mackay Companies100 8214 May10 8934 Feb 17
83
83
85
01 Feb
84
84
85
*83
78 Apr
85
*83
*6413 6514 *6413 6514 *6412 6514 *6412 6514 6413 6413 *6412 66
100
644 Dec
64 Mar14 8712Jan 15
6814 June
4734 49
4634 4812 47
4312 Apr 20 6134 Jan 17
4918 4934 16,300 Maxwell Motor Inc tr ctts_100
99 Sept
44 Dec
5014 4814 4934 4834 49
6412 65
6514 6712 1,100
*6312 6713 .64
Do 1st prof stk tr 028_100
63/
66
93 Jan
1
4 Apr 18 7418 Jan 18
6513 66
66
66
65 Dec
*30
31
30
3013 *3012 3112 3033 3112 3112 3112 3112 3134 1,000
Do 2d pref stk tr ctfs 100
2952 Apr 20 40 Jan 20
6074 June
32 Dec
9038 9134 9134 9338 9234 9412 94
100
93,800 Mexican Petroleum
8152 Mar 1 10612 Jan 10
9513 9334 9514 9514 97
8818June 1293s Jan
•90
94
*9034 95
Do prat
200
93
90 May 3 96 Jan 24
100
*92
93
94
95
94
95
*92
894 June 1056s Jan
3934 4014 40
4058 4033 4078 4034 411g 4078 41
5
34 Feb 1 434 Apr 30
4I15 Nov
4012 4118 19,800 Miami Copper
33 Aug
5834 5914 5978 6034 604 6334 6214 64
6212 64
54's May 9 6433 May25
6258 6438 100,500 Midvale Steel 63 Ordnance_ _50
*9512 98
*95
99 102
98
2,700 Montana Power
100
6814 Mar 1147* Des
9312 May10 10914 Jan 25
*9812 100
99
99
99 102
*115 119 *115 11712 *115 11714 *115 11714 *115 11618 *115 11618
Do prof
100 114 Jan 20 11712 Mar28 109 Jan 11714 N ov
*110 113
*110 112
300 National Biscuit
111 111
11178 112
100 105 May 1 12213Jan 5 118 Sept 1814 Oct
*114 121
Do prof
*112 121 *112 121 *112 121
100 112 May 5 127 Jail 5 124 June 12913 Ma)
324 3312 3334 3438 3312 3512 3534 37
-ai- -iii 48,000 Nat Enam'g & Stamp'g__ _100 24 Feb 3 3938 May25 1914 Apr 364 Dec
3638 38
*95
98
9012 May 9 98 Jan 19
98
Do pref
9778 98
100
500
97
9018 Dec 100 N ov
99
*95
9734 *96
99
E.5513 5813 *95
744 Sept
5612 5612 *5514 57
1,700 National Lead
5612 564 51312 57
57 Dec
52 Feb 3 6314 Mar23
5613 57
100
*107 109
109 109 *105 11212 10918 10918 *105 112 *104 112
Do pref
100 101 May 8 114 Jan 6 11114 Dec 1174 Oot
300
V 24
244 2414 2438 24
25
5
15 Jan
2512 25
207a Feb 3 2614 Mar 6
344 Nov
25
2518 25% 2578 17,500 Nevada Consol Copper
146 146
14614 148
14713 14712 148 150
2,300 New York Air Brake
100 128 Feb 3 156 Mar21 118 July 186 Nov
14912,151
149 150
k *61
64 .61
200 North American Co
64
64
61 May10 7238 Mar21
757g Dee
*63
654 Apr
100
64
64
4431
*6112 64
6412
131 134
135 13853 13678 1394 13612 13812 13712:13834 13718 13834 50,070 Ohio Cities Gas (The)
87 Feb 3 14378 Apr 19
25
75 Oct 1244 Dee
1*48
50
4818 49
*4712 50
4513 May15 54 Feb 19
25
*4814 4812 50
50
50
5014 1,700 Ohio Fuel Supply
6
6
6
6,
1,800 Ontario Silver Mining__ _100
6
4N ov 113e Jiii'
5 Feb 3
*54 6
512 578
718 Feb 14
*512 6
k *518 534
k 2312 2334 2334 2412 2334 24
31 Aug
1184Jan
2334 24
2412 2558 2458 2514 8,000 Pacific Mall
18 Feb 3 2618 Mar23
5
7411 77
7512 77
77
7,100 People's G L & C (Chic).-100
73
72
708 74
72
7072 May23 1064 Jan 18 10018 May 118 Oct
74
L. 77
1, 3334 3334 3312 3311 *33
38 June 68 Dec
34
3334 3334 33
800 Philadelphia Co (Pittab)__50
3338 33
3234 May 9 42 Jan 4
33
47
2514 July 5814 Dee
4732 4758 4834 4714 4814 4712 4833 4712 4912 4938 5012 63,200 Pittsburgh Coal ctfs dep._100
35 Feb 1 5238Jan 19
*112 113 *112 113
113 113 *11212 114
114 115
Do prof ctfs deposit_ _100 10718Jan 15 11818 Mar20 10014 Aug 11514 Dee
115 11612 1,800
421g July
7312 7332 74
7514 7514 76
884 Nov
75
7612 77
7612 75
70 May 9 8314 Jan 26
100
7712 5,700 Pressed Steel Car
97 July 108 Nov
•101 103 *101 103 *101 103
Do prof
102 102 *101 103 *101 103
100 101 Mar 7 2107 Jan 31
300
*119 120
500 Public San,Corp of N J
119 119
100 118 May22 131 Jan 6 114 Jan 137 Seat
119 120
118 118 *---- 120 *113 120
*146 149
1,755 Pullman Company
143 14512 14314 14514 14478 145 *142 146
144 144
100 139 May10 16712 Jan 26 1597g May 177 Sept
5138 5158 52
5212 52
100
32 Apr
43 Feb 2 5538 Mar21
5258 5238 5312 5234 5314 53
6114 N ov
5372 10,500 Railway Steel Spring
*96
98
Do prof
*96
954 Mar 10314 Nov
100
*9712 994 *98
98
9678 May 9 101 Jan 22
99
100
9914 9914 *98 101
29
20 June 37 Nov
294 2912 2934 2958 3014 2978 3058 2934 3018 304 3138 62,350 Ray Consolidated Copper...AO
23 Feb 1 3214 Apr 3
' 93 Nov
42 Jun,
8334 8433 8458 8614 8518 8612 8534 8834 8814 9138 9134 9358 220,500 Republic Iron & Steel
60 Feb 1 9338 May25
100
17 Nov
*101 10212 10258 10258 103 104
10514 10514 *103 106
90 Feb 1 10578 May25 101 Dcc
Do prof.
100
104 105% 1,500
8454 Sept
634 Dee
*37
3812 38
3813 3753 3712 38
3732 May22 68 Jan 4
38
38
39
3812 1,600 Saxon Motor Car Corp__ _ 100
38
*162 167
166 167 *165 169
2,100 Sears, Roebuck & Co
171 174
16538 16612 *168 175
100 16212 May15 23814 Jan 22 16814 Mb. 183 Nov
404 Feb
*2534 261
22 Dec
/
4 2614 2612 2633 27
/
4 26
261
27
221s Feb 2 2934 Mar 9
267 2734 5,400 Shattuck Aria Copper
27
10
52
5234 53
5334 53
5458 54
5058 May15 5934 Mar29
5414 5418 5514 24,000 Sinclair 011 &Rerit-__No pas
54
55
37 Jul,
54
9314 Nov
55
4278 Apr 21 7434 Mar30
54
5514 5378 5412 55
5712 58
5614 55
6112 15,100 Sloss-Sheffield Steel & Iron 100
South Porto Rico Sugar..._100 165 Feb 6 195 Mar 9 146 Jan 240 Juno
*177 195 *177 195 *177 195 *177 195 *185 195 *185 195
7918 May21. 1104Jan 17 10018 Dec 167 Jan
7934 8134 7912 8114 7912 8218 8012 8234 804 8134 82
8334 63,600 Studebaker Corp (The)_ _ _100
998 May21 10858 Jt.n 20 1084 Sept 14 Mar
10114 10114 998 9978 *98 102
Do prat
100
300
10112 10113
*98 102
*98 102
Stutz Motor of Am Ine_No par
4812 Dec
4112 May15 5354 Jan 20
*4114 4313 *41.2 4313 *4114 4212 *4112 4212 4'4112 4313 *4134 4312
794 Sept
1534 Dec
13 Feb 2 1734 Mar19
191:Dee
1612 1612 1612 1613 1612 17
1614 17
*1534 164 1614 1634 2,500 Tennessee Copper & Chem w I
206 20712 208 20934 20912 21212 213 215
26,500 Texas Company(The)._ 100 199 May 9 243 Jan 10 17714 June 24112 N or
213 21434 214 219
4814 Sept 594 Dee
524 5234 5273 534 5258 5314 5312 5112 5312 5114 5414 '55
20,800 Tobacco Products Corp---100
4812 Feb 3 59 Mar21
99 July 1094 Mar
99 Feb 23 105 Mar12
*98 100
Do pre(
100
-___ *98 100
-_ _
*98 100 •98 100
*98 100
*43
444 *4314 4434 4433 4412 4438 4412 44
40 Feb 3 47 May25
3,675 Transue&WilliamsSteelNopar
4512 4638 47
*_ ___ 98 *____ 9812 *90
92 May 3 1094 Mar12
9812 9613 9612 *9513 9812 *9513 9812
86 Jan 110 Oot
100 Underwood Typewriter_ _ 100
10 May16 154 Mar22
414 May 181g Oct
11
*10
100
1114 *10
.10
11
*10
11
*10
11
11
100 Union Bag & Paper
11
*7514 80
874 Oct 129 Nov
7513 7513 *7514 80
1,100 Union Bag .1c Paper (new).100
7434 May17 112 Jan 22
78
SO
8312 87
81
80
40ssMay 4 4812 Mar 6
44
- .No par
44
4334 4412 4312 4538 4412 45
45
4513 45
4514 7,700 United Alloy Steel
69 Feb 10514 All2
*9634 98
98 101
100
9978 10014 100 100
9118 Feb 3 1034Jan 5
9912 9934 994 9934 7,500 United Cigar Stores
*112 118
Do prof
100 119 Jun 2 12034 Mar 14 01112 Feb 120 Aug
*116 118 *116 118 *116 118 *116 118
16912 June
*134 137
137 137
i i2
4,110 United Fruit
100 13114 May 9 15438Jan 22 13618 Jan
13678 13812 13734 138
13912 141
281s Nov
1518 Jan
*20
2113 21
22
17 Feb 2 2312 Jan 25
*2034 2134 2113 2113 *2034 2134 2134 2212 4,800 178 Cast I Pipe.4 Fdy__ _ _100
6712 Nov
4812 Feb
*54
*54
58
54 May 9 63 Jan 29
58
*54
58
Do prof
100
58
*54
*54
*54
58
58
$412 Dec 170/
1
4 Apr
127 12914 128 13012 12753 1304 12912 13214 12934 13234 133 13512 138,640 US Industrial Alcohol_ _--100 1004 Apr 21 1354 May25
99'l July 114 Jan
974 Apr 28 1044Jan 8
9814 9814 *95 100
100
*97 100 .95 100
Do prat
300
9934 9934 100 100
47$4 Mar
7034 Dee
5034 Feb 9 65 Jan 3
5614 5614 5614 563 5614 5634 5653 5712 57,3 5712 5714 58
6,500 United States Rubber_ _ _ _100
/
4 Feb 11514 Dec
*10514 10612 10412 105
100 10412 May21 11434 Jan 3 1061
Do Ist preferred
10514 106
1,000
10412 105 *1044 1054 *10412 106
814 Nov
67 Dec
5238 May10 (1734 Jan 4
50
*5578 5612 5612 574 574 5812 5812 5912, 5834 5914 5914 6158 12,500 175 Smelting Ref & M
50 June 534 June
*50
5113 51
4912 Apr 23 524 Jan 3
*50
51
*50
Do prof
51
50
5112 5138 5138 *50
200
5118
Mar
279
,
4
12914
N ov
121 12213 12313 12534 12434 12733 12638 12934 12814 13113 13214 134 1845900 United States Steel
1
May25
Feb
134
99
100
118 118
118 11814 11818 11853 118 11814 11814 119
Do prof
100 1165s MaY 9 12114Jan 19 115 May 123 Nov
119 11934 4,200
745 July 130 Nov
113 11338 11314 114
97 Feb 1 11834 May25
10
11334 115
11438 11512 11418 11538 11518 11834 66,300 Utah Copper
164 June 27% Dee
.19
194 *19
1734May 9 2414Jan 22
100
194 194 1938 1978 20
1,300' Utah Securities v t e
*1912 20
1913 20
36 Apr
61 Jan
4314 4314 *43
44
3414 Feb 3 4538 May25
44
543
4378 4412 4378 4414 4415 4533 2,400 Virginia-Carolina Chem....100
*107 110 *107 110 *107 109 *105 110 *107 110 *10812 110
100 10434 May 8 11214 Jan 26 108 Apr 11412 Dee
Do pref
41 July
7214N ov
46 Feb 3 77 Mar30
70
70
100
72
*68
7012 71
*68
700 Virginia Iron C & C
6713 6713 70
71
70
87 Mar 1054 Oot
9034 Mayll 9954 Jan 19
*92
9212 9234 93
92
93
1,925 Western Union Telegraph _100
49318 9313 9214 9314 9212 93
5114
Mat
714
Dee
2
Jan
May
5318 54
9
Elee
Westinghouse
658
5312 5412 534 5433 5312 51
4514
&
Mfg.
_50
52
5334 5338 55 126,000
70 Apr
79 Mar
6712 May21 7018 Jun 4
*66
68
Do 1st preferred
50
6712 6712 68
300
68
.68
69
68
68
45 Dec
695300$
4418 4418 *44
50
4438 4453 4518 45,8 4434 4434 -;1546
4312 May 9 521:Jan 18
700 White Motor
34 Dec a325 June
2438 May19 384 Jan 18
2438 2512 2538 2614 26
25
2811 2778 2834 2758 2858 2778 2814 65,100 Willys-Overland (The)
94 Dee 117 June
9212 9212 9213 9212 94
9213 May19 100 Mar10
95
*9212 96
Do prof sub recta full pd 100
800
93
93
1
Mar30
Feb
844
58
7213 73 I 7212 7314 7112 7234 7038 73
Inc,
o__100
Co,
v
t
4,000
&
Wilson
7112 7238
14114 Oct
12612 126121 127 12712 *126 128 *125 128 *123 128
100 120 May10 151 Jan 22 118 Jan
1,800 Woolworth (F W)
12713 128
*123 125 14'123 125 *123 125 *123 125 *123 125 *123 125
100 123 May 8 1264 Jan 17 123 June 126 Nov
Do pref
July
3618 Sept
25
2312
May23
Fob
25
*24
2512 26
31
304 3034 31
9
27
t
&
Worthington
13_100
M
v
P
2,300
31
31
31
31
95 July 100 Sept
91 Apr 16 95 Jan 20
*- - 95 *- - - - 95
100
9234 93
91
Do prof A v t c
95
*92
93
500
*9312 95
July 634 Sept
52
534
22
Jan
5_
May
573,
_
50
9
534
534
100
5414
t
c
B
v
met
58
2,400
55
56
56
564
Do
5633
-- Certificates of deposit.
• Bid and a4ited prices; 00 soles on this day
Less than 100 shares. 8 Ex-rights. a Ex-rtents a Ex-div.and rights. it Par $100 per share.
tEx-dividend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly 2099
Is Jan. 1909 the Exchange method of quoting bonds was changed, and prices
are now -"and interesr-except for income and defaulted
bonds.
BONDS
N. Y. STOCK EXCHANGE
week ending May 25
Price
Friday
May 25
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending May 25
Price
Friday
May 25
Week's
Range
Range or
Since
Last Sale
Jan. 1
U. S. Government.
Bid
Ask Low
High No. Low High
Chesapea
ke
di
Ohio (Con)Bid
US 28 consol registered__.d1930 Q J
Ask Low
High No. Low High
9634 ---. 98 May'17
98
9934
Greenbrier Ry 1st gu g 43_1940 M- N
U 8 2s consol coupon
78 -_ 8812 Sept'16
51930 Q. J 06% - 993 Jan'17
9914 9914
Warm Springs V let g 58__1941 111- S
U S Is registered
k1918 Q F 98% ---- 99 May'17
_ 11314 Feb '15
99
9912
Chic
&
Alton
RR ref g 3s___1949 A -0 -3-57U S 38 coupon
8 -6118 597
kI918 Q99
-59-7; -55399
99
4
5 99 10178
Railway 1st lien 334s
1950 J - J 4712 Sale 4712 May'17-US 48 registered
1925 Q. F 105 106 10512 May'17
4712 -2
- 4514 5312
10512 110
Chic B & Q Denver Div 48_1922 F - A 997g 101
997
U 8 4$ coupon
997
1925 Q - F 105
2 997 100
10514
10512 19 10514 11118
Illinois Div 348
1949 J - J 8112 Sale 81
U E3 Pan Canal 10-30-yr 2s_k1936 Q F 0634-- 9814 Oct '15
8
8134
8014 89
-Illinois Div 45
19493 - J
U S Pan Canal 10-30-yr 28...1938 Q -N
- 92 90
90
9634 ___ 97 July'15
1 90 98
Iowa Div sinking fund 50_1919 A -0 i9
681
51 9_.
U S Panama Canal 3s g___ _1961 Q -NI 90 --- 90
81; 18
08
272 Az;'47
7
198
024 199
90
0214
90 - 10214
Sinking fund 48
1919 A -0
U 8 Philippine Island 48..1914-34 Q - F ------ 100 Feb '13
Joint bonds. See Great North
Foreign Government.
Nebraska
Extension 4s...1927 M-N 9334 9514 9514
Amer Foreign Secur 55
1919 F - A
9534 Sale 9538
9512
7 1)5
9534 62 9514 9812
9t)
Registered
Anglo-French 5-yr 5s Ester loan_ A 1927 M-N
98 Juir16 -_-- -- --.
9334 Sale 9313
9414 1617 9012 95
Southwestern Div 45
Argentine-Internal Is of 1909_ M1921 M- S 9612 -. 99% Jtme'15 -80
8612 MaY'I I
90
8612 93
General 46
Bordeaux (City of) 3-yr 65_1919 M- N 95 Sale 9434
1958
5190%
Sale
89%
9014
-50 -85- -5f1;
9534 70 9412 9678
Chic dr E III ref di imp 4s g_ _1955 J -3 3012
Chinese (Hukuang Ry)-5s of '11 J -Et t 71
3214 31
31
7212 71% May'17
5 3012 33
70
7214
US Mtg & Tr Co ctfs of dep__
Cuba-External debt 58 of 1904_ M- S 9818 - - - - 98 May'17
3012 3214 3034
3112 17 2712 3312
97 100
1st consol gold Os
1934
Ester dt 5t of '14 ser A...1949 F - A 90 9518 927s May'17
A
100
105
106
Mae17 ---- 10.514 10712
9212 9658
General
consol
1st
5s
1937 M- N 7518 881s 8034 Jan '17 ---- 80
External loan 4s
8812 Jan '17
1949 F - A 8514 87
8612 8612
14 90
US Altg di Tr Co ctfs of dep _"onninion of Canada g St__ _1921 A -- 75 ____ 8712 Mar'17 ---- 87 90
9718 Sale 9718
9714 14 9612 100%
Guar Tr Co ctfa of dep
Do
_ - - -- 90
9512
9534 96
85 Feb '17 ---do
96
1926 A 26 9518 100
90
Purch money 1st coal 58..1,942 A
Do
9512 9534 95%
9714
do
6
6 Feb '13 ._
95% 21 95 10014
1931 A ....__ _85_ _ _
Chic & Ind C Ry 1st 5s_ _ _1936 F--- J 28 _:- _ _ 32 Mar'17
trench Repub 534s secured loan_
9914 Sale 9914
99% 463 99 101
- 32
Chicago Great West 1st 48..1959 J
41
M6
4
7
5
S
Jananese Govt-C loan 448_1925 F - A I 8612 88
-68-1-4
8612
67
8634
4 81
-3 6512 7312
Chic Ind & Louisv-Ref 68_1947 J 8834
J --- - 115 11234 Mar'17 ---- 11238 11518
Second series 434s
1925 -.1 8234 8612 8214 May'17
80% 8858
Refunding gold 58
19473 - J ---- -__ 10012 Apr '17 ---Do do "German stamp".
7912
80
23 78
82
10012 10014
Refunding
45
Series
C
731
1917
J
J
---Sterling loan 4s
7512 Apr '17
4
1931
841, Apr '17 --- 8412 8514
:
7312 761
Ind & Louis,/ 1st gu 4s_ _ _1958 J - J ---- _75
Lyons(City of) 3-yr Os
1919 M- N 95 Sale 95
70 Nov'16 -_-_::
96
102 05
971g
Chic Ind & Sou 50-yr 48_ _ 1956 J - J
Marseilles(City of) 3-yr 613_ _1919 M- N 95 Sale 95
96
12
Jan
9512 48 9412 97
'17
-66" -iiii2
Chic L S & East 1st 430_ _ _1969 J -D -a- -94
Mexico-Ester loan £ 55 of 1899 Q- J *48
50
48
97% Dee '16
49
4 4012 50
Chicago Milwaukee & St PaulGold debt 45 of 1904
__ 38
1954 J -D
35
36
7 35
3978
Gen'l gold 48 Series A__ _41989 J - J 8612 Sale 8612
Paris, City of, 5-year 68_ __ _1921 A -9334 Sale 9314
87
11 8612 96
9418 72 92 97
Registered
Tokyo City-5s loan of 1912.... M- S t 78
e1989 @- J
7814 78 May'17
75% 787s
Permanent 4s
59
1925 J -D -8
5- -8
U K of Gt Brit Si I 2-yr 5s_ _1918 M- S 9718 Sale 97%
52
138
May'17
-of- "iii,f4
9734 1258 9574 9812
Gen & ref Ser A 44s_ _ _ _a2014 A -0
3-year 534 temp notes_ __ _1919 M- N 9634 Sale 96%
8914 Mar17
97
8914 9812
423 95
9878
Gen&ref434s(temporary form)
5-year 54 temp notes_ __ _1921 M- N 9558 Sale 9512
8884 Sale 98952253%
---2
---::
.14 85
96
330
9618
933
9812
4
Gen ref cony Ser Pas__ _a2014 Temporary notes 534s_ _1918
98 Bale 98
9958 Sale 9938
9834 48 98 1075t
9934 553 98 10014
Gen'i
gold
334s
Temporary notes 548_ __ _1919
Ser
B_
73
_
_41989
J
79
J
9934 Sale 9912
7312 Mar17 ---- 7312 8234
993
4
698
9812
10112
General
*These are prices on the basis of
4)4s Series C...e1989 J - J ---- 102
97
97
1 97 10514
25-year debenture 48
State and City Securities,
1934 J - J ---- 8634 86
8634 16 88
9434
Convertible 434s
N Y City-44s Corp stock _1960 M10034 10078 10034
1932 J -D 9114 Bale 9012
101
9114
68
17
90 10214
10012
10412
Chic & L Sup Div g 58_ _1921 J -3 10012 _._.10314 Jan '17
44s Corporate stock_ _ 1964 111- S 10034 10112 10034
---- 10314 10314
10112
6 10012 10534
Chic & Mo Riv Div 5s__ _1926 J - J 101 _
44s Corporate stock- __ _1966 A 10034 101 10114
10612 Jan '17 ---- 10812
10114
2 10114 1013
Chic & P W 1st g 5s
44s Corporate stock_ _1965 J -D 10514 10512 10514
1921 J J 10014 103 101 May'17 ---- 10014 10612
10538 54 10514 111
10412
C M & Puget 13d 1st gu 4s_1949 J - J
4348 Corporate stock_ _1963 M- S 10514 10534 105
8834 901, Apr '17 ---- 901 9514
10534
8 105 11084
Dubuque
Div
4% Corporate stock
1st
8
f
6s_
1021
9918
_
_1920 J - J
Sale 991
;10612 103 May'17 ---- 103 105
1959 M-N
100
17 998 10218
Fargo & Sou assum g 68..1924 J - J 108 _-__ 110
4% Corporate stock
1958 M- N 9934 100 100 May'17 _- 99
June'13
---10218
_- La Crosse & D
4% Corporate stock
58
1919 J - J low .
1957 M-N 9912 Sale 9912
9934
10038 May'17 ---- 10034
4 9912 10214
Wis & Minn Div g 58
10111
.
4% Corporate stock..
1921 J -3 10014 18412 10218
1956 M-N 9914
- 9714 Jan '16
10212
1 102 10434
Wit Valley Div 1st 6s
New 434s
1920 J - J 10234 ..
1957 M- N 105 100 10512 10512
107 Dec '16
Milw
No
&
1st
New 434s.
ext
9
0
448_193
6
14
loo
4
.1
MN
-D
9
too
6
8
1917
98 Apr '17 :::: -el" iiii1-2
100
1 too 100
Cons extended 4 4s_ _ _1934 J -D 9034..,.
44% Corporate stock
- 1053
1957 PA-N 10538 Sale
10538
10234 Dee '16
5 10412 11012
Chic &NorWest Est 48 1886-1928 F - A
434% Assessment bonds...1917 111-N
- - 10012 June'16
_
'of' iii4
Registere
334% Corporate stock
d
901s
1886-1926
F-A
__
9112 89
97
712 Jan'
1954 111-N 89
1
17
7 --7--- 9712 9712
9112 _18_ 10312
88 00
General gold 345
N Y Stato-is
103 _
1987 M- N -__- 7878 7812
i 7812 88/
10312 Apr '17
1961 M7812
1
4
Registere
d
Canal Improvement 4s
p1987
-Q
F
7912
103
Sale
.1
8114 Oct '18
1961 - J
103
103
2 10312 10
96
5Z
General 4s
Canal Improvement 4s
1987 M- N 95 Sale 90
90 10212 May'17 -- 10212 10212
1962 J - J
9
- -iii
s -iii
Stamped 45
Canal Improvement 48_19130 1987 M- N ---- Ma 9011 May'17 ---- 9012
10214 103 10234 May'17 -9512
General 5s stamped
Canal Improvement 448_1964 J - J 11218 11312 112 May'17 -- 10234
1987 M- N -.-- 11012 11714 Jan '17 ---- 118
112 11'718
Sinking fund 6s
1879-1929 A -0 105 ---- 111 Jan '17 ---- 111 118
Canal Improvement 448_1985 J - J 10612 10814 10934 Sept'16
111
Registered
1879-1929 A -0 ____ ____ mit Apr '18 --Highway Improv't 4349_1963 M- S 112 11314 113 Apr '17
Sinking fund 58
1879-1929 A -0 i.6
Highway Improv't 448_1985 PA7
-- 10814 Mar'17
4
ior
1
i1
i0
7-1;
Registered
iliiii
1879-1929 A -0
Virginia funded debt 2-3s.._ _1991 J - J
_ 83
...____
85 Aug '16 -Debenture
5s
1921 A -0 10014 10-3
Os deferred Brown Bros ctfs__
5012
5012
-- iiiisi
a
-E6
C2
Registered
if!
4
1921 A -0 ---- 1003s 10212 Oat '16 ---- 15514
Railroad.
Sinking fund deb 68
Ann Arbor 1st g 4s
61
1933 M-N ---- 10234 102 Apr '17 --6334 6334
MOOS Q63%
8312 7312
Registered
Atch Top & S Fe gen g 4s___1995 A -0 9038 Sale 89%
1933 61-N _ii _ ...: 10414 June'16 ____........ iiii i :
9012 33 8912 97
- --Des PlainesVal 1st gu 43481947 MRegistered
90
92 Apr '17
1995 A -0 85
------91% 93
Frem Elk & Mo V 1st 6s_ _1933 A 11411
Adjustment gold 41)
76 --8
80% 8111 8012
h1995 Nov
-i
.- 18
9
18
7
14°
J
A:pntr ill:7 :
8012
-.:
i 8
n%
8014 8814
Man
GB&NW
Registered
348_1941
1st
J
J
h1995 Nov
- 8512 N ov'10
Milw S L 1st gu 348_1941 - J
Stamped
h1995 M-N 82 8312 82
82
4 81 -isi Mil L S & West 1st g 6s.1921 M- S iiii1-2:I:: i
.7.1onv gold 4s..
1955 J -D 102 Sale 10018 102
.._2_ iaii4 iiii4
22 99 10612
Cony 45 Issue of 1910_..1960 J -D 10112 10312 10112
Est & imp f gold 5s_ _ _1929 F - A
____ 104 2
102
26 99 107
4
10-year 55
Ashland Div 1st g 6s_ _ _1925 M- S 1VI5
34
2
:
1917 3 -D -_ 100 11)1)14 May'17
:
.-. :19
14
11
7 Dee:15
7 ____ :- -: - - -.
10018 10078
East Okla Div 1st g 4s_1928 M- S 54 00 9814 Mar'17
Mich Div 1st gold 6s 1924 J - J 10534 --- 111%
Nov'16
95 99
Rocky Mtn Div 1st 4s_. _1965 J - J ____ 86
Mil
Spar
&
N
W
48_1947
1st
Mgu
S
8512 Apr '17
ii -4-Ki4 84
85% 86
Trans Con Short L 1st 48_1958 J .3 8212 8912 89
St L Peo & N W Ist gu 5s_ 1948 J - J 9
89
718 10
89
1 10
83
714 Ma3
y17
Apr '17
7 ____ 10314 10834
89 9334
Cal-Ariz lst & ref 448"A"1962 PdChicago Rock Isl & Pac 6s. _1917 J - J 100 10034 100 May'17
..- 95
9312
9312
4
---997
91
100
3 10071
S Fe Pres & Ph 1st g 5s
Registered
'
1917 J - J .._7,- 100% 10038 Apr '17 ---1942• S 001; 10434 10458 Feb '17
10034 10034
104 104%
AU Coast L 1st gold 48_
Railway general gold 4s_ _ _1988 J - J 82 Sale 82
8858 Sale 88
h1952 M8214
8918
4 82 90
7 .88 963s
Gen unified 44s
Registered
1988
1964 -D 88% Sale 8878
J
J
Mar
8878
7 88% 9512
Refunding gold 45
Ala Mid 1st gu gold 5s_ _.1928 M- N 101 103 106
75
- 12 89
1934 A -0 -;
139
1ei8 687912
Mar'17
70
.158
7 - iii 8
106 10713
65
9h 86781
Bruns di W 1st gu gold 48_1938 .1 - J 8712
20-year debenture 58
4
1932 J - J 7434 80
7612
8914 May'17
78
10 70
78
8914
933
Coll
Charles & Say 1st gold 78_1936 - J 123%
trust
4
98
Series
P
4s
1918 M-N
_ 12978 Aug '15.9812 98
98
1 98
9878
_
R I Ark & Louis 1st 448_1934 idL & N coil gold 48
67
01952 M- N 8214 8312 81
71
67
May'17
81
---- 65
5 81
89
7412
Burl C R & N-1st g 5s...1934 A -0 9612 103
Say F & W 1st gold 68.. _ _ _1934 A -0 111 118 11812 May'17
9912 Apr '17 i.
-...
.._ 9912 1027
11812 11812
CRIF&NWIstgu 58_1921 A-0 9718 99
1st gold 58
1934 4-0 102 ____ 103 July 15
8 9712 May'17 _ _ 9'712 9712
Choc Okla & G gen g 5s_ _01919 J - J 97 ---811 Sp Oca &0 gu g 48_ _ _1918 J .3 98%
99
,
4
Oct
Dee
9914
le
'16 Consol gold 58
Bait di Ohio prior 345
1925 J -J 90% Sale 90
1952 M-N 93 ___ 9734 July'15 ii
90% 37 90 9614
. 1-1-6-12
- 1-1-814
Kook & Des Moines 1st 58.1923 A -0 50
Registered
h1925 Q. J 8714 93 92 Apr '17 -55
55
5.5
2 55
82
92 9518
StPaul&
8712 Sale 8612
KCP3hL
1st 50-year gold 4s
833
4
h1948 A 1st
448'41
F
8712
-A
73
Mar'17 _ _ ..8712 23 8612 94%
7;'
7;
Chic
St
P
Registered
M
85
&
11212
0
cons 6s_ _ _1930 J -D
h1948 Q.
9218 9234
113 113 May'17
91
9214
Cons 68 reduced to 34s_ _1930 J -D 881s -- 91 Apr '17 ---- 113 11834
20-yr cony 448
8938 Sale 88% Mar'17
1933
89% 87 88% 9718
--- - 91
9118
Debenture 58
Refund & gen 58 Series A_1995 :1--6 9612 Sale 96%
1930 M- 8 9712 100
98 May'17
97
35
96
10111
Ch
St
Pitts Juno 1st gold Os.. .1922
P & Minn 1st g 611_1918 rd-N 111 11412 115% Mar'17 ---- 98 103
_1922 J - J
112 Jan '12
North Wisconsin 1st Os_ _ _1930 J - J 11114 ---- 118 Nov'16
PJunc & M Div 1st g 3481925 M- N
-5538 92 Mar'17
.881s 89412
St P & S City 1st g 6s
PLE&W Va Sys ref 4s_ _1941 M- N 80
1011 105 10114
8018 • 80%
1919 A 8012 13 _8_0_ .
9_0_
4 104 .
Superior Short I. 1st 58 g_p1930 M- S 99 __-- 10512 May'17 - --- 1011Southw Div 1st gold 348_1925 J
87
8712
Nov'16 _-_
1
Chic
Cent Ohio RIstcg4411._1930 M- S 9612 98 100
T
II
&
So-East
1st
--5s_
_
1960
-0
J
80
87 Apr '17 --- 100
82 Jan '17 - --- ;
ii
08
5
75- -7
CI Lor & NV con lat g 5s_ 1933 A Chic & West Ind gen g 63..81932 Q -M 105 106 10f3
9918
10834 Oct '18 -- 87 1900413
Apr '17 _--108
Monon River 1st gu g 5s_1919 F - A
Consol 50-year 45
1952 J - J 70 7134 71 May'17 --- 10114 Note113
0
7
Ohio River RR 1st g 511_1936 J -D 105 ;;- 107%
Cin H & D 2d gold 44s
90
1937
J
-J
Sale 90
Feb '17 7_7. 90
1();1
1 90
:
2
107
71--2 General gold 58
9634
1st & refunding 4s
1937 A-0 96 10378 107% Nov'16
1959 J - J
Pitts Clev & Tol 1st g 68_ _1922 A 1st guaranteed 4s
-1959 J - J -sir -_-_-_-_ -sir ii;i;i:i-_-_-_-_ -ir -i6
107 Feb '17
Pitts & West 1st g 4s
CinD & I 1st gu g 5s_ _...A941 PA-N 27 ,.-- 25 July'15
99% ___
1917 J
OOle Sept'16
Buffalo It & P gen g 58
C Find & Ft W 1st gu 48 g.1923 M- N -. ---- 88 Mar'll ---1937 M- S 102 10512 10512
May'17
---- - --- - .10S1 1111-2
Consol 4348
Cin di W 1st gu g 4s_ _1953 1057 M-N -- 9912 10134 Marl7
- -- - ---. 6.5 July'14
---- 10134 10212
Day
All & West 1st g 4s gu_ _ _1998 A & Mich let cons 430.1931 J - J
88% 93
187 Nov'16
98 Jan '17 ____ -ii - -ski Clev Cin Ch & St L gen 46_1993 J -D 7112 73
Clear & Mah 1st gu g 5a_ -1943 3. J 10612 ____ 10318 Feb
7018
72
'16 ::::
3 701* 8112
20-year deb 4348
Roch & Pitts 1st gold 133._1921 F - A 10312
_
1931 J - J 8412 84% 8512 Apr '17 ---- 8512 87
General 5t Series B
Consol let g 68
1922 J -D 10434 10712 18
1993 J -D _--- 9818 101 Feb '17 --- 10014 101
05
6
9114
4J
D
::
4
17
6
-16
-53
io614
4
Cairo Div 1st gold 45_ _ _1939 J - J 7534 7814 837 Mae17
Canada Sou cons gu A Ss__ 1962 A 9912 Sale
100
8 9914 10518
Cm W & M Div Ist g 48_1991 J - J ---. 7212 79 Feb '17 ---- 837 87
Car Clinch & Ohio 1st 30-yr 5s'38 J -D 85 Sale 0014
-.. 79
81
St L Div 1st coil tr g 4s_ _1990 M- N 74 81
Central of Ga 1st gold 5s_ _p1945 F - A --__ 109 10818 May
8014 Apr '17 ___ 80% 8312
85
17
10
88
51s 19102
Spr & Col Div 1st g 4s._ _1940 M- S 7312 ---- 83 Sept'16
1945 M- N 9712 9812
Consol gold 58
---W
Val
W
Chatt Div pur money g 48 1951 J -D 78
Div
let
70
8712 8
g
4s
.._
-J
_ 84 N ov 16 ..-_ - - - - -1940 J
94
7112
2M
ME
Z:16
7 :::: _9
_8
- r3
C I St L & C consol 6s
Mao & Nor Div 1st g 58-1946 J - J 100 --_ 103 Mar'17
1920 PA-N ---- 10412 105 June'16 -- :- -. --:lat gold 4s
Mid Ga & Atl Div 58
1947 J - J 9712 10318 10014 Mar'15 --__ 103 - 103 8514 84
k1936 Q- F 84
8514
5 84 8514
Registered
Mobile Div 1st g 58
1946 J - J 97 .,
8312
_-- _ 8812 May'15
k1936 Q- F
10412 Apr '17
10414
CinS & Cl cons 1st g 5s_ _1923 J - J 97 ---- 10234 Jan '17
Cen RR & B of Gs col g 5s....1937 - N -- _ 95
9412 Aor '17 ___ 9413 10412
___ 1023410234
9718
CCC&Igenconsg 68__1934 J - J 1097 ---- 11434 Mar'17
Cent of N J gen'l gold 58.-1987 J - J
11134 1117 May'17...11112
__-- 11434 116%
12012
Ind B di W 1st pref 4t.._1940 A -0 79
Registered
--- Ill no
M987 Q'
no
110 118
0 Ind & W 1st pref 5s_ _ _d1938 Q Am Dock & Imp gu 5s-1921 .3 100% 102 102
90 -----------------------.
Peoria & East 1st cons 4s_1940 A -0 5714 5812 667. A
Leh & Hud Riv gen gu g 58-'20 - J 97% 10112 100 Apr '17 -__ 102 10414
p-r'
--17 - -- - - - --- - June'13
Income 4s
N & Long Br gen g 4s_ _1941 M- S 93, 10012 10012 Jan '13-_
1812 20
1990 Apr
20 May'17 -_-_:: 8
20
812 30
.--7514
Cleve Short L lat gu 4411.._ _1961 A Cent Vermont 1st gu g 4s_ _41920 Q- F
96 Sale 96
80
78
98
3 9312 10234
-f4
ti
7014
Col Midland 1st gold 4s_....1947 J - J
Chesa &0 fund & impt 58_1929 J - J --- 9638 9678 Feb '17
7
712 7
712 12 214 1714
Marl? ...... 958 945s
let consol gold 5s
Trust Co certifs of deposit__ - _
1939 M-N 10012 1021t 10212
612
7
634
192%
5 2
634
1114
102 10812
Colorado & Sou 1st g 4s__ _1929
Registered
8712 8812 8714
1939 M - N
10412 Jan .17
8714
2 8714 96
General gold 434s
Refund dr Ext 434s
1992 M s 8512 Sale 85
1935 - N 7912 Sale 7912
80
32 7912 8734
8614 14 18
944
94
1 19
41'
Registered
Ft W & Den C Ist g 68- - -1921 J -D 10112 1C13 10112
1992 PA --- 8634 Mar'17 --.
10112
1 101 105%
8634 92
20-year convertible 4 4s_ _1930 F - A 7018 Sale 7834
Conn & Pas Rivs 1st g 4s_ _ _1943 A 84 --_ _
7934 42 7814 8612
30-year cony secured 5s_ _1946 A Cuba RR 1st 50-year 5s g_ _1952 J .38712 Sale 86
-- 93%8
-14- Feb-ia4
-----------.
881.
8734 159 84
4
9434
Big Sandy 1st 4s
Del
Lack
Western
di
1944 -D 76
82
84 Apr '17 -- 84
8'7
Coal River Ry 1st gu 4s_ _1945 J -D 7812 80
Morris & Ess Ist gu 314s2000 J -D - 8414 84 May'17
8518 Nov'16
-Craig Valley 1st g 5t
N Y Lack dr W 1st 65....1921 - J 10518 Sale 10518
1940 J - J 95
1051
9634
Feb '18
3 100
0412 10758
214
Construction 58
Potts Creek Br 1st 4s___ _1946 J - J 7012
1923 F - A 9914 ___ 100 May'17
0
7t/g3 8414 Jan '13 -Term di Improve 4s_ _..l923 M-N 9314 97
R& A DIY ist con g 4s_ _ _1989 J - J 8012 81
9612 May'17
8158 May'17
9612 99%
911 8812
Warren
ref
1st
gu
2d consol gold 48
g
334
a_
1949 _2000
F
A
84
73
78
---10218 Feb '03
8134 Apr '17 -- 8114 8134
----_ •No price Friday: latest this week a Due Jan 4 Due April, a Due
May 0 Due June h Due July. k Due Aug o Due Oct. p Due
Nov. q Due Dec
Option sale
04
-s
New York Bond Record
2 100
BONDS
N. Y. STOCK EXCHANGE
Week ending May 25
13
Prtce
Friday
May 25
Week's
Range or
Last Sale
,t1
Range
Since
Jan. 1
[VoL. 104.
Continued-Page 2
BONDS
N. Y, STOCK EXCHANGE
Week ending May 25
Pries
Friday
May 25
Week's
Range or
Last Sale
ig
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
11312 114
High No,ILow High
Ask Low
112 114 Feb '17
Bid
Leh V Term Ity 1st gu g 5s__1941 A -0 1044
113 113
'17 ---- 101 10113
Aor
Mar'17
101
113
S
100
0
MA
1941
__1917
Registered
Del & Hud 1st Pa Div 7s
10118
10118
.--10312 10612
Mar'17
'17
Apr
10118
10313
1917 M- S
Registered
Leh Val Coal Co 1st gu g 53_1933 J - J
1004 10114
- -105 Oat '13
9812 10014 Apr '17
9712
J
J
J
J
1022
1933
434s
g
equip
lien
Registered
1st
10 88
9912
8978
8978
dais
8978
J
J
M-N
1913
1933
1st int reduced to 4s
1st de ref 4s
107
98
21
8
995
93
Apr
dale
1915 M- S 8514 87
1935 A -0 93
Leh di N Y lst guar g 4s
20-year cony 5s
1 80 8938
80
82 80
_- 1945 M- S
1916 A -0 81
Registered
Alb & Susq cony 33.48
11273 Dec 'I6
3100 106 10414 Apr '17
gold 5.s_51931 Q1st
cons
Isid
Long
Renss & Saratoga 1st 75_ _1921 -N 1067
21
88
74
7412
9414 June'16
74
74
73
90
J
Q
51931
4s
gold
consol
1st
Deny di It Or 1st cons g 4s_1930 .1 - J
83 91
83 May'17
1938 J -D _--- 851; 8514 Feb '17
1930 J - J 7313 86
General gold Is
Consol gold 434s
90
82
2
8213
824
9834 Don '16
83
95
1922• S
Ferry gold 430
Improvement gold 5s__ _ _ 1923 J -D 82
132 554 68
61
9914 Oat '06
1955 F - A 5513 Sale 55 N ov'16 1932 J -D
Gold 4s
1st & refunding 53
_
3 89
-85187
May'17
89
89
_
S
D
MJ
1949
Unified gold 4s
Rio Or Juno 1st gu g 5s_ _ _19.39
9578 984
6114 Apr '11
- __ 9812 9578 Feb '17
1934 -D _:
Debenture gold 5s
Rio Or Sou 1st gold 4s_ _.1910 J - J38 3512 June'16
9018
86
May'17
86
87
8512
S
J
•
J
4s._1949
1940
gold
Guar refunding
Guaranteed
8434
3 68
68
95 Jan '11
Sale 63
1949 Kt- S
Registered
Rio Or West 1St gold 4s_ A939 J - J 68
7413
59
103 lO3tg
63 59 May'17
A -0 96 1O1I 10314 Apr '17
g
58_1935
eon
B
1st
IVI
B
&
Y
N
Mtge di coil trust 4s A 1919 A -0 58
9813 9812
103 103
984 Mar'17
103 Feb '17
NY&RB 1st gold 5s_ _1927 M- s 9613 10418
Des Moines Cu Ry 1st g 53_1917 M- N __- 821: 82 Dec '10
100 Aug'10
Nor Sh B let con g gu 53_01932 Q - J 94 - - 9438 Jan '17
Det de Mack-lst lien g 4s_ A995 ▪ -13 _ ..- 81
8 -1412
-9437513 1115'16 91
____
S
-D
M1927
1995
5s
&
g
Ark
1st
Louisiana
Gold 4s
93
91
11233 11314
11238 May'17
- 8878 914 Mar'17
& Nashv gen 63_1930 J -D 111 11238 10238 May'17
Del Rh(Tun-Ter Tun 434s 1961 M-N
Louisville
1054
1044
107
8
1025
'17
Feb
1054
ma
1937 rd-N 10238108
Gold 53
Dul allssabe & Nor gen 5s_ _1911 J - J 10114 9934 10034 Apr '17
10013 101
9734
91
1910 J - J 91389138 914 May'17
Unified gold 4s
Dul & IronRange 1st 5s_ _ 1937 A -O 974
965s
9618
Mar'03
'17
Jan
100
10612
9618
1910 J - J 9012
1937 A -O
Registered
Registered
94
94
10612 10634
94 Jan '17
- 10673 Feb '17
94
102 i5658
N
M1931
5s
gold
trust
Collateral
Dul Sou Shore di Atl g 5s__ A937 J - J 84 1024
104 104
Jan '17
'16
Dee
1.04
4
1073
---10318
M-N
1-0
1919
El1&Nashlstg6e
Elgin Joliet & East 1st g 58_1911
10178 10912
98 103
98 May'17
tosla 1054 May'17
1920 M- s
L Cln & Lox gold 458_1931 M- N 9812 100 11214
Erie 1st consol gold 7s
984 9913
11214 11418
Mar'17
984 9312 Mar'17
1930 J - J 10738115
N 0 M 1st gold Os
N Y & Erie 1st ext g 4s_....1947 M-N 9538 1001s
10418 104%
June'18
'17
Feb
101'4
10418
994
___*1014
J
J
S
M1919
1930
2d gold 65
2d ext gold 53
3
7 -975-8 6618
8918 904
97,
3
9013 Apr '17
1923 M- 5 9712 994 97,
3d ext gold 44s
Paducah di Mom Div 4s_ _1946 F - A 8414
10133 1021a
10312 106
s Apr '17
10312 May'17
1920 A -0 9813 10134 1013
St Louis Div 1st gold 6s 1921 as-S 101 --:
4th ext gold 5s
734
60
- - - -- - 4
Nov'15
913
May'17
6012
601
56
S
-D
J
1980 911928
26 gold 3s
5th tett gold 4s
9118
82
82
82
1 1-1 1719,-8 1074 Dec '16
All Knox & Ciu Div 4s_1955 M-N 82 84 10834
NYLE&WIstgfd 78_1920 M- S 7938 Sals. 79%
8
10834 10834
79% 11 -f53'17
Jan
4
D..10
J
J
_1996
All Knox Re Nor 1st g 5s-1910
Erie 1st cons g 43 prior__
84 Dec '16
10614 June'16
1996 J - J
Render Bdge 1st s f g 63....1931 M- S 105
Registered
85',
81
6112 29 -66- -fit;
81 May'17
5 -e 6114
85
1st consol gen lien g 43.1996 - J -613;1
Kentucky Central gold 4s_ 1987 - J 82
99 10334
73 June'16
9938 May'17
73
j
9912
9914
-0
A
1996
Lox & East 1st 50-yr 5s gu 1965
Registered
-155'16
8813
May'17
Oct
8918
101
3812
2
0
9
8
j4
J _9_7_3_
S
Penn coil trust gold 45_1951 F - A
L&N&M&M lstg 4%s 1945
5 5413 6814
3 -ails
-36156
56 5413
8138 May'17
59-year cony 4s Series A 1953 A-0 55 Sale 5413
L & N-South M joint 4s_ _1952
5512 53 5413 087s
95 Feb '05
1953 A - 0 55
h1952 Q - J
Series B
do
Registered
3
84
60
69
4
683
4
Sept'18
933
4
6913
1053
102t
1937 F - A
Gen cony 4s Series D__A952 A -0 6712 10211
NFla&S lstgugas
10713 109
2 108 Mar'17
.
973s May'10
A982
N & C Bdge gen gu g 430_1945 J - J 9738 9913 1083
Chia & Erie 1st gold
10673 1007s
10673 Jan '17
4 N ov'113
9
9914
J 10
-N
jPensac di At! 1st gu g 6s...1921 F - A 106 10838 105 May'17
Cloy di Mahon Vail g 58.-1938"
109
10438
log - 109
May'17
105
3
A 102 105
F
1955 - .1 105 i5S1
SAN
Ala
Erie & Jersey 1st s f 6s
8u
8
eons
53-1936
105 10712
1 100 10313
May'17
100
105
100
10413
Sale
104
100
J
0
J
A
Gen cons gu 50-year 5s_1963
Gene.ssee River 1st s f 6s_ _1957
8112
79
'16
001
'17
_
Apr
1224
79
11118
-S 72
L & Jeff Edge Co en g
Long Dock consol g 6s__ _1935 A -0
_
102 Mar'16
N
Coal & RR 1st cur gu 6s_1922 M-N 10114 10112
Manila RR-Sou lines 4s__ _1936
10614 10814
10
Jan '17
Mar
'10614
77
106
10213
J
S
MMex Internet 1st cons g 4s 1977
Dock & Impt 1st ext 5s_ _1943
101 10218
_ 1021z Mar'17
79 No v.10
1977 MY & Green L gu g 5s_ _1946 M-N 97
Stamped guaranteed
10012 10012
92 10012 Jan '17
9112 101 Oct '09
Midland Term-lst s f g 53.1925 1-0
N Y Susq & W 1st ref 53_1937 .1 - J
'06
Deo
Doe '16
1004
11313
1937 F - A
Minn & St L 1st gold 7s....._1927 J -D Hi- 10338 Oat '16
2d gold 4%s
74 Nov'16
--- 69
1910 F - A
Pacific Ext 1st gold 6s. _ _1921 A -0 ---- iao
General gold 5s
8 15i1541
8814 9112
Apr '17
108 Jan '17 8013
3
7
N88
-N
MM
1931
let consol gold 5s
Terminal 1st gold 53_1943
107 108
64
47
'17
4912
Jan
108
47
105
..,
4 Sale
1st & refunding gold 4s.....1919 M- S 483Mid of N J 1st ext 5g. .J940 A-0
70 81
4713 6172
70 Mar'17
4713 May'17
70
50
i 48
Q F
Ref & ext 50-yr 5s Ser A_ _1962 2
Wilk di East 1st gu g 5,s_ _1942 .1 -D 67
2813
2813
'15
'17
Jan
Feb
284
60
Ev di Ind 1st cons gu g 6:3_1926 J- J
DesM&FtDIstgu4s1g35
.95
88 -5/1
100 102
88 May'17
iooi 102 Jan '17
- 88
Iowa Central 1st gold 5s...1933 J -D
Evansv & T II 1st cons 6s_1921 J - J 15563
7 46
_ 63 May'16
47
1951 34- S 46 Sale 46
1942 A-0 7514
Refunding gold Is
1st general gold 5s
21
_
97
83
II
89
Nov'
38
108
Sale
J - J 8814
Mt Vernon 1st gold 6s_ _1923 A-0
93 92
MStP&SSMcong4sIntgu-1933 M- N
95 June'12
92 Jan '17
1911
1930 A -0
1st Chic Term s f 4s
Sun Co Branch 1st g 5s
9834
-56- -5595
90 May'17
9334 _ _ 95 Apr '17
1959 ▪ -D -26- 93
MSSM&A 1st g 4s Int gu.'26 Florida E Coast 1st 434s
'16
92
Dec
'10
Aug
95
94
Mississippi Central 1st 5s.._ _1919 J - J ____ Sale 6778
Fort St U D Co 1st g 4s.,1041 J - J
9, 677 fit-2
69's 6914
68
8914 Fob '17
68
-D
-J
J
J
4s_1990
1st
gold
Tex
g
di
48_1928
Kan
Or
1st
Rio
Mo
Ft Worth &
3' 40
5414
40
-g7 - 8513 June'16
10:33 A-0
g1990 F - A 40 4478 40 Apr '17 - 28
2d gold 48
Galv Hous & Hen 1st 5s
8 -97
-6E531
93
93 Sale 9553
30
31
1941 M- N 28
1st ext gold 5s
Great Nor C B & Q coll 4s_ _1921 J -J 9534 Sale 9534
9513 99
56 694
Apr '17
9534
56
60
56
S
MJ
Q51921
45
2004
1st di refunding
Registered
93 10134
2
45
34
Sale 9414
4
34
943
9434
34
-J
Gen sinking fund 430_1933 J J
1st di ref 43is Series A___1961
- -90 June'16
40 N ov'16
35%
7
1961 J - J
St Louis Div 1st ref g 4s_ _2001 A -0 _34
Registered
-5i" -55694 6913
9393 Apr '17
'17
96
Apr
6912
-2i6834
N
•
1933
Dail & Waco 1st guy 5s...1910
St Paul M de Man 4s
115 121
7014 71
115 Apr '17
7014 Mar'17
11214
1933
1st consol gold 6.1
Kan City & Pao 1st g 4s_ -1990 F - A 6978 --- 68
118 118
6712 79
118 Apr '17
May'17
1933 - J
Mo K & E 1st gu g 5s___ _1942 A -0 ---- 58
Registered
99 10513
82 85
9913
9913
Mar'17
794
78
76
993
-J
34-N
M K & Okla 1st guar 5s._1942
Reduced to gold 4%8.1933
7813 80
9 10212 May'16
i066
69% 79 Jan '17
1933 J - J
Registered
M K & T of T 1st gu g 5s_1942 M- S
-fif" 981*
91
9534 91
60 51 Deo '16
J -D
.1912
g
5s_
So
1st
gu
Sh
&
Sher
Mont ext 1st gold 4s.....1937 J -D -91
4514 49
'17
954 maeis
9848
Feb
___
4514
s
407
S
-D
J
M1937
Texas & Okla 1st gu g 58.._ 1943
Registered
851z Nov'15
Pacific ext guar 4s .C..-1940 J -j
Missouri Pacific (reorg Co)
3 93% 9934
398
.
-621
9413
9413
9213 Apr '17
Sale
-.87
9413
0
A1923
iss
1st
g
wh
di
48_1948
58
1st refunding
E Minn Nor Div
10 91
9813
10838 1033x
92
3 Jan '17
108,
378 92
94
1922 J -j 10514 --- 1234 Feb '17
1st & refunding 53 wh las 1928
Minn Union 1st g Os
12313 124%
95
95
95 Feb '17
1937 J - J 114 ---- 1364 May'00
1st & refunding 53 wh ss 165
Mont C 1st gu g 64
5914 6814
8
613
6014
Sale
6038
_
-J
J
1937
General Is when issued......
Registered
10614
8
1:01710112
102
8
1047
May'17
____
153
102
102
10114
1937 J -j
1st guar gold 5s
Missouri Pac 1st cons g 6s_ _1920
10614 10612
10934 Aug '16
--- 10614 Jan '17
Will & S F 1st gold 5s._ 1938 J -D 1024 7912 2934 Deo 16
Trust gold 58stamped_a'1917 M- S 103
Oct '15
70
al917 M- S -------- 82 Jan
Green Bay de W deb Ws"A"_.-- Feb
Registered
-15.1-3
1113
'17
1113
Bale
lila
1113
10138 103
103
Feb
1920 F - A
1st collateral gold 58
Debenture ctfs"B"
8233 861:
83 823s Aor '17
1920 F - A
Gulf dr S I Ist ref & t g 5s_ _b1952 J - J -82 8478 86 May'17
Registered
551
4
,
93
59
80
'17
Apr
00
60
_
1915 as-s*
40-year gold loan 45
Hocking Val 1st cons g 430_1999 J - J
61
60
_ 9734 Jan '14
601z Apr '17
1999 J - J
1959 M- s ;551 -3
1st de ref cony 53
Registered
-)38 - 883
82
80
Feb '17
'17
88
Apr
8713
82
8518
80
A
0
N
1948
Col & TT V 1st ext g 4s
3d is extended at 4% _ __ _1938
'13
Nov'16
88
Feb
---75
100
1955 F - A
Col & To! 1st ext 4s
Boonv St L & S 1st 5s gu_1951 - A
8
'-561-55
904 Apr '17
67 Aug '16
9013 95
J
J
A
F
4s.„1919
1st
59_1937
&
1st
Ry
guy
Term
Br
Belt
Cent
Houston
9838 993i
774 Deo '13
98
983s Feb '17
30
1948 J -D
Cent Br U P 1st g 4s
Illinois Central 1st gold 4s_ A951 J - J
9413 92 Aug '15
110 Mar'05
1951 J - J
Registered
Leroy &CVAL 1st g 58_1926 J J
8513 854
8412 90. 8513 Mar'17
9213 Dee '16
87
80
J
A
J
F
1951
Pao Rot Mo 1st ext g 4s.._1938
1st gold 330
- - - -83 Nov'15
10158 10034 Apr '17
1951 J - J 1431-3
1938 1-2
2d extended gold 5s_
Registered
- -- :Dee '16
851
97
4 99 97
47
.
-0
A
A-0
58.1931
,.A951
S
Ir
M
g
St
con
gen
L
3s
1st
gold
Extended
--102 July'14
1951 A -0
Gen con stamp gu g U 1931 A ARegistered
- - -- 80 Juii.55
7812
7734
1951 M- S
Unified & ref gold 4s__ _1929 J - J 784 Salo
1st gold 3s sterling
_- -- 8078 Oat '12
1929 1-2
1951 M- S
Registered
Registered
85 -5i
-Era
May'17
7312
87
78
74
Riv &0 Div 1st g 49_1933
_
Collateral trust gold 4s_ ....1952 A -0
9514 Sep '12
'15
1952 A-0
Verdi V I & W 1st g 53_1926• S *914 rr,.. 87 Sep
Registered
9.3
85
87
108
1955 M- N 87 Sale 8613
Mob & Ohio new gold (Is_ __ _1927 1-0 10434 10912 108 Feb '16
1st refunding 45
8
35%
853
'17
Jan
8553
8413
___
109
111927 (2- J 10033 104
1953 J - J
1st ext gold as
Purchased lines 334s
82 897s
82
82
1938 NI- 5 70 ioi_ 70 May'17
L N 0 de Texas gold 48_ _1953 M- N ____ 8313
General gold 4s
84 May'14
84
101 Oat '16
1053 M- N
ry Div 1st g 53_1917 F - A
Registered
Montgome
9438
89
'17
Apr
89
1927 J -D ITS _- 89 Dec '15
1950 J -D 84 -- 74 Feb '14
Div 5s
Cairo Bridge gold 4s
St
Louis
- .47 84 May'17
3
82
▪
_1931
_
4s_
g
LA
St
Cairo
guar
Litchfield Div 1st gold 313.1951 j - J 81
78's 83
701, 735 7613 May'17
104
Salo 104
Loulsv Div & Term g 330.1953 J -J
Nashv Chatt di St L 1st 5s 1928 A -0 104
83 Aug '1.2
11014 Mar'17
1953 J Jasper Branch 1st g 6s_ _ _1923 j - J 103 -- 30 May'17
Registered
_ 102 June'16
.
-A
J
J
F
1921
43-i8_1957
Dr
lien
.
5s
Mex
reg
of
Div
Middle
Nat Rys
-731; -fit;
7212 Jan '17
---- 35 Aug '16
Guaranteed general Is__ _1977 A -0
Omaha Div 1st gold 3s_....1951 F - A 61
71
71
71 Mar'17
9678 Feb '13
St Louis Div di Term g 38_1951 J - J ____ 82
Nat of Mex prior lien 4s_ _ 1926 J - J ---- ---- 30 Oct '16
83 864
84 Apr '17
A
0
---J
---1951
1951
4s
Gold 3%s
1st consol
June'16
80
59 Dec '16
J
J
---1951 J - J
Registered
NO Mob & Chic 1st ref 58_19(30
72
08
80% N ov'16
195:3 J - J 65 _ _ 68 Apr '17
Springf Div 1st g 3349_1951 - J 80 - New Orleans Term 1st 4s
-£45; -6158
9914
94
8 May'17
84,
94 May'17
96
9412
80
J
-D
A
F
_1925
1
Tex & Mexico 1st 6s__
Western lines 1st g 4s____195
NO
46
4314
92
Nov'10
Mar'17
48
393
4
30
-- - 1951 F - A
Registered
Non-cum income 5.9 A.... 1935 A - 10334 11353
10634 193
ioi4 11713 May'10
8 Sale 10434
1923 J -D
Bellev & Car 1st (3s
N Y Cent RR cony deb 65.._1935 1N-N 1063
2 8112 3834
'17
Jan
90
814
8113
81
--__
A
S
F
M1998
Consol 4s Series A
Carb & Shaw 1st gold 4s_ _1932
32 8914 9834
90
90 ____ 10753 Oat '10
2013 A -0 8912 Sale 8014
Chic St L& NO gold 5s_ _1951 J -D
Ref & imp 4%s "A"
8678
14 79
114 Feb '11
80
7914
1951 J Registered
N Y Central & R g 3%s_ _1997 J -J 79% 80
82
85%
'17
'09
Oct
Apr
90
82
72
1997 1-2
1951 -D
Registered
Gold 3%s
46
8614
0414
874
8614
1934 hi-N
1951 J -D
Registered
Debenture gold 4s
9797 1621-3
97
S;1; 97
- 92 Dec '10
1934 M-N
Joint 1st ref 5s Series A_1963 J -D 97
Registered
88
81
88
73
'17
Apr
88
7313
734
90
79
7312
_ 1998 F - A 70
Memph Div 1st g 48„...1951 J -D
Lake Shore coil g
-7612 80
7034 Mar'17
_ 74
1951 J -D
_1998 F - A
Registered
Registered
8012
9512
9513
74
1i
1
;
Jar
May'17
74
90
73
81
___
S
A
St Louis Sou 1st gu g 4s_1931 MMich Cent coil gold 3%s...1998 F 80
75
89 9413
75 Mar'17
- 89 Apr '17
1950 J - J 84
1994 F - A ---- 72
Ind Ill & Iowa 1st g 4s
Registered
9412 100
May'17
95
97
9413
6312
N
M1-0
_1919
_
(3s_
Int di Great Nor Ist g
Battle Cr di Slur 1st gu 30_1939
9234 93
-2 97
8613 9273 Jan '17
90 -gig Apr '17
James Frank & Clear 1st 49_1959 J -D 8212
Beech Creek 1st gu g 4s 1938 J - J
6378 711z
6378
9534 N ov'16
63%
88053 63
1930 - J -E3Kansas City Sou 1st gold 38_1950 A Registered
'00
May'16
Oct
83
104
_--98
A
J
J
1936
1950
!X Registered
2d guar gold 58
91
3 85
861:
1936 J - J __- ---Apr 1950 J -J 8613 Sale 8812
Ref de impt 5&
Registered
9014
8413 16 84
Sale 84
70 -Beech Cr EU 1st g 330.51951 A Kansas City Term 1st 4s _1980 J -J 84
101
4
933
'17
Apr
39
89 N O;i5
iig
99
_-77
J
_1981 J 413._
g
Ad
1st
gu
&
Lake Erie & Walt 1st g 5s._1937 J Cart
8'3
8
5
80
'17
Feb
8213 8033
93 _ _J
-D
1941 J - J
58_1942
g
gu
1st
Oswe
2d gold 5s
&
Gouv
8978 90
Mar'17
m7u7.15
8
891
-5i10016
A
0
S
M824
1915
North Ohio 1st guar g 5s
Moh & Mal 1st gu g 4s.....1991
97 102
8914 Feb '16
99 May'17
Y Itit gu g 430_1940 J - J _--- 97 10114
Leh Val
N J June R guar 1st 4s.._ _1986 F - A 80 ---- 80 May'17
10114 1014
80
Jan '17
J
J
79
M-N
1910
2000
g
334s
Harlem
Registered
N Y&
9112
87
10112
May'17
10113 10214
87 May'17
84
1st g 58_1923 A -0 10112 103 10112
Northern
Lehigh Val (Pa) cons g 4s 2003 M-N
&
Y
N
102
96
2
9678
96
8 Sale
_2003 M -N 987
General cons 43413
o Due Oct. a Option Sale
a Due Jan. b Due Feb. g Due June. 5 Due July.
• No price Friday: latest bid and asked this week.
_
_
----
----
-661
811,
MAY 26 1917.]
BONDS
N. Y. STOCK EXCHANGE
Week ending May 25
New York Bond Record-Continued-Page 3
15
4"
Price
Friday
May 25
Week's ,
Range or
Last Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending May 25
2101
Price
Friday
May 25
Week's
Range or
Lass Sale
,
Range
Since
'Jars. 1
Bid
Ask Low
N Y Cent & H R. RR (Con.)High No. Low High
PCC&StL (Con.)
Bid
Ask Low
High No, Low High
- - 90 Apr '17
N Y & Pu 1st cons gu g 48 1993 A -0 79
89% 94
Series F guar 4s gold_ _ _1953 J - D
0
984
512 May'17 ____
_ ___ 0
982
5112 9
95
74
-- 113 May'15
Pine Creek reg guar 62-- _1932 J -D 11014
1957 M- N
Series 0 4s guar
-- -_ -9,17-8
May'17
R W &0con 1st ext 5s....h1922 A -O 10058 102 102
102
-997 19434
Series I cons gu 4s_ _ _1963 F - A 199 ____ 10212 Apr '17 ____ 10212 10338
7
M-N
_1918
99
- - 10014 Feb '17
R W &0T It 1st gu g 5s_
10014 10014
C St L & P 1st cons g 5s_ _1932 A - 0 10312 ____ 10314 May'17 __
031 IC314
Rutland 1st con g 4I-is--1941 J - J 80 _ __ 90 Apr '17
90
90
PeorialP1inUn1
20gu04s
stasg1921
_
Q-F 100 __102 Nov'15 -___
__1_ 4_ - Og& L Chain ist gu 4s g1948 J - J 62 _ _ _ - 7058 Apr '17
7058 70.1
..N.1-..
.. .
N 88
4 wife- 874 Ma8
r8116
4
_3
_0
Rut-Canada 1st gu g 4s-1949 J - J 70 ____ 02 June'09
Pere Marquette 1st Ser A 5s5195
-26
7
15
-9il-4 -ii
. 101 N ovtle
St Lawr & Adir 1st g bs-1996 J - J 90
- --lst,Series 13 45
7012 Sale 70
1956
7012
2 70
7734
1996 A -0
_
103 Noy'le
2d gold (Is
Philippine Ry 1st 30-yr s f 4s 193
- - ---i
_
48
42
Feb
'17
...
42
42
Utica & Blk illy gu g 4s 1922 J - J 9712 9912 9712 July'16
Pitts Sh & L E 1st g 58
1940 A -0 iiii38 -- -- 109 Jan '17 ____ 109 IC19
Lake Shore gold 3I03_--.1997 .1 -D 8118 Sale 79
8118
3 79 -if4
1st consol gold 5s
1943 J - J ____ ... 11314 Noy'll
7834 79 Apr '17 -- 79
1997 J -1) 76
Registered
87
Reading Co gen gold 4s_ __ _1997 J - J 9114 Sale 91
9134 52 -iii" -i613
23 9158 9714
1928 M- S 92 Sale 9112
92
Debenture gold 4s
Registered
1997 J - J __ _ 91
9212 Feb '17 --__ 9212 95
1931 M-N 9034 Sale 9034
23 904 9634
25-year gold 48
91
Jersey Central coil g 4s_ _ -1951 A -0 91- 94
9012
9018
1 9013 9'7
1931 I11-N
95 Nov'16
Registered
Atlantic City guar 48 g_ _1951 J - J
Ka A & R 1st gu c 55-1938 J - .1 Rio- 7_7
_
St Jos & Gr 181 Ist g 46
_1947 J - J -ii
."iici" -iti- mi,F
- .i-i
-fi- -ii-3 l,,'' )5
1041.
Mahon CI RR 1st 5s-- _1934 J - J 100 St Louis (lc San Fran (reorg Co)Pitts & L Erie 2d g 5s_ _ _a1928 A - 0--------103 May'17
103 1-93-5-4
Prior Lien ser A 45
1950 J - J 63 Sale 6213
6314 142: 6212 7118
Pitts McK & Y ist gu Os_ _1932 J - J 108 ____ 13018 Jan '09
Prior lien ser B bs
1950 J - J 79 Salo 7734
52: 7734 888g
79
1934 J - .1 107
123% Mar'12
Cum adjust ser A 6s
2d guaranteed 6s
1955 J - J 6634 Sale 06
6634 22, 66
76
McKees (lc B V 1st g Os_1918 J Income series A 68
1960 July
48 Sale 48
19' 4634 56%
1031 M- s
St Louis & San Fran gen Os. 1931J -1 103 110 111 Apr4818
Michigan Central bs
id014 Aug '16
'17
__-Ill
11213
1931 Q -M
105 Juiselti
Registered
General gold Sis
1931 J - .1 9934 10112 10018 May'17 __- 100 104
1940 J - J 8653
98 Apr '12
45
St L & S F RR cons g 4s_ _1996 J - .1
78 May'16 __
1940 J Registered
-. 87 Feb '14
General 15-20-yr 5s_
1927 MN .-:::._-.-. -f
81/13 7412 Mar'17 -: - 7-8
- .1-2 -7iJ72
- 90 June'08
J L & S 1st gold 350...1951 M- S
Trust Co ctfs of deposit__ _ _ -- _ _
_
'75 Mar'17 -_-_-__ 7(1
75 •
1952 M -N 821 Sale 8218
1st gold 33-5
do
8112 86 824
.
Stamped
_ 7612 76 Dec '16 -.
1929 A -0 81
84
9154
84
84 May'17
20-year debenture 4s
Southw DIY 1st g 58_. _1947 .
51--0 Iii _--- so May'17 -- -90 - 3iii
N Y Chic & St L 1st g 4s__1937 A -O 901 92
9014 9513
9014 May'17
Refunding gold 4s
1951 J - J ._ __ .___ 834 Oct '16 _.__ _ _ _ ..
1937 A -0 ---- ----89 May'17
Registered
89
89
RegLstered
1951 J - .1 .__ . .. . _ 8034 Mar'll
1951 M-N
Debenture 48
79 8212
7918 79 Mar'17
Trust Co ctfs of deposit.._ -- _7834 Feb '17
-ii3-4 f93-4
West Shore 1st 48 guar__ _2301 J - J
94
8612 87 May'17
87
Stamped__ _. -_-,,.-- -i7-14 7414 Sep '16 ---- _
do
Registered
2361 J - J 80 8414 8412 May'17
844 93%
K C Ft S dr M cons g 6s_ _1928 I'd-N 1033-4 10414 10212
10212
1 1021z 1115
10013 10013
N V C Lines eq tr 5s_1916-22 M- N- 10012 Jan '17
K C Ft S & M Ity ref g 4s_1936 A -0 71
le 71
71
2 6934 79%
Equip trust 4Iis_1917-1925 J - J
10034 Jan '17
100% 10054
K C & M R & B lat gu 58_1929 A -0 -_ - -----90
_
Feb '17 --- 90
90
N Y Connect 1st go 4
St L S W 1st g 4s bond ctfs_ _1989 M- N
9018 9954
A._1953 F - A -9i5;
90% May'17
7212 74
74 May'17 ---- 74
80
NYNH& Hartford2d g 4s income bond etts_y1989 J - J 60
63 60
60
1 60
6511
_ 795k Sept'113
Non-cony deben 4s
1947 IN- S
- - Consol gold 43
1932 J -D 62 64
6212
18 6212 72
66
.- 71 N ov'le .-_
Non-cony deben 3Ms----1947 M;- S
1st tenni & unit bs
67
644
644
3 64
714
__-- 62 68 Dec '17 - -...-Non-cony deben 3tits- --1954 A 8A
Gray's
,t A pla
lsT
Ter
i lgsut ggu
4sg_ f,Is... 19
05
47
3
2I
'
J i li8364
3
1
14
2
Jan
6
---- ----9814
6
-__ 70 68 Mar'17 -- 68
Non-cony deben 4s
68
1955 J - J
Sale
7514
67
_ 73 6914 Apr '17
Non-cony deben 4,3.
1950 111-N
SF&NP lstsk fdg 5s
1919 J - J
ifi 1-0
-- 10018 Feb '17
6
118 ;00
.618
5714 64
Cony debenture 3iis
60
60
1950 J - J 5912 62
Seaboard Air Line g 4s
1950 A -0 78 . -3334 79% Feb '17 :7- 1 79% 8213
7 90 1104
Cony debenture Os
Gold 4s stamped
1948 J - J 96 Sale 98
974
7714 7913 7814
14 784 8258
784
79
79
Cons Ry non-cony 45. _ _1930 F - A
79 Jan '17
Adjustment bs
0110
95
40
9F
A:
°
A 604 Sale 59
6012 lt 592
2 68
- --Non-cony deben 4s
. 794 9112 Jan 12 -.
Refunding 4s
1951 J - J
1959 A -0 63 655* 64
64
, 62
7012
Non-cony deben 4s.... _1955 J - J
78% 7912 Apr '16
Atl Birm 30-yr 1st g 4s. _e1933 144- 8 70 86 87 Mar'17.---'
8614 87
Non-cony deben 4s_ _ __1955 A -0 .Car Cent 1st con g 4s.._ _1949 J - J __ ---- 88 Jan '17 ....--:
88
88
Non-cony deben 4s_ _ _ _1956 J - I --- 80
.
FIluC
tela
nu
t
58-1918 J - J 9812 -.- 9934 Sep '15 ..__ .--- ---88
92
Harlem ft-Pt Ches 1st 48_1954 111-N 8214 .--- via d
&gP
r eenxtig8t5gs
1930 J - J 101
- 101 Dec '15 .- .--- ..8812 Apr'
B & N Y Air Line 1st 48_1955 F - A 83
17 - --- 884 884
Consol gold Ss
..„103% Dee '16
74 Apr '17 -- 72
713
Cent New Eng 1st gu 45 1961 J - J _ _
7812
G:&G Ala Ity
O
Nu 1st cgoung513
58
.
.
:
0_1:9
0
9
.
4
2
1
1
g
0
J
11
:
93
1004
100 Apr '17 --- -ilia-4 Dia
--- - - Hartford St Ry 1st 4s_ _ _1930 M.S
j _ j ____ 10012 10232 Jan '17 ___ 10
Car
.2
.
.
14 1_0_2_11!
19E12 Ida-3,16
-Housatonic It cons 558.__1937 M-N
Scab de Roan 1st 5s
1926 J - J 10014 10112 9914 Aug '15 87 July'14
Naugatuck RR 1st 4s
,1054 M -N
Southern Pacific Co83 Aug '13
N Y Prov & Boston 4s___1942 A -0
Gold 4s(Cent Pac coll)._k1940 J -D 81
817
81
3 81
81
88
611-2 761-2
ist ser I 4%8'46 J - J ____ 0013 62 May'17
Registered
k1949 J - D ____ 81
90 Feb '14 ---_ 107 Aug '09
N It & Derby cons cy 5s_ _1918 I11-N
20-year cony 4s
M- S 8214 Sale 8178
8213 201 -9i.- -ail4
_
Boston Terminal 1st 4s
1939 A -0
20-year cony bs
J -D 9813 Sale 97
9812 214 9834 1002
New England cons 5s.._ _1915 J - J
Cent Pac 1st ref gu g 4s. _.19
g 9
94
3 Sale 8534
3
294
9 F- A
86
15
8518
93%
•
6413
Consol 48
1945 J - J
Registered
1949 F - A ---- ----8712 88006 -- Providence Secur deb 48.._1957 1111-N --- 60 57 Apr '16 -- 57
57
Mort guar gold 3Iis__k1929 J -0 85
8614 85 May'17 __-- -15- - oili
9978 Dee '14 -Prov Jc Springfield 1st 58_1922 I - J
Through
St
L
48_1954
1st
815* 84 Feb '17 ---- 84
A -0 79
gu
8712
id38
83% Feb '14 ---Providence Term 1st 4s__ _1950 111- S
G II & 8 A M & P lat bs 1931 IN- N ____
10012 Feb '17 - 1004 102
_1943 J - J
W & Con East 1st 4
2d oxten 5s guar
J - .1 95
1931
97
9612
May'17
--9612
9813
7018
7378
7018
7018
5 -felt, -89
N Y Ode W ref 1st g 4s_ ..g1992 M- S
Gila V G & N 1st gu g 5s._1924 IN -N 95
- . 10014 Jan '16 ---9212 June'12
Registered $5.000 only._g1992 M- S
._
nous E dr %V 'I' 1st g 5s__ _1933 111-N 9513 9912 9913 Apr '17 ____ -ifila fiiiii
80
79 Mar 17 --1955 J -D
General 4s
77
80
1st
guar
Ss
red
1933
NI
N
100 Oct '16 --76
81
78 Apr '17 -Norfolk Sou 1st & ref A 5s-1961 F - A
78
8258
H & T a 1st g 58 int gu_1937 J
104 May'17 ---- 1.9i - iii99
mi
9934 Apr '17 -- •- 9934 101
1941 M -N
Norf & Sou 1st gold 5s
. Gen gold 4s lilt guar__ _1921 11:0
1 igf it5•
95 May'17 __-17
1914
4
115
4
MA
_1931
_
es
Apr
.
gold
Norf & West gen
'17 --- 115 122
Waco & N W div 1st g es'302_
__
--_- 105 109%
N ov'16 ----------_
-- -1N
Improvement dr ext g es- _1934 F - A 114 122 122 Noy'le
A
&
N
j
W
1st
gu
g
___
5s_1941
10014
10112 Dec 'le _-- ..._ ...._
New River 1st gold es_ _ _ _1932 A -0 11112 117 12012 Noy'16
Louisiana West 1st (3s. _1921 J - .1 10112 10514 109 June'14 9012 Sale 9018
0013 12 9018 9714
N & W Ity 1st cons g 4s._1996 A Morgan's La & '1' 1st 7s_1918 A -0 ____ 10532 10434 July'16 -- - -- 94% Dec
- ---1996 A -0
Registered
1st gold es
1920 I - J ._._ 10414 105 Jan '16 .-- - ---- ---Div'
. 1st lien & gong 48_1944 J - J 8512 87 80 May'17 :- 80
9318
No of Cal guar g 58.
1938 A - 0 1065s - 105 Oct '16-- _in iiii.F.
1932 1 -D 122 124 120
12014
10-25-year cony 4s
8 11834 134
Ore
&
Cal
lot
guar
g
58_
99%
_
J
_1927
977
J
2
097
3
May'17
-1932 M- S 122 124 11714 May'17
10-20-year cony 45
11714 13634
So Pao of Cal-Gu g 5s _ _1937 M- N 10712 ---- 10712 Sept'16-12112 10 11812 135
10-25-year cont.
,4358--1938 m- S 122 124 12112
So Pac Coast 1st gu 43 g_ _1937 J - J 9312 __- 94 May'17 -- - -94. 66
88
88 Apr '17 ---- 88
Pocah C C Joint 4s__ _1941 J -D 86
94
San
Fran Terml 1st 45.-1950 A -0 7972 Sale 7978
i 7978 8934
797a
103 Sept'16
C C & T 1st guar gold bs- _1922 J - J 100
Tox & N 0 con gold 5&..1943 J - J ___
96
95 Nov'16 ---- -87
8678 May'17 ---- -8678 -92
Solo V & N E 1st gu g 4s 1989 M- N 85
So
Pao
RR
Sale
48
867i
1st
ref
I
1955
J
8614
867
8
16
885
8
8558 -OWSale 88%
Nor Pacific prior lien g 4s..,i997 Q - I
8834 57 88% 9634
Southern-lot cons g bs___ _1994 .1 - J 98 Sale 965*
98
24 981
:10284
8812 8812
1997 Q Registered
8812
1 88
93
Registered
J - I _ . _ ---_ 10014 Aug '16 __-6212
Sale
F
62
Q
a2047
General lien gold 3s
141 62
6918
Develop & gen 4s Ser A
199
56
4 A -0 67 Bale 66
a2047 Q - F 614 62
6714 Jan '17
Registered
0618 6714
Mob
&
Ohio
coll
tr
g 48_ _ _1938 M- S 72
75
7712 Apr'
0717 -7_ 6
77
°12
- -71112
St Paul-Duluth Div g 4s_ _1996 J - D 9158 9112 9155 May'17 ---- 9158 917
Mom OW 1st g 00-5th-1996 J - J 94
9712 9858 Apr '17 -- 98 101%
StP&NPgen gold 6s- _1023 F - A 105 107 108 May'17 ----' 108 11013
St Louis div 1st g 4s
1951
1091
:Oct '15
Registered certificates_ _1923 Q- A
j
-j
Ala Cen 1st g es
9
79
234 17
03
4 10
1918
72
32 Se
712
Ma
PY:117
6 --:--::
St Paul & Duluth 1st bs. _1931 - F 16112 7:7 107 Oct '16 ----1
Ala Gt Sou 1st cons A 5s_ _1943 J - D -- 9958 9812 Apr '17 __....- nis 84
9934
1917A0
. 100 Jan '17 ---- 109.
2d 5s
All 8c Char A L 1st A 4s 1944 J - J 90 92 90 May'17
- i6613
-91i .6
96
8114
2
887 Mar'17- 88%
1908 J -D
1st consol gold 48
1st 30-yr bs ser B
8878
1944 J - J 99 Sale 97
904 ii3 97 10318
-0
-- 85
8018 Deo'16
Wash Cent 1st gold 4s_ _ _ _1948 Q-111 -7
All & Danv 1st g 413
-- - - J - J ---- 82 8312 Jan '17 ____ 8314 84
gor Pao Term Co 1st g Os_ _1933 J - J 110 111 110 May'17
- 1091-2 110
2d
4s
_ 80 811
1948 I - J _
•
:Mario
8212 83
Oregon-Wash 1st & ref 4s__ _1901 J - J 82
83
Ati & Yad 1st g guar 4s_ _ _1949 A -0 ii ,
ea
br:17
7 ---- -ii - -'76 00
57 95 Apr '17
Pacific Coast Co lat g 58- - --1949 I "D ---- 0
0
8'
3
1713 9
89
M"
E T Va & Ga Div g 5s_ _ _ _1930 .7 - J 10014 10
-3
-72 105
M
75 F
...1
. 19
09
534 10
,
5
8 10016 Feb '17
Paducah & Ills 1st s f 4 Ss_ _1955 J - J 95
99 101
Con 1st gold 5s
1956 M- N 10018 101 100
100
9913
_
.
_
_
M-N
_1923
9912
Pennsylvania RR 1st g 4s._
Apr '17 ---- 9913 9918
E
Ten
reo
pnlien
s
g
____
1938
10114
5s
Mar'17
10114
---10012 10114
1919 M- S 10018 _ _ _ 10158 Apr '17 -110158 1024
Consol gold bs
Ga Midland 1st 3s
1946 A-0 _ _
63 65 May'17 ____ 64
65
1943 M-N
Consol gold 4s
987/3 Mar'17
- 98% 9918
Ga Pac Ity 1st g es
192
2 J - J 1007g 68
1028
8 106 10678 Feb '17 ---- 1on 107
-7
-- 9612
1918 31-N 9413 -9
Consol gold 4s
9612
1, 94 101
Knox & Ohio 1st
J - J 10314 ---- 10934 Jan '17 _- 10934 10934
1960 F - A 10218 Sale 102
Consol 4)4s
10218 26; 102 1073
Mob & Mr prior lien g 50_1945 .7 - .1 99 - - 106 Sept'16 ____
1065 J -D 964 Sale
General4
:ii 72 Apr '17 -.Mortgage gold 4s
1945 J - J _
-ii - -fi"
96k !
- 96% Sale 0614
General 4s(wh Iss)Junel '05
.
O3
3._' i006
95
7
5.
71
:!
Rich & Dan deb 58stmpd_1927 A -0 iif169
9°67
7453
2 103 10434 Apr '17 .-_ 10212 10434
94
Alleg Val gen guar g 4s..1942 M- S 9278 96 0
7713
3 Feb
8ep9
t:
6158
8
7
Rich & Meek 1st gu 4s
1948
Sept'12
__
.
_..
73
....
i..
.
M_
N
DR RR&B'ge 1st gu 4s g_1936 F- A
So Car & Ga 1st g 55
1919 141-N -g1- iar 9014 May'17
:
:
1.
C.:
i8- - .
121:
...6
100 Jan '17
Phila Balt & W 1st g 4s_ 1943 M- N
Virginia Mid ser D 4-58
1921 SI- 8 ---- ----10212 June'll
. 102 Jan '03
Sodus Bay & Sou 1st g 50_1924 J - J
- __
Series
E
5s
3;
-1034
Aug
'16
_
9
9
6
9
8
5
3
18
Sunbury & Lewis 1st g 48_1930 J - J
Series F 5s
111
:S ___ ____ 104% Dec '16 26
1 51
193
997 997
U N J ItR & Can gen 4s_ _1944 Pa- S 93 ____
Mairi7
General 55
1936 111-N 10014 102 10014 10014
1 1001.-4 108 Pennsylvania Co-Vu & So'w'n 1st go 5s_ _2003 J - J 103 -- . 105 Mar'17 - -- _ 105 10613
1921 J - J
10012 10014 May'17 -998 1024
Guar I at gold 4SO
lat eons 50-year 5s...-1958 A-0 _-- 87
91 Feb '17 .... 9012 9112
1921 J - J 99 100 10038 Apr '17 ---- 1003 10214
Registered
W 0& W 1st cy gu 4s_
937 9372
1924 F - A 9012 ____ 9378 Mar'17 -- 87 Feb '17 -- - 87
Guar 31,66 coil trust reg A.1037 M- S 78 _
87
Spokane Internal let g 5s..1955 J - J 92
96
9534 Mar'17 ---- 95 96
83 804 May'17 -_ 80
Guar 3Iis coil trust ser 13.1941 F - A 80
Ter A of St L 1st g 4I4s
8634
1939 A -0 9314 97 97 May'17 ---- 97 10155
Guar 334s trust ctfs C__ _ _1942 J -D 81
16
1st con gold 5s
1894-1944 F - A 9612 100 102 Apr '17 ---- 10054 102
trust ctfs D._ _ 1944 J -D 7812 8534 8734 Dec '10
Guar 3
Gen refunds f g 45
8813
1953 J - J ____ 847 86 Mar'17 ____ 86
9012
Guar 15-25-year gold 4s..1931 A -0 9012 91
i)01
5 -9612 97
St L M Bridge Ter gu g bs 1930 A - 0 9512 101
99 Mar'17 --- 99 100
40-year guar 4s ctfs Ser E.1952,111-N 9154 9212 9254 Apr '17 _--- 9234 93
Tex & Pac 1st gold Os
2000 J -D ____ 98 99 May'17 ---- 99 102
(JiuLeb&Norgu4sg....l942 M- N 9012 _ _ 91 Apr '17 -__ 91
91
2d gold Inc Ss
q2000 Mar 6012 70
64 May'17 --- 64
64
10012 Mar'17 -. 100 10012
CI & Mar 1st go g 4148_1935 -N
La Div B L 1st g Os
1931 J - J 89 93 89 Apr '17 ---- 89
8914
98
51' -102-1
2 110402
CI & P gen gii 4 Ms ser A._1942 J - J 9
u
r 4'87 _--- 102 102
W Min W At N W 1st gu 581930 F - A ___
Nov'04
10612
_-_
95
1942 A - 0 99% 10212
Series II
Dec
Tol dr 0C 1st gu bs
1935 J - J 994 10318 100 May'17 -_ __ 1'66 - iii13
86% _
Int reduced to 3I4s...1942 A 9114 Feb '12
Western Div 1st g Ss
1935 A -0 __ _ 9812 100 Jan '17 ..--- 100 100
1948 M- N 86%
Series C
90% ict '12 -General gold Os
---- 90 Feb '17 ---- 82
1935 J -D
-90
1950 F - A 8612
8813 Feb '17
Series D
8813 8914
Kan & M 1st gu g 4s
84 Apr '17 ---- 8213 84
1990 A -0 7812 84
874 88 Apr '17 - - 88 88
Erie & Pitts go e 3555 B-1940
2d 20-year bs
9414 Apr '17 _ _ 944 9734
1927 J - J ____ 95
8712 9018 July'12
i940J -J
Series C
Tol P Jr W 1st gold 4s
1917 J - J 60 ____ 62 Mar'17 _ _ _4
_ 53
4
60
2
Or R.& lox 1st go g 440_1941 J - J 9312 99
99 Mar'17
99
99
Tol St L & W pr lien g 330.1925 J - J 80
8312 80 Mar'17 -__ 80 8313
Ohio Connect 1st gu 4s- - _1043 M- S 94
93 May'14
.
50-year gold 4s
55
Sale
55
55
A
1950
-0
Pitts Y & Ash 1st cons 511_1927 M- N 0213
109 May'10
Coll tr 4s g Ser A
18
5
8
Mar'06
50
22
A
_--1931 J - J 9412
ToIWV &Ogt141-0A
9854 Apr '17 _-- 9854 983
Tor Ham & Buff 1st g 4s...h1194
10
7 .7
F - D 80 87 80 Apr '17 ____ -ici - -iili
1933 J - J 9418 98
Series B 4s
9918 Feb '17 ..
9913 9912
Ulster & Del 1st con g bs.. _ _1928 1 -D ___ 9834 993 Apr '17 -.- 9934 10134
1942 M- S 9118
Series C 45
94 Apr 'le -----------1st refund g 4s
1952 A -0 __ 714 74 Mar'15
PC C & St L gu 434s A-1940 A -0
100 Apr '17 ____ 100 10338
Union Pacific 1st g 48
9314 Bale 9113
1947 J - J
933
76 -9112 100 99:
1942 A :1-00 997
Series 13 guar
997
1 981* 10212
Registered
1947 .1 - J _,..._ 9312 9612 Apr '17 ____ 9512 9812
1942 M- N 9913 .
Series C guar
9714 July'15 -20-year cony 4s
9012 8814
1927 J - J 89
55
89
884 9913
N
9514
M1945
Series D 4s guar
Oct '16 1st de ref 4s
p2008 M- S 8814 884 8814
8814
5 884 9512
Series E 3
guar gold _1949 F - A
96 Mar'17 - 9514 96
Ore RR de Nay con g 4s_ _1946 J -D 877 90
88 May'17 -__- 88
95
• No vice Friday;latest bid and asked. a Due Jan, 0 Due Feb. e Due May. I/ Due June. 5
Due July. 5 Due Aug. c Due Oct. p Due Nov. q Due Dee. *Option We
1
..
iiii
2102
BONDS
N. Y.STOCK EXCHANGE
Week ending May 25
Price
Friday,
May 25
Week's
Range or
Last Sale
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Union Pacific (Con.)1 10518 10812
10512
Ore Short Line 1st g 6s___1922 F - A 10378 10512 10612
2 104 108%
104
1946 J - J 103 108 104
1st consol g 55
34 8678 947
88
1929 J - D 8734 Sale 8678
' Guar refund 4s
_
1926 J - J 99 _- 102 Mar'16
Utah & Nor gold 5s
1933 J - J 92 100 90 Apr '16
1st extended 4s
92
88
Vandalla cons g 4s Ser A----1955 F - A 8212 8814 8812 Apr '17
02
88
1957 M- N ____ 92 88 May'17
Consol 4s Series B
4212 Aug '15
Vera Cruz & P 1st gu 430-1934 J - J _- 35
95
2
31
i66196
95
1
)
.
96
111-N
Virginian 1st 5s Series A-- I962
too 10878
1939 M - N 10034 101 101 May'17
Wabash let gold 58
9918 Apr '17
9918 101
1939 F - A __ 95
2d gold 5s
105 Oct '16
.
go
1939 J - J
Debenture Series B
100% 100%
1003* Mar'17
1921 IN- S 100
1st lien equip s fd g 5s
78
80
78 May'17
J
.1
_1954
4s_
term
g
50-yr
let Hen
10112 10512
Det & Ch Ext 1st g 5s__1941 J - .1 166- -_-_-_-_ 10112 May'17
80 Aug '12
Des Moines Div 1st g 4s_ _1939 J - J
77
73
75 Apr '17
78
1941 A-0
Om Div Ist g 3As
8414 844
---- 8414 Jan '17
Tol & Ch Div 1st g 4s- 1941 M- S
72
72
78 hill '17
Wab Pitts Term let g 45___ _1954 J -D ---118 Jan '17
14 112
Cent and Old Col Tr Co certs_--2 Oct '16
Columbia Tr Co certs
-Noy'16
Col Tr Wsfor Cent Tr ctfs_ _ _ _
14 Aug '16
-- 1954
2d gold 4s
-- - - _
4 July'iti
Trust Co certfs
85%
8614
8614
'17
Jan
80
"ff
A
F
Wash Terml let gu 34s__ _1945
9118 Aug '15 _
95
1945 F - A
let 40-yr guar 4s
6712 "753,
5
6814
6812
6812
70
A
1952
4s
Maryland
g
1st
West
99 10531
West N Y & Pa 1st g 5s
1937 J - J 99 102 102 May'17
8514 86
1943 A -0 - - 8532 86 Mar'17
Gen gold 48
45 r. _ _ 37 Oct '16
y1943 Nov
Income 5s
8534 92 841 877
8514 Sale 8513
Western Pao let ser A 513._ _ _1946 M 10918 103
Wheeling & L E 1st g 55___1926 A - 0 101 10212 10034 Apr '17
100 100
Wheel Div 1st gold 5s......_1928 J - J ---_ 99% 100 Feb '17
99% 99%
9978
Mar'17
Exten & Impt gold 5s_ _1930 F - A ---- 99%
82
78
7818
7812 78%
1949 M- S 78
RR 1st consol 45
85 8812
May'17
85
8814
79
Winston-Salem S B 1st 4s_ _1960 J 5 84
88%
84
84 Sale 84
Ms Cent 50-yr 1st gen 4s.....1949 J 91
86
8618 Apr '17
Sup& Dul dly & term Ist 4s'36 M -N 80 85
Street Railway
2 95 101%
95
Brooklyn Rapid Tran g 5s_ -1945 A- 0 95 Sale 95
73% 7714
737 Apr '17
1st refund cony gold 4s_ _2002 J - .1 _-_- 73
9818 15 9718 10118
9818 Sale 97%
6-year secured notes 5s_ _ _1918 5 10038 10175
Bk City 1st con 4s...1916-1941 J - J ---- 9912 10038 Apr '17
9418 N ov'16
- - -- 81
BkQCo&Scongug 53_1941 M-N
1941 J - J _-_- 9912 101 May'13
Bklyn Q Co & S Ist 5s_
2 92 foil;
92
92
Bklyn Un El 1st g 4-5s.._ _1950 F - A 9212 96
1 92 10114
92
92
1950 F - A 9212 95
Stamped guar 4-5s
1 75
8634
78
78
78
Kings County E 1st g 4s_ _1949 F - A
8112 87
1949 F - A --- 80 8112 Apr '17
Stamped guar 4s
7018 7412
Mar'17
71
73
Nassau Else guar gold 48_1951 J - J
9414 22 9212 9731
9312 9412 9318
1927 F - A __-Chicago Rys 1st 5s
10138 101%
Conn Ry & L lst & ref g 4%81951 J - J 931z 9912 10038 Feb '17
100 10135
_ 9512 10018 Apr '17
1951 J - J
Stamped guar 4)is
8614
80
Det United 1st cons g 4 Ms 1932 J -J 864 814 80 May'17
'14
Jan
84
Ft Smith Lt dr Tr 1st g 5s.._1938 M8118 16 58 614
61
62
1957 F - A 61
Hud & Manhat 5s Ser A
1472 2512
1412 14% May'17
14
Adjust income 58
1957
too 10012
_ 10034 100 Feb '17
N Y & Jersey Ist 5s
1932 FA
6418 95 614 7312
Interboro-Metrop coil 4)0_1956 A -0 64 Sale 6212
107 9114 9978
93
Interboro Rap Tran let 5s_ _1966 J - J 92% Sale 91%
8518 94
83 8518 8518 May'17
Manhat Ry(N Y)cons g 48_1990 A 7 85% 9412
8512
Igen A -0 8514 Sale 85%
Stamped tax-exempt
Metropolitan Street Ry94 100
Bway & 7th Av Ist g 50_1943 J -D ____ 93 94 May'17
95 100
Col & 9th Av let gu g 5s_ _1993 M- S ---- 99 95 May'17 -991,
90%
'17
Apr
9034
Lex Ay dr P F let gu g 5s...1993 M---- 9078
30 Mar'14 --Met W S El(Chic) let g 48_1938 F - A
- 103 foi
103 Mar'17
MUwF.lecRy&Ltconsg5si928 F - A -93 Noel()
Refunding & exten 40_1931 ./ - J
9912 101 Aug '16
Minneap St 1st cons g 5s_ _A919 - J 98
-8-61-2 -561-4
Montreal Tram 1st & ref 5s_1941 J - 2 87 90 8912 May'17
New On Ry & Lt gen 430._ 1935 J - J __ 80 8334 Aug '16
;
-55- 553
NY Municip Ry 1st s f 53 A 1968 - J 55' _„_ 99 May'17
2 57% 713i
57%
NY Rya Ist R E & ref 45__ _1942 2- J 57% 6912 57%
2678 84 22% 47%
30-year ad) Inc 5s
a1942 A -0 26 Sale 2518
1 76
8714
76
N Y State Rys 1st cons 4Ms_1962 M- N 7714 83 76
Portland Ry 1st & ref 5s_ _1930 M- N 8312 92 8812 N °lel°
771 78I
78 Apr '17
Portld Ry Lt & P let ref 5s_1942 F -A 72
- 9018 9012
_ 901 Feb '17
9014
Portland Gen Elec let 55_1935 J 100 100
St Jos Ry L H & P 1st g 5s_ _1937 M- N _ _ _ 100 100 Apr '17
10218 10212
_ 10312 10212 Mar'17
St Paul City Cab cons g 55_ _1937 J - J
803,
19
67
66
66
Sale
66
Third Ave 1st ref 4s
1960 2 - J
7312
4412 101 38
Ad) Inc 5s
a1960 A -0 4414 Sale 4278
105% 108
100 105 10578 Mar'17
Third Ave Ry 1st g 5s
1937 J 6
101
96%
97
4
963
Tr -City Ry & Lt let St 5s 1923 A -0 9714 98
8913 90
90 Mar'17
85
Undergr of London 4tis
1933 J - J
63% 6375
____ 70 63% May'17
1948
Income Se
84 Oct '08
Union Eley (Chic) let g 5s_ _1949
70 Mar'17
-id" "id United Rye Inv 58 Pitts iss_1926 M-N _ _ _ _ 75
6112
(31
6111 Feb '17
1934 J - J __ 68
United Rys St L 1st g 4s
51 May'17
50 53
54
1924 A -0 5.(1
St LouLs Transit gu 5s
4 33% 42
34
33%
United RIts San Fr s f 4s_ 1927 A -0 3212 35
Va Ry & Pow 1st & ref 5s_ _1934 J - J 80 87 88 May'17 - 88 9312
Gas and Electric Light
Atlanta 0 L Co let g 5s_ _ _1947 J -D 10314- - 103 Sept'15
1 100 10712
10014
- 10014
Bklyn Un Gas let eons g 56_1945 M-N 10014 Sale
Buffalo City Gas let g 5s_ _1947 A -0 194- 54 June'13
10013 101
'17
Apr
101
18
.
i00
9918
Cincin Gas dr Else Ist&ref 531956 A 91
87
1927 J - J __ 89% 9018 Apr '17
Columbia G & E 1st 5s
97 Feb '15 -Columbus Gas 1st gold 5s_ _1932 J 44
129
100
10718
109
Consol Gas cony deb (is_ _ _1920 Q - F 109 Sale
10 102 10814
103
Cons0a.sE LAP of Bait 5-yr5s'21 M- N 101 103 102
100% 10114
_ 10114 1007 Apr '17
Detroit City Gas gold 5s__ _1923 .1 - J
1014 Oct '16
Detroit Gas Co cons 1st g 5s 1918 F - A 101
166- 1661-2
Detroit Edison let coil tr 5s_1933 2 10034- - 10034, 10034
4 99 102
100
too §ale 100
lat & ref 5s ser A
h1940 M10014 10012 May'15
Eq 0 L N Y let cons g 5s-1932 M- S
101 100 Feb '13
Gas & Elee Berg Co c g 58_1949 2 -D
9013 04
8 9318 9012 May'17
Havana Else consol g 5s_ ___1952 F - A 927_ 1024 10312
10214 Apr '17
Hudson Co Gas let g 5s. _ _ _1949 M-N
90% Dee '16
Kan City(Mo)Gas let g 5s_1922 A -0 56
97 i66C4
97 May'17
1937 A Kings Co El L & P g 5s
3 10714 1t612
10714
1997 A -0 1.65 - 1.6612 1074
Purchase money 13s
1925 PA- S ____ 12018 128 Oct '16
Convertible deb Os
"iii" 8-614
8934 8914 Apr '17
Ed El Ill Bkn 1st con g 40_1939 J - J 81
too 102'2
100
Lac Gas L of St L 1st g 58_ _e1919 Q- F 100 10014 100
10018
3 too 10232
9912 9978 10.0
1934 A Ref and ext 1st g 5s
9234 9334
9312 Apr '17
1927 M -N
Milwaukee Gas List 4s
10312 004%
10311 Apr '17
Newark Con Gas g 58
1948 J - D
10
10534
9812
99
99
Sale
D
99
J
1948
NYGELH&Pg 5s
7 80 88
8014
1949 F - A 7912 8012 8014
Purchase money g 4s
_ 1084 Dee '16
10512 _
Ed Elea Ill 1st cons g 5s_ _1995 J i66 - 101
NY&Q El L & P 1st con g 5s 1930 F - A _ _ 99 100 May'17
Pacific G & El Co-Cal G & E
9612 17 9518 101
Corp unifying & ref 5s.. _1937 M- N 9614 Sale 9614
8814
7 8738 93%
Pacific G & E gen & ref 5s_ _1942 J - J 88 88% 8818
Pao Pow & Lt let At ref 20-yr
95
95
55 International Series...,.1930 F - A ___- 92 95 Jan '17
9918 Oct '15
Pat dr Passaic G dr El 5s__ 1949 M- S __-- 100
115 115
____ 11014 115 Jan '17
Peon Gas & C 1st cons g 6s 1943 A 95 10212
95 May'17
97
1947 M- S 95
Refunding gold 5s
1947 M- S _-_- 994 99 Sept'03
Registered
i6i3-2
90
May'17
99
99
9712
-2
J
1937
Ch G-L & Coke Ist gu g 5s
too 101%
Con Co of Ch 1st gu g 50938 J -D 9618 9878 100 Apr '17
92
89
89 Mar'17
__ 93
Ind Nat Gas& Oil 30-yr 551936 M- N
10012 10118
99 10018 Feb '17
Mu Fuel Gus 1st gu g 5s 1947 M- N 93
Philadelphia Co cony U.__ _1919 F - A 97 100 9914 Nov'18
9414
89 89 Apr '17 -_. 89
1922 M- N 88
Cony deben gold 5s
5 100 102
100%
_1926 J -D 10012 101 10012
Stand Gas dr El cony s f
• No mice Friday;latest bid and asked 1
[VOL. 104
New York Bond Record-Concluded-Page 4
BONDS'Ll..%..
I
N.Y.STOCK EXCHANGE
...i n.
Week ending May 25
Price
Friday
May 25
Week's
Range or
Last Sale
'1
''l
Range
Since
Jan. 1
High No Low High
Ask Low
Bid
9718 May'17 ____ 9713 101
Syracuse Lighting let g 55_ _1951 J -D ____ 102
8714
85 Apr '17 ____ 85
Syracuse Light dr Power 5s_ _1954 J - .1 _-__ 90
Trenton GA El 1st g 5s____1949 IN- S ___- ____ 10112 Apr '17 ___ 10118 101%
Union Elee Lt &P Ist g 5s__1932 M- S __ ____ 10112 Deo '16 __.-- - ---10178 N ov'16 .__---- .Refunding & extension 5s_1933 NI- N _-__ _
994 May'17 __ 994 1011a
United Fuel Gas islet 6s___1936 J - J ____ 100
9612
7 90
9018
Utah Power & Lt let 543._1944 F - A 90 Sale 90
1 101 103
101
101
____
101
J
J
_1950
Utica Elee L & P 1st g 5s99 Apr '17 ___ 99 101
1957 J - .1 981
Utica Gas & Elec ref 5s
1950 J -0 -___ 101 105 Mar'17 __ 102 106
Westchester Ltg gold 5s
Miscellaneous
8418
74
7418 11 74
76
1948 M- 5 74
Adams Ex coil tr g 48
6812 13 6713 85
1925 M- S 67 Sale 67
Alaska Gold M deb (3s A
848
6712 10 66
1926 M- S 66 Sale 66
Cony deb 6s series B
913 91
913* 25 9012 94%
Armour dr Co let real est 4%3'39 J -D 91
94
9334 94 Apr '17 ___ 92
Booth Fisheries deb s f 6s_ _ _1926 A -0 93
98
5 95
95
95
Braden Cop M coil Ire f 6s_1931 F - A 91 96
1952 A -0 ---- ----88 Apr '17 ___ 8614 89
Bush Terminal let 4s
8678 8718 Apr '17 ____ 8718 931k
1955 J - J ___
Consol 5s
1960 A -0 84374 8534 8512 May'17 ____ 851 904
Bldgs 5s guar tax ex
32 110 118
114
Cerro de Pasco Copp cnv (Ss 1925 M- N 114 Sale 113
1 9518 10114
95%
3141c Un Stat'n 1st gu 4Yis A 1963 J - J 943* 95118 9518
128
23 122 132
Chile Copper 10-yr cony 75_1923 111-N 128 Sale 125
Computing-Tab-Rec s f f3s_ _1941 J - J ___ 863* 86 May'17 ____ 8518 8712
1 9812 109%
100
Granby Cons M S&P con 6s A'28 M-N 99 10112 100
1928 MI- N 99 103 100 May'17 ____ 100 10934
Stamped
Great Falls Pow let s f 5t...1940 M- N 99 100 99 May'17 ____ 99 10278
9214 167 8818 963
1941 A - 0 92 Sale 92
(at Mercan Marine s f 6s
9612 11 95 10034
1943 J - J 963* Sale 955
Montana Power 1st 5s A
1 902 Apr '17 ____ 9112 9378
1
1939 J - .1
Morris dr Co 1st s f 410
___ 83 Apr '14 ..._. _ _Mtge Bond (N Y)4s ser 2_ _1966 A - 0 ---- ----„
1932 J - ---------94 June'16
10-20-yr 5s series 3
754
7512 Mar'17._ 75
1951 F - A 7334 78
N Y Dock 50-yr 1st g 4s_
Niagara Falls Power 1st 5s_.1932 J - J 101 102 101 May'17 -- -- 101 103
aI932 A -0 100 104 10512 Oot '10 .___ _ _ _ - .
Ref & gen 6s
93 942 Jan '17 __ _ 9412 0412
Niag Lock ac 0Pow let 5s_ _1954 M- N
99
9 94
947
9434 Sale 944
Nor States Power 25-yr 5s A 1941 A -0 --Ontario Power N F let 5s_1943 F - A ---- 9112 91 May'17--.. 9034 9412
90 86 Sep '16 --- -_,. . - .
_1945 M-N 83
Ontario Transmission 5s
88
41 8712 93
Pub Serv Corp N J gen 53_1959 A -0 8712 Sale 8712
17 8812 91
91
Tennessee Cop let cony 6s__1925 M- N 91 Sale 9012
Wash Water Power let 55.._1939 J - J --- 9734 103% Jan '14 ___- _ ,„_
14 111% 1937.1
1017
1004
Sale
10178
A
Wilson & Co 1st 25-yr s f 6s_1941 -0
Ranufacturing & industrial
8 9913 10412
100
1928 A -0 9934 100 100
Am Ag Chem 1st c 5s
37 9934 105
103
1924 F - A 10212 Sale 102
Cony deben 55
Am Cot 011 debenture 5s__ _1931 11-N 9418 9414 94% May'17 _-- 9214 9734
5 10212 10418
103
Am Hide & L 1st s 1 g 6s__ _1919 M- S 1021 Sale 10218
1925 A -0 ---- ----100 Apr '17 __-- 9712 10014
Amer Ice Secur deb g 6s
9918
5 98
0818
Am Thread let coil In 4s_ _ 1919 J - J 98% Sae 98%
Am Tobacco 40-year g 65.._ _1944 A -0 119 ____ 119 May'17 __-- 119 11912
1951 F - A 82 __ __ 834 Apr '17 --- - 834 85
Gold 48
8734 19 8634 92
Am Writ Paper 1st a f 5a.......1919 J - J 8734 Sale 87
Baldw Loco Works let 5s......1940 11-N --- 10412 10312 May'17 --- 1033* 10414
7 9934 104
1926 J - J 11112 Sale 10012 10012
Beth Steel let ext s f 5s
11 9812 102
99% 100
1942 M-N 997 100
1st & ref 5s guar A
10014 76 991 103
Cent Leather 20-year g 5s 1925 A -0 10018 Sale 09%
10 923* 9712
93
93
1943 F - A ---Col F & I Co gen s f 5s
81
1951 F - A --------81 Mar'17 __-_ 81
C.:onsol Tobacco g 4s
99
98 Apr '17 ____ 98
1931 11/1-N 9612 98
Corn Prod Ref s f g 5s
1934 M-N 9612 9712 9812 May'17 -- -- 9012 9912
let 25-year s f 5s
102
10012
Cuban-Am Sugar coil tr 65_1918 A -0 100 10012 1004 May'17 _ _ 70
74 59
81
Distil Sec Con cony 1st g 55_1927 A -0 61 Sale 593
1044
E I du Pont Powder 40_1936 .1 -D 10112 104 104 May'17 __ -- 1
General Baking let 25-yr 65_1938 J -D --- - 90 85 Mar'16 - .
8118
Gen Electric deb g 3349___ _1942 F - A 7812 811k 7812 Apr '17 _ _ 78
12 100 108%
102
1952 M- 1 10118 103 10112
Debenture 50
8912 32 8812 94
Ill Steel deb 430
1940 A -0 89 Sale 89
4 I0() 1037
102
l 101
1952 M-N 101
Indiana Steel let 5s
1935 J - J ---- ----100 Oct '13 ____ . . ...,_
Ingersoll-Rand let 5s
76
23 7112 7912
Int Agricul Corp Ist 20-yr 5s 1932 81-N 76 Sale 75
1918 F - A 98 10014 100 May'17 ___ _ 100 102
Bit Paper Co 1st con g 8s
10014
9 9812 10012
1935 J - J 10018 10014 1001a
Consol cony s f g 5s
60 100 10118
1923 A -0 10012 Sale 10012 101
Lackaw Steel 1st g 5s
105 1395 9312 105
1950 M- 13 1043 Sale 9814
let cons 5s Series A
1 118 129
119
Liggett & Myers Tobao 7s-1944 A -0 119 120 119
7 983* 10415
10012
1951 F - A 10012 Sale 99
5s
117 128
__
May'17
11714
120
117
A-0
1944
Lorillard Co (P) 7s
5 97 103
9912
1951 F - A 983 9918 9812
5s
1 10518 108
108
Mexican Petrol Ltd con 6s A 1921 A •0 108 Sale 108
2 10512 109
108
108
1st lien & ref Os series C._1921 A -0 107
95
9234 19 91
9234 914
Midvale Steel &0cony s f 531936 M- S 9212 ___98 May'17 --.- 98 102
98
1929 J -D 97
Nat Enam dr Stpg 1st 5s
917
91
1 90
Nat Starch 20-yr deb 55.-1930 J - J 91 Sale 91
8 9878 103
10118
1952 NI-N 10012 Sale 100
National Tube 1st 55
10312
2
106
101%
2
,
103
108
103
74-N
N Y Air Brake let cony 6.8._1928
Railway Steel Spring10034 30 10014 101
Latrobe Plant let at 5s...._1921 J - J 1004 103 10014
99 May'17 __ -- 9812 997
Interocean P.1st a f 5s__--1931 A -0 99 100
1004 263 99 10114
Repub I & 5 10-30-yr See f_1940 A -0 100% Sale 100
101
1930 M- N - - - - 9878 100 May'17 ---- 993* 10312
Standard Milling let 58
Tenn Coal I & RR gen 50_1951 J - J 100 10218 101 May'17 _-. 101 10618
1033* 50 10234
The Texas Co cony deb 6s_ _1931 J - J 102 103 103
8812 Apr '17,_ 8818 9318
Union Bag de Paper 1st 5s_ _1930 J - .1---- 86
1930 J - .1 ____ __ 8812 May'17 .--- 8812 903*
Stamped
5212 5212 May'17 __.. 52% 64
US Realty & I cony deb g 56 1924 J - J 51
10178 75 10118 1043s
US Rubber 10-yr col tr 65-1918 J -0 10134 Sale 1013*
8718 198 86
9234
1947 J - J 8712 Sale 863*
1st & ref 5s series A
US Smelt Ref & M cony 6s-1926 F - A 10412 Sale 10312 10418 93 103 100
105% 381 1043 107%
l 10434
1
U S Steel Corp-lcoup-d1963 M-N
1963 M-N --------1043* May'17 .-_ 10434 107
S F 10-60-yr 5s f reg
4 9712 1003*
9712
9734
V-Car Chem let 15-yr 58-1923 J - D 9712 98
el924 A -0 99% Sale 9918 100% 18 9912 103
Cony deb 6s
10012 22 100 10234
West Electric let 5s Dec. A922 J - J 100% 101 10018
4 100 1011s
10018
Westingh'se E dr M notes 5s_1917 A -0 100 10018 100
Coal & Iron
963 Jan '17 ___ 963* 963
1932 .1 -D ____ 96
Fluff & Susq Iron s f 5s
931s
91 Apr '17 ____ 91
a1928 M- S
Debenture 5s
Cahaba C M Co 1st gu 88.-1922 J - D ---- --- - 101 Dee '14.- .- - ., .1 -7'7% 81
80
8 80 80
Col Indus 1st dr coil 55 gu _1934 F - A 797Cons Ind Coal Me let 5s___1935 J -D 60 __ _ 73 Mar'14 ..- . i 9412 65'
93
Cons Coal of Md Ist&ret 55_1950 J -D __ -- 94 93
-- -. -.....
Continental Coal let g 5s___1952 F - A 35 __ _ _ 993* Feb '14 _.
945 Mar'16 _-- -. --1 1
Gr Riv Coal AC 1st g 8s.._ _h1919 A -0
99 July'15 - - - - _
Kan& II C & C Ist a f g 5s_1951 J - J -------9534
1 92% ---.
93
93
Pocah Con Collier lets f 53_1957 J - 1 93 95
80 Apr '17 ____ 8412 86
87
St L Rook Mt & P 5s stmpd.1955 J - .1 85
80 Dee '16 -_ ..... 70
1953 J - .1 - -_
Victor Fuel 1st s f 5s
90
90 Apr '17 ____ 85
Va Iron Coal&Coke 1st g 5s_1949 M- 5 8712 89
Telegraph & Telephone
54 8714 928
88
Am Telep & Tel coil In 4s......1929 J - J 8734 Sale 8714
95 May'17 ___ 95 101
1936 IN- S __ 98
Convertible 4s
10012
8 100 10634
1933 M- S 100 103 100
20-yr convertible 4)4s
9914 283 95 1017
9812
Sale
99
D
J
1948
30-yr temp coil tr 5s
Cent Dist Tel 1st 30-yr Ss._1943 J -0 11)018 10112 10012 May'17 _- 10012 1(13
Commercial Cable Ist g 48-2397 Q- i
.:
73 N"'la --- -- - - -71 May'16 _ - _ ____ -- _ _
nu
73
2397 Q- J
Registered
3 95 11)118
0818
98%
Cumb T Jr T let & gen 5s_ _ _1937 J - J 9812 99
.
99 98 Apr '111 _ _ _ _ _ _ .
Keystone Telephone let 53_1935 J - J _.
Metropol Tel & Tel lst s f 55 1918 11- N 993-4 100,4 100 May'17 ___. 100 10112
993* Apr '17 ____ 99 10118
1)712 100
Mich State Teleph let 5s_ _ _1924 F - A
10112
N Y& NJ Telephone 5s g 1920 M-N _---- 10112 Jan '17 ____ 10118
9514 22 937k 10014
N Y Telep 1st & gen s f 4 Yis..1939 M- N 9514 Sale 94
19 9712 102
98
1937 J - .1 9712 Sale 9712
Pao Tel & Tel 1st 5s
22 97 101%
08
977
South Bell Tel AT 1st s f 5s 1941 J - J 973 93
4 9712 1033*
987
97%
West Union coil tr cur 5s......1938 J - J 973* 99
3 92
9214
9214
9934
9312
4
923
-N
M
1950
Fd and real eat g 4)43..
Mut Un Tel gu ext 5s.__ _1941 M-N 9978 10112 10112 May'17 ___ 10112 10112
94 Nov'16
Northwest Tel au 41.4s a_ _1034 J - J ----
1 e Jan. 4 Duet )711.. Due May.) Due June. 5 Due July. k Due Aug. o Due Oct. p Due Nov.
Due Dec. 8 Option sale.
MAY 26 1917.1
BOSTON STOCK EXCHANGE-Stock Records..T.7spage
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
May 19
Monday
May 21
Tuesday
May 22
Wednesday , Thursday
May 23
May 24
Friday
May 25
Sales
of the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
2103
Range for Previous
Year 1916
Lowest
I
Highest
Lowest
Highest
Railroads
*163 165
164 164 *164 165
164 165 *165 166
23 Boston At Albany
100 1631:May18 175 Jan 11 172 Dec 19b Feb
651: 67
66
67
67
68
68
68
673 '3 -iii901 Boston Elevated
100 651: May19 79 Jan 19
6512 Apr
3812Jan
*110
_ _ *110 121
108 108 *110 120 *110 -- ------ -------100 105 Jan 22 133 Mar22 119 Dec 145 Feb
---1 Boston & Lowell
32 -32- *32
__ 32
32
*3212 34
32
33 - __ _ __ _
Boston & Maine
100 31 May10 45 Mar16
34
Aug
52
Feb
*175 180 *175 180
175 175 *175 190 *180 190
Boston
3
- & Providence
100 175 May22 213 Jan 30 200 Aug 23512Ma
7
*__
4 *_ _ _ _
4 5_ _ _ _
4 *-__
Last Sale 41;-Ma-y'16
4
Boston Suburban Elec Cos_
Cs Feb
5 Jan
_
Last Sale 25 Mar'17
Do pref
25 Mar 3 2712Jan 24
30
40IaFeb
Dee
*:::: -I- •_ ___
4 *:::: -I- *:::: -ILast Sale 412 Nov'16
Boston & Were Electric Cos..
4 Mar
512Jan
*__ 36 *___ _ 36 *___- 36 *___- 36 *15Lt
oas _S_a_l_e 35 Mar'17
Do pref
35 Mar23 38 Feb 5
42 Feb
4518July
*150 153 *150 153 *150 153
40 Chic June Ry & U S Y-100 150 Jan 5 150 Jan 5
150 150
150
Oct
154
•1014 103 *10112 103 *10112 103 *10112 103 *102 103
July
22 Do pref
iii5" icii100 Apr 28 108 Jan 27 1021: Apr 110 July
*125 130
125 125 *125 140 *125 140 *126 140
3 Connecticut River
100 125 Mar 2 140 Mar28 123 Sept 162 Feb
*6
65
64
64
*64
*64
-6i- f-if
65
65
65 Fitchburg pre
64
65
100 64 May21 781: Mar22
59%
Sept
4
87
Feb
*_ ___ 125 *____ 125% *____ 125% *____ 125
Last Sale 12512M'y'17
Georgia Ry e.: Elea stampd100 12412 l‘lay16 133 Jan 17 122
Jan
89
413410
8934 *__ __ 89 *---- 88
113 Do pref
--_- ---871: 871: *--__ 88
100 871: May23 9212Jan 9 236 Jan 1313
94 Dee
98
98
98
45 Maine Central
98
*978 98
*9734 98
--ii4 --i98
98
100 98 Apr 9 10018 Mar 7
98 Sept 102 Jan
*3
412
312 312 *3
50 Mass Electric Cos
4
*
*318 4
100
3
May
8
51: Mar24
4 3 Dee
*2112 ____ _ 211: 22
884 Aug
212 Do prof stamped
*211: 23 *23 -- _
22
22
22
22
100 20 Apr 28 2712Jan 9
26 Dec
3412 351; 1,751 N YN H & Hartford
*3834 -3918 40
33
37
54 Au°
40 *3813 394 3714 39
100 33 May24 5234Jan 2
Jan
50 Dee
*
Northern New Hampshire_100 x100 Mar12 105
Last Sale 103 Apr'17
98 5_ _ __ 98 *____ 98 *_ 08
7714
Apr 3 97 Jan 107 SePt
•iiii4 120 *11814 NO *11814 120
32 Old Colony
:11612
118 11814 *11612 ____ 1161
100 11612 May25 135 Jan 6
*27
Last Sale 2712 May'17
3014 *27
3014
itutiand, pref
304 *27
3014 *27
100 2434 Feb 2 3412 Feb 13 13414 Dec 157 Feb
20 May 3512 Dee
*102 105 *102 105 *102 105 *103 105 *103 105
103 103
10 Vermont & Massachusette_100 103 May25 110 Jan
15
49
50
50
49
50
4934 50%
754 West End Street
50
491
: 5058 50
50
50 49 May19 5612 Mar17 10012 Aug 125 Mat
*65
67
67
67 .66
67
6812 6612 *66
67
6714 6838
137 Do pref
100 66 May17 74 Jan 6 385 Sept ars Jan
69 July 36 Feb
Miscellaneous
*9213 95 *921: 041: 93
*92
93
921: *93
94
94
05
20 Amer Agricul Chernical
100 84 Feb 14 9434 May 2 64
Apr 102 Nov
101 101
10012 10112 10014 101 *10034 10112 10012 101
10012 10012
602 Do pref
100 981
:Feb 13 10312.7an 27
951s Mar 105 Dee
*138 134 *138 134 *138 134 *138 134
Last Sale 112 May'17
Amer Pneumatic Service__ 50
118 Apr 9
238Jan 9
*012 1012 10
,
4 Deo
10
314 AM'
*9
1012 *9
1012 *9
1012 --10 Do pref
50
814Jan
2
14
Mar
8
•10913 111
7 Dee
16 May
11034 11034 11034 11034 110 11012 *10912 11034 111- f1-1-187 Amer Sugar Refining
100 1051:Feb 3 115 Feb 21 106
Apr 12514 Oct
117 117
116 116 *116 117 *11612 117
117 117
147 Do pref
100 116 Marl 12112Jan 24 11412 Mar
11978 120
124
Get
1208 12034 12014 12134 12114 122
12138 122
iiir2 1-ii- 2,610 Amer Telep & Teleg
100 11628May12 12814Jan 25
*501: 511: *52
63 *511: 521: *5114 52
5212 521: *52
7 American Woolen of Mass.100 40 Feb 1 54% Apr 3 123 Dee 1344 Sept
6212
42 Aug
9734 08
0712 978 9712 9734 9714 9734 9714 9712 9713 971:
5614 NO*
221 Do pref
100 94's Feb 3 100 Mar15 92 Jan
*671: 6812 671: 6712 671: • 671: *66
10152 Mar
671: 671: 671: 671: 6712
155 Amoskeag Manufacturing__ 6712 May21 74 Jan 3
*90 05
66 Jan
79 Nov
01
91
*9014 95
*9014 95
*9014 05
12 Do
91 May21 9712Jan 5
08 July 10114 Feb
10112 102
10312 10514 104 10514 10334 10612 10114 10514 10514 10914 8,975 At! Gulfpref
W
&
IS
Lines__1
S
00
891
Feb
:
23
Jan
12112
22
27 Jan 14734 Dee
*61
62
*01
62 *61
63 *61
6212 6214 621 *
63
20 Do pref
5513
100
Feb 9 66 Jan 4
*1412 1512 1512 1512 16
42 Jan
7212 Nov
: 17
*161
16
16
16 - --------290 Cuban Port Cement
10 1314 Feb 3 19 Jan 2 ir8 le Apr
2578July
*8
9
*8
9
*8
9
Last Sale 712 Apr'17
*8
0
East Boston Land
10
712 Apr 13 10 Jan 22
13l Jan
190 100
190 190 *185 189
814
193 193
Dee
193 194
101 Edison Electric Blum
189 189
100 183 May15 226 Jan 4 225
*15712 15812 158 158
15914 15914 *15912 16012 *159 160
Dec 250 Mar
161 161
40 General Electric
100 15134 May
17014Jan 16 15914 Apr 186 Oct
*1001: _-- *10012 __-- *10012 ____ *10012 ____ 101 101
10 McElwain(W II) 1st pref-100 100 Feb 9
3 102 Jan 18
95 June 10212Sept
0213 -931: 9254 93
93 9314 9234 9338 9212 9234 iiii. -633-4 1,519 Massachusetts Gas Cos100 87
Feb 3 10012 Mar23
: 7712 7712 *7712 80
771
77
79 Sept 10034 No,
77
7712 77
151 Do pref
771z *77
77
100 77 May15 81 Mar30
__
*146 150 *146 150
78 Sept 89 Feb
148 148 *148 150 *148 150
2 Mergenthaler Linotype.....100 145 Apr 17 169
Jan 31 155 May 181 Nov
Mexican Telephone
*1% ---- *2 -- - - *2
10
1 Marla PA May 5
L
Last
asg 8
SCilk
lelill
i
i -M
214 Jan
14 N ov
De-Y
e'
li
l(i
i
---- ---- ---- ---- --- ---- .:::: ---Mississippi River Power_ _100
___ .... _
-gy Last Sale 38 Feb'17
10 Dee
19 Apr
Do pref
100 38 Jan 26 40 Jan 17
35 Nov 44 Feb
-- *87
70;7- 19- ;ii- -----88
8L
81a2st 8
s8
a1u
2 85t90
35 New Eng Cotton Yarn_ ___100 30 Jan 9 95 Mar26
2312July 42 Dec
May'17
*90
*90 92
92 *__ 92
-_
Do pref
100 60 Jan 10 90 Mar27
11678 117
11612 11634 11612 11012
50 Jan
66 Dee
1161: 11-63-4 117- 117
117 117
142 New England Telephone 100 115 May12 12412
Mar10 12034 Dec 140 Mar
135 135
• - 135 •___ 135 *____ 135 *--- 135
20 Nipe Bay Company
100
135
Mar
5
147
Jan
19
10212 Jan 165 Nov
Last Sale 95 May'17
100
;on 03
*149323311422 19
Nova
Scotia
Steel
& C- _ -100 90 Apr 24 112 Jan 11 102 Dec 15514 Nov
3444
412 *
145 145
*144
194
145 145
49 144
446'2
2 19
4'
5
218
*
19
96 Pullman Company
100 1411 May16 166's Jan25 15812 Apr 175 Oat
3212 3318 *3318 35
*3212 14- 3313. 3312
3378 3378
43 Punta Allegro Sugar
50 30 Feb 15 48 Jan 3
3512 Dee
*
11
55
4:
59 Oet
1 4 15156
141: 1412
*141: 15
11 Reece Button-Hole
10 14 Jan 25 16 Mar29
*
1
1
5
6
4
1
2
15
1
7
5
3
8
*
15 Feb
1
1
5
6
4
%
15
1
7
4
1612 Ma,
7
18
8
15634
15714
-1..i7
15512 157
- 1-4 fej3-8 1,987 Swift & Co
133 Feb 3 1627 Apr 16 125 Feb 177
100
6134 6134 62 62
62
Oct
62
62
6112 62 *60
6124 6314
470 Torrington
25
55 Feb 3 67 Mar12
35
*3012 32
Jan
70
Nov
*3034 32 *29
32 *3034 32 *3034 32
3034 3034
25 Do pref
25 29 Apr 9 33 Jan 4
28 Jan
137 13734 13734 141
33 Mar
137 137 13714 138
137 137
137 137
2,020 United Fruit
131's
100
May
15411Jan
9
22
1361y Jan 16834 Aug
5558 55
5434 5513 5512 5614 5412 5558 548 5534 55
56
4,229
United
Shoe
Mach
Corp 25 50 Apr 20 5814 Jan 3
2758 2734 28
2734 28
50 June 6312 May
2734 28
278 28
28
2712 2758
366 Do pref
25 2712 Apr 18 301* Mar 8
: 12434 12714 127 12938 12814 13113 132 134
12112 1223s 12314 1251
281
:Jan
31 Sept
16,635 US Steel Corporation
100 991 Feb 3 134 May25
795
*118 11818 *118 11812 11812 11812 11734 11734 *11812 119
4 Mar 1291a Nov
1197
15
Do
pref
1197
8
100 11612May 0 121 Jan 27 11514Feb
ea, vs
7
718
7
718 71
714
: 7
12234 Nov
7
733
714 6,580 Ventura Consol 011 Fields_ 5
6 Apr 10
8% Jan 26
Si Sept 18 Jan
Mining
*3
3
312
3
3
3
314 332 *3
314 *314 313
145 Adventure Con
25
214 Apr 25
414 Jan 2
100 101
*98 100 100 100 100 101
184 Feb
101 101
67s Dee
421 Ahmeek
101 103
25
94
Feb
3
Jan
108
2
*6
618
6
633 633
633
91 Aug 12512 Nov
6
618
5
534 6
584 2,836 Alaska Gold
10
5 May25 111:Jan 2
•.60 .80
*34
34
.80
2612Jan
34
Dee
34
10
34
12
12
12
12
350
Algomah
Mining
25
1: May16
114 Jan 2
64
64
63
66
*62
63
May
65
211 Noy
6534 64
65
65
66
1,180 Allouez
25 58 Feb 3 70 Mar 8
3212 3213 3338 3213 33
3112 3134 32
56 Dee
8312 Nov
32
3238 3234 338 2,410 Amer Zinc, Lead & Smelt- 25 2812 May 9
4114 Jan 26
68
64 64
68
*63 65
6518 6518 *63
2912July
9738
Apr
6312 6434 65
365 Do pref
25 634 May 9 73 Jan 3 60 July 861s Nov
1314 1314 1313 1311 1358 141
14
1413 1378 1414 14
1438 4,190 Arizona Commercial
5 1038 Feb 3 1518Jan 4
.84 .84
.86 .85 *.80 .90
July
.70 .80
18
No,
71*
.60
2,150
.70
.60
.60
Butte-Bal
aklava Copper
10 .60 May24
214 Jan 26
*441: 4512 *4412 46
44
*431: 441: 44
112 Aug
512Feb
441: 441: 4614 4614
115 Butte & Sup Cop (Ltd)
10 3934 Feb 2 52 Jan 26
80 8058 8012 8114 82
7012 80
42 Dee 10514 Mar
8214 82
83
8213 84
1,461 Calumet & Arizona
10 7318 Feb 3 8514 Jan 26
*535 543 544 545 543 545 543 545 545 550 550 558
66
June
101
Nov
.183
Calumet & Hada
25 525 Feb 3 480 Feb 20 510 Dee 640 Nov
*18
19
*181: 19
10
*18
1812 19
19
19
71 Centennial
19
.55
19
25 18 Mayll 2714Jan 16
5614 5758 58
5514 557 557
14 July 27 Nov
*5713 58
58
59
106
59
Chino
Copper
5
51 Apr 23 63 Mar 7
64
6512 6412 6512 6412 6514
46 July 7331N cm
6212 63
6318 64
7,154 Copper Range Cons Co
25 57 Feb 3 68 Jan 17
*112 2
*158 2
*158 2
*134 2D
5412July 8734 Nov
al
Last
ySale 1163
:
May'176434 West
20
112 Apr 23
3 Jan 12
5
5
5
514
4% 5
54 518
2 July
514 534
37s Mar
8
812
9,995
Davis-Daly
Copper
714 Jan 16
10 414 May 4
13
: 1214 1212 1234 13
1218 121
13
434 Dee
714 Dee
13
13
13
131: 2,245 East Butte Copper Min
10 115 May 9 16 Jan 3
111:July 20 Nov
*612 7
*6
612
612 612 *624 7
7
7
466
618
Franklin
7
25
6%
May15
9 Mar 6
8114 8114 83 831
83
*80 82 *81
6 June 1314 Nov
: 84
8512 8512
400 Granby Consolidated
100 78 Apr 23 92 Jan 17
*43
44
*4414 84
44
*4113 42
44
*4112 42
79 July 120 Nov
451i *4434 4518
10 Greene Cananea
100 3934 Apr 23 4612Jan 3
1512 16
15
8434June 5514 Nov
15
15
15
16
16
*1513 16
13 151:
170
15
Hancock
Consolida
ted
25 13 May10 2012Jan 19
3
3
1012June 2312 N or
*212 3
212 21:
*213 3
*212 3
*21: 3 . 120 Indiana Mining
25
17s Feb 16
4 Mar22
6712 6812 6713 6734 66
2 July
07 6714 6712 6734 6612 68
612 N ov
6734 3,074
67 Island
D dCreekrk
ref Coal
1 58 Jan 2 7012Jan 25
92 92
9214 0214 9114
92
42 Sept 7334 Dee
02
*91
92
9114
91
91
1 89 Feb 5 94 Ayr 28
: 31
*301
: 31
88
30 30
30 30% 301
Jan
9312 Dec
301
:
774 Isle Royale Copper
25 28 May10 36 Jan 18
434 434
4°4 VA *412 424 *4 ife 311: 31% 32
412 412
25 July 48 Nov
4 *428 478
05 Kerr Lake
5
414 Apr 9
6 Fob 15
218 21s 5214 235 5214 212 *214 42
*212 238
312 Mar
511s May
212 *214 23
25 Keweenaw Copper
25
2 Mayl 1
43 Jan 27
1112 1112 1234 1234 13
13
234Feb
134 14
8 Apr
13
13
1312
123
767
4
Copper
Lake
Co
25
11
Feb 2 18 Jan 2
312
914 July 1912Feb
3
*3
: *3
31
3
*318 '32
333
312
312
312
170
La
Salle Copper
25
2% May16
53
5 Jan 16
518 *534 614 *6
5% 5%
614 *578 614 *618 612
314 July
612Nov
65 Mason Valley Mine
5
*12
5 Feb 9
1212 1212 1212 1238 127
634 Mar30
125 13 *1234 13
112 Aug
9 Nov
1234 13% 1,055 Mass Consol
25 11':Feb 5 151:Jan 17
213
214 214
*2
212 3
*234 3
10
July
1912
Nov
*23
4
3
233
278
335 Mayflower
25
134 Apr 20
*312 4
312Jan 6
314 34 *314 334 *314 334 *312
2 July
5 Feb
334 *312 334
50 Michigan
25
212Jan 10
51: Mar24
884 88
89
88
88
88
89
89
112Jan
4
3
4
N
ov
80
89
070
8912
90
Mohawk
25 77 Feb 3 98 Jan 3
2434 *2412 25
2434 *24
25
*24
25
771a July 108 Nov
*2478 2514 *2534 26
100 Nevada Consolidated
*15
3
5 2184 Feb 2 261
31
:
12 13
a 15
16
314 13
5314
:Mar 7
5:
314 13
52
14
2 1533124
15 Jan
8312 N ov
4
065 New Arcadian Copper_ _
4
1451, 2
25
3
May
2
Jan
2
6
15
434July 1014Jan
34
8 2145512 ____ _ _ _ _
120 New idria Quicksilver
5 14 Jan 27 171: Apr 3
25
25
25
s_ _ _ 25
25
25
9 July 2434Jan
140 New River Company
100 22 Jan 25 30 Mar20
8712 87
8712
•____ 87%
87 *---- 871: ________ ___.
20 Dee
8138 Nov
2
Do
prof
100
76
Jan
924
24
Mar20
738 733
714 712
77 Dec
7% 712 *714 735 *714 73a
9314 Nov
247 Nipissing Mines
712 - 71i
5
74 May 9
834 Jan 2
2133 2214 22
6 Mar
2134 2178 2133 22
2214 22
914 N ov
2214 22
North Butte
15 2018 NIayll 2414 Mar28
20
114 114 *114 112 *114 112 *118 113 *114 2234 2,975
*11
July
112
3212
Nov
25 North Lake
112
25 .90 Feb 18
234Jan 3
112 11:
11: 112
112 112 *138 112 *I% 2
.50 June
612Jan
*138
360
3
0Jibway
Mining
25
112May 4
278.1an 12
Ila July
*288 212 *2% 238 *234 3
234 234 *234 3
272 Apr
150 Old Colony
*218
25
2
Apr
3
23
31
3
Jan
62
614
4
603
62
62
60
114
July
60
4 Jan
60
61
6134 62
6318
995 Old Dominion Co
25 55 Feb 3 6734 Mar12
8614 86
8714 8812 8812 88
59 Dee
83 Nov
*85 8514 86
89
3982
40
4
9014
.asucieolya
25 7812Feb 3 95 Mar12
2314 2414 237 2414 2314 00
24
70 July 105 Nov
*2334 2412 24
2334 23
24
3,770
Pond
1712
Creek
Coal
Feb
10
3
Mar21
271
1112
89
88
89
8912
Mar 2334 Dec
8912 8912 89'2 8012 9012
88
88
88
Quincy
25 81 Apr 24 941:Feb 21
2978 30 *2013 3013 2954
July 10912 N ov
•29
291: •2914 30
30% 3012 3012
145 Ray Consolidated Copper_ 10 23 Feb 1 3218 Apr 3 81
811: 811: 82
2034 June 3634 Nov
81
82
81
: 80
*781
82
821
:
82
83
1,240
St
Mineral
Mary's
Land
Feb
25
3
74's
Mar
894
*1
6
I% 118
6112Jan 110 Nov
1% 118
l's
114 138 *114 133 *1
138
830 Santa Fe Gold & Copper
10
1 Apr 14
2 Jan 2
814 812
114 July
814 814 *814 812
814 8%
371Jan
818 812
812 812
685 Shannon
7':Feb 3 10 Jan 5
10
271: *2612 271:
7 July 1212 Feb
: 261: *26
*251: 2614 *251
Last Sale 2478 May'17Shattuck-Arizona
10
247
8
Apr
25
301 Mar10
2434July 40/
334 4
1
4Feb
334 334 5312 4
*33
312 312
37
4
4
305 South Lake
3 May 9
25
614 Jan 2
4 Aug
9
0
: 10
*91
912 *81: 10
9
812 Jan
914 914
914 914
265 Superior
8 May15 1611a Mar 6
25
47
1211 July 2813 Jan
434 514
514
515
5
5
518 514
5
1,735
Superior
& Boston Copper_ 10
43a May 5
814 Jan 6
......_ ____
112Jan
834001
Last Sale 591:
Mar'17
5185114
Tamarackn
Tri
25 47 Feb 2 60 Jan 15
312 312 -;ais --85 Aug
4 --ii4 --54
5614 Jan
i34 -558 -13334
378
4
4
645 Trinity
25
314 May16
6 Jan 4
0.90 1%
414 July 1234Jan
14 118 *118 134 '
1% 114 *1% 114 *1'/ 114
625
Tuolumne Copper
1
1 May12 VA Jan 9
5838 5833 5912 5834
5638 5738 58
55
56
.15 Jan
212 Dee
5914 59
6214 3,770 US Smelt Refin dr Min_ _ _ 50 52 Feb 3 67$g Jan 4
50 50
5018 5012 50 50
50
5412 Jan
50
8138 N ov
50
50
50
51
777 Do pref
50 49% Apr 18 521:Jan 4
218
2
23
21s
2
218 21:
49
Feb
213
4 Apr
5311
21: 234
2% 3
3,149 Utah-Apex Mining
5
314 Jan 2
1% Mar28
1578 16
16% 1614 1634 161
16
: 1734 1713 1734
212 Dec
51s Apr
5,110 Utah Consolidated
5 141: Apr 7 2112 Feb 20
4'113 1131z *11314 11334 5114 1143/ 11438 11458 *11434 11514 1734 18
121s Jan
3012
Nov
118
221
11533
Utah Copper Co
10 98 Feb 1 118 May25
518 518
5
518
5
75 June 1273s Nov
51
5'/s 514
518 53
514 538 4,460 Utah Metal& Tunnel
1
4 Apr 23
*37
658Jan 16
414
4
4
4
418
514 Dee
4
1112 Mar
418 *4
418
418 482 2,215 Victoria
25
312
Apr
23
6 Jan 2
234Jan
*312 354
414 414
312 414
812 N ov
372 414 *334 4
4
414
935 Winona
25
34 Apr 24
Ms Jan 25
334 Mar
42
43
42
4212 4212 4213 421: 43
42
42
42
814 Nov
441:
590 Wolverine
25 40 Apr 24 6312 Mar 6
65 Oct
5.90 1
5.85 .95 5.90 1
.98 1
Feb
67's
5.90
1 ,. _
215 Wyandott
23 .87 May15
21/Jan 3
11e Aug
2114 Feb
•Bid and asked prima. 0 I:a-dividend and rights. 4 Asesgarnent paid. 3
Es-rights. a Es-dividend. w Half-Da111.
vi-
THE CHRONICLE
2104
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at the
Boston Stock Exchange May 19 to May 25, both inclusive:
Bonds-
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High Week.
Range since Jan. 1.
High.
Low.
102 102% $22,000 100
Am Agric Chem 5s_ _ _1924
14,000 87%
Am Tel & Tel coil 4s_ _1929 87% 87% 88
9831 9931 17,100 9831
993
5s temporary receipts__ _
7831 7931 16,500 78
At1G&WISSL 5s__1959
30,000 9631
99% 100
1940
Y
Chin
8555 8531 4,000 8431
48---- -------- 1940
3,000 99
99
99
Cumberland Tel & Tel 5a.._
3,000 953
96
96
Gt Nor-C B & Q 4s_ _1921
1,000 91
9231 9231
1929
Mass Gas 455s
1,000 92
1931
9231 9231
455s
5,000 69
70
69
Miss River Power 5s_ _1951
12,000 98
9931 100
N E Telephone 5s_ _ _1932 100
65,000 9931
Swift & Co 1st 5s_ ___1944 9935 9931 100
1,000 95
95
05
United Fruit 4555.... _ _1923
U S Smelt R & M cony 6s_ 10431 104 10431 22,000 10331
97
18.000
0714
97t4
9715
58_1932
Tel
&
Western Tel
Feb
May
May
May
May
Mar
may
May
May
Apr
May
May
May
May
Apr
May
104
92%
102
8531
10231
87
10031
9931
9831
9531
78
10231
10251
9831
109
100w
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price Low. High. Shares.
282% 284
American Radiator.._..100
131
z131
100
Preferred
7755
Amer Shipbuilding_ _ _ _100 76% 73
64
64
American Straw Board_ _ _ _
Booth Fisheries com_ _100 11231 112% 118
89% 90
Preferred ---- ----100 • _ .
54
5431
Cal & Chic Can & D._100
25%
24
Chic Cy & C Ry pt sh pref 25
21
21
Chicago Elev Ry pref _ _
71
68
Chic Pneumatic Tool_ _100 71
14
12
1335
Chic Rys part at "2"_ _
121 125
Commonw'th-Edison....100 123
122 12531
Cudahy Pack Co corn _100 123
Osg 98%
100
Deere & Co, pref
118 122
100 122
Diamond Match'
61% 61%
Hartman Corporation..
78
x78
Hart,Shaff & Marx,com100
78
78
100
Illinois Brick
250 250
Linde Air Prod Co corn _ _ _ 250
z2055 20%
Lindsay Light
z1155 11%
Preferred
66% 68
Middle West Utilities pref
4831
48% 47
Mitchell Motor Co
National Carbon pref_ _100 13051 13051 13051
5531 55%
Pacific Gas & Elea Co_100
7
7
7
Page Woven Wire Fence 20
7134 78
People's G L & Coke_ _100 73
127 13031
130
Prest-O-Lite Co, Inc
94
92
Pub Serv of N Ill, corn..100
96
96
100
Preferred
300 300
100 300
Quaker Oats Co
109 110
100
.
Preferred
165% 175
Sears-Roebuck corn......100 174
60
50
Shaw W W common- _ -100
7655
Stew Warn Speed oom_100 75% 72
155;g 157%
100 157
Swift & Co
193 196
Union Carbide Co........100 195
33
28
Unit Pap Board com_ _100 33
78
76
100
Preferred
Ward, Montg & Co, pref _ 116% 115% 11655
73%
71%
72%
Wilson & Co common....100
Preferred ---------100 104% 103 105
Bonds.
93%
93
Booth Fisheries s Id 651926
9435 95
Chicago City Ry 55.. _1927
Chic Ry pr M g 4s _1927 59% 59% 59%
100% 100%
Chicago Telephone 55_1923
99% 100
Commonw-Edison 58_1943 100
65
65
43_1938
1st
Metr W Side El
9255 9255
Ogden Gas Ss _ _ _ _1945
97
97
Peoples GL&C ref g 58 '47 97
91
90
Pub Serv Co 1st ref g 50'56
85
85
South Side Elev 4315_1924 85
100
100
100
_1944
55_
g
1st
Swift dc Co
Wilson dr Co 1st 6s.... _1941 10155 100% 10155
Range since Jan. 1.
High.
Low.
27 b28235 May
May
15 zI31
Feb
645 39
Jan
40 57
Jan
580 60
Feb
30 81
Mar
159 49
Feb
281 24
May
5 21
Feb
893 60
May
231 12
743 12031 May
787 10855 Feb
20 96% Feb
141 113% May
Apr
3 60
May
25 z78
Apr
15 77
25 250 May
205 1654 Feb
Jan
25 10
9 6515 May
400 4555 Apr
Jan
100 129
6 555.5 May
May
6
50
809 71% May
Feb
341 102
83 85
May
13 96
May
8 290 May
82 109
May
May
5,174 c163
Feb
45 50
1,321 72 May
7,331 13255 Feb
Feb
1,450 169
2,651 2755 Feb
Jan
40 73
Mar
45 115
Jan
385 58
88 10231 May
$7,000 91
3,000 93%
2,000 59%
8,000 09%
21,000 99%
2,000 65
5,000 92%
2,000 94%
6,000 8955
12,000 85
26,000 993.1
8,000 10036
US Steel Corp com_ - --100 133% 123% 133%
ilsg 11834
100
Preferred
114 118
West'house Air Brake....50 118
54%
West'house Elec & Mfg_50 5455 53
BondsCent Dist Telep 58.....1913
Indep Brewing 6s.......1955
Monon Riv Con C&C 6s'49
Pittsb Brewing 113s._ ...1949
West Penn Rys 5s_ _ _ _1931
Feb
May
May
May
May
May
May
May
May
May
Apr
May
Feb
445
Jan
136
Mar
79
Feb
70
Apr
130
Apr
94
5455 May
3554 Jan
Mar
30
May
71
Jan
25
142% Jan
12954 Apr
Jan
100
132% Mar
78% Jan
Jan
90
88% Jan
Jan
300
2355 Mar
11% May
Mar
78
53% Mar
Apr
135
68% Jan
Jan
9
106
Jan
146% Jan
Jan
114
102% Jan
Jan
340
Feb
115
Jan
239
Mar
73
Jan
101
16535 May
Apr
210
3455 Jan
81
May
11755 Jan
8455 May
107% Mar
94%
99%
60%
102%
103%
70%
98
10255
0655
89%
102
10331
10135
36%
11731
4654
100
Range since Jan. 1.
High
Low.
1,230 102
10 117%
1,449 112
2,151 4531
Feb 133% May
Mar 11955 Jan
May 15755 Feb
Jan
May 55
Jan
10155 $1,000 101% May 103
Apr 5034 Jan
3634 2,000 36
Jan
1,000 117% May 118
117%
Jan
Apr 68
4654 2,000 45
Jan 10055 Feb
500 100
100
Baltimore Stock Exchange,-Complete record of the
transactions at the Baltimore Stock Exchange from May 19
to May 25, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Chicago Stock Exchange.-Record of transactions at
Chicago May 19 to May 25, both inclusive, compiled from
official sales lists:
Stocks-
1(14.
(11.
-----------
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
58
56
100 58
Alabama Co
95
95
First preferred__ ._ ._ 100
55
55
100 55
2d preferred
7
7
Atlantic Petroleum__
99
98
100 98
Baltimore Tube
100 100
100
Preferred
Consol Gas EL & Pow..100 11434 112 11435
108 111
Consolidation Coal__ _ _100 111
12;5 1255
5 1235
Cosden & Co
12%
12
12
5
Gas
Cosden
434 4%
5
Preferred
Davison Chemical_No par 36% 36% 37%
50 32% 28% 32%
Elkhorn Coal Corp
4655
50 4655 46
Preferred
80
80
Georgia So & Fla 1st pf_ 100
2135 23
Houston Oil trust otts_ 100 22
Preferred trust ctfs._100 6335 6155 6355
69% 69%
-100
Monon Vail Trac
75
72
100 75
Preferred
15
15
MtV-Woodb Mills v t r 100
6155 63%
Preferred v t r...._100
10% 10%
Oklahoma Prod & Ref....5
7455 75
Pennsyl Wat & Power..100 75
10031 10051
Public Service Bldg, pref....
2055
29
50
UnitedRy & Elec
4
4
5
Wayland Oil & Gas
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
BondsArundel Sand & G 68.1923
AtICLconvdeb4ssmall..'39'
Bait Elec stamped 5s_19471
Ball Spar P & C 43.45_1953
Canton Co 5s
Chatt Ry 1st cons 55_1956
Coal & Coke 1st 5s......1919
Consol Gas gen 4%s.._ 1954
Cons Gas E L & P 455s-'35
Notes
Consol Coal cony 68_1923
Cosden & Co 6s
Cosden Gas 6s
Elkhorn Coal Corp 66_1925
1918
Elkhorn Fuel 58
Fair dr Clarks Trac 55_1938
Fairmont Coal 58...... _1931
Fla Cent&Penin cons5s..'43
Georgia dr Ala cons 58_1945
Ga Car & Nor 1st 5s_ _1929
Houston Oil div elf_1923-25
Small
Kirby Lumber Cont 6s_'23
Md Electric Ry let 56_1931
Merch & Miners Trans 68..
Norfolk Ry & Lt 58 ..1949
Pennsy W & P 58_ _ _ _ 1940
United Ry & E 45_ _ _1949
1949
Income 4s
1936
Funding 5s
1936
Small
10554
9735
102
100
105
99
100
9834
8034
65
84
84
100% 100%
86
86
99% 99%
95
95
99
99
88
88
96
96
91% 9155
9055
89
10155 10154
105 10555
9734 98
101 102
100 10031
105 105
100 100
95% 95%
100 100
99
99
100 100
83;5 8354
8255 8231
9851 9834
96% 97
98% 9855
98% 9855
9255 9255
8055 81
64% 65
84
84
8315 84
68
28
148
20
50
7
2,851
842
2,476
7,115
1,300
309
2,784
320
6
1,030
91
8
82
81
146
150
75
10
727
60
$1,000
400
12,000
2,000
2,000
1,000
5,000
4.000
4,000
0,000
39,000
30,500
26,000
12,000
8,000
2,000
1.000
1.000
7,000
2,000
2,000
500
5,000
2,000
2,000
1,000
1,000
44,000
20,000
9,000
1,400
Range since Jan. 1.
High
Low.
49
75
50
7
90
100
10955
10054
12
11%
May
Jan
Mar
May
May
May
May
Feb
May
May
Apr
May
35
22% Feb
4555 May
May
80
17% Mar
Mar
60
Feb
60
72 May
Mar
13
6051 Mar
1035 May
7255 May
10051 May
27% May
May
May
58
95
May
55
May
9% Mar
12355 Jan
Jan
109
Jan
127
Jan
114
1855 Jan
16% Jan
535 Jan
44% Jan
3234 May
Mar
49
80 May
2335 Apr
6755 Jan
7135 Mar
Mar
79
Jan
19
Jan
72
1035 May
Jan
84
102% Jan
35% Jan
Jan
5
10034 May
May
86
9955 Feb
May
95
98% May
88
May
9051 Jan
9134 May
8835 May
100 May
10255 May
9655 May
995.4 May
Feb
99
10055 Feb
9954 May
05% May
100 May
May
99
100 May
8335 May
8235 May
98% May
96% May
98
May
98% May
9255 May
80% May
6455 Feb
May
84
83 May
10254
92%
100%
98%
10034
88
97
9655
93%
10755
110
10954
110%
10134
107%
101%
9834
10455
10355
103%
90%
90
100
100
10355
99%
95%
84%
6754
90
90
Mar
Jan
Jan
Jan
Feb
May
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
May 19 to May 25, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dividend.
stock
Ex-25%
c
dividend.
stock
Ex-50%
b
Ex-dividend.
dollars per share, not per cent. For bonds the quotations
of
record
Pittsburgh Stock Exchange.-The complete
per cent of par value.
are
19
May
from
transactions at the Pittsburgh Stock Exchange
Sales
Friday
sales
official
the
Range since Jan. 1.
to May 25, both inclusive, compiled from
Last Week's Range for
Week.
of Prices.
Sale
lists, is given below. Prices for stocks are all dollars per
High.
Low.
Shares.:
High.
Low.
Par.
Price.
cent
per
are
Stocks
share, not per cent. For bonds the quotations
Apr
May 22
80 20
20
20
of par value.
Alliance Insurance. _ _10 ._
Mar
25' 8
954 Apr
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
100
Amer Sewer Pipe
Mach100
Amer Wind l
Preferred ----------100
Cable Consol Mining. _1
25
Caney River Gas
Columbia Gas & Elec...100
Crucible Steel common 100
FederaiSt&PleasValTrac25
1
Gold Bar Mines
Herb-Walker pref.. __WO
Independent Brewing.. _50
50
Preferred
La Bello Iron Works_ _100
100
Lone Star Gas
50
Mfrs Light & Heat
National Firerofin_..50
50
Preferred
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Pittsburgh Brewing pref 50
1
Pitts Cons M M & T_
Pitts-Jerome Copper.. _ _ _I
Pitts & Mt Shasta Copp_l
100
Pitts 011 & Gas_ _
Pittsb Plato Glass.. _ ..100
5
Pure Oil common
River Side West Oil corn 25
_ _25
Preferred
Ross Mining & Milling_l
1
San Toy Mining
Union Natural Gas........100
U S Glass__ _ _ _____ 100
54%
9955
48
41
_
10654
134
9555
9654
6455
5%
20%
50%
10
50c
49c
5%
23%
19e
190
33
110
1635 16%
54% 1,385
50
260
9934
97
8c 3,500
7c
120
46% 48
45
4155
41
25
71% 7155
115
18
18
34c 2,300
33e
100
10651 106%
175
1%
134
180
10% 11
1,090
9554
93
135
9634
95
3,180
64% 6531
42
5% 6
30
1431 1434
410
1751 2055 2,051
50%
48
100
10
10
90 7,500
8c
500 7,200
470
50c 4,900
46c
1,870
4% 5%
371
118% 120
9,885
21% 24
11
15
15
11
15
15
19c 6,700
16c
2Ic 61,100
120
215
172
171
100
33
33
Range since Jan. 1.
Low.
16% May
May
45
May
95
Jan
Sc
43% Feb
3554 Feb
59% Apr
18
May
30o Mar
Feb
104
1% Apr
Apr
10
7154 Feb
9055 Jan
6255 May
May
5
12
May
1754 May
4334 Jan
May
10
Sc Feb
470 May
40c May
4% May
Apr
118
1931 Feb
1455 Mar
Mar
15
Apr
12c
12c May
16854 May
May
33
High.
10% Jan
Jan
62
124% Jan
Ilc Mar
Mar
50
47% Apr
71% May
Jan
20
Jan
480
Jan
109
3% Jan
1731 Jan
95% May
Mar
98
733.4 Atir
754 Jan
1755 Jan
Jan
22
Jan
56
18% Jan
Jan
15e
1.55 Jan
1.20 Jan
17% Mar
Mar
135
25% Mar
Apr
16
x1755 Jan
Jan
28c
210 May
Jan
185
3955 Jan
10
American Milling.
American Railways_ _50
_ _
100
Preferred
American Stores _ ..no par 3634
Baldwin L0001110the 100
__ _ _ _ _100
Preferred
Buff&SusqCorp pf v t c 100
50 _
Cambria Iron_
_50
Cambria Steel_ _ _
Consol Trac of N J._._100
Elec Storage Battery...100 62
100
General Asphalt
Insurance Coot N A_ _ _ _10
100
J G Brill Co
Lake Superior Corp......100 2154
50 7635
Lehigh Navigation
50 6135
Lehigh Valley
_
Lehigh Val Transit_ ._ ._ 50 ._
____
Preferred trust reels._ ...
50
Midvale Steel & Ord..
50 9351
Pennsyl Salt Mfg
Pennsylvania _ _ _ _ _50 5255
Philadelphia Co (Pitts)-50
50
Preferred (5%)
Prof (cumulative 6%)50
Philadelphia Electric_ _ _25 2931
Philo, Rap Trans v t rec..50 2834
Philadelphia Traction.. 50
50
Reading
50
2d preferred
Tone-Belmont Devel_ ._1
634
Tonopah Mining _ ._1
_ ..50 43
Union Traction...
..10 7834
United Gas Impt
Allotments when Issued
U S Steel Corporation_100 13354
Preferred ______ _ _100 - • _ •-
9% 955
19,
3035 3054
14,
02
92
2,830
37
36
410
61
59
20
100 100
29
50
50
6
44
44
110
125 130
1
73 1
73
62 ; 1,575
60
30
21 I
21
30
26%
26
20
2851 2831
1955 2155 21,049
542
7735
76
411
6155 64
225
2355
23
5
4334 4354
5935 6355 1,570
35
9234 9334
5255 5334 1,553
100
3355 3354
5
30
30
10
38 1
38
22935 3054 1,786
2834 2955 2,442
10
78
78
9334 2,238
89
50
41 ; 41
860
4 ' 4%
190
64 6%1
55
43 t: 4354 1
7834 - 80 .,,- 3,377
2736 2855 3.011
65,715
1215a134
20
11835 11834
3054 May
9155 May
36
May
49
Feb
Feb
100
49
May
4355 May
Fob
100
70 May
5834 May
May
21
25% Feb
Mar
24
Fob
15
May
76
May
58
Fob
21
4335 May
May
55
92 May
5155 May
33 May
May
30
3735 Apr
2955 May
27% Apr
78 nt May
84% May
May
41
May
4
551 Jan
42 ci Apr
76% May
25% May
9934 Feb
116% May
Jan
33
Jan
98
37
May
62% Mar
10255 Feb
Jan
58
Mar
46
Mar
130
Jan
74
6734 Jan
29% Jan
27% Feb
Jan
33
Mar
24
Jan
85
79% Jan
27% Feb
4455 Mar
63% May
Jan
96
57% Jan
4155 Jan
Feb
39
Jan
43
4 Jan
343
3435 Jan
Jan
84
103% Jan
Jan
45
434 Jan
7H Mar
47% pi Jan
9115 FMar
30 .May
134 t May
120%1 Jan
MAY 26 1917.1
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
42
50
76
86
37
100
Welsbach CoWest Jersey & Sea Shore 50 ..
Westmoreland Coal. _50
Wm Cramp & Sons- _100
50
York Railways pref.
BondsAmer Gas & Elea 55._2007
small
2007
do
Consol Trao NJ lst 5s 1932 ._
.....
Elea dr Peoples tr Ws45'45
small
1945
do
Inter-State Rys coil 45 194 3
Lehigh C&N cons 4345 '54
Lehigh & N E 5s_ ...1954 103
Lehigh Valley reg 65_1923
Gen consol 45
2003
Registered 45_ ..2003
Lehigh Val Coal lst-55 1933 10354
Leh Val Trans 1st 5s..1935
Natl Properties 4-65
do small 4-65
Penn RR gen 45•45 ser A '65 9654
1960
Consol 4545
P W & B ctfs 45._ _1921 98
Pa & Md Steel cons 6s 1025
Phila Co cons&coll tr 55'51
Philo, Elee 1st 55 (new) '66 10034
small._ ._ ._1966 .
do
Phlla & Read 2d ext 55 '33
1997 0154
Reading gen 4s
Spanish-Am Iron 65_1927 101
United Rys gold tr ctf 45'49 _ _ United Rys Invest 55_1926
Wralahnoll On na
loan
OR
42
50
76%
87
37
3
37
91
415
10
%
92% 023
93% 93%
100% 101
80
80
82
79
50
50
99% 100
103 103
1073. 1073'
8654 86%
84
84
10354 10334
101
101
61
61
61
61
9634 0634
102 102
98
98
10534 10574
92
92
10014 10074
10034 101
10734 10734
9134 9154
101 101
7274 7254
6734 6734
51,000
500
2,000
13,000
1,000
8,000
25,000
6,000
6,000
3,000
5,000
4,000
1,000
2,500
500
24,000
2,000
1,000
1,000
5,000
55,000
3,600
3,000
14,000
1,000
1,000
1.000
I non
OR
ffil 1.4
Range since Jan. 1.
High.
Low.
Jan
May
Apr
Feb
Feb
42%
5354
80
92
39
May
Feb
Feb
Apr
Jan
92% May
924 May
100% May
May
80
79 May
50 May
99% May
1025 May
107% May
83 May
May
84
10334 Apr
May
101
May
61
May
61
9534 May
May
102
May
08
10534 Apr
8874 Feb
10034 May
1008
/s May
10734 May
Apr
91
101
May
70
Apr
6734 May
973
97%
102%
84
86
57
103
104%
1103(
91%
91
10634
103
68
68
9834
10734
0034
108
04
102
10234
108
%
068
10234
73
74
Jan
Mar
Jan
Jan
Jan
F
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Apr
May
Apr
Jan
Mar
Jan
Jan
00 V.
Jan
41
49%
75
66
36
07 X4
INth
Volume of Business at Stock Exchanges
TRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
May 25 1917.
Shares.
Nate, Man.
U. S.
de Foreign
Bonds.
Bonds.
Railroad,
Bonds.
Par Value.
$378,000
1,700,000
021,000
726,000
896,000
1,161,500
241,260 $21,772,500 $1,034,000
1,450,000
917,310 85,107,600
1,728,000
937,245 82,530,000
2,243,000
1,253,560 114,319,5001
1,489,000
1,024,676 95,380,600'
2,705,000
1,638,306 152,872,6001
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday _____ - - -
6,012,366 $551,082,8001 $10,739,000 $5,782,500
Total
Sales at
New York Stock
Exchange.
$35,000
Jan. 1 to May 25.
Week ending May 25.
1917.
5,000
11,66
1916.
1917.
1916.
3,911,902
6,012,366'
78,608,246
Stocks-No.shares...
71,316,613
_- $551,982,800 $329,020,250 $7,090,495,130 $6,258,724,795
Par value
$6,200
$1,000
645,700
Bank shares, par
$101,600
Bonds.
$35,000
$9,000
Government bonds_ _
$369,000
$547,950
5,782,5001
4,817,500
,bonds
State,mun.,
167,782,500
106,780,500
10,739,000' 21,034,000
RR.and misc. bonds
272,554,500
346,352,000
516,556,5001 $25,860,500
Total bonds
$440,706,000
$453,680,450
DAILY TRANSACTIONS AT THE BOSTON, PIIILADELPIIIA AND
BALTIMORE STOCK EXCHANGES.
•
-Boston.
Philadelphia.
Baltimore.
Week ending
Shares. BondSales. Shares. 'Bond Bates. Shares. Bond Sales.
May 25 1917.
Saturday _
Monday _____ - Tuesday- - •- •Wednesday ._
Thursday
Friday
Total
8,456
16,923
23,087
28,836
22,248
42,790
$19,500
57,000
41,000
63,100
17,000
36,000
142,340
$233;600
6,9001
19,7001
18,930,
20,9181,
22,069'
24,3241
516,000,1
32,600;
64,400;
61,2001
39,4001
27,0001
1,275
3,228
5,393
3,670
2,649
7,133
549,000
40,700
18,500
27,000
43,200
63,200
112,8411 5240,6001
23,348
$241,600
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from May 19
to May 25, both inclusive. It covers the week ending Friday afternoon:
Friday
Sates
Last Week's Range for
Sale
of Prices
Week
Par. Price. Low. High. Shares.
Week ending May 25
Stocks--
Aetna Explosives r (no par)
334
234 334
Certificates of deposit__
334
234 334
Air Reduction Co r(no par) 86
72
88
Amer Int Corp, $50 pd 100 50
49
50
Amer Stores corn (no par)
3534 36
!Amer Sumatra Tob---100
2734 3134
bea'r£1
only
Tob
Brit-Am
1834 4
19
18
5
1% 4
Butterworth-Judso
n-r -(t)
Carbon Steel, corn r-_ -100 104
95 104
Power_
r
25
car Ltg dr
344
3
331
10 12
Carwen Steel 'Fool
1134 12%
0 ___ ......: 4
Central Foundry corn r 20
25% 2
47
6
Preferred _r
Chalmers Motor Corp-r(t)
11
11
Charcoal Iron of Am- _10
834
834 0
100 100
98 100
Chevrolet Motor
Curtiss Aerop dr M v t e(t) 2754 25 *2734
.115 116
Eastern Steel, coin...-'00._I
Electric Gun_r__
% 13-16
Elite Plan Stores_ r _ _ _ _50e 7-16
54
941
Emerson-Brantingham 100
12
12%
Emerson Motors Inc_r _10 __ _ _ 15-16 15-16
Phonograph_
---5
834
Emerson
754 854
Everett Heaney & Co r.20 2254 2234 2234
Federal Sugar_ r_ __ _ _100 79
75
79
38
Harik & Bark Car_(no par) 40
40
Holly Sugar Corp pref 100 - ....- 093-4 100
Internat Trading Corp r_ 1
%
1% 1
Preferred r
1
1
Joplin Ore & Spelter r...5 16e
15e
16e
Keyst Tire & Rub corn..10 1654
15
1634
Kresge (13 Si oom new-100
103 103
Lake Torpedo Bo't co.10
m
834
8% 10
10
First preferred.r
9
934 t
Lehigh Valley Coal Satre 50
84
95
Lima Locomotive corn r 100 5534 55
56
Lukens Steel co
corn r __ 50
40% 41
Manhattan Transit..._20 - __ ._
A
A
Marconi Wire! Tel of Am.5 _ _ _
254 254
--------_
Range since Jan.!.
Low.
0,200
Apr
2
1,700
134 Apr
34,700 65
Mar
200 4734 May
850 35
May
10,900 15
Feb
1,100 18
Feb
Apr
700 40
605 85
May
3,100
15,200 1S
" Feb'e
600 1654 Mar
Feb
200 35
100 11
May
4,300
654 Apr
1,800 88
Feb
2,200 16 Feb*
664 100
Jan
8,500
% Apr
14,300
54
100 12
May
500 15-16 May
2,260
6 May
2,400 2034 Apr
May
750 75
4,650 36 May
Feb
1
7)85 96
ay
Apr
M
4 700 14e May
600 13
'
Feb
9,0
00 101
2
10
May
634 May
Feb
200
8
700 84
May
4110 4734 Jan
Feb
30 33
5oo
% Fel
300
254 Feb
A 11: 33 "
High.
7% Feb
4% Apr
88
May
Jan
57
38
Apr
3134, May
21
Jan
56
Jan
Jan
109
354 Apr
14
Mar
31% Apr
4954 Apr
11
May
9 May
146
Jan
2734 May
116
May
13-16 May
15-16 Apr
12% May
3% Feb
1334 Jan
22% Apr
79
May
Mar
45
102
Jan
.4 May
1% May
32e Mar
Mar
18
105
May
10% Feb
Feb
10
May
95
6234 Mar
Mar
45
1
Mar
Jan
3
Friday
Sales ,
Last Week's Rang
for
Sale
of Prices.
Week.
Stocks (Conci'd)- Par. Price. Low. High. Shares.'
2105
Range since Jan. 1.
Low.
High.
Marlin Arms v t c (no par)
83% 86
Feb
Jan 101
500 *47
Maxim Munitions r _ _10
1% 234 23,200
4% Feb
1% May
234
Mitchell Mot Inc_(no par)
46
48
Jan
400 46 May 55
National Acme Co r_---50 31
31 *33%
May 38% Jan
1,080 31
Nat Conduit & Cable r.(t) 36
13,400 3154 May 36% Apr
3354 36
N Y Shipbldg Corp-r-(t) 4134 39
1,200 *3654 Feb 45% Jan
4134
N Y Transportation_ _10
16% 1654
100 14% Mar 1634 May
North Am Pulp & Paper(t)
4%
4% 4% 4,900
4
9% Jan
May
Pierce Arrow Mot Car r(t) 41
2,100 37% May 54
3754 44
Jan
Poole Eng & Mach r..100 81
45 60
81
75
Jan
Jan 90
Prudential Pictures r_---5
4%
4% 4% 7,200
Mar
4% Mar
4
Redden Motor Truck r (t)
18% 1854
Feb
100 1854 May 23
St Joseph Lead_r__ .- -10 18%
19% Jan
1854 18% 3,600 1655 Jan
St L It Mt & Pac Co r 100 36
1,400 29% Feb 36
May
36
32
Smith(A0)Corp r(no par)
6, 34% May 42
Jan
35
35
Smith & Terry Trans p1100 10
8% Mar 12 May
9% 10% 2,000
Standard Mot Constr r _10 14
Apr
1354 1445 9,900
5% Jan 15
Steel Alloys Corp
6%
2,075
6% 7
9% Jan
654 Jan
Submarine Boat..(no par) 33% 31% 35 144,000 1844 Feb 35
May
Todd Shipyards r_(no par)
Feb 85
Jan
328 77
84
85
Triangle Film Corp v t c_5
234
3% Jan
1% Apr
1% 2% 29,000
United Motors r_.(no par) 30% 27% 31% 25,500 27% May 49
Jan
United Paperboard _r._100 33% 30
33%
1,200 30
Mar 34% Mar
United Sugar Cos_ r _ _ _ _50 3634 36% 36%
100, 35
Mar
Jan 37
S Aircraft Corp._r____ 5
554
5
400
5%
5% May
5 May
U S Steamship_
10
5
4% 5% 4,300
4% Apr
634 Mar
West Indies Syndicate r_ _5 41
37
4434 1,440 25
May 45% May
World Film Corp'n v t c5
1,600
%
44 Apr
Jan
1
54
Wright-Martin Aire r..(f)
6
5% 8% 20,700
4% May 16% Jan
Preferred r.
45
_100
4,810 30
55
Feb 5834 Jan
Zinc Concentrating r...10
2%
2% 2% 5,975
2% May
4% Jan
Former Standard Oil
Subsidiaries
Anglo-Amer Oil
9,600 16
Feb 18% Jan
£1
1654 18
Eureka Pipe Line_
5 213 May 213
213 213
_100
May
Galena-Signal 011 com_100
25 152
Jan
152 152
May 190
Illinois Pipe Line
Jan
80 218
100
218 220
May 250
Ohio 011_25
Jan
Apr 435
52 333
352 362
Prairie Oil & Gas__100
Jan
150 550 May 640
550 555
Prairie Pipe Line
100
Jan
137 273
286 303
May 444
South Penn Oil_ _ _ _100 _
301 302
25 285
Jan
May 610
Standard Oil (Calif)
100 ._
23 249
255 257
May 445
Jan
Standard Oil of N J_ -100 623
314 580
606 640
Jan
May 800
Standard Oil of N Y___100 298
155 270
295 302
Jan
Jan 345
Vacuum Oil__ _ _
_100 370
20 325
370 370
Jan 490
Jan
Other 011 Stocks
Alcoken 011 Co r
1% 2%
1,300
2% Apr
1% Mar
5
Allen 011_r
14,300 50o May 55e May
1 50c
50c 55e
Atlantic Petroleum r__ 5
200
5% May
944 Mar
7
7
Barnett Oil & Gas r
4% Apr
234 Apr
234 3% 37,400
1
Consol hiex 011 Corp...1 63c
1,325 60o
Apr
154 Jan
63e 66e
Continental Refining_ _10
9 May 11
9
100
Jan
9
Cosden & Co r
18% Jan
5 12% 12% 1254 5,700 11% May
Cosden Oil & Gas corn r_ _5 12% 12% 12% 8,700 1154 May 16% Jan
Crosby Petrol (prosp't) r 1 30c
30e 35e 15,100 30e May 39e May
Elk Basin Petroleum r_ 5 1154
754 Jan
1434 Mar
10% 11% 16,700
Elkland Oil & Gas r
9-16 Apr
1 5-16 5-16
54 Apr
% 30,805
Esmeralda Oil Corp r. _1 1 7-16 15-16 111-16 25,600 70e
Feb
Feb
Federal Oil r
6
4% Feb
6% Mar
5
5% 634 19,500
Houston Oil common r 100 22% 22
1,100 17
Apr
23
Feb 24
Internat Petroleum r__ _n
14
13% 14% 7,100 11
1554 Mar
Jan
% May
Kenova Oil
54 5-16 6,200
1 5-16
% Jan
Keystone Con 011 Cor r 10
734 May
554 Apr
6% 734 5,790
634
Lost City 011 r
5,700 47e May 52c May
47c 52a
1
Merritt 011 Corp r
10 28% 25% 2954 51,500 11% Jan 31% Mar
Metropolitan Petroleum 25
254
454 Jan
% 2% 127,000
% May
Midwest Oil r
80c
72c 800 31,000 55e
Jan 87e Mar
Preferred r
1.07
1.02 1.10 18,300 86e
Jan 1.10 May
1
Midwest Refining r__ _ _50 139
131 140
2,650 115 May 145
Mar
3% May
Nat Oil & Refg r
1,700
5
3%
354 3%
3% May
N Y-Oklahoma Oil_r_
1,000
1% Mar
A Jan
1
31
%
N Y & Texas 011_ r
2 . 2% 1,000 1 3-16 Jan
3
Feb
254
1
Oklahoma 011 corn r
16e
7340 854c 51,000.
70 May
1 854c
Jan
Preferred r
60e 70e
1
1 65c
9,500 60c May
Jan
Oklahoma Prod & Ref__ _5 10%
9% 11
13,800: 8% May 1444 Jan
Omar 011 & Gas corn_ _ I - - - - 310 350 13,200, 300 May 75e
Jan
10% Mar
Osage-Hominy Oil r
734 Jan
834 954 10,100,
5
8%
Pennsylvania Gasoline_ 1
34 11-16 4,300
34 May
1% Jan
54
Penn-Wyoming 011_r___ _5
8%
8
8
May
8% 7,300;
854 May
7-16 7-16
11-16 Feb
44 13,800
Rice 011 r
7-32 May
9% 10
Sapulpa Refining r
5 10
4,450' 854 May 12% Mar
1 1 7-16 1 5-16 *154 00,000
Sequoyah Oil & Ref
254 Jan
1% Apr
Sinclair Gulf Corp r---(t) 3455 33
35
4,260 2634 May 4054 Apr
Texas Co rights_r.
May 2354 May
23% 3,000 22
2354 22
54 73,500
United Western Oil r....1
1% Jan
9-16 Mar
94 11-16
34c
Utah Petroleum (prosp't) 1
300 35c 18,500 27o May 630
Jan
Vacuum Gas & 0, Ltd_..1
34 13,200
%
94
54 May 11-16 Jan
Victoria Oil new etk r_ _10
9% *9
10
May 11% Apr
4,270
9
1
1 11-16 7,600
West States Petrol_ r_ _ _ _1
% May 1 3-16 Apr
oc
Alaska
% Jan
MZin
t gCo
% Mar
kta
s ls_ _1 11-16 9-1611-16 12,400
Slt Me
Alaska Mines Corp(no Par) 15-16 15-16 1 1-16 12,380 15-16 May
154 Apr
40c
30e 40e 21,900
Alaska Standard Cop
3-16 Jan 52e
Apr
330 34c
Arizona Unit.eri _ r
1,500 32e May 550 Mar
Atlanta Mines r
1 1034c 10e 10%e 14,100
954,3 Jan 20e
Jan
1 11-16
54 Apr
Atlas Copper r
% Apr
9-411-16 3,900
1
1% 12,500
134
% May 1 15-16 Apr
1
Austin-Amazon r
11-16May
Big Jim
10e
1% Jan
500
34
%
24 4
41,600
334
6% Jan
2% May
Big Ledge Copper Co..!
11% 12
Bingham Mines
10
954 Apr 12% Mar
4,700
Bisbee Cop M & Dev r--1
34 May
6,650
144 Feb
54
Booth r
730
, 734c 1,000
Jan
1
7o May 12o
Boston tit Montana Dev _ _5 64e
Jan
620 660 24,100 58e
Apr 80o
•1
Bradshaw Copper M r
34 Apr 1 11-16 Jan
3,750
1
% 1
Buffalo Mines Ltd
1
1
200
1% Feb
1% Jan
1
7% Feb 12% Mar
Butte Cop & Zlnc v t0-5 1134 10% 1251 9,800
34 Apr *2
Butte-Detroit Cop Ar Z_ _ _1 7-16 5-16
Jan
34 7,800
1% I%
134 Jan
Butte & N Y Copper--I
I%
600
2% Mar
Caledonia Mining
540 570 14,100 *48c
Apr
Jan 70e
1 55c
61,100
Calumet & Jerome Cop r 1 1 13-16 111-16 2
2% Jan
I% Apr
24 Apr
134 Feb
Canada Copper Ltd
2 1 15-16 2 1-1 6 6,900
5
7%c 7%c 21,500
Cash Boy
Jan
74443
16o Mar
(le
1
2%
2
200
254 Mar
Cerro Gordo Mines
154 Jan
1
Coco River Mining r__..1
1,
4 Apr
134 1 7-16 1 9-16 8,500
1% May
2
Consol Arizona Smelt_ _ _ _5 2 8-16
251 40,000
1% Jan 2 11-16 Mar
4% 6
Consolidated Cop Mines_5
34,200
534
May
Feb
6
3
Consol-Homestead r
1 9-16 0-16
54 3,700
34 Mar
44 May
5% 5% 3,400
Cresson Con Gold M & M 1
7% Jan
534
544 May
88e 930 17,400 66e Mar 958 Feb
Crystal Copper Co
1 02c
5415-16 1,100
% May
Dundee Arizona Cop f......1 15-16
2% Jan
fi May
2% Jan
Emma Copper r
1 1 3-16 15-16 1 7-16 65,300
54c 59c 39,150 50c May 59e May
Ferber Copper_ r
1 59c
8,300
-2% 3
334 Jan
2% Apr
First National Copper_ _5 . 3
180 19e
Glendale Min & Milling r 1 190
:4,600 158 May 19e May
54 9-16 7,500 5-16 May
34 Jan
Globe-Dominion Copper_ 1 -- - 48c 51e
11,000 48e May .770 Jan
Goldfield Consolidated-10 50c
Sc 534c 10,700
Feb
4%oMay 10e
Goldfield Merger r
1 534e
1% 17-16 45,000
May
1
2% Jan
Green Monster Min r_..l 1 5-16
12c
13c 18,000 Ile May 258 Mar
1 13c
Hargraves
84 Feb
258
834 7 15-16 8% 3,950
7c Feb
Hecla Mining
1%
154 2,500 1 1-16 May
154 May
Hudson Bay Zinc Mines-5
15.4
3-16 7-32
9-16 Jan
44 Apr
Inspiration NcedlesCoprf1 - _ _
900
15-16 I% 2,800 93e Apr
10e
1% Jan
Iron Blossom r
Mar
I% 2 115,000 1 0-16 May
1
lq
3
Jerome Verde Cop f
10,300 690 Mar 88c May
750 88o
1 858
Jim Butler r
Josevig-Kennecott Cop .1
% 7-16 11,400 5-16 May
% Apr
%
8,200 36c May 49e Mar
37c 400
1 38e
Jumbo Extension
4% 454
Feb
5
200 4 7-16 Apr
5
Kerr Lake_ .. _ ._
Feb
13
Kewanus r
13% 2000,
12%eMaY 25e
1
54 Mir
54 May
7. 16 7-16
100
La Rose Consol Mines_ _5
-
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
(Concluded)Par. Price. Low. High. Shares.
Week ending May 25.
Mining
[vol.,.
THE CHRONICLE
2106
13%
13%
Loma Prieta Cons Mines_l ._ ._ _
1 1 346
13%
10c
Louisiana Consol
49
5 4834 47
Magma Copper
21e 250
Magmatic Copper r___10e 23o
850 90c
1 890
Magnate Copper
180 21c
1 200
Marsh Mining r
1
134
1 1 1-16
Marysville Gold Min
63%
53% 634
5
Mason Valley
500 5I0
McKinley-Darragh-Sav_ _1 510
3-16 3-16
Miami Merger Copper r_l .- ._ ._
1
13% 95c 1 3-16
Milford Copper r
%
X
%
1
Mohican Copper_ r
%
7-16
2
Mojave Tungsten r
1
X
Monitor Sll L&Z M&M _1
X 5-16
1 9-32
Monster Chief r
27e 320
1 31e
Mother Lode r
X, 13%
1
Nancy Hanks-Montana r 1
18e 200
20e
National Leasing _ r._ _ .A
450 700
National Zinc & Lead r_ _1 700
%
X
X
Newray Mines Ltd r _ _ _ _1
% 7-16 9-16
1
N Y Zinc r
1 3-16 2
1
Nicklas Mining
50c 59e
Nixon Nevada__ __ _ ._ ._1 ._ _ ._
13% 1 1-16 1 3-16
Dhlo Copper new w i r1
30c 45e
Did Emma Leasing r_ _10c 45c
% 1 3-16
r
13%
Portland Cons Cop
3-16 3-16
Progress Min & Mill. _ l
33%
5
334 4
Ray Hercules r
% 13%
%
1
Red Warrior r
62o *690
1 620
Rochester Mines
13%
13%
134
Sacramento Vail Cop r_ _1
1
13% 1 7-32 1 9-32
3agamore M Cot
%
1 5-16 5-16
Santa Rita Devel r
1134c 20c
19c
1
San Toy Mining
034
93% 10
Seneca Copper ___(no par)
17
13%
1
3enorito Copper
% 7-32
Silver King ot Arizona_ _ _1 3-16
100 loge
I
Silver Pick Cons r
X
% 22-32
Standard Silver-Lead_ _ _ _1
1 9-32 9-32 5-16
Stewart Mining
330 38o
1 34o
3uocess Mining r
250 290
1 26e
Superstition Mining
150 250
Tommy Burns GM corn r 1 21c
4
43%
_1
•
r
434
Devel_
Tono-Beimont
2
2
23%
Tonopah Extension Min_ 1
634 634
1
Tonopah Mining
m,
g
5
Tr -Bullion S & D
300 35c
Troy-Arizona Cop Co r 1 340
1
1
134
Tuolumne Copper_r
134
X
Tuolumne River Gold M rl ...._ ._
%
% 13-16
United Copper Mining....
43% 43%
1
434
United Eastern
280 350
United Magma Mines r_ _1 28c
%
%
%
United Mines of Ariz_ _ _ _1
210 24c
1 23e
U S Tungsten_r
United Verde Exten r_ _50c 363% 3634 383%
434 534
(no par)
534
United Zino
5
33%
334
33%
Unity Gold Mines
1
234 234
23%
Utah Nat Mines r
74e 78c
1 76c
Verde Inspiration r
650 660
West End Consolidated_ _5
134 17-16
White Caps Mining_ _ _10e 1 7-16
%
%
%
White Cross Copper r _ _ _ _1
310 33c
1 32e
Yerrington Mt Cop
234 234
5
Yukon Gold
Range since Jan. 1.
Low.
High.
Feb
1
1,300
13% Mar
55,000 800 Feb
134 Jan
Jan 593% Mar
4,720 40
Jan
10,100 190 Mar 35c
25,900 75e Apr 890 May
Apr
Jan 23o
ito
30,700
13% Mar
8,800 11 16 May
Jan
7
Feb
5
0,200
1,000 460 Apr 57c Feb
3-16May 25-16 Jan
600
16,900 900 Apr 1 3-16May
X May
10,100
13% Mar
13% Jan
X Apr
1,000
% Mar
2,600
134 Jan
% Jan
3-16 Mar
21,300
Jan
31,500 260 May 460
Feb
4,600 80e
13% Apr
6,500 18e May 20c May
49,000 450 May 700 May
13% Jan
% May
7,200
% Apr
X Apr
51,300
1
Apr
2
MAY
9,100
Feb
7,000 50c May 79c
X Feb
31,700
134 Jan
Jan
22,800 25c May 68e
X May
21,900
13% Apr
1,000 3-16 May
% Jan
Jan
5
1,400
33% May
% Apr 1 9-16 Feb
3,600
Apr 72e May
19,650 500
Jan
1
2,000
134 Feb
Apr 1 5-16MaY
6,200 810
X Jan
4,000 3-16 May
17,200 1134c May 20c May
Jan
2,100
83% May 16
May
2
Apr
1
8,050
13-16 Jan
34 May
10,500
1,000 100 Mar 26c Jan
% Jan
% Feb
4,900
g Apr 17-32 Mar
• 5,000
Jan
Feb 600
13,000 33c
Jan
18,800 250 May 60o
Jan
14,000 140 May 700
May
4
434 Jan
520
434 Feb
2 May
12,900
Mar
7
54 Feb
30
34 Jan
ix may
1,500
14,200 28o May 62o Mar
1 May
234 Jan
3,000
13% May
g May
11,000
13-16 Apr 15-16 May
10,200
334 May
53% Jan
1,300
Apr
12,200 240 May 57o
% Apr
134 Jan
12,000
Jan
17,200 •180 Feb 26c
Jan
3,000 333% Feb 40
Mar
6
43% Feb
1,250
334 Jan
1,100
23% Jan
23% May
19,100 650 Apr
14,100 69e Apr 780 May
1,400 620 Apr 840 Apr
234 Mar
Jan
3,500 34e
X Jan
4 May
11,400
30,600 21e Feb 60e Mar
134 Apr
234 Jan
300
Bonds91
903% 92 $68,500 90
Amer Smelting 55 r
1,000 9534
kt1 dr Charlotte A L 58 r '44 9634 96'4 9634
973% 9834 153,000 9734
Beth Steel 5% notes_ _1919 98
45
35,000
55
50
55
A939
Cons Ariz Smelt 55_
Deaden 011 & Gas 68 r 1919 10134 101341013% 5,000 100
Erie RR 5% note_r__1919 ._ .- ._ 9734 9734 5,000 9734
60,000 9634
N'ilr N H & H 5% notes"18 963% 963% 97
90,000 793%
8431 88
Russian Govt 630_1919 86
80,000 75
7934
78
78
1921
530
Bouthern Rv 5% notes1919 973% 9734 9734 29,000 973%
May 1003% Jan
Mar
May 100
May 983% Feb
Jan
Apr 62
Apr 1103% Jan
May 983% Mar
May 9834 Apr
May 983% Jan
May 943% Jan
Feb
May 99
• Odd lots. t No par value. 4 Listed as a prospect. I Listed on the Stock Ex
change this week, where additional transactions will be found. o New stock.r Unlisted. u Ex-cash and stock dividends. w When issued. z Ex-dividend. y Exrights. z Ex-stock dividend.
CURRENT NOTICE.
Lorain
-Hayden, Miller & Co., Cleveland, 0., are offering a block of
which
Street Ry. Consolidated (now First) Mtge..5% bonds of 1899, of
$550,000 are outstanding and $200,000 are deposited as collateral to secure
due
6%
notes
company)
(successor
an issue of $200,000 Lorain Street RR.
1918.
New York City Banks and Trust Companies
104.
New York City Realty and Surety Companies
Bid
Alliancelt'ty 70
Amer Surety 126
Bond & M 0 235
Casualty Co
City Invest g 12
Preferred.. _ 60
Ask
77
130
245
17
67
ata
Lawyers Mtg 137
98
Mtge Bond_
Nat Surety.. 210
N Y Title &
88
Mtge
Ask
143
103
218
93
• Bid
Realty Assoc
(Brooklyn) 90
US Casualty 200
UST1tleG&
Wes & Bronx
Title &M 0 185
97
li"
175
Quotations for Sundry Securities
All bond prices are "and Interest" except where marked "I".
RR. Equipments-PerCt, cuts
Standard Oil Stocks PeirShare
Bid. Ask.
Par Bid. Ask.
4.00 4.60
Anglo-American Oil new.. El *1.734 1814 Baltimore & Ohio 43%s
43%s
4.75 4.50
Pittsburgh
&
Roch
Buff
965
Refining
935
100
Atlantic
4.75 4.50
Equipment 4s
100 420 450
Borne-Scrymser Co
5.10 4.80
Buckeye Pipe Line Co.... _ 50904 108 Canadian Pacific 434s
Chesebrough Mfg new......100 385 405 Caro Clinchfield & Ohio 58.._ 5.75 5.00
5.25 4.75
100 50 70 Central of Georgia 58
Colonial Oil
5.25 4.75
Equipment 434s
100 520 550
Continental 011
5.75 5.00
Crescent Pipe Line Co...... 50 *37 39 Chicago & Alton 48
Cumberland Pipe Line __100 155 65 Chicago & Eastern Iii 534s.... 6.25 5.50
6.25 5.50
Equipment 4345
Eureka Pipe Line CO.. ....b00 205 215
5.25 4.80
Galena-Signal Oil corn...,..100 153 157 Chic Ind & Louisv 430
4.90 4.60
Chic St Louis & N 055
* 100 138 41
Preferred
4.75 4.50
100 215 20 Chicago & N W 4345
Illinois Pipe Line
6.00 5.00
Indiana Pipe Line Co......_ 50 97 100 Chicago RI & Pac 4348
International Petroleum Ll 9334 1414 Colorado & Southern 5s......., 5.25 4.80
5.20 4.80
National Transit Co._ _12.50 *15 17 Erie 5s
5.20 4.80
Equipment 4348
New York Transit Co......100 190 195
5 20 4.80
Equipment 48
Northern Pipe Line Co.. _100 103 107
5.00 4.60
25 357 62 Hocking Valley 4s
Ohio 011 Co
525 4.70
Equipment 58
25 *45 50
Penn-Mex Fuel Co
4.90 4.50
Pierce Oil Corporation_ _ _ 25 •13 1312 Illinois Central 5s
4.85 4.50
Equipment 430
100 545 555
Prairie 011 & Gas
Prairie Pipe Line
100 298 02 Kanawha & Michigan 434s.... 5.25 4.80
100 335 45 Louisville & Nashville 5s_ _ _ 4.85 4.60
Solar Refining
4.90 4.65
Southern Pipe Line Co--100 195 oo Minn St P&SSM
100 298 03 Missouri Kansas & Texas 58.. 5.75 5.00
South Penn 011
5.75 5.00
Southwest Pa Pipe Lines_100 112 15 Missouri Pacific 5s
5 30 4 90
Standard Oil (California) 100 270 75 Mobile & Ohio 55
5.30 4 90
Equipment
434s
Standard 011 (Indiana)...,100 785 00
Standard 011 (Kansas)......100 475 00 New York Central Lines 55.... 5.25 4.75
5.25 4.75
Equipment 4348
Standard 011 (Kentucky) 100 340 50
Standard 011 (Nebraska) 100 500 25 N Y Ontario dr West 434*....., 5.25 4.90
Standard Oil of New Jer_100 625 630 Norfolk & Western 434s.....,_ 4.75 4.50
4.75 4.50
Equipment 4s
Standard Oil of New Y'k 100 297 300
4.75 4.50
100 435 450 Pennsylvania RR 43%8
Standard Oil (Ohio)
4.75 4.50
Equipment 4s
Swan& Firer
100 100 110
Union Tank Line Co_ _ _ _100 92 94 St Louis Iron Mt & Sou 58.... 5.30 5.00
100 370 380 St Louis & San Francisco 5s_ 6.00 5.00
Vacuum 011
5.40 4.90
10 •28 32 Seaboard Air Line 5s
Washington Oil
5.40 4.90
Equipment 43%s
Per ent.
Bonds.
4.90 4.60
Pierce Oil Corp cony 6,3.1924 81 84 Southern Pacific Co 4348_
434s
S
Railway
Southern
are.
-Per
5.15 4.75
Stocks
Ordnance
5.40 4.90
Aetna Explosives pref....-100 10 20 Toledo St Ohio Central 48..
7 12
American & British Mfg_100
100 30 40
Tobacco Stocks-Per Share.
Preferred
Par Bid. Ask.
Atlas Powder common__ -100 156 160
100 100 102 American Cigar common_100 107 112
Preferred
100 05 99
Preferred
100 126 129
Babcock & Wilcox
Bliss (E W)Co common_ 50*440 475 Amer Machine & Fdry_ .,100 80 90
50 *67 75 British-Amer Tobao ord__.£1 *17 19
Preferred
11 .17 19
Ordinary, bearer
550 650
Buffalo Copper & Brass
100 250 00
155 Conley Foil
Canada Fdys & Forgings_100
Canadian Explosives corn 100 300 400 Johnson Tin Foil & Met_100 100 30
100 104 110 MaoAndrews & Forbes...100 205 15
Preferred
100 98 103
Preferred
Carbon Steel common._ _100 100 102
100 90 93 Reynolds(R J) Tobacco_100 500 550
let preferred
100 115 118
Preferred
100 64 68
2d preferred
100 160 175
Young (J 9) Co
Colt's Patent Fire Arms
100
105 110
Preferred
100 100 105
Mfg
duPont(E I) de Nemours
Short-Term Notes-Per Cent.
100 230 235
& Co common
100 101 104
Debenture stock
Empire Steel & Iron cona_100 45 55 Amer Cot 011 5s 1917_M&N 100 10014
100 85 90 Amer Locom 58 July '17_J-J 9978 l0018
Preferred
Hercules Powder corn.....100 234 238 Amer Tel & Te143is 1918___ 9038 9978
Beth Steel 50 1919.. _ F&A 15 98 9814
100 118 121
Preferred
5 10 Canadian Pao 681924..M&S 2 10158 10178
Hopkins & Allen Arms_ _100
100 20 ao Chic & West Ind 5s'17_M&S 99 9934
Preferred
A-0 97,4 9712
Milliken Bros preferred _100 30 35 Erie RR 5s 1019
Niles-Bement-Pond com_100 165 168 General Rubber 5s 1918.J&1) 98 9812
100 105 110 Hocking Valley 55 1917_M-N 0934 10018
Preferred
Penn Seaboard Steel (no par) 50 60 Int Hari 58 Feb 15 '18_F-A 100 10012
J&J 99 9934
Phelps Dodge & Co.._ _ _100 290 305 K C Rya 5%s 1918
Scovill Manufacturing.._..100X610 620 K C Term Ry 430'18-M&N 9812 100
Jda 9712 90
430 1921
50 24 30
Thomas Iron
Winchester Repeat Arms.100 700 800 Laclede Gas L 581919_ _F&A 99 9934
'18 100 10014
1
65
Dec
58
Morgan&Wright
55
100
Iron
Woodward
N Y Central 4348_May 1918 99 99,4
Public Utilities
50922 124 N Y N & H 58_Apr 151018 9634 9718
Amer Gas & Elec corn
50 •49 50 Penn Co 430 1921__J&D 15 09 9914
Preferred
Amer Lt & Trao com_ _ _ _100 318 323 Pub Ser Corp NJ 5s'19.M&S 9834 9934
100 III 112 Rem Arms U.M.C.58'19F&A 75 80
Preferred
Amer Power & Lt com_ _ _100 67 70 Southern Ry 58 1919.. _M-S 2 9714 9712
100 86 90 United Fruit 59 1918.... _M-N 995, 100
Preferred
Amer Public Utilities com100 30 34 Utah Sec Corp 65'22.M-S 15 9212 94
100 63 68 Winches RepArms58'18.M&S 96 97
Preferred
New York City NotesCities Service Co corn__ A00 285 287
10038 10012
100 8512 8612 Os Sept 1 1017
Preferred
Canadian Govt. NotesCom'w'lth Pow Ry & L_I00 48 52
F&A 100 10018
100 75 76 5s Aug 11917
Preferred
Elec Bond & Share pref.. _100 d9912 100
Industrial
El Paso Elec Co corn_ _100 105 109
and Miscellaneous
Federal Light & Traction.100 11 13
100 44 48
Preferred
100 315 319
Galv-Hous Eiec Co pref_100 70 75 American Brass
Great West Pow 58 1046.J&J 83 84 American Chicle corn_ .,.,..100 46 48
100 70 75
Preferred
Mississippi Riv Pow cora_100 _ _ _ _ 1012
100 ---- 39 Am Graphophone corn_ _ _100 82 35
Preferred
100 93 97
Preferred
First Mtge 55 1951_ _ _J&J 6912 7012
100 134 136
North'n States Pow corn.100 88 92 American Hardware
100 98 100 Amer Typefounders com-100 3812 40
Preferred
100 90 92
Preferred
North Texas Elec Co pref 100 80 85
Pacific Gas & Elec com_..100 57 58 Borden's Cond Milk corn-100 103 106
100 100 102
Preferred
100 89 91
1st preferred
100 180 185
Puget Sd Tr L & P com_100 22 26 Celluloid Company
1
2
100 70 74 Havana Tobacco Co_ _ _ _100
Preferred
6
100
3
31
Preferred
30
_100
_
Light.._
&
Republic Ry
1st g 55 Juno 1 1922....J-D f50 55
100 65 66
Preferred
12
South Calif Edison corn.. _100 8514 87 Intercontinen Bubb com_100 11
100 105 108 Internet Banking Co_ _ _ _100 160
Preferred
100 57 5912
Southwest Pow & L pref_100 d9712 100 International Salt
A-0 70 7812
1st gold 58 1951
Standard Gas & El(Den_ 50 *1012 12
50 *35 37 International Sliver pref_100 98 103
Preferred
5,2 6 Lehigh Valley Coal Sales_ 50 9)5 98
Tennessee Ry L dr P corn 100
100 25 26 Otis Elevator common _ -100 60 63
Preferred
100 87 91
9
Preferred
5
United Gas & Mee Corp_100
100 65 70 Remington Typewriterlet preferred
100 1312 14
Common
6 10
100
2d preferred
100 68 73
let preferred
United Lt & Rys corn.......,b00 38 40
100 43 46
70
2d
preferred
68
100
1st preferred
Western Power common_100 15 17 Royal Baking Pow corn....l00 145 155
100 100 102
Preferred
100 5112 5312
Preferred
Ask
Ask Trust Co's. Bid
Bid
Banks.
New York
340
Manhattan• 330
445
255 Bankers Tr- 440
Mark & Full
165
305 B'way Trust 158
Mech & Met 295
785
CentralTrust 775
Merchants _ 245
295
366- Columbia I .. 290
Metropolis._ 275
190 Commercial_ 100
Metropol'n • 180
Empire _--- 290 go Mutual.- - - 375
355
iii Equitable Tr 345 460
.. 215
New Neth,
Farm L & Tr 445
New YorkCo 400
215
- 208
415 Fidelity
New York__ 405
275
260
Fulton
Pacific •__- 270
475
475 Guaranty Tr 465
425
Park
145
220 Hudson -_ - 138
- 200
People's,
118
198 Law Tit& Tr 113
Prod Exch•_ 188
103
Tr....
Lincoln
240
230
_
•_
Public
390
Metropolitan 380
450
Seaboard
415 Mut'l (West395
Second
chester) _ 125
130
120
Sherman
110 N Y Life Ins
100
State'
960 975
& Trust
135
23d Ward'.. 100
160 N Y Trust... 600 610
Union Exch. 150
360
Title"Gu & Tr 350
Unit States* 500
155
Transatlan'o
Wash n'ts•_ 275
415
Union Trust 400
Weetch Av• 190
350 USMtg&Tr 435 445
West Side*. 300
610 UnitedStates 1005 1020
590
Yorkville*
140
Westchester. 130
Brooklyn
135
Coney Isi'd• 125
255 '270
First
Brooklyn
155
_ 140
Flatbush
610
185 Brooklyn Tr 600
155
Greenpoint
245
255
120 Franklin
110
Hillside "
275
115 Hamilton- 265
Homestead •
130 Kings Co.._ _ 650
Mechanics'_ 125
105 Manufact're 150
Montauk•-- 90
285
295
210 People's
200
Nassau
85
275 Queens Co-.. 75
Nation'l City 265
200
North Side*. 175
140
People's _ 130
• Per share. b Buis. d Purchaser a BO pars accrued dividend, • New stook.
tame al auction or at Stook Ex.
•Banks alerted with a (9 are State banks
fFlat price. a Nominal 0 Ex-100% dividend. x Ex-dividend. g Ex-rights.
gesege this week. 5 New stock. p Ex-Halite z Ex-100% etosk dividend.
Ask
Banks-N.Y. Bid
555
America'...- 545
240
Amer Exch. 235
182
175
Atlantic _
160
Battery Park 150
Bowery* -- 400
Bronx Born* 200
Bronx Nat_ _ 150
160
BryantPark• 145
100
Butch & Dr. 90
350 .365
Chase
245
Chat & Phen 238
120
Chelsea Ex' 100
395
Chemical- 388
205
197
_
Citizens
450
445
City
220
Coal & Iron_ 210
450
Colonial*
Columbia* _ 315
Commerce... t170
325
Corn Estero- 315
95
Cosmoporn• 85
70
East River _ 60
_150
Fidelity *
Fifth Ave'.. 4300 4800
225
200
fifth
990 1015
First
187
182
Garfield _
140
Germ-Amer. 135
German Ex* 390 405
235
Germania *- 200
220
Gotham _
325
Greenwich•_ 310
695
Hanover _ - - 680
240
Harriman - 230
520
Imp & Trad_ 510
225
215
Irving
Liberty --- 950 1000
330
310
Lincoln
MAY 26 19174
THE CHRONICLE
2107
/nuestment and, Saitroad tatting/1re.
RAILROAD GROSS EARNINGS
rile following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returar
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twc
oolumno the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but clovers
some othir'
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
wow D9
Week or
Month
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0& Tex Pac$
$
$
Ala & Vicksburg_ April
145,577 143,521 1,628,680 1.426,276
Vicks Shrev & P.. April
158,359 136,936 1,701.517 1,397,870
Ann Arbor
2d wk May
59,646
53,887 2,439,520 2,314,150
Atch Topeka & S Fe April
13269739 11049400 128544802 109860073
Atlanta I3irm & Atl 2d wk May
73,610
51,361 3,269,771 2,684,658
Atlanta & West Pt_ March
144,295 121,442 1,174,851 1,027,174
Atlantic Coast Line March
4,049,275 3,576,092 29,835,049 25,407,448
Charlest & W Car March
194,340 191,944 1,577,875 1,408,555
Lou Hand & St L March
176,088 143,880 1,422,951 1,197,904
aBaltimore Sr Ohio.. March
9,692.766 9.269.711 89.471.280 82,079.480
B & 0 Ch Ter RR March
176,189 160,691 1,391,308 1,297,756
Bangor & Aroostook March
478,457 406,814 3,171,195 2,752,277
Bessemer & L Erie_ March..
667,350 551,458 8,200,068 7,981,279
Birmingham South.. April
91,546
90,222
810.463
837,151
Boston & Maine_
March..
4,734,582 4,297,377 42,197,166 38,160,661
Buff Roch & Pittsb_ 3d wk Apr 303,223 265,426 11,907.920 10,718,279
Buffalo & Susq Rh_ March
141,229 137,227 1,257,904 1,305,043
Canadian Nor Syst_ 3d wk May 860,400 693.100 35,888,300 29,077,700
Canadian Pacific
2d wk May 3,123.000 2,592,000 126031093 110158802
Caro Clinchf& Ohio March.... 334,868 291,112 2.568,414 2,242,197
Central of Georgia_ March __
1,243,885 1,128,515 11,212,704 9,638.975
Cent of New Jersey March
3,007,793 2,804,333
Cent Now England_ March
452,384 314,718 4,023,776 3,513,758
Central Vermont March
355,503 372,285 3,215,745 3,146,674
Ches & Ohio Lines_ 3d wk May 962,104 958,441 44,774,566 42,512,313
March.... 1,672,058 1,469,693 14,191,456 12,232,316
Chicago & Alton_
9,691,863 8,948,622 86,986.597 77,418,805
Chic Burl & Quincy March
1,730,188 1,448,897 13,597,214 12,643,793
b Chicago & East iii March
c Chic Great West.. 2d wk May • 336,243 326,924 14,269,758 13,201,435
Chic Ind St Louisv_ 3d wk May 183,666 162,160 7,774,659 6,805,128
338,699 289,699 2.068,797 1.800.806
Chicago Junc RR March_
8,757,232 8,876,704 82,988,920 78,623,715
Chic Milw & St P March
8,037,910 7,799,839 77,885,244 70.190,677
dChic & North West March
166.199 152,076 1,448,333 1,319,703
Ohic Peoria & St L_ March
6.935,679 6,218.410 81,870,081 54,465,802
Chic Rock Isl & Par March
312,131 252,199 2.826,961 2,409,253
Chic R I & Gulf_ March
1,662,708 1,762,112 16,168,794 15,026,420
d Chic St P M & Om March_
Chic Terre 11 & S E March..._ 290,027 260,814 2,370,524 2,000,814
Cin Ham & Dayton March.... 819,341 721,911 7,873,78!,
Colorado Midland_ March_ __ _
96,424 106,710 1,307,725 1,174,801
e Colorado & South. 2d wk May 306,761 281,409 15,277,790 13,809,627
Cornwall
March
23,743
24,898
215,098, 142,110
Cornwall& Lebanon March
43,980
341.010
41,884
397,3081
Cuba Railroad_ _ _ _ February _ 395,631 721,363 4,331,926; 3,953,142
Delaware & Hudson March _ _ 2,461,348 2,034,634 19,991,964,19,252,250
Debt Lack & West_ March _ _ _ _ 4,704,657 4,234,294 39,757,629 38,737,921
Deny & Rio Grande 3d wk May 555,200 453,700 24,323,075 22.118,519
Denver & Salt Lake 2d wk May
35,788
28,679 1,717,2511 1,638,888
Detroit & Mackinac 2d wk May
25,793
23,668 1.103,5391 1,000,981
Detroit Tol & Iront March
226,588 189,935 1.831,2641 1,633.647
Dot & Tol Shore L.. March
172.071 186,797 1,307,025 1,303,949
Dul & Iron Range.._ March.... 103,935 115,563 4.862,100 4.179.165
Dul Missabe & Nor March.... 171,156 162.932 10,228,132 7,212,943
73,819
Dul Sou Shore & AM 2d wk May
68,703 3,443,790 2,984,574
222,129 247,032 1,489.792 1,248,753
Duluth Winn & Pac March
1,269,209 1,237,726 10,568,199 9,688,905
Elgin Joliet & East_ March
El Paso & So West_ March.... 1,230,720 967,084 10,553.9707.648,007
March
Erie
6,120.945 5.625,287 54,922,360 53,919.613
Florida East Coast_ March
893.895 990,047 6,611,511 5,008,319
Fonda Johns & Glov April
86,574
82,665
780,065
851,382
March
Georgia Railroad
308,546 283,088 2.776,195 2,367,241
Grand Trunk Pac 4th wk Apr 138,632 107,365 4,385,361
4,966,839
Grand Trunk Syst_ 2d wk May 1,356,646 1,078,438 53,988,361 47,047,637
Grand Trunk By. 4th wk Apr 1,142,765 1,121,927
34,789,901
Grand Trk West_ 4th wk Apr 255,617 244,239 40,981,606
7,395,428 7,291,985
Dot Gr H & Milw 4th wk Apr
82,857
79,635
2,673,688
2,629,186
Great North System Aprilh
6,650,388 6,465,191 70,538,780 67,182,142
Gulf Mobile & Nor_ M
170,049 181,624 1,511,993 1,487,814
Gulf & Ship Island_ March
180,513 167,909 1,483,405 1.463,937
March_ _-- 756,266 539,571
Hocking Valley..
6,539,450 5,395,282
6.758,757 5,394,780 65,833,009
Illinois Central_ _ _ _ Anril
868,341 780,887 8,766,897 57,186,357
Internal & Grt Nor M
7,095,145
1,058,731 892,081 10,235,701
Kansas City South_ April
Lehigh & Bud River March
170,535 143,755 1,832,855 8,731,713
1,544,862
Lehigh & New Eng. March..-.264,537 283,792 2,332,672 2,608,114
March
4,322.092 3,889,169 37,003.543 35,143.212
Lehigh Valley
1,114,201 997,126 8,758.796 8,116,719
Los Angeles & L March
Louisiana & Arkan.. March
123,043 142,809 1.115,303 1,258,824
Louisiana By& Nay March..... 180,909 164,978 1,729,004
1,689,550
fLouisville & Nashv 2d wk May 1,388,410 1,237,110 59,808,972 52,342,469
March..... 1.169,965 1.031,343
Maine Central
10,008,450
8,878,833
March....
Penn
Maryland &
43,306
40,047
379,390
354.883
Midland Valley_ __ _ March
211,266 160,413 1,793,006
1,367,989
Mineral Range_ _ _ 2d wk May
20,167
20,495
1,017,629
928,619
Minneap & St Louis 2d wk May 217,880 210,790
9,518,514 9,435,624
Minn St P & SB M. 2d wk May 661,013 593,810 28,588,412
30,185.862
Mississippi Central.. March
54,058
73,569
807,829
595.968
g Mo Kan & Texas_ 3d wk May 696,504 629,798 35,731,764
28,930,691
6,261,131 5,477,491 56,347,143 47,962,404
S Missouri Pacific March
Central
March_
_
_
_
York
17158
064 16752552 150595943 139032285
New
Boston & Albany March_ - - 1,773,665 1.668,346 16,196,387
14.395,605
n Lake Erie & W.. March.... 682.310 577,892 5,912,627 5,134.654
Michigan Central March....4,185,988 3.705,548 38,214,041 30.310,399
Cleve 00 & St L March.... 4,115,347 3,826,727 35,960,131 32,272,211
Cincinnati North. March..... 172.276 165,923 1,538,718 1,356,276
2,053,697 2,029,244 18,109,348 16,754,562
Pitts & Lake Erie March
565,084 486,236 4,959,240
Tol & Ohio Cent_ March._
Kanawha & Mich March.... 256,881 310,607 2,452,906 4,017,188
2,716,541
Tot all lines above March _ _ _ _ 30963312 29523075 271939417 245989728
Latest Gross Earnings
ROADS.
Week or
Month
Current
Year.
Previous
Year.
July 1 to Latest at
Current
Year.
Previous
Year.
Mushy Chatt & St L March_ ___ 1,175,238 1,130,021 10.590,660 9,480.282
Nevada-Cal-Oregon'2d wk May
7,622
355,426
5,584
308,931
New On Great Nor_ IMarch _ __ 117.564 172,760
1,245,180 1.349.733
N Y Chic & St Lout/ March.... 1.329,707 1,262,633 11.691.848
10,567.644
N Y N & IIartf__ March ___ 6,923,847
61,31)3,542 55,726,965
N Y Ont & Western March_ __ _ 683.339 6.098.626
6.524,332 6.793.423
NY Susq & West__ March ___ 361,544 638,681
444,347 2.774,688 3,337,560
Norfolk Southern__ March..... 481.792 . 435,205 3,877,810 3,386.136
Norfolk & Western.. April
5,077,097 4,676,972 49.993,632 47,023.159
Northern Pacific...... March.....6.605,403 6.470,535 62,087.759
56.291,402
Northwest'n Pacific March
325,801 291,601 3,491,084 3.151.260
Pacific Coast Co...... March
369,327 538,989 4,842,069 5,480,176
p Pennsylvania RR._ March_ _ _ _ 21581483 18907091 176039037 162111 185
Bait Ches & Atl_ _ March......
87,647
73,764
954,738
855.872
Cumberland Vail. March....
387,588 309,771 2,927,841 2,598.254
Long Island
March...... 1.047,316 1,003,464 11,293,323 10,372.846
Mary'd Del & Va March......
70,710
722,601
57,226
678.143
N Y Phil& & Nod March__ 353.718 393,272 3,829,855 3,395,550
l'hil Bait & Wash March_ _ _ 2,407,720 2,007,298 20,115.814 17.201.760
W Jersey & Seash March..... 590.238 532,405 6.057,447 5.628.349
Pennsylvania Co...... March......5,895,608 5,703.737 55.644,849 51,481,030
Grand Rap & Ind March._
552.098 467,103 4,598,778 4,193,568
1Pitts C 0 & St L_ March...... 6,340.660 5,282,665 50,213.713 44.375.864
Total linesEast Pitts & Erie March..___ 26859795 23594 050 224988 285 205596651
West Pitts & Erie March......12967440 11609411 111869608 101337662
All East & West.. March _ _ 39827235 35203462 336858893 306934314
Pere Marquette
April
2,026,687 1,875,627 19,181,514 17,608,609
Reading Co-Phila & Reading_ March _
5,619,825 5,354,008 47,026,790 43.356.550
Coal & Iron Co__ March..__ _ 3,934,538 3,711,420 34,387,725 28.600,477
Total both cos..__ March..
9,554,363 9.065,429 81.414,515 71,957.029
Rich Fred & Potom March
387,881 321,352 2,926,880 2.325.526
Rio Grande Junc___ December
92.694
76.010
620,679
551.792
RiuotlG
an
rd
ande South__ 2d wk May
10,100
10,325
486,738
534,863
March _ _ _ 358,271 332,001 3,039.257 2,803.982
St Jos & Grand Isl.. March ___ 186,899 153.179 1,710.001 1,344.313
St L Brownsv & M. March ___ 340.036 209,805 3.780,900 1,956.442
St L Iron Mt & So_ March ___ 3,340,150 2,737,957 30,285,670 24,374,739
St Louis-San Fran March..... 4.629,762 4,223,415 42.329.998
St Louis Southwest.. 3d wk May 324,000 221,000 14,105,256 35,801,801
10,942,360
Seaboard Air Line
March..._. 2.685,542 2.449,736 20,945.629 18,307.280
Southern Pacific.... March _ _ __ 15480819 12773558 133997307 113894942
k Southern By Spat 2d wk May 2,063,717 1,827,963 90,627,951 80,130,801
Ala Great South_ March ___ 523.910 504,698 4.565,500 4.101,499
()Inc N 0& Tex P March -__ 1,051,048 1,051,958 9.142,353 8,119.979
Mobile & Ohio_ _ _ 2d wk May 281,386 247,838 10,932,356 10,243,668
Georgia So & Fla_ 2d wk May
48,244
43,253 2,450,161 2,142,739
Spok Port & Seattle March ___ 486.897 374.664 4.297,100 3.718,944
Tenn Ala & Georgia 2d wk May
2,415
2,172
105.483
88,689
Tennessee Central.. March ___ 134,618 129,227 1.305.773 1,183,774
Texas & Pacific..... 3d wk May 405,288 311,974 19,868,725 17,214,767
Toledo Poor & West April
99,662
86.017 1.036,950 1.017,172
Toledo St L & West 24 wk May 149,222 130,018 .5,455,554 4,868,823
Trin & Brazos Vail.. March
78,541
70,880
888,292
724.783
Union Pacific Syst_ March...... 9,259,045 8,717.166 89,044.830 78.153.591
Virginian
March...... 910,506 771,061 7,185,869 5,695.719
Wabash
April
3,376,333 2,984,869 32,279,738 28,641,129
Western Maryland.. 3d. wk May 209,375 222,977 11.208,398 9,575,508
Western Pacific...... March
763.227 600,304 6,582,557 5,486,534
Western By of Ala.. March
144,277 106,882 1,097,890
986,447
Wheel & Lake Erie.. March_ _
699,882 749.067 7.178,906 7,527.866
Yazoo & Miss Vall_ April
1,298.054 1.048.
,426 13,948.219 11,272.870
Various Fiscal Years.
Period.
Buffalo & Susquehanna RR__ _ _ Jan
Delaware & Hudson
Jan
Erie
Jan
New York Central..5
Jan
Boston & Albany
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve Cinc Chic & St Louis.... Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
Total all lines
Jan
New York Chicago & St Louis Jan
N Y Susquehanna & Western Jan
p Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley
Jan
Long Island
Jan
Mary'd Delaware & Virginia Jan
N Y Philadelphia & Norfolk_ Jan
Phil& Baltimore & Washing'n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana...... Jan
I Plash Cinc Chic & St Louis_ Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W. Jan
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
I
1
1
1
1
1
1
1
I
1
to
no
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
Mar 31
402.358
446,706
Mar 31 6.377.597 6.300.183
Mar 31 16,724,651 17,096.935
Mar 31 46,693,755 46,872.981
Mar 31 4,882,748 4,819.246
Mar 31 1,976,291 1,661,146
Mar 31 11,697,233 10,327.789
Mar 31 11.438,068 10,950,385
Mar 31
523,982
435,116
Mar 31 5,543.219 5,598,437
Mar 31 1.509,026 1,368.901
Mar 31
748,159
903.255
Mar 31 85,012,471 82,933.253
Mar 31 3.827.880 3,712.970
Mar 31
989,169 1,233,554
Mar 31 57,404,698 53,642,022
Mar 31
182.980
188,207
Mar 31 1,022,149
899.028
Mar 31 3.028.828 2,872,066
Mar 31
163,012
152.662
Mar 31 1.111,700 1,106.815
Mar 31 8.655,739 5.607.240
Mar 31 1,567,825 1,464,086
Mar 31 15,690.033 15,839,575
Mar 31 1,468,819 1.329.170
Mar 31 16,757,662 15,099,513
Mar 31 72,056,355 66,795,996
Mar 31 34,398,768 32.685,846
Mar 31 106453123 99.481,642
Dec 31
92.694
76.010
Mar 31
962.453
887.736
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
• Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
• Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Mileage.
Cur. Yr.
.Prey. Yr.
.
3
week Mar r9 roads).--- 12.798,647 12,115,340
+683,307 5.84 July
244,249 243.563 308.040,791 263.944.649 +44.096.142 16.77
13.411,164 12,018,648 +1,392.516
week Mar 30 roads)11.59
August
245.516
244,765
333,460,457 278.787,021 +54,673,436 19.68
13.198.911
week Mar 31 roads)---12,565,087
+633,824
5.04
September
247,486
248,156
332,888,990 294.333,449 +38,555.541 13.11
21.296.954 19,034.515 -2,262,439 11.82 October
week Mar l33 roads
246,683 246,000 345.790.899 310.740.113
11.22
week Apr 32 roads)_ _ -- 14.388.627 12,933,797 -1,454,830
11.25 November._248,863 248,058 330.258,745 306,606,471 +35.050.786
+23.652,274 • 7.71
week Apr 32 roads _-- 14,416,873 12,648,358 -1.768,515
13.92
December
_216.811
215,669
262,171,169 242,064,235 +20,106,934 8.31
week Apr 31 roads
13,938,948 12,382,623 -1,558,325 12.57 January_
248,477 247.327 307,961,074 267.115,289
week Apr 30 roads .._
17,657.935 15,692,888
15.29
12.52 February-249.795 248.738 271,928,066 269.272.382 +40.845,785
week May 32 roads)_
+2.655.684 0.99
13,984,924 12,581,492 -1,985,047 11.15
March
248,185 247.317321,317,560 294,068.345 +27,249.215 9.27
week May (32 roads)____ 14,803,193 12,747,776 -1,403,432
+2,055.417 16.28 April _
86,516 85.077 77,425.837 68.848,334 +8.577.503 12.47
0Includes Cleveland Lorain & Wheeling By. e
Evansville as Terre Haute. c Includes Mason City & Fort Dodge and the Wisconsin
Minnesota & Pacific. d Includes not only operating Includes
revenue,
but
all
also
other
receipts.
Does not include earnings of Colorado Springs & Cripple
Creek District Ry. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. geIncludes
the Texas Central and the Wichita Falls lines.
S Includes the St. Louis Iron Mountain & Southern. 5 Includes
the
Lake
Shore
Michigan
&
Southern Ry.. Chicago Indiana & Southern RR..
and
Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great Southern, Cline. New
Orleans & Texas Pacific. New Orleans & Northeastern
and the Nor. Alabama. I Includes Vandal's RR. n Includes Nw.Ohio
RR. p Includes Northern Central. • We no longer include Mexican roads in
any of our totals.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 32 roads and shows 16.28%
increase in the aggregate over the same week last year.
1917.
Second Week of May.
1916.
3
$
53,887
59,646
51,361
73,610
265,426
309,879
748,300
882,000
3,123,000 2,592,000
952,565
1,029,546
326,924
336,243
158,996
176,405
281,409
.306,761
458,800
565,700
28,679
35,788
23,668
25,793
68,703
73,819
43,253
48,244
Ann Arbor
Atlanta Birmingham & Atlantic
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago Great Western
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida__ _
Grand Trunk of Canada
1,356,646 1,076,436
Grand Trunk Western
Detroit Grand Hay & Milw_
Canada Atlantic
1,388,410 1,237,110
Louisville & Nashville
20,495
20,167
Mineral Range
210,790
217,880
}
Minneapolis & St Louis
Iowa Central
593,810
661,013
Minneapolis St Paul & S S M__
610,802
707,456
Missouri Kansas & Texas
247,838
281,386
Mobile & Ohio
5,584
7,622
Nevada-California-Oregon
10,325
10,100
Rio Grande Southern
224,000
296,000
St Louis Southwestern
2,063,717 1,827,963
Southern Railway System
2,172
2,415
Tennessee Alabama & Georgia_
303,194
386,603
Texas & Pacific
130,018
_
149,222
_
Western.._
&
Louis
Toledo St
193,268
208,122
Western Maryland
Increase. Decrease.
$
5,759
22,249
44.453
133,700
531,000
76,981
9,319
17,409
25,352
106,900
7,109
2,125
5,116
4,991
$
280,210
151,300
328
7,090
67,203
96,654
33,548
2,038
225
72,000
235,754
243
83,409
19,204
14,854
14,803,193 12,747,776 2,055,970
2.055,417
Total (32 roads)
Net increase (16.250Z,1
653
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and.
surplus of STEAM railroad and industrial companies reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Atch Topeka & S Fe_b__Apr13,269,739 11,049,400 53,974,960 53,938,049
,652540,959,858
109860.073549,987
128,544,802
July 1 to Apr 30
354,503
428,259
892.081
Kansas City South_ b___Apr 1.058,731
4.201,160 3,402,863 1.681,466 1,268,362
Jan 1 to Apr 30
976.966
Apr 3,376,333 2,984,869 1,113,166
Wabash Ry_b
12,385,651 11.763,258 3.560.160 3.746,077
Jan 1 to Apr 30
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are'before deducting taxes.
5 For April taxes and uncollectible railway revenue amounted to $594,876, against $530,528 in 1916; after deducting which, net for April 1917
was $3,380,083, against $3,407,521 last year. From July 1 to April 30
taxes, &c. were $5,962,823 in 1917. against $5,199,313 in 1916. The
per cent oereturn on property investment was 7.01 for the 12 months ending
.April 30 1917, against 5.67 for the same period last year.
Balance,
Charges
Total
Other
Net
Gross
Income. db Taxes. Surplus.
Earnings. Earnings. Income.
$
$
$
$
$
Delaware & Hudson3 mos:
63,939
Mar 31 '17 6,377,398 1,118,807
777,352
'16 6,324,091 2,034,898
Fonda Johns & Cloy841
1
37,013
37,854
37,853
86.574
Apr '17
4,755
37,692
1,525
42,447
40,922
82,665
'16
1,723
148,739
147,016
8,657
140,082
4 mos'17 333,877
147,635 def1,258
146,377
7,679
138,698
308,514
'16
Norfolk & Western1,605,532
586,022
2,191,554
352,529
Apr '17 5,077,097 1,839,025
533,976 1,647,336
182,931 2,181,312
'18 4,676,972 1,998,381
4 mos '17 19,685,709 7,752,792 1,331,615 9,084,407 2,309,731 6,774,676
668,626 8,954,875 2,116,759 6,838,11
'18 18,860,631 8,286,249
EXPRESS COMPANIES.
-Month of February- -Jan. 1 to Feb. 281916.
1917.
1916.
1917.
$
$
$
$
Co.Express
Canadian
522,261
668,679
264.554
Total from transportation__ 354,134
275,738
355,084
125,034
182,330
Express privileges-Dr
Revenue from transport'n_
Operations other than trans..
171,803
10,634
139.520
4,492
313,595
22,479
246,523
9,496
Total operating revenuesOperating expenses
182.437
164,423
144,012
125,185
336,075
328,733
256,020
246,361
Net operating revenue..___
Uncollectible rev.from trans.
Express taxes
18,013
3
7,000
18,827
234
4,200
7,341
157
14,000
9,658
272
8,400
986
14,393 loss 6,815
11,010
-Month of March- -Jan.Ito Mar.311917.
1916.
1916.
1917.
$
$
Northern Express Co.600,576
694.099
222,463
Total from transportation__ 270,634
331,976
121,613
383,127
148,578
Express privileges-Dr
Operating income
Revenuefrom transport'n_
Oper. other than transport'n
122,055
3.781
100,850
3,494
Total operating revenues_
Operating expenses
125,837
96,096
104.344
88.456
Net operating revenue_ _ _ _
Uncollectible rev,from trans.
Express taxes
29,741
46
6.000
15.888
16
5.000
23,694
10.871
Operating income
ELECTRIC RAILWAY AND PUBLIC
Latest Gross Earnings.
Name of Road
or Company.
[VOL. 104.
THE CHRONICLE
2108
Week or
Month.
Current Previous
Year.
Year.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
Bklyn Rap Tran Syst February _ 2184,955 2099,998 4,624,424 4,357,557
90,625
104,346
Cape Breton Elec Co March.... 33,754 27,867
72,328
74,263
Cent Miss V El Prop_ March..... 23,629 23,516
297,698
315,917
Chattanooga Ry & Lt March ___ 106,691 100,095
1609,012 638,492 6,866,810 2,615,221
April
Cities Service Co..
93,356
107,053
38,255 32,533
Cleve Painesv & East March
303,029
331.373
117,466 104,120
Cleve Southw & CoL March
917,782 787,924 4,082,813 3,477,541
°Columbia Gas & EL April
203,305
258.445
Columbus(Ga) El Co March.... 87,851 66,736
866,211
986,278
332,389 288,094
Colum (0) Ry,L & P March
1502,961 1313,207 6,209,952 5,437,467
Com'w'th P. By & Lt April
March..... 806,909 751,504 2,314,102 2,134,382
Connecticut Co
450,732 371.398 1,852.919 1,532,625
Consum Pow (Mich)._ April
620,956
692,381
236,387 209,374
Cumb Co(Me)P & L March
496,719
568,142
Dallas Electric Co... March.... 188,025 159,828
531,873
536,613
142,023 125,577
Dayton Pow 8c Lt....A pril
977.668 775,855 4,166.105 3,371,656
April
7 Detroit Edison_
1465,166 1237,688 4,143,246 3,523.118
Detroit United Lines March __
77,977
67,229
DDEB& Batt(Rec) February _ 32,542 37,840
430,766
510,602
131,287 106,730
Duluth -SuperiorTrac April
688,727
847,817
287,052 231,887
East St Louis & Sub_ March
192,608
228,421
Eastern Texas Elec__ March...... 76,062 62,339
282.920
335.781
El Paso Electric Co__ March...... 108,183 86,491
310,559
269.048
12d St M & St N Ave February _ 128,719 146,979
658,614
712.926
7 Federal Lt & Trac_ March...... 239,235 216,914
460,596
468.830
Galv-Hous Elec Co__ March.... 157,470 158,394
316,864
329,773
112,733 107,618
Grand Rapids By Co March
924,164
986,439
315,772 291,943
Great West Pow Syst March
71,619
87,492
Hagers'n & Fred Ry_ February _ 40,824 35,076
355,614
364,720
90,003 89,701
Harrisburg Railways April
545,397 470,616 1,597,210 1,452,233
Havana El By,L & P March
161,123
173,992
Honolulu R T & Land March...... 59,741 53,664
76,193
84,499
Houghton Co Tr Co.. March....._ 30,497 27,191
524,053 503,689 2,107,514 1,981,711
b Hudson & Manhat_ April
Illinois Traction_ _ _ _ March ___ - 1080,633 985,925 3,282,112 3.022,529
3521.020 3243,930 14,074,387 12,879,708
Interboro Rap Tran_ April
157,914
174,603
Jacksonville Trac Co March....._ 61,510 54,731
58,912
58.686
Keokuk Electric Co_ March._. 18,759 19,390
28,058
33.244
9,236
Key West Electric...... March...... 11,259
334,523
380,290
132,542 114,647
Lake Shore Elec Ii_ March
754,043
850,545
217,984 198,636
Lehigh Valley Transit April
158,661
183,723
67,227 55,204
Lewist Aug & Watery March
30,489
31,027
14,769 14,655
Long Island Electric_ February _
728,357
748,541
261,478 250,571
Louisville Railway__ March
2,333,761
2,610,881
April
562,680
Co_
639,406
Lt
&
Milw El By
517,844
666,752
167,274 133,194
Mihv Lt, Ht & Tr Co April
371,628
565,490
202,777 128,044
Monongahela Vail Tr March
575,941
608,790
201,328 194,038
Nashville By & Light March
217,819
256,033
_ _ 89,458 74,788
Newp N& II Ry G & E
117,790
118,068
March- _ 56,361 56,543
N Y City Interboro__ February
55,607
57,078
N Y & Long Island__ February _ 26,914 26,205
22,735
21,525
N Y & North Shore... February _ 10,175 10,670
209,423
197,526
N Y & Queens Co..... February _ 86,122 100,393
New York Railways_ February _ 914,076 1040,676 1,911,151 2,162,113
71,420
77,311
27,318 24,055
N Y & Stamford Ry_ March
118,018
130,528
46,165 39,835
N Y Westches & Bost March
48,016
49.654
17,334 17,282
Northampton Trac__ March
534,826 405,058 2,054,752 1,541,954
Nor Ohio Trac & Lt_ April
529,223
459,444
North Texas Electric March..... 199,545 166,930
10,588
10,552
5,164
5,148
Ocean Electric (L I). February _
Pacific Gas & Else__ February _ 1625,814 1600,035 3,399.379 3,382,748
761,415
815.208
270,616 250,776
Pacific Lt & P Corp__ March
78,796
79.732
7 Paducah Tr & Lt Co March..... 25,394 25,725
69,825
79,176
Pensacola Electric Co March...... 25,221 24,056
2456,300 2272,272 9,600,249 8,718,030
Phila Rapid Transit_ April
149,843
162,468
Phila & Western Ry __April .... _ 45,646 42,803
474,478 450,803 1,424,617 1,315,122
Port(Ore)Ry,L&PCo. March
7 Puget Sd Tr L & P_ February _ 720.178 597.215 1,508,048 1,266,808
368,029 327,672 1,482,279 1,286,493
7 Republic Ry & Lt__ April
Rhode Island Co_ .. March...... 478,057 451,308 1,368,320 1,290,381
54,489
60,712
Richmond Lt & Bit_ February _ 28,730 26,254
456,745
508,932
118,621 104,215
It Jos By, L, H & P__ April
135,549
133,444
3antiago Elec Lt & Tr March __ _ 40,021 42,974
191,801
221,600
3avannah Electric Co March.... 77,252 65,270
126,059
116,804
3econd Avenue (Rec) February _ 55,359 59,880
35,204
32,164
3outhern Boulevard_ 1February _ 15,580 16,782
399.501 383,139 1,225,772 1,214,209
3outhern Cal Edison_ March _
41,075
43.716
3taten Isl'd Midland_ February _ 20,783 19.696
259,177
272,441
Tampa Electric Co__ March..... 89,766 8s,928
667,640
668,345
•
February _ 337,344 324,982
Third Avenue
916,605 850,282 2,641,912 2,490,986
Twin City Rap Tran_ March
439.046
444,418
Union Ry Co ofNYO. February _ 213,690 204,277
506,073 475,700 2,025,788 1,896,382
Virginia Ry & Power April
180,967
211,327
Wash Bait & Annap_ March _ _ _ 86,314 65,100
84,181
78,103
Westchester Electric.. February _ 36,675 39,915
52,618
50,412
Westchester St RE.._ March..... 18.849 17,998
946,977
315,680 238,221 1,282,424
West Penn Power_ .. _ April
1,936,508
2,398,907
504,352
609,491
April
r West Penn Trac Co
120,075
114.821
Yonkers Railroad__ _ February _ 56,377 56.964
241,033
264.447
March ___ 89,118 80,938
York Railways
73.962
78.403
24,581
28.737
Youngstown & Ohio_ March......
b Represents income from all sources. c These f gures are for consolldated company. f Earnings now given in mllreis. g Includes constituent
companies.
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Premous
Current
Year.
Year.
Year.
Year.
$
$
$
44,521
48,658
102,179
Arkansas Vail Ry L & P..Apr 107,863
527,278
587,668
1,204.820
1,295,729
30
May 1 to Apr
268,600
310.971
3,523
3,539
23,576
27,158
_Apr
_
_
b_
Shore
Ry_
Atlantic
8.941
10,040
11,985
6,085
91,418
97,840
Jan 1 to Apr 30
196,936
201,193
602,156
Apr 639,858
277,541 Central Dist Tel
321,012
763,357
775,631
2,497,853 2,342,328
252,223
279,760
Jan 1 to April 30
1,932.919 1,604,433
New York Telephone__ _Apr 5,006,540 4,368,075 7,443,127
6,314.905
41,251
25,317
19,614,272 17,071,217
Jan 1 to Apr 30
74
202
78,778
83.701
352,792
Eng Tel_ _Apr 397,248
15,000 Southern New
18,000
334,102
327,063
1.534.892 1,375,428
Jan 1 to Apr 30
46,649
49,921
98,505
10,243 Western States Gas& El_Apr 110,810
23.049
580,611
609.780
1,282.481 1,207,703
May 1 to Apr 30
c315,839
c308,037
UTILITY COS. Wisconsin Edison_ a_ _ _ _Apr 957,507 804,719
10,841,750 9,126,547 c4,108,535 c3,360,509
May 1 to Apr 30
Jan. 1 to latest date.
Current
Year.
Previous
Year.
419,918
393,482
Adirond El Pow Corp March ___ 132.451 128,235
91,418
27,158 23,576
97,840
Atlantic Shore By..... April
469,510
163,197 146,646
439,640
cAtvr Elgin & Chic Ry March
214,663
192,484
Bangor By & Electric March __ _ 71,203 63,794
57,545
51,177
16,200
18.277
Baton Rouge Elec Co March..
109,688
124,151
Belt LRyCorp(NYO) February. 51.941 58,420
246,482
212,396
87 361 72 293
Berkshire Street Ry_ March
Brazilian Trac, L & P March..... 17540000 I691d000f21687,000 119815,000
25.143
7.097
8.413
22.455
Brock & Plym St By.. March......
Latest Gross Earnings.
Name of Road
or Company.
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Co., Inc., and deprec The balance available for the Wisconsin Edison
ciation of subsidiary companies, was $153,255 for April 1917. against
Aprll
30 was $2,465,427.
to
months
twelve
and
for the
$180,997 in 1916.
against 32,140,733 last year.
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
Bangor By & Elec.._Mar '17
'16
3 mos '17
'16
71.203
63.794
214.663
192,484
80,637
27.898
90.664
87.755
18,646
17,653
56,304
53.149
11,991
10,245
34,360
34.606
MAY 26 1917.]
THE CHRONICLE
Gross
Earnings.
2109
Net after
Fixed
Balance,
Gross
Net
Fixed Chgs. Balance,
Taxes.
Charges.
Surplus.
Earnings. Earnings. & Taxes.
Surplus.
$
Harrisburg
Rys_
_Apr
'17
90,003
32.060
43,431
29,753
2,307
32,243
11.188
'16
39,527
89,701
29,793
54,502
9,734
32,191
22,311
4 mos '17
97,189
364,720
92,113
175,662
128,972
5,076
46,690
'16
355,614
114,055
87,218
218.538
26,837
128,570
89,968
13,932
59,741
11,389
32,595
2.543 Honolulu Rap Tr Mar '17
6,916
25,679
& Land
'16
12,546
53,664
11,046
21,638
6,759
1,500
14.879
3 mos '17
39,007
173,992
34,262
91,303
4,745
20,748
x75,234
36,887
'16
161,123
72,204
33.168
3,728
20,278
x54,715
94,612
45,109
49,503 Internat'l By (Buffalo)118.132
3 mos Afar 31 '17 2,011,554
750,288
44,375
73,757
482,485 z272,259
295,300
'16 1.794,461
134,339
741,204
160,961
464.018 x282,215
357.796
129,872
227,924 New York Dock___Apr '17
396,358
219.744
84,927
134.817
341,873
258,414
'16
156,575
123,614
185,298
71,570
52,044
295,536
4 mos '17 1,399,917
124,968
695,642
331,709
170,568
363.933
3,353,221 1,356,859 1,996,362
'16 1.006,407
461,401
289,250
172,151
3,026,500 1,332,988 1,693,512 North Ohio Tr 86 Lt_Apr '17
219,129
534,826
127,099
92,030
193,335
75,804
'16
117,531
405,058
209.568
114.649
94,919
204,143
4 mos '17 2,054,752
73,482
130,661
815,343
503.147
312.196
625,386
235,234
390,152
'16 1,541,954
799,061
462.405
336.656
685,500
224,800
460,700 Phila 86 Western___Apr 17
45,646
22,962
12.517
10.445
70,250
66,629
3,621
'16
42,803
22,647
12,526
10.121
4 mos '17
69,754
66,371
3,383
162,468
76,438
50,112
26,326
196,905
199,100 def2,195
'16
149,843
76,052
50,176
25,876
219,858
197,983
21,875 Washington Baitf Mar '17
86,314
33,850
26,764
z9.189
& Annapolis{
44,499
'16
14,621
x31,818
65,100
23,553
24,259
z1,844
El RR
{3 mos '17
31,997
211,327
z19,516
14,029
69,002
79,417 zdef3,555
'16
156,288
58,122 z105,632
180.967
65,608
75,321 zdef1.930
118,367
x66,999
56,750
z After allowing for other income received.
103,233
64,662
38,571
90,019
63,645
26,374
296,905
192,696
104,209
272,171
187,300
84,871
ANNUAL REPORTS
45,627
3,5,F
9.746
35,812
26,782
9,030
Annual, &c., Reports.-The following is an index to all
517,105
118,704
398,401
488,800
114,216
374,584 annual and other reports of steam railroads, street
railways
19,619
37,075
17,456
26,114 and miscellaneous companies published since April 28.
40,200
14,086
53,052
This index, which is given monthlY, does not include
105,951
52.899
77.242 reports in to-day's
43,106
120,348
"Chronicle."
x50,014
140,648
186,609
Stearn RoadsPage.
Industrials (Continued)Page.
138,871
181,191
x79.195 Bangor
&
Aroostook
RR
1696 Colorado Fuel & Iron Co.(3 mos.)_1705
x201,129
421,021
610,074
1793 Colorado Power Co
400,302 z294,501 •Central RR. of N. J
599,389
Chicago Milwaukee & St. Paul Ry_ _2010 Computing-Tabulating-Recording 1705
217,879
61,670 Cleve. Cin.
279,549
Chic.& St. Louis By....i793
Co.(3 mos. and annual)
1901
214,118
79,591 Duluth Missabe
293,709
& Northern Ry
2010 Connecticut Power Co
1705
869,178
283,558 Illinois Central RR
1,152,736
1892
Consol.
Gas, Elec, Light & Power
853.982
270,223 Kanawha & Michigan By
1,124,205
2005
Chatt Ry & Light_ _Mar '17
106,691
'16
100,095
315,917
3 mos'17
'16
297,698
38,255
Clove Paines & E__Mar '17
'16
32,533
3 mos '17
107.053
'16
93,356
332,389
Col(0)By P de Lt...Mar '17
• '16
288,094
3 mos '17
986,278
'16
866,211
Apr '17
Consol Gas El
728,259
'16
Lt & Pow Co
621,082
(Baltimore) 10 mos '17 7,065,575
'16 6,206,406
Conan Pow (Mich)Mar '17
454,581
'16
374,835
3 mos'17 1,402,187
'16 1,161,227
Cumb Co(Me)P&L_Mar '17
236,387
'16
209,374
692,381
3 mos'17
'16
620,956
131,287
Apr '17
Duluth Superior
106,730
Traction
'16
510,602
4 mos '17
'16
430,766
287,052
East St L & Sub__ -Mar '17
'16
231.887
3 mos'17
847,817
'16
688,727
Ft Worth Pow & Lt Apr '17
76,629
'16
63,069
12 mos '17
885,298
'16
827,468
Grand Rapids By._Mar'17
112,733
'16
107,618
3 mos'17
329,773
'16
316,864
at WestPow Syst_ _Mar '17
315.772
291,943
'16
3 mos'17
986,439
'16
924,164
Hudson & Manhat'n Apr'17
624,053
(All sources)
'16
503,689
4 mos '17 2,107,514
'16' 1,981,711
Co. of Baltimore (9 mos.)
1705
Huntington Dev & GasKansas City Southern Ry_ _1696, 1793 Copper Range Co.. of Mich
1896
46,297
100,221
3 mos to Mar 31 '17
53,924 Lehigh & Hudson River By
159,503
2010 Corn Products Refining Co.(3 mos.) 1706
145,565 . 110,376 Lehigh & New England RR
255,941
10 mos to Mar 31 '17
436,911
2005 Cosden & Co.(3 mos.)
1901: 2007
Interborough R T__Apr '17 3,521,020 1,827,001 1,019,546 x850,435 Maine Central RR
1899 Davis-Daly Copper Co.(3 mos.)__ _1804
993,306 x890,510 Michigan Central RR
1794 Dayton Power & Light Co
'16 3,243,930 1,839,201
2008
10 mos '17 33,097,412 17,038,833 10,019,631 x7,455,907 Minn. St. Paul & S. S. M By
1893 De Long Hook & Eye Co., Phlla__ _1804
'16 29,702,744 16,149,431 9,422,572 x7.194,351 Nashville Chatt. & St. Louis By._1794 Driggs-Scabury Ordnance Co
1706
40,389
153,670
20,367
Kansas Gas & Elec_Apr '17
20,022 New Orleans Great Northern RR_ _ _1893 Edison Elec. Ilium. Co.of Brockton-I804
ZOOS Edmunds & Jones Corp
50,878
133,716
18,054
2014
'16
32,824 N. Y. Chicago & St. Louis RR
N.
Y.
New
Haven
RR_1694
&
Hartford
552,324
Electric
1,675,012
Storage Battery Co
227,242
325.082
1799
12 mos '17
1894 Elk Horn Coal Corp., Inc
541,797
202,967
'16 1,400,751
.338,830 N. Y. Ontario & Western By
1706
N. Y.Phila. & Norfolk
1702 Fall River Gas Works Co
1804
132,542
42,156
34,368
Lake Shore El By.. Mar '17
7.788 Pennsylvania Company RR
2003 Fisher Body Corp. (6 mos.)
114,647
1706
36,366
'16
38,356
10 Pitts. Cin. Chic. & St. Louis By._1892
Gaston, Williams & Wigmore, Inc.,
380,290
106,789
3 mos '17
103,126
3,663 Pittsburgh & Lake
(3 mos.), 1706;(11 mos.)__ 1804; 1902
1695
RR
334,523
'
16
102,763
108,791
def6,028 St. Louis-San Fran.Erie
By. (9 mos.)._1900 General Asphalt Co
1897
67,227
Water_Mar
'17
13,641
Lewis Aug &
15,679 def2,038 Southern Pacific Co
General
1694
Petroleum Corp.(9 moa.)-1804
'16
65,204
10.132
16,155
def6,023 Texas & Pacific Ry
2005 Great Lakes Steamship Co
2003
183.723
3 mos '17
24.599
46,431 def21,832 Toledo & Ohio Central Ry
2006 Gulf States Steel Co.(3 mos.)
1706
158,661
'16
33,947
48,203 def14,258 Union Pacific RR
1793 Hercules Powder Co. (3 months'
639,406
Milw Bloc By & Lt_Apr '17
141,633
Vandalia RR
78,132
1892
balance sheet)
x71,716
1804
'16
582,680
169,252
65,509 6106,962 Virginian By
1893, 2004 Holly Sugar Corp
1804
4 mos '17 2,610,881
634,535
283,085 z380,044
Homestake Mining
1799
Electric RoadsPage. Inspiration Consol. Co
'16 2,333,761
685,033
266,632 x433.571 Augusta-Aiken
Copper
1897
Co
&
Corp.
By.
Elec.
...1898
Milw Lt Ht & Trac-Apr '17
167,274
38,332
1697
38,649
xdef 150 Brockton & Plymouth Street Ry__ _1898 International Paper Co
'16
133,194
Interstate
Electric
Corp
38,168
1707
56,486
x26,779 Commonwealth Pow.,By.& Lt. Co_1800
4 mos '17
666,752
139,291
1698
154,385 zdef14,918 Denver Tramway Co. (System)_ _ _1894 Kennecott Copper Corp
'16
Lanston Monotype Machine Co_
517,844
2008
148,041
227,000 z101,187 Duluth-Superior Traction Co
1795
Lowell
Electric
Light
Corp
Nash By & Light__Mar 17
1903
201,328
64,237
40,906
1898 MacAndrews
• 23,331 El Paso Electric Co
Forbes Co
'16
1903
194,038
72,263
29,456 Galveston-Houston (Tex.) Elec. Co_1898 Massachusetts&Gas
42,807
3 mos '17
608,790
219,794
Havana Elec. By., Lt. & Pow. Co _2007 Mexican Petrol. Cos.(9 mos.)__ _1805
123,114
96,680
Co., Ltd., of Del_ _1805
'16
575,941
228,164
128,787
99,377 Houghton County Traction Co__ 1701 Midvale Steel & Ord. Co.
(3 mos.) 1805
Apr '17
202,400
1702 Montana Power Co.
117,852
49,420
68,432 Jacksonville Traction Co
(3 mos.)
1707
'16
New Eng Co
173,922
Electric
Lake
Shore
Ry
1895
118,508
50,349
68.159
Nat. Fuel Gas Co.(of N.J.), N.Y-1707
Pow System 4 mos 17
814,603
National
Properties
Co., Phila
1899
422.749
197,819 s 224.930
'16
658,659
New On. By. dr Light Co.(3 mos.)_2010 Nevada Consol. Copper Co. (3
437,881
194,806
243,075 Northern
months)_
1798, 1903
Tex.Elec. Co.(Ft.
127,180
Pacific Pow & Lt__..Apr '17
67,669
New Jersey Zinc Co.
33.784
33,885 Ottawa Traction Co., Ltd Worth)1899
1805
1896 New York Dock Co (3 mos.)
'16
115,615
56.412
32,887
23,525 Pensacola (Fla.) Electric
1897
Co
1899
12 mos'17 1,507,769
736,617
Niagara Falls Power Co.(3 mos.)_ _1707
329.104
407.513
Piedmont
&
Northern
By
2006 Niagara Lockport & Ont. Power
'16 1,448,884
735.025
388,150
346.875 Portland (Ore.) Ry.,Lt.
Co..1707
& Pow.Co_1795 (The) North American
Phila Rap Trans___Apr '17 2,456,300 1,073,352
Co
1699
813,746
259,606 Puget Sound Trao.,Lt.&Pow.Co_ _1895 North American
'16
0
Pulp & Paper Co.._1903
1,027,812
211,769 Tampa Electric Co
816,043
1900 North Butte Min. Co.(3 mos) 1805;
10 mos'17 23,457,395 10,295,123 8,142,214
2008
Tennessee Ry., Light & Power Co.._1894 Northern Ohio
'16 21,135.064 9,324,836 8,161,908 2,152,909
Trao. &
1,162.928 Utah Light & Traction
2012 Okla. Producing dr Ref. Light Co__ _1696
Port Gas dc Coke-...Apr '17
101,995
43,672
2013 Owens Bottle Machine Co.(3 mos.)2016
16,429 Utah Securities Corp
27,243
'16
97,318
Washington By. & Electric Co
44,015
2006 Paige-DetroitMotor Co.(6 mos.)_1805
17,550
26,465
12 mos'17 1,274,258
604,187
1900 Pierce-Fordyce Oil CarCo.(3 mos.)1805
278.453 Winnipeg Electric Ry
325,734
Association
'16 1,257,962
2016
613,258
313,384
299,874
Industrials-Page. Pierce Oil Corporation
2016
Mar '17
474,478
Allis-Chalmers Mfg. Co. (3 mos.)_ _1701 Pittsburgh Steel Co.(9 mos.)
212.101
184.024
28,077
1707
(Ore)
By
'16
Port
450,803
196.598
14,534 American Beet Sugar Co
1896 Price Bros. & Co., Ltd
182.064
1707
Light & Pow 3 mos '17 1.424.617
658,950
547,378
111,672 American Chicle Co
1797 Ray Consol.Copper Co,(3mos.)1797,1903
'16 1,315.122
550,093
5,101 American Glue Co
544,992
2013 Republic Motor Truck Co.(9 mos.)_1707
St Jos By Lt lit & P.Apr '17
118,621
Amer.
Hide
&
Leather
Co.
(9 mos.)_1705 Safety Car Heating & Lighting Co 1708
41,759
23,962
17.797
'16
104,215
44.382
20,833
23,549 American Ice Co., N. Y.(4 mos.)_ 1900 Shattuck-Ariz. Copper Co.(3 mos.)-1805
4 mos'17
508,932
203,846
95,849
107.997 American Light & Traction Co-._ -1800 Sinclair Oil & Ref. Corp. (3 and 11
'16
456,745
American
Malting Co.(6 mos.)_ _..1802
months)
214,770
131,438
2007, 2016
83,332
American
Foundries,(3 mos.)_1803 Standard Motor Construction Co.
Tennessee Pow Co_Mar '17
125,538
31.550
47,239 zdef8,057 American Steel
Wringer Co
'16
(balance sheet)
1799
111.555
1904
63,441
633,281
38,756
3 mos '17
Amer.Zinc,Lead&Smelt.Co.(3mos.)1705 Standard 011 of New York
410.741
1805
136,969
137,257
x25,293 Anaconda
'16
Copper Mining Co
1796 Standard Screw Co
332.678
1904
181.914
z93,494 Autocar
109,950
(balance
Co.
sheet)
1803
Symington
H.)
(T.
Co
Texas Power & Lt Apr '17
188,094
71,479
41,364
30,115 Beatrice Creamery Co.(bal. sheet)_2013 Taylor-Wharton Iron & Steel Co..2007
'16
163,095
65,319
33,632
31,687 Boston Woven Hose & Rubber Co.
(3 mos.)
12 mos '17 2,345,979 1,025,179
1806
558,272
466,907
(balance
sheet)
Tennessee
1901
Copper & Chem.Corp_ _ _1708
'16 1.996,554
813.054
450,251 Braden Copper Mines Co
362,803
1698 Tonopah Belmont & Devel. Co_ __ _1904
17
Apr
43,689
Virginia Power Co
20,284
Tonopah Mining Co.(10 mos.)
2,698 British Westinghouse Elec. & Mfg.
17,586
1708
'16
33,692
1901 Toronto Paper Mfg. Co
17,316
Co., Ltd
16,836
480
1806
4 mos '17
178,025
76,047
Burns Bros
1799 Transue & Williams Steel Forging
71,079
4.968
'16
134,717
69,012
1705
87,269
1,743 Butte & Superior Mining Co
Corn (6 mos.)
2016
West Penn Pow Co-Apr '17
315.680
1898 United Alloy Steel Corp
113.062
38,342
1799
74,720 By-Products Coke Corp
'16
238,221
1697 United Gas Improvement Co
118,884
38,345
1697
80,539 California Packing Co
4 mos'17 1,282,424
1797
Calumet
Arizona
&
Mining
Co
United
States Steel Corporation_..1696
507,501
153.369
364,132
'16
946,977
2013 Utah Copper Co.(3 mos.)_ __1693, 1806
469.648
149.888 .319,760 Canadian Cottons, Ltd
Central Leather Co.(3 mos.)
1705 Victor Talking Machine Co. (balWest Penn Trac___Apr '17
609.491
253,743
170.281
83,462 Cerro De Pasco Copper
1698
ance sheet)
'16
(and sub cos)
Corp
504,352
1904
258,479
173.046
85,433
Charcoal Iron Co.of Amer.(3 mos.)-1804 Ward Baking Co. (balance sheet)_1708
4 mos '17 2.398.907 1.028.325
685,379
342,946 Chino Copper Co,(3 mos.)_ _ 1798, 1901 West Penn
'16 1,936.508
Power Co.(3 mos.)._ _ _ 1708
989.158
664,203
324,955
Coastwise Transportation Co
1901 Yale & Towne-Mfg. Co
Wisconsin-Minn Lt & Pow1699
12 mos end Apr 30'17 1,474,145
763,162
268,834
494,328
'16 1,201,789
Great Northern Railway.
812,681
Gross
Net
Fixed Chgs. Balance,
(28th Report-Sir Months ending Dec. 31 1916.)
Earnings. Earnings. et Taxes.
Surplus.
3
The full text of the remarks of Chairman aud President
CommonwealthPow.Apr '17 1,502,961
699,449
521,925
14,524 L. W.Hill is given on subsequent pages; also the revenue
'16 1,313,207
and
By & Light (and
694.157
500,940
193,217
constit cos)
4 mos'17 6.209.952 2,849.992 2.085.460
764.532 income accounts for the six months ending Dec.31 1916,the
'16 5,437.467 2,871.253 1,960,658
910,595 general balance sheet as of Dec. 31 1916 in detail, &., &o.
2110
THE CHRONICLE
RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS
WESTERN RY. AND DULUTH TERMINAL.
-6 Mos. to Dec. 31- -Yearsend.June301915.
1916.
1915.
1916.
Statistics8,061
8,053
8,053
8,143
Average miles operated_
Operations4,379,047 4,474,082 8,263,972 8,468,317
Passengers carried
575,020
601,257
346,438
353,802
Pass. carried lm.(000)_
2.289 cts.
Av.rev. per pass. per m. 2.362 cts. 2.210 cts. 2.272 cts.
17,911,660 16,449,404 28,927,130 23,453,059
*Freight (tons)
5,773,779
*Freight one mile (000)- 4,601,004 4,392,610 7,809,817
*Av.rev, per ton per m_ 7.539 cts. 7.697 cts. 7.705 cts. 0.8166 cts.
650
663
708
701
*Aver. train-load (tons)
$1.435
$1.486
$1.590
$1.691
Earn, per pass.-train m_
$5.31
$5.11
$5.45
$5.28
Earn, per fgt. train mile
$8,332
$10,091
$5,635
$5,808
Gross earnings per mile_
* Company's freight excluded.
EXPENSES.
GENERAL COMBINED RESULTS-REVENUES AND
-6 Mos. to Dec. 31- -Yearsend.June 301915.
1916.
1915.
1916.
Earnings$7,656,704 $13,661,645 $13,164,857
$8,356,578
Passenger
34,686,306 33,810,262 60,177,249 47,147,314
Freight
3,352,385 3,165,120 5,993,718 5,635,800
Mail, express, &c
1,214,887
1,429,866
743,082
899,149
Other than transport'n_
Gross oper. revenues.$47,294,419 $45,375,168 $81,262,478 $67,162,858
Expenses$4,835,848 $3,578,781 $9.727,328 $8,270,354
Maint. of way, &c
7,152,302
8,739,909
Maint. of equipment_ _ _ 5,455.012 4,071,081
1,167,536
1,168,733
563,384
590,292
Traffic expenses
Transportation expenses 12,829,813 10,796,945 22,310,055 18,261,030
1,258,756
1,355,420
660,419
706,695
General expenses
815,184
875,730
452,889
520,434
Miscellaneous operations
Cr.260,792 Cr.101,323 Cr.263,099 Cr. 96,886
Transport'n for invest
[VOL. 104
BALANCE SHEET.
[Excluding stocks and bonds o,vned of auxiliary companies. The balance sheet
a
on
subsequent page.)
is
given
1916
of Dec. 31
Dec. 31 '16. J'ne 30 '16.
Dec. 31 '16. Ins 30 '16.
$
LiabilitiesAssetsRoad & equip1.228,602,077 224,326,600 Stock,common_ 62,792,600 62,792,600
Stock, 1st & 2d
Improvem'ts on
3,200
3,200
preferred
3,770
3,816
leased prop's_
340,422 C.& 0. of Ind.,
341,006
Miso.phys.prop.
1,200
_
_
1,200
common
Secure., prop'ty,
&c.,cos.,pledg_ 17,724,408 17,069,008 Bds.& notes(see
Co.'s bds.pledg_ 45,920,001 45,920,001 "R.&I." Sec.).173,444,000 173,552,000
143,884 Equip. tr. oblig _ 6,816,387 7,983,170
264,291
Advances......
Construe. funds 3,351,550 7,588,207 1st lien & impt.
5s(unpledged) 47,265,000 47,265,000
Cash in treas.,&e. 8,275,792 7,005,171
Int., &o.,accrd_ 2,365,166 2,331,890
Cash for int. &
399,723
508,458
447,778 Unpdint.&divs.
1,395,605
dividends._
Vouch. & wages 5,033,827 3,526,812
Cash for matur'd
399,777
642,423 Traffic balances 1,503,121
185,587
notes, &o._ _
932,165
560,846
868,189 Misc. accounts_
Agts.& cond'rs_ 1,035,778
95,000
95,000
bills
pay_
&
Traffic balances 1,011,484 1,213,282 L'ns
930,339 1,607,791
525,111 Taxes accrued._
Loans& bills rec. 224,403
436,817
505,424
hub.
def.
Sundry
1,254,762
Misc. accounts.. 1,393,729
Mat'ls & supp__ 4,200,015 3,231,713 Accrued depre- 5,846,710 5,357,530
clation(equip.)
Secure.in treas.,
3,076,255
unpiedged ___ 6,357,671 5,486,775 Approp.surplus_ x3,084,717 6,989,894
683,728 Profit and loss__ 10,232,994
731,778
Deferred assets_
321,018,989 316,750,824
Total
321,018,989 316,750,824
Total
A comparative income account for four years was published In V. 101, p. 655.655.
p.
1387,
V. 104,
Western Maryland Railway.
(Eighth Annual Report-Year ending Dec. 311916.)
-Years ending Dec.31- -Years ending June 301915.
1916.
1915.
Total oper. expenses.$24,677,301 $20,022,176 $43,914,076 $36,828,275
1916.
Income Account$22,617,117 $25,352,992 $37,348,402 $30,334,583 Operating revenues.... _311,967,982 $9,888,600 $10,930,369 $8,683,459
Net earnings
6,257,412
7,039,608
Operating expenses.-- 7,516,222 6,653,357
COMBINED INCOME ACCOUNT.
6 Mos. to -Years end. June 3084,451,760 $3,235,243 $3,800,761 $2,426,047
Net earnings
1915.
1916.
306,859
Dec. 31 '16.
349,161
321,858
406,086
822,617,117 $37,348,402 $30,334,583 Tax accruals, &c
Net earnings
2,949,432 . 5,132,208 4,629,668
$2,119,188
$3,541,600
Taxes accrued
$2,913,384
Operating income_ _ _ _ $4,045,674
def.930
Cr.70
def.1.590
Cr.856
• $19,667,685 $32,216,194 $25,704,915 Miscellaneous operations
Operating income
676,836
721,912
$2,118,258
417,776
General interest
$3,541,670
Operating income__ _ _ $4,046,530 $2,911,794
649,481
1,012,759
192,421
338,624
205,145
Dividends and int. on securities
206,514
123,572
(coal cos., &c.)_
983,883 Net inc.from
8,092
1,110,957
599,737
47,100
Rents received and miscellaneous ___
18,308
42,100
fund.secur.
Income
68,353
66.677
60,648.
60,260
$21,023,823 $35,061,822 $28,015,114 Other income
Gross corporate income
Deduct$4,272,462 $3,203,293 $3,854,563 $2,387,124
Gross income
$849,078
$888,892
$144,363
$475,740
$74,831
Rentals paid
$140,213
$27,711
71,933 Hire of equipment
99,884
110,163
79,467
82,870
Hire of equipment-balance
83,977
132,303
rents
Other
121,566
3,220,419 6,443,267 6,447,504 Rent (leased roads)_ _ _
Bond interest accrued
121,566
121,566
121,566
28,329
29,164
2,677,871
16,325
Miscellaneous
2,685,514
2,665,153
_
....
2,409,299
debt_
funded
on
Int.
193,319
186,337
Interest on new stock subscribed...._ _
304,254
250,139
235,961
256,332 Other interest
85,424
256,332
128,166
Renewal All. B. 0. docks
45,833
49,752
26,561
Miscellaneous
1,000,000
10,448
Pension fund
275,000
3,100,865
$3,295,029
$3,314,870
Miscellaneous appropriations
Total deductions__ _ _ $2,953,402 $3,310,800
1,000,000 Balance,
3,500,000
Improvements and betterments
sur. or der _sur.$1,319,060 def.$107,507 sur.$539,693 def.$907,905
Dividends on stock (7% per ann.)___ 8,731,254 17,456,390 16,796,857
The report will be cited at length another week.-V.104, p. 1491, 1265.
$12,692,514 $32,774,795 $25,918,352
Total deductions
$8,331,309 $2,287,027 $2,096,762
Balance, surplus
CONSOLIDATED BALANCE SHEET.
Dec.31'16. June 30'16. June 30'15.
$
$
AssetsRy. property, incl. adv. and invest.
in system roads (see details on sub431,677,500 424,628,467 421,355,759
sequent page)
Bonds assumed-held by mtg.trustees 14,106,000 14,106.000 14,106,000
Cost of one-half int. in C.B.& Q.stk.
109,114,810 109,114,810 109,114,810
held by trustee of joint bonds
Other securs. & invest. (see details on
113,408,995 111,555,729 111,810,326
page)
subsequent
16,471,479 16,049,874 11,590,503
Cash on hand
1,952,098
3,957,650 3,934,262
Due from agents
214,441
223,768
424,240
Due from U. S.& Can.P.O. depts....
12,212
14,846
20,133
Due from U. S. Transportation
55,444
117,544
179,765
Advanced charges
9,862,504 10,248,927 10,365,010
Bills receivable
4,220,987 3,416,863 2,484,023
Other accounts receivable, &c
7,579,058 6,685,663 4,390,253
Material and fuel
711,023,122 700,096,752 687,459,879
Total
Liabilities249,476,850 249,476,850 240,476,722
Capital stock
911
860
860
Payments new stock subscriptions..
Funded debt (see "Ry. & Ind." Sec.
302,387,409
302,477,409
305,311,409
pages)
and subsequent
225,000
Bills and accounts payable
1,309,845
2,576,750 2,708,324
Vouchers unpaid
2,779,322 3,050,125 2,197,361
Unpaid pay-rolls
2,899,412 2,803,614 2,769.126
Unpaid coupons
2,110,662
2,324,247
3,172,886
Accrued taxes
146,004
151,629
146,004
Accrued bond, &c., interest
2,786,599
2,884.942 3,367,351
Due affiliated companies
5,342,732
7,671,419
fund
5,504,701
Improvement and betterment
27,237,168 27,037,847 26,541,818
Depreciation of equipment fund_ _
2,353,674
4,063,889 3,811,094
Insurance, &c., funds
Additions and betterments paid from
38,917,545 36,737,198 35,550,920
improvements and renewals fund
St. P. M.& M.cons. mtge. bonds re811,000
899,000
928,000
tired by sink,funds since Nov. 1907
607,655
984,024
922,431
Miscellaneous
and
deferred
liabilities
Other working
2,620,648
4,181,982
3,921,127
credit items (net)
60,279,826 52,188,779 50,446.802
Profit and loss
Total
-V. 104, P• 559-
711,023,122 700.096,752 687,459,879
Chesapeake & Ohio Railway.
(39th Annual Report-Year ending Dec. 311916.)
The remarks of President Geo. W. Stevens at length, together with the balance sheet and income account for the
entire year, are published on subsequent pages.
The New York Chicago & St. Louis Railroad.
(30th Annual Report-Year ended Dec. 31 1916.)
Pres. & Gen. Mgr. J. J. Bernet says in substance:
by the
Funded Debt.-During the year the funded debt was increased
dated Aug. 1
Issuance and sale of $1,100,000 equipment trust certificates
placed
cars
box
capacity
80,000-1b.
underframe
steel
1,000
covering
1916,
decreased by the purchase
in service late in the year (V. 103, p. 1032), andprovisions
of the mortgage
of first mtge. bonds under the sinking fund
1916, $29,566,000.
$103,000, making an outstanding amount Dec.an31increase
of $2,851,548.
Rerults.-The gross revenue was $15,387,928,
an increase of
or 22.75% over 1915. Freight revenue was 313,372,737,
or 8.36%.
$109,289,
increased
revenue
$2,631,397, or 24.50%. Passenger
of
$2,149,860.
Operating expenses amounted to $11,471,986, an increase
n
transportatio
and
$1,064,656,
of
equipment,
maintenance
principally
expenses, $890,406.
on account
Grade Crossings.-The following amounts have been expended
the elimination of street
of separation of grades at Grand Crossing, Ill., andand
Ivanhoe Road).
crossings at grade in Cleveland, 0. (West Side
Expenditures for Grade Crossings.
Grand Cross'g Cleverd.
Held in Suspense$36,345 $404,075
Expended during year 1916
1,285,138 772,371
to
31
1916
Dec.
Total expenditure
and 15 rebuilt
In addition to the cars mentioned above, 10 switch engines
the year. An equipconsolidation engines were placed in service duringSt.
Louis Engine Trust
ment trust,to be known as the New York Chicago &
with
of 1916, in amount of $300.000, is to be arranged for in connection
the purchase of this equipment.
OPERATIONS AND FISCAL RESULTS.
1913.
1914.
1915.
1916.
•
623
523
523
523
Miles operated
Operations877,670
822,400
737,879
782,644
Passengers carried
08,282,679
Pass. carried one mile 81,200,847 76,370,756 91,472,607
1.62 cts.
1.62 cts.
1.71 cts.
1.75 cts.
Rate per pass. per mile_
$1.50
$1.44
$1.29
$1.37
Earn, per pass. train m_
9,428,163
8,055,263
9,482,092
(tons).
10,831,772
freignt
Revenue
1,815,515 2,016,812
2,093,322
Rev.fgt.(tons) 1 m(000) 2,619,601
0.510 cts. 0.513 cts. 0.514 cts. 0.514 cts.
Rate per ton per mile
INCOME ACCOUNT YEAR ENDING DECEMBER 31.
1913.
1914.
1915.
1916.
Earnings$13,372,737 $10.741,340 89,331,342 $10,358,277
Freight
1,597,080
1,307,674 1,480,688
1,416,963
Passenger
322,036
361,440
371,884
432,096
Mall, express, &c
116,480
121,601
115,482
166,132
Incidental
$12,393.873
$11,294,971
Total oper. revenue_ _$15,387,928 $12,536,380
Expenses$1,501,621
Maint. of way & struc._ $1,246,472 $1,102,921 $1,466,082
1,922,547
1,597,686
3.124,188 2,059,532
Maint. of equipment..
577,290
536,631
562,259
564,286
Traffic expenses
5,434,500
5,405,742
5,289,776
6,180,182
n
expenses
Transportatio
298,877
306,512
307,639
356,858
General & miscellaneous
$11,471,986 $9,322,126 $9,312,653
INCOME ACCOUNT FOR 6 MOS.ENDED DEC. 31 (as shown by Pamphlet Report).
Total expenses
(82.45)
(74.36)
1915.
(74.55)
1916.
P.C.of exp. to earns_ _ _
1915.
1916.
$3,915,942 $3,214,254 $1,982,318
$
$
Net earnings
$
Oper. Revenues:
486,282
469,466
524,965
9,093,209 8,407,405 Taxes accrued. &c
9,859,016 19,049,171 Net earnings
Freight
806,101
764,757
Passenger ------3,615,872 3,178,890 Taxes, &o
Operating income_ _ _ _ $3,390,977 $2,744,788 $1,496,036
543,913
Mall and express_ 609,433
112,192
229,944
195,703
Oper. Income_ 8,287,107 7,642,648 Other income
864,315
Miscellaneous._ - 1,147,269
75,814
Hire of eq. (tired.) 397,059
$1,608,228
324,302
Gross corp'te income. $3,586,680 $2,974,732
Total oper. revs._25,231,590 23,636,290 Int.from Inv.,&o.. 408,413
163,788
174,196
DeductMiscellaneous_ ..
Oper. Expenses.'
$5,400
$5,400
$5,400
Rentals leased lines..... _
MaInt. of way,&o_ 3,234,665 2,720,454
297,003
641,005
527,565
Gross Income._ _ 9,266,775 8,206,552 Hire of equipment,&c
Maint. of equip._ 4,633,233 4,953,829
4,208
659
contract_
_
debt
equip.
on
Interest
4,008,476
4,214,855
on
313,908
-Int.
344,100
_
Traffic_ _
334,789
272,161
Joint facilities,&c.,rents. - 240.461
Transportation___ 7,216,325 6,670,447 Rentals (leased
1,150,730
1,146,537
463,691 Interest on funded debt_ 1,157,267
477,598
roads, &o.)
127,247
Miscell. operations 187,183
99,283
98,395
98.457
450,744 Loss on C. & 0.
1st M.bonds red.(s.f.)
532,991
General
250,000
250,000
22,449 Cr19,889 1st pref. divs.(5%)
Grain Elevator..
Cr7,745
Crl0,116
Trans.for invest
(2%%)275,000
17,676 2d pref. divs
27,610
Miscellaneous__ ._
Dividends (2%)._ 1,255,632
Total deductions__ $2,554,149 $2,414,157 $1,891,414
Total oper. exp_ 16,138,381 15,228,885
9,093,209 8,407,405 Balance,surplus 3,268,632 3,730,598 Balance,sur. or def__sur.$1.032,531sur.$560,575 def.$283,186
Net earnings.
$9,734,835
(78.55)
$2,659,038
443,793
$2,215,245
224,943
$2,440,188
$5,400
138,079
8,518
206,618
1,154,868
99,131
250,000
(5)550.000
$2,412,614
sur.$27,574
MAY 26 1917.]
THE CHRONICLE
2111
by trustees, to reimburse the company for expenditures incurred for addle
GENERAL BALANCE SHEET DECEMBER 31.
tional property and paid from earnings (General and Refunding Mortgage
1915.
1915.
. 1916.
1916.
bonds). $25,000,000. These latter bonds are available for such corporat
LiabilitiesAssetsRoad & equipm't _61,167,217 60,581,139 1st pref. stock_ - _ - 5,000,000 5,000,000 purposes as the board of directors may authorize. a.4
Securities owned__ 1,500,000 1,500,000 2d pref. stock_ - _ _11,000,000 11,000,000
COMPARATIVE RESULTS OF OPERATIONS.
Common stock__ _14,000,000 14,000,000
Misc. phys. prop'y 185,391
-Years end. Dec. 31- -Years end. June-36=
12,700 Funded debt
12,700
29,566,000 28,569,000
Stock in treasury_
1916.
1915.
1916.
1915.
701,026 Accounts & wages 1,449,521 1,127,996
Materials & supp_ 1,264,485
10,196
as operated, average
10,073
10,130
10,053
3,509,683 1,744,284 Int.,div.,&c.,unpd
22,239 Mu
26,929
Cash
Equipment
Int.,
16,820
21,160
diva.,
&IL,acSpecial deposits
2,021
2,004
1,983
Locomotives
582,031
crued-not due.. 796,952
502,357 Passenger
Traffic, &c., bals_ 546,897
1,599 Not stated
ed 1
equipment _ _ _
1,615
1,606
523,797 Traffic, &c., bals_ 467,265
364,270 Freight, misc.
Agents & condue_ 799,053
cars..
67,384
,&c.,
66.673
67,170
785,086 Miscell. accounts_ 466,019
121,917
Miscell. accounts_ 617,337
Operations19,017 Approp. surplus_ _a5,086,131 4,987,674
19,099
Advances, &c_ 15,969,377 15,943,584 16,134,559 16,065,456
145,944 Passengers carried
Items in suspense_ 2,042,832 1,572,819 Unadjusted accts_ 409,960
862,829
Pass. carried 1 mile b
921,994
899,872
858,452
Operating res'ves_ 363,859
Deprec'n (equipt.) 869,099
711,034 Rate per pass. per mile.. 2.143 cts. 2.084 cts. 2.103 cts. 2.091 cts.
Profit and low__ _ b2,184,087 1,489,289 c Freight (tons) carried_ 39,986,136 35,063,761 38,313.345 32,959,392
c Fr't (tons) car'd 1 m. b 10,747,323 8,933,803 10,043,236
8,185,988
per ton per mile__ _ 0.7411 cts. 0.7735 cts. 0.7571 cts. 0.7813 cts.
Total
71,685,853 68,041,720
71,685,853 68,041,720 Rate
Total
Av. rev. tr.-load (tons)..
412
425
442
390
per pass. tr. mile
$0.9625
$1.0106
$0.9798
$0.9629
a Appropriated surplus in 1916 includes additions to property through Earns, per
fr't tr. mile
33.1842
$3.2753
$3.2141
$3.0486
income and surplus, $3,608,567, and funded debt retired through income Earns,
Earns, per mile of road_
$10,848
$9,635
$10,429
$9,096
and surplus, $1,477,564. b After deducting $323,726 loss on retired road
and equipment and misc. items (net) aggregating $14,006.-V. 104, p.
b Throe ciphers (000) omitted. c Revenue freight only.
2005, 1899.
INCOME ACCOUNT FOR SIX MONTHS ENDED DEC.31.
1915.
Chicago Milwaukee & St. Paul Ry.
1916.
1915.
1916.
eight rev.....38,999,287 42,611,703 Maint.way,&c.5,058,108 6,010,677
(Special Report-Six Months ending Dec. 31 1916.)
Pass. revenue10,046.413 10,879,355
equip_ 7,925,117 8,940,090
President A. J. Earling, May 1917, says in substance: Oth.trans.rev. 4,642.910 4,827,064 Maint.
Traffic expen_ 921,063
984,015
969,244 Transporta'n _18,369.845 20,949,270
Results for Calendar Years.-Operating revenues for the calendar year Incidental rev. 684,491
29,645
78,584 Miscell. oper.. 398,788
392,460
1916 exceed those of any previous period, being $110,609,689, an increase Jt facil'ty rev.
General
exp's_
•
945,726
995,895
of $13,561,638, or 13.97%, over 1915.
Special attention, however, is directed to the radical increase in operating Tot. oper.rev_54,402,746 59,365,951 Tr.for invest,Cr.968,365 Cr.978,032
expenses, due primarily to increases in the cost of fuel and other materials
Oper.
exps_32,650,282 37.294,375
used in the maintenance and operation of the property, which averaged
21,752,464 22,071,576
about 30% during the year and have steadily advanced since; also to a Net operating revenue for 6-months' periods
Feat many increases necessarily granted to labor during the year, and other Other income: Int. on bonds, $21,431; divs. on stocks, $92,098;
int. on other securs., loans and accounts, $679,934; rents reincreases resulting from congestions due to embargoes, all of which, it will be
coived, $271,354; miscellaneous, $263,581
1,328.399
noted, produced an increase in operating expenses of $11,593,518, or
18.65%. It will also be noted that there was an increase in taxes of $445,Gross income for six months ending Dec. 31 1916
$23,399,975
715 (or 8.85%). This was due largely to an increase in the Federal income
tax rate from 1% to 2%, the full effect of which will be felt in the coming Deduce: Int. accr'd on fund. d't, $7,797,202; taxes, $2,936,292_$10,733,494
Rents paid, $553,030; hire of equip.,$715,443; misc.,$226,102 1,494,575
calendar year.
Operations.-The operating revenues for the 6 months ending Dec. 31 Divs. paid: Prof. (33-f %),$4,054,603; corn.(2%%),$2,935,150_ 6,989,753
1916 were 859,365,951, an increase of $4,963205 compared with the same
Balance,surplus,for six months ending Dec.31 1916
$4,182,152
period in 1915. Freight traffic increased $3412416, or 9.26%• The tons
of freight carried increased 1,6g2,062 tons, or 8.57%. Products of forests =.----- 3
OPERATIONS AND FISCAL1RESULTS.
_
commodities
not
and
tons
467,564
increased 461,118 tons, manufactures
-Years ending Dec. 31- -Years ending June 30tons aj;I
specified 1,040,969 tons; products of agriculture decreased 177,907
'
1,4 1916.
1915.
1916.
1915.
of all agricul- :.,;„ •,,,spi rl-,1
and products of mines 166,831 tons. The number of tons4,208,383
tons, • • Operating Revenues$
$
$
$
tural products carried during the period of this wort was
79,648,513 69,107,246 18,923,893 17,952,428
a decrease compared with the previous year of 4. %. Agricultural prod- Passenger
19,756,835 17,981,206 76,036,097 63,953,799
ucts comprised 19.74% of the total tonnage carried. The revenue per ton Freight
9,338,667 8,651,162
9,154,513 8,193,891
per mile was .7357 cents, a decrease of 4.02%. The number of tons of Mail, express, &c
1,865,673
1,308,437
1,531,981
1,335,256
revenue freight per freight and mixed train mile was 470.44, against 436.69 Incidentals, &c
during the same period in 1915, an increase of 7.73%.
Total oper. revenues_110,609,689 97,048,051 105,646,484 91,435,374
The operating expenses for the period of this report were $37,294,375,
Expensesan increase of $4,644,093 compared with the same period in 1915.
9,309,098 11,563,769 10,377,185
12,516,338
During the six months' period 15 steel bridges, aggregating 1,073 feet in Maint. of way, &c
17,533,448 14,912,225 16,518,476 13,737,535
length, and 4 masonry bridges, aggregating 324 feet in length, were built, Maint. of equipment
1,961,979
1,762,879
1,899,027
of iron bridges and 16 feet of Traffic expenses
1,756,801
replacing 869 feet of wooden bridges, 32 feet
40,307,996 35,528,373 37,728,571 35,697,961
embankment; and 5,066 feet of wooden culverts were replaced with iron Transportation
1,970,637
1,926,133
1,920,467
1,862,939
and concrete pipe. About 1.4 miles of pile bridges were filled with earth, General expenses
732,465
732,050
738,379
filled and 14 reduced in length by filling. Miscell. operations
722,635
36 bridges having been completely
Adamson Law, passed by Congress, which Transport'n for invest_ _Cr1,257,398 Cr1,999,640 Cr1,247,732 Cr2,183,355
Adamson Law.-The so-called
will
increase the wages of onginemen, trainmen and allied employees in
a still greater increase relatively
Total operating exp__ 73,765,051 62,171,533 69,120,958 61,971,701
excess of $2,000,000 per annum, will causeyear.
It is to be hoped that the '12' oper. exp. to earnings
(64.06)
(67.78)
(65.43)
(66.69)
in the operating expenses for the ensuing
company will receive substantial relief through an increase in freight and Net operating revenue.._ 36,844,638 34,876,518 36,525,526 29,463,673
Taxes
5,480,119
4,746,721
5,034,404
5,264,331
passenger rates.
Blackfoot
Ry.-On
Dec. 31 1916 the railway, propAcquisition of the Big
Operating income_ ___ 31,364,518 29,842,114 31,261,195 24,716,952
erty and franchises of this company were acquired by purchase. That com342,257
343.946
67,468
221,861
pany operated a line of railroad from Bonner to Blackfoot Junction, Mont., Int. on bonds owned_ __
over
the logging railroad of the Anaconda Divs. on stocks owned_..
525,911
150,971
171,821
11.48 miles, and also operated
515,191
Mining Co., 10.53 miles easterly from McNamara Landing. The Int. on other securs.,
Copper
line purchased is now being operated as a part of our Missoula division.
2,413,948
1,906,979
loans & accounts
1,974,565
1,567,483
Seattle Port Angeles & Western Ry.-The extension from Majestic to Twin Rents received
484,012
464,892
517,331
487,988
6 miles, has been finished since Dec. 31 1916 and authority Miscellaneous
Rivers,
329,712
592,455
614,743
476,191
a further extension to the Pysht R.ver and thence to the Solduc
given forWash.,
River at the mouth of Beaver Creek, about 15 miles, tapping a heavy body
Total net income__ 34,164,812 34,202,385 34,620,640 28,366,665
Accrued bond interest_.. 15,595,311 15,367,921 15,604,262 14,636,298
of spruce, hemlock and cedar timber.
Bellingham & Northern Ry.-The track was laid on the branch from Hire of equipment
1,030,123
679,759
908,132
173,809
Goshen tp Welcome, Wash., 11.3 miles, during December 1916, and the Rents paid
1,054,652
1,066,716
1,039,907
871,503
416,467
line is now in operation.
Miscellaneous
530,184,
716,772
Ry.-This
Terminal
company
has purchased from the Northern Pref. diva.(7%)
Milwaukee
8,109,206
8,109,206
8,109,206
8,109,206
Pacific Ry. the iron barge used by the latter for ferrying its trains across Common dividends__ --(5)5,870.300(43i)5258254 (5)5,870,300(43i)5258254
the Columbia River between Kalama and Goble, prior to the completion of
Columbia
River
near Portland. The barge is equipped
Total deductions_ __ _ 32,076,058 31,012,040 31,882,790 29,765,842
the bridge over the
with three parallel tracks and is 330 feet in length. When remodpled it Balance, sur. or def____sr.2,088,754 sr3,190,345 sr2.737,851 dfl 399 177
Seattle, Bellingham and Port Townsend.
will be placed in service between
OPER.
FOR 6 MOS. TO DEC. 31 1916 OF COS-'7. NDEPENDENTLY
Equipment.-During the six-months' period 18 locomotives and 1,581
OPERATED.
cars of various classes have been purchased or built, and 1 locomotive and
wreck
or
fire,
by
Tacoma Bell'm & Milw. Gallatin Big Black- S.Pt. A.
destroyed
sold
or taken down on account of
886 cars were
East.RR. Nor.Ry. Term. Ry. Vall.Ry. foot Ry. & W.Ry.
small capacity. The original cost of the equipment retired has been credRevenues
..$272,546 $139,310 $98,252 $70,558 4522,312 $166,043
ited to property investment-road and equipment.
52,331
219,867 90,617 67,868
18,903
77,176
Properly Investment During the Six Months to Dec. 311916.-This aggre- Expenses
gated (net) $12,462,816, viz.:
Net revenue.... $52,679 $48,693 $30,384 $18,227 $3,409 $88,868
$3,792,621 Reducing grade, &c
Equipment
$499,485
9,061
5,000
18,600
7,082
1,178
15,403
Purchase Big BlackfootRy. 1,122,507 Other add as & betterm'ts 6,854,350 Taxes
695,336 Croedr ict-onPverortpeedr.tzurolt.i4r8ed2
Now branches & exten's
Oper. income.. $34,079 $39,632 $35,384 $11,144 $2,231 $73,464
2,236
Rents rec'd, &c_ 11,250
1,369
474
Additions and Beternumts.-Authority has been given for the purchase or Hire of equipm't 24,105
building of 2,500 50-ton gondolas, 1,000 box cars, 150 flat cars, 231 cinder
dump cars, 250 ore cars and 68 other cars.
Total
$69,434 $41,868 $35,384 $11,144 $3,600 $73,938
At Beloit, Wis., the engine terminal was completed. The 21 grain tanks,
Deductof a total capacity of 625,000 bushels, in connection with the company's Acer.
.int.on bds. $22,100 $13,9.18
Elevator "E, in Milwaukee, have been put into operation. At Tacoma, Hire of equipm't
3,075 $8,909 $10,984 $7,025 $20,840
Wash., the new ocean dock, covering an area of 1,000 feet by 175 feet, was Rents paid
317
4,761
450
494
2,035
completed and placed in operation last autumn. At Butte, Mont., the Miscellaneous - 2,050
419
33
completed on Dec. 31 1916. It has since Sinking fund_
8,433
new passenger station was nearly
operation.
into
put
and
finished
been
$9,646 $11,017 $11,786 $21,333
Total deduc's $24,600 $27,481
New Lines and Extensions.-The Choteau line, from Great Falls to Agasr$127 df$8,187 sr$52.605
wam, Mont., 70 miles, is practically completed. All construction work Bal.sunor def_sr$44,834 sr$14,3878415,738
the line placed in full operation early this summer.
will be completed and
SHEET.
BALANCE
Range to Winnette, Mont., 23.04 miles, was
An extension from Crass
Dec. 31 '16. June 30'16.
Dec. 31 '16. June 30'16.
started last summer, and the grading was about 90% completed on Dec. 31
Liabilities$
Assets-$
$
$
1916. The work will be completed this spring and track will be laid as
Road & equip _ x584,929,639 573,293,471 Common stock_117,411,300 117,411,300
soon as possible.
Tunnels.-The lining with concrete of the St. Paul Pass 'funnel, 8,751 yStks.control.cos.10,379,393 10,449,767 Preferred stock_116,274,900 116,274,900
Root
Prem.on
cap.stk.
Bitter
Mountains,
36,184
36,184
which was started in the autumn yBonds, &c., of
feet long, in the
on Dec. 31 1916.
217,000 Funded debt_ _ _357,944,956 357,900,955
controlled cos.
140,000
of 1915, was completedelectrical
Bills payable__ _ 1,900,000
construction work on the Missoula division Advances to con30,280
Electrification.-The
Deer
Alberton,
z30,795,007
Traf.,&c., baba_ 1,249,090 1,074,887
Lodge and
Mont., Ill miles, was completed and
trolled cos_ _ _z30,092,454
between
641,377 Pay rolls&vouch. 8,110,343 7,873,137
726,400
put in operation on Nov. 11916. Work on the line between Alberton and Misc.phys.prop.
44,897 Coup, not pres25,822
269,275
209,017
Avery, Idaho, 101 miles, was 90% completed as of Dec. 31 1916. Elec- Other misc. Inv_
since
been completed and put in operation Cash
7,729,759 12,635,516 Miscellaneous__ 1,335,892 1,156,319
trification of this district has
969,027 Accr.bd.int.,&c. 5,427,378 5,438,740
634,922
Feb. 27 1917. The completion of this work now places under electrical Traf., &c., bals_
operation the entire main line between Harlowton, Mont., and Avery, Ag'ts & cond'rs_ 2,351,462 1,835,092 Taxes not yet due 240,774
Math & suppl's 8,936,811 9,275,277 French Gov. tax
Idaho,440 miles(V. 103,p. 1687)•
4,796,320 4,262,334 European loan
Funded Debt.-This has been decreased during the six months by $3,000 Miscellaneous
767,703
767,703
67,777 Ins. res've fund.. 2,799,265 2,724,067
Dakota & Great Southern Ry. Co. 55, $38,000 Dubuque Division Os, $74,- Unmatured int_
70,150
000 Wisconsin Valley Division Os and $3,935,454 European Loan of 1910 Secur. in ins.fd. 2,835,100 2,818,100 0th. def. items_
439,463
678,687
489,574
592,707 Sink.funds, &c..
595,881
678,547
47
0 bonds retired. It has been increased by $3,935,454 4% gold bonds of Sinking fund
294,179 Surplus
1925 issued. The amount of bonds issued on Dec. 31 1916 is $490,547,155, Taxes prepaid_ _
42,247,364 d38,749,292
of which $132,259,200 are in the treasury of the company and $358,287,955 Oth.def.deb.items 3,151,186 2,573,264
are outstanding.
657,288,991 650,764,791
Treasury Bonds.-These have been decreased by General Mortgage 4%
657,288,991 650,764.791
Total
Total
bonds transferred to insurance reserve, $159,000. On Dec. 31 1916 bonds
in treasury amounted to $132,259,200, composed of General and Refundx After deducting $10,239,458 reserve for accrued depreciation. y Uning Mortgage bonds, available for the acquisition of additional property pledged. z Advances to controlled companies for construction, equipor for other additions and betterments, $107,259,200; and bonds certified ment and betterments.-V. 104, p. 2010, 1701.
THE CHRONICLE
2112
• Grand Trunk Railway of Canada.
(Report for Fiscal Year ending Dec. 31 1916.)
Chairman Alfred W. Smithers, London, April 13, wrote
in substance:
General Results.-The gross receipts for 1916 amounted to £9,819,740
against £8,292,688, an increase of £1,527,052. The working expenses,
excluding taxes, amounted to £7,007,159, or 71.367 of the gross receipts,
against £6,306,162. or 76.057, in 1915; an increase in amount of £700,997
but a decrease of 4.69% in the proportion to the gross receipts.
Capital Expenditures.-The total charges to capital account for the year
amounted.to £351,317. Of this sum £145,168 was for the acquisition of
securities of the Lachine Jacques Cartier & Maisonneuve By., and Montreal & Southern Counties By. companies. The expenditure on capital
account in respect of new works was £55,985; machinery and tools, £4,750;
new rolling stock, £20,573; increased weight of rails, £3,160; and land purchased, 1121,681, making a total of £206,149.
Rolling Stock.-Three engines were charged to capital account during the
year and added to the official stock.
Grand Trunk Pacific Ry.-In the session of 1916 of the Canadian Parliament a loan was made by the Government,to the Grand Trunk Pacific By..
for the purpose of enabling that company to meet its obligations pending a
report on the railway situation in Canada to be made by a commission appointed by the Canadian Government.
OPERATIONS AND FISCAL RESULTS FOR 12 MOS. END. DEC. 31.
1913.
1914.
1915.
1916.
Operations4.012
4,015
4,015
4,007
Miles worked by engines
13;132,611 12,082,238 12,781,000 13,852,551
Passengers carried
Tons freight carried....._ 22,710,527 20,696,509 21,473,864 23,894,960
4,732,376 3,748,316 3,886,370 4,343,599
do one mile (000)
0.69 cts.
0.68 cts.
0.70 cts.
0.67 cts.
Average per ton mile__ _
.£
2
Earnings2,442,343 2,109,240 2,386,332 2,701,134
Passengers
397,761
396,247
423,198
488,176
Mail and express
5,436,808 6,136,903
5,382,701
Freight and live stock.._ 6,386,714
384,378
377,381
377,549
502,507
Miscellaneous
9,819,740
Total earnings
Expenses909,215
Maintenance of way,&c.
Maint. of equipment__ _ 1,506,052
239,515
Traffic expenses
Conducting transp'n,&c. 4.050,379
301,998
General expenses
Taxes
220,868
8,292,688
8,596,768
9,620,176
1,002,729
1,406,930
237,621
3,337.983
320,899
205,095
1,076,061
1,375,300
280,895
3,679,522
265,098
165,043
1,129,454
1,465,632
293,992
3,945,424
255,022
172,286
Total
Net earnings
Other Income
6,511,257
1,781,431
759,270
6,841,919
1,754,849
682,744
7,261,810
2,358,366
307,233
7,228,027
2,591,713
509,520
2,437,593 2,665,599
3,101,233 2,540,701
Total
Deduct155,206
155,206
155,206
155,206
Rental of leased lines..
1,420,488
1,492,034
1,506,442
Int. on bonds & deben.s_ 1,506,639
8,417
100,000
223,750
Int. on secured notes.. _ _
299,920
Reserve for contingencies
400,000
def1,880 def103,742 def83,870
Det. Gr. Hay.& Milw__ def40,239
Grand Trunk West. By.. sur119,208 def122.177 def135,348
def20,496
Tol. Sag. & Musk. Ry__ def16,156 def20,563 def26,147
Div. on guar. stock_ _ _(4%)500,000 (4)500,000(3M)437,500 (4)196,823
170,842
170,842
do 1st pref.stk.(5%)
126,420
do 2d pref.stk.(5%)
126,420
(23)179,116
do 3d pref. stock
Total
Balance, sur. or def
3,096,214
sur5,019
2,530,017
sur10,684
2,440,977
def12,384
2,661,677
sur3,922
The preliminary statement put out by President Edson J.
Chamberlain, dealing with certain aspects of the Drayton
Acworth report on the railway situation in Canada, will be
found in full in our advertising department on previous
pages. See also the "News Department" on a subsequent
page.-V. 104, p. 1898, 1800.
Missouri Pacific System.
(8th Annual Report-Year ending Dec. 31 1916.)
CONSOLIDATED INCOME, ACCOUNT.
-Six Months ending- -Calendar Years
1915.
1916.
June 30'16. Dec. 31 '16.
7,290
7,437
7,485
Avge. mileage operated._
7,389
Operating Revenues$24,165,849 $28,456,595 $52,622,444 $44,654,918
Freight
5,140,082 6,891,900 12,031,982 10,127,955
Passenger
2,195,412 2,388,498 4,583,910 4,137,982
Mail, express, &c
734,477
579,736
382,969
351,507
Incidental, &c
Total oper. revenues331,852,850 $38,119,962 $69,972,812
Maintenance of way,&c. $5.648.651 $6,622,829 $12,271,479
Maintenance of equip't_ 7,522,080 6,488,016 14,010,096
1,734,745
862,386
872,359
Traffic
10,394,491 11,330,671 21,725,162
Transp'n (rail line)
213,774
106.222
107,552
Miscell. operations
1,578,952
810,417
768,535
General
Transp. for investment_ Cr.80,079 Cr.111,732 Cr.191,812
$59,500,591
$8,843,188
11,582,605
1,426,687
19,946,195
201,735
1,520,752
Cr.37,570
Total railway op.exp.$25,232,258 $26,110,139 $51,342,397 $43,483,592
Net earnings
$6,620,592 $12,009,823 $18,630,415 $16,016,999
1,500,106 3,103,762 2,621,995
Taxes, &c
1,603,657
Operating income
$5,016,935 $10,509,718 $15,526,653 $13,395,004
Other Income$459,422
$211,310
$455,734
Joint facility rent
$244,423
218,351
214,765
132,605
85,746
Income from funded sec.
63,392
168,375
128,889
39,486
do unfunded secur
458,079
320,312
601,412
281,101
Other income
$5,803,953 $11.166,572 $16,970,525 $14,590,662
Gross income
$657,912
$834,805
$176,920
$480,992
Hire of equipment
694,966
Joint facility rents
1,346,993
652,027
1,014.339
573,770
481,337
308,174
265,596
Other rents, &c
Interest on funded debt- 6,668,267 6,681,482 13,349,749 13,318,700
47,655
83,093
35,438
Other interest
68,010
Total deductions_ _ _ _ $7,840,826 $8,170,691 $16,011,517 $15,717,191
Balance
df$2,036,873sr$2,995,881 sr.$959.008df$1,126,529
-V. 104, p. 2010, 1899.
Philadelphia Company of Pittsburgh.
(33d Annual Report-Year ending March 31 1917.)
On subsequent pages will be found the remarks of President
J. H. Reed, the consolidated income account for the year
ending Mar. 31 1917, the consolidated balance sheet as of
Mar. 31 1917, including all proprietary natural gas companies, and the income accounts and balance sheets of other
proprietary operating companies, namely, Pittsburgh Rys.
Co.,Duquesne Light Co.,Philadelphia Oil Co.,Pennsylvania
Light & Power Co., the Beaver Valley Traction Co. and the
Pittsburgh & Beaver Street Ry.
[VOL. 104.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING MAR. 31.
[Includes the Equitable Gas Co.and Pittsburgh & West Virginia Gas Co..
Philadelphia Co. of West Va., in 1915 the Monongahela Natural Gas Co.
and Philadelphia Oil Co.,and in 1916 and 1917 excludes the Phila. Oil Co.)
(Transactions between companies eliminated.)
1913-14.
Receipts1915-16.
1914-15.
1916-17.
From gas
$9,171,612 $7,990,132 $7,037,719 $7,224,637
394,107
217,747
Fron oil
38,900
33,287
38,387
Miscellaneous
38,536
Gross earnings
Operations, taxes, &c
$9,210,148 $8,028,519 $7,288,753 $7,657,644
4,093,992 3,405,047 3,406,884 3.424,686
Net earnings
$5,116,156 $4,623,473 $3,881,869 $4,232,958
1,690,086
Divs, and int. received.. 2,405,997 2,192,968
1,803,097
626
642
608
Rents
693
463,819
508,787
424,192
464,471
Interest, discount, &c....
Totalincome
$7.947.038 $7,281,520 $6.194,395 $6,387,489
Deduct$22,967
$23,694
$22,566
Paid leased companies....
$23,086
1,940,548 1,854,379
1,906,825
Interest on bonds, &c
1,796.499
831.512
838,220
802,167
Impts., extensions, &c_ 1,215,180
181.696
Depreciation of property
193,575
163,770
153,497
Discount, taxes, &c., on
437,821
74,941
64,965
securities sold, &c_ _ _
57,500
161.983
208,655
386,268
235,450
Miscellaneous int.. &c.._
$3,481,212 $3,346,561 $3,279,633 $3,490,358
Total
Surplus for year
$4,465,826 $3,934,959 $2,914,762 $2,897.131
5,846,781
Add previous surplus
7,110,750 a8,508,813 8,222,141
16.875
b15,774,053
Additions to profit & loss
35,457
Total
$11.612,033 $12,443,772 $26,910,956 $8,760,787
$399,122
$471,941
Div. on pref. stocks........ $476,644
$471,966
Div. on corn. stock__(7%)3,005,772(6)2,363,364(5X)2049507(7)2,732,758
Book value of securities
15,774,053
& loan written down..
Discount, taxes, &c., on
936,333
sale of common stock..
Decrease in book value
Monong.Nat.Gas Co.
phys.prop.reappraised
1,466,863
Guar. div. on Con. Gas
78,766
78,194
77,576
Co. pref. stock
74,076
86
16,920
Miscellaneous
83,556,491 $5,333,022 $18,373,695 $3,210,732
Total
Tot.sur. at close of year $8,055,542 $7,110,750 $8,537,261 $5,550,055
a Excludes surplus of the Philadelphia Oil Co., $70,334 in 1916-17.
against $28,448 in 191546. b Includes in 1914-15 increase in book value of
securities reappraised, $3,217,612, and increase in book value of physics
property appraised, $12,556,441.
The gross earnings of the Philadelphia Oil Co.for the year ending Mar.31
1917 were $368,527 and net income, $254,638. After deducting interest
and charges, $71,448, and dividends on preferred stock (5%), $100,050,
the balance,surplus, was $83,139. The total accumulated surplus Mar. 31
1917 was $153,473.
CONSOLIDATED BALANCE SHEET MARCH 31.
•
[Including in 1917 the Philadelphia Co.,Equitable Gas Co.,Monongahela
Natural Gas Co., Pittsburgh & Most Virginia Gas Co. The Philadelphia
Co. of West Virginia.] (AU inter-company items eliminated.)
1917.
1916.
1916.
1917.
Assets$
Charters dr Iran__
72 Common stock_ -42,943,000 42,943,000
72
Gas rights & leases 1,344,654 1,344,654 Cum. pref. stook.. 6,763,550 6,171,600
Gas & oil wells__ 3,781,141 3,275,357 Non-cum. pref. stk 1,442,450 2,033,400
Philadelphia Co.:
Compressin sta.
lstM.&coll.tr.5s 6,500,000 0,500,000
tions, &c
...1,374,326
922,807
Cons. M.& coll.
Pipe lines
26,811,975 26,256,116
15,148,000 15,148,000
trust 5s
Real estate buildCony.5% debs_11,751,000 11,752,000
ings, &c
4,491,770 4,361,358
Coll. 6% notes- 750,000 1,250,000
Stocks & bonds of
67,704 F.&W.Va.GasCo.:
Phil.Co.in treas.
88,054
Coll. tr.6% bds. 1,050,000 1,200,000
Stocks & bonds of
Affiliated cos.:
other cos. owned:
Natural gas cos_ 1,804,200 1,801,426 Subserip. to stk.
Dug. Lt. Co- 3,500,000 3,500,000
Oil companies._ 1,261,500 1,241,500
11,131
11,835
Accts. payable..
101,157
Artificial gas cos 101,679
824
365
Accrued accts.El. It.& pow.cos.21,722,900 21,571,900
Temporary loan... 100,000
Street ry. cos.:
Stocks
17,399,476 17,398,996 Notes payable...... 3,700,000 3,250,000
613,518
Bonds
12,866,320 12,200,000 Accounts payable.. 611,329
Miscell. cos_ _
10,000
150,000 Consumers' adv.... 364,097
Affiliated cos.:
Unpaid div. scrip,
2,247
13,976
Notes receivable 2,400,000 2,400,000 called Feb. 2'16
Accr. liab., not due:
Dug. Lt. Co.
175,217
Accrued taxes.._ 250,589
contract purch.
Accr. bond int.... 340,875
340,875
of Brunot Isl.
property
Accrued int. on
3,500,000 3,500,000
437,001
232,871
debs.& notes. 227,850
496,501
Temp'y loans_
76,707
54,236
780,230
Other acor. liab.
Accts. receivable 810,360
13,192
13,286
Cons.GasCo.gu.
1,026,248 2,624,293
Cash
14,026
Res'ved for diva.
17,797
Special deposits.._
162,763
574,896
on pref.stocks 175,099
Accts.,&c.,reedy. 685,007
6,045
Miscellaneous
Materials & supp_ 664,145
458,735
660,203
Miscellaneous.._ _ _
7,543 Contingent reserve 564,643
17,469
Unamortixed debt
Invested surplus
816,634 (Ph.Co.of W.Va.) 3,257,343 3,257,343
661,699
discount, &c..
8,055,542 7,110,750
55,724 Profit and
Other def'd accts. 190,845
Excess book value
over par value of
com.stics. elim'd 4,054,539 4,050,003
107,582,677 106,418,132 Total
107,582,677 100,418,132
Total
Note.-The Philadelphia Co. guarantees both principal and interest of
the Union Gas Co. of McKeesport 30-year 1st M.5s of Oct. 21 1899,$230,000; Mt. Washington St. Ry.30-year 1st 5s of April 1 1903,$1,500,000; 17th
Street Incline Plane Co. 30-year 1st M. 5s of March 1 1905, $125,000;
Allegheny Bellevue & Perrysville Ry. 30-year 1st M. 5s of April 1 1905.
$500,000; The Morningside Electric St. Ry. 30-year 1st M. 5s of Oct. 2
1905,$200,000; Ben Avon & Emsworth St. By. 30-year 1st M.5s of April 1
1906, $300,000; Pittsburgh & Beaver St. By. 50-year 1st M. 5s of July 1
1908, $750,000; Pittsburgh & West Virginia Gas Co. collateral trust 6%
serial gold bonds of Oct. 1 1913, 31,050,000, and Equitable Coke Co.
3-year 5% gold notes of Jan. 11917, $1.500,000.
The Philadelphia Co. has a contingent liability, as endorser, on shortterm notes issued from time to time by its affil. cos.-V.104,P. 1899, 1801.
United Shoe Machinery Corporation, Boston.
(Report for Fiscal Year ending Feb. 28 1917.)
Pres. Sidney W. Winslow, May 19, wrote in substance:
Reappraisal.-It has been the practice of the United Shoe Machinery Co.
to carry Its holdings of stock in subsidiary corporations at the figures at
which they were originally entered upon the company's books. The earnings of these companies and the accumulated undivided surpluses from
such earnings has resulted in these holdings standing upon the company's
books at low valuations, much lass, in some instances, than the actual
tangible asset value, which fact has been noted in previous statements.
In view of the effect of the various tax laws, it was doomed wise to reappraise these holdings and to take up upon the books of the company the
appreciation in value so that the shares should be carried upon the books
at figures reflecting such increase in value but not in any case exceeding
their actual tangible asset value on March 1 1916. This increase does not
represent any actual change or addition to the capital assets, but merely
a re-appraisal as of said date.
Results.-During the greater part of the year the increase in business,
referred to in the annual report a year ago, has continued. At times more
than 5,000 people have been employed at our Beverly factory, a record number. At present the number employed there is 4,866; two years ago it was
2,887 and a year ago 4,450. The pay-roll is larger than over before. The
MAT 26 1917.]
THE CHRONICLE
volume of business has been greater than at any similar period since the
company was organized.
In most instances the foreign companies in which the company is interested have continued to show a considerable increase in business. This is
true especially of the French and English companies, but our business in
the Scandinavian countries has been materially affected by our inability
to make shipments to our Danish company in Copenhagen upon which
shoe manufacturers in Norway, Sweden and Denmark were dependent
for supplies and parts.
Merger.-The proposed merger of the United Shoe Machinery Co. with
the United Shoe Machinery Corporation, referred to in circular letter of
Feb. 8 1915, was prevented by a suit instituted by a stockholder of the
former on the ground of dissimilarity in the purposes of the two corporations as expressed in their certificates of incorporation. By an amendment
to the certificate of incorporation of the corporation, filed Feb. 24 1917, the
purposes of the two companies are made identical, and a new merger agreement will be submitted to the stockholders of each at meetings called for
that purpose. [But see news item on a subsequent page.-Ed.)
Suits-Orders.-The suit brought by the Government in the Federal
Court in Massachusetts to secure a dissolution of the company, in which
the decision by the court in Massachusetts was favorable to the company,
and which was appealed to the United States Supreme Court, has now been
argued before that court but no decision has yet been handed down.
Tho suit brought by the Government in the District Court of the United
States for the District of Missouri under the Clayton Act is still pending.
[See news item below.-Ed.]
The company is now several thousand machines behind in its orders for
machines to be supplied not only to manufacturers in the United States
but to manufacturers in England and France, where at the present time
such machines are vitally needed. It is unfortunate that at a time when
our efficiency should be at its highest we should be hampered and the company's facilities for rendering its greatest service should be restricted by
such litigation.
Stockholders.-The corporation now has 9,503 individual stockholders,
of whom 4,945 are holders of common stock only, and 3,080 are holders of
pref. stock, while 1,478 are holders of both pref. and common stock.
INCOME ACCOUNT.
Years endingFeb. 28 '17. Feb. 29 '16. Feb. 28 '15.
Combined earns. of Un. Sh. Mach.
Corp. and the Un. Sh. Mach. Co.,
after deducting propor. applicable
to outstanding stock of Un. Sh.
Mach. Co. not held by the Corp__ $8.174,453 $6,138,433 $4,861,092
Cash dividends paid
4.996,360 5,853,658 2,867,443
Balance, surplus, for year
1284,775 $1,993,649
13.178,093
BALANCE SHEET MARCH 1.
1916.
1917.
1916.
1917.
Liabilities-Assets$
$
2,171,839 2,282,355 Preferred stock.-- 9,786,975 9,774,075
Real estate
1,403,802 1,443,547 Common stock-31,506,981 31,506,981
Machinery
400,000 Accounts payable- 860,722 1,451,159
Patent rights._ _ ._ 400,000
Reserves
- --- 1,919,484 1,901,911
*Scours. other cos.
& leased mach'y 37,992,380 30,077,805 United Shoe Mach.
Co. stock not
Cash de reccivables20,927,834 19,494,914
8,476,419 0,050,035
held by corp'n__ 215,374
Inventories
220,317
25,038 Surplus
27,249
Miscellaneous_
b27,109,966 14,919,050
Total
71,399,502 59,773,694
Total --------71,390,502 59,773,694
a The figure at which stocks and bonds aro carried on the books is, In
the opinion of the board, less than their actual value. This item has now
been increased by a reappraisal to the amount not exceeding their actual
tangible asset value on March 1 1916.
b After deducting $1,889,782 stock dividend paid during the year 1916-17
and adding revaluation of stock of sub. cos. as of March 1 1916, 110.902.606; see "a" above.-V. 104. D. 869.
Mexican Petroleum Co., Ltd. (Delaware).
(Report for Fiscal Year ending Dec. 31 1916.)
On subsequent pages will be found the remarks of President
E. L. Doheny, in addition to the consolidated income account for the year ending Dec. 31 1916 and the consolidated
balance sheet as of Dec. 31 1916, comprising the Mexican
Petroleum Co., Ltd., of Del., Mexican Petroleum Co.(Cal.),
Huasteca Petroleum Co. and the Mexican Petroleum Corporation.
COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1916.
1914.
1915.
$7,154,830 14,437,518 $5,236,137
491,278
2,513,634
203,791
.72,093
Gross earnings
$9,668,464 $5,000,889 $5,439,928
Deduct-Depreciation
1400.000
$423,871
$400,000
Freight on oil
} 1,609,378 J 926,318
968,712
Operating expenses
936,622
1
597,287
Miscellaneous
34,516
24,389
21,589
Income tax paid and accrued
215,757
Net earnings
$7,408,812 13,055,695 $3,086,333
Add miscellaneous interest (not)
deb.17,013
6,955
112,545
Gross income
$7.391,799 $3,168,240 $3,093,288
Bond interest
238,739
330,232
280,139
Preferred dividends (8%)
960,000
Balance, surplus
$6,193,060 $2,888,101 $2,763,056
CONSOLIDATED BALANCE SHEET DEC. 31.
1916.
1915.
1915.
1916.
Assets$
$
Oil lands dr leases,
M.P. Co.(Del.):
&o._
.
wells,
_64,834,180 62,472,068 Common stock-39,232,000 39,110,500
Cash with M.trus. 994,471
710,681
Preferred stook_12,000,000 12,000,000
Investments _
48,100
48,100 M.P.Co.(Cal.)stk.
85,029
82,321
1,194,652
Cash
895,678 nuastecaP.Co.stk.
2,500
2,300
Accts. & bills rec. 2,873,903 2,512,540 Bonded debt
y3,864,080 4,404,520
x3,758,796
stocks
1,245,163 Notes
Oil
_
765,000
Materials & supp_ 596,787
435,274 Pan-Am.
Pet. dr
payable__71,917
100,054
Live stock_
Transp. Co_
1,034,363
Asphalt distill.,&c. -24,824 Accounts payable_ 907,163 1,131,879
Mex.Gov.dues paid
Acor.bond int.,&o.
91,691
71,139
under protest 1,849,126 1,341,503 Prof. div., payable
837,941
831,368
Mex. war claim__
Jan. 2 1917_ .._ _ 240,000
45,548 Deprec'n reserve_ 2,067,319 1,667,319
Deferred charges. 131,716
General reserve_ _ _ 152,166
152,166
Reserve for taxes_ 209,120
11,941
Profit and loss__ _17,308,868 11,260,808
77,191,590 70,662,800 Total
Total
77,191,590 70,662,800
Oil sales
Mexican war claim
Net increase in oil storage
2113
made in rates by all the companies owned by you:would have resulted in a
reduction in dividend. In formulating the new tariff of rates, to which
reference is made below and also in the last annual report, the calculations
based upon the business connected, the new business secured and in prospect, justified the reductions made, which benefited principally the small
and average customers, and still enabled us to meet the increasing cost of
labor, coal and material of all kinds, provide for the fixed charges and continue the dividend upon the stock.
Statistics.-The total commercial connected load as of Dec. 31 1916 was
equivalent to 4,715,121 50-watt lamps, an increase of 756,592; and the increase in the number of consumers during the year was 13.620.
The railway, railroad and other utilities connected amounted to 33.450
k.w. Dec. 31 1916, an increase of 1,200 k.w. over 1915.
Rates.-During April 1916 the Penna. P. S. Commission authorized the
new tariff of rates of the Philadelphia Electric Co. of Penna., the rates for
street arc lighting to take effect as of Jan. 1 1915 and those applicable to
commercial customers as of April 1 1916. It was therefore necessary to
refund to the city the difference between the rates charged and the new
rates agreed upon for the year 1915. This refund and all expenses, legal,
expert, &c., in connection with the rate case and the valuation of your
properties, covering the period in the history of the company prior to 1915,
were (in all $481,103) charged against the surplus existing Dec. 31 1915.
During the past year reductions were made by the Beacon Light Co. of
Chester, the Delaware County Electric Co. and the Bala & Merlon Electric
Co., ffective Oct. 1 1916, making rates same as those in force in Phila.
klditions.-During the year the large generating station, known as
"A-2," capacity 65.000 k.w., was completed; additions made to sub-station
capacities; the erection of nearly 1,000 additional arc lamps for street
lighting; a large portion of the construction of the high-tension transmission
lines between Philadelphia and Chester completed, overhead and underground lines extended.
A large generating station, located on the Delaware River, at Chester,
having an ultimate capacity of 120,000 k.w., is now being erected by the
Beacon Light Co., and it is expected the first unit will be in operation this
coming fall. This plant will be connected with the generating stations in
Philadelphia by a tie line, right of way for which has already been secured.
Plan.-The plan of unification of the company's properties in Philadelphia, as adopted was announced in a circular letter of July 20 1916, and
provided for the purchase and retirement of the trust certificates, the sale
and transfer of all the properties in Philadelphia to the Philadelphia Electric
Co. of Penna the placing of a mortgage thereon of $60.000.000, and the
issuing of sufficient bonds under this mortgage for the purpose of purchasing
and retiring the trust certificates and providing additional capital for the
immediate needs of the company (V. 103, p. 326, 1416)•
Under this plan there was deposited over 95% of the Philadelphia Electric 5% gold trust certificates and the Philadelphia Electric 4% gold trust
certificates, respectively, being more than the amount required by the
terms of the agreements under which they were issued, and all but $17,600
of the Edison Electric 5% stock trust certificates. In the latter case it is
necessary to acquire the entire issue in order to cancel the trust agreement,
before a transfer of its property can be made (V. 103, p. 1416, 1986; V. 104.
p. 367, 457).
The P. S. Commission having approved the transfer of the properties
of the underlying companies, other than the Edison Company,to the Philadelphia Electric Co. of Penna., and also its acquisition of the Edison Electric 57
0 stock trust certificates and shares of stock of the Edison Electric
Light Co. of Phila., a mortgage was made by the Philadelphia Electric Co.
of Penna. of $60,000,000, dated Oct. 1 1916, to the Land Title & Trust Co.,
trustee, of all the property of the company in the city of Philadelphia, including a pledge with the trustee of all the Edison Electric 5% stock trust
certificates and the capital stock of the Edison Electric Light Co. of Phila.,
acquired by the Philadelphia Electric Co., under which mortgage there
was issued $35,335,000 of bonds on Feb. 1 1917, leaving in the treasury
of the Philadelphia Electric Co. of Penna, 124,665,000 of said bonds for
future issue (V. 104. p. 261, 565).
To guarantee and 'protect the outstanding Philadelphia Electric 5% gold
trust certificates and the Philadelphia Electric 4% gold trust certificates,
which were not deposited under this plan of retirement, satisfactory
arrangements have been made with the Land Title & Trust Co., trustee
under both issues, in accordance with the terms of the trust agreements
under which said issues were made.
Exchange of Stock.-As a result of this unification and as a final step,
it is hoped in the near future that we will be able to submit a plan for the
exchange of the stock of this co. for the stock of your Pennsylvania co. [On
Dec.31 1916 169,985shares($16,998,500)ofthe stock oflast-named co. were
in the treasury of the Phila. Elec. Co. of N. J. The Penn. Co. has been
arranging to increase its capital stock from 125,000,000 auth. ($17,000,000
issued, including directors' shares) to $50.000,000.-Ed.](V. 104, p. 868.)
Assessment.-The final assessment on the capital stock of the company'
making the stock full paid, was called, payable Dec. 16 1916(V. 103,p.1892)
.
Net Result of Financial Plan.-The plan placed in the treasury of the
company $10,332,193 and after providing for the outstanding loansias
shown.= the balance sheet of 14.950,000, cash,of $5,382,193 remained.
RESULTS FOR1CALENDAR YEARS.
1916..44 u.1915. 401
1914.
1913.
No.ofconsumers Dec.31
82,761
69,141
59,791
52,085
Comni'lconn'd load Dec.
31 (50-watt equiv.).... 4,715,121
3,958,529
3,496,709
3,127,456
Gross income, all cos__ _$10,260,072 $8,777,924 $8,160,025 $7,815,615
Oper. exp.. taxes, fixed
charges and deproc'n_ $7,466,021 $6,363,374 $6,181,046 $5,887,372
Div.(on amt. paid in)_ _(7)1,574,313(7)1,574,311(7)1,574,308*(6 M)I180815
Total deductions_ _ _ _ $9,040,334 17,937,685 17,755,354 $7,068,187
Surplus
11,219,738
1404,671
$840,239
$747,428
*Also extra stock dividend of $1 50 per share paid Dec. 1 1913, calling
for $1,499,265.
BALANCE SHEET DEC. 31.
1916.
1915.
1916.
1913.
AssetsSubs. to cap.stock
2,498,175 Cap.stock(amount
Installments
51,933
615 called Dee. 31)_24,987,750 22,488,975
Cash
1,562,130 1,361,756 Amount subject to
Charter dr organ'n
15,631
15,631
assessment
2,498,775
Stocks misc. cos_ a36,894,052 36,892,124 Funded debt
3,500,000 3,500,000
Phila.Elec.gold 45_ 1,396,565 1,396,565 Land Title & Trust
Accts. receivable_ 1,496,038 5,390,473 Co.(trustee)._ _15.014,142 15,014,142
Supplies
1,338,811
826,341 Accounts payable_ 1,427,305 1.644,584
Advanced paym'ts
18,538
14,896 Notes payable.... 1,450,000
400.000
M iscellaneous. _ _
912
538,537
403 Accrued Items.... 583,112
Net loans, own cos 7,238,301
Profit and loss-- _b3,050,623 2,811,987
Total
50,012,931 48,398,979 Total
50,012,931 48,398,979
a Securities in treasury include, among others: Stocks (No. shares)The Phila. Elec. Co., 169,985; Phila. Elec. Co., 240; Pennsylvania Mfg.
Lt. & Pow. Co., 979.89; Beacon Light Co., 12,387.5; the Kensington Elec.
Co.. 6,264; The Penn Elec. Light Co., 227.488; Electrical Testing Laboratories, 3,090; Delaware Co. Elec. Co., common.7,500. and pref., 2,495.594
and Philadelphia Electric Co. 4s, $2,015,000.
b After deducting from previous surplus, $481,103 refund to city on
street lighting contract for 1915, expenses of valuation and rats case.V. 104, p. 1494. 868.
National Fuel Gas Co. (of N. J.), New York.
(Report for Fiscal Year ending Dec. 31 1916.)
x Includes in 1916 oil stocks, 5,782,581 bbls. y Bonded debt,$3,864,080,
as above in 1916, includes Mexican Petrol. Co., Ltd. (Del.), 1st lien and
Pres. Walter Jennings, 26 Broadway, N. Y., says in part:
ref. sinking fund gold bonds,12,837,580; Mexican Petrol. Co.(Cal.)sinking
The companies underlying National Fuel Gas Co., their capital and the
fund 6% gold bonds of 1910, $81,600; Huasteca Petrol. Co. and Mexican
Petrol. Co., Ltd. (Del.), joint 6% gold bonds, $269,400; Huasteca Petrol. percentage of each owned directly or indirectly are:
Co. Coast Pipe Line 1st M. gold 6s, 1675,500.-V. 104. P. 1805, 668.
Controlled CompaniesCapital Stock. Otonershi
United Natural Gas Co.(V. 95. P. 549)
$15,000,000
100.00
Iroquois Natural Gas Co.(V.95, p. 547)
Philadelphia (Pa.) Electric Co.
8,032,500
100.00
Pennsylvania Gas Co.(V.92._p. 1905)
7,200,000
50.71
(17th Annual Report-Year ended Dec. 31 1916.)
Provincial Natural Gas & Fuel Co. of Ont., Ltd
600,000
55.25
Iroquois Building Corporation
100.00
255,500
Pres. Joseph B.McCall,Camden, N.J., April 11, wrote:
Clarion Gas Co
125,000
100.00
Results.-Attention is called to the extraordinary increase in the gross
The principal places supplied with natural gas are: (1) In N. Y. State,
earnings of the properties during the past year, BA well as to the correspond- Buffalo, Jamestown, Olean,
Salamanca,
Depew,
Lancaster,
Lackawanna,
ing increase in the expenses. It is obVIOUS that if an abnormal increase in Hamburg, East Aurora, Angola, Springville; (2) in Pennsylvania,
Erie,
gross earnings, due principally to tho unusual demand by large power in- ' Oil City, Bradford, Warren, Meadville, Sharon, DuBois. Franklin, Titusstallations and for railway purposes, had not prevailed, the reductions ville, Corry, Clarion, Brookville, Reynoldsville. Tidioute, Youngsville.
2114
THE CHRONICLE
[VOL.
Jodi,
Mercer, Greenville, Sheffield; (3) in Canada, Niagara Falls, Welland,
Pierce Oil Corporation (of Virginia).
Bridgeburg, Fort Erie, Sherkston.
Report-Year ending Dec. 31 1916.)
Annual
(3d
RESULTS FOR YEARS ENDING DECEMBER 31.
1914.
1915.
Earnings1916.
Pres. C. A. Pierce, St. Louis, April 21 wrote in subst.:
.
140,097
166,438
175,092
Number of consumers
Additions.-The paraffine and lubricating plant at Sand Springs, Okla.,
132,552
145,303
152,719
Percentage owned by N.F. G. Co.__
began operations in November. This plant cost about $750,000.
$7,043,151 $6,263,238 $6,202,018 refinery
From sales gas
has capacity to supply all of the corporation's domestic requirements
125,582 andall
153,494
235,540
From miscellaneous
kinds of lubricating oils and wax and in addition a large quantity of
for
commodities for export. The operation of this plant is proving very
$7,278,691 $6,416,732 $6,327,600 these
Total earnings
profitable. The acid-restoring plant at the Sand Springs refinery was com$2,244,658 $2,090,703 $2,122,291 pleted
Expenses and taxes
in September and has since been in successful operation; the asphalt
1,082,208 plant at
1,105,802
1,062,888
Gas purchased
the Tampico, Mexico, refinery has been completed and is now
to capacity; the doubling of the capacity of the Tampico, Mexico,
running
$3,123,101
$3,928,230 $3,263,141
Net earnings
refinery topping plant was completed in September. Fifty-two new distributing stations were established in the United States.
BALANCE SHEET DEC. 31.
The new motor tank ship Pennant, with a carrying capacity of 33,000
1915.
1916.
1916.
1915.
bbls., was purchased at a cost of $1,150,000, and 390 new tank cars were
Liabilities.
Assetsbought at a cost of $676,070.
Capital stock ..._14,803,900 14,803,900
Stocks & bonds of
The construction of a continuous gasoline treating plant was commenced
underlying cos_27,335,432 28,190,502 Accounts payable_ 864,801 1,053,928 in Dec. at the Sand Springs refinery, which will materially reduce the cost
See. & accts. reo__ 1,045,046 1,518,904 Div.pay.Jan.15'17 370,098
of manufacturing gasoline. The installation of four new crude and two
18,259 Capital stock preCash
695,060
new steam stills was begun in Dec. at Sand Springs refinery to increase the
355,300 capacity of that plant. Twelve additional 55,000-bbl. and three additional
mium account.._ 355,300
838
Office equipment_
860
12,682,300 11,524,373 37,500-bbl. and a number of smaller-sized steel storage tanks were conSurplus
structed or purchased. The additional gasoline finishing plant which was
29,076,398 27,737,501 begun in the spring at the Tampico refinery to double its gasoline capacity
Total
Total ------29,076,398 27,737,501
-V. 104, p. 1903, 1707.
has been completed.
The tank steamer Eupion, capacity 33,000 bbls., which was requisitioned
by the British Admiralty in March 1015, has been released and returned
Spring Valley Water Co., San Francisco, Calif.
to the corporation's service. The tank steamer Mexican°, capacity 26,000
bbls., purchased in 1914, was continuously in our service. Early in 1917
(Report for Fiscal Year ending Dec. 31 1916.)
the new schooner El Gallo, carrying capacity 1,000 tons, was purchased for
$85,000 to transport asphalt from Tampico to the United States.
Vice-Pres. & Gen. Mgr. S. P. Eastman, San Francisco,
Results in Mexico.-The results of the Mexico business were much better
than in 1915, the net profits being $635,902, which, even under the conApril 9, wrote in substance:
tinued adverse political conditions, would have been much larger had sufResults.-The proceeds from sales of water in San Francisco during 1916 ficient
rail and water transportation facilities been obtainable. The corwere only $7,396 less than the sales during the Exposition year 1915. poration
maintained its organization throughout Mexico and suffered n3
Service connections increased to 67.035, an addition of 899.
material property losses. In. December all depreciated Mexican paper
Consumption.-Tbe properties of the company had only been developed currency
was eliminated from circulation and replaced by gold and silver,
for
for an average daily yield of 44 million gallons, thus the consumption
which restored our Mexico business to a firm foundation and insures us
the year 1916, as estimated in May of that year, would have exceeded the against
loss through exchange fluctuations. Development of the cordeveloped yield of the properties. The consumption of water, however, poration's
oil fields continued to be retarded by the revolutionary
commenced to decrease thereafter and the average daily consumption for conditions,Mexico
which, however, are now considerably improved.
1916 was 40,914,501 gallons, against 42,635,014 gallons during 1915. Tnis
the
All
Mexican currency assets, including accounts which
corporation's
of
installation
the
factors:
following
substantial decrease was due to the
were receivable in Mexican currency but which aro now collectible in Mexi16,368 meters on residence services during the year, the discontinuance of can
coin, have been written down in the balance sheet at a value of $1 U. S.
the Panama-Pacific Exposition, and the prevalence of comparatively low currency
as they were in 1915. It is believed the corporation will ultitemperature conditions. By March 27 1917 the project of installing 25,000 mately realize a substantial
sum from these Mexican currency assets which
meters authorized in May 1916 had been completed.
have already materially increased in value through the re-establishment of a
increased Prices of Commodities.-Present prices of all conunodities neces- gold
Mexico.
silver
in
and
basis
sary in the conduct of the company's business have reached unprecedented
The business of the corporation in the United States and its exports were
figures and their rise continues.
largely increased in volume and profits. Since Jan. 1 1917 the domestic
Calaveras Dam.-Substantial progress during the past year has been made and export
business and profits have shown further large increases in both
in the construction of the Calaveras Dam. The dam and appurtenances, the United States and Mexico.
exclusive of the spillway. were 70% completed by Dec. 311916. Of the
financial estimate for completion of the dam exclusive of the spillway given
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
in the annual report of 1915 of $2,100.000 there has been spent $1.399,486,
1915.
1916.
of which $491.997 was spent during 1916. The expenditures made during a Trading profits:
1915.
1916.
$2,178,790 $921,590
1916 are within the estimate. It, is expected that the dam will be completed
United States_ _$1,717,408 $1,108,217 Not
early in 1918, and that substantially all of the permanent spillway will be
676,621 de122,573 Deduct abandoned
Mexico
51,909
wells written off
available for the winter season of 1917-18. At the present date there is Interest reo'd(net)
38,170
600,666
Int. on debentures 593,103
stored in the Calaveras Reservoir 5,300 million gallons of water, which is
nearly equal to the storage capacity of Lake San Andreas.
Total
$2,432,208 $1,085,644 Interest & discount 140,000
County
4,803
Suit.-Litigation was instituted by the directors of the Alameda
164,054 Otherinterest(net)
Depr.& misc. exp. 253,417
Water District to enjoin the construction of the Calaveras Dam and any
further diversions of water from Alameda Creek. Litigation was also
$1,393,778 $316,788
Net
_22,178,790 $921,590 Surplus
authorized by the directors of the Pleasanton Township County Water
District with reference to any increased diversions from the Livermore
a Denotes sales less producing and marketing expenses.
Valley. Negotiations finally resulted in the execution of agreements with
the water districts which establish the right of the company to increase its
BALANCE SHEET DECEMBER 31.
diversions and to develop the resources of the Alameda system.
Rates.-The submission of evidence before the Standing Master in
1915.
1916.
1915.
1918.
Chancery in the U. S. District Court covering the rates cases of the years
Liabilities-$
Assets$
1907-1914 inclusive was commenced July 12 1915 and proceeded without Oil lands, leaseh'ds,
x Capital stock_ _13,857,500 13,857,500
11916.
arguments
Sept.
the
of
conclusion
the
until
appreciable interruption
6% convert, sink.
pipe lines, &c.
We look with confidence to a decision that will settle past differences and
fund debohtures 9,765,000 10,000,000
(incl. cap. stk.of
afford a foundation for established credit and the constructive extension of
&adv.toNI.F.Co)20,389,630 20,387,811 6% 5-year conthe system.
vertible notes__ 2,000,000 2,000,000
occupied
est.
Real
Need of Extensions.-The company is now under the supervision of the
Purch. mon. obllg.:
by refineries and
Railroad Commission of California. The Commission has great powers
of oil
Purchase
2,011,019
2,012,019
sta'ns
distribut.
and it is hoped that it will be able to protect the company from some of the Buildings, plants
120,752
57,600
lands& leaseh's
uncertainties and unreasonable exactions that have in the, past hampered
Steamship & car
and equipment_ 4,604,116 3,814,165
except
works,
structural
The
system.
company's
the
of
the development
144,058
925,091
oblfga'ns
purch.
626,017
1,700,200
_
steamers_
Tank
for the Calaveras Reservoir, have remained with but comparatively little Tank cars
283,506 Notes payable, se444,207
change for ten years. They now urgently need to be extended and compre- Stable&gar. equip. 181,118
709,278
unsecur. 1,382,228
&
179,929
cured
a
requirements
of
growing
hensively developed to properly serve the
214,425 Accts. payable &
Iron bbls. & drums 250,022
prosperous community. The Railroad Commission has already taken up Drilling tools, &c.
16,133
accr'd liabilities 2,390,474 1,123,799
16,438
the examination of the properties with reference to fixing water rates for Mdse., mat'ls, etc. 3,519,341 2,239,502 Capital surplus__ 5,702,313 5,703,813
can
company
the future. It is hoped that a way may be found by which the
400,723
and loss..__ 1,800,502
2,586,681
Profit
2,541,307
reo.
accts.
Notee.&
be given assurance of such protection as will warrant it in Investing the Cash
1,877,486 1,529,460
large additional amounts of money required to increase the capacity and Prepaid
188,276
254,834
&c.
insur.,
efficiency of the water supply of San Francisco.
37,880,718 34,074,924
Total
37,880,718 31,074,924
Total
INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1913.
1915.
1916.
Earningsless $10,000,000 held for conauthorized,
$33,000,000;
stock
Capital
x
$3,482,011 $3,489,408 $3,277,776 $3,217,278 version of 10-year 6% debentures, $2,500,000 5-year 69" convertible gold
Water sales
108,606 notes and $6,642,500 unissued, balance as above, $13,857,500.-V. 104.
109,495
109,662
118,836
Rents
33,715
25,700
22,769
27,773
Suburban water sales......
31,983 p. 2016.
44,133
53,499
63,282
Interest
9,098
6,191
7,249
1,645
Miscellaneous
$3,693,548 $3,682,587 $3,463,295 $3,400,680
Gross earnings
805,611
832,920
924,488
Operating expenses.. _ _ _
938,408
Net earnings
$2,755,140 $2,758,099 $2,630,375 $2,595,069
Deduct$445,213
$488,640
$496,298
Taxes
$519,055
714,360
714,360
714.360
714,360
Interest on bonds
62,035
62,620
61,719
77,672
Other interest
260,000
260,000
260,000
Depreciation, &c
288,000
387,547
407,558
290,324
48,737
Contingent liab. fund.,_
Dividends
(3%)980,000 (3)840,000(234)700.000(2 )595,000
13,757
1,030
26,100
64,629
Miscellaneous
Pierce Fordyce Oil Association.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. S. W. Fordyce Jr., Dallas, April 21 wrote in sub.
Trade conditions in Texas during 1916 were, taken as a whole, much
better than in 1915, and the busiaess handled showed substantialincreases.
The reconstruction of our refinery at Texas City which was seriously
damaged by storm and floods in Aug. 1915, has now been practically
completed, and the capacity of this plant has not only been more than
doubled, but additional facilities have been provided for the manufacture
of asphalt, greases of all kinds and other products which were not previously
being manufactured at this refinery, with the result that our earnings from
have been materially increased. A 12-foot levee will surround
Total deductions_ _ _ _ $2,690,453 $2,688,801 $2,646,935 $2,465,185 this plant property.
Bal., sur. or def
sur.$64,687 sur.$69,298 def.$16,560sur.$129,884 the entire
The large increase in the volume of business has also made it necessary
to increase the capacity of our refinery at Fort Worth, and the additions
BALANCE SHEET DEC. 31.
completed or under construction will practically double the said capacity.
1915.
1916.
Dividends amounting to $6 per share were pald during the year and the
1915.
1918.
Liabilitiesbalance of our earnings were reserved for use In enlarging our refineries and
AssetsCapital stock..- _ -28,000,000 28,000,000 making other additions to our plant and equipment which were required to
Real estate, water
Capital surplus...c14,866,101c14,848,571 take care of our rapidly increasing business.
rights, rights of
840,000
Early in 1917 the construction of an eight-inch pipe line was started
way, &e
a68,694,816 67,928,364 Stock assessment.. 840,000
Gen. M.bonds_ b5,305,000 4,242,000 Gen. M.4% bonds23,164,000 22,101,000 between the Healdton, Okla., oil field and Fort Worth, Tex., about 100
% notes_ 2,500,000 2,500,000 miles, for the purpose of supplying our Fort Worth refinery with crude oil
159,472 2-yr.
37,027
Bills & accts. rec__
426,837 at a minimum cost. This work is progressing satisfactorily and it is now
299,253 Current liabilities.. 703,418
Mat'l supp., &o__ 329,989
expected the pipe line will be completed and in operation some time in
73,421 Twin Peaks Ridge
Consumers' accts.. 162,090
Tunnel assessm't 944,533 1,132,934 Aug. 1917. This pipe line will not only greatly facilitate the prompt
Un.Tr. Co.trustee d179,168
22,143 handling and delivery of crude supplies, but will show a very large earning
33,259
Empl .insur .fund..
Unamort.discount,
48,576 Deprec., &c., fund 3,050,614 2,783,799 on the investment.
&o., on notes
3,000
421,944 Miami. reserves..
39,473
Cash
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Contingent fund.._ 2,273,868 2,280,449
15% deposit under
517,748
2,273,868 2,280,449 Surplus net rev__ 582,638
injunction
Deduct (Cont'd)
1915.
1916.
1916.
1915.
$91,720
$88,626
aTrading profits .21,297,226 $771,493 Interest paid
77,021,431 75,453,481 Other income_ _ _ _
Total
Total
77,021,431 75,453,481
Dividends paid--($6)218,138
29,456
of
removals
and
transfers
property,
of
sales
a After deducting $74,234 for
income_ _$1,326,682 $771,493
.d.
gsrl
nlule
stoliAmvarovia
amgeargs
Balance,surplus $841,159 $332,705
Deductl'i c bAIncludessg
122g3er5l,000$1114ir6e.asaudtlyus
137,626
re-valuation of capital assets. d Includes deposits o proceeds of real I Depreciation, &o_ 180,758
209,441
Total surplus _$2,450,745 $1,609,585
estate sales $153.128 and mortgages receivable held account of real estate Storm & flood loss
I
a Denotes sales less producing and marketing expenses.
sales $26,040.-V. 104. p. 958.
THE CHRONICLE
MAY 26 1917.]
BALANCE SHEET
31.
DEC.
1915.
1916.
1915.
1916.
LiabilitiesAssetsxCtfs. of beneficial
131dgs., plants, oil
Interest
1,359,868 1,359,868
lands, equip.,&o _3,161,935 2,732,426
25,856
Car purchase notes_
Tank cars,iron bbls.,
677,743 657,188 Notes payable_ .. A,400,000 1,475,000
Merch.,materials,&c.1,075,361 605,741 Accounts payable &
accrued liabilities_ 505,828 264,642
Notes & accts. rec__ 004,308 843,241
133,693
56,703 Capital surplus
272,063 272,063
Cash
35,463
21,715 Profit and loss
2,450,745 1,609,585
Prepaid insur., &o
5,988,504 5,007,014
5,988,504 5,007,014
Total
Total
x Certificates of beneficial interest authorized $10,000,000; issued $3,602,300, less $2,242,432 distribution on acc't of capital balance as above $1,359,868. [See report of the Pierce Oil Corp. above].-V. 104, p. 2016.
Eastman Kodak Co. (of N. J.), Rochester, N. Y.
(Report for Fiscal Year ending Dec. 311916.)
COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT.
1913.
1014.
1915.
1916.
Net profits
$17,289,206 $15,741,453*$11,313,012 $14,162,436
Divs. paid and accrued369,942 $369,942 $369,942
On pref.stock (6%)_ _
369,942
On corn. stock
13,674,635 11,719,680 5,859,840 7,810,620
(60%)
(40%)
(30%)
Per cent
(70%)
2115
EARNINGS OF CONTROLLED COMPANIES YEARS ENDING DEC. 31.
[Showing the earnings of all properties owned, irrespective of dates of acquisition.]
Gross
Net (after
Interest Dividends
Earnings.
Taxes).
(7%).
Charges.
11916_31,597,882
5598,785 8218,012 $133,000
Electric Co
11915__ 1,355,991
525,660
194,229
115,500
Pacific Power
11916_ _31,461,699
8709,987 $400,883 $175,000
Light Co
11915__ 1,456.953
743,794
385,323
166,250
Portland Gas
$614,746 $323,227 $140,000
11916- 31,274,140
Coke Co
11915_ _ 1,246,532
611,256
302,202
140,000
Southwest. Power 119l6_ _$4,174,163 $1,089,237 $220,861 $157,360
& Light Co _
1915__ 3,784,858
871,310
158,017
121,581
Texas Power &
11916_32,214,011 $1,000,201 $424,602 $186,667
Light Co
11915__ 1,864,309
720,689
338,935
135,539
Ft. Worth Powerf1916- $848,482
$499,370 $116,941
$77,000
& Light Co__ _ _11915 - 841,295
114,487
493,190
77,000
INCOME ACCT., ETC., OF AMER. POWER & LT. CO.-CALENDAR
Kansas Gas &
&
&
Gross income of Am.Power & Light Co
Net earnings of Amer. Power & Light Co
Interest and discounts
Balance,
Surplus.
$247,773
215,931
$134,104
192,221
$151,519
169,054
$711.066
591,712
$388,932
246,215
$305,420
301,703
YEARS.
1916.
1915.
1914.
$1,236,757 $1,275,687 $1,461,580
$930,076 $1,011,049 $1,074,054
372,236
493,602
534,552
Net income for year ending Dec.31
Add combined net surp. of controlled cos. over
(1) dive., (2) deprec. res. (4315,500), & (3)
$1,241 accruing to com. stock not owned by
Amer.Power & Light Co
$557,840
188,811
32,043
44,160
Total
Surplus
Total
Less pref. stock dividends paid (6%)
Less com. stock dividends paid (4%)
$746,651
5213,792
328,216
8549,490
$203,734
328,216
$583,662
3187,188
302,476
1916.
AssetsReal estate, buildings, &c..x
16,776,048
Welfare f'd assets_ 1,058,548
Supplies, &c
16,760,084
Accounts and bills
receivable (net) 4,875,912
Bonds and stocks_ 5,298.515
Cash
10,448,846
Prepaid int., &c
369,209
Balance, combined surplus for calendar years $204,643
$17,540
$93,998
Total sur. of co. & prop. int. in tot. sun of control. cos. Dec. 311916. $1,632,284.
BALANCE SHEET OF AMERICAN POWER & LIGHT CO. DEC. 31.
1916.
1915.
1916.
1915.
AssetsLiabilities-Stocks and bonds_15,463,717 15,914,150 Preferred stock _ _ _ 3,563,200 3,563,200
Cash
1,081,014
325,839 Common stock__ _ 8,205,400 8,205,400
Adv. to sub. cos
2,209,3601 1,636,676 10-yr. 6% g. notes 2,200,000 2,200,000
Acc'ts receivable_
42,6341
Debenture bonds_ 4,658,000
Accr'd int., &c
55,203
1-yr. 6% notes
3,000,000
Suspense, &c
39,043
3,482 Current liabilities_
489,141
341,788
Turn. & fixtures
6,869
6,291 Reserves
149,516
164,306
Notes, disc't, &c
547,928
47,642 Surplus
327,865
312,033
1,000,060
Res've for contingencies
$14,044,577 $12,089,622 $6,229,782 $9,180,562
$3,244,629 $3,651,831 $5,083,230 $4,981,874
*After providing for possible war losses in 1914.
COMBINED BALANCE SHEET DEC. 31 (INCLUDING SUB. COS.).
Total
1915.
1916.
1915.
Liabilities-
Common stock_ _ _19,538,400 19,532,800
16,678,185 Preferred stock..__ 6,165,700
1,078,731 Accounts payable_ 3,980,672
12,616,754 Pref. div. Jan. L..
92,485
Com.div. Jan. I__ 4,396,140
4,396,351 Welfare fund res. _ 1,056,548
3,359,849 Contingency res've 1,684,298
10,043,703 Surplus
18,670,918
362,244
55,585,161 48,535,816
Total
6,185,700
4,602,252
19,905
46,590
1,078,730
1,863,549
15,426,289
55,585,161 48,535,816
x Includes real estate, bnildings, plant, machinery and capital investments at cost less depreciation reservo.-V. 104, p. 1492, 767.
American Power & Lt. Co., New York, and Subsidiaries.
Kansas Gas & Electric Co.,
Pacific Power & Light Co.,
Portland Gas & Coke Co.,
1 Southwestern Utilities Corp.,
Southwestern Power & Light Co.
and Subsidiaries.
(Report for Fiscal Year ending Dec. 311916.)
Pres. F. G.Sykes,N.Y., Mar. 15 1917, wrote in substance:
Business conditions in the territory served by our operating subsidiaries
have, on the whole, greatly improved during the year.
Conditions in Kansas were unusually favorable. Supplies of farm produce were large and brought high prices. The large output of the notv oil
fields developed during the year was marketed at exceptionally high prices.
Texas was never more prosperous than at present. Tho cotton crop of
1916 was abundant and sold at record prices. The number of cattle marketed was large and commanded unusually favorable prices. In the Pacific
Northwest territory business conditions continued quiet until the latter part
of the year, when this section became more prosperous as the result of several favorable factors. Business conditions in Portland and vicnity were
quiet throughout tho year. General business conditions, however, are
now beginning to improve as a result of better prices for lumber and the
activity, in ship building.
Acguisition.-Control of the Hutchinson Gas & Fuel Co. and the Newton
Gas & Fuel Co. was acquired by the Southwestern Power & Light Co. during the year. These two companies distribute natural gas to Hutchinson
and Newton, Nan., buying the gas from producing companies.
Statistics.-During 1916 operating companies in Texas continued to extend transmission lines and to add to the number of communities served.
A total of 216 miles of high-tension transmission lines was built during the
year, while on Dec.31 1916 an additional 144 miles were under construction.
Debentures.-Your company issued $6,984,300 gold debenture bonds,
the proceeds of which have entirely liquidated its floating debt and provided
working capital with which to assist in the temporary financing of the subsidiary companies. Ofthese debenture bonds$6,984,300 were offered for subscription t,r the stockholders and 86% were subscribed for, leaving only
by the underwriters. Although only 10% of subscriptions
14% to betaken
were required forthwith, the balance being payableover a term of years, the
subscribers have so anticipated payments that as of Dec. 311016 84,658,000, or more than 66% of the amount subscribed, has been paid for(V.102,
p.1627)•
Status.-Current assets as of Doc. 31 1916 were $3,388,212 and total current liabilities $341,788.
3517,447
$539,502
Total
19,445,768 17,934,081
Total
19,445,768 17,934,081
BALANCE SHEETS OF CONTROLLED COMPANIES DEC. 31.
-Kan. G. & E. Co.- -Pac. P. & L. Co.- -Portland G. & C. Co.1916.
1915.
1916.
1915.
1916.
1915.
Assets$
$
Plants
8,609,953 8,234,406 17,054,628 16,650,844 11,608,722 11,401,210
Securs.0th. cos_ 309,800 307,800
8,550
6,049
2,001
2,001
Current assets... 566,134 358,533
686,880
602,339
350,076
447,202
Miscellaneous
9,472
4,086
13,449
6,796
18,964
1,635
Bond disc.&exp. 146,726 157,331
496,465
516,732
225,466
230,762
Total
9,642,086
LiabilitiesPreferred stock 1.900,000
2d pref. stock_
Common stock _3,000.000
Cap.stk.oth.cos.
500
Bonds
3,994,000
Current liabil's_ 553,085
Reserves
64,905
Surplus
129,595
9,062,157 18,257,973 17,782,760 12,205,229 12,082,810
1,900,000 2,500,000 2,500,000 2,000,000 2,000,000
1,500,000 1,500,000
3,000,000 6,100,000 6,100,000 3,000,000 3,000,000
500
500
500
300
600
3,736,000 7,330,000 7,240,000 6,314,000 6,239,000
679,183
269,815
277.707
400,820
444,641
68,334
39,598
27,139
283,054
325,676
137,413
108,691
87,508
163,234
116,713
Total
9,642,088 9,082,157 18,257,973 17,782,760 12,205,229 12,082,810
-S. IV. U. Co.- -Texas P. & Lt. Co.- -Ft. W.P. & L. Co.1916.
1916.
1915.
1915.
1915.
1916.
Assets$
$
$
$
$
$
Plants
21,668,898 19,120,237 6,403,529 6,292,984
Secure.0th. cos_ 5,939,010 6,769,622
Current assets__ 625,553 605,958 1,000,822
731,020
284,948
233,606
Miscellaneous_. 20,573
41,812
40,040
30,556
1,533
7
Trust assets_ _ _
922
586
Bond disc.drexp.
927,702
814,579
79,121
84.546
Total
6,585,722 7.416,542
LiabilitiesPreferred stock_
2d pref. stock_
Common stock e2,851,000e2,851,000
Bonds, &o3
Notes
a2,576,000 3,580,000
Current liabil's_ 849,267 641,048
Reserves
90,031
90,031
Surplus
219,424 254,462
Total
23,639,234 20,696,392 6,716,264 6,664,011
3,500,000 2,350,000
650,000
500,000
1,100,000
1,100,000
10,000,000 10,000,000 2,760,000 2,760,000
8,630,000 6,880,000 2,412,000 2,412,000
750,663
88,062
170,509
623,137
44,294
148,961
76,634
231,305
136,324
113,578
159,405
119,027
6,585,722 7,416,542 23,639,234 20,696,392 6,716,264 6,664,011
STATISTICS AS TO SERVICE OF SUBSIDIARY COMPANIES, CAL. YEARS.
Southwestern Powe & Light Co. Dec. 31.
1916.
1916.
1915.
1916.
1915.
1915.
1909.
Assets
Output 12 months(k. w. hours)
180,787,446 157,421,260
Liabilities5
6,654,227
Scours. other cos_ _23,667,675 22,360,126 Preferred stock__ _ 2,423,000 1,940,000
Gas output-Artificial (cubic feet)
2,170,490,500 2,165,777,000
0,377,300
Natural (cubic feet)
6,075,717,000 5,622,678,000 2,745,997,700 Current assets_ _ _ _
223,656
338,292 26 pref. stock__ __ 1,964,000 2,447,000
Miscellaneous _ _ _ _
21,626
12,598 Common stock _15,125,000 15,125,000
STATISTICS FOR CONTROLLED COMPANIES DEC. 31.
30,500
fund_
Trustees'
Bonds, &c
3,359,000 2,926,000
El.Co.&
Gas
-Kan.
-Pac. P. & L.'Co.- -Portrd G. & C.Co.
Bond discount &
Current liabilities_ 1,375,532
639,623
1915.
1918.
1916.
1916.
1916.
1915.
496,764
expenses
460,963 Surplus
193,689
94,355
17,265
16,017
Electric customers20,786
19,400
15,975
15,106
Gas customers
7,149
6,712
45,517
43,917
Total
24,440,221 23,171,978
Total
_24,440,221 23,171,978
Water customers4,935
4,752
14,150
14,000 h20,500 h20,125
Gen. capacity, k. w_
a Of the $10,000,000, $7,424,000 have been retired, leaving $2,576,000, and of
Generating capacity
these $212,000 are owned by Am. Power & Lt. Co. e Capital stock, $15,000,000;
10,000
under construction
par
value outstanding, issued under the laws of Virginia for assets valued at $2,851,34699,942
28574,863
w.)
(k.
Output
41182,945 40417,056
000.-V. 104, p. 2013, 1594.
Gm (1,000 ou rt.) g 3729,319 3120,673
132,257
127,044 1579,500 1537,808
Eleo. distrib. linesDonner Steel Company, Incorporated.
396
353
Overhead (miles)860
845
558
Undergr'd conduit
470
(First Annual Report-Year ending
311916.)
High-power transmission (miles).
Gas holdersCapacity (ett• IQElectric Ry. (miles)Gas mains(miles)- - Water mains (miles)-
196
96
200
189
Dec
Pres. William H. Donner, Feb. 20, wrote in substance:
439,500
31.5
132
95
439,500 6185,000 0185,000
31.5
130
92
916
855
h Excludes 4,500 k. W. capacity operated in
connection with company's system, but not owned.
g Three ciphers (000) missing.
-5. iv.P. & Lt.- -Tex. P & Lt.1916. 1915. 1816. 1915.
52,817 47,840 35,331 31,737
Electric customers
16,181 15,295
8,735
Gas customers
7,656
Water customers3,719 3,533 ____
Generating capacity (k. w.)_.... 38,950 37,300 21,792 20,530
50q
350
under construction_ __ _ 15,850
do
350
104,904 88,429 76,857 62,206
Output (k. w.) 12 mos. g
753
982
Miles elec. dis. lines (overhead)_ 1,116
658
949
High-power transmission lines
8
12
26
2
72
38
3
606
under construction_ _ _ _
do
144
28
Gas holder capacity (cu. ft.)_ _2,696,5001598,500 496,500 396,500
Miles street railway lilies
5
5
401
Miles gas mains
371
153
139
46
45
Miles water mains
Nat. gas output (1,000 cu. ft.)2,346,398 2502005 505,732 142,240
Artif. gas output(1,000 cu.ft.)_ _458,733 500,025 k52,165 11471
Ft. IV. P. & Lt.
1916.
1915.
11,663 10,944
13,000
13,000
51,696 53,237
219
208
30
30,
g Three ciphers (000) omitted. k This decrease in artificial gas output was duo
the substitution of natural gas in Waco.
Organization.-Thls company was incorporated Dec. 8 1915, and on Dec.
23d received deed for its property, containing 65 acres, one blast furnace,
three open hearth furnaces, a blooming mill, power plants, &c. During
the year 2.38 additional acres of ground were secured, making the total
manufacturing site of 67.38 acres. Tne works then lacked finishing mills
and docking facilities for limestone and ore and were moreover too small
for economical operation.
To remedy these difficulties we are building (1) a modern ore dock which
will enable vessels to unload ore and limestone direct at your plant, (2) a
second blast furnace to form a more economical unit for producing pig
iron and provide metal for the seven new open hearth furnaces now building, which will reduce the cost of ingots. (3) Finishing mills to convert all
of the steel into finished products and obviate the sale of billets. We
propose to finish in your own mills the entire output of steel, having planned
the improvements with a view to commercial advantages as well as economical manufacture.
The river front improvement yard tracks, &c., have already been placed
in service. The principal items under construction are: Blast furnace;
open hearth addition, consisting of seven new furnaces and equipment;
ore dock•, two ore bridges, one 6,000 k.w. turbo-generator, 84-incn plate
mill, 18-inch Morgan continuous billet mill, 14-inch continuous merchant
mill, 10-inch continuous merchant mill. 8-inch merchant mill, addition
to engine house, south crossing under D., L. & W. Railway, roll shop.
addition to machine shop, axle and forge plant, billet yard, shipping building and stock house. The mills will be driven by electric motors.
Owing to the constantly increasing cost of building and the delay in securing construction materials, the building of By-Product Coke Ovens has
been indefinitely postponed.
2116
THE CHRONICLE
Operation.—The blast furnace was lighted Dec. 31 1915, and the first
metal tapped Jan. 2 1916. The three open hearth furnaces were started
In January and February, after which it was found advisavble to change
the two Talbot furnaces to the stationary type. There was a loss in operation until March, but since that time each month has shown a profit. The
energy of your organization has been devoted largely to construction work
which so far, instead of being remunerative, has frequently interfered with
operation. It is expected that two of the new open hearth furnaces will
be in operation in March 1917, the new blast furnace in April and the plate
mill in May. With the orders on hand and the demand for steel products
practically assured through 1917,these improvementsshould add materially
to the profits. It is an exceedingly difficult time to secure machinery and
construction materials. The remaining open hearth furnaces and mills
will be completed and put in operation as rapidly as possible.
Stock Increase.—The stockholders on Dec. 26 1916, authorized an increase of the capital stock to $9,000,000 was authorized, the now stock,
$4,000,000, to be $3,500,000 Preferred and $500,000 Common. The entire $3,500,000 of Preferred has been underwritten at par without commission; $2,400,000 of the new stock was subscribed for by, the shareholders and paid in during January, and the "Bills Payable' have been
retired. Any balance not subscribed for on March 1 1917 will be taken
up by the underwriters. This increase together with the proceeds from
the sale of the remaining $2,500,00 bonds already authorized will finance
the improvements under construction.
Donner Mining Co.—This subsidiary was incorporated in March 1916,
with a capital stock of $100,000, all of which is owned by your Company.
It will operate the Alexandria Mine, located in St. Louis County, Minn.,
which it, has under a long-term lease. The property has large reserves of
high grade ore, suitable for basic iron. It has modern equipment and improvements; the mine is being rapidly developed and is expected to ship
approximately 200,000 tons in the season of 1917. Your company also
has contracts running from two to ten years for other desirable ores at
reasonable prices, so that it is well protected.
Donner Steamship Co.—This company, a majority of whose stock is owned
by the Donner Steel Co. owns the steamship Herbert F. Black, a modern
'voyage in Sept. 1916. This vessel is under convessel that made its first
tract to move our ore from Upper to Lower Lake ports over a period of
years, which insures us reasonable rates. Moreover, we have a favorable
contract for the transportation of ore with other vessels over a period of
five years.
Limestone.—We have a contract for ten years with the Michigan Limestone & Chemical Co. for first quality limestone on a very favorable basis.
Tonawanda Furnaces.—Your Company has leased the two blast furnaces
and property of the Tonawanda Iron & Steel Co. at North Tonawanda,
N. Y. for one year, with the privilege of one or two additional years and
the option to purchase the property at any time during the period of the
lease. There should be considerable profit in the operation of these furnaces in 1917 notwithstanding their high costs of production. If the
Niagara River is deepened we will be justified in purchasing this property.
Prospects for 1917.—Indications are that the entire output of tho American mills, with their increased capacity, will be needed for a year to take
care of the accumulated orders and normal demands even if the war should
end soon. Production may be restricted somewhat on account of fuel
supply. Traffic conditions are also likely to play an important part, as
the railroads have so limited their expenditures the last few years that
transportation facilities are now inadequate for the increased volume of
business. However, a profitable business for 1917 is practically assured.
INCOME ACCOUNT FOR THE YEAR ENDED DEC.31 1916.
The total net earnings of your properties after deducting all operating expenses, including ordinary repairs and maintenance
(approximately $293,000) and interest on bonds of subsidiary
$1,166,058
companies
350,242
Less provision for depreciation
119,127
Deduct interest on bonds and floating debt
[VoL. 104.
war is over, or that the banking syndicate have in any way caused it to be
delayed. The amount of now money contemplated to be raised immediately
is less than £1,000,000, and it is understood by all the parties interested
that the required amount will be forthcoming as soon as the scheme has been
definitely accepted by those concerned. Various committees have been
formed in England to safeguard the interests of the bondholders in this
country, and it is understood that these committees have now practically
agreed with the committees in France and Belgium on the main outlines of
a scheme, the progress of which has necessarily been slow owing to the difficulty in adjusting the numerous and, in some cases, conflicting interests
involved. In view of the intricate structure of the company the drafting
of a scheme is necessarily a complicated matter' but we believe we are right
in saying that this work is now in the hands of various legal advisers, and
that as soon as they have completed their task and the scheme has been
passed by the counsel for all parties it will be submitted to the security
holders for their approval. [Sullivan & Cromwell, 49 Wall St., N. Y.,
represent the French banks which will provide the cash for reorganization
purposes.)—V. 104, p. 2010.
Brooklyn Rapid Transit.—Transfer Charges Sought.—
This company through Pres. Williams has filed application
with the P. S. Commission for authority to make a charge
for transfers issued on the company's lines except in the case
of continuation tickets. The application shows in part:
During the three fiscal years preceding July 1 1914 the average annual
Increase in passenger revenue of the companies affected was $634,796.
During the three years following the average annual increase (with May and
June of the current year estimated) has been only $119,826, an average
yearly decrease in growth of $514,970. The normal addition to population should have produced an increase of revenue of about 6% a year.
The actual increase has been less than 1%. [Figures submitted showed
that the number of passengers had increased from 484,365,009 in 1913 to
516,365,587 in 1916, or more than 32,000,000. In 1913 the average fare
per passenger was 3.82 cents, and in 1916 it was 3.28 cents.]
The explanation of these adverse results is found in the vastly increased
free rides represented by transfer passengers. In 1913 the number of
transfers received was 146,776,347; in 1916 it was 168,175,299, and in 1917
(May and June estimated) it will be at least 173,000,000. Under the
present order of the Commission transfer passengers aro increasing at the
rate of over 8,000,000 a year and cash passengers aro barely increasing at all.
—V. 104, p. 862, 361.
Buffalo Lockport & Rochester Ry.—New Directors, &c.
A. S. Muirhead, W.II. Nesbitt and R. C. Vaughan of Toronto, Canada.
ve been elected directors vice E. R. Wood,F. A. Dudley and C.D. Beebe.
ha .
Th- executive offices of the road have been transferred from Syracuse
to Rochester.—V. 103, P. 753, 758.
Buffalo Rochester & Pittsburgh Ry.—Locomotives.—
An order for 25 high-power locomotives has just been placed by the
company, making a total of 70 purchased within the past four months.
It is understood that securities will be issued within 2 or 3
weeks on account of this purchase.—V. 104, p. 1483, 1044.
Central RR. of N. J.—Extra Dividend.—
The usual extra dividend of 2% has been declared on the stock, payable
June 30 to holders of record June 19.—V. 104, p. 1793.
Chesapeake & Ohio Ry.—Dividend.—
A dividend of2% has been declared on the stock, payable June 30 to holders of record June 8. A like amount was paid in Dec. 1916, when dividends
were resumed after a lapse of 2 years.—V. 104. P• 1387. 055.
$547,463
Net income carried to surplus
*At the rate of 7% per annum from respective dates of payment for stock
Chic ago & Eastern Illinois RR.—Sale Ordered—Tentato Dec. 31 1916.
tive Plan—Listed.--Judge Carpenter in the U. S. District
CONSOLIDATED BALANCE SHEET, DEC. 31 1916.
Court at Chicago on May 22 entered a decree ordering the
Assets.—(Total, $11,670,235); real estate, buildings, improvesale of the company's properties at Danville, Ill., on July 17
ments, machinery, equipment, &c., $8,491,447; less reserve
$8,141,205 1917 at an upset price of $10,000,000 for the "main lines."
for depreciation, $350,242
Payments for advance mining royalties, unexpired insurance,
The reorganization plan, according to information obtained by the
Ste., chargeable to future operations, $38,309; Payments on
Chicago "herald," will have the following provisions:
account of Tonawanda plant (not yet in operation),including
(1) An assessment of $30 a share on present outstanding stock.
82,165
advance rental, $43,856
(2) New cash, about $12,500,000, to be raised through new securities.
Inventories. $2,019,113; cash, $346,762; accounts receivable,
(3) There will bo only one issue of stock, to boar interest only after
3,446,865
$1,080,990
bond charges have been met.
Liabilities.—(Total, $11,670,235)—Preferred (7% cumulative)
(4) Income bonds will be issued in place of bonds now out.
..x$5,000,000
stock, $2,500,000; common,$2.500,000
(5) A few bonds between $6,000,000 and $7,000,000 upon which no
1st & purchase money Mtge 5% 20-year bonds ($5,000,000
default has been entered will not be disturbed.
co.,
sub.
of
guaranteed
not
bonds
$2,500,000;
authorized),
(6) Fixed charges,now $3,750,000,will be reduced about 40%,to $2,250,000.
2,592,600
by Donner Steel Co., Inc., Donner S. S. Co, $92,600
This reduction in fixed charges will be accomplished largely through the
Accounts payable, $1,117.466; bills payable, y$2,200.000; total 3,317,466 divorcing of the Chicago & Indiana Coal Ry. and the Evansville & Indiandividend
1,
No.
$149,preferred
Bond interest accrued, $10,417;
RR., which always have been losers. The coal properties ordinarily
apolis
159,643 have "broken
226
even," without making the road money. Relieved of these
Reserve for relining furnaces, extraordinary repairs and other
"drains," the reorganization committee believes the road, which is now
53,063
operating accounts
greater
earnings than over before in its history, can get ahead.
showing
547,463
Surplus (earned)
The exchange of outstanding bonds, it is said, will be made on a "tight"
xCapital stock increased since Jan. 1 1917. yBilis payable retired in basis-55% of new income bonds and 35% of now stock. Stockholders
January 1917. As to "bonds," etc., see news items below.—V.104,p.955. who meet the $30 assessment, it is understood will receive now stock for
that amount. [Kuhn, Loeb & Co., who will probably assist in the
reorganization, do not confirm the foregoing statement.)
GENERAL INVESTMENT NEWS
RAILROADS,INCLUDING ELECTRIC ROADS,
Atlanta Birmingham & Atlantic Ry.—Proposed 75-Mile
Extension to Jacksonville, Fla.—It is announced that the
company has definitely decided to extend its line from Waycross, Ga., to Jacksonville, Fla., 75 miles. An approved
statement adds:
A large terminal site has been bought in the centre of Waycross and the
road has also arranged for terminal property at Jacksonville which is
admirably located. It will take 2 to 2A years to finish this line with the
material situation as it is to-day and the cost will be something over $2,000,000. The 80-1b. rail for the new line is ordered and will be delivered some
time in 1918. When the road is built into Jacksonville it will have the advantage of a tidewater shipping point, the only direct route between
Birmingham and Jacksonville, and will have the best or one of the best
routes from Atlanta to Jacksonville.—V. 104, p. 663, 162.
Barcelona Traction Light & Power Co., Ltd.—
The company gives notice (a) to holders of the 7% prior lien "A" bonds
that the interest coupon No.4 due June 1 1917 on the said "A" bonds will
be paid on June 1 1917 at the Bank of Scotland, London, Eng., and at
Canadian Bank of Commerce, Toronto, Canada, 16 Exchange Pl., N. Y.
(b) That the semi-annual interest coupon No. 11 due June 1 1917 on
the 5% 1st M. 50-year bonds may be lodged on and after June 1 1917 at
the offices of the company, Toronto, Canada, or 3 London Wall Buildings,
London, Eng. to be exchanged for interim certificates in respect to the 5%
to be issued in discharge thereof.—V. 102, p. 1810.
10
-year notes'
Pref. Stock Restored to List.—The New York Stock Exchange has restored to the list $8,402,500 pref. stock.
This stock was formerly listed, but when stock trust certificates of the
St. Louis & San Francisco were issued therefor in 1902, the amount of prof.
shares listed was reduced by the amounts deposited. Of the stock trust
certificates, over 99% have been surrendered to the trustee, and upon such
surrender there have been delivered the certificates for pref. stock of the
C. & E. Ill. RR.
It is expected that a plan for the reorganization of the C. & E. Ill. RR.
will be promulgated within a few months. See reorganization plan for
St. L. dr S. F. RR. in V. 102, p. 896.—V. 104, p. 1387, 361.
Chicago Milwaukee & St. Paul Ry.—Electrif.—Report.
Work on the electrification of the Puget Sound end of the transcontinental
line traversing the State of Washington has been begun between Othello
and Ole Blum, Wash.. 98 miles. See "Reports" above.—V.104,p. 2010-
Cleveland Cincinnati Chicago & St. Louis Ry.—Notes.
This company has applied to the Ohio P. U. Commission for authority
to issue $2,370,000 5% equipment notes at 93, the proceeds to be used for
equipment contracted for.—V. 104. p. 1794. 1585.
Delaware Lackawanna & Western RR.—Litigation
Settled—Dividend on $15,000,000 M. & E. Stock Increased
from 7% to 73
1%.—
/
See Morris St Essex RR. below.—V. 104, p. 760.
Denver & Rio Grande RR.—Adverse Decision.—Protective Committees.—The U.S.District Court for the Southern
District 'of New York, by a decision rendered May 17
1917, directed judgment for upwards of $32,000,000 against
Beaumont (Tex.) Traction Co.—Merger.—
the company in favor of the Equitable Trust Co. of N. Y., as
See Jefferson County Traction Co. below.—V. 103, p. 1686.
trustee of the mortgage securing the First Mortgage 5% 30Boston & Maine RR.—Extension of Notes.—
Co. In view of this
Judge Morton in U. S. District Court at Boston, Mass., on May 22 year gold bonds of Western Pacific By.
authorized Receiver James II. Hustis to extend for 1 year the $757,577 fact the following protective committees have been organnotes of the Fitchburg RR.,maturing June 1 next.—V. 104, p. 2009, 1898. ized and will shortly receive deposits of bonds and stocks
Brazil Railway.—Plan Now Stated Not to Have Been with their respective depositaries (see adv. pages).
Abandoned.—The London "Statist" of May 5 says:
First& Ref. 5%;M.Bonds.—Seward Prosser, Chairman;C. Ledyard Bra7r
We regret having fallen into an error last week in stating that the proposed reorganization of the Brazil Railway Co. had been abandoned because of the inability of the French banking syndicate to raise the necessary
cash. This is incorrect. Indeed, we are informed that there is no justification even for the suggestion that the scheme has been postponed till the
E. K. Boisot, John Henry Hammond, Andrew J. Miller, William Salomon,
Joseph II. Seaman and Frederick Strauss. Cadwalader, Wickersham &
Taft. counsel; Bankers Trust Co., N. Y., depositary.
Common & Pref. Stock.—Harry Brenner, J. Horace Harding, John- W.
Platten and Harrison Williams. Cravath & Ilenderson, counsel; Chauncey
MAY 26 1917.1
THE CHRONICLE
H. Murphey,55 Cedar St., N. Y., Secretary; United States Mtge. & Trust
Co., N. Y., depositary.
71 Cum. Adj. Mtge. Bonds.-John B. Dennis, Alonzo Potter, Otto T.
Bannard and Albert Strauss, with B. L. Stowell as Secretary, 24 Broad St.,
N. Y.; New York Trust Co., depositary.
Decision in Western Pacific Guaranty Case.-Judge Learned
Hand on Friday last handed down an opinion in the U. S.
District Court deciding the controversy between the Equitable Trust Co., representing the old Western Pacific Ry.
bondholders, and the Denver road. Murray, Prentice &
Howland,37 Wall St.,counsel for the plaintiffs,have favored
the "Chronicle" with the following regarding the decision:
It will be remembered that a little prior to 1905 the Union Pacific,
through its purchase of Southern Pacific, acquired control of the Central
Pacific, which was the only outlet for the Denver to San Francisco. As a
result the Denver & Rio Grande undertook in substance to extend its own
line to the Pacific Coast, using for that purpose the Western Pacific Co.,
of which it acquired control. In order to float the Western Pacific First
Mortgage bonds at a good price (9234 for a 5% bond on an unconstructed
road) the Denver undertook with the bankers who were to float the Western
Pacific bonds to supply the Western Pacific and the mortgage bondholders'
trustee with the necessary bona interest money and indeed practically to
maintain the Western Pacific as a going concern. This resulted in the
now famous "Contract B.
The Denver supplied the necessary money until the maturity of the
March 1915 coupon, when it defaulted, and, as the Court holds, repudiated
the whole contract. The trust company, as trustee, foreclosed the Western
Pacific mortgage and then brought suit against the Denver to enforce its
obligations under Contract B. The Court holds:
1. That the contract between the Denver & Rio Grande RR. Co., the
old Western Pacific Co. and the trustee for the Western Pacific bondholders
under which the Denver Co. agreed to supply money for Western Pacific
bond interest was a contract whereby the Denver Co. entered into direct
contractual obligations to the Western Pacific bondholders;
2. That the delivery of notes of the Western Pacific which under the
contract were to be delivered in consideration of the payments made by the
Denver, was not a condition precedent to the Denver Co.'s obligation to
perform;
3. That the foreclosure of the Western Pacific mortgage and the sale of
the mortgaged property did not relieve the Denver Co. from its obligations
under the contract, although the old Western Pacific was thereby incapacitated to carry out the contract upon its part and the purchaser at foreclosure sale did not assume its obligations.
4. That the trustee for the bondholders had a right to foreclose the
Western Pacific mortgage for principal as well as interest and that the
acceleration of the maturity of the principal and foreclosure therefor did
not operate to relieve the Denver Co.from its obligation to provide interest
moneys.
5. That the contract was not ultra vires of the Denver Co. and that the
fact that since the Denver Co.'s default and the foreclosure of the Western
Pacific mortgage performance might be ultra vires of the Denver is immaterial, inasmuch as the situation has arisen through the Denver Co.'s own
default.
6. That the Denver Co. deliberately and without justification repudiated
the contract.
7. That thereby the bondholders became entitled to recover damages
for the breach of the contract as a whole.
8. That the contract is not merely a contract for payments in installments
to be made by one party to the other, but is a contract involving mutual
obligations more closely assimmilable with contracts for the delivery of and
payment for merchandise in installments.
9. That the course pursued by the Trustee and the majority bondholders
in connection with the foreclosure was proper and did not entitle the Denver
Co. to a revaluation of the mortgage security.
The Court refused to decide the question whether a lien upon the Deliver
Co.'s property was created by the contract in question.
A ciecree was directed for the amount of the installments of interest
(each being $1,250,000) falling due March 1 and Sept. 1 1915 and March 1
' company or
1916, less in each case the amount of earnings mado by the old
by its receivers applicable in regular course to the payment of interest and
for the capitalized sum of $32,272,274 45, together with interest upon the
the
judgment
amount
on
of
this basis will, it is underwhole. The total
stood. be something like $36,000,000.
The Court authorizes the issuance of execution against the money impounded in this circuit, some $3,000,000, after the entry of decree. Leave
is given to apply for the settlement of the decree at the Judge's Chambers
upon notice; but it is provided that if it should prove necessary to have an
extended hearing concerning the form of the decree, the matter may come
before Philip L. Miller, Esq., as Special Master. [Compare old W.P. By.
Co. foreclosed in June 1916, V. 102, p. 155. 160, 2167, 2255; v.103, p.62.
408.1-V. 104, p. 2010, 863.
Detroit Toledo & Ironton RR.-Equipment Notes.-
Application has been made to the Ohio P. U. Commission for authority
% equipment gold notes at 97}i, the proceeds to be
to issue $500,000
used to purchase auto box and gondola cars.-V. 103. p. 1408.
Empire United Rys., Inc.-Separate Plan.-
See Rochester Syracuse & Eastern RR. below.-V.104, p..2010, 1800.
Fitchburg RR.-Notes Extended One Year,-
See Boston & Maine RR. above.-V. 104. p. 256.
Galesburg (Ill.) Ry. Ltg. & Power Co.-Stock Increased.
The shareholders have ratified the proposed increase in capital stock
from $3,500,000 to 34,000,000.-V. 98, p. 155.
2117
sizes the groat difficulty and danger of hurried treatment of the subject.
If we are to frame a wise railway policy it is manifest that there must first
be strict accuracy and agreement as to facts.
Salient Facts from Special Statement of President E. J. Chamberlin.
(1) Large Gross Earnings.-The report of the Commission states the
average earnings per mile of all railways in Canada as $6,997, and gives
the annual gross earnings of the six principal systems as follows, the rate
per mile being based on the total mileage operated,including trackage:
Table Showing the Grand Trunk Ry.(Proper) to Have Made the Largest Average
Gross Earnings per Mile of Line of Any of the Principal Lines in Canada.
Miles Op.
Annual Operating RevenuePer Mile.
Total.
12,994_ _Canadian Pacific
$124,654,571
$9.593
9,702.. Canadian Northern_
..
35,476,275
3,657
3.565_ _Grand Trunk
39,155,040
10,983
1.968_ _Grand Trunk Pacific (excluding Grand
Trunk Branch Lines Co.)
6,963,188
3,538
2,002....Transcontinental
5.798,516
2,896
1,553_ _Intercolonial
10,101
15.686,662
(2) Heavy Tonnage.-Compare also the record of the Grand Trunk By.
Co. of Canada and Grand Trunk Ry. system in the number of "revenue
tons carried one mile" in 1916. with the average of all the railways of the
United States, which includes the heavyton mile movement ofthe coalroads.
Number of Revenue Tons Carried One Mile per Mile of Road.
Grand Trk. Ry. of Can. Grand Trunk System.
United States Railways,
1,155 872
1,270,174
1,176.923
(3) Extensive Equipment.-The following table discloses the fact that the
Grand Trunk Ry. with its 1,167 passenger cars, 45,224 freight cars and
1,345 locomotives on 4,786 miles of road owns more passenger and freightcar equipment, and also more locomotive equipment,
per mile of road
than any railway in Canada except the Michigan Central, and compares
more than favorably with the most conservative and successfully managed
railways in the United States having a similar traffic:
Equipment Figures Taken From "Railway Equipment Register" May 1917.
Average Number
Grand Canadian Chic. & Ch. Mil. Illinois Mich.
per Mile of Rd.: Trunk. Pacific. N. W. (Fe St. P. Central. Central
Passenger cars
0.24
0.22
0.36
0.16
0.26
0.29
Freight cars
7.17
9.45
8.67
6.57
10.80
15.93
Locomotive
0.17
0.28
0.24
0.20
0.26
0.41
(4) Loaded Car Movement.-The Commission has not only selected
for an example of the efficiency of the Grand Trunk the month of February.
1917, which as regards weather was one of the most severe in the history of
Canada, but has failed to mention the extraordinary congested conditions
of the connections of frontier points, which made it impossible to keep our
large terminals clear of cars held for delivery to other railways.
Loaded Cars Moved-Recordfor Calendar Years and First 4 Mos.of 1917. Notwithstanding Adverse Weather, Compared with Average 1912 to 1916.
1912 to 1916.
1912.
1913.
1914.
1915.
1916. 1917-4 mos.-Aver.
5,180,742 5,226,134 4,842,753 4,899,727 5,793,759 1,551,764 1,697.867
(5) Commission Erroneously Assumes "Deferred Expenditures" to Mean
"Deferred Maintenance. -Only $11,761,598 of the $21,181,345 mentioned
by the Commission was in fact chargeable to maintenance of way, and
only $1,343,400 to maintenance of replacement of equipment, the balance
being capital improvements. The maintenance of way item includes
$6,182,672 for the Grand Trunk By. of Canada, and $5,578,926 for the
lines operated in the United States.
The estimated expenditures for "rebuilding and reinforcing freight-car
equipment," amounting to $8,943,971, embraces the following sums, aggregating $7,600,571,which are additions and betterments to equipment and
are chargeable to capital account and not to maintenance:
Equipping box cars with outside metal roofs
$347,142
Reinforcing box cars with steel underframes
2,314,278
Equipping box cars with metal truck bolsters
286.450
Equipping box cars with friction draft gear (reinforcing ends,&c.) 4.567,539
Reinforcing steel coal cars
85.162
The remainder, $1,343,400, was a maintenance charge for replacing
831 freight cars of various classes which have been or are yet to be scrapped.
The report is silent upon the fact that in order to increase the output of
steel for munition purposes, the rail mills were not permitted by the Dominion Government to roll rail orders the past year, and that in the case of
the Grand Trunk,out of a total of 20,000 tons ordered for renewals in Canada in 1916, the mill was permitted to roll only 2,500 tons.
The actual provision made by the Grand Trunk for new rail in 1916,
notwithstanding war conditions, was approximately $961,376. viz.:
Lines in Canada. 135.1 miles, estimated cost
$641,376
Linos in United States, 89.5 miles, estimated cost
320,000
The Grand Trunk Railway System will bear favorable comparison with
any railway, either in Canada or the United States, in respect to its physical
condition, its maintenance of equipment or its efficiency of operation.
Development of Facilities.-In all fairness the report should have contained
some of the heavy expenditures which the Grand Trunk Ry. has made
within recent years, all of which are shown in the official books of the company. Such items as the following should not be overlooked if any attention was given to actual provisions made for handling our business:
Expenditures for New Equipment,eoc., $23,467,844 in Last Five Years:
(1) Grand Trunk Ry. of CanadaChargeable to capital, 8,825 freight cars, 131 passenger cars
and 203 locomotives
$15.303.810
Renewals chargeable to expenses, 5,322 freight cars and 18
_passenger cars
4,963,038
(2) Grand Trunk Western By., 2,750 new freight cars, chargeable to capital
2,182,117
(3) Terminal facilities, Southwark Terminal (St. Lambert),and
Turcot and Fort Erie additions
1,018,879
In addition to the large purchases of freight cars shown, in the foregoing
statement, the old equipment has been thoroughly maintained, and the
last official report shows that there was only 3.43% of the freight equipment undergoing and awaiting shop repairs, compared with an average of
6.44% for the principal railways of Canada and the United States.
(The report concludes with some comparative statistics as to the freight
and passenger traffic of the four leading Canadian roads for the year
1915-16. From this tabulation it appears that while second among the
Canadian lines as regards the total volume of freight and passenger traffic,
respectively, the company on US 3,565 miles of road surpasses all the others
both as to the number of tons of freight carried per mile of line (its 5,347
tons contrasting with (a) 3,917, (b) 2,253, and (c) 1,376, respectively) and
asfor number of passengers carried per; mile of line, its figure of 3,357 in this
case contrasting with 2,773 and 1,057 and 967).-Compare V. 104, p. 1800,
1899.
Grand Trunk Ry.-Official Statement as to Operations and
Maintenance of Property-Annual Report.-In addition to
our usual summary of the report for the calendar year, which
is given above under the heading "Annual Reports," there
will be found on two pages preceding the Clearing HOMO
returns of the U.S. a full statement by President E.J. Chamberlin, clearly setting forth the good record that has been
made by the Grand Trunk Railway System under the exceptionally difficult conditions prevailing since the war broke
Gulf Florida & Alabama Ry.-Bondholders' Committeeout, a record comparing favorably, as Mr. Chamberlin Receivers' Certificates.-The company, being now in the hands
points out, with that shown by any road on the continent. of receivers in consequence of financial difficulties, and a
Condensed Editorial from "The Daily Mail." Montreal. May 18 1917.
The Drayton-Acworth report on the Canadian Railway situation is default being likely to occur on the maturity of the next
here challenged in some of its most important features by Pros.Chamberlin coupon, viz.,July 1 1917,on its $4,410,000 1st Mtge. bonds,
An exhaustive treatment of the subject is not attempted; this, it is under.:
following bondholders' protective committee has been
stood, will come later. There is, however, a sufficiently striking presenta- the
tion of facts, contradictory of assertions made by the majority commission- formed and is calling for deposits of the bonds with the Metroers to raise considerable boubt as to the value of their conclusions. The politan Trust Co., 60 Wall St., as depositary.
statement derives strength from its moderation of tone. Mr. Chamberlin,
it must be admitted, has made a very strong case not only as affecting the
position of the Grand Trunk, but as related to the material upon which
conclusions offered in the majority report are based.
As opposed to the intimations that !the Grand Trunk as a railway system
Is in decline and incapable of performing its duties the President of the
company affirms, that road: (a) Has made the largest average gross
earnings per mile of any of the principal lines of Canada; (b) Owns more
passenger and freight car and locomotive equipment per mile than any
other road in Canada, with thesingleexception of the Michigan Central;
(c) Moved last year more loaded cars than at any previous period in the
past five years, and that this record was maintained, notwithstanding unprecedented weather conditions, in the early months of the present year;
(d) Made provision last year for nearly $1,000,000 worth of new rail and
that deficiencies in this respect are duo to the fact that orders could not be
filled, owing to prior claims for munitions; (e) Has expended in recent
years over $23,000,000 on terminals and new equipment.
These facts furnish reasonable evidence of virility and efficiency and
more than justify Mr. Chamberlin's moderate observation that the
majority report was made "without a real understanding of the situation."
This official presentation also has a wider value than in the mere correction
of inaccurate statements and false conclusions as applied to one particular
road. It reveals thelintricacy of the whole railway situation and empha-
Bondholders' Protective Committee.-George C. Van Tuyl Jr.. Chairman,
Pres. Metropolitan Trust Co., N.Y. City; Charles G.Bancroft, Pres. International Trust Co., Boston; Newton P. Hutchison, Providence; H. C.
Mandeville, Elmira, N. Y.; John T. Steele, Buffalo; Farrand S. Stranahan,
Stranahan & Co., Providence; S. S. Strattan, Pres. Agricultural Credit Co..
Chicago; Harold B. Thorne, V.-Pres. Metropolitan Trust Co.. N. Y. City,
and Joseph Walker Jr., Joseph Walker & Sons, N. Y. City, with James F.
McNamara as Secretary, 60 Wall St., and Lewis & Kelsey as counsel,
120 Broadway. Any plan adopted by 66 2-3% of the depositors will bind
all depositors under the agreement.
Digest of Committee's Circular, Dated at New York, May 1T.
A few weeks ago some of the bond houses connected with the sale of the
bonds of the railroad,learning ofthe disturbed condition ofaffairs.employed
F. E. Dewey, a railroad expert, to examine the property. The report indicated good earning possibilities, a strategic physical situation, a well-built
railroad, a great shortage of freight cars and the necessity.for a substantial
expenditure for betterments and improvements.
Mr. Dewey reported that the road owned 9 locomotives, of which 7
should be in condition for 12 months' service with an expenditure of about
$1,500, and that the other two require repairs of about $5,000. Of the
original 261 freight cars purchased, 15 have been destroyed, leaving 246, of
which 104 are out of service. The box and coal cars require an expenditure
2118
THE CHRONICLE
of about $150 each and the flat cars of about $70 each. The 14 passenger
cars require a total expenditure of about $1,000 only. To place the roadway and structures in safe operating condition, to provide the facilities on
the recent 50-mile extention, to install necessary sidings and connections,
and to put the railway and its equipment generally in condition to operate
to profitable advantage, about $175,000 is required.
An average of 140 to 150 cars of freight per day is being offered, which
the road cannot transport because of a shortage of cars. A total of about
900 cars is a pressing need. The company is paying at the rate of $25,000
per year for hire of freight cars, which should be saved. Furthermore, the
present per diem rate is 75 cts. Even upon a basis of 45 cts. per diem the
net earnings on 900 cars, after deducting maintenance, would be well above
$100,000. At the present time it is practically impossible to rely upon the
use of empty cars from other railroads. The property is powerless to make
a satisfactory showing unless it can secure the cars with which to make
earnings. The committee has reason to believe that it can purchase 300
cars at once, now in service on other roads, and the purpose of the committee would be to increase the car equipment to a proper total as soon as
possible. There are outstanding obligations, including laborers' wage
liens, of approximately $125,000, which must be paid. A reasonable
amount of working capital is also required.
Mr. Dewey estimates that after making the necessary improvements and
betterments and securing the cars suggested, the gross earnings for the
first 12 months, exclusive of per diem earnings on cars, should equal
$450.000, with operating expense of 70%,leaving net earnings of $135,000,
while the second year should show net earnings of $180,000 and the third
year net earnings of above $235,000, all exclusive of per diem on cars.
Upon this report the bond dealers conferred with prominent financial interests, with the net result that it was deemed clearly best that a friendly
receivership be brought about to carry into effect the plan recommended by
Mr. Dewey. An application was also made for an order permitting the
Issuance of [$500,000] receivers' certificates to carry out said plan.
[The order of court respecting the receiver's certificates is returnable on
May 28,and no contest is expected. The sale of the certificates, it is stated,
has been practically assured. This will put receiver in funds to carry out
his plan of rehabilitation of property.] Compare V. 104, p. 1899.
[VoL. 104.
the continuation of an independent board of directors, separate books, &c.,
all at the expense of such stockholders as might come in for that purpose.
Only about one-fourth interest of the stockholders have supported this
important litigation.
Feeling, in view of these circumstances, that an assured fixed annual
income of 734% would be more advantageous than the possibility ofsecuring
the maximum of 8% named by the lease, your directors have concluded
with the D. L. & W. an agreement of settlement, subject to the approval
of the stockholders, so modifying the lease, which is perpetual, that the
D. L.& W.,in lieu of the conditional additional income past and future 1 0
provided in the lease, will unconditionally undertake to pay all the sto
holders of the M. & E. a fixed additional rental of % of 1% p. a. for the.
year 1916 and all subsequent years, making the total fixed rental 734% p. a.,
the additional rental for the year 1916 to be paid on July 1 next, or as soon
thereafter as said agreement is ratified, and for the subsequent years on
Jan. 1 1918 and each succeeding Jan. 1, respectively. In addition to
this, the D. L. & W.agrees that it will not capitalize, that is to say, charge
to construction account of the M.& E., or demand bonds of the M. & E.
for certain expenditures it has made upon the M.& E.from 1899 to date,
and not heretofore capitalized, aggregating about $11,000.000, and will also.
credit to construction account a disputed item of over $400.000.
If you approve. please send assent promptly to Henry V. Poor, Secretary
of the M. & E., 54 Wall St. New York City.
[The shareholders' protective committee will relinquish the deposited
stock without any expense to the depositor. The annual meeting of the
stockholders will be held June 27 1917. at which time the ratification of this
agreement will be acted upon.]—V. 102, p. 1896.
New York, New Haven & Hartford RR.—Resolution in
Appreciation of Services of Mr. Elliott.—In accepting the
resignation of Howard Elliott, the board places on record
its sense of his extraordinary services to the co., saying;
By his personal character he commanded the confidence of the stockholders and secured the good-will of communities which had previously
been indifferent or hostile. By his tact he prevented conflict with the
authorities of the nation and the several States. Understanding
Havana Electric Ry„ Lt. & Pow. Co.—New Stock.— railroad business in all its aspects, ho was equally at home with financiers
with
and
legislators, with shippers and with employees. As a result of
to
The company having increased its prof. stock from $15,000,000
were thrown upon him; bur$21,000,000 (par $100), offers to stockholders of record (either pref. or com.) this many-sided ability, burdens of all kinds
and heavier than
as of May 28 1917, the privilege of subscribing for the new stock at par and dens more numerous than he anticipated when he came,
These complex burdens
permanently.
bear
to
man
asked
be
one
any
could
div. for (a total of $101 25 a share) to the extent of 20% of his holdings of
was humanly possible.
both pref. and common stock. Subscriptions must be made and paid on. he carried with loyalty and devotion as long asleave
us entirely; we conWe congratulate ourselves that he does not
or before Juno 15 1917, either at the N. Y. agency of the company, 55 Libof the New Haven
erty St., or at the office of the company at Monte No. 1, Havana, Cuba. gratulate the country that in resigning the presidency
wider field of public
Subscription warrants will be issued shortly after May 28. Fractional sub- road he transfers his services and powers to a still
and training prenature
by
is
he
which
with
emergencies
meet
to
activity,
aggregating
amounts
in
scription warrants (convertible into full warrants,
one full share or more), will pass by delivery and will be wholly void and of eminently fitted to deal.
no value after June 12 1917.—V. 104, p. 2010.
Pref. Stock Issue Advocated.—On behalf of the board of
directors, Howard Elliott, James L. Richards and Joseph
B. Russell, as Massachusetts directors, have addressed the
Mass. stock and bondholders, including the savings banks
and others, urging them to request their legislative representatives and Senators to support the pending bill in the
Mass. Legislature, permitting the company to pay dividends
out of net income on an issue of preferred stock (compare
International & Great North. Ry.—Judgment Affirmed. V. 104, p. 2010). An advertisement dated May 21 says:
Interborough Rapid Transit Co.—Sales of Power.—
The P. S. Commission has ratified an agreement by which the New York
Municipal Ry. and the New York Consolidated RR. will obtain current
from the Interborough company for use in operating the new rapid transit
lines of the Brooklyn system in Manhattan. The Commission also approved an agreement by which the Transit Development Co. (subsidiary
of the Brooklyn Rapid Transit Co.) would supply the power necessary for
the operation of all rapid transit lines in Brooklyn.
Both agreements are fora term of about 10 years.—V. 104, p. 764. 361.
Governor McCall, in a special message to the Legislature, has recomThe Civil Court of Appeals in Austin, Tex., on May 17 affirmed the mended
the careful consideration of the bill, saying: "There is an obvious
decision of the lower court in awarding the National Bank of Commerce, of advantage
in disposing of the floating debt through the issue of stock, the
St. Louis, $158,447 due it from the railroad on borrowings made in 1908. income of which
does not constitute a fixed charge upon the property and
—V. 104, p. 952, 764.
which does not need to be refunded nor involve the menace of a receiverThe P.S. Commission,replying to Gov. McCall's inquiry, expresses
International Traction Co. System, Buffalo.—Earns. ship."
tho opinion that, "In view of these circumstances and existing financial
Renew.c% Balance conditions,
Interest,
Net, after
Gross
Calendar
the Commission believes that it is expedient that the proposed
Rents, ctc. Replac. for Divs. legislation be enacted."
Taxes.
Earnings.
Years—
$867,822
$522,708
$1,862,709
1916
$7,818,678 $3,253,240
In Connecticut the Governor has just signed a similar bill(V.104 p.2010).
396,582 670,404
1,866,960
2,933,947
6,839,974
1915
The directors are unanimous in recommending the passage a the bill
See "Electric Railway" section on page 18.—V. 103, p. 1210.
for the following reasons:
(1) It will enable the stockholders to vote whether the company may
Jefferson County (Tex.) Traction Co.—Merger Co.—
issue preferred stock to pay off the floating debt of$45,000,000 and to prescribe that such pref. stock may in the future be retired and canceled.
This company will consolidate under its own name the properties of
the Beaumont (Tex.) Traction Co. (V. 103, p. 1686) and the Beaumont
(2) It will remove the danger, brought about by the war, of being
Electric Light & Power Co.(V. 94, p. 1766) each owned by Stone & Webster
unable to renew the $45,000,000 of notes representing this indebtedinterests. It is expected further that the Port Arthur Light Co. will also
ness and due April 15 1918.
be included in the consolidation. An election will be held July 10 to vote
(3) It will save the $96,000,000 of collateral pledged to secure these
on the merger.
notes.
(4) It will reduce the company's funded and floating debt and increase
Lake Shore Electric Ry.—New Officers—Directors.—
its capital stock so that they will be substantially equal in amount
instead of the debt exceeding the capital stock by about $80,000,000 as
F. II. Goff and A. Lewonthal have been elected Vice-Presidents to sucat present.
ceed the late Henry A. Everett and W. H. Price.
(5) It does not place any new charge ahead of the common stock, but
Mr. Goff and I. F. Frieberger, Pres. and V.-Pres., respectively, of the
only substitutes a dividend charge if earned for an interest charge which
Cleveland Trust Co.; J. R. Nutt, V.-Pres. of Citizens' Savings & Trust
must be paid whether earned or not.
Co., and Charles Currie, V.-Pres. of Northern Ohio Trac. & Light Co.,
(6) It will take the company out of the hands of its creditors and place
have been elected directors to succeed Mr. Everett, J. B. Hanna, T. H.
it where it belongs—in the hands of its stockholders.
Hogsett and John P. Witt.—V. 104, p. 1895, 1263.
The issuance of preferrred stock is, as it always has been, subject to the
will of the stockholders. Two-thirds of all the shares must vote in favor
Lehigh Valley RR.—Government Suit to be Rehear('.—
the existSee Anti-Trust Litigation under "Indus." below.—V. 104, p. 1263, 863. to make such an issue effective. The pending bill does not change
inglaw in this respect, but only permits dividends to be paid out of earnings.
banks and other investors in the bonds and debentures of the comMahoning & Shenango Ry. & Light Co.—Merger of Savings
pany are vitally concerned that the company shall continue to pay the
Subsidiary Properties.—The shareholders will vote June 14 interest on these securities. The opponents of the bill, who have so far
publicly appeared, are confined to two stockholders and an attorney enon ratifying a proposition looking to the consolidation of gaged
in
against some former directors. They advocate forcing
certain subsidiaries for the purpose of eliminating unnecessary a receiverlitigation
on the company in the hope of promoting this litigation. There
no occasion to talk of a receivership. The company is amply able to
taxation. A circular, to be dated May 31,says in substance: is
pay its way if only given time and a little help. The necessary enormous
It is now desired to merge the properties of the Mahoning Valley By. issue
of Government bonds making a just and patriotic appeal for all avail(V.74, p. 1139), the Mahoning Valley South Eastern Ry.,the Poland Street able funds
will, however,greatly increase the difficulty of railroad financing.
Ry.(V.96, p. 1702), the Youngstown Park & Falls St. Ry.and the Youngs- In these circumstances
the stockholders should be permitted to avail themtown & Sharon St. Ry.(V. 100, p. 903) intethe Mahoning & Shenango Ry. selves of every reasonable
method of financing, and that is what this legis& Light Co., which already owns all of their capital stock but at present lation will authorize.
operates directly only the street railways owned by it in and around Sharon,
Pa., and the leased lines in New Castle. Pa.. consisting of about 36 miles.
The Massachusetts House yesterday voted overwhelm
If the proposed consolidation is effected, the parent company will also ingly to have the bill engrossed..
operate directly the subsidiary street and interurban railways in Ohio,
Company Accepts Act of Massachusetts Legislature.—On
making a total of about 142 miles (out of a total of 174), as well as the
Loweilville power station, all the subsidiary electric-light plants and dis- May 8 the board of directors accepted the Act of the Massatribution systems in Ohio, and the gas plant in Youngstown. The company now receives as the result of direct operation about 11% of the gross chusetts Legislature approved May 1 entitled "An Act
operating revenues of the system. After the proposed consolidation it will Relative to the N. Y. N. H. & H. RR. Co., Its Holding of
receive as the result of direct operation about 82% of the gross operating
the Stocks and Securities of Other Corporations and its
revenues.
It is anticipated that this consolidation will save a large amount per Relation to Certain Subsidiary Companies." This Act
year in taxes(on the increased basis under war measuresj.—V. 104, 1)• 1702 which limits the dividends on the common stock of the com-
Metropolitan Street Ry., N. Y.—Guaranty Litigation.— pany to 5% p. a. until certain requirements are fulfilled mts
cited at much length last week (p. 2010).
Operating Changes and Policy of Organization.—
Missouri Pacific Railroad.—Annual Report.—
See 28th & 29th Streets Crosstown RR. below.—V. 103, p. 1980.
See Missouri Pacific System under "Reports."—V. 104, p. 1899, 2010.
Morris & Essex RR.—Litigation Ends—Dividend Increased
from 7% to7%%.—The suit brought by certain stockholders
of the company in the Court of Chancery of New Jersey, to
determine their right to an additional dividend under the
lease to the Delaware Lackawanna & Western RR. Co., has
been settled, the lessee agreeing to increase the annual dividend rate on the $15,000,000 capital stock from 7% to 734%
per annum, payable as below noted.
Digest of Circular Signed by the Directors of the Co., Dated May 25.
In the ordinary course, a final decision would probably not be secured
within a year or two. The issues developed have become very numerous
and complicated and it has become plain that the result would be conclusive
only as to the past. The extra dividend is, under the lease, conditional on
the earnings for each year, and each future year would present its own
problem,involving possibly frequent and expensive litigation and requiring
It is announced that the company has completed plans for the amplification of its policy of operating department organization, and the changes
announced are intended to result in greater concentration of authority and
responsibility on the part of officers of the company.—V. 104, p. 2010, 1899.
New York Railways Co.—Applications Filedfor Authority
to Make Charge for Transfers.—This company has applied to
the P. S. Commission for permission to make a charge of
2 cents for transfers and in this connection it has issued a
19-page pamphlet showing the reasons why such a charge is
justifiable on its lines. Compare V. 104, p. 2011, 1899.
Litigation.—See 28&29th Sts.RR.bolow.—V.104,p.2011.
Norfolk & Ocean View Ry.(Norfolk, Va.)—Dissolved.—
This company's corporate existence has been terminated as a Consequence of its inability to operate at a reasonable profit. The line, in operation ten years, had accumulated a deficit of $328,000. Prior to its ciLs-
MAY 26 1917.]
THE CHRONICLE
2119
The plan provides that such of the ($7,000,000) authorized
as shall not be required for delivery to the old bondholders new securities
in
the plan shall be delivered to the committee, with the right participating
sell the same
or any part thereof at any price as to it may seem best, forto
the purpose of
raising
the
necessary
cash
to
pay
the non-participating bondholders. The
Pennsylvania RR.—Orders for Locomotives.—
privilege is also given to the assenting bondholders to take
part in
This company has given orders for 275 locomotives, to cost $14,200,000, off non-parti
cipating bonds at their pro rata share of the proceeds paying
of the
to cover 1918 requirements for the lines east of Pittsburgh. Of the total foreclosure sale,
and
for
this
or
other purposes to participate pro rata in
ordered 245 will he constructed at the company's Altoona shops and the the purchase of any securities
to be sold under the plan [receiving in return
balance by the Baldwin Locomotive Works. Recently there were ordered the securities to which the nonassenting
bondholders
would otherwise
70 locomotives for the lines west of Pittsburgh at a total cost of $5,500,000, have received.] This provision will
probably render unnecessary any
equally divided between the Baldwin and American Locomotive companies. outside financial aid.
104, p. 2011, 1801.
Outlook for Dividends.—The amount of new bonds, therefore, will
be not
than $2,448,000 nor more than $3,000,000, while the net earnings
durPhiladelphia Rapid Transit Co.—Official Statements less
ing the first year of operation should exceed the
interest by $70,000
to $100,000. This amount would be applicablebond
as to the Proposed Lease of City-Built Lines.—E. T.Stotesbury, insuring
to preferred dividends,
substantial value to this cumulative stock and justifying a dividend
Chairman of the board of directors, and Ellis Ames Ballard, which, with
the bond interest, will
the total return upon tne new seGeneral Counsel of the company,on May 18 made important curities at the outset equivalent tomake
4% upon the old bonds. The gross
earnings, moreover, are showing a substantial increase over those
statements before the joint committee of Councils regarding (which
for
were used in formulating the plan), and the substitution of new 1916
pasthe proposed lease of the city-built lines.
senger cars should result in a large saving. The new common stock will
represent real value in assets and the future possibilities.
Digest of Statement by Chairman E. T. Stotesbury.
No
Assessment—Ab
out
$500,000 Cash to be Available.—The Columbia
Six years ago I was requested to take charge of the affairs of the company,
then in very bad condition. We have spent $15,000,000 in improving and Trust Co., as trustee of the R. S. & E. mortgage, and Messrs. Allen and
developing this property. We have supplied 1,500 new cars of a capacity Holden, as receivers in the R. S. & E. foreclosure action, and also as receivers
of
the
Empire
United Rys., hold large cash balances [including the
nearly double the antiquated equipment which they superseded, so that
derived from the sale of the Lyons power plant];
to-day in the congested districts and at the rush hour there is at least 65% sum
after meeting
all expenses or obligations payable by this plan, there and
will ultimately be
more seating capacity at the service of the public than there was six years available
to
the
participating certificate holders about $b00,000. The
ago. This has been accomplished by scientific rerouting, by speeding of committee is
authorized at its discretion to use this money for any one or
the cars and by the substitution of the large car for the small one.
all of three purposes, viz.: (1) To pay off non-parti
cipating bond and cerWithin the last year the earnings have been so established as to justify tificate
in which event the amount of the new bonds required
Initial dividends at the rate of 5% per annum. But this has only C01/10 sold for holders,
to be
that purpose will be reduced, thus strengthening
the position of the
after the stockholders, who have paid in their $30,000,000, have gone with- preferred
stock.
(2)
To
pay
part
or
all
of
the
interest
now in default upon
out any return whatever for a period of 15 years—an actual loss to them of the It. S. & E. bonds, in
which event the preferred stock given by the plan
something like $20,000,000.
interest would be correspondingly reduced. (3) To provide
workIt was the contract of 1907 that made this passible. Of late, however, for this
capital, thus avoiding the sale of securities for that purpose.
there has been a demand for a comprehensive system of high-speed lines ing
The fewer
dissenting
bondholders
there are from the plan, the more likely it becomes
beyond the power of any private corporation to finance, to build up the that
this money or some part of it may be devoted to paying the interest
outlying sections and provide for an optimistic future. This is a praise- in
default or some part thereof.
worthy municipal undertaking, but it is not a business proposition.
No assessment of cash is to be made upon the bondholders.
We have been asked to join with the city in making this plan the greatest
Alternative to Purchase.—The committee will at the foreclosure sale bid
success possible; and, recognizing that we owe a duty to the public in this
matter, we have offered to participate on a basis that not only surrenders in the property unless some other purchaser makes a bid for it which apour entire future, except as we may share to the extent of 10% in the growth pears more advantageous to the bondholders than ownership of the property.
of the joint business, but restricts us to a 5% dividend—less than the legal Further Provisions Condensed by Editor from Plan of May 18 1917.
rate of interest—upon the money actually paid in upon this property, and
It is contemplated: That the new company shall be
by the
scarcely more than half its earning power at the present time.
committee on behalf of the certificate holders under incorporated
Railroad Laws of
With all sincerity, I feel that the company has made a most liberal propo- N. Y. State, with an authorized capital of not morethe
than (a) $3,000,000
sition. I can well understand that with the very great increase in the cost 6% cumulative preferred stock, preferred also as to assets;
(b) $1,000,000
of all construction items, the city is confronted with a very serious proposi- common stock, unless the latter be increased as hereinafter provided,
each
tion in respect to the building of the lines to which it has been committed fully paid and non-assessable. That the directors
incorporation be seby a vote of the people. But I cannot see how it will aid in the solution of lected from the bondholders of the company by the at
committee.
this question to pass legislation which may destroy the company and must
The committee may, in its discretion, establish a voting
for the
tend to make it impossible for the company to perform its joint service.
stocks, preferred and common, to which the certificate holders trust
participating
As representing the stockholders, I would not be willing under the voting in the plan are entitled, such voting trust to continue for not exceeding
five
trust to consent to any changes which would result in taking away the as- Years, voting trust certificates to be issued in lieu thereof, carrying the right
surance of a return of 5% on the full-paid stock. I do not, however, to receive all dividends. The certificate of organization may provide
that
settlement,
if
and
the
wish to stand in the way of a
city authorities insist the directors be chosen from the holders of the new bonds.
on a modification, I and my associates will resign, the voting trust will be
It is proposed that the new company shall authorize the execution to an
dissolved, and the Rapid Transit stockholders through a new board of di- o
apitrsoys
ritathtgrrt
5e;ofoaljnorn
tg
dafinupt=all ofeita
stp
ers
operty
opo s
5emeoaon issue
rectors can negotiate a now contract on such terms as may be agreed upon.
um
$
and
I would regret not to be able to effect a solution of the new problems; that not over $3,060!T000 of said bonds, to bearinterest from
May 1 i917,
but I would feel that the failure was due to causes entirely beyond my con- be issued presently, and for the purposes hereinafter stated, and that
the
trol, and that the progress already made had justified my undertaking.
remainder be reserved and duly issued only with the consent of the majority
of the holders of the new stock on account of permanent improvements,
Condensed Data from Statement by Ellis Ames Ballard.
Two plans for the operation of the city's high-speed transit lines by the extensions and additions. If the amount of said bonds to be presently
issued shall be determined to be less than $3,000,000,the common stock may
company are before the public. The two principal differences are these:
1. Under the city's plan (offered by the Mayor Oct. 10 1916) while the be increased by the amount of such reduction of the bonds, but in no event
shall the total par value of the stocks and the bonds to be presently issued
two roads were to be operated as one, the accounts were to be kept separate.
Under the company's plan of Jan. 21 1917 [compare V. 103, p. 2342], the exceed 87,000,000. The new company, as a consideration for the railroad
and property to be conveyed to it, shall deliver to the committee all of its
properties are to be operated as one, both physically and
financially.
preferred
common stocks and said First Mortgage 5% gold bonds
2. Under the city's plan, the company's earning power
at the authorizedand
to be presently issued.
time the first city lino is opened wa.s to be protected by aestablished
preferential payBondholders' Protective Committee: Arthur W. Loasby, Elbert A. Harment from the moneys taken in on the city's system. Under
company's
the
vey and DeForest Settle, with Mercer V. White as Secretary, 100 North
plan the amount is fixed at $1,500,000.
Salina St., Syracuse, N. Y. Depositaries, Trust & Deposit Co.
The company's plan is bettor in that it
of Ononless than the legal rate of interest upon theis simpler. The offer to take daga, 100 North Salina St.,
Syracuse, N. Y., and Old Colony Trust Co.,
money actually paid in, par- 17
ticularly in view of the stockholders' loss of fifteen years'
Court St., Boston. Counsel to committee, Hiscock, Doheny, Williams
interest, or some- & Cowie,
thing like $20,000,000, is a fair one from their standpoint.
Syracuse,
Y.—V.
N.
2011.
104, P.
from the standpoint of the present earnings, which this yearIt is also fair
will approxiSt. Louis-San Francisco Ry.—Bonds Ready.—
mate 9%, or $2,700,000 upon the stock.
The company gives notice that definitive engraved Adjustment Mtge.
[The statements have been printed for distribution,
forming a 12-page bonds and Income Mtge. bonds (both
pamphlet.]—V. 104, p. 1703, 1593.
series A)are ready for delivery upo
surrender of the temporary bonds; for Adjustment bonds at Bankers
Co., N.Y.;for Income bonds, Union Tr. Co., N. Y.—V.104, p.2011,Trust
Reading Co.—Government Suit to be Reargued.—
1900
See Anti-Trust Litigation under "Industrials" below.—V.
St. Paul Union Depot Co.—Guar.—Plans Completed.—
104. P. 765.
The
Wisconsin RR. Commission has authorized the Chicago Milwaukee
Rochester Syracuse & Eastern (Electric) RR.—Planfor & St. Paul
Ry., the Northern Pacific RR., the Chicago St. Paul MinneSeparate Reorganization.—The 1st Mtge. bondholders' pro- apolis & Omaha Ry.
and the Minneapolis St. Paul & Sault Ste. Marie Ry.,
execute a guaranty, to be endorsed upon the Depot company's
tective committee, Arthur W. Loasby, Chairman, President to
First &
Refunding Mtge. gold bonds, to the extent of $11,500,000, total authorized
Trust & Deposit Co. of Onondaga, Syracuse, N. Y., has issue $20,000,000.—
The "Railway Age Gazette" of May 18 publishes a comprehensive
issued a plan, dated May 18, providing for the reorganiza- article
describing the details of the revised design, with data regarding track
tion of the property(see adv.on another page)independently and building arrangements,
&c., for this new union terminal, work on
which will commence shortly, involving an ultimate expenditure of $11,of the Empire United Rys., heretofore n control. In a cir- 000,000.
It is pointed out that there will be 14 through tracks and 8 stub
cular dated at Syracuse, May 18, the committee says in sub.: tracks. Provision
is made for the handling of large quantities of express
Sale.—Foreclosure sale of the R. S. & E. property
matter in addition to the passenger accommodation.
the Supreme Court of N. Y. State will be had in the under judgment o
The nine lines sharing equally in the ownership of the property are:
future.
near
Th
committee therefore submits a plan for reorganization
Chicago Burlington & Quincy, Chicago Great Western, Chicago Milwaukee
of the property.
Physical Condition.—The property which will
& St. Paul, Chicago Rock Island & Pacific, Chicago
Paul Minneapolis
ers, if purchased by the committee, cost more be owned by the bondhold- & Omaha, Great Northern, Minneapolis & St. Louis, St.
Minneapolis St. Paul
than
$7,000,000.
It
now
consists of the double-track line running from the
outskirts of Syracuse & Sault Ste. Marie and the Northern Pacific.—V. 104, p. 560.
into which city it runs over the tracks of a connecting
road, to Rochester,
Southern Pacific Co.—To Operate SS. Fleet.—
a distance of about 80 miles. Roadbed, tracks and overhead
construction
The I.-S. C. Commission on May 19 authorized this company to conare in good condition. The rolling stock, while sufficient
in amount, is tinue in possession and operation of its
not modern and should be replaced by a later and better type,
coastwise steamers plying between
thereby ef- Now York, New Orleans and Galveston.
fecting a great saving in operating expense. Shops,
The commission on March6
barn and sta- handed down a decision under the Panama Canal
tion facilities, mechanical equipment. &c., are ample. car
Act by which the company
In short, the prop- might continue the operation of its vessels provided
certain objectionable
erty does not require the heavy expenditures usual at reorganization
.
practices were corrected; these, it is now set forth, have been corrected.
Receiver C. Loomis Allen's Report of Financial Operationsfor
Compare V. 104, p. 953.—V. 104, p. 2012, 1703, 1694.
Calendar
Yr.
'16*
Gross earnings
$753,3431Income deductions
Springfield (Mass.) Street Ry.—Contract.—
Net, less oper. exp., taxes
!Applicable to bond interest $52,000
A contract with the Turners Falls Power & Electric Co. has been ar270,6041 and dividends
and depreciation
218,604 ranged as a result
Proposed Capitalization.—If the plan goes through, it is proposed
which (a) the Springfield company will muchase the
that entire requirementsof
for the operation of its lines, and (b) the Turner Falls
Mr. Allen shall continue to manage the property.
The capitalization to be authorized by the successor company for the company will, in two or three years, expend about $3,000,000 for extenpurpose of acquiring the property, we believe, should not exceed its actual sions in the Springfield-Greenfield region.—V. 101, p. 1886.
value, $7,000,000, and this amount should be divided as follows: (unless
Twenty-eighth & Twenty-ninth Streets Crosstown,
it shall be hereafter determined to reduce the amount of
to not less
The U. S. Supreme Court has affirmed the judgment made
U. S. Disthan $2,448,000, in which event the amount of commonbonds
stock would be trict Judge Hough of N. Y. dismissing the action brought by
by the bondcorrespondingly raised):
Preferred (a. & d.) stock,6% cum. Total auth. not to exceed_ _$3,000,000 holders' committee of this oldcompany (property foreclosed and now known
as the Mid-Crosstown Ry.) against the New York Rys. Co., on the ground
Common stock (this amount may be increased correspondingly in
that the action was one of which the U. S. Courts had no jurisdiction.
case immediate issue of 1st 5s is.decreased—see below)
Gilbert & Gilbert,43 Exchange Place, N. Y.,counsel for the bondholders'
First Mtge. 5% gold bonds (total auth. $5,000,000), to boar int. 1,000,000
committee, inform us that this decision does not in any manner affect the
from May 1 1917, present issue not to exceed (see below)
3,000,000 merits of the litigation, and that the action will now be brought in the
State
court and pressed to a conclusion.
Total ________________________
___ $7,000,000
The committee claims that the New York Rys. Co. is liable on the guarTerms of ExchangeWc.—"tie bondholders pi
.rCiat-ing in -the plan are anty
of the Metropolitan Street Rys. Co. on the bonds issued by the 28th &
to receive for each $1,000 par value of the old bonds
following securities 29th Streets Crosstown RR., conetnding that the New
of the new company, making, if all of the $4,896,000the
York Rys. Co. is
old bonds participate, the Metropolitan Street Ry. Co. under a new
outstanding securities as below:
name. It also contends that
the Interborough-Metropolitan Co. before reorganization owned 80%
of
Per
$1,000.
in
Tot.
Exch.
the stock of the Metropolitan Street Ry. Co.,
50% in First Mortgage 5s
practically owning the
$500
$2,448,000 company, and as a result of the reorganizationthus
50% in preferred stock,6% cumulative
owns about 85% of the re500}
2,937,600
company,
organized
and contends that the Interborough-Metropolitan
10% in prof. stock 6% cum.(representing unpaid int.) xioo
Co., as the principal stockholder of he Metropolitan Street
20% common stock
and the
200
979,200 New York Railways companies, cannot avoid its obligation Rys.
to the bondholders of the 28th & 29th Streets Crosstown Co. by reorganization, and
Total
$1,300
$6,364,800 thus hold its property free of the debts of the Metropolitan Street
x Subject to reduction if and to the extent of cash paid
Rys.Co.
for such interest.
—1r. 104. P. 1703.
solution, the company conveyed its lines in Norfolk County to Ocean
View to the Virginia Ry & Power Co., which will operate into the city of
Norfolk. Operation of the Norfolk & Ocean View Ry was discontinued
at midnight on April 5.—V. 84, p. 571.
THE CHRONICLE
2120
[VOL. 104.
Booth Fisheries Co., Chicago.-Plan Approved.-
Virginia Ry. & Power Co.-Acquisition.-
The shareholders on May 21 approved the plan of recapitalization,rto
take effect July 1 next, providing for the issuance of new common stock
Bds.
no par value in exchange for 50,000 shares of $100 each of old common
of
Co.
-Guaranteed
Elec.
&
Washington (D. C.) Ry.
the ratio of 5 shares of the new to 1 of the old.
See Potomac Electric Power Co. under "Industrials".-V.104, p.2006 in The
regular quarterly dividends of $1 on the common and $1 75 on the
preferred were declared, payable July 2 to holders of record June 20.
Washington Water Power Co. (Spokane).-Bonds -V.
104, p. 2013, 1803.
See Norfolk & Ocean View By above.-V. 103, p. 1883.
Listed-Earnings.-
The N. Y. Stock Exchange has added to the list $1,700,000 First Refunding Mortgage sinking fund 5% 30-year bonds, due July 1 1939, with authority to add on or before Jan. 1 1918 $539,000 additional of said bonds,
making the total amount authorized to be listed $7,974,000.
The funds covered by the new bonds aforesaid were used for permanent
improvements, extensions and additions, the principal item of which is the
construction of the power station at Long Lake, Wash., 34 miles west of
Spokane, embracing a Solid concrete dam giving a fall of 170 ft. and formof a mile wide and power station with capacity
ing a lake 23 miles long by
of 66,000 electric h.p., of which one-half is installed and ready for service.
has been about $5,200,000. There are
development
this
of
The total cost
of
at present outstanding $239,000 Consol. Mtge. & Coll. Trust 5% bonds
1899 (due July 1 1929), the balance of an issue of $2,000,000, of which
of
trustee
the
by
held
are
5s
Refunding
First
for
$1,761,000 exchanged
that mortgage as additional security therefor, but are stamped "not negotiable." Otherwise there is no lien of any sort taking precedence of the
First Refunding bonds.
Income Account for Three Months ending March 31 1917.
$81,250
$674,942 Depreciation
Receipts
154,900
Net, after exp. & taxes_ _ 350,363 Div., 1% April 2 1917
5,183
Interest on bonds and notes 109,030 Balance, surplus
See annual report. V. 104, p. 663, 1900.
Brooklyn Union Gas Co.-Earnings.Dividends Balance,
Bond
Other
Net, after
Gross
Cal.
Income. Int.,&c. (8%). Sur.or Def.
Taxes.
Yr.- Earnings.
1916__$11,353,594 $1,987,346 $239,200 $837,630 $1,440,000 def.$51,084
1915._ 10,719,758 2,324,212 232,167 839,319 1,440,000 sur.277,059
-V. 102, p. 1890.
West End Street Ry., Boston.-Bonds.-
The Mass. P. S. Commission has authorized the issuance of $1,581,000
67 30-year bonds, the proceeds to be used to retire a like amount of serial
debenture bonds due Aug. 1 1917.-V. 104, p. 1491, 1389.
Western Pacific RR. Corp.-Favorable Decision Ordering
Judgment against D. cfc R. G. RR. Under Old Guaranty.See Denver & Rio Grande RR. above.-V. 1()4, p. 2013. 560.
Youngstown & Sharon Street Ry.-Merger.-
See Mahoning & Shenango Ry.& Light Co. above.-V.100, p. 903.
Brown Shoe Co., Inc., St, Louis.-Government Control.See editorial columns in this issue.-V. 103, p. 1885.
Buckeye Pipe Line Co.-New Director.-
George E. Pifer succeeds L. C. Welch as director.-V. 104, p. 562.
Bulk Oil Transports, Inc.-Bonds Called.All the outstanding ($400,000) 6% Serial First Mtge. gold marine equipment bonds, dated Jan. 1 1917, have been called for payment July 1 at
101 and int. at Baltimore Trust Co. See offering in V. 104, p. 166.
California Packing Corp.-Pref. and Corn. Stock Listed.
The New York Stock Exchange has authorized the listing of temporary
interchangeable certificates for $8,455.000 7% cum. cony. pref. stock, in
$100 shares, and also 338,819 shares of common stock (without par value),
with authority to add on or before Jan. 1 1918, $1,545,000 of pref. stock
and 11,181 shares of corn. stock, on official notice of issuance and payment
in full; also with authority to substitute on or before Jan. 1 1918, permanent
engraved interchangeable certificates, on official notice of issuance in exchange for temporary certificates, making the total amounts authorized to
be listed, of prof. stock $10,000,000, and of corn.stock,350,000 shares without nominal or par value.
The above-mentioned outstanding pref. and com. stock were issued for
the entire properties and assets of the J. K. Armsby Co., California Fruit
Canners' Assn., Central California Canneries, Griffin & Skelley Co.,45,331
shares of capital stock of the Alaska Packers Assn., and $1,267,353 cash.
The properties of the four mentioned concerns were taken over by the
California Packing Corp. on Nov. 8 1916, and their liabilities assumed
(V. 103, p. 1212). See "Annual Report," V. 104, p. 1697.-V. 104, P.
1901, 1705.
INDUSTRIAL AND MISCELLANEOUS.
Acme Tea Co., Philadelphia.-Control-List.-
Canadian Cottons, Ltd.-New Director.W. J. Morrzce has been elected a director to succeed David
In connection with the announcement that this company's common
stock had been stricken from the list for trading on the New York Stock
Exchange, it is learned, that the American Stores Co. has acquired 31,000
of the 35,000 shares issued.-V. 104, p. 2013, 1491.
Adams Express Co.-System Extended.-
Negotiations have been arranged by which this company takes over on
July 1 the offices and contracts of the American Express Co. on the Western
Pacific RR. from Salt Lake City to San Francisco, about 1,000 miles, and
the business of the Wells-Fargo Express Co. on the Denver & Rio Grande
RR. on Sept. 1, (the latter embracing about 2,600 miles), thus providing
the Adams Co. with a complete transcontinental service.-V.103, p. 1884.
MOrrice,
deceased.-V. 104, p. 2013.
Central Iron & Steel Co.---Tenders.The Girard Trust Co. of Phila., as trustee, having obtained from the
M.
receivers $268,000 will, until June 15, receive offers for the sale of 1stpay5% bonds at not exceeding 1023% and int. All arrears of sinking fund the
ments due under the mortgage have thus been made in accordance with
order of the court.-V. 102, p. 524.
Chandler Motor Car Co.-Extra Dividend.-Earnings.-
An extra dividend of 1% has been declared on the stock in addition to
the regular quarterly 2%,both payable July 1 to holders of record June 15.
An authoritative statement dated May 23 says: "A report made by the
management shows an increase in business in the period from Jan. 1 to
American Beet Sugar Co.-New Officers, &c.
30 1917 of 134% over the corresponding period of 1916, and an inApril
Charles C. Duprat, Asst. Sec. and Asst. Treas., has been elected Sec. & crease in profits for the period of 1827. Net profits from Jan. 1 to Juno 1
Treas., to succeed John E. Tucker, resigned. Charles E. Eller succeeds
with the last 10 days of May estimated, would approximate $1,206,1917,
ReSec.
Asst.
as
McQuade
J.
Mr. Duprat as Asst. Treas., and Arthur
000, or slightly more than $17 per share on the outstanding stock. and even
maining officers were re-elected.
the possibility of some recession in business, duo to the war this
discounting
The company has subscribed to $1,000,000 of the Liberty Loan.-V. 104, year's earnings undoubtedly will be considerably larger than those for 1916.
p. 1896.
-V. 104, p. 666, 166.
American Can Co.-Offer to Government.This company, it was reported last week, made the lowest bid on 3,000.000 complete shrapnel rounds for the U. S. Army, having offered to make
shells at $10 51 each, against $10 57 the next lowest bid. The company
will neither confirm nor deny the report.-V. 104. P. 1389, 555.
s.American Pneumatic Service Co.-Consol. Earnin1915.
1915.
1916.
Cal. Years$590,299 $479,254
Net profits
Depreciation, &c_ $65,425 $63,610
67,459 64,180
Sinking fund
Bond interes,t &c. 30,708 32,599
258.
665,
p.
-V. 104,
1916.
1st pf. divs.(7%).$105,000
2d pf. divs.(3%)_ 188,981
Balance, surplus.$132,725
Total surplus___ _$761,297
$105,000
188,981
$24,885
$678,006
American Stores Co.-Sales.-
7,
Increase
1916.
1917.
Jan. 1 to May 5Sales(5 Phila. chain stores)_ _$20,509,209 $15,261,037 $5,248,172 34%
interested.
are
Inc.,
Chandler & Co.,
•
See Acme Tea Co. above.-V. 104, p. 2013, 1803.
American Sumatra Tobacco Co.-Stocks Listed.-
$1,000,000 7% cumuThe New York Stock Exchange has admitted to listwith
authority to add
lative pref. stock and $6,800,000 common stock,
notice of issuance
official
on
prior to Jan. 1 1918 $200,000 common stock
and payment in full, making the total amount of common stock authorized
to be listed $7,000,000.-V. 104, p. 2013, 1047.
Anti-Trust Litigation.-Suits Ordered Reargued.-The
Supreme Court on May 21 ordered reargument of the antitrust suits against the United States Steel Corp. (V. 104,
p. 769), the International Harvester Co. (V. 104, p. 1493),
the United Shoe Machinery Corp.(V. 104, p. 869), and the
Lehigh Valley (V. 103, p. 1118), and Reading RRs.(V. 103,
p. 1119) and affiliated coal companies constituting the socalled anthracite coal trust. It is stated that probably a
year would elapse before decisions were rendered.
Arizona Gas & Electric Co. (Nogales).-Bonds Offered.
nc., are offering, at 98M and int.;
-P. W. Brooks &
Co.,Mtge. Sinking Fund 6% gold bonds,
this company's First
dated Jan. 1 1917, due Jan. 1 1937. Auth., $1,000,000,
issued, $200,000.
Cleveland-Akron Bag Co.-Extra Dividend.-
of 1% has been declared on the stock in addition
An extra dividend of
to holders of record
to the regular quarterly 13i% , both payable July 8
June 23. A like amount was paid in March last. See V. 104, p. 666.
Cleveland Electric Illuminating Co.-Bonds.-
$2,The Ohio P. U. Commission has authorized this company to issue
will be used to
000,000 1st Mtge.5% bonds at 95. Of the bonds, $62,619
reimburse the income account for capital expenditures to Feb. 28 and the
balance for 1917 budget improvements.-11. 104, P. 954, 562.
Consumers Gas Co., of Toronto.-Stock Offering.-
the right to
This company, it is announced, will offer its shareholders
1 new share for
subscribe at par for 19,528 shares of stock on a basis of floating
debt.each 5 shares held. The proceeds to be used to liquidate
V. 103, p. 2248.
Crucible Steel Co. of America.-Offiring of Liberty Loan
Bonds.-Geo.A.Turville, Sec. & Treas.,in a letter to shareholders and employees on May 16, says:
The directors have subscribed $1,000,000 to the 1917 Liberty Loan of the
many
U. S. Government for the benefit of our stockholders and employees,
of whom have expressed a desire to purchase such amounts of bonds as
they may conveniently pay for, through our Treasury Department.
The company for some time past has been making monthly payments
to its stockholders against deferred dividends, and it has been thought
that many of those receiving these dividends would like to apply them,
and possibly additional sums, towards the purchase of these bonds. Subscriptions should be paid for in full on or before Juno 13 to escape an interest
charge.-V. 104, p. 2014, 1594.
Diamond Ice & Coal Co.-Bonds Called.-
1 bonds Nos. 10 and 42
This company has called for payment on June
24 1913, at 105 and int. at
of the 1st M.and Consolidated 6s, dated May
Wilmington Trust Co., Wilmington, Del. The total amount of bonds
outstanding, it is reported, is $140,000.-V. 100, p. 1170, 143.
Dominion Textile Co., Montreal.-Earnings.-
Dedttc. (Concl.): 1916-17. 1915-16.
1915-16.
Mar.31 Yrs.: 1916-17.
$13,375,750$10,438,089 Bad din. writ. off_ $7.276 $8,945
Sales
20,000 15,000
Net profits_ _ _ 1,582,705 1,481,195 Patent fund
100,000 100.000
74,378 Tax reserve
74,378
Divs. received
Prof. divs. (7%).... 135,331 134,820
Gross income_$1,657,083 $1,555,573 Corn. divs. (6%)_ 300,000 300,000
566,056
469,165
Rentals
219,144 Balance, surplus_$350,632 $211,608
Bond interest_ 274,679
As to dividend increase on common stock, see V. 104, p. 1902.
Nogales,
in
plant
gas
and
power
electric-light,
an
operates
The company
mining
Patagonia
the
Ariz., and furnishes electric power throughout
Donner Steel Co.-Report-Bond Issues.-The digest of
region. Population served, over 10,000.
will be found on a preceding
this company's annual report
page. The company's First & Purchase Money Mtge. 5%
gold bonds are described as below by the Duquesne Bond
Corp., which makes a specialty of the issue and is now
Armstrong Cork Co., Pittsburgh, Pa.-Stock Increase. offering a block at 96 and int.: .
Armour & Co., Chicago.-Purchase Denied.-
A press report from Chicago on May 22 says: "Armour & Co. deny
purchasing $1,500,000, or 807, of the stock of the Stanton packing plant
at Spokane."-V. 104, p• 2013, 665.
Interest J. MD.
The bonds are dated Dec. 15 1915, duo Dec. 11935.
on any interest date
Denom. $1,000c*. Redeemable at 102M and interest
N. Y., trustee
Buffalo,
of
Co.
upon sixty days' notice. Bankers Trust
Authorized, $5,000,000; outstanding, $2,500,000.
upon
the properties
mortgage
first
a
and
obligation
direct
Security.-The
to take over the plants of the
Atlas Powder Co., Wilmington, Del.-Extra Dividend.
of the company, which was organized in 1915
these
of
was reported
plants
cost
addiin
original
stock
The
common
Co.
the
on
Steel
declared
State
York
been
has
3%
of
New
An extra dividend
Donner Rea
tion to the regular quarterly 2%,both payable June 10 to holders of record to be in excess of $6,000,000, and they were acquired by the
Co. at a cost of $2,750,000.
May 31. Previous dividends were:
equity over the
Equity.-At the purchase price the properties show an
1917.
1916.
1915.
11913. 1914.
Dividendsconcern the properties are
2, 2, 2 2, 2. - amount of bonds outstanding. As a growing$2,000,000
6
13%, 13%, 134, 13% 2,
On common. Q-M- 134
or more reported
the
to
Adding
this
more.
considerably
worth
-,
3,
3,
8
3,
3,
3,
extra_ -_3%, 1)i, 33i
do
extensions brings the present
to have been spent on improvements and
-V. 104, p. 766, 657.
are now
value up to about $5,000,000. Further extensions to the plant
to $1,500,000 more will be
that
$1,000,000
expected
is
it
and
-Merger.
Co.
made
Power
being
&
Lt.
Electric
(Tex.)
Beaumont
improvements.
spent for
See Jefferson Co. Traction Co. under "RRs." above.-V.94. P. 1766.
The shareholders will vote July 24 on increasing the authorized capital
stock from $8,000,000 to $17,000,000, the new stock to be all common.
We are advised as of May 23 that as yet no circular has been prepared
to be sent to stockholders.-V.97, p. 331.
MAY 26
1917d
THE CHRONICLE
Management.—The company is under the personal management of
Wm. H. Donner, formerly President of the Cambria Steel Co., the Union
Steel Co. and who has been connected with other large steel companies.
The Donner-Union Coke Corporation has been incorporated to build south
of the steel plant a $3,000,000 by-product coke plant of 120 ovens, though
possibly not until the war ends. The directors are William H. Donner and
R. N. Donner, of Donner Steel Co.; Frank B. Baird and Harry Yates, of
Buffalo Union Furnace Co., and Fred. C. Slee, attorney.
[A. L. Chambers & Co., Marine Bank Bldg., Buffalo, also deal in the
bonds.)—V. 104. P. 955.
Eastern States Public Service Co.—Incorporated.—
This company mentioned last week (see offering of bonds V. 104, p.
2014) was incorporated Mar. 5 under the Laws of Dela. with $3,000,000
authorized capital stock. Compare V. 104, P. 2014.
2121
Kansas City, Pontiac, Mich., and at some point on the Atlantic Coast.
These will be ready for operation by the early spring
1918, and bring
the total production up to 60 tractors daily.—V. 104, of
p. 1390, 955.
Granite Mills, Fall River.—Stock Dividend.—
The shareholders on May 24 ratified the
increase in capital
stock from $1,000,000 to $1,250,000, the new proposed
stock to be issued as a 25%
stock dividend.—V. 104, p. 2015.
Grasselli Chemical Co.—Extra Dividend.—
An extra dividend of 33i% has been declared on the common stock
in
addition to the regular quarterly 13% on the common
pref. stocks,
respectively, all payable June 30 to holders of recordand
amounts were paid in March last.—V. 104, P. 767, 366. June 15. Like
Great Northern Paper Co.—Dividend Increased.
Elk Horn Coal Corporation.—Listed on N. Y. Stock
A dividend of 234% has been declared on the stock, payable —
June 1 to
Exchange—Full Official Statement.—The New York Stock holders
of record May 26. In March last 13,i% was paid.—V. 103,
p. 1510.
Exchange this week listed the company's stock and bonds,
Greene
Cananea
Copper
Co.—Purch
ase.—
and also the notes of the old Elk Horn Fuel Co. The very
See Greene Cananea Consolidated Copper Co. below.—V.
104. P. 1493.
full statement made to the Exchange regarding the listing
Greene Consolidated Copper Co.—Proposed Merger—
of the preferred and common stock, but covering also much Offer for Minority
Stock.—
detailed information regarding the outstanding securities,
The Greene Cananea
Co., now owning over 96% of the
the properties, operations, financial status, &c., will be 000 1 outstanding capitalCopper
stock, exclusive of treasury stock, has [$10,000,offered to
purchase all the property and assets of the
found at length on subsequent pages of this issue.
company, as an entirety, not
including, however, the corporate
Securities Just Listed by New York Stock Exchange.
Elkhorn Fuel Co. 1st M.5-year 5% cony. notes due May 1 1918_$1,904,500
Elkhorn Coal Corp. 10-yr. S. F. M.conv.6% notes due Dec. 1 '25 4,790,000
6% non-cumulative preferred stock
do
do
6,600,000
common stock
do
do
12,000,000
See the aforesaid statement below and "Report" in V. 104, p. 1706,
2014.
Federal Sugar Refining Co. N. Y.—Plan to Resume
Dividends on Common Stock and Make Full Financial Statements.—Dividends on the $6,677,200 common stock, which
were suspended in Jan. 1914 following the payment in 1912
and 1913 of eight quarterly distributions of 13i% each, can
now, the management believe, be safely resumed. Pres.
C. A. Spreckels, in circular of May 23, says in substance:
A minority interest is soliciting proxies for the next annual meeting of the
shareholders, to be held Juno 18 1917, at which meeting will be elected the
directors for the coming year.
The present management has been in control since the enterprise was
started in 1902. Their policy has been to enlarge the plant to its most
economical working basis, to pay for improvements out of earnings and to
accumulate a working capital which would enable the company to go
through unsettled financial times without risk.
In the judgment of your directors these objects have now been achieved,
and in view of the fact that the past year has been unusually prosperous,
(the plant having very generally run to capacity. 10,000 bbis. per day),the
board is of opinion that the common stock may safely bo placed on a permanent dividend basis.
It is the intention of the board to ask the stockholders at the annual
meeting to rescind their previous instructions and authorize a full and
complete disclosure of our financial position. With all the facts in their
possession the stockholders will then be in position to determine whether
they wish to continue their properties under the present management or
install a new control.
Under the present management your properties have been brought to a
high state of efficiency. A change of control would impair this efficiency,
disrupt the organization and depreciate the value of your investment. The
decision will rest with the stockholders after hearing the annual report on
June 18 1017.
An Excise Tax Urged as a Substitutefor 10% Tariff Increase.
An excise tax on sugar instead of a 10% tariff increase, it is asserted,
would bring in more revenue than either the latter or higher
and
would, therefore, be an excellent substitute for both. Frankpostage
Lowry,
Gen. Sales Mgr. of the Federal Co.,upon his return from a visit 0.
Washington this week, said: "The present ruling import tariff of lc. ato
lb. brought
in the Government only $38,000,000 in 1916, reaching only 46%
of the
sugar consumed, while the domestic sugar producers absorbed
$46,000,000. An excise tax of tho same amount on all sugar a bounty of
used
would
$92,000,000.
yielded
have
A 10% ad valorem increase in the tariff,
as
proposed in the House, would add only $19,000,000
to the Government
revenue and give a total 'protection' subsidy of $69,000,000
annually
to
domestic
beet and sugar-cane interests already
the
with abnormal
profits. I understand that a number of Senators fattened
favor placing an excise
tax of lc. a lb. on all sugar in addition to the present tariff.
This would
add $92,000,000 to the Government income and
the total annpal
sugar revenue $130000,000. The increased cost,make
in every instance, is
public,
with
but
the
an
borne by
excise tax the nation gets all the tax instead
of sharing it with the domestic sugar interests, as is the
case with the import
tariff." Compare V. 104. p. 75.
franchise or good-will, and in addition
to assume all debts, lawful contracts, litigation,
&c., and to pay therefore
the sum of $21,000,000. in the manner following,
to-wit:
(1) BY issuing one[3100]share of the capital stock of the Greene Cananea
Copper Co. for each two shares of the capital stock of
Consolidated
company (par $10), exclusive of the stock of the companythe
held by the
Greene Cananea Copper Co.,fractions to be paid for at thethen
current market
price per share in New York of the stock of Greene Cananea Copper Co.
(2) By delivering to the company the receipt of the Greene Cananea
Copper Co. for the sum constituting its distributive share of said $21,000,000, which distributive part is and shall be such sum as the total of all
shares of the capital stock of the company held by the Greene Cananea
Copper Co. which will amount to, at the rate of $21 per share.
The Greene Cananea Copper Co. has an authorized capitalization of
$60.000,000 divided into 600,000 shares of the par value of $100 each. It
present issued and outstanding capital stock is 488,555 shares. It has no
debts, bonded or otherwise.—V. 98, p. 1611.
Harrison's, Inc., Phila.—New Officers.—
Lammot du Pont, Vice-Pres. of E. I. du
de Nemours &
as
been elected President to succeed Russell S. Pont
Hubbard, who retired.
Co.,'This
company recently succeeded to the business of
Harrison
Bros.
&
Co..
Inc.
See T. 104, p. 1148.
Holly Sugar Corporation.—Purchase.—
This company has purchased the Santa Ana Sugar Co. for about
$2.500,000. The company operates a 1.000-ton beet-sugar factory
at Santa
Ana.—V. 104. p. 1804. 456.
Hutchinson Gas & Fuel Co.—New Control.—
See American Power & Light Co. under "Annual Reports" above.
kgIndian
Refining Co.—Accumulated Dividends.—
A dividend of 54% has been declared on the pref. stock, on account of
accumulations,for the three quarters ended Dec. 15 1914, payable June 25
to holders of record June 9.
The company has subscribed for $100,000 of the Liberty Loan
and
will finance any subscriptions that its employees may desire bonds
to make.
—V. 104, p. 1707, 1595.
Indiana & Michigan Electric Co.—Stock Increased.—
This company's capital stock was recently increased from $3,500.000
to $5,000,000.—V. 99, p. 1532.
International Harvester Co.—Govt. Suit to be Reargued.
See Anti-Trust Litigation above.—V. 104, p. 1493, 768.
International Paper Co., N. Y. City.—Distribution to
Pref. Stockholders—Listing of Stock.—The Bankers Trust Co.
will, on June 1, begin delivering to the assenting pref. shareholders the stamped pref. stock certificates and also the additional stock and cash called for by the plan of Jan.31(V. 104,
p. 563) for discharging the 33M% of accumulated dividends
on the pref. stock,viz.: 73% in cash, 14% in 6% cum.pref.
stock and 12% in corn. stock. Pref. shareholders who have
not yet assented may participate by depositing their certificates on or before May 31.
The N. Y. Stock Exchange has accordingly agreed to list the following
amounts ofstock when and ifissued (but only on official notification
Fifth Avenue Coach Co., N. Y.—Earnings.—
of issue)
making the total stock listed and to be listed not to exceed $25,000,000
Net,after
Gross
Other
6 Mos. to
pref.
Interest
Balance, and $20,000,000 common.
Dec. 31— Earnings. Taxes Ac. Income. Charges. Misc.(net)
Prof.
Deduc.
Surplus.
shares
already
assented,
stamped
certificates
to
be
listed
$1,107,159 $319,004 $13,705 --def.310,809—
.119,021,700
1016
Remaining
outstanding
$321,899
pref. stock to be listed when assenting 3,385,000
819,666 229,282 17,763 $18,063 Cr.985
1915
230,967 Further pref. stock (making $25,000,000 outstanding) issuable
See Now York Transportation Co. below.—V. 99, p. 1370.
(along with $543,638 purchased)for aforesaid 14% distribution 2,593,300
Common
shares (making a total of $20,000,000 outstanding) to
Fort Worth Power & Light Co.—Annual Report.—
be issued in connection with said 12% distribution
2,557.200
See Amer.Power & Lt. Co. under"Ann. Reports"
The certificates of pref. stock will be stamped "All deferred dividends
above.—'.104.P.1595.
Fulton Iron Works Co.—Pref. Stock Sold.—Smith, accrued prior to Oct. 1 1916, paid in full." Compare V. 104, p. 563, 1697.
1902, 1707.
Co. St. Louis,
Moore &
:
have sold this company's $1,000,000
8% Cumulative Pref.(a. & d.)stock,par$100 to the Laclede
Steel Co. of St. Louis. Divs. Q.-M.
The stock is redeemable all or part, or through the
Sinking Fund, or
otherwise, at 110 and dividends. At no time
shall the net quick assets
fall below 80% of the Pref. stock outstanding. Annual
sinking fund of
10% of net earnings, after prof. dividends. No additional
l'ref. stock
can be issued, unless assets exceed 200% of the amount already
outstandissued.
No mortgage or prior lien
ing and that to be
without the consent
of 75% of outstanding Pref.
Data From Letter of Chairman J. F. O'Neil, St. Louis, May 15 1917.
Organization.—Organized in Dela., has acquired
the plant, &c., of the
Fulton Iron Works of Sc. Louis, Mo. The predecessor
company was
established in 1852, by Gerard B. Allen, and was incorporated
1871,
$250,000
fully
of
paid. In 1905 the presentinofficers
with a capital stock
took over the company. The plant advantageously located
on Delaware
St., near Plymouth St., St. Louis, was appraised as of Nov.
18 1916 at
$1,012,393.
Business.—Mainly manufactures cane sugar mill
machinery,
which
the
be
said
to
company
leader.
is
line this
By arrangement within
the firm
of Franco Tosi of Italy, builders of Diesel engines, the company
owns the
exclusive American rights for the manufacture and
d sale of these engines.
Capitalization (No bonds):
C
Authorized.
Outstanding.
8% Cumulative Preferred stock
$2,000,000
.301,ora0d
Common sto k (no par value)
40,000 shares. 40,00 shares
c
Assels.—Net tangible assets are about $2,000,000. Of this h
about
$1,000,000 is not quick assets, $140,000 Fulton Iron Works6%
been called for redemption Nov. 15 1917; funds to pay them bonds have
having been
deposited.
Earnings.—Average annual net earnings for the past five
years
are more
than $233,000. Earnings for 1916 were over eight times the
pref.dividend.
Management—J. F. O'Neil, Chairman; H. J.
First V.-Pros. of the Laclede Steel Co., of St. Louis,Steinbreder, formerly
Pres. Otherwise the
same as since 1905.
General Motors Corporation.— Manufactur
e of Tractors.
This company has arranged to enter the tractor
scale and has purchased the Samson Iron Works of field on an extensive
Stockton,
, which
already turns out about 18 tractors a week. The
interests
Cal'plan to
enlarge the facilities of this plant so that by Oct. 1 itnew
will be producing 15
sieve-wheel tractors daily, and erect three other similar plants in or near
Kansas Gas & Electric Co.—Annual Report.—
See Amor.Power & Lt. Co.under"Ann.Reports" above.—V.104,p.1595.
(S.H.)Kress & Co.—Listing ofPreferred and Common Stock.
—The New York Stock Exchange on May 23 listed both
classes of the company's outstanding stock. In this connection a very complete statement regarding the enterprise has
been made to the New York Stock Exchange. This state-ment will be found in full on subsequent pages. In addition
to showing the income account, balance sheet, &c., it describes the organization, business properties, &c. The company operates a successful chain of 130 5, 10 and 25-cent
stores, mainly in the South and Southwest. See offering of
stock, V. 102, p. 1990. Annual report, V. 104, p. 659.—
V. 104, p. 2015, 1902.
•
Lackawanna Steel Co.—Extra Dividend.—
An extra dividend of 2%% has been declared on the stock,
June 30 out of the surplus net earnings for the first two quarterspayable
of
year to holders of record June 15. In December last an extra of this
3%
was paid.—V. 104, P. 1493, 1049.
Laclede Steel Co., t. Louis.—Acquisition.—
See Fulton Iron Works do. above.—V. 104, p. 1804.
Lancaster Mills, Boston, Mass.—Dividends Resumed.—
A dividend of 3% has been declared on the $1,000,000, stock,
Juno 1 to holders of record May 22. This is the first payment sincepayable
1
1912. The company is said to have been going through a process ofMar.
financial and physical rejuvenation since the fall of 1913, when Lockwood, Greene
& Co. assumed the management.—V.90, p.
505.
Lawrence Mfg. Co.—Dividend Increased,
semi-annual dividend of 3% and an extra of 2% has been declared on
the stock, payable Juno 1 to holders of record May 22. In December last
a semi-annual dividend of2 % was paid,comparing with 2% in June 1916.
—V. 102, p. 2345.
[vol.,.
THE CHRONICLE
2122
104.
Net operating profit, $1,502,833, less interest, $5,257; balance.._31,497,576
156,444
Depreciation of plant and equipment
1915.
Cal. Years- 1916.
Net profit, exclusive of tax on excess profits (estimated for the$1,341,132
Gross earnings$1,519,386 $1,417,864 Deprec'n&can- $592,710 $531,098
celed leases_
four months under existing laws at about $73,000)
Oper. expens.,
340,760
325,000
427,513 Dividends _ _
"No reservation has here been made in respect of proposed taxes now
taxes & mt..377,961
115,196 under discussion.
192,720
3,297 Bal., surplus_
30,996
Miscell. chges.
"The company will hereafter publish quarterly statements of net earn-V. 104, p. 1049.
ings. The first such statement will be published after the July meeting
MacAndrews & Forbes Co., Camden, N. J.-Report.- of the directors and will cover the three months from April 1 to June 30.
1913.
1914.
-V. 104, p. 957.
1915.
1916.
Calendar Years$488,829
$621,874
Net domestic profits_ _13574,796
384,129
Portland Gas & Coke Co.-Annual Report.322,050
Net foreign profits_ _ _ _ }a$1,357,592 f 486,514{
29,586
25,457
See Amer.Power & Lt. Co. under"Ann. Reports" above.-V.104,p.1596
Divs. & int. received_ ..)
.$902,544
Potomac Electric Power Co., Wash., D. C.-Bonds
$969,381
$1,357,592 $1,061,310
Total profits
69' debenture
$176,764
$175,027
This company is offering $750,000 General Improvement
3168,936
Pref. dividends (6% )-- $168,936
, additions, betextensions
for
only
be
used
to
00
proceeds
the
00
(10)300,0
1915,
of
(10)300,0
0
bonds
10)375,00
Common (cash) divs_ (173•6)700,000*(
Washterments, &c. These bonds are guaranteed prin. and int. by the
the
$425,780 ington Ry. & Electric Co. The company has been authorized by
$494,354
$517,374
$488,656
Balance, surplus
bonds.
these
of
0
$1,127,00
sell
to
Columbia
after
of
&c.,
Dist.
the
of
board,
box
,
on
U.
P.
dyewoods
Commissi
a Total net earnings from sale of licorice,
bonds,
5%
Mtge.
First
0
$1,700,00
ng
The company has now outstandi
deducting all charges and expenses of management.stock div. of 33 1-3%
bonds, mamaturing June 11929, and $5,300,000 Consolidated Mtge.0 59'
* In addition the co. paid June 15 1915 a common
of the Consol.
turing July 1 1936, and holds in its treasury $1,700,00
on the $3,000,000 common stock, calling for $1,000,000(V. 101, p. 1835).
It also has
maturity.
upon
bonds
Mtge. bonds to take up the First Mtge.
Balance Sheet Dec. 31.
outstanding $6,000,000 capital stock.
1915.
1916.
Years.
Calendar
for
Interest
1915.
1916.
Gross Receipts and Net Income Available for
$
1914.
1915.
LiabilUtes-1916.
Assets-Calendar Year2,815,600
4
2,815,600
$2,054,07
2
stock
Preferred
$2,191,39
3.
$2.432,47
machinreceipts
Real estate,
954,021
4,000,000 4,000,000 Gross
stock
1,016,793
1,114,478
interest
for
Net
ery, good-will, &c..4,670,960 4,519,119 Common
pay__ _ 425,809 368,075
on outstanding bonds, including the $750,000
charges
interest
Material, supp., &c_4,220,366 3,507,897 Bills & accts.
Annual
accts. _ 228,076 180,510 debenture bonds now offered, amounts to $395,000.-V. 104, p. 2016.
Stocks and bonds_ __ 313,734 252,165 Sundry prov.
998,117 1,130,043 Depreciation reserve 1,316,749 1,172,579
Cash
242,234 142,234
Pure Oil Co.-Possible Sale.Bills & accts. receiv_ 452,551 408,379 Provision for divs__ _ 1,627,259
1,138,603
Surplus
See Ohio Cities Gas Co. above.-V. 104, p. 1707, 957.
10,665,727 9,817,603
Total
10,665,727 9,817,603
Total
Regal Motor Car Co., Detroit, Mich.-Pref. Stock
-V. 104, p. 1903.
on.-L. N. Rosenbaum & Co., N. Y., holders of 43()
ngs.Lone Star Gas Co., Dallas, Tex.-Earni
1916.
1915.
Massachusetts Gas Co.'s.-Sub Company Dividend.Massey-Harris Co., Ltd., Toronto.-New Directors.-
See New England Coal & Coke Co. below.-V. 104, p. 1805, 1049.
Protecti
shares of the pref. stock on May 21 1917 addressed the preferred stockholders in substance as follows:
the
seriously affect
Developments have occurred which, in our opinion, action
be taken for
rights of the pref. shareholders. It is important that
advise that all sharethe protection of our interests, and we therefore
authority to
us
giving
stock,
pref.
of
-Sale.
shares
Co.
Coal
their
us
nts
Mercha
holders deposit with
, the costs to be pro rated.
act for the protection of all stock so deposited
See United Coal Co. below.-V. 102, p. 1253.
that the company has ample going assets
le
indisputab
is
it
believe
We
worth par,
d Increased.Montana Power Co.-Common Dividen
which under proper management should make the pref. shares
on the common stock, but which the present management has permitted to deteriorate to an alarmA quarterly dividend of 1 3j% has been declared
quar1%
with
compares
This
15.
June
2016.
p.
record
104,
of
ing extent.-V.
payable July 2 to holders
on the pref. stock was
terly since July 1916. The regular quarterly 1Y,%1707,
onal Stock.1487.
also declared payable the same date.-V. 104, p.
Salem (Mass.) Gas Light Co.-Additi
on on May 23 authorized the
The Mass. Gas & Electric Light Commissi
Co., Inc.-Initial Dividend. company
shares of stock to its stockholders at
additional
National Conduit & Cable
3,100
issue
to
the
An initial quarterly dividend of $1 per share has been declared on
1903. $130 per share.-V. 77. p. 352.
stock, payable July 16 to holders of record June 15.-V. 104, p. 2015,
A. S. Patterson and Vincent Massey are now directors.-V.97, p. 1587.
Sinclair Gulf Corporation.-Bonds All Paid.-
National Malleable Castings Co.,Cleve.-Stock Increase.
e."
See Freeport & Tampico Fuel Oil Corp. In last week's "Chronicl
page 2014.-V. 104, p. 1904, 1805.
The shareholders will vote on June 26 on increasing the authorized capital
stock from $8,000,000 to $10,000,000, par $100.-V. 92. p. 730.
d Coal & Coke Co.-10% Dividend.-
New Englan
by the MassaThis company, all of whose 31,500,000 stock is owned
of 109" on its stock
chusetts Gas Companies has declared a dividend
payable May 31 to stock of record May 29.-V. 99, p. 1455.
New Bedford Cordage Co.-Stock Dividend.-
The directors have voted to recommend to the stockholders the increase
in common stock from $200,000 to $400,000 by a stock dividend of 100%.
-V. 83, p. 1174.
New York Transportation Co.-Earnings.Gross Inc. Int.,&c.,
Six Months to
Rentals(Net) Received.
Dec. 31$32,424
$27,174
1916
33,212
25,350
1915
-V. 104, p. 1805.
, Ltd.-Common Dividend Resumed.-
Smart-Woods
common stock, payable
A dividend of 1 4% has been declared on the
is the first payment on this stock
June 1 to holders of record May 26. This-V.
103, P. 2348,
since April 1 1914, when 1% was paid.
Expenses Misc. (net) Balance
et Taxes. Deduc'ns. Surplus.
$26,007
$19,049
$14,542
45,553
1,727
11,282
Ohio Cities Gas Co.-Earnings Year end. Mar. 31 1917.
a$5,740,047
Gross earnings (including oil-producing properties)
a3,740,467
Net earnings after oper. exp., refin, costs, ord. repairs, &c_.
$129,632
Deduct-Interest and amortized note discount , $1,181,783_ _ 1,516,359
dividends
common
$334,576;
,
Preferred dividends
$2,094,476
Balance, surplus, for year ending March 31 1917
from Gunsburg & Forman
a Includes earnings only from Dec. 18 1916), exclusive of departmental
purchases (Oklahoma Oil Producing PropertiesDepartme
nt of the Interior,
the
by
1917
leases, approved since March 31
Ardmore refineries.
and also 4 months' earningsonly of theInternationai and
-New Officers.-
Solvay Process Co.
Solvay Co., has been elected
Edward L. Pierce, Vice-Pres. of the Semet the
late Frederick R. Hazard.
President of the Solvay Process Co. to succeed
. to succeed R. G. Hazard, who
Nathan L. Miller has been elected Vice-Pres
p. 1805.
104,
-V.
Board.
the
of
has been made Chairman
Southwestern Power & Light Co.-Annual Report.
.104,p.1597.
See Amer.Power & Lt. Co.under"Ann. Reports" above.-V
Electric Co.-Bonds Redeemed.-
Standard Gas &
sinking fund $975,500 conThis company has canceled through the
due 1926, making the total amount
vertible sinking fund 6% gold bonds,19
sinking fund or otherwise
the
by
of these bonds redeemed up to May
-V. 104, p. 1597, 1495.
$4,369,500 and leaving $5,930,500 outstanding.
Co., Inc.-Dividends.-
Standard Oil Cloth
dividends payable July 2 to
The directors have declared the following
Class "A, quarterly dividend
holders of record June 15: Pref. stock,
dividend No. 12, 1(%;
quarterly
"B,"
Class
stock,
No. 12, 1,(%; pref.
common stock, dividend No. 7, 1%.-V. 104, p. 1050.
Standard Tire. & Rubber Mfg. Co. (Willoughby,
CleveOhio).-Pref. Stock Offered.-The Clark-Sabin Co., Cumuland, Ohio, are offering at par and div. $350,000 7%
(including subsidiaries). lative Pref. (a. & d.) stock tax-free in Ohio, par $100, div.
Earnings.-For the month of AprilApr.
'17. Apr.'16. Increase.
shows:
$224,191 $611,773 quarterly. A circular
$835,964
s
1919 at
all companie
Total earnings of
Net (after exp.& taxes, Ohio Cities G. Co.)_ 802,824
217,068
585.756
of the Pure Oil Co.Proposed Plan for the PurchaseMay
24 are reported to have voted
The directors at an informal meeting and business of the Pure 011
for a resolution to purchase the assets
(par $5) for the $4,535,245
Co. on the basis of a payment of $25 a share
ng on Dec. 31 1916 $101,500
common stock. There was also outstandi
Co. directors will submit the
pref. stock. It is stated that the Pure 011
The purchase plan, in addition
proposal to stockholders in a few days.
Pure 011
to the payment of cash for the stock, provides for subscription by
stockholders for Ohio Cities Gas shares. V.
p. 1805.
104,
957.1-V.
In
104,13.
Co.
Oil
Pure
the
of
report
(See annual
Old Ben Coal Corp., Chicago.-Stock Increase.-
as successor to the
This company, recently incorporated in Delaware
d capital from $6,531,original Old Ben Coal Co., has increased its authorize
bonds were offered
The
0.
to
$7,000,00
pref.)
is
0
000 (of which $4,000,00
by Cassatt & Co. See V. 103, p. 325, 243.
Owens Bottle-Machine Co.-Sale of Stock to Employees.An official statement says in substance:
articles of incor-
ers, the
In March 1916, with the approval of stockhold
of not to exceed $1,500,000
poration were amended so as to permit the sale sale
of which it is necessary
common stock to certain employees, before the
. The necessary application
to list the same on the N. Y. Stock Exchange
$500,000 par value
than
less
has been made. It has been decided to offer
officers or large stockholders) at
to about 125 employees (not executive
plus additional
ers,
stockhold
to
offered
the same price as stock was last
a term of years.
book value, conditioned on approved service contracts for
1903.
-V. 104, p. 2016,
Pacific Power & Light Co.-Annual Report.596.
People's Gas Light & Coke Co., Chicago.-Bonds.-
See Amer.Power & Lt. Co.under"Ann. Reports" above.-V.104,p.1
on for authority
This company has applied to the Illinois P. U. Commissi
p. 1596, 1049.
to issue $250,000 Gen. & Ref. Mtge. bonds.-V. 104,
.
Pierce-Arrow Motor Car Co.-Initial Common Dividend
on the
-A dividend of $1 25 per share has been declared
1 to holders
250,000 shares of common stock, payable Aug. on
the pref.
of record July 14. The regular quarterly 2%
stock was also declared, payable July 2, to holders of record
June 15.
23 1917
Fixs W. C. Wrye, Treas.,in a letter datd Buffag,1Y..WaN
after
reports:
its, show:
aenssglacLVae.Cept _ax on excessprof
date after Dec. 31
The stock is redeemable on any dividend
Dec. 31 1919, the company sets aside
$110 and dividends. Beginning
Pref. stock.
25% of net earnings to retire the tion
(No Bonds or Mtges.)
Outstanding Capitaliza
Preferred stock (this issue)_3350,000
Com. stock, outstanding_3400,000 Iplaced,
nor may any stock be issued
No mortgage or other lien can beexcept with
the consent of 75% of the
prior or on a parity with this issue
pref. stock outstanding.
a large and modern factory. The company
Plants At Properties.-Ownsby
its "Cleveland-Standard" tires and tubes,
n
has established a reputatio
"Velvetread" tire and "Willow" tube, together
also manufactures the of
l rubber products. The proceeds of
mechanica
line
grade
high
a
with
to strengthen the working capital and for
this preferred stock will be used
betterments and extensions.
ending Mar. 31 1917, show net profits
Earnings.-The three months
dividend requirements. Orders now booked
equal to 43-i times the pref.
year.
to take the entire production for over areflect
are more than sufficient sheet
the
as of Mar. 31 1917, adjusted to
Assets.-The balance
share of
each
for
of
$200
over
assets
net
present financing, shows total
comThe
share.
assets of over $100 for each
pref. stock, and net quick net
assets equal to 200% and net quick assets
pany must maintain total outstandi
ng.
of 100% of the pref. stock
V.-Pres.; Perry Narten,
Officers.-Pres. M. J. Gillen; D. 0. Summers,
Sec'y.
is
Treas.; Charles H. Shaw
Standard Screw Co.-Death of President.Cleveland.-Stock
(F. B.) Stearns (Motor Car) Co.,
nd and ColumClevela
Co.,
Milliken
E.
James
Offered.-The
to net 6.93%
101%
of
basis
the
on
offering
are
bus, Ohio,
$350,000 7%
shares,
common
the
for
115
and
pref.
for the
0 common
$150,00
and
stock
d.)
&
(a.
Pref.
ive
Cumulat
circular shows:
A
-J.
Q.
Divs.
$100.
value
par
stock,
the normal Federal income tax.
19.-V. 104, p. 1904, 1050.
President Walter B. Pearson died on May
The stocks are free from Ohio taxes andon any div, paying date at $110,
Preferred stocks redeemable, all or npart,
beginning Jan. 1 1920, and yearly
with div. Compulsory redemptio
the largest amount of pref. stock (a) outthereafter of not less than 8% of
Pref, stock votes equally
purchase.
or
n
standing, either by redemptio
n indefault of any pref. div. (b) redemptio
with common in case of of
No bonds or equal or
as
required.
assets
ce
stallment (c) maintenan
l
ng.
Additiona
outstandi
pref.
of
of 75%
prior stock without consentrestrictio
ns.
pref. stock issuable under
Outst'd'g &;to
be Issued.
Authorized.
Capitalization (No Bonds)$500,000
$750,000
Preferred stock 7% cumulative, $100 par
1.000.000
1.250.000
Common stock. $100 par
MAY 26 1917.1
THE CHRONICLE
Extracts From Letter of Pres. F. B. Stearns, Dated April 26 1917.
Organization.-Established in 1896 and incorporated in West Va. In
1902 the company incorporated in Ohio, with a capitalization of $200,000,
this was increased in 1912 to $400,000, of which $242,000 was issued. The
company,one of the pioneers of the industry, was the first to use the Knight
motor. The company has always been a close corporation and owns its
property, ideally situated. This real estate is appraised at a value of
$328,000 on the land alone. Employees number about 1,000.
Our license to manufacture the Knight type of engine [using "sleeves"
instead of valves] while considered a very valuable asset, has not been
capitalized on the books.
Dividends.-For the past eight years the company has paid an average
5 % yearly in cash dividends, and in addition, during
of 9%
eleven years
has accumulated a surplus of over $1,000,000 which averaged 38% Per
ann. on capital. By a stock dividend of 210% capitalization was brought
to about $750,000. Stockholders are purchasing additional $250,000
which, with the $500,000 now offered, will make the outstanding capital
$1.500,000, with net assets in excess of $2,000,000, without
any valuation
on patents, good will, or on license to manufacture the Knight
type of
engine.
Assets -The company shall maintain net quick assets of not less than
125% and total net assets of not less than 300V of pref. outstanding.
With the proceeds of this issue, the company will have
assets, excl. of
patents, good will, &c., of over $400 for each $1.00 of net
pref.
of the
$500,000 outstanding and book value of over $150 per share on stock
the common
stock.
Profit.-For 1916 was $193,760, after deducting interest charges.
Officers and Directors.-F. B. Stearns (Pres.), W. P. McGuire VPres.), Detroit, Mich; E. McEwen (Sec'y. & Treas.); L. M. Sanford.
(Gen. Mgr.); C. A. Blake (Super.); Philip Wick, Pres. Youngstown Securities Co., Youngstown, 0.; Thos. L. Robinson, Pres. Republic Rubber
Co., Youngstown. 0.; Roy F. York, Pres. Stearns
Sales Co.; A. W.
Thompson, Pres.'Wilson Transit Co.; S. H. TellesMotor
and
C. Hyatt of
Tolles, Hogsett, Ginn & Morley,all of Cleveland, exceptRoger
as noted.-V. 98.
p.' 160.
Superior Steel Corp.-Operations.-Pres.E.W. Harrison
has made the following statement:
2123
United Shoe Machinery C orp.-Reargument-Report.--
See "Reports" on a previous page and "Anti-Trust Litigation" above.
A meeting of the stockholdersmiled for May 22 to complete the merger
of the United Shoe Machinery Co.,the operating company,with the
United
Shoe Machinery Corp„ the holding company, was adjourned for a
without action owing to a temporary injunction obtained by Charlesweek
M.
Brugler of Lakewood, holder of a small amount of the pref. stock of the
operating company.-V. 104, p. 869.
United States Steel Corp.-Reargument-Shipbuilding.
Chairman Gary is quoted as follows regarding the order
of the Supreme Court for a reargument"of the anti-trustsuit.
I do not credit the report that the Court intends
postpone a decision
in the case until after the war, or beyond the time to
for full argument and consideration of the questions involved. required
Naturally
we are anxious to have an early decision and regret the delay incident to a reargument.
However, in the meantime, we shall proceed to enlarge our productive
facilities to meet the requirements of the Government to the utmost
of
our ability.
Shipbuilding Plant for the Construction of Steel Vessels.
This company,through its subsidiary, the American Bridge
has purchased 60 acres of land in the Hackensack (N. J.) MeadowsCo.,
on
Newark
Bay, and contemplates the construction of steel barges and possibly
later
steel vessels ranging from 5,000 to 8,000 tons dead
weight.
See Anti-Trust Litigation above.-V. 104, p. 1904,
1806.
Utica(N. Y.) Steam & Mohawk Valley Cotton Mills.-
The shareholders voted May 17 to increase the authorized
capital stock
from $2,500,000 to $5.000,000, par $100. Shareholders
were given the
right to subscribe to $500,000 new stock on the basis of 20%
of present
holdings. George De Forest is Pres. Compare V. 104, p. 1708.
Virginian Power Co.-New Notes.-
The $360,500 convertible 6% gold notes, which mature on June 1 1917,
are being retired through the issuance of $750,000 convertible 6% gold
notes
dated Juno 1 1917, due June 1 1919. Interest J. & D. at office of A.
B.
Leach & Co.,62 Cedar St., New York. The New York Trust Co., trustee.
Authorized, $750.000. Normal income tax deducted from interest.
All the plants are running at top-notch. May,from present indications,
gives promise of returning the largest net earnings
any month in the
history of the company. They will undoubtedly for
exceed March 1917,
which was the previous best month, when net earnings
Earnings.-For cal. year 1916 (see "Railway Earnings
were $362,000.
only
is the company well intrenched as far as business
Not
goes, but it is Department" on'a previous
also well provided for with raw materials. We have already
page).
sufficient materials at advantageous prices to keep us operatingpurchased
Gross
earnings
$424,951IBond interest
until the
$194.833
first quarter of 1918. [No decision has been reached as to distibution
Net, after taxes
of
193,638
Other interest
32,414
surplus earnings now accruing, whether they should be used as dividends Other income
21,210
deficit
12,398
See map in "Ry.& Ind. Section" onBalance,
on common stock or in the retirement of the pref. stock.]
page 201.-V. 103, P• 330.
See official statement to N. Y. Stock Exchange in V. 104, p. 1917.
Washington (D. C.) Gas Light Co.-Bonds.104, p. 1904, 1806.
The P. U. Commission of the District of Columbia
has authorized the
Tennessee Copper & Chemical Corp.-Listed.Issuance of $478,000 50-year
bonds to reimburse the company for imThe New York Stock Exchange has admitted to list common stock trust provements, betterments and5%
additions prior to 1917.-V. 104, p. 2016.
certificates for 358,624 shares, without par value, on official notice of issuance, in exchange for outstanding temporary common stock trust certifiWauregan (Conn.) Co.-Stock Offered.-Richardson,
cates, with authority to add on or before Jan. 11918, common stock trust Hill &
Co. are offering a block of 0% corn. stock, par $100.
certificates for 41,376 shares, without par value on official notice of issuance in exchange for outstanding common stock, making the total amount Divs. Q.-J.
authorized to be listed. Common stock trust certificates for 400,000 shares
Capitalization authorized and outstanding: Common stock. $600,000
ofcommon stock. See Tennessee Copper Co. below.-V.104, p. 1904,1708. 7%
Pref. stock, $500,000.
Tennessee Copper Co.-Bonds Listed, &c.Data (Largely)from Letter of Gen. Mgr. J. Arthur Alwood,Oct.30'16
The New York Stock Exchange has admitted to list $2,000,000 First
Organization.80c.-Organized in 1899 in Connecticut to acquire the assets
of Wauregan Co.,established in 1853. The property consists of two miles,
M. 10-year Convertible Sk. Fund 6s, Series "A, due Nov. 1 1925.
The company's balance sheet of Dec.31 1916 shows that of the authorized each 500 ft. by 60 ft. Operated by water-power developed to 1,550
h. p.
issue of $3,000,000 1st M. 6s, $2,400,000 have been issued, of which in water wheels; auxiliary steam engine 1,000 h.
$400,000 Series "B" bonds are pledged as collateral. Since that date an
Business.-Product is varied, although mainly
p. in Madras shirtings.
additional $600,000 bonds (Series 13), being the balance of the issue of There are 1,54840-in,looms,of which 880 are equipped
with fancy dobbies,
$3,000,000, have been pledged as collateral, making $1,000,000 so pledged. the balance, consisting of 400 Draper looms and 268 plain
looms, all looms
On May 1 1917 191,498 shares, par $25. representing $4,787,45() of the being equipped with warp stop motion. There
total of 59,160 spindles.
$5,000,000 stock of the Tennessee Copper Co., were held by Tennessee 37.896 frame spindles and 21.264 mule spindles.is a
The
company
spins about
Copper & Chemical Corp., at present a holding company (see above).
2,000,000 lbs. of yarn and weaves about 9,000,000 yards of goods a year.
Since Jan. 1 1917 the International Agricultural Corporation's claim and The balance spun but not woven is sold.
the suits of William H. Stiner & Son and the By-Products Re-Claiming
Earnings.-Earnings for the calendar year 1916 applicable to dividends
Corporation have been compromised and settled. The balance sheet of on the common stock were $116,073,
equal to 19.34%. For the 10-year
Dec. 31 1916 shows: Contingent liabilities, $1,140,000, as reserve
possi- period ended June 30 1916 average earnings were $105,000. The company
ble liability under Russian contract, which is disputed (compare for
has
expended an average of $45,000 a year on improvements, and has paid
earnings,
caption
under
Tennessee
&c. for 1916
Copper & Chemical Corp. in V. 104, dividends yearly since its incorporation in 1899 of 6%
on its capital stock.
. 1'708).-V. 103, p. 2083.
p
Balance Sheet as of Dec. 30 1916.
Texas Co.-Increase in Capital Stock.Assets
(Total,
$1,354,575)This company, according to notice received by the New York Stock Real estate and machinery
$600,000
Exchange late yesterday proposes to increase its authorized
Cash, $85,659; accounts receivable, $174.582; supplies, $29,392;
from $55,500,000 to 369,375,000.-V. 104, p. 1392. 1270. capital stock
cotton and stock in process,$274,462; cloth. $186,009; Wauregan store, $4,470: total
Texas Power & Light Co.-Annual Report.754,575
Liabilities (Total, $1,354,565)See Amer. Power& Lt. Co.under"Ann.Reports"above.-V.104,p.1597.
Common, $600,000; preferred, $500,000
$1,100.000
Toronto Paper Mfg. Co., Ltd.-Extra Dividend.Notes payable,$125,000;accounts payable,$20,488;labor,$4.594 150,083
An extra dividend of 2% hai3 been declared on the stock along with the Reserve for depreciation. $18,334; profit and loss $86,158
104,492
regular semi-annual 3%, both payable July 3 to holders of record
(and Officers.)-Frank A.Sayles, SaT
,
Ies Bleachery, Saylesville,
June 23. R.Directors
-V. 104, p. 1806.
I.; Charles B. NViggin, V.-Pres. Merchants at. Bank, Boston
(Pres.);
Elliot
S. Emerson, Richardson. Hill & Co.', W. Irving Bullard, V.-Pres. &
Trussed Concrete Steel Co., Youngstown, Ohio.- Gen. Mgr.
of the E. H.Jacobs Mfg. Co., Danielson, Conn.; A. Lockwood
Stock Increase-Subscriptions.Danielson. Treas. & Sec. of Quinebaug Co., Danielson.
Conn. (Treas. &
voted
to
May
16
stockholders
on
increase the authorized pref. stock Sec.); J. Walter Atwood, J. Arthur Atwood Jr. (V.-Pres.); J. Arthur AtThe
from $1,000,000 to $1,500,000, the shareholders having the right to sub- wood, Treas. Ponemah Mills. Taftville, Conn.(Asst. Treas. & Asst. Sec.)
scribe on or before June 1 for the new stock at $10 (par) per share.
Western Power Corp., N. Y.-Combined Earnings.The entire issue of pref. stock is to be reissued on certificates providing
Gross
for the redemption value of shares on the basis of $11 instead of $10 50 per Calendar
Net. after
Other
Interest Preferred
Net
Year- Earnings. - Taxes.
share as heretofore.-V. 103, p. 2348.
Income. Charges. Dividend. Income.
1916
___.$3,743,346
$2,404,865
$108,392
$1,684,969
$432,920 a$395,367
(Mass.)
Falls
Power & Electric Co.Turners
1915 ___ 3,038,205 2,082,865 208,092 1,372,265 150,000 768,692
Preferred dividends as above in 1916 include $281,575 paid on Western
New Steam Generating Plant.This company, it is stated, has purchased 40 acres at Chicopee Junction, Power Corp. pref. stock, $1,345 paid on Western Power Co. pref. stock
MOSS. and will erect a reify steam generating plant to cost upwards of and $150,000 on California Electric Generating Co. pref. stock.
a After crediting in 1916 $320,276 sinking fund appropriations and
$1,500%000 and have an initia capacity of 40,000 h. p. Ultimate capacity
$342,291 miscellaneous additions, and deducting $1,261,967 miscellaneous
80,000 h. p. Is planned for.
deductions, the balance, deficit was $204,032, comparing with a surplus
See Springfield Street Ry under RR's above.-V. 100, p. 738.
of $563,011 in 1915.-V. 102, p. 1168.
Union Bag & Paper Corp.-Combined
ending April 30 1917.-
Earnings-3 Mos.
Net earnings, after deducting ordinary repairs and maintenance.._$863,722
Deform,$83,061; int, on bonds,$67.972; res've for taxes, $90,000- 241,033
Balance for 3 months ending April 30 1917
*$622.689
*This amount is more than sufficient to take care of full dividend requirements for the entire current year.
St.
the
Maurice
of
earnings
Paper
net earolo
The
Co., Ltd., aro not included in
the
above
ga.-V. 104. P. 1495, 1260.
United Coal Co. of Pittsburgh.-Acquisition.-
This company contemplates purchasing the properties of the Merchants
Coal Co. of Pennsylvania, having, it is understood, obtained control of a
majority of the bonds. The Merchants Co. property is advertised to be
sold June 12 1917 by order of the United States District Courtfor the
Western District of Pennsylvania.-V. 104. p. 262.
United Fruit Co.-New Director.-
George C. Lee, of Lee, Higginson & Co. has been elected a director to
succeed Hugh G. Levick, resigned.-V. 104. P. 958.
United Paper Board Co., Inc.-Common Stock Listed in
New York-Earnings for Nine Months.-
Wisconsin Edison Co., Inc., N. Y.-Earnings.-The
North American Co. reports:
-Month of April- 12 Mos. end. April 30
Earnings Wisconsin Edison
Inc. over
Inc. over
Subsidiaries1917.
1916.
1916-17.
1915-16.
Operating revenues
$957,507 +18.99% 510.841,751 +18.79%
Net earnings
$308,037 -2.47%
$4,108,535 +9.09%
Bal. available for Wisc. Edison
Co. and deprec. of sub. cos_$153 256 -15.33%
52,465,428 +15.17
Depreciation
-}lot stated- $1,105,_274 +19.59%
After deducting interest, taxes and other expenses of the Wisconsin
Ed!son Co., Inc., the balance for the year 1916-17 is equivalent
to $4 20 per
share on its stock, against $3 74 per share for 1915-16.-V. 103,
p. 2245.
Wright-Martin Aircraft Corp.-Directors, Etc.-
G. H. Houston and R. E. Graham, of Goethals, Jamieson, Houston &
Jay, Inc., have been elected directors. Mr. Houston has also been
elected
Vice-President and General Manager.-V. 104, p. 1919, 1392.
York Mfg. Co.-Extra Dividend.-
An extra dividend of $1 per share has been declared on the stock in addition to the regular semi-annual $3 per share, both payable June 1 to holders
of record May 25. A like amount was paid in Dec. 1916.-V. 99, p.
1683.
The Now York Stock Exchange has listed permanent engraved interchangeable certificates for $9,186,400 common stock on
CURRENT NOTICE.
issuance in exchange for present outstanding certificates. official notice of
Income Account for Nine Months ending Feb.24 1917.
interesting
-An
little
Total sales
pamphlet from the pen of Luigi Criscuolo, statisDividend.
8
46,
$5
0
2
3
1,343 395
3%,
pref_.... $51,814 tician for Redmond & Co.
of this city, is being circulated under the title of
Net, after expenses
"Our War Financing." The subject is dealt with by Mr. Criscuolo
Interest charges
Surplus
20,696
in a
*1,270,885 concise and forceful manner. A complimentary
copy will be mailed on
request.
$1322,699
Net profit
The company charges off depreciation at end of fiscal year. During the
-Baker, Carruthers
15 Broad St., N. Y., have issued a booklet
present year, the company contemplates that substantial sums will be in which are grouped & Pell,
investments for savings banks in every State
charged for depreciation, reserves and extraordinary repairs. See "Annual of the United States.legal
This firm will be glad to mail a copy of same
on
V.
in
103,
1915-16
p.
755.-V. 104, p. 1904, 769,
Report" for year
request.
THE CHRONICLE
2124
Agaves
[VOL. 104
Daum-tents.
anti
GREAT NORTHERN RAILWAY COMPANY
DECEMBER 31 1916.
TWENTY-EIGHTH REPORT-FOR THE SIX MONTHS ENDED
To the Stockholders:
The Board of Directors submits the following report for
the six months ended December 31 1916:
CAPITAL STOCK.
There was no change during the six months in amount of
authorized share capital; same remains at $250,000,000 00.
Of the capital authorized, there had been
$249,476,850 00
issued to June 30 1916
which remains the same on December 31 1916,
and which is represented by:
$249,466,400 00
Stock certificates
Full-paid subscription receipts to $19,000,000 issue, not at
152 00
that date surrendered for exchange into stock certificates
10,298 00
Scrip, full-paid
$249,476,850 00
Total
There remained unissued December 31 1916, 173/i shares
of Great Northern stock for acquiring 14 shares of The St.
Paul Minneapolis & Manitoba Railway Company, of which
10 shares are in the Treasury of the Company and 4 shares
still outstanding; also under the $19,000,000 00 issue, 14
shares not paid in full and 5,200 shares not as yet offered for
subscription by the Company.
BONDED DEBT.
The balance sheet on a subsequent page gives amounts of
bonds outstanding December 31 1916. A comparison with
the figures of June 30 1916 follows:
charged to "Cost of Road." Of the total, cost of Betterments, $2,180,347 15, was paid from and debited against
the "Fund for Permanent Improvements and Betterments"
and was credited to "Cost of Additions and Improvements
made to the property of the Great Northern Railway Company and paid for from 'Fund for Permanent Improvements
and Betterments,'" This permanent Improvement Fund
was credited ,987 99, net proceeds from sale of town lots
and lands not forming a portion of the railway property or
land grant.
This Company has purchased, at par, $75,000 00 of the
capital stock of the Great Falls & Teton County Railway
Company. It also has subscribed, at par, for $700,000 00
of the capital stock of the Montana Eastern Railway Company, paying 10% thereon, making the total amount of
that Company's capital stock subscribed for to date, $6,850,000 00.
The Company's investment in Canadian Companies, on
account of advances made to pay for property, construction,
additions and betterments, has been changed during the
period, as follows:
Midland Railway Company of Manitoba
Manitoba Great Northern Railway Co
Brandon Saskatchewan & Hudson's Bay Railway Co
Crow's Nest Southern Railway Co
Nelson & Fort Sheppard Railway Co
Vancouver Victoria & Eastern Railway & Navigation Co
Total
Cr.$4,757.50
3,092 65
642 16
1,177 65
1,558 92
254,949 62
$256,663 50
The property investment of the Minneapolis Western Railway Company was increased $6,289 93, and of the Duluth
Outstanding in hands of
Railway Company, $922 89, by expenditures for
-$40,242 42 Terminal
$143,235,515 16 $143,275,757 58
the Public
additions and betterments.
(See detail list on a subsequent page.)
The Bedlington & Nelson Railway Company in August
Held in the Company's
abandoned its line of railway,
39,856,393 93 37,482,151 51 +2,374,242 42 1916 removed the track and
Treasury
+500,000 00 extending from the International Boundary to Wilkes, B. C.,
500,000 00
Held in Pension Fund
Held by Mortgage Trusa distance of 12.04 miles.
14.106,000 00 14,106,000 00
tees
The Watertown & Sioux Falls Railway Company, the
$197,697,909 09 $194,863,909 09 +82,834,000 00 acquisition of which was mentioned in the last report, is
Totals
operated as a separate property, and no figures or statistics
The decrease in amount of bonds outstanding in hands of relative thereto are included in the tables of this report. The
caused
was
Public
the
gross operating revenues and other income for the six months
by redemption, through operation of the Sinking Fund as
$29,000 00 ended December 31 1916 were $166,530 59, and the operatper table on a subsequent page, of
Railway
&
Manitoba
par value, The St. Paul Minneapolis
ing expenses, taxes and other deductions from gross income
Company Consolidated Mortgage Bonds, of which $11,were $111,284 52, leaving $55,246 07 as the not income for
000 00 were 4%% and $18,000 00 were 4% bonds;
by purchase of £38,000,face value, of The St. Paul Minneapperiod. This Company's investment in the Watertown
the
olis & Manitoba Railway Company Pacific Extension Mort& Sioux Falls Railway Company on December 31 1916
gage 4% Bonds, same being held in the Treasury of the
184,242 42 amounted to $1,152,887 28.
Company
The field work in connection with the Federal Valuation
$213,242 42
Less-sale of the Company's First and Refunding Mortgage
of this Company's property has been completed. Much
00
173,000
value
par
of
"A,"
Series
4%,
Gold Bonds,
remains to be done before the final figures are determined.
$40,242 42 This Company's expenditure to date, in connection thereNet decrease
with, has amounted to approximately $573,000 00.
The increase in bonds "Held in Treasury" was caused
A pension system, to which brief reference was made in
MortRefunding
and
First
Company's
the
of
issuance
the
by
last report, was put in effect on September 16 1916.
the
00
value
$2,863,000
par
%,of
gage Gold Bonds, Series "A,"
Certain securities, owned by the Company and held in its
These bonds were issued in accordance with the terms of
the mortgage, against the acquisition of the following shares
treasury, have,been set aside to form the pension fund,
of stock:
the income from which will be used in paying the pensions
Lake Superior Terminal & Transfer By. Co. $4,600 00 (46
shares),
as provided in the plan. The number of pensioners on the
shares)
00
(28,600
Co.,
$2,860,000
Equipment
Great Northern
rolls on December 31 1916 was 57 and the amount expended
by the purchase of £38,000, face value, of The St. Paul
for pensions to and including that date was $3,007 99.
Minneapolis & Manitoba Railway Company Pacific Ex184,242 42
tension Mortgage 4% Bonds
For the Board of Directors.
These bonds are subject to lien ofthe Company's First and
LOUIS W. HILL, Chairman.
Gold Bond Mortgage and, together with the
Dec. 311916.
June 301916.
Increase(+)or
Decreaes (-).
Refunding
£107,900 mentioned in last report, have been pledged with
the Trustee under the same on January 9 1917.
$3,047;242 42
Lesssale of the Company's First and Refunding Mortgage Gold Bonds, Series "A," 43(%, of par
$173,000 00
value
transfer to the Pension Fund of the Company's
First and Refunding Mortgage Gold Bonds,
500,000 00
Series "A,"4% of par value
673,000 00
Net increase
$2,374,242 42
GENERAL.
Charges on account of construction of new lines were as
follows:
51
Wildrose to Grenora, N. D
Moccasin to Lewistown, Mont
New Rockford, N. D., to Lewistown, Mont
Plentywood to Scobey, Mont
Bluestem to Peach, Wash
Total
$537,995
817 20
6,490 21
Cr.5,944 44
22,931 81
$562,290 29
which has been charged to "Cost of Road."
There were purchased from the Great Northern Equip-.
ment Company, 25 Mikado type freight locomotives, 1,500
freight service cars of 80,000 pounds capacity, and 500 refrigerator cars of 60,000 pounds capacity, the cost of which
has been charged to "Cost of Equipment," and included in
table on a subsequent page. Details of other expenditures
for Equipment are given in the President's report, which
follows, and in tables on a subsequent page.
There was expended for Additions and Betterments the
sum of $3,870,073 01 (see a subsequent page), which was
REPORT OF PRESIDENT.
To the Board of Directors:
Herewith report for six months ended December 311916:
GENERAL.
The grain traffic this season was approximately 65,500,000
bushels, as compared with 121,396,000 for the same period
last year. The decrease was caused by the partial failure
North
of the small grain crops throughout Minnesota, in
Dakota and South Dakota, and a reduced production certain sections of Montana. This condition was mentioned
on page 18 of the last report.
The iron ore tonnage carried was 8,264,605 tons, an increase of 2,133,094 tons, 34.79 per cent, over that of the same
period last year. The movement of ore was somewhat restricted on account of scarcity of boats at the Head of the
Lakes.
Most other commodities show small increases over the
tonnage handled during the same period last year. The
western fruit crop was the largest in the history of the railway.
Numerous changes were made in freight rates, most of
which were of minor importance. However the average
revenue per ton-mile decreased .0158 cents, 2.0527 per cent,
being .7539 cents.
On page 20 of the last report reference was made to increases allowed in certain inter-State passenger rates. The
average revenue per passenger per mile increased, for the
period, from 2.210 cents to 2.362 cents, 6.8778 per cent.
MAY 26 1917.]
THE CHRONICLE
2125
Effective November 1 1916, the Government Post Office •
ADDITIONS AND BETTERMENTS.
Department ordered a change in basis of computing pay to
All the work reported in progress in the last report has
railway companies, for the carrying of the mails, from a either been finished or will
be completed during the coming
weight system to a space system. This will cause a re- year.
duction for the Company of about a half a million dollars
Following is a classified statement of amounts actually exper annum.
pended for Additions and Betterments, the names of the acThe revised Federal Income Tax Law, applicable to the counts given being those prescribed
by the Inter-State Comyear ended December 31 1916, raised the rate from one per merce Commission:
cent to two per cent, making an increase in the Company's
AccountsAdditions.
Betterments.
Total.
taxes, from this source, of approximately $180,000.
Engineering
$45,238 71
$32,238 75
$77,477 46
for transportation purOn March 19 1917 the Supreme Court of the United States Land
poses
78,641 78
78,641 78
declared constitutional the so-called "Adamson Law" to Grading
98,143 98
246,187 91
344,331 89
which reference was made on page 21 of the lastreport. It will, Tunnels and subways
269,67865
269.678 65
Bridges, trestles and culverts
*342 82
283,894 62
280,472 80
therefore, be necessary for this Company, commencing Ties
73,784 30
37,285 11
111,069 41
January 1 1917, to pa,3 the increased wages called for by that Rails
121,411 49
152,192 26
30,780 77
Other
track
material
62,114 51
110,116 94
172,231 45
law. The estimated increase in operating expenses for the Ballast
26,772 31
107,789
57
128,561 88
coming year, on this account, will be approximately $1,- Track-laying and surfacing..152,458 33
69,901 52
222,35985
Right-of-way fences
40,834 51
1,399 95
42,234 46
300,000. In addition to this amount, other estimated in- Snow
and sand fences and snow• creases aggregating $13,500,000 will doubtless result, caused
sheds
676,760 55
224,951 23
901,711 78
Crossings
and
signs
44,107 75
23,622 54
67,730 29
by the rising cost of fuel and all other materials used by Station and office
54,137 36
120,582 61
174,719 97
railway companies and the necessary advances in the wages Roadway buildingsbuildings..
3,073 25
1,023 50
4,096 75
stations
Water
23,989 73
81,039 71
of employees other than those covered by the Adamson Law. Fuel stations
105,029 44
12,611 57
2,51006
15,121 63
Shops and enginehouses
•
NEW LINES.
157,958 31
515,079 19
673,037 50
Wharves and docks
4,679 88
4,679 88
This Company commenced to operate the line constructed Telegraph and telephone lines
6,224 49
*148 87
6,075 62
Signals
and
interlockers
4,840
28
17,729 56
22,569 84
by the Great Falls & Teton County Railway Company,from Power dams, canals and pipe
Bynum to Pendroy, Mont., a distance of 8.7 miles, on
lines
2,203 94
2,203 94
Power plant buildings
November 20 1916.
4 77
4 77
Power distribution systems.. _ _ _
5,429
76
1,391
95
6,821
71
the
of
line
The
Vancouver Victoria & Eastern Railway & Miscellaneous structures
209 83
441 05
650 88
Navigation Company, between Cannor (formerly Sumas Paving
172 23
369 26
541 49
machines
13,397 67
303 53
13,701 20
Landing) and Kilgard, B. C.2 was completed and placed in Roadway
Assessments for public improveoperation on Sept. 5 1916, giving this Company a through
ments
25,394 28
25,394 28
Other expenditures-Road..
36 92
Canadian line between Oroville and Vancouver.
36 92
Shop machinery
7,502 82
17,311 21
9,808 39
This Company's line from Wildrose to Grenora, N.D., has Power plant mochinery
544 43
544 43
practically
been
completed, all business being carried on
Total, including Canadian
construction trains. Regular service will be established
Lines
$1,700,942 90 $2,220,292 52 $3,921,235 42
Total Canadian Lines
thereon in the spring of 1917.
11,217 04
39,945 37
51.162 41
Montana
The
Eastern Railway Company'sline from LamTotal G. N. Ry. Co
$1.689,725 86 $2,180,347 15 83,870,073 01
bert to Richey, Mont., is practically completed, and, al* Credits.
though not formally opened for operation, is handling all
Many important improvements are contemplated for the
commercial business offered.
Work on the Montana Eastern Railway Company's line coming year, as follows: Double-tracking portions of main
between Lewistown and Grass Range, Montana, a distance line in Montana; enlarging yards at terminals; extensions of
of 37 miles, has been continued, and it is expected that the ()Fisting and building of additional passing tracks; construction of new water treating plants; construction of new shop
line will be completed during the coming year.
buildings at Superior and Great Falls; extension of roundEQUIPMENT.
houses; replacing timber snow sheds with permanent conOf equipment contracted for during the year ended Juno 30 crete sheds; construction of new steel bridges and concrete
1916 there remained undelivered on that date, 25 steam trestles.
locomotives and 1,300 freight service cars.
The property has been fully maintained during the period
This equipment had been received and takeninto account, covered by this report.
December 31 1916, as follows:
Respectfully submitted,
25 Steam freight locomotives of the Mikado typo, 28"x32" cylinders,
L. W. HILL, President.
weighing 220,000 lbs. on drivers.
1,300 Freight service cars:
500 Automobile box, 40 feet long, 80,000 lbs. capacity.
300 Plain box, 40 feet long, 80,000 lbs. capacity,
500 Regrigerator, 40 feet long, 60,000 lbs. capacity.
New contracts have been made for 50 steam locomotives,
15 steel mail cars, and 2,000 freight service cars, to be delivered during the summer of 1917.
The Company built at its shops 2 company service cars.
Total amount expended for equipment purchased from the
Great Northern Equipment Company, for equipment built
and under construction at Company's shops, and for improvements and betterments to equipment in service, was
$2,918,250 61, of which $2,917,526 01 is for the Company,
and $724 60 for the Vancouver Victoria & Eastern Ry. &
Navigation Co.
Included in the above figures is $554,744 69 paid to the
Great Northern Equipment Company to reimburse it for
expenditures made prior to June 30 1916, reported on page 23
of the last report.
There were taken out of service:
4 Steam locomotives,
2 Baggage mail and express cars,
1 Baggage car,
2 Express refrigerator cars,
1 Passenger and baggage car,
223 Box cars,
12 Refrigerator cars,
41 Stock cars,
74 Flat and coal cars,
2 Sand cars,
74 Wooden ore cars,
15 Caboose cars,
1 Cinder car,
41 Ballast cars,
2 Boarding cars,
2 Tool cars,
1 Water car,
1 Scale inspector's car.
The original cost of this equipment was $321,796 89. Of
this amount $247 50 has been credited to the investment in
the V. V. & E. Ry. & N. Co., 03 83 has been credited to
the investment in the Red Mountain Ry. Co., and $320,745 56 to "Equipment Account." . These amounts, less
amount received for.salvage from equipment destroyed, have
been charged against .various equipment "Retirement"
accounts under Operating Expenses, or to "Equipment
Depreciation Fund." The amount remaining to credit of
this "Fund" December 311916, $27,382,279 12, represents
full depreciation to that date on all equipment then in service,
list of which appears on page 36[pamphlet report]. The difference between this amount and the amount shown by
balance sheet on a following page, represents the amount
of this "Fund" carried on the books of the Canadian Companies.
The following conversions were made:
50 Box cars into Caboose cars,
5 Box cars into Boarding cars,
1 Box car into Scale inspector's car,
1 Flat car into Gravel dozer,
2 Flat cars Into Tie and rail loading derricks.
This resulted in a net credit of $23,280 73 to the Company's "Equipment Account."
REVENUE ACCOUNT.
REVENUES, OPERATING EXPENSES, ETC., FOR THE SIX
MONTHS ENDED DECEMBER 31 1916, OF THE LINES
ATED AS GREAT NORTHERN RAILWAY COMPANYOPERAND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS WESTERN RAILWAY COMPANY AND DULUTH TERMINAL RAILWAY COMPANY.
Revenues.
6 mos. ended Dec. 31 1916 6 mos.ended Dec.31 1915
Revenue from
Per cent
Per cent
Transportationof Total
Amount.
Amount.
of Total
Freight
73.3412 134,686,305 89 $33,810,261 78 74.5127
Passenger
17.6692 8,356,578 15 7,656,703 82 16.8742
Excess Baggage
.1340
63,392 18
64,744 14
.1427
Sleeping Car
.9098
430,289 42
419,951 51
.9255
Parlor and Chair Car__ _
.0872
41,252 90
38,469 95
.0848
Mail
2.6462
1,251,486 07
1,264.790 49 2.7874
Express
2.4052
1.137.533 46
1,004,892 24
2.2146
Other Passenger Train
.0151
7,133 94
6,783 21
.0150
Switching
.8411
397.785 76
337,342 14
.7435
Special Service Train_ _ _
.0491
23,205 30
28,146 52
.0620
Other Freight Train_.0007
306 15
Total Revenue from
Transportation_ _ _ _ 98.0988 $46,395,269 22 $44,632,085 80 98.3624
Revenue from Operations Other than
TransportationDining and Buffet
.6001
$283,849 97
$261,302 54
.5759
Hotels and Restaurants_
.4935
233,374 13
171,698 31
.3784
Station and Train Privileges and Train News
Service
.2171
102,692 12
86,981 37
.1917
Parcel Room Receipts
.0551
26.058 30
24,499 20
.0540
Storage - Freight and
Baggage
.0574
27,150 46
24,431 38
.0538
Demurrage
.2213
104,654 05
70,207 68
.1547
Telegraph & Telephone_
17,240 11
.0365
20,545 44
.0453
Rents of Buildings and
Other Property
33,850 36
.0716
26,603 89
.0586
Miscellaneous
70,279 95
.1486
56,811 97
.1252
Total
$899,149 45
1.9012
$743,081 78
1.6376
Gross Operating Revenues
100.0000 $47,294.418 67 345,375,167 58.100.0000
Operating Expenses.
6 mos.ended Dec.311916 6 mos. ended Dec.311915
Per cent
Per cent
Classof Total
Amount.
Amount.
of Total
Maintenance of Way and
Structures
19.5963 34,835,847 87 $3,578,780 51. 17.8741
Maintenance of Equipment
22.1054
5,455,011 95 4,071.081 13 20.3329
Traffic Expenses
2.3921
590,292 06
563,384 02 2.8138
Transportation Expenses 51.9903 12,829,813 18 10,796,945
38 53.9249
Miscellaneous Operations 2,1090
520,433 65
452.889 26
2.2619
General Expenses
2.8637
706,694 81
660,418 80 3.2984
Transportation for Investment-Cr
1.0568
260,792 29
101,323 48
.5080
Total Operating Expenses
100.0000 $24.677,301 23 320.022,175 62 100.0000
[VOL. 104.
THE CHRONICLE
2126
1916.
Per Mile of Road Operated$5,697 58
Revenue from Transportation •
Transporta
than
other
Operations
Revenue from
110 42
, tion
r
00
$5,808
- Gross Operating Revenues
3,030 50
Operating Expenses
$2,777 50
Net Operating Revenue
362 20
Taxes Accrued
1915.
$5,542 42
$2,415 30
$2,823 54
8,142.97
8.052.81
53.19
52.18
44.86
44.13
58.41
49.89
Operating Income
Average Miles of Road under Operation
Operating Expenses, per cent of:
k Total Revenue from Transportation
r" Gross Operating Revenue
Operating Expenses and Taxes, per cent of:
Gross Operating Revenue
92 28
$5,634 70
2,486 36
$3,148 34
324 80
Other Income:
Rents Received
Dividends on Stocks Owned
Interest on Bonds Owned
General Interest
Income from Pension Fund
Miscellaneous Income
$595,048 18
301,941 50
36,682 50
417,776 49
4,250 00
439 03
1,356,137170
Total Other Income
Gross Corporate Income
Deductions from Gross Corporate Income:
Rentals Paid
Hire of Equipment-Balance
Bond Interest Accrued
Miscellaneous Deductions
$21,023.822,.82
$475,739 61
110,162 54
3,220,419 42
16,324 82
3,822.646 39
Total Deductions from Gross Corporate Income_ __ _
$17,201,176 43
INCOME ACCOUNT.
Six Months ended December 31 1916.
LINES OPERATED AS GREAT NORTHERN RAILWAY COMPANY
AND THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS
WESTERN RAILWAY COMPANY AND DULUTH TERMINAL
RAILWAY COMPANY.
Operating Income:
Rail Operations:
$47,294,418 67
Operating Revenues
24,677,301 23
Operating Expenses
$22,617,117 44
2,949,432 32
Net Operating Revenue
Railway Taxes Accrued
319,667,685 12
Operating Income
Net Corporate Income
Against which have been charged:
Dividends on Great Northern Ry. Stock:
%% on $249.463,000- 34,365,618 25
Aug. 1 1916, 13
Nov. 1 1916, 13% on 249,464,900-- 4,365.635 75
$8,731,254 00
Total Dividends on Stock
Appropriations to Cover:
128,165 82
Renewal of Allouez Bay Ore Docks_ _ _ _
10,447 92
Pension Fund
8,869,867 74
Total
$8,331,308 69
Balance, transferred to Profit and Loss
of Interest Accrued
Note.-As in former years, the Company's proportion
Collateral Bonds and
on Northern Pacific-Great Northern joint C. B.& Q.
to secure said
of the Dividends Received on the C. B.& Q. Stock deposited
Bonds, have been omitted in the above Income Account to make it more
clear, those items counterbalancing.
COMPARED
ER TRAFFIC ON SYSTEM FOR THE SIX MONTHS ENDED DEC. 31 1916,
STATISTICS OF FREIGHT AND PASSENG
WITH THE SAME PERIOD OF PREVIOUS YEAR.
Increase.
DESCRIPTION.
FREIGHT TRAFFICFreight Train Miles
Mixed Train Miles
Total
Mileage of Locomotives employed in "helping" Freight and Mixed Trains__
Percentage of "helping" to Revenue Train Miles
Loaded Freight Car Mlles
Empty Freight Car Miles
Caboose Car Miles
Total
Tons of Freight CarriedRevenue
Company
Total
Tons of Revenue Freight Carried One Mile
Total Tons Carried One Mile (Revenue and Company Freight)
Freight Revenue
Averages•
All Freight Cara per Train Mile Mile
Tons Revenue Freight per Train
Car Mile
Loaded
per
Freight
Revenue
Tons
of Road
Tons Revenue Freight Carried One Mile per Mile
Distance Haul of One Ton-Miles
Freight Revenue per Train Mile
Freight Revenue per Mile of R
@FedFRASER