Full text of Commercial and Financial Chronicle : May 5, 1917, Vol. 104, No. 2706

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DV.
OIflmercitl
MAY 5 1917

VOL.104

Iliroturte

NO.2706

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,Sec. Addresses of all, Office of the Company.

-FOR APRIL, SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 28
CLEARINGS
April.
Clearings al
1917.

•
•

•

1917.

1916.

1,199,845,694 1 061,841,437 +13.0

4,060,716,154

1915.

1914.

%
$
$
+47.8 2,021,910,415 1,948,430,876
+38.8 152,073,086 160,662,230
+6.0
52,306,602
63.596,278
-7.4
33,463,769
38,659,033
+39.5
11,432,993
11,270,001
+19.2
7,642,418
7,738,397
+12.8
6,206,420
6,300 862
+19.7
4,417,586
5,718,154
+16.7
2,834,488
3,276,542
+31.7
2.838,483
3,113,353
1,764,662
+9.6
1,949,623
+11.7
1,868,095
2,113,884
+24.7
1,495,541
1,480,698
+35.6
1,885,102
2,437,865
+9.9
-21.3
+11.3
+21.0
+21.5
+35.7
+38.5
+18.2

873,268
1,573,242
1,409,047
951,077
619,200
658,971
615,895
515,09

966.662
1,867,728
1,578,005
1,092,280
684,300
880,658
685,406
535,735

+30.5

395,06:

407,974

+20.5 4,632,424,704 3,187,013,620 +45.4 2,309,750,523 2,265,346,542
+12.4
+7.3
+12.0
+18.8
-3.2
+19.3
+4.7
+11.6
+21.5
+10.3
-2.0
+11.7
+25.4
+28.4
+12.1

195,816,469
9,448,600
7,501,028
4,757,824
3,998,476
2,125,853
3,532,115
1,439,691
1,428,721
954,949
1,010,871
656,123

277,846,340

232,670,720

509 653,877 374,889,142
30,585,850
37,777,482
61,385.050
35,668,664
54,577,183
37,295,273
23,124,443
17,149,798
12,933,900
9,288,784
8,936,000
8,607,200
10,601,211
8,000,654
5.000,000,
3,430 997
4,861,510
3984,922
2,679,706
2,926,865
2.850,217
1,407,694
1,666,378
1,282,147
1,261,637
1,524,585
1,633.709
1,094,709
3,443,646
2,479,602
587,883
738,184
5,755.000
3,872,000
3,649,756
2,371,390
1,139,486
825,155
925,247
742,433
1,012 202
970,552
776,621
682,910
643,248
903 659
975,000
767,093
1,120,791
866,026
650,000
638,464
353,571
306,026
700,000
583,549
1,145,662
885,332
323,389

450,000
135,416

415,000
75,491

9,480,250,501

+33.1

763,162.722

1,002,291,848
400,6:39,008
220,669,480
187,732,180
145,226 799
70,963,599
34,623,160
68,203,483
34,784,144
37 788,474
16,566,905
21,143,690
17,166,136
14,846,686
6,763,768
11,397,887
5,728,936
16,942,958
3,316 788
10,005,220
8,118,407

+41.5
+28.5
+45.7
+32.9
+45.8
+39.2
+28.4
+26.4
+12.8
+13.8
+36.3
+27.8
+67.7
+41.4
+50.8
+18.6
+39.4
+57.7
+22.0
+15.8
+52.1

76 239,489
30,702,000
20,795,320
17,550,217
12,447,693
6,708.515
3,037,829
4,909,390
2,308,631
1,733,880
1,133,116
1,499,039
1,630,301

"tq
.
:00

538,099

+21.5
+8.9
+11.5
+0.5
+2.0
+34.1
-1.6
+25.6
+15.2
+16.9
-6.0
-9.0

-1-44.

+30.8
+21.9
+63.7
+42.9
+27.3
+28.5
+20.2
+26.5
+34.4
+19.4
+26.1
+32.0
+30.2
+24.3
+31.6
+34.5
+9.4
+70.0
+35.3'
+37.4
+17.3
+19.0
+33.4
+36.2
+38.2
+26.8
-0.7
+21.3
+14.1
+23.2
+58.1
+102.6
+50.5
+60.5
+18.7
+39.1
+14.2
+50.9
+18.0
+12.0

237 888,004
10,286,700
8,363,950
4,783,819
4,079,890
2,850.000
3,477,487
1,808,299
1,645,460
1,115,510
950,000
597,131

+++A-

2,112,310,980 1.540,234,921 +37.1 8 156,495,659
134,562,550 +24.1
166,945 198
667,864,333
287,756,029
162,982,456 +76.6 1,062,762,108
233,422,532
166,002,024 +40.6
897,312,999
99.146.094
75,406,271 +31.5
404,541,623
54,742,326
43,292,817 +26.4
218 139790
45,442,700
41,514,500
+9.4
170'833'100
46,818,158
36,131,594 +29.6
179,367:993
20,878,715
15,014,053 +39.1
86,016,371
21,140,486
17,644,695 +19.8
81,507,265
14,440,866
13,337,116
+8.3
63,329.460
11,870,552
6 892,226 +72.2
40,519,672
7,825,939
6,086,296 +28.6
31,792,273
5,845,716
5,897,803 -0.9
29,067,203
6,186,730
4,644,173 +33.2
24,559,324
15,923,089
18,599,929 -14.4
59,393,254
2,011,784
3,268,753 -10.9
17,122,064
25,737,000
16,280,000 +55.6
94,448,000
15,445,941
10,738,628 +43.8
55,112,235
4,9(14,491
3,441,018 +42.5
20,718,953
4,775,602
3720.840 +28.0
19,957,229
4,609,628
4,434,801
+3.9
20,617,650
3,710,420
2,753,309 +34.8
14,814,572
3,924,789
2,933,074 +33.5
15,030,461
4,526,313
3,406,910 +32.9
17,689,553
4,910,739
3,678,955 +33.5
17,138,072
3,132,263
3,011,700
+4.0
10.585,268
1,721,758
1,396,951 +23.3
6,784,793
3,637,779
3,066,529 +18.6
13,223,633
4,786,121
4,005,292 +19.5
18,701,626
6,453,400
4,918,099 +31.2
25,343,528
2,562,618
1,553,401 +65.0
13,937,115
2,793,529
2,075,552 +34.6
11,379,376
846,647
564,260 +50.0
3,055,471
1,466,988
1,353,310
+8.3
6,240,888
516,680
313,316 +64.5
1,756,163
667,909
585,822 +14.0
2,428,304
6,275,000
4,504,551 +39.3
23,765,761
2,100,000
1,800,000 +16.7
7,354,980
2,475,776
2,222,640 +11.4
10,410,450
3,265,588,084 2,374,279,935 +37.5 12,621,338,572
366,486,029
255,914,332 +43.2 1,418,504,004
127,144,000
107,159,57:3 +15.6
514,879,900
89,810,040
60,255,101 +49.1
321,506,354
73,370,993
52,973,315 +38.5
249 530,686
53,677,285
35,924,209 +49.4
211'804,982
27,099,858
18,458,879 +46.8
98,784,524
11,313,099
9476,837 +19.4
44,451,078
20,920,123
18,316,884 +14.2
86,215,471
10,004,680
9,677,229
+3.4
39,240,717
9,395,057
9,769,709 -3.8
42,987 796
5,519,197
4,221,100 +30.7
22,676,218
7,165,464
5,707.549 +25.5
27,015,079
6,843,823
4,354,001 +34.2
25,790,183
5,822,851
3,595,671 +61.9
20,999,929
2,715,769
1,971,127 +37.7
10,198,867
3 225,315
2,927 713 +10.2
13,521,850
2,106 509
1,684,748 +25.1
7,987,411
8,162.268
4.303 407 +59.7
26 722,667
960,916
889,666
+8.0
4046,182
2,143,089
2,841 730 -24.6
11,587,134
3,351,502
2,183 785 +53.5
12,349,748

0
co
to
o

16,910,114,050 13,376,527,630 +26.4 65,660,474,125 54,484,474,588
888,831,066 +14.0 3,922,048,382 3,489,938,203
1,013,540,984
42,225,200
44,266,500
+4.8
176,563,100
164,545,300
33,017,784 +10.9
36,600,798
145,514,779
129,942,520
20,531,751
18,566,450 +10.6
84,087 603
70 765 625
17 768,868
18,045,020 -1.5
71,353,788
73,700,544
12,295,870
9,842,356 +24.9
46,655,737
39,032,507
15 636,742
16,502,850 -5.2
64,028,840
61,155,471
8,932,423
7,121,787 +25.4
30,638,373
27,445,623
7,088,307
6,076,113 +16.7
27,662,860
22,760,551
4,770,499
4 213,314 +13.2
18,116,736
16,424,848
3,531,542
4,314,242 -18.1
15,321,230
15,636,944
2,000,000
2,945,073 -1.5
11,284,384
10,098,579
9,700,000
8,305 20f1 +16.8
38,833,000
30,978,200
2,281,410
1,831,982 +24.6
8 706,442
7,779,647

Inc. or
Dec. 1

MerNN_F*NN

Total MiddleWest_
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
Boise
NorthYakima
San Jose
Reno
Ogden
Santa ROM
Long Beach
Bakersfield

•
•

1916.

•MNC.,14 MMMM ,
VNICM ,
...VMNV,OMN
•
++++++++++ "-.
+1 - 1- 1+44 11-

Total New Englan
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Fort Wayne
Rockford
Youngstown
Lexington
Akron
Canton
Bloomington
Quincy
Springfield, Ohio_
Decatur
Mansfield
Jackson
South Bend
Danville
Jacksonville, Ill
Lima
Lansing
Flint
Owensboro
Glary
Lorain
Ann Arbor
Adrian
New Albany
Paducah
Hamilton
Aurora

•
•

1917.

Week ending April 28.
Inc. or
Dec.

$
%
$
%
$
$
+26.1 56,802,802,016 47,604,030,661 +19.3 4,091,080,508 2,755,837,739
+40.8 5,526,538,526 3,990,334,456 +38.5
343,463,754 247,457,743
88,329,500
+13.0 1,312,580,845
83,346,562
1,066,886,638 +23.0
41,090,143
717,736,430
44,379,030
727,113,407 -1.3
+2.6
+29.1
17,211,268
300,489,737
234,743,190 +28.0
12,334,788
+19.0
9.900,731
8,304,321
170,794,479
151,745,047 +11.2
-1.1
4,505,403
82,836,618
5,083.301
84,754,904 -2.3
+11.5
4,885,555
5,850,944
116,491,918
96,357 444 +20.9
+14.5
+12.1
2,857,481
3,334,903
60,115,655
53 595,118
2,879,642
3,792,585
69,428,427
+35.6
55,821,449 +24.4
+9.5
2,598,125
38,850,548 +15.5
44,857,374
2,370,949
+12.7
64,163,200
2,910,582
45,201,863 +19.8
3,251,585
+6.0
32,970,278
29,223,625 +12.8
2,012,944
1,614,463
59,369,136
+35.7
44,097,353 +34.6!
3,712,606
2.737,868
+24.3
37,008 926
31,113,250 +18.9
20,448,617
1,239,897
16,695,091 +22.5
1,127,451
+17.1
42,760,742
2,022,944
+3.6
38,582.243 +10.8
2,568,966
43,342,414
1,903,086
36,611,143 +18.4
+12.3
1,710,254
28,113,411
1,686,097
+29.5
21,509,860 +30.7
1,394,362
15,762,100
890,700
733,200
13,736,500 +14.7
+15.2
+8.6
14,722,480
917,458
13,554,029
750,000
+6.0
23,386,608
19,267,580 +21.4
1,866,383
+24.0
1,347,092
11,061,677
+25.8
9,346,483 +18.3
650,000
550,000
9,630,245
-5.1
9,854,036 -3.3
11,589,108
+22.7
10,052,614 +15.3
+21.8
7,984,818
6,897,131 +15.6
+24.1
7,979,275
6,051 952 +31.9
+16.8
8,434,506
6,753,678 +24.9
535,242
410,169
+19.8
16,189,942
12,937.476 +25.1
+22.9
10,984,617
8,774,919 +25.2

0 .4

Total Middle
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall HIM'
New Bedford
Lowell
Holyoke
Bangor
Waterbury
Stamford

•

$
$
14,652,221,897 11,622,616,656
1,410,313,428 1,001,534,669
326,673,126
289,194,298
182,338,158
177,751,088
75,436,088
58,442,670
44,984,939
37,795,812
20,367,105
20,589,156
28,787,461
25,724,294
15,553,485
13,581,569
19,309,742
14,242,747
11,847.332
10,820,538
13,421,655
11,904,553
8,189.242
7,725,194
15,525,059
11,441,557
10,392,905
8,362,340
6,013,648
5,133,596
9,936,206
9,593,901
14,294,681
12,731,962
7,505 940
5,796,482
4,155,500
3,607,500
4,156,858
3,921,563
6,328,908
5,104,820
3,067,018
2,435,292
2,521,052
2,656,718
3,037,702
2,475,002
2,094,729
2,551,482
1,610,998
2,000,000
1,695,198
1,980,456
3,804,489
• 3,174,916
2,763,912
3,397,638

Four AI°Tiflis
.
Inc. or
Dec.

'co=000...0owto4.....-4-400004ww40000w...cm-a-4o-40
kr4:4;4.1.W.W07...60.
07.4obb- 4- oew:40k1,-414e-41.2
cowcm.o.00•40...-4000.-sowow....w.44.4,4o-4..o.ccocoo00......00
-4.-.4.=.4.4.0.-440-40..4.0ww...m0momow4 o..-4.0=.4o.
,
0omwo.4.w=4.,440-40.400to0wwo4m-4x4,,..-4o-1....0co.x
•w4oco.4=m044000.4..-=.00wo....0004.tom.000.o.-.aow
,

New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Harrisburg
York
Trenton
Lancaster
Erie
Binghamton
Greensburg
Chester
Altoona
Norristown
Beaver County, Pa_
Frederick
Franklin
Montclair
Oranges
Hagerstown

1916.

555,233,378 +37.4

164,151,944
7 169,400
6,532,560
3,250,000
2,656,677
1,804,011
2,607,317
1,353,089
1,089,959
762,735
753,085
377.704

157,135,169
7,897,600
5,380,067
3,032,168
2.679,034
2,175,572
2,817,307
1,289.505
1.126,430
840,444
743 261
461,082

192 508,481

185,577.649

294,680,130
23,787,850
24,338,379
25,051,290
13,780,285
7,677,494
6,550,000
5,055.264
3,003,160
3,126,672
2,130,411
1,116,124
1,042,149
1,281,164
986,262
1,832,807
520,523
1,705,000
1,900,000
652,583
812,028
745,725
471 590
526,463
700,165
703,194
413,480
250,335
418,075
507,889

348 153,309
25,078,850
25,508.710
27,343,481
15,646,f89
7,718 138
6,419,000
5,504,654
3,543,438
3,423.145
1 970,266
1,181,778
1.112,398
1,265,447
668,885
1,300,000
589,219
1 999100
1,668'91
689,423
792,402
666,859
454,165
532,713
600,000
664,206
416,116
255,462
512,457
369,759

360,881

380,713

345,000
63 341

335,000
36,679

426,536,535

486,800,552

+27.3
+16.5
+49.2
+34.7
+55.1
+66.6
+53.0
+16.7
-18.0
-3.0
+15.0
-5.0
+64.3

48,280,427
20,000,000
10,494,210
10,649,937
5,734,055
3,088,606
1,501,507
3,088.816
1,841,360
1,498,275
824,300
872,133
959,324

48,951,467
24,423,414
12,388.265
12,156.734
5,816,137
3,432.513
1,991.832
3,749,225
1.778,824
2,175,771
792,220
713,834
984,294

1305,300
652,099
450,000

382,907 +58.3
638,000 +2.2
375,000 +20.0

429,172
580,000
275.000

320.000
595,676
265,000

692 740

59,869 810
26,360,355
13,940,619
13,030,986
8.026,277
4,026,644
1,985,582
4,205,916
2,816,975
1,786,447
985,698
1,577,440
992,339

603 592 +14.7

470 960

+36.7

3,213,700,779

2,334,919,556 +37.6

183,104,559

141,604,587 +29.3

110,588,142

120,535,206

on page 1772
Details Other West and Southern
1,273,967,934
Total other West _
857,377,703 +48.6

4,876,899,657

3,538,323,210 +37.8

295,925,980

200,841,692 +47.3

165,734,443

145,138,007

Total Pacific

Total Southern
Total all

837,237,867

612,606,655

1,528,962,646 1,096,308,779 +39.5
25,015,716,275 19,378,942,139

6,049,531,034 4,557.405 900 +32.7 339,728.181 238,827,953 +42.2 183,728,369 196,170.388
+29.1 97,052,660,321 78,554,578,320 +23.6 6,492,192,486 4,556.191.850 +42.5 3,388,846.493 3.399,568,335

Outside New York _ _ 110,363.494,375 7,756,325,483 +33.6 40.279.858.305
30.950.547.659
Clearings by Telegraph and Canadian Clearings on page
1112.




+30.1 2.401.111.97R 1.500.354.111

+33.4 1.366.936.07R 1.451.137.4.59

1730

THE CHRONICLE

VOL. 104

is also essential to the public"opinion which must
THE FINANCIAL SITUATION.
correct errors and put an end to abuses.
It had been proposed to penalize publishing or
History of the sternest kind is now in course of
writing by events, and their sweep is almost be- attempting to publish any information which, in the
wildering. Our comfortable distance from what opinion of the President (and, therefore, inevitably,
appeared a European war, which had for us only the in the opinion of some subordinate) "is or might be"
interest of an absorbingly thrilling spectacle, and of use to the enemy. A later amendment would
offered us a rare opportunity for a profitable trade, have authorized the President, during an emergency
is gone. The struggle is at our own doors and we arising from war "or from threat of such war," to
are in it and of it. The "great neutral" is no longer designate by proclamation "the character of inforneutral. We cannot foresee either the severity or mation which, in his opinion, would be useful to the
the duration of the remaining struggle; but one enemy." This change was no improvement. The
Canadian officer, speaking from experience to the President can now designate any class of matter
Merchants' Association on Wednesday, appealed which he thinks should not be published, and the
to us to prepare and gird ourselves as sternly as if press will cheerfully submit to his opinion, as the
press has already deferred to a request from Secrewe must perform the great task alone.
"If thine enemy hunger, feed him." We cannot tary Daniels. The constitutional objection to such a
do this, either for our own sake or his, until he has bill is plain, but a sufficient objection is that it is
ceased to be enemy; then, it may be, we shall have dangerously broad and wholly needless, proposing
to do it. For when this grapple is over and it has to repeat what has proved a costly blunder. The
become possible to reach the people of Germany and fact that the House has dropped the provision is
make with them the just and lasting peace for which therefore distinctly encouraging.
Government may wisely aid in furnishing the
the whole world is longing, it will clearly be for us
farmer with supplies and, to some extent, with labor
to take and bear a large pap in not only feeding the
Germans, together with other nations whose ex- also; but all attempts to directly control the produchaustion may be greater than ours, but to aid in tion and marketing of food are dangerous in directhe recuperation that must go down to foundations tion and excusable only in the direst extremity. Yet
and cannot be finished in our day. For this great there is a pressure to rush to this. To establish a
labor we shall need every ounce of our own strength, minimum price seems unnecessary, as things are
every resource of our soil and industry, every fibre moving; to establish a maximum, for protection of
of our energies, every fraction of our reserves. Not the consumer, might operate to discourage the proall that we have may be consumed—to suppose that duction which is now our greatest need. Last week
would be too pessimistic; but it will all be wanted the Government addressed an order for some canned
as a sustaining reserve. And we must remember salmon to certain wholesale dealers, directing them,
that thus far we have been profiting by the suffer- according to a recent law, to "deliver the goods speciings and sacrifices of others, but all that is past; fied therein as described, and the price to be paid
we have joined them, and must begin spending in- therefor will be determined by the President in due
stead of accumulating. Therefore it is for us to course." Copper had previously been purchased
conserve what we have accumulated, and not at a figure named by the buyer (in this instance, the
to begin by avoidable mistakes. We may Government), and a tendency to react by diminishwell give very great weight to the advice ing the output was soon observable. How can Govof our foreign visitors as to military matters; ernment seize whatever it needs, by commanding
beyond those, they cannot do more than tell owners to deliver and to accept whatever Governus where and how England and France have ment may afterwards choose to pay, and then fix
minimum prices for the sake of guaranteeing producerred.
ers a profit, without also protecting the ultimate conOur first duty is to guard against the emotional
legislation which would hamper our own movements. sumer by fixing the maximum he may be required to
The espionage bill is an example, and therefore it is pay for necessaries? How can these inconsistent
gratifying to find that the House yesterday struck courses be followed?
In the first month of the war the whirl of exciteout the newspaper section of this bill. The press
ment in Congress showed itself in several wild and
needs no censorship. There is not one publication,
metropolitan or rural, but is alive to the gravity of inconsistent propositions, one of them being a bill
the situation and under a restraint from policy as making it "unlawful for any one to ask or accept
well as principle from printing anything which could an unreasonable price or value for any goods or wares
be of service to the enemy. Congressman Graham or merchandise or other products of the soil or
of Illinois has just told the House that he happens to mines." Now Secretary Houston of the Agriculknow of an important piece of information which tural Department is pushing for authority to attempt
came into the possession of the newspapers of the control over food and a bill to that end is in the Senlarge cities and has never been printed, also that the ate. It broadly forbids anybody engaged in the
St. Louis was saluted as she passed out of harbor, business of manufacturing, storing or distributing
but no journal mentioned her departure; this, he foods, seeds or fertilizers "to commit or permit presaid, shows how voluntary censorship has worked. ventable waste or deterioration"; or to hold or conIt may be trusted. The place for holding informa- tract for a quantity more than reasonably necessary
tion is where it originates; stop it at its source. for his own wants for a reasonable time; to attempt
Further, the newspaper must be carried physically to monopolize:in any such article; to engage "in any
across the ocean and cannot convey advance informa- discriminatory:practice" in dealing therein;"to charge
tion if it contains any. The country must know the excessive rates" in handling or distribution, "or to
facts of the situation', or it cannot respond to them, exact excessive prices for any such article." An
and without this response based upon knowledge it elaborate scheme of licensing "the manufacture,
kdistribution"lis_also:provided for; and when
cannot sustain the Government; newspaper criticism storagejori



MAY 5 1917.]

THE CHRONICLE

the Secretary (who may also prescribe regulations
for licensees) finds that any licensee has too much
stock in hand or contracted for, or that a licensee is
charging too much, he may intervene to fix prices.
He may also order disposal of foods which might
become unfit by too long holding, and may purchase,
store and dispose of food "to groups of people or
communities organized in some form and may fix
maximum or minimum prices." This seems aimed
chiefly at warehousemen and others having any
stocks of food, but the full breadth of its scope is
not quite clear and the House bill goes even farther,
for by the summary published yesterday it authorizes
the President, as a war emergency act, "to fix maximum and minimum prices for food, clothing, fuel
and other necessaries, and the articles required for
their production"; also to prescribe regulations "to
govern the production of these commodities, and, if
necessary, to requisition the producing factories,
mines or other establishments." This would set
up a food dictatorship at one bound.
It is hardly supposable, in the tense condition
of feeling which prevails, that the public are noticing
the extraordinary sweep of the measures urged or
talked of in Washington, or that even their authors
realize what they are proposing. One objection
to such attempts which ought to be enough is that
what they contemplate its too vast and complicated
for any one or any ten human beings to manage;
it is more than could be safely attempted in ordinary
times. Now that the Government is confronted with
a colossal task, itself encugh to tax all the wisdom of
the wisest among us, it is proposed to add a further
load. The prevention of waste is admittedly most
desirable; but if Government is to attempt to control
production, sale, and distribution of food, why not
go the full length by regulating consumption, standing guard over every cooking stove, every *kitchen
door, and every breakfast table? To restrict
speculative greed is theoretically desirable, although
we may be abusing the speculator over-much; but
this should be attempted very cautiously. To appeal
on every hand to individual initiative and also to
propose holding that initiative under the guard of a
penal statute is inconsistent. Moreover, it is
impossible not to see and to say that our Government consists of fallible men, some of whom seem
never ready to stop calling for increased powers, and
that they have shown no evidence of being equal to
tasks which are fit only for super-men.
Bank clearings, foreign trade returns, gross earnings of the railroads and various other data of a
reliable character continue to reflect great activity
in our mercantile and industrial affairs. Speculation
in shares on the local Stock Exchange also has
been of good volume but values have shown a moderate sagging tendency. Transactions in bonds
reached a comparatively large total during the
month, with the various issues put out by foreign
Governments, the Anglo-French and United Kingdom securities in particular, the feature of the
trading.
The latest monthly total of clearings, covering
April 1917, not only exceeds that for March but
approximates closely the January aggregate, and
shows a large increase over the corresponding period
a year ago. Furthermore, of the 176 cities included
in our compilation only 15 fail to record gains over
1916, with the losses meagre except in one of two



1731

cases where locally operating causes (such as the
abandonment of the country clearings department
at Macon) have served to reduce the totals. It is
to be noted, moreover, that at all but 23 cities the
month's figures are records for the particular period
covered and in 20 instances all previous monthly
aggregates have been supplemented. As in other
recent months large percentages of gain are common
with such leading centres of trade as New York,
Chicago, Philadelphia, Kansas City, St. Louis,
Cleveland, Detroit, Baltimore, Milwaukee, Omaha,
Minneapolis, Denver, Richmond, New Orleans,
Atlanta, Memphis, Savannah, Salt Lake City,
Indianapolis, Toledo, Fort Worth, Seattle, San
Francisco, Portland, Ore., Nashville, Little Rock,
and Sioux City, conspicuous in that regard.
For April 1917, as already stated, 161 of the 176
cities included in our compilation on the first page
of this issue, exhibit increases in clearings over a
year ago, and the aggregate of all at $25,015,716,275
registers an expansion of 29.1% over the month of
1916, while contrasted with April of 1915 the
augmentation reaches 66.7%. For the four months
of 1917 the total at $97,082,660,321 is not only the
high-water mark for the period covered, but is
23.6% more than a year ago and 78.9% ahead of
1915. At New York the gain over 1916 for the
month is 26.1% and for the four months 19.3%.
Outside of this city the April 1917 aggregate is
33.6% above last year and the four months' total
30.1%. Analyzed by groups, the aggregates for
the period since Jan. 1 are in all sections
of much greater magnitude than last year. The
middle division, exclusive of Greater New York,
shows a gain of 28.7%; New England, 12.1%;
the Middle West, 33.1%; the South, 32.7%; the
Pacific Slope, 37.6% and the "Other Western,"
37.8%.
Stock dealings at New York in April were somewhat smaller in volume than in March, but in excess
of the period in 1916. Transactions totaled 14,258,162 shares, against 12,523,507 shares a year
ago and 21,022,930 in 1915, and for the four months
were 63,444,334 shares, against 55,804,241 shares
and 38,344,897 shares respectively, with the record
for the later period 120,967,731 shares made in
1901. Bond operations, on the other hand, were
more active in April than in March, and for the four
months reached 373 million dollars par value, against
364 millions last year. Of this year's dealings,
those for the month were to the extent of over onehalf made up of foreign Government securities and
for the four months the proportion was nearly 40%.
Boston's share sales for the month were very much'
less than those of a year ago, and a bare fifth of the
1915 aggregate, comparison being between 399,881
shares and 966,517 shares and 2,012,072 shares.
At Philadelphia the contrast for the month was
between 246,935 shares this year and 229,071 shares
in 1916.
The Clearing House returns for Canadian cities for
April continue the improvement over a year ago,noted
in most recent months, and in 4 instances—Winnipeg, St. John, London and Peterborough—the totals
are high records for any monthly period. We have
comparative reports from 23 cities which in the
aggregate for the month record a gain of 47.0%.
For the four months the increase over 1916 reaches
27.5% with Montreal, Toronto, Hamilton and St.
John in the East and Winnipeg, Calgary, Regina,

1732

THE CHRONICLE

[VOL. 104.

Lethbridge, Saskatoon and Medicine Hat at the near Cherisy important salients were driven into the
German line and that the village of Fresnoy and
West showing notable percentages of gain.
enemy positions north and south of the village on a
The National Association of Cotton Manufac- front of two miles, were captured and held. The
turers' convention, held at Boston on Wednesday taking of Fresnoy was the work of the Canadians,
and Thursday of last week, coming at a time when who thus are shown to have pushed back the German
the war in Europe had reached a stage favoring the line four miles since their gallant capture of the
Entente Powers, except as regards the submarine Vimy Ridge, giving them the added honor of having
feature, and following so shortly the definite en- cut their way through the famous Hindenburg line.
trance of the United States into the conflict, was an Field Marshal Haig reported yesterday, however,
occasion of especial interest. It was but natural, that "at night around Cherisy and also astride the
under the circumstances, that many matters of Arras-Cambrai road we were compelled to fall back
vast importance to the cotton manufacturing in- from position captured." Hargicourt, from where
dustry, and to the country at large as well, either Haig has launched a new drive, is two miles distant
relating to the present or to the conditions to be from the German line of communications between
met when the war shall have come to an end, should Cambrai and St. Quentin. Lens is reported to be
come up for discussion and receive signally intelli- three-fourths encircled by the fierce fighting marking
gent treatment. In his opening address, President the resumption of the British offensive. The British
Bemis reviewed conditions past and present, going grip on this, the coal city, now twists from Loos on
back to our Civil War in doing so, commented very the north southward through Lievin Givenchy,
favorably upon the work of the.Naval Consulting Vimy and eastward to around Acheville and Fresnoy.
Board and the Advisory Commission of the Council The military correspondent of the "London Times,"
of National Defense and, expressing regret that who has returned from the Somme and Arras front,
there should be war at all, intimated that as a nation says that the morale of the Germans still is good, but
we should determine to get from it the greatest that they lack artillery. On Wednesday night in
possible good. Referring to the fact that it will be Champagne, the French again attacked the German
necessary to organize and equip a large and efficient front east of Mont Huat in the Avocourt woods and
army and navy, Mr. Bemis pointed out that the in the Verdun sector they also invaded enemy
textile industry will be less interfered with than trenches. The British forces on the western front
many others owing to the preponderance of women are two weeks ahead of their attacking schedule,
as operatives, but that there will be a great many according to a cablegram received here yesterday
from the Foreign Office by A. J. Balfour, head of the
labor and other problems to solve.
As a result of the discussions and deliberations British Mission. The advance, the dispatch said,
of those present at the convention a practical em- has been much faster than expected and the losses
bargo on cotton shipments to all neutral countries smaller. The losses were said to be only one-half as
through which they might find their way to Ger- large proportionately as those on the Somme offensive
many was urged upon the Government and selective last year. This is attributed by members of the
conscription, as the proper method of raising an Mission to an incomparably better artillery preparaadequate force to send abroad, was distinctly tion and the fact that the men are not allowed to
favored. Furthermore, a fair tax levy plan to fur- outrun the guns. Operations on the other fronts
nish the Government with all the money needed was continue of minor character, as compared with the
concisely outlined. Briefly this plan is (1) No tax offensive on the front in France.
to be retroactive for 1916 (2) Exemption from perConditions in Russia are unsatisfactory. There are
sonal income tax lowered to $1,500 for single persigns of serious trouble, including a threatening revolt
sons and to $2,000 for heads of families (3) No tax
upon corporate forms of business that does not in important army circles. Nevertheless the new
equally apply to other forms of business or wealth- provisional government has sent notes to its repreproducing agencies (4) Raise normal tax upon cor- sentatives abroad declaring that the change in the
porations to necessary level rather than progressively regime in Russia cannot afford a pretext for any
increasing excess profits tax (5) No form of in- slackening on the part of Russia in the common
dividual or business income to be taxed twice unless struggle of all the Entente Allies. But advices from
all forms of same are treated likewise. The aid of Petrograd yesterday indicate that open rupture
the organization in any way that it might be made between the provisional government heads and the
effective was offered to President Wilson and the de- workmen's and soldiers' committee has occurred.
sirability and importance of encouraging an increased How seriously the situation threatens Russia's
raising of foodstuffs was impressed upon members. future in the war is shown by the fact that after
In an address upon "The New Cotton Fields of the listing a series of the provisional government's
Southwest" Walter C. Packard, of the University acts to which the soldiers and workmen object the
of California Experimental Station expressed con- council representing these elements formally declared
fidence in a material increase in cotton raising in the they would not approve any loans in Russia until
Imperial Valley and in the Salt River Valley of fully informed of the complete war aims of the Entente
and of all details of the compacts entered into by the
Arizona as well.
Czar and his Ministers. Vigorous disapproval was
the British have also expressed by the Council of a statement exAfter a lull of more than a week
started another sensational *drive on the Western tensively credited to Foreign Minister Milukoff,
war front, extending for twelve miles in the region that Russia aimed to crush Germany and Austria.
from east of Vimy to the west of Queant. The Dr. Milukoff addressed the demonstration from the
British official account makes no claim that the balcony of the Palace and apparently won over his
troops of Field Marshal Haig pierced the German enemies; he insisted thereshould be no separate peace.
front, but they do assert that west of Queant and




MAY 5 1917.]

THE CHRONICLE

General Petain, who commanded the French army
defending Verdun during the critical stages of the
battle in February and March, 1916, is to be appointed Chief of Staff at the Ministry of War, the
Cabinet having decided to restore that post. The
recent French offensive is to be the subject of an interpellation of the Government by Deputy Dalbiez,
thus marking a quick registration of French disappointment at the comparatively meagre results secured by Gen. Nivelle in the present offensive along
the Aisne and in the Champagne.
The scope of the war promises to still further increase. A declaration of war, quoting advices from
Peking, against Germany by China is expected next
week. Guatemala has broken relations with Germany and the German Minister has demanded his
passports. The Chilean Minister to Germany has
demanded his passports and instructions have been
given in Berlin for Chilean citizens to be treated as
enemy citizens. Advices from Rio Janeiro state
that Dr. Lauro Muller has tendered President Braz
his resignation as Minister of Foreign Affairs. The
Brazilian Government has received information that
the Brazilian Minister to Germany has been ordered
detained in Berlin and has ordered the detention of
Adolph Pauli, German Minister to Brazil, who is on
his way to Uruguay. Dr. Muller's resignation is
construed by some State Department officials at
Washington as forecasting Brazil's entry into the war
against Germany. The Argentine Government has
received a note from the German Foreign Office expressing regret for the sinking of the Argentine ship
Monte Protegido and adding that in view of the fact
that the vessel left Pernambuco on Jan. 31, and was
in consequence ignorant of the new German measures,
the Imperial Government was disposed to give reparation.

1733

Those of less than 1,600 tons numbered 13, and 8
fishing vessels were sent to the bottom by submarines or mines. The arrivals of all nationalities
of more than 100 tons at United Kingdom ports
for the week numbered 2,716; sailings 2,690. The
British vessels unsuccessfully attacked, including
two not previously reported, numbered 24. Only
1 French ship of more than 1,600 tons was sunk by
German submarines last week according to the
French official statement, 5 of less than 1,600 tons
and 3 fishing boats were lost. Eight merchantmen
were attacked unsuccessfully. The talk of the increased seriousness of the submarine menace is
having one beneficial influence, namely, it is speeding up the work of building American tonnage for
the purpose of maintaining the British food and
munitions supplies. Two American ships are among
the submarine toll this week, the first being the
Rockingham, which was formerly the Nebraskan,
a vessel that was torpedoed several months ago, but
was not destroyed; the second was the American oil
tank steamer Vacuum. Of Norwegian ships there
were 23 with a tonnage of 3,600 sunk last week by
German submarines.
The severe criticism that is in progress of the
British Admiralty has resulted in an investigation into
naval affairs by the Premier, Lloyd George. It is
reported that a reorganization of the Admiralty may
be expected to follow the investigation and that one
of the important changes will be the release of Sir
John Jellicoe and other strategic experts from having
anything to do with construction and the introduction in their places of business men. The Admiralty
changes will include the formation of a War Staff
with its members free from departmental duties.
Special attention also will be given to strengthening
the submarine department.

Reports of peace negotiations that seem comThere has this week been a very severe U-boat pletely irresponsibl
e have been receiving wide circuscare whose real basis it has been difficult to ap- lation during the
week. It was during the earlier
praise definitely in view of the incomplete character days of the week reported
by cable from Berlin by
of the British official reports. These latter, as re- way of Amsterdam, that the German
Chancellor,
ported from week to week,give the total sailings and Dr. von Bethmann-Hollweg,
had decided to outline
arrivals of neutral as well as British shipping at the general peace terms in
a speech on Thursday
United Kingdom ports. But they report only the in the Reichstag. When Thursday
arrived it was
sinking of British tonnage. Since there is a large further announced that the speech had
been delayed
amount of neutral tonnage being sunk, there seems until a more opportune time. Friday
dispatches,
a growing conviction that the British authorities however, stated that the Conservative Party
in the
are making efforts to minimize results. At a con- Reichstag had formally asked
the Imperial Chanference of Governors of the various States with the cellor to define his attitude
in view of "great concern,
National Council of Defense in Washington on occasioned by
the Socialists Party's resolution urging
Wednesday, Secretary Lane declared that our peace
without annexation or compensations. It is
Government had heard that 400,000 tons of shipping now
definitely understood that the Chancellor will
had been sunk in the last week by German sub- shortly appear before the Reichstag.
Accordindto
marines. Later the Secretary said that these figures a Parliamentary corresponde
nt in the Hamburger
were not definite. Meanwhile in a speech on Mon- "Fremdenblatt," the deputies avow
their dissatisday in the Reichstag Dr. Karl Helfferich, German faction with the communications of
representatives
Secretary of the Interior, reported that in the first of the Government, including
Dr. Alfred Zimmertwo months of unrestricted warfare shipping to the mann, Foreign Secretary, and Vice-Admira
l Chapelle,
amount of 1,600,000 tons had been sunk by the Minister of the Navy.
Germans. Asserting that the submarine campaign
was proving a great success he said: "The first
The British Chancellor, Andrew Bonar Law, intromonth's results excelled the best previous results duced on Wednesday, according to
schedule, Great
by 25%, the second month's by 50%. Exact Britain's war budget for the fiscal
year. Contrary to
figures cannot be given but in the first two months fears that had been entertained in some
quarters,
the freight tonnage sunk exceeded 1,600,000 of which there were no particularly
sensational features. The
more than 1,000,000 was British." Meanwhile the Chancellor showed that more than 25%
of Great
British official report for the week shows that 38 Britain's war expenses had been
met through revenue
vessels of more than 1,600 tons each were sunk. and that advances to the British
Dominions and to



1734

THE CHRONICLE

[VOL. 104.

the Allied Powers had reached the large total of resume the cash service:on its debt. The Treasury
£907,000,000. The national debt has now reached announces fixed rates for Treasury bills to apply to
£3,854,000,000, or substantially $19,000,000,000. intermediate days between issues by tender. These
The estimated revenue for the current year, £638,- rates are 49'% for thirty days and 4%% for year000,000, even with an estimated expenditure of £2,- lings and are considered rather low by the market,
290,000,000, was regarded as satisfactory in London although it is expected in London that money rates
financial circles. No new forms of taxation were will be reduced when New York credits finally and
proposed, the only changes being increases in the definitely are arranged. In fact, call money closed
excess profits tax, which was raised to 80% from 60%, at 3%%,against 43.i% a week ago, and open market
and the placing of excess profits of munitions works discounts also are fractionally easier. The result of
on the same basis; also there was an increase of is. tenders for the £20,000,000 Treasury bills on Friday
10d. in the tobacco duty per pound and taxes on the of last week was that those of £98 15s. 93id. and
higher priced seats of entertainment were increased. above, for three months bills, received full , llot2
The control and the employment of ships by Gov- ment; tenders of £97 10s. 113/d. and above for six
all vessels except small months received about 50% of applications; tenders
ernment impressment of
coasters at fixed rates also was announced. "There of £95 and above for one-year bills received full
is ground for thankfulness," the Chancellor said, allotment. A dispatch from Simla received in Lon"that we are able to bear the financial strain laid don states that subscriptions to India's special war
upon us. These figures represent part of the price loan exceeded £10,000,000 sterling.
we have to pay for the greatest act of madness, the
Some idea of the economies that are being forced
greatest crime ever committed in the history of the
can still say with our souls and con- in France is suggested by the reduced size of the
world. We
sciences that it is a crime in which we have noshare." Paris papers. The scarcity of print paper has comCertain concessions, said the Cllancellor, will be made pelled the Government to order still further restricrespecting the collection of the duty on excess profit tions as to size. Beginning last Saturday the
in order to remedy some grievances and not cost the principal papers are to confine their editions to two
Treasury much. For example, an additional 3% pages 4days a week and 4 pages the remaining 3 days.
profit would, he said, be allowed on capital invested This size applies to papers selling at the equivalent
since the beginning of the war. He estimated that of one cent American money. Newspapers selling
the additional yield from the excess profit tax would for more than a cent, such as the "Temps," the
amount to £30,000,000. "Want of money will not "Figaro" and "Journal des Debates," are to print
prevent us from winning the victory," the speaker 2 pages once or twice a week, according to the measuresaid, "for we know we can hold out longer than our ment of the pages. The regulation fixing the
enemies." He added that he did not believe there maximum retail selling price of butter at an equivawas any form of taxation which had not been sug- lent of 68 cents a pound in Paris was abolished on
gested to him and which he had not examined. The May 1 by the Minsiter of Provisions, the price
total of the 5% war loan, the Chancellor announced, immediately responding to the equivalent of $1
was £966,048,000, and of the 43/2% loan £821,005,- a pound. The scarcity of butter in the Paris market
000. War savings certificates had produced more has been attributed to the maximum selling price,
which issupposed to have driven the product to other
than £72,000,000.
markets where no limit has been fixed for its sale.
on SaturThe London Stock Exchange was closed
Berlin advices by way of Amsterdam say that the
day last, also on Tuesday, May Day, and business
every Saturday until further Minister of Finance, Dr. von Roedern, explained to
will be suspended
notice. The accounts of the Exchange for the fiscal the Main Committee of the Reichstag that the latest
year ending March 25 show that receipts declined war loan to date has realized 12,978,940,700 marks
£21,118. Although a dividend of £1 per share was (nominally about $3,089,000,000). As the subscripuntil midday
paid recently it was not earned. The net member- tion was open to soldiers in the field
year ago. of Friday of last week, the Minister said he.hoped
ship now is only 3,048, against 4,229 a
The Chancellor's statement was, as we have already the total would reach 13,000,000,000 marks. The
noted, well received, but there was no reflection of a loan is composed of 11,617,562,000 marks in 5%
practical character of this feature in the demand for bonds and 1,361,378,700 marks in 43/2% Treasury
the older
securities. Money appears to be working firmer, bills. In addition, 492,725,000 marks of
loans had been offered for conversion. There has
owing to the increased offerings of Treasury bills.
down of news from
The revenue of the United Kingdom last week been such a complete shutting
the expenditures to Germany that it is difficult to judge from the press
amounted to £8,579,000 and
in fact any serious labor
£37,315,000. Outstanding Treasury bills were in- accounts whether there were
1, such as many had feared.
creased £36,773,000. Sales of Exchequer bonds disturbances on May
the radical Socialwere £5,534,000. A feature of the week was the One dispatch states that efforts of
celebrate May Day by a holiday in the muniannouncement of a small Norwegian loan—£2,760,- ists to
Socialists
00—to Great Britain. The London &Southwestern tion factories failed. The conservative
t with had made a vigorous campaign in opposition to any
Bank has announced a reciprocal arrangemen
a reward of
the Banca Italiana Disconta to assist Anglo-Italian holiday. The Berlin authorities offered
"agitators in enemy
trade. Mexican securities in London have ruled 3,000 marks for the prosecution of
dissension, especially
strong as a result of that Government's altered atti- service who are trying to start
ranks in Germany." Reports have retude toward the United States. Brazilian securities in the labor
that the German Chanhave advanced sharply in sympathy with improve- cently been circulated freely
cellor would on Thursday last, in a speech in the
ment in exchange, which touched 12 15-16d. per milGerman peace offer.
reis. Many in London opine that the rate will Reichstag, announce a hew
is expected to Later advices state that the speech had been delayed
reach _115d. by autumn, when Brazil



MAY 5 1917.]

THE CHRONICLE

until a more propitious occasion. In Austria-Hungary, May Day seems to have passed quietly also.
A sixth Austrian war loan bearing 532% is to be offered in the immediate future. It is understood that
subscribers will have a choice of accepting ten-year
Treasury bills or bonds redeemable in 40 years.
There has been no change in official rates from 5%
in London, Paris, Berlin, Vienna and Copenhagen;
532% in Italy , Portugal and Norway;6% in Petrograd, and 432% in Switzerland, Holland and Spain.
In London the private bank rate has been reduced
1-16% to 4 11-16% for siity days and 4% for
ninety-day bills. No reports have been received by
cable of open market rates at other European centres,
so far as we have been able to discover. Money on
call in London has been reduced to 3%%, from
43.1% a week ago.
For the first time in several weeks, the Bank of
England reports a decrease in its gold item, the
amount being £172,384, while the total reserve
showed a reduction of £795,000, an increase of
£622,000 in note circulation having occurred. The
proportion of reserves to liabilities declined to
19.62%, as compared with 20.90% last week and
30.92% a year ago. Public deposits were reduced
£5,223,000, although other deposits expanded £11,610,000, and Government securities registered an increase of £7,553,000. Loans (other securities) declined £343,000. Threadneedle Street's holdings of
gold aggregate £55,075,233, which compares with
£57,468,948 a year ago and £56,303,827 in 1915.
Reserves now stand at £34,674,502, against £41,586,203 and £39,808,872 one and two years ago,
respectively. Loans total £114,093,000. A year
ago they amounted to £77,376,643 and £146,152,679
in 1915. The Bank reports as of April 28 the amount
of currency notes outstanding as £136,289,885,
against £136,630,650 a week ago. The amount of
gold held for the redemption of such notes remains
at £28,500,000. Our special correspondent is no
longer able to give details by cable of the gold movement into and out of the Bank for the Bank week,
inasmuch as the Bank has discontinued such reports.
We append a tabular statement of comparisons:

1735

51,474,000 francs. The Bank's advances declined
27,153,000 francs. Note circulation is now 19,183,388,000 francs. This compares with 15,423,122,275
francs a year ago and 11,715,218,815 francs in 1915.
Comparisons of the various items with the statement
for the week previous and the corresponding dates in
1916 and 1915 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
Inc. 8,211,300
In Bank
Inc. 1,035,275
Abroad

COMPARATIVE STATEMENT.
Status as of—
May 3 1917.
May 4 1916. May 6 1915.
Francs.
Francs.
Franca.
3,302,735,525 4.811,032,006 4.127,009.598
1,948,707,125

Total
Inc. 9,246,575 5,251,442,650 4,811.032,006 4.127.009.598
Silver
Inc.
139,000
256,456,000
356.190,565
376.525,018
Discounts
Inc. 144,248,000
644,638,000
445,677,773
220,038.901
Advances
Dec. 27,153,000
83,257.000 1,219,123,551
654,636,031
Note circulation__Inc. 173,535,000 19,183,388,000 15,423.122,275 11,715,218,815
Treasury depoalts_Dec. 51,474,000
71,655,000
32,622.921
72,746,341
General deposits __Dec. 53.309,000 2.455,479,000 2,040,139,478 2,289,874,057

In its weekly statement, issued April 23, the Imperial Bank of Germany shows the following changes:
Total coin and bullion increased 467,000 marks;
gold increased 19,000 marks; Treasury notes expanded 106,364,000 marks; notes of other banks
increased 2,780,000 marks; bills discounted showed
a reduction of 1,067,466,000 marks; advances
decreased 1,173,000 marks; investments increased
1,056,000 marks; other securities declined 212,000
marks; notes in circulation were reduced by 214,621,000 marks, while deposits registered the large
decrease of 677,476,000 marks. Other liabilities
declined 65,987,000 marks. The Bank's gold holdings aggregate 2,532,308,000 marks, as against
2,461,400,000 marks one year ago and 2,268,520,000
marks in 1915. Loans and discounts now stand at
8,010,134,000 marks. This compares with 4,717,000,000 marks in 1916 and 3,808,200,000 marks the
preceding year. Circulation is 8,144,939,000 marks,
comparing with 6,479,000,000 marks and 5,310,280,000 marks one and two years ago, respectively.

As was to hav.e been expected, the money situation
has begun to show increasing signs of activity and
strength. The call rate on the Stock Exchange advanced to 432% on Thursday. There has also been
a general marking up, approximately of 3' 0 in
147,
in rates for fixed maturities. The announcement of
the first installment of $2,000,000,000 of the GovernBANK OF ENGLAND'S COMPARATIVE STATEMENT.
ment's Liberty Loan, although payments need not
1916.
1917.
1915.
1913.
1914.
be made until July 1, brings Government financing
May 3.
May 2.
May 5,
May 6.
May 7.
into the situation as a direct factor. The Treasury
38,849,000 34,332,745 34,944,955 28,808,385 28,895,895
Circulation
47,226,000 48,444,236 134,165,149 18,386,960 14,189,282 placed an additional $200,000,000
Public deposits
3% certificates of
128,858,000 86,023,575 85,128,099 30,402,352 38,762,834
Other deposits
indebtedness (due July 17) early in the week and imGovt.securities_ __ 45,025,000 33,187,796 51,043,491 11,046,570
12,879,075
Other securities_ _.._114,093,000 77,376,643 146,152,679 38,835,308
31,462,418 mediately loaned $100,000,000 of the proceeds
to
Reserve notes de coin 34,675,000 41,586,203 3
9,808,872 25,583,214 26,429,747
Coln and bullion__ 55,075,233 57,468,948 56,303,827 35,941,599 36,875,642 Italy on identical terms with those of the certificates,
Proportion of reserve .
both as to rate and maturity. It is understood that
30.92%
19.69%
18.15%
to liabilities
49.90%
44.28%
5%
5%
Bank rate
5%
3%
the remaining $100,000,000 of the proceeds will be
loaned to France, and it is believed that Belgium is
The Bank of France this week reports an additional soon to receive $150,000,000.
gain in its total gold holdings of 9,246,575 francs, of
which 8,211,300 francs represent a gain in the
While every effort will be made by the Treasury
amount held in vault and 1,035,275 francs a further officials to prevent these new demands
for funds
contribution to the Allies' gold pool. Total gold exercising a disturbing influence
upon the general
holdings (including 1,948,707,125 francs held abroad) money situation, it would be unreasonable to
expect
now aggregate 5,251,442,650 francs as against that they can be arranged without substantial
strain;
4,811,032,006 francs, all in vault, in 1916, and hence is there, not unnaturally, an attitude
of ex4,127,009,598 francs the previous year. Silver hold- treme caution among lenders. Large institutions,
ings were likewise increased, namely, 139,000 francs. for instance, are, in many instances, arranging
to
Note circulation showed an expansion of 173,535,000 provide funds to enable their employees to
purchase
francs. General deposits declined 53,309,000 francs. the bonds, the funds to be repaid periodically
by
Bills discounted were increased 144,248,000 francs, deductions from salaries. It is
certain that there are
while Treasury deposits registered a reduction of to be enormous popular subscriptions
since it is the



1736

[voL. 104.

THE CHRONICLE

Government's intention to issue the bonds in de-nominations as low as $20. This will mean withdrawals from savings banks, from bank deposits
generally, from building loan associations and all
eleemosynary institutions in general. Necessarily,
it must result in accumulations of actual funds.
While the Treasury, by means of deposits in the
banks, will do its utmost to prevent derangement in
money circles, it is obvious that the next few weeks
can hardly fail to be marked by nervousness and
uncertainty. Stock Exchange liquidation will likewise prove a source of supply for funds for the new
loan. On Thursday, for instance, coincidental with
the announcement of the proposed issue of $2,000,000,000, there were severe declines in many of what
are usually regarded as high-grade investments.
Delaware & Hudson, for example, declined 73
points net, Lackawanna 5%, New York Central 2
%
points, Norfolk & Western 3 points, Reading 31 ,
Louisville & Nashville 53. There were, of course,
other explanations available for the weakness, such,
for instance, as the alarming reports of the devastation by submarines, as well as the Government's proposal to seriously reduce the equipment of the railroads in order to send locomotives and cars to France
and Russia. There also is distinct probability that
the wealthier classes will take advantage of the taxexempt feature of the new loan by switching their
investments from taxable securities.

and trust companies in connection with the arrangements for Government loans. Time money
has also shown increasing firmness. Sixty day funds
advanced to 4@4M%, against 3%@4%; ninety
days to 43@4M%, against 4@4M%; four months
to 432%, against 434@43/2%, and five and six
2@4%%, against 43@43/2% last
months to 4/
business was light and funds scarce. A year
week;
ago sixty days was quoted at 2@3%,ninety days
at 29@3%, and four, five and six months at 3@
0
337. Commercial paper rates have moved up
2
to 43',@4%% for sixty and ninety days' indorsed
bills receivable and six months' names of choice
character (with most of the business at 4%%), as
compared with 432%, while names less well known
now require 5%, against 4%@5% the previous
week; offerings were freer than for some time,
borrowers being more inclined to enter the market
in anticipation of still higher rates for accommodation in the near future.
Banks' and bankers' acceptances presented no new
feature. Quotations continue at substantially previous levels, though the tendency is towards increased
firmness; a fair volume of business is being transacted. Detailed rates follow:
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills

Spot delivery— Delivery
within
Thirty
Sixty
Ninety
Days. 30 Days.
Days.
Days.
334 bid
3;403
34@3
334@3
334 bid
334@34 3Si0334 334@3
4 €0314 4 igni 3340334 435 bid




I

I

Philadelphia.

Minneapolis.

No changes in rates were announced by any of
Banks the Federal Reserve banks as far as our knowledge
The weekly return of New York Associated
classes of paper
and Trust Companies, issued last Saturday, was less goes. Prevailing rates for various
the different Reserve banks are shown in the folfavorable than expected, preparations for the regular at
month-end payments and the new Government lowing:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
financing having induced another reduction in
reserves, as well as a substantial decline in demand
.
deposits. Loans decreased $2,068,000. Net de8
CLASSES
.i
i
O
k
a 4 1
$17,174,000. Net time DISCOUNTS F LOANS 1 t
mand deposits were reduced
1
4
1 1
t
AND
increased $2,823,000. Reserves
deposits, however,
i
&
P4 A all
ti i 1
A
in "own vaults" increased $2,565,000, to $472,349,- Member Banks,Coll.Loans:
334 334
334 3 334 334 334 334 334 334 4 4
1 to 15 days' maturity
000, of which $426,369,000 is specie. At this date Discounts:
..... ___ 3 334 334 334 334 334 334 4 4 334 334
1 to 15 days' maturity
4 4 434 4 4
4 4
4 4 4
4 4
"
a year ago the reserves in own vaults was $455,039,- 16 to 30 ' "
4344 4
4 4 4
4 4
4 4 4 4
31 to 60 "
43i 4 434 434 4 434 434 06 434
4 4 4
to 90 " "
000, including $383,340,000 in specie. The reserve 61Agricultural and
Paper
in Federal Reserve banks declined $16,519,000, and 91Live-Stock months maturity 5 5 434 5 434 5 5 5 5 5 5 534
days to 6
Trade Acceptances—
now stands at $210,009,000, as against $165,002,000 ' 30 days' maturity
334 334 334 3 334 334 334 334 334 4 334 334
to
"
334 334 334 334 335 334 334 334 334 4 334 334
the previous year. Reserves in other depositories 31 to 60 ' "
334 334
334 334 334 4 334 334 3)4 334 4 4
61 to 90 "
$63,251,000, compared with 1Commodity Paper
increased $925,000 to
316 3*4
___ 314 ___ 314 a% ___ 334 4 4
4
days' maturity
to 00
$56,563,000 in 1916. Circulation is $28,718,000, a Note.—Rate for bankers' acceptances, 234% to 4%.
loss of $67,000. The aggregate reserve was decreased $13,029,000, thus biinging the total to
Sterling exchange has become, if possible, even
$745,609,000, as against $676,604,000 held the same
s showed a more of a nominal and arbitrary affair than ever.
week in 1916. Reserve requirement
war has
reduction of $3,772,020, in consequence the loss in The entrance of our own country into the
totaled $9,256,980, which brought produced entirely new conditions, as it will soon take
surplus reserves
for the
total excess reserves to $111,642,220, and con- into its own hands the fiscal agency
relieving J. P. Morgan & Co., who have
trasts with $98,247,110 the amount on hand a year Allies,
of the
ago. The bank statement is given in fuller detail acted in that capacity since the beginning
war. The $3,000,000,000 loan which our Treasury
in a subsequent section of this issue.
Dealing with specific rates, loans on call went as Department has been authorized to make to our
3@43/2%, allies will, of course, be utilized in large measure here
high as 43/2% this week with the range 2
week ago. On Monday 29% was in providing for supplies. These, according to presagainst 2@4% a
terms
the high, VA% low, and 23/2% the renewal basis. ent plans, are to be purchased on as favorable
Meanwhile, private commerTuesday the maximum advanced to 4%, with 23/2% as those for ourselves.
a limited scale
low and ruling figure. On Wednesday the range cial business with Great Britain is on
and rates are entirely under control, so much so that
was 3@4% and renewals at 3%. Thursday redoes not exist.
newals moved up to 4%, with 432% the high and anything approaching a free market
the highest for the There were no gold importations this week; the ex33'% low. On Friday 4% was
day, while 33/2% was the minimum and 4% the ruling ports amounted to $4,812,000, including $4,262,000
quotation. The stiffening in call rates was un- to Japan, $235;000 to South America, $50,000 to
doubtedly due to heavy calling in of loans by banks Cuba and $265,000 to Spain.

MAY 5 1917.]

THE CHRONICLE

Referring to quotations in greater detail, sterling
exchange on Saturday, comparing with Friday of the
week previous, was quiet but firm, and without
essential change; demand ranged between 4 7555 and
4 75 9-16, while cable transfers ruled at 4 76 7-16,
and sixty days at 4 72, unchanged. Extreme dulness characterized Monday's operations, and the
volume of business transacted was exceptionally light,
mainly on account of a falling off in steamship
facilities; rates remained at 4 7555@4 75 9-16 for
demand, 4 76 7-16 for cable transfers and 4 72 for
sixty days. On Tuesday trading continued quiet;
demand bills ruled all day at 4 7555, although cable
transfers and sixty days were not changed from
4 76 7-16 and 4 72, respectively; buying of cables by
J. P. Morgan & Co. constituted most of the day's
activity. Sterling ruled firm on Wednesday, although dealings were again at a low ebb; quotations
were unchanged for cable transfers and sixty days,
while demand was a shade firmer and covered a
range of 4 7555@4 75 9-16. Thursday's market was
quiet and featureless, with actual rates fraetionelly
lower; cable transfers were quoted at 4 76423/@
2
4 76 7-16 and demand at 4 7555; sixty days was
•unchanged at 4 72. On Friday business was almost
at a standstill, and quotations little better than
nominal. The completion of arrangements for
furnishing Great Britain with substantial credits, to
be held in this country and expended. for purchases
of war supplies here, naturally obviates the necessity
for exchange operations and partially explains the
falling off in the volume of transactions. Closing rates
were 4 72 for sixty days, 4 7555 for demand and
4 76423/@ 4 76 7-16 for cable transfers. Commercial
sight finished at 4 759', sixty days at 4 71%, ninety
days at 4 6932, documents for payment (sixty days)
at 4 713', and seven-day grain bills at 4 7432.
Cotton and grain for payment closed at 4 75%.

1737

obtainable. The sterling check rate on Paris finished at 27.18, the previous close. In New York
sight bills on the French centre closed at 5 713/,
2
against 5 71 5-16; cables at 5 7032, against 5 703/2;
commercial sight at 5 72%, and commercial sixty
days at 5 773., against 5 77 a week ago. Reichsmarks, no quotations. Kronen, no quotations.
Lire finished at 7 013/ for bankers' sight bills and
7 003/b for cables, against 6 94 and 6 93 the preceding
week. Rubles closed at 27.75. This compares with
28.15 on Friday of last week.
As to the neutral exchanges very little actual
business is passing, operators evincing an indisposition to enter into new commitments at the present
stage of international affairs, and weakness developed
in both Scandinavian and Swiss exchanges, chiefly
as a result of the diminution in the recent demand.
Guilders were well maintained, at or about previous
levels. Pesetas ruled strong and fractionally higher,
though without specific cause being assigned therefor.
Bankers' sight on Amsterdam closed at 409, against
413 ; cables at 40%, against 4131; commercial sight
4
at 40 7-16, against 40%, and commercial sixty
days at 40 3-16, against 403 a week ago. Swiss
exchange finished at 5 15 for bankers' sight and
5 143 for cables, comparing with 5 129( and 5 12
on Friday of the preceding week. Greek exchange
(which is still regarded as neutral) has remained at
5 00 for sight bills. Copenhagen checks finished
at 28 10, against 28 25. Checks on Sweden closed
at 29 40, against 30 00, and checks on Norway
finished at 29 35, as compared with 29 40 last week.
Spanish pesetas closed at 21 85, against 21 70 on
Friday of a week ago.
The New York Clearing House banks, in their
operations with interior banking institutions,
have lost 82;050,000 net in cash as a result of the
currency movements for the week ending May 4.
Their receipts from the interior have aggregated $6,818,000, while the shipments have
reached $8,868,000. Adding the Sub-Treasury and
Federal Reserve operations and the gold exports,
which together occasioned a loss of $61,334,000,
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 863,384,000, as follows:

In the Continental exchanges the most conspicuous feature of the week has been the weakness in
rubles following persistent, though unofficial, reports of serious domestic strife and political unrest
in Russia. An additional influence of depression was the fact that as yet no definite negotiations
are under discussion for Russia's participation in the
$3,000,000,000 new credits now being distributed
among the members of the Entente Powers. Later
in the week dispatches to the effect that the talk of a
Week ending May 4.
Into
Out of
Net Change in
separate peace between the Provisional Government
Banks.
Banks.
Bank Holdings.
Petrograd and the Teutonic Powers was without Banks' interior movement
at
$6,818,000
$8.868,000 Loss $2,050,000
and Federal Reserve
foundation, created a favorable impression and some Sub-Treasuryand gold exports
operations
24,329,000
85,663,000 Loss 61,334,000
$31,147,000 $94,531,000 Loss $63.384,000
of the losses were regained. Lire again moved irregu- Total
larly, the strength induced by Secretary McAdoo's
following table indicates the amount of bullion
The
announcement that $100,000,000 in war credits had in the principal European banks:
already been placed at the disposal of the Italian
May 3 1917.
May 4 1916
Government being counteracted in some measure by Banks of
Silver.
Gold.
Total.
Gold.
Silver.
Total.
heavy speculative offerings which at times forced
03
1
55,075,233 57,468,948
quotations down appreciably, although before the England__ 55,075,233
57,468,948
France a _ _ 132,109,421 10,280,000 142,389,421 192,440,000 14,247,000206,687,000
126,620 150
836,450 127,456,600
2,150,000 125,413,000
close a partial rally took place and final quotations Germany 147,954,000 12,165,000 160,119,000 123,263,000 5,745,000168,358,000
62,613,000
Russia
Aus-Ilun.c
12,140,000
51,578,000 12,140,000 63,718,000
were relatively firm. Francs ruled steady and with- Spain ____ 51,578,000 30,087,000 63,718,000 38,770,000 30,471,000 69,241,000
85.083,000
54,996,000
36,947,000
44,808,000
out important change, and as in the case of sterling, Italy 'ds 34,210,000 2,737,000 49,784,300 40,772,000 4,036,000 44,314,100
571,300
49,213,000
Netherl
156,100
44,158,000
Nat.Bel_h 15,380,000
15,380,000
continue to be plainly under official control. Ex- Switzland 13,670,000 600,000 15,980,000 10,315,200 600,000 15,980,000
13,670,000
10,315,200
Sweden __
change operations, however, were materially re- 'Denmark _ 10,727,000 132,000 10,727,000 9,163,000 223,000 9,163,000
9,253,000 7,367,000
9,121,000
7,590,000
7,227.000 5,244,000
5,244,000
stricted in consequence of the increase in U-boat Norway__ 7,227,000
Tot.'week.707,880,804 69,548,750777.429,554758,532,148
depredations. In fact the gravity of the sub- Prev.week 707,916,786 69,372,150777,288,936758,640,023 69,768,1001828,300,248
70,296,4501828,936,473
marine menace induced a considerable degree of a Gold holdings of the Bank of France this year are exclusive of /77,048,283
abroad.
nervousness and hesitancy on nearly all of the heldThe gold holdings of the Bank of Russia for both years in the above statement
*
exchanges. All trading in German and Austrian have been revised by eliminating the so-called gold balance held abroad. On
reported date, the amount so held, £214,115,000.
exchange has been suspended and quotations are not the latest30 1914 in both years. h Aug.6 1914 in both years.
it.c July



1738

THE CHRONICLE

WARNINGS AND OVERCONFIDENCE.
The statements given out at Washington this week,
emphasizing the alarming situation created by Germany's submarine campaign, warning against overconfidence in Germany's early defeat on land, and
urging that an expeditionary force be speedily sent to
France to represent our army, have been received
with mingled sentiments. In some respects, all three
statements caused surprise. It had certainly been
the general view, during the last few weeks, that the
submarine campaign was decreasing in effectiveness
and that the German army on the Western front
was showing signs of great weakness in the face of
the Allied attack.
It had been widely taken for granted, even by
those who favored our army's direct participation in
the war at the earliest possible moment, that the
length of time required for training would necessarily
postpone such participation, and that, even supposing
the troops to be ready, ship facilities to transport and
supply them could not be spared in the present urgent
need of vessel supplies for food and munitions. The
representations regarding the effect of the submarine
campaign on England's food kjeupply, especially as
made on Wednesday by Secretary Lane, would logically have led to a wish for the postponing rather than
the expediting of direct military assistance by United
States troops.
We suppose that the real motive of these warnings
and recommendations was to prevent such feeling of
over-confidence as should lead to the relaxing of
efforts in America to prepare for active warfare.
Exactly what the submarine achievements have been,
so far as regards Great Britain's food situation, it is
not easy to determine. Mr. Lane said on Wednesday that "if this keeps up for any length of time, it
would lay England and France prostrate unless we
are able to come to their support,or some measure is
devised to put the submarine out of business."
Admiral Beresford declared on Tuesday that the
losses of ships were "appalling.". Yet M. Cambon,
of the Paris Foreign Office, also said on Wednesday
that "it is not doubted that the end of the submarines is in sight" and that "there is no occasion
to be pessimistic over the submarine menace."
Lloyd George, who usually states the worst side of
things with energy and frankness, declared, on Friday
of last week, that "the best brains of America and
Britain are concentrated on this problem"; that
"there never was a human problem which was not
soluble, and I don't believe this is an exception";
adding, "I am confident that if our present program
is carried out, the submarine campaign is beaten."
On Thursday Lord Curzon, of the British War Council, said in a public speech at London:
"I am convinced the Germans are wrong in their
estimate of the results of their submarine warfare.
They will not succeed in starving England or her
allies into surrender, even should the submarine
war last as long as next year. They may drive us to
compulsory rationing—I think we ought to adopt
rationing. But there is not the slightest cause for
panic or alarm."
All this is on its face a little bewildering; but the
facts presumably are that the Washington view o
the question is contemplating possible increase in
effectiveness of the submarines and that warnings are
based on assumption of that possibility. England is
certainly not .starving; but the ocean tonnage prob


lott.

lem is serious enough in the longer view because/as
yet the production of new ships has not kept pace
with destruction by the German undersea boats.
This necessarily puts an unpleasant color on the
situation conceivable for some months or a year from
now, unless more effective ways of dealing withithe
submarines are discovered.
As compared with the great activity and large
success of the French and English assault on the
Western front last month, the present month has
apparently opened with some relaxation of energy.
In this there is no occasion for surprise. The real
wonder was, how provision for such enormous concentrated artillery fire could have been kept up
continuously as long as it was, in face of the known
difficulty of transporting and distributing munitions. Naturally, much attention has been directed
to the appointment of General Petain as Chief of
the French Army Staff, which was construed in some
dispatches as the virtual superseding of Nivelle.
This does not follow; because the Chief of Staff does
not directly and personally conduct a campaign in
the case of France any more than in that of Germany
and England. But whether Petain's appointment
meant larger supervisory powers over the English
and French armies combined, or whether it was
recognition of some defect in the previous organized
service, has not yet appeared.
It is more evident, in the light of later developments, that the Russian situation is a gravely complicating factor. If it had no other result than to
cause and continue the present evident suspension
of military activity on the Eastern battle line, it
would even by that strengthen the hand of Germany, through releasing troops for the French frontier. But it must be admitted that the whole
Russian situation is enveloped in obscurity. There
are certain indications—not unexpected by experienced observers of men and intelligent students
of history—that the social and political disorganization which followed the French Revolution is
being, to some extent, repeated in the case of
Russia.
That the Russian people, even the radicals, are
opposed to a separate peace and favor continuance
of the war, we are assured by high ministerial authority at Petrograd—notably by the Minister who
represented ultra socialist doctrines before and
whose cabled statements on these points last week
were positive and explicit. Milukoff's courageous
and apparently successful speech to Thursday's Petrograd mob, declaring that the war would be continued, was notable evidence in point. But this is
not all the question. There is much that is disquieting
in the vague dispatches concerning the attitude of
private soldiers in the army, who seem to vote on
policies, at times to insist on leaving, and generally
to demand the full privileges of citizenship while
under arms.
This would go far toward paralyzing any army's
efficiency. No doubt, if Hindenburg were actually
to invade Russia, the spirit of coherence and subordination would at once assert itself in armed resistance
—as it did when Revolutionary France was attacked
by the monarchical powers surrounding her. But if
the present situation means nothing more than forced
inertia of the army, then the great power which has
been exerted from the start, by alternate blows for
the Allies on Germany's Western and Eastern
fronts—thereby preventing concentration of her

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1739

full army strength on either border—would largely The doubtful law
of necessity is being invoked where
disappear as a factor in the situation.
peoples are perishing and States are in danger. To
We do not suppose that any of these elements of invoke these conditi
ons as proving a rule for times of
discouragement is necessarily permanent or neces- peace is
equivalent to believing that you can calm
sarily continuous. They are undoubtedly perplex- the sea by
freezing it stiff in the midst of tumult.
ing; they have brought disappointment to many And all this
becomes more apparent when we contrast
minds which had thought that the end was in sight, the territor
y of the United States with that of
and they explain the urgent appeals of the French Europe. And
the correlative proposition is that,
and English Commissioners to our people. Such democracies
being instituted to protect human rights,
periods of reaction and apprehension are, however, the natural seat
of a permanent union of States, anyalways bound to follow at such times as this a period where on the globe,is
in the great valleys of the earth,
of confidence and exaltation. The signs of popular where alone one law,
one language and one literature
discouragement were possibly greater in the last can prevail to give to
the political form the power to
year of the Napoleonic wars and of our Civil War secure that liberty
of man which leaves trade free
than at any previous juncture—in the one case be- to follow the laws
which are written in the nature
cause the coalition against Napoleon seemed on the of things.
verge of breaking apart, in the other, because the
It follows that a political commission which under,huge loss of Northern lives in the Wilderness ac- takes to control
special departments of industry,
companied a minimum of visible achievement. unless
it can control all, without regard to territorial
Yet the result on both those earlier occasions was lines
whether national or State, becomes merely an
to stimulate effort, increase the scope of military interfer
ence, able only temporarily to clog the ways,
plans, and direct all energies to a concerted end—
to cramp effort, to disorder and divert energies, and
which in both cases was achieved, largely because to impede
the general advance, and prevent harthe actual difficulties surrounding the situation had monious associat
ion. We do not at this time discuss
become understood.
the effect of taxation on trade—always a burden and
never a benefit unless at the expense of one industry
MR. WARBURG'S ADDRESS AGAIN—THE CASE over another, nor do we consider the basic truth that
OF COMMERCE AGAINST COMMISSION
no control is possible without ownership; we underGOVERNMENT.
take only to show that commissions exercising autoIf, regardless of its geographical situation and cratic power over separate divisions of industr
y are
territorial extent, the attempt to make a nation an harmful because all industry is
amenable to natural
economic unit, coincidental and coequal with its law, and all industries are
interdependent, and each
political unity, results in its invoking national armed dependent upon
the extent, activity, demands and
force in order to attain to a "place in the sun," then service of all the
others. Thus, it is literally imit is an evil of incalculable harm to the world and possible to control transpo
rtation and credit without
should be universally abandoned. And especially at the same time controlling
production in agriculdoes the political nature of a republic forbid such a ture and manufacture, and equally
impossible to
policy. Liberty is life, life is love, love is labor, and control production without
controlling population
if you shackle one, you enslave all.
and consumption.
That the commission policy for the control of trade
Economic unity in the United States is, therefore,
is not only an evil, but is a failure, is witnessed by the no more possible, as
far as legal jurisdiction is conbill now before Congress (a form of negative legisla- cerned, than State
would be. The only economic
tion which sooner or later must be enacted) permitting unity which can
exist is that which arises from comfirms and corporations to combine for foreign trade, mon endeavors to a
common end—the physical and
regardless of the existence of the anti-trust law now spiritual welfare of
peoples, as shaped and controlled
on the statute books. That the Sherman Act, itself, by racial characteristics and
the environment of
as far as any economic effect on production and sun, soil and sea. Greenland might
become a reexchange is concerned, or any permanent influence on public of independent States, a
political institution
the essential customs and conduct of business, is a the exact counterpart of ours,
but its economic unity
failure, is now generally admitted. Segregated com- could never be the same
in kind. There can be no
panies perform the same services in supply and uriformity without
diversity. And in a worlddemand, as the consolidated corporation previously democracy
the only economic unity possible will be
did, whether for better or worse depending on the that which results from free
and unrestrained trade.
law of maximum productior at minimum cost, The old idea was to get away
from monopolies in
showing that a political institution by its very nature trade based upon governmental
grants and privileges.
as guarantor of the freedom of initiative,effort,and The new idea would seem to be to suppres
s the privownership, is incapable of controlling trade. What ileges by suppressing
the business.
Congress cannot do, a commission cannot do.
There is no more pertinent or powerful example of
When, therefore, the general Government undertakes the failure of these artificial creation
s to actually conto concentrate its power into the form of a small trol trade and industry, showing that their
interfercommission, which must be superior to the legislative ence has only resulted
in disaster to the industry
branches of the Government, to be sought to be regulat
and judicial
ed, than the Inter-State Comeffective, it creates, through centralization, an merce Commission. It has never
projected, built,
autocracy, but cannot vest it with the power to or operated, a single line of railroad
; it has never
control trade, since it does not itself possess that produced a single railroad system;
and yet it has unpower.
dertaken to regulate them all by the establishment
The danger of an appeal to European models in of a reasonable rate. And it has never
established
State organization and control of trade at this time is a reasonable rate for the reason
that by its very convery grave. We are in a state of war. The color stitution it is incapab
le of doing so. We pass by
and current of human thought everywhere is changed. the fact that it is not wholly
compoesd of experts, and



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[VOL. 104.

established by the
is unlikely to be, because its personnel is politically arbitrarily, from rates already
tances, a mean rate (hardly this,
chosen, although it is well known that more than once force of circums
a mean rate) within
it has been the haven of men who, having finished since it cannot determine even
e certain localities and for certain distances, upon
a life-long career in office, possessed no intimat
and declare that this shall be
knowledge of railroads and were too old to learn. It certain classes of goods,
that it shall not be changed
has never established justice among all the parties a maximum rate, and
the Commission. And this it has
affected by a rate because its rulings are made with- without consent of
ce of labor, which is wholly
out knowledge of all the facts and factors involved, done, while the influen
ction, has enormously increased the
and are merely arbitrary rulings made upon concep- outside its jurisdi
costs of operation. And let us hasten to add that,
tions of apparent inequalities.
can by this alien and arbitrary ruling, it is now very
Before any reasonable rate-charge on railroads
is becoming generally believed
be declared, the reasonable profit the railroads should clearly proven, and
the credit of the roads has been
earn upon their capital must be previously deter- by the people at large,
their normal growth seriously
mined. This has never been the mental possession sorely stricken and
really establishing a reasonable
of the Commission, and it is now engaged under an retarded. Is this
e an acceptable form
Act of Congress in ascertaining, as a necessary pre- rate? Is this likely to produc
between the shippers and the roads?
liminary step, the physical valuation of the roads. of arbitration
ce, and can justice
As is well known, this is not an unalterable and de- Can wisdom come out of ignoran this Commission
true value of exist without wisdom? All that
termining method of finding out the
and not before. It becomes,
these transportation companies. Were the value does is after the fact
to produce good is conknown, however, it cannot be used as a basis upon then, so far as its power
per, acting in a despotic and autowhich a reasonable rate may be rested until the value cerned, an interlo
Regulation which is only a blind
of all other industries be determined, and a reason- cratic manner.
of restriction cannot promote the interests
able profit established by law for each of them. In method
people.
a word, the proper earning rate on all capital must of the roads or of the
The address under consideration speaks of no one
the
be determined, or justice' cannot declare what
water is squeezed out of stocks.
earning rate of a part of that capital shall be. This being harmed if mere
stock is water and what not?
is clearly impossible, since such an iron rule could Who knows what
sion which has yet to find out a
not, however extended as to period of time, take Surely not a commis
d stocks of any kind, or for
account of the lean years and the fat, the changing basis of value for railroa
ruling it may make! The fact is
periodicity of prosperity and depression, the diversi- any purpose or
enormous costs of building railroads
ties of soil surface and season, the progress made in that the early
dis- through vast sparsely settled regions in the United
applied science and in invention, the accidental
ments had to be given to
covery of minerals, the advance in manufacture, the States, when heavy induce
undertake the risk, have, by
systematization of individual enterprises, the chang- capital to impel it to
the growth of time, been
ing currents of world trade, the hazards of opera- successful operation and es, into fixed values and
a few instanc
tion, and the skill and genius of particular manage- turned, in not
and are no longer water. The falling
ments. And if it had knowledge of other industrial stable capital,
for out of great systems, through the sheer necessity of
class earnings it could not make an iron ruling
the bankruptcies and subsequent conrailroads without having power to restrict other lines circumstances,
result of inexorable natural law.
of industry to the wholesale rate determined upon. solidations, are the
Commerce Commission has had
Thus the antecedent elements of justice in estab- The Inter-State
with fostering these great changes, for
lishing any rate are wholly wanting—have always nothing to do
le of anticipating them or giving them
been so, and will remain so, for neither government it was incapab
The constitutional power to regunor business can read the future, or determine the form and being.
commerce between the States in its original
late
nature, direction or extent of progress.
reference direct to railroads, with
Again, the earning rate of one line of railroad, of meaning had no
and the short haul, for they did not
one transportation corporation, cannot be made the the long haul
in imagination, but there was a prophetic
rate for all, owing to the physical conditions which exist even
State lines and State rule must be
underlie its successful operation, and the time in foresight that
ce to the larger interests of.a united
which it operates. Nor, if it be declared, can it be brought in abeyan
And if governmental rule unfixed; because of the application of mind to matter— and fraternal people.
political State was seen to be inimical to the
the management of unequal men can never produce der the
it cannot be argued that governmenequal results. Further, the earning rate of a single general welfare,
the political nation is either necessary
railroad corporation is made up of freight and pas- tal rule under
And the indubitable fact will ever
senger charges that are not stable quantities and never or salutary.
a corporation once in existence for the
can be. The rates affixed by the management in remain that
carrying on any industry must live by the
the first instance, on any article or class of goods, purpose of
make as an independent organism
are subject to the push and pull of all other rates profits it can
working in the midst of all the changes and requirethat change with new discoveries of products, new
r energy. The very nature of strict
manufactures, new tastes and customs among the ments of popula
ge is contrary to this law of life.
people served, the uncertainties of seasons as to governmental espiona
no true sympathy can be expected
localities outside the immediate territory of the road And furthermore,
ted to protect the people from the
in question, mechanical improvements as to opera- from a body institu
when by the very act of creation for
tion, the state of the market as to capital and credit, corporations,
the corporations are made outlaws.
and the competition between the direction of ex- such a purpose
one contends that the roads always do right, or
No
change, and of the kinds of goods which are outside
that exorbitant charges are never made, or that disthe will of the road or of the shippers themselves.
n shippers whom it is the bounden
These things being true, the Commission does not criminations betwee
t domain to equally serve, have
really regulate. What it does do in reality is to take duty under eminen



MAY 5 1917.]

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1741

not been made as against the implied rights of con- tary act of suggestion on the part of the banks;
tract, or that manipulation of shares has never exis- it has not awaited the calls of rediscounting, its
ted, or that safety devices are applied as fast as chief purpose; but it has gone into the open markets
known, or that incompetents and speculators do not in competition with the larger banks that helped to
sometimes wreck the roads. But it is declared that create it by subscribing to the capital stock of the
there is a tribunal already existent, a co-ordinate regional banks; it has taken the gold of member
branch of the government, where the people and the banks upon which to issue a currency dollar for
citizens aggrieved can seek and secure redress. And dollar that was not contemplated in the original
it is further declared that any political institution act; and it is continually knocking at the doors of
which acts before the fact and without knowledge is Congress for extension of powers, the effect of
not competent, and cannot, therefore, become an which when granted is to render it superior to the
arbiter between the corporations and the people, be- stockholder banks which alone make possible its
tween classes of shippers and competing points, and existence. And, judging by the contents of this
this the Commission does as against the subsequent address, while aiming to represent the ideal of a
action of the Court adjudicating a contract under a non-political body, too altruistic to be influenced
given state of facts. Equity is possible to the one by the passion and partisanship of the common
but not to the other. One is qualified and the other people, it is yet by its very constitution amenable
is disqualified. One does not interfere with progress, to the will of a Chief Executive who at the same
for it takes no note of operation save under the time has no constitutional power to direct its acgeneral law and the special contract. And it is at tion, while by becoming the fiscal agent of the
this point that the whole case for the Commission Government it becomes the agent of the Secretary
to intervene in business falls to the ground. It of the Treasury, who, while a member of the
becomes officious meddling and can be nothing board, is independent of it. Born out of a wholemore. If the Court of last resort is to be set aside in some desire of bankers and people to so utilize the
favor of the unbridled power of a commission then natural machinery of banking that through coby the act the Republic itself is destroyed. The operation a defense might be made, open to any and
mere ministerial office of being a lodgment for reports all on call, to prevent, or at least ameliorate, panics,
or for pursuing independent economic and financial it has grown and hardened into an iron mould into
investigations, in itself has no power to affect the which both the being and method of the individual
roads, adversely or otherwise. But the power to bank must be fitted. And there is not a shadow
of doubt that the existence of free and independent
regulate becomes the power to destroy.
The contention of this address that Commissions banks and banking in the United States is threatto regulate business are not only necessary but ened, if it is not already lost.
right, and that they are beneficially effective, is
These, then, show forth the circumstances under
equivalent to saying that Congress and the Supreme which some of our industries must exist, or, it is
Court are inadequate and ineffective. And in this asserted, Government ownership will ensue as the
an admission is made that our representative re- only alternative. But why not return to conditions
publican form of Government should be supplanted of free competition and private control, which
by an Autocracy. For there is lodged in the Com- brought us so far along the magnificent way, and
mission a power not amenable to the people, since which alone make possible a true co-operation?
it is argued that it has perpetuity, and there is Why is there no other way? Why is not the old
created an institution that -once in existence cannot way, "the only way?"
be changed by popular vote, and is thus immune. The opinion is expressed in this address that
to the popular will. That these boards of control Federal commission Government will increase and
by their very nature grasp at power to sustain them- become permanent in the civic policy of the nation.
selves is nowhere more clearly illustrated than by the But why? Have these commissions, save in their
short history of the Federal Reserve Board. Or- purely ministerial capacity, proved worthy and
ganized to superintend a method by which, through beneficial? What great salutary work of a construcregional banks, an emergency currency might issue, tive nature have they accomplished? Is general
by the rediscounting of commercial paper, a service business moving steadilyforward on its own initiative?
that might have been performed by legalizing the Is the pulse of individual human effort strong,
issue of loan certificates through established Clear- confident, eager? Is business as a whole earning
ing Houses, it has swiftly become a great centralized constant and stable profits, as a result of this form of
banking force, if not a Central Bank in name, striv- rule? Or, is it disturbed, hesitating, uncertain as
ing to control the gold stock of the country, the to the future, secretly alarmed at the outlook? And
amount, place and kind of reserves of the indepen- how will these several commissions, regulating
dent banks regardless of the rights and interests separately the various industries become coof the depositors, the form and parentage of the ordinated? Must there be created soon a superindividual bank as to whether it shall be State or commission to regulate them all? And if so what
national, and even to the methods of doing business will become of the Republic itself?
wherein profits are involved as in the handling of
How did these commissions, or this idea of governcredit items.
mental "regulation" by this process originate? Was
There is no doubt that this Federal Reserve Board it always by petition of the several industries affected?
may exercise a salutary effect upon the banking of Have we forgotten so soon those tempestuous
the country, if it confines itself to the mere minis- campaigns when the corporation and aggregated
terial office of service, and does not undertake to capital were so fiercely assailed for political
exercise a supervision which in effect annuls the purposes? Nay, this idea of governmental regulacommon law right to buy and sell credits and to tion of business is the very creature of partisan
freely organize the credit of communities into popu- agitation! It is the progeny of "hard times" which
lar institutions. But it has not waited the volun- came in the course of the swing of the busine



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[VOL. 104.

pendulum from high to low. Men were taught to the success or otherwise of those plans are certainly
believe that Government could cure their ills. And a matter of great and growing interest.
Profit-sharing, strictly speaking, is considered by
yet we have lived long enough as a people to know
all the claims made in 1896, 1900 the author to cover only those plans under which
that nine-tenths of
and 1904 were false, that the diagnosis of the disease specified proportions of net profits are distributed
was wrong, that the cures proposed were quack to at least a third of the number employed. He
nostrums, and that recovery from "depression" figures the number of establishments having such
comes as surely as day follows • night. Are these plans in operation in 1916 as 60, and he gives a list
institutions then to be fastened forever on the people of these. An analysis of details and working of
twelve typical plans occupies 25 pages. The concern
without hope of escape?
that we should not devising Plan No. 1 decided that no partner has
There is another supreme fact,
lose sight of in the present of all times. They just claim on any profit accruing before his entrance
create a distinct schism in our form of government. and therefore each must work a full year under
Regulation lies with the commission, an arbitrarily knowledge of the plan before becoming entitled to
created body with arbitrary and ungoverned power anything under it; that the sum divisible must be
(or it is nothing at all), while taxation still lies with dependent on the year's profits; that, in order to
Congress. And as we know now, if we never knew it prevent any knowledge of the total sum of such
before, taxation may reach to unlimited dimensions profits, the men should be told that the percentage
and confiscatory effect. The disposition to lay a on profits was fixed in advance though not published;
heavy hand upon profits and earnings of business lies that the shares payable will bear a proportion to
very near to the welfare of the States that must the rate of wages paid, up to 20%; and that assignsupport their domestic governments by revenues upon ment of wages will forfeit at least a third of the share
property. And it is an old maxim that the taxing amount otherwise due. The employees were aspower in governments is a ruling power. And here sembled, and the plan set forth to them; "while our
again the. railroad situation suffices to point the people were evidently pleased that something good
argument. Held to an inflexible rate, they suffer was coming to them it looked rather a long way off
from continual forced demands for increased wages, and comparatively few seemed to really understand
and growing Federal taxation, yet are unable to the scheme." The rate of dividend to earnings under
advance rates and earnings. Can the industry long this plan and by this concern have ranged from 11.4%
survive under such conditions? Ground between in 1901 to 8.3% in 1915.
Plan No. 2 has the distinctive feature that the
the upper and nether millstones of two separate
and the employees may verify the accounts for themselves
governmental instrumentalities, Congress
commission, they are powerless to properly advance, through a professional accountant, the cost of this
and the people suffer. Will Congress surrender the work to be borne equally by them and the employer.
Plan No. 4 is peculiar in that 52% of profits
taxing power to some commission? Reasonable
rates can never be made by one political body while above what is assumed to be a fair return on the
taxes are laid by another—and Government itself, as investment is available for distribution; of this
distributable sum over four-fifths goes "to the
well as business, is disrupted.
comes upon us, and under supposed stress executive employees," who number 13 and are about
War now
new commissions are proposed ad libitum—to act 6% of all employed. The result has been that
independent of Congress, to regulate and control while the dividends have averaged about 100% for
operation, even to take over property and products, the executive group the rank and file of the employees
and to procure methods of trade independent of have had only about 5%. From 1901-15, the highest
normal demands. And all this is done in the name rates were in 1915, 8.7% to the rank and file and
of liberty and world democracy. Is it thus that a 176.7% to the executive class.
Under Plan No. 5 the net profits above 6% on the
republic guarantees the personal liberty that is
the
inseparable from life sustenance by individual effort? capital invested is divided between the firm and
basis of interest on
The voice is the voice of Jacob, but the hand is the participating employees on the
the investment and their earnings, the object being
hand of Esau.
an
And what of the people at large while the Govern- not to augment current earnings but to create
against the time when productive powers
ment is surrendering itself to this form of domina- annuity
of the contion? The address unhappily says that Rome was begin to fail. Under No. 6 the practice
ips. What a naive cern is usually "to invest the accumulated shares of
wont to "resort" to dictatorsh
use of the word! She did come under the rule of profits of the individual participants in the common
prevailing
dictators, but if we read history aright, it was in that or preferred stock of the company at the
s;" the credit to employees in any
market quotation
fatal hour that her downfall began.
year is a rate on their wages the same as the rate paid
on capital in that year. The directors, with the aid
PROFIT-SHARING IN THE UNITED STATES.
foremen, determine which employees
A pamphlet of nearly 200 pages from the Bureau of of advice from
are entitled to "premiums" and also the total number
Labor Statistics in the Federal Labor Department
they believe such restrictions are
goes elaborately into the subject of profit-sharing to participate;
preventing any idea that the apportionin the United States. So far as this exists at present, essential, as
of wage or is anything but
the author remarks by way of introduction, "it ment is a mere increase
actual merit applicable only to the best.
appears as a component part of a larger and more a reward of
Plan No. 7 has been in operation more than 25
significant phenomenon in our industrial life," the
and chief owner of the concern
tendency on the part of employers to create some years; the founder
the author) one of the foremost
conditions which will mitigate the frequency and is considered (says
problem, and his plan "is said to
violence of industrial disputes. The extent to which students of the
successful method used in the
this desire has pushed itself to practical attempts, the embrace the most
profit-sharing principle in business
plans in which those attempts have been cast, and application of the



MAY 5 1917.1

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1743

and industry." Capital is allotted a moderate cept wage advances in good years but refuse to yield
return, all over this going to participating employees anything (and continue to demand more) When
and to consumers, but the employees' share goes to lean years come. Moreover, employees are gena so-called surplus fund from which the head of the erally unable to understand the nature of business
concern draws at his discretion. The largest ratc or to realize that the employer has either troubles
ever received by the employees was in 1907, 30% on or problems. As an example, we recall how, many
their wages; in 1915, the rate was 10%. Nearly years ago, a certain large printing concern, comone-fourth of the capital stock of the concern has pelled to either move ahead or be run over by the
been acquired by the employees during the operation march of events, contracted for a large amount in
of this plan. The relatively large permanency of the new machinery and type, without any positive warmanufacturing employees under this plan is ascribed rant of successful business to follow, whereupon
to the fact that the company "is carrying on numerous one man in their composing room remarked to his
schemes of welfare work and co-operation for the fellows that the boss must be making a lot of money
benefit of the employees, the city in which the and plainlylthey ought to have more wages.
plant is located being one of the very few co-opez•ative
To dissipate the ancient belief that capital excolonies in existence in the country at present."
ploits labor and has an easy time in doing so, to
Plan No. 8 is peculiar in being the only one in the end or greatly mollify labor troubles, and to teach
country under which employees are bound to share labor the nature and limitations of business, nothing
in losses occurring as well as in profits. This is can be so salutary as the modern movement of
accomplished by an agreement that the company consumers' co-operation, wherein men become their
may hold back 10% of current earnings to abide own employers and determine and supply their own
the result of ascertainment of the year's operations. wants. Under this, the worker views business
Employees earning under $600 a year cannot afford problems from both ends; he pays himself the best
to have this portion withheld for twelve months, wage, and grants himself the shortest hours and the
and those earning over $1,200 do not think the pos- easiest rules, which the conditions that he cannot
sible gains large enough to interest them; so the wholly control permit. He cannot complain of the
plan has been confined to the earners between those wage rate when he determines it; he cannot complain
sums, to clerical employees, to foremen, and to the that he is deprived of his share in the profits, when
more skilled members of the manufacturing force. all receipts and disbursements pass through his own
At no time have more than 35% of the whole num- hands; he cannot strike against himself; he cannot
ber been participants, and their rate of benefit has hold indignation meetings and mass the power of
not exceeded 7.5% of wages.
the union against the employer, when he occupies
Other forms of profit-sharing, loosely so-called, the dual relation. He will certainly succeed in that
are mere bonuses, not guaranteed, and having no dual relation, and it is bound to come; it is justice,
direct relation to the profits ostensibly shared. A manifest destiny, and progress, but it will come
familiar form is the holiday bonus, and the recent slowly and cannot be forced.
salary increases distinctly based on the fact of an
Meanwhile, profit-sharing schemes should not be
increased cost of living are in this class. The group condemned because they have not achieved entire
plan of life insurance, so far as it is non-contribu- success. They are preliminary, they are educatory, and the various pension and welfare plans, are tional, and they have accomplished something.
also efforts by employers to promote a smoother
modus vivendi; they are partly dictated by wise
business policy, doubtless, but also partly by al- CANADIAN GOVERNMENT'S GREAT ADVANCE
IN TIMBER PROTECTION.
truism. These are not touched upon in the treatise
before us, but the author considers. at great length
Ottawa, Can., May 5.
three plans. One distributes according to length of
One of the least advertised but most important
service and a subscription to a minimum amount of compensations of the war period to Canada has
the company's stock; one turns wholly on the em- been the advance in forest conservation policies
ployee's skill as indicated in his rate of wage and on the part of the Governments. This has a vital
upon a minimum length of service; and one turns bearing upon the future, not only of the Canadian
upon the nature of the work and the merit of its lumber industry, but of pulp and paper manufacperformance.
ture in the United States and Canada, for the reason
A number of concerns that had unsuccessfully tried that the reduction of tree supplies by forest fires, as
profit-sharing plans were asked for their experience. compared with the lumberman's axe is estimated
Of 26 replying to inquiry, eight said the plan did as being fully ten to one. The present supplies of
not satisfy employees; five said the men went on commercial woods in Canada are recognized as
strike; another five said the men preferred an in- sufficient to meet the needs of 5,000 wood-using
crease of pay; four said the interest and efficiency industries now existing if fire waste is eliminated
of employees was not increased; two said it bene- and more economical logging methods introduced.
fited the undeserving; one said it did not tend to
Contrary to common belief, Canada contains just
stability of force, and one cited competition and one-quarter the timber of the United States. The
the general upward trend. Three replied that the most richly endowed timber province, British Columplan worked fairly well in good times, but when bia, has by a modern fire prevention system cut
profits fell off the men grumbled. This was the down timber waste to what must soon be regarded
gist of the trouble; the employees retain the ancient as nearly negligible. This year, Saskatchewan
jealousy of capital and the ancient belief that it and Manitoba have passed laws to stop the timber
makes a tool of labor, to be worn out and then dis- waste caused by settlers' fires in or near tree-covered
carded, and they are ready (although not always areas and this is regarded as a valuable move to keep
with hearty appreciation) to share profits but not the enormous non-agricultural areas of these provlosses. The railway brotherhoods are ready to ac- inces producing wood crops.



1744

TIIE CHRONICLE

Vot.. 104

_
gr.owth on the Canadian January of this year seem to indicate that this
The extent of forest
prairie provinces has been hidden from public atten- change is Still going on apace. For while the exports,
tion by the annual excitement over wheat growing. as compared with the corresponding months of last
Take Alberta, for example. It has a total area of year, have increased by 1,595,686 yen, the imports
163 million acres. Of 55% already classified, 35% have decreased by 510,431 yen. This is in spite of
is agricultural and 20% absolutely non-agricul- the fact that the demand for cowhides by Russia
tural. Of 45% yet unclassified, it is estimated by to make boots for her soldiers has fallen off conthe Dominion Forestry Branch that not more than siderably. These facts undoubtedly signify that
one-third will be found to be fit for plow crops. So Korea is approaching a condition of self-support,
badly have fires ravaged the non-agricultural lands, which will render it a less attractive field for foreign
(roughly in cycles of thirty years apart), that only exploitation. It does not mean, however, that the
13% of 100,000 miles thus far surveyed, contains importations from the United States,. under favortimber above 8 inches in diameter. The Dominion able conditions of peace between us and Japan, are
Government which administers prairie province going to diminish in importance and value. On
timber lands is endeavoring to keep fires out and to the contrary, the richer Korea becomes, the less of
develop the forests so as to meet the needs of future a burden to Japan it will become, and the more
both countries will buy of all nations that offer
papulation.
Ontario at the last session of the Legislature favorable terms of commerce; for both Koreans and
turned its former forest guarding service inside out Japanese are liberal spenders of money. Korea is
and will presently have in effect a modern system. emphasized, relatively small as are its business
Ontario's Minister of Lands and Forests has under- transactions; since every effort has been made by
taken to draw to the province many new pulp and interested parties to create the impression that the
paper industries for which there are substantial Japanese Government was aiming to cut off or diareas of spruce and balsam. Qu;bec has now more minish our trade with that Dependency.
The same change in the relative amounts of exthan half of its most accessible forest area under
good protective administration through patrol sys- ports and imports has taken place, especially since
tems organized and managed by the limit holders the beginning of the European war, in the comunder Government supervision. New Brunswick merce of the whole Empire of Japan. Of course,
still has its timber protection reforms to introduce the principal reason for this is the great amounts
and has suffered greatly by forest burning. A of war material which Japan has been sending abroad,
good beginning has been made in the classifying of especially to Russia. For the first ten days of
all New Brunswick Crown Lands, thus securing February, as compared with the last ten days of
accurate knowledge of the extent of the forests and January, there was, as it happened, a change in the
their value. This will be used not only to guide other direction. The exportation of raw silk fell
future settlement and timber licenses, but may re- off 50%, and the import of raw cotton increased
sult in an altered scheme of collecting Crown dues 70%. Still, the balance for this period was 1,141,000
on forest operations. The Canadian railways have yen in favor of export over import, and the change
speeded up their timber protection departments to in the particular referred to was only short-lived.
such good effect that the damage attributed to the For, according to the latest official investigation,
Canadian Pacific Railway, Canadian Northern the foreign trade of Japan for the first .ten days of
Railway and Grand Trunk fell in 1915 to the un- March, as compared with the last ten days of February, showed a gain of 24%, or 37,230,000 yen in
alarming item of 84,500.
Few who have followed the sentiment of the exports, and a decrease of 7.5%, or 21,991,000 yen
country closely dispute the great quickening of in imports. The exports decreased in matches,
popular interest in the natural resources and a con- woolen fabrics .and coal; but increased in copper,
sequent demand for their protection and administra- habutai and raw silk. The imports increased in
iron and nitrates, but decreased in cotton and oiltion in the public interest.
cake.
So far as Korea is concerned, the answers to the
THE DEVELOPMENT OF JAPAN AND KOREA—
other two of the questions raised at the beginning
PROSPECTS AFTER THE WAR.
•
On analyzing the notable increase of foreign com- of this article can be combined in a fairly detailed
merce which has recently taken place in Korea and and satisfactory way, thanks to the reports of its
in the Japanese Empire generally, there are three foreign commerce for the year 1916. In particular,
subordinate questions the answers to Which par- this report shows that the exports of Chosen to the
ticularly concern our prospects of trade in the near "mother country" (Japan) increased by 2,000,000
future with the Far East. These are: What is the yen; to China, by 2,400,000 yen; to Far Eastern
relation of exports to imports? What are the chief Russia, by 1,800,000 yen; and to America by 900,000
articles exported or imported? And, What are the yen. But while the increase was comparatively
countries from which imports are chiefly received; small as regards Japan, it was ,300% as regards
what the countries to which the exports chiefly are America; 60% as regards Russia, and only 40% as
regards China. The articles exported to Japan
sent?
the were principally crude copper mixed with gold or
On comparing the foreign trade of Korea for
last year with that of 1909, the gear of its annexa- silver, tungsten ore, and this product constitutes
tion to Japan, it appears to have somewhat more more than one-third of all its exports, [the Japanese
than doubled. Compared with the amounts for Empire is one of the world's principal producers of
1912, the figures show an increase of nearly 50%. copper ore] soya beans, cocoons, cotton, dried fish,
But while the imports show an increase of 109% graphite and live stock.
The principal articles sent to Far Eastern Russia
over those of 1909, and of 10% over those of 1912,
were hides and leather goods. During the year
the exports made a gain of 104% over those of 1909
and of 103% over those of 1912. The returns for 8,160,000 pounds of cowhide were exported, and



MAY 5 1917.]

THE CHRONICLE

1745

boots, amunition pouches and knapsacks, valued at of the Chinese," because they are not allowed the
2,000,000 yen were sent to Russia by one tanning ownership of land, but have become tenants of Chicompany. The principal exports to China were nese land owners.
The thoughtful business men of Japan are ponderrice, cigarettes and iron ore. Crude ore was also
the principal aricle of export to the United States. ing the same problem which is giving so much anxiety
From this country there was a large increase in the to our business men of the same class. What will
imports of petroleum, machinery, leather, iron be the effect of peace upon their own business, upon
bars and rods, dynamite, iron rails, steel and leaf the foreign commerce of their country, and upon
tobacco. But the amount of imports directly its commercial prosperity? The manufacturers of
credited to the United States does not by any means arms and ammunition are already secured against
tell the whole story. For these same articles in great loss by the enormous profits which they have
considerable quantities were imported to Korea made upon their product; and in many cases the inthrough the "mother country," and besides these, creased plant can be converted without large expencalicoes, cotton cloth, T-cloth, paper, porcelain and diture to other forms of manufacture. They will,
Portland cement. China sent to Chosen a decreas- therefore, not lose their capital, although they will
ing amount of Manchurian millet, but an increased not be able to contitue to make any correspondingly
amount of hemp, table salt, hides, silk, timber, large profits. Manufacturers of boots, leather,
coal and leaf tobacco. On the whole, however, as woolen goods and other articles of this class have,
with us, the European war must greatly increase the however, accumulated large stores of raw material
home manufacture of many articles for which we and in anticipation of big orders still to be received, and
the Far East have been accustomed to depend upon so are not likely to be at all so fortunate. They are
Europe. But the ultimate effect of this increase in hoping to take considerable orders for their goods
home manufactures can scarcely be other than to during peace negotiations, and even after peace is
stimulate foreign commerce between the United arranged, and in this way to escape bankruptcy at
States as the Far East, when, if not delayed to im- the worst. The manufacturers of chemical industry
poverishment of the entire civilized world, the day have been very careful, and have regulated their
business in anticipation that peace might come at
of settled peace arrives.
One rather curious instance of the effects of the any time. Besides, through the discoveries of their
war on foreign trade between America and the Far scientific men and their greatly improved methods
East, though relatively insignificant, is perhaps of manufacture, they expect to continue this line
worth mention as an illustration. It seems that the of product more vigorously in the near future;
import of salted herrings from this country to Korea therefore, they do not fear the effect of peace at
had grown to considerable proportions. But the whatever time it may come. It is anticipated that
exhorbitant rates of freightage now prevailing had altogether the severest effect will be felt by the cotrendered this trade unprofitable. And so the ton-spinning industry. In view of the prosperous
Koreans are salting their own fish or importing condition of their manufactures, they had already
them from Japan—the report naively adds: "The re- planned to increase the spindles by a total of not
suit is that the price of salted fish has risen." Here, less than one million. But after the war they will
as often with us and elsewhere, cultivating the home have to compete with foreign-made articles, in the
market does not necessarily reduce the cost of living. markets of China and the South Sea Islands.
Attention has already several times been called
With regard to the prospect on the whole, it is
in these columns to the fact that a great number of argued that the immense depletion of the world's
enterprises of trade, manufacture and agriculture. laborers elsewhere, and the fact that labor is much
have been stimulated in Korea and throughout cheaper in Japan than in Europe and America,
Japan by the European war. There is accumulating while their laborers are constantly becoming more
evidence, however, that the numerical majority of efficient, they may reasonably hope to be able to
these enterprises are not likely to be crowned with compete successfully in every one of these principal
ultimate success. For example, no fewer than 144 forms of manufacture. It is true, however, that
mining concessions were granted last year in the one Germany's peace proposals caused a great slump
Province of South Pyongan. The number of small in the shares market. The cotton-cloth market
manufacturing enterprises and of experiments in especially fell into a state of great disturbance. On
raising cotton, tobacco and raw silk has also been the report of these proposals spreading through the
great. These must all be financed from some press, no fresh orders were received by the cotton
source. If much of this kind of financing has been mills; and the great cotton-manufacturing city of
done by the Bank of Chosen, it accounts for what Osaka had a severe fit of low spirits. Our authorseems to us the otherwise unaccountable proportion ity adds: "People interested in foreign trade cannot
of its gross loss to gross profit during the last six do anything but look with gravity on the course of
months of the last year. In the report submitted events."
to the stockholders on Jan. 20 the former is given ARGENTINA RAISES LOAN OF $5,000,000 TO PAY
at 2,888,508 yen, or more than two-thirds of the
LAST INSTALLMENT OF ONE-YEAR NOTES.
gross profit of 3,454,063 yen. Nevertheless, the
A syndicate, composed of J. P. Morgan & Co., the Nabank declared a dividend at the rate of 7% annually; tional City Co., the Guaranty Trust Co., Kuhn Loeb & Co.,
Co., all of
although only 1% was appropriated to its "reserve Harris, Forbes & Co. and Lee, Higginson & Government
New York, has made a loan to the Argentine
for making good losses."
of $5,000,000 in the form of discount notes. The proIt is reported that the Koreans who, to the num- ceeds of the loan were used to retire an equivalent amount
ber of nearly a quarter of a million, fled to Man- of notes which matured on May 1. These notes, as already
churia because they did not wish to be ruled by referred to by us on March 31(page 1210),are part of a $15,a syndicate
loan placed in this country in
Japanese "dwarfs," and who are for the most part 000,000 by the Guaranty Trust Co. of1916 byYork. The
New
headed
engaged in agriculture, find that "the lion's share March 1 and April 1 installments of $5,000,000 each were
of the produce from their fields goes into the pockets provided for in the same way.



1746

THE CHRONICLE

The new issue of notes will run until Oct. 1 next and are
offered to other banking institutions at a price to yield about
5%70. The two previous loans were not offered publicly
but were sold to investors "over the counter."
ADDITIONAL ISSUE OF $200,000,000 TREASURY
CERTIFICATES OF INDEBTEDNESS.
Secretary of the Treasury McAdoo on May 1 authorized
the twelve Federal Reserve banks to receive subscriptions to
a second offering of Treasury certificates of indebtedness,
for the purpose of placing immediately at the disposal of
France and Italy funds with which to meet current obligations in this market and to facilitate further purchases of
war supplies in the United States. The new offering will
be limited to $200,000,000 and will be subject to allotment
providing the issue is oversubscribed. This was done, it is
said, in response to appeals from bankers who believe that
the amount and details of the offering should be definitely
fixed before subscriptions are made. The first offering of
certificates, as stated in these columns last week, was originally placed at $200,000,000, but was later increased to
$250,000,000. The certificates will be dated May 10 and
will fall due July 17 of the current year, at which time it is
expected the first proceeds of the sale of permanent bonds
will be available. The certificates will be issued in bearer
form in denominations of $1,000, $5,000, $10,000 and
$100,000, and may be used in payment for permanent bonds.
A wider appeal, it is said, is being made in the current issue
in the West and to individual investors and corporations
than in the previous offering. Less* than 15% of the previous issue was taken west of Chicago, according to reports,
and then it was only after Secretary McAdoo had raised the
rate of interest. New York's share in the first offering of
certificates,it is stated,was about $135,000,000,which represented for the most part subscriptions from banking institutions and large corporations. It is said that many of the
large corporations which have been making record profits on
war business are being asked to subscribe liberally to the
new issue of certificates. Banks are also making efforts to
secure the subscriptions of their depositors, in order, it is
stated, that when the permanent bonds are placed on the
market they can quickly turn the certificates over and place
themselves in a liquid condition for further offerings.
Seventy per cent of the total of the new issue, it is said, was
taken up to the close of business on the day the offering was
announced. The Federal Reserve banks continued to receive subscriptions yesterday.
"THE LIBERTY LOAN OF 1917."
Announcement was made on the 2d inst. by Secretary of
the Treasury McAdoo that the initial offering of the "Liberty
Loan of 1917" would be $2,000,000,000. The bonds will
bear interest at the rate of 3Y2% and will be dated July 1
1917, with interest payable semi-annually Jan. 1 and July 1.
Subscriptions can be made now by all who are ready to buy
these bonds and they will be received until June 15. The
maturities will be announced by Secretary McAdoo later—
periods of 30, 40 and 50 years being among the suggestions
for maturities. In accordance with the provisions of the
Act (referred to in these columns last week), authorizing
their issuance, the bonds will be convertible into bonds bearing a higher rate of interest than 3%% if any subsequent
series of bonds shall be issued at a higher rate of interest before the termination of the war between the United States
and Germany. Secretary McAdoo on April 28 announced
that the bond issues would be known as "The Liberty Loan
of 1917." This name was selected by the Secretary, it was
said, because the money derived from the loan will be spent
to the last dollar in the fight which democracy is waging
against autocracy. The Treasury Department issued the
following statement on April 28:
Secretary McAdoo to-day decided that the great bond issue which he will
soon begin offering to the public will be known as "the Liberty Loan of
1917." The money to be raised by this loan is for the purpose of waging
war against autocracy. It is to supply the sinews of battle in the interest
of free government. It is peculiarly appropriate that as the negotiation
of this loan will constitute the first great step of the United States in the
prosecution of the war it should be issued in the name of freedom.

In announcing his war bond issue plans on the 2d inst.,
Secretary McAdoo said:
I have determined to make an initial offering of $2,000,000,000 of the

[VOL. 104.

before the termination:of the:war between the United States and the German Government.
The "Liberty Loan" will be offered at par as a popular subscription, and
ample opportunity will be given to every man and woman in the United
States who wishes to subscribe to secure an absolutely safe investment,
free from Federal, State or local taxation, except, of course, inheritance
taxes). The bonds will be in such denominations as will put them within
the reach of every investor. Details as to denominations, redemptions.
&c., have not been fully worked out, but announcement will be made in
due season.
Subscriptions will be received until June 15 1917. The bonds will be
ready for delivery July 1. Allotments will be made as rapidly after June 15
as possible. The details as to manner of payment for the bonds will be
announced later. It is sufficient to say at the moment that payments will
be arranged in such a way as not to cause inconvenience or disturbance.
Deposit of funds will be made in as large a number of banks throughout the
country as practicable, and they will be withdrawn as gradually as the
requirements of the Government will permit, in order that the minimum
amount of money shall at any one time be taken out of the channels of
business.
Since the great bulk of the credits to be established for the foreign Governments is required for purchases made in this country, the operation will be
largely a transfer, or exchange, of credits and should have a stimulating and
helpful effect upon the general business and financial situation.
The initial issue has been determined by essential requirements of our
own Government for the conduct of the war and necessities of the foreign
Governments to which credit is being extended under the provisions of the
Act approved April 24 1917. After having received advice and suggestions
from bankers, investment houses, business men and investors in all parts
of the country. I feel confident of the ability of the market to absorb
rapidly and readily the $2,000,000,000 offering.
From communications I have received from every part of the country
large over-subscription to the issue seems beyond doubt.
This is the largest single piece offinancing ever undertaken by the Government of the United States, and, in order that ample opportunity may be
given every one to subscribe, I have decided to use the twelve Federal
Reserve banks, which are fiscal agencies of the Government, as the central
agency in each of the twelve Federal Reserve Districts forr eceiving the subscriptions, for taking care of the details of deliveries of the bonds after
allotment, and for handling the payments of subscriptions in such manner
as will best serve the general business and financial situation. The Federal
Reserve banks are admirably equipped for this service.
All banks, national and State, and trust companies, private bankers and
bond houses will be authorized to receive subscriptions. While the subscriptions will be addressed to the Secretary of the Treasury and will be
direct subscriptions to the Government, it is desired that they should be
forwarded through the Federal Reserve banks of the respective districts,
which in turn will be prepared to supply full information and, because of
their close touch with banks, bankers and investors in each district, will be
able to facilitate very greatly the work in hand.
I have asked the Federal Reserve Bank to get in touch immediately with
the banks, private bankers, bond houses, and business organizations in
the several districts, requesting them to organize a general committee for
each district and local committees in each city and town to co-operate in
this great patriotic work, and to advise with the Federal Reserve banks
as to the best means of spreading full information about the loan and bringing to every man and woman who desires to aid the Government the amplest
opportunity of doing so.
I believe that these committees of bankers and business men can render
very great service and I hope that in every city and town throughout every
Federal district in the country such organizations will be effected.
While this work is being done by the Federal Reserve banks and the
bankers and business men, the general direction and supervision of the entire operation will be maintained at Washington. Agencies outside of the
banks themselves, such, for instance, as post offices, express companies,
department stores, newspapers and other volunteers who have come forward in great numbers in the most patriotic and generous spirit to offer their
services and facilities to the Government, will be employed and brought
into co-operation with the general plan. Details will be rapidly worked
out for the utilization ofevery one of these agencies and patriotic organiza
tions, and due announcement will be made.
It is immensely gratifying to have received such hearty assurances of enthusiastic and patriotic support from every element of the country in making
this great "Liberty Loan" an overwhelming and striking success. Among
those who have offered their services are representative women, who are
anxious to organize the numerous women's organizations and clubs and
have them actively enlist in the movement to distribute the loan. I shall,
as promptly as possible, organize such a woman's committee.
I believe it can render service of the most effective sort in bringing the
advantage of this loan to the attention of women throughout the land.
who, I am assured, wish to manifest in a concrete and striking way the extent of their own resources and their patriotism in this hour of the national
need.
The greatest immediate service the American people can render in this
war for universal liberty throughout the world is to furnish the means for
its vigorous prosecution. This bond issue is thd first step. I earnestly
bespeak the co-operation of every citizen throughout the length and breadth
of the land in this great sevrice of patriotism.

Secretary McAdoo on the 3d inst. telegraphed to all the
national and State banks and trust companies in the country,
authorizing them to receive subscriptions for the $2,000,000,000 bond offering, enlisting their co-operation, and requesting them to telegraph a rough estimate of the amount of
bonds each would take for itself and its patrons. In his
telegram Secretary McAdoo said:
You can render an invaluable service to your country by receiving subscriptions and co-operating with the Federal Reserve bank in your district.
Will you kindly do this and telegraph me at Government expense, as soon
as practicable, a rough estimate of the amount of bonds you think will:be
subscribed by your bank and its customers?

To all clearing house associations in the country Mr.
McAdoo sent the following telegram:

Will you kindly convey to the members of the clearing house my appreciation of the tender of services I have received from them and beg them
to co-operate heartily with the Federal Reserve bank of your district in
% loans? I think the
% "Liberty Loan" of 1917. The bonds will be dated July 1 1917, with securing subscriptions to the $2,000,000,000
interest payable semi-annually Jan. 1 and July 1. The maturities will be appointment of local committees to assist the Federal Reserve Bank in its
announced later. In accordance withthe provisions of the Act, the bonds work will be extremely helpful.
The amount of the initial loan has been determined by the needs of the
will be convertible into bonds bearing a higher rate of interest than 33i%
if any subsequent series of bonds shall be issued at a higher rate of interest • Government and not arbitrarily. It is impossible to meet the tremendous




MAY 5 1917.J

THE CHRONICLE

financial requirements of our own Government and the Allies in carrying
on the war with a less initial subscription than $2,000,0f0,000. The enthusiastic and patriotic co-operation of the banks and bankers of the
country will guarantee the success of the undertaking.

To Federal Reserve banks, upon which will fall the greatest amount of detail work in connection with the flotation
of the bond issue, the Secretary sent telegrams embodying
his messages to the other institutions and notifying them that
the results of the estimates askedf or would be placed at their
disposal. Secretary McAdoo, on the 3d inst., designated
Robert W.Woolley,former Director of the Mint, as Director
of Publicity for the bond issue. Mr. Woolley was publicity
manager for the Democratic National Committee in the last
campaign. Mr. Woolley proposed, it is said, that he serve
in his new post without pay, and Secretary McAdoo has
accepted his offer.
Reports from Washington on the 3d inst. stated that virtually every large city and every State in the Union was
represented in a deluge of subscriptions that poured into the
Treasury by wire and by mail for the bond issue. The
messages began to arrive early in the day and streamed in
with increasing volume until the Treasury offices closed.
No outburst of enthusiasm to follow so quickly on the
announcement, it is said, was expected in such informal
manner and it raised hopes of an even greater success for
the initial issue than the most optimistic had entertained.
Secretary McAdoo's announcement of the terms and
amount of the first offering of "The Liberty Loan of 1917"
was received with much satisfaction in financial circles in
this city, and Wall Street immediately began active preparations for the work of organization for the distribution of the
bonds. Bankers are determined to make the loan a great
success, and with that in view are co-operating in planning
an aggressive campaign of education which will bring forth
subscriptions from every quarter. Interest centres in the
financial district on the prospective personnel of the "district" and "local" committees which will be formed to distribute the bonds. The Federal Reserve Bank of New York,
which will handle the subscription for the entire district, is
planning, it is stated, to lease the temporary quarters in the
Wall Street district for the large staff of clerks who will be
assigned to the Liberty Loan Bureau. The "local" committee in New York City will be,it is said, the most important
in the country. Among those who have been suggested as
possible Chairman of the "local" committee are J.P.Morgan,
who represents the New York Reserve Bank in the Federal
Advisory Council; C. E. Mitchell, President of the National
City Company, and Allan B. Forbes of Harris, Forbes &
Co. Many of the large banks, insurance companies, trust
companies and mercantile firms in this city have not only announced their willingness to subscribe liberally for the bonds,
but a majority of them are doing all in their power to encourage buying among their employees.
Secretary McAdoo was in this city yesterday and spent
most of the morning at the local Sub-Treasury receiving calls
from several prominent bankers. A luncheon was given in
the Secretary's honor at the Bankers' Club. Before going to
the luncheon he issued the following statement:

1747

F. A. Vanderlip of National City Bank.
Richard Delafield of National Park Bank.
S. Prosser of Bankers Trust Company.
J. N. Wallace of Central Trust Company.
W. V. King of Columbia Trust Company.
L. W. Baldwin of Empire Trust Company.
Samuel Sloan of Farmers Loan & Trust Company.
0. H. Sabin of Guaranty Trust Company.
M. H. Buckner of New York Trust Company.
0. H. Kelsey of Title Guarantee & Trust Company.
E. G. Merrill of Union Trust Company.
J. W. Platten of United States Mortgage & Trust Company.
E. W. Sheldon of United States Trust Company.
M. J. Dodge of Bertron, Griscom & Co.
John B. Dennis of Blair & Co.
Eugene Delano of Brown Brothers & Co.
Harry Sachs of Goldman, Sachs & Co.
Harry Bronner of Hallgarten & Co.
Allan B. Forbes of Harris, Forbes & Co.
Chas. Einsiedler of Heidelbach, Ickelheimer & Co.
Wilbur C. Fisk of Harvey Fisk & Sons.
C. S. Sargent Jr. of Kidder, Peabody & Co.
A. H. Kinnicutt of Kissel, Kinnicutt & Co.
Jacob H. Schiff of Kuhn, Loeb & Co.
W. T. Rosen of Ladenburg, Thalmann & Co.
G. Blumenthal of Lazard Freres.
A. J. Sheldon of Lee, Higginson & Co.
C. E. Mitchell of National City Co.
L. B. Franklin of Guaranty Trust Co.
J. P. Morgan of J. P. Morgan & Co.
T. W. Lamont of J. P. Morgan & Co.
C. Dillon of W. A. Read & Co.
Arthur 0. Choate of Potter, Choate & Prentice.
F. Q. Brown of Redmond & Co.
Wm. H. Remick of Remick, Hodges & Co.
Wm. Salomon of William Salomon & Co.
Frederick Strauss of J. & W. Seligman & Co.
James Speyer of Speyer & Co.
A. Nichols of Spencer Trask & Co.
F. M. Weld of White, Weld & Co.
H. L. Morris of Kean. Taylor & Co.

U. S. WAR LOAN TO FRANCE AND ITALY.
A temporary-war loan to the Governments of France and
Italy of $100,000,000 each was approved by President Wilson on the 1st inst. The loans to France and Italy are not
to be made in a lump sum, but in installments during the
present month to meet current obligations in this country.
An immediate advance of $25,000,000 was made to the Italian Government by the Treasury Department on May 3.
This was followed by the remaining $75,000,000. A
receipt for $100,000,000 on behalf of the Italian Government was signed by the Italian Ambassador at Washington,
Count Di Cellere, on the 3d inst., the transaction being carried out in a manner exactly similar to that followed in making the $200,000,000 loan to Great Britain, referred to in our
issue of last Saturday. Preparations are under way for making the $100,000,000 loan to France, and it is expected that
the loan will soon be placed at the disposal of the French Ambassador at Washington. The French loan is also to be
made in such amounts and at such times as are commensurate with the expenditures of the Government in the
United States for war purposes.
The fact that the first loan was made to England and the
next to France and Italy, leaving the other Allied countries
to be provided for later, is not to be taken to mean,it is said,
that the United States was measuring the ability of any
Government to pay back what it borrowed. By the terms
I have come to New York on general business for the Department, a
of the Act authorizing the loans the Secretary of the Treasury
part of which Is, of course, a discussion of ways and means to promote the
financing of the $2,000,000,000 Liberty Loan. This is the first time I is empowered, with the approval of the President, "to enter
have been able to visit New York since the election November last, so that into such arrangements as may be necessary or desirable for
there is a large accumulation of matters needing my attention.
establishing such credits and for purchasing such obligations
Unfortunately, I must return to Washington at 3:30 o'clock to-day.
The response already received from the country to the $2,000,000 offer- of foreign Governments." This authorization is taken to
ing is immensely gratifying. The announcement was received, as far as I mean, it is stated, that the loan shall be employed as effeccan judge from the letters I have, with great enthusiasm from all quarters,
tively as possible for an offensive against Germany and her
and there is every indication that the loan will be a great success.
Certain details with respect to maturities of the bonds, the matter of allies, no matter what the consequences may be in the future
payment of subscriptions, &c., are not yet determined. I shall await as to the repayment of war loans. It was stated on the 1st
the advice of the several Reserve banks which in turn are consulting the
Administration circles at Washington that loans
local committees of bankers, investors and business men, before I decide inst. in
upon these features. Announcement with respect to these matters may would soon be made to Belgium and Russia. As a part of
be expected within a very few days.
the negotiations connected with the loan to Russia, Mr.
Among the many prominent bankers and investment deal- Onou, the Russian Charge d'Affaires ad interim, had a long
ers present at the luncheon were:
conference on the 1st inst. with Assistant Secretary of
Hon. W. G. McAdoo, Secretary of the Treasury.
the Treasury Cosby for the purpose of advising
Hon. Oscar T. Crosby, Assistant Secretary of the Treasury.
Hon. martin Vogel, Assistant Treasurer of the United States.
this Government of the status of the Russian
Hon. W. P. G. Harding, Governor Federal Reserve Board.
campaign at this time and the progress made by the new
Hon. Paul M. Warburg, Vice-Governor Federal Reserve Board.
Government in the direction of stability of control and power
J. F. Curtis.
Benjamin Strong.
W. L. Saunders.
Geo. P. Peabody.
in administration. Formal application for a loan to Belgium
L. R. Palmer
Pierre Jay.
H. R. Towne.
W. B. Thompson.
R. H. Treman.
was made on April 30, when the Belgian Minister at WashingL. L. Clarke of American Exchange National Bank.
ton, Baron de Cartier, called upon Secretary McAdoo and
S. Baker of Bank of the Manhattan Company.
placed before him tentative estimates as to the relief desired.
A. H. Wiggin of Chase National Bank.
A. B. Hepburn of Chase National Bank.
Secretary McAdoo and Assistant Secretary Cosby discussed
W. E. Frew of Corn Exchange Bank.
details with the Belgian Minister for more than three hours.
F. L. Hine of First National Bank.
G. F. Baker of First National Bank.
It is said that the tentative estimate provides for meeting
W. Woodward of Hanover National Bank.
in part the Belgian Government's needs in maintaining a
G. W. McGarrah of Mechanics & Metals National Bank.
large number of refugees domiciled in France, in addition to
J. S. Alexander of National Bank of Commerce.




1748

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requirements of a military nature. There is said to be a
wide divergence between the first estimates of the Entente
Governments as to their requirements and their final estimates made after a process of elimination during conferences
with Treasury Department officials. Unofficial estimates
place'the Belgian loan approximately at $150,000,000. With
loans to France and Italy consummated, the Government
will have advanced $400,000,000 to the Allies. This is only
the beginning of what will have to be advanced to meet Allied
needs before the end of the fiscal year, June 30, when the
proceeds of the first offering of bonds probably will be available. There remains the contemplated loans to Belgium,
Russia and other allies, other loans to Great Britain to meet
British requirements in May and June, estimated at from
$300,000,000 to $400,000,000, and loans to meet the needs
of France and Italy for June, unofficially placed at $200,000,000 more. Indications point to the conclusion, it is
said, that the United States will have advanced the Allies approximately $1,250,000,000 before the proceeds of the first
offering of bonds are available.
U. S. GOVERNMENT MAY PURCHASE ALLIES' WAR
SUPPLIES AND RELIEVE MORGAN FIRM.
That the United States Government will take into its own
hands the fiscal agency for the Allies in this country through
handling the $3,000,000,000 loan which the Administration
has decided to furnish them, and that, as a result, private
agencies for the Allied countries of Europe will be dispensed
with in the future was inferred from an interview given to
the newspaper correspondents at Washington on May 3 by
Sir Hardman Lever, Financial Secretary of the British Treasury and member of the British War Commission to the
United States. Sir Hardman stated that when the United
States granted a credit loan to England of $200,000,000
and announced its intention to grant similar loans to the other
Allies to cover their war purchases in the United States, it
became necessary for these Governments to have a fiscal
agent in this country. J. P. Morgan, of the firm of J. P.
Morgan & Co., of this city, has been the recognized fiscal
agent of the Allies, and has acted in that capacity in floating
war loans for these Governments heretofore. Although the
British Financial Secretary did not authorize the statement,
it is understood that after the expenditure of the $200,000,000 which has already been loaned, the Government
will also take over from the Morgan firm the function of
purchasing agent for the Allies, thus assuming complete
control both of the disposition of the allied credit and of ts
actual expenditure in the purchase of munitionsin the United
States. The final arrangements for the purchasing agency,
it is said, have not been definitely worked out, but they
will probably take the form of a committee headed, perhaps,
by a Cabinet officer, and including in its membership representatives of the Allied Governments most concerned.
It is understood that the matter of -fu ure purchases to be
made here with the money to be loaned by this Government
to the Allies has consumed a large part of the conferences
recently held with Mr. Balfour and members of the French
and British war missions at Washington. Secretary McAdoo has been the chief person handling it for this Government. n connection with the proposed committee, E. R.
Stettinius, head of the export depar ment and member of
the Morgan firm, has been mentioned as being well qualified
to head the committee. The British Government has
lately, it is sa d, been making purchases in this country
through the Morgan firm at the rate of $7,000,000 a day.
The organization of a committee by the Amer can Government o do the purchasing for the Allies has of course some
obvious advantages. The Government, it will be remembered, has full authortity to commandeer industries if it
cannot get its supplies at a fair price. Sir Hardman Lever,
in his interview to the newspaper correspondents expressell
the deep satisfaction which the Allies feel at having their
financial difficulties relieved by the assistance of the United
States, and pointed out the advantage to the United States
of spending the money which it has loaned to the Allies, thus
returning it to American banks to furnish the basis for further
credit.
It was stated yesterday that up to that time the United
States Government had not taken over the fiscal agency for
the Allies. One familiar with the situation stated that he
was confident that J. P. Morgan & Co. would gladly
surrender the fiscal agency of Great Britain and France to the
Government if greater benefits to the Government and the
Allied Governments could be obtained therefrom. It is said



[VOL. 104.

that the bankers already have signified this willingness to
Government officials at Washington. As soon as the United
States declared war and it became evident that purchases of
materials in large volume would naturally be made by this
Government, the argument immediately advanced by
prominent bankers that the purchasing for all the Allied
interests should be co-ordinated under the one head so that
prohibitive prices would not have to be paid by the Allies
for necessary purchases in this country. Bankers of the
Morgan firm are known to have favored such a centralization of purchases for the Allied interests with those of this
Government.
MARSHAL JOFFRE URGES SENDING OF AMERICAN
TROOPS TO FRANCE.
Marshal Joseph Joffre, hero of the Marne and member of
the French War Mission to the United States, on April 29
in an interview with newspaper correspondents at Washington, declared that "France, which has long cherished the
valor of the American soldier, cherishes the confident hope
that the flag of the United States will soon be unfurled on
our fighting line." Victories sure to be won by the soldiers
of the two Republics, once more fighting shoulder to shoulder
for liberty, he declared, "will hasten the end of the war and
tighten the links of affection and esteem which have ever
united France and the United States." Marshal Joffre
made it clear that he did not believe it would be the best
policy to await the training and development of an entire
army in the United States and then send it as a single unit
to France. He suggested in preference the sending of smaller
units, the force to be increased steadily, as the British have
done. If a large army completely equipped, had to be
transported at one time the transportation would be a tremendous problem,he said. He expressed the opinion too that
Americans now with the French army should not be withdrawn to serve under the American flag, except possibly
a few specialists who might be useful in developing the training of the new American force. The Marshal paid hearty
tribute to the valor of Americans now fighting for France.
The Marshal's remarks to the correspondents were read
by him from a written statement in French. They were
later read in English by a military aide. Following the reading the newspaper correspondents were permitted to ask
questions. Strict censorship was applied to the interview.
Marshal Joffre's words, translated into English, had been
taken down by the newspaper correspondents and sent broadcast over the country by the news associations. In that
form they were published in several newspapers, but no
ooner did it become known that what had been said by the
Marshal was being published than steps were taken to prevent further publication of parts of the interview. It was
urged that no portion of the intervieu should be published
without official approval. It could not be learnt, it is said,
by whose orders that was done. The State Department
officially disclaimed any part in the expurgation and asserted
that it issued Marshal Joffre's statement as it was delivered
by the French Mission, purely as an act of courtesy to the
visitors, because it has facilities for issuing copies of documents, and the French Mission has none. Marshal Joffre's
remarks, when issued through the State Department, did
not contain vital parts, it is said, of the original statement
in relation to the presence of an American force in France...
The translation of the remarks, as supplied by the State
Department, reads as follows:
The very cordial welcome given me by the City of Washington, and the
expressions of sympathy which reached me from States and cities throughout the United States, have moved me deeply, since they are a homage paid
to the whole French Army which I represent here.
The heroism and resolution of the soldiers of France indeed deserve all
the affection the United States has shown them. After having in a supreme
effort defeated and thrown back the barbarous enemy, the French Army
has untiringly labored to increase and perfect its efficiency. And now, In
the third year of the war, it is attacking the enemy with greater vigor and
material force than ever before.
Side by side with it, and animated by a no less heroic spirit, stands the
British Army, whose formation and development will ever remain the admiration of the world. The Germans have realized its wonderful growth.
Every encounter has made them feel the increasing menace of its strength.
The contempt they pretended to feel for it in the early days of the war has
gradually become a dread more openly avowed each day.
Led by its illustrious President, the United States has entered into this
war. By the side of France in the defense of the ideals of mankind, the
place of America, is marked.
France, which has long recognized the valor of the American soldier,
cherishes the confident hope that the flag of the United States will soon be
unfurled on our fighting line. This is what Germany dreads.
France and America will see with pride and joy the day when their sons
are once more fighting shoulder to shoulder in the defense of liberty. The
victories which they will certainly win will hasten the end of the war and
will tighten the links of affection and esteem which have ever united
France and the United States.

MAY 5 1917.]

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1749

The following statement was also issued byAtheNState
Department, covering the questions asked Marshall Joffre
and the answers made by himi
—

Whereas it is possible for private Members on the floors of the two Houses
to offer amendments at will increasing the items of expenditure provided in
the respective appropriation bills beyond the amounts requested bykhe
4-1
executive; and
nor mai
Whereas under this procedure the evil practices, known as "log-rolling"
The following questions were asked of Marshal Jorfre.
to withdraw Americans now on the field of battle and and "pork-barrel" methods, have grown up and flourished; and
Is it advisable
Whereas under this system there is no possibility of a governmental
form an independent American corps?
Marshal Joffre said he did not think it a good method to withdraw business program, or of a financial policy, or of a co-ordination of expendiAmericans who are at the front. It would be better they should be used tures with revenues; and
Whereas it is the consensus of opinion among men of business, publicists,
for any units which might be sent to France. Marshal Joffre thinks it
would be of the greatest importance that the American flag should b.: seen and students of public finance that the adoption of the national budget
in France; every one would then feel that you were there. But this does system would put the finances of the Government upon a sound, efficient,
not apply to certain specialists who might be especially wanted here; they and economical basis by making possible a business program prepared upon
would be useful in developing the training of American soldiers, but in his the responsibility of the executive and presented by him to Congress tolbe
opinion Americans already there should stay there. He thinks now that enacted into law; and
the battle is raging,every energy must be added to forces already fighting
Whereas the chief political parties of the country in their platforms in
on the French front, and that is why Americans already in Francel'are nineteen hundred and sixteen pledged themselves to carry our budgetary
needed to help the fighters there.
reforms for the Federal Government; and
Would the Marshal prefer to have our regulars there?
Whereas it is the experience of practically all foreign governments that
Marshal Joffre considers the problem far too difficult to be solved the national budget system is the only efficient method of dealing with the
without mature consideration.
expenditures and revenues; and
The Marshal was asked how long a period of training was necessary to
Whereas to plan such a system for this Government requires careful
study: Therefore be it
form a new army.
Resolved by the Senate and House of Representatives of the United States of
He replied that no definite answer to such a question was possible.
First, the War Office alone really knows the exact conditions. Second, America in Congress assembled, That a joint commission to report out a
the example of England may throw some light on the probable time it would plan for adoption of a national budget system is hereby established. Its
take. Staff officers necessarily are only slowly prepared. But subordin- membership shall consist of the Secretary of the Treasury and two other
ate officers can be trained with considerable speed when such fine material officials of the Executive Government, to be appointed by the President;
three Members of the Senate and three Members Of the House, to be apas the English is concerned.
The American army would probably develop even faster, as it would pointed by the presiding officer of the House and Senate, respectively.
Sec. 2. That no compensation shall be paid to any member of said comprofit by the experiences of the British and French armies. If a large
army, completely equipped, had to be transported at one time, the trans- mission.
tremendous problem. He would therefore consider it
portation would be a
Sec. 3. That said commission is hereby empowered and directed to rebetter to send unit by unit over at a time.
port at the opening of the next session of Congress a plan for the adoption
Marshal Joffre was asked if it would be possible to tell of any experiences of a national budget system for the Government of the United States,
he had with the American troops or people who are fighting at the front.
and showing therein what changes, amendments, or adjustments the adopHe said it would be invidious to single out any one particular instance of tion of said budget system would cause in the rules of the Senate and the
valor where valor was so general. In a general way he has had to con- House in the laws now in operation relative to revenues and expenditures,
gratulate all Americans in France, and notably the whole corps of aviators in the organization of the Treasury Department, in the forms and method
who had been most successful. One instance that might interest Americans of preparation of the departmental estimates, in the method of presenting
is this: President Wilson's message caused a thrill that passed through said estimates to the Congress, in the methods of accounting and audit,
and such other and further information as said commission may see fit to
all who read it.
The German Government did not give its people the full and correct text lay before the Congress.
Sec. 5. That said commission is authorized to employ such experts and
of the message. The message was translated into German and the aviators
threw it into the German lines and thereby gave the German soldiers an such clerical assistance as may be necessary to carry out the provisions of
of the speech. This was of importance,as this resolution.
opportunity to read the true text
Sec. 6. That the sum of $25,000, or so much thereof as may be necessary,
Marshal Joffre says that the German officials take particular pains to keep
Is hereby appropriated out of any money in the Treasury not otherwise
all important war news from the soldiers in the trenches.
these troops which are being sent appropriated, to carry out the provisions of this resolution.
Marshal Joffre was also asked: Would
Sec. 7. That said commission shall expire on the thirty-first day of Deover be trained by French soldiers?
In reply he said there was no reason to doubt the capacity of the officers cember. nineteen hundred and seventeen.
of the American army to fully train their men, in spite of their distance
from the field of action. It does not take so very long a time to train
subordinate officers to lead their men into battle. Taking for example—
they have a very considerable number of divisions on the front, and in CENSORSHIP OF TELEPHONE, TELEGRAPH AND
many of those divisions some of the best officers were before the war
SUBMARINE CABLE LINES BY GOVERNMENT.
lawyers, merchants, &c., and the same men in America would certainly
The Committee on Public Information at Washington on
themselves as capable as the corresponding people in England.
show
The Marshal was asked: Would the troops we send serve as an American the 1st inst. made public an Executive order signed by
unit?
President Wilson on April 28 providing for a military censorHe replied that this could not be answered, because it was a matter to be
ship over submarine cables and over telegraph and telephone
dealt with by the Secretary of War.
When asked to tell of the devotion of the French women in the war so as lines furnishing service to points outside the United States,
to give an idea of what the American women might be expected to do, the
telephone lines will, howMarshal said the influence of the women can be enormous in giving moral the censorship of telegraph and
support by writing to the soldiers cheerfully and encouraging them to ever, for the present, it is stated, affect only the Mexican
bear with all the hardships and perils of war. They can help them also ma- border. The text of President Wilson's order, dated April 28,
terially in all sorts of ways.
When the first Winter came upon the French Army it had been impossible reads:
Whereas. The existence of a state of war between the United States and
to make sufficient provision for the men. The Marshal appealed to the
women of France to help their husbands, brothers, sons, and all through the Imperial German Government makes it essential to the public safety
knitting sweaters and socks. And not only the French that no communication of a character which would aid the enemy or its
France women set to
did it, but American women helped, too, in the same way. Their help was allies shall be had.
Therefore, by virtue of the power vested in me under the Constitution
deeply appreciated, and the Marshal wished the newspapermen to say, how
resolution passed by Congress on April 6 1917, declaring
warm their appreciation was. He also wished to thank the American and by the joint
state of war, it is ordered that all companies or other
women for their groat interest in the ambulance work. They never slacked the existence of a
persons owning, controlling, or operating telegraph or telephone lines or
in their efforts.
cables, are hereby prohibited from transmitting messages to
submarine
points without the United States, and from delivering messages received
from such points, except those permitted udder rules and regulations to be
SEEKING TO PROVIDE A BUDGET FOR THE NATIONAL established by the Secretary of War for.telegraph and telephone lines, and
by the Secretary of the Navy for submarine cables.
GOVERNMENT.
To these Departments, respectively, is delegated the duty of preparing
Senator Kenyon of Iowa has introduced a joint resolution and enforcing rules and regulations under this order to accomplish the
creating a commission to devise a plan for establishing a purpose mentioned.
This order shall take effect from date.
budget system for the national Government. Congress, in
(Signed) WOODROW WILSON.

the multiplicity of its other duties, should not fail to give
Secretary Daniels has assigned Commander David W.
this proposal its earnest consideration.
Todd, Director of Naval Communications, to have charge
The joint resolution is as follows:
of the cable censorship, with Commander Arthur B. Hoff in
165th Congress, 1st Session.—S. J. Res. 46.1
lathe Senate of the United States, April 30 1917, Mr. Kenyon introduced charge of the New York division. Brig.-Gen. Frank
following joint resolution; which was road twice and referred to the
the
McIntyre, Chief of the Bureau of Insular Affairs of the War
Committee on Appropriations.
Department, has been selected by Secretary of War Baker
JOINT RESOLUTION
Creating a commission to report a plan for the adoption of a national to direct the telephone and telegraph censorship on the
budget system.
Mexican border.
Whereas in times of peace the expenditures of the Government were in• The objecs of the censorship, as announced by the Comyearly at a rapid rate; and
creasing
Whereas our entry into the world war will enlarge these expenditures to mittee on Public Information, are as follows:

enormous proportions; and
Whereas the increased taxation to support the Government will place
new burdens upon the shoulders of every citizen of the United States; and
Whereas this vast sum of money should be spent with the utmost efficiency and economy, and under modern methods of control; and
Whereas the estimates for the expenditures of the Government come to
Congress without revision or scrutiny by any centralized agency of the
Executive Government and are not treated by Congress as a part of its
legislative program; and
Whereas under our present methods of legislative procedure the responsibility for the expenditures of the Government is scattered amongst a number of standing committees in the two Houses of Congress, which work independently of each other and of the Executive Government in providing
funds; and




First. To deny the enemy information of military value or any infromation prejudicial to the interests of the United States or to the interests of
the other enemies of the Imperial German Government.
Second. To obtain information of value to the several departments of
the United States Government.
Third. To prevent the spreading of false reports or reports likely to
interfere, directly or indirectly, with the successes of the naval or military
operations of the United States or likely to prejudice relations with foreign
powers or the security, training, discipline, or administration of the naval
or military forces of the United States.

The Committee will provide the clearing house necessary
to relate the activity of the naval and military censorship to
every department of the Government. These cable censor--

1750

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[VOL. 104.

ship regulations were issued by the Committee on the 1st will be for him, peace will come much earlier." The Premier
inst. for the guidance of the public:
stated that the Government was taking steps for the harvest
Codes. The following authorized codes may be used, conditioned on their of 1918, and that if the plans were
carried out, there would be
acceptability under the censorship regulations in effect in the foreign
countries concerned. The name of the code shall be written in the check 3,000,000 more acres of land under cultivation. The Govand be signaled free: A. B. C.; 5th; Scott's, tenth edition; Western Union ernment could guarantee that without a ton of foodstuffs
(not including five-letter edition); Lieber's(not including five-letter edition); coming
from abroad, no one would starve. But the country
Bentley's Complete Phrase Code (not including the oil and mining supplements); Broomhall's Imperial Combination Code; Broomhall's Imperial must help in husbanding foodstuffs. "We have got to econCombination Code, rubber edition; Meyer's Atlantic Cotton Code, thirty- omize our shipping until we have discovered a method of deninth edition; Riverside Code, fifth edition; A. Z.
stroying this ocean basilisk," declared the Premier. He
Addresses. Must be complete, but properly registered addresses may be
used where permitted by the censorship abroad. However, code addresses then outlined the steps already taken in this direction, by
registered subsequent to Dec. 31 1916, may not be used in messages to and which 11,000,000 tons of imports would be cut off. He said
from Central and South America, Cuba, Porto Rico, Virgin Islands, Haiti,
Santo Domingo, Curacao, or in messages transiting over the Commercial- that the Shipping Controller had made arrangements under
which Great Britain would get as many new ships this year
Pacific cable or via transpacific wireless..
Text. Cablegrams without text will not be passed.
as last, and continued:

Signatures. Ali cablegrams must be signed by the name of the firm, or,
The Germans think we are done for, but they do not know the race they
In case of an individual, by at least the surname; code addresses as signaare dealing with. I am confident that if our present program is carried out
tures are not permitted.
the submarine campaign is beaten.
Decoding and Translation of Cablegrams. All code cablegrams and
When the reconstruction time comes I hope and pray that we will not dive
cablegrams written in the approved foreign languages will be decoded or into dusty pigeonholes in
searching for precedents for our programs. There
translated by censors.
is a great need for revision of our ideas and our attitude toward that great
Suppressions, Delays, &c. All cablegrams are accepted at the sender's commonwealth of
nations called the British Empire. The dominions have
risk, and may be stopped, delayed, or otherwise dealt with at the discretion
established claims to real partnership. Effective consultation must be
of the censor and without notice to the senders. No information respecting
the basis of our future co-operation.
the transmission, delivery, or other disposal of any cablegram shall be
Our experiment of an imperial conference must be incorporated into the
given by paid service, and requests made by mail must be addressed to the
fabric of the Empire. The system of preference can be established without
telegraph or cable companies and must be passed upon by the censor.
involving any addition to the cost of our food.
Telegraphic and post acknowledgments of receipt (P. C. and P. C. P.
We have been taught by the war the real value of empire, and one of the
services) are suspended in all countries.
first duties of the statesmanship of the future will be to take the necessary
Information to Senders. Any explanation of a text word or words, &c.,
measures to aid the development of the splendid resources we possess. That
required by the censor from the sender in the United States shall be obought to be our special care and our special pride, as it undoubtedly will be
tained by a collect message from the censor to the sender and by a paid
our special security. We want to develop the lands under the flag.
reply from the sender of the cablegram.
The Empire has infinite resources of wealth, of minerals, food products,
Coded cablegrams filed directly at cable offices where a cable censor is
and every commodity necessary for man, and it is obviously advantageous,
stationed, as New York, Key West, Galveston and San Francisco, should
not merely to the particular country producing these products, but to every
be accompanied by a translation. This will expedite the work of the censor
other part, including the United Kingdom, that these commodities should
and thereby greatly reduce delay.
be developed to the utmost. This would enrich, strengthen, and bind together the Empire as a whole.

In conclusion Mr. Lloyd George said:
PREMIER LLOYD GEORGE'S GUILPHALL SPEECH ON
Germany's greatest disappointment in this war (and she has many), has
been India. Germany expected sedition, distraction, dissatisfaction, disTHE WAR SITUATION.
loyalty, and the forces of Great Britain absorbed in a task of suppressing
In a speech made in acknowledgement of the conferring on these. What did she find? Enthusiasm, loyalty, help for the Empire,
him of the freedom of the City of London, Premier Lloyd and India is entitled to ask that these loyal myriads should feel not as if
George at the Guildhall on April 27 discussed the Irish ques- they were a subject race in the Empire, but as a part of the nation.
tion, the military situation and many of the major problems
with which the British Government is now engaged. Re- RAILROADS TO GIVE PREFERRED MOVEMENT TO
SHIPMENTS OF IRON AND COAL.
ferring to Ireland, he made an appeal to all parties to throw •
aside all differences in getting the Irish question out of the
The special Committee on National Defense of the Ameriway. He said:
can Railway Association announces that as the welfare of the
We must convert Ireland from a suspicious, surly, dangerous neighbor nation and the nation's defense are absolutely dependent
to a cheerful, loyal comrade. Settlement of the Irish question is essential
for the peace of the world and essential to a speedy victory in the war. I upon an adequate supply of coal for all purposes, and of
appeal to the patriotism of all men to sink everything for the one purpose of iron ore for the iron and steel mills, the Executive Committee
getting this question out of the way.
of the special Committee on National Defense has ordered
The Premier paid a tribute to the financial community, all railroads of the United States to give coal and iron ore
through the help of which, he said, British credit had sur- preference over all other traffic. It is stated that for the
vived the financial panic of the early days of the war. This past week the Executive Committee has considered some of
community, he stated, took an honorable and leading part the transportation problems before the country at the present
in the triumph of the last war loan, which was the most re- time, having in mind first the war with Germany and the
markable financial exploit ever witnessed. After alluding to country's preparations for it. The Committee has decided
the organization of the Ministry of Munitions, he continued: that, in view of the depletion of the reserve stocks for coal
Now, thank God, our men have a real chance in the fight. The story
now is very different from what it was in the early stages of the war. Be-- in many sections of the United States, due largely to an
fore June 1915 we lost eighty-four guns and a considerable number of unprecedented consumption during the past year, the paraprisoners. Since that date we have not lost a single gun, while we have
mount need is to insure the largest possible movement of coal
captured 400. Regarding prisoners, we have taken at least 10 to 1. The
to every part of the country during the coining warm months.
tide has now turned. Victory is coming increasingly nearer.
During the first eighteen days of the Somme battle we captured 11,000 Similarly, the Executive Committee recognizes the necessity,
prisoners and eighty-four guns. During the first eighteen days of the Arras
particularly in view of the war with Germany, of keeping
battle our captures were 18,000 men and 230 guns, while we gained four
times as much ground. This meant not only ultimate victory; it meant the steel mills abundantly supplied with iron ore. For this
victory is going to be won at less loss, and our chances are growing as our reason iron ore is placed second in importance to coal in the
equipment is improving, and the Germans know it. That is the explanaorder issued to the railroads to-day. The supreme purpose
tion of the despair which has driven them to black piracy on the high seas.
This is the next job we have to deal with. Our minimum problem is to of the railroads, it is asserted, is to see that on every day of
feed a population of 45,000,000 in a country which is not self-supporting, every week the greatest possible amount of coal and iron ore
to provide the necessary material and food to equip our armies and keep the
seas free for the transport of the troops of ourselves and our allies. That has is handled by their lines, and the Executive Committee is
had to be done against the swarm of pirates, moving unseen under the track- confident that the response of the carriers to the order governless seas, since the Germans determined to sink all craft indiscriminately ing use of coal and ore cars will be immediate, and will
without warning.
There is no doubt that we have lost many ships, but they brought America evidence a complete desire on their part to do everything in
in and I am perfectly satisfied with the balance. America, after great pa- their power to aid in the nation's defense.
tience, came to the conclusion there was no use in waving a neutral flag in
This action of the Executive Committee is the first imthe teeth of a shark, and she is definitely with us to put down this menace
portant step of the railroads following their pledge of April
once for all.
The best brains of America and Britain are concentrated on this prob- 11th to the Government and the American people, that
lem. There never was a human problem which was not soluble, and I don't
during the war with Germany they would co-ordinate their
believe that this is an exception to the rule, but we must proceed on the
assumption that nothing could be discovered to put it down, and that is operations in a Continental railway system, merging all
where the public comes in.
their' merely individual and competitive activities in an
Regarding the effort of the Government to make the coun- effort to produce a maximum of national transportation
try self-supporting, Mr. Lloyd George announced that as a efficiency. The following is the notice sent to all railroads
result of the guarantees to the farmer and the farm laborer, in the United States:
a million fresh acres of land had been brought under cultivaConditions affecting the movement of coal and iron ore have been caretion, which was equal to producing two million tons of food. fully investigated by the Executive Committee and an order Is hereby
Issued requiring, until further notice, that on all lines, the movement of these
"I do not say that the war is going to continue through 1918," commodities shall be given special and continuous preferential service.
the Premier continued, "but we must take no chances. We
The facts ascertained by the Executive Committee have established the
have taken far too many. If the Germans knew that by conclusion that the national situation and the welfare of the country make
it imperative that every energy of the railroads must now be continuously
holding out until the end of 1918 he could win, he would hold exerted to move daily the maxhnum of coal and iron ore in distinct preference
out, but if he knows that the longer he holds out the worse it to all other commodities.



MAY 5 1917.1

THE CHRONICLE

The Railroads' Pledge to the Nation.
To accomplish this result and thereby fulfill the pledge given by the
railroads to the Government and the country "that they will co-ordinate
their operations in a Continental railway system, merging during such
period all their merely individual and competitive activities in the effort
to produce a maximum of national transportation efficiency," the Executive
Committee hereby calls special attention to the emergency rule hereto
attached, issued by the Commission on Car Service, governing the use and
handling of gondola and hopper cars and by virtue of its authority, this
Committee hereby directs the railroads to comply with and carry the same
into effect.
This Committee realizes that opportunities are often discovered, by
interpretation or otherwise, to evade the spirit of rules governing the
distribution and use of cars whereby the results sought to be secured are
defeated.
Presidents of Roads Responsible.
It therefore deems it its duty to state that it will and does look to the
President of each road personally to see to it, as an especial charge upon
the good faith of himself and his railroad, that this rule is not evaded nor
abused but is applied to accomplish daily the purpose intended. This
Committee expects that upon each road, the President will by order require
all officers, particularly those having jurisdiction over the handling, loading
and distribution of gondola and hopper cars, to observe this rule.
This order must be brought to the personal attention of all shippers using
gondola and hopper cars so that no abuse nor evasion of the rule governing
the use and movement of such cars will occur.
Preferred Movement for Loaded and Empty Cars.
If failure occurs, this Committee will take prompt and effective steps
to correct all such cases by disciplinary measures, including the publication
where deemed necessary, of names of officers and railroads refusing or
failing to respond to this appeal. Each road is hereby required in the
daily distribution of available gondola and hopper equipment, as well as
other equipment available for or used for coal and iron ore loading, to give
preference over all other traffic in assigning cars for loading. In like manner
loaded and empty gondola and hopper equipment will be given preferred
movement.
In order that this Committee shall be fully advised it has directed its subCommittee, the Commission on Car Service, to require and maintain a
system of reports showing the current movement of coal and iron ore,
including cars loaded and orders for cars unfilled and such other information as may be necessary to keep this Committee currently informed;
these reports will be checked and supplemented by such inspection as the
Commission on Car Service may from time to time direct, and all roads are
directed to submit their records to examination as may be required by that
Commission.
Other Commodities May Get Preferred Service if Urgent.
In this connection, notice is given that from time to time, as conditions
arise, the Commission on Car Service, under the authority and direction
of this Committee will direct preferential service for the transportation of
other commodities, as the urgency of such conditions may require and the
same measure of response from the railroads of the country will be epxected
as in this instance.
The Executive Committee, By
FAIRFAX HARRISON, Chairman.
Full Power Over Car Rules Given to Commission on Car Service.
Full authority to issue any rules, regulations or orders affecting the use
of oars that the exigencies of the national
situation may require, has been
conferred on the Commission on Car Service by the Executive Committee of
the special Committee on National Defense of the American Railway
Association.
Admonishing all railroads to keep cars moving and
afterwards to settle
any differences of opinion that may arise under the new car service rules,
the Commission on Car Service, a sub-Committee of the special Committee
on National Defense, of the American Railway Association, has issued an
order to all railroads of the United States, giving the details of the
changes
In the car service rules which have been made in order that policies of the
Executive Committee may be carried out.

EMPLOYERS SHOULD PROCEED CAREFULLY IN
ADJUSTING SALARIES OF ENLISTED MEN.
The American Association of Wollen and Worsted Manufacturers has issued a special bulletin dealing with the above
subject. Under date of April 13, in Special Notice No. 114,
the Association urged members against entering into permanent financial arrangements with employees who enlist.
It also indicated that committees wore being formed to
devise a common plan for dealing with the pay-roll of absentee
employees, and suggested that arrangements made in
the
meantime by the individual employer be adjusted to conform
with the common plan when it is established.
These recommendations it now repeats, and as an argument
in the favor,commends to the careful attention of all members
the report of an authoritative investigation of this subject
in Canada and in England. The report follows:
Information from

Canadian sources indicates very definitely
that serious
financial losses and disruption of their industrial organizations has
befallen
a number of firms in the important industries in Canada due to hasty, illconsidered action at the outbreak of the war regarding pay-rolls.
The war has sprung suddenly upon the manufacturers of Great Britain
and her possessions and there was, of course, no conception whatever as
to the magnitude of the demands to be made upon men and material.
Spontaneously, in response to the wave of patriotic
sentiment which
swept the country at the first outbreak, corporations put themselves behind a movement for voluntary enlistment in Canada, and in addition to
every effort to induce the men to enlist and go to the firing line, they, one
after another, agreed to distribute full pay among their employees during
the period of the war and to put them back in their positions—those that
should return. It was never dreamed that the war would last so long,
and the result has been something like a chaotic condition in the attempt to
handle this great problem. The promises made to continue full pay to
absentee employees who enlisted for service have had to be cancelled
because the corporations could not keep up the pace, and in hundreds of
cases where the heads of firms promised to take back those who
went to
the front, they have found themselves unable to do even this,
because men
have come home maimed and injured, rendering them
entirely unfit for
their jobs, to say nothing of the disruptions in the organizations
caused by
the attempt to replace men and women who, though temporarily
engaged,




1751

have been specifically useful, and, in turn, have to be taken care of in
some way when put out of present employment. The obligation to take
care of this help employed at the beginning of the war with the distinct
understanding that they were to hold positions pending the return of the
men who enlisted, has not served to salve this angle of the problem, for
the reason that hundreds of men and women who formerly earned a few
dollars a week have been employed in capacities in which they have been
able to earn three and four dollars a day, and the possibilities of discontent
and trouble in the disposition of these hundreds of temporary employees
have developed far enough to visualize considerable trouble from this point
of view alone.
Referring to the family dependents of enlisted men, we find that in
Canada the wives have been receiving $20 a month from the Dominion
Government and $15 a month from a patriotic fund raised by public subscription for this purpose. At first this money was distributed without
discretionary power being exercised by the authorities, with the result that
hundreds of women were discovered to be receiving more money than they
had ever been allowed by their husbands, and there developed the ridiculous
condition that scrubwomen, suddenly made rich in comparison with
previous earnings, began to employ maids in their own households.
All this has necessitated considerable readjustment on the part of the
distribution of Government moneys, and has had to be met by the adoption
of discretionary powers by the authorities charged with distributing the
moneys from the patriotic fund.
As to the remuneration paid to absentee employees who have enlisted,
there has been no concerted effort on the part of the manufacturers, neither
any general adoption of a method which may be said to prevail throughout
the industries as an accepted feasible proposition satisfactory to all. It
has been a case of individual action and the Canadian authorities admit that
it is all wrong, for the very reason that men fighting side by side in the
trenches and at sea with a different rate of compensation for their patriotism.
They admit that the lesson learned points to the need for very careful
consideration in advance, and thoughtful decision as to what manufacturers
generally should do, and that if they had an opportunity to do the whole
thing over, they would go about it very differently. But they had there
the same thing which it is believed we have to fear in the United States,
namely, two or three wealthy firms who at the head of important industries
In a burst of patriotism set a pace which public sentiment fostered and
made it very difficult to check—a pace which could be followed for only
a very short time, and which created withal a very bad effect upon the
labor end of the industrial organizations of the country.
It appears that the condition in England has been very little better and
that the same trouble has had to be met there. The Government pays
to the wife of every man in the ranks an allowance of nine shillings ($2 25)
per week. To this is added an allotment of three shillings and sixpence
(a little short of a dollar) out of the husband's pay. Then the Government
makes an allowance of a dollar and a quarter for the first child in the family.
three and sixpence for the second child and half a dollar for every other
child in the family. These are known as Separation Allowances, but theY
have been found to be totally inadequate with the increased cost of living.
which has arisen in Great Britain as well as everywhere else in the world.
It is understood that the British Government has decided to increase the
Separation Allowance, and that the men are to be encouraged to make an
additional allotment out of their pay. It is believed that this change is
to take place immediately.
The British Government has an officer in this country, with headquarters
at the British Consulate, who is looking after the interests of British family
dependents here, that is, the members of families of unnaturalized Englishmen who have gone to the front. An investigation has been made calculated to establish the actual minimum cost of living for an average family.
as a basis for standardizing the allowance. It has been estimated than an
average family, as a basis for standardizing the allowance. It has been
estimated than an average family of two adults with three children needs
$51 68 per month for actual necessities, that is, for rent and food alone.
It is recognized, however, that in regard to all payments beyond this
minimum allowance discretionary powers must be maintained by the
distributing authorities in order to handle the problem economically and
sensibly. By this it is meant that it is impossible to establish any stanadard
figure for the extra allowance beyond the amount estimated as the minimum
necessity. Without the exercise of discretionary powers based upon
investigation in respect to each family, it would be found that women who
never before received from their husbands more than $5 a week would be
receiving as much as women who are in the habit of receiving $10. $15, or
$25 a week. While it is a question of common sacrifice and a democractization of the practice of self-denial, it has been found impossible—British
authorities say—to handle the problem without allowing for established
habits of living and allowance for the circumstances applying individually
to dependent families. In other words, It is a case of dealing with each
case upon its own merits.
This sounds like necessitating a great organization, but there are In
existence organizations such as the Charity Organization Society, and other
bodies already formed, both willing and capable of handling the research
end of the job.
It is stated by the British officer in charge of this work that if the British
authorities had the whole job to do over again—and this is backed up by the
testimony of the British manufacturers organizations—there would be no
Individual action at all on the part of the firms and corporations in respect
to the problem of taking care of absentee employees. It would be done
through the Government as to the minimum allowance for absolute necessities, and all allowances above that could be contributed from a general
fund raised by subscription among the manufacturers themselves. This
would require a small special organization and staff, but it is said that this
would still be by far the most economical way of handling the difficulty.
The same officer testifies that exhaustive inquiry both at the front and
in Great Britain itself has disclosed the fact that the men who enlisted do
not demand to be paid for their serivces by the firms and corporations
employing them. As a rule, this has been found no handicap whatever to
their enlistment. All they care about is that proper division shall be made
for their families, and if that is done in a way in which their necessities and
moderate comfort are safeguarded, no other provision of any kind is
necessary. In England as in Canada testimony proves that the greatest
fear of industrial disruption in regard to war pay-rolls is individual action
on the part of manufacturers without regard to the common weal and
wisdom.
J. J. NEVINS, Secretary.

COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the return for June 30 1914:

THE CHRONICLE

1752
Gold and subsidiary coin—
In Canada
Elsewhere

ASSETS.
Mar.31 1917. Feb. 28 1917. June 30 1914.
$
28.948,841
44,235,223
46,026,964
17.160.111
22,898.509
26,108,465

Total
Dominion notes
Deposit with Min'er of Finance
for security of note circulation
Deposit in central gold reserves
Due from banks
Loans and discounts
Bonds, securities, &c
Call and short loans in Canada_
Call and short loans elsewhere
than in Canada
Other assets
Total

Capital authorized
Capital subscribed
Capital paid up
Reserve fund

72,135,429
137,401,577

67,133,732
142,272,399

46,108,952
92,114,482

6,868,528
35,200,000
147,887,238
959,222,793
351,200,941
76,478,708

6,863,949
30,050,000
149,587,085
927,650,507
345,518,737
78,786,535

6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484

161,616,735
77,905,968

162,344,556
76,289,647

137,120,167
71,209,738

2,025,917,917 1,986.497,147 1,575.307.413
LIABILITIES.
$
$
$
192,866,666
183,866,666 183,866,666
115,434,666
112,053,766 112,053,566
114,811,775
111,612,855 111,591,574
113,368,898
113,371,858 113,351,648

99,138,029
148,265,140 138,257,295
Circulation
44,453,738
71,712,382
68,165,993
Government deposits
Demand deposits
618,404,890 586,830,469 458,067,832
Time deposits
888,765,698 880,456,637 663,650,230
32,426,404
32,615,257
33,691,445
Due to banks
20,096,365
9,072,041
7,949,711
Bills payable
12,656,085
22,224,309
13,651,196
Other liabilities
'NW, not including capital
or reserve fund
1,778,894,073 1,741.168,390 1,330,488.683
Note.—Owing to the omission of the cents in the official reports, the
.
footings in the above do not exactly agree with the totals given.

CANADIAN GOVERNMENT PROPOSES NEW WAR
TAXES.
In his annual budget speech before the Canadian House
of Commons, Sir Thomas White, Minister of Finance, proposed as the chief source of new revenue for the coming
year a tax on the excess profits of all corporations and firms
doing business in the Dominion. One-half of all "war
profits" in excess of 15% but not Aceeding 20%, and 75%
of all profits in excess of 20% are to be taken by the Dominion Government in order to meet the rapidly increasing
expenditures. The new taxation will supplement that provided for in the Business Profits War Tax of 1916, under
which 25% of all profits in excess of 7% in the case of incorporated companies, and in excess of 10% in the case of
firms, partnerships and individuals, were taken by the
Government for war revenue. What revenue the additional
taxation will bring into the Dominion Treasury the Finance
Minister was not prepared to estimate, but, having regard
to the fact that the existing tax is expected to bring in approximately $25,000,000 for the current accounting year,
it is believed, it is said, that a very substantial revenue will
be secured from war profits in the future. The Finance
Minister's statement to the House was one of the shortest
on record. He proposed not a single tariff change. During
1916 the exports and imports of Canada amounted to no
less than $2,043,000,000, or nearly double the largest trade
in the history of the Dominion prior to the war. The trade
balance which in 1915-16 for the first time was in Canada's
favor reached for the last fiscal year a total of $314,000,000.
Revenue from all sources for the year ended March 31 last,
will amount to $232,000,000, an increase of $62,000,000 over
the revenue receipts of the previous twelve months, and
$100,000,000 in advance of the fiscal year 1915. The
Finance Minister gave the House an idea of what the country will have to face in the future in carrying the increased
national debt. When the war broke out the debt of the
Dominion of Canada amounted to $336,000,000. To-day,
with an aggregate war expenditure of $600,000,000, the
national debt has climbed to $900,000,000 and, according to
Sir Thomas, may reach $1,300,000,000 before the end of
the year. The Finance Minister's remarks,according to the
Montreal "Gazette," were in full as follows:
The features of the public finances in which I conceive the House to be
chiefly interested at the present time are the relationship between national
Income and national expenditure and the increase in the national debt. For
the first year of the war the revenue from all sources was about one hundred and thirty million dollars. It rose during the second year to $170,000,000. For the year ended March 31 last, I am happy to say our income will reach two hundred and thirty-two millions, or one hundred millions in advance of the fiscal year 1915. In round figures, $134,000.000 of
the aggregate was derived from customs, $24,000,000 from excise, and $12,500,000 from the business profits war tax. From this last named tax,
which was introduced by the budget of last year, we estimated that we
should receive twenty-five million dollars during the three years of its
currency. Our experience has proved that this estimate will be largely
exceeded. This tax was retroactive, being levied in respect of business accounting periods ending subsequently to Dec. 31 1914. The profits of
the first accounting period of business subject to the tax were much affected by the severe depression and dislocation of business incidental to
the first months of the war. Nevertheless, from this first period the sum
of $12,500,000 has already been collected, and when the full levy is made
we expect to have collected in respect of this period as much as $15,000,000.
For the second accounting period the taxes for which are payable during
this year, we estimate that the amount collected will be much larger—
in fact as high as $20,000,000 or more. The increase will, of course, be due
to the business prosperity which has prevailed in Canada during the past
year, and the profits made in supplying munitions of war. On the whole,




[VoL. 104

notwithstanding the difficulty of organizing on short notice the official
machinery necessary to cover so large a country as Canada, the tax has
worked out much more satisfactorily than we expected andithe total results
will be much greater than the estimate.
I have said that the total income of the past fiscal year was $230,000,000.
Leaving aside for the moment our direct war expenditure, our outlay for
the past year was upon ordinary account $146,000,000, and $27,000,000
upon capital and subsidiary account, or a total of $173,000,000. It is to
be borne in mind that of our ordinary expenditure, $25,000,000 represents
Increased interest and pension charges due to the war. Taking our total
revenue at $232,000,000 and our total current and capital expenditure of
$172,000,000, we find that during the past fiscal year we were able to pay
from our income all current and capital expenditure, all charges of interest
upon our increased national debt, all pension outlays, and in addition devote the sum at $60,000,000 to payment of the principal of our war expenditure. For a country such as Canada, of sparse population and without the
conditions of long-established and concentrated wealth prevailing in older
and more settled communities, the result must be regarded as extremely
satisfactory.
Coming next to the question of our direct war expenditure we find that
with our increasing military effort it also is continually increasing. Since
the beginning of hostilities our total war outlay, including estimated and
unadjusted liability to Great Britain for the maintenance of our troops at
the front and inclusive of withheld pay, totals, so far as we can calculate, about $600,000,000. As the result of this large war expenditure the net
national debt of Canada, which was $336,000,000 before the outbreak of war,
has risen to over $900,000,000, although this will not be shown by our
official statements for some months to come. By the end of the present fiscal year it may reach $1,300,000,000.
From the beginning it has been clear that it would not be possible for
the people of Canada to pay, during the war, more than a part of the •
principal of our war expenditure. The policy of the Government has, therefore, been directed along two main lines. First to fund the war indebtedness so as to postpone its maturities to periods well beyond the end of the
war, and secondly, by increased taxation on the one hand and the reduction of current expenditures on works on the other to be in a position to
meet from annual income all annual outlays including increased interest
and pension charges and in addition a substantial amount of the war expenditure itself.
In order to carry out this program it will be necessary, as our war expenditure, and consequently our interest and pension charges increase, to increase also our income. This raises the question of the sources of revenue
still open to us. A higher customs taxation upon luxuries has been frequently suggested, but this proposal overlooks the fact that most articles
of this character are embraced under fixed rates in the treaty with France
and the tariff cannot, therefore, be raised in respect of these. Apart
from this we should hesitate, at a time when France needs the advantage of
all her sales on this side of the Atlantic to assist her exchange, to place a
prohibition or increased duty against importations from our great ally.
Then it has been frequently suggested that following the example of
Great Britain and the United States we should adopt an income tax upon
all incomes beyond say $1,000 or $2,000. The comparison in this regard,
however, of Canada with either of these countries is fallacious. We are
not a country of large accumulated wealth and of incomes derived from
investments. Canadian incomes are mostly derived from personal earnings, and while there are many exceptions the rule prevails generally throughout the Dominion. So far as I am aware the incomes of the professional
and salaried classes throughout Canada have not materially increased since
the outbreak of the war. In the case of many they have actually declined.
This being so it does not seem equitable to impose upon these the burden of
an additional income tax—for they are taxed now upon their incomes by
municipalities and provinces—at a time when owing to the war the cost of
living has so greatly increased. If such a tax is to be imposed it seems to me
that so far as the great majority of Canadians are concerned it might better
be levied in time of peace, when the cost of living is again normal. It
Is further to be pointed out that the maximum amount which would be
obtained from such a tax in Canada would in terms of Dominion finance
be comparatively small and that its administration would require almost
a second civil service sufficient in number to cover every municipality,
rural and urban throughout the Dominion. The cost of levy and collection of such a tax would be much higher proportionately than in a geographically small, wealthy, densely populated country like Great Britain
or than in the United States, which although of the same area as Canada,
has twelve times the population and much more than twelve tunes our
wealth. On the whole it would appear to me that the income tax should
not be resorted to by the Dominion Government until its necessity becomes clearly and unmistakably apparent, notwithstanding the drawbacks which I have mentioned. In connection with this tax it is also
to be observed that the larger incomes in so far as they are not personally
earned are derived in part from holdings in joint stock companies already
subject to taxation under the provisions of the Business l'rofits War Tax
Act.
It must also be remembered that the Canadian public are voluntarily
supporting the Canadian Partiotic, Red Cross and other funds: The
amount contributed annually to these funds is much in excess of the amount
likely to be realized from any income tax. It is true that some wealthy men
do not contribute their fair share to these funds. But this would also b
true in any scheme of income taxation, especially with issues of Dominion
bonds exempt from Dominion taxation.
The question of further revenue then narrows down to abnormal profits made by business firms during the period of the war and this in my
view, is the proper and legitimate source to which to look for increased
revenue to meet the increased expenditure of the war. If a business is
making, in war time, profits above the normal, they must be due to the
abnormal conditions created by the war, that is to say such a business is
deriving advantage from the war. It follows that it may properly be required to contribute a share of such profits to the Government for the
purposes of the war. I do not see that it makes much difference whether
the business in question is the making of munitions or of any other class.
Munitions are needed and no discredit attaches to the enterprise which
provides them. The steel company which engages in the production of
munitions could, in most cases, make as much, if not more, money, by
selling its steel products in world markets. Moreover, it would be inequitable to discriminate against the firm which makes a profit upon the
finished article, known as munitions, and leave untaxed the profits (it
may be equally large) of those firms which manufacture and supply the
raw material or partly manufactured products from which they are made,
or the businesses throughout the country which make abnormal profits
from the distribution of money expended by Government in payment for
such munitions. If higher profits are made in the manufacture of munitions the higher the tax taken under business profits legislation.
In accordance with the principle which I have enunciated, the Government last year imposed the Business Profits War Tax. Under that legislation profits in excess of a certain percentage upon capital invested were
taxed to the extent of 25% of such excess. This measure has proved quite

MAY 5 1917.1

THE CHRONICLE

successful, not the least of its merits being the small cost of its administration, which will probably not exceed one-half of 1% upon the amount
collected. In view of the increasing interest and pension charges due to
the war, and believing this to be the true source to which recourse should
now be had for further revenue, we propose to extend this tax by taking an
increased share of profits. We propose to take from persons, firms and
companies liable to the Business Profits War Tax Act, 1916, 50% of all
profits in excess of 15%, but not exceeding 20% per annum,and 75% of all
profits in excess of 20% per annum upon capital. This is to say up to 15%
they will be liable to the existing legislation and in addition we shall take
one-half of their profits between 15% and 20% and three-fourths of their
profits beyond 20%. The increased tax will chiefly affect manufacturers
of munitions and other war supplies. While the percentage of excess profits
which is taken is large, sufficient is left to provide incentive to effort on
the part of all subject to the tax.
The new legislation will apply to the last accounting period of the threeyear term provided for in the Business Profits War Tax. 1916, namely, to
all accounting periods ending after Dec. 311916. I am unable to estimate
what amount will be derived from this taxation, as it will depend upon the
condition of business during the year. It will, however, give us without
doubt a very substantial additional revenue.
Before leaving the question of taxation. I desire to say that the measures
we have adopted have necessarily broadened in their scope as the war has
progressed. No one has at any time been able to forecast the length of the
war. It has now lasted nearly three years. and the end is not yet in sight.
Should another year be added to its duration, with the consequent increase
in our financial burden, new sources of revenue must undoubtedly be sought.
In seeking for these it should. I am sure, always be kept in mind that Canada
has been in the past, and will likely be for many years in the future, a country inviting immigration, and capital to develop its resources and contribute
to its prosperity. Especially should we, in considering taxation measures
for the period following the war, keep in view the desirability of the flow of
settlers and capital to Canada, not being retarded through fear on their part
of heavy Federal taxation.
The question of our financing since the la.st Budget was fully explained
and discussed in the first part of this session. During the recess we successfully floated the third Canadian war loan, an issue of $150,000.000 5%
twenty year bents, at 96. The public response was most gratifying,
the issue having been oversubscribed to the extent of about 100 million
dollars. The proceeds of this loan will enable us to finance both ourselves
and the Imperial Treasury in respect of expenditures in Canada until
June. It is my present intention to arrange, then, for an issue of notes
or Treasury bills, and if conditions are favorable, offer another war loan in
the early fall. Since the outbreak of war we have floated in Canada domestic loans aggregating $350,000,000 and have in addition furnished $150,000,000 through our chartered banks to the Imperial Treasury to meet its commitments for munitions and supplies purchased in Canada. Everywhere, I
believe, this is regarded as a very notable achievement on the part of
Canada. It has not only made possible our participation on a large scale in
the war, but it has, In greater measure than we realize, brought about the
present state of prosperity of the Dominion. Without the aid afforded by
the savings of our people, the expenditures which have been made by both
Governments for supplies and munitions could not have been made, so
that those who have saved have benefited, not only themselves, but the
entire community. While our national saving during She war has been
gratifyingly large, it is not so great as it should have been, and to-day no
better advice can be offered to the public than to exercise the strictest
thrift and economy. Every additional day the war lasts makes this individual and national duty the more imperative.
No aspect of our affairs during the war is more striking than the vast
increase which has taken place In our international trade. The aggregate
of our imports and exports (excluding coin and bullion) for the fiscal year
1912 was $841,000,000; for 1913, 31,063,000.000; for 1914, 31,090,000,000;
for 1915, $958,000,000; for 1916, $1,309,000,000. For the year ended on
March 31 last the total international trade of Canada reached the enormous
total of $2,043,000,000. This is nearly double the volume of the largest
trade in the history of Canada before the war.
Equally notable with this huge increase in volume is the change which
has taken place in relative amounts of imports and exports. For 1912 the
balance against us was $125,000,000; for 1913, $309,000,000; for 1914.
$180,000,000; for 1915, $36,000,000. For 1916 we had for the first time
in many years a favorable balance of $249,000,000. During the last fiscal
year this favorable balance increased to $314,000,000.
Figures such as these indicate a very prosperous condition within the
Dominion. It must, however, be steadily kept in mind that the higher
prices obtainable under war conditions for our national products and the
output of our munitions are chiefly responsible for this extraordinary favorable condition of our external trade and that with the cessation of the war
dislocation of industry, and modification of prices are bound to ensue. The
only safeguard against these conditions is saving on the part of all who are
now engaged at good wages, and are in a position to save, and the careful
husbanding of their resources by firms and companies engaged in business.
The position of most businesses in Canada is now thoroughly sound and it
is for their proprietors, with the prudent watchfulness of their bankers, to
keep them in that condition. The sources of danger to business in war
time are speculation in commodities and stock exploitation on the exchanges.
With these avoided and national savings greatly increased, we might look
forward with confidence to whatever may oxur in the reconstruction period
after the war.
We have no tariff changes to propose.

•

1753

and without compensation. It was in the agreement as to this compensation and in the co-ordination of all the railways under an Executive
Committee of railway officials that a new departure was made in the
management of British railways.
There was no nationalization, no government ownership, no direct interference with railway management of British railways beyond the imperative requestioning of their services in all branches for the defense of
the Empire.
The terms upon which this co-ordination of the British railways under
the Forces Act of 1871 was effected were very simple and definite. Their
co-operative management was vested in an executive committee composed
wholly of the general managers of the principal companies under the nominal chairmanship of the President of the Board of Trade. All orders of
general concern were issued in the name of the Executive Committee, as
the writer witnessed on all station bulletin boards, within two days of
its appointment. But no attempt was made to interfere with the prerogatives of the general managers respecting the conduct of business on
Individual roads. This went forward as usual with the one all-pervading
exception that it was always subordinated to every movement "On His
Majesty's Service." For traffic carried on account of the Government,
whether military or naval, passengers, goods or coal, no fares or rates were
to be charged or collected.
"In lieu of such rates and fares, the Government has guaranteed to each
individual company the same net revenue that it earned in the year 1913.
It is well to mark here that the British railways are not to be compensated
for their services as a national system, but each company is to have its net
revenue maintained at the standard of 1913. The result of this has been
to upset previous standards of receipts by abolishing settlements between
the companies for their respective shares of the Government service. In
the annual round up,some companies have balances to pay to the Executive Committee while others have deficiencies which the Government has
to make up finally out of funds derived from general taxation.
Under this arrangement the war was not well under way before the railway wage question became acute. The rise in the cost of living made the
low scale of British railway wages (40% of the American rate) more palpably inadequate and the unions demanded an increase. A bonus offive
shillings a week was granted, one-fourth of which was to be paid out of the
net revenues of the companies. As the cost of living continued to advance, a second bonus of five shillings a week was granted, all of which
was to be borne by the Government. It is estimated that these two
bonuses will increase the operating expenses of British railways about
$60,000,000 a year.
At this point the curtain of British censorship drops on the financial
relation of the Government and the railways. All that is known officially
of the returns under this agreement for the year 1914 is expressed in the
three lines:
Total receipts (including miscellaneous receipts)
£139.098,000*
Expenditure
• 88,173,000
Net income
£ 50,925,000
The asterisk sign after the total receipts directs attention to the fact that
they include the amount paid by the Government under its agreement for
the period Aug.5 to Dec.31. But what that amount was is carefully concealed. The single sheet announcing these results laconically notes: "In
consequence of the war no further returns will be published for the year
1914 regarding the statistics of the railway companies of the United Kingdom."
It is known, however, that the service rendered in a military sense has
been most satisfactory, but it has been at the expense of general public
traffic. The movement of troops and war supplies has been prompt and
expeditious. In order to enlarge the freight carrying capacity of the railways their passenger service has been greatly curtailed. The working
classes in receipt of unprecedentedly large wages were inclined to travel
extensively and packed the remaining trains to their capacity. This was
remedied by an advance of 50% in passenger fares, the abolition of special
and excursion fares, restrictions on luggage, &c.
The only thing known definitely about the financial results of the British
railways under war conditions is that their working expenditures were as
follows:
Working I
Working
Year
Expenses I Year
Expenses
1913 All companies__ _ L87,320,00011915 32 companies __ £39,016,203
1914 All companies_ _ 88,173,00011916 32 companies_ _ 97.627.510
For 1913 the net income of all the railways was £52,131,000. Adding
this to the expenditures for 1916 would make £149,758,510, which is £14,042,762 more than the gross receipts in 1913.
The unanswered question is, what were the gross receipts from general
traffic in 1916?
Another question which may not be answered until after the war relates
to the maintenance of way and structures. In the interest of the stockholders the managers of the individual roads will doubtless endeavor to
keep the plant in as perfect condition as possible, but the Government
overseer will be jealous of any expenditure that will increase the deficit in
net income.

HOW THE BRITISH SYSTEM WOULD WORK HE RE.
Now let us see how any such arrangement could be made to fit the railway situation in the United States. By Act of Congress they could be
taken possession of in somewhat the same Pickwickian sense. An Executive Committee, composed of the presidents of the representative companies could be chosen (like the Committee of Five already named), with
Inter-State Commerce Commission as its nominal
of
EXPERIENCE OF BRITISH RAILWAYS UNDER WAR the Chairman onetheits number serving as executive chairman. Working
of
chairman, but
under this Executive Committee there would have to be a larger committee
CONTROL.
The Bureau of Railway News and Statistics at Chicago of general managers, or perhaps the organization of the American Railway
Association might be enlisted. Then the terms of the British agreement
(Slason Thompson, Director) has printed a leaflet on the of Aug. 5, as modified by experience, might be applied to all American
above subject which contains much interesting information. railways.
In view of the exceptional net income of 1916, the Government might
It is pointed out that British railway co-ordination gives balk at making that the standard of compensation for the services it would
military results, but the financial returns are requisition without accounting in rates and fares. But it could not do less
admirable
than agree to
the roads
standard of
veiled in mystery. The British Government assumed a income for thecompensate all 1914, 1915 by a1916—a lean the average net
calendar years
and
year, a medium
of 10 shillings a week in wages amounting to $60,- year and a fat year. For these years the net income was as follows:
flat raise
000,000 a year. We quote as follows:
Net Income of the Railways for Three Years.
Within twenty-four hours after the British declaration of war on Aug. 1916
31,114,618.145
British Government, under powers conferred by the Regulation 1915
899,660,315
4 1914, the
of the Forces Act 1871, took possession of all the railways in Great Britain. 1914
687,621,090
Those of Ireland were not taken over until Dec. 17 1916.
Total three years
The words "took possession of have to be taken in a purely Pickwickian
$2,701,899,550
Average
sense, since the British railways were never taken over by the Government.
1900,633,183
Along with that guarantee should go a Congressional authorization of an
Their operation was continued in the hands of their private owners. Only
their service in the handling of everything pertaining to the movement of immediate advance of at least 15% in freight rates and 25% in passenger
troops, munitions, supplies and all persons and goods "On His Majesty's rates—the former to protect the Government from an excessive deficit in
Service" had to be rendered with the utmost dispatch, without red tape the net income it guarantees and the latter to restrict general passenger




1754

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traffic so as to release rolling stock for the movement of the Government or,
emergency traffic.
Any advance in compensation of railway employees would require the
sanction of the Government in order to protect its guaranty of net income.
In order to put the railways on a war footing, the Government might
guarantee the issue of $500,000,000 4% railway Income bonds. These
should be apportioned among the companies in proportion to their incomes
and be devoted to the immediate purchase of rolling stock, of which there
is a national shortage.
For advice in putting this railway war program into operation, the
Government might procure the loan of H. W. Thornton, the General Manager of the Great Eastern Railway, England. Before going to England,
where he has made a remarkable record, Mr. Thornton was for nearly
twenty years in the service of different divisions of the Pennsylvania system, and is thoroughly conversant with the American railway conditions.

HOW THE RAILROADS HAVE MET THE WAR
SITUATION.
Speaking at St. Louis at the dinner of the Bankers'Club,
May 3, Ivy L. Lee delivered an interesting discoursein which
he referred to the fact that because of the war the railroads
of the United States are being operated as a single transcontinental unit. We quote as follows:
The whole face of the railroad landscape has changed within the last
thirty days. The coming of war has overturned a host of political absurdi
ties and economic contradictions.
A month ago it seemed as if the railroads were moving headlong toward
Government ownership, not as the conscious choice of the people,but as a
by-product of regulation which, while adding to the expenses of railroading,
failed to permit revenues to be earned sufficient to pay the increased bills.
Able and experienced railroad men were not permitted to use their judgment in conducting their business. There was constant interference by
some commissions and politicians with no practical knowledge of railroading yet seeking to curry public favor by bullying the railroads.
In the ten years of the Hepburn law, notwithstanding the railroads have
added to their investment in facilities some $5,000,000,000, there is little
prospect that their average annual net operating income for the ten-year
period will have been greater than in 1907, the year before that enormous
added investment was begun.
The surplus capital of the world has been on strike against taking further
chances in the development of American railroads, for during the past two
years it has been practically impossible to float new istues of common stock
where investors take their chances, for use in new railroad construction in
the United States.
Now all is changed, for the grim necessities of war have again put common sense and old fashioned economic principles on the throne.
The railroads have asked for a 15% increase in freight rates, to enable
them to take care of the extraordinary increases in expenses which have
been forced upon them by existing conditions. The Inter-State Commerce Commission has shown a readiness to cut red tape and to act in accordance with the necessities of the occasion. It has already granted a
number of important increases in rates, and the disposition it is showing to
accelerate action concerning the matter as a whole is one of the cheering
events of the time.
But the most important and far-reaching event took place on April 11.
On that day fifty railroad presidents, representing the transportation business of the entire country, met and in response to an appeal by Secretary
Lane and Mr. Willard, the Chairman of the Advisory Council of National
Defense, determined for the period of the war to operate their roads as a
single transcontinental unit, merging for the time being all individual and
competitive activities.
They appointed a committee of five of the most experienced railroad
officers in the country, with plenary powers to establish policies for any or
all of the railroads of the country. Individual companies for the time
being abdicate their independent function and patriotically entrust their
operations to the direction of this committee, with the single purpose of
obtaining for the nation a maximum of transportation efficiency.
The fundamental feature of the present arrangement is that instead of the
Government assuming any responsibility, as has been done in England,
for the operation of the railroads under war time conditions, that responsibility is placed where it ought to be—upon competent railroad officers.
These managements will continue to have every incentive to conduct their
properties with economy and efficiency and without any of those benumbing and wasteful results which almost invariably accompany management
by governments with the attendant political interference. In this case,
the railroads will be told what is expected of them in the way of service,
and they will apply the best trained and most enterprising and resourceful railroad brains in the world to "doing the trick."
All of this means that the railroads are to be operated during this war for
the benefit of the people of the United States, without regard to company
lines. It means, too, and this is of vast importance, that any man now
seeking to obtain political preferment or to gain notoriety by hampering
with petty obstructions the effective operation of the railroads will get his
fingers burnt in the fire of public indignation. Finally, is it thinkable that
the immense benefit accruing to the public as a result of this arrangement
during the war, shall immediately the war is over, be cast aside and the
old regime re-established?
Railroad officers for the past ten years have been compelled to waste
enormous amounts of time, as well as the money of their companies, in
useless attendance upon hearings before regulating bodies, in experimental
effort, and in responding to the impractical attempts of inexperienced public authorities to impose their will against that of the practical and responsible men charged with the operation of the railroads. The service has
suffered correspondingly—although much of the regulation has been of
pubic advantage.
Likewise, the country has for many years past enforced laws forbidding
discrimination between communities or industries and thereby effectively
prohibiting any real competition. The country nevertheless prevented
the companies from co-operating with each other and in making their
facilities effective for the service of the people as a whole.
Under the arrangement now made, the railroads will probably be able
to increase their service by from 10 to 40% with the facilities at present
available.
Railroad men will be permitted to stick to their jobs. Foolish economic
and political doctrines will stand aside. Common sense is enthroned.
This thrusting aside of the underbrush which impeded progress, this
clearing away of the fog of uncertainty, is of course of enormous importance in its immediate application. But the fundamental, vital thing
which bodes most favorably for the future, is the fact that entrance into
this war has already revealed to the American people the innate bigness
and unselfishness of our captains of industry. Big men, wealthy men from




[VoL. 104.

all parts of the country have patriotically offered their services to the
Government without reference to private or personal interest. It has been
a great object lesson.
Nothing so important has happened to place future business in this
country on a sound basis as this dissolving of suspicion, this removal of
the asperities which had acted as a barrier to understanding and co-operation between the Government on the one side and the men of wealth and
great business ability on the other.
Henceforth, we shall not believe that the almighty dollar is the idol of
American business life. We shall know that men of big business are just
like other people possessed of the same ideals and of the same noble purposes as the rank and file of our democracy. We shall know that big business indeed has a soul. And in that fact lies the greatest assurance for
the future safety and prosperity of our country.

CANADIAN ROYAL COMMISSION REPORTS IN FAVOR
OF UNITING ALL CANADIAN RAILWAYS
EXCEPT CANADIAN PACIFIC.
The Royal Commission appointed to inquire into railways
and transportation in Canada has submitted a plan for
uniting all Canadian railways except the Canadian Pacific
in a single system in the hands of a new company to be
called the Dominion Railway Company. The main findings
of. the Commission are (1) that the Dominion Government
must assume financial responsibility; (2) the Government
must not own directly and must not operate; and (3) the
management should be on a commercial basis, by an independent Board of politically undisturbed and self-perpetuating trustees. The Railway Executives' Advisory Committee of this city, at the request of W. M. Acworth, one
of the three Commissioners constituting the Royal High
Commission, has prepared a summary of the Commission's
report for the American press, and this we give below:
Canada is offered a solution for her railroad problem in a unique plan put
forward by the Royal Commission appointed to inquire into the railways
and transportation which is made public here to-day. The plan provides
for uniting all the Canadian railways except the Canadian Pacific, into a
single system in the hands of a new company to be called the Dominion
Railway Company. It is proposed that the ownership shall be vested in
and the operation conducted by a board of public trustees on account of
and for the benefit of the people of Canada on a commercial basis under
their own politically undisturbed management. The Commission consists
of William M. Acworth of London, a director of the London Underground
Railways, who has served on a number of important British railway commissions and is the author of several standard books on railroads; Sir Henry
L. Drayton, Chief Commissioner of the Canadian Board of Railway
Commissioners; and A. H. Smith, President of the N. Y. Central Lines.
The report, which analyzes the transportation situation of the Dominion
in detail is submitted by Sir H. L. Drayton and Mr. W. M. Acworth as
majority members, but is not signed by the third member of the Commission, Mr. Smith, who is submitting a separate report differing in some
conclusions from his associates. The report discloses an unusual state of
affairs which prompts the unusual recommendations made. It finds that
more railways have been built than are warranted on commercial grounds
under present conditions. It points out that while the development of
Canada justified two transcontinental lines it did not justify three and
that the Grand Trunk and Canadian Northern systems should have been
amalgamated.
Although both roads are nominally private companies more than threefourths of the capital of the Canadian Northern and nearly two-thirds of
that of the Grand Trunk Pacific has been either provided or guaranteed
by the Dominion and provincial governments and municipalities. In
spite of this lavish assistance these two companies cannot meet their Habillties from their resources and are at present living from hand to mouth
on public advances made monthly as liabilities accrue. The liability of the
Grand Trunk Railroad under its guarantees to the Grand Trunk Pacific
is found to amount to over $5,000,000 per annum and its accumulated
arrears of maintenance amount to $21,000,000.
The majority members of the Commission express their belief that much
new capital expenditure can be avoided by combining these three companies into a single system. Their report finds that the Grand Trunk needs
immediately to expend $51,000,000 in order to put its own system into a
position to provide adequate service and that it is entirely unable to carry
the burden which it has undertaken in respect of the Grand Trunk Pacific;
further that the Canadian Northern, if it remained as a separate system,
would require $70,000,000 of new capital within the next five years. A
summary of the financial requirements of the companies mentioned shows
an estimated annual deficit of $12,500,000 to be met at the present time.
The report concludes that it is not possible to form a private company or
companies to carry this burden. The majority do not regard government
ownership of Canadian railways as the solution of the problem. On this
subject they say:"In our judgment it is not in the interests of Canada that
the operation of its railways should be in the hands of the Government.
We know no country in the world, where a democratic State owns and
operates its railways, in which politics have not injuriously affected the
management of the railways and the railways have not had an injurious
influence on politics. We do not think Government ownership of the
Canadian railways would tend to reduction of rates, but rather in the
contrary direction. For the carraige of one ton of freight one mile the
Canadian shipper pays at present on the average three-fourths of one cent.
On the railways of New South Wales, the oldest and most important
Australian State, where the railways have been in Government hands from
the outset, the shipper pays well over two cents. But we see no cause to
enlarge here on such general considerations. There are several reasons
peculiar to Canadian conditions why State ownership and operation should
be avoided."
One of the special reasons against the extension of government operation,
in the opinion of the Commissioners, is that in fairness it would require the
government to purchase the Canadian Pacific which otherwise might be
ruined by competition in rates by a government with the taxpayer behind it.
"Another strong argument against government operation," the report
continues, "Is to be found in the fact that the three great Canadian companies amongst them either own, lease or control no less than 7,000 miles
of railway situated in the United States. And some, at least, of these lines
are necessary economic complements of the Canadian systems. It is
clearly impossible that the Dominion Government should be subjected, not
only to the regulating authority of the Inter-State Commerce Commission

MAY 5 1917.J

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1755

and the several State railway commissions of the United States, but also
the Bank of England will act as correspondent and agent
to the police regulations of all the States which these lines enter. We
cannot think that such a situation would conduce to international harmony." in London of the Federal Reserve Bank here, and the New
As the only feasible alternative the report recommends that the Canadian York Reserve Bank will act in
a similar capacity for the Bank
people take over the control of the Grand Trunk, Grand Trunk Pacific
and
Canadian Northern, that they be united into one system which it is pro- of England in the United States. Reports from Washingposed to call the Dominion Railway and that they be operated by a board ton yesterday stated that it is expected that the Federal Reof trustees, who would acquire the stock of the three companies and main- serve Board will
make an agreement shortly with the Bank
tain the rights of bond and debenture holders undisturbed. The Governof France similar to that concluded with the Bank of England.
ment would enter into no direct relation with security holders but
would
undertake towards the trustees the obligation to find any necessary
margin A statement issued on the 3d inst. by the New York bank
between fixed charges and net operating income. It is proposed
that the reads:
Intercolonial and the National Transcontinental Railways, which
are now
Negotiations for establishing relations between the Bank of England
operated directly by the Canadian Government, be handed over
and
to the the Federal Reserve
Bank of New York, which were begun by the Governtrustees and operated as part of the Dominion Railway. The
report ors of the respective
institutions some months ago, have now been concluded.
recommends that the trustees be prohibited by Act of Parliament
from
making any general reduction of rates until their property earns a reason- The arrangement provides that the Bank of England will act as correspondent and agent in London of the Federal Reserve
able net return.
Bank of New York, and
The trustees would be named in the first instance by the Act of Parlia- that the Federal Reserve Bank of New York will act in a similar capacity
in New York for the Bank of England.
ment creating the board, which, thereafter, would be self-perpetuating
It is not the intent of the plan that these
except that further nominations by the board would require confirmation
institutions engage in commerby the Governor-General in Council. The trustees would servo for periods cial foreign transactions, the relationship established being primarily for
the purpose of affording greater stability to
of seven years and be eligible for renomination and reappointment. The
rates of exchange by maintainreport suggests that three of the five should be men of railway experience ing with each other mutual accounts of deposit, and by representing each
while one of the others should be selected on the ground of experience in other in the purchase of bills. The plan will also create machinery by which
financial and business affairs and the other as possessing the confidence of transactions in gold and gold coin will be facilitated, which should result,
in normal times, in eliminating or reducing the extensive and
railway employees.
unnecessary
The commissioners strongly emphasize their belief that democratic shipments of gold between nations to settle international balances, which
governments are unsuited to own and operate railways and that they have have heretofore not infrequently prevailed. The relationship will also
establish a means by which it is hoped financing between the two countries
recommended even indirect public operation for Canada only because
of can
be accomplished in times of emergency without undue strain upon the
wholly exceptional circumstances existing there. On this point they
say:
exchanges.
"Our personal belief is strong that, In normal circumstance
s, railway
enterprise is a matter best left in private hands, subject
Provision is made for participation by other Federal Reserve banks of
to proper regulathe United States desiring to join In the transactions contemplated.
tion by the government. Were we asked to advise in the
case of the railways of the United Kingdom or the United States,
The announcement of the completion of the negotiations
which have been constructed by private companies, with money found by private investors,
we
should give effect to this belief. We go further and consider that, in the with the Bank of England had been expected, it is said, for
case of the Canadian Pacific Railway, as to which the Government does several weeks. The idea was suggested about
a year ago
instruct us to advise, the fact that it received large help from public sources by
Benjamin Strong, Governor of the Federal Reserve Bank
in its early days is not any reason why the existing status of the company
should now be disturbed. This company has carried out its bargain. It of New York, on a trip to England. In December last the
has repaid to the Government large advances made in earlier years. We Federal Reserve Board gave its approval of
the plan, and
believe that Canada has had good value for what It has given. We think in
March last the Board also approved the application of
that it is in the interest of the country that this company should be rich
and prosperous, for such companies can be expected, not only to give the the New York Reserve Bank for permission to name the
best service, but to be best able to provide In time to meet new develop- Bank of France as its Paris agent,
as noted in our issue of
ments as they arise. We have had no hesitation, therefore, in coming to the
conclusion that the status of the Canadian Pacific Railway should be left March 3. The relation between the New York Reserve
Bank and the Bank of England as correspondents and agents
undisturbed.
"But in the case of the Canadian Northern, the Grand Trunk and the of each other, is expected, it is
said, to be of considerable
Grand Trunk Pacific, the circumstances are not normal. These companies
assistance in solving the problems arising out of the financial
have broken down. We see no way to organize new companies to take
their
place. Their only possible successor is in our view a public
authority. We aid which this country is extending to the Allies in Europe.
are confronted with a condition and not a theory."
commissioners finally lay stress on the necessity
The
of immediate
PROBABLE ENTRY OF STATE BANKS INTO FEDERAL
action lest Canada should suffer from railway congestion
even worse than
that of last winter.

RESERVE SYSTEM.
Some additional facts will be found in our "Railway News
Announcement of the probable entry into the Federal
Department."
Reserve system of a large number of State banks within a
short time is made by the Federal Reserve Board. "A numNEW YORK STATE BANKING INSTITUTIONS URGED ber of leading State institutions," reads
an announcement
TO CO-OPERATE WITH FARMERS IN DEVELOPING in the Board's monthly Bulletin,
"have informed the Board
AGRICULTURAL RESOURCES.
of their intention to apply for membership within a short
The desirability of State banks and trust companies
co- time, waiting only for the completion of certain necessary
operating with the farmers of New York State in
the develop- formalities. It would seem, therefore, that the early exment of the agricultural resources as a war measure is urged tension of
the Federal Reserve system to include a considby State Superintendent of Banks Eugene Lamb Richards. erable proportion
of the largest and best-conducted State
In a letter addressed to the officials of the State banks and institutions in the country
is a foregone conclusion. This
trust companies Superintendent Richards says:
result, when attained, will insure a combination of the counAt conferences with reference to the development
of the agricultural try's resources of reserve money under joint manageme
nt,
resources of the State as a war measure, various
plans with reference to
and consequently their use in the most economical and efthe co-operation of the bankers of the State have been advanced.
At one of those conferences a very practical proposition
appears to have fective way in sustaining the industrial and commercial
been presented by one of the State institutions. This institution
offered interests, as well as the public finances of the nation, durto loan to any person in its territory funds with which to purchase
seeds
conflict upon which it has entered."
for planting or sowing, upon certain conditions. The
borrower was to be ing the
known to the officers of the institutions, to be industrious
The Board poins out that the Federal Reserve system
and of good
habits and character; or, if not so known, he was
to present a certificate comprises banking capital and surplus
totalling only about
from a responsible committee of three members
with reference to those
qualifications and their statement that the
money borrowed would be used one-half of the total of the country at large, and continues:
for the purchase of seed to be planted or sown by
the borrower. The bor- "In this situation it has been well understood that should
rower was also to give his single name note, payable
Nov. 1 or sooner if stringency or banking difficulties set
in at any time, it would
the crop was sold, such note to boar interest at the rate of
4% per annum.
The institution stipulated that no renewal VMS to be asked for or granted, be necessary for the banks of the Federal Reserve system inthat the crop should be sold as soon
as it believed
as harvested and the directly, even though not directly, to carry the State banks
loan paid.
While it is assumed that the rate of interest required might vary some- by the extension of assistance to member banks, which in
what in different localities, that the date when payable should be
as late their turn would aid the less well-protected State instituDecember, and that circumstances might arise under
which renewals tions.
might very properly be granted In order to save the farmer from
being
"This condition has been fully recognized by many intelcompelled to sacrifice his crops to the speculators and to permit him
to
carry them for a reasonable length of time in order to obtain a better
profit ligent and public-spirited State bankers, who have admitted
for himself, the members of the Patriotic Agricultural Service Committee
the obligation resting upon them of lending their support to
are united in believing that the banks and trust companies of the State
can
establishment of a universal plan of co-operation, ineasily be of real service along these lines, and this suggestion is
submitted the
for your consideration. It is believed that in this way
our State institu- clusive of practically all of the eligible banks of the country.'
render a truly patriotic
tions

may not only
service, but that such action
will do much to popularize them in the communities in which
they exist.
I trust that you may be able to do something for the general
good without danger of loss to yourself.

BANK OF ENGLAND BECOMES NEW YORK RESERVE
BANK AGENT.
Announcement was made by the Federal Reserve Bank of
New York on the 3d inst. that the negotiations for the establishment of reciprocal arrangements with the Bank of England have been completed, and under these arrangements



NEW YORK FEDERAL RESERVE BANK DETERMINED
TO COLLECT CHECKS ON NON-MEMBER BANKS
AT PAR.
A few State banks not members of the Federal Reserve
system are still holding out against the attempt of the
Federal Reserve Bank of New York to force the payment at
par without deduction for exchange charges of checks drawn
upon them. Accordingly the New York Reserve Bank
last Saturday issued the following statement:

1756

THE CHRONICLE

of New York has reIn the last day or two the Federal Reserve Bank
banks in this district which
ceived for collection a few checks drawn on State
which checks have stamped
do not belong to the Federal Reserve system,
Express Company." This
thereon the words "Not Payable Through an
Reserve Bank of New York
seems to be a result of the use by the Federal
small State banks located
of express companies to collect checks on certain
This stamp is being
principally in the western part of New York State.
may be enabled thereby
used by some of them in the expectation that they
es at less than their face
to continue to pay checks drawn upon themselv
who receive such checks.
value, to the detriment of business men and others
d between the different
The greatest freedom of trade has always prevaile
system is endeavoring
sections of this country. What the Federal Reserve
this trade approximately as
to accomplish is to make the payments for
far as practicable the basis
unrestricted as the trade itself by removing as
been a barrier to the unfor the exchange charges which have hitherto
of the country.
restricted flow of funds between the various parts
s and through its gold
Through the co-operation of the sub-Treasurie
been enabled during the
settlement fund in Washington the system has
the various sections of
past two years to settle immense balances between
by Federal Reserve banks
the country without either shipment of currency
it be necessary at any time
or shipment of gold by sub-Treasuries. Should
sub-Treasury to ship gold to
through the operation of this fund for one
absorbed by the Reserve system
another the cost of such shipment would be
settlements.
In the interest of unrestricted countrywide
is being removed
In the same way the basis for exchange restrictions
system's policy of absorbing
from local settlements by the Federal Reserve
country banks are obliged to make
the cost of whatever currency shipments
enabling them without
in settlement of chocks drawn upon them, thereby
cost to settle such checks at full face value.
Reserve District, 99.6%,
Of the total banks in the Now York Federal
paying checks drawn upon
using figures on the basis of their resources, are
of the bank is therethem at their full face value. The collection system
completion with the least
fore so nearly complete that it will be carried to
this result and thereby give to the
possible delay. In order to accomplish
are members of the Federal
customers of all banks, whether or not they
al and scientific method
Reserve system, the benefits of a direct, economic
promptly established wherever
of collecting checks, special agencies will be
restrictive stamps.
necessary to handle all checks carrying

letter to
The New York "American" prints the following
from an up-State country bulk to indicate
its Business.Editor
ions:
why the small State banks are fighting par collect

,
Reserve Bank has now countered, as noted in another article
agencies at the places involved.
by establishing regular
bill
The "Wall Street Journal" yesterday stated that the
Governor Whitman was sponsored by Senator Newbefore
to
ton and makes it a crime, punishable with a $1,000 fine,
its
compel a banking institution of this State to surrender
right to make a reasonable charge for domestic exchange,
cash
or to pay checks drawn on it by any other means than
at its own office. The presentation of checks at the offices
otherof the drawee bank through an express company "or
wise" would be a crime.
ESSECRETARY McADOO SENDS LETTER TO CONGR
L COMMITTEE URGING PENDING AMENDSIONA
MENTS TO RESERVE ACT.
his report to the House of Representatives
In making
e
concerning the pending amendments to the Federal Reserv
law, Chairman Glass of Banking and Currency Committee,
o
inserted a. letter which Secretary of the Treasury McAdo
the
had addressed to the committees of the two Houses on
subject. The letter stated:

up of small deposits. StatisDear Sir.—Country bank deposits are made
is on money loaned can
tics prove that no bank whose only source ofincome
average balance. Country
profitably carry an account of less than $200,
amount. They seek small
bank deposits do not average one-half of that
when checks are returned to
accounts, checking accounts particularly, and
one-tenth of 1% is made,
them for payment from out of town, a charge of
bank. On large checks onethe last bank sending checks to the remitting
twentieth of 1% is charged.
and trust companies
The Federal Reserve system, to compel State banks
banks that refuse to remit
to join the system, is now collecting checks on all
on all checks they gather
them at par by express, demanding currency
amount of cash on hand,
together. This compels the bank to keep a large
bank system require.
much more than either the State or national
to charge a reasonable fee for collecting
Unless country banks are allowed
accounts; this will have a
checks they will be compelled to refuse small
the circulation. Country
tendency to keep money from banks and lessen
will be taken from them,
banks' deposits will decrease, part of their revenue
reason.
and this at a time when they are taxed almost beyond
s no exchange on any checks
Country banks as a rule charge their customer
exchange free of charge
deposited, furnish them checkbooks and Now York
account. Some of them
and endeavor to get every person to keep a bank
and try in every way to
pay as high as 4% interest on inactive accounts
help the community in which they are located.
trying to coerce country
The Federal Reserve system admit they are
wealthy people and business
banks, and if they are successful no ons but the
would be a detriment to country
men will keep accounts in the banks. This
towns.
urer and farmer is obtained
The money loaned to the merchant, manufact
. If these accounts are not
from hundreds and thousands of small accounts
banks will be considerably
accepted the amount to be loaned by country
ty.
lessened, thereby causing hardship in the communi
granges and country people
If the matter were thoroughly understood the
meetings to protest against such
generally would be organizing and holding
are being educated to keep their
a system. Thousands of young people
They draw large numbers of
money in banks and pay bills by checks.
expense of keeping these
and the country banks to offset this
small checks
: If forty of
-tenth of 1% exchange. For example
small accounts get one
one bank, twenty cents
these small checks averaging $5 each came in from
on each check. Is this
would be charged by the bank, making half a cent
exorbitant?
Is to force all banks to join
The Federal Reserve system's whole idea
much money they spend
their system, and they apparently do not care how
is simply a matter of
in collecting the checks to attain their object. It
bank system will be
coercion, and, if successful, eventually the State
absorbed by the Federal Reserve system.
A COUNTRY BANK.

d yesterday the bill
As you, of course, know, the President approve
ing an issue
unanimously passed by both houses of the Congress authoriz certificates
of one-year
of $5,000,000,000 of bonds and $2,000,000,000
and defense.
security
of indebtedness, to meet expenditures for the national
of the war, to extend
and for the purpose of assisting in the prosecution
ents, and for other purposes. The financial
credit to foreign governm
in the history of the counoperations thus authorized are without parallel
out of the war which has
try, and they, as well as the conditions arising
vigor, energy and organization.
been thrust upon us, must be met with
and import as those
Financial operations of such tremendous magnitude
shed by mere optimism
upon which we must now enter cannot be accompli
nt work all along the
or casual confidence. It will take hard and intellige
same time to maintain the
line to secure the required results and at the
d prosperity.
financial stability of the country with unabate
the groat tasks ahead of
We have the resources and the spirit to master
potentiality of our resources is
us, but without proper organization the
watchword until all the
culpably diminished. Organization must be our
and otherwise, have been
resources of the country, financial, material
l relation. This is our imbrought into a proper and thoroughly reciproca
if we aro to assert the
mediate, as It must be our most appealing, task,
fronts of Europe.
power of America effectively on the fighting
nce is to further strengthen
One thing of immediate and pressing importa
colossal financial operations of the
the Federal Reserve System so that the
ial interests of the country
Government may be facilitated and the commerc
Reserve Act, unanibe undisturbed. The amendments to the Federal
of infinite importmously recommended by the Federal Reserve Board, arc
ed with relation to
ance at this time. They have been carefully consider
the conduct of the
of
present problems and to those which must arise out
the imperative necessity of
war, and the entire Board is impressed with
, in
Federal Reserve System in the manner proposed
strengthening the
ability to meet any test the
order that there may be no doubt about its
with all of the earnestness that I
future may impose upon it. May I beg,
into law at the earliest
can command, that these amendments be enacted
writing to you on this subject
possible moment? I am taking the liberty of
country are involved in
because I know how vitally the interests of the
will be jeopardized if there
this legislation and how seriously the future
ly in the premises.
shall be any failure to act promptly and complete

NDED
NEW YORK LEGISLATURE PASSES A BILL INTE
ANGE CHARGES TO STATE
TO ENSURE EXCH
BANKS.
A bill has passed both branches of the State Legislature at
of the
Albany it appears, and is awaiting the signature
to
Governor intended to protect State banks in their right
exchange charges on out of town checks. The bill
collect
d to
is very drastic in its provisions and evidently designe
in its
circumvent the Federal Reserve Bank of New York
checks
attempt to coerce the smaller State banks into paying
drawn upon them at par. The New York Reserve Bank has
the
latterly been presenting the checks for payment at
ng banks. Some of the latter have
counters of the objecti
retaliated by stamping their checks with the words "Not
Payable Through An Express Company." This move the



[VOL. 10‘

BILL TO
PENNSYLVANIA STATE SENATE PASSES
PERMIT TRUST COMPANIES TO DEPOSIT THEIR
GOLD RESERVE WITH RESERVE BANK.
John H. Mason, Vice-President of the Commercial Trust
the
Company and chairman of the trust company section of
to the
American Bankers' Association, on May 1, according
s the
Philadelphia "Public Ledger," announced to banker
Senate at Harrisburg of Bill No. 732, depassage by the
gold resigned to permit trust companies to deposit their
with the Federal Reserve system, accepting therefor
serve
Federal Reserve notes. This piece of legislation was fathState
ered by the trust company section and pushed in this
as one means for mobilizing the gold reserves
by Mr. Mason
of the country. This bill will now go before the House. r
Senato
Mr. Mason also reported the introduction by
of a bill to permit State banks and trust companies
Sproul
. Hereto become members of the Federal Reserve system
e
tofore the State has never recognized officially the Reserv
, and such recognition, it is understood, will serve as
system
t in the Federal
an encouragement for centralizing interes
introducing
Reserve System. May 1 was the last day for
this session of the Legislature.
bills for
institutions
On the question of the advisability of State
Federal Redepositing their vault gold reserves with the
the followserve Bank of Philadelphia, says the "Ledger,"
ted to take up this subject:
ing committee has been appoin
Commonwealth
John H. Mason; Dimner Beeber, President
and Trust Company; Richard Y. Cook,
Title Insurance
t Company;
President Guarantee Trust and Safe Deposi
W. P.
Morris, President Girard Trust Company;
E. B.
y Trust Company; Thomas S. Gates,
Gest, President Fidelit
C. S. W.
President Philadelphia Trust Company, and
ent Pennsylvania Company for Insurances
Packard, Presid
on Lives and Granting Annuities.

MAY 5 1917.1

THE CHRONICLE

MODIFYING THE FEDERAL RESERVE AMENDMENT
CONCERNING DEPUTY RESERVE AGENTS.
The House of Representatives on Monday, April 30, in
Committee of the Whole, considered the pending amendments to the Federal Reserve Act, as suggested by the Federal Reserve Board and recommended by the Banking and
Currency Committee. During the course of the debate
Representative McFadden of Pennsylvania succeeded in
having a very objectionable amendment altered, namely the
amendment which would allow the Federal Reserve Agent
to appoint a number of assistants to act as Deputy Reserve
Agents in his absence and then have these assistants give a
bond to him rather than to the United States or the Federal
Reserve Bank. Mr. McFadden first had the amendment
read as follows:

1757

OUR PROBLEMS OF TO-DAY AND THE FEDERAL
RESERVE SYSTEM.
From an address delivered by William McC. Martin,
Chairman of the Board of the Federal Reserve Bank of St.
Louis, at the twenty-seventh annual convention of the
Arkansas Bankers' Association, in Hot Springs, Arkansas,
on April 25 1917, we take the following:
*
*
*
* *
*
*
*
*
*
*

We have the Federal Reserve system. We have
one-third of the total
gold in the world in this country. We are in a good position,
but not as good
as we would like to be. We have ettased being a debtor
nation and have
become a creditor nation. Gold that has come into our
coffers gives us a
great responsibility and also a great opportunity. The
Federal Reserve
system is strong, but it is not as strong as it is within our
power to make it.
Even good enough is not sufficient for this country. We
must have the
best. We are no longer an isolated nation, and must
concern ourselves
with the world's financial affairs. At present, we
are the world's bankers,
Be it enacted, etc., That Section 4 of the Act approved December 23 and there is no reason why we should not remain so. In fact, It is our
1913, known as the Federal Reserve Act, be amended in the paragraph fault if we do not remain so. Our Federal Reserve system should be put
relating to the appointment of class 0 directors and prescribing their duties in the best position possible to enable our member banks not only to take
care of our needs at home, but of the needs
so as to read as follows:
abroad. How, then, canithe
"Class 0 directors shall be appointed by the Federal Reserve Board. system be strengthened? In at least two ways: first by mobilizing;the
They shall have been for at least two years residents of the district for gold of the country, and second, by more of the eligible State banks and
trust companies coming into the system and
adding their strength and each
which they are appointed, one of whom shall be designated by said Board
as Chairman of the Board of Directors of the Federal Reserve Bank and individual bank, in turn, receiving thereby strength many times greater
'Federal Reserve Agent.' He shall be a person of tested banking ex- than it can give.
as
Mobilization of Gold.
perience, and in addition to his duties as Chairman of the Board of Directors
Let us consider the present gold situation in
of the Federal Reserve Bank he shall be required to maintain, under
this country. It is important
regulations to be established by the Federal Reserve Board, a local office even if we think only of the United States and have not the vision of world
of said Board on the premises of the Federal Reserve Bank. He shall trade. What caused the issuance of Clearing House certificates in 19147
We owed foreign countries a balance, they were
make regular reports to the Federal Reserve Board and shall act as
at war, and they called for
its payment in gold. Our
gold was scattered. It was not available.
official representative for the performance of the functions conferred
The
upon effort to make the necessary
payment caused practically every bank in the
It by this Act. Ile shall receive an annual compensation to be fixed
by the United States some
confusion. The difficulty was met by forming
Federal Reserve Board and paid monthly by the Federal Reserve bank
the
to
which he is designated. One of the directors of class 0, who shall be a so-called "gold pool," to which banks, both national and State, throughout
person of tested banking experience, shall be appointed by the Federal the country contributed. In other words, the gold was mobilized in the
Reserve Board as Deputy Chairman to exercise the powers of the Chairman pool, but the method was not automatic. There should have been plenty
of gold available without the weeks of effort It took to got it
of the Board when necessary.
together. Ng
At the present time we are facing not an immediate
"Subject to the approval of the Federal Reserve Board, the Federal
possibility of gokS
Reserve Agent shall appoint one or more assistants. Such assistants, withdrawal, but a future possibility of such a withdrawal. Since the first.
who shall be persons of tested banking experience, shall assist the Federal of this year, we have received $197,184,000 in gold, and since Aug. 1
Reserve Agent in the performance of his duties and shall also have power 1914 to March 16 1917. in settlement of trade balances, there has been
to act in his name and stead during his absence or disability. The Federal added to our stock of gold $1,065,946,000. Our problem then, is not lack
Reserve Agent may require such bonds of his assistants as he may deem of gold, but rather a superabundance of gold. The gold coming to us, in
necessary for his own protection. Assistants to the Federal Reserve time, gets into our banking system, and bank credits expand on this gold
Agent shall receive an annual compensation, to be fixed and paid in the as a basis. This gold has come to us as a result of the abnormal conditions
and the nations that have paid it out will
same manner as that of the Federal Reserve Agent."
naturally want it back and wi
doubtless get a
He then had the Clerk read the alteration proposed by artificial means.great portion of it back either through natural meanso
If it goes out through natural means, there is little
to
him as follows:
fear, but if there should take place, as
predicted by some. a "scramble for
Page 3, strike out linos 1 and 2 and insert the following: "The Federal gold," and artificial means could be made effective, there Is
a possibility
Reserve Board shall require such bonds of the assistant Federal Reserve that this gold could be withdrawn so rapidly as to seriously
affect our credit
structure. This gold comes to us and gets
agents as they may deem necessary for their own protection."
scattered in the individual
Commenting upon his suggested alteration, Mr. Mc- hands throughout the nation. It is difficult to bring it together when a
large amount of gold is needed for internationa
l purposes.
Fadden spoke as follows:
The total stock of money in the United States on
April 1 1917 was apMr. Chairman, in explaining the purpose of this amendment I desire to proximately $5,000,000,000. Of this amount. approximate
ly $3,000,000,say that inasmuch as the portion of the bill just read provides for the 000 was gold, and $2,000,000,000 non-gold money. Of this
$3,000,000.000
abolishing of the office of Deputy Federal Reserve Agent and
provides that of gold, on April 20 1917, $958.171,000 was in the hands of the Federal
each of the 12 Reserve agents shall appoint one or more assistants who
are Reserve banks and the Federal Reserve agents. I cannot get exact figures,
to be eligible to perform all his functions and duties, it is fair to assume
but it would seem that in the hands of the banks that are
that
members of the
the office of Deputy Federal Reserve Agent is to be an office in
name only, Federal Reserve system there are approximately $500,000,000 of gold, and
and that his duties will be performed by these newly created assistants— in the possession of non-member banks about $300,000,00
0 of gold. There
one or more—as the Federal Reserve Agent may see fit, except he
may be is on deposit with the Treasurer of the United States $200.000,000. This
delegated to preside as Chairman of Board meetings in the
absence of the gives us a total of 31,958.171.000 of gold in the hands of the Federal Reserve
Federal Reserve Agent, who is also Chairman of
banks, Federal Reserve agents, member banks, and the
the Board.
Treasury of the
At the present time under existing law, a class 0 director is serving
in United States, and loaves gold in the hands of the people amounting to
this capacity; it is, however, shown that there is some difficulty in
$1,041,829,000, which, on the basis of a population of 103,000,000
selecting
, gives
class C directors as Federal Reserve agents, owing to the fact
that he must Ter capita gold circulation of approximately $10 90. If it were in the
have had tested banking experience and that at the time of
taking on his hands of the banks, or perhaps I should say, if it were in the hands of the
hew duties or during a continuance of the same
he must not be an officer, twelve Federal Reserve banks, it would act as a basis for credit.
The
director or stockholder in any bank and is only a salaried
officer to the people want $10. They do not care whether it is $10 in gold, or $10 in a
extent of receiving a director's fee while attending meetings of the
Board, Federal Reserve note, provided they can buy with it the equivalent of $10
readiness to assume the
but must hold himself in
duties of the Federal in gold. This shows how scattered our gold is and the necessity of some
Reserve Agent and the responsibilities incident thereto, and it is
not a process by which it can be mobilized and put in twelve gold reservoirs—the
satisfactory situation, and a position with these requirement
s it is bard twelve Federal Reserve banks. Here Rican be protected from a sudden
to fill.
violent raid and allowed to flow in the natural channels of business. Every
I am of the opinion that some change should
the Federal Reserve Agent is the most important be made. In some ways dollar of gold that comes into the hands of a Federal Reserve bank makes
officer of any one of these it easier for the Federal Reserve banks to maintain all types of our money
12 banks. He is a trustee and to delegate his responsibilities
and duties in gold, and on them really the burden of maintaining gold payments is now
to subordinate officers means the transferring to these subordinate
officers placed. For while the Federal Reserve Act states that Federal Reserve
or assistants vast responsibilities, in some instances amounting
to the full notes are redeemable in gold or lawful money at any Federal Reserve bank,
charge and care of hundreds of millions of dollars in gold and
other securities at the same time, it states that Federal Reserve notes are to be redeemed
which are held in trust by the Federal Reserve Agent, being the security in gold at the Treasury
of the United States, and in its last analysis, this
back of the Federal Reserve notes issued by hint.
means that the Federal Reserve banks must furnish the gold to redeem
I believe if this authority is to be changed and if the Federal Reserve the Federal Reserve notes.
Agent is to be given authority to choose one or
more assistants, that the
If this nation expects to remain the international banker of the world,
Federal Reserve Board should fix the amount of the bond required in each all countries
must know that any moneys they keep on deposit over here
case. The bond should be issued to the Federal Reserve Board rather can be immediately withdrawn at any
time in gold. Our Federal Reserve
than to the Federal Reserve Agent. This involves the proper auditing of banks should have a gold reserve sufficiently
large to overcome foreign
these trust funds, or at least should. Each time these responsibilities are suspicion of us, created
by difficulties:such as those in 1914. It may be
changed to and from the Federal Reserve agents, I think and thoroughly said, the Federal Reserve
system nowl,has $1,000.000,000 in gold, is that
believe that if these assistants are to have those responsibilities—and which, not sufficient?
It may be further pointed out that!the net addition to our
In a sense, is making them all deputy Federal Reserve agents—that they stock
of gold since the beginning of the war is just $1,066,000,000, so that
should be held responsible to the Federal Reserve Board or the United should
all the foreign gold go home immediately,the Federal Reserve banks
States and not to the Federal Reserve agents. Employees of banks are could practically
meet the payment. However, there are other things that
not bonded to subordinate officers of the banks but to the banks themselves must
be taken into consideration. We have $2,000,000,000 of non-gold
—the board of directors.
money that must be kept on a gold basis. There are $346,000,000 legal
I believe that these assistants should properly be called deputy Federal
tender notes, against which, under the Act of March 14 1900, there is a
Reserve agents. That is what they really are, and I am yielding somewhat
reserve of $150,000,000 in gold carried. There are also $762,000,000 in
my own convictions on this subject because of the fact that Gov. Harding,
silver and silver certificates and $718,000,000 in national bank notes. This
when before our Committee, in answer to my question in regard to these
non-gold money is inelastic, and the difficulty is that it, added to our gold
officers, said that it was the intention of the 12 banks in the filling of these
money, gives the maximum requirements at any time in this country, and
Positions that employees now being employed in each of the 12 banks with
opportunity for the Federal Reserve note to demonstrate
only a slight increase of pay be delegated to fill these positions a.s assistants there is little
Its elasticity. The result is that we find that at certain periods of the Year
to the Federal Reserve agents, and this action would not entail any
particu- a largo volume of this non-gold accumulates in bank vaults, creating
lar increase in operating expenses or the working forces, thus avoiding
the
bank reserves and stimulating the extension of bank
creation of any now positions with big salaries attached. I hope my temporarily high
credit for speculative purposes.It would greatly help the situation if
amendment will be adopted.
could be-devised whereby the national bank currency would
Eventually Mr. McFadden's amendment to the amend- some means rapidly retired than is contemplated in the Federal Reserve
be much more
ment was adopted by 37 ayes against 16 noes.,
place taken by Federal Reserve notes, which would expand and
Act, and its




1758

THE CHRONICLE

[VOL. 104.

the use of flour in pastry and,
this be brought consumed in ordinary times, to abstain from
contract in accordance with seasonal demands. Could
possible to abandon the use
system. It, moreover, carefully to restrict or whenever
about, it would greatly improve the condition of our financial
and we do also in like manner exhort
of legal tender notes thereof in all other articles than bread;
of course, would be a further help if the $346.000,000
to abandon the practice of feeding
filled in by Federal and charge all persons who keep horses
received from our
could be retired and the vacuum thereby created
the same with oats or other grain unless they shall have
But as this would doubtless meet with opposition, we
Reserve notes.
on oats or other grain, to be given only
to the green- Food Controller license to feed horses
get along provided our inelastic currency was limited
view to maintaining the breed
could
so with a
groat strength to in cases where it is necessary to do
backs and silver money. It would unquestionably add
and we do hereby further charge and
protection to every of horses in the national interests;
chapels
the Federal Reserve system and enable it to give better
all ministers of religion in their respective churches and
enjoin
if a large proportion of the gold now in the vaults
Britain and Ireland to read or cause
bank in the United States
Federal within our United Kingdom of Great
and the pockets of the people could be mobilized in the
Day for four successive weeks
of banks
to be read this, our proclamation, on Lord's
Reserve banks.
after the issue thereof.
State Banks and Trust Companies.
companies in
Dispatches from London on the 2d stated that Lord DevonOut of the total of approximately 30,000 banks and trust
States, there are in the Federal Reserve system about 7,600. port, the British Food Controller, has ordered that after
the United
national banks.
These, with the exception of 43 State institutions, are
are to be
have fur- May 9 maize, barley and oats and their products
These national banks and 43 State banks and trust companies
the system. If non-member banks and used only for seed or for human and animal feed. Tapioca,
nished the money and supported
early part of
will be restricted to use as human food.
business did not undergo the usual nervousness when in the
State sago and arrowroot
this month war was declared, they have the national banks and the
grateful to. The system,
institutions that are members of the system to be
as it stands, is effective, but would be much more effective were the State
banks and trust companies that are eligible entitled to its protection. The SEIZURE OF GERMAN VESSELS IN AMERICAN PORTS
depositors in those State institutions would have greater safety. Never
AUTHORIZED BY SENATE.
again would they have to face a situation where it was difficult to get money
resolution, favored by the Administration, authorthe possibility of such a thing as the John Smith
A joint
for their pay-rolls and
always
check. A bank that is a member of the Federal Reserve system can
izing the President to take title for the United States to
take care of the legitimate commercial demands of its community, whether
in whole or in part by Germans found in ports
that demand comes from the business man or the farmer who wishes to ships owned
cattle for the market, because that member bank can under American jurisdiction and to put them into service,
raise a crop or feed
always get money from its Federal Reserve bank through rediscount.
was unanimously passed by the Senate at Washington on
It is quite possible that a situation might arise where a non-member bank
reported to
not because the credit of April 30. The resolution had been favorably
would feel that it would have to decline a loan,
or because there was no need for the loan, but the Senate by its Judiciary Committee. It was passed after
the borrower was not good
because the bank itself was fearful that it might not be able to get the money five hours of debate. It makes no provision for paying for
bank.
to meet the demands. Such a situation cannot arise with a member
Judiciary Committee reported it with an
There are in Arkansas approximately 180 State banks and trust companies the ships. The
Federal Reserve Bank of St. Louis. amendment in the nature of a substitute which made clear
that are eligible for membership in the
Every time one of them comes into the system it adds four-fold more strength the committee's intention to deny all payment to German
to itself than it does to the Federal Reserve system. The State institumunicipalities and to the German Government
tions are beginning to realize this throughout this entire district. Within subjects and
the last two weeks the St. Louis Union Bank came into the Federal Reserve for their interest in the ships, while providing for the paysystem, and the Mercantile Trust Co. of St. Louis, has been a member of ment of American and neutral part owners by suits before
the system ever since it was established. I can also say to you that other
Several Senators favored provisions
State institutions in this district will be members of the system soon. the Court of Claims.
Every time a State institution pays in the necessary amount of its capital to insure adjudication of claims on the ground that if such
stock and deposits the necessary portion of its reserve with the Federal action were not taken American property in Germany might
Reserve Bank of St. Louis it increases the ability of the Reserve Banieto
for payment. The prefurnish cash not only to that bank but to all the banks of the district. I be seized and no provision made
am certain that every State bank wishes to do.the best in its power, both ponderance of opinion, however, favored passage of the
for its depositors and its borrowers, itself, and the country as a whole. resolution with the feature eliminated. There was no disPerhaps you have waited to see how the system has worked out. It, of
of the country in the executive
course, is still young, having been in operation only about 29 months, but cussion of the naval policy
it has been in existence long enough, I am sure, to make manifest its session, although the doors were closed when it was sugstabilizing influence—we had no shock when war was declared—and to
gested that the debate might lead into this field. The
convince those who are familiar with its working that the Federal Reserve
by Senator Knox, of
Board and those in charge of the operation of the several banks are reason- passage of the resolution was forced
able men with a sincere desire to be of real help to the banks of this country. Pennsylvania, formerly Secretary of State. Mr. Knox
*
*
*
*
*
*
*
*
*
*
*
offered an amendment different in effect, but not in purI presume that there is no one in this country who does not agree that
press it for passage in
"in union there is strength," and such a one must appreciate what the pose, and announced his intention to
Federal Reserve system means. Behind any member bank is the strength the near future. While he was discussing his resolution
of all the member banks of the district, and in fact, the strength of all the
Chairman Culberson of the Judiciary Committee brought
member banks of the country. It seems to me that a good motto for a
modified form,
member bank would be, "In Union there is Strength—member of the in the resolution subsequently adopted in
Federal Reserve System."
which was drawn by the Department of Justice and which
There is no man in this room, I know, who does not wish to serve his
had been under consideration by the Judiciary Committee
country. Farmers will do it by increasing the hours of work and underMr.
going the sacrifices necessary to increase the food supply. Others will for more than a week. In support of his resolution
gladly take their place on the firing line to give up their lives if need be. Knox said it"would be not a blunder, but a crime,to hesitate
The banker, I am sure, can be depended on to do his part in mobilizing
in taking the step to meet Germany's ruthless subthe financial resources of our country. We have heard the bugle call of longer
Chanduty, we have been called to battle for the highest ideals of democracy. marine warfare." He called attention to the German
There may be no one to see us when we toil in the field, no one to cheer us cellor's announcement that the submarine campaign had
when we make the decision in the quiet of the counting house, but now that
1,600,000 tons of ships in sixty days. The joint
the time has come, we ame.all for one and one for all, and that means victory destroyed
resolution, as finally adopted, reads as follows:
for our flag.
That the President be and he is hereby authorized to take over to the
United States tho possession and title of any vessel within the jurisdiction
IN FOOD
KING GEORGE URGES ECONOMY
thereof, including the Canal Zone and all territories and insular possessions
CONSUMPTION.
of the United States, except the American Virgin Islands, which at the time
of coming into such jurisdiction was owned in whole or in part by any
A proclamation exhorting the people of Great- Britain-to corporation, citizen, or subject of any nation with which the United States
lessen their consumption of wheat and to practice the greatest may be at war when such vessel shall be taken, or was flying the flag of or
any such nation or any political sub-division or
economy and frugality in the use of all other kinds of grain was under register ofand, through the United States Shipping Board or
municipality thereof;
2. The proclamation any department or agency of the Government, to operate, lease, charter,
was signed by King George on May
particularly urges the population to reduce the consumption and equip such vessel in any service of the United States, or in any comforeign or coastwise.
of bread in their families by at least one-fourth of the quantity merce,2. That the Secretary of the Navy be and he is hereby authorized
Sec.
consumed in normal times. The proclamation, it is said, is and directed to appoint, subject to the approval of the President. a Board
almost identical with one issued by George III in December of Survey, whose duty it shall be to ascertain the actual value of the vessel,
its equipment, appurtenances, and all property contained therein at the
1800, the main difference being that the older proclamation time of its taking, and to Make a written report of their findings to the
called upon the people to reduce the consumption of bread Secretary of the Navy, who shall preserve such report with the records of
competent evidence
by at least one-third, instead of one-fourth. The appeal of his department. These findings shall be considered asfor compensation.
in all proceedings hereinafter authorized on any claim
to

a request
George III, moreover, was issued in response
Altogether 101 ships of 636,039 tons gross are involved in the
by Parliament. The proclamation issued on the 2d inst.
seizure of the German vessels interned at American ports, inreads:
and many others
cluding thelargestship afloat, the Vaterland,
We, being persuaded that abstention from all unnecessary7consumption of grain will furnish the surest and most effectual means of defeating of Germany's finest liners. At the present price of tonnage
the devices of our enemies and thereby bringing the war to a speedy and the vessels taken over by the Government represent an estisuccessful termination, and out of our resolve to leave nothing undone
mated value of from $100,000,000 to $125,000,000. Of the
which can contribute to these ends or to the welfare of our people in these
times of grave stress and anxiety, have thought fit, by and with the advice total tonnage seized 36 ships of 293,653 tons gross belonged
of our Privy Council, to issue this, our royal proclamation, most earnestly to the Hamburg-American Line's fleet and 29 ships of 233,exhorting and charging all those of our loving subjects, men'and women of
sailed under the flag of the North German Lloyd.
our realm, who have means to procure articles of food other than wheat and 958 tons
corn, as they tender their immediate interests and feel for the want of Almost half of the tonnage has been held at the port of New
others, especially to practice:the greatest economy and frugality in the use York since the beginning of the war.
of every species of grain and wheat; and we do for this‘purpose more parThe full list of'German-owned merchant vessels seized
ticularly exhort and charge all heads of households to reduce consumption
of bread in their respective families by at least one-fourth of thequantity was published April 7 and we print it herewith:




MAY 5 1917.]

THE CHRONICLE

1759

Gross Tons.
Gross Tons. it-the complete absence of any motive of self-interest,
At New YorkAt Jacksonville
calculation of ambition. Mr. Asquith pointed out that neiVaterland
54,282
Frieda Leonhardt
2,822
ther the liberty nor independence of the United States was
George Washington
25,570 At New Orleans
Kaiser Wilhelm II
19,361
Breslau
7,524 imperiled. "It was the constraining force of conscience and
President Lincoln
18,161
Andromeda
2,554 humanity,"
he said. Mr. Bonar Law, in moving the resoluPresident Grant
18,072 At San FranciscoPennsylvania
13,333
Serapls
4,756 tion, said:
Grosser Kurfurst
197
We deeply regret that the Premier is unable to be present himself to
13.102
Neptun
Barbarossa
3,659 move the resolution. Not only the members of Parliament but all the
10,984
Ottawa (sailing)
Prinzess Irene
people of the British Empire and the allied countries welcome the new ally
10,893 At Portland, Ore.
Friedrich Dec Grosse
2,723 with heartfelt sympathy. This is not only the greatest event, but, as I
10,771
Dalbeck
Hamburg
believe, the turning point of the war. The New World has been brought in,
10,531 At SeattleKoenig Wilhelm II
4,424 or has stepped in, to restore the balance in the Old.
9,410
Saxonia
Bohemia
We welcome the adhesion of our new ally for another reason-for the
8,414 At Winslow, Wash.Armenia
2,164 moral justification which it gives us for our own action.
5,464
Steinbeck
Adamstrum
America, like the British Empire, is engaged in the war from no desire.
5,000 At Astoria, Ore.Pisa
1,859 from no fault of her own, but because "she can do no other." I profoundly
Arnoldus Vinnen
4,967
Prinz Joachim
3,109 believe that the greatest of all issues which will be decided in this struggle is
Kurt
4,760
whether or not the free institutions on which the progress of civilization
Prinz Eitel Friedrich (not
At Honolulu6,557 and the welfare of mankind depend can survive against the centralized
auxiliary of same name
Pommern
power
now at Philadelphia)___ - 4,650
3,227 of military despots.
Prinz Waldemar
Allemania
4,730
I have read-I am sure every one in this House has read-with deep
Setos
4,630
6,649 admiration and profound agreement the speech, worthy of Abraham
Magdeburg
Holsatia
4,497
LinLocksun
Harburg
1,607 coln, in which the President of the United States announced the entrance
4,472
Loong Moon
Nassovia
3,902
1,971 of his country into the struggle.
Staatsskeretar Kraetke__ _ _ 2,009
2,778
I read the other day a characteristic extract from a German newspaper,
Portonla
Governeur Jaeschke
2,555
Main
1,738 in which it was said America was going into the war for nothing. From
1,685 At Hilo, Hawaii
Mennig
Clara
the German point of view the statement is true. America, like the British
1,746
C. J. D. Ahlers
Indra, (sailing)
-I wLsh to make that plain-is animated by no love of conquest, no
7,490 Empire
1.468 At San Juan,P. R.
Matador (sailing)
greed for territory, no selfish ends. The aims and ideas to which President
At BostonOdenwald
3,537 Wilson has given noble expression in his recent speech are our aims, our
Amerika
22,622 At Pago Pago, Samoaideals also. As we found out earlier, so the American people have now
Kronprinzessin Cecile
19,503
Elsas
0,591 found out that there is no method by which these aims can be secured
Cincinnati
16,339 At Manila
except by fighting for them. I beg to move the resolution.
KoIn
7,409
Andalusia
5,433
Wittekind
5,640
Buchum
6,161
"United States Day" was celebrated in Paris on April 22.
Ockenfels
5,621
Camilla Rickmers
5,130
At New LondonCarl Diederichsen
1,243 The American flag was flung to the breeze from the Eiffel
Willehad
4,781
Clara Jebsen
1,735 Tower and was saluted by twenty-one
guns. Jules Cambon,
At Baltimore
Coblenz
3,130
Bulgaria
4,594 General Secretary of the French Ministry of Foreign Affairs;
11,440
Elmshorn
Rheinv
4,002 General Dubail, Military Governor of Paris, and other
10,058
Esslingen
Neckar
1,531 officials
9,835
Johanne
were received by American Ambassador Sharp at
At Philadelphia1,925
Lyeeznoon
Rahetia
6,579 his residence, whence they proceeded to the Place d'Iena,
6,600
Mark
Prinz Oskar
1,631 where a bronze palm was deposited at the equestrian statue
Peng Tong
6.026
At Newport News
Rajah
2,028
of Washington. Members of the American Lafayette Flying
Sachsen
Arcadia
5,454
8,077
Sambia
At Wilmington, N.0.
4,765 Corps, a delegation from the American Ambulance Corps at
Suevia
4,494
Kiel
3,789 Neuilly and the American field ambulances,
with a large
Tubingen
3,974
Nicaria
5,586
representation from the Association of Veterans of the Marne,
At Zamboanga, P. I.
At SavannahHohenfelde
2,974
Borneo
2,168 were the guard of honor before the Lafayette statue in the
Marudu
At Charleston1,514 Tuileries Garden, where the official procession
halted to
Darvel
Liebenfels
4,525
1,308
deposit a bronze palm. Ambassador Sharp and his escort
At Cebu.P.I.At Pensacola
Prinzess Alice
1,769
Rudolph Blumberg
10,981 were later received at the Hotel de Ville by the members of
Tsintau
3,916
Vogeson
1,685 the Municipal Council,Premier Ribot and other
distinguished
Wiegand
499

persons. Adrian Mithouard, President of the Municipal
Council of Paris, in a speech welcomed Ambassador Sharp,
ENGLAND AND FRANCE'S WELCOME OF UNITED who responded briefly, acknowledging the honor paid to the
STATES INTO WAR.
United States by the people of Paris. The Ambassador's
The entry of the United States into the war was generally speech was greeted with great applause, particularly when,
celebrated in London on Friday, April 20. King George, the addressing the people of Paris he said:
Citizens of Paris: May I say to you, on this holy day You have with
royal family, Ambassador Page and many of the greatest
dignitaries of the land attended an impressive service of cele- such fine sentiment set apart to honor my country, that America remains
no longer content to express to France merely her sympathy.
cause
bration at St. Paul's Cathedral, which ended with the which she believes, as verily you believe, to be a sacred one, she In aconsewill
singing of the "Star Spangled Banner." There was crate all her power and the blood of her patriotic sons, If necessary, to
massed
achieve a victory that shall for all time to come insure the
a great display of American flags in London and all other right over wrong, freedom over oppression and the blessings domination of
of peace over
English towns, and a popular demonstration by the crowds the brutality of war.
A plaquet representing "Liberty Enlightening the World,"
which surrounded the Cathedral. The Stars and Stripes
floated from the highest tower of the Parliament buildings after the statue by Bartholdi, protected by the American
at Westminster-the first time, it is stated, a foreign flag eagle, was presented to Ambassador Sharp as a memento
was ever displayed on that eminence-and flew above all of the occasion.
Government buildings in the British capital. St. Paul's
RUSSIA'S FINANCIAL POSITION.
• Cathedral, which seats nearly 4,000 persons, was filled to its
The American-Russian Chamber of Commerce, in an exfurthermost recesses, with hundreds looking down from the
-austive report on the Russian financial situation, reaches
balconies and niches high in the vault. All seats were occu- h
pied when King George and Queen Mary entered, followed the conclusion that "in spite of the tremendous burden of
by the mayors and aldermen of the twenty-six boroughs of war indebtedness, necessitating the Payment of interest
London in their scarlet robes of office. The American charges of over $1,000,000,000 per year, Russia, with the
Embassy and consular staffs occupied front seats with repre- proper co-operation, will be able to solve its financial probsentatives of the Pilgrims, the American Society, the Ameri- lems effectively." The report says:
The Russian national debt on
can Luncheon Club and the American Chamber of Com- the first two years of the war Jan. 1 1914 was $3,406,000,000; during
additional loans, covering war expenses.
merce.
were incurred to the extent of $8,611,920,000, and additional loans for
The entry of the United States into the war was officially
welcomed by both houses of the British Parliament on
April 18, when resolutions expressing appreciation of the
action of the United States were passed with great enthusiasm
by both the House of Lords and House of Commons. The
resolution in the House of Commons was moved by Andrew
Bonar Law, Chancellor of the Exchequer and leader of the
House. Former Premier Asquith seconded it in an eloquent
speech. The resolution in the House of Lords was introduced by Earl Curzon of Kedleston, Lord President of the
Council. In all the speeches in both houses particular reference was made to America's purely disinterested intervention,
'the most disinterested in history," as Mr. Asquith phrased,



$8,360,100,000 will be required, if the war closes at the end of the year
1917. Assuming that the war will end in the fall of this year, the total
outstanding Russian indebtedness will amount to $20,908,000,000, which
on a 53 % basis will require yearly interest payments of $1,069,200,000.
,
Foreign Indebtedness.
The total foreign indebtedness of Russia prior to the war was $2,230,000,000. During the first two years additional loans were Incurred
amounting to $2,430,000,000, and the estimated additional obligations,
which will be incurred if the war closes in the fall of 1917. will be $1,944.000,000. The total interest charges on foreign loans and also in connection
with municipal, private issues and other private indebtedness, sea-freight.
&c., due annually on foreign obligations after the war, will be $461,000,000.
To offset these payments. Russia has had for a number of years a favorable
balance of trade. The average yearly value of the excess of Russia's exports over Russia's imports amounted to $169,000,000, leaving net obligations payable yearly on foreign loans after the war of $292,200,000.
It is evident that, since Russia will not be able to meet its foreign interest
charges in payments of gold when the war is over, it will be unwise to adopt
policy of incurring additional interest payments and the only solution of
a

1760

THE CHRONICLE

[VOL. 104.

Russia's financial problems lies in: first, greatly increasing here export of
raw materials, particularly that of agricultural products and through the
organization of its timber industry; second, the elimination of all unnecessary exportations into Russia; and third, the immediate organization and
stimulation of home-manufacturing production.
Russia is in a position to supply the world with the bulk of food products
by intensifying its agricultural production. Russia is greatly increasing the
quantity and quality of its food production as well as its supply of meat
and dairy products. In view of the general shortage of food products such
an increase will, no doubt, largely solve the question of the proper balance
of trade after the war.
In addition, Russia has 50% of the world's undeveloped timber area and
is in a position on account of its natural position and through the organization of its timber industry, to supply:the increasing demand of Europe after
the termination of the war.
Russia requires foreign capital to be used in the stimulating and organizing of these manufacturing interests. The United States is in a position
to be of the greatest, assistance to Russia at the present time through the
loaning of money direct to the Russian Government for the carrying on of
the war expenses and through the investment of private capital in Russian
industrial investments. Russia is an economic duplicate of the United
States, is in the same position as the:UnitedIStates was after the Civil War
and turns to this country to secure the assistance, co-operation, capital
and organizing ability which will properly solve Russia's financial problem.

AMERICAN STEAMSHIP MONGOLIA SINKS GERMAN
SUBMARINE.
the arrival at a British port on April 25 of the
Upon
American steamship Mongolia, of the International Mercantile Marine fleet, it became known that the Mongolia had
fired the first gun of the war for the United States, and
had sunk a German submarine. The Mongolia was in charge
of Captain Emery Rice. In an interview with the Associated Press he said that the submarine was about to attack
his vessel in British waters on April 19 and that the Mongolia
had fired upon it. He declared that there was absolutely no
doubt that the U-boat was hit, and that there was every
reason to believe it was destroyed. The periscope was
sighted straight ahead, and the Captain gave the order for
full speed ahead with the intention of ramming the submarine. The periscope disappeared and a few minutes
later appeared on the ship's broadside. The gunners fired,
hitting the periscope squarely and throwing up a mountain
of water. The most pertinent fact as regards the ultimate
fate of the submarine was that the shell disappeared immeA BREAKS OFF RELATIONS WITH
GUATEMAL
diately after the hit was made. The Captain said that a
GERMANY.
shell always ricochetted in the water and could be seen again
The State Department at Washington was officially ad- unless it found its mark. Oil also was seen after the subvised on April 28 that the Guatemalan Government has sev- marine disappeared. Captain Rice in describing the sinkered diplomatic relations with Germany. Dr. Lehmann,the ing of the submarine said:
German Minister at Guatemala, has been handed his passFor five days and nights I hadn't had my clothes off, and and we kept a
ports, and the exequaturs of German Consuls accredited to big force of lookouts on duty all the time. It was 5.20 o'clock in the afterGuatemala have been canceled. Secretary of State Lansing noon of the 19th that we sighted the submarine.The officer commandimg
bridge where, in fact, we had been the
on April 28 received the following official comAnication the gunners was with me on the voyage.
most of the time throughout the
from Joaquin Mendez, the Guatemalan Minister to the
There was a haze over the sea at the time. We had just taken a soundwere looking at the
United States, advising of the action of the Guatemalan ing, for we were getting near shallow water, and we off the port bow."
lead when the First Mate cried, "There's a submarine
Government:
in fact, for her purposes, and
The submarine was close to us, too close,
Mr. Secretary of State:
I have just received the followinecable from the Minister for Foreign
Affairs of Guatemala:
Minister Mendez, Legation of Guatemala, Washington:
The Government of Guatemala to-day broke off relations with the German Empire, handing his passports to Minister Lehmann and canceling
the exequaturs of the German Consul accredited to Guatemala. Advise
the American Government.
TOLEDO IIERRARTE.
In communicating the action of my Government to your Excellency, I
take pleasure in reiterating that Guatemala from the first has adhered to
and supported the attitude of the United States in the defense of the rights
of nations, the liberty of the seas and of international justice, and that it
has always considered itself in unity with your great nation in the lofty
principles which it has so wisely proclaimed for the good of humanity.
Therefore, Guatemala takes the greatest pleasure in offering to the United
States of America her territorial waters, her ports, and railways for use in
common defense, as also all elements which may be available for the same
purpose.
I avail myself of this opportunity to reiterate to your Excellency the assurances of my highest consideration and respect.
JOAQUIN MENDEZ.

she was submerging again in order to manoeuvre in a better position for
torpedoing us when we sighted her. We saw the periscope go down and
the swirl of the water. I quickly ordered a man at the wheel to put it to
starboard, and we swung the nose of the ship toward the spot where the
submarine had been seen.
We were going at full speed ahead, and two minutes after we first sighted
the U-boat it emerged again about 1,000 yards off. Its intention probably
had been to catch us broadside on, but when it appeared we had the stern
gun trained full on it.
The Lieutenant gave the command and the big gun boomed. Wesaw the
periscope shattered and the shell and the sumarine disappeared.
I can't speak too highly of the cool manner in which the Lieutenant handled his crew of gunners. It was a fine exhibition of the efficiency of
American naval men. The Lieutenant know before the shell struck the
submarine that its aim was accurate. There is no guesswork about it,
but a case of pure mathematics.
Taking the speed at which the Mongolia was traveling at the time and
the speed which the submarine undoubtedly would make, and computing
these figures with the distances we were from the submarine when it was
first sighted and when it appeared the second time, it can be shown that the
Lieutenant had his gun sighted to the inch. And it must be remembered
that the whole affair took only two minutes.
I assure you we didn't stop to reconnoitre after the incident, but steamed
subaway at full speed, for it was not improbable that there was another
at
marine about. The one I got undoubtedly had been lying on the bottom
this spot waiting for the ship and came up when it heard our propellers.
that a submarine had been
I immediately sent a wireless message stating
seen.
That's about all the story, excepting this: The gunners had named the
was
guns on board the Mongolia, and the one which got the submarine
all.
called Theodore Roosevelt;so Teddy fired the first gun of the war after

Minister Mendez on April 28 issued a statement saying the
Guatemalan Government's decision to break relations with
Germany was taken "on account of the plots of the Germans
against the safety and the independence, not only of Guatemala, but of the whole of Central America, and through solidarity with the principles of the rights of peoples, the freedom of the seas,and universal justice. Guatemala,which has
The naval gunners on board the Mongolia were under
always boon a sincere and loyal friend of the United States, command of Lieutenant Bruce R. Ware, U.S. N. The Montakes pleasure and pride in finding itself identified more than golia is of 13,638 tons, and left an American port for England
ever with the principles which have been proclaimed by the on April 7, on her second trip .since Germany's submarine
Government at Washington in the crisis which the world is declaration of Feb. 1. She is one of the largest vessels
"In answering the note of German Minisgoing through
under the American flag. The Mongolia was built in 1904
ter Lehmann about submarine warfare" the statement con- for the Pacific Mail Steamship Co.,and for a number of years
tinued, "the Government of Guatemala said to him: 'The was engaged in the California-Oriental trade, carrying
Government of Guatemala, after a careful study of the both passengers and cargo.
measures taken by the German Imperial Government as to
the suspension of commerce with Great Britain, France,
Italy and the East, finds that those measures endanger unTHE SINKING OF THE VACUUM.
justly the lives of the citizens of Guatemala, who travel in
The American oil tank steamer Vacuum was torpedoed
those countries, and they injure highly the country's commiles
merce, which has already suffered great losses since the be- and sunk by a German submarine on April 28, 150
Barra, one of the Hebrides Islands off the Scotch
ginning of the war. As this situation is not in agreement west of
from a
with the principles of international law, nor with the impar- coast, while on her way back to the United States three
the struggle of the nations European port. An American naval Lieutenant and
tial conduct of Guatemala during
perished
of Europe, I have the honor, in the name of the President of of his gun crew of twelve are reported as having
were still
to present to the German Imperial Government, as a result of the vessel's destruction. These
Guatemala,
of survivors
through Your Excellency, a respectful but formal protest missing after the first and second boatloads
advised the American
against the measures taken against neutral commerce, at had been landed. Captain Harris
C. Thomas, U. S. N.,
the same time reserving its rights for the injuries that the Consul at London that Lieut. C.
the naval gunners, had been lost, and that
attitude of the Government of Germany may cause to the commanding
three gunners were still missing. Sixteen other officers of
persons and interests of the citizens of this republic.'"
received at the Vacuum's crew are also believed to have perished. Three
As stated in our issue of April 21, reports
reached land. The
Washington on April 9 stated that martial law had been lifeboats were launched, but only two
as a result of the receipt of informa- one containing the third mate and several gunners was
declared in Guatemala,
immediately after launching and
t"rim of disturbances along the Mexican and Salvadorean swamped in the rough sea
George Wilson, ono of
frontiers, said to have been created withlGerman assistance. all its occupants were drowned.



MAY 5 1917.1

THE CHRONICLE

the American gunners who reached land in safety said with
regard to the submarine attack:
I was on watch with another gunner, Harry Lore°, of Philadelphia, at
the stern gun.' It was 10 o'clock on the morning of Saturday, the 28th.
when we suddenly saw the periscope of a submarine within 200 feet of our
starboard beam. Almost immediately afterward a torpedo was fired and
struck us twenty feet abaft the engine room. There was a terrible explosion which raised the steel deck and threw Loree and myself off our feet.
Before we were able to do anything with our gun the Vacuum began to
settle rapidly, stern first, and in a few minutes we were in the water. We
could see the ship's bow high in the air. Then the submarine came to the
surface, encircled the ship several times, and fired four shots from her deck
guns.
The first shot shattered the wireless house and the other three took
effect in the Vacuum's bow. The next thing I knew was that I had been
picked up unconscious and taken aboard the No. 3 lifeboat, in which there
were seventeen men besides Oscar Gailem, mate of the Vacuum. We rowed
150 miles before reaching land.

The Vacuum, formerly the steamship Bayamon, was
built in 1912 at Ecorse, Mich., and was brought to the
Atlantic by way of the Great Lakes and the St. Lawrence
River, and converted into a tank ship. Since the war began she has made frequent trips to Europe. She was of
2,551 tons gross and 1,992 net tonnage. She was 247 feet
long, with ft 43-foot beam.
LOSSES IN NEW YORK CITY'S SPECIAL FRANCHISE
TAXES.
Comptroller Prendergast issued a report on May 1, prepared in the Bureau of Municipal Investigation and Statistics of the Department of Finance, dealing with the city's
experience in connection with the imposition and subsequent
liquidation of the special franchise tax. This report covers
the period from 1900, the year this tax was first imposed, to
and including 1916.
Special franchises were made taxable property for the first
time in the history of the State by the enactment of Chapter
712 of the Laws of 1899. Prior to the passage of the law
corporations and others operating a public utility through a
public highway were taxed only on the value of the tangible
property used in connection with the operation of such public
utility. By the enactment of the special franchise tax law
the State Board of Tax Commissioners was empowered to
"annually fix and determine the valuation of each special
franchise subject to assessment in each city, town or village"
of the State and transmit it to the local taxing authorities for
inclusion in the tax rolls of the district. In fixing the value
of the special franchise the State Board of Tax Commissioners was directed by law to include the value of both tangible and intangible property. We quote as follows:
The total taxes on special franchises levied in accordance with the law
of 1899, for the period from 1900 to 1916, inclusive, aggregate $110,462,352 04, an average of nearly $6,500,000 per annum. Of the total special
franchises thus levied,$74,837,350 69, or 67.75%, was collected, while there
was lost through cancellations and special deductions allowed by law the
sum of $31,014,745 80, or 28.08%. On Dec. 31 1916 there remained uncollected $4.610,255 55, or 4.17% of the total special franchise taxes levied
during the seventeen-year period under review.
Opposition to the tax, the report points out, developed soon after the
first levy was imposed in 1900, when certain railway corporations operating
in the City of New York attacked the constitutionality of the special
franchise tax law, one of the contentions being that this statute was in
violation of the "home rule" provision of the constitution. This legal
battle was fought through the State courts up to the Court of Appeals, and
then carried to the Supreme Court of the United States, where in 1905 the
Act was declared constitutional.
Out of a total of $31,014,745 80 in special franchise taxes which was
ultimately rendered uncollectiblo, the sum of $18,310.211 26 was lost
through wort orders reducing assessments
because of overvaluation, &c.,
and a further lass of $12,576,440 35 is duo to the peculiar provisions of
Section 48 of the tax law, which permits the owner of a special franchise
to deduct from the amount of the tax levied against such special franchise
any payment in the nature of a tax made by such owner to the municipality
in which the special franchise is taxed.
In some cases, the Comptroller's report states, the amount applicable
as a deduction under the provisions of this section of the law has equaled
or exceeded the amount of the tax levied on the special franchise and has
resulted in practically relieving such companies from the payment of a
special franchise tax.
In addition to the losses in the product of the special franchise tax, due
to the operation of Section 48, over $18,300,000 was lost through
cancellation and remissions of the tax due to rulings of the court ordering: (1) reductions in assessments on the ground that certain property
included in the
assessment was not legally taxable under the provisions of
the special
franchise tax law; (2) reductions due to overvaluations, i. a,the
reduction
of assessments to actual value; and (3) reductions for the purpose of
equalizing special franchise assessments with the assessments of other real
property in the locality.
Out of this total of $18,360,000 lost through remissions and cancellations,
it is estimated that more than $10,600,000 is due to reductions in assessments ordered by the courts for the purpose of equalizing special franchise
assessments with the assessment of other real property. The special franchise law required the State Board of Tax Commissioners to assess special
franchises at full value, whereas other real property was then being assessed
variously at from 67 to 90% of full value. Therefore, on the grounds that
the assessment of special franchises at full value produced an inequality
in the distribution of the tax burden the courts ordered the special franchise
valuations to be so reduced as to bring them to the same ratio with respect
to full value as those of other real property in the locality.
An amendment of the tax law in 1911 transferred the function of equalizing assessments to the State Tax Commissioners, who are now required to
equalize asseesments before transmitting them to the localities for inclusion




1761

in the local tax rolls. Thus, by the:enactment of this amendment, there
has been corrected a condition that during the years 1900 to 1911 resulted
in a loss in the product of special franchise tax levies aggregating more
than $10.600,000 and equal to approximately 15% of the total special
franchise taxes levied during that period.
The report includes, among ether things, an estimate of the probable
effect on the revenues to be derived from the taxation of special franchises
in the event of a repeal of Section 48 of the tax law permitting deductions
from special franchise taxes on account of rent and other payments made to
the city. In it is also contained a detailed summary statement showing,
with respect to each special franchise tax levy imposed from 1900 to 1916,
inclusive: (1) the amount of levy; (2) the collections thereon to Dec. 31
1916; (3) the amount rendered uncollectible. and (4) the uncollected
balance at Dec. 311916.

AMENDMENTS TO NEW YORK STATE SECURED
DEBT TAX LAW.
The re-enactment of the law in relation to a tax on secured
debts which expired by limitation on Jan. 1 1917, is
proposed in a bill introduced by Senator Ogden L.
Mills and passed by the Senate on April 26 and the
Assembly on May 2. The title of the law is changed
from "tax on secured debts" to "tax on investments,"
and provides that any person may take or send to the
State Comptroller's office any investment and may pay
an annual tax at the rate of 20 cents on the $100 or fraction thereof of the face value of such investment for one
or more years not exceeding five, and all such investments
shall thereafter be exempt from all taxation in the
State, or any of the municipalities or local divisions of the
State, for the period of years from the payment of such tax.
Under the law which expired in January last the rate was 75
cents per $100, but the period of time covered by the tax,
instead of annual, was five years.
To ensure compliance with the law it is also provided
that a 5% additional inheritance tax shall be levied in the
event that the secured debt or investment tax has not been
paid by the decedent.
We publish the proposed law in full below, italicizing the
portions to be added, and those to be eliminated we put
in brackets:

AN ACT
To Amend the Tax Law, in Relation to the Tax on Investments and Transfers.
The People of the State of New York, represented in Senate and Assembly, do
enact as follows:
Section 1. Article fifteen of chapter sixty-two of the laws of nineteen
hundred and nine, entitled "An Act in relation to taxation, constituting
chapter sixty of the consolidated laws," as added by chapter two hundred
and sixty-one of the laws of nineteen hundred and sixteen,is hereby amended
to read as follows:
ARTICLE 15.
TAX ON [SECURED DEBTS] INVESTMENTS.
Section 330. Definitions.
Soc. 331. Payment of tax on [secured debt] investments.
Sec. 332. Stamps; how prepared and used.
Sec. 333. No exemption unless stamps are affixed and canceled.
Sec. 334. Contracts for dies; New York City office; expenses, how paid.
Sec. 335. Illegal use of stamps; penalty.
Sec. 336. No deduction of debts against taxable investment [secured
debt].
Sec. 337. Application of taxes.
Sec. 338. Exemption where tax has been paid on secured debts before
May first, nineteen hundred and fifteen.
Sec. 339. Exemption where tax has been paid on secured debts between
May first, nineteen hundred and fifteen and [November first] December
thirty-first, nineteen hundred and [fifteen] sixteen.
Sec. 340. Apportionment of value of [secured debt] investment secured
by mortgage of property situate partly within and partly without the
State.
Sec. 330. Definitions. [The words "secured debts," as used in this
article, shall include:
(1) Any bond, note or debt secured by mortgage of real property situated
wholly without the State of New York.
(2) Such proportion of a bond, note or debt, including a bond, note or
printed obligation forming part of a series of similar bonds, notes or obligations, secured by mortgage or deed of trust recorded in the State of New
York of property or properties situated partly within and partly without
the State of New York as the value of that part of the mortgaged property
or properties situated without the State of New York shall bear to the
value of the entire mortgaged property or properties.
(3) Any and all bonds, notes or written or printed obligations, forming
part of a series of similar bonds, notes or obligations, the payment of which
is secured by a mortgage or deed of trust of real or personal property, or
both, which mortgage or deed of trust is recorded in some place outside
of the State of New York and not recorded in the State of New York.
(4) Any and all bonds, notes or written or printed obligations, forming
part of a series of similar bonds, notes or obligations, which are secured
by the deposit of any valuable securities, as collateral security for the
payment of such bonds, notes or obligations, under a deed of trust or
collateral agreement held by a trustee.
(5) Any bonds, debentures or notes, forming part of a series of similar
bonds, debentures or notes, which by their terms are not payable within
one year from their date of issue, and the payment of which is not secured
by the deposit or pledge of any collateral security. The term "secured
debts" as used in this article shall not include securities held as collateral
to secure the payment of bonds taxable under this article or under article
eleven of this chapter.]
The word "investments," as used in this article, shall Include:
Any bond, note, debt, debenture, eluipment bond or note, or written or
printed obligation,forming part of a series of similar bonds, notes, debts, debentures, written or printed obligations, which by their terms are payable one year
or more from their date of issue and which are either secured by a mortgage,
pledge, deposit, or deed of trust, of real or personal property, or both, or which
are not secured at all; excepting bonds of this State or any civil division thereof
and such bonds, notes, debts, debentures, written or printed obligations. which

THE CHRONICLE

1762

[VOL. 104

sixteen [fifteen]. If a tax
are secured by a deed of trusror mortgage recorded in the State of New York [November first], nineteen hundred and
pursuant to former article fifteen
on real property situated wholly within the State of New York; excepting also shall have been paid upon a secured debt
hundred and fifteen, and
such bonds, notes, debts, debentures, written or printed obligations held as of the tax law, between May first, nineteen
hundred and sixteen
collateral to secure the payment of investments taxable under this article or of December thirty-first [November first], nineteen
from taxation hereunder,
bonds taxable under Article eleven of this chapter; and excepting also such [fifteen], such secured debt shall be exempt
the municipalities or local
proportion of a bond, note, debt, debenture or written or printed obligation, and from all taxation in the State or any of
from the date of the
secured by deed of trust or mortgage recorded in the State of New York of property divisions of the State, for the period of five years
in sections twenty-four to twentyor properties situated partly within and partly without the State of New York as payment of such tax, except as provided
eighty-seven, ono hundred and
the value of that part of the mortgaged property or properties situated within four-g, both inclusive, one hundred and
eighty-nine, of this chapter, and in
the State of New York shall bear to the value of the entire mortgaged property eighty-eight and one hundred and
articles ten and twelve of this chapter.
or properties.
Sec. 340. Apportionment of value of investment [secured debt] seSec. 331. Payment of tax on [secured debt] investments. After this
partly without
of January, nineteen hundred cured by mortgage of property situated partly within and
article takes effect [and before the first day
debenture, equipment bond or note,
and seventeen], any person may take or send to the office of the Comp- the State. If a bond, note,[or] debt,
be secured by mortgage or deed of trust
troller of this State any [secured debt] investment, and may pay to the or written or printed obligation
of property or properties, situated
State a tax at the rate of twenty [seventy-five] cents per year on each one recorded in the State of New York
the State of New York, and a proportion
hundred dollars or fraction thereof of the face value of such [secured debt] partly within and partly without
equipment bond or note, or written
investment for one or more years not exceeding five, under such regulations as of such bond, note,[or]debt, debenture,
an investment La secured debt] as provided
the Comptroller may prescribe, and the Comptroller shall thereupon affix or printed obligation constitutes
the holder of such investment [secured
[secured debt] stamps hereinafter provided for, to such investment [se- by section three hundred and thirty,
for a determination of the proportion
cured debt], which stamps shall be duly signed by the Comptroller or his debt] may apply to the Comptroller
equipment bond or note, or written
duly authorized representative and dated as of the date of the paLment of of such bond, note,[or]debt, debenture,
is taxable as an investment [a secured debt]
such tax. The Comptroller shall keep a record of such investment [secured or printed obligation which
shall, as soon as practicable theredebt] together with the name and address of the person presenting the under this article, and the Comptroller
after, furnish to such applicant a determination upon which the tax imof the tax.
same and the date of
investment [secured debt] shall be based,
All such investments secured debts] shall thereafter ho exempt from all posed by this article on such
the manner provided for in section two
taxation in the State or any of the municipalities or local divisions of the which determination shall be in
made in respect of the apportionment
State except as provided in sections twenty-four to twenty-four-g, hundred and sixty of this chapter
in connection with the recording
both inclusive, one hundred and eighty-seven, one hundred and eighty- of the value of such mortgaged property
York of the mortgage or other indenture by which
eight and one hundred and eighty-nine of this chapter, and in articles ten within the State of New
secured; or may waive such determiand twelve of this chapter, for the period of [five] years from the pay- such investment [secured debt] may be
amount of such investment, and therement of such tax for which such tax shall have been paid and such stamps nation and pay the tax upon the full
after the whole amount of such investment shall be exempt from taxation under
affixed.
and thirty-one of this chapter.
Sec. 332. Stamps; how prepared and used. Adhesive stamps for the provisions of section three hundred
Sec. 2. Section two hundred and twenty-one-b of such chapter, as
the purpose of indicating the payment of the tax provided for by this arand thirty-nine of the laws of nineteen
ticle shall be prepared by the Comptroller, in such form, and of such de- added by chapter six hundred
renumbered section two hundred and
nominations and in such quantities as he may from time to time prescribe. hundred and thirteen, is hereby
twenty-one-c, and a new section two hundred and twenty-one-b inserted
Upon the payment of the tax provided by this article upon any investment
[secured debt] the Comptroller shall affix stamps of the proper denomi- to read as follows:
Sec. 221-b. Additional tax on investments in certain cases. Upon every
nations, equal in face value to the amount of tax paid, to the investment
defined in article fifteen of this chapter, taxable
[secured debt], and shall cancel the same by the seal of his office or by transfer of an investment, as
under this article, a tax is hereby imposed, in addition to the tax imposed by
.
such other canceling device as he may prescribe. 4
twenty-one-a, of five per centum of the appraised
Sec. 333. No exemption unless stamps are affixed and canceled. The section two hundred and
investment, unless the tax on such investment as prepayment of the tax upon any investment [secured debt], as provided in inventory value of such
of this chapter or the tax on a secured debt as defined
fifteen
this article, shall not exempt such investment [secured debt] from taxa- scribed by article
fifteen of this chapter shall have been paid on such investment
tion, as provided in section three hundred and thirty-one, unless stamps by former article
of the death
as provided in the preced- or secured debt and stamps affixed for a period including the date
to the proper amount are affixed and canceled,
of the decedent or unless the personal representatives of decedent are able to prove
ing section.
and paid on such investment or selax was assessed
Sec. 334. Contract for dies; New York city office; expenses, how paid. that a personal property
period it was held by decedent; or unless the decedent
The State Comptroller is hereby directed to make, enter into and execute cured debt during the
of investments
for dies, plates and was actually engaged in the bona fide purchase and sale
for and in behalf of the State such contract or contracts
the time of his death had maintained an office or place
printing necessary for the manufacture of the stamps provided for by this as a business, and at
State for the carrying on of the actual bona fide business of
article, and provide such stationery and clerk hire, together with such books of business in this
as distinguished from the purchase thereof
and blanks as in his discretion may be necessary for putting into operation purchasing and selling investments,
owned and held such investment for sale for
the provisions of this article; he shall be the custodian of all stamps, dies, for investment purposes, and had
investment for a period of not more
plates or other material or thing furnished by him and used in the manu- the purpose of his business and not as
his death.
facture of such State tax stamps. In addition to the receipt of taxes pay- than eight months prior to
Sec. 3. Section one of this Act shall take effect immediately. Section
able as provided in this article at his office in the city of Albany, the Comptake effect July first, nineteen hundred and seventroller shall maintain an office for the receipt of such taxes In the city of two of this Act shall
New York. He shall appoint,and may at pleasure remove,such assistants, teen.
clerks and other persons as may be necessary to carry out the provisions
of this article and shall fix and determine their salaries. All expenses
NEW YORK MORTGAGE RECORDING TAX LAW
incurred by him and under his direction in carrying out the provisions of
this article shall be paid to him by the State Treasurer from any moneys
AMENDED.
appropriated for such purpose.
The Legislature on March 20, under an emergency message
stamps; penalty. Any person who shall willfully
Sec. 335. Illegal use of
remove or cause to be removed, alter or cause to be altered the canceling from Governor Whitman, passed a bill (Chapter 72, Laws
or defacing marks of any adhesive stamp provided for by this article with of 1917) introduced by Senator Ogden L. Mills and which
intent to use the same, or to cause the use of the same after it shall have
same day, amending
been used, or shall knowingly or willfully sell or buy any washed or restored was signed by the Governor on the
stamp, or offer the same for sale, or give or expose the same to any person Section 260 of the mortgage recording tax law and repealing
for use, or knowingly use the same or prepare the same with intent for the
the provisions inserted in 1916, providing that when a
further use thereof, or shall willfully use any counterfeit stamp or any
to defraud the State of New York, shall be guilty mortgage covers both property within and without the
forged stamp with intent
of a misdemeanor and on conviction thereof shall be liable to a fine of not State, the tax may be paid upon the full amount, which
less than five hundred nor more than one thousand dollars, or be imprisexempts the mortgage and any bonds secured
oned for not more than six months, or by both such fine and imprisonment payment
thereby permanently from local personal taxation. The
at the discretion of the court.
Sec. 336. No deduction of debts against taxable investment [secured purpose of the new law, it is said, is to prevent owners
debt]. The owner of any [secured debt] investment, on which the tax
of railroad securities from anticipating the proposed new
provided for in this article has not been paid, shall be assessed upon such
investment [secured debt] in the taxing district in which he resides, upon secured debt tax or "tax on investments" law, prothe fair market value of such investment [secured debt] and no deduction viding a more restricted exemption from personal property
for the just debts owing by him shall be allowed against the assessed value
of such investment [secured debt], as provided in section [twenty-one] taxation.
six of this chapter or elsewhere in this chapter or in any other law of this
In the opinion of A. C. Pleydell, Secretary of the New
State except that the deduction from the taxable property permitted by York Tax Reform Association, the action of the Legislature
respect of any
section six of this chapter shall be allowed to any person, in
1916 amendment, is not likely to
investment [secured debt] which for the purpose of his business, as here- in repealing part of the
inafter described and not for or as an investment, shall be temporarily result in any net gain in the State's income. Under the
owned and held for sale by such person then actually engaged in the bona mortgage tax law as amended last year the State collected a
fide purchase and sale of such investments [securities] as a business, and
mortgages and bonds,
who then shall have and maintain an office or place of business in this recording tax of 3'2 of 1% on all such
State for the carrying on of the actual bona fide business of purchasing whereas, the effect of this year's repeal, Mr. Pleydoll says,
purand selling such investments [securities] as distinguished from the
will be that such mortgages will only pay pro rata on the
chase thereof for investment, but such deduction shall not be allowed in
each bond issued
investments [securities] owned and held for a longer period than property in the State of New York, and
respect of
eight months.
under the mortgage will be exempt only to that pro rata
under this article
Sec. 337. Application of taxes. The taxes imposed
extent. The remaining value of the bonds will come under
and the revenues thereof shall be paid by the State Comptroller into the
also
Treasury and be applicable to the general fund, and to the payment the proposed new tax on investments law. Mr. Pleydell
State
of all claims and demands which are a lawful charge thereon.
the opinion that the new law in its present form will
debts before expresses
Soc. 338. Exemption where tax has been paid on secured
many difficulties which would not have been experMay first, nineteen hundred and fifteen. If a tax shall have been paid present
a secured debt pursuant to former article fifteen of the tax law prior ienced had the amendment remained in force. He points out
upon
to May first, nineteen hundred and fifteen, or prior to April first, nineteen that there will be difficulty in determining just how the taxes
hundred and seventeen,under Article eleven ofthis chapter,such[secured]debt
on the mortgages and bonds. Bonds held
shall be exempt from all taxation hereunder and from all taxation in the should be levied
or any of the municipalities or local divisions of the State [until outside the State will only have to pay a tax in proportion
State
maturity] except as provided in sections twenty-four to twenty-four-g, both to the extent which the mortgage securing them covers
inclusive, one hundred and eight-seven, one hundred and eighty-eight and
will cause a reduction in the
one hundred and eighty-nine of this chpater and in articles ten and twelve property in the State. This
of this chapter.
amount of the tax collected, which will equalize the gain
Sec. 339. Exemption where tax has been paid on secured debts be- by throwing the remainder under the secured debt tax.
tween May first, nineteen hundred and fifteen, and December thirty-first

p•egistrationipayment




MAY 5 1917.j

THE CHRONICLE

1763

the cables by the British and French Governments, The
Hearst papers were also placed under the ban in Canada.
A bill of complaint against the International News Service
was filed by the Associated Press in January, alleging the
pirating of its war news. Melville E. Stone, Secretary and
The mortgagor or mortgagee of any mortgage which covers property General Manager of the Associated Press, in his affidavit
within and without the State may waive the determination provided for filed in January was said to have declared that the pilfering
in this section and pay the tax upon the full amount of such morgtage or
of any advancement thereon, and thereafter the whole amount of such of the Associated Press's news had been accomplished through
mortgage or advancement shall be exempt from taxation under the pro- the "bribery of employees and through other wrongful and
visions of section two hundred and fifty-one of this article.
illegal methods." It was charged that in the office of the
In any case where a determination has been made pursuant to this section
In respect to a mortgage or advancements upon a mortgage covering prop- Cleveland "Evening News" the telegraph editor was secretlyerty within and without the State and the tax has been paid upon a portion in the pay of the International News Service, and was furof the indebtedness secured by such mortgage pursuant to such determina- nishing that organization with
the substance of Associated
tion, the mortgagor or mortgagee or the owner of any bonds secured by
such mortgage may file with the recording officer where such mortgage is Press news dispatches as soon as received, and that in the
first recorded a verified statement in form and substance as provided for office of the New York "American" (a member of the
in section two hundred and sixty-four of this article, which statement shall
Associated Press), representatives of the International News
also specify the portion of the indebtedness secured by such mortgage or
bonds upon which the tax has been paid, and thereupon the recording Service were permitted to examine the sheets containing the
officer shall collect the tax upon the remaining portion of such mortgage news received from the Associated Press and to make copies
or bonds, and all of the provisions ofsaid section two hundred and sixty-four
in respect to the indorsement of the payment of the tax and notation on of and extracts therefrom. Mr. Stone contended that the
the margin of the record of the mortgage shall be applicable to taxes paid Hearst news service had been able as a consequence to sell
upon such remaining portion, and thereafter the whole amount of such the stories for less than it cost the Associated Press to gather
mortgage, advancement or bonds shall be exempt from taxation under the
them and in this way had cut into the latter's service in
provisions of section two hundred and fifty-one of this article.
New York, Detroit, San Francisco, Los Angeles, Cleveland
and elsewhere.
PRESS SECURES TEMPORARY INJUNCASSOCIATED
In his findings Judge Hand, on March 20, said in part:
TION AGAINST INTERNATIONAL NEWS SERVICE.
There cannot be the slightest doubt that complainant's news was pirated
at Cleveland,
it is not really questioned.
. The strongest
Judge Augustus N. Hand, in the U. S. District Court at objection urgedandthe defendant to the granting of. .injunction is based
by
any
New York,on April 14signed a temporary injunction restrain- upon the charge that complainant has been guilty of continuous abstraction
ing the International News Servicefrom inducing any person of defendant's news, and, therefore, should be debarred from seeking the
aid of a court of equity.
to communicate to it any news gathered by the Associated
I think the complainant has established that such practices, if they have
Press. In granting the injunction Judge Hand stated that existed, were contrary to the rules of the Associated Press and the careful
satisfaction that the Inter- direction of its officers and managers,and were limited to but a few sporadic
it had been established to his
Instances at
Now the doctrine, that he who comes into equity
national News Service had "acted unfairly in competition must come inmost. clean hands, does not recognize mere imputations of
with
with the complainant," and that the Associated Press and SUM based upon technical theories of agency. To invoke it a knowledge
its members had been and were being greatly injured. Judge must exist on the part of the principal of the facts upon which the charge of
unconscionable conduct is based, and in the case of a corporation
Hand, however, denied the motion of the Associated Press's facts must be brought home to the persons exercising general controlthose
over
for a temporary injunction to restrain the Inter- its affairs. No such knowledge has been shown on the part of the officers
counsel
news copied from Associated Press or manager of the Associated Press, and the complainant consequently is
national from selling
not barred from seeking relief against the matters referred to in
bulletins or early editions of the Associated Press news- (2) supra, by reason of any thing complainant itself has done. (1) and
On the
papers. He held that this legal point should remain for the other hand, complainant's counsel are entirely right in their contention
decide before an injunction that the liability of the defendant for the acts of its agents exists entirely
Circuit Court of Appeals to
Irrespective of knowledge
officers, and an injunction may issue to
should be granted. Both the Associated Press and the Inter- prevent the continuance. of its .
. .
The cases where Cushing gave any news of the defendant to the Associated
national News Service have taken appeals, and the appeal
I think, so sporadic and
of the Associated Press has been placed upon the May Press were,his position. He swears occasional as to be almost inevitable in
that he never made a practice of giving
a person in
calendar of the Circuit Court. The International is re- such information to the Associated Press and I believe he gave it, if at all,
strained as follows by the terms of the temporary injunction, when he was endeavoring to verify items of news he had received as between
the two agencies. An occasional lapse of this kind if it occurred is very
signed on April 14:
Below we publish the sections of the mortgage tax law
repealed by the 1917 Legislature. The full text of the law
as amended in 1916 was published in our issue of Aug. 12
1916, pages 551 and 552. The repeal consists merely in the
omission of the parts we now quote:

.=•11Mlw

From inducing, procuring or permitting any telegraph operators or other
employees or agents of the complainant or any of its members or of any newspaper or newspapers owned or represented by them or any of them, or any
such members, to communicate to defendant or to permit the defendant to
take or appropriate for consideration or otherwise, any news received or
gathered for complainant, and from purchasing, receiving, selling, transmitting, or using any news so obtained.
From inducing or procuring, directly or indirectly, any of complainant's
members or any of the newspapers represented by them, to violate any of
the agreements fixed by the charter and by-laws of the complainant.

Judge Hand stated that it had been established to his
satisfaction:
That the annual cost to the complainant of its news gathering and distribution to its 800 members is very great, being in the year 1915 about
$3,500,000, all of which cost was assessed among the members on a cooperative basis, as provided by the by-laws; and that the annual cost to the
defendant of its news gathering and distribution to its 470 customers is
very great, amounting to upward of 32,000,000.
That defendant has engaged in obtaining and selling to its clients for
publication by them complainant's dispatches before their publication and
has employed and paid one B. E. Cushing, the telegraph editor of the
Cleveland "News," a paper holding a certificate of membership from the
Associated Press, to furnish it, for sale to its clients and publication by
them, not only with the local news of the Cleveland district but also with
a substantial amount of other and particularly of foreign news which had
come to the said Cleveland "News" from the Associated Press and over its
wires, and that such service by the said B. E. Cushing was in violation of
his obligations as an employee of the said Cleveland "News" and of its
obligation as a member of the Associated Press.
That defendant has repeatedly taken news furnished by the complainant
to its member representing the New York "American," by causing the dispatches to be taken on its behalf after being received over the Morkrum
receiving machine, before publication thereof.

Judge Hand on March 29 granted in part the preliminary
injunction sought by the Associated Press against the International News Service, restraining the latter from arranging
with employees or members of the Associated Press to furnish its news to the International News Service before publication by Associated Press members. The Associated
Press also sought to have the rival news organization restrained from copying news articles from early editions
of papers, members of the Associated Press, or from bulleThe International News Service, which
tin boards.
is controlled by William R. Hearst, was accused by the
Associated Press of pilfering war dispatches of the latter,
following the denial to the Hearst organization of the use of



different from the systematic disclosure by Cushing to the defendant of the
news that the Associated Press carried. The secrecy of his employment by
the defendant I think indicates the purpose of Agnew, who was defendant's
representative at Cleveland at the time.
The complaint, last of all, charges the defendant with taking news from
early editions of newspapers which are members of the Associated Press and
selling it to defendant's customers in the same text or in a paraphrase of its
own. . . . In any event this practice of obtaining news originally
derived from a competing news agency, but after publication. Is quite
different from that of obtaining the news of a rival agency surreptitiously
before publication. Both defendant and complainant confessedly obtain
news or "tips" so-called from first editions of news papers supplied by their
competitors, and both insist that they do not transmit any such news until
an independent investigation is made and the news is verified. . . .
It is evident . . . that both sides think news when published by any
subscribers to a competing news agency may properly be investigated and,
If verified, the result of the verification may be sold. It is to be noted,
however, that the original news is ex-hypothesi the product of the labor and
capital of him who gathers it and whether it be treated as a mere "tip" for
further investigation, or as an authentic and final report, it cannot be used
by a rival news agency without depriving the gatherer of the very thing
which is of value to him, namely, the power to control the sale of the news
he has gathered until sufficient time has elapsed to enable it to be published
by all the newspapers he supplies. . . .
I think, therefore, that the only way to afford full protection to the news
gatherer is to prevent the use of news by a rival either in the form of tips,
or otherwise, for a sufficient time to enable the daily newspapers throughout
the country to receive and publish the news. . . .
It cannot be said that the complainant has in any fair sense caused its
news to be published and thus abandoned it to the public until all the
members whom it serves have been put in a position where publication of the
news has been possible. Viewed in this reasonable light, the argument that
the complainant has no further right to protection after the first publication
of its news loses much of its force. The news is in effect unpublished and
unavailable for use by competing news agencies until the time for general
publication has elapsed, since only then can the complainant be truly said
to have abandoned its news to the public by an unrestricted publication.
The defendant urges that it should not be subjected to an injunction
restraining it from abstracting complainant's news because any acts of this
nature which have been done were contrary to defendant's rules and the
directions of its officers. I should be inclined to take this view were it not
for the fact that the conduct of the representatives of defendant in responsible positions has shown such a serious and systematic infraction of
complainant's rights in numerous cases specified in careful detail that I
cannot think anything loss than an injunction sufficient to meet the
situation.
Furthermore, defendant, if I understand its argument, still insists upon
its right to obtain the Cleveland local news in the manner heretofore
practiced, although this is clearly in violation of complainant's rights.
Upon the proofs offered a preliminary injunction should be granted to the
complainant restraining the defendant from abstracting its news before
publication.

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While I am personallyisatisfied after giving the matter most deliberate
and careful consideration that the right exists to prevent the sale by a competing news agency of news which is taken from early publications of complainant's members before sufficient time has elapsed to afford opportunity
for general publication, and that the existing practice amounts to unfair
trade, yet the matter is one of first impression and my decision cannot be
regarded as sufficiently free from doubt to justify the granting of a preliminary injunction!upon this branch of the case. Settle order on notice.

Mr. Stone in commenting upon the decision was quoted in
the "Times" as saying:
The decision of Judge Hand marks in large measure a new departure in
law. For twenty years I have felt that the business of piracy in news
could be stopped if one evoked the equity side of a Federal court. There
was this difficulty about the business; there was much confusion about it,
and it was the custom to turn for protection to the copyright statute. It
was my belief that the copyright statute was not applicable to it at all, but
that the thing should be approached from the common-law right of property,
or, in other words, from tho point of view that it was unfair competition.
There were numerous decisions both in England and in this country upon
analogous subjects that confirmed this view, and there were a few decisions
that touched the real matter at issue.
But the practice of piracy in this field had been so universal that it was
the belief not alone among newspaper men, but even among lawyers, that it
was by common acceptance permissible, that I found it very difficult to
impress any one with my view. For years there have been in practically
all of the outlying colonies of England statutes forbidding piracy of news
dispatches, and even in the Philippine Islands, under the administration
of the American Government, like statutes were enacted.
Judge Hand's decision is a clear exposition of the equitable right of the
Associated Press to the fruit of its labor and a denial of the right of any one
to enjoy the fruit of this labor without like effort. It was Lord Mansfield
who declared it to be repugnant to natural justice that any one should enjoy
the profit of another man's labor, free from the effort involved. While
Judge Hand has not technically give the Associated Press a preliminary
injunction upon the piracy of Associated Press dispatches after publication,
he has expressed his judgment in unmistakable terms that it was entitled
to protection.

STATE OF MINNESOTA ADOPTS A "BLUE-SKY" LAW.
A "blue-sky" law, considered a model one of its kind, has
been adopted by the Minnesota Legislature. The 4purpose
of this law is to prevent fraud in the sale and disposition of
stocks, bonds or other securities sold or offered for sale
within the State. The new law creates a commission to be
known as the State Securities Commission, consisting of the
Public Examiner, who is to be President thereof; the Attorney-General of the State or an Assistant Attorney-General,
State Superintendent of Banking and the Insurance Commissioner. Dealers are required to be licensed and to notify
the Commission in advance of any new offering. The
Commission has authority to suspend temporarily all offerings of stock considered fraudulent or unfairly presented and
to make such suspension permanent after investigation.
Care has been taken, it is said, to avoid the mass of detail
which litter "blue-sky" laws of several other States.
We publish below a letter to Stacy C. Richmond, Chairman of the Legislative Committee of the Investment Bankers'
Association of America,from Reed,McCook & Hoyt, counsel
for the Association, concerning the new law:

[VOL. 104.

U. S. DISTRICT ATTORNEY MARSHALL FREED FROM
CONTEMPT PROCEEDINGS OF THE HOUSE.
In a decision handed down on April 23 the Supreme Court
decided that the House of Representatives at Washington,
which went out of office March 4 last, did not have authority
to punish H.Snowden Marshall, U. S. District Attorney for
the Southern District of New York,for alleged contempt, and
that Mr. Marshall is exempt from further proceedings. The
lower Court, Chief Justice White ruled, erred in refusing to
give Mr. Marshall a discharge by habeas corpus. The
Supreme Court, therefore, ordered his discharge. The
action against Mr. Marshall was an outgrowth of impeachment charges brought against him by former Representative
Buchanan of Illinois, who, with others, was indicted on
Dec. 28 1915, on a charge of conspiracy in violation of the
Sherman Anti-Trust Law to restrain the foreign commerce
of the United States in munitions of war, and is now undergoing trial. Mr. Marshall was charged with contempt because of a letter he wrote criticising the conduct of a subcommittee of the House Judiciary Committee, which investigated the impeachment charges brought against him by
former Representative Buchanan. The Judiciary Committee later recommended to the House that no further
action be taken in the impeachment charges. "No express
power to punish for contempt was delegated to the House
in the Constitution," said Chief Justice White in his decision.
"It must be implied, if at all, as necessary to execute powers
given. To constitute an act of this kind it must be an act
of physical destruction to the right of the House to carry on
its proceedings." Nothing in Mr. Marshall's conduct, the
Chief Justice held, came directly within the necessary jurisdiction of the House to punish, and his conduct did not interfere with any House proceedings. If deemed to apply to
Mr. Marshall's conduct, he said, a similar rule would apply
to criticisms of private persons and "strike a knife at the
very roots of the whole system of representative government."
To hold that the House might punish an individual for mere
criticism of its members, the Chief 3ustice said, might endanger important constitutional privileges of the public.
SUPREME COURT FINDS5% REBATES UNDER TARIFF
ACT UNCONSTITUTIONAL.
The clause in the Underwood tariff act of Oct. 3 1913
allowing a 5% discount to imports in American ships was
held to be unconstitutional in a decision rendered by the
U. S Supreme Court on March 6. Through Justice Holmes,
the Court held that the discount clause designed to aid in
upbuilding the American merchant marine was inoperative
because it conflicted with exisiting treaties. It was held
inapplicable both to American vessels and to those of 22
foreign nations having favored-nation treaties with the
United States. The act granted a discount of 5% on all
duties on imports into the United States in vessels of American registry, "provided that nothing in this subsection
shall be so construed as to abrogate or in any manner impair or affect the provisions of any treaty concluded between
the United States and any foreign nation." In November
1913 Attorney General McReynolds expressed the view
that the provision was inoperative, since in his opinion it
was in conflict with existing treaties. In March 1914 the
Board of United States General Appraisers held that under
the clause in question goods imported in vessels of American registry were entitled to the 5% discount, but maintained that the proviso did not mean that the discount was
to apply to the vessels of countries having favored-nation
treaties. The Court of Customs Appeals at Washington
concurred in the findings of the Board so far as it affected
American vessels, but also decided that all merchandise
imported in vessels of nations with which the United States
has so-called "favored nations" treaties was entitled to a
similar discount. In June 1915 the United States Supreme
Court decided to review the case (on an application filed by
Solicitor-General Davis); after a hearing before the Court
in February 1916 the case the following month was reassigned for reargument. Only six of the Justices, out of
the full membership of nine, sat during the arguments last
year, and it was stated that it was the belief that the Court
was so closely divided on the issue as to make a hearing
before a larger number of the bench advisable. Judge
Holmes in writing the decision of the Supreme- Court on
March 6th said:

May 1 1917.
Stacy C. Richmond, Esq., Chairman Legislative Committee, New York City'
Dear Sir.—We have now received a copy of the Minnesota "blue-sky"
law as finally enacted and advise you as requested with respect to it.
This bill is adapted from the South Dakota law, which was sustained by
the U.S. Supremo Court. It represents the best thought to date of the
responsible State officials and of the investment dealers and their counsel
co-operating with the State officials in the effort to obtain a really efficient
and workable "blue-sky" law. It necessarily follows the draft originally
framed by the Committee of the Attorneys-General Association, wich such
changes as experience and fuller consideration have made desirable.
Section 10 is the general fraud section adapted from the Federal Postal
Law as originally urged by the Investment Bankers' Association. It is
hoped that in actual operation this will be recognized as the most efficient
part of the law and will make possible the elimination of some of the
burdensome regulative features.
In this new law the necessity of submitting each proposed security issue
for advance investigation and approval has been eliminated. The dealer is
required to be licensed and to notify the Commission in advance of any new
offering. The Commission may investigate and require additional proof
and under Section 8 may suspend or prohibit the offering of particular
securities.
The exemptions in Section 2 are quite important. Some of them do
not, in our opinion, furnish complete protection to dealers, and there should
be a provision permitting the Commission to determine conclusively the
fact as to the exemption of any particular offering. Such a provision we
have suggested in the bills proposed in Illinois and Pennsylvania.
Taken as a whole, the Minnesota law is, in our opinion, the best law yot
enacted of the regulative type, which is presumably to be the standard
type in future legislation. It offers the best basis for a possible uniform
law or for a proposed Federal law of this type.
It does, however, retain the general prohibition against doing business
except by a dealer registered and licensed under it. It is in this respect
prohibitive on the normal inter-State business as to any dealers whose
aggregate business in the State does not justify the burden and expense
of registration and license. Every effort should, we think, be made to
relieve inter-State dealings from the burdens of registration and license in
all the different States. This need is plain, as it affects offerings and
advertisements in national magazines and in the press of the large cities
which circulate in several States. It is not met by the Minnesota law. It
may be met by some form of a Federal license or possibly by an exemption
in the State laws of non-resident dealers licensed in their home States, or,
as we have urged, by requiring registration only of dealers having a place
We have a clear opinion as to what the sub-section moans if the words ar
of business in the States.
takenlin their natural, straightforward and literal sense. It grants a dig.
Very truly yours,
We remain,
count only to goods imported in vessels registered under the laws of the
REED, McCOOK & HOYT.




MAY 5 1917.1

THE CHRONICLE

United States, and conditions even that grant upon its not affecting treaties. There is a strong presumption that the literal meaning is the true
one, especially as against a construction that is not interpretation, but
perversion that takes from the proviso its ostensible purpose to impose a
condition precedent in order to universalize a grant that purports to be
made to a single class, and to do so notwithstanding the express requirement of the statute that specified rates should be paid. Nobody would
express such an intent in such words unless in a contest of opposing interests where the two sides both hoped to profit by an ambiguous phrase.
But the section is not ambiguous on Its face, and there is no sufficient
ground for creating an ambiguity from without, when it is considered
that the purpose to favor American shipping was the manifest inducement
for putting the sub-section in.

1765

made prior to March 11913, the fair market value as of that date, no further
allowance shall be made.

The purpose of this provision is to afford a means whereby the individual
or corporation owning oil or gas-producing properties may, during the
period of operation, deduct from gross income the cost of, or capital actually
invested in, the natural deposits if the investment was made subsequent
to March 1 1913, or the fair market value as of March 11913, if purchased
prior to that date, the measure of the deduction being the reduction in the
flow and production.
The annual deduction authorized by the above-quoted provision must be
reasonable and not in excess of such a percentage of the cost or value, as
the case may be and as herein defined, of the oil or gas producing properties
as is indicated by the reduction in the original flow or settled production
Justice Day, who dissented from the opinion of the Court, of one year as compared with that of the preceding year.
For the purpose of this deduction note may be taken of the reduction in
held that the Court of Customs Appeals correctly interflow and
such individual wells as
pretated the statute. According to the "Journal of Com- during or production of within the year of groupswere producing oil or gas
at some time
of wells or of all wells in
merce" the twenty-two nations with which the United the field or territory embraced in the same ownership. If tested by the
aggregate flow of all of the wells in the field or territory owned by an indiStates has "commerce and navigation" treaties guarantee- vidual
or corporation and
wells shall have been
during
ing reciprocal exemption from discriminating duties are: year, it is possible that at now end of the year there developedbeen nothe
the
will have
reArgentina, Austria-Hungary, Belgium, Bolivia, China, duction in flow and production, in which case, under the specific provision
of the law herelnbefore quoted and under which the depletion deduction
Colombia, Korea, Costa Rica, Denmark, France, Germany, is measured by the
reduction in flow and production, there can be no deducGreat Britain, Greece, Honduras, Italy, Japan, Liberia, tion for depletion.
Hence, in the case of a field or territory in course of development
Netherlands, Norway, Paraguay, Spain and Sweden. The
or in
which new wells
being
most important countries without such treaties are: Brazil, of in the returnsareannualdrilled, if the depletion deduction is to be availed
of
net income each individual well or possibly each
Bulgaria, Chili, Mexico, Nicaragua, Portugal, Rumania, group of wells in operation at the beginning of, or brought in, during the
year, if the flow and production of the group of wells is so assembled as to
Russia, Uruguay, Venezuela and Switzerland.
be
must be tested
It is stated that between $25,000,000 and $30,000,000 thetestedand production at the end of the year in order that the decline in
flow
may be determined.
is saved to the Government through the Supreme Court
New wells or new groups of wells brought in during the year may be tested
as soon as they have reached the stage of settled production or regular flow,
decision.
and then again at the end of the year. The decline in flow and production,
if any, as indicated by these tests will be reduced to a percentage basis
SUPREME COURT DECIDES CORPORATION TAX SUIT and a like percentage of the capital invested in the oil
or gas property (exclusive of machinery, equipment, &c.) will constitute an allowable deducIN FAVOR OF GUGGENHEIM COMPANY.
tion from the gross income of the year on account of depletion. Thus,
if
The United States Supreme Court on Jan.5 decided against the decline in the flow and production during the year
of, say, 10 wells,
the Government in the suit brought by the latter against costing $100,000, has boon 5%, as compared with the production and flow
the Guggenheim Exploration Company for the collection as indicated by a test made at the beginning of the period, then 5% of
$100.000, or $5,000, will, for the
the computation is made,
of $67,471 under the corporation tax law. We quote what constitute an allowable depletion year for whichfavor of the individual
deduction in
or
the "Engineering & Mining Journal" had to say in the mat- corporation owning and operating the property.
If the wells are not so situated that their flow and production may be
ter below:
assembled in order to test and ascertain the reduction in the output as a
The Government has lost its suit against the Ouggenhehn Exploration
basis for computing depletion, it will be necessary for the corporation or
Co. for the collection of a $67,471 corporation-income tax. This amount
individual owning the property and claiming a depletion deduction to take
was claimed to be duo as a result of the sale by the company in 1911 of
an accurate gauge of the production and flow of each well at a certain same
112,490 shares of American Smelters Securities Co. stock to the American
period of each year, and by comparing this gauge with that of the previous
Smelting & Refining Co.for $6,749,000. This transaction, the Government
claimed represented a profit and was not returned by the Guggenheim year determine the percentage by which the production and flow has been
company in calculating its tax for that year. The shares wore listed on reduced. This having been done as to all of the wells in operation, an
the company's books prior to the sale at $1 each, but were sold at $60. average percentage rate of reduction in flow and production will be ascerThe Government therefore alleged that the company made profits amount- tained and this rate will be applied to the capital invested; that is, the value
ing to the difference. In the United States Supreme Court Judge Martin of the oil or gas property as of March 1 1913, or the cost of the same if
T. Manton has sustained the defendant, however, by declaring that the acquired subsequent to that date,for the purpose of determining the amount
book value was not necessarily the real value. In making this ruling which may be allowably deducted from gross income by such owning individual or corporation on account of depletion.
Judge Manton, in part, said:
In case of a field or territory fully developed and in which no new wells
The net income of a corporation subject to the excise tax is not to be
determined by bookkeeping facts, but by real facts. An increase in the are being drilled, a comparison of the quantity of oil or gas produced during
the year for which the computation is made with the quantity produced
book value of the assets of a corporation by a valuation of property does
not constitute any part of the gross amount of its income received within during the last preceding year, will disclose the reduction, and the percenage thus indicated of the reduction in flow and production of such field will
the year.
be the measure of the depletion deduction to be taken by the owner with
Some further evidence of valuation is found in the
annual reports of respect to the capital invested in such field.
the board of directors of the defendant to its stockholders for the
years
Notwithstanding the fact that the drilling of new wells may offset the
ended Dec. 31. 1908, and Dec. 31, 1909. In the first year it
is stated that reduction in the production
and flow of the older wells in the field not fully
although these shares of stock were carried on the books
at $1, there was developed, the provision
of the law hereinbefore quoted does not authorize.
every reason to believe that they wore worth at least
$40 a share, which and this office
cannot permit, a depletion deduction to be taken so issg as
meant $4,500,000.
the flow and production of the unit, belt a well or group of wells or the entire
In the 1909 report a statement is contained that the
company was earn- territory, is as groat during
the year for which the return is made as it was
ing 7% on Its common stock and it was worth par. This
report was ren- for the year immediately preceding.
dered within a few months after the corporation excise law went
into effect.
Illustrating in a general way the above rule as applied to a field or terriAfterward Mr. Hills, of the American Smelters
Securities Co., testified tory the case may be taken of an oil property
in which tho capital invested.
that the company not only earned the dividends on its preferred
stock,
both series, but 11% on its common stock. This was the showing for the either actual cost or fair market value, as the case may be, is $500,000
and the production during the year for which the return is made was 47,500
year 1909.
The word "income" is not synonymous with the word "receipts." In- barrels, and for the year immediately preceding 50,000 barrels. This would
indicate a reduction in production of 2,500 barrels, or a decline of 5%.
the statute mist be considered in contradistinction
come as used in
to
property and invested capital. It is manifestly the purpose of the statute Applying this rate to the capital ($500,000), the individual or corporation
owning the property would be entitled to deduct from gross income as
to tax the net Income for the year in which the assessment is made.
depletion for the year for which the return is made the sum of $25,000;
Applying these rules to the noces.sary conclusion of
fact found in this that is, 5% of the invested capital.
case, it follows that there is no income, gain or
profit accruing to the deThe depletion deduction in all cases until the capital invested is extinfendant during the taxable year in question, and
the Government has guished will be such a percentage of the
unextinguished capital as the refailed to support the burden assumed in prosecuting
this claim.
duction in flow or production of one year is a percentage of the flow or
production of the previous year.
INCOME TAX—DEDUCTIONS ON ACCOUNT OF OIL
The esthnate of the fair market value of gas and oil properties as of
OR GAS
-PRODUCING PROPERTIES.
March 11913, on which depletion deductions are based, shall be the price
at which the property as an entirety might have been sold for cash or its
The Treasury Department has made known a ruling to the
equivalent as of that date. The value hereinbefore contemplated
effect that individuals and corporations from whose property naturally be determined by each individual or corporation interestedmust
and
gas is produced may deduet from gross income on ac- who is the owner of the property upon such basis as will not comprehend
oil or
any operating profits, the estimated value in all cases to be subject to the
count of depletion such a percentage of the fair market value approval of the Commissioner
of Internal Revenue.
as of March 1 1913 of the oil or gas properties, if acquired
Every individual or corporation entitled to a deduction for depletion
that date, or of the cost of such properties if acquired on account of reduction in flow or production of oil or gas shall keep an
prior to
accurate ledger account, in which
be charged the fair market value
subsequent to that date, as the reduction in flow and pro- as of March 1 1913, or the cost, ifshall property was acquired subsequent
the
duction of the year for which the return is made is a per- to that date, of the property whose value declines with the removal of the
centage of the flow and production of the previous year. natural deposits. This account shall be credited with the amount of the
depletion deduction claimed and allowed each year, to the end that when
We quote the ruling herewith:
the credits to the account equal the debits, no further deduction for depleTREASURY DEPARTMENT,
tion with respect to this property and the capital invested In it will be
Office of Commissioner of Internal Revenue.
allowed.
The value determined and set up as of March 11913, or the cost of the
Washington, D. C., Feb. 8 1917.
property if acquired subsequent to that date, will be the basis for deterTo Collectors of Internal Revenue:
deduction "eighth," and section 12, deduction "second," of mining the depletion deduction for all subsequent years during the ownerSection 5,
Title I., Act of Sept. 8 1916, authorize individuals and corporations owning ship under which the value was fixed, and during such ownership there
and operating gas or oil-producing properties to make deductions from gross can be no revaluation for the purpose of this deduction if it should be found
income on account of depletion as follows:
that the estimated quantity of oil or gas contained in the property was
../e the ease of oil and gas wells, a reasonable
allowance for actual reduc- understated at the time the value was fixed or at the time the property
tion in flow and production, to be ascertained not by the flush flow but by was acquired.
the settled production or regular flow, provided that when the allowance
The provision of the law authorizing the depletion deduction, designedl
authorized shall equal the capital originally invested, or in case of purchase
as it is to provide a means whereby the invested capital of an individua




1766

THE CHRONICLE

[VOL. 104.

that the value under such conditions would comprehend the earning
capacity of the property.
Neither must the value determined as of March 1 1013 be speculative,
but must be determined upon the basis of the salable value en bloc as of
that date of the entire deposit of minerals contained in the property owned,
exclusive of the improvements and development work; that is, the price
at which the natural deposits or mineral property as an entirety in its then
condition could have been disposed of for cash or its equivalent.
The value en bloc having been thus ascertained, an estimate of the number of units (tons, pounds,etc.) should be made. The en bloc value divided
by the estimated number of units in the mine or mining property will determine the per unit value, which, multiplied by the number of units mined
constitute
and sold during any one year, will determine the sum which will
of
an allowable deduction from the gross income of that year on account
depletion.
Deductions computed on a like basis may be made from year to year
the
during the ownership under which the value was determined, until
aggregate en bloc value as of March 1 1913 of the mine or mineral deposits
shall have been extinguished, after which no further deduction on account
of depletion with respect to this property will be allowed to the individual
or corporation under whose ownership the en bloc value was determined.
The precise detailed manner in which the estimated fair market value
of mineral deposits as of March 1 1913 shall be made must naturally be
determined by each individual or corporation interested, and who is the
owner thereof, upon such basis as must not comprehend any operating;
profits, the estimate in all cases to be subject to the approval of the Commissioner of Internal Revenue.
for
Every individual or corporation claiming and making a deduction
depletion of natural deposits shall keep an accurate ledger account,in which
cost, if
shall be charged the fair market value as of March 1 1913, or the
deposits
the property was acquired subsequent to that date, of the mineral
amount of the depletion
involved. This account shall be credited with the
deduction claimed and allowed each year, to the end that when the credits
to the account equal the debits no further deduction for depletion with
respect to this property will be allowed. The value determined and set
up as of March 1 1913, or the cost of the property if acquired subsequent
for
to that date will be the basis for determining the depletion deduction
all subsequent years during the ownership under which the value was fixed,
purpose of
and during such ownership there can be no revaluation for the
the
this deduction if it should be found that the estimated quantity of
the
mineral deposit was understated at the time the value was fixed or at
time the property was acquired.
prior
In cases wherein the quantity of the mineral deposit in the mine
the return.
be
to March 1 1913 cannot be estimated with any degree of accuracy, it will
If the operator is a lessee that fact should be stated and an explanation
depletion deductions are to be availed of, for the individual
upon which any depreciation deduction necessary, if the
given as to the basis and property
corporation owning the deposits, with the best information available,
is claimed, it being understood, as hereinbefore indicated, that depreciation or
to arrive at the fair market value of the property as of March 1 1913,
relates to the loss due to the use, wear and tear of physical property, and
that is, its fair cash value en bloc if such value is believed to be other than
that the lessee is not entitled to any deduction for the depletion or exhauswhich value, during the period of the ownership under
oil or gas deposits, but may deduct annually as a rental pay- Its original cost,
tion of the
it was determined,shall be final, and shall be charged to the property
ment an aliquot part of any bonus paid for the right to enter upon, explore, which
as hereinbefore indicated, and then, on the basis of the most probdevelop and operate oil or gas territory, as well as the royalty payments account
units in the property, the per unit value shall be determined
or gas removed from such property, provided able number of
made to the lessor for the oil
the basis for computing annual depletion allowances, this method and
the entire proceeds from the oil or gas-produced during the year are returned as
allowances to be continued until, but not beyond, the time when the value
in the gross income of the operator.
of March 1 1913 shall have been extinguished.
The above rule for computing allowable depletion deductions being set as
The original cost of the mineral deposit may be taken as the basis for
out in the law, no deduction on this account will be allowed if computed
of
annual depletion deductions if the fair market value as
upon any basis other than that authorized by the law and further amplified computing
otherwise,
March 1 1913, as hereinbefore required, cannot be ascertained
in this decision.
have been removed prior
allowance being made for minerals which may
W. H. OSBORN,Commissioner of Internal Revenue.
to that date.
Approved:
1
In cases wherein a mineral property was acquired subsequent to March
W. G. McADOO, Secretary of the Treasury.
will
1913, the same rule for computing the annual depletion deduction
the computation will.be the
apply, except that in such case the basis of
actual cost rather than the value as of March 1 1913.
CTIONS FROM GROSS INCOME
The foregoing rules apply to owners in fee of mines and mining properties.
INCOME TAX—DEDU
or corporation operating a mine
not
ON BASIS OF MARKET VALUE OF MINE CONTENT. and doleasecontemplate that an individual
on a royalty basis shall be entitled to any deduction for depleunder
a stipuThe Treasury Department has ruled that individuals and tion. If, however, the lessee, in addition to royalties, paid or pays amount
mine, the
lated sum for the right
corporations engaged in mining may compute depletion de- so paid may be ratably to explore, develop and operate a or the probable
distributed over the life of the lease
ductions from gross income on the basis of the fair market life of the mine under ordinary operating conditions, and the lessee may
1 1913, if the prop-. deduct annually as a rental payment an aliquot part of the amount of the
value of the mine content as of March
been extinguished.
so paid until such amount
erty was acquired prior to that date or on the basis of cost bonusthe return made pursuant to has above rule there should be attached
the
To
lessee;
to that date. The ruling follows:
acquired subsequent
a statement setting out (1) whether the operator is a fee owner or
mineral de(2) in the case of a fee owner,(a) the fair market value of the
TREASURY DEPARTMENT,
date,
posits as of March 1 1913, if the property was acquired prior to that
Office of Commissioner of Internal Revenue.
(b) the cost of the mineral property if acquired subsequent to that date;
Washington, D. C., Feb. 7 1917.
was determined in
(3) the method by which the value as of March 1 1913
To Collectors of Internal Revenue:
prior to that date;(4)the estimated quantity
Paragraphs "seventh" and "eighth" of section 5 (a) and paragraph case the property was acquired
authorize in units in the mine as of March 11913,or at the date of purchase if acquired
"second" of section 12 (a) of Title I. of the Act of Sept. 8 1916
of units removed and sold during
individuals and corporations to deduct from gross Income "a reasonable subsequent to that date; (5) the number
* * * (b) in the year for which the return was made; and (0) any other data which would
allowance for exhaustion, wear and tear of property, and
reasonableness of the depletion deduction
the case of mines,a reasonable allowance for depletion thereof, not to exceed be helpful In determining the
the market value in the mine of the product thereof which has been mined claimed in the return.
In the case of a lessee, the statement should show (a) the amount of the
and sold during the year for which the return and computation are made,"
made for the right to operate the mine; (b) the
provided that when the sum of the annual allowances for depletion equals bonus or other payment
the capital originally invested, or in case of purchase prior to March 11913, period covered by the lease.
W. H. OSBORN, Commissioner of Internal Revenue.
the fair market value as of that date of the mineral "In place," no further
Approved:
allowance on this account shall be made.
W. G. McADOO, Secretary of the Treasury.
Ownership of the mine content at the time for which tho computation
is made is an essential prerequisite to an allowable deduction.
The paragraphs of the title above referred to authorize, in the case of INCOME TAX OWNERSHIP CERTIFICATES OF NONmines,two classes of deductions to take care ofthe wasting of assets, namely
RESIDENT ALIENS.
(a) depreciation, (b) depletion.
Depreciation comprehends loss due to exhaustion, wear and tear of physfollowing resolution was issued by the Treasury
The
ical property, other than natural deposits, and the annual allowance conFeb. 27 authorizing the use, by non-resident
templated by this title on this account will be ascertained by spreading; Department on
ratably the cost of the property over the probable number of years consti- alien record owners, of income tax form 1087 to disclose
tuting its life.
actual ownership and claim exemption from withhholding
In determining the amount of depreciation deductible in the case of buildpayments. The present
ings, the cost or value of the land upon which the buildings are situated at the source of domestic dividend
will be excluded and will not be considered a part of the original capital ruling modifies Treasury Decisions 2401, published in our
to be extinguished through depreciation deductions. The amount to be issue of Jan. 27. We give the new decision below:
taken care of through depreciation deductions applicable to physical propIT. D. 2452.1
erty other than natural deposits will always be the capital invested In it
TREASURY DEPARTMENT.
and not a value which may be arbitrarily fixed as of March 1 1913, or as
Office of Commissioner of Internal Revenue.
of any other date.
Washing on, D. C., Feb. 27 1917,
In the case of mines (other than oil and gas wells), if the property was
Revenue:
prior to March 1 1913, the amount of invested capital which may To Collectors of Internal
acquired
When a non-resident alien record owner of stock of domestic or resident
be extinguished through annual depletion deductions from gross income
withholding at the source of
will be the fair market value of the mine property as of March 11913. The corporations is an organization subject to
(f) of the Act of September 8
,
value contemplated herein as the basis for depletion deductions authorized dividend payments, as provided bS section 13
stock, such record owner may
by this title must not be based upon the assumed salable value of the output 1916, but is not the actual owner of the
income tax certificate form 1087 to disclose actual ownership and
under current operative conditions, loss cost of rooduction, for the reason adapt

or corporation may not be subject to the tax imposed by this title, does not
apply to individuals or corporations who are operating oil or gas properties,
under lease, since in those cases the operator has no capital invested in
such properties. By capital invested, as herein used, is meant the fair
market value of the properties as of March 1 1913, if acquired prior to that
date, or their actual cost if acquired subsequent to that date, as it relates
to the owner in fee of the properties.
Lessees will, however, be ,permitted to deduct from gross income each
year a reasonable allowance for depreciation, which depreciation applies
to the physical property, including rigs, tools, machinery of all kinds,
pipes, casing and other equipment necessary to the operation of the wells
or field. If lessees, in order to secure the right to enter upon, explore,
develop or operate gas or oil properties, paid or shall pay a bonus in addition to royalties the amount of such bonus so paid may be ratably distributed over the life of the lease or over tho productive life of the property,
of
and the lessee may deduct annually as a rental payment an aliquot part
the amount of the bonus so paid until such amount has been extinguished.
The incidental expenses of drilling wells, that is,such expenses as are paid
for wages, fuel, repairs. &c., which do not necessarily enter into and form
a part of the capital invested or property account, may, at the option of
the individual or corporation owning and operating the property, be charged
to property account subject to depreciation or be deducted from gross income as an operating expense. If, in exercising the option, the operating
individual or company charges the expense of drilling wells to property
account, the same may be taken into account in determining a reasonable
allowance for depreciation during each year until the property account thus
augmented has been extinguished through annual depreciation deductions,
after which no further deduction on this account will be permitted. The
cost of drilling dry or non-productive wells may be deducted from gross
income as a loss.
To each return made by an individual or corporation owning and operating oil or gas properties there should be attached a statement showing
(1) (a) the fair market value of the property (exclusive of machinery,
equipment,&c.) as of March 1 1913,if acquired prior to that date, or (b) the
actual cost of the property if acquired subsequent to that date;(2) how the
fair market value of the property as of March 1 1913 was ascertained;
(3) the quantity of oil or gas produced during the year for which the return
was made;(4)the quantity produced during the year immetiately preceding;
(5) how the depletion deduction claimed in the return was computed,
whether upon the decline in flow and production of individual wells, groups
of wells or the entire field, and (6) any other data which would be helpful
in determining the reasonableness of the depletion deduction claimed in




MAY 5 1917.]

THE CHRONICLE

to-claim exemption from withholding by striking out the words "to be filed
with representative in the United States of such foreign principal" in the
caption and the words "in the United States" in the body of the form and
executing the certificate as the representative of the actual owner, as
provided in the space for signature.
Thus modified, certificate form 1087 may be filed, under the penalties
prescribed for misrepresentation, with debtor corporations or their withholding agents in the United States and may be accepted by them as
evidence that the record owner is not liable for income tax on the dividends
to be paid and hence is not subject to having tax withheld.
If the record owner does not exercise his right to disclose actual ownership for the purpose of claiming exemption from having tax withheld at the
source, debtor corporations and their withholding agents in the United
States will be held liable on their stock records of ownership for the tax
required to be withheld by section 13 (f) of the Act of September 8 1916.
In the absence of a disclosure of actual ownership filed with debtor
corporations or their withholding agents on certificate form 1087, the
normal tax required to be withheld in accordance with stock records of
ownership can only be released to a record owner not liable for tax upon
a proper showing to the Commissioner of Internal Revenue of record and
actual ownership, the names and post office addresses of debtor corporations
and withholding agents, and the amounts withheld.
As a record owner is held to be "the proper representative having the
receipt, custody, control, or disposal" (sec. 9 (g), Act of September 8 1916,)
of income of the actual owner, this showing should be made by means of
a return by or in behalf of the actual owner when the actual owner is liable
for a return under the provisions of law.
When a return is not required to be filed by or in behalf of the actual
owner, the showing may be made upon the certification of the record
owner.
Upon the showing thus made, either by certification or return, as the
circumstances may require, the Commissioner of Internal Revenue will
make such assessments and issue such instructions to debtors and withholding agents as will insure the proper collection of tax in accordance with
the respective actual tax liabilities.
T. D.2401 of November 29 1918, is modified accordingly.
W. H. OSBORN, Commissioner of Internal Revenue.
Approved:
BYRON R. NEWTON,Acting Secretary of the Treasury.

INHERITANCE TAX LAW—VALUE OF U. S. BONDS
CANNOT BE EXCLUDED.
In determining the estate tax due under the inheritance
tax law, the value of United States bonds cannot be excluded
from the gross or net estate. An opinion to this effect was
set out as follows in Treasury Decisions of Feb. 22:
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., Feb. 13 1917.
Tho following opinion of the Solicitor of Internal Revenue, rendered
Feb. 13 1917, is published for the information of all concerned.
W. H. OSBORN. Commissioner of Internal Revenue.
Approved:
W. G. McADOO, Secretary of the Treasury.
under date of the
Sir:—Answering the question presented by
10th inst., relative to the liability of estates to taxation under the recent
Federal estate tax, It is manifest from the following decisions of the United
States Supreme Court that United States Government bonds must be added
to the value of estates for the purpose of taxation under said Act.
The United States Supreme Court in Plummer vs. Color (178 U.S.,134.)
considering the question whether, under the inheritance tax laws of a State,
a tax might be validly imposed upon a legacy consisting of United States
bonds issued under a statute declaring them exempt from State taxation
in any form, said:
"Wo think the conclusion, fairly to be drawn from the State and Federal
cases, is that the right to take property by will or descent Is derived from
and regulated by municipal law; that, in assessing a tax upon such right or
privilege, the State may lawfully measure or fix the amount of the tax by
referring to the value of the property passing; and that the incidental fact
that such property is composed wholly or in part of Federal securities does
not invalidate the tax or the law under which it is imposed."
And, dealing directly with the power of the Federal Government under
the inheritance tax Act of 1898 to impose legacy taxes upon the transmission
of an estate consisting of "free-tax" Government bonds, the court, in Murdock vs. Ward (178 U. S.. 147), referring to the discussion and decision
in the Plummer case, held:
"If a State inheritance law can validly impose a tax measured by the
amount or value of the legacy, even if that amount includes United States
bonds, the reasoning that justifies such a conclusion must, when applied
to the case of a Federal inheritance law taxing the very same legacy, bring
us to the same conclusion. We must, therefore, hold that if, as held in
Knowlton vs. Moore, the tax imposed under the Act of June 13 1898, is
not invalid as a direct, unapportioned tax, nor for want of uniformity, nor
as an infringement upon the laws of the States regulating wills and descents,
then the tax upon legacies or bequests, descondible under and regulated
by State laws, Is valid, even if such legacies incidentally are composed
of Federal bonds,
And, further, in Sherman vs. United States (178 U. S., 151), the court
said:
"The proposition that bonds of the United States and the income therefrom are not lawfully taxable under an inheritance lax law of the United
States, because exemptpd by contract from such tax, has just been decided
'
not to be well founded.
This is clearly conclusive of the whole question.

INHERITANCE TAX LAW—DEDUCTIONS FROM
GROSS ESTATE.
According to a ruling of the Treasury Department on
March 7 deductions, under the inheritance tax law, from
the gross estate of a decedent on account of funeral expenses,
administration expenses, &c., are limited to amounts allowed
under the laws of the local jurisdiction. The ruling is as
follows:

[T. D. 2453.3
Estate Tax.
The deductions from the gross estate provided in Section 203, Paragraph 1, are limited to amounts allowed under the laws of the local jurisdiction.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue,
Washington, D. C., March 7 1917.
Sir.—Receipt is acknowledged of your letter of the 3d instant, quoting
Section 203, Paragraph 1, of the estate-taxing Act and inquiring whether
the phrase "such other charges against the estate as are allowed by the
laws of the jurisdiction" is interpreted by the bureau as limiting all the
preceding clauses of the paragraph; that is, whether any amounts could
be deducted from the gross estate because of funeral expenses, claims
against the estate, losses, etc., which were in excess of the amounts allowable under the laws of the local jurisdiction.




1767

While the punctuation and construction of the paragraph may not be
absolutely conclusive upon this point, it is the opinion of this office that
the limitation set up in the concluding part of the paragraph applies to
all the items enumerated in the paragraph; that is, there could not be
deducted from the gross estate In determining the net estate liable to tax
any funeral or other expenses or any losses and charges which were in
excess of the amounts allowable under the laws of the local jurisdiction as
credits to administrators or executors in their accounts in the probate
courts.
It is so ruled.
Respectfully,
WM. II. OSBORN
Commissioner of Internal Revenue.
Mr.

INHERITANCE TAX LAW—DUTIES OF HEIRS,
TRUSTEES, &C.
The duties, under the inheritance tax law,of heirs,donees,
trustees, fiduciaries, transfer agents and others who have
come into possession of property of a decedent whose estate
is liable for the estate tax, are set out in the following regulations promulgated by the Treasury Department on Feb. 28
and published in Treasury Decisions of March 15.
[T. D. 2454.]
Estate Tax.
Duties of heirs, donees, trustees, fiduciaries, transfer agents, and others
having or coming into possession of property of a decedent whose estate is
liable for estate tax.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., February 28 1917.
To Collectors of Internal Revenue:
Section 200 of the Revenue Act of September 8 1916, in defining the
term "executor" as including, "if there is no executor or administrator, any
person who takes possession of any property of the decedent," clearly Intended to provide that wherever circumstances are such that the Government could not proceed against an administrator or executor for satisfaction of the requirements of the taxing Act there shall be no failure, because
of inability to hold others in possession responsible, to collect the whole
tax due.
Careful consideration has been given in the light of this intent of Congress
to the problem of determining how far the duties of filing thirty-day notice
and return and making tax payment may be left solely to duly appointed
executors or administrators, and to what extent, in order to insure the
collection of tax due, others In possession must be required to assume
these responsibilities. As a result of this consideration the following
supplemental regulations are promulgated, under authority of Section 212
of the Act.
Estates of Resident Decedents.
Thirty-day notice (Form 705) must be filed, within 30 days after death
of the decedent whose estate is taxable, by others than executors or administrators, es follows:
(1) By the surviving husband or wife, as the case may be, for one-half
the value at the decedents' death, of community property owned by tha
decedent and the survivor.
(2) By the first taker after the decedent of any of decedent's real property where this passes, in accordance with the local law, directly to the
heirs of decedent.
(3) By donees who have received within two years prior to the decedent's
death any gift of material value from the decedent, or who have received
at any time whatever gifts made by decedent in contemplation of, or intended to take legal effect at, death. •
(4) By trustees holding property conveyed during lifetime by the decedent in contemplation of death or with intent to provide for others than
decedent at or after deceaent's death, regardless of the date of the Instrument making the conveyance, or the date of possession by the trustee, or
the date of vesting of the right of survivors to possession or enjoyment
at or after decedent's death.
(5) By fiduciaries holding property of any kind jointly or in entirety for
the decedent and another or others.
(6) By any other person, persons, joint stock companies, corporations
or associations holding at, or taking immediately upon, decedent's death
any property inclusive in the gross estate under the definition of Section 202
of the taxing act, which property may not be taken in charge by decedent's
executors or administrators, if any.
When the collector of internal revenue shall receive Form 705, filed as
above required, he shall proceed as indicated in Article XII of Regulations
No. 37. If, at the expiration of one year from decedent's death, it has
not been ascertained that an administrator or executor has been appointed
for the decedent's estate, the collector will proceed to secure return and
tax payment from the beneficiary or beneficiaries, in accordance with
Articles XVI and XVII of Regulations No. 37.
Estates of Non-Resident Decedents.
The thirty-day notice (Form 705) is required to be filed for all property
of every kind, located or legally situate in this country (including Hawaii
and Alaska), by those agents or representatives, donees, transferees, trustees, or fiduciaries of a decedent dying domiciled abroad, whether alien or
citizen of the United States. The notice must be filed within thirty days
from decedent's death with the collector of internal revenue in whose dWtrict the property within this country is situate, unless the local agent, &c.,
having the property in charge knows that there is other property of decedent
located in another collection district, in which case the notice is to be filed
with the collector of internal revenue, Baltimore, Md.
If it be not possible for the local agent, representative, &c., to file the
notice within thirty days from death of the non-resident, the penalty
denounced in Section 210 will not be asserted if the notice is filed within
thirty days from the day upon which the local agent, representative, &c.,
receives information of the non-resident decedent's death.
Each collector receiving Form 705 showing property of a non-resident
will immediately inform the commissioner of the fact. A record will be
kept in the commissioner's office from which it can be determined whether
Form 705 for a given estate have been flied in more than one collection
district, in which case the several collectors will be instructed to forward
the Forms 705 to the collector at Baltimore, Md.
In due time, if the administrator or executor of the non-resident decedent
has failed to file return as provided in Section 203, Paragraph (b). and
pay the tax due, the collector shall require such return and tax payment
from the local agent,representative,&c. No deductions whatever from the
gross estate will be allowed in such a case unless all the property of the nonresident decedent is shown to be located in this country and it is established
that all has been returned for estate tax. Where there is more than one
holder in this country of decedent's property, the collector will aggregate
the separate returns, proceeding In accordance with Article XVII of
Regulations No. 37.
Under no circumstances may the local agent, representative, etc., release
to a foreign administrator or executor or a foreign beneficiary of the decedent any property within this country at the time of decedent's death
until either (1) the tax due because thereof has been paid, or (2) ancillary
letters have been taken out in this country or otherwise provision has been
made by the estate for the satisfaction of the tax lien resting upon the
decedent's property in this country. When such ancillary letters have
been taken out or such provision has been made, the local agent, representative, &c., shall immediately inform the collector fully as to the facts.
An administrator or executor acting in a foreign country will not be
recognized as relieving others in charge or possession of a decedent's property from responsibility for satisfying the requirements of the taxing Act
unless and until he has made return and tendered payment of all tax due.
The penalty denounced in Section 210 of the Act will be asserted against
every agent, representative, &c., in this country releasing to a foreign
administrator or executor or beneficiary of the decedent the property within
this country, except where the requirements of this regulation have been
compiled with.
The above regulation fully applied to transfer agents of corporate stock
or bonds, receiving into possession for transfer purposes such personalty
e
of a non-resident decedent. The transfer shall not be effected or the
or bonds released to the foreign administrator or executor or the succeeding
beneficiary until the transfer agent shall have been fully assured either
that the tax due has been paid or that ancillary letters have been taken out

1768

THE CHRONICLE

[VOL. 104.

n this country or provision otherwise made for the satisfaction of the tax the profits accrued was fully performed prior to that date. Unless the conlienYagainst the estate.
tract was so fully performed prior to Jan. 1 1916—that is, unless the conThis ruling applies also to safe deposit companies, warehouses, and tractor had fully complied with all the terms of his contract, both as to the
custodians of property in this country of a non-resident decedent.
similar
by the contract—any
to brokers holding as collateral securities belonging to a non-resident de- manufacture and delivery of the articles covered
cedent, to banking institutions holding money of non-resident decedents profits received subsequent to Jan. 1 1916 on such contract, even though
for any specific purpose, such as the purchase of goods, so in payment of deliveries made prior to that date, must be returned for the
on deposit or
long as the title rests in the non-resident decedent, his estate or his heirs, purpose of the tax for the year in which received.
and to debtors in this country of non-resident decedents.
In so far as the paragraph in article 11, regulations 39, implies that any
It does not apply to carriers of property of a non-resident decedent while
such property is in their charge for the purpose of transit.
profits which accrued on deliveries made in 1915 under contracts not fully
W. H. OSBORN,
performed prior to Jan. 1 1916, and which profits were received subsequent
Commissioner of Internal Revenue.
to that date, should not be returned as taxable income when received, it
Approved:
is erroneous, and is hereby annulled.
W. G. McADOO,
Secretary of the Treasury.
The tax being imposed upon net profits received or accrued, the revised
ruling, as hereinbefore set out, contemplates that all net profits received
to Jan. 1 1916 on contracts not then fully performed must be
CAPITAL STOCK TAX—TAXABILITY OF CORPORA- subsequent taxable profits of the year in which received, regardless of when
returned as
TIONS FORMED TO DEVELOP, LEASE, ETC.,
they may have been earned or accrued. Hence not profits received subsequent to Jan. 1 1916 on deliveries made under contracts which were but
LUMBER OR MINING COMPANIES.
partially performed at that date constitute taxable income of the year in
Under a ruling announced March 24 the Treasury Depart- which received and cannot be lawfully excluded therefrom.
Collectors will advise munitions manufacturers of the substance of
organized for the purpose of

ment holds that a company
buying, owning, exploring, developing, leasing, improving,
selling, dealing in lumber lands, mining lands or other real
property is "engaged in business" and subject to the capital
stock tax. The ruling is as follows:

(T. D. 2457.)
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue.
Washingon, D. C., March 14 1917.
Sir:—Receipt is acknowledged of your letter of the 9th instant, inclosing
Coal & Coke Co., which is
from the
a copy of a communication
assessed $325 25 capital-stock tax on your Form 230 for January 1917,
folio 4, line 11,'contending that it is not subject to this tax, inasmuch as it
is "not an operating company, but is the owner of lands and coal lands
* * * which have never been mined since the organization of the
•company."
, Secretary and Treasurer of the company, refers to a
Mr.
statement made by a collector of internal revenue that he "Ls not enforcing
the payment or assessing any taxes against companies thatare not
operating."
has unIn reply to your inquiry you are advised that Mr.
doubtedly misinterpreted the statement of the collector as applying to his
of the Supreme Court in the case of Von
company. Under the decision
Baumbach vs. Sargent Land Co. et at., decided Jan. 15 1917 (printed in
T. D. 2436), it is very clear that a company organized for the purpose of
buying, owning, exploring, developing, leasing, improving, selling and
dealing in lumber lands, coal or other mining lands, tenements and hereditaments is an active corporation if it performs any of those powers, and is
subject to the capital stock tax.
Coal & Coke
's letter that the
It appears from Mr.
Co. is not a corporation that has discontinued business, as in the case
referred to in Zonne vs. Minneapolis Syndicate (220 U. S., 187), but is still
active and Is maintaining its organization for the purpose of continued
efforts in the pursuit of profit and gain and such activities as are essential
to those purposes.
A number of inquiries have been made regarding the liability of corporations of this character to the capital stock tax, and this office has hold in
each case that a company organized for the purpose of owning, developing
and speculating in mining land or other real property is engaged in business
within the language of the several Supreme Court decisions, and is subject
to the capital stock tax imposed under section 407, Act of Sept. 8 1916.
Respectfully,
DAVID A. GATES, Acting Commissioner of Internal Revenue.
Collector Internal Revenue, Parkersburg. W. Va. .

this decision.

W. H. OSBORN, Commissioner of Internal Revenue.
Approved:
W. G. McADOO, Secretary of the Treasury.

INSTITUTIONS UNDER THE SUPERVISION OF THE
NEW YORK BANKING DEPARTMENT.
New York State Superintendent of Banks, Eugene Lamb
Richards, in his annual report to the Legislature pointed
out that at the close of 1916, 1,122 institutions were
being supervised by the State Banking Department, an
increase of 50 over the number reporting at the close of 1915.
The trust companies alone show an increase of nine. A number of national institutions doing business in the State have
been converted into State institutions. With 1,122 institutions under supervision, it is mandatory for the Superintendent of Banks to make in each year at least 1,647 examinations, in compliance with the provisions of Section 39 of
the Banking Law. The law requires banks of deposit and
discount, trust companies, and 77 of the 88 private bankers
operating in this State, to be examined at least twice a year.
It is also necessary to make in addition many special examinations. The following table gives the number of institutions under the supervision of the New York State Banking
Department:

.TAX—NET PROFITS
MUNITIONS MANUFACTURERS'
TO BE RETURNED ASINCOMEIN YEAR RECEIVED.
The Treasury Department makes known a ruling to the
effect that net profits received in 1916 or subsequent years
on munitions contracts entered into but not fully performed
prior to Jan. 1 1916 shall be returned for the purpose of the
tax as income of the year in which received.
(T. D. 2458.)
TREASURY DEPARTMENT,
Commissioner of Internal Revenue.
Office of
Washington, D. C., March 16 1917.
To Collectors of Internal Revenue:
10,reguYour attention is called to the fourth full paragraph of article
lations 39, issued under date of Oct. 24 1916, which reads as follows:
1916,
"If however, the contracts were not fully performed prior to Jan. 1
any profits resulting from that part of the contracts performed subsequent
purpose of the tax."
to Jan. 1 1916 must be returned for the
This paragraph would imply that any profits received subsequent to
that
Jan. 1 1916 resulting from that part of the contracts performed prior to
date might be omitted from the income returned for the purpose of the tax.
paragraph Is subject to this interpretation, it is
To the extent that this
erroneous.
Section 301 of Title III. of the Act of Sept. 8 1916 contains a proviso
which reads as follows:
"Provided, however, That no person shall pay such tax (123. % on the
entire net profits] upon net profits received during the year 1916 derived
from the sale and delivery of the articles enumerated in this section under
contracts executed and fully performed by such person prior to Jan. 1 1916."
This proviso applies only in cases wherein the contracts were both executed and fully performed by the contractor prior to Jan. 1 1916, all manuso
facturing having been completed and all deliveries having been made,
on
that there remains only the collection of any amounts due and unpaid
such fully performed contracts.
In such cases the amounts received subsequent to Jan. 1 1916 on such
fully performed contracts will not be returnable for the purpose of the tax
when received. It however, subsequent to Jan. 1 1916 net profits are received on contracts entered into and but partially completed prior to that
date the amount of such net profits so received on such partially completed
contracts shall be returned as taxable profits for the year in which received.
by
Except as indicated in the proviso hereinbefore quoted, the tax imposed
this title is assessable upon the entire not profits received or accrued during
the taxable year.
Whether any net profits received subsequent to Jan. 1 1916 are taxable
under this title will depend upon whether or not the contract under which




23
Banks of deposit and discount_ 205 Personal loan companies
1
Personal loan cos. (branches)
Banks of deposit and discount
2
brokers
103 Personal loan
(branches)
22
88 Foreign corporation agencies__
Private bankers
91 Savings and loan associations.._ 254
Trust companies
1
51 Building lot associations
Trust companies (branches)__ _
1
141 Land Bank
Savings banks
30
48 Credit unions
Safe deposit companies
Safe deposit cos. (branches)_ _ _ 39
1,122
20
Investment companies
2
Investment cos. (branches)..

In addition to supervising going institutions, the Superintendent of Banks is also vested with the power to liquidate
closed institutions. Superintendent Richards' report shows
that dividends aggregating over $2,300,000 were paid to
creditors of defunct institutions and private bankers from
Jan. 1 1916 to the present time. The affairs of two defunct
institutions were brought to a close during the year, these
being the Greenpoint Polish Co-operative Savings & Loan
Association and the Harbor & Suburban Building & Savings
Association.
INCREASE IN RESOURCES OF NEW YORK STATE
BANKING INSTITUTIONS.
New York Superintendent of Banks Eugene Lamb
Richards, in his annual report, transmitted to the Legislature on March 14th, on savings banks, trust companies,
safe deposit companies, &c., states that the resources of all
the institutions under his supervision on Jan. 1 last totalled
$5,926,543,825 which, based on recent complications, is
approximately 20% of the total resources of the banking
institutions under supervision in the United States. The
report said:
York

The resources of the institutions under the supervision of the New
aggregated
State Banking Department May 9 1914, when I assumed office,
three years
$4,430,376,988, showing an increase in resources in less than
past year was
of $1,496,166,837, or 33.7%, The increase during the
$505,885,678.
York State Is
The strong position of the financial institutions in New
the Currency.
emphasized in statistics compiled by the Comptroller of
the national
On July 1 1916 the 986 institutions in this State, including of the total
28%
banks, had total resources of $9,116384,000 or more than
the United States. With tho popuresources of institutions reporting in
appear that the inlation of New York State about 9,700,000, it would
inhabitant. That the
stitutions in Now York State held $940 for each
evident when it is taken
average per capita is in excess of this amount Is
resources of savings and loan
into consideration that the $80,000,000of
resources of bankers
associations in New York State, andlthe enormous
depositaries for the funds of
who are not under supervision, but who are
, are not included in
largo corporations, and even of foreign governments
; the statistics compiled by the Comptroller of the Currency.

1

MAY 5 1917.]

THE CHRONICLE

A total of 27,513 banking institutions in this country, exclusive of the
12 Federal Reserve banks, reported on June 30 1916 resources amounting
to $32,271,237,696, or an average of $1,173,000 for each institution reporting. For the same period 204 State banks of deposit and discount, 87
trust companies. 141 savings banks and 77 private bankers under the
supervision of the New York State Banking Department, reported resources of $5,512,468,206 or over 17% of the total resources of institutions
in the United States, as compared with 16.8% in 1915. The average resources of the institutions under the supervision of the New York State
Banking Department in 1916 VMS $10,830,000, as compared with $10,000,000 in 1915.
The 19,934 State institutions in this country reported on June 30 1916
resources of $18,344.369,696, of which the 509 New York State institutions mentioned contributed 30%. The State banks of New York State
had on the same date 14%% of all the resources of the State Banks of Deposit and Discount of the country. The total resources of the trust companies in New York State were nearly 37.5% of the total resources of all
trust companies in the United States.
' The 622 Mutual Savings banks in the United States reported at the
end of June resources aggregating $4,547,941,986, of which $2,053,171,981
or 45% of the country's total was made up from the resources of the 141
savings banks of New York State.
According to the figures of the Comptroller of the Currency, the total
gain in resources of all institutions reporting in the country on June 30
1916 was $4,467,108,000, of which $2,335,925,000 was contributed by
State institutions in the country and $2,131,183,000 by the national banks.
The increase of State institutions outside New York for the year was 13.2%
while the State institutions under the supervision of the New York State
Banking Department showed a gain during the same period of $840,000,000 or 18% •
The Comptroller of the Currency has boon calling attention to various
statistics in recent circulars, from which it appears that the national banks
of the State had total resources last September of $3,603,303,000 so that
the total resources of the State institutions of this State exceed by over
$2,300,000,000 the total resources of the national banks. There were 25
national banks in the State last November which had total resources of over
$20,000,000 each. There were 57 State institutions which had total resources of over $20,000,000 each, while in the United States there were
only 99 such institutions.
According to the Comptroller's statement, the total resources of all the
national banks of the United States were a little over fifteen and a half
billions of dollars as against approximately six billions of dollars of the
State institutions of New York alone and nine and one-half billions of dollars in the combined institutions of this State. In other words, all the
national banks outside of the State of New York would have less than
twelve billions of resources as against nine billions of resources in Now York
State institutions.
The capital, surplus and undivided profits computed on the market
value of investments of the State banks, trust companies and private
bankers of Now York State on July 1 1916 totalled $371,455,236. Of this
amount $127,589,000 was capital and $243,866,236 was surplus and undivided profits. The surplus, based on market value of securities of the
savings banks in this State on the same date, amounted to $168,986,926,
making a grand total of capital, surplus and undivided profits of $540,442,162 or 11.7% of $4,609,132,183 capital, surplus and undivided profits
of all banking institutions reporting in the United States.
I again wish to emphasize the necessity of co-operation between Government agencies and business interests. Such co-operation is necessary in prepar leg to meet present and future financial problems. After nearly three
years of supervising institutions under the jurisdiction of the New York
State Banking Department, with nearly $6,000,000,000 of resources, I
believe that the solution of most of our problems lies in a system of complete co-operation between banks and the State-co-operation between
the State and every officer and director of banks under its supervision,
with the encouragement of closer understanding and co-operation between
banks and their depositors. I believe that the present system of blinking
should be developed and improved but not substantially changed.

GROWTH IN RESOURCES OF NEW YORK SAVINGS
AND LOAN ASSOCIATIONS.
Savings and loan associations in New York State have
shared in the exceptional prosperity of tho year 1916. State
Superintendent of Banks Eugene Lamb Richards, in his
annual report on these institutions, transmitted to the
Legislature on March 15th, says that at the close of the
past year their resources increased $7,210,224, making their
total on Jan. 1 last $79,629,882. With the resources of the
central institution-the Land Bank of the State of New
York-added, the total resources of the savings and loan
system of the State at the end of the year exceeded $80,000,000. The increase during the past year is the largest
annual gain heretofore reported, amounting to approximately
10%. A statement issued in the matter said:

1769

those institutions setting forth their condition as of Jan. 1
last. The statement said:
The resources of the savings banks of the State at the end of 1916 totaled
$2,139,299,038, an increase of $165,252,662, or 8.3% over 1915. That
these institutions have experienced a rapid growth is indicated by the fact
that on Jan. 1 1897 128 savings banks in this State reported resources of
$812,173,632 which, when compared with the resources of savings banks
on Jan. 1 1917, show an increase in twenty years of $1,327.125.405. or
163.4%. The gain in resources since Jan. 1 1907, or in ten years, is $674,348,204 or 46%.
The deposits on Jan. 1 1917 totalled $1,953,663,729, a gain for the year
of $134,456,791, or 7.3%. Dividends credited to depositors during 1916
amounted to $68,782,451. These figures indicate an average deposit
of $571.70, as compared with $560.90 for the previous year.
On Jan. 1 1867 the 86 savings banks of New York State had total deposits of $131,769,074 due to 488,501 depositors, while on Jan.
1 1917
two savings banks in the State had 320,799 depositors who had
$268,031,817 on deposit with those institutions. The average for each depositor in 1867, or fifty years ago, was $270.10, while the average deposit
in the two savings banks referred to was $835.50.
The withdrawals during the year aggregated $422,988,549, which is
$6,919,553 less than the amount withdrawn during 1915. The amount
deposited during the year, not including dividends credited, totalled
$488,678,661, an increase of $76,176,298 over the amount deposited in
1915.
Savings banks report 173,950 new depositors during the past year, making
a total on Jan. 1 last of 3,417,312 depositors. During 1915 the increase
in depositors was 72.057.
The surplus of savings banks shOws an increase of $30,801,624, making
the total surplus on Jan. 1 1917, $184,925,792, as compared with $154.124,168 on Jan. 1 1916. The ratio of surplus, based on market value of
securities, to deposit liabilities, on Jan. 11917, was 9.46%. a gain of 1%
for the year.
The following statistics give in detail the condition of savings banks on
Jan. 1 last:
Resources.
-Bonds and mortgages, $1,091,549,464 99; stock and bond
investments, United States, $535,000; District of Columbia, $160,000:
New York State. $22,980,000; bonds of other States, $42,378,904; bonds
of cities in other States, $146,531,809 78; bonds of cities in this State.
$223,308,384 58; bonds of counties in this State, $21,292,442 56; bonds
of towns in this State, $8,756,535 54; bonds of villages in this State. $19,619,288 28; bonds of school districts in this State, $8,755,063 87; railroad
mortgage bonds,$353,592.958 47; bonds of Land Bank of the State of New
York. $195,000; total par value of stocks and bonds, $848.105.387 08;
estimated market value of stocks and bonds, $837,919,017 31; promissory
notes payable on demand. $1.730,763; banking houses and lots at actual
cash value. $19.151,053 91; other real estate at actual cash value, $12.903,208 97; cash on deposit in banks and trust companies, $138,236.737 14;
cash on hand, $13,019,452 62; total of collectible interest. $24,441.716 70;
other assets 3347.622 87; total resources, $2,139,299,037 51.
Liabilities.
-Amount due depositors, $1,953,663,728 55; other liabilities,
3709,517 44; surplus estimated market value of stocks and bonds. $184,925,791 52; total liabilities, $2.139.299.637 51; surplus on par value of
stocks and bonds, $2.194.931,903 41.
Statistical Items.
-Number of open accounts, 3,417.312; number of accounts opened or reopened during the year, 633,407; number of accounts
closed during the year. 459,457; amount deposited during the year not
including dividends credited. $488.678.661 47; amount withdrawn during
the year, $422,988,549 24; amount of dividends paid and credited during
the year, $68.782,450 75; salaries paid for the year, $3,419.366 61; expenses other than salaries for the year, $4,254,483 15.

COMMERCE THROUGH THE SAULT STE. MARIE
CANALS.
Details of the commerce through the Sault Ste. Marie
canals for 1915 and 1916 were furnished in the Jan.5issue of
"Commerce Reports," published by the Bureau of Foreign
and Domestic Commerce. In the season of 1916 (December
to April) traffic through the United States canal reached
75,085,219 tons, against 63,548,993 tons in the season of
1915; traffic through the Canadian canal, 16,803,000 tons,
against 7,741,311 tons; and for the two combined,91,888,219
tons, against 71,290,304 tons. Comparisons for the leading
items are as follows:
NINE MONTHS ENDING DECEMBER.
United States Canals.' Canadian Canal.
1916.

1915.

1916.

1915.

Total.
1916.

1915.
EastboundCIopper,shortton 122,161
136,105
3,882
20,331 126,043
Grain, bushels _ 47.093,808 39,833,15146,086,508 24,922,096,93.180,316 156.436
Flour, barrels_ _ 6.887,129 5,716,009 3,339,331 2,720,828110,226,46064,755.247
8,436,837
Iron ore, sh. tons51,935.809 31,161,754 11,487,371 4,050,35063,423,18045,212.104
35,032
The resources of the strictly local savings and loan associations amounted Pig iron, sh. tons
10.830
6,770
35,032
17.600
327,663
13,689
45,916 341,352 456,451
to $76,002,672 as compared with $35,254,790 at the close of tho year Lumber, 1,000 ft. 139237877 410,5351
Wheat, bushels_ _
192053141 86,825,438 63,428,417 226063315 255481558
1906, so that during the last decade the resources of such associations General merchandise, short tons 281,470 214,831
have increased over 115.5% •
57,443 117,333 338,913 332,164
12.064
12,837
13,100
16,055
28,119
The membership of all the associations of the State was 200,314, an Passengers, No..
26.937
Westbound
of 20,934. The membership of the local associations alone in- Coal:
increase
creased 21.119, giving them an aggregate membership of
Hard,short tons 2,122,509 1,972,5971
194,117. In87,710
58,133 2,210,219 2,030,730
Soft,short tons_ 12.970,073 10,910.080 942,827 416,24813,912.90011.326,328
cluded in the membership of the local associations were 65,942 female
421
100
12,960
13,3811
,
shareholders holding 480,556 shares, and there were 2,684 female share- Flour, barrels-._
100
Grain, bushels_ _
9,2451
31,250
373
31,623
holders members of national associations holding 45,081 shares.
9.245!
Manufactured
During 1916 the associations paid to the holders of matured shares
iron,short tons 144,0911 171,3111
23,071,
22,870 167,162 194,181
14,479
1,500,
14,4481
$4,021,415, of which $4,000,215 was paid by the local associations. In Iron ore,sh.tons
28,9271
1.500
60,787
46,081 729,8401 699,337
addition to the amount paid to members on account of shares carried to Salt, barrels __ _ _ 663,053 653,2561
General merchan$13,587,427 was paid to withdrawing shareholders. There was
maturity,
dise, short tons 959,354 960,846; 350,753 302,388 1,310,107 1,263,234
11,243
also paid to members as cash dividends $324,730. The total payments to Passengers, No..12,5411
15,560
11,858
26,803
24,390
members during the year, therefore, amounted to nearly $18,000,000, or
Total
approximately ono-fourth of the total resources of the associations at the Freight:
beginning of the year.
Eastbound,
short tons-_ 58,775,064 49,434,159 15,373,354 8.935.083174,148,418 56,369,242
After making such payments the associations had on hand in cash at the
Westbound,
close of tho year $3,253,917. All the associations of the State, including
short tons _ 16,310.155 14,114.834 1,429,646 806,22817,739,801 14,921,062
nationals, reported a surplus of $3,635,234.
Total,eh.tons.75,085,219 63,548,993 16.803,000 7,741,31191,888,219 71,290,304
The earnings of all the associations of the State totaled $3,733,144.

According to a statement made public on March 4th by
Superintendent Richards, the savings banks of the State
experienced during 1916 one of the most prosperous years
of their existence, based upon reports submitted to him by



Vessel passages,
No
18,716
16,910
6,6911
4,323
25,407
21,233
Reg.tonnage, net67,038,20747,918,847 12,786,256 8,480,30069,824.463 56,399.147
Note.
-The United States canal was opened April 2 1 and was closed Dec. 19 1916,
season 244 days. The Canadian canal was opened April 18 and closed Dec. 18
1916, season 245 days.

1770

THE CHRONICLE

[VOL. 104.

the Mercantile Safe Deposit Co. until last Tuesday, when the deposit
ECONOMIC SURVEY BY U. S. MORTGAGE & TRUST CO. company moved its offices to the basement where its vaults are located.
Realizing that conditions throughout the country, particularly insofar
as they relate to the war, crops, labor supply and prices, are of unusual
Interest at the present time, the United States Mortgage & Trust Co.,
following its custom in the past at periods when unusual conditions have
prevailed, has obtained from its mortgage agents,attorneys and correspondent banks in fifty-five cities throughout the South and West, a consensus
of opinions upon the following subjects:
Effect of the war.
Crop conditions and to what extent acreage is being increased. Actual
or anticipated labor shortage.
Mortgage conditions, including trend of interest rates and real estate
market. New building activity. Tendency of wages and building
material prices.
Influence of the Federal Farm Loan system upon mortgage situation.
Financial conditions and retail trade.
The entire situation as indicated by the replies received is summed up
as follows:
The world war, while responsible for much in the way of high prices,
labor scarcity, &c., particularly since the beginning of our participation
therein, has induced a degree of caution and economy which will be helpful.
It is, furthermore, certain that our people are becoming thoroughly aroused
not only in connection with the demand for enlistment in the army and
navy, but also with regard to the necessity for the fullest co-operation in all
of the activities incident to the present crisis.
A splendid and unified purpose pervades the entire nation and it is
quite evident that it is going to prove a serious mistake for any Government to underestimate the effect of the combined military, agricultural,
financial and moral strength of the United States when concentrated
upon a specific task.
Crop conditions, while adversely affected by many factors, are being
met with a degree of intelligence and energy never before displayed.
The labor shortage is acute and growing worse, and it is apparent that
only comprehensive Governmental action will obviate serious difficulties
later on, particularly at crop-moving time.
While the excessive supply of loanable funds has tended to introduce
an element of danger into the mortgage situation by reason of undue competition for the immediate reinvestment of idle money, this tendency has
recently been greatly lessened by the absorption of funds in other channels,
notably the new United States War Loan.
The real estate market is generally quiet and any danger from overbuilding seems to be confined to a very few cities directly influenced by
the production of war material.
Wages and building material prices have reached a level which is resulting automatically in lessened construction.
The Federal Farm Loan system is being organized with intelligence
and energy.
Financial conditions in the main are satisfactory and retail trade generally
active.

BANKING AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 76 shares and were
all made at the Stock Exchange. No trust company stocks were sold at
auction. Extensive tables reporting bid and asked quotations, deposits,
surplus, &c., of banks and trust companies in all important cities in the
United States are published monthly in the "Bank and Quotation" Section,
the May issue of which accompanies to-day's "Chronicle." Bid and asked
quotations for all New York City bank and trust company stocks are also
published weekly in another department of this paper and will be found
to-day on page 1788.
Low. High. Close. Last previous sale.
Shares. BANK.—New York.
76 Nat. Bank of Commerce..___ 176 178 176 April 1017— 177%
The Guaranty Trust Co. of New York on the• 1st inst., appointed
Alexander Phillips, Manager of its new Paris office, Gabriel Hebmann,
sub-Manager; William G. Wendell, Secretary, and Richard P. Staigg,
Assistant Secretary. The Paris office of the Trust Co. will be opened next
month, and will be located at Nos. 1 and 3 Rue des Italians.
A group of prominent Norwegian bankers acting as the Norwegian Committee of Bankers interested in the new Scandinavian Trust Company
which is expected to open for business June 1 at 56 Broadway with capital
of $1,000,000 and surplus of $1,500,000, have just arrived from Norway;
safely escaping submarines. Among the party was Mr. Knut Bachke,
of the Audresens Bank, Christiania, and Mr. Audre,s Borresen, Managing
Director of Drammens Privatbank, of Drammen, and Director of the
Centralbanken for Norge, Christiania. In an interview, Mr. Bachke
said, "Norway has suffered comparatively more than all powers due to
the submarine warfare, which is responsible for the loss of a large number
of Norwegian ships, and a loss of nearly one-fourth of the entire Norwegian tonnage. The losses in lives may also be counted in hundreds.
The sentiments in Norway are easily defined on the background of this
warfare and on the general political feelings of Norwegian Democracy
which has always been very strong against militarism. This is strongly
reflected in the fact that Alfred Nobel's will granted that the Norwegian
Parliament should distribute the peace prize.
Mr. Bachke added that the speeches of President Wilson were read in
Norway with keenest interest and with entire sympathy; the Norwegian
people sharing the President's view of the present situation. Referring
to the Norwegian shipping situation in which the Audresens Bank is a
factor, Mr. Bachke said that there was entire confidence among Norwegian
shipping interests that they will receive fair dealing on the part of the United
States as to the new ships under construction in American shipyards. This
confidence he thought was all the more justified when the manner in which
President Wilson acted toward equalizing the tariff at the Panama Canal
is remembered.
The new Mercantile Trust & Deposit Co. opened for business last
Tuesday at 115 Broadway. The newest trust company in Manhattan,
the second to be organized in this city since October 1907,begins its career
under favorable auspices and with unusually strong affiliations. The
capital is $1,000,000 and surplus $500,000. Chellis A. Austin, its President, is already well known to the banking fraternity as one of the young
Vice-Presidents of the Columbia Trust Co. of this city. Mr. Austin was
originally a railroad man and began his banking training as the solicitor
of the latter company in 1911, rising to be credit man, &c., to a vicepresidency in this big institution. His official associates are: Charles D.
Makepeace, Vice-President and Secretary; Cornelius J. Murray, Assistant
Treasurer, and John A. Burns, Assistant Secretary. The new institution
has taken the banking rooms at 115 Broadway, which were occupied by




One of the fint acts of the board of the Mercantile Trust & Deposit Co.
was to pass resolutions authorizing the investment of the company's entire
capital in the United States 3% certificates of indebtedness, later to be
converted into bonds of the Liberty Loan of 1917.
Brown Brothers & Co. this week opened their new three-story building
at Nos. 4 and 5 Hanover Street. The new building adjoins the quarters
now occupied by the bankers at 59 Wall Street, and gives them double the
floor space. For some time past the firm has been conducting its business
under adverse conditions owing to the lack of space, but was unable to obtain the property on which the new building is located until recently.
R. E. Bolling has been elected a Vice-President of the Chatham &
Phenix National Bank of this city. Mr. Bolling has been for some time
connected with the Chatham & Phenix National as Manager of its branch
at Broadway and 61st Street.
B. S. Miller, second Vice-President of the American Institute of Banking, on May 3 joined the auditing department of the National Bank of
Commerce in New York. Mr. Miller has been with the Chemical National
Bank for the last fifteen years.
David E. Hersee, for many years connected with the American Trust
Co. of Boston, Mass., and later with the Massachusetts State Savings
Bank Commissioners' Office, has been chosen an Assistant Cashier of the
Peoples National Bank of Boston.
George C. Bowker has been elected President of the People's Trust Co.
of Philadelphia,Pa.,to succeed Louis Fleisher,resigned,effective May 15.
An increase of $100,000 in the capital of the Ninth National Bank of
Philadelphia, Pa., raising it from $300,000 to $400,000 has been approved
by the Comptroller of the Currency.
New
The New York and Pennsylvania Insurance Departments on May 1
asked Judge Shafer of the Common Pleas Court at Pittsburgh, Pa., to
appoint a receiver for the Pittsburgh Life & Trust Co., a $24,000,000 life
Insurance company, and warrants were issued for the arrest of seven men
who are charged with conspiring against and defrauding the company.
The men for whom the warrants were issued are Clarence E. 13irdseye of
New York, a promoter; Kellogg Birdseye, his son, Treasurer of the Pittsburgh Life & Trust Co.; George Montgomery, a promoter, said to be an
official of the Dare Lumber Co. of New York; Robert R. Moore,President
of the Commercial Trust Co. of New York; Alfred Leury of New York,
Comptroller of the Pittsburgh Life & Trust Co.; W.D. McQueston of New
York, Vice-President of the Pittsburgh Life & Trust Co.,and a Mr. Watson,
whose occupation, it is said, is not definitely established. The offices of
the Pittsburgh Life & Trust Co. were closed at 10 a. m.on the 1st inst. by
Pennsylvania State Insurance Commissioner O'Neil upon an order from
Judge Shafer, restraining the company from continuing business pending
the outcome of a hearing scheduled for Monday the 7th inst. According
to a statement made by Commissioner O'Neil on the 1st inst., one of the
men for whom warrants were issued entered into an agreement with the
directors of the Pittsburgh Life & Trust to buy a controlling interest in
the company, paying $80 a share for the stock. On a payment of $10 a
share, the money for which he raised on a note deposited with the Commercial Trust Co. of New York, this man, it is alleged, obtained control
of the company's stock. With the aid of a dummy board of directors, he
is charged with having "high financed" about $1,900,000 out of the company. The Insurance Departments of New York and Pennsylvania,
realizing, it is said, that the company was headed for a receivership, made
eleventh hour efforts to save the concern by calling the former directors
into conference and asking them to take over the company and straighten
out its financial affairs. When they refused to have anything more to
do with the company the Insurance Commissioners applied to Judge
Shafer for a receiver. Jesse S. Phillips, New York State Superintendent
of Insurance on May 1 issued a statement in which he declared that the
insurance company had been forced into its present difficulties through
financial transactions of such an astonishing character that they had
never been equalled in life insurance history.
"These transactions," said Mr. Phillips's statement, "include the use of
the company's own funds to the extent of over a million dollars to purchase
its own stock, the sale of the company's real estate in this city to dummies
and the loading of the company's assets with securities of very doubtful
value, which were substitutes for some securities to the extent of several
million dollars. They include an issue of $6,000,000 in bonds on timber
lands just acquired for $1,000,000 and then loading the company with these
bonds."
Frederick A. Wallis, New York Manager of the Fidelity Mutual Life
Insurance Co. of Philadelphia, who was elected President of the Pittsburgh
Life & Trust Co. on April 11 last, but who refused on Apirl 26 to accept the
office, on May 2 issued the following statement:
I had been elected President, but withdrew my acceptance of' the office
before the date fixed for my taking charge because a complete statement
of the condition of the company and an explanation of all its transactions
had not been laid before me and the Insurance Departments of New York
and Pennsylvania, as had been agreed.
Work on the remodeling of the Second National Bank Building of Titusvile, Pa., is scheduled to commence this week. When completed, the
Second National Bank expects to have one of the finest banking homes in
the oil district of Pennsylvania. The architecture of the modernized
structure will be of the Gothic period, Hoggson Brothers, the New York
and Chicago builders, following the design of the present structure in the
remodeling.
The Second National Bank was founded half a century ago by Charles
Hyde, who had acquired great wealth in the oil and lumber business.
Louis K. Hyde succeeded to the Presidency in 1901, John Fertig, in 1905.
and W J. Stephens in 1911, all of whom have continued the policy of the
founder. The present officers are: President, W J. Stephens; VicePresident, C. N. Payne; Cashier, F. C. Wheeler, Assistant Cashier, J. P.
Crossley.
The First National Bank of Auburn, Me., capital $150,000, is in process
of liquidation and will be succeeded by the First Auburn Trust Co. of
Auburn.
C. Bradley Hays has resigned as Cashier of the Citizens National Bank
of Baltimore, Md., to become Vice-President of the Baltimore (Md.) Trust
Co. Mr. Hays is well known in Baltimore banking circles. He was connected with the Merchants-Mechanics First National Bank of Baltimore

MAY 5 1917.]

THE CHRONICLE

for many years previous to his becoming connected with the Citizens
National Bank. The Baltimore Trust Co., as stated in these columns last
week, has taken over the affairs of the State Bank of Maryland, of Baltimore, guaranteeing its deposits, and it is said that Mr. Hays as VicePreisdent of the Baltimore Trust Co. will take practical charge of the State
Bank of Maryland.

1771

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,
Apr 28. Apr 30. May 1. May 2.
.
.
Week ending May 4
Sat.
Mon.
Tues
.
Wed,
Silver, per oz
d 379-16 37 15-16 37%
37%
Consols, 2% per cents
55
55%
British 5 per cents
Boll- 94
Holl- 9434
British 434 per cents
day
day
913(
9134
French Relates in Paris)__fr. 61.50
(
61.65
61.50 61.50
French War Loan 5% (in
fr. 88.70
Paris)
88.75
87.50
87.50

May 3.
Thurs.
38%
55%
9434
9134
61.50

May 4.
Fri.
38%
55%
9434
91%
61.50

Wilson W. Lampert, heretofore Assistant Cashier of the Continental &
Commercial National Bank of Chicago, Ill., has been elected Cashier of
the institution to succeed Nathaniel R. Losch, who has resigned. Mr.
Lampert is forty years old and is a native of Chicago. In 1894 he entered
87.50
87.55
the employ of the American Trust & Savings Bank of Chicago and held
The price of silver in New York on the same days has been:
various positions there until 1909, when he was chosen as Assistant Cashier.
74%
7434
75%
7454
7534
When the American Trust & Savings Bank was consolidated with the Silver in N.Y., per oz___cts. 74
Continental National Bank he was made an Assistant Cadhier of the latter
Institution and he has held that position continuously with the Continental
National and its successor, the Continental & Commercial National
IMPORTS AND EXPORTS FOR MARCH.
Bank.
An increase of $100,000 in the capital of the City National Bank of
Clinton, Iowa, raising it from $150,000 to $250,000, has been approved by
the Comptroller of the Currency
The United State National Bank of Denver, Colo., announces the death
of its President, Gordon Jones on April 14.
-Germania
P. H. Saunders has been elected President of the Commercial
Trust & Savings Bank of New Orleans, La.,to succeed John H.Fulton who
is a Vice-Presidest of the National City Bank of New
retired. Mr. Fulton
York. G. A. Blaffer has been elected President of the Commercial National Bank of which Mr. Fulton was also President. Mr. 131affer has also
been elected a Vice-President of the Commercial
-Germania Trust& Savings.
A decree was entered in the Superior Court of Los Angeles County (Calif.)
on April 23 changing the name of the German American Trust & Savings
Bank of Los Angeles, to the Guaranty Trust & Savings Bank. The
Guaranty Trust & Savings Bank has a capital of $1,000,000, and is headed
by M. N. Avery as President.
The Comptroller of the Currency has approved an increase of $1,000,000
in the capital of the Southwest National Bank of Commerce, of Kansas
City, Mo., raising it from $3,000,000 to $4,000,000. Directors of the
Southwest National Bank of Commerce, as stated in our issue of Jan. 20,
obtained controlling interest in the Commerce Trust Co. of Kansas City
and Voted to merge the two institutions.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London,• written under date of
April 5 1917:
GOLD.
The Bank of England gold reserve against its note issue shows an increase
of £608,650 as compared with last week's return. The arrivals of gold In
the United States from Canada have again been very large, namely, $55,000,000. New York reports export movements of $5,239.000, mainly to
Cuba, Spain and Japan. The West African gold output for February 1917
amounted to £104,892, as compared with £137,739 in February 1916 and
£131,665 in January 1917.
SILVER.
Scantiness of supplies, to which we have drawn attention recently, has
been indicated by the movements of the price during the week. So long
as demand, other than that which is continually in force for coinage, continued insignificant and fitful, the London market remained inert, especially
as the China exchange was falling and sales from that quarter were fairly
constant. A little more general inquiry set in on the 31st ult., and was accompanied by improving rates from China, with the result that the quotato 3634d.; a further rise of 5-16d. was recorded on the
tion rose sharply
2d inst., and the higher level has been fairly well maintained. The slight
reaction may be attributed to general clearing up before the holidays.
The United States Government bought 400,000 ounces during the week.
This may be followed by further purchases.
It is stated officially that purchases made by the Secretary of State and
also locally in India since February 1916 sufficed to provide 36 crores
(£24,000,000) of new rupees, a sum far exceeding the fresh coinage in any
similar period since the recommencement of the mintage of rupees 17 years
ago. The total weight of silver represented is Just under 123,500,000
ounces, and, taking the average price of silver for the period (necessarily a
rough method of calculation), the cost of purchases to the Indian Government must have approximated £18,000,000, leaving a profit available for
the Indian gold standard reserve of about £6,000,000. As the stock of
silver in the currency reserve shows during the period a net decrease of over
4 crores, the amount of absorption exceeds 40 crores, an enormous sum in
about a year. The last Indian currency returns show a moderate addition
to the sliver coin and bullion held in the reserve-the first time this has
occurred for three weeks. 'We append comparative details:
March 15. March 22. March 31.
Notes in circulation
86,23
85,18
86,38
Reserve in silver coin and bullion
19,17
18,72
19,27
and bullion in India
Gold coin
12,31
11,71
12,00
Gold in England
7,43
6,67
7,43
The stock in Shanghai on March 31 consisted of about 30,600.000 ounces
in oyono and 16,700,000 dollars, as compared with about 31,300,000 ounces
in sycee and 16,400,000 dollars on March 24 1917.
An interesting announcement appeared in the "Times" last Tuesday to
the effect that, owing to the rise in the price of silver, the Italian Government is authorizing the issue of 1 and 2 lire notes to the nominal value of
£12,000,000. The hoarding of silver currency is prohibited.
Statistics for the month of March are appended:
Highest price for cash
37 5-16
Lowest price for cash
35 11-16
Average price for cash
36.423
Quotations for bar silver per ounce standard:
cash April 5
36
Mar.30
36%
cash
" Average
3634
" 31
36.583 "
36 13-16 " Bank rate
April
5%
3613-16 " Bar gold per oz.,standard_ _.77s. 9d.
No quotation fixed for forward del very.
The quotation to-day for cash delivery is 11-16d. above that fixed a week
ago.




The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for March and
from it and previous statements we have prepared the following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Exports
Imports
1917.
1916.
1915.
1917.
1916.
1915.
January
$613,556 5330,036 $267,879 $241,816 $184.351 $122.148
February..._ 467.683
401,784
199,480
299,806
193.935
125.123
March
410,742
296,612
270.484
551,278
213,590
157.982
April
294,746
398,569
218,236
160.576
474,804
274,218
May
229,189
142,285
June
464,686
268,547
245.795
157.695
July
444,714
268,469
182,723
143.245
August
199.316
510,167
260,610
141,804
September_
514,924
300,655
164,039
151,236
October
492,844
178,659
149,173
336,152
November_
516,347
327,670
176,968
155.497
December
.
523,350
359,306
204,834
171,833
Total

January
February...__
March
April
May
June
July
August
September_
October
November_
December

15.482.967 $3,554,670
GOLD.
Exports
1916.
1915.
1917.
$10,213
$692
$20.720
22,068
13,685
1,054
10,774
924
17,920
814
11,503
1,277
11,919
8,312
2.822
2,192
9,395
1,128
11,780
2,034
6,849
7.054
2,939
3.661
26,335
11,889
27,974

Total

$155,793
1917.
$5.887
7,694
5,556

1915.
$5,188
3,425
3,156
4,371
4,741
3,969
3,965
3,378
3,366
5,237
5,971
6,831

$451.954
1915.
$2,287
2,400
2,477
2,603
2,352
3.623
3,003
3,804
2,737
3.219
3,376
2,603

$32,263

$53,599

Total

1915.
$6,896
12,727
25,620
16,203
31,136
52,342
17,263
61,641
42.062
79,669
60,982
45,413

Imports
1916.
$1,852
2,596
2,880
2,176
2,725
3,183
2,428
2,517
2,880
2,892
2,583
3,553

1917.
$3,346
2,478
2,977

Imports
1916.
$15,008
6,016
9,776
6,122
27.322
122,735
62,108
41,239
92,562
97.509
46.973
158,620
$685.990

1917.
158,926
103,766
139,499

$31,426
SILVER.

Exports
1916.
$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6,530
6,016
7,847
9,008
$70,595

January
February__ March
April
May
June
July
August
September_
October
November_
December

$2,391,635 $1,778.597

$34,484

EXCESS OF EXPORTS OR IMPORTS.
MerchandiseGold
1916.
1915.
1917.
1916.
$
$
$
+371,740 +145.685 +145,731 -38,206 -4,795
+268,203 +207,849 +174,683 --81,698 +7,669
+280,794 +187.152 +138,630-121,579
+998
+180,333 +134,170
+5,381
+245,615 +131,933
-15,403
+218,891 +110,852
-114,423
+261,991 +125,224
-52,713
+310.851 +118,805
-29,459
+350,885 +149.419
-85,713
+314,185 +186,979
-90,455
+339,379 +172.173
-20,638
+318,516 +188,473
-130.646
1917.

January -February March..„
April
May
June
July
August
September
October _
November
December..
Total_

+3,091,332+1,777.072

Silver
1917. 1916.
$
+2.541 +2.784
+5,216 +2,351
+2,579 +2.868
+2,680
+3,487
+1,461
+1,910
+3.298
+3.650
+3.124
+5,264
+5.455

-530,197

+38,332

+ Exports. -Imports.

Totals for merchandise, gold and silver for nine months:
9
Merchandise.
Mos.
Excess.
(000s
Exof
omit- Exports. imports.
Exports. ports.
led.)
$

Gold.

Silver.

Excess
imof
Exports. Exports ports.

Excess
Imof
ports. Exports

$

$
25,652
26,071
20,533
24,535
33,003
33,636

$

$

'16-17 4.634,863 1.818,319 2,816,544 150,094 801,2021651108
'15-16 2,995,425 1,504,663 1,490,762 58,516 337,831, 279315
'14-15 1,931,078 1,213.614 717,464 141,311 71,888 69,423
'13-14 1,883,222 1.398.353 484,869 46,689 57,289/10,600
'12-13 1,908,058 1,401,844 506,214 61,715 57,232 4.483
'11-12 1,711,408 ,203,965 507,443 43,889 36.086 7.803

58,690
44,080
37,861
40,938
55,581
48,177

$
33,038
18,009
17,328
18,403
22,578
14,541

f Excess of Imports.

Similar totalsfor the three months since Jan. 1 for six years
make the following exhibit:
Merchandise.
Three
M'th.

(0003
omitled.)

Exports.

$
1917..1,632,517
1916..1,142,562
1915.. 864,297
1914.. 565,486
1913.. 608.457
1912.. 606,702

insports.

$
$
711,781 920,736
591.876 550.686
405,254 459.043
485.343
80,143
468.422 140,035
435,351 171,351

Excess of imports.

Gold.

Excess
of
ExExports. ports.

Surer.

Excess
imof
Exports. Exports ports.

Excess
ins
of
ports. Exports

$
$
$
60,708302,1911241483
34,673 30,801 3,872
2,669 45,243 142,574
18,625 21,493 12,868
47,688 15,948 31,740
19,958 12,414 7,544

$
$
19,137 8,801 10,336
15,33
7,328 8,002
11,768 7,164 4,604
11,484 6,800 4,684
17,288 9,866 7,422
16,956 11,850 5.106

[VOL. 104.

THE CHRONICLE

1772

month of 1916 of 47.0%, and for the
Clearings by Telegraph-Sales of Stocks, Bonds, &c. crease over the same reaches 27.5%.
subjoined table, covering clearings for the current four months the gain
-The
Four Months.
week, usually appears on the first page of each issue, but
April.
on amount of the length of the other tables is crowded out Clearings at
Inc. or
Inc. or
Ded.
1910.
once a month. The figures are received by telegraph from
1917.
Dec.
1916.
1917.
leading cities.
other
$
%
$
%
-Returns by Telegraph.
Clearings
Week ending May 5.

Per
Cent.

1917.

1916.

New York
Chicago
Philadelphia
Boston
Kansas City
81. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New (Meant

$3,187,427,061
501,403,084
297,933,884
219,928,049
116,347,731
110,839,400
83,203,196
67,094,197
48,335,563
38,067,864
34,137,223

32,726,043,889
384,075,693
224,047,784
215,551.940
91,179,609
87,017,616
56,119,938
56,882,424
32,535,280
38,818,773
25,529,678

+16.9
+30.5
+33.0
+2.0
+27.6
+27.4
+48.3
+18.0
+48.6
-1.9
+33.7

Seven cities, five days
Other olties, five days

$4,704,717,252
775,408,948

53,937,802,424
550,104,716

+19.5
+31.9

Total of all cities, five days
AU cities, one day

$5,430,126,200
905,417,268

$4,487,907,140
708,605,476

+21.0
+27.8

36.335.543.468

55.196.512.616

+21.9

Total all cities for week

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the four months of 1917 and 1916 are given below:
Four Months 1916.

Four Months 1917.
Desalt.
Mon.

Par Value
or Quantity.

Actual
Value.

Aver. Par Value
Price. or Quantity.

Actual
Value.

Ayer.
Price.

55,804,241
63,444,334
Stock ISh's.
93.6
/Val_ $6,700,933,480 15,482,109,749 95.834,903,441,105 $4,589,348,920 92.4
256,519,056
277,520,000
207,298,152 90.0
RR. bonds 230,378,000
539,506 102.5
520,450
280,922 103.3
272,000
Gov't bde_
81,448,494 94.3
86,355.500
137,724,634 96.8
142,224,000
State bds_
161,140 173.3
93,000
55,539 220.4
25,200
Bank gas_
Total_ _ - $6,073,832,680$5,807,468,996 95.6 $5,267,036,145$4.028,017,110 93.5

The volume of transactions in share properties on the New
York Stook Exchange each month since Jan. 1 in 1917 and
1916 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1914.
1917.
11th .
Values.
Number
Values.
Number
of
of
Actual.
Par.
Shares.
Actual.
Par.
Shares.
45
$
I)
$
1,301,244,816
Jan _ 16,939,440 1,537,971,934 1,465,687,291 15,956,94 1,427,403,335 962,417,409
Feb _ 13,588,465 1,219,280,131 1,170,569,988 12,126,205 1,025,902,010
01.264,214,208
Mar_ 18,658,2671.654,197,47C 1.588,437,26315.197,585 1,331.870,90
33
Istq 0,186,17214.411.449.53,4,224,894,541 43,280,734 3,785,177,1453,527,876,4
12.523.507 1.118.264.050 1.061.472.487
April 14.258.16211.289.483.950 1.237.415.208

$
$
Canada344,245,448 269,945,748 +27.51,283.511,488 1,034,316,551
Montreal
263,225,159 186,270,201 +41.3 946,663,717 743,122,94
Toronto
271,543.933131,002,911 +107.3 736,455,543 543,442,30
Winnipeg
90,002,677
Vancouver...._ 30,333.013 21,859,400 +38.8 112,799,021
71,259,173
23,528,121 18,815,907 +25.0 85,511,454
Ottawa
53,615,85
65,133,754
17,342,986 14,407,260 + 19.9
Quebec
38,599,032
45,176,338
11,642,071 9.015,268 +29.1
Halifax
58,525,13
74,243,424
19,700,732 15,128,703 +30.2
Hamilton
26,331,46
35,216,774
9,980,441 6,698,603 +49.0
St. John
30,998,87
9,842,802 7,759,754 +26.8 36,457,015
London
61,942,92'
00,867,514
28,954,474 16,288,622 +78.0
Calgary
23,201,604
24,868,096
6,931,714 5,642,791 +22.8
Victoria
34,783,204
41,664,904
10,876,054 8,997,896 +20.9
Edmonton_
29,597,783
11,822,928 7.050,435 +67.7 43,995,171
Regina
8,141,04,
8,104,504
2,324,359 2,033,936 +14.3
Brandon
7,260,497
11,769,300
Lethbridge _ 3,630,983 1,858,604 +95.3
17,533,353
26,589,913
7,410,683 4,384,976 +69.0
Saskatoon
10,440,831
12,816,783
2,615,687 +28.4
3,357,715
Brantford _.
14,474,147
18,134,966
4,864,113 3,449,846 +41.0
Moose Jaw
7,195,243
8,517,223
2,113,474 1,835,161 +15.1
Fort William
3,553,88
4,676,388
+22.7
New Westm'r_ 1,263,763 1,029,602
5,479,664
9,844,686
Medicine Hat_ 2,720,975 1.475,414 +84.4
7,912,544
9,587,683
. 2,622,597 1,918,514 +38.7
Peterborough
4,314,547
10,742,059
Sherbrooke .._ 2,590,563 2,120,497 +22.2
2,215,47
9,394,305
2,567,849 2,215,479 +15.9
Kitchener *
Tnt Clftnns14 100027A B231741 Ma MR -1-4703.7:12.110B.7502.020.054.1R

+24.1
+27.5
+35.5
+25.3
+20.0
+21.5
+17.0
+26.9
+33.7
+17.6
+46.7
+7.2
+19.8
+48.6
-0.5
+02.1
+51.7
+22.6
+25.3
+18.4
+28.8
+79.9
+21.1

-1-27.8

• Not included in totals comparison incomplete.

The clearings for the week ending April 26 at Canadian
cities, in comparison with the same week of 1916, show an
increase in the aggregate of 85.6%.
1Veek ending April 26.
Clearings at1917.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Total Canada

1916.

Inc. or
Dec.

1915.

%
$
$
90,980,586 49,152,771 +85.1
67,181,431 38,128,675 +70.2
71,815,875 33,999,516 +111.2
8,024,202 4,339,777 +84.9
5,707,057 3,793,885 +50.4
4,887,089 3,149,011 +61.5
3,190,784 1,937,831 +65.0
4,805,340 3,548,784 +35.4
2,231,026 1,476.659 +51.1
2,095,503 1,497,150 +40.0
7,653,637 3,109,645 +146.1
972,580 +71.6
1,668,413
2,662,184 1,789,247 +48.8
2,832,775 1,361,533 +108.0
433,754 +28.8
558,802
368,760 +170.0
095,620
827,522 +117.8
1,802,134
550,876 +47.4
811,942
649,544 +93.9
1,259,637
398,812 +24.0
491,089
194,438 +65.3
321,588
271,715 +191.3
791,506
392,666 +60.4
629,379
470,944 +35.7
638,932
570,000 +8.9
620,884

1914.

$
I
40,032,812 57,961,048
32,209,768 44,653,762
24,602,479 25,610,130
5,306,124 8,288,612
4,383,898 3,662,133
2,469,212 2,829,242
1,509,867 1,938,205
2,747,492 3,242,033
1,310,007 1,407,233
1,408,405 1,551,724
2,444,203 3,456,414
1,633,166 2,361,139
1,814,388 3,171,748
1,129,179 1,667,029
413,918
383,840
427,054
275,540
755,183 1,120,317
573,399
419,855
791,842
654,350
546,517
426,561
374,342
292,204
385,810
219,063
327,218

284.663.505 153,384,995 +85.6 135,790,892 160.303.573

The following compilation covers the clearings by months
Southern and Other Western Clearings brought forsince Jan. 1 1917 and 1916:
ward from first page.
MONTHLY CLEARINGS.

Week ending April 28.
Clearings al

Clearings Outside New York.

Clearings, Total AU.
At°nth.
1917.

I

IOW.

%

1915.

1910.

II
*
I
3
$
90 7,811,885,314
Jaa __ 25,641,505,405 20,138.687,541 +27.3 10,514,139,7 3 7,185,967,692
Phlb _ 21,630,773,327 18,292,704,969 +18.2 8.836,686.08 8,196,369,170
ar__ 24,794,685,314 20,744,243,671 +19.5 10,565,538,051
Is t qu. 72,066,944,046 59,175,636,181 +21.8 29,916,303,927 23,194,222,176

+34.6
+23.0
+28.9
+29.0

3 +33.6
A ell _ 25.015.716.275 10.378.942.139 +29.1 10.363.494.378 7.756.325.48

The course of bank clearings at leading cities of the country
for the month of April and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
Jan. 1 to April 30
April
1914.
1915.
1917. 1916. 1915. 1914. 1917. 1916.
(000,0005
$
$
$
$
$
S
$
11
omitted.)
14,652 11,623 8,811 8,548 50,803 47,604 30,146 33,007
New York
5,180
5,569
6,235
8,156
1,540 1,321 1,389
2,112
Chicago
2,781
2,570
3,490
3,922
717
715
889
1,014
Boston
2,798
2,573
5,527 3,990
720
675
1,410 1,002
Philadelphia
1,399
1,335
1,587
2,180
344
346
393
550
St. Louis
893
819
1,087
1,313
247
232
289
327
Pittsburgh
834
833
1,002
1,419
216
212
256
366
San Francisco
468
430
548
668
110
111
135
167
Cincinnati
595
618
727
718
160
143
178
182
Baltimore
909
1,229
1,382
2,165
223
310
335
564
Kansas City
446
435
649
1,063
118
125
163
288
Cleveland
336
325
399
578
72
76
91
154
Orleans
New
390
447
439
484
95
84
103
136
Minneapolis
259
213
323
361
01
48
78
81
Louisville
477
628
405
• 897
135
113
166
233
Detroit
285
287
318
405
66
65
75
99
Milwaukee
412
338
401
515
104
88
107
127
Los Angeles
127
140
165
177
35
34
42
44
Providence
302
310
391
571
70
78
92
141
Omaha
196
235
187
300
50
50
58
75
Buffalo
193
187
248
233
45
46
57
63
St.Paul
135
132
170
218
32
33
43
55
Indianapolis
149
143
185
247
38
38
49
67
Denver
141
155
266
389
35
40
66
102
Richmond
130
146
139
182
30
30
31
44
Memphis
209
221
195
322
55
49
60
90
Seattle
111
92
130
146
23
30
33
37
Hartford
102
145
101
212
26
27
30
54
Salt Lake City_ _
_
23,234 17,990 13,930 13,764 90,171 73,084 49,963 53,661
Total
4,294
4,547
1.782 1,388 1,083 1133 6,912 5,472
Other cities
25,016 19,378 15,013 14,897 97,088 78,556 54,257 58.208
Total all
Outside Now York. 10,364 7,755 6,201 6,349 40,280 30,952 24,111 25,201

-The clearings of the
Canadian Bank Clearings.
Canadian banks for the month of April 1917 show an in


1917.

%
Kansas City-.
Minneapolis _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids..._
Colorado Springs
Pueblo
Fargo
Waterloo
Helena
Aberdeen
Fremont
Hastings
Billings

$
140,834.512
32,207,173
30.622,186
15,107,238
15,242,377
15,540,802
7,340,273
5,930,326
5,200,346
6,989,000
3,304,904
2,215,339
2,149,880
2,584,547
758,654
592,787
1,562,083
3,119,000
1,758,060
873,703
493,651
530,679
967,880

Tot.0th. West

295,925,080

St. Louis
New Orleans_ _ _ _
Louisville
Houston
Galveston
Richmond
Fort Worth
Atlanta
Memphis
Savannah
Nashville
Norfolk
Birmingham _ _ _ _
Jacksonville -__ ChattanoogaKnoxville
Little Rock
Mobile
Augusta
Charleston
Oklahoma
Macon
Austin
Vicksburg
Muskogee
Tulsa
Jackson
Dallas

132,323,256
33,686,699
18,185.385
11,598,347
4,291,038
26,040,844
11,008,403
20,047.895
9,347,382
5,418.397
0,158,124
5,249,517
3,099,496
3,595,204
3,298,959
2,500,000
2,831,038
1,309,762
1,860,012
2,700,227
6,113,000
1,125,000
2,400,000
229,829
1,497,474
7,902,988
293,407
12,610,438

Total Southern

339,728,181

1916.

Inc. or
Dec.

1915.

1914.

+71.0
+30.2
+20.5
+5.2
+38.1
+93.6
+21.5
+48.9
+2.3
+55.3
-0.1
+4.6
+40.9
+71.1
+26.4
+12.4
+1.0
+44.3
+47.5
+10.2
+41.8
+69.2
+63.5

72,008,178
19,361,905
19,993,597
10,262,987
8,397.202
6,895,178
5,211,660
3,300,582
3,699,882
3,287,832
2,564,470
1,472,130
1,199,516
1,714,138
300,000
315,641
1,1132,270
1,724,657
1,189,305
478,806
436,359
314,748
383,334

$
61,401,811
23,749,061
15,997,860
10,518,565
8,753,606
6,803,886
5,250,392
3,467,021
3,092,822
3,205,707
2,018,923
1,828,688
1,419,546
1,810,176
345,000
531,984
1,072,507
1,645,609
853,022
500,000
317,393
164,259
321,369

200,841,692 +47.3

165,734,443

145,138,007

+50.3
+43.8
+3.5
+35.2
+3.5
+58.4
+48.3
+46.6
+26.8
+52.0
+24.4
+14.6
+36.4
+4.1
+22.0
+38.9
+44.3
+36.5
+20.2
+10.0
+98.8
-54.0
+20.0
+11.1
+42.3
+174.9
-17.5
+60.3

75,964.275
16,749,685
11,305,267
6,953,592
3,293,000
8,717,258
7,362,419
11,873,377
5,982,830
4,242,981
5,697,363
3,086,081
1,973,354
2,020,896
2,035,890
1,392,147
1,670,397
1,039,634
1,765,341
1,824,095
2,048,219
2,182,940
1,843,042
223,034
505,809
1,103,952
271,491

238,827,953 +42.2

183,728,389

$
82,338,237
24,729,735
24,204,667
14,365,197
11,033,237
8,028,318
6,039,876
3,983,509
5,081,850
4,499,984
3,309,321
2,117,000
1,524,446
1,610,973
600,000
527,425
1,547,065
2,162,277
1,192,306
792,603
348,019
313,755
591,712

88,039,872
23,423,326
17,155,499
8,575,754
4,145,954
16,439,639
7,424,468
13,676,329
7,372,062
3,565,498
7,363,082
4,580,427
2,266,564
3,452,384
2,704,270
1,800,000
1,962.638
959,810
1,547,203
2,454,196
3,074,951
2,486,893
2,000,000
206,840
1,052,111
2,874,378
355,424
7,867,681

74,120,548
21,201,227
12,824,896
9,000,000
3,714,500 •
7,997,210
8,971,052
12,998,544
6,371,775
3,700,446
6,154,259
3,8.55,825
2,875,057
3,000,000
1,797.443
1,637,508
2,059,067
1,300,000
1,905,429
1,820,981
2,175,497
3,204,261
2,315,037
200,854
921,571
1,519,125
344,042
196,170,388

THE CHRONICLE

MAY 5 1917.]
April.

By Messrs. Francis Henshaw & Co., Boston:

Four Months.

--....„_
1917.

1910.

Inc. or
Dec.

1917.

1916.

Inc. or
Dec.

s
3
%
$
I
$
%
Kansas City __ 503,960,030 335,238,503 +68.2 2,164,829,117 1,382,010,504 +56.6
Minneapolis __ 136,083,634 102,581,604 +32.0 484,245,783 439,465.247 +10.2
Omaha
141,205,602 92,440,914 +52.8 571,467,760 391,074,629 +46.1
St. Paul
03,324,088 57,043,349 +11.0 233,404,576 247,820,193 -5.8
Denver
66,617,539 49,138,172 +35.6 246,989,963 185,416,294 +33.2
St. Joseph
63,890,883 36,111,433 +70.9 257,016,171 159,975,529 +61.3
Des Moines
35,539,000 29,062,5261 +22.3 144,265,401 112,939,118 +27.7
72,596,567 +39.0
Sioux City
25,879,887 1 7,805,6471 +45.3 100,866,0/0
77,470,125 +4.4
Duluth
80,879,468
23,175,104 1 9,667,419 +17.8
75,756,721 +30.9
99,138,816
Wichita
26,303,10 1 8,147,889 +44.9
48,975,240 +29.9
63,584,073
Lincoln
15,483,311 12,600,610 +22.9
42,266,151
34,464,451 +22.6
Davenport
10,010,049 8,519,420 +17.5
42,175,302
28,203,707 +49.5
Topeka
10,180,80' 0,788,853 +49.9
42,248,015
31,958,009 +32.2
Cedar Itapids b 10,810,44C 8,093,851 +33.6
15,283,144
13,219,265 +15.6
Colorado Spgs„ 4,071,15.
3,362,586 +21.1
10,427,782
8,045,055 +29.0
Pueblo
2,738,744 2,077,696 +31.8
26,228,019
30,033,081 -12.6
Fargo
7,205,636 7,164,874 +0.6
26,174,071
22,897,988 +14.3
Sioux Falls
6,837,017 5,527,160 +23.9
38,419,696
40,115,302 -4.2
11,369,37: 0,859,550 +15.3
Waterloo
29,228,179
20,762,970 +40.8
7,302,457 6,104,744 +19.6
Helena
12,661,156
13,176,473 -3.9
3,368,249 +10.7
3,930,365
Aberdeen
30,708,870
26,402,978 +16.3
8,404,923 7,511,483 +11.9
Joplin
11,345,194
7,787,280 +45.7
2,557,828 1,677,490 +52.5
Fremont
8,617,801
4,867,026
.
2,331,560 1,249,506 +80.0
Hastings
15,258,693
9,847,575 +54.9
4,212,401 2,803,361 +50.3
Billings
17,354,000
5,010,000 2,100,500 +132.2
8,315,500 +108.7
Grand Forks
934,915 +21.2
1,132,005
4,811,055
3,818,629 +26.0
Lawrence
1,279,518 +32.7
0,724,501
5,770,058 +16.5
Iowa City_ _ _ - 1,697,47
1,872,987 1,724,248 +8.6
7,900,171
6,537,411 +20.8
Oshkosh
1,Mo 6,037,965 4,203,570 +43.6
Spring:101,
23,485,050
15,762,137 +49.0
Kan. C., Kan_ 2,082,451 1,627,895 +28.0
8,803,814
6,071,043 +45.0
1,ewistown_ _ _ _
2,692,001 1,501,108 +79.3
10,091,265
0,766,745 +49.1
Tot. oth.West 1273967 934 857,377,703 +48.64,876,899,6573,538,323,210 +37.8
St. Louis
549,939,938:392,681,889 +40.02,179,505,180,1,586,918,326 +37.3
New Orleans_ 153,935,267 90,787,306 +69.6 557,582,8841 399,332,195 +44.6
Louisville 80,570,800 77,913,575 +3.4 360,674,750 323,045,007 +11.6
Houston
47,593,422 38,225,714 +24.5 203,274,492 171,773,500 +18.3
Galveston
66,8.59,720 +17.9
78,837,765
_ 17,098,727 16,748,919 +2.1
Richmond...... 102,311,437 65,508,633 +56.2 389,333,210 256,211,395 +46.2
Fort Worth..
47,108,389 31,228,362 +50.9 180,145,677 138,099,931, +34.8
Atlanta
102,533,057 67,966,653 +50.9 402,402,308 282,930,508 +42.2
Memphis
43,784,000 30,884,769 +41.8 182,334,023 138,558,737 +31.6
84,584,547 +7.1
90,594,101
Savannah
20,471,7:37 17,886,530 +48.0
Nashville
40,495,065 31,458,697 +28.7 /59,000,615 127,888,708 +24.3
75,855,474, +22.7
91,515,085
Norfolk
23,856,8:31 19,119,037 +24.8
58,900,315
Birmingham _ 13,799,094 10,997,083 +25.5
49,550,965 +18.9
67,112,136
61,439,514 +9.2
Jacksonville
17,107,211 16,001,292 +6.9
58,871,153
48,343,766 +21.8
Chattanooga
13,994,085 12,218,196 +14.5
40,448,975
37,186,636' +8.8
10,557,135 9,483,075 +11.3
Knoxville
54,183,329
41,859,899 +29.4
Little Rook
14,269,260 9,860,113 +44.6
22,038,635
18,123,217 +24.9
Mobile
5,402,393 4,402,928 +24.1
3(3,481,992
28,534,536 +27.6
Augusta
11,709,986 7,005,415 +67.1
42,613,333
40,345,390 +5.6
11,131,958 11,926,963 -6.7
Charlestonl
99,967,471
26,689,700 13,400,795 +99.2
54,573,345 +83.2
Oklahoma
23,152,213
6,424,700 13,172,678 --53.2
Macon•
57,865,962 --60.0
5,137,892 4,487,353 +14.5
Columbia
19,629,471
17,687,319 +11.0
Beaumont_ 4,811,787 3,573,386 +34.6
19,464,899
16,003,865 +21.6
14,929,237 14,341,171 +4.1
Austin
79,131,491
85,770,321 -7.7
Columbus,Ga_ 2,075,431 1,920,601
+7.7
6,650,447
7,643,227 -12.9
2,376,43
2,081,597 +14.2
WilmTn, Net
8,949,082
8,022,314 +11.0
Vicksburg
, 1,140,001 1,032,640 +10.5
4,590,054
4,645,481 -1.2
6,235,67' 5,658,666 +10.2
Muskogee ___
25,871,135
21,375,977 +21.0
30,442,358 13,081,900 +178.6 113,205,816
Tulsa
49,450,025 +128.9
1,926,398 2,317,808 -16.9
Jackson
9,443,382
11,331,450 --16.7
19,095,04 11,049,892 +72.7
El Paso
71,303,113
42,728,423 +67.0
1,616,50
1,848,100 --I2.6
Meridian
0,384,300
6,715,600 -4.9
48,830,139 31,500,000 +55.0 212,602,041 128,302,239 +65.7
Dallas
2,596,601 1,652,371 +57.1
Newport New
9,760,636
5,704,009 +71.1
4,694,000 4,354,392 +7.8
Montgomery
17,001,142
18,130,043 -6.2
5,197,25
Tampa..
4,273,041 +21.6
18,079,203 +12.9
20,407,450
Texarkana,Ar
1,968,228 1,517,391 +29.7
7,706,584
5,877,519 +32.1
Raleigh
3,043,971 2,727,242 +11.6
11,704,243
11,001,607 +6.9
-Total South_ 1528962 646 1096308770 -I-39 116 949c31 me I Ac7 inc non .4-597
• Country Clearings Department abandoned,

ommercial anaMiscellantons4,etuf.
TREASURY CURRENCY HOLDINGS.
-The following
compilation, also made up from the daily Government statements, shows the currency holdings Qf the Treasury at the
beginning of business on the first of January, February,
March and April 1917.
Jan. 1 1917 Feb.1 1917.
Holdings in Sub-Treasuries$
S
Net gold coin and bullion
252,520,280 202,103,979
Not silver coin and bullion
24,160,458 34,530,168
Net United States notes
5,409,462
8,726,193
Net national bank notes
18,007,791 30,778,299
Not Federal Reserve notes
2,092,945
2,499,255
Net Federal Reserve hank notes_
61,535
179,:330
Net subsidiary silver
3,323,762
5,
661,
467
Minor coin,,kc
1,726,892
2,816,113

Mar.1 1917 Apr.1 1917
200,353,984 203,868,087
24,418,563 23,501,656
12,021,749 11,544.435
17,634,128 16,628,415
1,850,005
2,226,540
90,240
55,690
5,037,991
4,965,377
2,380,082
1,969,992

Total Calh in Sub-Treasuries__307,309,128 287,294,804 264,686,7-15.264,760,192
Less gold reserve fund
152,979,020 152,979,020 152,979,025 152,979,025
Cash balance in Sub-Treasuries _154,330,102 134.:315,778 111,707,720 111,781,167
Cash in Federal Reserve banks__ 28,233,106 24,488,574 13,382,367 50,268,598
Cash in national banks
To credit Treasurer of U. S.._ 32,416,513 32,208.873 32,730,783 32,540,550
To credit disbursing officers_ 0,769,119
5,808.156
5,205.853
6,357,874
Total
Cash in Philippine Islands

39,185,632
4,361,700

38,077,029
5,543,124

37,936,636 38,898,424
5,103,550
5,581,992

Net cash in banks, Sub-Treas_220,110,540 202,424,505 168,1:30,273 200,530,181
Deduct current liabilities
111,622,703 108,214,877 101,624,874 113,645,717
Available cash balance
114,487,837 94,209,628 66,505,399 92,884,464
• Includes April 1, $4,591,759 12 silver bullion and $1,969,992 37 minor coin.
ero., not included in statement "Stock of Money."

Auction Sales.
-Among other securities, the following,
were recently sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian IT. Muller & Sons, Now York:
not usually dealt in at the Stock Exchange,

Per cent.
Shares. Stocks.
145
810 Nat. Zino Co
1,000 Victor American Fuel Co...... 2%
7 Norfolk & New Brunswick
$22 lot
Hosiery Co
Per cent.
ROMS.
$10.000 Bklyn. Ferry Co. of N. Y.)
1st cons. 55, 1948 (ctfs. of (lep.) I $20
200 Chicago Term. RR. Co. com.1 lot
ctf. of deposit
$100 Rosedale Cemetery Assoc. 631 $18
$300 Linden Cemetery Assoc. 6s_ _4 lot




1773

Bonds.
Per cent.
$5,000 23(1 St. Ry. Co. impt. & ref.
5s, 1962
88
$15,000 Bklyn. Ferry Co. of N. Y.
1st eons. 5s, 1948 (ctfs. of dep.)
50 Bamberger-Do Lamar Gold
Mines Co
I
500 Greene Consol. Gold Co
300 Greene Gold-Silver Co
100 Metropol. Securities Co. $75
per sh. paid (Interboro.-Met.
Co. receipt)

Tg

Shares. Stocks.
$ per sh. Shares. Stocks.
$ per oh.
6 National Shawmut Bank
202
4 Nashua Mfg. Co., $500 each.. _ _801
4 Merrimack Mfg. Co. common
58
75 Loew's Boston Theatres Asso3 Everett Mills
121%
elates, $10 each
10 A •
6 Tremont & Suffolk Mills
139
6 Fairbanks-Monse & Co.,Inc., pf. 9934
.
20 Arlington Mills
108
44 Internat.Alanganese&Chem.Co_ 6%
10 Berkshire Cotton Mfg. Co
19334

By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh .
$ per sh. Shares. Stocks.
12 National Union Bank
200
10 North Boston Lighting Proper•
25 Fitchburg Bank & Trust Co.._ _..145
ties, pref
100
10 Esmond Mills, pref
0 Fairbanks
92
-Morse & Co., pref_ _ _ 99 4
10 Arlington Mills
108
90 Rights Haverhill Electric Co_ 10c.-1 1 c.
18 Pepperell Mfg. Co
20334-20331 1 Realty Co. of Massachusetts_ __ 35
13 Central Vermont Ry
2

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh.
200 Hamilton Apt. Co.,$50 each 50c.
1,173 Gardner Artificial Lumber,
$10 each
$12 lot
10,000 Princeton Mining & Smelting
Co., Si each
$4 lot
93 Nat. Bank of Germantown,
$50 each
142-14234
6 People's Trust Co., $50 each 36
3 Farmers' Trust Co., Mt.
Holly, N. J
1194
3 Farmers' & Mech. Nat. Ilk _14034
10 Third Nat. Bank
25
85 Lumbermen's Ins. Co., $25
each
10234-1023-4
50 People's Nat. Fire, $25 each 15
50 Phila. & Gulf Steamship,
$50 each
$1 lot
500 Loyal Petroleum Co., $5
each
$6 lot
10 Montgomery Co. Agric. Soc.,
$5 each
$3 lot
I Oxford Park Association_ _ _ 2
400 Penna. Oil Creek Petroleum,
32 each
$1 lot
I Pt. Breeze Park Assoc., S250
Si
par
10 U.S. Grant Gold Mine
$1 lot
23 Bank of North America_ _ _ _ 257

Shares. Stocks.
$ per oh
5 Tenth National Bank
118
10 Commercial Trust Co
425
9 Girard Trust Co
860
5 Northern Trust Co
554
20 Real Estate Title & Trust
Co
3184
8 Robert Morris Trust
70
4 Frank.& S'wark Pass. Ry_ _360
2 Enterprise Mfg. Co
55
19 H.K. Mulford Co.,$50 each 603‘
12 Phila. Bourse Corn., $50 each 734
50 Phila. Bourse, pref., $25 each23
140 Stewart River Gold Dredge,
$I each
$1 lot
1,000 Sunset Mining & Dew., $1
each
$5 lot
2 Provident Trust
880
35 Colonial Trust
100
1 Guarantee Trust
156
Bonds.
Per cent.
$3,500 I3oro. of Dickson City bs,
1918
100
2,000 Sch. Dist. of Abington,
Montgomery Co., 448,
1934
1023
800 Phila. City 4s, 1943
1013
25,000 Pan-Amer. Fibre Synd.
deb. Ws
$210 lot

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 Inclusire.

Railroads (Steam).
Atch.Top. &Santa Fe. corn.(qu.)(No.48) 134 June 1 Holders ofrec. April 30a
Atlantic Coast Line RR., preferred
234 May 10 May 1
to
May 9
Canadian Pacific, common (guar.)
234 June 30 Holders of reo. June la
Cleveland & Pittsburgh, reg. guar. (qu.). 8734c .June 1 Holders of rec. May 10a
June 1 Holders of reo. May 10a
Special guaranteed (guar.)
50c
Cripple Creek Central, corn. (qu.) (No. 30) 134 June I Holders of rec. May 15
Preferred (guar.) (No. 46)
1
June 1 Holders of rec. May 15
Georgia South. & Fla., 1st & 2d pref _ _
23.4 May 7 Holders of rec. Apr. 27
Illinois Central (quar.) (No. 126)
134 June I Holders of rec. May 4a
Norfolk & Western, adj. pref. (quar.)_ _ _
1
May 19 Holders of rec. April 30a
Norfolk & Western, common (quar.)
14 June 19 Holders of rec. May 31a
Pennsylvania (guar.)
75e. May 31 Holders of rec. May le
$1
Reading Company, common (quar.)
May 10 Holders of rec. April 23a
Reading Co., 1st pref. (guar.)
50c. June 14 Holders of rec. May 29a
Street and Electric Railways.
134 May 15 Holders ofrect. May ba
American Railways, preferred (quar.).... _
Boston Elerated By. (guar.)
50c. May 15 Holders of rec. May 2
34 June 1 Holders of rec. May 15
Cities Service, cont, and pref. (monthly),
Common (payable in common stock)
IA June 1 Holders of rec. May 15
I
Civic Invest.& Industrial (qu.)(No. 3),_
May 15 Holders of rec. Apr. 30
Conn. Ry. & Ltg., corn. & pref. (guar.), I
May 15 May 1 to
Mayg15
Cumberland Co.(Me.)Pow. de L., pref.(qu) 134 May I Holders of rec. April Ila
Detroit United Ry. (guar.)
2
June I Holders of rec. May 16a
Havana Elec. Ry., L. & Pow., common
3
May 15 April 26 to
May 17
Preferred
3
May 15 April 26 to
May 17
Illinois Traction, common (quar.)
4 May 15 Holders of rec. May in
Lehigh Valley Transit, pref. (quar.)__
6234c. May 10 Holders of rec. April 30a
lA May I April 21
Lincoln Traction, pref. (guar.)
to
April 30
Pacific Gas & Elect*, 1st pl. (qu.) (No.11) 13-4 May 15 Holders of rec. April 30
1 34 May 15 Holders of rec. April 30
Original preferred (guar.) (No. 45)
234 May 15 Holder: of roe. May in
Tampa Electric Co. (guar.)(No. 50),_ _ _
,
Banks.
Germania, stock dividend
el00
May 15 Apr. 22 to
May 14
Westchester Are. (guar.)
134 May I Holders of rec. April 28a
Trust Companies.
6
Kings County, Brooklyn (guar.)
May I April 20 to
April 30
Miscellaneous
Acceptance Corporation (guar.)
134 May 15 Holders of rec. May 14a
1 y, June 1 Holders of rec. May 21
Acme Tea. lot and 2d preferred (quar.)
American Bank Note corn. (quar.)____
75c. May 15 Holders of rec. May in
American Brass ((mar.)
134 May 15 Holders of reo. April 30
Extra
11
May 15 Holders of rec. April 30
American Cotton Oil, common (quar.)
1
June I Holders of rec. May 15a
3
Preferred
June 1 Holders of rec. May 15a
Amer.Graphophone,pref.(quar.) (No.76) 134 May 15 Holders of rec. May in
Amer.La France Fire Eng.,Ine.,com.(qu.) I
May 15 Holders of rec. May On
1
Amer. Laundry Machinery.com.(quar.)_
May 15 May 6 to
May 15
American Radiator, common (guar.)
3
June 30 Holders of rec. June 21
Preferred (guar.)
134 May 15 Holders of rec. May 7
260e June 20
American Sewer Pipe (guar.)
See note (r)
lA June 15 May 26 to June 3
Amer. Smelting & Refg., coin. (quar.)
Preferred (guar.)
May 20
13-4 June 1 May 12 to
Fountain (quar.)
IA May 15 Holders of rec. May 1
Amer. Soda
American Tobacco, common (guar.)
June 1 Holders of rec. Slay 15
5
American Utilities, preferred ((mar.),_ _ _
14 May 10 Holders of rec. Apr. 300
$2
Anaconda Copper Mining (quar.)
May 28 April 22 to
May 16
Asbestos Corp.of Canada, Ltd.,pref.(qu.) I
May 15 Holders of rec. May 1
Associated Dry Goods, 1st pref.(No. 1). _
134 Dec. 1 Holders of rec. Nov. 15
Atlantic Steel, preferred
334 May 1 April 21 to
May 1
234 May 10 May 2 to May 9
Beatrice Creamery, common (guar.)
11 May 10 May 2 to May 9
Preferred (guar.)
Bethlehem Steel, common (guar.)
234 July 2 Holders of rec. June 15
234 July 2 Holders of rec. June 15
Common, Class B (quar.)
134 July 1 June 21 to
Brier Hill Steel, common (quar.)
July 1
Common (extra)
July 1 June 21 to
5
July 1
14 July 1 June 21 to
Preferred (guar.)
July I
British Columbia Fish. & Pack.
2
May 21 May 10 to
May 20
British Columbia Packers Association
4
May 21 May 10 to May 20
Brown Shoe. common (guar.)
lA June 1 Holders of ree. May 21
134 May 15 Holders of rec. May 5a
Brunswick-Balke-Collender. corn. (qu.) _
Buckeye Pipe Line
June 15 Holders of rec. May 31
$2
Burns Bros., common (stock dividend) /25
May 12 Holders of rec. April 300
Burns Bros., Inc., corn. (guar.)(No. 15)_
13.4 May 31 Holders of rec. May 21a
May 31 Holders of rec. May 210
Common (payable in common stock),.. 11
California Packing Corp., corn. (No. 1)..
50c. June 15 Holders of reo. May 31
Canada Cement, Ltd.. pref. (quar.)_..,. 14 May 16 May 1 to
May 10
3
Canada Foundries & Forgings,com.(qu.)_
May 15 Holders of rec. Apr. 30a
14 May 15 Holders of rec. Apr. 30a
Preferred (guar.)
1
Canadian Converters, Ltd. (quar.)
May 15 Holders of rec. April 30a
Caney Biter Gas (guar.)
6234c. May
Holders of rec. May 9

Name of Company.

[vol.. 104.

THE CHRONICLE

1774
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
2
May 22 Holders of rec. May 15
Carbon Steel, common (extra)
20c. May 10 Holders of rec. May 1
Carwen Steel Tool (quar.)
Sc. May 10 Holders of rec. May 1
Extra
2
May 21 Holders of rec. May 7a
Colorado Fuel Sv Iron, pref. (guar.)
1
May 15 Holders of reo. April 30a
Columbia Gas & Electric (No. 1)
1M June 1 Holders of rec. May 14a
Connecticut Power, pref. (qu.) (No. 17)_ _ _
Consolidated Gas of New York (quar.). _
134 June 15 Holders of reo. May 10a
Continental Paper Bag,com.(qu.)(No.43) 134 May 15 Holders of rec. May 8
134 May 15 Holders of rec. May 8
Preferred (quar.) (No. 67)
$1.50 June 15 Holders of rec. May 25
CopRer Range Co. (guar.)
$1
June 15 Holders of rec. May 25
Extra
Cresson Cons. Gold M.& M.(monthly)__ _ 10c. May 10 Holders of rec. April 30
h3
May 19 Holders of rec. May be
Crucible Steel, pref. (quar.)(No.55)
134 June 1 Holders of rec. May 15
Deere & Co., pref. (guar.)
2
Juno 15 Holders of reo. May 31
Diamond Match (guar.)
234 May 15 Holders of reo. April 30
Dominion Bridge, Ltd. (guar.)
234 July 16 Holders of rec. July 2
Eastern Steel, common (quar.)
134 June 15 Holders of rec. June 1
First and second preferred (quar.)_ _ _ _
Eastman Kodak,common (extra)
5
June 1 Holders of rec. April 30a
Electric Investment Corp., pref. (guar.).
134 May 22 Holders of rec. May 12
13i May 15 Holders of reo. May 5
Fairhaven Mills, common
134 May 15 Holders of reo. May 5
Preferred
May 15 Holders of rec. May la
Gaston Williams & Wigmore (qu.)(No.4) $1
June 1 Holders of rec. May 22a
General Chemical, common (quar.)__ _ - 2
General Cigar preferred (quar.)
151 June 1 Holders of rec. May 24a
15( July 1 Holders of rec. Juno 20
General Fireproofing, corn. ct: pref. (guar.
L
May 15 Holders of reo. May 4a
Goodrich (B. F.) Co.. common (quar.)I% July 2 Holders of reo. June 22a
Preferred (quar.)
Aug. 15 Holders of reo. Aug. 3a
Goodrich (B. F.) Co., common (quar.).. 1
2
May 12 Holders of reo. May 10a
Gorham Mfg., common (guar.)
134 May 1 April 16 to April 30
Grant Motor Car Corp., pref. (guar.)
2
May 15 Holders of rec. May 9
Great Lakes Dredge & Dock (guar.)
May 28 Holders of rec. May lie
Greene Cananea Copper Co. (quar.)_ - 2
June 1 Holders of reo. May 19a
Hart, Schaffner & Marx, Inc.. cora.(mi.) 1
134 June 1 Holders of rec. May 15
Hartman Corporation (guar.) (No. 1)_ _ _ _
- 65e. May 25 Holders of rec. May 19
Homestake Mining (monthly) (No. 513)
13
4 May 1 Holders of rec. April 21
Idaho Power, pref. (guar.) (No. 2)
Ill. & Power Securities, pref.(qu.)(No.19) 134 May 15 Holders of rec. April 30
Indiana Pipe Line (quar.)
$2
May 15 Holders of reo. April 24
Indian Refining, preferred
h534 May 26 Holders of rec. May 10
2
June 1 Holders of rec. May 10a
Inland Steel (quar.)
7
May 21 Holders of rec. May 5
Internat. Arms & Fuze Sec., pref
Infernal Hart, of N.J., pref.(gu.) (No.41) 134 June 1 Holders of rep. May 11
Internat. Hart. Corp., pref. (gu.)(No. 17) 134 June 1 Holders of fee. May 11
134 July 1 Holders of reo. June 20
Jewell Tea, Inc., preferred (quar.)
(qu) 134 May 1 Holders of rec. April 14a
Kansas City Stk.Yds. of Me.,com.ctpf.
25o. June 15 Holders of reo. June la
Kerr Lake Mining (quar.) (No. 47)--- 134 May 31 Holders of rec. May 21
Lannon Monotype Mach., (guar.)
May 31 Holders of reo. Apr. 30a
Lehigh Coal & Nay. (quar.) (No. 154)._ $1
June 1 Holders of rec. May 15
Liggett & Myers Tobacco, corn. (quar.).. 3
June 1 May 16 to May 31
Massachusetts Gas Companies, preferred 2
134 June 1 Holders of rec. May 15
May Department Stores, common (guar.)_ _
$1.50 May 15 Holders of reo. May la
Miami Copper (quar.) (No. 19)
$1
May 15 Holders of reo. May la
Extra
Middle West Utilities, preferred (quar.)_
134 June 1 Holders of rec. May 15
Mitchell Motors, Inc. (guar.)
134 May 24 Holders of rec. May 10a
Mobile Electric, pref. (guar.)
134 May 15 Holders of rec. April 30
2
Montreal Light, Heat & Power (quar.). _
May 15 Holders of reo. Apr. 30
National Acme Co. (quar.)
750. June 1 Holders of reo. May 15
k2
National Enamel & Stamping. common
May 15 Holders of rec. April 26a
2c
National Zino & Lead (quar.)
May 15 May 9 to May 15
4
May 10 Holders of rec. April 30
New Jersey Zinc
114 July 2 Holders of reo. June 150
North American Co.(quar.) (No. 53)--$15631 June 1 May 18 to June 5
Ohio Cities Gas, common (quar.)
Ontario Steel Products, pref. (quar.)._ _ _
134 May 15 Holders of reo. Apr. 30
144 June 1 Holders of rec. May 17a
Pacific Mail S. S., pref. (quar.)
I
May 15 Holders of reo. May 5
Penmans. Limited. common (auar.)
1
May 25 Holders of rec. May la
People's Gas Light & Coke (quar.)

Name of Company.
Miscellaneous (Concluded).
Pittsburgh Steel, pref. (guar.)
Pressed Steel Car, com.(quar.) (No. 27).
preferred (guar.) (No. 73)
Procter & Gamble, common (quar.)
Pullman Company (quar.)(No. 201)..._ _
Pure 011 (quar.)
Extra
Quaker Oats, pref. (quar.)
Savoy Oil
Sears. Roebuck & Co., common (quar.)
Shannon Copper (guar.)
Extra
Silversmiths Co., common (guar.)
Preferred (guar.)
Sinclair 011 & Refining (guar.)
Smith (A. 0.) Corp., pref.(qu.) (No. 2).
SouthernCalif Edison,com .(qu.)(No.29)
Southern Pipe Line (quar.)
Standard Motor Construction
Standard 011 (Calif.) (quar.)
Standard 011 (Indiana) (quar.)
Extra
Standard Oil of N, Y. (guar.)
Standard Sanitary Mfg., corn. (quar.)._
Common (extra)
Preferred (quar.)
Stewart-Warner Speedometer (quar.)_ - _ _
Studebaker Corporation, common (gnat.)_ _
Preferred (guar.)
Superior Steel Corp.,1st St 2d pref.(qu.)Supplee Milk, preferred (quar.)
Union Amer. Cigar, pref. (guar.)
United Cigar Stores of Amer.. com.(qu.)
United Profit Sharing Corporation
United States Steel Corp., corn. (quar.).
Common (extra)
Preferred (quar.)
Vacuum 011
Extra
Warwick Iron & Steel
Wayland 011 & Gas.common
Preferred
White (J. G.) & Co.,Inc.,pref. (quar.). _ _
White (J. G.) Engineering, pref.(quar).
White (J. G.) Management, pref.(quar.).
Woolworth (F. W.), corn. (quar.)(No.20)
Yale & Towne Manufacturing (extra).

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

134 June 1 Holders of rec. May 15
1% June 6 Holders of reo. May 16a
134 May 23 Holders of reo. May 2a
May 15 Holders of reo. April 30a
2
May 15 Holders of rec. April 30a
30c. June 1 Holders of rec. May 15
20c. June 1 Holders of rec. May 15
134 May 31 Holders of reo. May la
300. June 25 Holders of rec. June 11
2
May 15 Holders of rec. April 30a
250. May 15 Holders of reo. April 30
25c. May 15 Holders of rec. April 30
May 15 Holders of rec. May 7
2
13.5 May 15 Holders of rec. May 7
$1.25 May 19 Holders of rec. May la
131 May 15 Holders of reo. May 1
131 May 15 Holders of reo. April 30a
6
June 1 Holders of rec. May 15
April 30
130c. May 15 April 17 to
234 June 15 Holders of ree. May 15
3
May 31 Holders of reo. May 7
3
May 31 Holders of reo. May 7
3
June 15 Holders of rec. May 19a
134 May 10 Holders of reo. May 1
1
May 10 Holders of rec. May 1
131 May 10 Holders of reo. May 1
134 May 15 May 1 to May 5
234 June I Holders of rec. May 19
1% June 1 Holders of rec. May 19
2
May 15 Holders of reo. May 1
134 June 1 Holders of rec. May 19
1
May 15 May 1 to May 15
2
May 15 Holders of reo. April 274
5o June 1 Holders of rec. May 15
131 June 29 June 2 to June 4
3
June 29 June 2 to June 4
May 1
134 May 29
3
May 15 Holders of rec. May 1
2
May 15 Holders of reo. May 1
3
May 15
10e. June 11 Holders of rec. June lo
15c. May 10 Holders of ree. May la
134 June 1 Holders of rec. May 15a
1% June 1 Holders of reo. May 15a
June 1 Holders of reo. May 15a
2
June 1 May 2 to May 15
5
May 21 Holders of rec. May 14

a Transfer books not closed for this dividend. b Less British income tax. d Correcticn. e Payable in stock. f Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. i Declared El 50, payable 50o. each
June 20, Sept. 20 and Dec. 20; transfer books closed ten days before payment of
dividend. k Declared 4% on corn. stock, payable 2% as above and 2% Nov. 15
to holders of record Oct. 27. 1 Declared 600., payable 300. as above and 30c.
Nov. 15 to holders of record Oct. 16.

-Under instrucImports and Exports for the Week.
tions from the Treasury Department the issuance of weekly
totals of imports and exports of merchandise and specie by
the New York Custom House have been suspended indefinitely. Under the circumstance our usual compilation
is omitted until such time as the figures may again be given
out.

The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board on April 28:
The Federal Reserve Board's weekly bank statement as at close of business on April 27 1917 reflects to some extent the week's credit operations of the
Treasury in procuring, through the Federal Reserve banks, a temporary short-time loan of 250 million dollars, largely for the benefit of the British Government. The part taken by the Federal Reserve banks In the latest loan was mainly that of fiscal agents in receiving subscriptions and concentrating
the funds subscribed at the New York Reserve Bank for transfer to the financial representative of the British Government. A relatively small amount
of $8.145,000 represents subscriptions of the Federal Reserve banks themselves, both for own account and on behalf of certain member banks.
Other items showing the effect of the Reserve banks' assistance in the loan operations and of the concentration of funds in Now York for the credit
and use of the Government are gold and cash reserves, which show decreases for the week of 17.4 and 11.5 millions, respectively; uncollected items,
which increased37.9 millions,of which 17 millions represents the increase in the amount of transfer drafts bought; Government deposits, which gained
57.7 millions, or 7.5 millions more than the portion of the loan reserved by the Government for its own use; and member bank reserve deposits, which
decreased 22.8 millions during the week.
The New York Reserve Bank statement indicates an increafefor the week of about 53.8 millions in its balance with the Gold Settlement Fund,resulting from the transfer through the Fund of subscriptions to the 250 million dollar loan received by the other Federal Reserve banks. As a further result, the bank reports the change of a favorable balance of about 1.5 millions in account with other Federal Reserve banks to ad adverse balance of
41.8 millions, which is, however, offset in part by a considerable increase in Clearing House exchanges and out-of-town items. Changes In reserve and
deposits shown for the other Reserve banks are due mainly to transactions in connection with the loan Issue. The reserve position of the banks as a
whole is slightly less favorable than the week before, the ratio of cash reserve to not deposit and note liabilities having declined from 74.2 to 72.5%.
Larger reductions In cash reserve and in reserve percentages are Indicated for the Philadelphia and St. Louis banks, the former bank reporting as an
offset a change from 1.2 millions due to other Federal Reserve banks, to 6.6 millions due from other Federal Reserve banks, and the latter an increase
of about 4 millions in the amount of transfer drafts bought..
Apart from the mentioned increase of $8,145,000 in the amounts of U. S. Government certificates, the banks show some gains in discounted paper on
hand, Philadelphia. Richmond, Chicago and St. Louis reporting the main increases under this head. Acceptances on hand declined about 1.5 millions
In volume, the larger decline of 3.6 millions shown for the Boston bank being offset largely by gains reported by the other Eastern banks. Total earning assets of the banks stand at present at $239,260,000, or 424% of the banks' paid-in capital, compared with 403% shown the week before. Of the
total investments, 29.8% is represented by acceptances; 24.3% by 2% and 3% certificates of'indebtedness; 15.1% by U. S. bonds; 14.7% by discounts;
9.8% by Treasury notes, and 6.3% by warrants.
Additional note issues for the week of over 6 millions are reported by Federal Reserve agents. Against the total of $446,544,000 of Federal Reserve
notes outstanding, the agents hold $422,905,000 of gold and $25,981.000 of paper. The banks report a total of $420,509,000 of Reserve notes In actual
circulation and $18,226,000 of aggregate liabilities thereon.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the eight preceding weeks, thus furnishing a useful comparison. In the second table we
show the resources and liabilities separately for each of the twelve Federal Reserve banks. The statement of Federal Reserve
Agents' Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.

COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 27 1917.
I
Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr. 5-6 '17. Mar.30 1917 Mar.23 1917. Mar.161917. Mar.9 1917. Mar.2 1917.
RESOURCES.
I
Gold certificates in vault
$311,798,000 $330,152,000 $338,369,000 $362,472,000 $374,903,000 $350,736,000 $355,318,000 $330,184,000 $304,163,000
207,920,000 206,830,000 198,271,000 200,125,000 200,061,000 209,281,000 201,661,000 205,561,000 212,031,000
Gold settlement fund
2,325,000
Gold redemption fund with U. S. Treasurer_ _
2,518,000
2,651,000
2,414,000
2,339,000
2,434,000
2,505,000
2,519,000
2,347,000
Total gold reserve..
,
Legal tender notes, silver, &a

5522,236,000 $539,633,000 $539,074,000 $565,102,000 $577,378,000 $562,536,000 $559,318,000 $538.070,000 $518,541,000
30,340,000 24,462,000 21,136,000 19,110,000
9,282,000 10,665,000 16,176,000 19,113,000
9,971,000

Total reserve
$552,576,000 $564,095,000 5560,210,000 $584,212,000 $586,660,000 $573,201,000 $575,494,000 $557,183,000 $528,512,000
5% redemption fund against F. R. bank notes_
400,000
400,000
400,000
400,000
400,000
400,000
400,000
400,000,
400,000
Bills discounted-Members
Acceptances bought
United States bonds
One-year U. S. Treasury notes
U. S. certificates of indebtedness
Municipal warrants

$35,043,000 $29,737,000 $22,009,000 $17,928,000 $20,106,0001 $18,473,000 $17,234,000 $18,500,000 $18,840,000
71,400,000 72,925.000 80,604,000 82,735,000 84,473,000 87,798.000 97,002,000 108,860,000 114,058,000
36,22:3,000 36,215,000 36,218,000 36,629,000 29,275,000, 29,275,000 29,155,000 29,126,000 28,650,000
23,450,000 23,360,000 23,370,000 23,042.000 18,425,000, 18,818,000 19,368,000 19,406,000 19,468,000
68,145,000 50,000,000 50,000,000 50,000,000
1
14,999,000 15,163,000 15,212,000 15,207,000 15,715,000 15,761.000 16,029,000 16,932,000 16,798,000

Total earning assets
$239,260,000 $227,400,000 $227,413,000 5225,541.000 $167,994,000 $170,125,000 $178,788,000 $192,886,000 $197,814,000
I
Federal Reserve notes
-Net
$20,622.000 $20,640,000 $22,001,000 $16,235,000 1118,999,000 $19,440.000 $21,991,000 $20,608,000 $23,095,000
Due from other Federal Reserve banks-'-Net _ _
3,143,000
132,000
2,473,000
4,023,000
2,275,000,
1,071,000
3,379,000
3,412.000
3,298,000
Uncollected items
204,842,000 166,966,000 169,184,000 146,422,000 132.759,000 145,757,000 155,976,000 130,411,000 154,026,000
All other resources
6,401.000
5,757,000
4,770,000
4,610,000
4,909,000 t5,393,000i
6,198,000
5,680.000
7,821,000
Total resources




1023.589.000 5986.744.000 5954.559.000 5951_131_000 5914_450_000 5017.001.000 sa42 220.000 5911.032.000 $915,691,000

MAY 5 1917.1

THE CHRONICLE

1775

Apr. 27 1917 Apr. 20 1917 Apr. 13 1917 Apr.5-61917 Afar.30 1917 Mar.23 1917 Mar. 16 1917 Afar. 9 1917 Afar. 2 1917
LIABILITIES.
$56,400,000 $56,411,000 $56,408,000 $50,100,000 $56,075,000 $56,057,000 $56,054,000 $56,028.000 $56,045,000
99,680,000 41,988,000 42,247,000 46,461.000 20,567,000 19,702,000 18.594,000 12,401,000 14,162,000
719,785,000 742,584,000 741,542,000 758.219,000 720.411,000 711,117,000 726.104,000 720,488.000 708,893,000

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

129,032,000 128,856,000 131,064,000 105,436,000 100,961,000 113,784,000 121,550,000 102,824,000 116,330,000
18,226,000
16,459,000 13,014,000 14,295.000 15.941,000 16,725,000 19,444,000 18.787.000 19,772,000
448,000

446,000

614.000

620,000

525,000

516,000

504,000

480,000

489.000

1023,589,000 $986,744,000 $984.889,000 $981,131,000 $914,480,000 $917,901,000 $942,226,000 8911,032,000 $915,691,000

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

68.6%
72.5%

71.0%
74.2%

71.2%
73.9%

73.0%
75.4%

79.9%
81.2%

79.0%
80.5%

77.0%
79.2%

74.6%
77.3%

74.0%
75.4%

73.3%

74.9%

74.5%

76.1%

82.1%

81.4%

80.3%

78.3%

76.4%

Distribution by Maturities
1-15 days bills discounted and bougnt_ _ _ $38,021,000 $36,555,000 $40,745,000 $34,433,000 $31,061,000 $30,245,000 836,502,000 840,336,000 $36,578,000
392,000
520,000
345,000
52,000
744,000
1,173,000
1,754,000
704,000
319,000
1-15 days municipal warrants
20,900,000 24,462,000 21,543,000 22,631,000 30,320,000 28.410,000 22.516,000 23,707.000 29,189,000
16-30 days bills discounted and bought_ _ _
2,088,000
292,000
519,000
2,153,000
345,000
362,000
52,000
794.000
765.000
16-30 days municipal warrants
29,620,000 26,529,000 26,038,000 29,744.000 30,636,000 36,260,000 42,956.000 45.208.000 46,156,00()
31-60 days bills discounted and bought__ _
10,325,000
7,720,000
9,973,000 12,232,000
437.000
582,000
1,103,000
571,000
612,000
31-60 days municipal warrants
16,735,000 14,102,000 13,367,000 13,073,000 11,735,000 10,505,000 11,486,000 17,279,000 20,096,000
61-90 (lays bills discounted and bought_ _ _
355,000
4,574,000 11,977,000 12,122,000 12,123,000
531,000
2,000
495,000
8,122.000
61-90 days municipal warrants
1,167,000
1,014,000
782,000
827,000
920,000
851,000
879,000
Over 90 days bills discounted and bought_
776,000
830,000
2,342,000
2,212.000
1,839,000
2,211,000
1,986,000
2,210,000
6,272,000 13,084,000
2,341,000
Over 90 days municipal warrants
Federal Reserve Notes
Issued to the banks
Held by banks

$446,544,000 $140,539,000 $131,789,000 $400,608,000 $382,564,000 $372,244,000 $363,278,000 8355.263.000 8343,847.000
26,035,000 26,182,000 20,979,000 24,188,000 24,799,000 25,410,000 27,217.000 28,651.000 29.589,000
$420,509,000 $414,357,000 8401,800,000 $376,510,000 $357,765,000 $346,801,000 $336,061,000 8326,612,000 8314,258,000

In circulation
Gold and lawful money with Agent

$422,005,000 $418,538,000 $410,796,000 8378,450,000 8360,668,000 $349,519,000 8338.608,000 8328,433,000 $317,581,000

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

$724,200,000 $708,520,000 8696,540,000 $667,060,000 $647,700,000 $625,320,000 $598,480,000 $583.560,000 $576,400,000
137,725,000 135,902,000 132,292,000 130,248,000 127,917,000 121,867.000 116,858,000 114,477,000 113,184,000

Amount chargeable to Agent
In hands of Agent

$586,475,000 $572,618,000 $564,248,000 $530.812,000 8519,783.000 $503,453,000 $481,622,000 $469,083,000 8463,216,000
139,931,000 132,079,000 132,459,000 136,114,000 137,219,000 131,209,000 118,344,000 113,820.000 119,369,000

Issued to Federal Reserve banks__
$446,514,000 $440,539,000 $431,788,000 $400,698,000 $382,564,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000
==========
How Secured
$253,944,000 $252,194,000 $248,313,000 $234,573,000 $222,377,000 $219,836,000 $218,609,000 $212,094,000 $204,194,000
By gold coin and certificates
By lawful money
By commercial paper
23,639,000 22,001,000 20,998,000 22,253,000 21,898,000 22,725,000 24,670.000 26,830,000 26,266,000
15.587,000
20,931,000 18,644,000 18,583,000 17,697,000 17.631,000 14,353,000 15.379,000 14,959,000
Credit balances in gold redemption fund
Credit balances with Federal Reserve It'd_ 148,030,000 147,700,000 14:3,000,000 126,180,000 120,660,000 115,330,0001 104,620,000 101,380,000 97.800,000
'
$446,544,000 $440.539,000 $431,794,000 $400,703,000 ;382,566,000 $372,244,000 $363,278,000 $355,263,000 $343,847,000

Total
Commercial paper delivered to F. R. Agent

-275,981:500 $23.826.000 $22,594,000 $23,554,000 $23,050,000 $24,386,000 $26,189,000 $29,686,000 $28.700,000
$
.

a Amount duo to other Federal Reserve banks. t Amended figures.
WEEKLY STATEMENTof RESOURCESand LIABILITIESof EACII of thel2 FEDERAL RESERVE BANKSatCLOSEof BUSINESS APR.27 '17.

I

Boston. 1 New York, Philadera. Cleveland. , Richmond. Atlanta,

I

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

Total.

RESOURCES.
$
$
I
$
$
I
3
$
I
$
$
$
$
$
$
S
Gold coin & ctfs. in vault 13,665,000 155,072,000 24,580,000 18,558,000) 6,466,000 6,092,000 34,107,000 8,899,000,12,055,000 7,891,000 8,420,000 15.993.000311,798.000
Gold settlement fund _ _ _ 13,184,000; 75,7117,000 3,872,000 22,845,000 16,200,000 7,115,00021,947,000 2,025,000, 4,988,000 26,133,000 9,463,000 4,381,000207,920,000
43,000 2,518,000
80,000
85,000, 350,000
Gold redemption fund__
250,000
204,000
157,000
250,000
386,000
55,0001 608,000
50,0001
Total gold reserve_ _ _ 26,899,000231,089,000 28,702,000 41,458,000123,274,000 13,593,000 56,258.000 11,000,000,17,393,000 3.1,181,000 17,963,000 20,417,0001522,236.000
06.0001 30,340,000
112,000
38,000 1,064,000
136,000
883,000 1,347,000 1,430,000; 205,000
Legal-ten.notes,silv.,&c. 512,0001 23,871,000 550,000
1
1
27,411,000,254,960,00020.258.00041570.000J23.410.000 14,476,000 57,605,000 12,439,000,17,688,00034,219,000 19,027,000 20,513,000552,576,000
Total reserve

I

5% redemp. fund-F.R.
I
300,000
100,000
900,000
bank notes
Bills:
740,000 1,533,000 3,020,000 7,356,000 2,319,000 2.791,000 3,317,000, 3,750,000
Discounted-Members 6,089,000
567,000 2,844,000
717,000 35,043.000
6,740,000 16,595,000 10,711,000 4,639,000 6,775,000 2,732,000 5,555.000 2,781.000, 6,171,000 1,384,000
Bought in open mkt
824,000 6,493,000 71,400,000

I

Total bills on hand__ 12,820,000 17,335,000 12,244,000 7,659,000 14,131,000 5,051,000 8,346,000 6,098,000 9,921,000 1,951,000 3,668,000 7,210,000 106,443,000
1330,000 1,306,000
United States bonds_ _
519,000
One-yr. Treasury notes.. 2,191,000 2,788,000 2,548,000
US certkof indebtedness 3,000,000 20,000,000 3,500,000
Municipal warrants_ __
133,000 5,154,000 1,449,000

5,844,000 1,152,000
672,000 7,007,000 2,233,000 1,793,000' 8,792,000 3,966,000 2,429,000 36,223,000
1,865,000 1,969,000 1,491,000 2,985.000 1,444,000 1,452,000 1,784,000 1,430,000 1,500.000 23,450.000
4,940,000 2,080,000 2,382,000 5,680.000 3,235,000 2,000,000 2,933,000 2,900,000 5,495,000 58,145.000
811,000 14,999,000
177,000
560,000
456,000
2,947,000
12,000 2,217,000 1,068,000
15,000

Total earning assets__ 18,686,000 40,583,000 20,200,00023,255,000 19,347,000 9,608,00026,235,000 14,078,000 15,293,000 15,916,000 12,524,000 17,445,000239,260,000
-Net 2,772,000i 10,974,000
Fed. Res've notes
320,000
1,098,000 20,622,000
4.061,000
1,397,000
Due from other Federal
Reserve banks-Net. 6,732,0001
0,982,000
6,559,000 4,468,000 2,085 000 2,895,000 7,575,000
5,949,000
al32.000
10,652,0001 50,554,000 24,357,000 13,501,000 9,338:000
Uncollected items
10,169,000 31,439.000 13,127,000 4,962,00010,454.000 6,236,000 14,050,000 204,842.000
39,000,
854,000
797,000 997,0001
497,000
174,000 1,172,000
117,000
All other resouroes
136,000 5,757,000
216,000
120,000 1,138,000
Total resources

72,292,000363,925,000 80,961,000 84,410,00054,300,00038,286,000 127712000 40,141,00038,060,00068,365,00039,059,000 59,191,000 1023589000

LIABILITIES.
5,059,000 11,883,000 5,253,000 6,240,000 3,431,000 2,418,000 7,002,000 2,945,000 2,431,000 3,089,000 2,723,000 3,935,000 56,409.000
Capital paid in
Government deposits__ _ 7,917,000 18,211,000 6,501,000 3,357,000 7,596,000 10,988,000 8,014,000 1,795,000 3,849,00010,726,000 8,926,000,11,856,000 99,689,000
-ReDuo to members
serve account
40,115,000262,360,000 43,532,000 61,296,000 25,652,000 18,574,00097,116,000 25,793,000 27,843,000 46,926,000 22,527,000 39,042,000 719,785,009
10,128,000 29,524,000 22,153,000 13,517,000 7,860,000 4,520,000 15,580,000 7,499,000' 2,606,000 7,624,000 3,179,000 4,242,000129,032.000
Collection items
Fed. Res've notes--Net
18,226,000
1,104,000
2,780,000
9,811,000 1,786,000
1,557,000 1,182,000
Duo to F.R.banks-Net
41,812,000
552,000
600,000
149,000
7:3,000
I
All other liabilities
126,000
•
116,000
448.000
1:33,000

1

72,292,000 363,925,000 80,961,000 84,410,000
Total liabilities
54,
300,00
038,
286,000 127712000,40,141,000 38.060,000 68,365,000 39,059,00059,191,000 1023589000
Federal Reserve Notes
21,383,000 193,591,000 30,433,000 21,919,000 10,522,000 19,836,000 40,303,000,15,482,000,22,563,000,24,992,000 20,563,000 18,054.000 146,544.000
Issued to banks
2,772,000 10,074,000 1,361,000 1,397,000
Held by banks
224,000 1,098,000 26,035,000
785,0001 4,061,000) 490,000 828,000, 1,266,000
776,000

I

I

F. R. notes In circulation 18,611,000 182,620,000 29,060,000'20 522,000 15,746,000 19,051,000'3(3,242,000114,992.000 21.735,000 23,726,00020,339,000 17,856,000 420,509,000
Gold and lawful money
with Agent
„(IUU (5,45.5,00050,55.5,000„000 L'J.2.sS,000 10.954.0004 „
.935,000.
.
a Difference between net amounts due from and net amounts duo to other Federal Reserve banks. x Overdraft

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS APRIL 27 1917.
Boston.

New York. Philadel'alCleveland. Richmond. Atlanta.

Chicago. Si. Louls.1Minneap. Kan. City. Dallas. !San Fran.

Total.

$
$
$
$
I
$
I
$
$
$
Federal Reserve Notes
$
I
3
S
S
$
Reed from Comptrolr 39,680,000 333,230,000 13,440,000 32,200,000 29,500,000 36,380,00051,080,000 24,940,00034.000,000 40,720,00036,920,000 22.050.000724,200.000
Returned to Comptrol 9,517,000 71,786,000 8,167,000 5,311,000 9,778,000 5,589,000 2,077,000 4,518,000 4,087,000 4,958,000 7,871,000 3,106,000137,725,000
Chargeable to Agent- -- 30,133,000 261,494,000 35,273,00026,859,000 19,722,00030,791,000 49,003,000 20,422,00029,013,000 35,762,00029,049,000 18,954,000586,475,CH)0
In hands of F.R.Agent 8,750,000 67,900,000 4,810,000 4,940,000 3,200,000 10,955,000 8,700,000 4,910,000 6,450,000 10,770,000 8,486,000

139,931,000

Issued to F. It. hank. 21,383,000 103,591,000 30,4:33,000 21,019,000 16,522,000 19,830,00010,303,000 15,482,00022,563,000 24,992,00020,563,000 18,954,000446,544,000
Held by F. R. Agent6,465,00013,918,000 2,370,00010,110,000
253,944,000
), Gold coin & cents_ _ - - 20,260,000 183,881,000 3,730,000 10,313,000
2,897,000
Credit balances:
915,000 1,416,000 1,205,000
844,000 20,931,000
435,000 1,338,000
700,000
653,000
In gold redemption I'd 1,123,000 9,713,000 1,48:3,000 1,10(1,000
21,070,000 10,500,000 5.500,000 13,030,00039,0S0,000 6,270,000 5,720.00020,260.000 7,920,000 18,110,000 148,030,000
With F. ft. Board_ - -Notes secured by com
946,000 1,328,000
2.047.000 2,010,000
23,639,000
4,150,000
10,587,000 2,571,000
menial paper
21,383,000 193,591,00030,433,000 21,919,000 16,522,000 19,836,000 40,303,000 15,482,000 22,563,00024.092,00020.563000 18,954,000446,544,000
Total
Amount of.comml paper
2,053,000 /.010,000 1,114,000 2,758,000
25,981,000
4,186,000
11,285,000 2,575,000
delivered to F. R.Ag't




1776

[VOL. 104.

THE CHRONICLE

Statement of New York City Clearing Souse Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing House members for the week ending April 28. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the throe groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
Capital.1
MEMBERS.
Week Ending
April 28 1917.
(00s omitted.)

Net
Profits.

Loans,
Discounts,
Investm'ts,

Gold.

Legal
Tenders.

Silver.

Mat. B'ks Mar. 51
1StateB'ks Feb.28I

Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.
Mercuants' Nat. Bank_
Mech. & Metals Nat..National City Bank__ _
Chemical Nat. Bank__ Atlantic National Bank
Nat. Butchers'& Drov_
Amer. Exch. Nat. Bank
Nat.,dank 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 BankFirst National Bank_ _ _
Irving National Bank
N.Y.County Nat. Bank
Chase National Bank
Lincoln National Bank_
1arfield National Bank
ifth National Bank.....
SeaboardLNat. Bank._ Liberty National BankCoal & Iron Nat. Bank_
Union Exchange Nat
Nassau National BankBroadway Trust Co- _ -

Average.
2,000,0 5,000,1
2,000,0 2,391,3
6,000,0 9,940,9
25,000,0 a46,035,8
3,000,0 8,455,8
822,1
1.000.0
300,0
77,8
5,000,0 5,606,0
25,000,0 19,463,9
3,500,0 2,202,t,
3,000,0 16,446,1
2,550,0 2,547,6
1,000,0 2,083,3
3,500,0 7,294,2
1,500,0 7,705,0
5,000.0 16,293,4
68,4
250,0
1,000,0 3,544.3
10,000,0 25,753,3
4,000,0 4,102,5
500,0 1,209,3
10,000,0 12,519,6
1,000,0 1,999,0
1,000,0 1,334,7
250,0
428,0
1,000,0 3,078,4
1,000,0 3,616,8
1,000,
808,1
1,000,0 1,137,8
1,000,
1,134,5
1,500,0 1,050,6

Nat.Bank Vat.Bank
Notes
Notes
Federal
[Reserve
[Not
Reserve
for State Counted
Notes
Instituas
[Not *
tions]. Reserve]. Reserve].

Average. Average. Average. Average. .4 verage. Aaverge.
3
2,546,0
948,0
173,0
4,0
611,0
505,0
165,0
37,0
28,0
27,289,0 1,302,0 4,140,0
86,0
121,0
54,334,0 5,455,0 2,041,0
160,0 1,177,0
642,0
694,0
817,0
50,0
35,0
1,118,0
232,0
290,0
20,0
8,0
73,0
53,0
50,0
5,0
6,0
4,228,0 1,060,0
845,0
125,0
164,0
15,075,0 4,313,0 2,263,0
115,0
5,600,0 1,017,0 1,131,0
387,0
337,0
21,214,0 1,184,0 1,243,0
36,0
234,0
1,165,0
293,0 1,124,0
22,0
20,0
270,0
974,0
355,0
25,0
244,0
6,979,0
853,0 2,937,0
595,0 4,453,0
1,323,0 2,115,0
142,0
1,0
1,0
10,814,0
605,0 1,430,0
75,0
283,0
84,0
32,0
168,0
2,0
15,0
1,247,0
490,0
213,0
31,0
77,0
17,466,0 1,126,0 1,390,0
18,0
21,0
8,146,0
867,0 2,872,0
167,0
313,0
542,0
583,0
183,0
109,0
25,0
22,661,0 7,010,0 2,782,0
81,0
536,0
2,120.0
520,0
218,0
264,0
72,0
654,0
204,0
477,0
18,0
121,0
, 154.0
513,0
19,0
143,0
10,0
2,256,0
42,0
914,0
904,0
83,0
1,504,0
170,0
11,0
456,0
157,0
567,0
211,0
9,0
223,0
42,0
466,0
30,0
298,0
579,0
30,0
402,0
30,0
119,0
363,0
11,0
1,718,0
64,0
619,0
299,0
143,0

38,087,0
20,467,0
121,124,0
443,174,0
38,946,0
14,558,0
2,429,0
86,885,0
252,652,0
72,778,0
134,429,0
29,080,0
11,364,0
98,031,0
33,824,0
152,807,0
2,286,0
19,147,0
190,458,0
84,748,0
11,501,0
232,192,0
18,131,0
10,398,0
5,871,0
39,551,0
64,095,0
11,066,0
12,737,0
11,280,0
23,852,0

Totals,avge. for week 123,850,0 214,151,2 2,287,918,0 214,147,0 33,596,0 31,229,0
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

April
April
April
April

2,264,304,0 241,027,0
2,290,849,0 228,649,0
2,310,240,0 0,040,0
2 327 080,0 275,324 0
. .
.

28
21
14
7

Addit'al
Reserve Deposits
with
with
Net
Legal
Legal
Demand
Deposi- Depost- Deposits.
taries.
tortes.

National
Net
Bank
CirculaTime
Deposits. lion.

Average. Average.

Average.

Average, Average,

3,078,0
1,667,0
10,059,0
38,822,0
7,501,0
1,642,0
264,0
11,664,0
25,722,0
6,032,0
14,105,0
2,840,0
1,572,0
22,482,0
2,319,0
14,936,0
367,0
1,175,0
16,835,0
10,643,0
906,0
26,821,0
1,463,0
1,102,0
450,0
8,736,0
9,899,0
1,193,0
1,273,0
1,100,0
2,260,0

34,813,0 1,768,0
242,0
16,977,0
139,603.0 4,044,0
478,420,0 13,826,0
36,715,0
14,964,0 1,117,0
2,346,0
83,215,0 6,314,0
249,227,0 7,658,0
74,189,0 5,682,0
152,951,0
27,114,0 1,195,0
11,591,0
123,805,0
30,429,0
153,582,0 2,050,0
2,668,0
16,396,0
187,242,0 1,530,0
97,462,0 1,042,0
11,961,0
252,007,0 15,858,0
19,146,0
39,0
10,343,0
200,0
6,179,0
257,0
48,382,0
69,608,0 1,435,0
70,0
11,381,0
40,0
12,966,0
25,0
11,094,0
241,0
25,887,0

8,882,0 248,928,0

2,413,563,0 65,542,0 28,695,0

2,779,0
2,438,0
2,657,0
1,837,0

8,336,0 210,009,0
9,557,0 226,528,0
8,999,0 228,437,0
8,014,0 250,948,0

2,374,685,0
2,411,562,0
2,455,206,0
2,517,474,0

30,366,0
31,388,0
30,719,0
28,748.0

8,028,0
4,764,0
1,166,0
302,0
229,0
1,404,0
366,0
923,0
2,265,0
543,0
665,0
916,0
272,0
1,494,0
2,675,0

1,451,0
1,861,0
262,0
456,0
84,0
1,032,0
39,0
115,0
183,0
92,0
54,0
383,0
235,0
403,0
822,0

343,0
747,0
545,0
149,0
150,0
594,0
60,0
58,0
1,481,0
138,0
184,0
643,0
99,0
515,0
411,0

• 104,0
17,0
335,0
149,0
2,0
52,0
* 33,0
3,0
39,0
217,0
80,0
138,0
33,0
49,0
205,0

Totals, avge. for week_ 11.950.0 28,802,2

223,315,0 26,012,0

7,472,0

6,126,0

1.456,0

436,0

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

222,071,0
224,888,0
226,199,0
219,197,0

28,058,0
24,890,0
26,174,0
28,518,0

6,102,0
6,767,0
7,178,0
8,727,0

5,922,0
6,644,0
6,311,0
6,671,0

1,427,0
1,445,0
1,519,0
1,467,0
======

220,0
386,0
555,0
383,0

35,911,0 2,012,0
312,184,0 29,173,0
66,525,0 4,349,0
45,085,0 2,596,0
373,628,0 56,921,0
712,0
10,717,0
29,361,0 1,754,0
91,741,0 6,464,0
24,012,0 1,873,0
75,504,0 5,954,0
21,736,0 1,715,0
926,0
14,870,0
66,300,0 5,638,0

353,0
380,0
117,0
190,0
449,0
61,0
384,0
339,0
116,0
214,0
852,0
147,0
288,0

249,0
440,0
499,0
131,0
726,0
98,0
61,0
634,0
278,0
55,0
217,0
298,0
90,0

282,0
109,0
181,0
123,0
469,0
10,0
30,0
178,0
130,0
12,0
294,0
103,0
412,0

3,890,0

3,776,0

2,333,0

1

r-==,

2,050,0
1,500,0
800,0
500,0
200,0
2,000,0
250,0
750,0
100,0
210,0
200,0
1,000,0
200,0
1,000,0
1,500,0

5,180,2
6,698,9
1.280,4
985.3
468,7
2,120,2
803,4
824,8
2,303.6
860,6
1,072,0
2,214,1
301,0
1,062,4
726,6

April 28
April 21
April 14
April 7

Trust Companies.
Not Members of
Federal Reserve Bank.
Brooklyn Trust Co---- 1,500,0 3,790.5
811,250,0 813,036,8
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
1,000,0
533,4
Lincoln Trust Co
Metropolitan Trust Co_ 2,000,0 5,240.3

46,404,0
35,469,0
13,234,0
8,636.0
3,203,0
16,156,0
4,333,0
6,433,0
18,378,0
5,333,0
6,308,0
15,129,0
4,568,0
16,636,0
23,095,0

Totals, avge. for week_ 57,750,0 90,778,9 1,167,664,0 120,117,0

95,0
43,0
37,0

3,218,0

332,0
216,0
274,0
896,0 1,720,0
23,0
283,0
1,176,0 1,262,0
1,595,0
853,0

53,220,0
34,853,0
14,341,0
8,584,0
3,300,0
15,143,0
3,983,0
0,565,0
19,646,0
5,539,0
6,295,0
14,929,0
4,725,0
18,462,0
26,577,0

9,681,0 4,642,0

236,162,0

137,0

5,436,0
5,705,0
6,230,0
6,035.0

235,546,0
237,713,0
239,804,1)
235,789,0

118,0
122,0
69,0
50,0

24,0 1,489,0 3,595,0
278,0 14,966,0 7,553,0
37,0 2,558,0 5,726,0
51,0 1,507,0 1,027,0
438,0 18,237,0 9,951,0
18,0
433,0
723,0
44,0 1,096,0
363,0
96,0 3,752,0 3,535,0
83,0 1,194,0 1,300,0
89,0 3,127,0 1,081,0
891,0
83,0 1,023,0
432,1
48,0
729,0
713,0
19,0 3,215,0

29,783,0
299,324,0
51,168,0
30,133,0
364,741,0
8,675,0
21,913,0
75,036,0
23,879,0
62,252,0
20,451,0
14,590,0
64,302,0

April 28
April 21
April 14
April 7

1,180,689,0 117,595,0
1,153,395,0 121,422,0
1,132,100,0 109,104,0
1,115,929,0 105,129,0

28,718,0
28,651,0
28,701.0
28,090,0

119,0

5,110,0
34,723,0
15,855,0
1,426,0
41,144,0
1,021,0
012,0
19,573,0
911,0
7,997.0
3,064,0
955,0
4,192,0

41,0
87,0

420,0

645,0
515,0
198,0

65,319,0
65,811,0
63,050,0
62,287,0

239,0
310,0

48,0'
85,0

9,625,0
0,790,0
9,848.0
9,212,0
----===

11,0

36,0
3,0
50,0

30,0

1,308,0 53,326,0 36,890,0 1,066,247,0 136,839,0

3,401,0 2,218,0
1,130,0 53,626,0 31,179,0 1,072,395,0 130,296,0
5,252,0 2,089,0
1,230,0 52,536,0 46,787,0 1,050,525,0 135,977,0
4,602,0 1,838,0
928,0 51,152,0 45,215,0 1,022,854,0 131,120,0
1,121,0 50,069,0 46,292,0 1,001,739,0 134,385,0
6,008,0 2,091,0
=Grand Aggregate. avge_ 193,550.0 340,732,3 3,678,927,0 360,276,0 44,058,0 41,131,0 3,789.0 2,523,0 10,626,0.311,935,0 41,532,0 3,715,972,0 202,550,0
Aggregate,
+5,401,0 -18,287,0 -2,024,0 -557,0 +405,0 -163,0
Comparison prey. week
+31,0 +290910 -8,226,0 +7,510,0 +4,870,0
----Grand Aggregate,actual condition April 28 3,667,064,0 336,680,0 42,335,0 30,680,0 3,645,0 2,779,0 9.086,0 273,260,0 36,615,0 3,682,626,0 204,733,0
+111,0 +341.0 -1,487,0 -15,594,0 -158770 -17,174,0 +2,823,0
-2,068,0 +117190 -5,670,0
Comparison prey. week
===== ====
-- -1,173:0 288,854,0 52,492,0 3,699,800,0 201,910,0
1
Grand Aggregate actual condition April 21 3.669,132,0 374,961,0 48,005,0 43,284,0 3,531,0
Grand Aggregate actual condition April 14 3,668,539,0 385,318,0 50,758,0 41,632,0 3,357,0 2,657,0 10,482,0 289,437,0 51,454,0 3,717,864,0 194,245,0
Grand Aggregate actual condition April 7 3,662,200,0 408,971,0 48,395,0 41,387,0 3,558,0 1,837,0 9,518,0 310,229,0 53,227.0 3,755,012,0 196,701,0
3,188,0 2,204,0 9,164.0 270,906,0 54,465,0 3,6158,009,0 181,951,0
Grand Aggregate actual condition March 31 3,612.223.0 373,982,0
• .

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

51,0
3,562,0
50,0
761,0
3,015,0
640,0
199,0
485,0
800,0
399,0
249,0
70,0
499,0
413,0
398,0
50.0

2,523,0

32,733,0
34,779,0
37,143.0
33,121.0

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

780,0
1,841,0
3,773,0
1,782,0
450,0
150,0
50,0
4,906,0
155,0
1,776,0
130,0
1,017,0
154,0

3,500,0
6,459,0
6,437,0
6,547,0

28,695,0
-15,0
28,718,0
+67,0
28,651,0
28,701,0
28,090,0
28,151,0

a Includes capital set aside for foreign branches, $6,000,000. b Figures of the Astor Trust Co., recently merged into Bankers Trust, no longer shown separately.
STATEMENTS OF RESERVE POSITION.
Actual Figures.

Averages.
Cash Reserve Reserve in I
Total
in Vault. Depositaries, Reserve.

a Reserve
Required.

•

Surplus
Reserve.

I

Inc. or Dec.
from
Cash Reserve Reserre in
PreviouslVeek In Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
reviousWed

$

3
Members Federal
$
$
$
I
-546,540
Reserve Bank_ _ _ _ 278,972,000 248,928,000527,900,000 437,718,440 00,181,560 +6,282,490 304,126,000210,009,000514,135,000430,709,250 83,425,75
41,066,000 9,681,000 50,747,000 42,509,1601 8,237,840 -518,760 41,509,000 9,625,000 51,134,000 42,308,280 8,735,720 +1,988,060
State Banks.
Trust Companies*__ 130,116,000 53,326,000,183,442,000 159,937,050, 23,504,950 +1,378,600 126,714,000 53,626,000 180,340,000 160,859,250 19,480,750]-l0,698.500
,
Total April 284450,154,000 311935,000762089,000 640,164,650,121,924,350 +7,142,330 472,349,000273,260,000 745.600,000633,986,780 111,6 12,220 -9,256,980
Total April 21_ _ 71,517,000 282,844,000 754,361,000 639.578,980114,782,020-24,473,680 469,784,000 288,854,000 758,638,000 637,738,800 120,899,200 -7,920,400
Total April 14____ 496,344,000 289,304.0001785.648.000 646,392,3001139,255,700 -9,277,040 481,065,0001289,437,000 770,502,000 641,682,400 128,819,600-34,759,360
Total April 7...498,884,000 292,548,000791.432,000842,899,200.148,532,740 +23,785.059502,311,000310.229.000812,540,000648,961.010163,578,9(10 +49,771,810
Not members of Federal Reserve Bank.
a This is the reserve required on Net DemandDeposits in the case of State Banks and Trust Companies, but in the case of Members of the Federal Reserve Bank
includes also amount of reserve required on Net Time Deposits, which was as follows: Apr. 28,$3,277,100; Apr. 21, 33,240,550; Apr. 14, 33,070.200: Apr. 7. $2.938,750.
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but in the case of Members of tho Federal Reserve Bank
includes also amount of reserve required on Net Time Deposits, which was as follows: Apr. 28, $3,265,950; Apr. 21. $3,290,550; Apr. 14, 33,152,500; Apr. 7, 33,112,850.




1777

THE CHRONICLE

MAY 5 1917

In addition to the returns of "State banks and trust oomThe State Banking Department reports weekly figures,
showing the condition of State banks and trust companies panics in New York City not in the Clearing House," furRished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
(Figures Furnished by State Banking Department.) Differences from
precious week.
April 28.
York)and those for the rest of the State, as per the following:
$815,945,100 1nc.$10,056,500
Loans and investments
28,100
69,214,000 Dec.
For definitions and rules under which the various items
Gold
7,400
11,270,700 Inc.
Currency and bank notes
Dec. 1,512,200 are made up,see "Chronicle," V.98, p. 1661.
1,015,702,700
Total deposits
Deposits, eliminating amounts due from reserve
The provisions of the law governing the reserve requiredepositaries and from other banks and trust com836,757,200 Inc. 7,102,700 ments of State banking institutions were published in the
panies in New York City, and exchanges
2-16,156,100 Dec. 7,675,800
Reserve on deposits
"Chronicle" March 28 1914 (V. 98, p. 968). The regulaPercentage of res3rve, 30.6.
RESERVE.
tions relating to calculating the amount of deposits and what
$04,121,100
9.57%
$16,363,600 12.30%
Cash in vaults
145,139,300 21.67% deductions are permitted in the computation of the reserves
20,532,100 15.45%
Deposits in banks and trustcos
3209,260,400 31.24% were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
$36,895,700 27.75%
Total

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

Week
Ended
Fob.
Feb. 10_
Feb. 17.
Feb. 24..._
Mar. 3..._
Mar. 10._ _
Mar. 17.._
Mar. 24_
Mar. 31___
Apr. 7__
Apr. 14_
Apr. 21......
Apr. 28_

Loans
and
Investments

Demand
Deposits.

3
4,254,745,3
4,22'2,813,7
4,200,191,9
4,230,371,9
4,262,506,1
4,309,612,6
4,330,588,8
4,338,308,0
4,373,513,4
4,428,959,8
4,473,449,6
4,479,414,6
4,494,872,1

4,403,318,2
4,338,722,5
4,311,725,2
4,539,468,4
4,386,187,0
4,396,027,8
4,438,468,5
4,464,708,0
4,478,501,9
4,567,052,8
4,596,003,4
4,568,11(3,5
4,582.729,2

Specie.

Other
Money.

Total
Money
Holdings.

Entire
Reserve on
Deposits.

$
530,189,2
523.975,1
520,022,8
533,044,3
538,553,5
513,952,9
516,425,5
517,268,4
492,947,2
512,177,1
511,593.4
439,493,1
170.621,0

$
74,353,7
73,94:3,6
73,705,7
71,511,5
73,535,3
613,656,4
69,368,5
68,877,9
70,214,9
66,029.6
65,546,0
62,529,3
60,017,7

$
604,542,9
597,918,7
593,728,5
609,555,8
612,088.8
582,609,3
585,794,0
586,146,3
56:3,162,1
578,20(1,7
577,139,4
552,022,4
530,638,7 I

1,010,031,4
1.019,827,0
1,004,960,0
1,038,788,2
1,043.203,4
1,031,061,1
1,042,356,3
1,051,036,4
1,009,966,2
1,018,836,4
1,010.505,5
1,003,192,9
1,008,245,1

STATE BANKS AND TRUST COMPANIES.

117eek ended April 23.

I

Trust Cos.
State flanks
Trust Cos.
State Banks
in
in
outside of , oktvide of
,Greater N. F. Greater N. Y.1Greater N. Y.:GreaZer N. F.

Capital as of Feb. 28 ____

3
23,950,000

$
84,550,000

3
12,233,000:

18,4.51.200

Surplus as of Feb. 28 _ _

42,309,900

179,277,600

15,228,300

18,123,900

Loans and investments_ _ 429,406,900 1,868,989,800
1,770,0001 +32,593,000
Change from last week. !
49,286,200 182,523,600
Gold
1,953,800i +6,178,500
Change from last week. -

172,300,300
+256,400

202,475,700
+1,434.400

59.5,396,000 2,316,681,100
DeposILs
Change from last week. +11,089,000 +16,664,300

188,013,000
-1,336,600

306,066,700
-1,303,800

138,693,200
+4,241,100

449,623,000
-7,944,300

33,270,300
-1,218,200

39,526,700
-3,096,700

28.8%
28.1%

25.1%
25.8%

21.1%
[21.9%

16.4%
17.8%

14,597,400
23,958,000;
-180,900; -1,975,300

Currency and bank notes.
Change from last week.

1

Reserve on deposits
Change from last week.

P. C. reserve to deposits_
Percentage last week__
+ Increase over last week.

-Decrease from last week.

-Following is the report made to the Clearing House by clearing
Non-Member Banks and Trust Companies.
non-member institutions which are not included in the "Clearing House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS. Capital.
Week Ending
April 28 1917.

Net
Profits.

Loans,
Discounts.
(Nat. bk.. Mar. 53, InvestkState bk . Feb. 281 meats, cto.

Legal
7'enders.

Gold.

Silver.

Additional
Deposits
Net
with Legal
Demand
DeposDeposits.
itaries.

Average. Average. Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
a
$
$
$
$
$
4,000
19,000 470,000
09,000 100,000
374,900 5,309,000 477,000
400.000
22,000 511,000
14,000
380,000
38,000 116,000
686,700 5,900,000 148,000
300,000
9,000 726,000
146,000
8,000
68,000 132,000
610,800 6,059,000 176,000
300.000
44,000 1,629,000 5,332,000
11,000
84,000
400,000 1,292,000 4,992,000 304,000 541,000
462,000
3,000 548,000
115,000
14,000 105,000
250,000
763,800 5,514,000 158,000
33,000 463,000
320,000
20,000
45,000
10,000
624,800 6,236,000 175,000
220,000
8,000 549,000
392,000
2,000
46,000 120,000
45,000
306,700 4,998,000
125,000

Members of
Fett'l Reserve Bank
Battery Park Nat_ _
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jens. City
Iludson Co. N., J.C.
First Nat., Hoboken
Second Nat., 11obok.

1.995,000 4.859,70039,008,000 1,483,000

Total

443,300 2,285,000 143,000
55,000
13,000
949,800 8,851,000 833,00(/ 210,000 598,000
674,100 9,732,000 8:13,000
14,000 300,000
191,300 1,530,000 118,000
45,000
11,000
113,500 5,420,000 585,000
43,000
24,000
470,100 8,205,000 1,0(34,000
71,000 224,000
219,000 4,360,000 183,000 129,000 176,000
551,000 4,135,000
61,000
1,000
593,900 8,854,000 471,000
85,000 283,000
840,800 20,275,000 1,995,000 228,000 747,000
184,800 4,388,000 32:1,000
47,000 126,000
4,300,000 5,231,600 76,044,000 6,609,000 852,000 2,578,000

Trust Companies.
Not Members of the
Federal Reserve Bank.
HamiltonTrust,BkIn
Mechanics',Bayonne

500,000 1,150,100 8,658,000
200,000
309,000 5,993,000

530,000
99,000

700,000 1.459,100 11,651,000 679,000
Total
Grand aggregate-- - 6,995,000 11.350.400 129703000 8,771,000
Comparison,prev.wk.
+1910000 +5,000
Excess reserve. $563,920 decrease -Grand aggete Ap1.21 (3,995,000 11,350,400 127793000 8,768,000
Grand aggete Apr 14 6.995.000 11,520,200 126233000 8.771,000
Grand aggete Apr 7 (1,995,000 11,520,200 121569000 8,208,000
Grand aggete Mar31 6,995,000 11.520,200 12:35(120008,242,000
Grand aggr'te Mar24 6,095,000 11,520,200 123569000 3.190.000

174,000

816,000 702,000
-

State Banks.
Not Members of the
Federal Reserve Bank.
100,000
Bank of Wash. IVO_
400,000
Colonial Bank
300,000
Columbia Bank
200,000
Fidelity Bank
International Bank _ 500,000
200,000
Mutual Bank
200.000
New Netherland_
500,000
WRGrace&Co'sBk
100,000
Yorkville Bank
Mechanics', Bklyn_ _ 1,600,000
200,000
North Side, Bklyn
Total

Reserve
Nat.Banki Nat.Bank
with
Notes(Re-'Notes(Not Federal
Legal
Reserve
serve for Counted
Notes[Not Deposas
State Institutions] Reserve]. Reserve]. itaries.

Average. Average.
Average.
s
$
$
192,:' $ 195,006
5,017,000
190,000 296,006
5,298,000
120,000
6,121,000
396,000
5,428,000
198,000
4,563,000
2,962,000 3.237,000 218,000
99,000
2,393,000 2,315,000

138,000 4,896,000 7,041,000 31,782,000 5,934,000 1,522,000
--

103,000
385,000
22,000

113,000
273,000 1,883,000
597,000
550,000 9,945,000
606,000
564,000 10,109,000
89,000
142,000 1,477,000
314,000
47,000 347,000
213,000 5,500,000
295,000
60,000 377,000
577,000 9,231,000
343,000
9,000 263,000
84,000 4,387,000
2,000
32,000
740,000 1,307,000 2,694,000
449,000
469,000 7,485,000
56,000
1,348,000 2,342,000 22,469,000
32,000 264,000
644,000 4,396,000
400,00

836,000

185,000 4,485,000 6,598,000 78,189,000 4,102,000

22,000
57,000
120,000
12,000

35,000

65,000
50,000

45,000
41,000

26,000
84,000

89,000

110,000

12,000
19,000

94,000

1,757,0310 3,390,000 930,000
-43,000 -92,000 -27,000
957,000
966,000
830,000
843.000
928,000

343,000 1,901,000 6,875,000 1,074,000
516,000 2,926,000 2,030,000
146,000

31,000

46,000
48,000

1,800,000 3,482,000
1,706,000 3,699,000
1,683,000 3,562,000
1,572,0003,467,000
1.019.000 3,336,000

National
Bank
Circulotion

Net
Time
Deposits.

489,000 2,510,000 9,801,000 4,054,000

174,000 354,000 9,870,000 16,149,000 119772000 14,090,000 1,522,000
-5,000 +65,000 -140,000 -384,000 +1512000 -51,000 -2,000
179,000
192.000
148,000
149,000
160,000

289,000 10010000
310,000 9,876,000
256,000 9,411,000
234,000 9,672,000
210,000 0,772,000

16,533,000 118260000 14,141,000 1,524,000
18,154,000 117017000 14,322,000 1,514,000
18,312,000 114715000 14,276.000 1,518,000
18,237,000 113858000 14.273,000 1.517,000
18,262,000 113578000 14,216.000 1,520.000

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

Due
from
Banks.

Deposits
Bank.

Total.

Reserve
Held.

Excess
Reserve.

-3
3
Apr. 23.
$
$
Nat. bank. 400,931,0 90,442,0 176,008,0 314,915,0 520,953,0 77,479,0 15,874,0
Trust cos.- 159,318,0 4,676,0 3,743,0 115,610,0 149,353,0 25,524,0 4,216,0
Total --- 560,279,0 95,118,0
Apr. 2l__ 551,913,0 100,829,0
Apr. I4___ 550,714,0 101,173,0
Apr. 7__ - 549,749,0 96,682,0
Mar. 31._ 549,020,1) 89,078,0
Mar.24_ 550,356,0 89,535,0
553.267,0 88,624,0
Mar. 17_
Mar. 10_ _ 552,595,0 81,301,0
Mar. E.-- 546,751,0 88.7(36.0
Feb. 24.- 547,861.0 86,498,0

179,751,0 490,555,0 670,30(1,0
187,149,0 49.5 582 0 682,731,0
192,560,0 495,653,0 (333,213,0
190,440,0 492,404,0 682,844,0
185,230,0 476,485,0 661,715,0
186,939,0 477,014.0 663,953,0
191,055,0 473,202,0 6)34,257,0
185,354,0 471,974,0 657,328.0
189,766,0 476,305,0 666,071,0
185,392,0,473,019,0 (358,411,0

103,00:3,0
114,734,0
121,595,0
119,898,0
112,033,0
113,227,0
112,830,0
112,669.0
112,050,0
110,405.0

20,090,0
31,186,0
37,001,0
35,850,0
29.5(10,0
30,404,0
29,572,0
29,535.0
29,488,0
27,953.0

Note.
-N. tional bank note circulation April 28, $8,222,000 exchanges for Clearing House Included in "Bank Deposits"), banks, $19,803,000; trust companies,
$2,619,000; total, $22,425,000. Capital and surplus at latest dates: Banks, $64,175,600; trust companies, $41,295,200; total, $105,470,800.




BOSTON CLEARING HOUSE MEMBERS.
April 23
1917.

Change from
previous week.

$5,674,000 Inc.
Circulation
Loans,disc'ts & Investments.. 465,595,0001Inc.
Individual deposits, incl.U.S. 371,335,000!Dee.
144,380,000Dee.
Due to banks
34,467,00011nc.
Time deposits
Exchanges for Clear. House. 15,641,000iDee.
48,544,000;Dee.
Due from other banks
26,881,000!Inc.
Cash reserve
Reserve in Fed. Res've Bank 34,425,000 Dec.
Reserve with other banks_ _ _ 43,984,000,Dec.
Reserve excess in bank and
Federal Reserve Bank._ _ 9,466,000,Inc.
Excess with Reserve Agents_ 31,024,000'Dec.

April 21
1917.

April 14
1917.

$11,000 $5,663,000 35,666.000
1,311,000 464,284,000 463,184,000
5,679,000 377,014,000 384,408,000
6,683,000 151.063,000 147,630,000
6,000 34,461.000 33,698,000
6,376,000 22,017,000 17,036,000
3,251,000 51,795,000 47,400,000
1,698,000 25,183.000 24,923.000
866,000 35,291,000 32,843.000
7,283,000 51,267,000 46,434,000
268,000 9.198,000 6,748,000
7,424,000 38,448,000 33,680,000

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

THE CHRONICLE

17'78

miters' Oaz,ette.
Wall Street, Friday Night, May 4 1917.
The Money Market and Financial Situation.—It was
inevitable that when this country should have entered the
great world war on such a scale as is nowassured the security
markets would be very materially affected, a fact which has
been abundantly demonstrated this week. A considerable
list of railway shares has declined an average of 4 points or
more and a much more irregular movement has occurred in
industrial stocks. The bond market has also been weak,
owing in part to the keen interest now centred in new Government offerings.
Other matters than those referred to have doubtless had
an influence in the same direction. Call loan rates have
been quoted as high as 432%, a rate not heretofore reached
this year, and not conducive to activity in the security markets; and the Inter-State Commerce Commission's inquiry
as to how the proceeds of increased freight rates will, if
granted, be applied, suggests that the request of the roads
will not be acceded to except after much haggling. The Government report on winter wheat conditions shows that the
prospects for that crop have improved somewhat, and it is
hoped and expected that spring wheat acreage will be largely
increased, but wheat for May delivery has sold in the Chicago
market at $2 80 this week and in Winnipeg at $3 05 per
bushel.
Moreover,recent reports of submarine activity in European
waters are pleasing only to those who wish to see the world's
commerce destroyed or paralyzed, and the political and military outlook in Russia seems to be fraught with a good deal
of uncertainty as to final results.
—Foreign Exchange.—Sterling exchange continued in an
arbitrary position,rates scarcely changing.. The Continental
exchanges have ruled steady.

[VoL. 104.

Among the railroad shares, Atchison Topeka & Santa
Fee fell from 103% to 100, Baltimore & Ohio from 76% to
743/i and Canadian Pacific from 161% to 156 during the
week. Chicago Milwaukee & St. Paul lost 5 points for the
week and losses of from 1 to 3 points were recorded throughout the list. The industrial shares were, as usual, more
irregular. American Beet Sugar fell from 95 to 92%,
American Can and
moved up to 943/i and closed at 91
American Car & Foundry fluctuated between 46-41 and
673-64 each, while the high, low and last prices of Central
Leather, Atlantic Gulf & West Indies S. S. International
Mercantile Marine corn. and pref. Cuba Cane Sugar and
United States Industrial Alcohol were 88-82%-83, 1043/296%-973, 29%-263/8-263', 83%-76%-773/, 473-44%-45,
8
.
and 1183409%4143/
2
For daily volume of business see page 1787.
The following sales have occured this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending May 4.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Par. Shares $ per share. $ per share. $ per share.:5 per share.
Acme Tea 1st prof __ _100
100 92 May 3 92 May 3 92 May 96% Jan
Apr 140
Jan
Adams Express
100 200 110 May 21103% Apr 30 110
Am Smelt Scour pref
Apr 97% Mar
ser B trust recta
300 93 Apr 3 93 Apr 30 93
70% May 70% May
Am Tel & Tel subs 2d pd
200 703% May 3 703% May
Feb
Feb 4
3
Assets Realization_.100 200 3 Apr 30 3 Apr 3
Apr 78% Jan
100 1,400 60 Apr 30 623% Apr 28 60
Associated Oil
May 3 173% Arp 28 13% Fob 17% Apt
Atlanta Bir & Ati
10C
500 16
Ba.rett subs full paid__ _
300 1053% May 4 1063% May 3 105% May 108% Apr
Jan
Batopilas Mining__..20 1,000 13% Apr 30 13% May 2 1% Apr 2
Feb 70 May
1
300 68 May 1 70 May 2 61
Brown Shoe
May 4 85 May 95% Jan
May 4 85
100 85
Buff Roch dr Plttsb_ _100
Jan 125% Apr
Apr 301203% Apr 28 89
Burns Bros
100 1,300r96
Mar
Apr 83
10 300 763% May 4 763% May 3 76
Calumet & Ariz
Mar
May 26
May 3 25 May 3 24
Car Clinchfield & 0_100 1,300 24
Jan
Mar 155
Apr 3 117
47 118 May 1 120
Cent Sr So Am Teleg_ 10
Feb
Apr 12
6
100 73% Apr 30 73% Apr 3
Chic & E Ills pref._ _1
Trust receipts
300 73% May 1 73% May 1 73. Apr 12% Jan
St L & 5 F—C & E I
May 2 10 May 10 May
100 100 10 May 2 10
pref certfs
To-day's (Friday's) actual rates for sterling exchange were 4 72 for sixty
days, 4 7555 for cheques and 4 7642%04 76 7-16 for cables. Commercial Chic It I & Pacific_ _100 200 253% May 2 253% May 2 25% May 34% Jan
Jan
3
3
100 673% May 3 673% May 3 67% May 75
on banks, sight 4 75%, sixty days 4 71/s, ninety days 4 693% and docu- Cluett, Peab & Co_ _100
Apr 126% Jan
1651143% May 41143% May 4 113
ments for payment (sixty days) 4 713%. Cotton for payment 4 753% and Cons GEL& P(Bait)100
Jan
Apr 3 16% May 21
Cons Interstate Coll_.10 200 163% May 2 17
grain for payment 4 753%•
Jan
Apr 30 993% May 4 96% Feb 100
900 99
Deere & Co prof_ _ _ 100
To
-day s (Friday's) actual rates for Paris bankers' francs were 5 77
Jan
100
i601253% May 2 1253% May 2 125% May 145
5 773% for long and 5 723%65 724 for short. Germany bankers' marks Detroit Edison
600 75 May 3 763% Apr 28 39% Feb 87% Apr
Driggs-Seabury Ord._
were not quoted for sight, nominal for long and nominal for short. Amster100 83% May 3 83% May 3 8% May 11% Mar
Duluth 55& Atl pref100
dam bankers' guilders were 40 7-16@403% for short.
Mar
May 2 13 May 2 11% Feb 21
100 13
100
Exchange at Paris on London, 27.18 francs; week's range, 27.18 francs Federal Mg & S
Jan
Feb 40
Apr 28 28
450 323% May 3 34
high and also 27.18 francs low. Exchange at Berlin on London not quotable. Gaston,W&W Inc no par
Jan
Apr250
General Chemical__ _100
100220 May 1220 May 1 220
The range for foreign exchange for the week follows:
Apr
Feb 113
Apr 30 108
Apr 30 III
100
59 111
Preferred
Cables.
Sterling, Actual— Sixty Days.
Cheques.
Mar1043% Apr
100 1003% May 21003% May 2 100
General Cigar pref._ 100
High for the week....4 72
4 75 9-16
4 76 7-16
Jan
Apr 30 04
Apr 78
100 760 693% May 2 74
Hartman Corp
Low for the week_ _ _4 72
4 7555
4 76423%
Apr 30 115% Apr 30 127% Jan 131% Jan
63 115
Homestake Mining_..100
Paris Bankers' Francs—
,
Jan
May 3 114
Apr 121
Int Harvest NJ pref.100 3001143% May 1 115
High for the week___5 77
571 _, •
: 570
Jan
...100 1,100 763% May 3 803% May 1 75% Mar 88
Int Harvest Corp.
Low for the week_ _ _5 7735
571
572
,
Li
Mar
Int Paper prof etfs dea-700 953% May 3 963% May 1 94% Mar102
Germany Bankers' Marks—
Jan
May 78
May 4 493% May 3 48
Jewel Tea Inc
100 300 48
Jan
Feb 124
May 3 114
50 115 May 3115
Kings Co EL & P.._ _100
Feb 103% Jan
100 993% May 2 993. May 2 98
Laclede Gas
100
Amsterdam Bankers' Guilders—
Jan 47% Jan
May 3 34
May 3 41
41
1
Long Island
50
High for the week__ _ 403%
41 1-16 ;;;YEDM 413%
.
18 May 2 20 May 2 18 May 27% Jan
Loose-Wiles Biscult_100 4
Low for the week___ 403%
40
403% Al
Feb 12(114 Jan
Apr 3 115
Apr 3 118
1 118
Domestic Exchange.—Chicago, Sc, per $1,000 discount. Boston, par. Lorillard (P), pref.--10
Apr 129% Jan
5 125 Apr 3 125 Apr 3 123
St. Louis, 25c. per $1,000 discount bid and 10c. discount asked. San Fran- Manhattan (FJev)RyluI
Feb
Apr 28 53% May 60
_ _50 30 533% May 2 55
Mathieson
cisco, 10c. per $1,000 premium. Montreal, $4.375 per $1,000 premium.
50 583% May 4 593% May 1 58% Feb 66% Mar
Minneapolis, 10c. per $1,000 premium. Cincinnati, par. New Orleans. May Dept Stores__ _1
May 1 6 May 16% Jan
6 May 1 6
15
Missouri Pacific...._1
sight 50c. per $1,000 discount and brokers 50c. premium.
May 16% Jan
11,483 6 May 3 9 Apr 28
Trust receipts
State and Railroad Bonds.—Sales of State bonds at Nashv Chatt & St L-100 100 129 May 4 129 May 4 129 May 130 Feb
Jan
100 783% May 4 783% May 4 78% May 84
Nati Cloak & Suit.. _ _100
the Board include $6,000 New York Canal 4s, 1961, at Nat
Jan
May 3 4% Feb 7
I
6
100 6 May
104 to 105, $6,000 New York State 432s at 113 and $2,000 NY Ry, Mex,2d pf_l I 200 50 May 3 503% May 4 49 Mar 57 Feb
4
Ch dr St L 2d pf..100
May 35 May
May 4 35
May 4 35
100 35
100
N Y Dock, pref
New York Canal 43/28 at 112 to 1123.
Jan
106
1 80
.25
90
Owens Bottle-Mach.
Sales of railway and industrial bonds at the Stock Exchange Pacific T & T, pref. _100 2,600 953% Apr 28 913% May 2 95 Apr 98% Jan
Apr
May 2 953% May
125
Jan
Apr 98
May 3 92 May 1 90
40001
Pan-Am Pet & T, pf.10C
have increased materially over those of last week and from
Jan
100
2
a list of 25 most active issues only one, Atchison Topeka & Pittsb Steel, pref._ _ _ 100 600 100 May 3 1003% May 3 99 Feb 102 Feb
Apr 3
Quicksilver Mining..
300 2 May 3 2 May
Apr 4% Feb
Preferred
100 500 2 .Apr 28 2 May 2 2
Santa Fe gen. 4s, advanced in value. Interboro Rapid
Mar
Apr
Royal
Transit 1st ref. 5s fell from 94% to 933/i and International St L &Dutch etfs dep._ _ 2,12 603% May 4 623% May28 60 May 66% Mar
Jan
42
2 30%
8 F pref A_ _ _100
100 303% May 2 303%
Jan
Mercantile Marine s. f. 6s, the most spectacular, lost 1% Sears, Roebuck, pref.10 400 126 May 4 126 May 1 125 May 127% Feb
May 1 112 May 1 112 May 114%
100 112
So Porto Rico Sug, pf100
points for the week. New York Central deb.6s lost a point, Standard Milling _ _1
100 933% May 3 933% May 3 93% May 100% Jan
as did Northern Pacific 4s and Midvale Steel coll. tr. 55. Tol St L dr W trust recto 200 4 Apr 2: 5 Apr 30 4 Apr
Jan
1
0
Feb
10
Drug
10 75 May 2 75 May 2 69% Jan 80
The St. Louis & San Francisco securities declined and South- Unitedpreferred
Jan
100 523% May 3 52% May 3 51% Apr 54
50
1st
ern Pacific cony. 5s dropped from 1003., to 99. Govern- 2d preferred
Jan
100 90 Apr 3 90 Apr 30 89% Jan 91
10
U S Express
100
100
ment financing proceeds apace. A loan of $100,000,000 to U S Realty & Impt_ _100 600 18 May 4 18 May 4 18 May 21% JanJan 22g Jan
113% May 1 13 May 2 10
Italy has been made this week, while reports are given out of Wells,Fargo Express 100 1 983% May 3 98% May 3 98% Apr 144 Jan
10 1,900 13 Apr 3 13% May 1 12% Apr 15% Apr
huge sums to be forwarded in the near future to our other Western Pacific
Apr
100 400 393% May 1 40 Apr 30 39% May 44
Preferred
•11....••••Or

allies. The activity and weakness in bonds of the various
foreign governments was, of course, due to the announcement of the $2,000,000,000 United States "Liberty Loan."
The Anglo-French 5s, the largest of the foreign issues, fell
away to 923,although only a month ago the price was 95.
Sales on a s-20-f basis, indicating, presumably, sales for
foreign account, have declined this week, being $5,000, as
against $67,000 a week ago.
United States Bonds.—Sales of Government bonds at
the Board are limited to $2,000 Panama 3s, coupon, at 99;
$10,000 Panama 3s reg. at 93; $1,500 3s coup. at 993/2 and
$500 3s reg. at 99. For to-day's prices of all the different issues and for the week's range, see third page following.
Railway and Miscellaneous Stocks.—During the first
two days of'the week values of stocks advanced somewhat,
especially those shares known as "peace stocks" upon the
announcement by a Berlin agency that the Imperial Chancellor would soon offer new terms of peace. The railroad
shares did not share in this movement to any appreciable
extent and were for the most part unfavorably effected by a
statement that the Inter-State Commerce Commission had
refused to allow them to offer any extra disbursements to
stockholders during the period of the war. On Wednesday
a general downward movement of considerable proport ons was started by the circulation of sinister rumorsconcerning German successes and by Secretary Lane's statement of recent U-boat activity which was far from assuring.




Outside Securities.—Values of securities at the Broad
Street "curb" were irregular this week, the tendency, as was
the case at the Stook Exchange, being toward lower prices.
Aetna Explosives fell from 3% to 2% and American Stores
Co. fluctuated between 37% and 38. Carwen Steel fell away
fractionally, but Chevrolet Motors moved up from 102 to
105, falling away at the close, however, to 98. Marlin Arms
moved up from 76 to 80 the final quotation being 77. Lake
Torpedo Boat fluctuated between 73/i and 8, while the high,
low and last prices of Submarine Boat, Superior Steel, United
Motors, United Sugar and Wright-Martin Aircraft were
24%-22%-22%; 35-34-34; 33%-3032-303/2; 363/-363'-363/
,
and 6%-53-53.
Standard Oil shares were inactive. Standard Oil of Indiana
fell away from 800 to 790. Standard Oil of New York advanced from 300 to 312, but closed tonight at 290. Standard
Oil of New Jersey moved between 626 and 665, while Standard Oil of California covered a range of 4 points.
Among the bonds traded in at the "curb" wore $22,000
3
Bethlehem Steel 5% 2-yr. notes at 97% to 983/2; $75,000
Cosden Oil 6s at 101% to 102%; $215,000 Russian Government new 532s at 80 to 85; $219,000 Russian Government
63/2s at 88 to 93 and $252,000 American Smelting 5s at
92% to 93%.
A complete list of "curb" market transactions for the week
will be found on page 1787.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

1779

OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually Inactive, see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
April 28

Monday
April 30

Tuesday
May 1

Wednesday
May 2

Thursday
May 3

Friday
May 4

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

HighesS

Railroads
Par $ per share $ per share $ per share $ per share
$ per share $ per share S per share 3 per share
e, ,. I s,
,
,
,4
8
8
10112 1025 1014 102
100 1013 100 1003 14,600 Atch Topeka& Santa Fe_ is3 is% Nu 1 107::ta, i z r i2 Apr 1087800
8
Do pref
1,150
110226
98
98 .9734 9812 98
977 98
8
98
600 Atlantic Coast Line RR__ _100 11012Feb 8 119 p Il 1:711:
.
an
Nov
114 114
11312 11312 11218 11218 111 112
Dec14
74 Feb 1 85
100
76
7634 7512 7534 7412 7518 7418 7458 5,800 Baltimore & Ohio
Do pref
70 Apr 25 7678Jan 17
100
7212 Aug
6
0
9 'Igin
8 Jsn
7114 7114 7114 7114 7018 7018 7018 7012 1,057
81
5914 May 3 82 Jan 4
6012 11,700 Brooklyn Rapid Transit_100
6.312 6378
4 5914 6114 60
7
3
63 8 15514 15912 156 15914 20,800 Canadian Pacific
100 14812Feb 7 16738 Mar23 2162i.ila 1007 1slle
16592;84 160
3 un
8
4
,
ec
1593 161
4
8,100 Chesapeake & Ohio
574 58
56s Feb 3 654 Jan 3
100
58 Apr
71 Oct
5912 605878 594 58
59
500 Chicago Great Western__ _100
1112
1012Feb 3 1418 Jan 10
1112 1178 *114 12
113 Apr
4
161 Dec
4
1112 1112 .11
Do pref
800
100
327 Feb 3 4134Jan 2
8
33 Apr 13718j n
8 a
4 .12Oet
*34
3512 *34
3514 35 8 4 3 12 3712 23,800 Chicago Milw & St Paul 100
74 2 3
:
4
74
7512 May 3 92 Jan 4
10212Jan
793 8112 7818 80
4
Do pref
1,155
100 113 May 4 12512Jan 29 111i IDec
99 Dpr
A3 e
116 116
115 116 *114 11512 113 113
4,400 Chicago & Northwestern_ _100 11014 May 4 12414Jan 19
1347 Jan
8
4
4
11318 1133 11212 11314 1103 1113 1104 111
4
Do pref
100 160 Apr 10 17212 Feb 16
176 Dee
*140 145
1,700 Chic Rock Isl & Pac (new) vz I
3212 May 4 37 Apr 13
51113514 -55- - 8 3212 33
-5(
- 3- 31- ;5:ii2 - 2 -5 14 351-2 35
i617% preferred when issued__
410
79 4May 4 8414 Apr 14
3
•
4
793 7934
•80
8112 .80
82
82
81 8180 80
182
6% preferred when issued_
6614 May 4 71 Apr 14
6614 6612 1,200
67
68
68
8 67
68
68
6814 68
6758 675
4212 4412 4114 4212 6,000 ChR I & Pac ctfs of dep 2d pd 62514 Feb 8 49 Apr 3 631 Dee 6385813210
' 4534 453 *4514 46
4
45
4578 4434 45
100 Clev Cin Chic & St LouLs__In
ls Feb 2
.e
40
40
44
*40
Jan
*40
48
46 :2: _ _ *40
*40
48
Do pref
76
*70
78
24
S
7 13(1)
76 •70
76
.70
76 .70
_
. *70
20 Feb 10
100
2514 .2414 2512
300 Colorado & Southern
25
0
2414 Apr
*2512 26
*2612 28
26
26
87 Oct
27
*2612 544 Apr 13 5712Jan 9
Do 1st pref
100
55
*53
2 A ' 8212003
.1
57
*54
Apr'
57
*54
*5412 55
55
*5412 56 .54
Do 2d pref
42 Mar12 46 Mar17
100
48
48
*43
48 .43
40 da
46 .43
*44
rr
48
*44
46 .43
100 106 May 4 15178Jan 19 1484 Dee 1868 0:tee
106 10912 37,200 Delaware & Hudson
10612 114
8
1155 118
5 5:4531
5267
121 122
12114 12114 118 122
200 Delaware Lack & Western_ _50 2233 May 3 238 Mar24 218 Mar 242 Nov
4
4
*22334 231 *224 230 2233 224 *200 240
.22334 231
10 May 4 17 Jan 6
100
1014 1,500 Denver & Rio Grande
10
87 Mar 234 Oat
s
1312 1112 124 1012 11
1312 1312 *12- - - *12
a
1
22 Feb 3 41 Jan 2
100
15 Mar 521200
34 .30
Do pref
300
*30
32
31 .29
29
34
34
*30
3412 .30
25 Feb 2 3484 Jan 3
8 2612 2678 253 2612 2518 254 19,500 Erie
32 Apr
100
8
43s Jan
27
2758 2718 274 2634 273
4Feb 3 4914 Jan 2
Do 1st pref
373
100
2 4012 4014 39
4114 413
46 Dec
40
387 3914 2,700
41
2
5918Jan
4112 4112 41
30 Feb 9
100
Do 2d pref
34 .3112 3312 303 3112 30
3012 1,200
2
4
333 .3112 3312 .32
*32
100 10812May 3 11814 Jan
1094 1097 10912 1097 1093 1097 10812 10914 *108 10812 5,650 Great Northern pref
8
1095 110
13
8
s
8
Iron Ore properties_ _No par
273 Feb 3
4
323 34
t r 4 131 Dec 154121an
4
jann 3
a
3118 14,900
4 3234 33
3214 3314 303 32
Eeeec
3214 333
30
:0182 nn
4
"
8
100 100 Feb 3 10638 Jan 2
2,800 Illinois Central
10314 10114 10412 10112 10412 10412 1033 1033 1023 10314 z100 101
993 Apr 10978 Oot
4
4
4
4
912 Apr 24 174 Jan 2
6,300 Interbor Con Corp, vtc No par
2118Jan
104 1034 104 1012 104 1014
1512 Dee
952 10
94 1018
93 10
4
Do pref
5414 May 2 7284 Jan 2
100
7,300
58
58
5512 56
5618 57
69 Dec
5414 5(3
771,4 jaan
6327 n:
4 1 2:
5414 5534 5434 56
1,215 Kansas City Southern_ _100
197 May 4 2578Jan 2
100
8
*2012 2212 .2012 2214 213 2134 2112 2112 20
4
8
2012 197 20
Do pref
200
100
5312Feb 28 5812Jan 30
5418 5418 *54
*54
58
56
56
2g1 ,rr
5 4)
A „
*54
54 .54
58
54
200 Lake Erie & Western
17 Feb 3 2514 Jan 3
100
.1712 1912 *1712 1912 *1712 1912 *1712 1912 .1712 1812 1712 1712
10 May 30 Dec
Do pref
100
35 May 4 533 Jan 3
100
4
5512N ov
*35
40
40 .35
*35
32 Apr
40
39
35
35
*35
40 .35
6012May 4 7912Jan 2
50
6012 6112 17,200 Lehigh Valley
7412 Jan
62
8718 Oet
6412 6314 64
62
635
8 6214 6314 60
41
414 62
600 Long Island certfs of deposit__
40 4 Apr 11 4334 Apr 14
3
4
*403 4134
4114 4112 4118 4118 4118 4118 .4114 42
119 12412 3,300 Louisville & Nashville- _100 119 May 4 13334Jan 4 12118 Mar 140 Oat
13012 13112 13012 13012 12514 130
300 Minneap & St L (new)__ _100
177
8May 3 3214Jan 29
18
2
;iii- I31- 1,4- -14- *19
36 Oct
26 Oct
8
177 1778 18
2012 *18
21
500 Minn St Paul & S S M._ _ _100 105 Feb 7 119 Jan 3 116 Dec 130 Oct
105 105
*__ _ _ 109 *106 111
10614 107
107 107
107 107
Do pref
100
52
100 120 Apr 24 127 Apr 13 12812 Sept 137 Jan
•120 130 *120 127
126 126 .120 127 .12012 128 .120 126
5 May 4 11 Jan 2
7
7
512 5,600 Missouri Kansas & Texas_100
318 Sept 1314 Dee
5
634 7
612 612
6
512 613
612
12
100
400
12 May 1 2012Jan 4
12
Do pref
12
12
•1212 15.12
2414 Dee
10 Apr
12
12
12
16
12
258 May 3 34 Jan 2
2614 10,100 Missouri Pacific(new)when iss.
2212 Sept 3812 Dec
2712 28
274 2614 2714 254 2614 26
27
275
8 27
5412 1,500
61 Mar 7 . 61 Jan 3
Do pref (or Inc bonds) do__ _
5914 5712 58
.
58
5412 5412 *53
57
56
473 Sept 847 Dee
4
2
5718 56
894 May 4 10358Jan 4 10014 Apr 184::Oct
100
4
b
19 Aa
9358 893 0218 8914 9034 17,100 New York Central
94
04
93
94
04
8
935 94
3814 3912 15,000 NY N H & Hartford
4Feb 18 524 Jan 2
363
100
4912 Dee
777 Jan
s
3934 4012 3814 3972 3712 39
393 41
4
4
393 40
224 2318 *22
2312 1,000 N Y Ontario & Western_ - _100
22 Mar 1 2914Jan 2
23
26 May 343 Dee
23
*2318 24
2
2312 2312 .23
24
1 1612 23
8
100 11734 May 4
12,000 Norfolk & Western
1233 126 _ *8734 100
127 127
year
128 129
128 12818 126 128
891
Do adjustment pref.._ _ 100
85 M ar13 1385:P7. 2
89
*8414 89
1 7112
*85
89 .84
90 .84
t 90 100 May 4 11014 Jan 3 108 Dec 1187 G
11,110 Northern Pacific
Rd- 1fli
:
100 101
O
4
4711
10318 10378 103 10312 1023 1034 102 103
ut) 5152May 4 5738Jan 25
5318 55214 5212 6212 5232 521g 5212 5132 5214 18,150 Pennsylvania
55 Sept 60 Oct
5318 53
53
1912May 4 3634Jan 2
2412 21
20
21
22
2412 *22
1912 20
5,000 Pere Marquette v t c
3818 Dee
36 4 Dec
3
.
2212 2312 .22
6712 .8018 6712 64
64 May 2 7312Jan 17
63
Do prior pref v t c
*60
100
64
*5712 63
7312 Dee
72 Dec
6914
.85
59 i__ _. 59
55 Jan 17 57 Jan 8 ..... _ _ ......Do pref v t c
59
59
59 ._ _ 59
-2558 264 253 2614 *-ii4 2638 2512 263
3
20 4 Apr 16 2834May 2
4
4 2412 257
3 2414 2478 16,900 Pittsb & W Va interim etts
6412 6312 643
63 8 Apr 17 6618 Apr 26
8 6414 6478 64
645 645
5
8
Preferred interim ctfs
6278 593 6034 5,000
4
4 60
9514 963
4 9512 0632 943 9632 9338 0434 883 0258 884 9018 105,700 Reading
8
11512 Sept
884 May 4 10414Jan 3
50
4
7518Jtu2*41
42 .41
417g Feb
.41
42
42 .41
415 Apr 10 45 Jan 29
8
Do 1st pref
42
50
*41
42
46 Feb
*41
42
*424 44
4112 Mar 8 4512Jan 16
4214 4214 *424 44
Do 2d pref
50
52 Ma;
4218 4218 42
42 .4134 42400
4114 Feb
184 1812 1812 1812 1734 1814 1712 1712 2,500 St Louis & San Fran new (w I)
1712 May 4 2638Jan 2
19
.
1812 19 .1812
1512May 3012 Dec
31
25 Feb 3 3112 Apr 14
31 .29
300 St Louis Southwestern_.._100
_ _100
*29
.29
31
.
30
31
16 May 324 Dee
28
2812 2812 28
*4812 52
46 May 3 53 Jan 4
Do prof
100
300
5018 504 *4812 51
3712 Sept 57 Deo
4812 4812 46
48
46 .46
141s 1418 *14
15
1914 Dee
B12 Nu 4 18 Jan 3
100
1418 1418 .14
14 Apr
1334 1418 1312 1412 2,100 Seaboard Air Line
15
*30
32
32 .30
100
Do pref
4 3912Jan 3
3458 Apr
1,100
3114 3114 .30
30
29
34
33 .30
425800
*
0419Jan
90 Feb 3 9812 Mar24
9414 Apr
100
94
9234 11,100 Southern Pacific Co
9412 9473 9414 9412 0412 95
0458 9238 9358 92
4
3634 Dee
2514May 4 3338Jan 3
4
8 273 2814 273 2814 2752 28
18 Apr
100
283
28
2712 2514 2614 32,500 Southern Railway
26
1.5 2 aby10
:
734 Dee
,2
0 5114 kkFr 238
10
4
583 583 .5714 5912 577 5852 58
4
3,400
58
8
DO prof
5614 5734 555 57
1412 1412 *14 1512 1412 1412 *1414 1512 .1414 1512
2134 Dee
612Feb
a
20532 Jan 3(
1 4j
2
*144 15
66 Apr
400 Texas & Pacific
2912 27
29
483
2034 2934 29
4Jan 2
48 Nov 6812 June
2334 28
21
2438 2134 2338 15,400 Third Avenue(New York) 101
9112 *9
9112 .90
.90
ig 95 Jan 20 94 Mar 99 June
0
9112 1914 9114 .90
50 Twin City Rapid Transit_ _100 _Nis
9112 *90
9112
Feb
13612 1375s 13612 13714 13618 13712 13618 137
149's Jan 2 129114 Apr 1533
2002
100 1
4
8
133 13512 1333 1343 43,000 Union Pacific
79 May 4 85 Jan 24 s80 Sept 5412 Bev*
4
4 793 703
793 793
100
4
Do pref
4 703 793 *7912 7978 7914 7934 79
4
4
7912 2,000
2114 Jan
n
,eb
200 United Railways Invest__ _100
t
1gi2re, 1 g% La n *812 912 *814 014 *812 912 *812 10
8
8
9
*8
3924Jan
*19
20 .18
20
20 .19
*19
i 17 "reapYt
7
Do pref
20
20 •17
*17
20
117 12
8
i
117 1172 1132 1172 115 1134 2,300 Wabash
s
T2Ril; 25 153
4
113 113 .1112 12
1312 Sept 17 Jan
4
2
4Jan 5
100
2
4812 4834 4852 49
4834 49
2 58 Jan 2
4812 4812 4712 4832 4712 48
6012 Dec
4112 Mar
6,250
Do pref A
451
100
4
2434 2434 243 25
4
24 Apr 3 3O' Jan 2
243 25
25
25 Apr
2414 4,300
100
Do wet B
25
327 Doe
s
2418 2412 24
2138 21
213
2112 21
8 21
May
23 Apr 3
21
3,800 Western Maryland
20
21
20
2138 20
N
38 •32
,
*32
38
41 Mar27 --------------40 .32
'30
2i :5,;;;
38
100
Do 2d pref
35
*27
*30
38
1312 Mar 1 221s Jan 2
(new)_1002Dee
1612 1614 1678 1312 1534 1312 14
1618 1612 1638 1612 16
2738 Dec
12,200 Wheeling & Lake E Ry w I_
:Ayr 10 . 50
311
5812 Dec
52Jan 22
364 364 *36
37
46 Dec
Do preferred when Issued_
36
363 *36
3612 347 3478 3218 337
4
8
2 1,200
56101111
5114 5114 .49
4512Feb 14 5414 Jan 2
50
33 Apr
100
.49
*49
50
400 Wisconsin Central
5912 *48
50
*48
51
Industrial & Miscellaneous
14 2 Apr 10 18
3
2114D11
12Jan 9
17
14 Aug
1712 *13
16
200 Advance Rumely
100
1612 154 1518 .1412 16
2
157 157 *15
8
28 reb 11 374 Jan 6
84 A pr 8
43 Apr
34 .31
3038 Oct
276
31
3138 31
Do pref
35
31
*3118 35 .3112 35 .31
60
66 Feb 8 80 Jan 25
70
70
63 July 89 _
300 Ajax Rubber Inc
71
70
71
121380
.68
*6712 70 •68
71
70
71
638 7
1112Jan 4
1014 Dee
2612 Jan
2,600 Alaska Gold Mines
10
638 612 *612 7
714 714 •71.2 714
74 74
1014Jan
May
6
6
4
83 Oct
612 612
•632 7
8
*57
3 612 2,300 Alaska Juneau Gold Min'g_10
6
*614 612
20618
2638 2512 28
3 3032 Msr26
1
19 July
818 Mar21
2478 3,510 Allis-Chalmers Mfg v t c_ _100
2578 2634 2558 28 .26
2512 24
88 Nov
21
*8312 85
2
7914 Feb 3 867 Mar10
*8312 85
800
.
8312 85
7012 JulY
Do preferred v t c____ Inn
92 Nov
8312 8112 82
82
9512May 2 63 Apr 102 Nov
92
iiii 93 9312 9414 9512 9212 9212 9112 9258 4,200 Amer Agricultural Chem...100
03
-iii- .99 10012 .99 10112 .100 101
•101 10112 10012 101
96 Mar 10314 D
400
101 101
90
100 00% Febe 10 103's Jan 24
f
9312 9312 0234 933
2 0332 9412 . 9414 9112 93
6134Feb 10812 Nov
ei)
_
1:1 Feb , 102'z Feb 15
_.
100
314
9112 9238 9,300 American Beet Sugar
*9212 97 .9212 97
98 Jan 24
*924 9i
93 Apr 102 June
*0212 ‘718 .9212 97
41
*9212 97
9
,
Do pref
100
4578 453 463
45
46
36 Feb 3 5172 Mar29
45
4
5
6812 Sent
4
44 Dee
4418 18,200 American Can
4514 41
44
6
100
100 10314 Apr 25 110 2Jan 25 1077 Deo 1154 Sept
•104 108 .103 104 *103 107 .103 105
5
8
500
105 105
Do pref
104 104
8 6618 6712 6418 65
784 Dec
6718 6718 6714 685
67 Feb 3 7112 Mar27
67
67
52 July
643
64
4 4,400 American Car & Foundry_100
*11414 11612 *115 11612 *11414 11612 116 116 .11414 1163 .1144 1163
4
4
100
100 11512Apr 18 11812Jan 23 1158s Aug 11912 Mar
Do prof
4112 4014 4052 407 424 41
41
581 Oct
An12Jan 5
3912 Apr 20 4112 42
4812 Dec
404 4014 2,600 American Cotton Oil
8
41
100
toz Mar
98 Apr 25 bus Jan 9
98 .96
*96
98
96
98
.
*96
98 Jan
97
9712 *96
97 .98
100
Do pref
1312 1312 135
10 Feb 2 174 Mar29
834 June 2012 Oat
8 1312 1312 1212 13
1212 1232 1,400 American Hide & Leather_100
1318 1318 •13
4
58 Feb 3 75 Jan 4
6112 603 6112 .61
8
61
847 Dec
45 Mar
59
6112 62
5978 54
3,800
1(30
Do pref
58
63
2612 2612 *26
24 Feb 2 323 Jan 2
3234 Dec
2
257 28
25 Jan
*2.512 2612
27
700 American Ice Securities_ 100
*2512 26
2512 26
1534Feb 3 2218 Apr 27
4
2778 N ov
17 Dec
8 1938 204 6,500 American Linseed
2112 214 2112 203 2118 2012 2112 1912 207
100
21
Nov
6234N
48 Feb 3 5814 Apr 27
384 Mar
4 5712 58
573 5734 5714 573
4
5712 5734 5614 5714 5612 57
4,700
Do pref
100
6212Feb 2 8234Jan 4
697
8 6734 683
58 July
4 65
9814N 0Y
*6712 6838 6818 6812 68
6512 6538 66
6,700 American Locomotive_ _ Inn
9912July 109 Nov
8Jan 20
103 103 *10212 104 *10212 104
10212 10212 102 102
400
Do pref
100 102 May 4 1067
•102 103
12
_
11
918 Apr 21 1934 Mar30
11
11
1112 10
*912 1012 2,100 American Malting
100
10
4 11
8
113 113
61
59 Apr 20 68 Mar30
--_
625
8 614 62
62
60
59
7,000
5913 60
60
100
62
Do pre
60
9312Jan 2 9914Jan 31 -- 1- lily;971 Nov
4
4
94 .923 10114 94
Iii 2
0418 94
94
94
400 Amer Smelters Sec Tref FL 100
9334 9334 *92
*93
9814 Feb 13 10214 Nlar10
4July 102 Nov
913
Do pref Ser A stamped..
4
10012 10012 10012 10012 100 10038 10038 145012 953 100, 9512 9834 3,000
94 8 Feb 2 11014 Jan 19
8812 Apr 12272N cm
8 10112 093 10078 967 9852 90 9734 32,900 Amer Smelting & Refining.Inn
5
8
8
4
2
095 1004 9958 1018 1005
8
11314 11353 113 113 *112 114
2
1137 1137 114 114
600
100 111 Feb 23 11718Jan 19 10914 Apr 11818Oct
Do pref
*112 114
52 Feb 3 657 Mar21
73 Dee
44 Apr
5912 60
2
59
60
4 1,500 American Steel Fonndry_ _ Inn
58
583
587
2 58
5912 5918 0 59
8
2Feb 3 11552Feb 21 104 Dee 1255 Oet
1104 11018 2,300
110 111
profAmerican Sugar Refining_ _100 1043
11114 11114 1112 11234 11118 112
*111 113
117 Feb 2 1214Jan 25 11518May 1231100t
120 *11812 120 *11812 120
*11
11812 11812
Inn
100
Do
*119 120 *1184 120
1227 12312 5,600 Amer Telenhone & Teieg_ _100 12214Feb 1 12812Jan 24 212318 Dec 21341213ot
2
3
1234 1231 *124 12414 124 12414 124 12432 12234 124
8
100 184 Apr 21 220 Mar12 188 Feb 2297 Nov
192 195
4
191 193
193 19312 1,100 American Tobacco
4
1934 19312 1903 1903 .188 192
8
1027 1027 103 103 •10212 105 *10212 105
8
100 100 Apr 24 1093
4Jan 18 10514 Apr 113 Sept
200
Do pref(new)
102 103 .10112 104
.
584 Nov
374 Feb 3 5412 Apr 3
37 Dec
505 I491 4434 48
4
8
Inn
4
473 4312 5,100 Am Woolen of Mass
49
4934 503
4 50
50
50
8
94 Feb 3 997 Mar14
92 Jan 102 Mar
4.9712 6812 *9712 9812 *9712 9812 973 97 2 .9714 08
2
9738 9738
300
7
100
Do pref
7614 Nov
37 Feb 3 544 Mar10
11 Jan
*4112 45
*41
47
900 Am Writing Parer pref._ Inn
45
4013 414 3918 3912
*4118 45 .41
7
97 2 Apr
294 July
25 x29 Apr 24 4132 Jan 26
012 31
3112 3
30
3012 2914 294 2,300 Am zinc Lead & S
4 31
333
8
8
305 305 .31
6412Feb 1 72I Jan 26
5912July
87 Nov
66
66
*6514 6614 .6212 6538 .63
6538
100
67
25
Do reef
6614 .64
.64
2Nov
77 Apr 1053
70 Feb 1 863 Mar20
4
4 7912 807
4
8 773 7912 773 79
no
4
79,100 Anaconda Conner
4
801s 793 803
7914 803
4 79
8912Feb 3 12112Jan 22
56 July 14734 Dec
9914 0658 9914 34,400 At!Gulf & W IRS TAne ctfs inn
4
0834 10134 1013 10412 101 10412 98
0812 101
734 N ov
54 Feb 8 86 Jan 4
6012 Dec
62
*60
*60
6112 .60
60
*58
100
62
Do pref certfs
62
*60
63
*60
43 Feb 3 634 Mar26
62 Dee 11832Jan
57
5212 5412 5212 533 16,310 Baldwin Locomotive
Inn
4
4 5512 5712 55
5434 5558 547 553
8
2
997 Apr 23 10212Jan 15
987 Dee 110 May
8
100 10018 ._ _ - 10018 *-- 10018
300
100
Do pref
•____ 10018 *_ 10018 100 100
100107 May 4 136 Jan 2 4112712 Dec 16712 Dee
1094 1094 109 109
11012 III
107 10832 1,000 Barrett Co (The)
11012 11012 .109 111
160 (1119 Mar 1 515 Jan 4 415 Jan 700 Nov
4.128 135 .130 13412 .130 135 .128 135 *120 135 *125 132
Bethlehem Steel
4
12214 12414 12234 12538 12414 12614 122 12414 11712 120
118 12014 89,400
Do class B common_ _100 103 Mar 1 1433 Mar21
Ex-rights. i Less than 100 shares. a Ex-div. and rights. s Ex-dividend. 3 Before payment of 1st installment.
• Bid and asked prices: no sales on this day. :
$ per share $ per share
10314 10312 z1015 1013
2
4
9812
2 98
2
983 983
114
7 .7-iliis .; 8 8 76
8
763
71
7018 7018
71
6312 6412
66
.63
160 161
1594 16012
60
607
8 5912 60
1112 1112 .1112 12
353 353
8
2 35
35
8014 815
8 8012 801
4
11712 1173 117 117
4
•1133 114 *11352 114
4




New York Stock Record-Concluded-Page 2

1780

For record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND WW SALE PRICES
-PER SHARE, Nor PER CENT.
Saturday 1 Monday
April 30
April 2.3

Tuesday
May 1

Wednesday 1 Thursday
May 2
May 3

Friday
May 4

Salesfor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

IndustrIa1841111sc.(Con.) Par
$ per share $ per share 3 per share $ per share $ per share $ per share
100
120 120
.120 125 *120 123 *120 125 *115 120
120 120
700 Bethlehem Steel prof
4312 4334 44
43
43 4 43
423 4312 4138 424 4114 417
4
3
2 3,400 Butte & Superior Copper--10
21
20
20
204 2012 20
20
*20
194 1918 1,300 California Petroleum v t c_100
1812 19
100
*5013 53
51
53
50
51
50 *50
50
504 *4813
Leather
D ral Lea
100
825 509 C• entral Pref
853 87
4
8414 35,100
864 8714 86
4
: 8714 863 88
3
99
8234 85
Do pref
112
*110 113 ...___ 115 .110 115 *111 114 *110 115
3313 1129 Cerro de re co Cop__ _No par
3513 3314 35
o
35
36
35
8
3
0
35
35
*35
35
3334 2, 00 C• err
100
96
500 Chandler Motor Car
99 .95 100 .95 100
*96
9418 9414
99
96
*96
25
2214 2112 22
2234 234 224 2212 2212 224 224 2212 22
8,700 Chile Copper
5
543 5513 5412 5412 543 5518 5412 5478 5213 5412 5214 534 8,700 Chino Copper
8
4
100
48
49
48
8 4512 4634 4,700 Colorado Fuel & Iron
4
4814 4812 493 *4812 494 4612 467
100
41
4134 42
4318 437: 24233 4234 43 43
404 41
40
0,300 Columbia Gas &Mee
.40
42
*40
40
41
4712 40 40 .394 41 .40
40
400 Computing-Tab-Record -.100
11212 113
11312 11312 *113 114
2,200 Consolidated Gas(N Y) 100
11314 11332 11234 11314 112 113
100
94
*93
.92
04
94
924 93
*93
943 .93
4
91
9218 1,400 Continental Can
Do pref
100
•10812 115 .10812 115 *10813 115 *10812 115 *10812 115 *10812 115
2534 2613 2538 254 25
8
2578 2412 25
2334 2414 233 2414 42,100 Corn Products Refining. 100
100
101 10112 101 101
9914 100
1003 10012 100 100
8
1003 101
4
2,700
Do prof
• 6114 6214 6134 623
634 595 613
8
4 62
4 60
4 6278 643
Ws 51,650 Crucible Steel of America_100
.108 109 .108 110 1110 110 *108 110
Do pref
107 109 .104 109100
210
No par
4638 4612 4434 464 4514 453
4 4514 4678 443 453
4 4434 453 49,100 Cuba Cane Sugar
4
4
Do pref
100
9118 914 91
9114 92
*9113 92
9114 913 *911s 92
1,920
4
91
.197 200 .196 200 .196 200 .196 200
196 196 .190 200
100 Cuban-American Sugar_100
100
10214 10214 *10214 105
*10212 105 •1024 105 .10212 106 *10212 105
100
Do Pre
4 1312 1312 1,200 Distillers' Securities Corp-100
*1414 1434 14
13
133
1434 134 1478 *1312 15
10
1414 143
16
16
4
113
16 .1414 1614 1514 1534 143 1514
4 2,100 Dome Mines, Ltd
100
*1614 166 .162 165 .163 1651: 1634 164
161 1624 159 161
2,800 General Electric
104 10512 10412 1054 31,950 General Motors tem etfs 100
10214 1043 103 1087 107 10934 106 108
4
8
100
9212 9078 92
895 8934 893 90
8
89
894 91
.86
Do pre( tern ctts
4
89
7,500
100
514 5218 5212 524 52
514 52
52
493 5012 24912 50
4
4,900 Goodrich Co (B F)
100
916
108 10812 107 107 .1064 109
108 103
Do pref
107 108 *107 109
81
83
*8012 83 .80
83
.80
82 82
82
81
82
900 Granby Cons M S & P__ _ _100
*4212 43
4334 4334 *434 454 4334 4358 4314 4338 42
4312 1,200 Greene Cananea Copper 100
124 126 .123 126
1194 123
124 124
124 121
120 120
1,800 Gulf States Steel tr etts_ _ _100
Do 1st prof tr etfs_ _ -100
__ .10'7 110 .107 110 .107 110
---- -- -- *107 110
Do 2d pref tr Ws_ _ - _100
.120 __
E7 4
5711 77
4 5
-86i4 - 3.
564 573 -- 81-4 - - 3 - 5:1is -riff - - :iiii "iili :.1- 7 7777 Inspiration Cons Copper__ _20
22
211: *18
21
22
204 2073 *20
18
20
20
18
300 Internal Agricul Corp_ _ _ _100
100
52
5018 5012 7,000
Do pref
5212 504 5012 504 5212 5212 5412 5014 52
112 112
111 11214 111 111
11214 11214 11274 1127 .113 115
4
1.500 Intern Harvester of N J 100
2614 2714 68,800 Int Mercantile Marine--100
27
4 273 2912 2712 2938 264 27
274 263 273
4
4
100
783 7934 1812 804 7912 83
Do pref
8
4
4
7912 833
4 763 7812 763 733 175,100
4
414 4234 4138 4238 404 4114 4038 41
35,900 Intern Nickel (The) v t c_25
4134 4278 4133 42
100
39
4
37
384 39
3734 343 374 3314 343 10,650 International Paper
4
3814 3914 39
100
•____ 101
Do pref
.98 101 *___ 101
*98 102 .98 101 .98 101
25
52
52
52
52
8 5112 5134 49
5112 1,700 Kelly-Springfield Tire
s
53
53
527 527
3 444 4514 74,900 Kennecott Copper-_ -.No par
4434 4558 451 455
:
441 453
:
455 473
3 4512 47
100
813 83
844 86
84
844 8412 814 84
81
84
84
7.900 Lackawanna Steel
4 1918 1912 1758 1834 1738 173
2012 1972 1973 1914 193
*20
4 3,400 Lee Rubber & Tire...No par
100
•185 200 .185 200 .18.5 202 .185 200 .185 200 *185 200
Lorillard Co (P)
100
85
8412 8412 .84
*344 85
86 .84
.84
85 .84
86
100 Mackay Companies
100
Do pref
644 644 643 0412
66 .64
8
66 .6412 65
.6412 66 .64
900
_ *484 4912 49
4714 48
4834 474 48
503
2,600 Maxwell Motor Inc tr etfs_100
4 48
Do 1st pref stk tr ctts_100
641: 641: .64
66
67
66
65 .65
200
66
.61
-31- lili .
1,31
Do 2d pref stk tr ctfs_100
31
3114 *31
*30
3114 *3114 3112 3012 31
500
100
831
881g 927
88
8 9112 933
873 69,700 Mexican Petroleum
4
4 8912 9214 864 8912 86
*90 95100
9412 91
90
91
.90
90
*90
Do pref
95
*90
95
200
5
4278 4314 2403 404 393 4012 383 3912 3812 39
424 427
8
4
13,900 Miami Copper
4
574 554 563
574 58
574 58
5814 583
4 5712 5814 56
4 9,700 Midvale Steel & Ordnance_ _ 50
100
___ .99 10112 .99 10114 100 1001: 994 100% 100 10012 1,700 Montana Power
*116 11712 *116 11712 *118 11712 *116 11712 *116 105Do pref
100
11713
100
oioi- iid .105 109 105 106 105 1051: 105 105 105
1,500 National Biscuit
100
*118 121 *___ 121
Do prof
119 119
300
1167 1164 115 115 .100 11712
s
32
32
32
4 293 3014 3,525 Nat Enam'g & Stamp'g_ _ _100
32
4
324 32
303 3134 294 303
4
100
98 .92
99 .95
.95
Do prof
98 .90
99 .95
98
98 .94
100
543 5433 544 55
4
56
5712 56
55 8 56 .55
5
563 57
4
1,000 National Lead
109100
8
109 109 *108 110 *10813 110 *1085 109 *10812
•10812 110
Do pref
100
5
4
2312 12,700 Nevada Consol Copper
23 4 244 24
3
2414 234 2114 223 2334 23
2334 24
100
1353 136 *130 140
4
*134 142 .130 145 .135 145 *13712 144
200 New York Air Brake
100
6578 65 8 6578 654
7
66
66
66
66
000 North American Co
68
66 .66
66
13112 133
I3238 136
13313 13634 133 13412 13138 133
133 134
28,300 Ohio Cities Gas (They_ _ 23
49
49 .48
50
50
50 .49
400 Ohio Fuel Supply
50
*49
493 50 *49
4
6
64 '618
• 53
4 53
600 Ontario Silver Mining_ ___100
4 *512 614
57
612
618 64 *6
8
*22
2214 22
5
23
2212 2234 23
2314 211s 22
2112 2112 2,500 Pacific Mall
z82
82
83
8334 8334 82
817 8174 7912 8012 3014 804 1,600 People's G L & C (Chic)_ _100
8
34
3314 3314
*33
351: .33
35
.331: 344 334; 333 *33
4
600 Philadelphia Co (Pittab)___50
45
4514 4614 464 4612 4512 4613 454 4513 43
43
4413 11,100 Pittsburgh Coal ctfs dep_100
11412 11412 114 115 .114 115
Do pref Ws deposit__100
•115 116 .114 116 .114 116
600
7413 75
73
7312 .72
75
741: 753
75
4 74
100
1,450 Pressed Steel Car
75
75
Do pref
100
:
.102 106 .1021 105 .10213 105 .102 105 .102 105 .102 105
Public Serv Corp of N J__ _100
.122 1271t--------'122 1271:.122 1271:.122 1271:.122 12712
16 *156 156
*158 160 e
15512 15614 15418 156
149 154
100
4,200 Pullman Company
48
464 4712 1,000 Railway Steel Spring
48
100
*4714 50
50
493 493 .48
4
.47
4
50
9734 913
98
100
4
Do pref
300
98 .95
97 .95
.
91
97
97 •_ _ __ 97
4
2912 2978 2814 2914 2813 283 23,600 Ray Consolidated Copper__10
2938 3014 2934 30
2938 30
100
78
794 23,500 Republic Iron & Steel
3
7934 807
804 8114 8012 8114 8113 82
8 777 79
100
Do pref
10112 10112
4
500
10214 10214 .101 102 .102 1023 1023 10212 102 102
4
43
48
4
*4712 50
300 Saxon Motor Car Corp__ _100
51
50
*473 50 .4712 50
50 .47
171 17212 1,600 Sears, Roebuck & Co
17114 174
100
176 176 .174 182
176 176 2176 176
8
26
25
2512 2512 2512 2512 217 254 *2434 2513
10
2538 .25
800 Shattuck Ariz Copper
5313 5134 5234 13,250 Sinclair 011 & Reg__ _No par
55
554 5514 5614 25114 5514 5312 5438 52
40
464 3,400 Sloss-Sheffield Steel & Iron 100
4612 47
49
30
49
504 4878 50
4834 50
100 South Porto Rico Sugar_ _100
187 187 .175 190 .175 190 .175 190
•187 195 .187 193
8512 8712 42,700 Studebaker Corp (The)___100
88
8
884 897
s 867 8938 8514 87
8434 8534 86
Do pref
10214 104 *102 107100
300
.
1044 107 *104 107 *10112 107 *10112 107
45
•43
43
45 .43
43
45. .43
100 Stutz Motor of Am Ine_No par
45 .43
45 .43
16
157 1012 16
s
1634 1634 1612 1678 1612 17
4,400 Tennessee Copper & Chem w I
1634 17
100
20618 208
21134 214
208 2104, 2071 212
2064 20812 12,825 Texas Company (The)
:
20812 212
53
541: 52
5214 53 I 5238 5238 5214 5318 53
53
534 8,300 Tobacco Products Corp__ _100
997 967
4
4 997 667 .96 100 *____ 100200
2
4
100
Do pref
.98
9873 *-___ 100
4313 *43
45 .40
4312 *43
42
42
431: 42
100 Transuett WIlliamsSteel No par
*43
95 .90
300 Underwood Typewriter- _ _100
9814 .95
9814 .93 ,9814 92
9814 .95
.
95
97
100
1112 1112
700 Union Bag & Paper
1138 1138 .114 113
4 1134 12 .1113 124 .1112 12
88 883
4 8412 864
90
90 90
.100
90 .87
.85
850 Union Bag & Paper (new)
9212 .85
No par
43
417 4278 4034 42
s
4374 434 4238 43
43
2,400 United Alloy Steel
423 43
4
9712 9814 96
9712 4,200 United Cigar Stores
984 983
934 993
100
4 983 99
4
4 9812 99
.115 119 *115 119 *115 119 *115 119 .115 118 *115 118
100
Do prof
133 13413 13278 133
134 135
135 136
134 135
135 135
100
1,700 United Fruit
.
20
21
2014 201 .1912 2114 193 193
4
4 184 1812 1812 1812
500 US Cast I Pipe & Fdy---100
4
55
6012 55
*55
*5334 60
60 .55
6014 *55
6012 .55
Do pref
100
100
..100
1
10312 11012 110 117
4
1143 11814 114 11814 1127 1164 11374 11614 171,400 US Industrial Alcohol..
3
9838 98
.98 101
100
9712 9712 .9712 10012 .100 102 .98 101
Do prof
200
57
5714 5714 5714 5/12 573
4 57
5718 56
5612 3,400 United States Rubber_ _ _ _100
50
4 56
106 106 .106 10714
•106 103
100
800
Do 1st preferred
10314 10312 .105 10712 *106 108
561: 5612 5613 554 5512 1544 5412 543 543
8
8
50
625 US Smelting Ref & M
*5512 5612 .56
50
4
100
4 50
.4934 5012 5014 5014 .494 504 .493 501 .493 503 .
Do prof
4
4
503
4
1154 1163 11513 1163 1163 11734 11514 11634 113 11412 1134 11434 699,100, United States Steel
4
100
s
s
11812 11834 .1174 11814 11814 1184 118 1184 11712 11838 11734 11734 4,100
Do pret
100
4 11214 11478 92,400 Utah Copper
11512 117 8 11534 1163 1153 117
4
7
4
10
11434 11578 1134 1141
*1914 2014 1914 193
8 191s 1914 1,400 Utah Securities v t c
1914 204 197 197 .1914 20
100
8
s
4312 4418 4334 4534 4212 4378 4218 43
4384 44
10,300. Virginia-Carolina Chem_100
4314 44
234; Do pref
110 110 *109 114
109 109 *103 110 *103 110 *10812 110
100
66
67
70
.67
721: 70 70
1,200 Virginia Iron C & C
724 .71
7012 701: 72
100
*6512 96
6542 05
9512 9.534 954 9512 9312 95
935 9334 2.400 Western Union Telegraph-100
8
4 4718 4712 9,500, Westinghouse Elec & Mfg-50
4834 493
4 4334 49
4838 4938 4818 484 4713 473
68 .65
*65
70 .65
.65
68 .63
50
70
68
68 .65
I Do 1st preferred
4178 45
.46
48
464 47
2,600 White Motor
47
47
457 4612 444 45
8
50
304 3018 3038 30 4 303 3112 3012 304 2914 30
294 2938 6,000 Willys-Overland (The)
25
3
4
*9512 07
954 9518
.9512 97 .9512 97 .9512 97 .9512 97
100
Do prof sub rects full pd 100
70)4 73
751: 754 76
703 72
4
9.800 Wilson & Co,Inc, v t c_ _ _100
7412 7514
75
75 4 75
3
1304 131
133 133 21323 1323 13114 132
*132 134
129 1304 2,3001 Woolworth (F W)
4
100
4
:
•124 126 •123 126
12512 1251 .124 126 .121 126 .123 125
100
100
Do pref
25
25 .25
25
.25
25
26 .25
27
27
300 Worthington P & M v t 0_100
27 .25
95 .85
941: .85
93
95 .85
.85
100
95 .85
95 .85
I Do prof A v t c
55
*51
100
54
55
400
5234 5274 *51
55 .52
52s 524 .52
Do met B v t c

--aii -6-ii4
s

• Bid and asked prices; no sales on this day.
Ex-dividend.




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

Highest

PER SHARE
Range for Previous
Year 1916
Lowe,si

I

Highest

per share $ per share $ per share $ per share.
11712 Mar 3 135 Jan 5 126 July 186 Nov
3814 Feb 3 5214 Jan 26
s
417 Dee 10514 Mat
15 June 4252Jan
171: Apr 24 3012Jan 25
40 June 803
47 Feb 3 62I4 Jan 25
sJan
49 Apr 123 No,
70 Feb 1 9778Jan 4
1117sApr 19 11578Jan 25 1087
1171: N ov
1Jan
3314 May 3 41 Feb 20
901 Feb 3 10434 Mar20
8812 Apr Tic" Nil;
3914 N Ov
20 Feb 3 2734 Mar12
193s July
484 Feb 3 633 Mar 7
4613July
74 Nov
4
3818 Apr
e314 Sept
3812Feb 2 541: Mar21
304 Sep
344Feb 3 4778 Apr 4
s
537 Dec
40 Apr 30 48 Jan 4
4034 July 5258Jan
110 Apr 20 1344 Jan 18 12914 Dee 14414Jan
8282 Feb 3 9434 Mar29
7514Jan :111 Sept
109 Apr 23 11212 Feb 7 106 Feb 114 Nov
18 Feb 2 271k Mar23
291 Dec
4
1314 Aug
85 June 11312 Dee
963 Apr 11 11234Jan 2
4
5012 Feb 2 7314 Mar21
5014 Dec
9912 Mar
107 Feb 3 11734 Jan 3 10814Jan 1247s Dec
353 Feb 3 554 Jan 4
4
7634 Oct
43 Dec
8512 Feb 14 941:Jan 3
9114 Dee 100120ot
159 Feb 14 205 Apr 16 152 Jan 2697 Saps
1
101 Apr 17 105 Mar 8 10034 Dee 110 June
5412 Apr
1134 Apr 20 32 Jan 2
24 Dee
11 Apr 18 243 Jan 9
18 Dee
4
2911 Feb
40
159 May 4 37134 Jan 26 159 Apr 1871 0*
9814 Apr 20 125 Marla 120 Dee 135 Dee
85 Apr 21 93 Jan 4
8812 Dee
93 Dee
80 Apr
4912 Dec
473 Apr 20 6114 Jan 19
4
107 Apr 18 112 Jan 4 11012 Dee 1163 Ma;
4
80 July 120 Nov
751s Feb 3 923 Jan 17
8
34 June 564 Nov
40 Apr 23 47 Jan 26
71 May 193 Nov
99'a Feb 3 137 Jan 3
102 Feb 3 109 Apr 21
87 May 116 Nov
117 Feb 10 11712Feb 2
72 May 190 Nov
7414 Nov
4253 Apr
48 Feb 1 6312 Mar20
297g Jan
1314Feb 5 2112 Apr 27
11 Aug
3514 Feb 5 53 Apr 27
74 Jan
37 Dec
111 May 3 123 Jan 2 10812Jan 1267 N ov
1
193 Feb 1 367 Mar23 9133 Feb e507 Sept
4
2
0
2
8
6234 Feb 8 9512 Mar24 06114 Mar e1255 Sept
3712 Feb 3 4734 Mar21
387 Dec 66% Jan
s
912 mar
7512Nov
33 Mar 2 4052Jan 4
4213 Feb 10912 Dee
94 Mar19 105 Mar26
49 Feb 3 8413 Jan 4
58 Dee
8514 Sept
40 Feb 1 4734 Mar 7
40 Dee
6414 N ov
70'a Feb 3 8 Jan 4
64 May 107 Nov
8014
174 Feb 28 30 Jan 2
5612 June
2518 Dee
200 Mar 2 232 Jan 19 17914 Jan 23978 Aug
91 Feb
83 Jan 5 8934 Feb 17
78 Apr
6814 June
64 Mar 14 6712Jan 15
647 Deo
s
99 Sept
4312 Apr 20 613 Jan 17
44 Dee
4
93 Jan
6312 Apr 18 744 Jan 18
65 Dec
295 Apr 20 40 Jan 20
8
32 Dee
607 Juno
s
Mar
8
885 June 12958 Jan
Jan
90
81's M4 8918 June 10538 Jan
10
1 106 Jan12
6
34 Feb 1 4314 Apr 30
4918 N ov
33 Aug
25538 Apr 20 6233 Apr 2
681 Mar 1147s Dee
4
109l4 Jan 25
195 Jan 2 11712 M ar28 109 Jan 11714 N ov
14
0
2
105 May 1 12212Jan 5 118 Sept 13112001
115 May 3 127 Jan 5 124 June 12934 May
3612 Dee
24 Feb 3 36 Mar 83
1934 Apr
b
9015 Dee 100 Nov
95251s eb 38 93 Jan 19
Feb
57 Dec
7453 Sept
634 Mar23
1084 mar15 114 Jan 6 11114 Deo I17100t
3418 Nov
207
15 Jan
:Feb 3 264 Mar 6
128 Feb 3 155 Mar21 118 July 186 No,
757s Dec
6512 Apr
87 8 hla
657 yeby
19
174231323
rr21
75 Oct 12414 Dee
Apr
48 Apr 23 2418 Fob 10
5
6 m
5 Feb 3
714 Feb 14
4
53
18 Feb 3
81 Aug
1114Jan
7738 Apr 18 106'4 Jan 18 10018May 118 Oct
334 Apr 30 42 Jan 4
38 June 48 Dec
35 Feb 1 523:Jan 19
4
2514 July 581 Dec
10718 Jan 15 1184 Mar20 10914 Aug 11514 Dec
8814 No,
72 Apr 23 8314Jan 26
4212July
97 Jul
108 Nov
101 Mar 7 :107 Jan 31
an 137 Sept
121 Apr 14 131 Jan 6 114
149 May 4 1674Jan 20 1597 Ma. 177 Sept
s
32 Apr
43 Feb 2 35253814
6114 Nov
3
rr21
97 May 1 101 Jan 22
05'4 Mar 10314 N ov
23 Feb 1
20 June 37 Nov
Apr
60 Feb 1 864 Mar21
42 June 93 No,
90 Feb 1 10544 Jan 2 101 Deo 117 Nov
46 Feb 10 68 Jan 4
8414 Sept
s
637 Dec
171 May 4 23814 Jan 22 16814M5• 333 Nov
4014 Feb
22 Dec
224 Feb 2 2934 Mar 9
513 May 4 593 Mar29
4
4
37 July
424 Apr 21 743 Mar30
9314 Nov
4
165 Feb 6 195 Mar 9 146 Jan 240 June
8312 Apr 21 i1012Jan 17 IOWA Dee 167 Jan
10214May 3 108% Jr.n 20 108141300 .14 Mar
4212 Apr 17
4812 Dec
Jan
7911 Sept
13 Feb 2
1544 Dec
18013 Dec
200 F413 3 253 J in r21 98 17714 June 24112 No,
4444 Na e 10
1
4812 Feb 3 59 Mar21
4814 Sept 5932 Dec
99 Feb 23 105 Mar12
99 July 10912 Mar
40 Feb 3 4634 Jan 25
92 May 3 10912 Mar12
86 Jan 110 Oct
1812 Oct
1112 Feb 2 1514 hfar22
414 May
84I2May 4 112 Jan 22
8712 Oct 129 N ov
403
3May 4 484 Mar 6
4
59 Feb 1053 Aug
9112 Feb 3 10312Jan 5
119 Jan 2 12044 Mar14 bl 112 Feb 120 Aug
16914 June
13112Apr 20 15438Jan 22 1361s Jan
2818 Nov
1134 Jan
17 Feb 2 2312 Jan 25
6712 Nov
4812 Feb
55 Feb 1 03 Jan 29
10012 Apr 21 13212 Feb 23
9412 Dec 17012 Apr
9912July 114 Jan
9712 Apr 28 10412Jan 8
478 Mar
4
7034 Dee
50 4Feb 9 65 Jan 3
3
1057 Feb 2 11134 Jan 3 1064 Feb 11514 Dee
8
57 Dee
8112 N ov
52 Fob 3 6734Jan 4
50 June 5312 June
4912 Apr 23 5214 Jan 3
4
99 Feb 1 11834 Apr 3 s791 Mar 12914 Nov
1163 Mar 2 12114Jan 19 115 May 123 Nov
4
743
4July 130 Nov
97 Feb 1 11772 Apr 28
16i4 shine
1918Feb 3 2434Jan 22
273e Dee
36 Apr
51 Jan
3414 Feb 3 4514 Apr 27
10714 Mar 1 112'4 Jan 26 108 Apr 11412 Deo
41 July 7214 No,
40 Feb 3 77 Mar30
87 Mar 10512001
92 Mar 2 9914 Jan 19
7138 Mar
40 Feb 3 553g Jan 2
5114 Des
79 Mar
70 Apr
68 Apr 17 7018 Jan 4
447 May 3 52I2Jan 18
2
593 Oct
45 Dee
294 Apr 20 3812Jan 18
34 Dec 5325 June
95 Jan 2 100 Mar10
94 Dec 117 June
58 Feb 1 844 Mar30
14114 Oct
129 May 4 151 Jan 22 118 Jan
12434Apr 18 1264Jara 17 123 June 126 Nov
363 Sept
s
25 July
2312Feb 9 28 Jan 4
95 July 100 Sept
91 Apr 16 95 Jan 26
MI, Hoot
52 July
$04 Apr 11 573:Jan 22

Less than 100 shares. 3 El-right& a Ex-rights. a Ex-dIv. and rights.

n Par $100 per share. o Certificates of deposit

New York Stock Exchange Bond Record, Friday, Weekly and Yearly
for income and
In Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now —"and interest"—except
BONDS
N. Y. STOCK EXCHANGE
• Week ending May 4

4
4,4

Price
Friday
May 4

Week's
Range or
Last Sale

Range
Since
Jan, 1

BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

Price
Friday
May 4

1781

efaulted bonds.
Week's
Range or
Last Sale

il

Range
Since
Jan, 1

Bid
IIOh No. Low High
Ask Low
High No, Low Illgh
Chesapeake & Ohio (Con)—
Ask Low
Bid
.4 U. S. Government.
8812 Sept'16
Greenbrier Ity 1st gu g 48_1940 1\1- N
0812 9934
98 ---- 9312 Apr '17
193 (4 J
0
1J A 2s consol registered_ __ d1030Q: J
11314 Feb '15
4
4
9934 993
Warm Springs V 1st g 5s_ _1941 M- S
_ 993 Jan '17
93
U 8 28 consol coupon
.18 -E67 -6i34
9912 9912
Chic & Alton RR ref g 3s._ _1949 A - 0 -66- -61 8 598 Apr '17
4
k1918 Q- F 99 1003 9912 Apr '17
U 83s registered
9912
1 4514 5312
4612 47
47
47
1 9912 10178
1930 J - J
Railway 1st lien 314s
10012 ---- 9912
k1918 Q US 35 coupon
9978
5 9978 100
99% Sale 99%
10712 Apr '17
10711 110
Chic B & Q Denver Div 4s. _1922 F - A
--1925 Q - F 105
U S 48 registered
82
7 8112 89
82 Sale 8111
107
1949 J -J
Illinois Div 314s
1925 - F 106 — -- 10818 Apr '17
U S 4s coupon
92
4
98
2 92
9414 933
4
933
J -J
_
Illinois Div 4s
U S Pan Canal 10-30-yr 2s_k1936 Q - F 98 -- -- 9814 Oct '15
102 10212
10018 - -' 102 Apr '17
97 JUIY'15
1
19 A 19
Iowa Div sinking fund 5s.A 9
US Pan Canal 10-30-yr 2s_ _1938 Q -N 93
8
99% 997
9814 993 997 Apr '17
99
4
A99
19
10234
Sinking fund 4s
94 --U S Panama Canal 38 g_ _ _19(31 Q-M
100 Feb '15
Joint bonds. See Great North
9
U S Philippine Island 48_1914-31 Q 10 9714 99
98
96% 977 97%
s
Nebraska Extension 48_ _ _1927 M-N
Foreign Government.
98 July'16
4
9638 170 951, 981,
M-N
Registered
1919 11' - A 953 Sale 9514
Amer Foreign Secur Os
99% June'15
NI- S
95
Southwestern Div 4s
9414 2819 90
92% Sale 921 i
Anglo-French 5-yr 5s Eater loan_ A 9114 83
88 Mar'17
General 4s
93
199 7 M- S 89% Sale 895s
1 958
90
88
1
85
Argentine—Internal Os of 1909-- NI- S 953 Sale 9312
3
3012 3312 3012 Apr '17
3012 3
Chic & E Ill ref & imp 4s g_ _ 1955 J - J
8
4
967
8 84 9512 957
NI- N
Bordeaux (City of) 3-yr 6s_1919
07
26 :- ;;
5705
7_
32
1:8886 3, 8 0
-22 2 37
:1.84 03
3012 3214 31
US Mtg & Tr Co ctfs of dep_ _
2 70
7112
7214
7112 Sale 71,
2
Chinese (Ilukuang Ity)-58 of'11 J -1) 9712 Sale 9712
100 105 106 Mar'17
1st consol gold 6s
23 97 100
99
143374
of 1901_ M- S
Cuba—External debt 5s
923 Apr '17
M- N
8
3
General consol 1st 5s
8812 80 4 Jan '17
3
_ ,
93
J212 065
F - A 91
1919
, Eater dt fis of '14 ser A
US Mtg & Tr Co etts of dep
8712 Mar'17
8612 Jan '17
87
8612 8(312
1919 F - A 84
r. External loan 4343
90
29 9712 1005
s
- -- 90
Guar Tr Co ctfs of dep
99
85 Feb '17
8
93% Sale 933
Dominion of Canada g 5s- -- 1921 A 41
Purch money 1st coal 5s_ _1912
965 Sale 9612
9734 Feb '13
8
9718 41 9614 109
1926 A
do
Do
_ _ 32 Mar'17
28%
J
Chic & Ind C Ity 1st 5s_..1936 J 8
8
37
6234 41
967 Sale 967
9714 34 96% 10014
1931 A Do
7318
20
9912 Sale 99
10012 1993 99 101
Chicago Great West 1st 4s_ _1959 NI- S 6734 Sale 67%
4
68,
French Itepub 5148 secured loan_
11518
83
2 81
8212 84
83
Chic Ind & Louisv—Ref 58_1947 J -j 112 115 11238 Mar'17
883
4
Japanese Govt—L loan 4148_1925 10012 Apr '17
1003
8131 Apr '17
1917 J --S
4
Refunding gold 5s
8018 88%
J I 8212 84
1925 J
series 4348
Second
-- _
8112 Apr '17
9_91
79% Salo 79
18 !
. 4_12 8,514
Refunding 45 Series C._ _ _1917 5.-S
79% 25 78
82
Do do "German stamp"_
70 N
Ind & Loulsv 1st gu 4s_ ..1956 J - J
I..-- 7512 7512 Apr '17
7312 7612
1931
Sterling loan 4s
9515
90
- • - - 9612 Jan '17
9534 Sale 95,
chic Ind & Sou 50-yr 4s_ _ _ _ 1956 J .J
9712 69, 9512 9712
2
1919 NI- N
Lyons (City of) 3-yr Os
94
9738 Dec '16
8 76' 9512 97
937
96 Sale 9512
Chic L 8 & East let 414s_ _ _1969 J -D 02
Marseilles(City of) 3-yr 6.i. _1919 NI- N
1 4012 47
47
47 Sale 47
Chicago Milwaukee & St Paul—
Mexico--Exter loan .£ 5s of 1899 Q 90
- - 8658 96
8634 Apr '17
8
Gen'l gold 4s Series A_ __e1989 J - J 89
3978 39%
1954 J -D ____ 3878 397 Apr '17 — _
r. Gold debt 4s of 1901
9258 Feb '16
8
97
e1989 Q - J
Registered
9614 219 92
-year Os_._1921 A -0 935 Sale 93
Paris, City of,5
- 1 -624 -961.
.4
03
-1;23- Sale 9234
4
23 755 78%
Permanent 48
7818
3
M- S 78 Sale 78
-53 loan of 1912_
Tokyo City
8914
13914
38 8914 9812
,
97-j 703 95% 9812
Gen & ref Ser A 414s. _ _ _612925 -1D 83 2 DI
8
1014 A :• O
of CR Brit & I 2-yr 5s_ _1918 NI- S 'J7 Sale 063
UK
88 Sale 88
8914 408 8712 9618
s
973 1023 05
9612 Sale 95
Gen&ref416s(temporary form) - -987
8
3-year 516 temp notes_ __ _1919 M- N
68 100 107%
100 Sale 100
101
Gen ref cony Ser B 5s_ _ _a2014
,
96 Sale 95 4
9612 60.) 933 9812
4
5-year 534 temp notes_ _ _1921 NI- N
8258
,
75 2 79
79
79 Apr '17
10018 1017 98 1001 1
Gen'l gold 316s Ser B____e1939 J - J
9912 Sale 9918
Temporary notes 514s_ _..A918
3 97 10514
4
973
Series C___e1989 J - J 9714 Sale 9714
General 4145
100% 1514 9812 10112
9912 Sale 9914
Temporary notes 5:0-- - 1919
87% Sale 8612
87%
9 8612 94%
1934 J - J
25
-year debenture 4s
(These are prices on the basis of i7;12;:e
9312 Sale 9312
9438 83 9312 10234
Convertible 414s
State and City Securities.
1 31 ..1 D
Chic & L Sup Div g 5s_ _ _1922 5:J 10114 -- 10334 Jan '17 -- 10334 10334
10114
10 l0012 10112
N Y City-41.Is Corp stock_1960 M- S 101112 10118 10113
10612 Jan '17 -- 10612 1061,
Chic & Mo Riv Div 5:3__.A926 J - J 10158 _
8 45 10012 1053
1015
4
M- S 10138 Sale 10118
4s Corporate stock. _ _ _1964
101 101% 10114
1 1003 10418
10114
4
Chic & P W 1st g 5s
4
loll, 106
4348 Corporate stock- _.1960 A -0 10114 1023 10112 Apr '17
_ 91
9012 Apr '17 ---- 9012 9514
C
& Puget fid lst gu 48_1919 j .1
921 J 5
10512 111
1067
3
414s Corporate stock_ _ _1965 .1 -D 10614 108 10634
Dubuque Div 1st s f 6s_ _ _1920 J - J irdi, 105 105 Feb '17 _- 105 105
1 10514 1103
4
4
10514 1063 10514
10514
410 Corporate stock_ _ A963 M- S
Fargo & Sou assurn g 6s_ _1921 J - J 10714 -- 110 June'13 _ -15 9912 10218
100
8
4
4
1959 M-N 993 991 993
4% Corporate stock
100% _ _ 10034 Apr '17 _ -- 1663- 10114
4
La Crosse & 13 1st 5s
4 99 10218
1/97
4
4
093 Sale 1193
4% Corporate stock
1958 M- N
4 102 104%
102
Wis & Minn Div g 5s_ _ _ _ 2
J
7 9934 10214
19
21 :j 102 Sale 102
10018
4
9934 Sale 903
4% Corporate stock
1957 M-N
_ _ 107 Dee '16 -_ -- - - - - Wis Valley 1)1v 1st 68_ _ _ _1920 J - J 103
0812 997 9714 Jan 'le
1956 M-N
4% Corporate stock
98 ___
93 Apr '17 -- 98 10112
20 i65 10718
Milw & No 1st ext 410..1934 J -D
4
New 414s.
1937 NI- N 1063 107 107 Nov'16
_
4
Cons extended 43-4s_ _1931 J -D 98 __ 10258 Dec '16
1917 M- N •____ 10018 1003
New 4143.
9814
3 105 ii6197
4
,
1063
10634
2 Chic & NorWest Est 4s 1336-1926 F - A -6f12 66 _2 97 Apr '17 __
4
4 yi% Corporate stock_ _1957 PA - N 1063 10712 10012 June'16
. 9712 Jan '17
9712 9712
,
p 1 87 F A
1886-1926 Q F
_
Registered
414% Assessment bonds_ _1917 51-N
1 71)12 86 8
7912
2
79, Sale
3
7912
83 Apr '17
_ _ 89
1987 NI- N
88
90
General gold 314s
314% Corporate stock_ _ _1931 M-N 103 _- - 10312 Apr '17
---- 7912 8114 Oct '16 ---10312 105
Registered
1961 M- S
-48
N Y State
- 92
5 92
92
105
92
9818
3 10312 10612
NI- N
General 4s
- J 10212 ___- 105
Canal Improvement 48_ _ _1991 J
8
903 9434 Mar'17 -- 943 9512
_
10212 . _ 105 Dec '16
4
1937 NI- N
Stamped 4s
Canal Improvement is._ _1062 .1 - J 10212 104 10112 Apr '17
- Ill 11714 Jan '17 __-- 115 118
104's 101113
General 5s stamped
Canal Improvement 4s_ _ _1960 J - J 11112 11314
112
1 112 117%
112
N
O 105 ____ 111 Jan '17 ---. 111 111
9
1 2
1879-1937
J 1879-1929
Sinking fund (is
Canal Improvement 4168_1961
10312 Apr '16 -4
1879-1929 A -0
Registered
Canal Improvement 4148_1965 J - J 107 10812 1093 Sept16
2
113
1879-1929 A -0 105 _ _ 105 Apr '17 _- jai- 1661113 11715
Sinking fund 55
,
Highway Improv't 4168_1963 M- S 11212 11334 113
_ 10312 Apr '16
10814 Mar'17
1879-1929 A -0 102%
Registered
10814 110
Highway Improv't 4 qs_ _1965 M- S
4
4
85 Aug '16
i6611921 A -0 100 10112 1003 Feb '17 __
Debenture 5s
Virginia funded debt 2-3s. _ _1991 j - .1
- 101 18 10'212 Oct '16
_ _ -51
56 Apr '17
1921 A -0
Itegistered
56
6114
(is deferred Brown Bros etre_
4
1933 M-N 10014 1023 102 Apr '17 -- 1611 i637,
Sinking fund deb 5s
Railroad.
6512 65
10414 June'16 -6
h1995 Q- J 65
65
1933 M-N
Registered
Ann Arbor 1st g 4e
2
10112 Oet '16 -- -93
135 9313 97
Des PlainesVal lst gu 41681947 M- S 11-110
6 2 73
't
Atch Top & Fe gen g 4s_ _1995 A -0 92 Sale 92
4
117 Apr '17
_ 93
iif 11814
92 Apr '17
1990 A -0
Frern Elk & Mo V 1st 6s_ _1933 A - 0 1153
9158 93
Registered
82
SS
88 Jan '17
8214 801 1
88
823
9
Man GB&NW 1st 3148_1941 J - J
h1995 Nov
8
014 8814
Adiustment gold 48
_
8512 N ov 16 —
h1995 Nov
Milw S L 1st gu 3148_1941 J - J
Registered
101
_
Jan '17 _
10714
10714 10714
2 81 -89
h1995 M-N 82 Sale 82
82
Mil L S & West 1st g 613_1921 M - S
Stamped
4
10434 Apr '17
my, lois,
1955 J -D 100 102 10112
10112 11 10112 mot!
Ext & imp s f gold 5s_ _ _1929 F - A 1043Cony gold •Is
9 10012 107
Ashland Div 1st g Gs_ ..192,5 M- S 108 _ _ _ _ 11178 Dec '15
10212
Cony 4s issue of 1910_ _ _1960 J -D 10012 Sale 10012
0
0
6
0
8
1917 J -D 100, 10014 10018 Apr '17
Mich Div 1st gold Os_ _1924 J - J 187 18912 11112 Nov'16
8
10018 1007
10-year 58
2 84
933 98
8814
8814
4
943
9614 Mar'17
Mil Spar & N W 1st gu 48_1947 M- S
- 95
99
East Okla Div 1st g 43_1928 M 8
105 1083
86
8512 Apr '17
St L Peo & N W 1st gu 5s_1948 J - J ---- 105 105 Apr '17
Rocky Mtn Div 1st 4s_ _ _1965 J - J 84
8512 86
5 99% 10073
4
10018
8512 8714 89 Apr '17
Chicago Rock Isl & Pac es_ _1917 J - J 10018 1003 10018
034
( 9
8
09 103
Trani Con Short L 1st 48_1953 J - J
8
97
6
- 8 8 82
1003 10038
8214 1007 10038 Apr '17
25
Registered
z lift & ref 4148"A"19132 MCal-Ari
20 82
83
110
1010434 1815 Feb '17
8
1917 1 J
Railway general gold 4s_ _ _198 '1:j
8
101 1045
8 Fe Pros & Ph 1st g 5s_ _1942 M- S
8
76
9018 87 Mar'17
4
8512 853
1988 J 3 8812 9638
8812
89
Registered
Atl Coast 1. 1st gold 4s____)i1952 M- S 8812 89
128 72
7818
90
1964 J -I) . 1934 A -0 7212 Sale 72
Refunding gold 48
9312 Feb '17
Gen unified 410
7134 Sale 7434
38 70
3
7314
74 4
75
8
1932 J - J
20-year debenture 55
193'2 1117 2
Ala Mid 1st gu gold 5s_.1923 M- N 103, 10614 106 Mar'17
06
5112
9812 98%
5 8914 933
1918 M-N 98 ---- 9812 Feb '17
8914
Coll trust Series P 48
8914
Bruns & W 13t gu gold 48_1933 J - J 89
4
'24 65
7412
126
4
63
69
R I Ark & Louis 1st 416s_ _1934 NI- 13 633 65
1297 Aug '16
Charles & Say 1st gold 78_1933 J 9912 Apr '17
9912 10278
01952 M-N
6 81
Burl C K & N-1st g 58_ _1934 A -0 9612 103
L & N coil gold 48
-- _
2
113 111812
_ _1934 A -0
C It I F & NW 1st gu 5s_ _1921 A -0
11812
-36182
1181,
Say le& NV 1st gold fis_
Oct
1934 A -0 10318 _ — 1 105 July 15
Choc Okla & G gen g 5s_ _01919 J -S
1st gold 5s
199009A i a1 y 161
c
tl1 r 15
Como! gold Os
93
- 9938 Dee '16
g 4s._ _1918 J - J
8118p Oca & G
55
6112 5918 Apr '17
9134 92
5918 62
3A O
93• :
J - J
& Des Moines 1st 581922 M N
8
1925
913
Keok
92
Balt & Ohio prior 3148
66
7212 73 Mar'17
75
72
h1925 Q 92 Apr '17
St Paul & K CSh L Ist 4348'41 F - A
8514 93
7 !i2 -96
911.1; 1553.4
Registered
6 113 11834
113
12 87
hI918 A-0
Chic St P Nt & 0 cons es_ _ _19304 -D 11214 11412 113
9438
1st 50-year gold 48
9118
91
h1918 Q - J
Cons Os reduced to 3348. _1930 J -D 3818 .---91 Apr '17
91
00
97 ,
02,4
1
Registered
10 99 103
-9111t 1398 leg 90
99
99
8-7
a28' 9827'31 Ma98'.84
1930 M- S 9834 100
1933
Debenture 58
20-yr cony 414s
11:713
98
11512 11814
9312 98
Ch St P& Minn 1st g 68_ _1918 M-N 112 11412.11512 Mar'17
8 77 9612 10112
987
Refund & gen 51 Series A.1995
118 Nov'16
North Wisconsin 1st 6s_ _ _1930 J - J 11234
1922 J - J
112 Jan '12 —
Pitts June 1st gold 6s_
7
0312 N o
ioi 104
811% 82
93 917, NIa8 17
7
C1,
St P & S City 1st g 6s_ _1919 A - 0 102 105% 102 AprA6
,
M Div 1st g 33-45 1925 NI- N
-6:if- 59112
PJuna &
7 81.7 90
Superior Short L 1st 58 g_g1930 NI- S
8
PLE&W Va Sys ref 45. _1911 NI- N
82
7834 82 Jan '17
88
82
3 88
8312 88
Chic T II & So-East 1st Os_ _1960 J - D 8812
Southw Div let gold 3343_1925 J -J
9118
106 108
Chic & West Ind gong 63.._g1932 Q -M 105 106 106 Apr '17
Cent Ohio It 1st c g 434s_ _1930 M- S 98
100 100
9 7131 77
72
4
10218 :::: ((334 0pt '16
4
713 Sale 713
-year 4s
1.10 Ao r 7
Consul 50
11)
Ci ley & W eon Ist g 5s. _ _1933 A 9612 9.634
967 9012 Jan '17
8
52
(en II ‘1c D 2d gold 414 a. _1937 j j 90
Nov
Monon River 1st gu g 58_ _1919 F - A
1 9 J :J
u
9111 :1
107; N b '10
1st & refunding 48
1939 J - J
Ohio River RA 1st g Os_ _ _1930 J -D
107l3 10712
90
_ 90 Apr '17
90
70
19:37 A -0 99 104 10712 Nov'16
General gold us,
1st guaranteed 48
27 _ _ -- 25 J ely'15
Feb '17
Cin I) &I 1st gu g 5s. _ _ _1941 '1
1 39 M
Pitts Cloy & Tol 1st g 6s_ _1922 A -0
107 ioi
4 ---- 107 Sept'16
88 Mar'll
-1917 J - J -661-_ 9938
C Find & Ft W 1st gu 4s g.1923 M- N
Pitts & West, 1st g Is
65 July'14
1937 M- S 103 1031a 1 1 112 Jan '17
fil;
Cin I & W 1st gu g 4s_ _ _1953 J - J
Buffalo It & P gen g 5s
91 — - 96 Jan '17
-66- -66
1937 M-N - - - - - Day & Nlich 1st cons 430.1931 J - J
10134 Mar'17
10134 10212
Cense! 414s
7012 Sale 7012
13 7w, 811,
74
Clev Cin Ch & St L gen 48_1903 J -D
---- 97 Nov'16
All & West 1st g 43 gu. _ _1993 A - 0
8412 847 8512 Apr '17
3
8512 87
1931 J - J
-year deb 4143
20
-- 10318 Feb '16
02
Clear & Mah 1st go g 5s.1913 J - J 10
10014 101
.5 -D _--- 9812 101 Feb '17
General 5s Series B
& Pitts 1st gold 6s_ _1921 F - A 10414 10512 10614 Dee '16
Koch
8114 8378 Mar'17
s
837 87
1922 J -0 10514 10712 1093 Jan '17
1993
Cairo Div 1st gold 48_ _..1939 J :J 4
Consol 1s1 g 68
SI
70
75
79 Feb '17
79
Cin W & M Div 1st g Is, _1991 J 10013
Canada Sou cons gu A 5s_ _ _1962 A -0 10014 101 10018
7614 8034 8014 Apr '17
3
8018 83 8
9078 91 Mar'17
St L Div 1st roll tr g 4s_ _1990 NI- N
Ohio lst 30-yr 58'38 J - D
Car Clinch &
75 ___- 83 Sept'16
-5
Spr & Col Div 1st g 4s. _ _1910 M- S
10318
Central of Ga let gold 58- _p1915 F - A 10818 Sale 19818
75 ____ 84 Nov 16
- 9
1915 NI- ei 96
9712 96
1V W Val Div 1st g 48_ _ _ _1940 J - J
9814
Como! gold Os
4
--- - _ _ _1920 M-N 1033 1051s 105 June'16
86
8112 MaY.16
C St L & C cense!
Chatt Div pur money g 43 1951 i -D
4
923 Oct '16
- k1936 - F 8514 88
103 Mar'17
1st gold 48
Mao & Nor Div 1st if 59..1916 f - J 166
1917 J - J
. 10334 10014 Mar'15
k19:36 Q - F 8418 ____ 8812 May'15
Registered
Atl Div 55
Mid GIs &
10255 Jan '17
10255 10255
1910i - J
9312 101 10412 Apr '17
Cin S & CI cons 1st g 5s_ _1923 J - J
Mobile Div 1st g 53.
11434 11612
95
9412 Al)r '17
CCC&Igenconsg6s__1931 - J .114 —_- 11434 Mar'17
Cen RR.& 11 of Gut col if 5s_ _1937 M-N
94 July'08
Ind B & W 1st pref 48_ _ _1910 A -0
11412
Cent of NJ gen'i gold 53- __ _1937 J - J 112 115 11412
h1937 Q - J
Apr
0 Ind & W Ist pref 5s_ _ _d1938 Q Registered
-6318 -661; Apr '17
6612 75
.111- 1P "
Peoria & East let cons 48_1910 A -0
12 Apr '177
110
Am Dock & Imp go 5s...1921 J - J 10 2 10
22
231 2378
5 2378 3014
237
8
9735 10114 lig) June'13
1990 Apr
Income 48
Leh & Had Rly gen gu g 5e-'20 J - J
4
9612 9912 9612 Apr '17 ._ 9512 1024
Cleve Short L 1st gu 4549 _ _ _1961 A PIN Y & Long Br gen g 4s_ 1941 M- S 93 ____ 49012 Jan '13
4
712 Sale
214 1734
714
712
._ -80
78 Feb '17
Col Midland 1st gold 43_ __ _1917 J Cont Vermont 1st gu g 4s—e1920 Q
43, 2
4
7
113
4 712 7
63
9612 90% Mar'17
Trust Co eertifs of deposit_
945 9158
Che.sa & 0 fund & impt 5s. _1929 J - J
89% 90
8914
6812 96
8914
1939 M-N 102 1047 1047
8
1947
5 1041 108,
Colorado & Sou 1st g 4s_ _ _ _1929 0
,
2
1st comet gold 55
12' 8014 87%
3
80 4 81
80
13
8112
18711 183 Jan '17 05
1939 M-N
Refund & Ext 4145
10412 10112
04,2
Registered
2 101 10518
10112
1935 M N
1992 M- 8
Ft W & Den C 1st g 68_1921 J :D 10112 Sale 10112
85
6 8414 94
General gold 414s
Conn & Pas Rivs let g 4s_ ..1913 A -0 8512 - 1992 M- S 4
863 Mar'17 ---- 8634 92
Registered
91
-- Feb94
7614 lid; 7914
J - J
Cuba RR 1st .50-year 5s g_1952
8012 58 7014 861 2
20-year convertible 414s._1030 F -A
Del Lark & Western—
9018 10) 88
913
4
30-year cony secured 55_ _1916 A -0 88(4 Sale 88
85
8814
85 Apr '17
- - - 85
82
84 Apr '171-- -- 84
Morris & Ess 1st gu 3348_2000 J -0
1914 J -D 73
87
Big Sandy 1st 43
10412 10714
76
N Y Lack & W 1st 6s_ _ _ _1921 J - J 10431 10714 10412 Apr '17
— - 82% 8512 Nov'16
Coal River Ity 1st go 49.-1015 J -D
9912 _ _ _ _ 10255 Feb '17 __ _ _ 102% 102%
Construction 55
96 4 Feb '16 3
1919 J - J 95
Craig Valley lstg5e
1 9612 9912
9612
9612
9512 97
3M A
1 92 F N
Term & Improve 48_ _192 • :
_
2
763 8454 Jan '13
_ _19113 J - J 70
Potts Creek Br 1st
1 8112 3512
Warren 1st ref gu g 33-4s,_2000 F - A 84 ____ 10218 Feb '03 ____
8155
8138
It & A Div let eon g 48_1939 - J 815 82
7512 80
813, Apr '17'.... 813, 813,
1C139 1 - J
25 consol gold 4s
sale.
• No price Friday; latest tk1a week. a Due Jan. a Due April. o Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. s Option




87,

New Yon Bond Record-Continued Page 2

1782
BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

2

Price
Friday
May 4

1Veek's
Range or
Last Sale

Range
Since
Jan, 1

High No. Low High
Bid
Ask Low
101 Apr '17
101 10112
Del & Hud 1st Pa Div 7s _ _1917 M- S 10012
10118 Mar'17 10118 1014
Registered
1917 M- S
1st lien equip g 440
1922 J - J __ 9912 10014 Apr '17 - 10018 10114
5 90 1)912
90
90
91
1st St ref 4s
1943 M-N id
20
10012 56 9812 107
-year cony 5s
1935 A -0 9812 9912 9812
80 89%
81
82 81 Apr '17
Alb & Susq cony 340_ _ _ _1946 A Renss & Saratoga 1st 7s_ _1921 M-N 10718 _ _ 11278 Dec '16
78
86
i3
Deny & R Cr 1st cons g 4s_ A936 J - J 77
.
7814 23 78
6 83
85
91
Consol gold 444s
86 83
1936 J - J 83
8212 Apr '17
8212 90
8
Improvement gold 5s_ _ _ _1928 .1 -D 825 84
15 633 68
8
67
1st Sr refunding 58
1955 F - A 6618 Sale 66
87 N ov'16 _--Rio Cr June 1st gu g 59.._ _1939 J -D _ _ 95
6114 Apr '11
Rio Gr Sou 1st gold 4s_ _ _1940 J - J
35
38
-3512 June'16
_
Guaranteed
1940 J - J
4
4
7612 76
Rio Cr West 1st gold 4s_ _1939 J -.3 76
-761- -643
76
2 59
59
63 59
Mtge & coll trust 4s A_ _1949 A-0 59
7412
9812 Mar'17
9812 9812
Des Moines Un Ity 1st g 59_1917 M- N
Det & Mack-1st lien g 4s_ _1995 J -D
8212 82 Dec '16
7512 July'16
81
Gold 4s
1995 J -D
9114 Mar'17 _
91
Det Riv Tun-Ter Tun 440 1961 M-N
_ 90
93
Dui 15.1issabe St Nor gen 5s_ _1941 J -J 16614 105 10518 Feb '17
10414 1054
4
Dul & IronRange 1st 55_ _ _1937 A -0 100 10212 1003 Apr '17
10012 104
100 00612 Mar'08
Registered
1937 A -0
94 Jan '17
-64 - -64'94
Dul Sou Shore & At!g 55.- _1937 J -J 84
Elgin Joliet & East 1st g 5s_1941 M-N 10238_ 104 Jan '17 --• 104 104
7 1047 10912
105
Erie 1st consol gold 7s
8
8
1920 M- S 10518 Ha 1047
N Y & Erie 1st ext g 4s_ _ _1947 M-N 953 9812 9812 Mar'17
9812 9912
8
2d ext gold 55
1919 M- S 9912 _-_- 10114 June'16
1003 Mar'17
8
l66 8 .16612
3d ext gold 430
S 9712
3
1923
8
10138 10212
4th ext gold 5s
4
1920 A -0 98 1013 1013 Apr '17
_
9434 N ov'15
5th ext gold 4s
1928 -D
8
NYLE&W lstgfd 7s 1920
S 10614 1665- 10712 Dec '16 -2 -66 8 -67182
8
74
Erie 1st cons g 45 prior_ _ _1096 J - J 804 80% 807
84 Dee '16
_
Registered
1996 .1 -J
6334 30 627g 73'I
1st consol gen lien g 45_1096 - J 63 Sale 63
Registered
1996 .1 - J _73 73 June'16
.
2
Penn coil trust gold 49_ _1951 F - A iit2 Sale 8812
8912 25 -681- -66 60 Apr '17
61
60 6814
50
-year cony 4s Series A 1953 A-0
4
583 Sale 583
4
4
5934 20 583 1387
As
do
Series B
1953
70 Sale 70
84
Gen cony 49 Series D_ ...1952 A 7212 96 70
Chic & Erie 1st gold 59_ _ _1982 M-N 10312 108 108 Mar'17
10712 109
Clev & Mahon Vail g 59_1938 J - J 104(4
1067 1067
8
- 1067 Jan '17
8
8
5 105 109
Erie St Jersey 1st a f 6s._ _ 1955 J -.3 104 16518 105
105
_ 108 19712 Apr '17
10714 1074
Genessee River 1st s f 65_ A957 J - J
1223 Oct '16
Long Dock consol g 6s_ _1935 A -0 i1218
4
_
Coal & RR 1st cur gu 6s_1922 PA -N 10112
- 102 Mar16
10614 1.661;
Dock & Impt 1st ext 5s_ _1913 J -.3 10212 100 10614 Jan '17
10212 Mar'17
N Y & Green L gu g 5s_ _1946 M-N 100 -.
101 10212
N Y Susq & W 1st ref 59_1937 J - J
i 10012 Jan '17
10012 10012
---- looq Dec '06
2d gold 440
1937 F - A
74 Nov'16
General gold 5s
1940 F - A ____ 69
108 Jan '17
108
Terminal 1st gold 5s_ _ _1943 M -N
Mid of N J 1st ext 59...._ _1910 A-0 _ _ __ 105 108 Jan '17
107 108
81
Wilk & East 1st gu g 59_ _ 1942 J -D 6612 70 70* Mar'17
70
2812 Jan '17
Ev & Ind 1st cons gu g 6s_ _ _1926 J - J
2512
2812 2812
Evansv & T H 1st cons 6s_ _1921 J - J 100 10078 102 Jan '17
100 102
1st general gold 59
63 May'16
75
- -1942 A-0
Mt Vernon 1st gold 6s_ _ _1923 A-0
----- 108 Nov'll
Suit Co Branch 1st g 55_ _1930 A-0 ____
95 June'12
9412 Apr '17
Florida E Coast 1st 440_ _ _1959 .1 -D _
0412 -66
93
Fort St U D Co 1st g 440_ A941 J - J 833 -92 Aug '10
4
Ft Worth & Rio Or 1st g 4s_1928 J - J
. 6414 Feb '17
-66171
8i,
Galv Hous & Hen 1st 5s_ _ _ _1933 A-0 8614 . 8512 June'16
94 2 8 8
1
357 -561- -6i9612
Great Nor C B & Q coil 4s_ _1921 J - J
8
97
99
96
973 06 Apr '17
4
Registered
h1921 Q - J 96
8
9378 1013
4
1st & ref 4gs Series A_ _ _1961 J -J 9378 Sale 937
94
96 June'16
Registered
1961 J - J
J 93 Apr '17
St Paul NI & Man 45
-03 - -65 1933
115 121
1st consol gold 6s
13 :
1933 J - J 1951" :61 115 Apr '17
9
118 Apr '17
118 118
Registered
1933 J -12
99 10512
Reduced to gold 4369.1933 J - J 68 - -66/4 09 Apr '17
_ 103 102 2 May'16
,
Registered
1933 J - J
4
-64 4 -66161
-3
8
Mont ext 1st gold 4s
953 943 Mar'17
4
1937 -D . 8
Registered
1937 J -D ____ 983 9512 Mar 16
--- 8518 Nov'15
Pacific ext guar 48
_1940 J E Minn Nor Div 1st g 45_1948 A -0 -923 .
9212 Apr '17
9212 98
8 93
1083 Jan '17
8
8
Minn Union 1st g Os
10838 1083
1922 J - J 10514
Mont C 1st gu g 6s
12312
116 124 12312 Feb '17
1937 J 1361t May'06
Registered
1937 J - J
11512
12470
1st guar gold 55
1937 J - J 105 ide 11012 Jan 17
1093 Aug '16
4
Will & SF 1st gold 5s_ _1938 J -D 10712
Green Bay & W deb Ws"A"____ Feb
293 Dec '16
4
70 4 79,134 12
113 12 2
0 12 -ii12
1218
Debenture ctfs"B"
Feb
8
Gulf & S I 1st ref & t g 59_51952 J - J ____ 8512 823 Apr '17
8238 8612
Hocking Val 1st cons g 430_1999 J - J 8712 9112 8612 Apr '17
4
87 933
,
9731 Jan '14
Registered
1099 J - J
--- - -- Col & H V 1st ext g 4s_ _ _1943 A - 0 875 --- 88 Feb '17 -- 88
8
883
4
88 N ov.16
Col St Tol 1st ext 49
1955 F - A
9018 Apr '17 ---- 90
Houston Belt & Term 1st 59_1937 .1 - J 904 95
9018
983 Feb '17
Illinois Central 1st gold 4s_ _1951 J - J 97 - 8
983 993
8
4
_ 964 92 Aug '15
Registered
- -- -1951 J - J
8512 Mar'17
8512 8512
1st gold 3%s
1951 J - J 6412 90
83 Nov'15
_
Registered
1951 1 _ 8512 Dec '16
Extended 1st gold 340.._ _1951 A -0
Registered
--- _
1951 A -0 -1st gold 3s sterling
80 July r
- 00
1951 M- S _
Registered
1951 M - S
86
83 86
Collateral trust gold 4s_ _ _1952 A-0
-iti -92 9514 Sep '12
Registered
1052 A -0 - _
1 85
1st refunding 48
86
1955 M- N 8638 87 86
95
85% 85%
Purchased lines 3%s
1952 J - J ____ 8418 85% Jan '17
5 83 897
NO & Texas gold 4s_ _ _1953 M- N 83 Sale 83
83%
s
84 May'14
84
1953 M- N _ _
Registered
2
-id - -043
Cairo Bridge gold 4s
1950 J - D 84 - 89 Apr '17
74 Feb '14
Litchfield Div 1st gold 3s_1951 J - -id Louisv Div & Term g 340.1953 J - J -765 -783 77 Feb '17
8
9
__
_ -- 83 Aug '12
Registered
1953 J - J
102 June'16
Middle Div reg 58
1921 F - A 10018
73ia 7212
7212 Jan '17
Omaha Div 1st gold 3s_ _ _1951 F - A
71
71 Mar'17
71
St Louis Div & Term g 3s_1951 J - J 68
77
83
8612
Gold 340
1951 J - J ---- 834 84 Apr '17
80 June'16
- -Registered
1951 J - J
80 8 Nov•16
3
Springf Div 1st g 340_ _1951 J - J 80
8
Western lines 1st g 4s_ .._ _1951 F - A 8458 Sale 845
84s 84s
84%
92 Nov'10
Registered
1951 F - A
-- Bellev & Car 1st Os
10734 11712 May'10
1923 .1 -D _
Ca.rb & Shaw 1st gold 4s..1932 M- S iio
90 Jan '17
-65 - -66Chic St L & N 0 gold 5s_ _ 1951 J -D
10758 Oct '16
___
111 Feb '11
Registered
1951 J -D
Gold 3%s
90 Oct '09
1951 J -D
Registered
1951 J -D
9712 idi198
Joint 1st ref 59 Series A_19133 J 2
9714 97 2 -6/12
,
Memph Div 1st g 4s_ _ _1951 J ___ 90 88 Apr '17
88 88
Registered
-_
1951 J - D
St Louis Sou 1st gu g 4s_ _1931 15 S
90 9412 Jan 17
4952 95's
Ind Ill & Iowa 1st g 4s
89 Apr '17
9412
89
1950J - .1 8478 _
Int & Great Nor 1st g 6s_ _1919 NI- N 96
6i 4 9814
.
3
9811
97 100
James Frank & Clear 1st 49_1959 J -D 8514 897 9278 Jan '17
8
9234 93
Kansas City Sou lat gold 33_1950 A 2 65
65
65 66
65
7112
Registered
63 Oct '00
1950 A -0
Ref &!rapt 5s
-1tle 8712
4 87
8812
91
Apr 1950 J - J 8818 i:47
Kansas City Term 1st 4s_ _1960 - J 8414 Sale 844
8 84
8412
9014
Lake Erie & West 1st g 59_ _1937 J - J 9638 100
99 Apr '17
9834 101
2d gold 5s
8
80% 83
1941 J - .1 7614 80 803 Feb '17
North Ohio 1st guar g 5s_ _1945 A -0 __ 10012 8978 Nisei'?
8978 90
Leh Val NY 1st gu a 440._ 1940 J - J 64 101
97 Apr '17
97 102
Registered
10111 10114
1910 J - J 94 - - 10114 Jan '17
Lehigh Val (Pa) cons g 4s2003 M-N -r r - 8714 88 Apr '17
9112
88
General cons 446s
9812
9712 9738
144
8 9738 102
2003 M-N

BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

E(VoL. 104

Price

Friday
May 4

Week's
Range or
Last Sale

Range
Since
Jan, 1

Bid
Ask Low
High No Low High
Leh V Term Ity 1st gu g 59_ _1941 A -0 106 112 114 Feb '17 --- 11312 114
Registered
1941 A -0
1123 113 Mar'17 -- 113 113
4
Leh Val Coal Co 1st gu g 5 933 J - J i6212
9, 3
3
_ 10312 Apr '17
10312 10612
J - J
Registered
105 Oct '13
1st lot reduced to 49
1933 .1 - J _
98
Leh & N Y lat guar g 4s_ _ _1945 M- S
_ 87 Apr '17
-55Registered
S
1945
- --Long Isld 1st cons gold 59_ _h1931 Q- J idi- 10434 10414 Apr '17 ____ 1541- 100
4
1st consol gold 45
h1931 Q - J 90 --_- 9414 June'16
General gold 4s
1938 J -D 83
8514 8514 Feb '17
:
6:
Ferry gold 440
1922 M- S ___ 95
9834 Dee '16
Gold 4s
1932 J -D
9914 Oct '06
U
Unified gold 4s
1949 M- S 86 Sale 86
1 8512 87
86
12
Debenture gold 5s
1034 J -D _
94
9578 Feb '17 957 984
8
Guar refunding gold 49_ _ _1949 M- S 864 874 8612 Apr '17 1 34
8912 0018
Registered
1949 Pd- S 873 _- 95 Jan '11 - -•
3
NY B&M B 1st con g 59_1935 A -0 1015
idd - 10314
8- 10311 Apr '17
NY&RB 1st gold 5s_ _ _ _1927 M- S ---- 16418 103 Feb '17 --- 103 103
Nor Sh 13 1st con g gu 58_91932 Q- J - - - - - - - 100 Aug '16
- -- -Louisiana & Ark 1st g 5s--1927 M- S
_7 1923 19 12
8
9212 943 Jan '17
14 4 13 4
8 41
Louisville & Nashv gen 65_ _1930 J -D 112- Sale 1123
38
8
11212
14-N 10418 1093 104 Apr '17 ___- 104 107
Gold 5s
1937 ,
4
Unified gold 4s
92
1940 J - J 9214 93
9212 14 9114 978
4
Registered
8
1910 J - J 92 ____ 965 Jan '17
9618 1)658
NI- N 10238 10634 1067 Feb '17 ---- 10612 10684
Collateral trust gold 58
8
1931
E It & Nash 1st g 6s
1919 J - D 103 --- 1073 Dec '16
4
L Cin & Lex gold 4%s._1931 M- N
983
9834 100
1 0834 103 4
983.1
N 0& NI 1st gold 69
1930 J - J 10918 115 11214 Mar'17
1193300
11214 11418
2d gold 65
J - J 101 108 10418 Feb '17
Paducah & Mem Div 49_ _1946 F - A
9012 Apr '17 ---- 2 1844 1944
__
991 901
St Louis Div 1st gold 6s_ _1921 M- S 16i10312
2 10312 106
10312
2d gold 35
60 Apr '17
7312
ad
1980 M- S ao
Atl Knox & Cin Div 49._ _1955 M-N 83 85
834 Apr '17
83
Atl Knox St Nor 1st g 5s_ _1946 J -D 101
1083 Jan '17
4
0 10134
84
2
Hender Bdge 1st 91 g 6s_ _ 1931 NI- S 106 --- 10614 June'16
-Kentucky Central gold 49_1987 J - J 81
843 8514 Apr '17
8
Lox St East 1st 50-yr 5s gu 1965 A - - 99 2 0 4
993 100
4
993
4
1003
4 27 85'1' 1833518
L&N&M&M lstg 4301945 NI- S 973 100 101 Oct '16
4
L & N-South H Joint 4s_ A952 J - J 81% 82 8138
4 8Ola 813
8138
Registered
95 Feb '05
h52 Q - J
119937
NFla&S lstgug 5s
F - A 10312 10514 1053 Sept'16
4
N&CBdgegengug 4;0_1945 J - J 97% 9912 9758 May'16
Pensac & Atl 1st gu g 69_ _1921 F - A 106 1083 1083 N ov'16
4
8
S & N Ala cons gu g 59_ _ _1936 F - A 105 106 1068 Mar'17
1661- idi2
Gen cons gu 50
-year 5s_1963 A -0 9812 10214 102 Mar'17 :72 102 10312
L & Jeff Bdge Co gu g 4s_ _ _1945 M- S 763 -- _
79 Apr '17 - 79 8112
4
Manila RR-Sou lines 4s_ _ _1936 PA -N
-__---Mex Internat 1st cons g 48_ _1977 NI- S ---77 Ma-r
'10 ---- Stamped guaranteed
79 Nov'10
-1977 M- S
Midland Term-lst s f g 59_1925 J - D
101 Oct '09
Minn & St L 1st gold 7s__ _ _1927 J -D .156_ 11318 Deo '16
Pacific Ext 1st gold (is__ _ _1921 A 98 ---- 1033 Oct '16
8
1st consol gold 55
92
8912 Apr '17
1934 NI- N 88
-661- 9113
4
1st & refunding gold 4s_ _ _1949 M- S 50
52 65 Apr '17
1 34
Ref & ext 50-yr 59 Ser A._1962 Q - F 4712 50 50
2 5
0 617
50 :::: 5564 8
Des NI & Ft I) 1st gu 4s 1935 J - J
_ 60 Feb '15
Iowa Central 1st gold 5s_ _1938 J -D 8818 92 90 Apr '17
2 8-61-8 6 'Refunding gold 4s
4914
S 6-53
4912 72: -49 -133
1951
897 0018
8
907
97
8 11 89
NIStP&SSNIcong4sintg11-1938 J - J .8
1st Chic Term 9 f 4s
N 93 -- 92 Jan '17
,5 92
92
934
8
1941
SSM &A 1st g 4s int gu_'26 J - J 935 96
95 Apr '17
8
Mississippi Central 1st 5s_ _ _1949 J - J ---- 94
95 Dec '16
Mo Kan & Tex 1st gold 4s_ _1990 J -D 7118 7258 72
3 72
72
781g
2d gold 49
gl990 F - A 4112 4418 45 Apr '17 ---- 45
5414
1st ext gold 55
N
28
31
30 Apr '17 --- 28
1944
31
1st & refunding 4s
58 Apr '17 ---- 56
60
2004 NI- S 56
694
Gen sinking fund 440_1936 J -J 34
36 Apr '17 36
45
36
St Louis Div 1st ref g 48_ _2001 A 40 Nov'10
37
Dall & Waco 1st gu g 5s.. _1940 N4- N 663- ---- 6912 Apr '17
.
691; -6612
4
Kan City & Pac 1st g 48_ _1990 F - A 697
7014 Mar'17 --- 7014 71
a
Mo K & E 1st gu g 5s_ _ _ _1942 A 2 6712 79
68 Sale 68
68
K & Okla 1st guar 58_ _1942 M-N 76
8018 7912 Mar'17 ____ 82 85
K & T of T 1st gu g 59_1942 NI- S
6978 79 Jan '17 ---- 7812 80
Sher Sh & So 1st gu g 55_ _1942 - D _--- 60 51 Dec '18
Texas & Okla 1st gu g 5n-1943 M- S --- 437 4514 Feb '17
8
-4 4 49
-g1Missouri Pacific (reorg Co)
1st & refunding 59 wh iss 1923
9512 9712 98
98
5 98
993
4
____ 93
1st Sr refunding 55 wh iss 1926
5 93
9318
9318
9812
1st & refunding 55 wh iss 1965
90 937 95 Feb '17
95 95
8
General 45 when issued
6012 Sale 6012
62% -118 0012 asIs
Missouri Pat 1st cons g 6s_ _1920
7 10112 10614
102 103 10134
1013
4
Trust gold 59stamped__ _a1917
S
_-_- 10614 Jan •17 ---- 10614 10613
82 Oct '15
Registered
a1917 M- S ---1st collateral gold 5s
103 Jan '17
joi3 iod 8
1920 F - A
As
Registered
11032590
40
-year gold loan 48
_ -ad - Apr
1945 M- S 5418
5.512 59
H1st& ref cony 58
5453 _ 6018 Apr '17 _
60 61
3d 79 extended at 4%__ _1938 M- N _ _ _ 136
82 Apr '17 ---- 80
82
Boonv St I. & S lst 58 g11-1951 F
100 Feb '13
Cent Br Ry Ist gu g 49._ -1919 F - A
67 Aug '16
Cent Br U P 1st g 4s
7712 Deo '13
1948 J -D
Leroy &CVAL 1st g 59_1926 J - J
110 Mar'O''
- -- -Pac R of Mo 1st ext g 48_ _1933 F - A -if- -di 9212 Deo '16
2d extended gold 5s_
1661- lois;
4
_10152 1003 Apr '17
4
MS J - J _
St T. Ir & S gen con g 53.1931 A-0 di 99
99 1033
99 Apr '17
4
Gen con stamp gu g 5s_ _ 1931 A-0
102 July'14
777
Unified & ref gold 45_ _.1929 J 87812 7712 Apr '17
Itegistered
807 Oct '12
s
Riv & G Div 1st g 49._ _1939 j - i 7312 7512 77 Apr '17
1 23M11--N
Verdi VI St W 1st g 5s
1020 M- S 9114 -- 87 Sep '15
Mob St Ohio new gold 6s_ _..1027 J 10812 112 11212 Apr '17
1E14
1st ext gold (39
34927 Q- J 100 106 109 Feb '16
1938
79
General gold 49
S 75
78 Apr '17
Montgomery Div 1st g 53_1947 F - A
- 101 101 Oct '16
St Louis Div 5s
89 Dee '15
St I.& Cairo guar g 4s__ _1921
84 --6 2 913 Apr '17
91'2 8 -14
93
-61214
Nashv Chatt & St L 1st 59...1928 A -0 102 103 103
103
103 108
Jasper Branch 1st g 6s_ _J923 J - J 10312 107 1104 Mar'16
Nat Rys of Mex pr lien 440_1957 J - J 30 ___. 30 Mar'17
-id - -dd Guaranteed general 4s_.1077 A -0
35 Aug •111
Nat of Mex prior lien 430_1926 J
-9678 Feb '13
1st consol 4s
30 Oct.'16
NO Mob & Chic 1st ref 5s._1961 J:
1 5 A
0
59 Dee '16
New Orleans Term 1st 4s__ -1953 J - J 66
68
68 Apr '17
9914
-D 9612 97
N 0 Tex & Mexico 1st 6s_ _1925 J
97 Apr '17
4
7:4(1
076*6:12 433
Non-corn income 5s A._ _ _ 1935 A - 0
46 Mar'17
114 105 1135s
62 2
N Y Cent RR cony deb 6s_ _1935 M-N 1861- Sale 105
107
1998 F - A
Consol 49 Series A
8212
8212
19 92 88888
3 7
2013 A -0 9212 Sale 9212
Ref & imp 440"A"
0
984
9312 21 8212 907
N Y Central & It R g 3468_ _1997 J - J 8018 Sale 804
8
807
1997 J - J
Registered
857k
- 82 Apr '17 ---_ 82
887
4 8812 044
1934 M - N 8712 90 8812
8
Debenture gold 48
92 Dee '16
Registered
1934 rd -N
.
i-i 2 6i
74
Lake Shore coil g 3%s___ _1998 F - A
2.5 -77001- -880013
4
Sale74 712 74
763 Mar'17
.1
Registered
1998 F - A
7612 Apr '17
Mich Cent colt gold 340._ 1998 F - A ____ 75
Registered
773 75 Mar'17
4
75 80
1993 F - A •_
Battle Cr de Stur 1st gu 39_1989 J -D
6- -14
6618 0018 Apr '17
Beech Creek 1st gu g 48-.1936 J 04
-66C2 -iiRegistered
9534 N ov'16
1936 J - J 9358
---- 104 May'16
2d guar gold 5s
1936 J - J 98
---Registered
_
---- ----8412
Beech Cr Ext 1st g 330_0136
951
---- ---Cart & Ad 1st gu g 4s_ ._10.S1 J - D
- gd- N
---Gouv & Oswe 1st gu g 59_1912 J -D 95 -.
Moh & Hal 1st gu g 4s__ _1991 M- S 85 __
;
16
-61- NI;;; NJ June R guar 1st 4s__ _1986 F - A 80
8914 Feb '16
a,
80
N Y & IIarlem g 3qs___.2000,M -N 80
- 80
,-g2 4 1i2 2
10(51- - 01:114
NY & Northern 1st g 59_19231A -0 102 idd 10214
10214
•No price Friday; latest bid and asked this week. a Due Jan. 8 Due Feb. g Due June. 11 Duo July. o Due Oct. 8 Option Sale.




-•

BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

1783

New York Bond Record-Continued--Page 3

MAY 5 1917.)

,

Price
Friday
May 4

1:11
Week's
Range
oral'53
Last Sale

Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

Price
Friday
May 4

Week's
Range or
Last Sale

.
.7546

Range
Since
Jan, 1

High No. Low High
Ask Low
Bid
P C C & St L (con.)
High No. Low High
Ask Low
Bid
N Y Cent & II It RR (con.)
9512 9512
9512
- 9512
,
9512
Series 1 guar 43 gold_ _ _1953 J -D
8978 01
8834 90 Apr '17
N Y & Pu 1st cons gu g 43 1993 A -0 81
9512 97
9512
9512 sale 9512
1957 NI- N
Series G 4s guar
Pine Creek reg guar 68_ _ _ _ 1932 J - D 11012 ____ 113 May'15
10212 10338
Series I cons gu 4 As_ _ _19(33 F- A 100 101 10212 Apr '17
i4
4 10318 10214 Apr '17 ____ lo, 1- 1643-4
1013
&0con 1st ext 58_ _h1922 A R
10712 Sept'16 C St L & P 1st cons g Is._ 1932 A -0 10314
99 ___ 10014 Feb '17-_ 10014 10014
&OT 1st gug 5s__1918 M-N
_
102 N ov'15 _
5 00
90
Peoria & Pekin Un 1st tis g_ _1921 Q- F
90
9()
Rutland 1st con g 4 A s__ _1941 J - J
87 Mar16
b1921 NI- N
2d gold 43s
8
70 ____ 705 Apr '17 __-- '1
Le..0g & L Cham Ist gu 48 g1918 J - J
95
91
81 90
9014 Sale 90
Per_
___
Marquette 1st Ser A 5s 1956 ___ _ _
70 ---- 92 June'09 -------- ---go Rut-Canada 1st gu g 48_1919 .1 - J
7734
4
7 70
4
8
703 Sale 703
707
1st Series B 4s
101 Noy•16 ___ _______
St Lawr & Adir 1st g 5s___1996 J - J
42 Feb '17
_ 42 42
_ 48
36 I
s f 4s 1937. ---I
___
Philippine Ry 1st 30-yr
-__
1996 A -0
2d gold Os
109 109
iisT58 - 1971, Nuly:16 -_:-_-_
_ _ _ _ 109 Jan '17
3 J
Pitts Sh & L E 1st g Is
1940 A - 0
8 0034 A )w 6
Utica & Blk Riv gu g 48...1922 J - J - - -087
11314 Noy'll
_
r
1st consol gold 5s
1913 J - J
801t
87t
% 7
847s 80
Lake Shore gold 3AS--_1997 J -D 81
93
53 -91 9212 Sale 92
87
1
Reading Co gen gold 4s.. _ _ _1997 J - J
Apr :17 :::: 79
80
1997 J -I)
Registered
9212 95
9212 Feb '17
2 913 9714
Registered
1997 .1 - J ____ 91
93
1928 M- S 93 Sale 93
Debenture gold 4s
9012 97
92
92
94
Jersey Central coil g 4s.... _1951 A -0 92
928 37 91
96%
Sale 9218
41218
1931 M-N
-year gold 43
25
Atlantic City guar 4s g
1951 J - .1
95 Nov'16 _-__ - - - - 1931 M-N
Registered
82
79
St Jos & Gr Isl 1st g 4s
80 Mar'17
80
1947 J - J
75
---- -__1938 J - J
Ka A & G It 1st gu c 5s
St Louis & San Fran (reorg Co)-iiiii-2D02 .Th
Mahon C'l RR 1st 55_ _ _1934 J - J
rior Lien ser A 4s
6512 200 6413 711g
1950 J - J
103 --i i6i - 1033
6412 Sale 6412
& L Erie 2d g Is. a1928 A -0 -- -- - - _ - 103 Jan
Pitts
4
25 807g 883
Prior lien ser B 5s
1950 J - J
83
8078 Sale 8078
'09 --__
Pitts MeK & Y 1st gu 68_ _1932 J - J 110 ____ 13018 Mar'12 -_-_-_-_
79 6712 76
Cum adjust ser A Gs
1955 J - J
6712 Sale 6712
69
12314
1931 J 2d guaranteed (is
47 4912 5678
1960 July
4912 Sale 4912
Income series A 6s
51
J- J
McKees & B V 1st g 6s.1918
111 11212
St Louis & San Fran gen 6s_1931 J - J 11012
111 Apr '17
: 611931 M- 43 joirs -_ -_ -_ 16 4 Aug '16 ---Michigan Central Is
1931 J - J 10112 Sale 10112
6 100 104
General gold 5s
10134
_
105 July'16 ________ _ _
1931 Q -M
RegLstered
78 May'16
St L & S F RR cons g 48-1996 J - J
8818 _--_ 98 Apr '12 ____ ____ _ _ _ _
J - J
1940
43
1927 MI- N _-__ 73
7412 ig
7412 Mar'17
General 15-20-yr 5s
87 Feb '14
1910 .3 - J
Registered
73
75
75 Mar'17
70
_._ _ 90 June'08 - --Trust Co ctfs of deposit_
1931 M- S
L & S 1st gold 3 As
7(312 76 Dec '16
_
Stamped
do
8112 8218 8112 Apr '11 ---- 8112 86
1952 M-N
Ist gold 3148
- --Southw Div 1st g Is _ _1917 A - 0 90 ____ 0518 Dec '16
85
2 85
Sale 85
91%
20-year debenture 45_ _ _1929 A -0 85 Sale 92
833 Oct '16
4
1951 J - .1
- - -4
1
funding gold 48
92 ---------------Registered9
92
N Y Chic &St L 7st g 4s_ _19:37 A 4
---- 803 Mar'l 1
0034 Aug '16
1937 A -0 89 _
Registered
783 Feb '17
4
8
4 - 4
783 -7 3
Trust Co ctfs of deposit... 1 - 1 ___
8212
2
1931 M-N -,..; ii1- 79 Mar'17 -- 79
Debenture 4s
81
7414 Sep '16
Stamped
do
4
813; 88
88
873
West Shore 1st 48 guar_ _ _2361 .1 - J
2 104 ii152
104
K C Ft S & NI cons g 6s_ _192s N1- N 104 10512 104
8412 8612 8412
1 8
7 841 9415
8412
7
3
2361 Registered
7918
7112 13 71
K C Ft S & M Ry ref g 48_1936 A -0 71 Sale 71
10012 Jan '17 ---- 10012 10012
N Y C Lines eq tr 55_ _1916-22 NI- N
90
90
. _ 90 Feb '17
KC&MR&B 1st go 53_1929 A-0
10034 Jan '17 ---- 1003 10014
4
Equip trust 4).s_ _1917-1925 .1 2 7514 80
7634
7515 7612 76%
St L S W 1st g 4s bond ctfs_ _1989 II- N
9934
5 93
94
93
NY Connect 1st gu 4 As A_ _1953 F - A ____ 93
6512
64
64 Feb '17
2d g 4s income bond ctfs_p1989 J - J 63% (34
NY N II & Hartford
3 6612 72
8
687
6812
68
66
Consol gold 4s
7958 Sept•16 -1917 M- S .
Non-cony deben 4s
4 6612 7118
68
67 (38
3
9 2 -1
1952 1 -3 60
1st term!& unit Is
Non-cony deben 3As_ _1917 al- S -_-- ---- 71 Nov'16 -4
983 Jan '14
Gray's Pt Ter 1st gu g 55_1947 I -0
--- - 68 Dec '17 ---- ---- ---Non-cony deben 3 As.__ _1954 A 4 6312 65
4
S A & A Pass 1st gu g 4s___ _1943 J - J
4
633 6414 633
633
4
70
68 Mar'17 ---- 68 68
1955 J - J
Non-cony deben 4s
10018 10018
191 J - J ---- 101 10018 Feb '17
SF&NP 1stsk fdg Is
6914 Apr'1767 7514
73
1950 M-N
Non-cony deben Is
8
797 8212
4
Seaboard Air Line g 45
1950 A -0 ---- 833 797 Feb '17
60 Apr '17 :::: 5714 64
62
1956.3 - J 60
Cony debenture 3 As
79% 8258
1950 A -0 ____ 7934 79% Apr '17
Gold 45 stamped
10012 40 99 1101.
1918 J - J 100 Sale 100
Cony debenture 6s
60 Sale 60
01919 F - A
'79
Adjustment Is
61% 39 59% 68
Ity non-cony 4s_ _ _ _1930 F - A ___--- 79 Jan '17 ---- _'79 -Cons
7012
3 65
65 Sale 65
65
Refunding 4s
7912 9112 Jan '12 ---Non-conv deben 4s_ _ _1951 J - J
87 Mar'17
8614 87
Atl Birm 30-yr 1st g 4s_ _e1959 M-- CI ____ 87
3
193 A S
Apr '16 -.. -------Non-cony deben 48_ _ _ .1055.3 - J _-__ 778 7912
88
88 Jan '17
88
_ 83
Car Cent 1st con g 4s_ _ 1949 J - J
_1955 A -0
Non-cony deben 4s_ _ _
993 Sep '15
-4
Fla Cent & Pen 1st g 5s_ _ _1918 J - .1 100
80 .- •- ...... --- - - - -- -- -_
Non-cony deben 48_ _ _ _1956 J - J
- 101 Dee '15
86
92
1st land gr ext g 5s
8ii2 ____ 86
1930.3 - J 101
3 86
Harlem It-Pt Chef; 1st 48_1954 M-N
4
.
1943 J - J ___- TiEti 1033 Dec '16
Consol gold Is
85 ___ 8818 Apr '17 -- 8818 8818
-A
B & N Y Air Line 1st 4s_ _1955 F
9934 102
100 Apr '17
7(3
74 Apr '17 -- -- 72
Ga & Ala Ry 1st con 5s_ _01945 J - J ---7812
Cent New Eng 1st gu 4s_1961 5 - .1
8
10214 1023
8
1023 Jan '17
---Ga Car & No 1st gu g 5s_ _1929 J - J
1st 4s_ _ _ _1930 NI- S
Hartford St Ry
1926 J - .1 101 1012 9914 Aug '15
103 ---- 10512 May'15 ---Scab & Roan 1st 55
Housatonic R cons g 15.. _1937 M-N
87 July'14 --Southern Pacific Co
___
Naugatuck RR 1st 4s_ _ _ _1951 M -N
88
807 82 Apr '17 __-- 82
78
90 -- - 88 Aug '13 Gold 48(Cent Pac coll)__k1949 J - D
N Y Prov & Boston 4s.._ _1942 A-0 _6_2_ S 1
_
81
90 Feb '14 -kl919 J - D ___
12 -0112 -i5-12
.a - (17 4
.. .. 1013
!
Registered
NYW•ches&B 1st scr I 43.4s'40 J - J
83 8214 883
83
4
4
g1929 M- S 823- Sale 8234
-year cony 4s
20
Aug '00 ---- __._ ____
N II & Derby cons cy 5s_ _1918 M-N
9
10014 193 99 10412
1931 J -D 89'4 s e 9
97 Sale 97
20
-year cony 5s
13oston Terminal 1st 4s._ _1939 A -0
34 85% 93%
88
15i1Cent Pac 1st ref gu g Is... _1919 F - A
---- :::: ---- ---New England cons Is._ _ _1945 J - J . 1 :::: -::1949 F - A
f 1 .-;
Registered
88 ____ -09l; M 7,7.7 ---1945 J - J
Consol 45
'eb 17 ---8
- 9 8
Mort guar gold 314s_ _k1929 J -0 87 -k77 87:: 1 eDt;16 --- 8934 9112
57
57 Apr '16 ---- 57
Providence Scour deb Is. _1957 M-N ---- 60
8712
817 84 Feb '17 ---- 84
Through St L 1st gu 48_1951 A-0
Prov & Springfield 1st 5s_1922 J - J ___ ..-__ 9978 Dec '14---- ___ ___
102
101 10012 Feb '17- 10012
Gil & S A M & P 1st 58_1931 M-N
.
Providence Term Ist 48_ _ _1956 RI- S _8_17! ......____ 83_38 Feb '14 --- ___ __
5 9612 9812
9612
9612
1931 3 - .1 95 100
2d exten 58 guar
' W & Con East 1st 4 As_1913 .3 - J
4
10014 Jan '16 -2 .
ii- --7. -7 - -ii"
Gila V G & N 1st gu g 53_1924 M-N
7312 -74 g1992 M- S
N Y 0& W ref 1st g 4s_
2
0612 9912 9912 Apr '17 ---- -9912 10219212 June'12 --_- ____ _ . _ _
lions E & W T 1st g 5s_ _ _1933 M-N
$5,000 only g1992 M- S
Registered
100 Oot '16 -1933 M-N ____
79 Mar'17 ---- 77
80
1st guar 58 red
SO
1955 .11 -D 73
General 4s
J - J 101 105 105 Apr '17 ---- lOg 10612
7812 78 Apr '17 -- .. 78
II dr T C 1st g Is int gu.,..
82%
Norfolk Sou 1st & ref A Us_ _1961 F - A
9612
....iii 9934 101
8
955 96 Apr '17 ---- 96
4
Gen gold Is int guar_ _1921 A -0 95
1911 M-N 99 ____ 991 Apr '17
Norf &Sou 1st gold 5s
10912 N ov'15
114% ---- 115 Apr '17 ---- 115 122
Waco & N W div 1st g 6s'30 M-N ____
Nonf & West gen gold 6s_ _ _ _1931 M- A 11412 122 122 Nov'16
10112 Dec '16 ---1941 J - J
A & N IV 1st gu g 5s
Improvement & ext g Os_ _1934 F - A 11478 ____ 12012 Nov'16„.. - - -- 109 June'14
2
.....
Louisiana West 1st 6s_ _ _ _1921 J - J
_1932 A-0
Now River 1st gold Os_ _ _
;
0112 Sale 91
9112
La dc T 1st 7s 1918 A -0 ---- I058 104% July'16
Morgan's
-6i - -6-7.1-4
N & W Ry 1st cons g 4s_ _199(3 A-0
_
10414 105 Jan '16 -1920 J - .1
9412 Dee •16
1st gold 6s
1996 A -0
Registered
105 Oct '16 --1- 1938 A - 0 1156%
No of Cal guar g 53
931s
Div'l 1st lien & gen g 48_19.14 J - J -iP714 -88 4 89 Apr '11 ---- 89
977 997 907
5 -99%
100
;
121 125 13114 Apr '17 ---- 127 134
58_ _ _1927 J - J
Ore & Cal 1st guar g
1932.3 -1)
-year cony 4s
10-25
_ 10712 Sepe16 -1932 M- S 121 125 128 Apr '17 ---- 128 13634
So Pac of Cal-Gu g 5s1937 M- N 10712
10-20-year cony 4s
2 94
96
94
94
9314
12718
5 12612 135
So Pao Coast 1st gu 43 g_ _1937 J - J
-year cony 4 As_ _1938 M- S 121 128 12718
10-25
5 82
4
893
86
82
8914 88 Apr '17 ---- 88
San Fran Terml 1st 48......1950 A -0 80
04
Pocah C & C joint 4s_ _ _1941 J - D
96
8 16 95 Nov'2
0,2
87 - ,
Tex & 0 con gold 5s_ _ _1943 J - J
N
& T 1st guar gold 58_ _1922 J - J 11)01313 ...... 103 Sept'1(1 --__
CC
873
61 87
95
8
8714 875 8718
1955 J - J
1st ref 4s
- 907 Mar'17
8
So Pac RR
6
- 8
-, .9 7- -iii ScloV&NE 1st gu g 4s_ _1989 NI- N
8 71 98 102%
993
9834 Sale 9253
9012 Sale 90
Southern-lst cons g 5s_ _ _ _1994 J - .1
Nor Pacific prior lien g 48_ _ _1997 Q- J
- _
10014 10014 Aug '16 ---1994 J - .1
84
- 8934 68,8 Apr '17
Registered
1997 Q- J -6s58 64
Registered
51 67% 77
A - 0 68 Sale 68
a2047 Q - F
Develop & gen 4s Ser A_ _ _1956
)
1 8
10 67 2 9936
1 8814 64 '1:
General lien gold 38
7712 7812
69
7712 Apr'I7
78
a2047 Q - F Mob & Ohio coil tr g 48_.,J938 M- $ 75
6612 6714 Jan '17 ---- 6612 6714
Registered
98 10118
9612 98
9814 Apr '17 -Mem Div Ist g 4348-58_ _ _1996 J - J
8
St Paul-Duluth Div g 48_ _1996 J -0 915_ 91%Jan '17 ---- 917 9178
3 7712 84
78
77
7712
75
1951 J - .1
St Louis div 1st g 45
1 8 110
,
St P Cfc11 P gen gold 6s.._ A923 F - A 1O512 10910918 Mar'17 ---109112
995 104 10214 Sep '16 ---_
11)18 J - .1
Ala Con 1st g 6s
10912 Oct '15 ---- ....... ....„
certificates_ _1923 Q - A
Registered
9734 9812 Apr '17 ---- 9812 9812
Ala Gt Sou Ist cons A 5s_ _1943 J - D
4-3St Paul & Duluth 1st 5s_ _1931 F - F 16 2 :::: 107 Oet '10 ---9614
92
90 Apr '17 ---- 90
Atl & Char A L 1st A 434s 1944 J - J
1917 A 4
903 --__ 100 Jan '17 ---- 100 10012
2d 58
2 98 10318
98
98
4
683
1944 J - .1 - - 190
1st 30-yr 5s ser 13
1968 .1 -II
887 Mar'17
8
88% 8878
rN1st consol gold 49
8312 Jan 17 ---- 8314 84
_ 82
1948J - .1
Mar'17if; 8$
Atl & Dany 1st g 45
8612 Dee '16 ...... ____ ____
Wash Cent 1st gold 4s_ _1948 Q -M 110 - 111
8112 Mar'16 ---1943 J - J ____ 80
2d 4s
10912 Apr '17---. 10912 110
Co 1st g 68_ _1933 J - J
Nor Pac Term
75
75 Feb '17 ---- 75
Atl & Yad 1st g guar 45_ _ _1949 A -0 ____
2 81% 87%
8212
Oregon-Wash 1st & ref 48__ _1961 J - J ---- 8212 8212
105 105
8
E T Va & Ga Div g Is. _ _ _1930 J - J ____ 1037 105 Mar'17
Pacific Coast Co 1st g 5s_ _.. _1946 J -D -,-- 947 95 Apr '17 ---- 9312 99
106 10614 Apr '17 ---- 105% 108
1956 NI- N
Con 1st gold 58
9514 99 10018 Feb '17 ---- 99 101
As_ _1955 J - .1
Paduealt & Ills 1st sf4
10012 10114
1938 M- S ____ 99 101 14 Mar'17
9912
E Ten reo lien g .5s
9912 Apr '17 ---- 9912 9912
1923 M - N
Pennsylvania RR 1st g 4s
64
04 Apr '17 ---- 64
_
65
1946 A -0
Ga Midland 1st 3s
1919 NI- S 10018 _
10114 10214
10114 Apr '17
Consol gold 58
8
1922 1 - J i007 100 1067 Feb '17 -- 10678 107
Ga Pac Ry 1st g 6s
1943 M-N 98 _
98% 9912
8
987 Mar'17
Consol gold 48
4
4
6 9814 101
Knox & Ohio 1st g 6s_ _ _ _1925 J - .1 1045 _-_ 1003 Jan '17- 109% 1093
1948 M-N
Consol gold 48
99 --- 100 Sept'16
9
!
Mob & Bin prior lien g 58_1945 J - J
1960 F - A 10312 Sale 10 14
110 10312 1073
4
99
104
2
4
Consul 4 As
74
72 Apr '17 ---- 72
Mortgage gold 4s
19135.1 -D
General 4 As
10312 1043
4
72
103 10434 Apr '17
1 7111 ?)gh 119)114
96'3 S 6 8 00
2
1947 A 0
618 91: 9(134
8
8
Rich & Dan deb Is stmpd_1 9 5 1:1
General 4(s (wh Iss)Junel '65
- -_-_ 73 Sept'12
00
Rich dr Meek 1st gu 48_ _ _1948 NI- N
9 1, seb 17 : 97
0712 Ii•e ra.16 7_7:
'
Alleg Val gen guar g 48_ _ _1942
97
'8
8
9912 100 Apr '17 --__ 1430 - 10119'J
__
F - A 95
So Car & Ga 1st g 5s
D H Rltdcll'ge 1st gu 4s g_1936
10212 June'l I -1911 M S
Virginia Mid ser D 4-58_ _1929 M- N
...
:
Phila Bait & W 1st g 48_ _ _1943 NI- 11 92 :I__ 100 Jan '17 , _ ilk)- icici 103% Aug '16
4
1926 M- S 1013
Series E Is
Sothis Bay & Sou 1st g 58_1924 J - J ---- ____ 102 Jun '03 -- ____ ____
14)412 Dee '16 --1931 M- 8
F 55
Sunbury & Lewis 1st g 48_1936 J - J
105 jog
1936 M-N ___- 10612 105 Mar'17
:
2
General 5s
7
9978 Mar'17
9 7
N J ItR & Can gen 48_ _1944 51-S -991- -,_ -_
Va & So'w'n 1st gu 58_ _2003 J - J 103 --__ 105 Mar 17 --- 105 10612
Pennsylvania Co
9012 9112
88
91 Feb '17
-year 55_ _ _1958 A -0 81
1921 5 1st cons 50
8
9914 100% 993 Apr '17 ---- 9934 10214
Guar 1st gold 4 As
93% 9378
4
943 93% Mar'17 -92
1921 J - J .. 1- ::-.; 100% Apr '17 ---- 10038 10214
NV 0& W 1st cy gu 48_ _ _ _1924 F - A
2
Registered
96
95
953 Mar'17
4
A_1937 NI- S 85
Spokane Internat 1st g 58-1955 5 - i 9134 96
87
Feb '17 --- 87
87
0
Guar 31 coil trust reg
10018 101%
9712 101 Mar'17
A
Ter A of St L 1st g 4 As_ _ _ _ 1939 A -0
8634
82 Apr '17 ____ 82
Guar 3148 coil trust ser B_1941 F - D
9612 ____ 102 Apr '17 ---- 10034 102
1894-1944 F - A
80
1st con gold Is
-_
8(318 July'16 -- -- -------trust ctfs C_ _ _ _1912 J Guar 3 As
8812
86
86 Mar'17
1953.3 - J ____ 85
7
99
J -D 2
Gen refund s f g 48
53 982734 Dee '10 ---- _ _ _ _ ___ _
24
Guar 3As trust ctfs D._ _ _1944 -0 -98
99 100
99 Mar'17
1 9112 97
St L M Bridge Ter gu g 55 1930 A - 0 97 101
92
-25
Guar 15 -year gold 48_ _1931 A
8 99 102
9912
99
99 100
2000 .1 -D
Tex & Pac 1st gold 58
ctfs Ser E.19.52 M-N 0154 --__ 9234 Apr '17 ---- 9234 93
40-year guar 48
64
14 64
4
,17
65
g2000 M a r 60
1942 111- N
9012 -..-_ 91 Apr '17 -___ 01
26 gold Inc Is
91
Cin Leb & Nor gu 4s
8914
89
93 646
89 Apr
89
1931 J - J
M -N
La Div B L 1st g 5s
-- 100 10012
9718
CI & Mar 1st gu g 410-1935 J - J 98 --__ 10012 Mar'17 .
_ 95 106% Nov'04
1942
W Min W & N W 1st gu 581930 F - A
CI& P gen gu 4Asser A 1942 A -0 1111 10212 102 Apr '17 -- -- 102 102
1 loo 10412
100
Sale 100
1935 J - J loji
Tol & 0 C 1st gu 5s
10212 104 Dee '15 ---seriee B
100 100
1935 A -0 ---- 9812 100 Jan '17
-0 8712 __
Western Div 1st g Is
.. _ _ ___
9114 Feb '12 -_ - - - - - - - Int reduced to 3As_ _1042 A N
90
82
1935 .1 -D
8712 _
General gold 58
1948 M9018 Oct '12
Series C 3148
8212 84
17
1
99
.- 84 Apr'7
1990 A -0 8213 -g5
1950 F - A
8712 _
Kan & NI 1st gu g 48
2
8812 Feb '17
841- 89-1-4
3344
Series D
9414 97%
9414 Apr '17
9414 97
1927 J - J
-year 5s
2d 20
B_ _1940 J 83
---- 8712 88 Apr '17 ---- 88
62
Erie & PItts gu g 3As
53
60 ---- 62 Mar 17
1917 J - .1
Tol P & W 1st gold Is
1940 J - .1 ---- 8712 9018 July'12
Series C
8312
80
8312 80 Mar'17
J - .1 -.--- 99
i St L & W pr lien g 3348_1925 J -3 80
'
99 Mar'17 ---Or & I ex 1st gu g 4348_1941
60
57
5712 Apr '17
57
1950 A -0 56
-year gold 4s
M- S 94% -_ 4)3 May'14 50
Ohio Connect 1st gu 45._ _1943
____ 30
1814 Mar'06 .tr 45 g Ser A
Pitts Y & Ash Ist cons 58_1927 NI- N 102 --__ 109 May'10
80 Apr '17 ____ id - 871
A
8018 87
1 47 F D
-1
Tor Ham & Buff 1st g 4s_ _h1916 S:
31
------------Coilf34 13
Tol W V &0 gu 4146A-1931 J J 91% _-__ 9834 Apr '17 ---_
4
993 10012
987 995 Apr '17
s
Ulster & Del 1st con g 5s._ _1928 J -D
9412 98
1933 J 9912 Feb '17 --- 9912 1)912
Series B 434s
7112 74 Mar'15
1952 A -0
1st refund g 4s
1942 NI- S 91 _ .
04 Apr '16
Series C 4s
9512 45 04% 100 4
943 Sale 9434
Union Pacific 1st g 45
A -0 99 10112 100 Apr '17 _-__ 100 10314
PC CdcSt Lgu 4345 A-1940
9512 9812
96
9612 Apr '17
1 9 71 J
1947 5:i
Registered
1942 A-0 99
9812 1C1212
9% 9812 Apr '17
9
Series B guar
23 9012 9912
92
3
1927 J - J -90 8 9012 9012
20-year cony 45
1942 M- N
9714 July'15
09 --Series C guar
6 8812 9518
90
90 Sale 89
ref 48
stl &
1045 111- N
9514 Oct '16
:
951 --Series D 4s guar
59
21 88
88
88
_1943 M - 8
9514 _-__ 96 Mar'17 ---- 9514 96
Ore RR & Nay con g 4s.g2996 J - D ____ 88
Series E 3As guar gold_1949 F - A
and asked, a Due Jan, 5 Due Feb. e Duo May. g Due June. h Due July. k Due Aug. c Due Oct. p Due Nov. g Due Dec. *Option sale
• No price Friday; latest bid




--------

--------

es

-------Seri

New York Bond Record-Concluded-Page 4

1784

Price
Friday
May 4

BONDS
N. Y. STOOK EXCHANGE
Week ending May 4

Week's
Range or
Last Sale

Range
Since
Jan. 1

High No. Low High
Ask Low
Bid
Union Pacific (Con.)4
Ore Short Line 1st g 63_ _1922 F - A 1034 1063 10512 1063
2 10512 10813
4
let consol g 53
1946 J - J ___ 108 1087 Apr '17
106 1085
8
8
947
90
Guar refund 4s
21 89
1929 J - D 8918 Sale 8918
Utah de Nor gold 5s_ .1928 J - J 97 __ 102 Mar'16
1st extended 4s
1933 J - J 92 100
90 Apr '18 ---Vandalla cons g 4s Ser A.- _ -1955 F - A 8818 8914 8313 Apr '17 ____ -g
-i.;
Consol 48 Series B
1957 M- N 88 ---- 9014 Aor '17 __-- 9014 92
Vera Cruz & P 1st gu 4;0..1934 J - J ---- 87
4212 Aug '15 -- -31 -id - 166107
Virginian 1st 5s Series A_ _ _ _1982 M-N 9612 Sale 96
2
1015
Wabash 1st gold 5s
8 10 101 1067
1939 M-N 101 Sale 101
2d gold Is
1939 F -A ---- 9812 9918 Apr '17-- - - 9918 101
Debenture Series B
105 Oct '16 1939 J - .1 80
1st lien equip 3 fd g 5s_ _ _ _1921 M- 8 100 -__ 100 Mar'17 -- 1003310033
5
17
80 8
1st Ilea 50-yr g term 4s_ -1954 .1 - J 80
__ 80 Jan . ......i 10112 10 12
0
5
Det & Ch Ext 1st g 5s
10112
11 .--_ 10112
1941 J - J
Des Moines Div 1st g 4s--1939 J - J ---- ----80 Aug '12 --Om Div 1st g 3;0
75 Apr '17 ---- -ii- -if1941 A - 0 ---- 78
8414 Jan '17 -- 8414 8414
Tol & Ch Div Ist g 4s_ _ 1941 M- 8 81
7 Jan '17 ---Web Pitts Term Ist g 4s__ _1954 J -D -------%
78
112 Jan '17 -_Cent and Old Col Tr Co certs. _ _ - __ ___ ___
14 112
2 Oct '16 ____ _ _ _ _ _Columbia Tr Co certs
____ ____
112 Nov'16 __ _ _
Col Tr ctfs for Cent Tr ctfs..
.
4
2d gold Is
1954 3--15 ---- -_-, Aug '16 ---Trust Co oertfs
.4 July'16
Wash Terml 1st gu 3;0_ _ _ _.1.945 F - A 773 8112 8814 Jan '17 --__ 735;-ili14
4
. .5
1st 40-yr guar 4s
9112 Aug '15
1915 F - A 93
West Maryland 1st g 4s
4
i5 -jilt 763
70
1952 A - 0 70 Sale 693
4
West N Y & Pa 1st g 5s--- -1937 J - J 102 10458 99 Apr '17 ____ 99 1053
4
Gen gold 4s
1943 A -0 ---- 85% 88 Mar'17---- 8514 8(3
Income 5s
50 .___ 37 Oet '10 ____
p1943 Nov
Western Pax 1st ser A 5s...._1946 M - 5 8612 Sale 8812
8712 18 -g(i1- -ifie
2
Wheeling & L E 1st g 58..-_1926 A - 0 1003 101 1003 Apr '17 -_ 10012 103
4
4
Wheel Div 1st gold 58.. _ .l028 J - J ---- 9938 100 Feb '17 _-__ 100 100
Exton de Impt gold 5s.. _1930 F - A --- - 9938 998 Mar'17 -_ 0933 0958
78% 78 Apr '17 -RR 1st consol 45
82
78
1949 M- S 78
87 86 Mar'17 -- 86
Winston-Salem 8 B 1st 4s....1980 .1 - J 85
8812
Wis Cent 50-yr 1st gen 4s_ _ _1949 J - J -__- 85 85
851k
6 85 88%
Sup & Dui div & term 1st 43'36 M-N 8312 85 8618 Apr '17 --_- 88
91
Street Railway
Brooklyn Rapid Tran g 5s_ _1943 A- 0 977 995 973 Apr '17 ___ 9712 1015
1st refund cony gold 4s... _2002 J - J ---- 7312 737 Apr '17 - 737 7714
6
-year secured notes 5s_ _ _1918 J - J 9914 9938 9914
9912 74 99 10118
Bk City 1st con 43_1916-1941 J - J --- 100 1003 Apr '17 ---- 1003 1017
8
a
a
Bk Q Co &8 con gu g 5s_ _1941 M-N ----90 9410 or16 2 -- - - _-Bklyn Q Co & 8 Ist 5s_ _ _1941 J - .1 ---- 9912 101 Mar13
9812 -1
9812
Bklyn Un El 1st g 4-5s_ _1950 F - A --..- 98
9812 Apr '17 ____ - 8 2 16114
Stamped guar 4-58
6
911-4 i ;
0
1950 F - A --- 98
Kings County E 1st g 0....1949 F - A --- 82 81 Apr '17 .-- 81
8634
8112 Apr '17 --- 8112 87
Stamped guar 4s
1949 F - A -- 80
71 Mar'17 -Nassau Elec guar gold 43_1951 J - J --- 75
701s 7412
9338
1 9212 973
Chicago Rys 1st Is
5
9312 933
1927 F - A 93
4
8
Conn Ry & L 1st & ref g 4;01951 J - J 98 ____ 1013 Feb '17 -- 101% 10138
100% Apr '17 -- 100 10138
Stamped guar 450
1951 J - .1 - 82
Det United 1st cons g 450-193 i -.1
8614
2 82
82
l
2
Ft Smith Lt & Tr 1st g 5s_ _ _1936 M- 8 ---- --_ _ -84 Jan '14 .--Hud & Manhat 5s Ser A_ _ 1957 F - A 64 Sale 633
4
26
65
.
17% 30 -6i371 -26.-4
1512 Sale 1512
Adjust income Is
15 6 13
51
1957
N Y A Jersey 1st 58
105 1031
6
0
99 100 Feb '17
7:
0
- ---Ai
1932 0
Interboro-Metrop coil 430_1958 A -0 653 Sale 653
0812 136
4
4
Interboro Rap Tran 1st 5s 1966 1 - J 9312 Sale 9312
211 9313 993
95
5
Manhat Ry(NY)cons g 43_1990 A -0 8518 8878 8512
857
s
7 8514 94
Stamped tax-exempt
8
4 85% 9112
857
857
8
87
1990 A -0 85
Metropolitan Street BY-97 Apr '17 :--- 97 100
95
BwaY & 7th Av 1st o g 59_1943 J -D 94
Col & 9111Av 1st gu g 5s_ _1993 M- s 95
9912 9812 Nisei? „.. 9812 100
Lox Av & P F 1st gu g 5s_ _1993 M- S ---- 967 963 Apr '17 ___ 983 99%
4
4
Met W 8 El(Chic) 1st g 4s_ _1938 F - A -------- 30_
Mar'14 --_
mow Elec Ry & Lt cons g Is 1926 F - A -------- 103 Mar'17 ---- la- ioi Refunding de exten 45is_ _1931 J - J --- 93
._ _.___ _
.
93 Nov'16 MInneap St 1st cons g Is. _ _1919 J - J 991 -,,,- 101 Aug 10 --2
'
Montreal Tram 1st & ref 5s_1941 J - J ---- 891 894
3- 9 4
6
4
897
3 -86 i -. 11 Aug 16 ___
New Oni Ry & Lt gen 4s_ _1935 J - J -- __ 88
83
N Y Municip Ry 1st s f 5s A 1966 J - J 99 ____ 99 Apr '17 _ ___ -i6 - -this4
4
2 6312 713
6312
N Y Rye 1st R. E & ref 4s_ _1942 J - J 82
6312 6312
.
3012 116 27
30
-year ad; Inc 3s
a1942 A -0 27 Sale 27
4733
N Y State Rye 1st cons 4;0_1982 M- N
7 7838 8714
7813
7812 Sale 78%
Portland Ry let & ref 5s_ _ _ _1930 M- N
8812 N ov'16 .
-- 92
Portid Ry Lt & P 1st ref 55_1942 F - A --------78 Apr '17 .......: -f012 -9 12
07 3 /3
--3_ 90% Feb '17
Portland Gen Elec 1st 53_1935 J - J 9014 _
ii912 100 Apr '17 ___ 100 100
St Jos Ry L H & P 1st g 5s_ _1937 M- N ---10312 102% Mar'17 __-_ 10212 10212
St Paul City Cab cons g 5s- -1937 I - J 8
Third Ave let ref Is
1960 J - J - - 753 7812 Apr '17 ---- 7813 8034
AdJ Inc Is
47
7312
Third Ave Ry 1st g Is
1053 108
8
la?
98
98
Tr -City Ry & Lt lets f Is A923 A -0 9718 98
1 98 101
90 Mar'17 --- 8913 00
Undergr of London 450- _1933 J - J - -_
85
72 N ov'16 -..--- -. . .. - -_
633 65
Income as
19
48
4 Oot '08
Union Elev (Chic) let g 5s_ _19 9 - --4 A 6 ---- ----8
70 Mar'17 ---- -. d - -hi i
United Rys Inv Is Pitts 133_1926 M-N --_
611g
6112 Feb '17 --- 61
United Rys St L let g 4s_ -_ _1934 J - J ---- 68
51
1 50 53
St Louis Transit gu 5s_ _ _ _1924 A -0 51 Salo 51
51 3438 42
33
United lifts San ler a f 4s_ _1927 A -0 37 Sale 367
.
Va Ry & Pow 1st de ref 5s_ _1934 J - J --__ 88
88
88
1 88
9312
Gas and Electric Light
Atlanta 0 L Co 1st g 5s_ __ _1947 J -D 10314 .._ _ 103 5ePt15 -.-101
1 1651- joili
Bklyn lin Gas 1st cons g 55_1945 M-N 101 Sere 101
8
54 June'18 -Buffalo City Gas 1st g Is.. _1947 A -0 19%
. 3
Cincln Gas& Elee letacref 53 1956 A -0 9913 i00 8 101 Apr '17 ---- iO61- ifii 7
9012 Apr '17 ___- 87
91
Columbia0di E 1st Is
1927 J - 5 8912 90
Columbus Gas 1st gold 5s_ _1932 J - ---------- -97 Feb '15
11338 --21 iio - iici Sale 12
Consol Gas cony deb 6s_ _ _1920 Q - F
.
4
ConsGasE LdeP of Bait 5-yr5.9'21 M- N ....-_ 103 1043 Apr '17 - - 1043 10814
.
Detroit City Gas gold 5s_ _ _1923 J - J ---_ 10114 1007 Apr '17 _--- 1007 101,
8
4
_ _ 10112 Oot '16 .._
Detroit Gas Co cons 1st g Is 1918 F - A 10118
Detroit Edison 1st coil tr 5s_1933 J - J 10112 103 104 Apr '17
iaiii 105's_1st & ref 5s ser A
3
h1040 M- 8 10038 10034 10112 Apr '17 --- - 100 4 102
Eq G L N Y 1st eons g 58-1932 M- 8
- --2 10012 May'15 -Gas & Elec Berg Co c g 5s.._1949 J -D --------100 Feb '13 93 Nisei? ---- -ii- -ii Havana Flee consol g 53_ _1952 F - A 90 9
Hudson Co Gas 1st g 58_ _ _ _1949 111-N 1013 102 10214 Apr '17 - 10214 10312
4
Kan City(Mo)Gas 1st g 58_1922 A -0 ---- -__ 90% Deo '16 -___ _ - _ _. _
100
Kings Co El L & P g 55
4
1 -993 1051;
1937 A -0 97 ____ 100
Purchase money 6s
1997 A -0 110 115 11412 Apr '17 ____ 11412 11612
Convertible deb Os
1925 M- 8 ---- 12012 128 Oct '16 _-- - - - - - - - Ed El ill Bkn let con g 4s.1939 J - J - -__ 8934 8914 Apr '17 ____ 88
8914
Lac Gas L of St L 1st g Is e1919 Q - F 10012 10014 100
10014
6 100 102 s
,
Ref and ext 1st g 5s
:
5
3
1934 A -0 10 Sale 100
54
1003 .. . 12 12
4 !3
--------9313 Apr '17
Milwaukee Gas L let 4s_ _ INT I'd -N
Newark Con Gas g 55
1948 J -0 103 ____ 10312 Apr '17 -- 10312 10478
35 99 1053
100
NYGELII&Pg 5s
1948 J - D 99 Sale 119
4
Purchase money g 4s
8012
2 80 88
1949 F - A 8012 Sale 8012
Ed Elora Ill 1st cons g 58_1995 J - J 10512 107 10814 Dee '16 -_ Via
NY&Q i
El I.,,ic P 1st con g 5s 1930 F - A ___- 99 100
iiii
100
Pacific0dc El Co
-Cal0& E
97
9712 35 97 101
Corp unifying & ref Is._1937 M- N 9812 97
Pacific 0& E gen de ref Is. _1942 J - J 89 Sale 89
8912 20 89
937
a
Pao Pow & Lt 1st & ref 20-yr
_ 9214 95 Jan '17 ____ 95
55 International Series_ _ _1030 F - A
95
.
Pat & Passaic G & El 5s_ _1949 M- S jai __
pots clot . _ --15
-_
Peon Gas &C 1st eons g 63_1943 A -0 -------- 115 Jan '17
- jf lo2.
1 o
98
i
Refunding gold Is
9712 98
i i5-11
1947 M- S 95
99 Sept'13 ---Registered
1947 M- S
Ch G-L & Coke 1st gu g 5s1937 J - J -9 - iliais 101% Aor '17 -i3
4
- iell - itii3
,
,
Con G Co of Ch Ist gu g 581936 J -D 9313 1007 100 Apr '17 _ _ 100 1013s
Ind Nat Gas& 01130-yr 5s1938 M- N --- 92 • 89 Mar'17 ......_.... 4 le%
2
Mu Fuel Gas 1st gu g 5s_ _1947 M- N 9914 __ 10012 Feb '17
Philadelphia Co cony 5s_ _ _1919 F - A 97 100
9914 Nov'16 -....
.
- 9414
Cony deben gold Is
8934 89 Apr '17 ....„ -lie
1922 M- N 88
Stand Gas tt El cony s f 6s....1926 J -0 10112 102 101
10112 14 100 102

-sii

5 r
i
11 _i_13'5° 1373.m.5 Pil_f

BONDS
N. Y. STOCK EXCHANGE
Week ending May 4

i
-.I
4
=.
,..., 5

Price
Friday
May 4

[VoL. 104
Week's' 1
.
1
Range or
...{%
Last Sale '"

Range
Since
Jan. 1

Bid
Ask Low
High No. Low High
Syracuse Lighting 1st g Is _1951 J -D __-- 10334 100
1'100 100
100
Syracuse Light & Power 5s__1954 J - J ____ 90
85 Apr '17 ___ 85
87 4
,
Trenton G & El lot g 53_1949 M- S __-_ ____ 10112 Apr '17 ____ 10112 10112
Union Elec Lt & P 1st g 53_ -1932 M- S ---10112 Dec '16 ____ - -- - Refunding & extension 53_1933 PA- N ___ - ._ _ 1015 Nov'16 ... - - - - -8
United Fuel Gas lets I 6s__ _1936 J - J ---- 100
9914
993
8
3 9914 10118
Utah Power & Lt 1st 5s_
1914 F - A ____ 90
933 Apr '17 -_ _ 933 9613
4
4
Utica Elec L & P 1st g 53__ _1950 J -5 101 -__ 103 Apr '17 -_ 103 103
Utica Gas & Elec ref Is
1957 5 - J 98 ___ 99 Apr '17 ____ 99 101
Westchester Ltg gold 5s_ _ _ _1950 J - D 10012 105 105 Mar'17 _ _ _ 102 106
Miscellaneous
Adams Ex coil tr g 4s
1918 M- 5 7814 Sale 7712
3 77
781
8411
Alaska Gold M deb 6s A_ _1923 IN-S 69
70 69
69
1 6712 85
Cony deb (53 series B
1926 rd-8 6712 71
6712 Apr '17 ___ _ 0713 847g
Armour & Co let real est 4;0'39 J -D 92 Sale 92
9478
4 34 92
923
Booth Fisheries deb s f 6s_1926 A -0 9112 9455 94 Apr '17 ____ 92
94
Braden Cop M coil tr s f 65_1931 F - A 951 98
963 Apr '17 ___ 95
8
98
Bush Terminal let 4s
1952 A-0 ---- ----88 Apr '17 ____ 8814 89
Consol 55
1955 J - J ---- 87
8718 Apr '17 ____ 8715 9315
13Idgs Is guar tax ex
1960 A -0 8512 86
8512
8512
3 8512 9014
Cerro de Pasco Copp env 6s 1925 M- N 11112 Sale 11112
11212 17 11112 118
Chic Un Stat'n 1st gu 4;is A 1983 J - J 97
98
15 9712 10114
98
98
Chile Copper 10-yr cony 75_1923 M-N 123 126 125
1253
8 39 12318 132
Computing-Tab-Rec s f 6s 1911 J - J 86 Sale 86
2 8312 8712
86
Granby Cons M 8&P con 6s A'28 M-N 102 Sale 102
5 102 10912
102
Stamped
1928 PA-N 103 Sale 103
10312 15 103 1093
4
Great Falls Pow 1st s f Is....1940 M- N -- -_ 100 100 Apr '17 __ 100 10278
Int Mercan Marine s f 8s- _1941 A - 0 9212 Sale 9213
9412 200 8818 963
Montana Power let 58 A
1943 J - J 95 Sale 95
9712 26 95 1003
4
Morris & 001st 81 4;is___ -1939 5 - J 91
913 91% Apr '17 _ __ 9112 93%
Mtge Bond (NY)48 ser 2_1988 A - 0 -------- 83 Apr '14 ___. _._ _ _
10-20-yr Is series 3
1932 J - J ---- ---- 94 June'18
_
N Y Dock 50-yr 1st g 4s___ _1951 F - A
7334 ____ 7512 Mar'17 _. _ 75
7512
Niagara Falls Power let 5s._1932 J - J 101 102 101
10212
0 101 103
Ref & gen 68
..
a1932 A -0 ---- 10514 10512 Oct '16 ___ _ _.
Niag Lock &0 Pow let Is._1954 M- N 89
9314 9412 Jan '17 _.. 9412 9412
Nor States Power 25-yr Is A 1941 A -0 9412 957 947
947
8
1 943 99
3
Ontario Power N F let 5s.._ _1913 F - A --- 9212 90 4
9114
90
3
3
412
Ontario Transmission 53_ -1945 M-N 83
86 Sep '16 -----------90
.. _
Pub Serv Corp N J gen 5s_ _1959 A -0 8712 Sale 8712
8812 22 8712 93
Tennessee Cop lot cony 8s_ _1925 M- N 8912 8934 90
91
1.
8
887
Wash Water Power let 5s_ _1939 J - J - --- 102 10313 Jan '14 --------_ ...
WiLson & Co 1st 25-yr s f 6s_1941 A -0 101 Sale 101
10134 99 101 1037
s
Manufacturing & industrial
Am Ag Chem lot c 55
1928 A -0 10014 Sale 10014
10112 12 10014 10412
Cony deben 53
1924 F - A 101 102 102
103
30 9934 105
Am Cot Oil debenture 5s.._1931 111-N 941s 9534 9418
3 9214 973
4
948
Am Hide dr L 1st 8 f g 6s_ _ _ _1919 rd-8 1021 103 10212 Apr '17 ___ 10212 1041s
Amer Ice Secur deb g 6s_ _ _ _1925 A -0 ---- ----100 Apr '17 ____ 9712 10014
9912
Am Thread let coll tr 4s_ _ _ _1919 J - J 9818 9813 98 Apr '17 ____ 93
Am Tobacco 40
-year g as__ _1914 A - 0 119 Sale 119
6 119 1194
119
Gold 4s
8312 Apr '17 „.... 8312 85
1951 F - A ---- 85
Am Writ Paper 1st s f 5s_ _ _1919 J - J 88
89
89
43 8834 92
897
Baidw Loco Works let 5s-1940 M-N 10312 10412 10312
10312
1 1033 10414
3
Beth Steel let ext s f 5s
10112 25 100 104
1926 J - J 10112 Salo 100
let & ref 53 guar A
4
100
1942 111- N 997 Salo 993
24 9812 102
Cent Leather 20
4
-year g Is._1925 A -0 100 10012 993
10034 00 9954 103
Col F & I Co gene f 5e
93
95
1943 F - A 93
2 923* 9712
93
Consol Tobacco g -Is
81 Mar'17 ___ 81
1951 F - A 8114 _
81
Corn Prod Ref s f g 5s
981- 98 Apr '17 __ _ 98 99
4
1931 131-N 97
let 25
-year s f Is
98
1934 91-N 97
98
98
10 977 9912
Cuban-Am Sugar coil tr 6s_ _1918 A -0 10038 10078 10012
10012
2 10012 102
Distil Sec Con cony 1st g 55_1927 A -0 60 63 80
60
25 60 70
E I du Pont Powder 40-1936 J -D 10112 10412 10313 Apr '17 .._ __ 103 10412
General Baking 1st 25-yr 65.1938 J -D -,..- 92% 85 Mar'18
- .
Gen Electric deb g 350_ _1942 F - A 7812 8112 782 Apr '17 ___ 78 8112
Debenture 5s
10414
7
4 1037g HMIS
1952 M- S 102 10412 103 8
III Steel deb 450
4
1940 A -0 89% Sale 893
897
18 8934 94
Indiana Steel lot 55
4
101
4'7 100 1037
1952 M- N 1003 Sale 100
8
105 1 - j --------100 Oot '13 ____ ....- -Ingersoll-Rand 1st Is
Int Agricul Corp let 20-yr 581932 M -N
7912 22 7112 7912
7712 Salo 77
10014
lot Paper Co 1st con g 6s_ _ _1918 F - A 10014 Salo 10014
I 100 102
Consol cony s f g 55
10014
5 0812 10014
1933 J - .1 10014 10012 10014
101
Lackaw Steel 1st g 5s
44 1(50 10155
1923 A -0 101 Sale 100%
1950 m- s 97 Sale 07
9734 79 9312 100
1st cons Is Series A
123
Liggett de Myers Tobac 7s 1944 A -0 122 Sale 122
12 120 129
5s
9912 98'2
1951 F - A 99
99
11 9812 10415
Lorillard Co (P) 73
122
1944 A - 0 122 Sale 122
6 120 128
5a
1 983* 103
1951 F - A 9814 9812 983*
985
Mexican Petrol Ltd con 6s A 1921 A -0 105 107 10312 Apr '17 ___ 10512 1073
4
1st lien de ref 6s series C.. _1921 A -0 105 107 106
107
14 10512 100
Midvale Steel &0cony s f 581936 M- S 93 Sale 93
943* 38 92 95
Nat Enam & Stpg 1st 5s__ _1929 J -D 98 Salo 98
98
28 98 102
Nat Starch 20-yr deb 5s_ _.1930 J - J 9014 9111 9014 Apr '17 ____ 90 917
s
10012 63 98% 103
National Tube 1st 5s
1952 NI-N 100 Sale 993
s
1017
N Y Air Brake 1st cony 8s_ _1928 rd-N 1011 1025 1017
s
1 1017 108
Railway Steel Spring
3
Latrobe Plant let at 5s
1921 J - J 10013 10134 100 4 Feb '17 ___. 10012 101
Interocean P 1st s f 5s.-.1931 A -0 99 Sale 99
99
5 9834 997
3
Repub I & 8 10-30-yr 588 f..1910 A -0 993 Sale 993
4
4
100
75 99 10114
Standard Milling 1st 5s
1930 M- N 100 Sale 100
100
1 995* 101
Tenn Coal I & RR gen 53_1951 J - J --__ 101 101 Apr '17 ___ 101 1031s
The Texas Co cony deb 6s_.1031 J - J 103 Salo 103
1033
4 31 103 1064
Union Bag & Paper lot 53_1930 J - J 8612 8912 8812 Apr '17 ____ 8813 9312
Stamped
1930.7 - J 8812 ___ 8812 Apr '17 ___ _ 8813 903*
54
12 5212 84 US Realty de I cony deb g Is 1024.7 - J --- - 5412 5238
4
8
1017 102 1015 10433
8
US Rubber 10-yr col tr 68_1918 J - D 1015 10134 1013
8
8912 1668 8712 925
1st de ref Is series A
1947 J - J 8755 Sale 8712
103
US Smelt Ref & M cony 63_1026 F - A 103 10412 103
10 103 109
le 105
U 8 Steel Corp-coup.. 41983 M-N 1051
1053 337 105 10715
4
8 F 10-80-yr 5s frefi
1043
_1983 M-N --------1044
10 10434 107
V-Car Chem 1st 15-yr Is._ _1923 J - D 10018 Sale 09
10018
8 9712 1003
4
Cony deb 6s
e1924 A -0 100 Sale 100
10012 25 9978 103
West Electric lot 58 Dec_ _ _1922 J - J 10014 Sale 100
10114 32 100 1023
4
Westingh'se E & M notes- s_1917 A -0 100 100-381003*
1003
5
8
2 10038 1011s
Coal & Iron
985* Jan '17 ___ 9638 983*
Buff & Susq Iron s f 53
1932 J -D -___ 96
91 Apr'17_ 91
Debenture 5s
a1926 M- S ____ 92
931s
Cahaba C M Co 1st gu(18._1922 J - D ___- - - - - 101 Deo '14- . - - Col Indus 1st & coil Is gu-1934 F - A 7912 Sale 7912
i ii
so
Cons Ind Coal Me let 5s_. _1935 J -D 00 --__ 73 Mar'14 -------------Cons Coal of Md lstderet 53_1950 J -0 9113 93 9312 Apr '17 -.-- 92
95
Continental Coal 1st g 3s _1952 F - A 35 __ __ 99% Feb '14- --- - -- --------943 Mar'113Or Riv Coal & C 1st g 83_ _h1919 A -0 -_- 95
4
--------Kan & HO & C 1st at g Is.. _1951 J - J
_ . _. 99 July'15Pocah Con Collier lets f 58_1957 J - J --,- 93
9212
9212 Apr '17 __- - 9213 953
4
St L Rock Mt & P 58 stmpd_1955 J - J 8514 8614 86 Apr '17 ____ 8412 86
_
._ _. _
Victor Fuel 1st s 158
80 Dee '18
1053.7 - J - - _ - 75
90
90 Apr '17 __-- 85
Va iron Coal&Coko 1st g 53_1949 M- S 87
88
Telegraph & Telephone
90
Am Telep 8c Tel coil tr 4s
84 8814 923
1929 J - J 8914 Sale 883
4
4
99%
Convertible 4s
4 98 101
1936 M- 8 99% Salo 995
103
46 10214 1063
20-yr convertible 450_ _ _1933 M - 5 103 Sale 10255
4
993 275 99 1017
1946 5 - D 9918 Salo 99%
4
30-yr temp coil tr Is
.
s
101% 20 10138 103
Cent Dist Tel let 30-yr 5s.._1943 J - D ____ 10112 1013
Commercial Cable let g 4s.2307 Q - J 73 __ 73 Nov'16 _ _ _ _ _ _ _ _
71 May'16
75
.
Registered
2397 Q- J ___
e
99
Cumb T & T 1st de gen 5s
;
8
4 97 1014
1937 J - J 987 9912 987
__
Keystone Telephone let 5s_ _1935 J - J --- 99 98 Apr '18 --------Metropol Tel & Tel lat s f 5s 1918 M-N 100 10018 100
100
6 100 10112
8
99 10138
Mich State Teieph let 5s_ _ _1924 F - A 9712 100 093 Apr '17
NY&NJ Telephone Is g_ _1920 111-N 100 -- - 10112 Jan '17 __-__ 10111 10121
,
N Y Telep let & gene f 450_1939 M- N 9638 Sale 965
97% 31 9512 100 4
57 9778 102
99
Pee Tel & Tel 1st 58
19375 - J 0814 Sale 977
South Bell Tel & T 1st is f 53 1941 J - J 9812 0918 0818
9834 21 984 10114
3 99 10332
West Union coil tr cur 5e_ _1938 J - J ---- 09
99
99
2 993
Fd and real est g 4Hs_ _1950 M-N 92 93
92%
9214 2'
.
-Mut Un Tel gu ext 5s__ _ _1911 M-N 997 10112 10114 Apr '16 -----------1
TThrtharstat Pal on A Usi sr
1054 J - J
94 Nov'16

• No price Friday:latest bid and asked. a Due Jan. d Due April •Due Mei. Due June. 7 Due July. *Due Aug. o Due Oct. p Due Nov. 1 Due Deo 8 Option sale.




MAY 5 MN

.
BOSTON STOCK EXCHANGE—Stock Recordc 2'2•. 3e
-.BOB
S
Pa

SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
April 23.

Monday
April 30. I

Tuesday 'Wednesday , Thursday
May 2. I May 3.
May 1.

Friday
May 4.

Sales
lof the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1
Lowest

Railroads
100 168 Apr 24
59 Boston dr Albany
170 170
169 170
169 169
16812 16812 16812 16812 *16812 170
205 Boston Elevated
100 69 Feb 9
69
69
8
7112 71121 7138 713 z7013 7012 6912 70
72
72
Boston & Lowell
100 105 Jan 22
Last Sale 12212 Apr'17
.119 125 *119 12212
•119 125 *120 125 333 Boston & Maine
100 35 May 3
36
35
37
3758 35
375 375
8
*375 _ _ _ _
8 37
8
*375 38
8
Boston & Providence
100 210 Apr 5
Last Sale 210 Apr'17
_ _ _ 200
200
__ 200 *_ ___ 200
Boston Suburban Elec Cos_
Last Sale 412 May'16
4
4
_
4
•____
Do pref
25 Mar 3
Last Sale 25 Mar'17
Boston & Wore Electric Cos
Last Sale 412 Nov'16
4
*::::
Do pref
35 Mar23
Last Sale 35 Mar'17
36 *---- 36 *---- 36
30
Chic June Ity & U S Y_100 150 Jan 5
Last Sale 150 Mar'17
101
Do pref
--100 Apr 28
4
2
101 103
103 103 *1013 103
165- 1021- *ioi- 103
5 Connecticut River
100 125 Mar 2
125 125
125
*122 125
.120 130
200 Fitchburg Prof
67
67
100 67 May 3
7E8 6758 67 6753 12712 Apr'17
.
67 8 68
68
,
68
6758 -di Georgia Ity & Elec stampd100 126 Feb 20
Last Sale
*12712 128 *12713 128 *127 128 *12712 128
Do pref
Last Sale 91 Mar'17
100 91 Mar 5
*893 93
4
*89 4 93
,
,
*89 4 93
*89 4 93
,
9814 98
40 Maine Central
98
98
100 98 Apr 9
__- *98
*98
_ _ *98 -- *9314 99
335 Mass Electric Cos
312
312 May 1
100
312 *3
4
4
312 312 *3
,
*3 2 4
312 312
21
395 Do pref stamped
21
100 20 Apr 28
22
*20
20
23
21
21
21
21
4
477 N YN 11 & Hartford
100 365 Feb 16
,
3
3812 3912 3734 38 2 -383
40
*3912 40
40
40 8 40
3
4 Northern New Hampshire _100 Z100 M ar 12
103 *---- 103
103 103
47 Old Colony
120
100 119 Apr 21
1Z6- 120 *120 121 *iio- 121- 120 120 *55 Rutland, pref
100 243 Feb 2
*2712 3014 *2712 30 4 .2712 mit *2712 3014 2712 2712
,
4 Vermont & Massachusetts_ 100 10312Feb 14
105 105 *106 110 *106 108
*10712 110
388 West End Street
5112
50 51 May 4
513 5212 51
4
52
52
52
5134 -613
- 5214 5214 *72 52
4
133 Do pref
100 70 Feb 16
71
71
72
72
73
73
*72
72
72
72
72
Miscellaneous
100 Amer Agrieul Chemical__ _100 84 Feb 14
9431 943 *9412 9512 9212 9212
4
*92 4 94
,
9314 *9214 94
93
100 9812Feb 13
10012 101
553 Do pref
10012 101
10012 101
2
10012 10112 101 101, 101 8 101
13, *138
.13
50
118 Apr 9
134 *19
50 Amer Pneumatic Service
*133
134
13
4
8
133
13
8
13
4
*13
8
50
125 Do prof
1112
814Jan 2
11
*1012 11
11
1112 *11
*11
12
*11
100 10513 Feb 3
115 Amer Sugar Refining
112 112
1103 11114
.11112 11212 112 112
4
•11112 11212
100 116 Mar 1
59 Do pref
118 118
118 118 2 119 119 *118 120
,
118 118
*11814 120
100 123 Jan 12
123 12312 3,265 Amer Tele') & Teleg
124 12433 124 12412 124 12114 123 124
4
1233 124
18 American Woolen of Iniass.100 40 Feb 1
4878 51
49
5014 49
5012 *49
,
*4912 5012 *4912 50 4 *50
100 9412Feb 3
315 Do pref
98
98
9814 98
98
97 4 98
,
9814 9734 98
98
98
69 Apr 16
*69
71
71
78 Amoskeag Manufacturing_ _
69
*69
69
,
6914 6914 69 4
70, *69
2
*69
94 Apr 4
196 Do pref
9512 95
95
9512 9512 95
95
,
*95
95 2 *95
8 Lines__ 100 8912 Feb 23
10131 10414 1003 10•114 963 993
98 4 101
,
4
99 101
4
4 9714 9918 9,015 Ati Gulf &
20 Do prof
100 5513 Feb 9
61
61
62
63
*60
*61
61
*60
62
6112 61
*60
20 Cuban Port Cement
10 1314 Feb 3
15
*1412 1512 *14
15
15, *1412 16
2
1512 *14
East Boston Land
10
712 A pr 13
Last Sale
*8 2 912 *812 9'2 *812 912 *812 912
,
100 193 Apr 23
63 Edison Electric Illum
•195 198 *194 200
193 19312 19312 19312
194 19412 194 194
206 General Electric
100 160 Apr 23
160 160
162 162
*16314 164 816312 16412 16412 16514 164 164
21 McElwain(W II) 1st pref _100 100 Feb 3
100 100
•100 10114 10012 10012 *100 10112 100 100 *100 101
1,389 Massachusetts Gas Cos__ _100 87 Feb 3
9312 9312
94
94 4 93
94
,
95
957
93
8 9312 94
96
100 7812 Apr 18
124 Do pref
80
783 783
4
.79
4
80
*7812 79
.79
7812 79
7812 79
70 Mergenthaler Linotype —100 145 Apr 17
148 148
.149 151
150 150
150 150 *150 151
Last Sale 1
*4
Mar'17
10
1 Mar 16
*4
Mexican Telephone
_
Last Sale 1153 Dee'16
Mississippi River Power _100.
-- Last Sale 38
Feb'17
100 38 Jan 26
Do pref
893
4 89
141 New Eng Cotton Yarn_ _ _ _100 30 Jan 9
8914
86 4
89 4 90
,
thi
,
8914 89 2 8914 - 3- *89
90- - Last Sale 85
Apr'17
90
100 60 Jan 10
Do pref
90
*89
•____ 90 s____ 90
117 11812
114 New England Telephone 100 117 Apr 14
119 120 *11812 119
•11812 120
120 120 *119 120
Last Sale 141 Mar'17
138
100 135 Mar 5
138
Nipe Bay Company
13712 *____ 13712
*85
93
10 Nova Scotia Steel & C-- - - 100 90 Apr 24
9212 9212 *93 100
97
*87
*85 100
156 156
150- 116
100 150 May 4
72 Pullman Company
158 158
159 159
35
.- *33
3412 35
3312 3312
.)(1 30 Feb 15
310 Punta Allegre Sugar
8 35 15
347 347
8
*347 3.518
8
*1412 15
145 15
4
15
115 Reece Button-Hole
15
10 14 Jan 25
---15
15
4
153
*1518
15812 160
15534 15812 1551 1 1 5614 7,304 Swift & Co
100 133 Feb 3
138 15953 159 161
1565 158
8
63
62
6114 6112
63
25 55 Feb 3
425 Torrington
6312 6312 6312 6312 6312 6312 63
32
*29
32
32
32
25 29 Apr 9
3212 *31
10 Do prof
-- *31
135 136
133 134
13412 13512 135Is 136
100 1313 Apr 20
950 United Fruit
13212 1343
4
.31-4
13412 135
553 5612 5512 56
3
25 50 Apr 20
54
4,193 United Shoe Mach Corp
54 8 53 4 54,4
,
53
,
5312 5312 55
25 2713 Apr 18
2818 2812 28
637 Do pref
2812 28 2 2814 2812 2814 2812 2812 29
2812
,
8
8
,
8Feb 3
8
4
11512 118 8 11578 11612 11612 1175 1155 1165 11314 1143 1131 11458 5,934 U S Steel Corporation_ _ _ _100 993
.
100 11614Feb 2
136 Do pref
19 119 *11714 1177 -------117 117 *11612 119
.11612 117
8
7
6 Apr 10
65
1,918 Ventura Consol Oil Fields_ 5
8
653 6% 653 634 614 6,2
,
653 6 8
Mining
25
8
258
25
*212 3
214 Apr 25
130 Adventure Con
212 23
3
*212 3
8 *212
3
*212
99 100
25
94 Feb 3
108 Ahmeek
*98 100
98 100
98
98
99
98
100 100
7
7
10
73
8
614 Feb 8
7
635 Alaska Gold
614
Vs *7
*7
*612 7
612 612
*12 .35
*12 .85
25
*12 .80
3 Apr 1(
4
AAllgo wz Mining
ioim ah
Last Sale .85 Apr'17
*12 .85
*6212 64
64
63
25 58 Feb 3
285
63
64
63
6014
.63
6013 6012 60
32
31
3112 303 3113 293 3012 '2912 2978 3,135 Amer Zinc, Lead & Smelt_ 25 Z29 Apr 24
4
3134 31 4 .31
,
4
6618 6618 6e
25 z64 Apr 24
66
96
66
205 Do pref
64
66
66
6314 6514 64
,
8
5 1058 Feb 3
13 4 1414 *1358 14
14 8 13 4 14,
,
,
14
1,985 Arizona Commercial
8
133 1353 1318 1358
114
*I
10 .90 Apr 20
118
118
114
*1
1,
8
*1
500 Butte-Balaklava Copper
1
1
118
*1
44
.43
*4313 4412 *43
44
*43
Butte A: Sup Cop (Ltd)___ 10 3934 Feb 2
44
Apr'17
Last Sale 44
80
7978 80
7812 7912 76
10 7312 Feb 3
79 4 8014 79
,
643 Calumet & Arizona
7712 *77 - - -540 545 .540 545
25 525 Feb 3
540 540
540 541
44 Calumet & Hecla
530 535
540 540
20
19
20
*19
20
*19
1814 Apr 23
25
*19
225 Centennial
20
*18
183 *18
4
19
543i 55
*5414
55
*5412 55
5 51 Apr 23
*54
15 Chino Copper
543 *5214 53
*5214 53
4
62
61
61 4 6214 61
,
6134 593 60 4 597 6012 1,842 Copper Range Cons Co.__ 25 57 Feb 3
61 4 62
,
3
3
8
158
212 *153 214
*112
20
112 Apr 23
153 *153 2
2
*158
100 Daly-West
2
*158
5
478
473
473
478
5
10 414 May 4
5
478
-Daly Copper
413 431
414
412 2,225 Davis
13
13
13
13
13
13,
8
*1212 13
995 East Butte Copper Min__ _ 10 12 Feb 3
1214 1234
123 13
4
712 *7
25
63 Apr 23
4
714 *7
7
7
7 13
712
196 Franklin
*612 634
7
7
83
8112 8112 *82
100 78 Apr 23
81
*80
*80
82
83
5 Granby Consolidated
*78
83
*78
44
.4213 4314 *4212 4312 .43
100 393 Apr 23
4
44
4312 *4312 44
45 Greene Cananea
44
*43
1512 *15
1314 Apr 24
1512
*15
14,4 15
143 143.1 *14
120 Hancock Consolidated_ _ _ _ 25
4
15
*14
15
3
3
17 Feb 16
s
25
3
3
3
*234
106 Indiana Mining
234
*212
3
*Pt
3
3
*6612 67
1
58 Jan 2
67
67
193 Island Creek Coal
6714 67
*6612 67
66
6512 6512
66
1 89 Feb 5
94
9212 9212 *92
94
30 Do pref
94
*9212 94
*9212 9312 *9213 94
2912 30
25 2812 Apr 27
30
30
394 Isle Royale Copper
2912 29,
*2914 30
29 2
,
2 2914 2912 29
412
412 412 *414
414 Apr 9
5
215 Kerr Lake
412
43
8 43
*414
412 412
412 412
8
21,
1
214
25
214 Apr 10
258
*214
250 Keweenaw Copper
*214
3
233 *214
23
234
3
238 *214
1212 13
25 11 Feb 2
1212 1212
740 Lake Copper Co
1212 125
1314 1312
113.1 12
1134 12
8
334
3
*338 3 8 *33
25
5
313 Apr 26
312
*338
Last Sale 312 Apr'17
La Salle Copper
8
33
4
*33
*53
8 6
5
8 57
5 Feb 9
8
57
285 Mason Valley Mine
4
6Is
*53
Ms 618
4
3 53
53
4 *53
554
8
25 1112Feb 5
1314
1214 123 *1218 123
13
.1
605 Mass Consol
12
12
121.1
1214 1214
12
214
214
2
2
214
*2
25
13 Apr 20
4
*2
212
267 Mayflower
2
2
2
2
*33
8 4
*35
2 4
*33
8 4
213 Jan 10
25
Michigan
Last Sale 353 Apr'17
*353 4
*8512 86 4 84
86
86
,
86,
2 86
861, 8412 85
25 77 Feb 3
8418 85
301 Mohawk
*24
*2312 24
2412 *24
5 2134 Feb 2
*2312 24
Nevada Consolidated
Last Sale 2313 Apr'17
2434
*31, 4
373
3 May 2
3 2 312 :3%
,
245 New Arcadian Copper__ _ _ 25
334
3
,
33
4 31
3
31
4 34
16
*16
16
4
153 153 *15
4
16
5 14 Jan 27
40 New Irdia Quicksilver_
16
*15
16
_ 2512
2512
100 22 Jan 25
New River Company
Last Sale
2512
88
100 76 Jan 24
Do pref
Apr'171
Last Sale 87
88
712
73
3
Apr 25
7 8 *712
,
5 7
73
4
*712
185 Niplssing Mines
s 712
75
81
73
7
's
15 2014 Feb 2
2114 2112 2112 2113 2112 2112 2112 21 I 1,381 North Butte
2:14 2078 2114 21
4.141
*118
154 1%
112
25
1 Feb 13
153
112
*114
100 North Lake
13
4
*114
13
4 *Di
*11. 2
*133
25
112
17
8
178
11z May 4
Ds
*134
265 Oilbway Mining
*133
178
*138
4.17, 2
212
25
2 Apr 23
*2
212 *2 250 Old Colony
*2
2
238
2
2
2
5914 5912 59
59
5812 5912 59
25 55 Feb 3
473 old Dominion Co
5813
58
59
59
59
84
84
84
84
25 7812 Feb 3
8412 8413 83
86
833 84
4
84
242 Osceola
86
4
,
1712 Feb 3
10
2414 233 2413 *23 4 24
24
23
4
1,818 Pond Creek Coal
223 2273 2212 24
23
85
85
85
25 81 Apr 24
101 Quincy
8513 85
8412 85
8358 8.111 *8312 85
85
30
*2912 30
30
*2912 30
75 Ray Consolidated Copper_ 10 23 Feb 1
*2813 29
*2912 30
*2812 29
80
78
797 80
25 741k Feb 3
8
434 St Mary's Mineral Land
78
79
78
78
78
80
7812 79
118
118
en, 04
8
1 Apr 14
118
10
1,
295 Santa Fe Gold & Copper
118
118
112
118 *1
118
812 812 *8
812 812
712Feb 3
10
812
960 Shannon
8. 8
38
3
8
878 9
*25
20
2614 *25
.25
8
10 247 Apr 2.5
Shattuck-Arizona
26
Last Sale 2472 Apr'17
26
.25
*31, 4
4
*83
4
4
25
33 Apr 25
South Lake
Last Sale 334 Apr'17
*313 4
*312 4
19
10
10
25 10 Apr 23
10
10
10
3
180 Superior
11
*934 10
*97 10
.10
413 May 4
514
5
512
51 t
5
4 4 53
413 412 2,292 Superior A: Boston Copper_ 10
478
,
458
514
3
25 47 Feb 2
Tamarack
Last Sale 59, Mar'17
2
414
4
3
33 Apr 26
25
4
*312 4
378
690 Trinity
4
414
4
441
*11,
133 *118
118 Apr 12
1,
4
1
1 14
114
405 Tuolumne Copper
11 i
114
13
3 *113
1 14
114
5613 5612 5512 5618 54
5512 1,245 U S Smelt Refill & Min_ _ 50 52 Feb 3
4 54
*5514 5614
553
5512 5612
50
50
50 4912 Apr 18
50
493 50
4
50
354 Do pref
50
*493 5012 50
4
50
50
2
24
1
17a Mar28
5
21 4 218
2V,
,f
2
2
2
910 Utah-Apex Mining
2
,4 *2
2
21
1513 153
.5
141224pr 7
1512 1512
4
15
1512
391 Utah Consolidated
15
153 1533
3
15
*1512 157
8
10 98 Feb 1
4
45 Utah Copper Co
4
' ,
116 116
1161 s 11612 11658 11658 1 14 4 1143 *113 1133 *11213 113
514
5
4 Apr 23
1
8
518 3,305 Utah Metal & Tunnel
5
518
5
5
518 53
513
5,
5
8
*334
*384
412 *33
312 Apr 23
25
4
412
Victoria
Last Sale 312 Apr'17
2
414 •33, 4,
*312 4
*314
312 .314
*3
25
314 Apr 24
312 *3
5 Winona
33
4
312
33
4
33
4
42
42
42
25 40 Apr 24
42
Wolverine
41
42
41
.40
43
.4212 43
*42
11 97
1
+.87
1 Feb 14
*.90
1
25
Wyandott
Last Sale 114 Apr'17
1
*.87
.87
•
—
• Did and asked Driees. a Ex-dividend and rig it*. e Assessment paid. 18 Ex-rights. x Ex-d1v1dend. w Half-paid.




26 Apr'17

Highest

1785
Range for Prorious
Year 1916
Lowest

Highest

172 Deo
6512 Apr
119 Dec
34 Aug
200 Aug
413 Feb
30 Dec
4 Mar
42 Feb
150 Oct
10213 Apr
123 Sept
69 4 Sept
,
122 Jan
186 Jan
98 Sept
412 Dee
26 Dec
50 Dee
97 Jan
13414 Dec
20 May
100113 Aug
s55 Sept
89 July

198 Feb
881* Jan
145 Feb
62 Feb
23512 May
5 Jan
405k Feb
51.Jan
451 July
154 July
110 July
182 Feb
87 Feb
1311 Dee
4
94 Dec
102 Jan
82, Aug
44 Aug
773 Jan
4
107 Sept
157 Feb
3512 Dec
125 Mar
6712 Jan
86 Feb

134 Apr
9512 Mar
2 Dce
4
7 Dec
108 Apr
11412 Mar
123 Dee
42 Aug
92 Jan
66 Jan
9E1 July
27 Jan
42 Jan
r8le Apr
814 Dee
225 Deo
1191, Apr
95 June
70 Sept
78 Sept
155 May
14 Nov
10 Dee
35 Nov
2313 Jul:
60 Jan
12034 Dec
10218 Jan
102 Den
15512 Apr
3512 Dec
15 Feb
126 Feb
35 Jan
28 Jan
13613Jan
0 June
5
202Jan
793
4Mbr
1154 Feb
Ors Sept

102 No,
105 Dec
314 Apr
16 Ma;
12614 Oct
124 Oct
13412 Sept
5614 Nov
10158 MST
79 Nov
10114 Feb
1472 Dee
4
7212 N ov
25 July
1338Jan
250 Mar
188 Oct
10212 Sept
INA Nov
89 Feb
181 Nov
214 Jan
19 API
44 Feb
42 Dec
66 Dee
140 Mar
165 No,
1154 Nov
175 Oct
69 Oct
1613 May
177 Oct
70 No,
33 Mar
1683 Aug
4
012 Ma;
31 Sept
12952 Nov
12234 Nov
)3 Jan

414 Jan 2
11 Ftb
4
108 Jan 2
91 Aug
1112Jan 2
10 Dec
114 Jan 2
3 May
4
70 Mar 6
56 Dec
4114 Jan 26
2913 July
73 Jan 3
80 July
1518 Jan 4
713 July
214 Jan 26
111 Aug
52 Jan 26
42 Dec
851,Jan 26
66 June
580 Feb 20 510 Dec
2714 Jan 16
14 J
63 Mar 7
46 July
68 Jan 17
5412 July
12
3 Jan
2 July
714 Jan 16
414 Dec
16 Jan 3
1112 July
9 Mar 6
8 June
92 Jan 17
79 July
4612Jan 3
3484 June
2012Jan 19
1012 June
4 Mar22
2 July
7013 Jan 25
42 Sept
91 Anr 28
88 Jan
36 Jan 18
25 July
5 Feb 15
12 Mar3
434Jan 27
234 Feb
18 Jan 2
914 July
314 July
5 Jan 16
634 Mar30
113 APS
1512Jan 17
10 July
313 Jan 6
2 July
512 Mar24
11z Jan
771 July
98 Jan 3
2612 Mar 7
15 Jan
Jan 2
8
41 July
1712 Apr 3
9 July
30 Mar20
20 Dto
9214 Mar20
77 Dec
4Jan 2
83
6 Mar
2414 Mar28
20 July
234Jan 3
.10 June
27 Jan 12
11 July
j3 July
3 Jan 31
6734 Mar12
59 Dee
70 July
95 Mar12
2778 Mar21
1112Mar
9412 Feb 21
81 July
3218 Apr 3
2014 June
8934 Mar 6
6113Jan
114 July
2 Jan 2
10 Jan 5
7 July
24 4 July
,
3018 :Marl°
614 Jan 2
4 Aug
1215 July
8
165 Mar 6
814 Jan 6
112 Jan
60 Jan 15
35 Aug
6 Jan 4
414 Jul:,
23 { Jan 9
,4
.15 Jan
87t Jan 4
5418 Jun
5213 Jan 4
49 Feb
314 Jan 2
278 Dee
1212 Jan
2112Feb 20
8May 1
75 June
1163
658Jan 16
514 Dec
'28 Jan
6 Jan 2
304 Mar
5' Jan 25
5312 Mar 6
65 Oct
212 Jan 3
lie Aug
—

67 D00
2
12611 Nov
2612 Jan
212 Nov
831, N
9758 Apr
8612Nov
18 Nov
112 Feb
1014 Mal
101 Nov
640 Nov
27 Nov
7:153N ov
4
871 Nov
372 Mar
714 Dec
20 Nov
1314 Nov
120 Nov
5514 Nov
2312 N or
612 N on
735 Dec
4
9312 Dee
43 Nov
5 8May
,
8 Apr
1922 Feb
N ov
9 Nov
10 Nov
2
b Feb
484N 1:11'
108 Nov
5322 Nov
1014 Jan
243 Jan
313 Nos
8
9314 Nov
0 Non
4
3211 Nov
412 Jan
272 Apr
4 Jan
83 Non
105 Nov
231 Dee
4
1091 Nov
,
363 Nov
4
110 Non
37 Jar
4
12't Feb
4013 Feb
812 Jan
281t Jan
4
81 Oct
5614 Jan
128 Jan
4
212 Dec
8132 Nov
5314 Apr
II* Apr
3013 Nov
1271 N on
2
1112 Mar
812 Nov
814 Nov
(1714 Feb
1134 Pet

175 Jan 11
79 Jan 19
133 Mar22
45 Mar16
213 Jan 30
2712 Jan 24
38 Feb 5
150 Jan 5
108 Jan 27
140 Mar28
7812 Mar22
133 Jan 17
9212Jan 9
10018 Mar 7
512 Mar24
2712Jan 9
5234 Jan 2
105 Apr 3
135 Jan 6
3413 Feb 13
110 Jan 15
5612 Mar17
74 Jan 6
91 May 2
10312Jan 27
238Jan 9
14 Mar 8
115 Feb 21
12112Jan 24
1281* Jan 25
5438 Apr 3
100 Mar15
74 Jan 3
971 Jan 5
12112Jan 22
66 Jan 4
19 Jan 2
10 Jan 22
226 Jan 4
17014 Jan 16
102 Jan 18
10013 Mar23
81 Mar30
169 Jan 31
1 Mar 16
40 Jan 17
95 NIar26
90 rnlar27
12413 Mar 10
147 Jan 19
112 Jan 11
16614 Jan 25
46 Jan 3
16 Mar29
16278 Apr 16
67 Mar12
33 Jan 4
15412Jan 22
584 Jan 3
3018 Mar 8
118 Mar21
121 Jan 27
87a Jan 26

1786

THE CHRONICLE

[Vol.. 104

Chicago Stock Exchange.
-Record of transactions at
Chicago Apr. 28 to May 4, both inclusive, compiled from
Boston Bond Record.
-Transactions in bonds at Bos- official sales lists:
ton Stock Exchange Apr. 28 to May 4, both inclusive:
Friday
Sales

Outside Stock Exchanges
Friday
Last Week's Range Sales
of Prices.
for
Sale
Price. Law. High Week.

Bonds-

Am Agric Chem 5s_ _ _1928
1924
55
Am Tel & Tel coil 45_1929
58 temporary receipt& __ 99%
AUG & W I SS L 58.._1959 80
Chic June & U S Y 5s_1940
45
1940
Concord & Mont 4s__1920 90
Dominion Coal 5s.....1940
Gt Nor-C B & Q 4s1921 9834
K C & Mein Ry & Bdge 5s
Miss River Power 55- _1951
N E Telephone 58_ _ _ _1932 9814
New River 58
1934
Pond Creek Coal 68_ _1923 105
Punta Alegre Sugar 6s '31
Swift & Co 1st 5s____1944 100
United Fruit 4548__ _ _1925
U S Smelt It & M convas_ 104
U S Steel 5s
1983
Western

Tel bTP1 AA 10R2

101
102
8934
9934
80
9934
86
90
90
9634
90
73
98
8034
105
8634
9934
9734
103%
104
OR

101
102
8954
9934
81
9934
86
90
90
9734
90
7334
9834
8034
105
8634
10034
9734
104
104

68,000
13,000
8,000
18,500
6,000
1,000
3,000
10,000
1,000
5,000
1,000
8,000
25,000
1,000
8,000
5,000
19,000
1,000
6,000
1,000

41R14

2060

Range since Jan. 1.
Stocks
Low.
Apr
Feb
Apr
Jan
Feb
May
Mar
May
May
Apr
May
May
May
Jan
Mar
Mar
Apr
Mar
Apr
May
0714 Anr

9934
100
8834
99%
79
9934
8434
90
90
9634
00
73
98
79
101
84
9934
9654
10334
104

High.
104%
104
9234
102
8534
10234
87
90
9334
9944
92
78
10234
82
11034
96
10234
9834
109
10634

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

10014

Jan

Baltimore Stock Exchange,
--Complete record of the
transactions at the Baltimore Stock Exchange from Apr. 28
to May 4, 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-

Fr Way
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High. Shares.l

Alabama Co 1st pref_ _.100
95
Bait Electric pref
50
4334
Chalmers Oil & Gas
234
256
Consol Gas El & Pow_100 11434 114%
106
Consolidation C'oal____ 100
5 1254 12%
Cosden & Co
Cosden Gas.
5 12% 12%
4%
4%
Preferred
5
Davison Chemical_ no par
37
28
50 28
Elkhorn Coal Corp
20
Houston 011 trust ctfs_.100 20
62
Preferred trust etfs.._ 100 62
Mt V-Woodb Mills v t r 100
15
65
Preferred v t r
100
27
Norfolk Ry & Light_ 100
77
Pennsyl Wat & Power_100 77
_5
Sapulpa Refining
934
3154
_100
Seaboard Air Line pref.
United Ry & Electric_ _ _50 2834 28%
41
Wash B & A nnap pref__50
4
4
5
Wayland Oil& Gas
BondsBalt Electric stpd Ss...1947
City & Suburb 1st 6s_1922 101
Coal & Coke 1st 58._ _1919 96
ConsolGasEL&P43481935
Notes
100
Cosden & Co 68
Cosden Gas 6s
Elkhorn Coal Corp 68_1925 100
Fair & Clarks Trite 58_1938
Georgia & Ala eons 55_1945 99%
Ga Car & Nor 1st 5s_ _1929
Georgia dc Florida 53_1958
fingers & Fred 6s small_'44
Minn St & St P C jt 5s 1928
Monon V Trae 5s_....1942
Norfolk Ry & Lt 58___ 1949
1940
PennsyW&P5s
United Ry & Elec 4s 1949 80%
1949 86
Income 4s
Funding 55 smslL_ _1936
,
Notes 5‘
1921 99

95
43%
354
11514
109
13%
13
5
38%
28
20
62
15
85
27
77%
934
31%
29%
41
4

Range since Jan. 1.
Low.

High

Jan 95
10 76
20 43% May 46
265
2% May
7
Apr 127
255 113
163 100‘ Feb 114
4
2.463_ 1234 May 1854
2,215'w 1234 May 18%
2,680
4% Apr
554
253 36% Apr 44%
75 22% Feb 32
150 17% Mar 2334
Mar 6734
60 60
Mar 19
13 13
125 60% Mar 72
10 2654 Jan 27
Apr 84
378 76
Feb 12%
100
9
20 31% Apr 32%
1,788 2834 Apr 35%
Jan 41
10 40
6
Feb
4
735

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

10054
10234
97
9334
107%
10954
11054
101%
10114
103%
103%
25
100
102%
96
99%
9534
84%
6734
90
99%

Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jun
May
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan

$9,000
4,000
8,000
1,000
7,800
37,000
56.000
23,000
1.000
8,000
2.000
2.000
200
3,000
7,000
3,00(
2,000
15,000
10.000
400
2.000

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

9954
101
9034
90
102%
100
102%
99
100
99%
101
25
99%
100
9214
99
93%
8054
6434
84
99

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

Range since Jan. 1.
Low.

45 1844
17
17%
Amer Sewer Pipe
100
320 48
Amer Wind
s
h100
52% 52%
98
385 96
Preferred ---------.100 98
_
96
109 109
105 105
Amer Wind Glass, pf_ _100
70
9c
5o
70
8,400
Cable Congo] Mining _ _1
25 4854 4814 4934
660 4334
Caney River Gas
155 35%
Columbia Gas & Elec. _100
4034 x4234
3%
100
3% 3%
Consolidated Ice, corn..50
70 59%
Crucible Steel common 100 60% 6034 60%
2,160 30e
1
30c 350
Gold Bar Mines
69 104
Harb-Walker, pref......100 108% 106 10634
1%
244
260
2
Independent Brewing_ _ _50
160 10
50
Preferred
1034 1034
91%
90
258 71%
La Belie Iron Works__.100 90
12434 124%
50 124
100
Preferred
05
10 90%
100
95
Lone Star Gas
409 82%
Mfrs Light & Heat
50 8854 8854 69%
544
6
6%
275
Nat Fireproofing, com 50
1 1944 17% 20%
210 17%
Ohio Fuel Oil
410 43%
25 48% 48% 50
Ohio Fuel Supply
9954 10134
65 295
Okla Natural Gas
100
40 119
Osage AL Oklahoma..100
130 133
1%
305
Pittsburgh Brewing,com50
1% 2
12
12
12
60 12
Ir• Preferred
90
8e
1
9c
500
Pitts Cons M,M T.
4,190 50e
Pittsburgh-Jerome Copp_ 1
50c 500 860
17,700 4943
Pittsb & Mt Shasta Copp.1
490 490 57e
40 118
Pittsb Plate Glass
100
11834 119
3.831 19%
Pure Oil, common
5 22% 22% 23
16o 200
2.100 120
Ross Mining eiL Milling_.1
140
14o 2,000 13o
14o
San Toy Mining
136 189
172 172
Union Natural Gas___ _100 172
474 102
not 117%
U S Steel Corp, corn__ -100
West'house Air Brake.._50 115
115 117% 1,238 115
826 48%
West'house Elec & Mfg-50 47% 47% 4954
15 70
7454 74%
W Penn Tr & W P, pf
111$ Bonds
$500 8754
87% 87% 87%
Col Gas & Electric
38
38
1,000 36
Independent Brewing 6s'55 38
Pitts & Alleg Tel 58_ _1949
7834 79% 2,000 78
49
49
4.000 45
Pittsburgh Brewing 851949
99% 99% 2,000 99
Pittsb Coal deb 5s___ _1931
1.000 lotm
Pitts Juno RR 1st 85..1922
10634 106%
2nd Se
1922
101% 101% 1.000 10114




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

American Radiator_ __ _100'
285 285
Amer Shipbuilding_ _ _ _100, 72
72
76%
Amer Straw Board
60
60
Booth Fisheries corn_ __100, 105
103 11514
Preferred
100, 9034 89% 9154
Cal & Chic Canal & D_1001
4934 53
Preferred
29
29
Chic Elev Ry pref
21
22
Chic Pneumatic Tool_ _100
69% 70
Chic Rys part cif
15% 15%
Chic Rys part elf "3"
2
2%
Chicago Title & Trust_100 205
205 205
Commonwealth-Edison 100 131
131 132
Cudahy Pack Co corn..100 125
124 126
Deere & Co pref
100 9934 99 100
Diamond Match
120 121%
100 120
Hartman Corporation_ _ _ _ '___ 66
7344
Hart,Shaft'&Marx com100
80
80
Illinois Brick
100 81
80% 8114
Kan City Lt & Pow corn ctf
42
42
Kansas City Ry corn ctfs..
27% 2734
Linde Air Prod Co corn_ _ _ '
260 260
Lindsay Light
20% 21%
21
Mid West Utilities pref_ _ _ ____
72
74
National Biscuit
105 105
100 105
300 300
National Carbon
100 300
Preferred
100 13014 130% 13054
80
People's Gas Lt & Coke 100 80
8354
123 135
Prest-O-Lite Co Inc
128
Pub Serv of No Ill corn_100 100
100 103
Preferred
100 100
100 100
300 300
Quaker Oats Co
100 300
x11154 11154
Preferred
100
x17154 178
Sears-Roebuck corn__ _100
125 126
100 125
Preferred
Stewart
-Warner Sp com100 7434 73
81%
Swift & Co
100 155% 15534 185%
Union Carbide Co
100 200
199 209%
United Paper Bd corn_.100 2934 28% 32
7814 81
Preferred
100
Ward, Montg,& Co, pref_
11534 118%
Wilson & Co common_.100 7214 7054 76
Preferred
100 10434 104 10554
Bonds
Armour & Co 4348_ _ _1939
Booth Fisheries s f d 68'26
Chicago City Ry 5s__1927
Chic Pneu Tool 1st 58_1921
1927
Chicago Rys 5s
Chicago Telephone 55 1923
Commonw-Edison 58_1943
Cudahy Pack 1st M 5s '46
Metr W Side El 1st 4s 1938
Morris & Co 4148_ ...1939
Pub Sore Co 1st ref g 58'56
1944
Swift & Co 1st g 55
1941
Wilson & Co 1st 6s

96
98
100%
100%
65
91%
100%
10134

0234
94
95%
98
93
10054
100%
98%
65
91%
92%
100
10144

9234
94
96
98
93%
10014
10134
98%
65
91%
02%
100%
101%

Range since Jan. 1.
Low.

2 b284%
470 39
30 67
1,160 60
98 81
330 49
15 24
91 21
60 60
19 1414
62
2
75 205
1,063 131
1,014 10844
120 9834
260 119
1,550 60
8 80
100 77
50 40
25 19%
116 255
583 16%
125 72
15 105
92 295
100 129
309 79
1,509 102
164 100
48 x9834
135 300
18 11054
1,314 c171%
30 124
4,754 73
9,943 13214
4,834 169
3,860 27%
1,235 73
178 115
1,205 58
422 10254
$8,000 9254
2,000 91
29,000 95%
2,000 98
14,000 92%
4,000 100
28,000 100%
1,000 97%
4,000 65
13,000 91%
1,000 92%
31,500 99%
3,000 101%

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

High.
445
79
70
130
94
53
3534
30
70
25
3
220%
142%
12914
100
132%
7834
90
8834
42
28%
300
23%
78
118
335
135
108
146%
114
102%
340
116
239
127%
101
18534
210
3434
81
11734
84%
107%

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

May 94% Jan
Feb 94% Apr
May 99% Mar
Mar
Apr 99
Apr 97% Jan
Apr 10234 Feb
Apr 103% Jan
Apr loox Jan
May 7034 Jan
Apr 94
Jan
Apr 9634 Jan
Apr 102
Jan
May 10354 Jan

x Ex-dividend. b Ex-50% stock dividend. c Ex-25% stock dividend.
100 100
101 101
96
9834
90
90
102% 102%
100 10234
10244 103%
100 100%
100% 10034
99% 09%
101 101
25
25
100 100
100 100
92% 9254
99
99
9354 9314
80% 80%
85% 66
84
84
99
09

-Record of transactions at
Pittsburgh Stock Exchange.
at Pittsburgh April 28 to May 4, both inclusive, compiled from official sales lists:
Stocks-

Par.1

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

High.
19% Jan
Jan
62
124% Jan
Jan
110
1 lo Mar
Mar
50
47% Apr
414 Jan
7034 Mar
480
Jan
109
Jan
3% Jan
1744 Jan
Apr
93
128% Jan
Mar
98
7334 Apr
7% Jan
22
Jan
56
Jan
102
Mar
Apr
133
4% Jan
18% Jan
Jan
150
1.55 Jan
1.20 Jan
Mar
135
25% Mar
Jan
28e
200 Mar
Jan
185
Mar
118
15734 Feb
Jan
56
Mar
78

Jan
Feb 91
Apr 50% Jan
Mar 7944 May
Jan
Apr 68
Jan 100% Mar
May 106% May
May 101% May

-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
both inclusive, compiled from the
Apr. 28 to May 4,
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.

Stocks-

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

Range since Jan. 1.
Low.

High.

180 20 May 22
Alliance Insurance
10 2014 20
2034
Mar
8
900
10
9
9
954
American Milling
18 93% May 98
9344 94
American Railways pref100
May 58
100 51
51
51
Buff & Susq Corp pf vtc100
26 4444 May 46
Cambria Iron
50 4434 4434 44%
113 11344
33 100
Feb 130
Cambria Steel
60
6244 2,369 59 May 6714
Elec Storage Battery.-100 59% 59
62
120 62
Apr 7034
62
General Asphalt pref_ _100
2614
28
206 25% Feb 27%
Insurance Co of N A. _10
1254 1234
Apr 14
365 12
Keystone Telephone_ _50
Feb 24
17% 19% 6,360 15
Lake Superior Corp__ _100 17%
374 77% May 85
50 77% 77% 79
Lehigh Navigation
811 6134 May 7934
50 8154 61% 65
Lehigh Valley
Feb 5444
3 53
53
63
Little Schuylkill
50
260 57% May 68
57% 68
Midvale Steel & Ordnance_
43 56% Jan 58
5734 58
Minehill & S H
50
109 93
Apr 96
94% 9434
Pennsyl Salt Mfg
50
4,252 51% May 57%
50 51% 5134 5314
Pennsylvania
515 33% May 4144
Philadelphia Co (Pitts).50 3354 3334 3454
34
10 34
May 39
34
50
Preferred (5%)
70 37% Apr 43
3734 3754
Prof (cumulative 6%)50
3254
1,200 31
Apr 34%
Philadelphia Electric_ 25 3134 31
3034 6,815 27% Apr 34%
Phila Rap Tran v t r__ _50 2954 29
79,4
79
234 79
Mar 84
Philadelphia Traction_ _50
1,440 89
Feb 103%
50 89% 89% 95%
Reading
434
454 4%
1,273 4 3-18 Feb
434
Tono-Belmont Don't- _
734
634 834 1,025
5% Jan
814
1
Tonopah Mining
Apr 4714
224 42
50 42% 4254 43
Union Traction
May 91%
85
88%
1,663 85
50 85
United Gas Impt
U S Steel Corporation_100 11354 113% 11734 27,455 99% Feb 11834
034
9
Feb
311
9
954
9
Warwick Iron & Steel...10
Mar 53%
5 50
50
50
West Jersey Sr Sea Sh_ _50
Feb 92
940 88
Wm Cramp & Sons_ __ _100 8554 8554 89
Feb 39
97 30
37
37
York Railways pref_...5O

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

Bends
Allegheny Vail gen 48_1942
Amer Gas Ai Elea 58._2007
2007
Do small
Allan C Elec 1st 58_ _1938
Baldwin Locom 1st 58 1940 104
Bethlehem Steel p m 68'98
Elec & Peoples tr ctfs 48'45
1945
Do small
1928
Equit I Gas L 55
Inter-State Rys coil 45 '43
Keystone Telep 1st 58 1935
Leh C & N cons 4%s_1954 100%
Lehigh Val cons 4548_1923
1923
Consol reg18138
General consol 45-.2003
2003 9754
Gen consol 454s
Leh Val Transit lst 58.1935
1960
Ref & 'Mint 58
Nat'l Properties 4-68
small
do
Penn RR general 4148.1985
1966 98%
Series A 4A8
1980 103%
Consol 4348

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

95%
94%
93%
100
103%
121
82%
8234
105
54
9754
100%
100
108%
88
9754
103
92
62
62
98%
98
10334

9534
94%
9414
100
10434
121
82%
8254
105
6451
97%
101
100
108%
8814
9734
103
92
62
62
9634
97
104

$1,000
1,000
1,700
2,000
13,000
4,000
3,000
500
1,000
25,000
3,000
15,000
2,000
1,000
2,000
28,000
1,000
8,000
2,000
500
18,000
124,000
27,100

95
94%
93%
100
103
121
82
80%
105
53
96%
100%
9934
108%
88
97
103
92
82
62
96%
96
10331

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

98%
97%
97)4
100
10414
124
84
86
107
57
99
103
103
110%
0154
102
103
9454
68
68
10454
98%
10744

MAY 5 1917.1

Bonds (Concluded)-

THE CHRONICLE

Friday
Last 1Veek's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

High.

I

Peop Pass tr els 48_ A943
84
84X $11,000 84
Apri 90
1949
India Co 1st 55
10134 1024 6,000 1014 Apr, 1024
Cons & coil tr 5s....11951 00
90
90
2,000 884 Feb 94
Phila Elec now 1st 5s-1066 1014 101
10134 89,000 100% Apr' 102
small
1966
do
101% 10234 5,300 101
Apr, 102X
Phlia & Read lmpt 46_1947
9734 9734 4,000 974 May; 98
2d extended 5s
1933
108 108
Apr, 108
1,000 108
Reading general 4s_ _ -1997 92% 92X 92% 23,000 91
Apr, 96%
Spanish-Amer Iron 65_1927 102
101% 102
5,000 10131 Apr, 102%
Standard G & El 6$_ _1926 101
101
10134 12,000 10034 Mar, 102
United Rys gold tr ott 48'49
Apr, 73
714 72
10,000 70
United Rys Invest 5s_1926
Apr; 74
6934 15,000 69
69
US Steel Corp 2d 5s_ _1963
105X 105%
1,000 1053 May; 1053i
West N Y& Pa gen 4s 1943 83
82
20,000 82 May 5734
83

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

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending
May 4 1917.

Stocks.
Shares.

Par Value.

Railroad,
&c.,
Bonds.

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

263,767 $21,088,700' $1,005,000
323,639 29.042,400
2,027,000
516.244 47,505,900
1,835,000
439,515 40,871,000
2,221,000
890,260 84,080,500
2,542,000
577,926 51,888,600,
1,847,500

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

$811,000
1,041,000
1,652,000
2,217,000
2,982,000
1,811,500

3.011,351 $274,477,100 $11,477,500 $10,514,590
'

Total
Sales at
New York Stock
Exchange.

Week ending May 4.
1917.

1916.

$2,000
1,000
10,500
$13,500

Jan. 1 lo May 4.
1917.

1916.
-No.shares_ _ _
Stocks
3,011,351
3,909.411
65,868,279
59,202,307
Par value
$274,477,100 $348,233,325 $5,925,279,480 $5,215,036,470
Bank shares, par
$7,600
$900
$27,300
Bonds.
$03,900
Government bonds_ _ _
$13,500
$527,450
31,000
$283,500
State, mun., &c., bds. 10,514,500
150,886,500
4,268,500
90,256,000
RR. and misc. bonds_
11,477,500 13,931,500
235,823,500
289,880,000
Total bonds

$22,005,500 $18,201,000

1389,993,500

$380,669,450

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE STOCK EXCHANGES.
Boston.
Week ending
May 4 1917.

Baltimore.

$10,000
27,500
19,000
21,000
18,000
53,000

4,265
9,364
11,714
5,930
16,569
13,853

$48,800
69,100
101,200
101,600
101,300
89,000

520
1,535
1,408
1,743
3,348
3,883

$25,000
54,000
18,500
50,100
29,400
29,000

78,2811 $148,500

61,495

$5110)01

12,437

$206,000

7,925
10,723
14,393
15,4161
17,309,
12,515,

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Philadelphia.

Shares. BondSales. Shares. BondSales. Shares, BondSales.

New York "Curb" Market.
-Below we give a record of
the transactions in the outside security market from Apr. 28
to May 4, both inclusive. It covers the week ending Friday afternoon:
Friday
Sales
Last Week's Range for
Range since Jan. 1.
Sale
of Prices
Week
Stocks-Par. Price. Low. High. Shares.
Low.
High.
34
Aetna Explosives r (no par)
234 33,4 15,200
2
Apr
74 Feb
Certificates of deposit__
23
24 33( 16,700
134 Apr
44 Apr
Air Reduction Co r(no par) 73
72
754 2,650
65
Mar 7534 Apr
Amer & Brit Mfg com_100 10
10
10
500
5
Feb 12
Apr
Amer Int Corp $50 pd 100 48
48% 4934
700 48
Jan
May 57
Amer Stores corn (no par) 3734 37
38
1.700 36
Apr 38
Apr
Amer Sumatra Tob._ A00 25
2231 25
3,900 15
Feb 28
Mar
Amer Writ Paper corn-100
34 4
700
334 Feb
634 Feb
-Am Tobacco ord'y_ £1 18X
Brit
1834 19
600 174 Mar 194 Jan
Ordinary bearer
£1
1854 19
2400 18
Feb 21
Jan
Calif Packing Corp r- -(t)
3531 364
200 33
Jan 3934 Mar
Canadian Natural Gas. _1
31
34
100
X Apr
1
Jan
Carwen Steel Tool
1134 1134 6,200
10 1134
10
Feb 14
Mar
Central Foundry corn r 100
2234 224
100 164 Mar 314 Apr
43
43
Preferred
4334
200 35
Feb 49% Apr
Charcoal Iron of Am_ _10
64 74
850
64 Apr
8
Jan
Preferred
5% 64
10
475
5% Apr
8
Jan
Chevrolet Motor
98 103
100 98
3,055 88
Feb 146
Jan
Curtiss Aerop & M v t c(t) 23
21
24
660 16
Feb 2534 Feb
Eastern Steel, common 100
112 1144
335 100
Jan 113
Mar
Elite Plan Stores_ r _ _ _500
34 7-10 4,600
34 Apr
15-16 Apr
Emerson Phonograph_ - -5
8
83i
9h
1.955
8
May 1334 Jan
Everett Heaney & Co r_20 22
22
224 1,220 20% Apr 224
Apr
Guantanamo Sugar
65
65
65
100 65
May 65
May
,5%
Hall Switch & Signal r-100
$
250 *5
May
734 Mar
Hask & Bark Car..(no par) 38
38
38%
430 37X Apr 45
Mar
Holly Sugar Corp (no par)
444 46
190 40
Feb 50
Jan
Intercontinental Rubb.100 11
1134 11X
600 11
Jan 13
Jan
Int Arms & Fuze Sec_ .25
28
29
200
Mar 29
May
Internat Trading Corp r _1 7-16 7-16
yi 6,100 22
7-16 Apr
4 Apr
Preferred r
1
I
1 11-16
1
Apr
Apr
Joplin Ore & Speiter r_ _ _5 24c
20e 24e 15,200
Apr
Keyst Tire & Rub corn-10 1i 154 164 4,500 20o Feb 320 Mar
800 13
18
Mar
Lake Torpedo Bo't com_10 ----74 8
2,100 .63‘ Feb 104 Feb
- 53
53
Lima Locomotive com r 100 _ _
100 474 Jan 6234 Mar
50
40
Lukens Steel corn r
40
50 33
Feb 45
Mar
1st preferred r......100 iooK 10034 101
370 96
Feb 103
Apr
231 234
Marconi Wirel Tel of Arn..5
100
234 Feb
3
Jan
o_(no par) 77
Marlin Arms v t
77
80
400 *47
Jan 101
Feb
2
2
Maxim Munitions r__ _10
24 7,300
2
Apr
44 Feb
33
National Acme Co r_ _50 33
34
2,250 32
Feb 3831 Jan
23
Nat Mot Car & Veh r (t)
23
100 23
Apr
Jan
(t) 3231 31% 344 8,500 31% May 30
Nat Conduit & Cable r.
364 Apr
1634 18
N Y Transportation_ _10
200 14% Mar 1634 May
4
4
North Am Pulp & Paper(t)
53.4 13,500
4
May
94 Jan
4% 4% 4,400
Prudential Pictures r_ ---5 4
44 Mar
1734 174 1,600 164 Mar
St Joseph Lead r
10 1734
Jan 194 Jan
Smith(A 0)Corp r(no par) ----- - 35
3534
79 35
May 42
Jan
Preferred r
9634 9634
10 94
Feb 97
Jan
Smith & Terry Trans pf 100
031 10
9%
1,600
834 Mar 10% Mar
55
Springfield Body corn_ _100 55
55
20 55
May 82
Jan
12 *134
Standard Mot Constr r 100 12
1,500
534 3.Jan 15
Apr
Steel Alloys Corp r
5
734 8
74
1,650
634
934 Jan
Submarine Boat..
2434 9,900 1834 Jan
(no par) 22% 22
Feb 28
Jan
34 *35
Superior Steel Corp r_100 34
916 28
Feb 3434 Apr
1st preferred r
9934 994
100
5 974 Mar 4.100% Apr
Todd Shipyards r_(no par)
83
8334
202 77
Feb 85
Jan
Triangle Film Corp v t c.5
14 14 9,100
14
14
334 Jan
United Motors r_ _(no par) 304 304 334 17,500 294 Apr
Apr 49
Jan
United Paperboard r_ _100
30
32
600 30
Mar 344 Mar
United Sugar Cos r
50 3634 36% 3634
1,050 35
Jan 37
Mar
Week ending May 4.




134

1787

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Conci'd)- Pea. Price. Low. High. Shares.
U S Light & Ht com r_ _ 10
Preferred r
10
U S Steamship
10
World Film Corp'n v t c-5
Wright
-Martin Aire r (t)
Preferred r
100
Zinc Concentrating r -10
Former Standard 0111
Subsidiaries
Galena-Signal 011 corn_100
Illinois Pipe Line
100
Indiana Pipe Line
60
Ohio 011
25
Prairie Pipe Line
100
South Penn Oil
100
Standard 011 (Calif).--100
Standard Oil (Indiana) 100
Standard 011 of NJ.
._100
Standard 011 of N Y. _100

531

355
295
285
271
290

134 14 1,600
2
2
30
5X
534 2,700
700
34
X
5
6% 11,900
48
48
500
24 234 2,200

153
230
100
355
295
285
271
790
635
290

153
230
100
370
295
293
280
800
665
315

Other Oh Stocks
Alcoken 011 Co r
5
2
24
24
Alpha 011 & Gas
1
59
59
Amer Ventura Oil r
1 250
220 250
Atlantic Petroleum r__- _5
7
7
7%
Barnett 011 & Gas r
1
2% 2%
234
Consol Mex Oil Corp_ _ _ _1 670
66c 68e
Continental Refining r_ _10
10
10
Cosden & Co r
5 12% 124 134
Cosden 011 & Gas corn r--5 1231
1231 1334
Preferred r
5
4% 44
4%
Crosby Petrol (prosra) r 1 350
33c 360
ELK Basin Petroleum r_....5 10% 10% 104
Elkland Oil & Gas r
1
Y
54 5-16
Esmeralda Oil Corp r_ _1
1 15-16
Federal Oil r
534 534
5
534
Houston Oil common r 100
20
20%
Internal Petroleum r__ -£1 13
13
13%
Kenova 011
1 5-16 5-16
34
Keystone Con Oil Cor r 10
534 64
534
Merritt Oil Corp r
10 224 2234 2434
Metropolitan Petroleum 25
1
34 14
MId-ContCons &Utilr 10
0
1234 124
Midwest 011 r
1 750
750 78o
Preferred r
1
1.01 1.03
1.02
Midwest Refining r_ _ _ _50 133
133 138
N IC-Oklahoma Oil r._ _ _1
1
1
N Y & Texas 011
2
234
1
2
Oklahoma Oil corn r
7340 10e
1
80
Preferred r
1 700 70c 750
Oklahoma Prod & Ref_ -5 10
9% 1034
Omar 011 & Gas corn_ _ --1
380 420
Osage-Hominy Oil r
5
834 9
831
Pennsylvania Gasollne_.1
34 15-16
3.4
Rice Oil r
7-16
34
3-4
Sapulpa Refining r
934 10
5
934
Savoy Oil
6 1034 1034 11
Sequoyah Oil & Ref
134
134
1 I 5-16
Sinclair Gulf Corp r-- 29
35
30
United Western 011 r_
9-4
11-16
X
Utah Petroleum (prosp't) 1 28o
270 35o
Victoria Oil new atk r_ _10 10%
114
10
West End Oil & Gas r_ _ _1
150 170
West States Petrol
1
34 1 3-16

25
25
48
104
10
70
190
15
330
1,930
1,400
1,800
20,600
1,900
28,500
3,000
100
7,000
12,700
200
20,300
2,700
9,000
5,000
7,200
700
4,300
10,000
5,070
17,100
53,000
400
21,000
1,300
2,583
2,900
1,500
65,000
16,400
8,600
15,500
5,200
4,700
47,700
6.000
900
44,100
5,190
11,200
16,100
3,605
1,000
25,000

Mining Stocks
Aguacate Mines
5 100 15c 15e 1,500
Alaska-Brit Col Metals_ _1
9-16 11-16 13,900
Alaska Mines Corp(no par)
134
131
1;4 40,270
Alaska Standard Cop r I 420
42c 490 22,000
ArizonaCopperfields r__ _1
3-16
3,600
X
3-1
Arizona-Comella r
1 56o
560 570
5,400
Atlanta Mines r
1 110
10340 12c 15,000
Atlas Copper r
1 13-16
34 13-16 12,700
Austin-Amazon r
1
134 1 1-16 1% 11,000
Big Jim
100
%
% 1,100
Big Ledge Copper Co....1
234 3% 17,270
331
Bisbee Cop M & Dev r---1
94
X 8,300
Booth r
734c 834c 5,500
1
7c
Boston & Montana Dev-5 66c
600 67e 21,000
Bradshaw Copper M r_..1
1 15-16 *I 1-16 5,150
Butte Cop & Zinc v t c
5 11
9
11% 17,100
Butte & N Y Copper_ _ _ _1
134
134
194
700
Caledonia Mining
1 61c 60o 660 24,000
Calumet (IL Jerome Cop r 1 1 9-16 17-16 134 43,280
Canada Copper Ltd
14 24 3,700
5 1 15-16
Carlisle Mining
5
6
6
1,100
Cash Boy
1
740 80 16,700
Cerro Gordo Mines
1
1% 14
200
Coco River Mining r__ _1
134
134 27,300
134
Consol Arizona Smelt_ _..5 2 1-16
2 25-16 17,300
Consolidated Cop Mines..5
434 434 5,600
4%
Consol-Homestead r
1
54
.54 3,050
Cresson Con Gold M &M 1
5% 65' 3,900
6
Darwin Lead & S M & D_5
8% 84
300
Dundee Arizona Cop 1._ _1
1 13-16 2,060
Emma Copper r
1 1 1-16
1
134 20,875
First National Copper_ _5
234 2%
100
Goldfield Consolidated_10 50c
50c 55c
9,900
Goldfield Merger r
6o 6340 3,600
Sc
Green Monster Min r_ _ _ _1
1
1% 25,000
1
HargraveS
16o 18o 30,000
1 160
Hecla Mining
' 7 15-18 3,170
258
75-4
Howe Sound
1
5% 6
200
Hudson Bay Zino Mines_5
1% 1% 7,000
13(
Inspiration NeedlesCop r11
3i
3( 1,700
Iron Blossom r
1
1
10e 13-16
1,700
Jerome Verde Cop 1
1 113-16
1% 234 48,500
Jerome Victor Ext r 1..1
1
134
700
Jim Butler r
1 71c
700 71c
4,300
Josevig-Kennecott Cop_ _1
34
%
34 18,000
Jumbo Extension
39c 410 13,200
1 380
Kewanus r
1 15c
14c
16c
5,700
La Rose Consul Mines.._5 7-16
54
34 9,700
Loma Prieta Cons Mines.1
134
134 4,700
134
Louisiana Como'
870 890
100
2,200
Magma Copper.
44
48
5 45
4,100
Magmatic Copper r___10c 220
210 240
3,040
Magnate Copper r
810 858 14,200
1 810
Mammoth Channel G r...1
300 320
9.500
Marsh Mining r
1 19%c 190 230 37,789
Marysville Gold Min_ _ _ _1
1 17-16 16,225
131
Mason Valley
5
554 6
1,100
McKinley-Darragh-Say...1
53e 530
500
Miami Merger Copper r_ _1
5-16
34
1,800
Milford Copper r
1 1 1-32
1 11-16 11,950
Mogul Mining r
570 72e 10,900
Mohican Copper r
1
3-4
X 15-16 2.300
Monitor Sil L & Z M&M 1
3‘
34
1,800
Monster Chief r
1
X 5-16 36,100
Mother Lode r
1 29e
28e 33e 23,100
Mutual Min & Leas pf r_l
734
134 734 12,010
Nancy Hanks-Montana r 1 1 3-16 13-16 134 4,800
National Zino & Lead r._1 520
500 550 18,600
Nevada Rand r
10c
Ile Ile
500
Newray Mines Ltd r_ _1
115-32115-32 23,800
NY & Honduras Rosario 10 14
14
14%
110
N Y Zino r
1 7-16 5-16
34 26,400
Nicklas Mining
1
1% 1 5-16 1,600

Range since Jan. 1.
Low.
14
2
4%
34
5
30
234

153
226
97
333
295
285
264
780
620
270

Jan
Apr
Apr
Apr
Apr
Feb
Mar

Apr
Apr
Apr
Apr
May
May
Apr
Apr
Apr
Jan

194 Mar
54c Mar
20o Mar
7
May
234 Apr
60c
Apr
934 Mar
1234 May
1234 May
434 Apr
31c Apr
734 Jan
34 Apr
70e Feb
434 Feb
17
Feb
11
Jan
546 Apr
554 Apr
1134 Jan
54 May
12% Jan
55e
Jan
86c
Jan
117
mar
3i Jan
1 3-16 Jan
73icMay
% Mar
9% May
31c Apr
734 Jan
54 Mar
• Mar
8% Feb
9
Feb
1)4 Apr
29
Apr
9-16 Mar
27o May
10% May
15e
Jan
• May

High.
2
2
6%
1
16%
58%
4%

190
250
114
435
444
810
445
947
800
345

Feb
Apr
Mar
Jan
Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

234 Apr
860 Jan
31c Feb
9% Mar
434 Apr
1% Jan
11
Jan
1834 Jan
1634 Jan
534 Jan
360 May
14% Mar
9-18 Apr
3
Feb
6% Mar
24
Apr
15% Mar
Jan
634 Apr
3134 Mar
434 Jan
1534 Apr
870 Mar
1 1-16 Mar
145
Mar
1% Mar
3
Feb
16c
Jan
1
Jan
14% Jan
750
Jan
1034 Mar
134 Jan
11-16 Feb
1254 Mar
12
Jan
215 Jan
4034 Apr
14 Jan
63o
Jan
1134 Apr
600 Jan
1 3-16 Apr

10c May
2
Jan
34 Jan
% Mar
1
Jan
134 Apr
3-16 Jan 52o Apr
3-16 May
34 Jan
550 Apr 570 Apr
934c Jan 20c
Jan
34 Apr
14 Apr
1
Jan 1 15-16 Apr
800 Apr
1% Jan
2% Apr
6% Jan
9-4 Jan
134 Feb
734 May 12c
Jan
580 Apr 800
Jan
54 Apr 1 11-16 Jan
734 Feb 12% Mar
134 Jan
2% Mar
*48e
Jan 700 Apr
134 Apr
234 Jan
134 Feb
2% Apr
5
Jan
634 Mar
6e
Jan 160 Mar
134 Jan
2% Mar
14.i Apr
134 Apr
194 Jan 2 11-16 Mar
3
Feb
4% May
9-16 Feb
% Mar
5% Mar
7% Jan
8% Apr 12
Jan
15-16 Apr
2% Jan
1
May
2% Jan
234 Apr
334 Jan
490 Apr *770
Jan
5%0 Apr 100 Feb
1
May
2% Jan
140
Jan 25o Mar
7
Feb
8% Feb
5% May
8% Jan
1% May
1% May
34 Apr
9-16 Jan
93e Apr
134 Jan
1 5-16 Feb
3
Mar
2
Jan
89e Mar 870 Jan
Apr
34 Apr
39e Apr 490 Mar
130 Apr 25o Feb
34 May
54 Mar
1
Feb
1% Mar
80o Feb
1% Jan
40
Jan 5934 Mar
190 Mar 350
Jan
75e
Apr 82o Apr
300 Apr 32o May
9e
Jan 23o Apr
3-4 Mar
1% Mar
Feb
7
Jan
46c
Apr 57c Feb
20e
Jan 2 5-16 Jan
90e
Apr 1 1-16 Apr
28c
Jan 880 Mar
3 May
4
1% Mar
51 Mar
1% Jan
3-16 Mar
;4 Jan
28c May 46c
Jan
7% May
94 Apr
800 Feb
134 Apr
50c
Apr 570 Mar
100 Mar lbo Mar
1 1-16 Feb
134 Jan
14
May 164 Jan
X Apr
34 Apr
1
Apr
15-16 Apr

[Vol.. 104.

THE CHRONICLE

1788
Sales
Friday
Last Week's Range for
Week
of Prices
Sale
Mining (Concluded)Par. Price. Low. High. Shares.
Week ending May 4

% 7%
5
Nipissing Mines
11-16 134
Ohio Copper new w I r_.1
350 410
Old Emma Leasing r-100 370
14 13%
Portland Cons Cop
% 7-16
Progress Min & Mill_ _1
33% 33%
5
Ray Hercules r
33%
IX
1
14
1
Ray Portland r
1
1
74 1%
Red Warrior r
1 32e
31c 340
Rex Consolidated r
1 700
64c 720
Rochester Mines
13%
13%
Sacramento Vail Cop r_ 1
1 1 3-16 1 1-32 134
Sagamore M Co r
1 3-16 3-16
34
Santa Rita Devel r
1
1234c 1234c
San Toy r
10
9% 934
Section 30 Mining
11
11
Seneca Copper__ __(no par)
1X
134 2
1
&merit° Copper
Silver King of Arizona_ _ _ 1 3-16 3-16 7-32
1
130 13c
13c
Silver Pick Cons r
Standard Silver-Lead _ _ _ _1 11-16 11_16
1
9-32
Stewart Mining
1 39c
38c 40c
Success Mining r
32c 43c
1 33c
Superstition Mining
20e 230
Tommy Burns G M com r 1
4 3-16 4
Tonopah Belmont Devel rl
3
3 3 3-16
Tonopah Extension Min_l
6 3-16 6 3-16 6 3-16
Tonopah Mining
5 3-16 2-16 5-16
Tr -Bullion S & D
300 390
Troy-Arizona Cop Co r_ _1 300
13-16
United Copper Mining_ A
434
434
1
United Eastern
43%
35e 46c
United Magma Mines r_ _1 35e
47c 48c
United Mines of Arizona.1
1
740 8c
S Continental r
364 37
United Verde Exton r_ _50c
44
(no par)
United Zinc
434 5
5
334 34
Unity Gold Mines
33%
134
1
174
Utah Nat Mines r
174
690 72c
1 720
Verde Inspiration r
74c 74c
West End Consolidated _5
134 1 3-16 134
White Caps Mining__ _10e
27c 34c
1 28c
Yerrington Mt Cop

1,700
7,800
38,300
2,800
3,700
1,100
7,700
22,695
23,500
21,300
1,325
22,000
900
1,500
10
500
31,950
11,100
2,300
4,300
11,000
8,900
64,550
5,600
900
5,950
100
5,800
14,700
10,000
940
9,800
10,000
9,500
1,100
5,200
1,500
31,400
20,000
1,000
24,950
54,300

New Yolk City Realty and Surety Companies

Range since Jan. 1.
High.

Low.
734 Febl
34 Feb
330 Apr
Aprl
1
5-16 Apr
334 May
Apr
Apr
300 Feb
Apr
50e
Jan
1
Apr
81e
3-16 May
123% May
Apr
8
103% Apr
1
Apr
3-16 Apr
100 Mar
Feb
34 Apr
33c Feb
270 Feb
200 Mar
VA Jan
4 Apr
31
53% Feb
X Jan
30c May
13-16 Apr
Feb
4
Apr
32c
34 Apr
7c Feb
3374 Feb
434 Feb
234 Jan
Apr
65c
69e Apr
Apr
620
Jan
34c
Feb
21e

Bonds
92 "93X 250,000 92
92
Amer Smelting 5s r
9,000 98%
98% 99
Atlanta & Char A L 5s r'44
983% 22,000 98.
Beth Steel 5% notes_ _1919 984 98
101 1014 10,000 100
Cosden & Co 68 r.._ _ _1926
76,000 100
1013% 104
Cosden Oil & Gas Os r_ 1919
Cudahy Packing 5s_ _ _1946 9834 983% 983% 5,000 98
28,000 97)4
Erie RR 5% notes r_ A919 9734 973% 98
84
55,000 83
83
Long Island RR deb 5s r_ _
98
98
15,000 97%
NYNH&H 5% notes'18
93 219,000 88
88
Russian Govt 634s_ _ A919 90
80
853% 223,000 80
1021 81
534s
21,000 973(
9734 98
Southern Ry 5% notes1919

May
Apr
Mar
Apr
Apr
Apr
May
Mar
Apr
May
May
May

Jan
Jan
Jan
Apr
Jan
Jan
5
3
Mar
1 9-16 Feb
Jan
560
72c May
13% Feb
134 May
X Jim
16c Feb
143% Feb
Jan
16
2 May
13-16 Jan
Jan
260
Jan
17-32 Mar
Jan
60o
Jan
600
Jan
700
434 Jan
4% Feb
Mar
7
34 Jan
620 Mar
Apr
534 Jan
Apr
57c
1% Jan
1134c Jan
Jan
40
Mar
6
334 Jan
174 May
72c Apr
Apr
84e
24 Mar
60e Mar
83%
134
68o
14

100%
100
083%
109
110%
10034
4
981
89
983(
983%
94%
99

Bid
70
Alliance R ty
Amer Surety 128
Bond & M G 245
Casualty Co
14
City Invest g
Preferred.._ 60

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

* Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock Exchange this week, where additional transactions will be found. o New stock.r Unlisted. u Ex-cash and stock dividends. w When issued. z Ex-dividend. y Exrights. z Ex-stock dividend.
CURRENT NOTICE.
The Home Life Insurance Co. of New York City has issued its 57th
Annual Statement to its policy holders, showing: (a) Insurance in force
Dec. 31 1900, $54,069.000; 1915, 3125,660,173; 1916, $133,493,000;
(b) Insurance issued in 1907. $8.183,000; 1915, 315.096,000; 1916, $18.496,685. (c) Dividends distributed in 1910, $443,776; 1915, $602,721;
1916, $628,406. (d) That the (referred dividends are provided for by a
fund which appears in the Statement as an absolute liability; this fund has
Increased from $736,000 Dec. 31 1900 to $2,785,545 on Dec. 31 1916.
(e) There is also a surplus or contingent fund of $1,650,922. During the
year the capital stock was retired under the plan authorized by the law of
New York State, and the company is now a purely mutual one. George E.
Ide has been President for many years.
The firm of Reed, McCook & Hoyt has been formed for the general
practice of the law at the offices heretofore occupied by Reed & McCook.
15 William Street, New York City. Members of tho new firm are: Philip
J. McCook, Robert R. Reed, Charles K. Allen, J. Hampden Dougherty.
Jr., and Wm. Henry Hoyt, who for a great many years has been associated
with Hawkins, Delafield & Longfellow.
-Chapman De Wolfe of San Francisco announces that he has associated
with him John H. Goodman, and will continue to carry on a general stock
and bond business under the firm name of Chapman De Wolfe Co. New
offices will be at 351-353 Montgomery St., San Francisco on and after
May 1.
-A booklet is being distributed by the Kauffman-Smith-Emert Investment Co. of St. Louis describing municipal bonds and presenting other
valuable information concerning this class of security.

New York City Banks and Trust Companies
Biz
Banks
9sliBt4
Banks-N..1
Manhattan • 330
4merlea*.. 550 560
_
240 Mark & Full
Amer Exch. 235
182
175
Mech & Met 310 Atlantic_ - _
_
160 Merchants
Battery Park 150
400
Metropolis.' 275 Bowery•
Bronx Boro* 200Metropan • 180
373
Mutual*.
Bronx Nat.. 150
New Neth• 21
160
BryantPark• 145
95
105 New YorkCo 400
Butch & Dr_
375
New York. 405
365
Chase
245 Pacific •__ . 270
c hat & Mien 240
450
120 Park _ _ •
Chelsea Ez• 100
225
390
400 People's•.
Chemical_
188
205 Prod Etch*
_
Citizens- 195
230
485
495 Public •...
City
215 Seaboard -. 450
Coal & Iron. 205
395
Second
Colonial*.... 450
120
Sherman __
3111
Columbia*
100
Commerce.... t176 t178 State •___.
329 23d Ward' 100
Corn Exch• 324
).s. Union Each
155
Cosmoporn• MA
60
70 Unit States" 500
East River
Wash Irts• 275
lou
Fidelity • _
Westch .4v' 190
fifth Aye'. 9300 4800
210
220 West Eilde• 300
Fifth
590
1025 1050 Yorkville.
First.
Brooklyn
187
Garfield..:.. 180
140 Coney isi'd• 125
Germ-A mar' 135
255
First
German Ex* 390
140
255 Flatbusb .
.
Germania • x235
156
220
GreenpoInt
Gotham_
110
325 Hillside • _
Greenwlee• 310
705 Homestead
_
690
Hanover _
125
245 Mechanics*
1235
Herrin an
90
620 Montauk• _
510
imp & Trad
200
227 Nassau
220
Irving -Nation'i CIO 265
970 1000
Liberty _ _
330 North Side*. 175
Lmeoln _ 310
People's _ _ 130
• Hanks marke0 with a *I are State banks
p Es-rights
seance this week • New stoek




Ask
Trust Co's. Bid
New York
465
Bankers Tr_ 455
B'way Trust 160
795
CentralTrust 780
298
Columbia I _ 1 290
Commercial. 110
300
Empire _ _ 290
360
Equitable Tr 1350
226
470
- Farm L & Te 1960
215
- Fidelity ....... 208
275
' 265
Fulton
437
.
500 Guaranty Tr, 427
145
Hudson ____; 138
120
1t - Law TR & Tr 115
110
240 Lincoln Tr_ _ i 100
395
. Metropolitan 385
415
M ut'l (West-i
chester) _1 125
130
110 N Y Life Ins
& Trust 1 980 985
135
810
600
N Y Trust_
165
370
Title flu& Tr, 360
155
Transatlan'c !
420
Union Trust 410
450
U8 M tg & Tr 440
350
610
UnttedStates 1010 1025
140
Westchester 130
135
27n
Broostyn
155
610
165 Brooklyn Tr 600
255
245
120 Franklin _
285
275
115
Hamilton_
650
130 Kings Co_
105
Manufact're 150
288
210 People's_ _
85
275 Queens Co... 75
300
140
auction or at Stock Es
•610.
x Ex-100% stock dividend.
Ask
340
255
320
250
300
190

Ask
77
133
255
_
- 18
67

Bid
LawyeraMtg 147
98
Mtge Bond_
Nat Surety. 218
N Y Title &
88
Mtge .__

Ask
152
103
225
93

Bid
Realty Assoc
(Brooklyn) 94
U S Casualty 200
USTItled& I -___
Wes & Bronx
Title &M G 165

.4 *3
99
85
175

Quotations for Sundry Securities
All bond prices are "and interest" except where marked 'I"
RR. Equipments-PerCl. Baits
Standard 011 Stocks Pe rShare
Bid. Aft
Ask
Par
4.75 4.50
4
Angie-Amer 011 new.... £1 153 1614 Baltimore & Ohio 434$...
4.75 4.50
100 900 915 BuffRod)& Pittsburgh 434
Refining
Atlantic
4.75 4.50
Equipment 411
Borne-Serymeer Co_ __ _ 100 440 460
4.80 4.50
Buckeye Pipe Line Co_. 50 •102 105 Canadian Pacific
5.25 4.75
Caro Cilnchf & Ohio
100 400 415
Chesebrough Mfg new
4.80 4.50
100 ao 70 Central of Georgia 58-.
Colonial Oil.
4.80 4.60
Equipment 434s
100 540 560
Continental 011_
5.25 4.75
Crescent Pipe Line Co- _BO "38 40 Chicago & Alton 4s
5.75 5.50
Cumberland Pipe Line- 100 150 160 Chicago & Eastern Ill 530
5.75 5.50
Equipment 434s_ _215 225
Eureka Pipe Line Co--. 100
5.00 4.75
Galena-Signal 011 corn.- 100 150 155 Chic Ind & Loulev 4304.65 4.45
100 138 142 Chia St L & N 05e_.
Preferred
4.60 4.30
225 230 Chicago & N W 4
100
Illinois Pipe Line
5.50 4.90
Indiana Pipe Line Co_ - -50 98 101 Chicago R 1 & Pao 434e
5.25 4.75
4
£1 *123 1314 Colorado & Southern Sc.
Internet Petroleum
5.10 4.80
National Transit Co_ _12 50 *16 18 Erie 5s_
5.10 4.80
Equipment 430
New York Transit Co_ _100 195 205
5.0 4.70
Equipment 4s
Northern Pipe Line Co..100 98 102
5.00 4.65
Hocking Valley 41e
26 353 358
Ohio Oil Co
5.00 4.65
Equipment 55
47 51
as .
Penn-Max Fuel Co
4.75 4.50
25 'I21a 13 Illinois Central 54
Pierce Oil Corp
4.75 4.50
Equipment 434
100 545 555
Profile 011 & Gas
4.80 4.40
100 295 300 Kanawha & Michigan 47411
Prairie Pipe Line
4.75 4.25
330 350 Louisville & Nashville Ife
Solar Refining
4.75 4.50
Southern Pipe Line Co- -IOC 203 208 Minn St P & 88 M 434s
6.00 5.00
100 285 295 Missouri Kansas & Texas Si
South Penn 011
6.00 5.00
110 115 Missouri Pacific Sc
Southwest Pa Pipe Unes_100
5.25 4.75
Standard 011 (California)100 268 272 Mobile & Ohio Se
5.25 4.75
Equipment 434s
Standard 011 (Indiana). 100 x775 785
4.85 4.50
Central Lines Si
Standard Oil (Kansas) 100 465 475 New York
4.90 4.50
Equipment 4348___._ .
Standard 011 (Kentuoky)100 350 360
4.75 4.50
550 570 N Y Ontario & West 434e
Standard Oh (Nebraska).100
4.60 4.30
Standard Oil of New Jer_100 628 633 Norfolk & Western 4341
4.50 4.25
Equipment 48
Standard 011 of New Y'rk100 288 292
4.56 4.35
100 440 460 Pennsylvania RR 43411Standard 011 (Ohio)._
4.50 4.30
Equipment 4s
100 100 110
Swan & Finch
5.50 5.00
Union Tank Line Co... 100 90 92 Si Louis Iron Mt et Sou lie
6.00 5.00
100 365 3'75, St Louis & San Francisco Si
Vacuum 011
5.10 4.80
30 35 Seaboard Air Line
1 .
Washington 011
5.10 4.80
Equipment 434e
Bonds
Pe Cent.
4.75 4.50
Pierce 011 Corp cony 65_1924 82 84 Southern Pacific Co 434s
5.05 4.65
Southern Rahway 4741..
,
Ordnance Stocks-Per t hare.
5.00 4.50
Aetna Explosives pref. 100 12 17 Toledo & Ohio Central is.
8 12
Amer & British Mfg....
a.
Tobacco Stocks-Per obit ,
.100 30 40
Preferred
Par /lid Ask
Atlas Powder common- 100 150 155
American Cigar common100 107 112
100 99 101
Preferred ---10
97 100
Preferred
100 121 124
Babcock & Wilcox
Bliss(E W)Co common 60 *450 500 Amer Machine & Fdry-100 SO 90
19
British-Amer Tobac ord...£1 •18
ao 4168 75
Preferred
19
•18
Ordinary, bearer
550 650
Buffalo Copper es Brass _
10 250 300
_ _ _ 155 Conley Foil
Canada Fdys & Forelnue
Canadian Explosives com100 300 400 Johnson Tin Foil & Met.100 100 130
MacAndrews & Forbes-100 210 220
100 104 110
Preferred
10' 100 103
Preferred
Carbon Steel common_ 100 85 92
100 89 93 Reynolds(R J) Tobacco 101 500 550
1st preferred
100 116 120
Preferred
100 65 72
2d preferred
10 165 175
Young( S) Co
Colt's Patent Firs Arms
10 105 110
Preferred
100 106 108
Mrs.
CluPont(E I) de Nemours
Short Term Notes. P Cent.
& Co, common__ _ . 100 240 245
4
4
100 1013 1023
Debenture stook_
810014
Empire Steel & Iron corn_ 100 33 38 Am Cot 011 Sc 1917-.M&N 997
997 10014
s
73 77 Amer Locom 5s. July '17-J1
Preferred
997s 10012
230 240 Am T & T 434e 1918
Hercules Powder corn.. 100
98 9818
100 117 120 Beth Steel 55 1919 __F&Al
Preferred
5 15 Canadian Pao Ss 1924_M&S 1015810178
Hopkins & Allen Arms 100
4
993 100
'17.M&
Chic & West Ind 5,
100 20 50
Preferred
A S 0712 973
4
104) 30 35 Erie RR 5s 1919
Milliken Bros prof
9814 983
4
corn. 100 165 170 General Rubber 5s 1918 J&
Niles-Bement-Pond
997
81004
_ _100 105 110 Hocking Valley 5111917.MPreferred._ .....
Penn Seaboard Steel (no par) 50 58 Int Harv Ss Feb 15 '18_F- 100 10012
093410014
o __ _ _100 290 305 K C Rys 534s 1918_ _ _ J&
Phelps Dod
99 100
100 600 610 K C Term Ry 4AP'18.M&
Scovill Mfg---- .
4
984 993
J&
434s 1921
54) 24 30
Thomas Iron
Gas L 5a 1919 F&A 9914 100
wthehester Repeat Arm. 1041 750 800 Laclede
9978 1004
100 55 65 Morgan&Wright Sc Deo 1.1
Woodward Iron
9914 9912
NY Central 4345 May 101
Public (Atli ries0812 9712
N Y N & B 58 Apr 15 191
*131 134
A m Gas & Flee cow.. .
4
Preferred _ ........66 *4912 50 Penn Co 4345 1921__J&D1t 9914 993
Am Lt & Tree common 10, 326 329 Pub Set Corp NJ 58'19 MAt 99 9934
75 85
Rem Ams U.M.C.58'191'&
100 112
Preferred
9738 9758
Amer Power & Lt corn- 100. 74 77 Southern By 5s 1919_ _ M-E3
993
41004
100 89 91 United Fruit 5e 1918-- M.,
Preferred
04 95
Amer Public Utilities eorn101 38 40 UtabSecurCorp 6.22 M-SI
9512 9614
Winches RepArms56'18M
66 68
IOC
Preferred
New York City NoteleCities Service Co nom. 10C 281 283
34
10038100
100 8712 88 t), Sept 1 1917
Preferred..
Canadian Govt. Notes
Com'w'ith Pow Ry & L 101., 52 55
100 1004
Preferred
10( 73 76 5. AIN 1 1917_ ...... F&
__IOC d091g 100
Elec Bond & Share pref.
Industrial
El Paso Eiec Co coot_ _ 100 107 112
and Miscellaneous
13
Federal Light & Traction100 11
_ 101 43 47
Preferred_
.100 300 310
Gait-Hoes Mee Co pref_100 75 80 American Braes
83 85 American Chicle corn.. 100 47 49
Great west Pow 5s 1946
100 72 75
: Preferred_
8 101
Mississippi Riv Pow com100
100 35 40 Am Graphophone corn. 100 106 111
Preferred
100 114 119
Preferred
J&J 7412 7612
1st M 5s 1951
100 134 136
North'n States Pow com-100 95 9612 American Hardware
.100 981210012 Amer TF Woondere corn 100 39 42
Preferred
100 90 92
Preferred
Northern Tex Elea Co __100 53 56
100 80 85 Borden's Cond Milk eom.100 10412 10512
Preferred
10 100 102
Preferred
Pacific Gas & Elm corn- _IOU 61 62
I
184 194
._ 100 91 92 Celluloid Company
let preferred..
2
Havana Tobacco Co- 100
Ptiget Sd Tr LA P corn--100 28 30
6
Preferred
100
100 74 76
Preferred
lit g 5s June 11922 .1-D f50 55
Hy & Light-- 100 36 38
Republic
12
100 MN 6714 I ntercontinen Rub corn_ .100 11
Preferred
160
Booth Calif Edison eom-_10l. 87 89 Internet Banking Co.. 100 58 -60
106 108 International Salt
1001
Preferred.. .
A-0 77 7831
1st g 511 1951
Southwest Pow & L pref 100 49712 100
98 103
Standard Gas& El (Del) 60 *1112 1212 International Silver Drat.100 '88 112
Lehigh Valley Coal Sales. 50
_. 50 *3612 3712
Preferred_
100 60 83
8 Otis Elevator atm
5
Tennessee Ry L & P eom100
100 87 91
Preferred
I
Preferred .. .......1001 28 31
Remington Typewriter
7 10
United Gar & Flee Corp.100
100 15 16
Common
100 72 76
1st preferred
100 78 80
lit preferred
12
9
. 100
Id proferred.•
100 4812 50
2d preferred
United Li & Rye corn- 100 42 46
100 70 72 Royal Baking Powd coM 100 145 155
let preterred
100 99 102
Preferred
1412
western Power common_ 100i 14
1001 52 55
Preferred - • Per share. 0 Basis. 4 Purchaser a so pays accrued dividend. e New stook
Flat price. a Nominal. o Ex-100% dividend. x Ex-dividend. y Ex-rights.

THE CHRONICLE

MAY 5 1917.)

1789

puestutent anti Sailroad btaligaut.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
01+13 be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
the latest week or month. We add a supplementary
o)lumns the earnings for the period from July 1 to and including
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS

July 1 to Latest Date.

Current
Year.

Current 'Previous
Year.
Year.

Week or
Month.

Previous
Year.

-Ala N 0 Sr Tex Pac$
$
I
Ala Sr Vicksburg.. March........ 166.416 142,797 1.483.103 1.282.755
Vicks Shrev & P.. March......_ 176,945 138,794 1,543,158 1,260.934
56,401
51,334 2.231,204 2,138.004
3d wk Apr
Ann Arbor
Atch Topeka & S Fe March....--13534107111532792 115275063 98,810,673
76,027
60,200 3,037,695 2,513,644
Atlanta Birm & At! 3d wk Apr
Atlanta & West Pt-!February - 124,062 112,543 1,030.556
905,732
Atlantic Coast Line March ___ 4,049,276 3,576,092 29,835,049 25,407,448
Charlest & W Car March ___194,340 191,944 1,577.8751.408,555
176,0881 143,880 1,422,951 1,197,904
Lou Bend & St L,March
alialtimore & Ohlo_IMarch- 9,692,766 9,269,711 89,471.280 82,079,480
B &0 Ch Ter RR March..-..- 176,1891160,691 1,391,308 1,297,756
Bangor & Aroostook'February -349,9191 325,761 2,692,738 2,345.463
667,350, 551,458 8,200,066 7,981,279
Bessemer & L Erie.. March..
Birrningham South_1March
100,6461 93,3421 745,605
720,241
Boston & Maine..._1March____ 4,734,582 4,297,377'42,197,166 38,160,661
Buff Roch & Pittsb 4th wk Apr 395,218 299,779 11,012,091 9,922,000
Buffalo & susq Itit_IMarch --__ 141,229 137,227 1,257,904' 1,305,043
Canadian Nor Syst_ 14t8 wk Apr 932,100 844,100 33,411,400 26.958,900
Canadian Pacific 14th wk Apr 3,665,000 3,166,000 119843093, 104803802
Caro Clinchf& Ohio March.. _ __ 334,8681 291,112 2,568,414 2,242,197
Central of Georgia_iMarch____ 1,243,885 1,128,515 11,212,704 9,638,975
Cent of New Jersey February - 2,606,87&2689,773
Cent Now England _1March ___ 452,364 314,718 4,023,776 3,513,758
Central Vermont.._ February:, 7
2,860,242' 2,774,389
Ches & Ohio Lines.. 4th wk Apr 1,307,5401 1,251,969 41,907,614 39,773,421
Chicago & Alton__ March.____ 1,672,0581,469,693 14,191,456 12,232,316
Chic Burl & Quincy February - 8,592,70518,249,313 77,274,734 68,472,183
b Chicago & East III February - 1,476.334 1,421.580 11,867,426 11,194.896
c Chic Great West__ 3d wk Apr 331,069 317,284 13,370,258 12,341,093
Chic Ind & Louisv_ 3d wk Apr 187,489 156,329 7,013,923 6,125,042
289,699 2.068,7971 ,800, 06
Chicago Junc RR__ March...._..
,
Chic Milw & St P.._ March --- 8,757,232 8,876,704 82,988,920 78,623,715
dChic & North West March_ ___ 8,037,910 7,799,839 77,885,244 70,190,677
Chic Peoria & St L. March_ ...._J 166.199 152,076 1,448,3331 1,319,703
Chic Rock Is!& Pac March _ _ 6.935,679 6,21§,la 6=2111188,n
Chic R I & Gulf_ March__ 312,131 252,199
dChicStPM&Om March__ 1,662,7 1,762,112 16,168,794 15,026,420
Chic Terre H & S E March......290,027 260,814 2,370,524 2,000,814
Cin Ham & Dayton March.. _-- 819,341 721,911 7,873,781 7,961,203
96,424 106,710 1,307,725 1,174,801
Colorado Midland_ March_
e Colorado& South.. 3d wk Apr 307,924 274,534 14,314,964 12,889,957
March .._
23,743
24,894
Cornwall
215,098
142,110
32,034
Cornwall& Lebanon February 39,369
353,328; 299,126
Cuba Railroad......_ January .._ 761.119 691,486 3.936.295 3.231.779
Delaware & Hudson March _ _ _ 2,461,348 2,034,634 6,377,597i 6,300,183
Dela Lack & West_ March _ ___ 4,704,657 4,234,294 39,757,629 36,737,921
Deny & Rio Grande4th wk Apr 690,100 538,400 22,656,975 20,761,519
Denver & Salt Lake 2d wk Apr
46.025
20.9351 1.559,999 1,520.880
Detroit & Mackinac 3t1 wk Apr
26,963
25,927 1,016,106
920,208
Detroit To! & Iront,February - 182,336 179,667 1,604,676 1,443,712
Det & To! Shore L_1February _ 140,587 161,043 1.134,954 1,117,152
Dul& Iron Range_ _1March__
103.935 115,563 4,862,100 4,179,165
Dul Missabe & Nor.March____ 171,156 162,932 10,226,132 7,212.943
Dui Sou Shore& At!3d wk Apr
,
2,752,661
Duluth Winn & PacFebruary_- 199,783 186,4971 1,247,663 1,001,721
Elgin Joliet & East- March..--.. 1,269,209 1,237,726 10,568,199 9,688,905
El Paso & So West_ March_
1,230,720 967,084 10,553,970 7,648,007
Erie
February.._ 5,001,608 5,760,054'48,801,415 48,294,326
Florida East Coast.. February _ 886,386' 824,5301 5,717,616 4,018,272
Fonda Johns & Glov ;M arch _ __
90,198
697.400
80.260, 764,808
Georgia Railroad--1February: 258,857 245,842; 2,467,649 2,084,153
Grand Trunk Pao 1st wk Apr 106,840 113,662 4,038,616 4;614,804
Grand Trunk Syst_ 4th wk Apr 1,481,293 1,445.85351,496,624 44,940,433
Grand Trunk Ry 4th wk Mar 1,465,964 1,293,169
Grand Trk West.. 4th wk Mar 247,713 226,525 37.275,309 31,277,195
6,621,250 6.471,250
Det Cr 11 & Milw 4th wk Mar102,707
73567 2339486 2,393.776
Great North System March........ 5,786,000 6.377,977 63,667,482 60,716,950
Gulf Mobile & Nor_1February
154,584 160.107 1,341,944 1,306,190
Gulf & Ship Island_ March ___ 160,513 167,009 1,483,405 1,463,937
Hocking Valley
1March____ 756,266 539,571 6,539,450 5,395,282
Central_
Illinois
,March......_ 7,070,898 5,943,012 59,074,252 51,791,577
Internat & Grt Nor March_ _ _ 868,341 780,887 8,766,897 7,095,145
Kansas City South_ March__ 1,075.376 922.754 9,176,973 7,839,632
Lehigh & Hud River March ___ 176,535 143,755 1,632,855 1,544,662
Lehigh & New Eng_ March.. _ __ 264,537 283,792 2,332,672 2,606,114
Lehigh Valley. _ _ _ March ___ 4,322,092 3,889,169 37,003,543 35,143,212
Los Angeles dr 8 L_ March.. _ _ 1,114,201 997,126 8,758,796 8,116,719
Louisiana & Arkan_ February... 107,201 109,6591 992,260 1,116,015
Louisiana Ry & Nay March _ __ 180,909 164,97811.729,004 1,689,550
_
'Louisville & Na.shv 3d wk Apr 1,415,150 1,224,360 65.381.727 48,400,376
Maine Central
March_
1,169,965 1,031,343 10,008,450 8,878,833
Maryland & Penn March ____
43,306
379,390
40,047
354,883
Midland Valley__ -- February _ 203,202 142.088 1,581.740 1.207,576
Mineral Range.... _ _ 3(1 wk Apr
20,371
947,395
862,061
23,075
Minneap & St Louis 4th wic Apr
9,089,993 9,032,905
Minn St P & S S M_ 3d wk Apr 193,377 182,824
Mississippi Central. March _ _ 612,423 602,20926,556.383 28,190,448
54,058.
•607.829
0 Mo Kan & Texas_ 3d wk
708,415 620,503
26,383,175
h Missouri Pacific March ___ 6,261.131 5.477,491 32.711,631 47.962.404
56,347.143
I New York Central March........ 17158064 16752552 150595943 139032285
Boston & Albany March__ 1.773,665 1.668,346 16,196,387
n Lake Erie & W March....__ 682.310 577,892 5,912,627 14,395,605
Michigan Central March........4,185,968 3.706,54836,214,041 5,134,654
30,310,399
Cleve CO& 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
Lake Erie March........ 2,053,697 2,029,244 18,109,348 16,754,562
Pitts &
Tel & Ohio Cent.. March........ 565,084 486,236 4,959,240 4,017.188
Kanawha & Mich March........256,881 310,607 2,452.906 2,716,541
Tot all lines above March _ _ _ _ 30963312 29523075 271939417 245989728
p

g

Latest Gross Earnings

ROADS.

Week or
Month.

Current
Year.
-

Previous
Year.

July 1 to Latest Dut.
Curren!
Previous
1 ear
ear
--

Nashv Chatt & St L March.... 1,175,238 1,130,021 10,590.660 9,480,282
Nevada-Cal-Oregon 3d wk Apr
6,414
333.975
290,373
5,740
New On Great Nor.. March......_ 117,564 172,760 1.245,180 1,349.733
NY Chic & St Louis March........ 1,329,707 1,262,633 11,691,848 10,567,645
NYNH& Hartf__ March
6,923,847 6,098,626 61,303,542 55,726,965
N Y Ont & Western March _
683,339 638,681 6,524,332 6,793.423
N Y Susq & West__ February.... 291,113 394,515 2.413,144 2.893,213
Norfolk Southern__ March_
481,792 435,205 3,877,810 3,386.136
Norfolk ik Western.. March._ ___ 5,119,115 5,056,886 44,916.535 42,346,187
Northern Pacific..__ March..
6,605,403 6,470,535 62,067,759 56,291.402
Northwestern Pac_ February__ 266,294 252.757 3,165.283 2,859.659
Pacific Coast Co...... February.. 345,132 595,712 4473.742 4,941.186
p Pennsylvania RR._ March_
21581463 18907091 176039037 162111 185
87,647
Bait Ches & Atl_. March_
954,738
73,764
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
ary'd Del & Va March........
722,601
57,226
70,710
678,143
N Y Filth% & Nont March........ 353,718 393,272 3,829,855 3.395.550
Phil Balt & Wash March_ __ _ 2,407,720 2,007,298 20,115,814 17.201.760
W Jersey & 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
!Pitts C C & St L.. March_
6,340,660 5,282,665 50,213,713 44,375,864
Total lines
East Pitts & Erie March.. _
26859795 23594 050 224988 285 205596651
West Pitts & Erie March........ 12967440 11609411 111869608 101337662
All East & West.. March.. _ _ _ 39827235 35203462 336858893 306934314
Pere Marquette
1st wk Apr 469,191 410,033 17.608.526 16,143,015
Reading CoPhlla & Reading.. March_
5,619,825 5,354,008 47,026,790 43,356,550
Coal & Iron Co....
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 2,325,576
Rio Grande June_ _ December
620,679
551,792
76.010
92.694
Rio Grande South 3d wk Apr
497,929
449,673
9,683
10,561
Rutland
February.._ 276,030 277,876 2,680,986 2,471,981
St Jos & Grand Isl. February__ 164,164 154,423 1,523,102 1,191,134
St L Brownsv & M.. March
340,036 209,80,i 3,780,900 1,956,442
St I, Iron Mt & So.. March
3.340,150 2,737,957 30,285,570 24,374.739
St Louis & San Fran March........ 4.620,762 4,223,415 42,329,998 35,801,801
St Louis Southwest. 4th wk Apr 398,000 298,000 13,172,598 10,279.294
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 Sys.. 3d wk Apr 2,080,655 1,890,133 83.505,049 74,061,491
Ala Great South_ March
523.916 504,698 4,565.500 4.101,499
Chic N 0 Er Tex P March
1,051.048 1,051,958 9,142,353 8,119,979
3d wk Apr 252,185 252,705 10,086,941 9,427.306
Mobile & Ohio
Georgia So & Fla_ 3d wk Apr
45,768
45,515 2,294,750 2,001,109
glpok Port & Seattle February _ 432.907 375.742 3,810,203 3.344,280
Tenn Ala & Georgia 3d wk Apr
81,851
2,662
98.041
2.482
Tennessee Central.. March
134,618 129,227 1,305,773 1.183,774
Texas & Pacific_ _ _ _ 3d wk Apr 405.360 343,186 18.165.604 15,814.371
Toledo Peor & West March
931.155
933.608
97.725 101.800
Toledo St L & West 3r1 wk Apr 156.144 121,835 5,018,07 4.520,906
Trin & Brazos Vail. March __ _
78,541
888.292
724,783
70,880
Union Pacific Syst_ March........ 9,259,045 8,717.166 89,044,830 78,153,591
Virginian
March........ 910,506 771,061 7,185,869 5.695,719
Wabash
March........ 3,378.145 3.085.110 28.903,405 25,656,260
Western Maryland.. 4th wk Apr 304.325 263,534 10,575,420 8,936,286
Western Pacific........ February _ 480,985 500,266 5.819.330 4,886,230
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 Vali_ March........ 1,359,906 1,058,522 12.653,165 10,224445

1

Various Fiscal Years

Prt01.1141
Currtrit
I tar
i• ear
- -- -Mar 31
446.706
402,358
Mar 31 6.377,597 6.300.183
Feb 28 10,603.704 11.471.646
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 5,54.3.219 5.596,437
Mar 31 1,509.026 1,366,901
Mar 31
903.255
748,159
Mar 31 85,012.471 82,933,253
Mar 31 3,827,860 3,712,970
Feb 28
789,207
627.624
Mar 31 57.404,698 53,642.022
Mar 31
182,980
188.207
Mar 31 1,022,149
899,028
Mar 31 3,028,826 2,872.066
Mar 31
163.012
152.662
Mar 31 1,111.700 1,106,81:5
Mar 31 6,655,739 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 34.396,768 32.685.646
Mar 31 106453 123 99,481,642
Dec 31
76.010
Feb 28
604,182
555,735

Period

Buffalo & Susquehanna RR........ Jan
Delaware & Hudson
Tan
Erie
Jan
New York Centra1.4
Jan
Boston dr Albany..
Jan
Lake Erie & Western_n
Jan
Michigan Central
Jan
Cleve ()Inc Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie.._. Jan
Toledo & Ohio Central
Jan
Kanawha & Michigan
Jan
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
Philo, Baltimore Sr Wasbing'n Jan
Jan
West Jersey & Seashore
Pennsylvania Company
Jan
Grand Rapids & Indiana_ _ _ _ Jan
1 Pittsb Chic Chic & St Louis. Jan
Total lines-East Pitts & Erie Jan
-West Pitts & Erie Jan
-All lines E & W Jan
Rio Grande Junction
Dec
Rutland
Jan

1
1
1
1
1
1
1
1

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

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Current
Year.

Previous
Year.

Increase or
Decrease.

Current
Year.

Previous
Increase or
Year
Decrease
-$
$
Mileage.
Cur Yr Free Ye
$
2d week Feb (27 roads)__.... 11.941.735 11.313.376
+608.359 5.37 June
.226.752 225.803 285.149,740 237.612.967 +47.536.779 20 00
3d week Feb (30 roads ___ 12.907.667 12,411,450
+496.217 3.99 July
244.249 243,563 308.040.791 283.944.649 +44.096,142 16 77
4th week Feb (28 roads).._. 13.508.398 14.066,891
-558.493 3.97 August . _ _ 245.516 244.765 333,460,457 278.787,021 +54,673.436 19 66
lit week Mar (29 roads)____ 12.798.647 12.115.340
+683,307 5.64 September_ _ 218.156 247,466 332,888.990 294.333,449 +38..555.541 13 II
(30 roa(is)___ 13,411,164 12.018.648 +1.392.516 11.59 October _
2d week Mar
246.683 246.000 345.790.899 310.740.113 4-35.050.786 11.22
3d week Mar (31 roads)_--- 13,198,911 12.565,087
+633.824 5.04 November_ _248.863 248.058 330.258.745 306.606.471 +23.652.274 7.71
4th week Mar33 roads)____ 21,296.954 19,034.515 12.262.439 11.82 December _216.811 215,669 262.171.169 242.064,235 +20.106.934 8.31
Mar(
33
14.388.627 12.933.797
1st week Apr 32 roads)--..54
1.4.830 11.25 January_ _. 248.477 247.3271307,961.074 267.115.289 +40,845.785 15.29
week Apr 32 roads).- 14,416,873 12,648,358
1.768,515 13.92 February__ -249.795 248.738 271.928,066 269.272.382 +2,655.684 0.99
3d_
week Apr 31 roads)____ 13,938,948 12,382,623 +1,556.325 12.57 March
86.517 85,555 76,308.967 70.630.936 +5,678,031 7.98
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute
Includes Mason
Wisconsin
Minnesota & Pacific. d Includes not only operating revenue, but also all other receipts. ecDoes not include City & Fort Dodge and the & Cripple
earnings of Colorado Springs
Creek District By. f Includes Louisville & Atlantic and the Frankfort & Cincinnati. g Includes the Texas Central and the Wichita
h includes the St. Louis Iron Mountain & Southern. j Includes the Lake Shore & Michigan Southern Ry.. Chicago Indiana & SouthernFalls lines.
RR.. and
Dunkirk Allegheny Valley & Pittsburgh RR. k Includes the Alabama Great Southern, Cinc. New Orleans & Texas Pacific, New Orleans & Northeastern
and the Nor. Alabama. 1 Includes Vandal's RR. n Includes Nw.Ohio RR
p Includes Northern Central. • We no longer include Mexican roads in
any of our totals
• Weekly Summaries.




• Monthly Summar:ea

[VOL. 104.

THE CHRONICLE

1790

-For the third week
Latest Gross Earnings by Weeks.
of April our final statement covers 31 roads and shows 12.57%
increase in the aggregate over the same week last year.

1 = z z
.,2
4 „ 1 „,g).

; ,
-4 S* a3
,. .5,fi &ti ,51 .,-.Z CI3 i0.4 !.'41

e-1Z

:....g....g

,.,

.
•
g.i r0 (/3 gks g-4 gF,
Third Week of April.

1917.

1916.

Increase. Decrease.

$
I
Previously reported (21 roads)_ 11,764,127 10,482,720 1,281,927
5,067
51,334
56,401
Ann Arbor
15,827
60,200
76,027
Atlanta Birmingham & Atlantic
13,785
317,284
331,069
Chicago Great Western
1,036
25,927
26,963
Detroit & Mackinac
15,954
67,666
83,620
South Shore & Atlantic
Duluth
1,415,150 1,224,360 190,790
Louisville & Nashville
'
23,075
20,371
Mineral Range
674
5,740
6,414
Nevada-California-Oregon
180
2,482
2,662
Tennessee Alabama & Georgia_
34,309
121,835
156,144
Toledo St Louis & Western____
Total (31 roads)
Net increase (12.57%)

13,938,948 12,382,62311,559,549
11.556.325

o
1
F-11 gg 1;6

$

2 i
r g r :4
' f-1
. - - Go
I
03 00
. 01
00
04.0 -..,0 03 . 0000 .400 0-3.0 00006t ra0
-" . 14 43 • 0 .0.. 1
co
.000
AGO 03 -4
.

520

2,704

4; 4' 4 4

'-03
WW .0 o-00 0-30.3 Y. 000.3000.3OW OW
on on -1'-I Cn
- "
.
14 4..0 ..
.0...00
.
.041.3 404 Zdb i... to be. 0C 04 ::Cf. .
Ce.
"
00 00 00
43.
42 03
O4
"
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CO0 430

ES 88 E8 c90-000

.
. 45 .
.
.
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14 43.
43
43
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.
3
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.
43 -4
03 031
0300 0.303
107 • 4
00 .
Et
430 000 000 000 CA. 0,4 .00 005 0."
.
00 CO 000 0C.4 "00 04 143. 043 Go 4 003 0- iin0

tc...4i,

§E

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

..

00

4.1
0000

43.
y

1414
ca

EE

.3
42
§-8 '

0
,
lab :0k 14•0 7--

"o

3,224

-FA ..
oc

04 00
C4 -40
1,7
8
.
00;o.. 0
00
.
;14 8
0300
00.4
W
. 0-..4 .-'00
. .6

y

• a

_ _4.4.n

i
I

tr;SI
41
2
0
"
1
r0 01 1 .t '.1 CO VI 1 1
00
. 00
.
.4
1474... "Y"00 " . 000 is214
CS
7.7.
'...
1 C*(471•
. -.
N

- W
tt c) •C 0°
-4 . IT. "
CO
.

tt it C

.51

0-.
..
es)... lag 00c,, .4 W " 4'
Cg".4
0

4
a
.,.,...
0c., -,..n.,
-Net Earnings
-Gross Earnings
4, 00'-' 0003
0
00 0000 A CO W0 040 00 00 .404
Previous
Current
Previous
Current
P1
,
l 6
"b.,"Y "
00100 14. *;,-'0 '-'CO ;pi 7:0 :c..t
03 0-000 34.
•
Year.
Year.
Year.
Year.
.
-40 44 A 000 Cn0 033. .4 .4
..4 vi 0 4 , GK.
. 0000 0300 i-00 14
2
•-•
1
...
0000
$
$
Atlantic Coast Line_a__Mar 4,049,275 3,576,092 1,450,443 1,338,625
04
C4
. 0..
11,550,091 9,999.465 4.157,708 3,478,523
01 to Mar 31
Jan
34
.
04
E
0,* i
&iii.
43. 43 0,03 00 00'3 AGO 030 0-.'
366,400
618,100
00(9 000 OW 3.5.70 CO' 0503 ... .4, 0,0.
CO
Canadian Northern Sys_Mar 3,273,200 2,607,000
...;CG
'
•
30,095,900 24.134.600 7,504,500 6,275,700
:0 o
ir
3P•
sj
* , "fc . In 04
July 1 to Mar 31
CO0
;8 2
Mar11,846,543 10,380,982 3,937,318 3,421,330
Canadian Pacific
31,089,127 27,765,638 8,354,845 7,806,081
Jan 1 to Mar 31
C4
.
Milw & St P_b_Mar 8,757,232 8,876,704 2,573,980 3.278,907
Chicago
C4
0.3
014 .
0000
44
01
WW WW COZ OM OW
GO
4.t0 C.90
23,622,970 24,220,970 5,009,796 7,148,791
Jan 1 to Mar 31
"
C.4
03 44 .40 W O 00 .40 000 000 WOO W. 000 4
00
64,081
108.737
252,199
4
1
...by 00001.0 ;44 00.' 4,1- Cr,- . -.-Chic Rock Isl & Gulf_b_Mar 312,131
.
.
no. la I.
'
CO .01. o co 0.4 00'-' 04. 4.5 ,-.
0 0
9 COO (.300 000 •-• 00- 0000
220,168
290.489
758,687
924,528
Jan 1 to Mar 31
.
E8 82 V4 8
Chic Rock Isl & Pac_ b_ _Mar 6,935,679 6,216,410 1,779,306 2,069,327
19,641.186 17,530,341 4,386,282 5,003,592
Jan 1 to Mar 31
.4
419,405
434,973
Mar 1,672,058 1,469,693
Chicago & Alton_a
C4 0-'04 O00 00.4 b.3-4 .c4 04.7',
02
4,582,155 4,079.007 1,107,448 1.013.791
Jan 1 to Mar 31
a•
.
.
co V.c3
bp•
1.'14 ID0 In0 14;I:, Co b. 'oo;- *4.0,
0.4
43, 43
..I
, co
co o t
130,318
96,079
721,911
eine Ham & Dayton_b_Mar 819.341
0 0
400,670
224,863
2,350,658 2,094,191
Jan 1 to Mar 31
444,404
527,134
Colorado & Southern_b_Mar 1,381.793 1,261,789
.114 4
4,362,441 3.800,962 1,786,817 1,362.284
Jan 1 to Mar 31
0.
0003
00
.
WW OW .0 C4 4 0005(4..
-.
CO.
'409
527.100
512,865
Delaware& Hudson_b__Mar 2,461,348 2,034,634
AA
300 .
00
6,377.597 6,300,183 1.118,807 2,010.992
Mar 31
44 "
Jan 1 to
.1
2
3
1 1.1t1 41- 0 21
Z. 8V, .4 -4
C.73
-40 co
09(9 -.107. 03.4 04(9 0000
0 oom oo AO
Del Lacka & West_b___Mar 4,704,657 4,234,294 1,565,513 1,749,046
A'12,337,509 4,604,479 5,042,217
13,106,059
Jan 1 to Mar 31
I
00
(4'-'0.3"00lO
00 0-4
to
438,455
614,512
967,084
El Paso & Southwest_b_Mar 1,230,720
-4 00 0▪
043
,
3,637,815 2,674,228 1,834,778 1,178,943
AA -4 -4 0- 34 000 030. 42
Jan 1 to Mar 31
3
.
0 10 -4 ;1 ;03 1414
034 010
- .
1.4
144.529
191,822
780,887
Internat & Gt North_b_Mar 868,341
:213 "Vg .
47
s
(900 0307. i t;040
Cn
gac:, coo 0
0). coo
444,389
0'0 .
564,898
Cn -4 WW CY WC
2,587,513 2,262.415
Jan 1 to Mar 31
Mar 4,322,092 3,889,169 1,021,688 1,139,980
'.
..
Lehigh Valley_b
11,284.987 10,901.996 1,763,785 2,873,680
. C4
bob.
Jan 1 to Mar 31
3
7,
01
00
.
43
.-03 1-.0 0300 43 00 .4...
.40 0000
5,957,882 5,404,961 1,839,692 1,913,721
.-'
0007. 'IC) 00 00 ca 03 0004 4.o o o 0000 o o0
0403
Louisv & Nashville_b__Mar
00
17,258,904 15,443.819 5,746,766 5,355,461
00
•
Jan 1 to Mar 31
0
" 0 (90.3 0000 0000 00 00 00(3' 0004 tf... ;...,.. 'wt.
0300
.
.4
.
0000 0-303 090 0003 no o. 010-0 (907' 00.4 4.03 0
959.635 h216,218 h285,373
0 ,01 0009 000-3 '-1'-' 04 -3
.
3 0000 "10-4 0
00 4
.0 Cn
Minneapolis & St La Mar 875.147
2.415.661 2,713.955 h514,979 h762,071
Jan 1 to Mar 31
I
,
4...
738,328
300,883
.
.W - W 0A: 'a'
.."
Minn St P & S S M_a__Mar 1,507,245 1.825,915
00'- 04
2
.4'I°WC0
to
00 00 O. WC
43
748,793 1.701,069
4,044,686 4,961,939
Jan 1 to Mar 31
.
6,
.
80 0L 0O
▪
0000 0000 C4 -4 43.1 .4C :4C'
499.487
212,204
Chicago Division_a__Mar 946.793 1.127,319
0003 01.2
.
00 1010 020
•
;
. f!.
r.,' 4 i s
Cn 03 coo, 11
743,330 1.126.198
2,837,001 3,022.864
Jan 1 to Mar 31
,
0OD CO N. a.03
0. 84 88
42 '-1 -i 00
Missouri Pacific and St L
a
.
0
Iron Mtn & South_a-Mar 6,261.131 5,477,491 1,597,310 1,008,292
18,227.183 15,442,952 4.595,900 2,701,058
ts'
..-..1 gn:
Jan 1 to Mar 31
,
13
0004
43
42 04
(9.4 0104 000 54.4
0-00,
236.912
252,549
Nash Chatt & St L_ b_ Mar 1,175,238 1,130.021
i L0 1700 . '4
4
.
0,03 1,4
1 ..1 °Q 4
;01.
. 031
ft
000
.4.3
"
▪ C 003 0
761,423
781,240
3,473,549 3,212,071
1
;(90 ..4 St .40
'-000 04.
Jan 1 to Mar 31
04
.
0-I '.100 8
Mar 6,605,403 6,470,535 2,596,264 2,987,057
Pacific_b
Northern
I
18,324,993 16,890.749 7.228,386 7,286,663
Jan 1 to Mar 31
;
.
04
.
480,646
980,460
St L Iron Mtn & So_a__Mar 3,340,150 2.737,957
to
to
C.4..
:: gm 44.a
. 9'38 5; 50, `43 8. -,., E;
000
9,982.130 7,776,982 3,056,842 1,467,212
Jan 1 to Mar 31
r 144
.:o E- i 0 tii 1.u• 03.400(7' 14=4
.
.0./ 1.34. 1, 4,t T .0.
St Louis & San Fran_a_ _Mar 4,629,762 4,223,415 g1,186,044 g1,042,164
WO 00
3... 00
28 5; 82 a 4
0000
.4. W.
42,329,998 35,801,801g12,528,472g10,007,312
July 1 to Mar 31
845,304
786,057
Seaboard Air Line_a___Mar 2,685,542 2,449,736
4.3
GO
7,804,052 6,884,264 2,240,451 2,191,787
Jan 1 to Mar 31
03
0
.
0 A0-3
9-09
03
Its2
0 b.3..4
0300
0000 00 0
00 cata 000 0000
Southern Rallway_a___Mar 7,106,864 6,370,017 2,045,534 1,950,660
C
,
W
4.70 " C012 00 0-3
0100 9-04 0000
59,802,891 52,745.986 18,084,220 15,694,776
.
1 to Mar 31
July
.4 0
0
CO
"71
00
roeS ▪ CO . 00 o C ;11 82 o oo 00(0
Mobile & Ohio_ a_ _ _ _Mar 1,067,643 1,019,999
Balance.
Fixed
Net after
9,345,504 8,700,056 1,902,227 1,999,724
Gross
July 1 to Mar 31
Surplus.
Charges.
Taxes.
Earnings.
287,929
283.626
Cinc N 0 & Tex P_a_Mar 1,051,048 1,051,958
3
$
$
i
8,119,979 2.919,211 2,202,663
9,142,353
July 1 to Mar 31
562,918 def130,105
432,813
151,040 Mo Kan & Texas-Mar'17 3,201,157
124,636
504,698
Alabama Gt South_a_Mar 523,916
580,410 def500,512
79,908
'16 2,736,090
1,178,670
4,565.500 4,101,499 1,440,170
July 1 to Mar 31
3 mos '17 9,626,787 1,025,719 1.731,956 def706,237
96,031
88,183
334,665
New Orl Northeast _a-Mar 353,276
149,346 1,746,990def1597,644
'16 7,798,695
757,488
958,813
3,225,371 2,828,731
July 1 to Mar 31
101,875
3,776
98,099
683,339
& West.._,.Mar '17
38,798 N Y Ont
30,902
219,436
South & Fla a Mar 228,310
Georgia
68,141
125,432 def57,291
638,681
'16
393,414
505,761
2,154,440 1,864,565
July 1 to Mar 31
301,174
1,216
299,958
3 mos '17 1,879,976
416,159
457,270
382.561
12,390
370,171
Mar 1,755,443 1,630,775
'16 2,000.980
Texas & Pacific_b
5,192,415 4,677,966 1.381.433 1,198.619 Pere Niarquette___Mar '17 1,996,408
Jan 1 to Mar 31
45,842
def342,364
47,620
460,033 k113,376 k145,704
435,840
'16 1,855,564
Tol St L & Wastern.a_Mar 533,532
def1406,630
1,525,928 1,368,922 k303,474 k424,673
3 mos '17 5,275,208 def248,704
Jan 1 to Mar 31
def286.564
985,184
'16 5.202,564
388,804
393,716
771,061
Mar 910,506
Virginian _a
2,505,563 2,208,043 1,054,064 1,102,143
Net Inc.
Jan 1 to Mar 31
Total Oper. Total Oper. Net Rev.
Revenue. Expenses. from Oper. after Chgs.
297,282
334,333
905,289
Western Maryland_bMar 1,111,503
844,627 Chicago Gt West_Mar '17 1,357,722 1,027,402
953,622
3,118.688 2,599,113
330,320
119,114
Jan 1 to Mar 31
438,743
214,081
275,953
215,077
937,792
749,067
'16 1.376.535
Wheeling&LakeErie_b_Mar 699,882
765,756
556,710
1,956,173 2,124,224
9 mos '17 12.435,988 8,922,350 3,513,638 1.607,732
Jan 1 to Mar 31
'16 11,440.565 8,107,890 3,332,675 1,338,316
a Net earnings here given are after deducting taxes.
Charges
Balance,
Total
Other
Net
Gross
taxes.
it Taxes. surplus.
Income.
b Net.earnings here given are before deducting
Earnings. Earnings. Income,
allowing for hire of equipment, total income for Mar. 1917 was
g After
$1,109,789 against $1,136,919 in 1916,and for July 1 to Mar.31 was $12,- Carolina Clinch & Ohio
55,820
179,892
124,063
46,423
133,469
334,868
Mar '17
053,660 this year, against $10,513,494.
56,310
165,222
108,912
26,890
138,332
291,112
16
h For Mar. 1917 net income after additional income was $202,640,against
210,594
573,425
356,831
140,059
433,366
978,044
3 mos '17
$238,570 in 1916, and from Jan. 1 to Mar.31 was $485,555 in 1917, against
171,539
503,589
337,050
96,937
411,652
'16 826,869
$631,555.
Ohio
k For Mar. 1917 net income after miscellaneous charges was $74,923. Chesapeake (Sc 4,465,765 1,478,684
749,055
843,315
113.686 1,592,370
Mar '17
against $121,403 in 1916,and from Jan. 1 to Mar. 31 was $172,152 in 1917,
542,537
808,236
--552 1,350,773
'16 4,297,951 1,351,325
against $327,870.
334,968 4,123,709 2,525,022 1,598,087
3 mos '17 12,365,846' 3,788,741
Net after
Balance,
Fixed
Gross
•
'16 12,209,608 3,301,476 -17,232 3,784,234 2,410,893 1,373,351
Taxes.
Surplus.
Charges.
Earnings.
Duluth So Shore & At!
121,065 (1016,155
5,533
104,910
99,377
Mar '17 344,630
102,754 (1032,424
410,446
850,579
5,989
70,330
64,341
Chic & North West_Mar '17 8,037,910 1,261,025
267,476
'16
932,936 (10157,141
872,850 1,416,559
'16 7.799,839 2,289,409
48,828
875,795
826,967
9 mos '17 2,921,377
907,035 del122,116
41,658
784,919
3 mos '17 23,438,954 4,611,793 2,602,600 2,009,193
743,261
'16 2,552,036
'16 22,321,700 6,358,409 2,654,725 3,703,684 I locking Valley
147,637
188,765
336,402
99,712
236,690
756,266
Mar '17
Expenses for March 1917 include $300,685 additional payments to em52,191
145,873
198,064
84,501
113,563
539,571
'16
ployees under the Adamson Law for the months of Jan. and Feb. 1917.
443,975
439,326
883.301
574,334
308,967
2,050,013
3 mos '17
329,472
94,027
235,445
Chic St P M & 0__Nov '17 1,662,708
437,170
208.089
645,268
381,557
263,711
'16 1,595,339
548,773
300,118 Mineral Range
248.655
'16 1.762,112
833,700
169,665
3 mos '17 4.623,830
664,035
15,595 def12,644
2,951
213
104.111
2,738
Mar '17
559,307
'16 4,835,670 1,276,476
717,169
18,607 def12,170
6,437
157
6.280
92,083
'16
148,085
121,960
4,652
Expenses for March 1917 include 1-10 of additional payments to em143,433
26,125
9 mos '17 881,455
130,877
182,670
45,793
4,261
178,409
ployees under the Adamson Law amounting to $67,397 for Jan.and Feb.'17.
79-1,646
'16

Roads.




71
v
-.......i... 9-Co.... .:,

(000. T

I

i..,'L' 14:
6-

co,

MAY 5 1917.).

THE CHRONICLE

Gross
Net after
Earnings.
Taxes.

Other
Gross
Income.
Income.

Boston & Maine
Mar '17 4,734,582
553,156
109,167
662,323
'16 4,297,377
929,220
79,715 1,008,935
3 mos '17 13,254,746 1,612,498
285,692 1,898,190
'16 12,526,360 2,788,172
210,968 2,999,140
Denver & Rio Grande
Mar '17 2,286,313
714,514
294,911 1,009.425
'16 1,891,603
692,967
222,120
915,087
3 mos '17 6,229,352 1,783,507
942,733 2,700,240
'16 5,352,799 1,772,362
759,849 2,532,211
Delaware & Hudson (inci coal dept and Hudson Coal Co)
Mar '17 6,274,244
851,262
910,932
59,669
'16 4,513,957
454,878
463,026
8,148
Y Chicago & St Louis
-Mar '17 1,329,707
179,542
196,978
17,436
'16 1,262,633
343,158
330,847
12,311
3 mos '17 3,827,360
541,074
46,039
495,035
'10 3,712,970
938,855
61,279
874,576
New On Tex & Mexico
Mar '17
542,485
162,484
'16
422,272
75,253
3 mos '17 1,708,228
602,391
'16 1,210,071
143,858

Fixed
Charges.
3

Balance,
Surplus.
$

1,054,457 def392,134
955,348
53,587
3,099,691def1201,501
172.251
2,826,889
668.720
587,888
2,035,485
1,741,831

340,705
327,399
670,755
790,380

398,940
413,150

511,992
49,876

N

Gross
Receipts.
Reading Company
Reading_Mar '17 5,619,825
Mar
'16 5,354,008
3 mos '17 15,619,201
'16 15,209.758
Coal & Iron Co__Mar '17 3,934,538
'16 3,711.420
3 mos '17 11,253,469
'16 11.563,522
Total both cos ...,Mar '17 9,554,363
'16 9,065,429
3 mos '17 26,872,669
'16 26,773,280
Reading Co
Mar '17
'16
3 mos '17
'16
Total all cos
Mar '17
'16
3 mos '17
'16
Gross
Earnings.

Net after
Taxes.

208,568 def11,590
156,629
186,529
617,037 def75,963
442,294
490,561
128,016
19.093
468,681
def17.100

Profit in
Rent,Int., Balance,
Operating. Taxes, &c.• Surplus.
1,457,298
2,196,919
4,106,304
5,788.179
484,934
407,919
1,344,210
997,740
1,942,232
2,604,838
5,450,514
6,785,919
576,286
558,748
1,731.064
1,683,446
2,518,518
3,163,586
7,181.578
8,469,365

Other
Income.
$

Gross
Income.

832,500
770,250
2,497,500
2,310,750
12,500
8,000
37,500
24,000
845,000
778,250
2,535,000
2,334,750
493,000
457,667
1,479,000
1,373,000
1.338,000
1,235,917
4,014,000
3,707,750
Fixed
Charges.




Net after
Taxes.

Other
Income.

Gross
Income.

Fixed
Charges.

Balance,
Surplus.

N Y Phila & Norfolk
Mar '17
353,718
17,350
16,891
34,241
31,238
3,003
'16
393,272
122,314
10,720
133,034
88,631
44,403
3 mos '17 1,111,700
165,494
30,613
63,454
196,107
132,653
'16 1.100,816
298,430 --24,438
273,992
58,439
215,553
Phila Balto & Wash
Mar '17 2,407,720
390,766
114,511
505,277
288,248
217.029
'16 2,007,298
476,614
116,221
592,838
289,038
303,800
3 mos '17 6,655,739
937,342
343,637 1,280,979
883,331
397,648
'16 5,607,240 1.115,855
348,503 1,464,358
846,211
618,147
Phila & Camden Ferry
Mar '17
71,869
5,687
6,412
12,099
1,224
10,875
'16
62,595
23,734
5,456
29,190
1,184
28,006
3 mos '17
202,730
59,253
19,290
78,543
4,121
74,422
'16
181,772
77,539
17,532
95,131
4,001
91,130
West Jersey & Seashore
Mar '17
590,238
def1,577
9,982
8,405
51,748 def43,343
'16
532,405
41,803
10,406
52,209
60,712
def8,503
3 mos '17 1,567,825 de1124,540
30,593 def93,947
153,619 def247,566
'16 1,464,086
27,323
30,567
57,890
179,478 def121,588
Pennsylvania company
Mar '17 5,895,608
507,659 1,104,034 1,611,693 1,298,736
312,957
'16 5,703,737 1,461,514
997,337 2,458,851 1,557,086
901,765
3 mos'17 15,690,033
98,921 3,242,242 3,341,163 4,031,405 def690,242
'16 15,839,574 3,525,259 2,952,976 6,478,235 4,614,217 1,864,018
Grand Rapids & Indiana
Mar '17
552,098
71,609
5,518
77,127
64,080
13,047
'16
467,103
64,078
5,656
69,734
72,517
def2.783
3 mos '17 1,468,819
127,126
15,931
143,057
200,266 def57,209
'16 1,329,170
156,712
13,376
170,088
212,002 def41,914
Pitts Cinc Chic & St Louis
Mar '17 6,340,660 1,272,773
90,842 1,363,615
797,461
566,154
'16 5,282,665 1,109,354
67,661 1,177,015
705,079
471,736
3 mos '17 16,757,662 2,526,990
183,647 2,710,637 2,404,377
306,260
'16 15,099.513 3,182,940
173,997 3,356,937 2,069,068 1,287.869

624,798
1,426,669
1,608,804
3,477,429
472,434
399,919
1,306,710
973,740
-Total EastP.& E. -Total West P.& E
-Total All Lines
1,097,232
Gross
Net after
Gross
Gross
Net after
Net after
1,826,588
Whole Penn Earnings. Taxes, &c. Earnings. Taxes, &c. Earnings. Taxes, &c.
2,915,514
RR.System
$
3
4,451,169
Mar '17 26,859,795 5,060,066 12,967,440 1,873,637 39,827,235 6,933,703
83,286
'16 23,594,050 5,243,126 11,609,411 2,664,051 35,203,462 7,907,178
101,081
3 mos '17 72,056,355 10,500,666 34,396,768 2,752,329 106453,123 13,252,995
252.064
'16 66,795,996 13,699,426 32,685,646 6,922,981 99,481,642 20,622407
310,446
The return on property investment for the system East & West was 5.31% for
1,180,518
1,927,669 the 12 months ending Mar. 31 1917, against 5.59% for the same period in 1916.
3,167,578 The figures upon which this return is based do not include road and equipment
4,761,615 expenditures made out of income or surplus prior to 1907.
Balance,
Surplus.

New York Central
Mar '17 17,158,064 3,528,899 1.235,170 4,764,069 3,603,695 1,155,374
'16 10,752,552 4,917,638 1,420,256 6,367,894 3,393,294 2,974,600
3 mos '17 46,693,755 7,825,508 4,470,278 12,295,786 10,783,054 1,507,732
'16 46,872,981 13,577,107 4,367,386 17,944,493 10,161,219 7,783,274
Boston & Albany
308,787
Mar '17 1,773,665
33,452
342,239
396,823 def54,584
467,179
'10 1,668,346
40,160
507,339
412,516
94,823
666,651
3 mos '17 4,882,748
95,077
761,728 1,218,090 def456,362
'16 4,819,246 1,294,180
100,109 1,394,289 1,223,325
170,084
Lake Erie dc Western
682,310
170,882
Mar 17
8,825
185,707
140,828
44,879
189,390
577,892
'16
9,110
198,506
76,151
122,355
524,289
3 mos '17 1,976,291
31,918
556,207
378,390
177,817
492,807
'16 1,661,146
30,608
523,415
239,950
283,465
Michigan Central
759,221
Mar '17 4,185,968
95,524
854,745
914,801 def60,146
.16 3,705,548 1,084,776
77,961 1,162,737
669,523
493,214
3 mos '17 11,697,233 1,727,513
271,717 1,999,230 2,785,611 de1786,381
'16 10,327,789 2,822,400
262,813 3,085,213 2,078,532 1,006,681
Cleve Cinc Chic & St L-'Mar.'17 4,115,317 1,012,005
108,907 1,120,912
625,732
495,180
.16 3,826,727 1,143,834
109,528 1,253,362
568,405
684,957
3 mos '1/ 11,438,068 2,112,339
386,432 2,498,771 2,063,137
435,634
'16 10,950,385 3,077,108
380,288 3,457,396 1,734,185 1,723,211
Cincinnati Northern
172,276
Mar '17
10,656
-1,206
15,450
17,136
doll.686
165,923
'16
49,802
494
50,296
16,647
33,639
523,932
3 mos '17
73,870
6,969
80,839
52,570
28,269
435,116
'16
115,750
897
116,647
45,244
71,403
Pittsburgh & Lake Erie
607,274
Mar '17 2,053,697
65,326
672,600
188,864
483,736
'16 2,029,244 1,009,450
117,341 1,126,791
258,837
867,954
3 mos '17 5,543,219 1,408,452
171,767 1,580,219
490,433 1,089,786
'16 5,596,437 2,707,148
297,966 3,003,114
704,715 2,300,399
Toledo & Ohio Central
67,845
56.5,084
01,709
Mar '17
129,554
118,454
11,100
108,307
486,236
'16
89,039
197,346
73,489
123,857
105,072
206,218
3 mos '17 1,509,026
311,290
358,214 def46,924
242,095
'10 1,366,901
260,983
503,078
363,057
140,021
Kanawha & Michigan
28,636
256,881
,Mar '17
70,393
99,029
27,409
71,620
310,607
'16
103,836
45,082
148,918
29,022
119,896
748,159
3 mos '17
97,646
216.343
313,989
81,988
232,001
'16
283,644
903,255
132,085
415,729
327,421
88,308
Total all lines
Mar '17 30,963,312 6,506,205 1,678,100 8,184,305
6,038,832 2,145,473
'16 29,523,075 9,104,208 1,908,974 1
3 mos '17 85,012,471 14,541,340 5,856,719 1,013,182 5,548,255 5,464,927
20,398,059 18,216,487 2,181,572
'16 82,933,253 24,612,239 5,833,135 30,445,374 16,638,535 13,806,839
PilPercent return on operating investment for 12 months to Mar. 31 1917 has been:
6.75% Boston & Albany, 8.47% Mich. Cent.,
N. ;Central,
6.72% Clev. Cinc.
Y.
Chic. 6: St. L., 6.32% Clip,. Northern, 8.24% Toledo Ar Ohio Cent., 4.10% Pitts.
& Lake Erie, 14.95% Lake Erie & West., 4.83% and Kanawha & Mich.. 7.27% •
Gross
Net after
Other
Gross
Fixed
Balance,
Taxes.
Earnings.
Income.
Income.
Charges.
Surplus.
$
$
$
$
$
Pennsylvania RR
Mar '17 21,581,463 4,218,389 1,763,486 5,981,875 2,240,250 3,741,625
.16 18,907,091 4,136,341 1,909,399 6,045,740 2,106,515 3,939,225
3 mos '17 57,404,698 8,432,098 5,380,755 13,812,853 6,473,849 7,339,004
'16 53,642,022 11,020,006 5,741,616 16,761,622 6,480,705 10,280,917
Balto Chesap & Atl14,296
87,647
2,160
Mar 17
16,456
19,905
def3,449
73,764
'16
8,79620,002 def11,002
4,1A deflUg?
182,980 def14,366
3:mos '17
57,675 def67,906
654
763
188,207
'16
1,417
59,302 def57,885
Cumberland Valley
179,505
11,g1
387,588
(
Mar '17
161,908
30.100
'18
309,771
151,9®
24,114
136,552
437,596
33,459
3 mos '17 1,022,149
471,055
79,069
391,986
430,711
30,107
899,028
'16
460,818
63,378
397,440
Long Island
47,929
45,138
Mar '17 1.047,316
93,067
335,345 def242,278
57,617
114,674
'16 1,003,484
371,078 def198,787
172,291
31
271: 0 g 1zu231 def778,281
125,038
140,006
3 mos '17 3,028,826
174,181
4
297,185
'16 2,872,066
def616,121
Maryland Del & Va11,417
265
Mar '17
11,682
70,710
12,185
del 503
-1,426
5,028
'16
57,226
3,602
12,387
def8,785
3 mos '17
6,996
601
163,012
7,597
36,379 def28,782
553
'16
1,273
152,663
1,826
40,397 def38,571

mug

Gross
Earnings.

1791

EXPRESS COMPANIES.
Adams Express Company
Total from transportation
Express privileges-Dr

•

-Month of January
1917.
1916.
$3,808,099 $3,009.032
1,893,777
1,481,560

Revenue from transportation
Operations other than transportation

$1,914,321
61,062

$1,527,471
43,512

Total operating revenues
Operating expenses

$1,975,384
2,150,680

$1,571.054
1,534,679

Net operating revenue
Uncollectlble revenue from transportation
Express taxes

-$175,296
977
21,244

36,374
413
18,957

-$197.518

$17,003

Operating income

Canadian Express Co.
Total from transportation
Express privileges
-Dr

-Month of January
1917.
1916.
314,545
172,753

257,706
150,703

Revenue from transportation
Operations other than transportation

141,792
11,845

107,003
5,004

Total operating revenues
Operating expenses

153,637
164,309

112,007
121,176

def10,672
153
7,000

def9,168
37
4,200

loss17,826

loss13,406

Net operating revenue
Uncollectible revenue from transportation
Express taxes taxes
Operating income

Great Northern Express Co.
Total from transportation
Express privileges
-Dr
Revenue from transportation
Operations other than transportation
Total operating revenues
Operating expenses
Net operating revenue
Uncollectible revenue from transportation
Express taxes
Operating income
Southern Express Company
Total from transportation
Express privileges
-Dr

-Month of January
1917.
1916.
$
232,020
198,076
140,966
121,212
91.054
4.227

76,864
3,395

95,282
107,183

80.260
86,409

-11,901
23
4,365

-6.149
21
3,891

-16,289

-10.062

-Month of January ,
-1917.
1916.
$1,639,804 $1,331,466
851,209
690,495

Revenue from transportation
Operations other than transportation

$788,594
38,402

$640,971
28.220

Total operating revenues
Operating expenses

$826,997
663,762

$669,192
546,098

Net operating revenue
Uncollectible revenue from transportation
Express taxes

$163,235
187
16,801

$123,093
124
14.072

$146,246

$108,896

Operating income
Wells, Fargo tt Company
Total from transportation
-Dr
Express privileges

-Month of January
1917.
1916.
$4,078,645 $3,080,635
2,118,100
1,606,519

Revenue from transportation
Operations other than transportation

$1,960,544
103,342

$1,474,116
79,259

Total operating revenues
Operating expenses

$2,063,886
2,029,677

$1,553,375
1.523.661

$34,208
1,062
38,670

$29,714
652
32.358

-$5,524

-$3,297

Not operating revenue
Uncollectible revenue f om transportation
Express taxes
Operating income

1792

THE CHRONICLE

• [VoL.

104.

-Gross Earnings--Net Earnings
-Month of January-'
Previous
Current
Previous
Current
I
1916.
1917.
Year.
Year.
Year.
Year.
Companies.
$
Western Express Co.
$
$
$
$
80,219
105,529
Total from transportation
300,416
318,226
45,505 Bell Telephone (Pa)_ _ _ _Mar 1.169,112 1,023,996
51,982
-Dr
Express privileges
898,496
918,850
3,420,336 3,006,781
Jan 1 to Mar 31
1
44,713'Central Dist Telephone_Mar 637,811
53,547
190,640
186,896
595,300
Revenue from transportation
3.303
3,402
566,421
574,438
1,857,995 1,740,172
Operations other than transportation
Jan 1 to Mar 31
I
197,194
188,971
722,019
Mar 819,912
48,017 1 Central Union Tel
56,949
Total operating revenues
571,807
572.079
2,398,867 2,099,466
Jan 1 to Mar 31
50,335
60,911
Operating expenses
369,811
386,306
985,925
1,080,633
def2,318 Illinois Traction_a 31 Mar 3,282,112 3,022.529 1.252,268 1,199,469
def3,962
Net operating revenue
Jan 1 to Mar
20
3
Uncollectible revenue from transportation
429,188
364,633
1,821
156 New England Tel & Tel_Mar 1,745,707 1.622,467
1.
Express taxes
5,387,705 4,948.947 1,388,214 1,473,701
Jan 1 to Mar 31
loss3.495
loss5.787
Operating income
1,835,505 1,604,719
New York Telephone_ __Mar 4,979,888 4,380,894
14,607,731 12,703,142 5,510,208 4,710,472
Jan 1 to Mar 31
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Ohio State Telephone_ _Mar 317,651 281,105 104,315
81,520
264,494
319,040
841,955
950,598
Jan 1 to Mar 31
Jan. I to latest date.
Latest Gross Earnings.
Philadelphia Co
723,531
599,385
Name of Road
Natural Gas Dept _ _ _ _Mar 1,078,660 1,038,692
Previous
Current Previous Current
Week or
9,210,148 8,028,520 5,116,106 4,699,859
or Company.
Apr 1 to Mar 31
Year.
Year.
Year.
Year.
62,338
Month.
44,265
69,290
54,038
Mar
011 Department
197,748
252,342
277,273
368,527
Apr 1 to Mar 31
$
287,303
271,375
557,801
Dept _ _Mar 718,380
Elec L & Pow
265,247
287,467
Adirond El Pow Corp February _ 133.315 126,406
7,310,704 5,737,937 2,990,261 2,875,479
Apr 1 to Mar 31
67,842
70,682
Atlantic Shore Ry_ _ _ March _ _ _ 25.740 23,473
378,204
318,115
293,094
Mar 1,186,527 1,111,583
306,319
Street Ry Dept
cAur Elgin & Chic fly February _ 146,527 144,234
13,822,282 12,683,453 4,440,614 4,622,245
128,690
143,460
Apr 1 to Mar 31
Bangor Ry & Electric February _ 68.776 62,406
51,177
57,545
____
18,277 16,200
Baton Rouge Elec Co March
65,731 Southwestern Power & Light 366,045
160,210
165,061
BeitL RyCorp(NYO) January -- 57,747 65.7p1
338,773
(subsidiary cos only) _Mar
212,396
245'482
87,361
523,469
553.600
Berkshire Street Ry_ March
1,181,457 1,055,975
Jan 1 to Mar 31
_ .16872000 /6276000 114138.000 f12902,000
Brazilian Trac. L & P February
Balance,
22,455
25,143
Fixed
7,097
8,413
Net after
Gross
Brock & Plym St Ry_ March _ _ _ _
Surglus.
Charges.
Taxes.
Earnings.
Bkiyn Rap 'Fran Syst January _ _ 2439,469 2257.559 2.439.469 2,257.559
90,625
104,345
33,754 27,867
3
Cape Breton Elec Co March _ _ _ _
72,328
74,263
23,629 23,516
2,233
222
Cent Miss V El Prop.. March _ _ _ _
2,455
15,776
197,603 Abingt'n&Rock- I Mar '17
209.226
1,691
197
Chattanooga Ry & Lt February _ 102,177 96,183
1,888
13,833
'16
land El Lt Szi
9,910
642
Cities Service Co_ _ _ _ March _ _ _ 1721,481 639.780 5,257,798 1,976,729
10,552
50,728
Co_ _ _ _ 1 3 mos '17
Power
60,823
68,798
9,049
599
Cleve Painesv & East February _ 32,362 29,922
9,648
44,574
'16
303,029
331,373
Cleve Southw & Col.. March _ _ _ _ 117,466 104,120
39,762
70,986
'17
sColumbla Gas & EL March __ 1017,152 912,845 3.188,644 2,689,617 Ap8alachian Power Mar'16
36,074
63,983
203,305
258,445
o
Columbus(Ga) El Co March _ _ _ _ 87,851 66,736
z6,571
455,031
458,050
821,176
12 mos '17
578,117
653,889
& P February _ 316,318 280,700
Colum (0) R.L
x65,918
298,837
363,973
680,107
'16
1558,538 1353,712 4,706,991 4,124,259
Com'w'th P. By & Lt March
778,021
150,255
928,276
March _ _ _ _ 806,909 751,504 2,314,102 2,134,382 Atl Gulf & West
Feb '17 3,311,930
Connecticut Co
473.067
180,727
653,794
'16 2,386,106
Consum Pow (Mich)_ March _ _ _ _ 454,581 374,835 1,402.187 1,161,227
Indies SSLines
290,547 1,524,029
411.582
455.994
2 mos '17 6,433,972 1,814,576
(Jamb Co(Me)P & L February _ 217.275 198.398
(subsid cos)
800,231
343,386
496,719
568,142
'16 4,394,276 1,143,617
Co_ _ _ March _ _ _ _ 188,025 159,828
Dallas Electric
12,741
406,296 Ashville Pow & Lt....Mar '17
4,384
394.590
149.775 135,132
17,125
40,527
Dayton Pow & Light March ___
10,760
3,986
14,746
35,599
g Detroit Edison_ _ March _ _ _ 1044,105 848,0'. 3,188.436 2,595.801
'16
138,839
51,261
Lines March _ _ _ _ 1465,106 1237,688 4,143,246 3,523,118
190,100
Detroit United
466,856
12 mos '17
40,137
34.687
151,183
51,895
34,687 40.137
203,078
D DEB& Batt(Rec) January __
450,973
'16
324,036
379,315
5,115
Duluth-SuperiorTrac March _ _ _ _ 133,101 114,028
3,525
8,640
18,277
456,840 Baton Rouge Elec.. Mar '17
560,765
3,739
East St Louis & Sub_ February _ 268.158 227.472
3,461
7,200
16,200
'16
192,608
228,421
76.062 62,339
•
18,642
Eastern Texas Elec March _ _ _ _
10,603
29.245
57,545
3 mos '17
282,920
335,781
14,058
El Paso Electric Co.._ March _ _ _ _ 108,183 86,491
10,394
24,452
51,177
'16
163.580
140,329
42d St M & St N Ave January _ _ 140.329 163,580
27,077
21,046
48,123
154,369
658,614
Mar '17
712,926
g Federal Lt & Trac_ March _ _ _ _ 239,235 216,914
44,637
20,360
64,997
145,590
'16
460,596 Blackstone Vail
468,830
Galv-Hous Elec Co.... March .._ _ _ 157,470 158,394
98,192
72,164
170,356
489,979
209,246
217,040
Gas & Elec__ 3 mos '17
Grand Rapids fly Co February _ 103.932 103,429
131,491
70,014
201,505
445,645
'16
632,220 i
670,667
Great West Pow Syst February _ 328,982 310.805
def2,612
1,167
35,876 I
45,260
8,413 def1,445
45.260 35.876
Mar '17
Hagers'n & Fred fly.. January _ _
def2,471
1,101
265,913
274,717
7,097 def1,370
94,926 93,333
'16
& PlyHarrisburg Railways March _ _ _ _
def7,133
3,461
981,617 • Brockton
25,143 det3,672
3 mos '17
El Ry,L & P February _ 504,325 489.543 1.051.813
Havana
mouth
i
0
5
3,300 def4,579
57,984
22,455 def1,279
'16
Honolulu ft r & Land January _ _ 57.984 50.243
84,499
6,296
6,553
12,849
Houghton Co Tr Co_ March........ 30,497 27,191
33,754
Cape Breton Elec_ _Mar '17
1,475
6,451
7,926
b Hudson & Manhat_ March _ _ _ _ 544,365 510,203 1,583,461 1,478,022
27,867
'16
21,130
19,656
Illinois Traction_ _ _ _ March _ _ _ _ 1080,633 985,925 3,282,112 3,022,529
40,786
104,345
3 mos '17
13,486
91,430
32,916
Interboro Rap Tran_ March _ _ _ _ 3682,520 3405,051 10,553,367 9,635,778
90,625
'16
157,914
174,603
z42,767
Jacksonville Trac Co March _ _ _ _ 61,510 54,731
14,746
25,963
71,837
58,912 Carolina Pow & Lt_Mar '17
58,686
18,759 19,390
Keokuk Electric Co.. March _ _
x24,519
15,132
24,651
54,598
'16
28,058
33,244
9,236
11,259
Key West Electric_ _ _ March
169,717 x226,038
286,105
822,777
12 mos '17
219,877
251,915
Ry_ February _ 120,326 106,507
Lake Shore Elec
174,686 z155,295
269,981
718,066
'16
555,407
632,561
Lehigh Valley Transit March _ _ _ _ 218.468 192,104
4,084
2,156
6,240
23,629
103,457 Central Mis Val
Mar '17
116,496
Lewist Aug & Watery February _ 54,793 50,574
5,725
1,899
7,624
15,834
23,516
16,258
'16
16.258 15,834
.01 Properties..
Long Island Electric.. January _ _
15,716
6,344
22,060
74,263
477,786
487,062
3 mos '17
Louisville Railway February _ 232,679 234,124
19,289
5,717
25,006
72,328
'16
Milw El Ry & Lt Co.. February _ 634.375 575,254 1.322,030 1,170,084
256,135
54,977
331.187
49,217
104,194
548,146
Milw Lt, If & Tr Co February _ 160.752 127,078
Mar '17
172,432
371,628 Cleveland Elect
565,490
36,634
209,066
442,108
Monongahela Vail Tr March __ _ 202,777 128,044
'16
Ill Co
252,252
381.903
407,462
141,115
393,367
& Light February _ 197,593 185,318
Nashville Ry
3 mos '17 1,715,801
568.605
143,031
109,605
166,576
678,210
'16 1,348,018
Newp N & H Ry G & E February _ 81,354 70,583
1 0.47
61,707
x1,200
N Y City Interboro January _ _ 61,707 61,247
27,760
28,877
117,466
29,402 Cloy Southw & Col_Mar '17
30.165
30.165 29,402
January
z9,369
27,644
N Y & Long Island
36,928
104,120
'16
12,165
11.350
11,350 12,165
x6,642
83,119
N Y & North Shore January _ _
89,503
331,373
'17
3 mos
109,030
111.404
x29,836
N Y & Queens Co_ _ _ January _ _ 111.404 109.030
83,107
112,661
303,029
'16
New York Railways.. February _ 914,076 1040,676 1,911,151 2,162,113
53,103
93,517
Mar '17
71,420 Colorado Power
77,311
27,318 24.955
N Y & Stamford Ry_ March _ _
41,533
73,016
'16
Co
N Y State Railways_ December 651.989 561,901 8,256.470 7.264.675
329,415 x315,961
604,448
12 mos '17 1,084.295
118,018
130,528
45,165 39,835
N Y Westches & Bost Marcn
292,020 x255,470
514,947
861,506
'16
30,734
32.320
15,812 14.490
Northampton Trac February _
25,594
28,350
53,944
87,851
530,618 397,357 1.519,926 1,136,896 Columbus (Ga) ELMar '17
Nor Ohio Trac & Lt.. March........
9,759
28,704
38,463
459,444
529,223
66,736
'16
199,545 166,936
North Texas Electric March
75,329
85,284
160,613
5,404
5.424
5,424
258,445
5,4(14
3 mos '17
Ocean Electric (L I)_ January _ _
30,788
86,071
116,859
3,399.379 3,362,748
203.305
'16
Pacific Gas & Elec_ _ _ February _ 1625,814 1600,035
16,731
815,208
16,511
33,242
69,729
Pacific Lt & P Corp March __ _ 270,616 250,776
78:796 Connecticut Pow Co Mar'17
8,415
79,732
16,404
24,819
53,937
'16
g Paducah Tr & Lt Co March _ _ _ 25,394 25,725
69,825 i
79,176
52,653
49,607
25,221 24,056
102,260
208,853
Pensacola Electric Co March..
3 mos '17
40,576
49,479
90,055
172,203
'16
Phila Rapid Transit_ March ___ 2510.812 2255,672 7,143,949 6,445,758 1I
107.040
116,822
27,176
Phiia & Western Ry_ March __ _ 41,097 37,248
40,795
67,971
188,025
Mar'17
864,319 Dallas Elec Co
950,139
Port(Ore)R y,L&PCo. February .. 459,908 409,331
x24,907
59,685
36,778
159,828
'16
Sd Tr L & P_ February _ 720,178 597.215 1,508.048 1,266,808
g Puget
105,229
227,051
121,822
568.142
3 mos '17
958,821
376,822 330,047 1.114.250
g Republic Ry & Lt.... March
z95,133
110,164
199,297
496,719
'16
Fthode Island Co...... _ March...... 478,057 451,308 1,368,320 1,290,381
23,073
9,913
32,986
76,062
28,235 Eastern Texas Elec Mar '17
31.982
31,982 28,235
Richmond Lt & RR_ January
18,585
8,867
27,452
62,339
'16
35 ?.530
390,311
126,670 112,808
St Jos Ry,L, &P _ March
76,665
29,322
105,987
228,421
478,222
553.589
3 mos '17
57,814 45,961
Santiago Elec Lt & Tr December
61,721
26,516
88,237
192,608
'16
191,801
221,600
Co March........ 77,252 65,270
Savannah Electric
19,300
1,637
66.179
61,445
20,937
59,098
'
Mar l7
Second Avenue (Rec) January __ 61,445 66,179
18,052
1,396
18.422 Edison Elec III
16.584
19,448
16.584 18.422
'16
52,914
Southern Boulevard.. January __
69,721
4,863
74,584
185.514
March _ _ _ 399,501 383,139 1,225,772 1,214,209
3 mos '17
(Brockton)
Southern Cal Edison_
61,509
4,273
21,379
22.933
65,782
166,310
'16
Staten Isl'd Midland.. January _ _ 22,933 21,379
259,177
272,441
35,221
5,114
Tampa Electric Co.._ March _ _ _ _ 89,766 8t,928
40,335
108,183
'17
342,658 El Paso Electric.... _Mar '16
331.001
4,810
33,741
January _ _ 331.001 342.658
38,551
Third Avenue
86,491
15,670
123,051
138,721
Twin City Rap Tran_ 4th wkNfar 300,737 269,800 2,641,012 2.490.986
335,781
3 mos '17
234,769
230,728
126,623
14,205
140,828
Union Ry Co of NY C January _ _ 230,728 234,769
282,920
'16
946,344
Virginia Ry& Power_ February _ 478,490 45r,5113 1,003.672
3
17,470
17,473
43,253
58,490 Fall River Gas Wks...Mar'17
66.960
Wash Bait & Annap_ January _ _ 66,960 58.493
12,832
2
12,834
'16
39,824
44,266
41,428
Westchester Electric_ January _ _ 41,428 44,266
51,895
51,901
6
132,507
3 mos '17
52,618
50,412
18,849 17,998
March _
Westchester St RR
40,361
40,370
9
125,458
'16
708,756
966,757
322,077 235,889
West Penn Power...... March
8,333
44,751
36,418
157,470
g West Penn Trac Co March _ _ _ _ 613,268 490,253 1,789,417 1.432,157 Galv-Houston EL _Mar '17
15,744
51,923
36,179
158,394
63,111
'16
58,444
Yonkers Railroad...... January _ _ 58,444 63,111
27,837
137,924
110,087
468,830
241,033
3 mos '17
264.447
March .. _ _ 89,118 80,938
York Railways
39,205
109,387
148,582
460,596
73,962
'16
78,403
Youngstown & Ohio.. March........ 28,737 24,581
4,117
1
4,118
23,416
Haverhill Gas Lt Co Mar'17
7,429
2
7,431
b Represents income from all sources. c These figures are for consoli23,570
'16
16,796
561
17,357
78,709
dated company. f Earnings now given in milreis. g Includes constituent
3 mos '17
20,355
546
20,901
72,115
companies.
'16
10,073
6,112
16,185
34,766
Houghton Co El Lt Mar '17
11,245
4,669
30,988
15,914
'16
Electric Railway and Other Public Utility Net Earn39,487
18,326
114,003
57,813
3 mos '17
-The following table gives the returns of ELECTRIC
ings.
40,099
14,500
101,205
54,599
'16
3,915
6,977
railway and other public utility gross and net earnings with Houghton Co Tract Mar '17
10,892
30,497
7,141
5,357
12,498
'16
27,191
charges and surplus reported this week:
7,352
21,225
28.577
84,499
3 mos '17
--Gross Earnings--Net Earnings
11,980
16,401
28,381
76,193
'16
Previous
Current
Previous
Current
x881,345
Year.
Year.
Year.
Year.
Interboro Rap Tran Mar '17 3,682,520 1,848,559 1,014,102 x939,070
Companies.
996,617
'16 3,405.051 1,887,268
$
•
$
'17 29,576,392 15,211,832 9,000,086 x6,605,471
9 mos
308,2
306,507
691,347
(sub cos only)_ Mar 754,588
Am P L
'16 26,458,814 14,310,230 8,429,265 x6,303,842
2,418.463 2,205,823 1.025,265 1,025,9
Jan 1 to Mar 31




9

9243 ,
.

MAY 5 1917.)

THE CHRONICLE
Gross
Earnings.

Net after
Taxes.

Fixed
Charges.

Jacksonville Tract Mar '17
15,776
61,510
23,172
'16
17,969
15,440
54,731
3 mos '17
60,628
174,603
46,815
'16
51,248
44,892
157,914
Keokuk Elect Co_ _ _Mar'17
2,147
5,041 .
18,759
6,611
1,868
'16
19,390
3 mos '17
17,801
6,364
58,686
5,621
20,919
'16
58,912
Key West Elect_ __ _Mar '17
3,928
2.507
11,259
3,264
2,520
'16
9,236
3 mos '17
11,356
7,502
33,244
10,121
7,518
28,058
'16
Lowell El Lt Corp_ _Mar '17
21,150
60,225
781
17,074
51,700
325
'16
74,342
186,521
3 mos '17
2,422
65,372
164,519
'16
762
Miss River Pow Co_Mar '17
161,596
129,170
107,707
114,554
140,708
'16
105,844
461,188
369,919
321,652
3 mos '17
427,085
339,795
'16
317.851
209,279
New England Co Mar '17
115,816
49.408
169,763
'16
105.260
49,532
612,202
304,896
3 mos '17
138.399
484,786
319,372
'16
144.457
73,329
Nor Out Lt & Pow_Mar '17
56,293
22,780
'16
69.611
54,577
22,780
219,840
3 mos '17
169,445
68.340
'16
210,746
165,392
68.312
199,545
North Texas Elm_ _Mar '17
85,372
29,182
'16
166,936
65,276
28,725
3 mos '17
529,223
213,270
87,528
'16
459.444
174,661
86,536
Mar '17
Pacific Gas & El
39,978
15,724
(Arizona)
'16
33,677
9,323
12 mos '17
413,112
147,326
98,620
'16
370.726
113,476
89,464
Pacific Light &
Mar '17
270,616
156,245
99,875
Power Corp
'16
250.776
146,571
106,689
3 mos '17
815,208
299,276
494,477
'16
761.415
487,713
318,793
Paducah Trac & Lt_Mar '17
25,394
4,865
7,279
'16
25,725
9,770
7,187
3 mos '17
79,732
21,769
18,979
'16
78,796
31,399
22,039
Pensacola Elec Co_Mar '17
25,221
9,222
7,818
'16
24,056
10,742
7,516
3 mos '17
79,176
32.441
23,422
'16
69,825
31,053
23,334
Savannah Elec Co__Mar '17
77,252
24,581
24,077
'16
65,270
20,029
23,344
3 mos '17
221,600
75,377
71,719
'16
191,801
58,468
69,683
Sierra Pac Elec Co_Mar '17
57,117
32.445
6,725
45,155
'16
26,670
7,199
158,780
3 mos '17
79,254
20,505
'16
136,619
70,200
21,641
Tampa Electric Co_Mar '17
89.766
42,811
4,372
'16
81,928
36,705
4,395
3 mos '17
272,441
132,141
12,999
'16
259,177
125,658
13,086
Lt & Pow
12 mos to Mar 31 '17 1,452,148
749,907
261,291
'16 1,190,131
603,713
Yadkin River Pow_Mar '17
39,834
30,064
14,385
'16
33,224
22,126
15,490
12 mos '17
453,778
340,118
182,044
'16
357,779
241,224
185,642
Gross
Fixed Chgs.
Net
Earnings. Earnings. et Taxes.
3
$
Detroit United
Mar '17 1,465,166
452,223
198,276
'16 1.237,688
420,922
189,920
3 mos '17 4,143,246 1,251,687
586,710
'16 3,523.118 1.162,766
560.721
x After allowing for other income received.

Balance,
Surplus.
7,396
2,529
13,813
6,256
2.894
4,743
11.437
15,298
1,421
744
3,854
2.603
20,369
16,749
71,920
64,610
21,463
8,710
48,267
21,944
66,408
55.728
156,497
174,915
33,513
31,797
101,105
97,080
56,190
36,551
125,742
88,125

1793

-Years ending Dec.31- -Years ending June 301916.
1915.
1915.
1914.
Total gross receipts_ _ _ _811,289,324 810,076,170 810,035,896 310,970,403
Operating expenses ___ 6,782,700 6.205,956 6,478,821
6,910.321
Net earnings
Other income

$4,506,624
291,571

$3,870,214
276,796

83,557,075 $4,060,081
170.919
197,415

Gross income
84,798,195 $4,147,010 $3,727,994 $4,257,496
Taxes, &c
$584,959
8566,995
$574,316
8567,857
Bond, &c., interest_ _ _ _ 1,831,080
1,765,445
1,756,590
1,765,743
Miscellaneous
359,515
438,807
256,657
198,447
Preferred dividend (4%)
840,000
840,000
840,000
840,000
Balance,surplus
$1,182,642
$535,764
8300,431
$885.449
-V. 104, p. 1696, 452.

The Central Railroad Company of New Jersey.
(Report for New Fiscal Year ending Dec. 31 1916.)
Pres. and Gen. Mgr. Wm. G. Besler says in substance:

Additions and Betterments.
-During
additions and betterments charged to the year $284,167 was expended for
capital, and 87,664,765 charged to
profit and loss, principally, land for transportation purposes,
$138_,430:
new pier No. 7 at Jersey City, N. J., $138.358; new pier No. 9, New York.
$1,633,409; improvements to roadway,$170,976; rolling equipment (new),
$4,718,210; floating equipment (new), $136,082, &c.
Funded Debt.
-The total funded debt of the company Dec. 31 1916 was
$48,201,000 ($4,277,000 held in treasury), as against 845,661,000 as of
Dec. 311915, an increase of $2,540,000 for the year, viz.: equipment bonds
series"G"Issued (V. 103, p.60) $3,000,000,less $350,000 equipment series
"E" and 8110.000 series
retired.
Of the 850,000,000 General Mortgage 5% bonds, $45,091,000 have been
Issued. of which $1,167,000 are held in treasury,leaving a balance unissued
a $4,909,000.
Neio Eguipment.-Equipment purchased and received during the year
includes: 1,000 steel underframe box cars. 250 steel underframe insulated
box cars, 2,000 steel hopper coal cars, 1 business car and 58
-wheel switching
following new equipment contracted for in 1915 has
z50,086 locomotives. Thesteam
been received: 1
lighter, 5 hand hoist lighters, 25 vestibule steel
x33,651 coaches, 1 20-ton locomotive
crane, 2 covered barges and 5 steel
z63,149 and mail cars. There were also completed at company's shops 73 baggage
x49,285 1 passenger locomotive, and equipment under construction at cars and
z212,740 shops includes 10 cars and 5 switching locomotives and contractscompany's
have been
x196,752 made for delivery during 1917 covering 40
-wheel switching lococars, 58
def2,414 motives. 10 freight locomotives and 2 8
-wheel locomotive cranes.
Property.
-The I-S. C. Commission requires that the cost of additions
2,583
def2,790 and betterments to owned and leased property used for railroad purposes
9,360 and charged to income or profit and loss shall be stated as a property asset
1,404 on the balance sheet, and the amount so charged on account of owned
3,226 property is $27,398,840, and on account of leased property $2,258,407.
9,019 aggregating 829,657,247, which amount is shown a.s a separate item on the
7,719 credit side of the balance sheet in order to offset an apparent increase in
capitalized property.
504
L.
.43. Coal
-Under a decree handed down on Oct. 27
def3,315 1915 & the U. S. Co. Dividends.
by
District Court the Lehigh & Wilkes-Barre Coal Co. was
3,65b
def11,215 enjoined form paying and this company from accepting any dividends on its
holdings of the former company's stock.
been
25,720 declared by the coal company since the decree Three dividends have under
was handed
and
19,471 this decree this company could not receive its share of down,dividends,
these
58,749 amounting to $1,655,482. Upon final adjudication
this
48,559 amount will undoubtedly be received by this company subtsantially (V.
in some form
38,439 102. p. 1063)
.
Results
.-Operating revenue increased 83,803,443 and operating expenses
32,310
119,142 $2.302.365 over 1915 The average revenue tonnage per train mile was
112,572 560.1 tons, a decrease of 16.2 tons, and the average distance each ton was
carried was 70.14 miles, a decrease of 0.63 mile. Included in the operating
488,616 expenses are expenditures made as follows: Employees' compensation
laws, N. J. and Penna., 869.351; Federal valuation of railroads, required
15,679 by law, 897.631; full crew laws, N. J. and Penna., 8121,973.
During the year 326,580 new ties were laid; 12,992 cubic yards of rock
6,636
158,074 ballast were placed in track; 64.22 miles of track were relaid with steel rails
55,582 of 90, 100 and 135-1b. sections; 20.17 miles of track were relaid with secondhand rails, chiefly of 70, 80,85 and 90-1b. sections.
Balance,
Surplus.
INCOME ACCOUNT.
-Years ending Dec.31- -Years ending June 30
x277,677
Operating Revenue1916.
1915.
1916.
1915.
x255,069 Merchandise
$14,976,792 812,671,906 $14,257;156 811,146,865
x747,181 Bituminous coal
1,953,813
1,669,884
1,997,820
1,502.284
z679,509 Anthracite coal
8,511,500 8,635,635 8,860,622 8,712.472
Passenger
6,134,814
5,567,820 5,893,056
5,508,150
Express and mail
726,169
528.016
629,939
480.306
Water line
341,811
330,934
321,792
343,603
Incidental
1,143,037
642,611
947,348
559,688
Miscellaneous
584,412
522,099
ANNUAL REPORTS
555.196
488.888
Total
834.372,348 830,568,905 833,462,929 $28,742,256
Operating ExpensesMaint. of way, &c
2,844,575 2,595,222 2,775.739 2,550,456
Annual Reports.
-An index to annual reports of
Maint. of equipment_
5.630,528 5,668,404 5.451.510 5,347,465
railroads, street railways and miscellaneous companies steam Transp'n expenses _ _ 12,356,485 10,440,958 11,665,217 9,962,503
which Traffic expenses
358,927
have been published during the preceding month will be
361,528
359,641
346.288
General expenses
791,362
642,273
717,309
599,272
given on the last Sitturday of each month. This index will Miscell.operations
.
178,977
150,366
164,232
149.435
not include reports in the issue of the "Chronicle" in which Transp'n for investment Cr.4,208
Cr.4,470
Cr.3,751
Cr.4.113
Total
822,156,647 $19,854,282 821,129,896 $18.951,307
it is published. The latest index will be found in the issue Net
revenue
$12,215,701 810,714,623 $12,333,033 $9,790,949
of April 28. The next will appear in that of May 26.
Taxes, &c
1,830,676
1,586,047
1,827,275
1.433.823
Operating income _ _$10,385,024 $9,128.576 810,505,758 $8.357,126
Union Pacific Railroad.
Rents, &c., received.. 81.235,960 81.002.763 81,104,555 $1,049.206
Dividend income
(20th Annual Report-Year ending Dec. 31 1916.)
a202.448
a744.576
a199,231
1,296.527
Gross corp. income_ _$11,823,432 $10,875.915 $11,809,544 $10.702,859
On subsequent pages will be found the remarks of Chair- Interest on bonds
$2,225,092 82,202.311 $2.199.200 $2,223.938
man Robert S. Lovett in addition to a comparative income Miscellaneous
249,350
249,350
249,350
249,350
Rentals
3,308.456
3.103,100 3,251.080 2,830.595
account and balance sheet for two years.
Miscellaneous taxes_
142,639
113,591
137.341
86,798
The Inter-State Commerce Commission changed the fiscal Dividends (12%) _ _ _ 3.292,416 3.292,416 3,292,416 3.292.416
Total deductions_ _ _ _ 89,217,954 $8,960,769 $9,129,387 $8,683,097
year of railroads from the year ending June 30 to the calenBalance,surplus
a$2,605,478 a$1.915,146 142.680.157 82,019.762
dar year.
a Does not include Lehigh & Wilkes-Barre Coal Co. dividends (1) for
-years ending Dec.31- -years ending June
30- 1916
-June and Dec. 1916 declared, but not yet received, amounting to
1916.
1915.
1915.
1914.
31,103.655; (2) for 1915-the Dec. 1915 dividend, 8551,827 and (3) for the
Average miles
7,933
7,858
7,784
7,597 year ending June 30 1916
-the Dec. 1915 and June 1916 dividends, 81,$
Operating revenue
114,412,607 91,952,244 86,958,295 92,115,332 103,655.
BALANCE SHEET DECEMBER 31 1916.
Operating exp. & taxes_ 69,355,937 58,791,940 56,778,189
60,489,118
Dec. 31 '16.June 30'16
Dec. 31 '16.Junt 30'16
Assets
45,056,670 33,160,304 30,180,106 31,626,214
Net revenue
Liabilities
Road dt equip't_ _ _89,642,974
1,339,227
Other income
1,481.516
1,339,581
1,083,795 Improv.leased rye. 2,258,407 87,673,066 Capital stock_ _ _ _27,436,800 27,436,800
Inc.from investls,&c.. _ 12,246,971 12,170,541 11,963,580 16,351,924
819,121 Mtge. bonds
45,091,000 45.091.000
Inverstin affli.cos.Equip. obligations 3,110,000 3,110,000
Stocks
58,642,868 46,812,361 43,483,267 49.061,933
14,204,935 14,205,102 Loans & bills pay_ 1,600,000
Totalincome
600,000
15,471,082 15,237,751 15,090,708
Bonds
1,934,000 1,934,000 Interest,dividends,
Fixed charges
15,967,989
Advances
5,155,241 4,529,199 &c., due
Additions & betterments 4,367,075
1,983,459
1,309,822 1,518.830
1,083,459
Preferred dividend(4%) 3,981,740 3,981,740 3,981,740 3,981,740 Other investm'ts. 4,846,486 4,846,536 Accounts & wages 3,305,493 3.488,415
Common dividends_ _ - 17,783,328 17.783,328 17.783,328 19,780,778 Misc. phys. prop_ 3,267,744 3,279,398 Traffic, &c., bal.. 243,078
168,868
Secur.unpiedged__ 4,277,000 4,277,000 MISC. accounts_ _ _
(8%)
Per cent on com. dive_
172,042
(8%)
160,393
(8%)
(9%)
Mat'is & supplies_ 2,872,805 2,418,981 Interestdividends,
Cash
17,039,643 8,726,083
Balance,surplus
2,155,239 1,988,020 &c., accrued_ _
20,133
552,986
5,544,032 9,331.426 Special deposits
-V. 104, p. 560.
6,542
205,338 Taxes
2,031,271 1,248,707
Agents. &c
2,188,014 2,352,200 Deferred accounts 254,016
36,107
Kansas City Southern Railway.
Traffic, &c., bal_ _ 1,215,136 1,009,915 Other unadjusted
Misc. accounts_
accounts
(17th Annual Report-For Fiscal Year ending Dec. 31 1916.) Loans & bilis rec_ _ 3,391,925 3,208,197 Approp. surplus, 3,092,711 3,528.370
13.653
11,093
218,682 special (text)_ _ x29,657,247 26,287,733
On subsequent pages will be found the remarks of President Ins., &c., funds _ 218,682
.
Accrued deprec'n _11,875,952 11,011,774
J. A. Edson, in addition to a comparative income account Other unadj. accts 3,097,775 4,139,819 Profit and loss_ _ y11,546,991 12,775,684
and balance sheet for two years.
Total assets _140,746,557 137115.668
Total
140,746.557 137115,668
The Inter-State Commerce Commission changed the fiscal
x Includes as of
1916 additions
year of railroads from the year ending June 30 to the calendar surplus investmentDec. 31 and equipment.to property through income and
in road
827.398,840, and improvemen
on leased property, $2,258,407. y After deducting additions and bette
year.
ments, $7,664.765, & miscell. items, 3285,986.-V. 1033p.11207, 1117.




[VOL. 104.

THE CHRONICLE

1794

Cleveland Cincinnati Chicago & St. Louis Ry.
(28th Annual Report-Year ending Dec. 31 1916.)
The text of the report with various tables was given last
week, pages 1602 and 1603:
OPERATING STATISTICS.
1914.
1915.
1916.
2,381
2,385
2,387

Other Income
Joint facilities
Miscellaneous rents_ _ _ _
Dividends on stocks_
Interest on funded debt.,
Int.on other securs., &c.
Miscellaneous

1916.
S
225,377
5.382
476,081
46,739
180,070
3,244

1915.
S
233,444
3,705
469,426
47,600
170,797
3,511

1914.
2/7,227
1,916
488,159
76,880
160,143
2,037

1913.
S
255,584
1,726
746,942
46,880
192,198
2,727

1913.
7,608,158 8,527,115
Gross corp.income.,.,., 15,013,063 10,214,084
2,365 Rents (leased lines)
3,402,187 3,662,314
3,444,651
3,259,907
Miles operated
1,367,205
1,364,849
1,566,501
2,274,352
Operation
Hire of equipment
579,350
569,131
535,479
587,973
Tons rev. freight carried 32,902,583 27,483,677 26,077,890 29,613,113 Joint facilities
8,574
14,985
10,492
mile.._5848072,312 4763382,878 4416784,917 4596394,110 Miscellaneous rents..
1,961
Tons carried one
1,258,304
1,286,006
1,389,595
Rev,per ton per mile_ _ _ 0.556 cts. 0.557 cts. 0.531 cts. 0.547 cts. Interest on funded debt_ 1.768,138
$2.65 Other interest
294,196
$2.91
$3.28
543,024
$3.64
316,800
225,804
Frt.earns, per train mile
484 Other deductions
548
74,012
589
13,556
23,610
654
tr.
57,491
Tons rev.frt. per. mile
9,153,536 8,136,219 7,905,079 9,086,165 Capital stock purchased
Passengers carried
one mile_ _499,539,762 425,467,914 440,601,304 466.059,524
1,151,150
Pass. carried
Jacks. Lans.&Sag.RR
405,375
Rev, per pass, per mile_ 2.007 cts. 2.001 cts. 1.949 cts. 1.908 cts.
Grand Riv. Val. RR_
$1.33
$1.30
$1.32
$1.43
500,000
Pass. rev, per train mile
account_ _ _
$15,902 Depreciationbetterments
$14,852
$16,086
$19,556
113,176
144,459
Oper. revenue per mile_
Additions &
.(4%)749,520 (5)936,900 (4)749,520(6)1,124,280
Dividends
,
INCOME ACCOUNT FOR CALENDAR YEARS.
1913.
1914.
1915.
8,337,203 7,943,259 8,368,234
1916.
Total deductions____ 11,126,131
$
$
$
Operating Revenue
-$
Balance, sur. or def sur.$3,886,932 sr.1,876,881 def.335,101 sur.158,881
32,536,544 26,510,832 23,436,211 25,133,116
Freight
10,026,742 8,514,689 8,589,012 8,891,201
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
Passengers
1915.I
1916.
Mail, express & miscell_ 3,339,408 2,774,900 2,655,067 2,733,350
1915.
1916.
855,831
685,401
563,666
$
775,546
than transport'n_
Other
Liabilities$
$
AssetsRoad & equipm1_88,375,760 74,218,220 Capital stock...,_ _ 18,738,000 13,738,000
Total oper. revenues.. 46,678,240 38,364,087 35,365,691 37,613,498 Inv.in Mill. cos.
40,790,000 37,642,000
Funded debt
Expenses7,627,795 8,172,434 Equipment trusts_ 13,125,194 9,742,720
Stocks
Maint. way & structures 4,547,917 4,417,348 4,740,009 5,742,960
920,975 Loans & bills pay_ 4,288,902 4,507,205
807,200
Bonds
8,935,846
7,487,072 7,713,041
Maint. of equipment _ _ _ 8,686,251
2,000.812 1,985,812 Accts. & wages.._ _ 4,849,490 3,966.690
Notes
971,429
892,605
876,499
333,823
1,028,789
Traffic expenses
177,986 Traffic, &c., bal.._ 517,147
142,596
Advances
Transportat'n expenses.. 15,815,902 13,709,987 14,582,391 16,110,019 Other investments
514,688 Matured divs., in15,004
1,051,214 Misc.phys.prop'ty 955,498
31,259
1,026,923
1,037,461
34,081
terest,&c
General & miscexpenses 1,143,117
841,748
3,094,284 2,504,754 Miscellaneous... _ _ 958,227 1,510,688
Cash
31,221,977 27,528,367 28,954,969 32,811,468 Loans & bills tee_
Total expenses
387 Unmatured int.,
(87.23) Agents & conduc's 3,654,478 3,100,038
(81.87)
(71.76)
(66.89)
divs. and rents_ 1,181,829 1,190,533
P. c. exp. to revenue_ .._
65.748
87,904
Net operating revenue_ _ 15,456,264 10,835,720 6,410,722 4,802,030 Material & suppl's 5,161,929 3,648,543 Operating reserve_
Cr.5,054 Miscellaneous...,., 1,739,218 1,500,982 Deprec. road & eq. 6,213,079 3,770,972
5,277
7,486
5,842
Uncollectible,&c.(net)_
1,408,769 Accrued int.. &c
262,484
1,526,715
1,514,131
1,686,720
Taxes accrued
294,432 0th. def. cr. Items 1,091,771
236,212
Additions through
Other deferred deb.
8,201,083 4,496,600
Operating income..___ 13,763,702 9,314,103 4,878,730 3,398,315
1,279,356 2,010,702 income
items
Profit and loss_ _ _ _ 17,113,433 13,638,974
Other Income
365,907
400,607
440,947
463,874
Joint facilities rents_ _ _ _
147,256
149,215
149,956
115,090,140 99,897,697
186,885
Total
Miscellaneous rents_ _ _ _
115.090,140 99,897,697
Total
72,276
77,408
80:698
84,112
Misc. phys. prop. (net)_
For profit and loss statement in 1916 compare V. 104, p. 1585.
57,665
61,998
62,150
162,206
Dividends on stocks__ _ _
29,015
127,351
229,674
281,278
Incomefrom fund.secur.
Nashville Chattanooga & St. Louis Ry.
Int. on other securities,
115,417
85,344
67,607
67,778
loans and accounts..__
(66th Report-New Fiscal Year ended Dec. 311916.)
28,660
31,276
103,803
51,510
Miscellaneous income__
Gross corp.income.._ _ 15,061,345 10,448,938
Deductions
571,041
571,041
Rentals of leased lines__
556,184
519,461
Hire of equipment
731,254
79,314
Other interest
562,779
562,563
Joint facilities rents_ _ _ _
141,371
185,116
Miscellaneous rents_ _ _ _
Int. on funded debt.....4,718,774 4,357,856
750,000
Equip. deprec'n acct
27,677
28,967
App. to sinking fund..
179,848
271,202
Miscellaneous
Preferred dividend_ _ _ _(3',)374,944

5,811,928

4,214,511

Pres. John Howe Peyton, Nashville, Apr. 10, wrote in sub.:

-The operating revenues are the largest in the history of the road,
Results.
cost of every element of operation, the percentage
587,116 and despite the increased72.12%, shows a decrease of 2.38% from that for
575,901
1,399,335 of expenses to earnings,
1,706,712
the year ended June 30 1916 and 5.93% from that for the calendar year
267,997
485,072
operation,
555,029 1915. This reduction was possible only through economy in
613,539
year.
145,838 and it is satisfactorily reflected in the net income for theare unquestionably
141,587
The conditions growing out of the war in Europe
4,147,837 3,975,071
costs
responsible for much of the prosperity of our country, but the risingtrainof railroad materials and labor and the increased wages granted the
13,269
men under the Adamson Law bid fair to greatly increase the operating
133,786
101,699
found to offset
(234)250,000 ratio, as it is not likely that many further economies can be it will be diffithese heavier expenses. With return to normal conditions
indeed for even the best managed and most favorably located railroad
7,128,009 7,785,615 7,314,172 cult
Total deductions.... _ _ 8,061,381
properties to escape the harmful results arising from the many existing
Balance,stir. or def., _sur. 6.999.964sur3.320.929 def1,973,687 def3.099,661 adverse conditions.
-Since June 30 the funded debt was increased by the issuFunded Debt.
CONDENSED GENERAL BALANCE SHEET DEC. 31.
ance of $1,000,000 First Consol. Mortgage 5% gold bonds; the cash pro1915.
1910.
1915.
1916.
toward the
ceeds shown in the balance sheet will be used $1,150,000, payment of the
Liabilities
Assets
which mature
three issues of branch bonds, aggregating
Road & equip.. _ 155,590,283 154,314,164 Common stock.. 47,027,200 47,027,200 Jan. 1 1917(V. 103, p. 1301). The First Consol. Mtge. bonds were issued
stock_ 10,000,000 10,000,000 in lieu of First Mtge. 7% bonds which matured July 1 1913. The bonds
161,581 Preferred
297,009
Improvements _
Funded debt__ 88,282,106 88,622,741
Inv.in MM.cos.:
Jan. 1 are shown in the general balance sheet as funded debt
7,288,506 5,832,730 Equip. trusts__ 12,304,118 11,905,058 maturing
Stocks
matured and unpaid.
Bur5,745,402 5,745,402 Non-nego. debt
Bonds
This railway has endorsed jointly and severally with the Chicago fund
to WM. cos__ 6,523,189 5,138,968
596,899
-year sinking
Advances,&c_ 1,089,708
Quincy RR. an additional $1,500,000 4 % 40
140,099 1,649,164 Accts. & wages_ 3,658,422 4,500,264 lington & of the Paducah & Illinois RR., $700,000 of which were sold.
Other investm'ts
gold bonds
33,505 Loans& bills pay 1,500,000 8,029,310 The remaining $800.000 will be marketed as required and it is expected that
33,805
Misc. ph.prop.
335,766
3,242,320 2,987,997 Traffic,&c..bals. 1,032,402
Cash
the Chicago Burlington & Quincy RR. and this railway will purchase them
910,125 Matur.dividends,
Special deposits 1,336,535
proceeds of this entire additional issue will
794,020 In an equal proportion. The of the expense of completion of the bridge
205,376 interest, dro__ 1,150,049
14,185
Loans& bills rec.
the payment
513,530 be used toward & Illinois RR. across the Ohio River near Metropolis, Ill.
665,788 Miscellaneous__ 1,500,358
Traffic,&c.,bats 1,469,027
of the Paducah
Agts., conduc.,&c 1,427,425 1,038,352 Unmatured int.,
546,754 (V. 103, p. 2342).
673,270
divs., &c____
Miscellaneous..., 3,754,108 3,191,421
-Property investment has been charged durAdditions and Betterments.
Material& supp. 2,970,315 2,795,625 Depr. (equip.).. 4,800,918 3,231,571 ing the year for expenditures for additions and betterments on equipment,
14,557
84,045
1,252 Def. cred. items
319
Sink.funds, dcc_
and on road, $1,651,606.
$1,202,084,
674,901 Addiens through
Oth.def.deb.items 533,132
Three Mallet locomotives were purchased, two of which replaced four
739,346
765,331
Income, dm._
on Cumberland Mountain,resulting
436,733 consolidation engines in pusher servicein train loads over the mountain.
485,700
SkAinv.fds.,&c.
approximate increase of 50%
Profit & loss_sur.5,147,010deb1,031,573 in anMikado type engines and ten second-hand consolidation engines were
Four
box cars and 20 steel-frame cabooses
184,912,177 180,804,243 also purchased, while 997 steel-frame
184.912,177 180,804,243 Total
Total
were built at the shops for the replacement of destroyed cars and inadeFor profit and loss statement in 1916 compare V. 104, p. 1583.
quate freight equipment.
the calendar
-The expense of maintenance per mile of road for increased by
Roadway.
year 1916 was $1,243 20. The length of road operated was 5.47
Michigan Central RR.
of
5.77 miles, due principally to a reclassification of trackage. were miles
649,523
(71st Annual Report-Year ending Dec. 31 1916.)
second track was completed and put in operation. There of the total
little more than 11%,
renewals, representing a
cross-ties
The text of the report with various tables was given last cross-ties used intracks; 108,114 cubic yards of ballast were used in maint.
in all
-In settlement of a part of the litigation now
Telephone Lines Agreement.
week, pages 1600 and 1601.
pending between the Western Union Telegraph Co. and this railway, an
OPERATING STATISTICS.
agreement has been reached whereby the railway is to purchase about 64.1
1913.
1914.
1915.
1916.
miles of telegraph line located on the Paducah & Memphis division and
1,800 about 380.9 miles located on the various branches. As soon as practicable
1,800
1,803
1,862
Miles operated
Equipment
after these lines are turned over to the railway they will be converted into
770 telephone lines for use in the railway's service only. The telephone line
757
740
753
Locomotives
542
483 between Nashville and Hickman will be put in service during Jan. 1917.
540
532
Passenger equipment.,_ _
26,016
25,361
24,432
28,656
-An extension from Cravens to Alton Park, 2.67 miles, is
Freight equipment
Extensions.
being built to existing and prospective industries in the Alton Park district
Operations
5,720,669 6,069,606 6,261.095 near Chattanooga, and should be completed about June 1917. An exten6,348,341
Passengers carried
branch, into
Pass. carried one mile_ _508,992,914 425,196,764 434,813,261 449,518,270 sion from Coahnont, the present terminus of the Tracy City head of Mill
Co. at
Rev. per pass. per mile_ 2.190 cts. 2.208 cts. 2.042 cts. 2.084 cts. the property of the Tennessee Consolidated Coal begun. the Tracy coal
The
Revenue tons moved__.. 24,947,892 20,103,493 19,196,012 21,850,235 Creek a distance of about 12.2 miles, has been output must of necessity
Rev,tons carried 1 mile_4172557226 3146630.782 3066954,454 3547706,279 fieldshave been worked about 50 years and the
exhaustion of the mines.
Revenue per ton per mile 0.714 cts. 0.733 cts. 0.675 cts. 0.653 cts. be rapidly reduced in the future, owing to the bridge across the Ohio River
457
462
506
580
Paducah & Illinois RR.-Tho double-track
Tons rev.fgt.per tr.mile.
$20,379 at Metropolis, Ill., should be opened for operation late in 1917. The 12
$18,591
$20,267
$24,933
.0per. revenue per mile_
miles of single track connecting line between the river and Paducah have
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
been in operation for some time in connection with a transfer by boat.
1913.
1914.
1915.
1916.
R S II g
- E CILTS june30_
OPERATIONS AND FISCALyears en lin5..
ISS
$
• Operating RevenuesYear end.
29,810,576 23,050,122 20,7f7,272 23,169,518
Freight
1916;231
Dec. 31'16.
1914:231
8,880,613 9,369,055
11,146,342 9,386,421
Passenger
1,231
1,236
2,844,576 3,099,823 Allies operated
3,816,162 2,967,127
Mail, express, &c
iii
1,038.575
1,022,508
1,136,995
1,645,710
Incidental,&c
258
273
273
266
Locomotives
246
247
239
241
46,418,790 36,540,665 33,464,969 36,676.971 Passenger cars
Total oper. revenue
10,322
10,108
10,252
10,648
Freight cars
Expenses
588
664
746
757
4,876,534 Other cars
3,628,377
4,533,241
Maintenance of way,&c. 5,166,401
Operations
5,349,079 6,088,756
5,764,870
Maintenance of equip't. 6,674,868
3,328,844 3,183,563 3,010.833 3.283.132
800,660 Passengers carried
762,657
721,914
819,782
Traffic expenses
121,155.298 137.958,062
16,406,747 13,395,872 14,170,444 15,013,847 Pass. carried one mile-136,329,667 127,790,054
'Transportation
2.23 cts.
2.08 cts.
2.09 cts.
2.11 cts.
1,223,302 Rate per pass, per mile_
1,270,927
1,311,590
General & miscellaneous 1,578,462
5,325,155 5,534,309
6,189,721
6,571,307
Freight (tons) carried
833,220.419
28,003,099 Freight (tons) one mile_1026460761 966,961,546 795,623.780
30,646,261 25,727,487 25,181.484
Total expenses
1.054 cts.
1.009 cts. 1.019 cts.
(76.35) Rate per ton per mile...,.. 1.007 cts.
(70.41)
(75.25)
(66.02)
Per cent of exp. to rev$10,471
$8.886
$10,295
$10,933
15,772,529 10,813,178 8,283,485 8,673,872 Gross earnings per mile_
Net revenue
$1.24
$1.05 ail
$1.11
$1.20
Earns. per pass. train in.
3,339
4,641
10.350
Uncollectibles
$2.02 hal $2.10
$2.57
mile
$2.77
1,392,814 Earns. per frt. tr.
1,598,350
1,522,936
1,686,010
'Taxes accrued
•r.:ris
* Also owns three steamers, three transfer barges.
7,281.058
6,681,796
14,076,169k 9,285,601
Operating income....




MAY 5 1917.1

THE CHRONICLE

INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1916.
1915.
Earnings1914.
1913.
$9,562,272 $8,065,082 $8,183,642 $9,146,456
Freight
2,876,076 2,514,218 2,782,569 3,137,520
Passengers
express,rents,&c_ 1,081,241
960,543
Mail,
1,007,661
1,038,657
Total gross earnings_ _313,519,588 $11,539,843 $11,973,872 $13,322,633
Expenses
Maintenance of way,&c. $1,537,257 $1,482,656 $1,661,654 $2,152,292
Maintenance of equip__ 2,410,148 2,188,558 2,314,044 2,440,818
expenses
Traffic
628,909
565,823
526,932
496,891
Transporta'n expenses
4,610,859 4,266,083 4,690,834 5,044,284
General expenses
449,726
398,053
353,327
380,643
Outside operations
57,702
120,913
Miscell. operations
125,832
108,091
54,419
Transporta. for invest_ _
Cr12,921
Cr2,139
Crl
Total expense's
$9,749,810 $9,007,125 $9,686,228 $10,608,525
Net earnings
$3,769,778 $2,532,718 $2,287,645 $2,714,108
Hire of equipment
565,048
264,2151
Other income
695,971
373,267
266,944
601,566
Miscell. operatAons(rev.)
42,056
44,335
Totalincome
$4,750,149 $3.108,212 $2,889,211 $3,410,079
Disbursements
Interest
$533,677
$582,776
Taxes, &c
313,789 $1,566,088 $1,708,750
348,117
Rentals, &c
729,095
742,599
Miscell. operations(exp.)
32,323
19,721
Dividends
(0)1,039,533 (5)799,225(7)1,118,930 (7)698,932
Total deductions_ _ _$2,732,746 $2,408,109 $2,685,018 $2,407,682
$700,103
Balance,surplus
$204,193 31,002,396
- $2,017,403
BALANCE SHEET DEC. 31.
1915.
1916.
1916.
1915.
Liabilities
Assets
Road & equipm't_37.710,345 35,903,442 Capital stock__ _16,000,000 16,000.000
Improvements _ 1,108,312
51,594 Prem.on cap. stk.
10,480
4,288
312,679 Funded debt_ _ __*10,878,475 11,025,000
Misc. phys. prop_ 322,288
Invest.in affil.cos. 804,850
661,060 Loans & notes pay.
48,500
24,295
investments 651,199
Other
614,075 Traffic, &o., bals_ 282,038
213,957
Cash
2,405,905 1,208,451 Acc'ts and wages. 1,314,408 1,200,331
Time drafts, dm_ _
35,000
485,000 Miscellaneous_ _ _25,381
22,365
Special deposits_ _
1,525
Matured int., &c..
75,905
90,555
Loans & notes roc _
5,588
24,004 do fund. debt_ 1,151,000
1,000
Traffic, &c., bals_ 128,989
80,900 Accrued interest_ _ 126,325
114,074
Agents & conduits 610,954
516,538 Deferred liabilities
22,681
22,681
Miscellaneous_ _ 929,107 1,477,406 Accrued taxes_
170,124
Material & suppl's 2,044,852 1,907,447 Prom.on fund.dt_ 101,250
50,746
Deferred assets_ _ _ 219,463
170,454 Unadjust. items_ _ 220,920
252,155
Unadjust. debits_ 198,521
158,882 Accr'd deprecia'n_ 3,796,206 3,429,159
Add'ns to prop'ty
271,404
through income_ 291,749
Profit and loss_ _12,881,518 10,739,797
Total
47,226,897 43,631,932
47,226,897 43,631,932 Total
* Does not include $1,150,000 bonds which matured Jan. 1 1917: does
include $23.475 sundry notes payable, maturing between Jan. 24 1917 and
Feb. 24 1919.-V. 104, p. 1489, 863.

The Duluth-Superior Traction Co. of Connecticut,
Duluth, Minn., and Superior, Wis.
(Report for Fiscal Year ending Dec. 31 1916.)
• Pres. A.M.Robertson, New Haven,Jan.24, wrote in sub.:
-The losses in revenue in
Results.
1915, due to Jitney competition and
other causes, have been fully made up. The gross revenues for
show an increase of $110,865. or 8.44% over the year 1914. the year
General
business conditions in the cities of Duluth and Superior have been good
during the year, and promise to continue so during the year 1917 at least,
and your company's earnings should continue to show a satisfactory increase.
The extension of the company's lines to "Morgan Park," the U.
Corporation's village at the steel plant, was put in operation June S. Steel
12, and
has thus far proved satisfactory in operation and earnings.
-On June 12 the Railroad Commission
Fares, etc.
order restoring the five (5) cent fare in the City of of Wisconsin filed an
sideration for this your company agreed to redeem Superior. In part conin rides all outstanding
COUPOIIS which had been sold under the
Railroad Commission's order requiring the sale of six tickets for 25 cents, and to build and
put
on or before Dec. 1 1917, a line of street railway extending from in operation
Tower Ave.
to the Superior Bay front, amounting to 16,536 feet of single track. Eight
new, standard, double truck cars were put in service during the
year.
Depreciation.
-During the year $138,561 was charged off
for depreciation and included in operating expenses.
Additions, &c.
-Expenditures for addition to property,'aggregating
$228,117, were made, and $77,235 was expended for renewals.
Salaries.
-During the year two voluntary increases in the rate of
pay of
company's employees were made.
the
Bonds.
-$158,000 of additional Gen. M.bonds were sold during the
Balance Sheet.
-The current liabilities have been reduced during theyear.
from $293,571 to $143,489. The current assets on Dec.31 1916 were year
$215,160, against $159,374 on Dec. 31 1915.
Dividends.
-Regular quarterly dividends of 1, upon tho preferred
%
have been declared and paid. No dividends have been declared orstock
paid
upon the common stock.

INCOME ACCOUNT FOR C916.
1ALENDAR YEARS.
1915.
1914.
28,081,851 23,185,970 25,912,155
4,597,429 4,035,752 4,375,217
$1,398:801 $1,154,906 $1,289,917
8 710
9,539
7,526
Total revenue
$1.407,511 31,164,445 31,297,443
Expenses
Way and structures
$166,197
3140,9541
224,067
Equipment
91,571
90,5871
Traffic
814
254
901
Power
171,473
155,617
170,268
Conducting transportation
348,939
308,481
304,531
General, miscellaneous, &c
135,580
145,115
160,226
Total expenses
$914,573
$841,008
$859,992
earnings
Net
$492,938
$323,437
$437,451
Other income
16,918
15,515
16,121
ss
Gross income
$509,856
$338,052
$453,572
Taxes _ - -$69,513
$69,831
$66,520
-Interest, ac.,------172,342
172,698
177,372
Preferred dividends (4%)
60,000
60,000
60,000
Common dividends
(1%)35,000 (4)140,000
Balance, surplus
$208,001
$1,422
$9,680
BALANCE SHEET DECEMBER 31.
1915.
1916.
1916.
1915.
Assets
Road equipment.._ _9,153,053 9,000,780 Common stock
3,500,000 3,500,000
Res've fund (invest.) 273,493 273,493 Preferred stock
1,500,000 1,500,000
57,808 First M.5% bonds...2,500,000 2,500,000
35,388
Cash on hand
5,818 General mtge. bonds. 910,000 772,000
3,569
Accounts receivable
71,460
Loans and notes rec
Loans & notes pay'le
93,334 Audited accounts,&c. 54,451 165,493
Material & supplies_ 100,660
46,543
2,077 Accrued int. & taxes. 87,018
Accts. to be adjusted
81,535
3,388
1,597 Deprec'n, &c., res've 612,238 508,181
Prepaid insurance,&c
2,413 Miscellaneous
Accr.interest, &c.._
4,083
10,799
24,412
Surplus
:470,588 339,156
- 9,437,321
Total
Total
9,645,094
9,645,094 9,437,321
x Includes in 1916 additions to property through surplus, $241,282;
funded debt retired through surplus, $74,475: and sinking fund reserve,
$13,735 and unappropriatedjsurplus, $141,096.-V. 104, p. 1644.
Revenue passengers carried
Transfers redeemed
Revenues
Transportation revenue
Other revenue




1795

Portland (Ore.) Railway, Light & Power Co.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres.F.T.Griffith, Portland, Ore., Mar.21, wrote in sub.:
-Immediately following the disastrous storms of Jan. and Feb.
Results.
1916 there was a noticeable improvement in earnings of both the railway and
electric departments, due almost entirely to renewed activity in the lumber
trade. In May, however, the business depression settled down again and
the company showed further decreases in earnings throughout the summer,
the reviving lumber business having been crippled by a car shortage. Because of the long-continued depression, Portland lost not less than 10%
of its population during the year ending with Aug. 1916, which, of course,
directly affected the earnings of all public service corporations.
General business conditions commenced to improve in the fall of 1916,
and this improvement has continued to the present time. Our surplus for
Jan. 1917 was $47,704, against $15,494 for Jan. 1916, while for Feb. 1917
t was $35,749 against a deficit of $24,926 for Feb. 1916.
Effect of Shipbuilding.
-Since 1915 Portland has developed an entirely
new industry, that of steel and wooden shipbuilding, which commenced
late in the year and is now firmly established and rapidly growing. The
shipyards now have contracts for 20 steel steamers of a total tonnage of
143,000 and 12 composite or wooden vessels, of a total capacity of 37,000.
tons. We are supplying electric energy to these three shipyards in operation and have just closed a ten-year contract with two additional yards.
It is estimated that our sales of energy for shipbuilding purposes during the
present year will approximate $100,000.
Transportation Business-Jitney Competition.
-Jitney competition still
exists in the railway department,although the number in operation has been
considerably reduced. The maximum number of jitneys operating in
Portland was 363 on Dec. 15 1915. In 1916 the greatest number counted
on any one day was 272 on Feb.9 1916. Excluding two days when we had
heavy snow falls the smallest number was 152 on Jan. 31 1917. Through
a series of technicalities, evasion of all regulatory ordinances has thus far
been more or less successfully accomplished by the jitneys.
Notwithstanding the continued presence of the jitneys, the increase in
passenger earnings of our city railway lines for the three months ending
Jan. 31 1917 amounted to $70,585, or almost 10% above the same months
in 1915-16. There is every reason to believe the earnings of the city railways will continue to increase, chiefly because of the resumption of general
business activity, the practical elimination of the non-employment problem,
the steady increase in population commencing last fall, and the prospect
of further reduction of jitneys, due to regulation and the demand for labor.
Freight traffic is showing a decidedly healthy increase and promises a
much better showing for 1917. This is due to the development of carload
freight of a class not easily handled by motor trucks.
Electric Light and Power Business
.-The adverse effect of the competition
of the Northwestern Electric Co. is steadily decreasing, and while they are
still taking away our customers, we are getting back a number and obtain
our full share of all new business.
Our sales of direct water power at Oregon City will, during the year 1917,
be increased about 107 by reason of the enlargement of the plant of the
Hawley Pulp & Paper Co. and a 50
-year lease for additional water power
given to that company.
Valuation.
-The proceeding before the P.S. Commission to determine the
value of all the property of the company is not yet concluded.
Additions, etc.
-There was expended $487,721 for extensions and betterments co property during 1916, principally: Railway extensions and Improvements,$136,158; power plants, sub-stations, &c., $36,635; customers'
installations, $266,945; real estate and buildings, $30,045, &c. The railway extension over the new Oregon-Washington bridge crossing the Columbia River to Vancouver has now been completed, through service having
been inaugurated Feb. 14 1917 from Portland directly to the business centre of Vancouver. Construction of the power transmission line from Mt.
Angel to Salem is now under way and will be finished about April 1. This
extension is required primarily to serve the branch of the Southern Pacific
RR. to Corvallis, recently electrified, the first energy for which will be required in April.
No construction is projected for 1917 other than the ordinary line, &c.
Bond Payments, &c.
-On Sept. 1 1916 $87.000 City & Suburban Ry.
6% bonds matured and were paid; $85,000 of Portland Ry., Light & Power
Co. 5% bonds of 1942 were issued in lieu thereof ($2,000 of C. & S. bonds
have not yet been presented for payment.) The 385.000 of 1942 bonds are
held in the treasury (V. 103, p. 1119).
During the year payments on the principal of paving assessments aggregated $168.680. Payments into bond sinking funds amounted to $306.810.
There were purchased for sinking fund investment $76.000 of Portland
General Electric Co. 1st M.5% bonds, $89,000 of Portland Ry. Co. First
& Ref. M. 57 bonds and $233,400 of Portland Ry., Light & Power Co.
°
5% bonds of 1942. The Portland General Electric Co. bonds purchased
were canceled, but the other bonds purchased for sinking funds are held
alive in the sinking funds, as provided in the mortgages. Reduction in
funded debt for the year. less sinking fund accumulations. was $595,836.
Sinking Fund, &c.
-The First and Refunding mortgage securing the 1942
bond issue requires that 15% of the gross earnings shall be set aside for
maintenance and renewals before any dividends are paid. Only about
two-thirds of this amount has been required since the date of the mortgage.
Feb. 11912,so that there had accumulated to the credit of this maintenance
and renewals account the amount of $994,311 as of Dec.31 1916, indicating
that the 15% is more than will be required for maintenance and depreciation.
Stock Conversion.
-On Jan. 12 1917 the directors submitted to the stockholders a plan giving them for the second time the privilege of converting
$5,000.000 of their common stock into preferred stock-one-half6% cumulative first preferred and one-half6% non-cumulative second preferred stock
-upon payment of $25 on each share converted. This privilege has been
accepted by many of the stockholders, and a sufficient number have applied
for more than their pro rata share to insure the success of the offering, with
the result that the full amount of $1,250,000 cash will be received by the
company from the stockholders. The greater portion of this money will
be available for partial payment of the $5,000,000 2
-year notes due May 1
1917. and arrangements have been made to provide for the balance.
After this conversion is completed, the stock capitalization will consist
of 35,000,000 6% cumulative first preferred stock,full paid: 85.000.0006%
non-cum. second pref. stock, full paid, and $15,000,000 common stock.
75% paid, a total of$25,000,000(V. 104, p. 1146)•
Outlook.
-It appears probable,from a most careful survey of the situation
that in 1917 the company will earn a substantial surplus over the dividend
for the year on the full amount of $5,000,000 of first preferred stock, in:addition to setting aside the 15% maintenance and renewal fund.
COMPARATIVE STATEMENT FOR CALENDAR YEARS.
1916.
1915.
1914.
1913.
Gross earnings
$5,483,109 $5,511,345 $6,273,171 $6,723,742
Operating expenses_ _
2,521,606
2,542,278
2,695,356
2.856,981
Net earnings
$2,961,503 $2,969,067 33.577,815 33.866,761
Taxes
$516,648
$568,527
$531,351
$441,329
Bridge rentals
46,970
45,198
47,752
46,936
Interest
2,131,287
2,127,480
2,160,603
1,961,666
Balance
Dividends

$266,598

Sur.for depr.&renewls $266.598

$229,361
$836,610 $1,416,830
(2%) ,000 '01187500
500
(4
3229.361

3336,610

BALANCE SHEET OF DEC. 31.
1916.
1915.
1916.
AssetsLiabilities
$
Plant,prop.&equip.59,526,084 59,513,754 1st pref. stock_ _ __ 2,500,000
Securities owned__ 553,237
425,794 2d pref. stock_ _ 2,500,000
Supplies
490,888
525,954 Common stock_.l5,000,000
Bond & note disct.
Funded debt
39,724,000
(being amort d) 344,303
502,829 Bills payable
85,000
Def.& susp. item_ 180,613
159,536 Acc'ts payable_ _ _ 155,430
132,647
Cash
564,446 Paving assessm'ts _ 871,464
Sink, fund invest_ 1,023,819
704,259 Renewal,&c.,fund 994,311
Bills & accts. rec. _ 924,345
970.828 Accrued accounts_ 833,746
Surplus
511,985
Total
63,175,937 63,367,400
-V. 104. P. 1593, 1265.

Total

3229.330
1915.
2,500,000
2,500,000
15,000,000
39,837,000
179,567
991,467
941.219
832,895
535,251

63,175,937 63,367.400

U96

THE CHRONICLE'VOL.104.

Anaconda (Mont.) Copper Mining Co., New York.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. John D. Ryan, N. Y., May 1, wrote in substance:
-The year 1916 was in many respects the most important in the
General.
history of your company. The extraordinary conditions prevailing in the
metal markets of the world made it desirable to force production to the
limit of plant capacity. More ore was mined, a greater quantity of metals
recovered,and by far greater profit obtained than during any previous year.
The important construction program which was initiated in 1915 was
successfully completed, and has mon completely justified, both from the
standpoint of placing all plants in a position to operate economically upon
a maximum tonnage, and in the very gratifying financial returns which
have been already realized upon the large sums invested.
As a result of the re-investment of a large part of the profits arising from
the current operations during the period of prevailing high metal prices,
the management Of your company feels that the company has been placeo
in a very strong position. Renewals and replacements have been made to
such an extent that all plants of the company which will be required for
normal operations are upon a reconstructed basis, and should provide
adequately for operating requirements for an indefinite period.
-Several important purchases were made
Additional Propert7 Acquired.
(1) In addition to a vein for a number of years in controversy with your
company, the Pilot Butte Co. had developed several veins of promising
character from a shaft 2,400 feet in depth. As a result of negotiations the
entire property was purchased for $1,125.000 in cash. The shaft was completely repaired, a new surface plant and equipment was installed, and the
mine has been added to our regular producers. (2) The Alex Scott claim
located immediately adjacent to some of the most important properties of
your company was acquired, also the Little Annie claim, for $750,000.
-Favorable disclosures in the Emma mine, operated by your
Options.
company under lease from the Butte Copper & Zinc Co., warranted, in the
opinion of the management, the securing of an option on the Czaromah
claim, adjoining the Emma on the west. The purchase, if consummated,
will be made during the current year. Options were also secured upon the
Andy Johnson, Bonanza, Geneva and Barnard placer claims, lying in the
southwesterly part of the district, and your company is now engaged in
sinking a shaft on the Bonanza claim, from which these claims will be exploited in order to determine whether or not they shall be purchased.
Operations conducted in the Nelhart and Rimini mining districts in Montana, were discontinued since unpromising.
-During the year there was done in the mines of the comDevelopment.
pany in the form of drifts, crosscuts, laterals, raises, winzos and shafts, a
total of 222,103 feet of development, the equivalent of 42.06 miles, as compared with 35.31 miles of development work in Of year 1915. The shafts
of the company were sunk during the year to additional depths aggregating
2,879 feet. The disclosure of ore by the development carried on during
the year was very satisfactory. This is particularly true with reference
to the deep levels of the Leonard mine on the east, the Diamond mine on
the north, and the Mountain Consolidated mine on the northwest.
-The mines of the company produced 5,582,076.52 tons
Mine Tonnage.
of ore and 7.080.06 tons of procipitates,a total of 5,589,157.48 tons.
-The copper reduction works treated for all companies
Reduction Works.
during the year 5,193.573 tons of ore and other cupriforous material at
Anaconda, and 813,495 tons of ore etc. at Great Falls.
Of this amount 5,273,066 tons of ore were produced by company minas:
724,355 tons of ore were either purchased from or treated for other companies; 0,647 tons of precipitates and cleanings from the old works at
Anaconda and Butte were treated.
Silver (oz.) Gold (oz.)
Fine Copper.
Production.
81,393
287,082,079 lbs. 10,624,747
At Anaconda
10,706
1,213,022
44,811,194 lbs.
At Great Falls
92,099
331,893,273 lbs. 11,837,769
Total production 1916
106,703
254,311,574 lbs. 9,005,618
do
do
1915
99,651
223,720,292 lbs. 20,835,558
do
do
1914
64,398
270,301,644 lbs. 10,321,296
do
1913
do
61,314
do
294,474,161 lbs. 11,014,737
1912
do
01 the total production at these plants, 307,395,092 pounds of fine copper:
10,790,705 ounces of silver and 92,009 ounces of gold were produced from
the mines of your company.
New Copper Rqineries.-The new copper electrolytic and furnace refineries at Great balls began operating in March 1916. The output of the
electrolytic tank-house during the year was 127,620,000 lbs. of cathodes,
56,062,000 lbs. of which were melted into shapes in the new furnace refinery at Great Falls and the balance shipped to the Raritan Copper Works
for melting. On Dec. 31 1916 tho electrolytic refinery was running at the
rate of 16,000,000 lbs. output per month, and tho furnace refinery at the
same rate, both plants exceeding their respective estimated capacities by
about 1,000,000 lbs. per month.
-Perhaps the most important event of the year was the entrance
Zinc.
of the company into the field as a large producer of high grade electrolytic
zinc. Our small operating unit at Anaconda had previously been extended
until about Sept. 1915 it was producing 10 tons a day. On Sept. 11 1916
the now plant at Great Falls began operating with an output capacity of
100 tons of zinc per day, and at Dec. 31 was producing at rate of 200,000
pounds per day. The process, aided by the abundant supply of cheap
hydro electric power, has worked so satisfactorily that it has been demonstrated that with additional roasting capacity the output of zinc from the
plant can be increased to 150 tons per day, and such additional roasting
,
capacity is now being installed as rapidly as possible. A concentrator
capable of milling 2,000 tons of zinc ore per day, using the oil flotation process, began operating at Anaconda during Sept. 1916, and is milling all of
the zinc ores mined and purchased.
The two zinc plants treated for all companies during tho year 196,680
tons of ore and other zinciferous material, of which amount 142,225 tons
of ore were produced by company mines and 54,455 tons were purchased
from other companies. At Anaconda there were produced during the year
,18,320,522 lbs. of electrolytic zinc and at Great 1 alls 12,585,917 lbs., or a
total of 20,906,439 lbs.
-The leaching plant at Anaconda treated 525,500 tons of tailLeaching.
ings from the concentrator dump,from which there were produced 3,648.25
tons of cement copper, notwithstanding a shortage of sulphuric acid.
-The smeltery at T000le, Utah, treated
International Smelting Co.
442,756 tons of copper ore and 421,107 tons of lead ore, from which there
were produced 20,041,089 lbs. of fine copper, 117,976,091 lbs. of fine lead,
5,549,776 oz. of silver and 41,00D oz. of gold. The smeltery at Mime',
Ariz., treated 295,075 tons of concentrates, and 37,890 tons of purchased
ores, from which there were produced 181,518,396 lbs. of fine copper, 257,543 oz. of silver and 2,882 oz. of gold.
-The lead refinery at East Chicago, Ind.,
International Lead Refining Co.
treated 58,769 tons of lead bullion from the Tooelo plant and 6,148 tons of
foreign ore and bullion, from which there were produced 108,099,116 lbs.
of common and corroding lead, 15,682,151 lbs. of anthnonial lead, 4,468,775 oz. of silver and 20,580 oz. of gold.
-The refinery at Perth Amboy, N. J., treated for
Raritan Copper Works.
all companies 233,596 tons of copper bullion and 4,531,771 oz. of silver
bullion, from which there were produced 462,666,262 lbs. of fine copper,
18,606,866 oz. of silver and 167,024,248 oz. of gold. •
-The mines produced, shipped to other departments, &c.•
Coal.
S91d,
Used.
Produced. To other Dep.
(In tons.)
55,418
180,016
403,386
Diamondville. Wyo..__ _638,820
9,118
63,364
94,008
166,490
Washoe, Mont
256
39,038
119,516
Sand Coulee, Mont_ __ _158,810
-The saw mills at Hamilton, Hope, Bonner and St. Regis
Lumber, &c.
cut during the year 105,495.846 feet of lumber and purchased 30,005,910
ft., of which 91,321,061 ft. were shipped to the mines of your company,
80,800,144 ft. were sold commercially, 1.361,549 ft. were used at the mills
for repairs and construction, 6,215,378 ft. were supplied to the factory for
manufacturing, or a total disposition of 179,698,132 ft., decreasing the stock
of finished lumber on hand 44,196,376 ft., leaving a balance on hand to
Jan.! 1917 of 50.971,698 ft.
-These (including coal, lumber, &c.) show a
Subsidiary Departments.
profit from the year's business of $1,295,119. The electric light, street railway, water and foundry departments at Anaconda did a record business.
-Ed.).
Operations of Butte Anaconda & Pacific Ry. Co. (1914-15 Inserted.
Divi- Balance,
Int.,
Net
Gross
Traffic----Taxes,&c. dends. Surplus.
Tons. Pass'ger. Income. Income.
1916 _-__8,416,003 408,865 2,199,611 734,815 207,648 a300,000 227,167
1915 --6,506.525 230,684 1,671,651 675,779 195,750 b150,000 330,029
1914 -5,380,045 306.065 1.381,565 460,017 192.195 c112,500 155,322
a 12% paid in 1916. b 6% paid in 1915. c4% paid in 1014.




-In Jan. 1916 the following
South American Operations and Explorations.
companies were organized in Delaware (V. 102, p. 524, 707, 1809):
(a) Andes Copper Mining Co., with authorized capital $50,000,000 (par
$100 a share), and acqui ed from William Braden all of the mines, mining
property and mining rights of the Potrerillos properties and the privileges
incidental thereto.
(b) Potrerillos Railway, with authorized capital stock $5,000,000 in $100
shares, and acquired the concessions which had been granted .)y the Government of Chile to William Braden for the construction and operation of
a railway in the Republic of Chile, and will construct a railway from the
Port of Chanaral to a connection with the longitudinal line of the Chilean
Government's railway, and from Pueblo, Hundido, on said line, to the
Potrerillos properties, a distance of about 60 miles.
(c) Andes Copper Co., a holding corporation, with $50,000,000 of auth.
capital stock in $25 shares, and secured all of the issued stock of both the
Andes Copper Mining Co. and the Potrorillos Railway Co., with the exception of directors' qualifying shares in each subsidiary company. Your
company originally owned about 78% of the capital stock of the Andes
Copper Co., but has since purchased from William Braden and others
practically all of the issued stock.
,
On account of the prices prevailing for construction material, and the
uncertainty of deliveries, it was decided that, inasmuch as the Potrerillos
properties could not, in all probability, be equipped in time to take advantage of the present metal markets, it was the better policy to defer actual
construction of mining, milling and reduction plants until a more favorable
period. In the meantime, however, development work has been carried
on by churn drilling and underground openings. The result has verified
the estimates of a tonnage of ore of profitable grade in excess of 100,000,000
tons on the property. Work has also been actively carried on upon the
Potrerillos RR.
In addi.ion to the Potrorillos property, this company, through its associate.; in South America, has secured options upon other mining properties
in Chile and Peru, where exploration work is being actively conducted, but
at this date the results thus far obtained, while very encouraging, are not
sufficiently definite to make any specific statements in regard thereto.
-During the year we invested $7,968,836 in securities of
Investments.
other companies, this amount including the total cost of tile stock of the
Copper Co. acquired to Dec. 31 1916.
Andes
The principal purchases were: (a) 20,740 shares of Alice Gold & Silver
Mining Co., making our total holding 382,912 shares out of a total of 400,000 issued. (b) 26,100 shares of Greene Cananea Copper Co., making our
total holding 56,900 shares. (c) 50,000 shares of Inspiration Consolidated
Copper Co., making our total holding 200,000 shares. (d) 188,300 shares of
Butte Copper & Zinc Co. The other acquisitions represent largely stock of
sub. companies financed in connection with the general operations.
--Under the lease acquired in July 1915, on the Emma
Emma Mine Lease.
Mine of the Butte Copper & Zinc Co., the Emma shaft was dowatered to
the 800-ft. level, the old workings cleaned out and repaired, and prospecting
work instituted, resulting in the opening up on the 800-ft. level of the mine
of a large body of ore carrying good values in zinc, load and silver. During the year this mine produced 13,029 tons of ore, chiefly from development work. The Emma shaft is being sunk below the 800-ft. level and
a crosscut is being extended southerly on the 1,600-ft. level of the Original
mine, which should cut the Emma vein approximately 700 ft. below the
800-ft. level of the Emma within a comparatively short time. for deprecia-The sum of $7,113,463 has been charged off
Depreciation.
tion and obsolescence of mining plants, smelters, refineries, &c. Of the
increase over the normal charge, $3,668,226 was tho book value of plants,
which, by reason of changes in metallurgical methods or replacements,
have either been dismantled or become obsolete.
-The year 1916 has been our bost year, not only as to profits
Summary.
• earned, but also in the realization of all expectations from plant improvements betterments and extensions.
Beginning with 1914 there was expended on these accounts to Dec. 31
1916 the sum of $13,615.908. To Dec. 31 1916 the additional profit which
had been secured as a result of this expenditure was $16,494,485. By
reason of these changes and improvements in methods, there was added to
the company's output of metds in 1916 40.641.265 lbs. of copper, 1,412,522.76 oz. of silver, 3,514.583 oz of gold, from copper ores treated, more
than would have been obtained from the same tonnage of ore of the same
grade treated by the methods existing in 1913.
What this means in prolonging the life and adding to the value of the
mines may best he stated in terms of percentage of recovery. The copper
content of ore treated in 1913 at the concentrator at Anaconda recovered
75.578% from crude ore to concentrates, and tile smelter made a recovery
from crude ore to fine copper of 78.182% of the copper contained in the ore.
During the last six months of 1916 the concentrator at Anaconda recovered
the
from crude ore to concentrates 95.895% of the copper contents of and ore,
the
thus saving 81% of what was formerly rejected in the tailings:
smelter recovered from crude ore to fine copper 90.521% of the copper
contained in the ore, thus recovering 56.5% of what was formerly lost.
-In the profit and loss account as of Dec. 31
Change in Balance Sheet.
1916 appears an item "Metals in process and on hand at end-in process at
cost; on hand, sold, at contract prices-337,225,804." In former accounts
this item appeared as "Metals in process and on hand-at Market." The
reason for this change is that all such metals on hand Dec. 31 1916 have
been sold at fixed prices, and no uncertainty existed with reference to the
amount to be obtained therefrom.
-Year 5% Gold notes due March 11017
-The $16,000,000 2
Notes Paid.
were retired at maturity.
PROFIT AND LOSS ACCOUNT OF ANACONDA COPPER CO. FOR
YEARS ENDING DECEMBER 31.
1913.
1914.
1915.
1916.
ReceiptsSales cop.,silver & gold_396,097,709 $61,473,678 $36,745,559 $44,003,473
430,383..
384,991
3,004,049
7,675,167
Royalties, &c
66.974
72,138
73,431
Rental of properties,&c_
3,778,655
of merchandise_ __ 7,191,366
Sales
1359,710
112,922} 2,843,491
Income from invest.,&c. 2,350,611
1264,699
Net prof., sub. cos.. &c_
Metals in process (at
cost)and on hand(sold
at contract prices)___ 37,225,804 18,944,075 14,330,972 16,173,789
$150.540,687 $87,386,809 $54,377,151 861,299,028
Total receipts
Disbursements
Metals in proc.&on hand$18,914.075 $17,554,757 $16,173,789 $14,895,384
Mining exp.,incl. devel _ 21,709,071 17,254,622 15,298,517 18,457,559
1,979,059
1,695,809
Ore purch. (incl. trans.) 15,227.458 13,647,705
1,463,662
1,032,172
f 1,020,671
Trans. of ore to red.wks.1
8,709,580
6,862,307
Reduction expenses_ _ _ _119,183,023 110,691,032
Trans. of metals, refin2,098,098 3,503,771
ing & selling expenses 6,7601480 4,492,172
2,559,686
5,210,178
Cost of mdse. sold
272,412
239,155
573,545
Administrat'n exp. &c_ 1,613,424
Depreciation of dents,
845,628
727,359
1,900,578
7,113,463
written off
&c.,
Total disbursements_$98,761,171 $69.706,769 $45,178,732 $49,975,529
$51,779,516 $17,680,040 $9,198,419 $11,323,499
Balance
$408.831
$984,233
$951,145
Interest
(15)17.484,375(8)9,325,000(8)0,077,500(12)12997,500
Dividends
Balance for year _sur.$33,343,997sr.$7,370,806 def$287,912d31.674.001
BALANCE SHEET DECEMBER 31.
[Incl. assets and liabilities of subsidiary companies owned.1
1915.
1910
1915.
1916.
$
Liabilities-$
$
Assets$
Cap. stk. issued.116,562,500 116,562,500
Mines, mining
2-yr. 6% notes_ 10,000,000 16,000,000
claims, land,
74,687,054 72,636,898 Accts. & wages
Ace_
payable and
Buildings, sawtaxes accrued. 33,114,710 21,743,997
47,303,134 40.074,652
mills, Are.
5,499,957 5,542,524 Div'd warrants
Timber lands
29,711
not presented
Inv. in sund.cos. 18,936,376 11,153,959
Prepaid exPense) 7,317,431 J 690,588 Dividend PaYa- 4,662,500 3,496,875
ble February.
0,534,572
Mater'l & supp.
978,231
1,375,890 Depreciation reMdse. for sale__
5,278,269 1,900,578
serve
Cop.,silv. & gold 37,225,804 18,914,075
48,395,803 15,051,865
Acets.rec.& cash 32.065,851 19,832,308 Surplus.
224,013,841 174,785,527
Total
-V. 104, p. 1492, 1147.

Total

224.013,841 174,785,527

MAY 5 1917.j

THE CHRONICLE

American Chicle Co., New York.
(Report for Fiscal Year ending Dec. 31 1916.)
The comparative tables were given in V. 104, p. 1383.
The report signed by Chairman of the Board Thos. Adams
and President Darwin R. James Jr., says in substance:
-The high mark in sales of both American Chicle Co. and Son-Sen
Status.
Chiclet Co. was reached in 1911. In the three years 1912 to 1914 there
was a decline, and in 1915 there was a very heavy falling off in volume
of sales. On Jan. 1 1916 the total falling off was over 343% from
the high figure in 1911. Profits similarly had decreased over 75%. Dividends had been paid during 1915, in part out of surplus, wnich was thus
reduced from $821,326 to $131,609 as of Dec. 311915.
The company owned and operated ten factories in this country, many
of which were in very poor condition. There was no central control over
purchases. Overhead charges were excessive. Packages were not attractive, as compared with new competing goods. Bookkeeping methods were
obsolete. Stale and unsalable goods remained on dealers' shelves. The
Increase in sales resulting by the acquisition of the Sen-Sen Chiclet Co.
hadpractically been dissipated.
Moves by New Management.
-One of the first things done by the new
management was to secure releases from certain old obligations in the form
of contracts which were unprofitable. This was done by affecting their
cancellation. In one instance alone a saving of $450,000 was secured.
Our good-will represents many years' effort in developing the demand
for brands manufactured by your company and is a substantial item. The
value of this item is now enhanced by the use of a proper trade mark and
by putting the name Adams on Chiclets, California Fruit and Kit-Me.
This is shown by the largo increase in sales of Adams Pepsin and Adams
Black Jack as a result of the advertising of Adams Chiclets.
The Vice-President and General Sales Manager of the Loose-Wiles Biscuit Co. was installed as General Sales Manager, and he has developed a
sales organization which represents as fast a selling aggregation as has been
put together by any organization in recent years.
In order to co-ordinate, to consolidate, to standardize and to reduce the
cost of manufacture the General Manager of the American Ever Ready
Co. was engaged as Production Manager, with instructions to make the
best gum that could be made and in the most economical way, a chemical
laboratory being created to assist in this cask. As a result the small plant
at Salem, 0., was closed and the property leased with option to the lessee
to buy at an agreed price. The Louisville property was closed and sold,
and the New Orleans factory, which had not been used for more than 18
months, was dismantled and is for sale.
As soon as the sales organization got under way the factories were crowded
to 'capacity. Additional wrapping machines were needed, for the now
packages, but could not be supplied before the middle of 1917. The City
of Philadelphia condemned, for public improvements, our Philadelphia
factory site, and we are now vacating it. In Newark the factory was old
and costly to operate, and it was, therefore, sold at a figure which represented its full appraised value as shown on the books.
The Sterling Gum Co., Inc.
-The Sterling Gum Co., capitalized at $6,000,000 $5,800,000 issued, and which had spent something over $800,000
in building the sale of its brands, had secured national distribution in over
85% of the stores selling chewing gum. It was found that the assets
could be purchased at a figure slightly in excess of the sound inventory
value of its physical assets and without liabilities of any sort. Your
directors, accordingly, approved the incorporation of a company for the
Purpose, among others, of acquiring the assets, and shortly before Nov. 9
such company was formed, the entire capital stock of which was owned
by your company, and the purchase of the assets of the Sterling Gum Co.
was made for $700,000, $400,000 paid in cash, with notes running for one
and two years given for the balance. The net assets which were acquired,
showed a total value of $678,499. Included in these assets was a considerable supply of chicle, some thirty wrapping machines, land and buildings
in Louisville, other valuable machinery, a complete going plant at Long
Island City, N. Y., and brands well established and profitable in United
States and Canada if sold without additional cost of advertising. Subsequently a transfer of these properties and of all the assets of the Novv York
Company was made from that company to this. Your directors expect
to make a considerable profit by reason of this purchase.
The capacity of the factory in Long Island City is equal to the combined capacities of Philadelphia, Newark and Rochester. A saving in
overhead charges estimated at $50,000 a year was effected by the change.
Sales.
-The record of sales for the year shows the wisdom of the policy
inaugurated. Adams and Beeman's Pepsin Gum shows a substantial
increase In sales. The sales of Adams Black Jack have almost doubled.
Adams California Fruit has shown an increase of approximately 50%, and
is within a few thousand of the maximum sales of PrImley's California Fruit.
reached in 1910. Adams Chiclets reached a greater total than at any time
in the past. Adams Kit-Me is yet to reflect the change in the package
made quite late in the year. Sales of Sen-Sen gum, Sen-Sen Breathlets
and Yucutan are slightly less than in 1915. Adams Spearmint shows an
enormous increase in sales. Fruits & Flowers increased more than 100%.
O. K.gum show an increase of more than 33 1-3%. Export business shows
a very satisfactory increase. The company's total sales show a substantia
increase over 1915.
-Time capital of this Canadian company
Canadian Chewing Gum Co., Ltd.
was impaired during 1915 to the amount of 344,674,by dividends voted in
excess of earnings. As a consequence no dividends have been declared
during 1916. The debit balance to profit and loss has boon made up and
a surplus is shown on Dec.311916. -The sales have increased substantially
during the year, as have also the net earnings. A reorganization of the
business has been effected and a substantial improvement is looked for,
-A complete reorganization of our London
Tula-Fruit{ Sen-Sen Co., Ltd.
business is being undertaken. The conditions there were bad and the
company has been greatly handicapped by trade restrictions imposed by
the British Government because of the war. All possible energy, however,
has been injected into the work of developing sales in Great Britain and on
the Continent. As a result, sales show a decided improvement over the
sales of 1915. Profits, however, were badly cut by reason of war taxes.
Supplies.
-The situation In respect to raw material is as satisfactory as
It has been at any time during the past few years, but it is not all that might
be desired. Our supplies of raw material in Canada and in this country
show a few thousand pounds less than for corresponding period a year ago.
Operating Results.
-Gross profits from operations for 1916 are shown to
be $727,527, as against $548,934 for 1915. In 1915 the company had the
benefit of dividends to the amount of $65,000 from the Canadian Chewing
Gum Co.. Ltd., and in addition there was written into profit the sum oj
$98,173, representing the marking up of chicle in stock. There was also
incorrectlY added to profit in 1915 the sum of $50,000 for advertising.
On the other hand, the business this year had the benefit of a reduction
in taxes from $388,058 to 3290,278. From gross profits interest on Son-Son
()bidet Co. bonds to the amount of $134,776 are deducted this year as
against 3135.165 last year. The amount written off to depreciation is
about $25,000 more than last and more nearly approximates the correct
amount. Deducting all charges to income, we find net profits from operations 3567,445, as against $413,769 for the year 1915, which latter amount
was made up in part by the increases referred to above.
Comparisons are limited to the year 1915 because of the fact that late in
1914 the Sen-Sen Chiclet Company's business was thrown into the American
Chicle Company's, prior to which time the operations were recorded in
separate sets of books with different systems of recording results.
There were decreases for the year in the percentage of cost of materials,
labor, factory cost and administration and distribution charges, as compared with gross also and in the expenses of administration and distribution
there was also an actual reduction in amount of money spent.
-In the statement for 1915 dividends of $165,000 should
Balance Sheet.
have been indicated as a liability; there would then have been a deficit of
$33,392, when the present management took control. These dividends,
and three quarterly dividends on the Preferred stock have been paid out
of earnings during the year and a fifth dividend of 345,000 declared in Nov.
1916, payable Jan. 2 1917. has been set up as a liability, thus charging
against earnings for 1916 five dividends on the preferred and one on the
common a total of $345,000.
Therehas been charged against surplus $55,008 covering capital and other
items not charged against operations in 1916, and items which should have
been charged to operations prior to 1916. Net surp.is shown to be $299,046.
-An appraisal of all of the properties owned Is being
Financial Policy.
made, and it is fair to assume some changes will result. It will be our
policy to write off any sum in excess of actual value. Tho directors believe
It to"be sound business practice. first, to make sure that apart from goodwill, there is actual value for all securities superior to the common stock,
and thereafter, when and as soon as the state of the surplus and the rate




1797

of earnings justify the policy, to begin to pay dividends regularly on the
common stock. The directors have confident hopes that within a reasonable time these alms will be realized. Compare income account and balance
sheets in V. 104, p. 1383, 258.

Calumet & Arizona Mining Co.,1Calumet, Mich.
(Report for Fiscal Year ending Dec. 31 1916.)
Pres. Charles Briggs, Calumet, Mar. 1, wrote in subst.:
Output.
-Our production of refined copper, gold and silver wasasfollows:
Copper (lbs.). Silver (oz.). Gold (oz.).
69,579,268
1,226,879
30,829
1,122,760
40,855
844
Total
70,702,028
1,267,734
31,673
From foreign ores
4,196,760
595,414
14,704
From domestic ores treated
Contained in domestic ores sold

74,898,788
1,863,149
Total46,377
Precious metals per ton of refined copper from our own ores amounted
to $41. The net cost per pound of refined copper after deducting values
of precious metals was 9.04 cts. We reco ved an average price of 24.698
cts. for all copper delivered during the year. The average soiling price for
copper sold during the year Is considerably above this figure, but covers
deliveries of copper to be made during the first half of 1917.
•
Dividends.-' ne following dividends were paid during the year: No. 49
March 20,$1,282,142; No.50 June 19, $1,283,846; No.51 Sept. 25,$1,283,922; No. 52 Dec. 20, $1,927,386; total, $5,777,296. The dividends distributed since 1903 amounted to $28,925,521; net dividends spaid by S. &
P. Copper Co., $1,886,386, and adjustments, $5,095; total, 330.817,001.
New Cornelia Copper Co.
---.-Splendid progress has been made on construction of the 5,000-ton leaching plant whi ch should be turning out copper in
the form of electrolytic cathodes some time this summer at a rate of about
100,000 lbs. of copper a day. Some shipments of silicious ores are being
made to our smelter at Douglas at a profit to both companies. There
have been recovered 494,650 lbs. of copper and 231.8 oz. of silvpr from the
experimental plant and from or sold to Dec. 311916.
Tucson Cornelia & Gila Bend RR.
-The operations of this road during
the year have been very satisfactory and show a reasonable profit. It is
now fully equipped to take care of all business.
The stock of the company is now listed on the N. Y. Stock Exchange as
well as on the Boston Stock Exchange.
Extract from Report of General Manager, Warren, Ariz., Feb 15 1917
Mining operations at our Bisbee properties during the year were the
largest in the company's history. A total of 162,703 more wet tons of ore
were mined than in 1915 our best previous record. The amount of development work exceeded that of any other year by nearly six miles. In
'
all we made approximately 25 miles of new openings.
The sliding scale of wages was in effect throughout the year and our
employees received the highest wage ever paid in the camp. The maximum
wage was reached in December when miners received $5 85 per day, in
contrast with $3 60 per day which they were receiving in December 1914.
Although we mined and shipped an enormous tonnage, our ore reserves
showed very substantial increases for the year.
INCOME ACCOUNT YEARS ENDING DEC. 31 (INCL. SUB. COS.),
1915.
1914.
Inteii ngs on copper, gold and silver... $20,495,430 $11,647,415 $8,504,015
Earirest
92,511
341:489181
Miscellaneous
14,984
Total income
$20,587,941 $11,683,724 $8,518,999
DeductOper. expenses at mines & smelters
37,674,251 $4,947,675 $4,231,790
Salaries, office & general expenses _
80.724
35,557
48,761
Freight, refining & Marketing expens 1,337,074
883,422
747,877
State and Federal tax, &c
339,057
358,940
274,947
Miscellaneous charges
1,830
4.247
130,089
Dividends paid
(32 M)2,006,557(30)1.851,009
(90%)5,777,296
Total deluctions as above
Balance, surplus, for year

$15,210,232 $8,236.399 $7,284,472
$5,377,709 $3,447,325 $1,234,527

BALANCE SHEET DEC. 31 1916.
191S.
1916.
1915.
AssetsLiabilities
5
Mining property.. 28,642,994 28,539,495 Capital stock_ - _ _*6,424,620
Real est.at Warren 124,760
124,766 Accounts payable.. 670,040
Smelting plant__ 3,377,107 2,217,181 Reserve for exInvest,. (at cost)__ 5,600,442 2,374,629
don, &c
Notes & accts. ran 1,015,614
577,749 Reserve for depen
Supplies
of smelter
653,750
334,274
702,950
Cash
2,643,570 2,561,931 Reserve for purCopper, silver &
chase price S. &
gold In process_ 3,898,137 3,688,841
P. property_
18,576
Suspense items_ _ _
Other reserves
35,632
121,861
Surplus earned_ _ _15,483,002
Surp. on property_22,600,962
Total

46,022,011 40,418,867

Total

1915.
*6,174,120
224,548
606,470
431,680
2,010,422
9,983,663
20,987,964

40,022,011 40,418,867

* After deducting $3,380 or exchange and $72,000 in treasury.
Copper in process estimated at 12 M c. per lb., silver at 50c. per oz., and
-V.104, p. 1147, 364.
gold at $20 per oz.

Ray Consolidated Copper Co.
(8th Annual Report-Year ended Dec. 31 1916.)
Pres. Sherwood Aldrich, N. Y., Mar. 15, wrote in subst.:
-The net copper production for the year was 74,983,540 lbs..
Production.
against 60,338,936 lbs. for 1915. This increase of 24.277 in net copper
production resulted from an increase of 17.6% in the total tonnage of ore
treated, with improved operations, and was made from ore carrying an
average of 1.32 lbs.less copper per ton than in 1915. The cost of 10.267 cts.
per lb. copper produced for the year was high. This high cost arose from
the exceedingly high wages paid (the Arizona sliding wage scale being based
upon current copper metal prices) and from the high cost of materials and
supplies, as well as from low mill recoveries during the early months of the
year. At normal wages based upon average copper metal prices and at
former material prices, the cost for the year would have been 8.954 cts. per
lb. For the fourth quarter of 1916, during which improved mill operations
were in effect, the cost would have been below 8 cts. per lb. for that quarter
at the normal wage scale and normal material prices.
-The net profit for the year available for dividends amounted to
Results.
$12,084,166,or $7 66 per share. Of this $4,337,955, or $2 75 per share, was
distributed as dividends; $367,738. or 23 cts. per share, was applied as a
reserve for depreciation, and $7,378,473, or 34 68 per share, was added to
earned surplus, chiefly represented by an increase of $4,261,164 in metals
on hand and in transit, and by an increase of $1,169.399 in accounts receivable. These metals on hand and in transit had all been sold by Dec. 31
1916 for delivery in the early months of 1917, and a large proportion of the
accounts receivable represents amounts collected in Jan. 1917 for copper
delivered in Dec. 1916.
-As of Mar. 15 1917 your company had 8.809 stockholders.
Stockholders.
Business Record.
-In 1906 your company's present main properties were
purchased from English owners who had made a complete failure with them.
There were then about 600,000 tons of ore in sight. We have since developed a total of 106,667,080 tons, and have extracted and treated 13,293,854
tons. During these ten years we have expended for development, construction and equipment upon these properties a total of $13,800,514, of
which $6,908,448 came from the sale of capital securities and the balance
of $6,892,066 came from earnings from operations. In these ten years
(of which less than six have been productive years) your company has earned
a total of $25,501,974; $1,529,9.16 were reserved for extinguUhment of mine
development costs and $1,227,750 for depreciation of mine and equipment,
leaving a balance of $22,744,278.
-Total dividends of $8,931,100 have been paid to stockholdDividends.
ers, and the balance of $13,813,178 remains to earned surplus, represented
by 84,134,369 still invested in development, construction and equipment,
and $9,678,808 represented by net current assets,consisting chiefly of metals
in transit and of accounts receivable.

THE CHRONICLE

1798

Extracts from Report of Managing Director, San Fran., Feb. 26.
Mine Development.
-The underground development for 1916 consisted of
66,863 ft., an Increase of 21,571 ft. over 1915. Of this total, 37,757 ft.
was driven in the area tributary to the No. 1 shaft, 25,847 ft. in the No. 2
shaft area, and 3,259 ft. in that served by No. 3 shaft. The total development since the beginning of operations to the end of the year 1916 is 564,388
ft., or about 107 miles, of which mining operations have destroyed to date
283,767 ft., leaving still intact 230,621 ft., or about 53 miles.
Ore Reserves.
-Ore reserves remaining on Dec. 31 1916 amounted to 93,373,226 tons, averaging 2.03% copper. Since the beginning of operations
there has been mined a total of 13,293,854 tons, averaging 1.70% copper.
Adding this to the reserves now existing, brings the total tonnage of available and profitable ore disclosed and proven in the property since the beginning of its development to 106,667,080 tons. The total tonnage previously estimated as developed in the property and as stated in 1912 was
82,904,368 tons, having an average grade of 2.19%. The total tonnage
developed from the beginning of operations to the end of 1916 by revised
estimates was 106,667,080 tons.
Mining Operations.
-The total amount of ore mined from all sources
during the year and shipped to the reduction works at Hayden was 3,363,466
tons, an average of 9,190 tons per day, containing 1.63% copper.
-During the year there were milled at the Hayden
Operations at Min.
plant 3,332,340 dry tons (as against 2,848.969 in 1915), corresponding to a
daily average of 9,105 tons, as compared with 7,805 tons during 1915.
The total tonnage of ore milled since the beginning of operations and to
Dec. 31 1916 was 13,221,700 tons, averaging 1.69% copper. The average
grade of the ore milled for 1916 was 1.607% copper, and the average recovery for the year was 70.20% of the entire copper contents, equivalent to
22.56 lbs. of copper per ton, as compared with 64.11%, or 21.45 lbs. of
copper per ton for the previous year. This increase in recovery is the direct
result of additions and improvements in mill equipment made during the
year. The concentrate production for the year was 188,778 tons, C311 taining an average of 19.914% copper. The cost'of milling for the year was
55.35 cts. per ton as compared with 50.86 cts for the previous year.
In addition to the copper in concentrates, there was contained in ores
shipped direct to the smelter a total of 2,673,798 lbs., making the gross
production of copper from all sources 77.856.713 lbs.
* NCOME ACCOUNT YEARS ENDING DEC. 31.
I
1916.
1915.
1914.
Copper production (lbs.)
74,983,540 60,338.936 57,004,281
Average price received per lb
26.724 cts. 17.352 cts. 13.267 cts.
Total operating revenue
620,060,783 $10,498,961 $7,597,724
Operating Expenses
Mining, &c., expenses and taxes_ _ _ _ 34,629,140 63,283.807 $2,742,900
Freight, treatment and refining
2,953,694
2,158,624
2,378,306
Selling commission
201,1417
76,497
107,356
416,692
Mine development extinguishment
356,122
303,463
88.200,633 $6,125 590 $5,281,484
$11,860,150 $4,373,371 $2,316,240
387,313
333,875
404,115
5,048
deb.180,100 deb.10,622

Total operating expenses.
Net operating profit
Income on investments
Miscellaneous income
Total income
Deduct-Interest
Dividends

$12,084,166 $4,750,063 $2,655,163
6160,920
$259,540
(27%)4,337,955(123 )1872319(7%)1089,322

$7,746,211 $2,716,823 $1.306,301
BALANCE SHEET DEC. 31.
1915.
1916.
1915.
1916.
Assets$
Liabilities$
$
•$
Property
8,715,888 8,917,574 Capital stock__ -15,771,790 15,712,700
Expend's for conFirst mtge. bonds_
160,500
strue.& devel'L 12,656,713 10,579,476 Accounts payable_ 485,219
311,608
49,063 Treatment, refin.
Investments
25,000
228,634 & deity. charges
Cash
409,581
111 (not yet due)_ _ _ 552,714
Sinking fund cash_
397,525
584,314 Reserves for insurMater supp.,&e. 982,277
95,584
336,132 ance,die
268,844
Accounts reedy 1,493,296
Metals in transit.._ 8,084,998 3.823,834 Surp. (sale of see.) 1,506,646 1,451,835
Prepaid insur.,&c.
31,147
47,285 Earned surplus_ _*13,813,657 6,436,531
Balance, surplus

Total

32,398,900 24,566,423

Total

32,398,900 24,566,423

*After deducting depreciation reserve, $367,738.-V. 104, p. 1596, 1391.

Chino Copper Company.
(7th Annual Report-Year ended Dec. 31 1916.)
Pres. C. M. McNeill, N. Y., April 1, wrote in substance:
-The gross production of copper in concentrates and direct
Production.
shipments for the year amounted to 75,761,978 lbs. and smelter deductions
made the net production 72,319.508 lbs. The gold and silver production
realized from the smelter was $80,498. This production of copper and
precious metal value was the result of handling during the year 3,094,400
tons of ore. The net cost of producing copper for the year was 8.706c. per
lb. This was after deducting miscellaneous earnings for the year from the
cost of producing copper. This deduction amounted to 45c. per lb.
Results.
-The net operating profit was $12,517,876; miscellaneous income,
dividends, rentals, &c., amounted to $325,286, or a total net profit for the
year of $12,843162, or $14 76 per share, against $7 95 per share for 1915,
applicable to dividends or for other capital purposes. Dividends aggregating 68 25 per share were paid during the year, as follows: March 31.
$1 25 regular; Juno 30, $1 25 regular, $1 extra; Sept. 30, $1 25 regular,
$1 extra: and on Dec. 30 the regular dividend was increased to $1 50 per
share, which was paid together with 61 extra. After the payment of these
dividends aggregating $7,177,335, the surplus amounted to $5,665,827;
reserve sot aside for depreciation of plant and equipment amounted to
$315,214, and the net undivided profits for the year passed to earned
surplus, therefore, amounted to $5,350,613. The total earned surplus as of
Dec. 31 1916 aggregated $13,963,874. The surplus from the sale of
securities over par value remained at $2,995,253. The total dividends paid
up to and including the dividends paid in the year ended Dec. 31 1916,
amounted to $13,875,330. The outstanding stock of the company remained the same, 869,980 shares.
Extracts from Report of Managing Director, Hurley, N. M., Mar. 12.
Ore Reserves.
-A recalculation of ore reserves as of Dec. 31 1916, shows
the developed ore remaining in and on the property at that time to have
been 95,555,843 tons, containing an average of 1.656% copper. Of this
quantity 94,490,936 tons, averaging 1.655% copper, remain unmined.
The remainder, amounting to 1,064,907 tons, consists of mixed sulphide
and carbonate ore stored in stock piles, and contains an average of 1.81%
copper. The total ore developed since the beginning of operations, including that now reported, is 106,081,263 tons, having an average grade of
1.694% copper. The total of ore mined since mining began amounts to
11,590,327 tons, having an average assay of 2.01% copper. Of this quantity, 10,487,000 tons, averaging 2.02% copper, have been milled, and
22,343 tons, averaging 6.69% copper, have been shipped to the smelter.
The remainder represents ore stored in mine stock plies on hand in coarse
crushing plant and mill bins, and In transit between mine and mill. The
ore added to reserves as a result ofdevelopments for the years 1915 and 1916
averaged 1.35% copper.
Mill Operation.
-For 1916 there was treated in the mill at Hurley a total
of 3,094.400 tons of ore, equivalent to an aver. of8,455 tons per day. Previous to June 1 highest tonnage treated in the mill in any one day was 9,600
tons. In June a maximum of 10,200 tons was attained, after which that
figure was at times exceeded. The improvements during 1915 and 1916
Increased the mill's capacity a total of 31.55%. The average content of the
ore treated for the year was 1.83% copper. or 0.32% lower than for 1915.
The total production of concentrates was 254,852 tons, which averaged
14.82% copper. The total amount of copper contained in the concentrates
was 75,551,376 lbs., corresponding to a recovery of 24.42 lbs. of copper per
ton of ore, and representing an extraction of 66.59% , which was practically
the same as that for 1915, notwithstanding the increase of tonnage and lower
grade of ore. The average milling cost for the year was 64c. per ton, an
increase of 9.81c. over that for 1915, equivalent to 18.19" , which again is
much below the percentage increase of labor, supplies and taxes. During
the year there was shipped from the mine to the smelter 524.734 dry tons of
ore and 121.769 dry tons of precipitates containing 210,602 lbs. of copper.
[Additions and improvements during the year aggregated 31,261.089, less
depreciation reserves, $315,214; net, $945,875. Total net expenditures to
Dec. 31 1916, 38,804,951.
-Ed.)
11111




[VOL. 104.

INCOME ACCOUNT FOR CALENDAR YEARS.
1914.
1916.
1915.
Copper produced (lb.)
72,319,508 64,887,788 53,999,928
Average received per pound
26.465 cts. 17.420 cts. 13.325 cts.
Revenue from copper
$19,139,269 611,303,956 $7,195,423
79,821
do
from gold and silver
80,498
51,773
Total revenues
Operating Expenses
Mining and milling
Treatment, refining and freight
Selling commission
Stripping

$19,219,767 $11,383,777 $7,247,197

Total expenses
Net profits
Other income

$6,701,891 $4,695,048 $4,172,374
612,517,876 $6,688,729 $3,074.823
179,588
325,286
229,074

$2,600,572 $1,753,266 $1,473,552
2,979,622 2,112,804 2,048,004
72,805
115,038
193,220
713,940
578,012
928,477

$12,843,162 $6,917,803 33,254,411
$230,279
$257,265
$315,214
31,832
3,819
(165% )7,177,335(60)2,609860(50)2169,065

Total income
Depreciation
Interest
Dividends

Balance, surplus
$5,350,613 $4,046,859
BALANCE SHEET DECEMBER 31.
1916.
1915.
1916.
A 3SC13Liabilities
Property account_ 1,931,580 1,924,085 Capital stock ___ 4,349,900
Construe.& equip. 5,880,353 4,991,609 Notes payable
Development ____ 993,027
943,391 Accounts payable.. 489,389
Investments
192,010
192,040 Acer.taxes,inc.,&c. 372,128
Stripping expense.. 2,615,447 2,160,158 Treatment, relic.
Materials & supp_ 980,393
491,387 & deity. charges
Ace'ts reedy., &c_
54,765
22,927 -not yet due__ 650,267
Copp'r on hand,&e 6,882,340 4,124,766 Surplus from sale
of securities_ ....._ 2,995,253
Marketable secur_ 248,750
3,022,091 2,113,091 Earned surplus_ _13,963,874
Cash
Total
22,800,790 16,983,454
-V. 104, p. 1594, 1492.

Total

$823,235
1915.
4,349,900
243
344,578
151,648
508,573
2,995,253
8,613,281

22,800,790 18,96 3,454

Nevada Consolidated Copper Co.
(10th Annual Report-Year ended Dec. 31 1916.)
Pres. S. W. Eccles, N. Y., Apr. 2, wrote in substance:
-The net earnings, which far surpass that of any year in the hisResults.
tory of the company, are due to increased production and the higher prices
which prevailed for copper metal. The earnings for the year are computed
on the basis of 25.83 cents per lb., against 17.647 cents for 1915. No copper available for delivery remained unsold on Dec. 31 1916.
The net profit for the year available for dividends amounted to $15,435,359, or $7 72 per share; of this $3 75 per share, or $7,497,963, was paid
In dividends, $0.22 per share, or $433,309, was written off to cover ore extinguishment and depreciation, and $3 75 per share, or $7,504,087, was
added to earned surplus, represented principally by the increase in metals
on hand and in transit, $4,266,184, and increase in cash and marketable
securities, $2,619,685.
Production.
-The net production of copper was 90,735,287 lbs., against
62,726,651 lbs. for 1915, an increase of over 44%% , and representing the
possible future production under normal conditions. The operating expenses were also higher than during 1915, due to increased cost of labor.
supplies. taxes, &c. The net cost of producing electrolytic refined copper
f. o. b. Atlantic Seaboard, including plant and equipment depreciation, and
all charges, except that for ore extinguishment, and after crediting all miscellaneous earnings, was 10.17 cents per lb., against 8.23 cts. for 1915.
Excluding the item of depreciation, the cost was 8.13 cts. per lb., against
7.45 cts. for 1915.
Reserces.-The Managing Directors' report explains very fully the reasons justifying an entire revision of the estimates covering ore reserves, and
shows 67,993,117 tons of recoverable ore, averaging 1.594 copper, in res
serve as of Dec. 31 1916. This compares with developed ore reserves at
the end of previous fiscal periods as follows:
Estimated Recoverable Developed Ore.
Sept. 30 '07. Sept. 30 '10. Dec. 31 '13. Dec. 31 '15. Dec. 31 '16.
14,432,962 40,360,823 39,108,590 50,525.289 67,993,117
Tons
1.65%
1.652%
1.59%
1.70'4
1.97%
Assay (cu.)..
[Of the 67,993,117 tons as of Dec. 311016, "Ruth" shows 15,149,098
tons of 2.24%. and "Copper Flat" group 52,844,019 tons of 1.41%.)
-During the year $586,936 was spent for improvements
Improvements.
to Steptoe plant and there was written off for depreciation $677,306 and for
extinguishment of ore bodies $393,711, which resulted in a net decrease of
$484,081 in book value. The expenditures for stripping overburden at
the pits and for development of the Ruth mine were 61,989,989. of which
$1,191,121 was charged to operating costs, making an increase in deferred
charges of $798,868 to be charged against future operations, the total balance thus deferred at Dec. 31 1916 is $4,935,838. The total cost of mine,
plants, equipment, stripping and development to date has been $26,140,007, and of this amount there has been written off against profits 611,914.051, leaving the balance still carried on the books as $14,225,956.
Dividends.
-The total dividend disbursements to Dec. 31 1916 have been
$25,474,400, which, together with $1,999,457 paid from surplus account.
brings the total distributed to stockholders to Dec. 31 1916 up to $27,473.857.
EARNINGS AND EXPENSLS FOR CALENDAR YEARS.
1914.
1915.
1916.
90,735,287 62,726,651 49,244,056
Copper produced, lbs
25.83 eta. 17.847 cts. 13.396 eta.
Average price
$23,436,637 311,060,671 66,506,689
Copper produced
929,655
615,606
455,810
Gold and silver produced
$24,366,292 $11,685,276 $7,052,499
Total revenue
Operating Expenses
Mining,incl. portion ofstripping exp. $2,753,274 31,308,211 $1,240,932
1,0 4,997
Freight on ore
825,072
703,408
Milling
2,193,753
1,382,737
1,641,518
1,341,782
Smelting
1,857,681
1,237,256
(including proRent of Steptoe plant
881,670
493,043
627,621
portion of depreciation)
926,635
717,945
1,272,267
Freight and refining
112,858
67,048
236,429
Selling commission
Total exlenses
Net operat ng profit
Dividends on investments
Interest, rentals, &c

69,996,023 $6,544,593 $6,335,522
3716,977
$14,370,269 35.140,683
655,000
999,172
900,000
109,919
46,871
165,090

Total income
Dividends
Per cent of dividends

$15,435,359 $5,905,602 $1,763,020
7,497,963 2,999.185 2,249,389
(30%)
(75%)
(223%)

Balance,surplus or deficit

sur.67.937,396sr.$2,906,417 def.$486.369

BALANCE SHEET DEC. 31.
1915. •
1916.
1918.
1015.
Assets
$
$
.9,290,118 9,774,199 Capital stock__ _ 9,997,285 9,997,285
Property
2,i09,e0a 2,284,000 Ace'ts payable,&e 1,103,381 905,415
Investments
Def'd charges.... b1,935,838 4,136,970 Unpaid treatment
621,252
677,223 on metals
870,198
Material & suppl's 1,039,258
Surplus-Premium
Marketable scour_ 494,375
and profit on seAce'ts collectible.. 1,727,543 1,141,023
Metals on hand,dre. 9,265,013 4,998,829 curities sold..,,, 7,071,850 7,071,850
341,120 Undivided profitsc12,353,643 4,849,556
2,466,429
Cash
91,994
74,783
Deferred accounts
Total

31,402,357 23,445,359

Total

31,402,357 23,445,359

a Includes In 1916 cost of mines, $2,910,937; equipment and development, $633,553, and milling and smelting plant, $5,745,628. b Represents cost of opening up pits, shafts, stripping, tracks, shovels, &c. c .After deducting $393,711 for ore extinguishment and $39,597 for depreclation.-V. 104. D. 1596, 807.

MAY 5 1917.1

THE CHRONICLE

1799

Burns Bros. of N. J. and Burns Bros. of N. Y.
(Financial Report for Fiscal Year ending March 31 1917.)
Ernst & Ernst, public accountants, April 28 report:

The Ellison shaft was sunk to and below the 2,000-foot level, a station
cut and cross cutting is in progress Sinking will be resumed as soon as
the station is clear. During the year 2,399 feet of raises and 21,982 feet
of drifts have been driven in development work.
RESULTS FROM OPERATIONS.
In stating the values of real estate, buildings, equipment, fixtures. &c.,
1916.
1915.
1914.
at a value of $2,811,529, we have used the sound values as appraised at Tons
of gold ore milled
1,600,220
1,573,822
1,587.774
March 15 .1917 reported by the American Appraisal Co. Their report
Average proceeds per ton
$4.0813
34.085
$3.880
shows a productive value of this property at the same date of $5,936,066.
$6,531,003 $6,428,787 $6,160,161
Net profit for the year applicable to dividends on the pref. and common Total proceeds of bars
Income from foundry, supplies, &c
282,825
96,996
148,561
shares was $1,289,784, after deducting all depreciation and other charges.
General supplies inventory Jan. 1_ _ _ Cr.303,681
In our comparison of the operating accounts for the past fiscal year we
noted the cost of operating expenses, such as feed, labor, supplies, &c.,
Total income
$7,117,509 $6,525,783 $6,308.722
showed a considerable increase over previous years, but that these larger
Deduct
costs, while large as to individual items, were helped materially by the
$4,031,082 $3,781,507 $4,170.178
larger increase in the tonnage of coal sold, and as a consequence the net Operating and general expenses
120,020
118.765
87,867
results show only a slight increase per ton in the cost of handling, indi- Ellison shaft
Property purchase
7.224
14,709
30,896
cating efficient management in the operating end of the business.
11,682
32,290
81.263
We have given effect in the balance sheet submitted herewith to the Steam-electric power plant
563,600
authorized stock dividend of $1,375,000, payable May 12 1917, and have Depreciation
Taxes
• 256,692
232,967
258,962
decreased the surplus account accordingly. (V. 104, p. 1266.)
2,210,208 2,210,208
2,210,208
We have made no appraisal of the asset of leases, contracts and good- Dividends paid (8.8%)
will, $4,887,470. We noted, however, that the valuation on Jan. 1 1913
Total deductions
$7,200,508 $6,390,446 $6,839,374
was increased by the sum of $7,810, owing to later acquisitions and a redef$82.999 sur$135,337 def$530,652
duction of $133,031 was made out of surplus account. In connection with Balance, surplus or deficit
1,032,933
897,596
1,428,248
the valuation of leases, contracts and good-will, it is worthy of note that Surplus brought forward
the total yearly tonnage handled since the merger has increased by some
Total surplus
$949,934 $1,032,933
$897.596
325,000 tons and the net profits have shown a corresponding increase.
The total surplus of the company at this date amounted to $2,031,984
BALANCE SHEET JAN. 1.
of which sum we have designated $561,250 as a separate fund to meet
1917.
1916.
1916.
1917.
certain provisions under the terms of your preferred stock issue.
Assets$
$
Liabilities-.
$
The company is to set apart for the purpose ofsale 21,250 shares of the un- *Property acc't__ -25,116,000 25,116,000 Capital stock_
__ _25,116,000 25,116,000
stock which is to be offered for sale,the proceeds Balance in banks_ 1,298,898 1,199,833
issued authorized common
Outstand'g drafts_ 522,352
486,640
tojbe applied for the retirement of the preferred shares now outstanding, it Balance with Supt.
33,108
22,979 Unci'm'd divs.,&c.
5,324
5,336
being the intention of the company as stated to us by the officers to con- Bullion in transit_ 325,569
302,097 Deprec'n reserve__ 563,600
shares into new common shares, General supplies__
vert the authorized amount of
383,635
Profit and loss._ _ _ 949,934 1,032,933
making the total amount of authorized capital $12,000,000, all of which
will then be represented by common shares, of which amount $9,000,000
Total
27,157,210 20,640,909 Total
27,157,210 26,640,909
will be outstanding, leaving $3,000,000 unissued for future requirements.
CONSOLIDATED INCOME ACCOUNT (INCL. N. Y. AND N. J. COS.).
* Property account consists of m nes, stamp mills, re-grinding plant,
cyanide plants, compressor plants, pumping plants, electric-lighting and
March 31 Years1916-17.
1915-16.
1914-15.
1913-14.
power plants, timber lands, assay-office, buildings, refining plant, machine
Tonnage sold
3,009,632
Not stated
-V. 103. p. 2240.
Net sales (coal)
$15,235,910 $12,339,252 $11,844,723 $11,463,232 shop,foundry, water rights, franchises, &c.
Cost of coal
8,793,223 8,660,295
11,670,83fI
United Alloy Steel Corp., Canton, Ohio.
Gross profit
$3,565,079
$3,051,500 $2,802,937
(Report for Fiscal Year ending Dec. 31 1916.)
Oper., &c.,exp., & depr. 2,643,705 Not stated
2,264,923 2,241,325
Net profits
Other income

$921,374
368,410

$786,577
13,094

$561,612
4,789

$566,401
$799,671
Total income
$678,810
$1,289,784
$104,291
$133,777
Pref. dividends (7%)-- *8120,000
$127,156
,
Common dividends__
(5)275,000 (5)275,000 (5)275,000(236)137,500
Balance,surplus

$894,784

$276,654

$390,894

$324,610

President Harry Ross Jones says in substance:
Organization.
-On Oct. 25 1916 this corporation took over the entire
property, assets, liabilities, &c., of the United Steel Co. as a going concern;
therefore, this annual report deals with the affairs of the old company from
Jan. 1 to Oct. 25 1916 and of the new company from Oct. 25 to Dec. 31
1916 (V. 103, p. 1512).
Results.
-Taking the whole year into account, the business has been the
most successful of any year in our history. Our gross sales were $16.704,665, against $9,808,506 for 1915; and net profits $3,088,673, against $2,630,233. This result was attained notwithstanding the adverse effects
of rising costs of raw materials and extraordinary difficulties in obtaining
adequate supplies of both raw materials and labor.
Additions.
-The corporation's new blast furnace, together with its byproduct coke oven plant, was put in operation in November, and at this
time is in full and successful operation. During December the corporation's
new blooming mill, known as plant "B," was put in operation, together with
six out of the ten new open hearth furnaces. The four open-hearth furnaces, now building, will be in operation about April 1, at which time plant
"B" (which is known as our new steel plant) will be in full operation.
-Dividends for the last quarter of the year were ordered paid
Dividends.
by the directors at the rate of $1 per share for the quarter (V. 103, p. 2244).
No War Orders.
-The company's business during the past year has been
entirely domestic business, and our profits were not derived from war orders.
High Cost of Materials.
-Owing to the great increase in cost of raw materials and labor, our profits per ton have not been as large as some of our
competitors, whose large profits were derived from war business.
Outlook.
-The prospects for 1917 are encouraging, as we have our capacity sold to our regular domestic customers.
INCOME ACCOUNT OCT. 26 1916 TO DEC. 31 1916.
Net profits
$645,452J Total income
$673,904
Sales of real estate
28,452IDly, paid Jan. 10 1917(20%)500,000

* Approximated and inserted by Editor.
As to dividends on common stock paid May31 1917 see V.104, p. 1492.
PROFIT ee. LOSS ACCT. Jan. 1 '13 to Mar.31 '17 (Incl. N. Y. & N.J. Cos.).
$54,407,570 Retirement of pref. stook__ $561,250
Net sales of coal
Cost of sales and expenses_ _ _ 51,095,130 Depreo'n of def. assets and
reduction of good-will__ _
270,922
33,312,440 Dividends paid and declared. 2,865,826
Net profit
Boat and wheelwright earns.,
Balance, surplus
int. and appreciation of
$1,403,196
1,788,754 Surplus Jan. 1 1913
property, &()
67,539
$5,101,194
Income
Total
Total surplus Mar.31 1917 $1,470,735
CONSOL. BALANCE SHEET MAR 31 (Incl. N. Y. and N. J. Cos.).
1917.
1916.
1917.
1916.
$
$
LiabilitiesA
$
$
Preferred stock... 1,699,900 1,811,900
Real est., bldgs.,
equipment, &c.. 2,898,212 1,723,035 Common stook__- 5,500,000 5,500,000
Leases, contracts
Res. for corn. div. 1,375,000
275,000
and good-will__ 4,887,470 4,887,470 Purch. mon. &Mg.• 167,975
202,975
Invest. in Burns
Accts. payable.... 1,600,7991 1,204,130
Bros. Ice Corp_ 165,0011 229,904 Accr. taxes, &a__
39,808!
12,911!
Other investments
Oper., &a., res'ves
62,232
18,344
400,092
305,143 Surp. for retireml
Cash
Total income
$673.9041 Balance, surplus
3173.904
of pref. stock_ _ _ 561,250
Notes & accts. rec. 3,351,879 2,359,552
589,480 Profit and loss__ 1,470,735 a558,362 BALANCE SHEET DEC. 31 1916 (TOTAL EACH SIDE, 317,196.799).
Invent.(at cost)._ 515,764
713,576
233,591
assets_ _ _ 202,481
Deferred
Real est., bldgs. & equip_$8,269,966 Capital stock (500,000 sh.)162,500.000
Cash
3,186,402 Purchases, pay-roll, &C- 1,640.767
12,433,810 10,328,175
Total
Total
12,433,810 10,328,175 Customers' notes
14,749 Accrued accounts
77,411
Accounts receivable
1,682,348 Div. paid Jan. 10 1917_ _ _
a Includes $298,062 appropriated for retirement of pref. stock, 3200000 Marketable securities__ _ _ 509,737 Reserves for repairs, re- 500,000
special reserve for preferred and $60,298 reserve in respect of appraisal. Inventory
2,356,277
newals, &c
73,701
-sr. 104. p. 1492, 1266.
United Furnace Co. stock 999,700 Capital surplus
12,231,016
do
advances 100,000 Profit and loss
173,904
Storage Battery Co., Philadelphia.
Electric
Miscellaneous notes, &c
9,893
Deferred items
67,727
(Statement for Fiscal Year ending Dec. 31 1916.)
-V. 104, p. 869. 769.
1916.
1915.
1914.
1913.
Sales,less mfg.cost,&c- $2,069,978 $1,770,188 $1,395,793 $1,558323
American Wringer Company.
751,182
Operating expenses, &c_
581,570
547,165
522,206
$1,318,796 $1,188,618
$848,628 $1,035,917
263,257
172,130
254,610
172,838
Total net income.... $1,582,053 $1,360,748 $1,103,238 $1,208,755
649,964
Dividends (4%)
649,964
649,964
649,964
Balance,surplus
$932,089
$710,784
$453,274
$558,791
CONDENSED BALANCE SHEET DEC. 31.
1916.
1915.
1916.
1915.
Assets-a
$
Liabilities-Plant investment. 2,676,688 1,992,988 x Capital stock-16,249,425 16,249,425
Stooks and bonds
Accounts payable_
299,675
1,658,955 2,182,351 Sundry liabilities_ 480,139
owned
52,213
60,263
Patents, tradeNotes payable_ _ _ _
300,000
marks, eto__ -11,000,000 11,000,000 Depreciation, &c-,
319,307
653,756 reserves
Cash
1,231,789 1,081,201
Accts. receivable_ 1,974,415 1,438,082 Advanced rentals_
13,062
37,083
2,109
11,572 Surplus
Notes receivable.•
*2,318,686 1,408,748
Inventory accts.._ 3,020,441 1,857,646

(Report for Fiscal Year ending Dec. 31 1916.)

Net earnings
Other income

INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1915.
1914.
1913.
$262,085
$179,598
$246,223
$299,403
15,000
25,000

Gross earnings
Reserve for 1915
Balance
Expenses

$262,085
114,503

$194,598
116,677

$271,223
138,248

$299,408
139,224

Net earnings
Previous surplus

$147,582
140,000

$77.921
180,000

$132,975
180,000

$160,184
170,000

Total
$287,582
Preferred dividend (77.
) $59,500
Common dividend(6% )-,- 54.000
Deprec.,real est.,mac.h.,&c 9,082

$257,921
$59,500
54,000
4.421

$312,975
$59,500
54,000
19,475

$330,184
$59,500
54,000
36,684

Total surplus

$165,000
$140,000
$180,000
$180.000
BALANCE SHEET JANUARY 1.
1917.
1916.
1917.
1916.
AssetsLiabilities$
20,651,915 19.136,396
$
$
Total
Total
20,651,915 19,136,396 Property
*685,404 *674,795 Common stock
900,000 900,000
PaCts, good-will, So. 100,000 100,000 Preferred stock
850,000 850,000
x Includes common stock, 317,880.000, and preferred stock, $120,000: Merchandise
618,160 564,224 Dividends payable
28,375
28,375
total. $18,000,000, less stock hold in treasury, $1,750,575; balance, as Cash
30,295
70,920 Accounts payable_ _ _ 16,890
23,935
above, 316.249,425.
193,737 273,556 Surplus
165.000 140,000
•After deducting 322,152 adjustments and all items not incident to the Investments
Bond and mortgage_ 23,500
27,500
-V. 104. 1:). 1148.
current year.
Notes& acc'ts receiv. 309,169 231,315

Homestake Mining Co., San Francisco and New York.
(Report for Fiscal Year ending Dec. 31 1915.)
Supt. Richard Blackstone, Lead, S. D., Dec. 31 1916,
wrote in substance:

Total

1,960,265 1,942,310
Total
1,960,265 1,942,310
* Includes real estate, $447,628; machinery, tools and appliances, $233.777; and office furniture and fixtures, 34,000.-V. 104, p. 561.

The steam turbo-generators are in full operation and have been supplying
all shortage of electric power due to shortage of water at
GENERAL INVESTMENT NEWS
stations. The rebuilding of the mechanical parts of the hydro-electirc
stamp mills and
amalgamating tables has all been completed. At five-stamp crushing and
was built eacly in 1916 and has been in continuous
concentrating mill
RAILROADS, INCLUDING ELECTRIC ROADS,
operation on tungsten ores. It Is equipped with one Wilfley table and two
Doister slime tables and is doing very satisfactory work. The source for
Alaska Government Roads.
tungsten ore s in the quartzite or Potsdam measures occurring to the
-Construction Progress.
westerly or footwall side of the Ilomestake mine and accompanies the
A description of the line and an account of the construction methods
silicious gold ores mixed in the same bed. The supply Is promising for pursued on this national project is given in the "Railway Age Gazette" in
some months to come.
Its issue of April 20.-V. 103, p. 2078.




1800

THE CHRONICLE

[VoL.

104.

A minority report by A. H. Smith, President of the NOW
York Central, opposes Government ownership and recommends the taking over of the Grand Trunk Pacific with its
branch lines in the West by the Canadian Northern, leaving
the latter company free to operate in the Western part of
Canada, while the Grand Trunk would lease the Eastern
lines of the Canadian Northern and confine its operations
Auburn & Northern Electric RR.—Interest Payment.— to Eastern Canada. Mr. Smith specifies with considSee Empire United Railways below.—V. 84, p. 626.
erable detail the basis on which he believes the various lines
Boston Elevated Ry.—Dividend.—
should be taken over and operated under lease or otherwise
A dividend of
of 1% has been declared on the $23,879,400 stock, pay- by the companies named. He finds that if the Grand Trunk
able May 15 to holders of record May 2. In 1916 dividends were paid as
.Aug. and Nov., 13i%.—V.104,p.862. is relieved of the burden of the Grand Trunk Pacific its operoliows: Feb., 1 %;May, 3.6 of 1%;
Boston & Worcester Street Ry.—Additional Securities. ations ought to be profitable.
The report of the majority Commissioners recommends:
Tne Mass. P. S. Commission has authorized the company to issue
American Lt. & Traction Co., New York.—Earnings.—

Balance,
Pref.Div. Common
ExYear end. Earns.from. Other
(6%). Dividend. Surplus.
Mar. 31. Sub. Cos. Income. penses.
1916-17.._ _$5,161,485 $595,906 $268,494 $854,172 $1,846,693 $2,788,032
1915-16...._ 4,846,195 595,430 169,519 854,172 1,673,380 2,744;554
There were also deducted stock dividends on the common stock amountin,:
to $1,846,692 in the year ending Mar. 31 1917, against $1,673,380 in
1915-16, leaving a balance of $941,340 in 1915-16, against $1,071,174 in
1915-16.—V. 104, P. 557, 453.

$270,000 additional pref. stock and $40,000 additional 1st Mtge. bonds,
"1. That the Government do not acquire or undertake to operate any
making $667,200 stock and $2,440,000 bonds outstanding, respectively.— further railroads, but:
V. 104. p. 1700.
"2. That these three railways, Canadian Northern, Grand Trunk and
Grand Trunk Pacific, be transferred by Act of Parliament to an independent
Canadian Northern Ry.—Nationalization Plan.—
Board of Trustees (incorporated as a company), constituted as we shall
See Grand Trunk Ry. below.—V. 104, p. 1700, 256.
hereafter describe.
hang together
must
Canadian Pacific Ry.—Statement at Annual Meeting.— be"Tnese recommendations,from our point of view,the transfer ofand three
the
regarded as inseparable. We do not recommend
Pres. Lord Shaughnessy, in a statement to stockholders on companies unless our recommendations as to the method to be followed
are also accepted."
May 3, says in substance:
Only the Canadian Pacific and the few lines of American railways In CanThe revenue statements are very satisfactory. Indeed the earnings were ada would be excepted nom the plan.
No new financing or additional burdens are necessary, excepting for the
much better than we had reason to anticipate in October last, but I am
afraid that the substantial advance in wages, duo in a large measure to the purpose of providing for present floating indebtedness and required inshortage of labor and the abnormal increase in the price of fuel and of all creases in rolling stock and facilities.
In so far as the shareholders' equities are concerned, the report suggests
the other articles that we find it necessary to purchase, will have an imthat these be met by the payment of such annual proportion of the earnings
portant bearing on the working expenses in the future.
-year, under an agreement with the Imperial of the system as may fairly be allowed, having regard to the present finanSince the close of the half
Government, the 4% consolidated debenture stock to the amount of cial positions of the companies and their potential earning power, the exact
$40.000,000 which the company was empowered to issue and you had proportion to be determined by agreement or by arbitration, if necessary.
authorized, was issued and loaned to the Imperial Treasury for a maximum If the report be adopted, no new capital will, therefore, be required for
period of five years, at a premium of 3i% per annum, over the interest existing stock issues.
Although the Commissioners are emphatic in their recommendation that
payable on the stock. Provision is made in the agreement for the sale to
the British Treasury of this stock in annual installments, should the com- the railways in question become the property of the people of Canada, they
pany require money for any of iuS purposes in Great Britain, and the are equally emphatic that Government operation of the system would be
Treasury reserves the right to purchase Iffi or any of the stock during the against the best interest of the country.
'rho combined system, the report says, would be considerably larger than
five years at the price of 80% of its face value.—V. 104, p. 1590, 1585,
the Canadian Pacific, and be quite as well located, both from an operating
1488, 1483.
and from a traffic standpoint. In time it ought to produce as favorable
Catskill Mountain RR. Corp.—New Company.—
financial results, constitute a great national asset, and take a high and
This company was incorporated at Albany, N. Y., on May Qs with $100,- commanding place among the great systems of the world.
The combination under the trustee's control, it is pointed out, would
000 capital stock, presumably to take over the Catskill Mountain Ry.,
which was sold on Apr. 23 to Eli Joseph of N. Y. The incorporators are make for economical and effective operation, and would obviate the unE. E. and A. V. S. Olcott (President and Treasurer, respectively, of the necessary expenditure of many millions both in the East and in the West
for further wasteful and unnecessary duplications, both in lines and termiHudson River Day Line) and G. H. Beach. (See V. 104, p. 1701.)
nals, that of necessity must take place if the original programs of the CanaChicago Railways.—Decision.-dian Northern and Grand Trunk Pacific wore carried out.
A decision handed down by Justice George A. Cooke in the Supreme
The annual liability of the Government to meet unearned interest charges
Court of Illinois on April 19 establishes the right of the P. U. Commission for the first few years of the new scheme is estimated at about $12,500,000
to control rates, service and equipment of the Chicago traction properties per annum. On the other hand, the present system of granting Governregardless of contract ordinances between the city and the companies. The ment aid, the majority Commissioners believe, is a much more objectioncontracts, however, were held to be valid and binding. The case involved able burden.
primarily an order entered by the Commission directing the companies to
provide additional service, and this order was sustained by the Court, witn
See also the Banking Department above.—V.104,p.1387.
the qualification that its reasonableness or sufficiency was not at issue.
The city may appeal to the United States Supreme Court.—V. 104,
Hagerstown & Frederick Ry.—Readjustment Plan.—
p• 1489, 1484, 1263.
The shareholders will vote May 7 on a plan presented by the voting
trustees providing (a) for the retirement of the present outstanding $1,226,Chicago Rock Island & Pao. Ry.—Stock—Litigation.—
000 5% convertible adjustment °ends: $635,000 7% cum. prof. stock and
In the hope that it may be possible to reorganize the company under its $2,000,000 common stock; (b) issuance in lieu thereof of $600,000 10
-year
present charter a meeting of the stockholders has been called for June 21 6% notes $842,500 6% cum. pref. and $1,483,500 new common stock. The
to vote on increasing the capital stock from $75,000,000 to $140,000,000, plan in effect, it is stated, converts a portion of the old pref. stock into new
this to include as provided by plan of reorganization (See Railway & common and reduces the holdings of the common stockholders to one-third
Industrial Section, page 36;) (a) common stock, $75,000,000; (b) 7% pref. of their former holdings. It is also proposed to dissolve tho voting trust
stock, $30,000,000;(c) 6 prof. stock, $35,000,000.
after the plan becomes effective. The voting trustees are: Frank A. Furst,
See Keokuk & Des Moines Ry. below.—V.104, p. 1701, 1498.
Henry Holzapel and William II, McCardell.—V. 104, p. 163.

Commonwealth Power, Ry. & Light Co.—Earnings.—
Interest
Oper. Exp.
Total
March 31
& Taxes. Chgs.,
Income.
Year—
$161,947
$634,353
1916-17 _.._$3,317,673
655,293
145,687
1915-163,238,777
—V.104,P. 1145, 554.

Pref. Divs.
(6%)
$1,048,265
960,000

Bal. for
Corn. Divs.
$1,473,108
1,477,797

Hudson Companies. — Plan for Refunding Notes —
Partial Liquidation to Benefit Pref. Stock.—President Walter
G. Oakman, N. Y., May 1, says in substance:

Status.—Assuming certain proper adjustments between IIudson Companies and Greeley Square Realty Co. (hereinafter called "Greeley Company"), their situations, as of Apr. 1 1917 are substantially as follows:
Hudson Companies owns (a) In Hudson & Manhattan RR.23,076 shares
See "State and City Department" of this issue.—V. 104. p. 1489, 163.
[$2,307,6001 of the pref. stock and 251,712 shares M25,171,200] of the comDenver & Salt Lake RR.—Default—Committee.—Default mon stock;(b)In Greeley Co.$250,000 subordinate interest in first mortgage,
capital stock, 20,000
also
having been made in the payment of the interest due May 1 (halfthat company's entire auth.of its First Refunding [$2,000,000) shares
bonds, being all of
preferred), and $3.627,000
1915 and semi-annually thereafter on the First Mtge. 30-year said bonds outstanding except $623,000 in the hands of the public. (c)$10,real estate (assessed
gold bonds ($2,991,000 outstanding), the bondholders' com- 000 mortgage;(d) $55,000foregoing, except thevalue.) & Manhattan preHudson
SUbstantially all of the
mittee named below urges deposit of the bonds on or before ferred stock, the real estate and $77,000 of the Refunding bonds, are
104, p. 253) viz:
secure the notes mentioned
July 1 1917 with the Mercantile Trust & Deposit Co., pledged to6% note, due July 30 1917,below, (Compare V.due Aug. 11917,
$200,000;6% note,
Debts:
115 Broadway, N. Y., as depositary.
$250,000; 6% notes, due Aug. 1 1918, $1,500,000; total, $1,950,000.
Committee: Edward R. Tinker, Chairman; George H. Burr, F. N. B.
Greeley Company owns: property on Broadway between 32d and 33rd
Close, L. C. Phipps, Eugene V. R. Thayer and Herman WaHeck, with Sts., N. Y. City, leased to Gimbel Brothers at a present annual net rental
Charles D. Makeplece, Secretary, 115 B'way, N. Y.—V. 102, p. 2071.
of $630,000, which increases to $655,000 Aug. 11920, and remains at that
term in 1931. Its debts include:
until
Eastern Power & Light Corp.—Subsidiary Co. Notes.— figureMtge.the end of the present
to Mutual Life Ins. Co., duo April 1924(deducting
First
See West Virginia Traction & Electric Co. below.—V. 104, p. 1701, 1145. said subordinate interest held by Hudson Companies)
$5,500,000
First Refunding bonds, due Oct. 11930, not hold by Hudson Cos. 623,000
--Interest Payment, ctc.—
Empire United Railways.
Said companies have at present but little cash in excess of accrued interest
Hubbs in the Supreme Court at Syracuse, N. Y., on and sinking fund obligations.
Justice Irving M.
Apr. 30 (a) ordered Receivers Hendrick S. Holden and C. Loomis Allen
Prior to Jan. 1917 the first mortgage of the Greeley Co., which was then
to pay the 1st M.interest coupons duo May 1 of the Syracuse Lake Shore considerably larger than $5,501039 called for annual sinking fund paySr Northern RR. and the Auburn & Northern Electric RR., aggregating merits of 3175,000, and matured in April 1919. To obtain an extension it
about $68,750; (b) dsicharged them as receivers of those two lines; (c) di- was necessary to reduce the principal and acquire the subordinate interest
rected them to turn over to themselves as receivers in the foreclosure action in the mortgage so as to leave the amount owing thereon (not owned by
of the Equitable Trust Co., N. Y., against the Empire United Rys. and Hudson Companies)as shown above; this necessitated borrowing $450,000
others, the balance of the money in their hands, amounting to, It is said, (Included above). The note for $250,000, maturing Aug. 1 1917, can be
$73,127.—V. 104, p. 1145, 863.
renewed, but no arrangement has been made for renewing that maturing
Ft. Wayne & North. Indiana Trac. Co.—Joint Control. July 30 1917. some provision should be made at once for Hundson Com.
It urtherinore,
Realty Co. under "Industrials" below.—V. 98, P. 1244.
See Shirley
panies $1,500.000 of notes to mature in Aug. 1918.
Income.—Examination Shows that the net rental from Gimbel
Grand Trunk Railway.—Majority of Royal Commission 3 will be sufficient to pay all interest and sinking fund obligations Brothers
of either
Favors Joint Operation of the Grand Trunk Lines, the Pacific : Hudson Companies or Greeley Company, and also to provide sinking fund
obligations of either company (except
to pay off all
Extension and the Canadian Northern By. by an Independent . payments sufficient mortgage debt remaining after the sinking fund payGreeley Company's
0
ortgageb
Board as the Dominion Railway Co.—The Royal Commis- Ivor within the term
that
uee tt; mby April 133t—t andi' other
t th neouze
ments)

Dallas (Tex.) Electric Co.—Franchise Election Valid.—

i
ofitis p n tly s
„ eutfigent ear:a
sion appointed last July to inquire into the general prob- .
covering a period of 14 years. To
debt in
off all
lem of transportation in Canada, presented its report to the Lefirm the other nfr notrinstallments
that t he
lvt) decidedo
od u
ee detr efistlie ow iu leor‘eevn•eeer.
provide
tl
Iie
CornI'l ioir' r preferred stockholders renewing
Canadian Parliament on May 2. A majority of the Comthe necessary funds, thus saving large recurring expenses forattractive
mission, namely Sir Henry L. Drayton, Chief Commissioner short loans. As shown below, they will have good security and
of the Canadian Board of Railway Commissioners, and return for their advances, and will preserve for themselves the important
William M. Acworth of London, a director of the London i values to be set free from pledge.
Proposed Plan—New Greeley-l1udson Securities Co.
its
to
Underground Railways, favor a plan providing for the 1 Let Hudson Companies transfer its Greeley Co nd
antib
mortgage (subject
Government's assuming financial responsibility and for the interest in the Greeley Co.firstsoon as issued, of toothesir
any of Greeley Company's
and provide for the transfer, as
conduct of the Canadian trunk lines, other than the Canadian First Refunding bonds that may be issued hereafter, to the Greeley-Hudson
Pacific By., on a strictly comniercial basis "on account of Securities Co. (recently formed by some holders of preferred stock with a
. view to carrying out this plan) in exchange for—
and for the benefit of the people of Canada."
Capitalization of Greeley-Hudson Securities Co.
The majority report advises that trustees take over the . Capital stock (being all thereof)
$2,000,000
n
pledge eof
y
i
Grand Trunk, Grand Trunk Pacific and Great Northern, Six etrc ropet tomiatu r May
ry
,(freesecured y)l
eeat notes so o he
the
3
rre1
i9
a
tri
property
all the
"acquire the stock of the three companies and maintain the
pledges by payment of the present notes). Sinking fund sufrights of bond and debenture holders undisturbed." through
ficient to retire the whole issue by maturity. The whole issue
$2,000,000
to be callable at 105 Denom. $100, &c. 'total issue
the medium of a new company, the Dominion Railway Co.



MAY 5 1917.]

THE CHRONICLE

Let IIudson Companies offer such notes of the new company, together
with 35% of their principal amount in such stock of the now company, to
the holders of Hudson Companies'$16,000,000 prof stock at the price of the
principal and int. of the notes, payable 25% upon ten days' call after sub,
scription, 25%, on like call, not less than six months later, and the remaining 50%,on like call, between June 1 and Aug. 1 1918(the notes and stock
to be delivered on final payment, but interest at 6% to be paid upon the
installments of purchase price), payments to be to Guaranty Trust Co. of
New York, in trust, to the extent of $1,950,000 thereof, for use
only in paying Hudson Companies' present note obligations aforesaid
aggregating that amount. If all the pref. stock holders subscribe they will
get 12 % in notes, and with the notes 35% in stock and later on if the plan
goes through, as now proposed, further stock, posiibly 65%•
The well-known prosperity of Gimbel Brothers in carrying on their business upon the leased premises and the fact that the lease is personally guaranteed by seven of the individuals mainly interested in that business, as
well as in the successful Philadelphia business carried on under like name,
seem to render negligible the possibility of the present lease being forfeited,
and the value of the property independent of the lease, seems to afford
adequate security for the notes in any event.
Distribution of Assets to Stockholders.—After consummation of this
plan Hudson Companies will still own its Hudson & Manhattan RR. Co.
stocks (being a substantial majority of all outstanding) and any of the $2,000,000 stock of the new company not sold ,with the notes.
Your directors are assured that. if this plan becomes effective, the common stock of Hudson Companies will be surrendered and cancelled, whereupon it will be in order to reduce the preferred stock and distribute to the
holders thereof such remainder of the capital stock of he new company,
Hudson Co mpanies retaining said Railroad Company holdings. To have
this "cent 4:1" of the Hudson & Manhattan RR. Co. thus set free from all
,
lien or debt and held together for future realization is obviously of great
advantage.
Effect of Plan—Estimated Earnings.
Upon the consummation of said plan and retirement of the last of the
required by
to
$1,950,000 notes by Aug. 1918, the incomebe sufficient the leaseall Gimbel
to cover
interest
Brothers with other available income, will
and sinking fund payments upon said first mortgage, upon the $623,000
bonds outstanding in the hands of the public,
Greeley Co. First Refunding
and upon the $2,000,000 note issue of the new company, and a liberal
estimate for expenses, and leave an annual surplus, which, in round numbers, will be $26,000 in 1918, and increase to $100,000 in 1931. Such
surplus income will be available for dividends on the stock in the new company, which would substantially increase the income return to a purchaser
of notes, and doubtless will be so distributed except to the extent that the
future directors deem it wise to apply some portion thereof toward further
reduction of the first mortgage, or First Refunding bonds. It is believed,
however, that the existing sinking fund provides amply for reducing the
first mortgage and that such Refunding bonds may, at th proper time,
readily be extended, or refunded.
The sinking iund payments upon said first mortgage and application oi
said $250,000 interest therein will reduce the principal to $4,870,000 at its
maturity (April 1924) and it seems reasonably certain that it can then be
extended or replaced without requiring any larger sinking fund payments
thereafter than theretofore, namely $90,000 a year.
The expression "surplus income" as used above means net earnings after
paying the sinking fund requirements upon the first mortgage and upon
the note issue; in other words, after making, out of net earnings, annual
payments in reduction of indebtedness, amounting to $170,000 in 1917 and
running up to $290,000 in 1931. The net earnings will be considerably
more than double the interest on the notes from the outset. The net earnings spoken of are those of both the new company and the Greeley Co., as
the former will be entitled to those of the latter.
The right of Gimbel Brothers to renew the lease for each of four successive further terms of twenty-one years is at a rental not less than $655,000
per annum for any such term,nor more than $705,000 for the first. Assuming such a renewal at the lower figure and that the first mortgage, being
then reduced, as above mentioned, to $4,240,000, bear interest at 4%%,
there will remain to the new company, which will be free of debt, its notes
having been paid off by the operation of the sinking fund, a net annual
income of $418,000 —over 20% on its stock. This will be after providing
for all charges which can now be foreseen, namely interest upon said first
mortgage, interest on the refunding bonds outstanding in the hands of the
public, and a liberal allowance for general corporate expenses. If the
lease should be renewed a a higher rental, such net annual income would
be correspondingly increased.
Stockholders must remember that Hudson Companies owes now, as
shown above, $1,950,000, all to mature by or before the summer of 1918,
and that something must be done to meet this situation.—V.104, p. 253.

Hudson River Connecting RR.—Bridge Approved.—

This company's application to the Secretary of War for permission to
locate a bridge over the Hudson River about 11 miles south of Albany has
been approved, and it is intended that a combination steel truss and plate
girder structure be built, carried on steel and concrete piers, having a
clearance of 139 ft. The bridge will have two spans, one of 600 ft. and the
other of 405 ft. The purpose of the bridge is to enable the Nev York
Central RR. to divert fast through freight around Albany, thus shortening
the route for freight bound in and out of New York and relieving the present
congested New York Central RR. bridge.

Indianapolis Trac. & Term. Co.—Joint Control.—
See Shirley Realty Co. under "Industrials" below.—V. 104, p. 256.

Keokuk & Des Moines Ry.—Litigation—Interest on
Bonds Paid Promptly but Preferred Dividends in Default.—

1801

Manila RR.—Extension of Maturity of Bonds.—
Holders of the First Mtge. Southern Lines 4% gold bonds ($10,575,000
outstanding) have been notified that a new indenture has been created
whereby the company, on agreement of the bondholdets to extend the
maturity of their bonds 20 years, or until May 1 1959, will provide a sinking
fund at a rate sufficient to pay off tne extended bonds at mattnity. Holders are requested to deposit their bonds at the Farmers' Loan & Trust Co.
at any time up to May 1 1918.—V. 104, p. 559.

Milwaukee Electric Ry & Light Co.—Proposed Acquisition from Milwaukee Elec. Light & Traction Co.—Stock.—
See North American Co., under "Reports" in last week's "Chronicle."
—V. 104, p. 1039.

Milwaukee Light, Heat & Traction Co.—Liquidation—
Earnings, &c.—Refunding & Extension Mortgage Canceled.—
See North American Co. under "Reports" in last week's "Chronicle."
—V. 104, p. 863.

Missouri Pacific RR. Corp.—Incorporation.—

This company on May 1 filed a charter with the Secretary of State at
Dover, Del., with $4,000,000 capital stock to operate railroads in Nebraska.
—V. 104, p. 1592, 1146.

Mount Royal Tunnel & Terminal Co., Ltd.—Progress.

This ccimpany's tunnel under Mount Royal at Montreal, Que., commenced in 1912 and to be about 3 1-3 miles long, is so far completed that
the first passenger train passed through it on April 22. Terminal work is
still to be completed. It is stated that the formal opening will take place
this fall.—V. 104, p. 164.

Nevada Short Line RR.—Receiver.—
harry J. Humphrey of Reno, Nev., has been appointed receiver of.this
property operating between Rochester and Oreana. The road is being
operated under the direction of the court, consequent to action filed by the
company's creditors.—V. 102, p. 345.

New York Central RR.—Controlled Co. Litigation.—
See Lake Erie & Pittsburgh Ry. above.—

Hudson River Bridge Project Approved.—
See Hudson River Connecting RR. above.—V. 104, p. 1702, 1592.

New York Chicago & St. Louis RR.—Equipment Trust.
—William A. Read & Co. announce by advertisement on.
another page the sale of $3,800,000 5% Sinking Fund Equipment Trust certificates dated May 1 1917 and due May 1
1931 but callable all or part at 101 and div. The hankers
(see V. 104, p, 1592), report in brief:
These certificates are issued by the trustee, the Citizens' Trust & Savings
Co., Cleveland, under the I'hiladelphia plan, and are guaranteed, principal,
dividends and sinking fund, by the Railroad company.
Security.—The cm tificates are secured by new standard rolling stock
placed under contract some months ago at a cost of $4,280,000. Present
market prices for similar equipment are quoted about one-third in excess
of these certificates. The rolling stock under the trust consists of the
following: 35 Mikado locomotives, 10 switching engines, 1,000 automobile box cars and 750 hopper coal cars.
Sinking Fund.—The trust deed will provide for annual cash payments
aggregating $4,500,000, to consist of minimum payments of $400,000
per ann. for the first ten years, and $125,00:. per ann. for the last four years
of the issue. A minimum of $1,625,000 of this sinking fund must be
applied to the retirement of the certificates at the calling price of 101 and
int, if they are not obtainable at or under that price in the open market.
The balance of $2,875,000 of the required payments may be applied to
retire certificates or purchase new equipment to be subjected as additional security.
This sinking fund operates as follows: (1) 1918 installment of $400,000
to call certificates or purchase new equipment;(2) 1919-1931, incl., $125,000
each year for 13 years to call certificates;(3) 1919-1927, incl., $275,000 each
year to call certificates or purchase new equipment. The sinking fund
payments under the trust deed therefore would be as follows: (a) To call
certificates (minimum), $1,625,000, and (b) to call certificates, or for purchase of new rolling stock, $2,875,000; total, $4,500,000. Compare
V. 104, p. 1592, 1264.

New York New Haven & Hartford RR.—Decision.—
The Mass. Supreme Court on May 3 sustained the defendants' demurrer,
In the suit brought by minority stockholders against the former directors
to recover 6102,000,000 alleged to have been unwisely expended in the pourchase of steamship, railway and electric lines to stifle competition. It is
understood that this decision is fatal to the claim of the plaintiffs, for the
reason that the statute of limitations is said to be a bar to any further
cause of action. Compare V. 104, p. 1592.—V. 104, p. 1702, 1694.

Norfolk Southern Ry.—Notes Offered.—Harris, Forbes &
Co. are offering at par and interest $1,000,000 3-year 6%
notes. Compare V. 104, p. 1388, 1264.
Paducah & Illinois RR.—Guaranteed Bonds.—
See Nashville Chattanooga & St. Louis Ry. under "Reports" above
—V. 104, p. 661.

Pennsylvania RR.—Bonds Called—Sub. Co. Litigation.—
In the suit brought by Henry I. Clark and other preferred stockholders
Nineteen First Mtge. "Series A" 5% bonds of 1878 of $1,000 each; 19
of the Keokuk & Des Moines Ry. against the Bankers Trust Co., as trustee
of the $20,000,000 debentures of the Chicago Rock Island & Pacific Ry., of $500 each: and 25 of 8100 each (totalling $31,000) of the Sunbury,
which company failed to pay dividends on the preferred stock of the Keokuk Hazeiton & Wilkes Barre Ry., have been called for payment June 1 at par
& Des Moines Ry., the Appellate Division of the New York Supreme and int, at the Fidelity Trust Co., Phila.
Court on Apr. 20 reversed the decision of the lower Court by which an.
See Lake Erie & Pittsburgh Ry. above.—V. 104, p. 1388,1265.
injunction had been granted against the consummation of the plan of reorganization of the Rock Island Company.
Philadelphia Company.—Extension of Time to May 31.—
Chicago Rock Island & Pacific Ry., to he
The plaintiff, alleging that the
indebted to the Keokuk & Des Moines IV. to the extent of nearly $6,000.- Ladenburg, Thalmann & Co., Blair & Co. and Hayden,
claimed that the plan of reorganization was inequitable, unjust and Stone & Co. give notice- that more than 65% of the
000,
unfair to the plaintiff as an unsecured creditor, and he therefore demanded
$6,500,000 First Mtge. & Collateral Trust 5% Gold bonds
a permanent injunction restraining the carrying out of the plan.
The Court held that it was difficult to understand in the absence of alle- due Mar. 1 1949 and 70% of the $15,148,000 Consol. Mtge.
gations of actual fraud, &c., what standing the plaintiff had to enjoin the
defendants, and could see no allegat ions indicating that the defendants in- and Coll. Trust 5% bonds due Nov. 1 1951, having been detended to utilize the receivership to deprive the plaintiff of its creditor posited to date, the time within which deposits may be made
rights. The company being in the custody of a Court of competent has been extended to and including May 31 1917. See adJurisdiction (the U. S. District Court for the Northern Dist. of Ill.), the
it
Court could see no reason whybe should entertain jurisdiction over a mat- vertisement on another page.—V. 104, p. 1490, 953.
Court must
ter which another First Mortgagecalled upon to determine.
Guaranteed bonds ($2,750,000 outstan(lPortland Ry., Light & Power Co.—Wages Increased.—
Interest on the
to and including
The trainmen on all of this company's lines were on April 27 granted an
ing) has been paid upmade out of the April 1917, but since July 1 1915 the
earnings of the Keokuk & Des Moines increase in wages of 3 cents per hour.
payments have been
By agreement of both sides, the increase will go into effect on the followRy. and have not been paid by the guarantor, the Rock Island. Dividends
on the preferred stock (81,524,600 outstanding) have not been paid since ing graduated basis: 2 cents an hour, effective May 1. and 1 cent an hour,
was distributed.—V. 101, p. 1014.
effective Aug. 1 1917. The increase will make the sliding scale of wages
April 11915. when 2M%
28 to 34 cents an hour. In the past it has been 25 to 31 cents an flour.
See "Annual Reports" on a preceding page.—V. 104, p. 1593, 120o.
Lake Erie & Pittsburgh Ry.—Litigation.—
C. ii. Veinier and James Pollitz as stockholders of tne New York CenPoughkeepsie City & Wappinger Falls Electric Ry.—
tral RR., which company with Pennsylvania RR. jointly control the Lake
This company has Increased its authorized capital stock from $750,000
Erie & Pittsburg, have asked the Ohio Supreme Court to sot aside the order
of the Ohio I'. U. Commission allowing the controlling companies to guar- to $1,000,000.—V. 104, p. 1388.
% First Mtge. bond to be sold by the Pittsburgh
antee the $3,540,000
Puget Sound Traction,Light & Power Co.—Earning's.
& Lake Erie Ry. Compare V. 103, P. 320.
Net,after Interest
Preferred Com.Div. Balance,
Gross
Cal.
Lehigh & New England RE.—Earnings.—
Earnings. Taxes.
.EdYear— . Dividends. (3%). Sur. or Def.
Net, after
Other
8
.SkgS
$
Interest, Divs. Balance,
Gross
Calendar
Taxes. Income. Rents Ac. (10%). Surplus. 1916 _8,107,371 2.986,376 2,212,982 (3%)435,435
sur.337,960
Earnings.
Year—
$3,046,332 $1,116,762 $61,202 $480,192 $600,000 $97,771 1915 ___7,559,583 2,804,820 2,179.984 (41615,464
sur. 9,372
1916
3.074,265 1,395,569 23,598 470,029 600,000 349,138 1914 ___8,450,974 3,443,966 2,118.856 (6% 820.618 556,736 def. 52.245
1915_
Interest and sinking fund include in 1916 bond sinking fund, $352.606
—V. 103, p. 2156.
against $301,205 in 1915.—V. 102, p. 1808.
Long Island RR.—Advance in Passenger Rates.—

This company has arranged for increases in all passenger fare rates in
which consent of the P. U. Commission is not required. The increases
affect single, round trip excursion and 10, 20 and 50-trip tickets, special
party tickets and special trains. Mileage and commutation rates are not
affected.—V. 101, p. 1702, 1263, 1257.




Syracuse Lake Shore & Nor. RR.—Interest Payment.—
See Empire United Railways above.—V. 101, p. 864.

Terre Haute Indianap. & East. Trac, Co.—Sub.Co.St
See Shirley Realty Co. under 'Industrials" below.—V. 104, p. 765.

1802

THE CHRONICLE

Western Maryland Ry.-Leading Stockholders Acquire
Control of Reorganized Wheeling & Lake Erie and May Link
Up the Roads with N. Y. Chicago (Cc St. Louis for Through
Chicago Service.
-See Wheeling & Lake Erie Ry. below.
President Carl R. Gray on May 1 made the following
statement in Baltimore:
On account of the local interest which has developed, it is perhaps proper
to say that individuals who are stockholders in the Western Maryland
By. have for a long time been interested in the Wheeling & Lake Erie,
and while they may now have increased their stock ownership,just as they
have frequently done in other properties, it is no indication that the Western Maryland By.is interested, directly or indirectly, and,in fact, it is not.
The Wheeling & Lake Erie is a good property, and I have no doubt that
if any investments have been made it was because they had confidence in
its future.
-V.104,P. 1491, 1265.

West Virginia Traction & Electric Co.
-Two-Year
Notes.
-Wm. P. Bonbright & Co. are placing at 983/i and
bit, a new issue of $1,800,000 2
-year 6% bond secured gold
notes dated May 1 1917, due May 1 1919, but callable at
1003/i and int. on 40 days' notice.
Interest M. & N. at New York Trust Co., N. Y. trustee. Denom.
$1.000, $500 and $100. Company to pay normal Federal income tax.
Extracts from Letter of Pres. W. S. Barstow, April 25 1917.
Company.-Incorp. July 11 1912 in West Va.; owns and operates electric
light, power and water supply systems in Elm Grove and the neighboring
towns; an electric railway from Wheeling through Elm Grove connecting
adjacent suburban towns; electric light, power, gas and water systems in
Morgantown, W. Va. These contribute about 80% of the net revenue.
The system serves 29 communities with railway and electric service, 26 with
water and 25 with natural gas. Estimated populations served are: Electric and water, 23,000; railways, 68,000; gas, 36,000.
Outstanding Capitalization as of April 25 1917.
Stock ($619,600 is 7% prof., $1,250,000 common)
$1,869,600
Two-year 6% gold notes
1,800,000
Divisional bonds,closed,(includes $226,000 in sinking funds)
3.862.000
These Notes.
-Secured by a pledge of $2,500,000 General & Ref. Mtge.
25
-year 5% gold bonds, being all of said bonds issued. None of the $200,000 additional notes may be sold prior to Dec. 1 1917. Notes may be sold
thereafter only when the net income is 234 times the annual interest charges
on the notes outstanding and to be issued.
Collateral.
-The Gen.& Ref. Mtge.25
-year 5Z gold bonds collateral to
these notes are a general lien on the property. Oran authorized issue of$15,000,000,33,049,000are reserved to retire the divisional bonds and $2,500,000
are pledged as collateral to these notes. The remaining bonds may be
issued to acquire first mortgage bonds of other companies under specific
restrictions, and for permanent improvements, additions, &c., at 80% of
the cost, or fair value thereof, whichever shall be less, but only when net
income after prior charges is at least twice the interest charge on all bonds,
incl. those to be issued. The company will create a renewal,improvement
and redemp.fund on Oct. 11918. and annually, of 1% of bonds then issued.
Purpose of Issue.
-The proceeds of these notes will retire the company's
present outstanding $1,500,000 notes, due June 1 1917. and provide for
immediate additions and extensions.
Properties.
-These include 2 electric power plants aggregating 6,000 h.p.
rated capacity; 2 water pumping stations, 2 gas pumping stations, 116 gas
wells, 152 miles of electric lines, 179 miles of gas pipe lines, 74 miles of
water pipe lines,45 miles of urban and suburban railways,largely on private
right of way, with an equipment of 91 cars. The company holds under
lease about 20,000 acres of natural gas fields, and has recently secured
1,600 acres of promising gas and oil lands which are being developed.
Control.
-(Controlled by Eastern Power & Light Co. through stock
ownership. [See "Electric Railway Section" for Jan. 1917, p. 109.1
Combined Earnings of Company and Subsidiaries, 12 mos. ending Feb. 28.
1917.
1916.
Deduct1916.
1917.
!ter. revenue_ --$986,855 $914,881 Int. on divis. bds_ 197,483 $188,626
Net (after taxes)-$461,748 $425,412 Net appl. to notes $273,752 $245,541
Other income_ _ _ _
9,487
8,755 Int. on $1,800,000
notes
108,000
Total income_ _$471,235 $434,167
Balance
$165,752
Operating Statistics.
-The approximate number of customers is: Electric,
2.256; gas, 4,271; water, 3,927. Combined output of electric power plants,
13,432,674 k.w.h. Total annual gas production about 3,329,066.000 cu.ft.
Total annual railroad passengers about 8,344.866. Compare V. 100, p.
2087.-V. 104, p. 1704. 1146.

Wheeling & Lake Erie Ry.-Control Acquired by Leading Stockholders in Western Maryland Ry.-It became known
on April 30 that Kuhn, Loeb & Co. and Blair & Co. had sold
their large block of prior lien 7% stock, said to aggregate
about $11,450,000, carrying under the voting trust agreement the right to elect a majority of the board for the first
five years, to leading stockholders in the Western Maryland
Ry., generally believed to include the Rockefellers. The
price is rumored to have been 88 and accrued dividend.
See Western Maryland Ry. above.

[VOL. 104.

1 of certain of the unfavorable French and British contracts as well as with
I respect to the powder being made for the Canadian Government at the
company's plant at Drummondville, Canada. There is also reason to
believe that the Imperial Munitions Board of Canada, in whose name the
contract was made, will bo willing to take over the plant on a royalty basis,
therebynetting the company a small profit, instead of the substantial
loss it is now suffering. See new British contract below.]
Status.
-In view of the present crisis in our country's affairs and in the
belief that the Government would be interested in assisting the company in
its difficulties, several trips have been made to Washington and interviews
had with the Government authorities, and while it was the opinion of
everyone that it would be unfortunate, particularly at this time, were the
company forced to suspend operations, no immediate assistance could be
arranged for.
During the negotiations, as mentioned above,stockholders were consulted
for the purpose of obtaining their views as to the advisability of raising
sufficient working capital by an assessment on the stock, but it was the
general opinion that this would not be feasible and that little money could
be secured in this way.
Suits for Commissions.
-In securing some of the war orders the company
paid and contracted to pay excessive commissions, and where ready money
was not available for the payment of these commissions certain notes were
given, which notes are now being urgently pressed for payment. A suit
has been recently brought by Edward W. Bassick and associates in the sum
of $3,142,133 for commissions on military orders secured, in addition to
which there are notes outstanding for commissions in the sum of $701,058,
issued by former officials of the company but for which the company now
disclaims responsibility and for which suit has also been brought.
Receivership.
-Recently creditors have been insistent upon the payment
of their claims and one of the larger creditors has placed attachments on
some of the plants and materials. Conditions in this respect became so
serious that prompt action was necessary to conserve the company's assets,
and on April 19 receivers were appointed and are now in possession of the
company s affairs. The Receivers are ex-Judge George C. Holt and
Benjamin B. Odell,former Governor of New York.
In our opinion the present condition of the company may be attributed
(1) to over-extended business on insufficient working capital; (2) inability
to carry out its contracts at a profit owing to the low priced contracts taken
and the purchase of raw materials at high prices;(3) costly and unnecessary
construction and unnecessary and expensive experimentation; (4) last but
not least, the excessive commissions paid.
Committee Disbands.
-As the receivership may load to differences between
the common and preferred stockholding interests, the committee feels that
it is impossible for any one body to represent both classes of stock and the
committee has therefore decided to terminate the agreement and return
the stock to the various owners who, to cover the expenses and disbursements of the committee, are requested to pay seven cents for each share of
stock covered by their certificates. The members of the committee are
making no charge for their services. Compare annual report,&c.,in V.104,
p. 1140, 1146, 1491, 1593.

I

British Contract Price Advanced.
Judge Mayer in the United States Dist. Court at New York on May 3
orderer, the receivers to advance from 50 cents to 57 cents the price per lb.
for 9000,000 lbs. of smokleless powder deliverable to the British Imperial
Munitions Board by the Aetna Explosives Co., Ltd., the Canadian subsidiary of the Aetna company. The contract, made Oct. 23 1916, calls
for the delivery of 1,500,000 lbs. of powder per month, delivery to be completed by July 1 next. The company, it is stated, is in default of delivery
of over 3,250,000 lbs. The Munitions Board will also advance $1,000.000
working capital which will be in addition to $4,333,647 previously advanced
to the Canadian Corporation. This arrangement, while affirmed in the
United States, has yet to be affirmed in Canada.
-V. 104, p. 1593,1491.

American Malting Co.
-6 Months Earnings.
6 Mos.to Mar.31; 1916-17, 1915-16.
1916-17.
Sales
$5,044,845 $2,687,655 Bond interest__ _ $32,034
Oper. income
$426,268 $227,466 Bonus
9,785
38,500
24,194 Preferred dlvs
Other Income____
140,357
Total income__ _ $484,768 $251,660 Surplus
3282,612
-V. 104. p. 1594, 1265.

1915-16.
$60,967
15,624
115,520
559,549

American Real Estate Co.
-Proof of Claims.
Notice is given that Special Master George C. Holt will preside at a
hearing on May 15 with reference to claims (a) on 335 bonds,''Reorganization Committee proofs," and (b) 36 bonds, claims filed direct with receivers.
-V. 104. p. 1705, 865.

-Offer of 1st M.
American Smelting & Refining Co.
-Year Series A 5% Bonds and 732% Cash for 6% Series A
30
Cumulative Preferred Stock of American Smelters Securities
Co.-Pres. Daniel Guggenheim announces that, as owner of
the entire common stock of the American Smelters Securities Co., the company has arranged to acquire a very large
part of the $30,000,000 Series B pref. stock, and in furtherance of its plan for the more economical administration
of the properties, desires to acquire the (uncalled)
$16,245,600 Series A pref. stock by exchange for an equal par
amount of First Mortgage 5% bonds of the Refining Company
plus a cash payment of $7 50 per share. A circular dated
at New York, April 27, says in substance:

Stockholders desiring to accept the offer should deposit their stock cerStreet reports favor the assumption that this acquisition has in view not tificates, duly endorsed in blank, on or before May 19 1917, with the deposionly the securing of a portion of the heavy traffic originating at and around tary,the Central Trust Co. of New York,54 Wall Street, N.Y.City. After
Pittsburgh and Cleveland for seaboard delivery over the Western Mary- said date no deposit will be received by the depositary except upon such
land, and the transportation of tidewater traffic to those districts, but also terms as may be approved by the Refining Company. All necessary
the obtaining, via the N. Y. Chicago & St. Louis RR., which recently stamps will be provided by the Refining Company. The above privchanged hands, facilities for through Baltimore. Pittsburgh and Chicago ilege of exchange does not extend to stock which has been called
service. The bankers named came into possession of the prior lien stock by the Securities Company for purchase on July 1 1917 (V. 104; p. 1047).
in question as a result of the reorganization and their holding of notes in the The receipts for the assenting "A" stock will provide that the holder will
old Wheeling & Lake Erie.
-V. 104, p• 1704, 1047.
be entitled, without any expense, to the delivery of the new bonds, temporary or definitive, on or before June 30 1917, as soon as the bonds shall be
ready for delivery, upon surrender of the receipts to the depositary. The
above cash payment of $7 50 per share will be made at the time of deposit
INDUSTRIAL AND MISCELLANEOUS.
bonds will bear interest from April 1 1917.
the stock.
Aetna Explosives Co., Inc., N. Y.
-Report of Stock- of Kuhn, Loeb The new
& Co. co-operated in the preparation of the plan and state
that they believe it is in the
holders of the Series A pref.
holders' Committee-Committee Disbands Since Unable to to accept the foregoing offerinterest of thehaving accepted the offer forstock
of exchange,
their
Represent Both Classes of Stock.
-In view of the appointment own holdings.
-Year 5% Gold Bonds.
Description of the Series A First Mortgage 30
of receivers the committee of holders of preferred and common
properties of the Refining Company and
stock, William A. Bradford, Chairman, (V. 104, p. 665) ' A first mortgage upon all the stock of the aforesaid Securities company
by pledge of the entire common
reports as to its work of the past two months in sub:
and the entire capital stock of the Consolidated Kansas City Smelting &
-After the formation of the committee Feb. 15 1917 Refining Co. and of the United States Zinc Co. and such additional real
Experts' Report,(U.
we arranged with Arthur Young & Co. accountants, for an examination property and additional shares of stock (including the Series A and B preof the company's financial position and prospects. From their report, ferred stocks of the Securities Company) and obligations of any existing
with
recently submitted to the committee, it appears that in 1916 the company or future subsidiary company as may be acquired the the bonds or their
made by
Refining Company,
did a gross business of approximately $45,000,000, in part profitable, in proceeds. This is the first issue of bonds Denom.
$100,
part conducted at a heavy loss, the net result being that the company was and its properties are unencumbered. date on and $500 and $1,000
after which the Seunable to accumulate sufficient funds to provide adequate working capital. (c*Str*). On and after July 1 1930 (the
Their report also developed the fact that in order to pay off the pressing curities Company has the right to purchase, at par and divs. its Series A
be subject to
ciaims of the company, liquidate overdue and renewal loans, and provide pref. stock "stamped"), the bonds will date, at par redemption, in whole
and int. (For further
$1,500,000 necessary working capital, about $4,500,000 would be required. or in part, at any semi-annual interest
In a business of this character and volume it is necessary to carry large particulars as to the new bonds see official statement in V. 104, p. 363)•
stocks of raw material on hand at all times for normal operation and to
The circular states that: "Eliminating the interest on the
provide for any contingency, such as freight embargoes, &c., and on Dec.
31 1916 the company had, in the form of materials on hand, materials in 6% bonds of the securities company, which were retired on
process of manufacture and finished products, materials to the or before Feb. 1 1917, the earnings applicable to the interest
transit, in
amount of $8,881,251, and at that time its cash on hand and in bank
bonds of the Mining Company now
amounted to $160,097. For some weeks past, whenever the company was on the First Mortgage
not able to meet the drafts accompanying the goods billed to it, the de- offered in exchange for the Series A and B pref. stocks of the
murrage would have to accrue thereon, amounting at times to $15,000 a Securities Company have been for the year ended Dec. 31
month.
Contracts, &c.
-We have spent much time endeavoring to 'obtain 1916 equivalent to over nine times such interest, and the
as yet without success, certain modifications of contracts made with the average earnings for the years 1911-1916, incl., have been
British. Canadian and French Governments, and also to arrange either for
-V. 104, p. 1146, 1040, •Ad
the sale of some of the plants at a fair price and reduce the volume of the over five times such interest."
business or to secure a readjustment in price of certain contracts now being
-Offer for Pref. A.
American Smelters Securities Co.
carried on at a substantial loss. It is believed, however, that, as the result
of our efforts the receivers may be able to secure modifications in the terms
-V. 104, p. 1047, 766.
See American Smelting & Refining Co. above.




MAY 5 1917.]

THE CHRONICLE

-Quarterly Earnings.American Steel Foundries.

1916. I Quarterly1917.
1917.
1916.
1st Quar.Net earnings_ _ _$3,104,814 $783,707 Int., sink. fund,
75,164 23,835 1 deprec., &c__ 778,576 311,932
Other income.._
2,401,402 495,610
Total income__ 3,179,978 807,542 Surplus
-V. 104, p. 1047, 1040.

1803

(The) Barrett Company.
-Death of Chairman.
Announcement is made of the death of Isaac D. Fletcher. Chairman:of
the Board, on Apr. 28.-V. 104, p. 1266, 1047. 1043.
-

Bethlehem Steel Corp.
-Common Dividends-Defive
-An initial dividend of 23/2% has been
Notes-Income Tax.
the Class "B" common stock, along with the
declared on
The issue of this company's $3,000,000 7% Cumulative Convertible First
Pref. stock offered by Chandler & Co. and Counselman & Co. at 97% and regular quarterly 23/y% on the Class"A"common, both paydivs. has been oversubscribed. See advertisement in last week's "Chronicle" able July 2 to holders of record June 15, On April 2 10%
and full description of the issue and the company's business, &c., in our was paid on the Class "A" common stock.
issue of April 14 1917.-V. 104, p. 1705. 1594.
The payment of between $2,500,000 and $3,000,000 inAmer. Telephone & Telegraph Co.
-Purchase of Stock.
The Illinois P. U. Commission has authorized this company to purchase come and munition taxes has been authorized by the directors.
,
-Stock Sold.
American Stores Co.

the new stock of the Chicago Telephone Co. See V. 104,P. 1594, 1039.

American Thermos Bottle Co.
-Dividend.
A dividend of $6 per share has been declared on the stock, paybale June 1
to holders of record May 20.-V. 102, p. 1813.

-Plan to
American Water Works & Electric Co., N. Y.
Begin Dividends on 1st Pref. Stock Conditioned on (a) Liquidation of Accumulated Dividends on Said Issue; (b) Provision
for a Cash Obligation and (c) Increase in Authorized Issue of
-President
1st Pref. Stock from $5,000,000 to $10,000,000.
H. Hobart Porter, N. Y., April 23, states in substance:

The Guaranty Trust Co. of N. Y.is receiving for exchange into definitive
-year 5% gold notes due Feb. 15 1919.
notes the outstanding temporary 2
The engraved notes will be issued in coupon form only, in denominations
of $1,000,$5,000 and $10,000, and registerable as to principal at its office.
Temporary notes will be received, with the exception of Saturdays, between 10 a. m. and 2:15 p. m. and on Saturdays between 10 a. m. and
12 o'clock noon. Engraved notes will, be delivered the same day.
V. 104, p. 1705. 1389.

-Purchase.
Booth Fisheries Co.
This company has purchased the Machlasport Packing Co., which owns
and operates factories, one at Machiasport and the other at Bucks' Harbor,
Me. Included in the deal are also the fish-curing stands, smokehouses,
weirs, several sardine boats and 400 acres of timberiand.-V. 104, p. 1705.

On April 27 1917 the accumulated dividends on the $5,000,000 first pref.
stock will amount to 21%,or $1,050,000.
Border City Mfg. Co., Fall River, Mass.
-Stock Div.
$350,000 per
The dividend upon the first preferred stock, amounting to organization.
The shareholders have ratified the proposed increase in capital stock
each year since
year, has been earned with a surplus over into defer paying the same until from $1,000,000 to $1,200,000, the new stock to be issued as a 20% stock
The directors, however, have deemed it wise
, dividend to holders of record May 2.-V. 84, p. 392.
(a) provision had been made for payment of the bank loans of subsidiary
companies existing at the time of reorganization. (b) substantial proMilton Bradley Co., Springfield, Mass.
-Stock Offered.
gress had been made in the financing of the subsidiary companies and in
providing issues of securities for their future capital requirements, -Hayden, Stone & Co. are offering at 101 & div. $600,000
means had been provided for meeting the notes of the United Water & 7% cumulative pref. (a. & d.) stock, redeemable all
(c)
or part
Light Co. maturing serially, of which approximately $8,000,000 were out-M.
standing at the time of the reorganization, and (1) the financial situ- at 110 on any div. date. Dividends Q.
of the West Penn properties enabled the West Penn Traction & Water
ation
taxation in Mass., and
The stock is exempt from State, city and
Power Co. to resume payment of its preferred dividend, which would in- the normal Federal income tax. A sinkingcountyof 10% of net
fund
earnings
crease the cash income of the American Co. by $185,688 annually.
shall
110. No mtges., bonds or prior
foregoing conditions have now been met. The bank loans have sent retire this stock at outstanding. Unpaid preferred liens without conAll of the
dividends of 7%
been liquidated in advance of maturity, or cash is available to discharge gives of 75% of pref.
the pref. stock exclusive vote. Net quick assets shall always equal
the small balance remaining. The United Water & Light notes have been
exchanged for long term securities bearing a low rate of interest (V. 100, $O per share on preferred issue.
p. 560, 1263; V. 101, p. 136.) Very substantial progress has been made in Extracts from Letter of Pres. Wm. W. Tapley, Springfield, Mass..
the refinancing, both of the West Penn (see V. 102, p. 891, 2082) and of the
April 2 1917.
Organization.
-Incorporated in Mass. in 1884 as successor to business
subsidiary water works companies (V. 103, p. 2344; V. 102, p. 439.) The
West Penn Traction & Water Power Co. has resumed payment of its pre- founded in 1860.
Capitalization.-Pref.stock,$600,000;common,$500,000. No mortgage.
ferred stock dividend.(V. 104 p. 864. 1265, 1704.)
Business.
-The company has grown from a small factory to one of the
The directors therefore, believe that the company may safely begin the
payment of dividends upon its first pref. stock, provided, however, that largest manufacturers of school and kindergarten materials in the world.
the $1,050,000 dividends accumulated at April 2T 1917, can be liquidated It is a leading manufacturer of educational amusements, and books, games,
in a manner to relieve the company of a cash obligation which might con- toy novelties, card and paper cutters, lithographic printing, &c. Employtinue over a long period of years, and further provided that concurrently ees number about 700.
Property.
-In Springfield, Mass., and consists of 2 acres of land and
therewith provision is made for the issuance and sale of additional first
pref. stock from time to time,so that a ioortion of the future capital require- nine buildings. Total floor space 225,000 sq. ft.
ments of the properties may be provided and the company placed in a
Condensed Balance Sheet as of Dec. 311916.
position to expand its business through sale of securities which do not bear Land, bldgs. & machinery_ _$560,490 Preferred stock
$600.000
a fixed charge obligation.
25,100 Common stock
500,000
therefore prepared a plan to pay immediately in sat's. Investments
,
Your board has
490,719 Accounts payable
193,393
faction of the accumulated dividends to April 27 1917, of 21', or $1,- Inventories
81,622
050,000, partly in cash and partly in stock, as follows:(1) $150,000, or 3% Notes & acc'ts receivable__ 262,744 Surplus
4,127
in cash forthwith;(2) $450,000, or 9% in first pref. stock at par;(3) $450,- Int. & insur. prepaid
Total (each side)
31,835
$1,375,015
000, or 9% in common stock at 22%, or $2,000,000 par value of common Cash
Net Earnings for Calendar Yearsstock, $1,050,000, or 21%. On this basis the holder of $10,000 of first
1916.
1915.
1914.
pref. stock, upon which there is due $2,100 accumulated dividends, will Net earnings after depreciation
$222,911 $184,096 $110,912
receive: cash. $300; $900 par value first pref. stock at par, $900; $4,000 Dividend on $600,000 preferred stock
common stock at 223, $900; total, $2,100.
Directors (and Officers).
-Ralph W. Ellis (Pres.), Robert N. Ingersoll
par value
To provide the pref. stock necessary to carry out this plan and also to (Vice-Pros.), William W. Tapley (Treas.), Henry P. Norris (Asst. Treas.).
place the company in a strong position for the future, it is proposed that E. 0. Clark, Percy B. Atkins, Frederick Klein, Henry M. Crist.
amount of the first preferred stock shall be increased from
the authorized
(Edward G.) Budd Co., Philadelphia.
-Increase.
35,000,000 to $10,000,000, and that of such increase $450000 shall be
The stockholders will, it is stated, vote June 26 on increasing the indebtedissued forthwith in part satisfaction of the accumulated dividends. The
remainder of the authorized increase of $4,550,000 to be issued from time ness of the company from $1,000,000 to $2,000,000 and also on increasing
to time upon resolutions of the board of directors, to provide cash for a the capital stock from $750,000 to $6,750,000, of which $2,000,000 shall be
portion of the improvements and betterments to the plants and to supply preferred and $4,000,000 common.
-V. 104,p. 1047.
,
capital for enlarging the activities of the company, etc.
:
l
If this plan is consummated the directors believe that the company may bp Cambria Steel Co.-Firsi Mortiaae`Bonds Called.- 14
safely begin paying in cash the current dividend on the first pref. stock.
One hundred and forty-nine ($149,000) First Mtge. 5% bonds of the
It is proposed that the dividends shall be payable quarterly in August. Manufacturers' Water Co. dated Juno 1 1909 have been called for payment
November, February and May.
at 101 and int. on June 1 at Girard Trust Co.,Phila.-V. 104, p. 1487, 1147.
This plan should commend itself to all classes of stockholders:(a) to the
Camden Iron Works.
-No Bids-Sale Postponed.
first preferred holders because it permits the payment of current dividends
and immediately pays up the back dividends without unduly reducing the
This company's property was offered for sale at public auction on May 2,
cash resources of the company and also gives the stockholders negotiable there being no bidders, the sale was postponed until June 6 unless sold
securities in place of an unstated obligation; (b) to the other classes of privately in the meantime. See V. 104. p. 1492.
stockholders, because the plan immeasurably strengthens the position of
Canadian Pacific Lumber Co., Ltd., Vancouver,
the company and places their securities nearer to dividends-that is, dividends naturally could not be paid on other classes of stock until the accumu- B. C.
-Receivers! Certificates Offered.
-Oscar P. Dix Co.,
lated preferred dividends on the first preferred were paid in full, and if the
accumulated dividends are not paid in stock it would take a number of Seattle, Wash., is offering at 100 and int. $250,000 Prior
years to pay them off in cash.
6% Receivers' Certificates, dated Apr. 1 1917, due
Lien
The authorized capital stock is at present divided into (1) first pref.,
$5,000,000, all issued; (2) participating pref. $10,000,000, all issued; and Apr. 1 1920. Denom. $1,000c. A circular shows:
common $10,000,000, of which $7,000,000'is outstanding.
(3)
The certificates are callable by lot on semi-annual interest days at the
See annual report for 1915-16 in V. 103, p. 1209; and compare statements
premiums: April 1
1023; April 1 1919.
and map for West Penn _prop_erties on pages 101 to 103 of "Electric Ry. following 1 1918, 101%; Oct. 1918, 102; Oct. 1 1917,&
1 1919, 100%. Int. A. 0. in gold in N.Y.
101; Oct.
Section' for Jan. 27 1917.-V. 104, P• 766, 259.
or at the Oscar P. Dix Co., Seattle.
Aroostook Construction Co.
CapitalizationAuthorized. Outstanding
-Refunding.
This company was prepared to pay off at maturity May 1 1917 the 31,- Capital stock
$3,000,000 $2,000,000
,
915,000 6% bonds at the Old Colony Trust Co., Boston, and in this con- First Mortgage 6% bonds
1,703,333
1,661,577
nection has sold at 98 a new issue of $1,000,000 5% 2
250,000
-year collateral gold Receivers' certificates
250,000
notes dated May 1 1917, due May 1 1919,-v, 95, p. 237.
-These certificates are issued pursuant to an order of the
Security.
Supreme Court of British Columbia and are an underlying first lien on all
Austin (Tex.) Water, Lt. & Power Co.
-Trustee's Fee.
- the property and assets taking precedence over the first mortgage bonds.
The fee to the Trustee, J. W. Hamer,for his long and successful handling The property is worth ten times the amount of the issue. Either one of the
of the Austin judgment fund should have been stated last week as 5% Per two principal mills can be sold for enough to pay this issue without considerannum,out of which the expense of clerical work was met. As to the record ing the timber. The funds to pay interest on these certificates have been
provided in advance by the receiver.
of the payment to the bondholders see V. 104, p. 1705.
Reorganization.-The company has been a prosperous, going concern for
Autocar Co., Ardmore, Pa.
-Balance Sheet Dec. 30 1916. several- years prior to the war, but the demoralization of business in Carmda
forced a friendly receivership. A reorganization will become effective
Assets (Total $5,344,533)
after peace is declared. The receiver has rented the mills for short terms
Plant at Ardmore, Ind, real estate and factory, machinery and
equipment, tools and fixtures (as appraised by the Manufacto keep them in condition and pay taxes, etc., maintain the property.
-This consists of carefully selected merchantable timber, and
Property.
turers' Appraisal Co. Dec. 1916, $1,428,494)
$1,235,780
three conveniently located mill sites with large and fully equipped mills.
New York building, perpetual leasehold and improvements, no
encumbrances, $79,997; Brooklyn real estate investment.
The timber is all on tidewater with the exception of a small amount tributary
$27,625 107,622 to Upper Arrow Lake. Recently completed cruises of this timber by
Cash on hand and in banks
311,611 forest engineers showed (figures in board feet):
Customers' notes used as collateral for bank loans, or discounted,
(1) On Vancouver Island near Alberni Canal, 20 perpetual
$837,827; not discounted and accts receivable, net of reserve,
licenses and 3 leases
491,180,000
$175,367 - ------------------------- 1,013,194 (2) On mainland tributary to the waters between Vancouver
Due from subsidiary companies, represenied by tangible-assets Of
and the mainland, 14 perpetual licenses and leases to 6 lots_ 335,055,000
liabilities (which were $118,961)
those cos., net of their
938,561 (3) On the mainland tributary to Rivers Inlet, 33 perpetual
Inventories of cars and parts, finished and in process, materials.
licenses
515,941.000
supplies, &c., at the factory,
1,047,497 (4) Tributary to Upper Arrow Lake, 27 perpetual licenses_ _ _ 201.400,000
Deferred charges, being prepaid expenses,such as int.,insur.,&c_
45,418
Unamortized bond discount
Total,fir, hemlock, cedar, spruce, &c
54,700
1,543,576,000
Due from subsidiary cos. for establishment and introductory exValuation.
-The three mills, with a capacity of over 300,000 ft. per day,
penses, representing the good-will of those companies
590,150 are excellently located, and the present value of the land is $460,000 and
Liabilities (Total $5,344,533)
(after allowing for depreciation) the mills $540.977, which with the value
Capital stock-- _ - ---------------- -----$2,000,000 of timber at $1 per 1,000 ft., amounting to $1,543,576, makes a total
First mort.5% serial- -Year gold bonds maturin--seral-annually_ 1,250,000 value of $2,544,553.
g
S
Loans secured by customers' notes, $607,000; customers' notes,
The various mills are located as follows:(1) Vancouver Mill in Vancouver.
and drafts discounted (contingent liability only). $162,026;
on Burrard Inlet; (2) Port Alberni Mill, on Alberni Canal. Vancouver;
notes payable, $27,500
796,526 (3) Port Moody Mill on Burrard Inlet, on leased ground, and (4) Pingston
Trade and sundry creditors, current
293,901 Creek Mill Location mill recently burned..
Accrued liabilities, including pay-rolls, expenses, &c
The receiver has no indebtedness against the company other than this
55,493
Surplus and reserve Dec.30 1916
948,613 Issue of certificates and all taxes, license fees, &c., now due have been paid.
During 1916 cash diva. of $225,000 were paid.
-V. 104, P. 953.
99, p. 272.




THERCHRONICLE

1804

[VOL. 10g.

General Petroleum Cor poration.-Earnings.-

-Bonds Called.
(A. M.) Castle & Co.

The outstanding ($75,000) First Mtge. 6% bonds of 1912 have been
called for payment June 2 at 102M and int. at office of S. W.Straus & Co.

Interest Depr'n of
Other
Net
To Mar.31 Gross
Earnings. Income. Charm. Equip.,&c.
1917- Profits.
3 mos__$1,335,614 $1,197,020 $28,920 $78,322 $238,316
-New Directors.
Central Foundry Co.
2,759,419 67,522 247,708 767,982
9 mos__ 3,099,751
R. R. Rust, A. E. Cortis and W. L. Kluttz have been elected directors -V. 104, p. 1390, 866.
to succeed R. W. Watson and J. N. Wallace, who retired. The board has
-New Name.
-V. 104, p. 1705, 1492.
German-American Sugar Co.
been increased from ten to eleven members.
-V. 104, p. 1493.
See Columbia Sugar Co. above.

Balance,
Surplus.
$909,301
1,811,251

-Earnings.
Charcoal Iron Co. of America.

-Dividend.
Hargraves (Cotton) Mills, Fall River.
Increase.
1916.
1917.
3 Months ending Mar. 31A quarterly dividend of 114% was paid on the stock on May 1 to holders
$185,977
$179,015
Net,after charges, but avail,for divs_ $364,992
-V.83. p. 1232.
- of record April 26. In Feb. last 1% was paid.
iron on March 31 1917 were 97,234 tons.
Unfilled orders for pig
V. 104, p. 1266, 865.
-Initial Dividend.
Hartman Corp., Chicago.
An initial quarterly dividend of $1 25 a share has been declared on the
-Proposed Operations.
Chicago Stage Co.
This company,an Illinois corporation affiliated with the New York Trans- stock, payable June 1 to holders of record May 15.-V. 104, p. 660, 563.
portation Co., which owns the Fifth Avenue Coach Co., proposes to oper-For Three Mos. ending March 31
Hercules Powder Co.
ate a fleet of motor buses in Chicago, largely over the boulevards and park
Balance,
Net (after Bond Int. &
system. Applications have been filed for about 60 miles of routes. Pres.
Gross
Surplus.
application in that city [Chicago] we have 3 M°a3r.chen3dli-ng
Deprec., &c.) Pref. Div.
Meade writes: "In making our
Receipts.
M
$1,765,313
$93,625
specified a 10-cent fare, have asked for a 20-year franchise and agreed to 1917
$1,858,938
$13,548,610
4,847,611
93,625
guarantee minimum payments to the municipal authorities of over $2,700,- 1916
4,941,236
12,306,299
along
360,151
106,002
466,153
000. This is City..the lines of our recent proposals for additional routes 1915
1.963,917
in New York
The percentage available for dividends on common stock was equivalent
Officers are: Richard W. Meade, Pres.; Samuel E. Morrow, Sec., and to annual rate on capital stock of 98.76% in 1917, against 271.20% In 1916
positions with the (dividend paid in 1917 was 51%, against 10% in 1916). The net earnings
George L. WiHems, Treas., all of whom occupy similar
New York Transportation Co.
from all sources are equivalent to annual rate on total Investment of 23.29%
in 1917, against 45.64% in 1916.
-Sale of Stock.
Chicago Telephone Co.
Balance Sheet.
-V.104, p. 1594. 1390.
See Amer. Telephone & Telegraph Co. above.
'17. Dec.31'16.
.
Mar.31'17 Dec.31'10.
Liabilities l‘far.31
-$
Assets$
-New Name-Stock Dividend.
Co.
Columbia Sugar
Common stk_ 7,150,000 7,150,000
Plants & propThe shareholders of tho German-American Sugar Co. have authorized
12,261,377 12,812,391 Prof. stock___ 5,350,000 5,350,000
erty
(a) the change in the company's name as above and (b) the payment of a Cash
486,256
4,850,023 3,538,034 Bills payable_ 517,924
100% stock dividend on May 15 to holders of record May 1. (See German- Accounts reAccts. payable 2,329.836 1,503,314
American Sugar Co.-V.104,p.1493.)
:6
10 2
46 816
46,812
4,373,211 4,904,613 Pref. dividend
able
18,901
Invest. securs. 221,721 3,795.984 Def'd credits_
-Bonds Called.
Columbia (Mo.) Telephone Co.
Federal taxes_ 2,573,542 2,375,892
and
Materials
Four ($2,000) 1st M.6% bonds, Nos. 58,60,78 and 111 have been called
7,659.532 8,106.948 Res'ves & consupplies
for payment July 1 at par at Mississippi Valley Trust Co., St. Louis. Finished prod. 2,516,614 2,588,739
tract adv__ 1,002,050 4,070,629
-V. 100, p. 143.
49,697 Profit & loss_ _12,931,249 14,812,436
Def'd charges_
37,837
Consolidation Coal Co. oft Md.-Stock Listed.
Total
31,920,315 35,796,405
Total
31,920,315 35,796,406
The New York Stock Exchange has listed an additional $1,671,700 of this -V. 104, p. 955, 657.
total amount authorized to be listed
company's capital stock, making the
$40,862,200. This additional stock is a part of a block of $5,809,500
-Earnings for Year ending March 31
Holly Sugar Corp.
authorized by the stockholders Jan. 25 increasing the authorized capital
-Tenders.
stock to $45,000,000. The additional stock listed represents sufficient 1917 and from April 1 1915 to March 25 1916.
1915-16.
1916-17.
shares to pay a stock dividend at the rate of $5 per share. The remainder
- Net profits
$1,874,478 *$1,226,734
be available for issue from time to time.
of the additional stock shall
381,170
Preferred dividends
V. 104. p. 1262. 1147.
312,000
Redemption of preferred stock
-Bonds Of- Preferred dividends
381.170
Continental Timber Land Co., Chicago.
$1,181,308 $1,226,734
Gary & Co., Chicago, are offering at prices Balance, surplus, for periods
-Lyon,
fered.
* Does not include $639,618 representing profits on sugar carried in
from 100.57 to 100, $635,000 First Mtge. 6% gold inventory on Mar. 25 1916 at $3 50 per bag, as compared with current net
ranging
bonds, dated Dec. 1 1916; due serially, but callable on any market values of about $6 75 per bag., the sinking fund, will'apply the
This corporation, having $525,000 in
Denom. $1,000, same to the purchase of preferred shares at not to exceed 110 and divs.,
int. date on 30 days' notice at 101 and in
$500 and $100 c*. Int. M. & N. 15 at Union Trust Co., offerings to be received until and including May 14 at the Columbia Trust
-V. 104. p. 456.
Co., N. Y., transfer agent.
Chicago. A circular shows:
-Control.
Hudson River Day Line.
Trustees, Union Trust Co. and Walter A. Graff, Chicago, Ill. The
semi-annually beginning Nov. 15 1917 to May 15 1924 in
-V.88, p. 1562.
bonds mature
See Catskill Mountain RR. Corp. under "RR.s" above.
amounts ranging from $18,000 to $34,000,the final payment being $300,000.
Huntington (West Va.) Development & Gas Co.
Capitalization consists of $2,000,000 authorized capital stock, $1,500,000
for (a) plant and
outstanding. Bonds, authorized, $1,935,000; reserved
-E. W. Clark & Co. have issued a circular recomBonds.
railroad facilities, $1,000,000; (b) for corporate purposes, $100,000; (c) in
mending this company's First Mtge. 20-year 6% sinking
escrow for timber purchases, $200,000, and the present issue, $635,000.
The bonds are a first mortgage on 37,953 acres owned in fee simple in fund gold bonds of 1916, of which issue $3,000,000 are outLinn and Lane counties, Ore.; estimated to carry upwards of 2,127,000,000
ft. of merchantable timber, mostly old growth yellow fir of excellent quality. standing; total auth., $20,000,000. The bankers report:
The physical property securing this issue is valued at from 3 to 4 times
Report for 9 Months ended Feb. 28 1917.
$384,413
the present issue. No other indebtedness. President is John K. Lyon.
Gross earnings
224,168
Net, after operating expenses (incl. rentals and taxes)
130,019
-Quarterly Earnings.
Davis-Daly Copper Co.
Interest charges
Total.
February. March.
January.
(AU in 1917)$253,211
Balance(available for renewals, depr..&c..incl.sink.fd.& dive) 94,149
$99,107
$80,786
$73,318
Total revenue
This company was organized and began doing business on June 1 1916.
179,440
65,067
58,473
55,900
Disbursements
Being a consolidation of several companies, no comparison is possible.
$73,771
$34.040
$22,313
$17,418
Net
Balance Sheet as of Dec. 31 1916 (Total each side $8,786,343).
Shipments for the three months ending Mar. 31 1917 were 212 cars,
Liabilities
Assetstoss, troducing 1,126,921 lbs. of copper and 63,830 ozs. Plant, property, &o
v er v i8rp 34
tmegating 12
o
$4,000,000
$8,722,356 Capital stock, common
1,500,000
51,601 Capital stock, preferred
Bills ttc accounts receivable__
3,000,000
1,665 Funded debt
Cash
De Long Hook & Eye Co., Phila.-Earnings.161,842
10,721 Bills & accounts payable
Suspense
1914-15. 1913-14.
17,491
1915-16.
1916-17.
Accrued accounts
Mar. 31 Years133,355
59,788
$107,981
225,848
21,155
Advance payments, &c
Net earnings
(5)50,000 (8)80,000
(4)40,000
(7)70,000
29,402
Reserve for contingencies_ _ _ _
Dividends paid
56,452
Surplus
$53,355
• , $9,788
$67,981
$155,848
Surplus
The first quarterly dividend of 13 % on the $1,500,000 6% cumulative
(from Jan. 1 1917) pref. stock was paid on April 1 1917.
-V. 103, p. 410.
G. L. Estabrook of Phila. recently succeeded J. T. McClintock as
-Tenders.
Eastern Steamship Corp.
President. For full details regarding this company see V. 102, p. 1990.
The Old Colony Trust Co. of Boston, as Trustee, will, until May 7, receive tenders of the First Mtge. 5% gold bonds, due May 1 1927, of the
-Dividend.
Idaho Power Co.
Eastern Steamship Co. (old name) to absorb the sum of $286.587 56.
A regular quarterly dividend of 14% (No. 2) has been declared on the
Interest on accepted bonds will cease May 10.-V. 104, p. 1148. 455.
stock, payable May 1 to holders of record Apr. 21 1917.-V. 104. p.
pref.
- 1268, 1148.
-Earns.
-Called.
Edison Elec.Illum. Co.of Brockton.
Three ($3,000)5% 20-year coupon notes, dated March 1 1901. have been
-Div.
International Arms & Fuze Securities Corp.
called for payment on Sept. 1 at 105 and int. at Boston Safe Deposit &
An initial dividend of 707 has been declared on the $1,250,000 pref. stock,
Trust Co.
(par $25), payable May 21 to holders of record May 5.-V. 103, p. 582.
Net after Interest Sinking Dividends Balance,
Gross
Calendar
Paid. Surplus
Earnings. Taxes. Charges. Funds.
,
Year-Bonds and Pref. Stock Offered.
Interstate Electric Corp.
$635,597 $235,126 $12,100 $5,000 $117,710 100,317
1916
74,816 -A.E. Fitken & Co., N. Y. City, are offering by advertise100,252
23.823 5.430
552.235 204.321
1915
ment on another page this company's First Lien & Collateral
6% bonds, due Mar. 1 1933 at 100 and int., to yield 6% and
Interest
Net. after
Gross
Calendar
also the 7% cumulative preferred stock at 95 and div., to
Charges.
Taxes.
Earnings.
Year$231,056
$274
8553,638
1916
yield 7%%. See this company's report in last week's
11,360
187.109
531,445
1915
"Chronicle," and map, etc., p. 166 and 167 in "Railway
-V. 102, p. 1720.
-Exchange of Stock(v.t. c.) and Industrial" Section. See V. 104, p. 1707, 1390.
Freeport Texas(Sulphur) Co.
-Sales for 4 cfc 16 Wks to April 21.Jewel Tea Co., Inc.
-Holders of this company's voting trust certificates in a
Increase.
Increased 1917-16 Weeks-1918.
1917-4 Weeks-1918.
letter dated May 3 are notified that
6315,8571$4,760,166
$1,403,013
-Earnings.
Fall River (Mass.) Gas Works Co.
Dividends
Paid.
$135,240
124,776

Balance,
Surplus.
$95,542
50,973

At a meeting of the directors held on May 3 it was resolved that it is
desirable to avail of a recent amendment of the Delaware corporation law,
making the outstanding authorized capital stock (now $3,500,000] 500,000
shares without any nominal or par value. This action has also been taken
at a stockholders' meeting held for that purpose.
When the new certificates are ready you will be notified and requested
to exchange your present voting trust certificates for the new voting trust
certificates, receiving therefor certificates representing 14 2-7 shares for
each one share represented by the present voting trust certificates.

-Earnings.
Gaston, Williams & Wigmore, Inc.(N. Y.).
-From April 20 1916 to March 31 1917:
$2,120,227'Balance for period
Net after charges
900,000 I
Dividends ($3)
-V. 104, p. 1706. 366.

$1,220,227

-Earnings.
General Asphalt Co., Philadelphia.
1916-17. 1915-16.
Jan. 31 Year.
otal income_11,677,309 10,445,705
et profits__ 1,571.069 • 1.644,729
76.696
100.878
Other income_
Net income__ 1.671,947 1,721.425
-V. 102. p. 1903. 1889.




$867,120
$1,182,977
-Ir. 104, P. 1493, 1049, 1042.

63,366,153

-Rates Reduced.
Kansas City Light & Power Co.

President John H. Lucas has notified the Missouri P. S. Commission
that the company has accepted the order reducing rates, effective Apr. 17.
The new maximum is 8 cents per kilowatt hour for the first 3 k. w. hrs.,
-V. 104, P • 168.
and 5 cents thereafter.

-Bonds Paid.
Kenwood Block.

The outstanding ($30,000) First Mtge. 6% bonds of 1913 were paid
April 1 at S. W.Straus & Co. at 103 and interest.

-Bonds Called.
Laclede Steel Co.

Three hundred ($300,000) First Mtge. 6% serial gold bonds of 1015
have been called for payment June 1 at 102 and int, at the Mercantile
-V. 102, P. 1990.
Trust Co., St. Louis.

-Bonds Called.
Lakewood Building.
1916-17. 1915-16.
The outstanding ($22,500) First NItgo.6% bonds of 1912 have been called
Net income__ 1,671,947 1,721,425 for payment July 15 at office of S. W.Straus & Co. at 103 and hit.
786,954
Int.,depr.,&c_ 749.981
-Stock Dividend.
Lincoln Mfg. Co., Fall River.
652,705
Divs..paid(5%) 652.705
The shareholders have authorized the proposed increase in capital stock
281,766
269.260
Surplus
from $1,025,000 to $1,675,000, the now stock to be issued as a stock div.

MAY 5 1917.1

THE CHRONICLE

Martinsburgh & Charlestown Gas & Water Co.
The two local gas companies supplying Martinsburgh and Charlestown,
W. Va., and owned and operated by this company, have been placed in
the hands of Leon H. Ware as receiver.

Maryland Shipbuilding Co., Baltimore.
-New Project.

This company has been incorporated by J. E. Aldred interests in Maryland with an authorized capital stock of $500,000 common stock and $500,000 preferred, and will establish a shipbuilding enterprise which at the outset will build ships of 3,000 tons each monthly. The Government, it is
stated, will contract for the entire output for the present. Initial plans
call for the employment of about 2,000 men.
Officers and directors are: Pres., Charles E. F. Clarke, President Pennsylvania Water & Power Co. and Vice-Pres. of Consolidated Gas, Electric
Light & Power Co. of Baltimore; Vice-Pres. & Gen. Mgr., Thomas Benson,
formerly Chief Engineer of floating equipment of two Pennsylvania RR.
subsidiaries; Sec. & Treas., C. C. Pusoy, Sec. of the Industrial Corp.:
J. E. Aldred, Charles E. F. Clarke, B. Howell Griswold, Jr., Mr. Jenkins,
John M. Dennis, Thomas Benson and Mr. Bland.

1805

Semet-Solvay Co.
-Extra Dividend-New Treasurer.
-

An extra dividend of 2% has been declared on the stock along with the
regular quarterly 2%.
M. D. Whitford has been elected Treasurer to succeed Frederick R. Hazard, doceased.-V. 101, p. 869, 566.

Shattuck-Arizona Copper Co.
-Earnings.
Periods
Total
Net
Dividends
Balance,
Receipts.
EndingProfit.
Paid.
Surplus.
3 mos. to Mar. 31 '17..$1,319,630 $696,159 (12%) $437,500 $258,659
Cal. year 1916
5,160,924 3,039,077 (473)1,662,500 1,376,576
The refinery delivered to us during the quarter 4,724,379 lbs. copper,
all of which had been sold and was delivered to customers at an average
gross price of 27.446e. per lb. All of the production for the quarter was
sold except 400.152 lbs., which was carried on the books at 12%c. per lb.
-V. 104, p. 1392, 957.

Shirley Realty Co. of Ind. (Coal Lands).-Pref. Stock
Offered.
-J. F. Wild & Co., Indianapolis, Ind., are offering
Companies.
-Earnings for March at par and int. $265,000 5% Tax Exempt Cumulative Pref.
Massachusetts Gas
31.
and Nine Months to March
Stock, dated Apr. 11917, but subject to call at any interest
March
9 Mos. end. Mar.31- date at 102 and div. on 30 days notice.
1917.
1916.
1916-17.
1915-16.
$117,019 $142,865 $1,083,675 $1,083,928
Boston Consolidated Gas
79,326
75,009
631,987
New England Gas & Coke
531,227
102,750
47,153
256,451
Now England Coal & Coke
186,649
4,099
9,237
70,454
Newton & Watertown Gas Light
71,056
2,995
5,774
38,401
East Boston Gas
63,353
1,442
1,864
30,298
Citizens' Co. of Quincy
30,203
41,416
4,717
279,174
Federal Coal & Coke
55,278
5,876
9,474
27,162
Boston Towboat
43,876

$354,223 $296,094 $2,417,602 $2,055,570
Total
Increase in Gas Output.
7.31
Boston Consolidated Gas Co--- - 6.43
*0.51%
6.45%
8.61 o 12.01%
10.64
East Boston Gas
6.13%
.19.87 0 15.36%
Citizens' Co. of Quincy
18.44%
11.91%
14.35% 12.68%
Newton & Watertown
14.05%
6.76%
-V. 194, p. 1049.
* Decrease.

Mexican Petroleum Co., Ltd., of Dela.-Earnings.Calendar YearsGross profit
Net profits
Preferred dividends
Common dividends
Balance, surplus

1916.
1915.
1914.
1913.
$9,668,464 $5,000,889 $5,439,928
7,133,060 2,888,101 2,763,055 *5,182,766
720,000
1,453,100
$7,153,060 $2,888,101 $2,763,055 $3,009,660

Capitalization, $135,000 common stock, $265,000 preferred stock. The
stock matures April 1; $20,000 1918; 825,000 1919-20; $40,000 1921-22;
$60,000 1923 and $65,000 1924. In case of liquidation prof. holders receive
par and divs. Pref. stock votes exclusively if pref. divs. are 30 days in
default. Special trust fund of 10 cents per ton mined. In addition to
payment of dividends all surplus on outstanding stock must apply to
stock redemption. Par $100. Interest Q-J.
The Company.
-The company has leased its property to the United
Tractions Coal Co. for enough to pay off the preferred stock with interest.
The United Tractions Coal Co. deeds all its property to the Shirley Realty
Co. and is buying now the Shirley Hill Mine for $225,000 cash. This mine
is to be equipped electrically, costing $35,000, providing a daily capacity
of the two mines of 2,000 tons.
Appraisal.
-These two mining properties have been appraised at $570,000,as follows: 3,050 acres coal and other mine:als, ow-ned in fee, $400,000;
610 acres coal under lease,$25,000; coal shaft, tipples and screening buildings
power house, shops, live stock, mining machines, cars and all other equipment, $145,000. Geologists estimate that there is sufficient coal to last
20 or 25 years. Insurance is provided.
Control.
-The United Tractions Coal Co.is controlled by the Indianapolis
Traction & Terminal Co., Terre Haute, Indianapolis & Eastern Traction
Co., Union Traction Co. of Indiana, and Fort Wayne & Northern Indiana
Traction Co. These traction companies use 500,000 tons of coal annually,
and own all of the United Tractions Coal Co. The company owns 2,40)
acres of valuable coal land in Sullivan County, Ind., appraised at $300,000.

Simpson Crawford Corp., N. Y.
-Fourth Payment on
1st Pref. Stock.
-The Franklin Trust Co., N. Y., in circular
Middle West Utilities Co.
-Stock Increase.-Tho share- letter of April 18 to holders of voting trust certificates for
holders will vote June 20 1917 on increasing the authorized 1st pref. stock or scrip for said stock, says in substance:
New York County
The
directed a
preferred and common stocks from $12,000,000 each (of furtherSupremo Court of the par value of theon April 16 1917 pref. stock
payment of 3% of
outstanding first
which $9,752,400 common and $12,000,000 pref. are out- and first pref. scrip, and a payment of this amount has been made to the
voting trustees, who will, through the Franklin Trust Co., as agent, make
standing) to $20,000,000 each.
-V. 104, p. 1049, 668.
payments of the same to the holders of voting trust certificates on presentawith a
the certificates
Midvale Steel & Ordnance Co.
-Earningsfor Three Mos. tion of voting trustees for stampingthat thenotation of such payment.
The
are advised
additional distribution of 3%
ending March 31 1917, Including Subsidiary Companies.
upon the first pref. stock is the fourth distribution and that there will be
*Includes $907,396 profit on sale of Petroleum Transport stock.
V. 104, p. 668.

Earnings, before interest on bonds, mortgages and guaranteed
stock of subsidiary companies, &c
$15,859,738
Deduct cash reserve for k ederal taxes
1,636,755
int. on bonds, mtges. & guar. stock of sub. Cs., $242,766; int.
Midvale Steel & Ord. Co. bonds, $571,7J0; total
on
814,456
Less reserve for depreciation
1,381,840
----------------------------------$12,026,687
Net profit __-----_-„
- 104, p. ----- 1268.
-v,

-Bonds.
New Bedford Gas & Edison Light Co.

This company has applied to the Gas and Electric Light Commission for
authority to issue $1,500,000 Five-year Debenture bonds to bear interest
at not exceeding 6%.-V. 103, p. 1892.

New Jersey Zinc Co.
-Quarterly Earnings.-

.

1st Quar.1917.
1916.
1917.
1916.
Total income_$6,735,444 $8,561,385 Federal taxes.. $613,705
Bond interest_
40,000
40,000 Dividends _(12)4,200,000(19)6650000
Reserve
75,000
76,000 Surplus
$1,806,739 $1,796,384
-V. 104, p. 1269, 867.

New York Dock Co.
-Consolidated Earnings.-

other payments made to the holders of voting trust certificates for first
pref. stock, contingent upon the amount to be collected from the outstandng accounts receivable.
-V. 100, p. 1597.

Sinclair Gulf Corp.
-Concession.
-Operations.
-

This corporation has obtained from the Republic of Panama a concession
to explore about 10,000,000 acres in that country with the exclusive
to select 2,000 sq. miles for petroleum development. The property right
is on
both coasts, and this concession, with the one granted by Costa Rica
(V. 101, p. 869) will give to the corporation an extensive acreage close to
the Panama Canal. Active drilling in Costa Rica will be started in the
near future.
-V.104,p. 1392, 1269.

Sinclair Oil & Refining Corp.
-Bonds Paid.
-Operations.

This company on May I paid $1,629,600 of 6% bonds thereby canceling
the last of the $20,000,000 of bonds authorized and sold within the last
year. (V. 104, p. 170). The only securities outstanding are 1,000,000
shares without nominal or par value. It is expected that the Kansas City
refinery will be in operation and served by the first link of the new trunk
pipe line by June 14. The other refineries should be in operation by early
autumn, at which time oil will be flowing through the company's lines the
entire distance from the Midcontinent field to Chicago. Those new refineries will approximately double the company's capacity. Compare
V. 103, p. 2435.-V. 104. p. 1392, 1269.

Cal.Year1916.
1916.
1915.
1916.
Gross earns. $3,065,136 $2,419,927 Surplus
Solvay Process Co.
-Extra Dividend.
Net earnings_$1,595,979 $1,303,839 N.Y.DockCo $709,408 $426,930
An extra dividend of 2% has been declared on the stock in addition to
886,571
Interest, &c__
876.909 N.Y.DockIty
73,109 def17,644
the regular quarterly 2%. In the preceding quarter 3% extra was paid.
Total
$782,617 $409,286 -V.
103, p. 412.
-V. 103. P. 1791.

-Chicago Project
New York Transportation Co.
-

Soo Chicago Stage Co. atom-V. 103, p. 1795, 326.

-Quarterly Earnings.rnings.North Butte Mining Co.
Three Months to March 31Net earnings
Dividends
Balance, surplus, for March 31 quarter
--Nr. 104, p. 1269.

19$1,063,272

1916.

(5%)322,500 (3 1-31295 009
73 0
:8
740,772
262,389

-Increase in Common Stock.
Ohio Cities Gas Co.
-

Southern California Edison Co.
-Temporary Contract.

The Los Angeles City Council on April 27 adopted the plan of putting
the temporary power contract into effect from May 1 to July 1, which
action, however, does not bind the city to enter into the permanent contract with the company and its ally, the Pacific Light & Power Corp. See
-V. 104, p. 1708, 1050.
offer of the city in last week's "Chronicle."

Standard Car Equipment Co.
-Status.
-The following has been approved:

This company's subsidiary, the Standard Car Construction Co., of
which E. C. Miller of Bioren & Co. Phila., has been elected President,
succeeding C. II. Todd, owns near Sharon, Pa., a plant covering about 45
acres and having a capacity of about 260 tank cars per month, besides a
Owens Bottle Machine Co.
-6 Mos. Earnings.large tonnage of steel plate construction.
1917.
'rho Standard Car Equipment Co. was organized Aug. 1916 to build,
6 Months to Mar. 311916.
Increase.
Manufacturing profit and royalties__ $1,239,346
$942,448
$296,898 operate and lease standard underframo tank cars, &c., and in addition to
*8353:400
Other income
83,40 189,485 owning all the stock of the Construction Co., it has in operation and lease
160,6o5
or about to gr) into operation-1.105 standard steel tank cars, of which 811
Profit from sale of stock
_
are for oil service and, 294 for acid or oil. The cars are leased at an average
$2,422,886 $1,103,103 $1,319,783 price of about $35 per car per month. Since the formation of the Equipmens
Total income
245,198
Expenses and taxes
,
88,814
166,384 Co. it has paid quarterly dividends at the rate of 7 7 per annum on the
preferred stock and 6% on the common stock.
-V.102, p. 1167.
°
82.177,688 $1,014,289 $1. .
Net profits(Owens Co.)
163 399
Standard Oil of N. Y.
-Dividend-Earnings.
controlled companies_
-A quardo
531,089
300,868
230,221
terly dividend of 3% has been declared on the $75,000,000
Net profits (all companies)
82,708,777 $1,315,157 $1,393,620
* Profit above book value realized from sale of commt' stock of Boldt stock, payable June 15 to holders of record May 19. This
-V.104, p.457,449.
Co. held as Investment.
compares with 2% quarterly since 1914 when the dividend
The shareholders will vote June 6 on increasing the authorized common
stock from $10,000,000 to $100,000,000.-V. 104, p. 1707, 1494.

-Tenders.
Oxford (Me.) Paper Co.
-

was increased from 132% quarterly.

-Earnings.
Paige-Detroit Motor Car Co.
-

1916.
1915.
1914.
Total earnings after expenses, dopreciation and reserve
$36,638,495 $15,761,663 $7.735.919
Cash dividend (8%)
6,000,000
6,000,000
6,000,000

The Union Safe Deposit & Trust Co. of Portland, Me., as trustee, will
receive proposals until May 26 at not exceeding 105 and int. for $250,000
First Mtge. 6% bonds, dated July 1 1915.-V. 103, p. 1986.
Net.
$417,140

Prof. Divs.
$17,500

Surplus.
$399,640

Total surplus Dec.31
$30,638,495 $9,761,663 $1,735,919
The total surplus Dec. 31 1916, after deducting $566,067 transfer from
reserves and $10,967,757 appreciation in equipment of subsidiary companies.
&c., was $68,635,572.
ParkerMills, Fall River, Mass.
-Dividend Increased.
Balance Sheet Dec. 31.
A quarterly dividend of 1%% was paid May 1 on the stock to holders of
1916.
1915.
February last 1% was paid.
1916.
1915.
-V.83. p. 1293.
record April 20. In
LtalnlittesAssets
-Earnings, &c.
St. Louis County Gas Co.
Capital stock__ __75,000,000 75,000,000
Real est., mach.&
61,825,470 45,811,269 Current accounts_22,590,142 13,246,000
Sec North American Co. under "Reports" in last week's "Chronicle." 00 vessels
,
-V. 102, p. 1351.
Inv'ory of mdsc64,861,907 41,513,292 Res've for Insur'ce
& bad debts____ 2,437,051 2,575,079
Cash & accts. rec_41,677,904 29,916,550
-Sales.
Sears, Roebuck & Co.
297,485
43,221 Surplus
Deferred assets
68,635,573 26,463,254
Increase. I 1917-4 Mos.-1916. Increase.
1917
-1916.
-April
168,662,766 117284,333
Total
Total
$14_,709,375 $11,742,805 $2 966 5701$60,051 176 $44 442 016 $14,609,161
168,662,766 117284,333
-v. 102, P. 1723.
-V. 104, p. 1391, 1050.
3 months to March 31 1917
-V. 104. P• 367.




1806

THE CHRONICLE

Standard Sanitary Mfg. Co.
-Extra Dividend.-

An extra dividend of 1% has been declared on the common stock in addition to the regular quarterly 134% on the common and 13(% on the pref.
stock, all payable May 10 to holders of record May 1.-V. 103, p. 2348.

Stern Bros., N. Y. C.
-Payment of Notes.-

This company is anticipating the payment, as of May 1, of $500,000 of
its $2,500,000 6% gold notes due Feb. 1 1919.-V. 104, p. 862.

(James) Stewart & Co. of N. J.(General Contractors).
-Equipment Trust Notes Offered.
-Peabody, Houghteling
& Co., Chicago, are offering at prices to net 5% for 1917
maturities,5% for 1918 maturities and the balance at par
and int., $600,000 Marine Equipment 6% Trust Notes.
Dated Jan. 15 1917. Due in series as below.
The notes are red. on May 1 of any year on 60 days' notice at 101 and int.
Denom. of $1,000 and $500 c*. Interest at the Chase National Bank,
N. Y.. and the Continental & Commercial Trust & Savings Bank of Chicago. Trustee Augustus S. Peabody. Principal due $15,000 on the 15th
,
of Sept., Oct., Nov., Dec. 1917 and May to Dec. 1918 incl.; $20,000 May
to Dec. incl. 1919, and May to Dec. incl. 1920, and $25,000 May, June,
July and Aug. 1921. Sinking fund, 5c. per yard of material dredged,
payable monthly.
Security.
-These notes are secured by valuable marine equipment, consisting of dredges, tugs, derrick boats, scows, &c., valued at $1,555,000.
Title to this equipment remains in the trustee until all these notes have
been paid in full.
A large part of this equipment was acquired in order to complete the
Toronto Harbor project, under which the total yardage still to be moved
varies from 15,500,000 yards to 27,500,000 yards, which with the Government contract for breakwaters, retaining walls, and similar structures,
insures the profitable use of this equipment for at least five years.
Company.
-Has been in successful operation for over 73 years. Operations have covered the entire United States and Canada and have included practically every form of structure known to the engineering world.
Over $16,000,000 worth of work is on its books, incl. Its contracts with
the Harbor Board of the City of Toronto, and the Government of Canada
for the completion of the Toronto Harbor Project during the next 5 years.
Assets.
-After applying the proceeds of this note issue the balance sheet
as of Jan. 1 1916 shows net assets of $4,000,000, of which $1,250,000 are
In cash and good accounts receivable.
Earnings.
-Average annual net earnings for 15 years ending Dec. 31
1915, were $253,983; for calendar year 1913, $253,259; 1914, $218,307; and
1915, $305,512; maximum annual interest charge on this issue of notes
amounts to $36,000.

Superior Steel Corporation.-Appliication to List.This company has applied to the N. Y. Stock Exchange for authority to
list $3,500,000 8% convertible 1st pref. stock and $6,000,000 common
stock. See V. 104, p. 1708.

Taylor-Wharton Iron & Steel Co.-Consol Earns.For Quarter ending March 31 1917.Total earnings, after deducting expenses, taxes, repairs, maintenance and depreciation
$249,893
Miscellaneous items, including contingent reserves
105,528
•

Total
$144,365
Bond interest, $43,125; bond sinking fund, $10,000
53,125
Dividends on pref. stock of the Taylor-Wharton Iron & Steel Co
33,250

Utah Copper Co.
-Earnings.
-For 3 mos. end Mar. 31
1917.
1916.
1917.
1916.
Gross produe.,lbs_42,866,316 36,564,533 Bing. & Garf. Ry.
Net profits
$5,775,604 $6,186,414
dividends
$350,000 $325,000
Rents, are
120,214
68,166 Total net profits $7,246,318 $7,079,830
Nevada Cons.divs. 1,000,500
500,250 Dividends paid
5,685,715 4,061,225
Net surplus_ ___$1,560,603 $3,018,605
The above earnings are computed upon the basis fo 26.173c. for copper
in 1917 and 26.131c. in 1916.-V. 104. p. 1708, 1698.

Valdosta Lighting Co.
-Bonds Called.
-

Eight First Mtge. 5% sinking fund gold bonds of $1,000 each and 2 of
$500 each, totaling $9,000, dated June 1 1912, have been called for payment June 1 at 105 and int. at the Girard Trust Co., Phila. The company
Is a subsidiary of the Municipal Service Co.
-See that company in V. 103.
p. 324, and V. 104, p. 1387.

Valley Mould & Foundry Corp.
-Successor Company.
-

This company, incorporated in New York on March 2, has purchased
the Valley Mould & Iron Co. of Penna, and has issued 100,000 shares, no
par value common stock; $2,000,000 7% cumulative pref. and $4,000,000
2
-year 6% gold notes.
The new corporation was organized and financed privately by the Goodrich-Lockhart Co. of New York, John Sherwin, President of the First Nat.
Bank of Cleveland, and associated interests. Over $6,000.000 was paid
for the old company.
The officers are: George H. Boyd, President, and Floyd K. Smith and
Henry Lockhart Jr. Vice-Presidents; H. J. Garvey, Sec.; Robt. Scrawford,
Treas. New York office, 60 Broadway.
'

Wagner Electric Mfg. Co., St. Louis.
-Stock Increase.
-

This company on Apr. 27 filed a certificate with the Secretary of State of
Missouri increasing its capital stock from $2,000,000 to $5,000,000. The
liabilities of the company are given at $1,728,167 and the assets at $7.179,213.-V. 104, p. 869, 170.

Wayne Coal Co., Pittsburgh, Pa.
-First Mtge. Bonds
Offered.-Duquesne Bond Corp. is offering by advertisement
on another page, at 973/i and hat. with 50% stock bonus,
$3,100,000 First Mtge.6% Sinking Fund gold bonds, dated
Mar. 1 1917, due Mar. 1 1937, but redeemable on any interest period at 105 and int. upon 30 days' notice. Denom.
$100 and $1,000 c*. A description of this issue and the
operations of the company may be found in our issue of
Mar. 31.-V. 104, p. 1270.
Western Union Telegraph Co.
-Censorship.
See editorial columns in this issue.
-V. 104, p. 1505, 1392.

West Kentucky Coal Co.
-1916 Earnings, &c.
See North American Co., under "Reports" in last week's "Chronicle."
-V. 102, p. 1453.

Wisconsin Gas & Electric Co.
-Earnings, &c.
See North American Co. under "Reports" in last week's "Chronicle."
V. 102, p. 1353.
CURRENT NOTICE.

Surplus for period (subject to excess profits tax)
-V.104, p. 1495, 958.

$57,990

Toronto Paper Manufacturing Co.-Earnin 8.1916-17. 1915-16

Mar. 31 Years- 1916-17. 1915-16.
Net earnings
$212,794 $75,871 Depreciation
Bond interest
29,352 30,000 Balance, surplus
Dividends(5%)_
Total surplus
37,500
-V. 103, P. 663.

[VOL. 104.

$25,000 $10,000
120,942 35,871
191,590 70,648

Union Electric Light & Power Co., St. Louis.
Earnings for Year 1916.
-Merger.
See North American Co. under "Reports" in last week's "Chronicle."
-V. 104, p. 1495.

Union Oil Co. of California.
-Tenders.
The Equitable Trust Co. of N. Y., as trustee will receive tenders until
May 14 for $766,500 First Lien 5% 20-year sinking fund bonds, dated
Jan. 1 1911.-V. 104, p. 1495, 1392.

United Cigar Stores, Ltd., of Canada.-Pref. Stock
-Robert R. Forrester, 61 B'way, New York, is
Offered.
offering at par with a 25% bonus in common stock,$372,000
7% Cumulative Preferred stock, par $5. Divs. Q.
-J.
The company, it is stated, now operates a profitable chain of 111 stores
and sub-stations in 28 of the leading cities of Canada, being, it is reported,
the largest retail distributer of cigars, cigarettes and tobacco in Canada.
Its 1916 records show an increase of 58.3% in number of customers served
over 1915.
Authorized. Outstand'g.
Capitalization (No Bonds or Mortgage Debt)Preferred
$1,800,000 $1,380,000
Common
2,000,000 2,000,000
Gross ,Sales, Showing Increase in Volume of Business.
(000 Omitted.) 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916
Cigar stores_ _ _ _ $40 $55 $70 $103 $149 $176 $214 $360 $500 $745 $1157
Drug stores
30 80 110 175 200 236 301 399 406 439 470

-The firm of Raymond, Pynchon & Co. has been succeeded by Pychon
& Co. Mr. Raymond, who with Mr. Pynchon established this firm in
1895, and Mr. Eaton, who became a partner in 1903, have retired. The
remaining partners, Messrs. George M. Pynchon, Clarence L. Graff,
Francis S. Waller, Henry D. Sturtevant, Benjamin G. Lathrop, William
E. Reis (special) and Messrs. William L. Walker, Clifford Bucknam,
Henry L. D. Lewis and Charles L. Johnston, Jr., have organized the firm
of Pynchon & Co., which will conduct the business as heretofore.
-A. E. Fitkin & Co., 141 Broadway, New York, 19 Congress St..
Boston, and 105 So. La Salle St.', Chicago, are offering Interstate Electric
Corporation first lien and collateral 6% bonds, duo March 1933, at 100
and interest, to yield 6%,and the 7% cumulative preferred stock at 95 and
/
dividend, to yield 73 %. The company's consolidated income balance
sheet for the year ended Dec. 311916, as reported by Arthur Young & Co.,
certified public accountants, of Chicago, is published in detail among our
advertisements in to-day's "Chronicle."
William P. Bonbright & Co., Inc., Nassau and Cedar Sts., this city,
has for complimentary distribution among investors a booklet that gives
a brief financial history of the United States. Among the various tables
Included in this booklet is one containing the amount, price and yield of
every loan of the United States from 1776 to 1917. Comparisons of the
relative resources of the United States, Great Britain, France and Germany
are also given.
The New York Stock Exchange firm of Amory G. Hodges & Co.
dissolved on May 1 and has been succeeded by the now firm of Locke,
Hodges & Co., 14 Wall St., this city. The members of the partnership
are: Robert W. Locke, John King Hodges and Lewis B. Brown.

-The public utility firm of John Nickerson, Jr., 61 Broadway, this
city, St. Louis and Boston, have issued a pamphlet reflecting the attitude
Totals
$70 $135 $180 $278 $349 $412 $515 $759 $907 $1184 $1627 of the public service commissions toward higher costs and increase in
Officers and Directors.
-W. B. Reid (Pres.). L. W. Fraser (Vice-Pres.),
P. Tilston (Sec.-Treas.), H. Stuart Watts, A. G. Dawson. See previous rates. Complimentary copy will be mailed upon inquiry.
offering. V. 102, p. 257. •
The issue having been sold, Wm. A. Read & Co., are advertising as a
United States Rubber Co., N. Y.
-Syndicate Dissolved. matter of record only their recent offering of $3,800,000, Now York, Chicago & St. Louis R. B. 5% Sinking Fund Equipment Trust of 1917, due
The syndicate headed by Kuhn, Loeb & Co., which underwrote the issue
of $60,000,000 First & Ref. Mtge.5% bonds, expired by limitation and was May 1 1931, at a price to net 5ji%.
dissolved May 1, the underwriters being required to take up about 40%
-An interesting article, "The Old Glory Loan," by Luigi Criscuolo,
of the issue. See V. 104, p. 368, 262, 254.
which appeared in the May issue of "The Independent," has been reSubsidiary Companies' Capital Stock Reduced.
The Joseph Banigan Rubber Co. and the Woonsocket Rubber Co. printed and will be sent to applicants desiring a copy. Mr. Criscuolo is
have filed certificates with the Secretary of State of Rhode Island making Redmond & Co.'s statistician.
reductions in their capital stocks, the Banigan Rubber Co.from $1,500,000
-Thomas A. Fitzsimmons, formerly an official of the Michigan Avenue
to $1,250,000 and the Woonsocket Rubber Co.from $3,000,000 to $1,600,000. Substantially all of the stock of these two companies is owned by Trust and Savings Bank of Chicago, Ill., has been admitted into partner-V. 104, p. 1168, 1043.
the United States Rubber Co.
ship in the firm of Hord & Co., and the firm name has been changed to
United States Steel Corp.
-Extra Dividend-Subscription Hord, Fitzsimmons & Co.
to U. S. Loan.
-Judge E. H. Gary, Chairman of the Board, -Seasongood, Haas & Macdonald, members of the New York Stock
when questioned by reporters last week in regard to the extra Exchange, have this week moved to their new offices in the Columbia
dividend of 3% declared on the common shares in connection Trust Co. Building,60 Broadway, this city. Telephone is now Rector 160.
with the regular quarterly 1 JA%, said in substance:
-Oscar T. Hulburd has retired from the Chicago Stock Exchange firm
"Why was the dividend increased?" the Judge was asked. "Because of of Hulburd, Warren & Chandler, of Chicago, Ill., and De Forest Hulburd
the showing. The 3% pays up the full delinquency from the third quarter and L. L. Winters have been admitted to partnership in the firm
of 1914 to the third quarter of 1915,incl. We have
.paid up that deficiency
[making 5% each year since 1910] and 1% extra."
Was it,
discussed at the
Jerome J. Danzig & Co., members of the New York Stock Exchange,
meeting to place the stock on a 6% basis instead of a 5%7' "No, we had
100 Broadway, this city, announce that Fred. A. Mack was admitted to
no discussion on it."
"The Government is in need of cash," said Chairman E. H. Gary after partnership in the firm on the 1st inst.
the meeting,"and as we are strong in cash it was decided to anticipate the
Hobart & Gray, members of the Now York Stock Exchange, 129
income tax payment,following the request issued by Internal Revenue Collector Edwards to corporations and individuals to pay their tax as soon as Market St., Paterson, N. J., announce the opening of offices at 30 Church
possible. Subscriptions to the Government certificates may be considered St., New York.
practically as subscriptions to the forthcoming long-term Government bond
-Frank J. M. Dillon has moved to new offices in 71 Broadway this city
Issue so it might be inferred that the corporation's participation in the big
Telephone 548 Rector,
offering will be $5,000,000 at least."
-V.104, p. 1708, 1696.




,

1807

THE CHRONICLE

MAY 5 1917.1

&ports mut

Documents.

UNION PACIFIC RAILROAD COMPANY
TWENTIETH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1916.
New York, April 12 1917.
To the Stockholders of the Union Pacific Railroad Company:
By an order made the 24th of November 1916, the Inter-State Commerce Commission changed the fiscal year, heretofore ending June 30, to
conform to the calendar year, and required all Railroad Companies thereafter to file on or before the 31st day of March in each year, reports covering
the period of twelve months ending with the 31st day of December preceding said date, giving the particulars heretofore called for in annual reports
to the Commission. In conformity with this order the Boards of Directors of Union Pacific Railroad Company, Oregon Short Line Railroad Company, and Oregon-Washington Railroad and Navigation Company adopted the calendar year as the fiscal year, and the Board of Directors of Union
Pacific Railroad Company now submit the following combined report of the operations and affairs of Union Pacific Railroad Company, including
the Oregon Short Line Railroad Company, whose entire Capital Stock is owned by the Union Pacific Railroad Company, and the Oregon-Washington
Railroad and Navigation Company, whose entire Capital Stock is owned by the Oregon Short Line Railroad Company-excluding all offsetting accounts
between the three companies. For convenience, the three companies are designated by the term "Union Pacific System."
The last report to Stockholders was for the fiscal year ended June 30 1916, and the report now submitted continues the financial transactions
and changes for the period July 1 to December 31 1916-from the last report-without duplication, while the Income, Operating Results and Statistics, are stated for the full calendar years 1916 and 1915, for comparative purposes.

TRANSPORTATION OPERATIONS.
The results of Transportation Operations this year compared with those of last year, were as follows:
Calendar Year
1916.

Calendar Year
1915.

Increase.

Decrease.

Per
Cent.
.9

7,932.90

7,858.35

74.55

Operating Revenues
Freight revenue
Passenger revenue
Mall revenue
Express revenue
Other passenger-train revenue
Other train revenue
Switching revenue
Water line revenue
Other revenue

$84,012,145 23
20,092,807 08
3.704,528 54
2,430,721 55
1,562,985 14
36,033 09
624,680 84
160,663 15
1,788,042 18

$62,987,202 97
19,671,687 09
3,769,703 16
2,087,058 80
1.320,235 18
65,381 44
471,011 40
177,209 10
1.402,75543

121.024,942 26
421.119 99

385,286 75

33.4
2.1
1.7
16.5
18.4
44.9
32.6
9.3
27.5

Total operating revenues

$114,412,606 80

191,952.244 57

$22,460,362 23

24.4

$14,405,827 75
13,171.652 78

$11,656,306 02
12,138,880 36

$2,749,521 73
1,032,772 42

23.6
8.5

127,577.480 53
2,176,939 34
29,202,447 58
147,112 62
1,684,966 59
3,225,560 66

$3.782,294 15

310,114 41

$23.795.186 38
2,329,168 91
23,324,910 44
137,230 66
1,427,466 12
2.849,384 67
75,049 16

$63,704,392 91

$53,788,298 02

$9,916,094 89

18.4

Revenues over expenses
Taxes

$50,708,213 89
5,651.543 53

$38,163,946 55
5,003,642 13

312,544,267 34
647.901 40

32.9
12.9

Net operating income

145,056,670 36

$33,160,304 42

$11,896,365 94

55.68

58.50

21,627,160
9,510,219,144
439.74
503.73
.856
$4.26

17.365,833
6,622,305.880
381.34
459.78
.932
$4.21

8,019,647
868,607,454
108.31
58.90
2.277
$1.34
$1.77

8,138.728
927.201,862
113.92
62.99
2.089
$1.32
$1.71

Average miles of road operated

Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Total maintenance
Traffic expenses
Transportation expenses-rail line
-water line
Transportation expenses
Miscellaneous operations expenses
General expenses
-Credit
Transportation for investment
Total operating expenses

Operating ratio (excluding Taxes)
Freight Traffic (Commercial Freight only)
Tons of revenue freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue tons per revenue freight-train mile
Average revenue per ton mile (cents)
Average revenue per revenue freight-train mile
Passenger Traffic (Excluding Motor car)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger mile (cents)
Average revenue per passenger train mile, passengers only
Average total passenger-train revenue per passenger-train mile

343,662 75
242,749 96
153,669 44

$65.174 62
29,348 35
16.545 95

1152,223 57

5,877,537 14
9,881 96
257,500 47
376,175 99

235,065 25

35.9
2.82

4.261.327
2,887,913,264
58.40
43.95

15.9
6.5
25.2
7.2
18.0
18.2

.076

$0.05
119,081
58,594.408
5.61
4.09
.188
$0.02
30.06

4.8
24.5
43.6
15.3
9.6
8.2
1.2
1.5
6.3
4.9
6.5
9.0
1.5
3.5

MAINTENANCE OF WAY AND STRUCTURES.
Calendar
Year 1916.
--- -----------------------------Superintendence _ __-__ --Roadway and track-ordinary
Extraordinary repairs of roadway and track
Tunnels, Bridges and Elevated Structures
Rail;
Ties
Other track matierfal
Ballast
Fences, Crossings and Iffiris
Buildings and other structures
Signals and Telegraph lines
Removing snow, ice and sand
public improvements
Paving and Assessments for ------------Roadway tools and supplies
------ -- - -------------------- --------MiscellaneousDepreciation-Yliticellancous §EruCtiiies
Total- _ - ---- -7:- - - - -,--, -----------Maintaining------- facilitios-crectit------------Total

Calendar
Year 1915.

Increase.

$935,201 19
5,233,819 24
511,091 96
1,590.715 27
1,704,945 77
752,854 73
684,521 71
110,165 76
277.775 60
1,313,110 30
416,100 43
405,423 77
17,345 10
391,438.97
152,751 07
29,561 90

$698,616 96
4,435,862 71
481.247 24
768,041 51
1,730,749 77
935,084 59
567,589 30
117,509 54
246,541 58
937,930 73
299,672 54
187,561 85
17,853 19
246,167 95
150,042 03
21.148 43

1236.584 23
797.956 53
29.844 72
822,673 76

314,526,822 77
120,995 02

$11,841,619 92
185.313 90

$2.685,202 85

314.405.827 75

311.656.306 02

Decrease.

32.749.521 73

$25,804 00
182,229 86
116,932 41
7.343 78
31,234 02
375,179 57
116,427 89
217,861 92

508 09

145.271 02
2,709 04
8,413 47

64,318 88

Per
Cent.
33.9
18.0
6.2
107.1
1.5
19.5
20.6
6.2
12.7
40.0
38.9
116.1
2.8
59.0
1.8
39.8
22.7
34.7
23.6

The average cost of Maintenance of Way and Structures (excluding joint facilities) per mile of main track maintained was $1,681 85, or an
Increase of $297 34 over the preceding year.
MAINTENANCE OF EQUIPMENT.
Calendar
Year 1916.
$557,229 91
Superintendence -------------------------------------------------341,485 80
Shop and power plant machinery
5,177,544 86
Steam locornotives-repairs
2,906,518 59
Freight-train cars-repairs
-repairs
940,567 78
Passenger-train cars
83,042 41
Motor equipment of cars-repairs
-repairs
9,429 33
Floating equipment
217,337 79
-repairs
Work equipment
--repairs
388 28
Miscellaneous equipment
270.747 30
Miscellaneous
*3.553 73
Maintaining joint equipment at terminals
ha
$10,500,738 32
: Totals, excluding depreciation and retirements
2,463,314 27
----------Depreciation
.-207.600 19
Retirements
----------------------------------------------------.
4
Total-------------------------------------------------------- 113.171.652 78
* Credit.




Calendar
Year 1915.

Increase.

Decrease.

Per
Cent.

$499,358 22
325,334 98
4,666,525 14
2,464,085 60
883,414 28
79,967 11
18.051 89
179,127 13
171 84
261,365 26
2,381 75

$57,871 69
16,150 82
511.019 72
442,432 99
57,153 50
3,075 30

19.379.783 20
20567,998 92
191,098 24

$1,120,955 12
16.501 95

12.0
4.1
8.6

112.138.880 36

31.032.772 42

8.5

18,622 56
38,210 66
216 44
9,382 04

5,935 48
$104.684 65

11.6
5.0
11.0
18.0
6.5
3.8
47.8
21.3
125.6
3.6
249.3

1808

THE CHRONICLE

[VOL. 104.

TRAFFIC EXPENSES.
Calendar
Year 1916.
Superintendence
Outside agencies
Advertising and industrial and immigration bureaus
Miscellaneous

Calendar
Year 1915.

5482,930 88
1,018,540 87
447,653 83
227,813 76
$2,176,939 34

Total

$455,137 34
916,221 84
748,370 80
209,438 93

Decrease.

$2,329,168 91

Per
Cent.

$300,716 97

6.1
11.2
40.2
8.8

$152,229 57

Increase.

6.5

$27,793 54
102,319 03
18,374 83

TRANSPORTATION AND MISCELLANEOUS OPERATIONS EXPENSES.
Calendar
Year 1916.
Superintendence and dispatching
Station expenses
Yard labor
Fuel for yard locomotives
Yard supplies and expenses
Enginehouse expenses
-yard
Train enginemen and motormen
Fuel for train locomotives
Supplies for train locomotives
Enginehouse expenses
-train
Trainmen
Train supplies and expenses
Miscellaneous
Loss, damage and casualties
Operating joint facilities

$1,100,735 73
3,666.482 19
2,165,866 36
696,819 86
128,901 20
276,716 81
3,993,765 64
7.505,303 06
693,585 69
1,182,212 06
3.934,662 03
1,623,043 43
873,943 06
1,221,604 45
138,806 01

Total Transportation Expenses
-Rail

Calendar
Year 1915.
$879,078 60
3,019,409 28
1,597,654 38
541,824 98
92, 488 41'
221,260 24
3.162,324 08
5,996,522 58
632,686 78
981,236 54
3,079,603 26
1,292,112 87
727,257 78
1,106,834 65
94,616 01

Increase

Decrease

Per
Cent.

$221,657 13
647,072 91
568,211 98
154,994 88
36,412 79
55,456 57
831,441 56
1,508,780 48
160,898 91
200.975 52
855,058 77
330,930 56
146,685 28
114.769 80
44,190 00

25.2
21.4
35.6
28.6
39.4
25.1
26.3
25.2
30.2
20.5
27.8
25.6
20.2
10.4
46.7
25.2

$29,202,447 58

$23,324,910 44

$5,877,537 14

$147,112 62

$137,230 66

$9,881 96

7.2

31,572,20542
112,761 17

*1,424.48041
2.985 71

*147,72501
109,775 46

10.4

Transportation Expenses
-Water Line
Dining cars and Hotels
Other miscellaneous operations
Total Miscellaneous Operations Expenses
Total Transportation and Miscellaneous Operations Expenses

$1,684,966 59

$1,427,466 12

$257,500 47

18.0

$31,034,526 79

$24,889,607 22

$6.144,919 57

24.7

Calendar
Year 1916.

Calendar
Year 1915.

Increase.

$2,000,552 37
162,604 23
324,553 77
171,254 51
226,453 89
320,916 64
19,225 25

$1,821.543 45
152.038 79
326.212Z4
144,894 01
99,256 30
287,694 44
17,745 44

$179,008 92
10,565 44

$3,225,560 66

$2,849,384 67

$376,175 99

GENERAL EXPENSES.

Salaries and expenses of officers, clerks and attendants
General office supplies and expenses
Law expenses
Pensions
Valuation expenses
Miscellaneous
General joint facilities
Total

Decrease.

51,658 47

26,360 50
127,197 59
33,222 20
1,479 81

Per
Cent.
9.8
6.9
.5
18.2
128.2
11.5
8.3
13.2

MILEAGE.
•
Miles
of Road.

Miles of
Miles of
Second
Yard Tracks
Main Track. and Sidings.

Mileage operated as of December 31 1916
Mileage operated as of June 30 1916

7,962.38
7,934.08

1.136.19
1,131.68

2,575.97
2,504.01

Increase in Mileage operated from July 1 to December 31 1916
Average Mileage operated during calendar year 1916
Mileage maintained as of December'31 1916
Average Mileage maintained during calendar year 1916

28.30
7,932.90
7,677.28
7,655.00

4.51
1,132.51
987.11
984.00

71.96
2,519.45
2,413.37
2,370.00

The Oregon-Washington Railroad & Navigation Company operates "Water Lines" over a distance of 187 miles.
INCOME ACCOUNT.
(Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and Oregon-Washington RR. & Navigation
Co.)
January 1 to
June 30 1916.
Operating Revenues
Operating Expenses

July 1 to
Dec. 311916.

Total Calendar TotalCalendar
Year 1916.
Year 1915.

TRANSPORTATION OPERATIONS.
$50,696,975 85
29,399,702 24

$63,715,630 95 3114,412,606 80
34,304,690 67
63,704,392 91

$91,952,244 57
53,788,298 02

Revenues over Expenses
Taxes

$21,297,273 61
2,622,407 74

329,410,940 28
3,029,135 79

350,708,213 89
6.651,543,53

$38,163,946 55
5,003;642 13

Operating income

$18.674,865 87

$26,381,804 49

$45,056,670 36

$33,160,304 42

3451,586 78
35,494 07
504,083 84
33,448 28
63,123 86

*5370,860 09
35,606 15
487,368 44
31,953 17
67,333 43

$80,725 79
71,19022
991,452 28
65,401 45
130,457 29

$191,649 45
71,331 86
1,042.019 42
35,868 45
140,647 29

Other Income.
(Excluding Income from Investments, and Sources other than
Transportation Operations.)
Hire of Equipment
-balance
Rents from use of road
Rents from use of joint tracks, yards and terminal facilities
Miscellaneous rents
Miscellaneous income
Total
Total Operating and Other Income
Deductions.
(Excluding Interest on Funded Debt, and Miscellaneous Charges, other than
Transportation Operations.)
Rents for use of joint tracks, yards., and terminal facilities
Miscellaneous rents
Miscellaneous charges
Total
Income from Transportation Operations
Income from Investments and Sources other than
Transportation Operations.
Dividends on stocks owned
Interest on bonds, notes, and equipment trust certificates owned
Interest on loans and open accounts-balance
Miscellaneous income
Total
Total income
Deduct:
Interest on Funded Debt
Miscellaneous Charges, other than Transportation Operations
Total
Net Income from all Sources




$1.087,736 83

5251.490 20

31,339,227 03

31,481,516 47

$19,762,602 70

$26,633,294 69

$46,395,897 39

$34,641,820 89

$620,387 17
53,010 58
57,844 90

3642,795 34
53,965 34
134,056 19

$1,263,182 51
106,975 92
191.901 09

$1,306,358 83
'142,870 90
158,867 73

$731,242 65

3830,816 87

$1,562,059 52

$1,422,355 66

319.031,360 05

325,802,477 82

$44,833,837 87

333,219,465 23

$2.918,202 00
3,305,439 28
444,619 38
25,857 50

51,751,202 00
3,226.763 26
551,408 10
23.479 02

$4,669,404 00
6,532,202 54
996,027 54
49,336 52

$4,500,124 00
6,898,338 41
725,311 22
46,767 76

$6,694,118 16

$5,552,852 44

$12,246,970 60

312,170.541 39

325,725.478 21

$31,355,330 26

357.080,808 47

$45,390,006 62

36,908,319 80
71,20235

36,917,876 93

$13,826,196 73
71,202 35

313,803,766 94

$6,979,522,15

$6,917,876 93

$13,897,399 08

$13,803,766 94

318,745,956 06

524,437,453 33

343.183.409 39

331.586,239 68

THE CHRONICLE

MAY 5 1917.1

January 1 to
June 30 1916.
DISPOSITION OF NET INCOME.
Dividends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1 1916
2 per cent paid October 2 1916

1809
July 1 to
Dec. 31 1916.

$1.990,870 00
$1,990,870 00
$1,990,870 00

Total Calendar TotalCalendar
Year 1916.
Year 1915.

$1,990,870 00
1,990,870 00

$1,990,870 00
1,990.870 00

$3,981.740 00

53,981.740 00

$4,445,832 00
4,445,832 00
4.445,832 00
4,445,832 00

$4,445,832 00
4.445.832 00
4,445,832 00
4,445.832 00

$8,891,664 00

$8,891,664 00

$17,783,328 00

$17,783,328 00

$3,524,489 14

$842.586 00

$4.367,075 14

31.083.458 89

$5.810 00

$5.813 33

$11,623 33

$11,630 00

$14,412,833 14

$11,730,933 33

$26,143,766 47

$22,860,156 89

$17,039,642 92

38,726,082 79

$4,445,832 00
4,445.832 00

Appropriated for Additions and. Betterments
Sinking Fund Requirements
Total Appropriations of Net Income
Surplus January 1 to Je
Loss June 30 1916

$1,990.870 00

$4.445,832 00
4.445,832 00

Common stock:
2 per cent paid April 1 1916
2 per cent paid July 1 1916
2 per cent paid October 2 1916
2 per cent payable January 2 1917

1916, incle in amount transferred to Profit and

$4,333,122 92

Surplus July 1 to December 31 1916, transferred to Profit and Loss December 31
1916 -------------------------Total Surplus for the Calendar Years 1916 and 1915
* Debit.

$12,706,520 00

t Credit.

Operating Revenues for the calendar year 1916, amounting to $114,412,606, are the largest for any year in the history
of the Union Pacific System, being an increase of $22,460,362 over the calendar year 1915. These large revenues result
from the unprecedented activity in all lines of business which prevailed during the entire year of 1916, and to the curtailment
of shipping through Pacific Coast ports to Europe and our Atlantic ports on account of the withdrawal of ships to more
profitable lines as a result of the European War and the closing of the Panama Canal.
Operating Expenses increased $9,916,094, of which $3,782,294 was in Maintenance Expenses and $5,877,537 in Transportation Expenses. The latter increase is due to handling the large volume of business which resulted in the insrease of
$22,460,362 in Operating Revenues.
Taxes increased $647,901, of which $607,492 represents increase in Federal Income Tax due to increase in rate of taxation
from 1% to 2% in accordance with act approved September 8 1916, effective January 1 1916, and to increase in taxable
revenue.
The "Net Income from all sources" for the calendar year 1916, after deducting all fixed and other charges, and dividend
on preferred stock, is equivalent to 17.64 per cent, on the outstanding common stock of $222,293,100, as against 12.42 per
cent. for the calendar year 1915.
The percentage of 'Income from Transportation Operations" upon the investment in the railroad property from which
such income was derived was as follows: calendar year 1916, 7.78 per cent., calendar year 1915, 5.83 per cent., fissal years
ended June 30 1914, 5.63 per cent.; 1913, 6.32 per cent.; 1912, 5.87 per cent., and 1911, 7.15 per cent.
APPROPRIATION OF INCOME FOR ADDITIONS AND BETTERMENTS.
Additions and Betterments, including Additional Main Track and Equipment, authorized during the calendar year
1916, including amount required subsequent to January 1 1916, to complete work previously authorized, aggregated $14,867,236. Of the total expenditures thus authorized, there were items aggregating $4,367,075, which,in view of the financial
condition of the Company, it was believed should be charged against Current Income. Of this amount, $3,524,489 was
charged against Income for the year ended June 30 1916, and the remainder, $842,586, was charged to Income Assotuat as
of December 31 1916.
In addition to the $4,367,075, the sum of $1,083,459 was appropriated and charged against the Income for the year
ended June 30 1915.
Improvements were carefully considered in determining whether the cost should be paid for out of current ineome or
be capitalized, and their character and special circumstances, rather than any general rule, governed the decision.
PROFIT AND LOSS ACCOUNT.
(Excluding all offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and Oregon-Washington Railroad ct Navigation Co.)
CREDIT.
Balance, June 30 1916, as shown by Annual Report for year ended June 30 1916
Heretofore the amount a dividends declared in the month of August, payable the following October,
have been charged against Income for the previous fiscal year ended Juno 30. In order to hereafter take into account all dividends as of the date declarpd, the amount of dividends declared
August 10 1916, payable October 2 1916, which was deducted from Income for the year ended
Juno 30 1916, as shown by annual report for that year, is hereby credited back to Profit and
Loss as existing Juno 30 1916, and the amount is shnultaneously charged against Income for
the period July 1 to December 31 1916, during which period said dividends were declared.
This change is made in connection with the adoption of the calendar year as the fiscal year, in
conformity with an order issued by the Inter-State Commerce Commission
Revised Profit and Loss balance as of June 30 1916
Balance from Income Account covering period July 1 to December 31 1916
$12.706.520 00
Difference between proceeds from sale of property and book cost thereof
992 27
Liabilities written off, being unclaimed
19,888 67
Miscellaneous credits
3,237 02
Total credits during six months July 1 to December 31 1916
DEBIT.
Extra dividend of $2.00 per share on common stock declared Dec. 21 1916, payable Jan. 15 1917,
to stockholders of record Jan. 3 1917
Difference between cost of property retired and not to be replaced and net value of salvage recovered
Uncollectible accounts
Adjustments in accounts
Miscellaneous debits

$124476.810 04

6.4118/02 00
$130,613.612 04

$12.730,637 96

$4,445,832 00
129,672 43
19,312 92
8,099 81
1,316 10

Total debits during six months July 1 to Doc. 31 1916
Net credit during the six months
Profit and Loss—Credit Balance, December 31 1916

4,604,233 26
8.126.404 70
1138.739.916 74

GENERAL BALANCE SHEET—ASSETS.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., and Oregon-Washington Railroad ct.
Navigation Co.)
ASSETS
June 30 1916.
Dec. 31 1916.
Increase.
Decrease.
Investments:
Road and Equipment
$612,173,099 06 $606,558,299 03
35,614.800 03
Less:
Receipts from improvement and equipment fund
$22,611,091 13
Appropriationsfrom income and surplus prior to July 1 1907, credited $22,611,091 13
to this account
13,310,236 52
13,310,236 52
Total
$35,921,327 65
335,921,327 65
Investment in road and equipment
Improvements on leased railway property
Deposits in lieu of mortgaged property sold
Miscellaneous physical property
Total
Investments in affiliated companies:
Stocks
Bonds and notes
Advances
Total




$576,251.771 41

3570,636,971 38

$5.614,800 03

17,696 42
333,756 17
1,088,004 85

$7,750 74
11,188 57
1,071,579 25

$322,567 60
16,425 60

$1,429,457 44

31,090,518 56

$338,938 88

$13,099,798 24
36,124,631 24
11,411,850 10

$12,951,771 25
36,183,786 12
11.997,731 22

$148,026 99

360.636,279 58

$61,133,288 59

314 32

$89.154 88
&85,881 12
$497,009 01

[Vol.. 104

THE CHRONICLE

1810

Total

Dec. 311916.

June 30 1916.

$89,095,498 25
107,935,216 10

389,095,498 25
103,080,032 53
$192,175,530 78

$4,855,183 57

Increase.

$354,880 94

Total Investments
Current Assets:
Cash
Time deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets:
Baltimore & Ohio Railroad Co. capital stock applicable to payment of
extra dividend
Miscellaneous items

$335,712 38

$19,168 56

$835.703,103 72

Sinking Funds

$825,372,021 69

$10,331,082 03

*641,538 20
51,103 27

799,454 20
87,512 44
$53,037,681 79

58,059,920 71

327,743 48

$654 31

597,562 23
t2,419,655 47

675,836 81
1,305,591 85

1,114,063 62

$3,045,615 79

Total Deferred Assets

$12,234,368 79
11,500,000 00
281,105 89
10,768,505 48
1,948,257 60.
739,488 54
2,458,654 94
9,534,305 95
2,623,195 14
62,832 82

528,397 79

UnadJusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits

$17,170,065 90
11,000,000 00
212,678 23
10,993,495 98
2,452,568 15
946,857 08
3,248,564 32
11,784,199 93
2,528,554 73
67,976 71

$61,097,602 50

Total Current Assets
Deferred Assets:
‘Vorking fund advances
Other deferred assets:
Land contracts, as per contra
Miscellaneous items

$2,009,172 14

$1,036,443 65

$1,605 13
627,682 05

31,133 03
626,771 50

$471 20
910 55

$4,935,697 11
224,990 50
504,310 55
207,368 54
789,909 38
2,249,893 98

94,640 41
$157,916 00
36,409 17

578,274 28

$629,287 18

Grand Total

$500,000 00
68,427 66

5,143 89

$627,905 43

51,381 75

$900,475,609 19

Total Unadjusted Debits

Decrease.

$4,855,183 57

$197,030,714 35

-ASSETS (Concluded).
GENERAL BALANCE SHEET
Investments in other companies:
Stocks
Bonds, notes,-and equipment trust certificates

$881,046,781 05

519.428.828 14

* On December 31 1916 there remained unpaid on account of the Extra Dividend on Common Stock declared January 8 1014, payable to stockholders of record March 2 1914,8699,073 73, which is carried as Current Liabilities under account "Dividends Matured Unpaid." Of this amount $641,538 20 is represented by $261,808 par value preferred and $469,665 par value common stock of the Baltimore & Ohio Railroad Company. The cash
portion of the dividend unpaid amounted to $57,535 53 and is included in account "Cash."
Mortgage 6% Bonds.
t Includes $757,530 Demand Notes of The Chicago & Alton Railroad Company accepted in payment of interest on General
The amount was not included in Income Account and, pending collection of notes, is carried in Account, "Contingent interest."

GENERAL BALANCE SHEET-LIABILITIES.
Excluding all offsetting securities and accounts between the Union Pacific RR. Co., Oregon Short Line RR. Co., and Oregon-Washington RR. & Navigation Co.
Increase.

Dec. 311916.

June 30 1916.

Capital Stock:
Common Stock
Preferred Stock

$222,293,100 00
99,543,500 00

Total Capital Stock
Funded Debt

$321,836,600 00
334,967,305 00

$321,836,600 00
334,629,850 00

$337,455 00

Total
Current Liabilities:
Traffic and car-service balances payable
Audited accounts and wages parable
Miscellaneous accounts payable:
Due to Affiliated Comanies
Other accounts payable
Interest matured unpaid:
Coupons matured, but not presented
Coupons and interest on registered bonds, due first proximo
matured unpaid:
Dividen
Dividends due but uncalled for
Extra dividend on Common Stock declared Janua78 1914 payable to
stockholders of record March 2 1914, unpai
Dividend on Common Stock payable first proximo
Funded debt matured unpaid
Unmatttred dividends declared:
Extra Dividend on Common Stock payable Jan. 15 1917
Unmatuml interest accrued
Unmatured rents accrued
Other current liabilities

$656,803.905 00

$656,466,450 00

$377,45500

$893,017 43
9,487,096 94

$552,531 03
7,023,209 18

$340,486 40
2,463,887 76

6,499.007 22
168,913 55

5,431,001 65
297,161 75

1,068,005 57

399,015 65
3,784,373 40

326,984 55
3,781,580 70

Decrease.

$222,293,100 00
99,543,500 00

72,031 10
2,792 70
6,137 50

LIABILITIES.

Total Current Liabilities
Deferred Liabilities:
Other deferrqd liabilities:
Principal'of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
Miscellaneous Items
Tax Liability
Total Deferred Liabilities
Unadjusted Credits:
Insurance Reserve:
Reserve for Fire Insurance
Reserve for depreciation
Other unadjusted credits:
Contingent Interest
Miscellaneous items
Total Unadjusted Credits
Total Liabilities
Corporate Surplus:
Appropriated for additions and betterments
Reserved for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
Total Appropriated Surplus
-Credit Balance
Profit and Loss

114,623 50

108,486 00

t699,073 73
4,445,832 00
3,000 00

871,695 31
4,445,832 00
3,000 00

4,445,832 00
1,481,685 66
204,666 42
587,679 72

1,486,316 08
241,012 02
454,931 42

132,748 30

$33,213,817 22

*525.024,642 59

$8,189,174 63

$597.562 53
1,660,000 00
356,040 49
3,274,975 52

$675,836 81
1,660,000 00
292,152 78
2,895,734 60

$63,887 71
379,240 92

$5,888,578 54

$5,523,724 19

$364,854 35

$840.583 49
20,853,540 06

$788,296 70
19,848,267 96

$52,286 79
1,005,272 10

1,174,264 38
1,633,033 32

1,174,26438
1,136,153 97

496,879 35

$24,501,421 25

$22,946,983 01

$1,554,438 24

$720,407,722 01

$709,961,799 79

$10.445,922 22

$5,450,534 03
35,418,052 00
91,300 14
368,084 27

$4,607,948 03
35,418,052 00
91,300 14
354,169 05

$842,586 00

$41,327,970 44
138,739,916 74

$40,471,469 22
*130,613,512 04

$856,501 22
8,126,40470

172,621 58

4,445,832 00

4,63042
37,246 50

$78.274128

13,915 22

$180,067,887 18

$171,084,981 26

$8,982,905 92

$900,475,609 19

Total Corporate Surplus

$128,248 20

$881,046,781 05

$10,428,828 14

Grand Total
*The Liabilities as of June 30 1916 have been re-stated by crediting back to Profit and Loss the amount of dividends on Preferred and Common Stock
payable Oct. 2 1916, as explained in Profit and Loss Account.
t See explanation in foot note of General Balance Sheet-Assets.

The increase ill "Investment in Road and Ikuudvnetit," is made up as follows:
Extensions and Branches
Additions and Betterments, excluding Equipment
Equipment

$497,028 02
4,918,037 37
711,221 27

$6,126,286 66
Total increase
From which there was deducted:
Cost of Property Retired from service and Not to be Replaced, charged (less salvage) to Profit and Loss, in conformity
$101,114 90
with regulations of Inter-State Commerce Commission
36,352 45
Cost of Real Estate sold
374,019 28
Cost of equipment retired from service
3511,486 63
Total Deductions
Net increase in "Investment in Road and Equipment" during the six months period




$5.614,800 03

MAY 5 1917.)

THE CHRONICLE

1811

INSURANCE FOR EMPLOYEES.
After thorough study of the subject, the Board of Directors on December 21 1916, approved and declared effective
January 1 1917, an insurance plan for the benefit of all employees of the three railroad companies constituting the system,
who had been or who thereafter should be one year in the service and whose annual wages should not exceed $4,000. The
insurance thus provided is without cost to the employees, the entire expense being borne by the company,and is as follows:
.
Life Insurance of A Year's Full Wages, in monthly instalments, covering death from any cause, minimum $500, maximum $2,500; which may, at the election of the employing company, in the event of total and permanent disability be converted into permanent disability (instead of life) insurance and the amount paid to the disabled employee in five annual instalments.
Accident and Health Insurance, in the case of employees not under 16 or over age 70, consisting of Half Wages, in
monthly instalments,for the following disabilities and periods, not exceeding aggregate payments in any one case of $2,500.
( Accidental loss of both hands, or both feet, or one foot and one hand, or of sight of both eyes
a)
24 months
Accidental loss of one hand, or one foot
12 months
Accidental loss of sight of one eye
6 months
accidental InJuries resulting In
______________________________ _____________
Other
exceeding
24 months
(All the foregoing injuries must have been incurred while the employee was engaged in the actual performance of the duties of his occupation.)
(b) Disability of more than seven days resulting from sickness or from accidental injury not incurred in performance of duties of employee's
occupation-indemnity during disability but not exceeding
12 months
But in case total and permanent disability results, indemnity will be continued for an additional 12 months.

The insurance will continue only so long as the employee remains in the service and will cease immediately upon the termination of the service without regard to the cause of such termination.
Employees retired on pension after January 1 1917, but not those previously retired, will be considered as "in the service"
for the purpose of the life insurance but will not be covered by the accident or health insurance.
The Board of Directors reserves the right at any time in its discretion to withdraw or amend the insurance plan and the
various rules and regulations appertaining thereto.
The Board of Directors were of opinion that the provision thus made for the employees of the company in case of illness
and accident, and for their families in case of death, would make them more contented and, therefore, more loyal and efficient in their work; and the measure is in line with the policy of the company to study and promote the welfare of its employees in all reasonable ways.
EXTRA COMPENSATION FOR EMPLOYEES.
Because of the exceptional conditions which, while largely increasing the earnings of the company, also increased the
cost of living to the point of hardship on those employees of the company whose earnings were small, the Board of Directors, on December 21 1916, authorized the payment of one month's extra pay to all employees, whithout any discrimination,
who had been in the service since January 1 1916, and whose compensation did not exceed $1,800 per annum.
The report of the Comptroller is submitted herewith.
By order of the Board of Directors,
ROBERT S. LOVETT,
Chairman of the Executive Committee.

THE KANSAS CITY SOUTHERN RAILWAY COMPANY
SEVENTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 311916.
(INCLUDING MATTER FOR SIX MONTHS PREVIOUSLY REPORTED)

Kansas City, Mo., March 15 1917.
To the Stockholders of The Kansas City Southern Railway Co.:
In conformity to an order of the Interstate Commerce
Commission the fiscal year of your Company has, by resolution of the Board of Directors, been changed to end on
December 31 of each year. Accordingly, the seventeenth
annual report of its affairs, being for the year ended December
31 1916,and including matter for six months already reported,
is presented herewith.
MILES OF RAILROAD.

The track mileage of your Company at the end of the
fiscal year was as below stated:
Main Line
Kansas City, Mo.,to Belt Junction, Mo
Grandview, Mo.,to Port Arthur, Tex

11.90 miles
765.14 " 777.13 miles
Second Track
Between Second and Wyandotte Streets, Kansas
City, Mo., and Air Line Junction, Mo
5.57 miles
Between Mile Posts 159 and 163
3.75 "
Between DeQueen, Ark., and Neal Springs, Ark.. 8.45 "
17.77 "
Branches
Spiro, Okla., to Fort Smith, Ark
Jenson, Ark., to Bonanza Mine
West Lake, La., to Lockport, La
DeQuincey, La., to Lake Charles, La

16.44 miles
2.83 "
4.03 "
22.59 "

Yard, Terminal and Side Tracks
North of Belt Junction, Mo., and in and around
Kansas City
84.40 miles
All other Yard, Terminal and Side Tracks
337.04 " 421.44 miles
Total owned or controlled

1,262.23 miles

Operated under Trackage Rights
Tracks of the St. Louis-San Francisco Railway
Co., between Belt Junction, Mo., and Grandview, Mo. used under contract:
Main Line
11.01 miles
Sidings
2.33 "
Tracks of the Kansas City Terminal Railway
Co., between Union Station at Kansas City,
Mo., and Sheffield, Mo., operated under Joint
contract:
First Main Track
5.31
Second Main Track
5.11
Tracks of The Missouri Pacific Railway Co., between Troost Avenue and Santa Fe Street,
Kansas City, Mo., used under contract
1.55 "

25.31 "

Operated Under Lease
Yard Track to plant of the Armour Packing Co.,
Kansas City, Mo.-Kan
3.83 miles
Yard Track to plant of Fowler Packing Co.,
Kansas City, Kan
1.09 "

4.92 "

Total Miles in

45.89 "

system

1,292.46 miles

MILEAGE BY STATES.
Owned by The K. C. S. Ry. Co. and Subsidiary Companies.'
State.

Main
Line.

Second
Main Track. I

Missouri
Kansas
Arkansas --------------------------------Oklahoma ----------------------------------------------------------------Louis
.....................
....
Texas

174.65
18.38
152.92
127.64
222.46
81.08

9.32

Total

777.13

Operated
Under
Trackage
Rights.

Operated
Under
LeaseTotal
Yard Track. Mileage.

Branches.

Yard Track
and Sidings.

.83
4.09
____

----

114.03
58.06
52.38
49.20
87.54
60.23

25.31

4.23
15.04
26.62

324.14
80.53
217.98
191.88
336.62
141.31

17.77

45.89

421.44

25.31

4.92

1,292.46

- :48
8

The total track mileage of the system underwent a decrease
Therefore, the total mileage operated by your Company
during the year from 11294.14 to 1,292.46, making a net was:
decrease of 1.68 mile, which consists of the following items:
Main Line
793.45
ya
Deductionuc
Yard, Terminal and Side Tracks (net)
iii
d
Addition
Bonanza Coal Mine Spur

1.71 mile

Net Decrease in System Mileage

1.68 mile

.03 "

Of the foregoing aggregate system mileage, the following
was not operated by your Company:

Branches
Second Track
Yard, Terminal and Side Tracks
Total Mileage Operated

43.06 836.51
22.88
429.79
1,289.18

Bonanza Coal Mine Spur
Operated by the Central Coal & Coke Co. under contract:
Main Branch
---------------------------------------la Sidings

2.83 miles
.45 "

During the year the total operated track mileage decreased
from 1,290.96 to 1,289.18, a net reduction of 1.78 mile,
composed of the following item:

Total not operated by The Kansas City Southern Railway Co

3.28 miles

Deduction
Yard, Terminal and Side Tracks (net)




1.78 mile

[VOL. 104.

THE CHRONICLE

1812
EQUIPMENT.

The Rolling Equipment owned or otherwise controlled on
December 31 1916 consisted of:
LocomotivesPassenger
Freight
Switching

Acquired
under
Equipment
Owned. Trusts
22
15
108
5
32
20
168

Total
Freight Equipment
In Commercial Service:
Box Cars
2,178
Furniture
143
Stock
306
Tank
181
Coal
477
Flat
250
Vinegar Tank

98
999
198
2

Total
3,535 1,297
In Work Service:
Box Cars
224
1
Furniture
Coal
1
66
Flat
147
Ballast
Cony. Coal & Ballast_ 98
4
Water Oars
Total

78

Grand Total

4,154 1,297

1916.
793.45
22.88
43.06
429.79

1915.
793.45
22.88
43.06
431.57

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

Acquired
under
-1.78
Equipment
Passenger Equipl- Owned. Trusts.
23
$
Coaches
Operating Revenues$
$
25
Chair Cars
Freight Revenue
8,594,780 34 7.801,954 52 +792,825 82
Coach and Baggage
4
Passenger Revenue
1.642,233 68 1,390.822 20 +251.411 48
1
Coach and Mail
15,595 86
Excess Baggage Revenue
+599 66
16,195 52
18
Baggage
1
Baggage,Coach and Mail
146,264 39
-5,174 52
Mail Revenue
141,089 87
10
Express and Mail
170.489 77
+59,681 70
Express Revenue
230.171 47
4
Office and Pay Cars_ __ _
1,101 00
+1,21504
2,31604
Other Passenger-train Revenue
+98,290 21
484,552 15
Switching Revenue
582.842 36
86
Total
Work Equipment
+693 84
2,507 87
1,814 03
Special Service Train Revenue
10
Outfit Coaches
2.257 90
+1,617 64
640 26
Other Freight-train Revenue
10
Derricks
Incidental and Joint Facility
4
Steam Shovels
3
74,929 38
+11,994 06
Slope Levelers
62,935 32
Revenue
2
Ditchers
2
Pile Drivers
11,289.324 43 10,076,169 50 +1,213,154 93
Gross Revenues
7
Lidgerwoods

541

Cabooses

Operated Mileage
Milos of Main Line
Miles of Second Main Track
Miles of Branches
Miles of Sidings and Spurs_ _ _

Total

38

In addition to this railroad property, its rights of way,
real estate, buildings, equipment and appurtenances, the
Company controls, by virtue of its ownership of securities,
all the property of the following corporations, viz.:
THE ARKANSAS WESTERN RAILWAY COMPANY.

Operating Expenses
Maintenance of way & Struc1.172.640 29 1,154,105 75
tures
Maintenance of Equipment
1.475,116 96 1,117.937 23
324.312 23
Traffic Expenses
336,942 15
Transportation Expenses
3,419,027 26 3,285.575 26
438.688 62
General Expenses
411,207 07
Transportation for Invest114.663 95
13,833 39
ment--Cr
Total Operating Expenses

6,782,700 34 6.205,955 14

+18,534 54
+357,179 73
+12,629 92
+133.452 00
-27,481 55
-81.430 66
+576,745 20

Net Revenue
Taxes

4,506,624 09 3,870.214 36 +636.409 73
560,770 31 • +19,805 41
580,575 72

Operating Income

3,926,048 37 3,309,444 05

Ratio of Operating Expenses to
Gross Revenues
Ratio of Operating Expenses
and Taxes to Gross Revenues

60.08%

61.59%

+616,604 32
-1.51%

-1.04%
A standard-guage line from Heavener, Oklahoma, to
65.22%
67.16%
Waldron, Arkansas, 32.33 miles, together witlirights of way,
The following comparison of the Gross Revenues for the
buildings and appurtenances; controlled by your Company year ended December 31 1916 with those for the previous
through ownership of all the capital stock and bonds.
year, is respectfully submitted:
Increases in Gross Revenues
Due to an increased movement of coal caused by
$168,839 90
the high price of oil
Due to increased movement of petroleum, caused
principally by enlarged consumption of gasoline 153,897 04
Due to increased movement of lumber, caused by
77,983 37
Improved business conditions
In Passenger Revenue,due to an increase in interState rates in Missouri, Kansas, Arkansas and
Oklahoma,and to general improvement in busiTHE KANSAS CITY SHREVEPORT & GULF TERMINAL CO.
251.411 48
ness conditions
general
Union depot property at Shreveport, Louisiana, including Due to the development of territory andbusiness
Improvement in traffic relations and
its real estate, buildings and 1.16 mile of yard and terminal
934,660 33
conditions
$1.686.792 02
track; controlled by your Company through ownership of all
Less Decreases, viz.
the capita/ stock.
Prom movement of wheat, caused by diversion to
$140,259 02
the Atlantic seaboard
From movement of corn, other grain and mill
PORT ARTHUR CANAL & DOCK COMPANY.
products, caused by abundant crops for home
Lands, slips, docks, wharves, warehouses, one grain
consumption in Oklahoma,Texas and Louisiana 233,378 07
373.637 09
(capacity 500,000 bushels); etc., all at Port Arthur,
THE POTEAU VALLEY RAILROAD COMPANY.

A standard-guage line from Shady Point, Oklahoma, to
Calhoun, Oklahoma,6.59 miles, together with rights of way,
buildings and appurtenances; controlled by your Company
through ownership of all the capital stock.

elevator
Texas; controlled by your Company through ownership of
all the capital stock and bonds.

THE K. C. S. ELEVATOR COMPANY.
One fhwt-class elevator, of capacity 650,000 bushels,
situated at Kansas City, Missouri, controlled by your Company through ownership of all the capital stock.
IIIHE MENA LAND & IMPROVEMENT COMPANY.

A company formed for taking title to real estate at Mena,
Arkansas, vacated by employees in consequence of the
establishment of new division terminals at Heavener, Oklahoma,and DeQueen, Arkansas; controlled by your Company
through ownership of all the capital stock.
GLENN-POOL TANK LINE COMPANY.

A company owning and operating 160 tank cars; controlled
jointly by your Company as the owner of 75 per cent of the
capital stock, and the Midland Valley Railroad Company as
owner of the remaining 25 per cent of the stock.
In order to provide for an increased movement of crude
petroleum, and by reason of the prevailing high prices of
equipment, the company has acquired 100 additional tank
cars by Tease for a term expiring December 1 1918. Of
these 30 had been delivered on December 31 1916 and it is
expected that delivery of the remainder will be made by
April 1 1917.
That portion of thesystem lying within the State of Texas,
the ileage of which is included in the operated mileage of your
Company,Is operated separately by its owner,the Texarkana
& Fort Smith Railway Company, which company has its
own general offices and books of account at Texarkana,
Texas,In accordance with the Texas law.
For the sake of completeness, however, the reports of that
company are included in those of The Kansas City Southern
Railway Company in so far as is necessary to show the results
of the operation of the whole line from Kansas City to
the Gaff.
RESULTS OF OPERATION.

The following statement shows the results of operation of
The Kansas City Southern Railway for .the year ended
December 31 1916, compared with corresponding results
forlthe preceding year:



21,213.154 93

Net Increase in Gross Revenues

The regulations of the Interstate Commerce Commission,
in effect July 1 1914, require that when men or materials
employed in construction are conveyed in revenue trains, the
estimated cost of their transportation shall be credited to
Operating Expenses and charged to the appropriate investment account. No revenue charge was made against
Company material used in operation.
The increase of $576,745 20 in Operating Expenses was
due to the following causes:
Increases in Operating Expenses
Maintenance of Way and Structures
Additional expenditures made feces$99.085 58
sary.by expansion in traffic
Less decreases resulting from improvements in the condition of property.. 80,551 04
Maintenance of Equipment
Charges for depreciation ofequipment
Inaugurated June 1 1916 by direction of the Inter-State Commerce
$84,281 99
Commission
Cost of current repairs of equipment.. 248,342 82
16.212 48
Expense of casualties
Charges on account of equipment re2,441 19
tired
5,901 25
Miscellaneous net increases
Traffic Expenses
Cost of solicitation, advertisement
and development of traffic relations
Transportation Expenses
Locomotive,train and yard expenses_
Station expenses
Price of fuel
Expense of casualties
Cost ofstationery and printing
Miscellaneous net increases

$18.534 64

357,179 73
12.629 02

$38,139 88
11,739 10
28,083 31
43,285 38
10,576 73
1,627 80

133,452 00
Trasportation for Investment-Cr.Decrease in credit to operating expenses on account of men engaged in and material for con32.430 56
struction, moved in revenue trains
2604.226 76
Less Decreases, viz.
General Expenses
Valuation expenses, on account of ap$31,916 74
proaching completion of work
12,627 13
Law expenses
344.543 81'
Deduct
Increase in cost of stationery and
$3,220 50
printing
Increase in general administration of
2,809 13
joint facilities
4,165 80
Increase due to enlarged business... _ _
6.866 89
Miscellaneous net increases
17,062 32
27.481 55
Net Increase in Operating Expenses

$570,745 20

MAY 5 19174

THE CHRONICLE

The revenue tonnage movement for the year, as compared
with that of the year preceding, was as follows:
For the year ended Dec. 31 1916:
Revenue Tons one mile-North
Revenue Tons one mile-South
For the year ended Dec. 31 1915:
Revenue Tons one mile-North
Revenue Tons one mile-South

751,639,847
420.716,311
1,172,356 158
658,865,371
438.259.752
1.097,125,123

Increase in Revenue Tons one mile

75,231,035

REFUNDING AND IMPROVEMENT MORTGAGE BONDS.

The situation at December 31 1916, with respect to the
Refunding and Improvement Bonds, authorized by the
stockholders June 29 1909, was as follows:
Total authorized issue
Issued and sold:
July 1 1909
Feb. 15 1911
Nov. 1 1912
Dec. 2 1912
April 2 1913
May 5 1914
Oct. 7 1914
April 1 1915
Dec. 15 1915

$21,000,000 00
$10,000,000 00
5,000,000 00
500,000 00
500,000 00
600,000 00
250,000 00
44.000 00
206,000 00
1,000,000 00
18,000,000 00

Unissued Dec. 31 1916

$3,000,000 00

1813

Rail weighing 85 pounds per yard
Rail weighting 80 pounds per yard
Rail weighing less than 80 pounds per yard

635.56 miles
91.16 "
50.41 "

Total main line mileage owned

777.13 miles

Work upon the schedule for the reinforcement of track
through the application of tie plates, anti-creepers and other
devices, with a view to stability, permanence, and economy
of maintenance, was continued during the year, the sum
expended for this purpose being:
From proceeds of Refunding and Improvement
Mortgage Bonds
$626 31
From current funds
24,208 90
$24.835 21

New station buildings, required by public authority or
made necessary by the demands of traffic, have been erected
at the following locations. The expenditures for these
facilities were as below set forth:
Stilwell, Okla
Sallisaw, Okla
Spiro, Okla
Leesville, La
Ludington,La
Beaumont. Tex
Totals

For the Year
Prior to
ended
Jan. 1 1916. Dec. 31 1916.
$7.328 53
$2,516 95
10.038 64
3,486 87
2,511 37
13,303 51
12,748 25
1.40721
45,447 51
34.106 49
865,326 05

$67,569 28

Total.
$9,845 48
13.525 51
15.814 88
12.748 25
1.407 21
79,554 00
$132.895 33

The status as regards the Refunding and Improvement
With a
protecting and
its
Mortgage Bonds issued and outstanding on that date is set Company view to into a contractincreasing for business your
entered
providing
the construcforth in the subjoined exhibit:
tion of a modern fireproof grain elevator of 700,000 bushels
Total issued and outstanding
$18,000,000 00 capacity at Kansas City, Missouri, which was completed
Expended to Dec. 31 1915
$16,815,118 15
during the year. Under the terms of the contract, full
Expended during the year ended Dec.31 1916:
Net expenditures for addiownership of this elevator will be acquired by your Company
tions and betterments_ ___$289,925 22
through periodical payments during a term of ten years from
Applied to the reimbursement
ofsurplus for additions and
the date of its completion.
betterments made from
The expenditures made during the year for additions and
current funds in prior years 783,009 95
betterments include the cost of a number of new sidings to
1,072.935 17
17,888,053 32 serve industries not heretofore reached
by your tracks, and
Balance unexpended Dec. 31 1916
$111,946 68 to accommodate new industries in process of establishment.
The following is a list of such industry tracks, some of
EQUIPMENT TRUSTS.
which have been completed, and others are in course of
The total face amount of Equipment Trust Obligations construction:
outstanding December 31 1915 was:
NEW TRACKS TO SERVE NEW INDUSTRIES.

Series "D," dated Dec. 15 1912
Paid during the year

$1,116,000 00
124,000 00

Completed
Brass & Metal Manufacturing Co
Sheffield, Mo.
Lake Charles Gas Co
Lake Charles, La.
$992,000 00 Miller-Link Lumber Co
Starks, La.
Mulberry Coal Co
Miles 115-116.
American Oil Refining Co
ADDITIONS AND BETTERMENTS.
Cedar Grove. La.
Phelan-Josey Co
Beaumont, Tex.
Net expenditures were made during the year for Additions Missouri Valley Bridge & Iron Co
Kansas City, Kas.
Goldberg & Son
Sheffield, Mo.
and Betterments to road and equipment in the amounts E. L. Harper
•
Benson. La.
following:
Uncompleted
Allen Manufacturing Co
Cedar Grove, La
From proceeds of Refunding and Improvement
Fogel Lumber Co
Mile 359.
Mortgage Bonds
Atlantic Rice Mill Co. and E. L. Wilson Hardware Co_ _Beaumont,T.
$289,925 22
From current funds
C.Tollivar
674,353 13
Beaumont,T.
$964,278 35 G. W.Tatum
Anderson, Mo.
NEW TRACKS TO SERVE EXISTING INDUSTRIES.
A classified schedule of such expenditures is elsewhere
Completed
presented.
Frost
-Johnson Lumber Co
Mile 588.
The Texas
Mansfield, La.
The bridges, trestles, and culverts of your road were S. A. Rose Co
Pittsburg, Kas,
improved during the six months ended December 31 1916,
Uncompleted
by the replacement of one, steel bridge with a stone and Carney-Cherokee Coal Co
Mile 117.
Outstanding Dec. 31 1916

concrete culvert; by reducing the length of trestles from
62,367 to 62,131 feet; increasing the number of stone and
concrete culverts from 673 to 677, and the numer of concrete
pipe culverts from 97. 98. Among the appended stateto
ments and statistics, is a table showing the progressive
.
improvements made in bridges and culverts from June 30
1900 to December 311916.
The work of widening cuts aid fills to standard specifications preparatory to the reception of additional ballast was
was carried forward as rapidly as occasion required. Expenditures for that purpose were made during the year in the
following amounts:
From proceeds of Refunding and Improvement
Mortgage Bonds
$30,221 60
From current funds
25,178 27
$55,399 87

Incident to the program of improvement there was also
expended for protection of banks and drainage:
From proceeds of Refunding and Improvement
Mortgage Bonds
$7,414 18
From current funds
33,857 88
$41,272 06

Ballast was applied to 218 miles of your main track during
the year. The total expenditure for that purpose was as
below stated:
From proceeds of Refunding and Improvement
Mortgage Bonds
$177,140 18
From current funds
191,238 52
$368,378 70

The condition of your main line with respect to ballast as
of date December 31 1916 was:
Section of 6 inches or more under ties
Section ofless than 6 inches under ties
Total main line mileage owned

691.13 miles
86.00 "
777.13 miles

During the year 22.61 miles of your main line between
Heavener, Oklahoma, and Pickering, Louisiana, which had
formerly been laid with 60 and 80
-pound rail were relaid with
new,85-pound steel, making the weights of rail on your main
line mileage as of December 31 1916 as follows:




ABANDONED PROPERTY.

The estimated cost of property abandoned in the course of
improvements amounts to $1,079,517 86, which amount has
been segregated from capital account. Of that total $188,912 66 had been disposed of previous to December 31 1915,
and $89,060 52 was charged to operating expenses during the
year ended December 31 1916, leaving for future amortization a balance of $801,544 68, as shown by the balance sheet.
Under existing requirements, this remainder is chargeable
to operating expenses at the rate of approximately $90,000 00
per annum.
FEDERAL VALUATION.

During the year the Division of Valuation of the Interstate
Commerce Commission made certain tentative estimates of
the cost of reproduction new and the cost of reproduction
less depreciation of your properties. On November 20 1916
these estimates were served upon your companies by the
Interstate Commerce Commission as the tentative valuations
required by the Federal valuation Act to be made and served.
In these it was stated in effect that the original cost to date
of your properties could not be ascertained. A careful
inventory was taken of all your property, and a study made
of the several sources of information as to its original cost.
As a result, your Company has been able to determine
accurately the original cost to date, and the Division of
Valuation has been furnished full information with regard
thereto. A careful comparison in detail of the cost of reproduction new and the cost of reproduction less depreciation
as shown in the tentative estimates with the same items as
determined by the Company's staff, convinces the management that the tentative estimates made by the agents of the
Commission were so far from being correct as to work great
injustice to your Company. Moreover, it was stated in
those estimates that no values or elements of value other
than those represented by the cost of reproduction new and
the cost of reproduction less depreciation were found to
exist, notwithstanding numerous important items evidently
within that category and aggregating many millions of
dollars had been developed and determined by the officers
of your Company and reported to the Division of Valuation.

[VOL. 104.

THE CHRONICLE

1814

COMPARATIVE GENERAL BALANCE SHEET DECEMBER 31 1916.
ASSETS.
Increase(+)or
Dec. 311916. Dec. 311915. Decrease (-).
InvestmentsInvestment in Road and
Equipment
$82,843,754 80 $81,535,823 99 +31,307,930 81
Miscellaneous Physical
+216,568 03
223,484 52
Property
440.052 55
Investments in Affiliated
Companies:
-4,300 06
2,206,384 16
2,202,083 20
Stocks
+1,625 00
Bonds
18,062,344 27 18,060,719 27
+14 00
18,580 90
18,594 90
Notes
-106,976 35
1.525,475 44
Advances
1,418,499 09
Other Investments:
-87 35
13,622 53
13,535 18
Stocks
-24,962 17
46,460 89
For the Year
21,498 72
Bonds
-27,300 00
85,141 06
ended
To
57,841 06
Notes
+623 48
37,935 61
Dec.311915. Dec.311916. Total.
38,559 09
Miscellaneous
$68,824 72
$68,824 72
Field work
Total Investments..$105,116.762 86 $103,753,628 37 +31,363,134 49
Valuation orders, Interstate Com18.823 60 $2,131 38 $20,954 98
merce Commission
Current Assets
Contributions to Presidents' Confer$786,350 40 +3165,93643
$952,286 83
1.727 73 Cash
920 50
807 23
ence Committee
-800,000 00
1.450.000 00
650,000 00
9.698 98 Time Drafts& Deposits_
2,256 29
7,442 69
Appraisal of real estate
+311,873 10
507,193 40
819,066 50
99 64,487 13 Special Deposits
40,471 14 24,015
General and miscellaneous
+3,260 45
28,428 10
31,688 55
Loans & Bills Receivable
$136,369 38 $29,324 16 $165,693 54 Traffic and Car-Service
Totals
+24,291 14
199.103 34
223,394 48
Balances Receivable_ _
Net Balance Receivable
from Agents and Con+16,598 62
38,822 48
55,421 10
ductors
statements Miscellaneous Accounts
The appended balance sheets and statistical
-92,882 71
783,936 80
691,054 09
Receivable
expenditures for
give full detailed information concerning
+188,753 77
819,485 78
1.008,239 55
Material and Supplies_ _
improvements, and the results of operation.
Interest and Dividends
+71931
3,73061
4.44992
Receivable
balance sheet, income account and
A. report, including
+3,599 67
13,440 52
17,040 19
Other Current Assets_

As a consequence, and in order to protect your interests,
a protest against the tentative estimates was duly filed on
December 30 1916 and the Interstate Commerce Commission
has fixed March 19 1917 as the date for a hearing thereon.
All orders of the Interstate Commerce Commission have
been fully complied with by the officers of your Company,
and every effort has been made to cooperate with and assist
the forces of the Government in making a proper valuation
of your property.
The cost to your Company of Federal valuation to December 31 1916 is as follows:

other pertinent data, in form prescribed by the Interstate
Commerce Commission, has been filed with that body at
Washington.
By order of the Board of Directors.
J. A. EDSON, President.

COMPARATIVE INCOME ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1916.
Increase(+)or
Decrease (-).
1916.
Operating Income
$11,289,324 43 +$1,213,154 93
Railway Operating Revenues
+576,745 20
6/782.700 34
Railway Operating Expenses
Net Revenue from Railway Operations

$4,506,624 09

+$636,409 73

$580,575 72
4,383 23

Total Tax Accruals and Uncollectible
Revenues

$584.958 98

+317,964 35

63.921,665 14

+3618,445 38

$43,933 29
19,386 27
15,670 76
154,482 90
833 30
5,977 25

-$4,530 20
+2,5bi. 33
+A ,786 02
+10,593 47
-989 89
+1,051 65

12,165 41
6,541 60

-50 41
-877 48

32,532 17
48 82

+4,493 58
+747 41

Non-Operating Income
Rent from Locomotives
Rent from Passenger-train Cars
Rent from Work Equipment
Joint Facility Rent Income
Income from Lease ot Road
Miscellaneous Rent Income
Miscellaneous Non-Operating Physical
Property
Income from Funded Securities
Income from Unfunded Securities and Accounts
Miscellaneous Income
Total Non-Operating Income
Gross Income
Deductions from Gross Income
-Debit Balance____
Hire of Freight Cars
Rent for Locomotives
Rent for Passenger-train Cars
Rent for Work Equipment
Joint Facility Rents
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Deot
Interest on Unfunded Debt
Miscellaneous Income Charges

$291,571 77

+314,775 78

34,213,236 91

+3633,221 16

$53,067 22
24,054 13
53,391 55
797 26
191,421 25
17,990 13
191 92
1,831,080 31
13,298 38
5,302 95

-$86,722 65
+616 34
+3,204 48
+34696
-878 95
+3,831 73
+45 38
+65.1334 87
-1,666 81
+1,932 15

Total Deductions from Gross Income..__ $2,190,595 10

-$13,656 50

$2,022,641 81

+3646,877 66

Net Income
Disposition of Net Income
Dividend Appropriations of Income:
Quarterly Dividends on Preferred Stock:
No. 36, declared March 211916, payable April 15 1916
No. 37, declared June 20 1916, payable July 15 1916
No. 38, declared September 19 1916.
payable October 16 1916
No. 39, declared December 5 1916,
payable January 15 1917
Total Appropriations of Income

$210,000 00
210,000 00
210,000 00
210,000 00
$840,000 00

Income Balance Transferred to Profit
$1,182,641 81
and Loss

+6646,877 66

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1916.
Credits.
Debits.
$6,299,504 70
Credit Balance at beginning of year
1,182,641 81
Credit Balance transferred from Income
2,394 30
Profit from Road and Equipment Sold
551 50
Unrefundable Overcharges
12,764 95
Donations
6,759 60
Miscellaneous Credits
Loss on Retired Road and Equipment:
Estimated original cost of property abandoned and not replaced, less salvage..___ $108,239 36
1,267 23
Delayed Income Debits
Miscellaneous Debits:
Interest on Guardian Trust
Company's Claim, charge$289,070 00
able to Profit and Loss
Advances to Central Railroad
Co. of Louisiana, reduced to
208,054 87
nominal value
35,153 71
Miscellaneous Adjustments_
532,278 58
6,862,831 69
Credit Balance carried to Balance Sheet
Totals




-6177,850 22

$5,068 43
825 00

$6,327 86

-31.259 43
+82500

$5,893 43

$6.327 86

-$434 43

$6,903 69

$2,905 34

+$3,998 35

801.544 68
361,049 94

897.437 81
397,648 42

-95,893 13
-36,598 48

Total Unadjusted Debits $1,169,498 31

$1,297,991 57

-$128,493 26

Total Deferred Assets.
Unadjusted Debits
Rent and Insurance Premiums paid in advance
Property Abandoned
Charfeable to Operating Expenses
Other Unadjusted Debits

Grand Totals

$110,744,795 81 $109,688,439 23 +31,056,356 58

+319,805 41
-1,841 06

Railway Tax Accruals
Uncollectible Railway Revenues

Total Operating Income

$4,630,491 43

Total Current Assets.. $4,452,641 21
Deferred Assets
Working Fund Advances
Other Deferred Assets

$7,504,616 86 $7,504,616 86

LIABILITIES.
Dec. 311916.
Capital Stock
Common Stock:
Book Liability _ _$30,000,000
Held by or
forCom40.100
pany_ _ -

Dec. 31 1915.

or
( )
Increase
Decrease (-).

329,959,900 00 $29,959,900 00

Preferred Stock:
Book Liability _ _$21,000,000
Held by or
forCompany

21,000,000 00

21,000,000 00

Total Capital Stock $50,959,900 00 $50,959,000 00
Long-Term Debt
Funded Debt Unmatured:
First Mtge. 3% Gold
Bonds, due April 1
$30,000,000 00 $30,000,000 00
1950
Refunding & Improvement Mortgage 5%
Gold Bonds, due
18,000,000 00
18,000,000 00
April 1 1950
Equipment Trust 5%
1,116,000 00 -$124,000 00
992.000 00
Gold Notes
+8.339 50
5,178 00
13,517 50
Notes
Total Long-Term
649,005,517 60 $49,121,178 00 -$115,660 50
Debt
Current Liabilities
-$28.477 50
$275,214 90
$246,737 40
Loans and Bills Payable_
Traffic and Car-Service
+10,183 04
187,561 54
197,744 58
Balances Payable_ _ _ _
Audited Accounts and
-39,595 17
1,125,370 35
1.085,775 18
Wages Payable
Miscellaneous Accounts
+107.847 98
36,158 49
144.006 47
.
0
Payable
+263,920 00
504,475 00
768,395 00
Interest Matured Unpaid
Dividends Matured tin-280 80
2,600 00
2,319 20
paid
Dividends
Unmatured
210,000 00
210,000 00
declared
Unmatured Interest Ac-92118
228,737 18
227,816 00
crued
Unmatured Rents Ac+2,255 06
2,140 78
4,395 84
crued
-1.07972
8,157 94
7,078 22
Other Current Liabilities
Total Current Lia$2,894,267 89 $2,580,416 18 +$313,851 71
bilities
Deferred Liabilities
Other Deferred Liabili+$170,449 07
$3,680 66
$174,129 73
ties
Unadjusted Credits
+$6,279 98
$187,566 09
3193,846 07
,
Tax Liability
+29.172 02
29,172 02
Operating Reserves_ _
Accrued Depreciation
+84,020 66
84,020 66
Equipment
+17,22924
329,169 27
346,398 51
Other Unadjusted Credit
Total Unadjusted
+3136.701 90
3516,735 36
$653,437 26
Credits
Corporate Surplus
Appropriated Surplus not
specifically invested_ _
Profit and Loss Credit
Balance

$194.711 74

$207,024 33

-612,312 59

6,862,831 69

6.299,504 70

+563,326 99

Total Corporate Sur37.057,543 43
plus

36,506,529 03

+3551,014 40

$110,744,795 81 3109,688,439 23 +31.056,356 58
Grand Totals
correctly
The above Balance Sheet as at December 311916,in our opinionCompany
shows the financial position of the Kansas Oity Southern RailwayCombined
and is included in the
at that date as an Individual Company
Balance Sheet of the Kansas City Southern Railway Company and its
f
Subsidiary Companies.
PRICE, WATERHOUSE & CO.,
Chartered Accountants.
;
A
134 South La Salle Street, Chicago, March 15 1917.1C_

MAY 5 1917.1

The Tomutercial

THE CHRONICLE

Times.

COMMERCIAL EPITOME

1815

selling. The quantity in sight is over a million bags larger
than a year ago. To-day prices closed 5 to 7 points higher
with sales stated at 57,500 bags. Net change in prices for
the week are small. Very many expect an import tax on
coffee. Closing quotations were as follows:

Friday Night, May 4 1917.
May...
Trade is still on an abnormally large scale in spite of cur- June __cts.7.9607.99 Septemb'r cts8.3008.32 January _cte.8.558.56
8.3708.38 February._ 8.61@8.62
tailment here from special causes. The crops are in more July ...___ _ _8.0608.07 October - _8.4308.44 March
8.15(48.16 November
8.68 R.70
8.2348.24 December _ _8.4908.50 April_
promising condition owing to better weather. Timely rains August
_8.7408.75
SUGAR steady; centrifugal, 96-degrees test, 6.27c.;
encourage hopes of larger grain harvests than at one time
seemed likely. Conditions in the cotton belt are also im- molasses, 89-degrees test, 5.38@5.52c.; granulated, 7.50@
proving. The Government is buying supplies freely, and 8.50c. Futures have fluctuated within narrow limits at one
declining and then rallying. The British Commission
there is less apprehension of drastic clipping of metal prices time.
by the authorities than was at one time feared. The pig is doing little or nothing. Refined has been quiet and peace
iron production for April was with one exception the largest talk, at one time current, has latterly died out. Big recent
on record. Under the spur of an extraordinary demand the sinkings by submarines have certainly not helped matters.
at
world over, prices for wheat, live stock and wool have Also receipts. the Cuban ports are increasing, despite poor
reached new high records. So great is the demand for food railroad service in parts of the island. On the other hand,
that both wheat and potatoes are being imported from Aus- the season is backward in Cuba, grinding is far behind and
tralia. Florida is making unusually large shipments of the crop is estimated at 2,500,000 to 2,900,000 tons. To-day
potatoes to the North. Wheat is coming from Canada, prices closed 1 to 2 points lower, with sales stated at 4,150
though extraordinarily high prices at Winnipeg under special tons. Net changes in prices of futures for the week are
conditions have kept down such importations this week. A trifling. The sugar trade is marking time. Closing prices
high record acreage will be planted to corn in most of our were as follows:
May
September
big corn States. There is a big demand for lumber, owing to June _ _ cts.5.3105 32 October _ cts 5.5205.53 December cts.5.1105.13
5.38@5.40
_5.4305.45 January
4.R604.88
the immense impetus given to the building of ships. There is July
5.4505.46 November __5.38@5.40 February_ _4.7604.78
5.4805.50
March
a steadily increasing demand for skilled labor at abnormally August
4.6904.70
OILS.
-Linseed steady; City, raw American seed, $1 22®
high waxes. Most metals are higher. Failures in
decreasing. Greater conservatism in general tradetrade are $1 26; City, boiled, American seed, $1 23@$1 27; Clacutta,
explains
this. On the other hand, the air is full of rumors of what $1 35. Lard, prime, $1 85(01 90. Cocoanut, Cochin,
may, or is likely to be done by the United States Govern- 19c.; Ceylon, 18e. Corn, 14.81c. Palm, Lagos, 16c.
ment looking to the regulation of trade in these abnormal Soya bean, 14 @l4Mc. Cod, domestic, 76@780. Spirits
times. Authority, it seems, is to be asked to empower the of turpentine, 503-c. Strained rosin, common to good,
Government to fix maximum and minimum prices for food, $6 30. Cottonseed oil again higher on the spot at 160.
clothing, fuel and other necessities and the articles required To-day cottonseed oil futures closed as follows:
May
for their production; also to regulate production, to eliminate June _ _ cts.16.00 16.501August cts.16.15016.16i Nov cts.15.41015.42
16.13016.20 September.16.16016.17 December _ 15.40015.42
manipulation on the exchanges, and so on. These measures, July
16.15016.16 October_ _ _15.99016.01
while justifiable as war measures in a time of extraordinary
PETROLEUM continues strong and active;
stress, are none the less in a business sense unavoidably barrels $10 25@$11 25; bulk $5 50@$6 50, casesrefined in
$12 75@
disturbing. The U-boat menace is also a factor not to be ig- $13 75. Naphtha,73 to 76 degrees, in 100-gallon drums
and
nored. Men are asking if it may not seriously curtail our over, 42Mc. Gasoline still active ;motor gasoline,
in
exports, unless extraordinary measures are promptly under- barrels, to garages 24c., to consumers 26c.; gasoline,steel
gas
taken to prevent it. In any case the world's tonnage has machine, steel, 41c.; 72 to 76 degrees, steel and wood, 36@
been greatly reduced in the last two years and our ocean 38c.; 68 to 70 degrees, 29@32c. Crude prices remain
unshipping for a time may be largely taken up with shipments changed with the exception of an advance of 8 cents in
Woosof food, munitions and troops, thereby curtailing exports ter. Development work in the Oklahoma field has latterly
in the usual operations of trade in a hundred other commodi- been very encouraging. In the Eastern field drilling
has
ties. The big $7,000,000,000 loan will have a tendency to been active, but wells as a rule continue light.
Operations
check new enterprises and the development of old, to say during the month of April were restricted considerab
ly by
nothing of the fact that this fabulous sum is to be
bad weather, smallness of the water supply and the scarcity
to the purposes, not of construction but of destruction. of materials. Closing prices were as follows:
The high cost of food, &c., still presses on the vast popula- Pennsylvania dark $3 10 North Lima
$1 88 Illinois. above 30
2 37 South Lima
1 88 degrees
tion of this country. Retail trade, already hurt by ab- Cabell black
$1 92
Mercer
2 45 Indiana
1 78 Kansas and Oklanormally cool weather, is further curtailed by the growing Crichton
1 40 Princeton
1 92 homa
1 70
2 40 Somerset. 32 deg__ 2 20 Caddo La.,light__ 1 90
tendency to economize, owing to the high cost of living. Corning
Wooster
2 18 Ragland
1 00 Caddo La.. heavy_ 1 00
Sales of clothing, shoes and hardware are noticeably smaller. Thrall
1 70 Electra
1 70 Canada
2 28
Some of the big retail department stores of this city are said Strawn
1 70 Moran
1 70 Humble
1 00
1 80 Plymouth
1 88 Henrietta
1 70
to have recently discharged hundreds of their employees, De Soto
TOBACCO.
-Prices remain firm, with a steady demand
owing to the dulness of trade. A distinct tendency towards
and only a moderate supply. Predictions of a decreased conconservatism is also noticeable in some branches of
whole- sumption are heard if internal revenue taxes are
sale trade, especially in the East, owing both to the
increased,
season and the high prices current. Coal is scarce backward as seems likely. At the same time the backwardness of the
and tend- season seems to portend a decreased crop
in some sections,
ing towards famine prices. The Allies want coal. The
growing feeling is that the war may perhaps be a more especially as labor is none too plentiful and may become decidedly scarce later on, owing to enlistments. Still, the
serious, or at least a more prolonged, struggle than at first
Government weekly weather report says that tobacco plants
seemed probable.
are in good condition in the chic) Valley and Tehnessee, and
STOCKS OF MERCHANDISE IN NEW YORK
May 1 917. April 1 1917. May 1 1916 transplanting is in progress in the Middle Atlantic
States.
Coffee,Brazil
bags_2,205,267
2,006,062
1,384,515 Of Sumatra, 2,000 bales have arrived by direct importati
Coffee, Java
mats.. •12,475
on
14,760
40,956 and seems likely to meet
Coffee, other
bags_ 677,449
with a quick sale. Cuban leaf is in
625,769
695,944
hogsheads- 51,289
Sugar
18,147 very fair demand and firm.
Cotton
bales- 61,337
121,482
245,978
Manila hemp
COPPER irregular and unsettled.. Lake here on the spot
bales.. None
1,900
Flour
barrels_ 29,800
32,500
46,100 29@,310.; electrolytic 29c.;
higher; prime Western 23c. Lard products 25(47c. Buyers have been for third quarter electrolytic,
LARD again
holding aloof pending Governfirm;refinedto the Continent 23.35c.;South America
23.500.; ment buying. The Government is expected to buy freely,
Brazil, 24.50c. Futures have advanced on
higher grain sooner or later, but at what price is the question. The supprices, peace talk, small stocks, light offerings and active ply of nearby copper is small.
buying by packers. Liverpool cabled that lard is quiet, 58/0. in response to a decline inTin lower on the spot at
London. The statistical
with stocks fair, adding that Argentina offerings are liberal, position is considered strong, however, the supply
in
but actual shipments light, owing to small tonnage. To-day house and in sight to arrive being very small. The warerecent
prices declined. It is feared that the Government will be report of large tonnages being sunk by submarine
s has further
authorized to fix prices of food, &c
.
strengthened the market, but trade has been quiet„buyers
DAILY CLOSING PRICES OF LARD FUTURES IN
awaiting developments. Spelter higher on the spot at 93/2c.
CHICAGO.
Sat.
Mon. Tues.
Wed, Thurs.
Fri.
Government purchases are expected. Government buying,
cts_21.77 21.87 22.15
May delivery
21.92 22.00 22.25 22.50 22.40 22.25
delivery
July
it is believed, will strengthen the statistical position. Lead
22.57 22.52
September delivery_ _ _ _22.00 22.07 22.32 22.70 22.57 22.35
22.45
PORK very firm; mess $41@$41 50, clear $42@$44 50. higher on the spot at 9M@l0c. Government buying is
Beef products continue strong; mess $29, extra India mess looked for. The statistical position is considered strong.
$50. There was a rumor that the Government will seize But business is small, buyers holding off awaiting Governand operate the big beef packing plants of the West as a war ment purchases. Pig iron has advanced on a steady demeasure. Liverpool cabled that provisions are in fair de- mand, especially for the higher grades. Lake Superior
'nand with arrivals lighter. Bacon continues in good re- charcoal is up to $45 to $50 at furnace. Some consumers,
quest and hams are wanted. American holders are very who are not disposed to buy far ahead, are purchasing for
nearby delivery. Government buying is a factor in conreserved. Cut meats higher; pickled hams, 10 to 20 lbs
nection with equipment, and shipbuilding. For 1918 de21M @22Mc.; pickled bellies 30c. Butter, creamery, 36
livery the demand is good from some quarters. Foundry
43e. Cheese, State, 25@28c. Eggs, fresh, 30@36 Mc.
iron
COFFEE quiet but firm; No.7 Rio, 10he.; No.4 Santos, The rose $1 to $2 per ton. Japan is in the market for basic.
April
101M @l0Y fair to good Omuta, 12 ©13c. Futures ad- of 111,165output of pig iron was 3,334,960 tons, an average
tc.;
vanced partly on peace talk, but the rise was followed by a in October tons per day, which was never exceeded except
1916, when it was 113,189, tons a day. No. 1
reaction owing to scepticism in many quarters as to the like- Northern $43
lihood of an early peace, large stocks, prospects of a large rising prices. 75(0144. Steel is in brisk demand at steadily
The Government will want 610,000 tons of
crop, the dullness of the spot trade and Wall Street and other
plates, shapes and bars for schedules already arranged. For



d

1816

THE CHRONICLE

[VOL. 104.

In addition to above exports, our telegrams to-night also
the year its total requirements are put at 1,100,000 tons on
the basis of 2.90 cents for plates and 2.50 cents for shapes give us the following amounts of cotton on shipboard, not
and bars. Other consumers have been bidding freely for cleared, at the ports named. We add similar figures for
plates and shapes, with sales at 6.5 to 7.25c. for tank, up to New York.
8c. for ship quality; shapes for export 4.75c. Black and
On Shipboard, Not Cleared for
galvanized sheets are $5 to $10 per ton higher. Light rails
Leaving
Other CoastGerGreat
are $5 higher.
May 4 at- Britain. France. many. Contl. wise. Total. Stock.
COTTON
Galveston ____ 7,845 10,750 ____ 11.004 6,855 36,454 202,286
319
New Orleans__ 5,553 11,488 ____ 14,147 1,200 31,507 288,079
Friday Night, May 4 1917.
1,200 128,870
____
____ ____ ____
Savannah---------------------26,237
_
THE MOVEMENT OF THE CROP,as indicated by our Charleston
5,789
Ni
____ ____ ____
-145 --------------64
Mobile
telegrams from the South to-night, is given below. For the Norfolk
280 103,695
28CI
5,000 56,390
week ending this evening the total receipts have reached New York_..__ 1,000 4
--- ---- ---- ____
5,000 ---------------- 5,000 132,614
60,243 bales, against 66,817 bales last week and 71,799 Other ports
943,960
8,718
bales the previous week, making the total receipts since
Total 1917_ _ 19,541 26,238 __-- 25,151 13,681 79,648 1,068,149
130,348
100 57,726
Total 1916... 46,608 12,233
Aug. 1 1916 6,178,589 bales, against 6,306,446 bales for the
100 34.476 32.485 171.480 1.062.579
Total 1915._ 69.571 34.848
same period of 1915-16, showing a decrease since Aug. 1 1916
of 127,857 bales.
Speculation in cotton for future delivery has been moderate
but prices were at one time advanced, owing to the lateness
Total.
Tues. Wed. Thurs. Fri.
Mon.
Sat.
of the season, some decrease in the acreage, higher prices in
2,927 2,460 2,721 1,576 1,560 3,552 14.796 Liverpool, and peace talk. Besides, the short interest had
Galveston
---- ---- -_-- become rather large. In other words, the technical position
---- ---- ---- ---Texas City
Port Arthur_ ---- ---- ---- ---- ---- ---- -- had improved. At one time it was said that the German
Aransas Pass,&c.
27,65 87:05 1,86 1,80 1:966 a;id'r 21,776 Chancellor would make new peace proposals on the 3rd inst.
NevrOrleans
90 1,592
404
7 2,026
55 ____
Mobile
Several reports had put the decrease in the acreage at 2.5 to
- -Pensacol
850
850
_
_
_
_
these reported a decrease of over 20% in
Jacksonville,&c_ _
382 6,987 2.7%. One ofin Mississippi,6% in Georgia,3% in Florida,
1i 16
1
Savannah
_
-------------- ---- 2,000 2,000 Alabama,15%
Brunswick
677 and 2% in Tennessee. Moreover, these reports stated
309
7
7
N8
i§O
§
Charleston
27
4
5
___
15 -- 3
Wilmington --------765 5,354 that the increase in the acreage in Texas would be only 2%,in
g5
'
1
Norfolk
113 spite of the high prices ruling. Government reports say
113
___ --- ---N'port News, &c -------- ---- -------- ---230
,
30
MI5 ---New York
400 2,023 that there has been some lack of moisture in the eastern
364
624
470
272 ___
Boston
1 462 3 751 part of the belt, and this has delayed germination of the late
2,289
Baltimore •
67 planted cotton. The crop is late in the southern half of
Philadelphia_ _ _ _
Totals this week_ 7.666 16.783 7.732 7.277 5.6711 15.114 60.243 Texas. The weather has been too cloudy or wet in some of
.
Northwestern section and the uplands of Mississippi,
The following shows week's total receipts, the total since the parts of Tennessee and Georgia need rain. Drought
while
Aug. 1 1916 and stocks to-night, compared with last year: continues in Western Texas, where the ground is too dry for
germination. Texas has needed rain badly except in the
Stock.
1915-16.
1916-17.
Northeastern section. Arkansas needs more sunshine. The
Receipts to
This Since Aug This Since Aug
May 4.
season, taking the belt as a whole, is said to be from one to
1916.
1917.
Week. 1 1916. Week. 1 1915.
three weeks late. Moreover, the evidence multiplies that
14,796 2,432,815 20,624 2,197,446 238,740 254,731 there is a scarcity of labor. Thousands of negroes have
Galveston
1,279
Texas City_-_- 242,815 __-_ 293,805 19,505
migrated to the North not only on account of the high
35,704 __-- 53,793
Port Arthur_ _ _ _
66 wages paid then?, but also it appears because of
278 83,800
Aransas Pass,&c ___- 59,993
New Orleans__ 21,776 1,361,512 24,752 1.198,333 319,586 295,198 the
last
the
South
weevil ravages at
boll
5,996 27,708
1,592 93,635 1,519 115.423
Mobile
47,372
31,381
season which led to p, cutting down of acreage in States
Pensacola
1,930
9,800
523 39,284
850 60,081
Jacksonville..___
Mississippi.
6,987 794.567 10.856 941.351 130,070 134,511 east of the Mississippi, notably in Alabama and Finally the
Savannah
2,000 Then there is the trouble about fertilizers.
3,500
2,000 115,000 7,000 112.700
Brunswick
677 163,104 7,637 244,647 26,237 71,022 boll weevil pest itself considered a very important factor.
Charleston
728
Georgetown
27 86,267 8,873 191,347 54,305 70,747 Back of it all, however, is a determined effort at the South
Wilmington ____
5,354 480,452 10,180 562,885 103,975 88,735 to increase the food and fodder crops in response to the recent
Norfolk
596 81.689
113 11,907
N'port News,&c
244 26,679 61,390 235.747 appeal of President Wilson. All reports go to show that the
230 35,049
New York
8,203 high cost of living and the efforts of Government agents to
2,023 82,182 2,912 68,721 10,630
Boston
3,769
87,358 1,589 43,881 35,232
3,751
Baltimore
2,851 bring about a diversification of crops have had a very notice4,642
2.562
5,397 ____
67
Philadelphia_
Also it is very generally reported that the
1.023.608 1.198.497 able effect. poorly prepared in the Eastern States of the
60.243 6.178.589 97.5836.306.446
Totals
ground was
In order that comparison may be made with other years, belt. In other words, the season is late. A late season is not apt to be a good one. Certainly it
we give below the totals at leading ports for six seasons:
under a certain handicap. Some, too, argue that
1913. 1912. labors in for a period of inflation growing partly out of the
1914.
1915.
1916.
Receipts at- 1917.
we are
Galveston ___ 14.796 20,624 30,170 20,026 19,661 17,110 $7,000,000,000 loan. It is urged, too, that in spite of the
99
590
5,777
3,422
278
Texas City,&c
8,714 high prices the consumption is bound to be very large.
New Orleans_ 21.776 24,752 16,963 23,025 13.133
1,671 Mills are believed to be making enormous profits. Some of
4,110
3.637
914
1,519
1.592
Mobile
9,707 11,693 13,733 the bulls contend that they could pay 25 to 30 cents a pound
6,987 10,856 12,298
Savannah
5,000
650
7,000
7,000
2,000
Brunswick..
615 and still come out ahead, in fact well to the good. The
2,119
685
3,115
7,637
677
Charieston,&c
1,071
1,032
679
7,513
were reported in Savan8,873
27
Wilmington....
5,062 other day sales of Sea Island cottonwool markets have been
4,530
3.477
11,373
5,354 10,180
Norfolk
nah at as high as 70 cents. The
2,998
3,692
596
113
N'port N.,&c.
2,275 2 .902 active and rising. At the Southern spot markets sales of
7,052
6,100
5.268
6.921
Ali-others_ _ _ _
Total this wk. 60,243 97,583 102,560 77.063 59,793 56.517 cotton at times during the week were noticeably large.
Large trade interests have been buying here and Liverpool
Since Aug. 1_ 6,178,589 6,306.446 9,797,415 10049937 9.340,340 11499701 has from time to time bought on a liberal scale, espea total cially of new-crop months. But on Thursday prices dropped
The exports for the week endine this evenme reach
of 63,432 bales, of which 38,558 were to Great Britain, 50 points or more owing to the announcement at Washing21,374 to France and 3,500 to other destinations. ton that last week submarines sank some 400,000
Exports for the week and since Aug. 1 1916 are as follows:
tons of shipping. The next day this was modified, it seems,
200,000 to 300,000 tons, but certainly it was bad enough
1 1916 May
Week ending May 4 1917. From Aug.Exportedto - 4 1917. .to either case. It made people here apprehensive as to the
in
to
Exported to
Exports
future of cotton exports, to say nothing of the larger question
Great
Great
from
of the outcome of the war unless extraordinary measures
Total.
Other. Total. Britain. France. Other.
Britain. France.
are promptly taken to combat the submarine peril. Also
1,250 0,619 856,548 125,818 443,6051,425,969 on Thursday there were rumors, vague but.more or less
Galveston_ _ 5,369
78,617 115,532 28,725 222,874
Texas City_
likely to con35,005 persistent, to the effect that Russia was .
35,005
Pt. Arthur_
500
500
This, it was conEagle Pass
880,521 clude a separate peace with Germany.
2,000 15,753 511,202 178,948 190,371 65,141 tended would have the effect of greatly prolonging the
New Orleans 13,763
400
64,741
Mobile _ _ _ _
100 36,778 war, as it is estimated that Germany could transfer from the
36,676
Pensacola._
2i:lio 154,312 112,699 72,193 339,204
74
Savannah_ _ 1,956 21,17
.
103,282 Eastern front to the Western something like 1,500,000 men
103,282
Brunswick _
2,900 17,307 and the weather of late has been improving. Some contend
14,407
Charleston
5,000 19,355 58,381 80.738
Wilmington
contrary, there will be no
"ioo 50,261 41,566 4,450 96,277 that whatever may be said to thewith the present extraordi200
Norfolk__ _ _
913 material reduction in the acreage
913
N'p't News
162,547 202,332 246,269 611,148 nary high prices ruling. In fact, North Carolina, it is estiNew York.
73,294 7,486 1,931 82,711
Boston ___ _
"Ho 17;56 155,974 2,384 2,450 160,808 mated, will increase it 6% and Louisiana and Oklahoma 5%.
Baltimore_ 17,480
4,577 38,920 Speculation has latterly fallen off. The German Ch84132,343
Philadel'a-148
148
Portl'd, Me.
164,307 184,307 cellor did not propose peace terms on Thursday. There is
San Fran_
234,547 234,547 more or less fear that the United States Government may
Seattle _ _
118,670 118,670
Tacoma _
150 regulate trading on all the commodity Exchanges, cotton
150
Pembina _ _
by no means excepted. This may be ill founded. CerTotal.--- 38,558 21,374 3,500 83,4322,335,268 806,120 1,572,5264,713,914 tainly there has been no plain intimation that the GovTot.'15-16_ 70,272 18,983 31,570 120,8052,168,041 727,929 1,678,8174.574,787 ernment intends to do anything of the kind. But the fear
Tot.'14-15_ 125,532 12,441 85.192 223.1653.367,437 564,3173,487,211 7,418,965 exists for all that. Finally it is said that the big retail
ote.-Exports from New York include 60 bales Peruvian to Havre and 890 department stores are discharging largo numbers of employees
bales West Indian to Liverpool.



MAY 5 191771

THE CHRONICLE

owing to dulness of trade growing out of the spread of
economy, due to the high cost of living.To-lay prices declined for a time owing to rumors of riots in Petrograd,
apparently in favor of a separate peace with Germany,fears
of U. S. Government regulation of commodity markets,
fears of decreased exports owing to the U-boat menace and
considerable liquidation. But the decline was followed by
a rally owing to riots in Germany, better exports than expected for the day-28,200 bales-renewed rumors of German peace proposals to be announced shortly, and last but
far from least Petrograd advices that the demonstration
against the Government had failed.Spot cotton closed
at 20.05c. for middling uplands, showing a decline for the
week of 35 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 28 to May 4Middling uplands

Sat. Mon. Tues. Wed. Thurs. Fri.
20.65 20.55 20.70 20.50 20.15 20.05

1817

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
May 4Stock at Liverpool
Stock at London
Stock at Manchester

1917.
bales- 616,000
24,000
53,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stook at Genoa
Stock at Trieste

693,000
*1,000
*1,000
250,000
9,000
117,000
32,000
1,000

Total Continental stocks

1916.
1915.
1914.
766,000 1,566,000 1,102,000
50,000
22.000
5,000
76,000 141,000
80,000
892,000 1,729,000 1,187,000
*1,000 *21,000
23,000
*1,000 *432,000 504,000
302,000 327,000 365,000
15,000
14,000
4,000
a98.000
44,000
36,000
134,000 457,000
38,000
*1,000 *44,000
47,000
552,000 1,299,000 1.017,000

411,000
Total European
1,104,000 1,444,000 3,028,000 2,204,000
7.81 India cotton afloat stocks
for Europe_
53,000
44,000 162,000 241.000
7.31 Amer. cotton afloat for Europe
8.88 Egypt,Brazil,&c.,afloatforEurope 208,000 392,698 717,260 285,791
44,000
16,000
12.00 Stock in Alexandria, Egypt
40.000
60,000
138,000
85,000 200,000 226,000
11.19 Stocki n Bombay, India
891,000 1,046,000 936,000 1,066,000
10.00 Stock in U.S.ports
10.75 Stook in U. S.interior towns_ _ 1,023,608 1,198,497 1,234,059 634,980
922,841 852,920 718,549 409.332
9.25 U.S.exports to-day
28.291
14,272
31,358
7.704
MARKET AND SALES AT NEW YORK.
Total visible supply
4,412.740 5,093,387 7,067,826 5.134,807
Of the above, totals of American and other descriptions are as follows:
Futures
SALES.
American
Spot Market
Market
Liverpool
bales_ 403,000 599,000 1,286,000 870,000
Closed.
Closed.
Spot. Contr't. Total. Manchestestock
r stock
37,000
62,000 115.000
52,000
Continentalstock
Saturday_
*337,000 *446,000*1,123,000 909,000
Quiet, 25 pts. adv._ Irregular
American afloat for Europe
Monday _
208,000 392,698 717,260 285.791
Quiet, 10 pts. doc_ _ Steady
U.S. port stocks
Tuesday _
1.023,608 1,198,497 1,234,059 634,980
Quiet, 15 pts. adv__ Steady
-Ma "Mo U.S.interior stocks
Wednesday_ Quiet, 20 pts. dec.._ Steady
922,841 852,920 718,549 409.332
U.S.exports to-day
Thursday
28,291
14,272
Quiet. 35 pts. dec. Steady
31,958
7,704
Friday
Quiet, 10 pts. dec.. Steady
Total American
3,019,740 3,565,387 5,225,826 3,168,807
East Indian, Brazil, &c.Total
200
200 Liverpool stock
123,000 167,000 280,000 232,000
24,000
FUTURES.
50,000
-The highest, lowest and closing prices at London stock
22,000
5,000
Manchester stock
16,000
14,000
26,000
28,000
New York for the past week have been as follows:
Continentalstock
*74,000 *106,000 *176,000 108,000
India afloat for Europe
53,000
44,000 162,000 241,000
Egypt, Brazil, &c.,afloat
44.000
16,000
40.000
60,000
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Stock in Alexandria, Egypt
138,000
85,000 200,000 226,000
April 28. April 30. May 1. May 2. May 3. May 4. 1Veek.
Stock in Bombay. India
891,000 1,046,000 936,000 1,066,000
May
Total East India, &c
1,363,000 1,528,000 1,842,000 1,966,000
20.30-42 20.14-.34 20.08-.40 20.05-.30 19.69-.10 19.65-.91 19.65-.42
Range

NEW YORK QUOTATIONS FOR 32 YEARS.

1917_c
1916
1915
1914
1913
1912
1911
1910

20.05
12.65
10.30
13.00
11.85
11.50
15.35
15.30

1909_c
1908
1907
1906
1905
1904
1903
1902

10.90
10.40
11.50
11.80
7.85
13.70
10.85
9.56

1901_c
1900
1899
1898
1897
1896
1895
1894

8.19
9.75
6.12
6.31
7.62
8.31
6.81
7.25

1893_c
1892
1891
1890
1889
1888
1887
1886

Closing- -- 20.34-.37 20.17-.10 20.31-.33 20.03-.10 19.86-.88 19.79-.81- June
Range
Closing... 20.25 -20.07 -20.24 -20.01 - 10.80 -- 10.70 July
19.86-.26 19.93-.19 19.85-.26 19.97-.14 10.50-.00 19.46-.77
Range
Closing--- 20.20-.23 20.00-.01 20.19-.20 19.97-.98 19.75-.76 19.65-.67 19.46-.26
August
Range
20.00 - 19.90
19.44-.45
Closing_ _ _ _ 20.04-.07 19.82-.84 20.01-.05 19.79-.83 10.58-.60 19.36-.50 19.36-.00
19.49-.52
September
Range
19.50-.64
Closing_ _
19.44 - 19.35 -- 19.64-.66 19.45 - 19.10 -- 18.99 -- 19.50-.64
October
18.85-.33 19.17-.38 19.20-.57 19.30-.45 18.75-.26
Range
Closing... 19.30-.33 19.21-.22 19.50-.51 19.31-.32 18.96-.97 18.70-.96 18.70-.57
18.85-.87--November
--19.34
Range
19.34 Closing__ _ _ 19.30 -19.24-.26 19.52-.54 19.33 -18.98 - 18.87 December
18.90-.37 19.21-.40 19.24-.60 19.34-.48
Range
Closing_ _ _ _ 19.32-.37 19.26-.27 19.55-.56 19.35-.36 18.80-.33 18.76-.00 18.76-.60
19.01-.03 18.90-.91
January
19.14-.35 19.24-.43 19.27-.63 19.40-.49
Range
Closing... _ 19.32-.35 19.29-.30 19.58-.59 19.39-.40 18.78-.34 18.80-.00 18.78-.63
19.05-.00 18.94-.96
March
--- 19.38-.48 19.47-.76 19.57-.58
Range
19.10-.49
Closing.. - 19.46 - 19.41-.43 19.73-.75 19.55-.57 19.20-.22 19.07-.12 19.07-.76
19.10-.12

•

3,049,740 3,565,387 5,225,826 3,168,807

Continental imports for past week have been 63,000 bales.
The above figures for 1917 show a decrease from last week
of 34,003 bales, a loss of 680,647 bales from 1916. a decline
of 2,655,086 bales from 1915 and a falling off of 722,067
bales from 1914.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period,pf the previous year-is set out in
detail below.
Movement to May 4 1917.
Towns.

Ship- Stocks.
Receipts.
Ship- Stocks
mews. May
menu. May
Week. Season. Week.
4.
Week. Season. Week.
5.
a00,140....0,,mmapNOXNMOOc4NOcou,h0,

Ala., Eufaula__
Montgomery..

13
9,662
1
282 42,296
500
33 21,352
636
Ark., Helena
200 72,300
700
Little Rock
1,133 224,487 5,370
Closing Quotations for Middling Cotton on
Pine Bluff....
450 148,962 1,802
Week ending
Ga., Albany...
2 19,144
19
Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
May 4.
Athens
1,370 100,333
300
Atlanta
2,597 297,909 5,936
Galveston
19.90
19.90
20.00
19.90
Augusta
19.75
1,557 361,457 7,835
19.65
New Orleans.. 19.57
19.69
19.69
19.75
119.75
Columbus
175 61,278
19.50
735
Mobile
19.75
19.75
19.75
.19.75
19.75
1,274 158,243 1,692
Macon
19.50
Savannah
20X
20X
2094
20%
Rome
2094
709 56,379
350
2094
Charleston __ _ 20
20
1934
20
!Nom.
La.,Shreveport
Nom.
483 145,100 2,930
Wilmington_ _ _ _ Nom.
Nom.
Nom.
20
Miss.,Columbus
119%_
19%
26
6,031
72
Norfolk
20.13
20.00
20.00
20.00
I19.63
Greenville
19.63
150 56,112
220
Baltimore
2094
20%
20%
20%
20
Greenwood.... 1,000 109,554 2,500
20
Philadelphia _ 20.90
20.80
20.95
20.75
20.40
20.30
Meridian
419 20,943
218
Augusta
20.13
20.13
20.13
20.13
20.00
20.00
Natchez
33,771
____
Memphis
20.00
20.00
20.00
Vicksburg_ __ _
20.00
20.00
20.00
31
16,000
177
19.20
Dallas
19.40
19.20
18.90
Yazoo City _
19,064
149
1540 19.75 20.00 19.75 .19.00 19.40
Houston
119.50
Mo.,St. Louis_ 11,607 788,450 13,693
19.75
Little Rock.-.. 19.75
19.75
19.75
19.50
19.50
N.C.,Gr'nsboro 1,773 72,570 1,244
Raleigh
139 11,188
125
NEW ORLEANS CONTRACT MARKET.
0., Cincinnati_
932 166,813 2.336
Okla., Ardmore
12 52,014
60
Saturday, Monday, Tuesday, Wed'day, Thursd'y,
Chickasha
600 79,196
835
Friday.
April 28. April 30, May 1. May 2. May
Hugo
285 29,597 1,896
3. May 4.
Oklahoma ___
353 37,973
491
S.C.,Greenville 2,500 133,326 3,224
MayGreenwood__
16,432
__
Range--- 19.30-.58 19.33-.54 19.33-.68 19.42-.54 19.06-.45 18.98-.20
..
Closing.... 19.53 -19.42-.43 19.60-.62 19.42-.44 19.18-.20 19.13-.15 Tenn.,Memphis 15,2181,211,328 12,344
Nashville_ _ _ _
1,784
67
____
July
19.03-.37 19.07-.31. 19.07-.46 19.20-.34
Tex., Abilene__
150 58,881
167
Range
18.75-.30
19.30-.33 19.16-.17 19.37-.38 19.20-.21 18.94-.96 18.64-.93
Brenham ___
7 23,824
Closing
205
18.85-.87
Clarksville _ _
.
16 42.081
September
680
Dallas
730 116,847
Range
633
18.78-.82 18.80-.82 19.07-.08 18.90-.92 18.64-.68 18.55-.57
Honey Grove_
4 39,436
Closing
61
8,0832,393,473 18,961
Houston
October
18.30-.73 18.54-.78 18.58-.96 18.69-.84 18.22-.71 18.11-.32
Paris
2,2(14 134.233 1,668
Range
18.71-.73 18.60-.62 18.87-.88 18.70-.71 18.35-.37 18.26-.27
San Antonio
Closing
_-__
43,503

Selma

N

0

18.42-.82 18.65-.86 18.68-.03 18.77-.90 18.34-.70 18.23-.41
18.81-.83 18.68-.70 18.95-.96 18.77-.78 18.43-.45 18.34-.36
18.77-.85 19.08-.10 18.94-.99 18.43-.49
18.00-.92 18.77-.78 19.03-.05 18.85-.87 18.52-.54 18.43-.45
19.02-.04 18.90-.92 19.u.,19 18.99-.01 18.66-.70 18.56-.58
Firm. Steady. Steady. Steady, Steady. Steady.
Steady. Steady. Steady. Steady. Steady. Steady.




CR rOA '7 API Orlit
r
rr

nn

0

DecemberRango
Closing
January
Range
Closing
March
Range
Closing
Tone
Spot
piOptions

Movement to May 5 1916.

Receipts.

,,,C.. 0.9.M=X0mNM...0000
4
Req'oeqo'.
0
00
.
.tl't""q"". 10
0 ,00
.q. .
co.voir:vui.doo.t.O.OcoNvets 041°"• .
.701..4 0606
.NCO
.N
CO

QUOTATIONSFOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

Total American

Total visible supply
4,412,740 5,093.387 7,067,826 5.134.807
Middling Upland,Liverpool
12.89d.
8.12d.
5.19d.
7.32d.
Middling Upland, New York_
20.05c.
12.65c.
9.85c.
13.00c.
Egypt, Good Brown, Liverpool
27.50d. 11.804.
8.104.
9.704.
Peruvian, Rough Good,Liverpool 20.25d. 13.25d.
9.75d.
8.75d.
Broach, Fine, Liverpool
12.504.
7.904.
5.054.
634d.
Titmevelly, Good, Liverpool...- 12.68d.
8.02d.
5.17d. 6 3-104.
* Estimated. a Revised.

CM*ego QA11

36
1,814
325
217
1,652
349
95
3,100
4,278
2,357
453
112
480
439
155
50
946
1,002
114
99

17,475
11,078
117,162 3,759 54,547
57,665 1,228 22,252
51,979
529 8,285
163,144 3,756 28,149
110,068 4,515 21,955
20,974 1,624 3,615
115,649 5,300 21,621
140,901 5,876 65,360
369,131 11,453110,486
62,927 3,253 40,238
43,641 1,235 7,204
61,666 1,691 10,130
117,269 1,011 24,310
16,679
471 4,096
62,192
293 5,400
103,492 1,703 12,585
47,762
978 13,894
23,973
868 8,279
26,496
4
340
30,094
511 8,100
13,817 640,215 14,236 19,403
2,272 80,595 2,458 7.954
322 12,287
350
302
10,594 232,225 9,492 14.223
11
44,476
199 1,288
665 87,560 1,786 8,705
12,615
22
204 26,731
382 2,982
2,965 123,826 3,294 19,799
218 19,097
704 7,724
6,980 911,040 27,867168,219
6,684
1,806
391 67,067
746 2,611
27 20,118
39 3,112
80 27,901
256 2,500
1,059 93,307
640 10,761
100 29,151
167 1,400
15,336 1,989,017 17,442 93,160
400 93,930
507 4,500
300 49,877
384
525
'VI 01 A A goo 000 1111 0I10004 non

-Our Interior Towns Table has been extended by the addition of
Note.
This has made necessary the revision of the Visible Supply Table and a8 towns.
number
of other tables.

The above totals show that the interior stocks have decreased during the week 34,249 bales and are to-night 69,921
bales more than at the same time last year. The receipts at
all towns have been 17,230 bales less than the same week
last year.

1818

THE CHRONICLE

rVoL. 104.

an inch. Thermometer has averaged 67, ranging from 47
to 87.
-There has been rain on two days during
Palestine, Tex.
the week, the rainfall being seventy-six hundrdeths of an
inch. Thermometer has ranged from 46 to 90, averaging 68.
-It has rained on two days of the week, the
Paris, Tex.
----1915-16-------1916-17---Since
Since
May 4rainfall reaching one inch and eighty hundredths. Minimum
Week. Aug. 1.
Week. Aug. 1.
Shipped14,236 651,196 thermometer 42, highest 86, average 64.
13,693 770,320
Via St. Louis
4,105 303,205
-It has rained on two days of the week,
2,876 240,072
San Antonio, Tex.
Mounds,&c
6,906
-5,827
Via Rock Island
an inch. The
3,473 123,375 the rainfall reaching thirteen hundredths of
1,089 103,267
Via Louisville
2,452 113,900 thermometer has averaged 74, the highest being 94 and the
60,837
Via Cincinnati
2,142 116,346
4,682 283,715
Via Virginia points
9,896 510,171 lowest 54.
8,279 666,522
Via other routes, &c
-We have had rain on two days during
Weatherford, Tex.
36,304 1,825,099 the week, the rainfall being one inch and ninety-seven hun30,619 2,130,560
Total gross overland
Deduct &ailments
4,745 141,843 dredths. The thermometer has ranged from 42 to 86, averOverland to N. Y., Boston, &c..._ 6,071 209,986
3,988 157,546 aging 64.
2,642 139,381
Between interior towns
8,489 254,452
15,536 345,405
Inland, &c.,from South
-Rain has fallen on two days during the
Ardmore, Okla.
17,222 553,841 week, to the extent of ninety-one hundredths of an inch.
24,249 694,772
Total to be deducted
19,082 1,271,258 Minimum thermometer 41, maximum 80, mean 61.
6,370 1,435,788
Leaving total net overland*
-There has been rain on four days of the
Muskogee, Okla.
* Including movement by rail to Canada.
week, to the extent of ninety-one hundredths of an inch.
The foregoing shows the week's net overland movement The thermometer has averaged 52, the highest being 67 and
has been 6,370 bales, against 19,082 bales for the week last the lowest 37.
year, and that for the season to date the aggregate net over-Rain has fallen on four days during the
Eldorado, Ark.
land exhibits an increase over a year ago of 164,530 bales. week, the precipitation reaching eighty-two hundredths of
1915-16
1916-17
an inch. The thermometer has averaged 63, ranging from
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
40 to 85.
Aug. 1.
Week.
Takings.
60,243 6,178,589 97,583 6,306,446
-There has been rain on four days during
Receipts at ports to May 4
Little Rock, Ark.
19,082 1,271,258
6,370 1,435,788
Net overland to May 4
two inches and forty-nine hunSouth'n consumption to May 4..... 90,000 3,236,000 88,000 2,970,000 the week to the extent of
dredths. The thermometer has ranged from 43 to 80, aver156.613 101650,377 204,665 10,547,704
Total marketed
375,743 aging 62.
569,107 *56,693
*34,249
Interior stocks in excess
-We have had rain on four days during
Texarkana, Ark.
147,972
Came into sight during week__ -122,364
hundredths.
10,923,447 the week, to the extent of two inches and ten
11,419,484
Total in sight May 4
Average thermometer 66, highest 82, lowest 50.
North. spinn's' takings to May 4- 39,967 2,495,417 63,836 2,742,164
-There has been no rain during the week.
Alexandria, La.
The thermometer has averaged 68, the highest being 88 and
* Decrease during week.
the lowest 47.
Movement into sight in previous years:
-Dry all the week. The thermometer
Bales.
New Orleans, La.
Bales. Since Aug. 1Week14,011,826 has averaged 76, ranging from 64 to 90.
-May 7
170,755 1914-15
7
-May
1915
13,938,694
-May 8
112,450 1913-14
-May 8
1914
-There has been rain on two days during
Shreveport, La.
13,114,172
-May 9
100,674 1912-13
-May 9
1913
inch and fourteen hundredths.
-Our ad- the week, to the extent of onefrom 48 to 84, averaging 66.
BY TELEGRAPH.
WEATHER REPORTS
r has ranged
indicate that The thermomete -We have had a rainfall of one inch and
vices by telegraph from the South this evening
Columbus, Miss.
rain has been quite general in Texas during the week, and seventy-three hundredths during the week, on two days.
beneficial, but in the Southwestern portion of the State Mean thermometer 67, highest 89, lowest 45.
-We have had rain on two days tile past
Greenville, Miss.
more moisture is needed. Elsewhere in the cotton belt conweek, the rainfall being seventy-two hundredths of an inch.
ditions have been favorable on the whole, but in some sec- The thermometer has averaged 67, the highest being 87 and
tions temperature has been rather low at times. Planting the lowest 47.
-We have had rain on three days of the
has been completed in some districts.
Vicksburg, Miss.
-Weather conditions have been more favor- past week, the rainfall being one inch and eighteen
Galveston, Tex.
able for cotton during the week. Good precipitation oc- hundredths. The thermometer has averaged 70, ranging
curred in the Eastern part of Texas and during the beginning from 51 to 85.
-General rains in the interior have been of
Mobile, Ala.
of the week, rainfall was reported from a number of stations
in the southwestern section. A good general rain is needed, great benefit; crops are doing nicely. We have had rain
however, in that locality. We have had rain on three days on two days during the week, the rainfall being one inch and
the past week. The thermometer has averaged 70, the high- six hundredths. The thermometer has ranged from 50
to 83, averaging 67.
est being 82 and the lowest 58.
-We have had rain on two days during
Montgomery, Ala.
-We have had rain on two days of the past
Abilene, Tex.
week, the rainfall being thirty-eight hundredths of an inch. the week, the rainfall reaching seventy-three hundredths of
an inch. Lowest thermometer 52, highest 89, average 71.
The thermometer has averaged 69, ranging from 44 to 94.
-There has been rain on two days during
-We have had rain on two days the past week,
Brenham, Tex.
Selma, Ala.
the week, to the extent of thirty hundredths of an inch. the rainfall being one inch and fifty hundredths. The therThe thermometer has ranged from 51 to 94, averaging 73.
mometer has averaged 71, tho highest being 87 and the
-It has rained on one day of the week, lowest 49.
Brownsville, Tex.
-It has rained on two days of the _week,
the rainfall reaching six hundredths of an inch. Minimum
Madison, Fla.
thermometer 68, highest 92, average 80.
the rainfall reaching two inches and twenty hundredths.
-It has rained on one day of the week, the The thermometer has averaged 75, ranging from 64 to 88.
Cuero, Tex.
rainfall reaching twenty hundredths of an inch. The ther-There has been rain on one day during
Tallahassee, Fla.
mometer has averaged 74, the hgihest being 95 and the the week, to the extent of forty-five hundredths of an inch.
lowest 54.
The thermometer has ranged from 61 to 92, averaging 76.
-It has rained on one day of the week, the
Dallas, Tex.
Atlanta, Ga.-The week's rainfall has been ten hundredths
The therrainfall reaching fifty hundredths of an inch.
of an inch on one day. Average thermometer 69, highest
78.
mometer has averaged 63, ranging from 48 to
and lowest 50.
-There has been rain on one day during 88Albany, Ga.-It has rained on two days of the week, the
Fort Worth, Tex.
the week, the rainfall being thirty-eight hundredths of rainfall reaching one inch and forty-seven hundredths. The
an inch. The thermometer has ranged from 46 to 80, thermometer has averaged 76, the highest being 95 and the
averaging 63.
-It has rained on two days of the week, the lowest 56. Ga.-We have had rain on three days of the
Henrietta, Tex.
Savannah,
rainfall reaching seventy-eight hundredths of an inch. past week, the rainfall being six hundredths of an inch.
Minimum thermometer 40, highest 88, average 64.
r has averaged 75, ranging from 60 to 90.
-There has been rain on one day of the Thermomete S. C.
Huntsville, Tex.
-Ram has fallen on one day during the
Charleston,
hundredth sof an inch.
week, to the exent of seventy-eight
twenty-seven hundredths
the highest being 86 week, the precipitation reaching ranged from 60 to 91,
The thermometer has averaged 67,
of an inch. The thermometer has
and the lowest 48.
-The week's rainfall has been eighteen averaging 76. C.
Kerrville, Tex.
Greenville, S. -There has been rain on two days during
hundredths of an inch, on two days. The thermometer has the week, the rainfall reaching one inch and six hundredths.
to 92.
averaged 69, ranging from 46
r 68, highest 91, lowest 44.
-Rain has fallen on one day during the Average thermomete -We have had rain on two days the
Lampasas, Tex.
Spartanburg, S. C.
twenty-two hundredths of
week, the precipitation reaching
past week, the rainfall being eighty-six hundredths of an inch.
an inch. The thermometer has ranged from 44 to 96, The thermometer has averaged 70, the highest being 91 and
averaging 70.
-We have had rain on one day during the the lowest 50. C.
Longview, Tex.
Charlotte, N. -There has been rain on four days of the
week, to the extent of thirty-three hundredths of an inch. week, to the extent of sixty-one hundredths of an inch. The
90, lowest 49.
Average thermometer 70, highest
has averaged 70, ranging from 51 to 88.
-There has been rain on two days during thermometer
Luling, Tex.
-The week's rainfall has been twenty hunWeldon, N. C.
reaching twenty-two hundredths
the week, the precipitation
r has averaged 72, the highest dredths of an inch, on one day. Average thermometer 66,
of an inch. The thermomete
highest 85, lowest 46.
being 92 and the lowest 52.
-Planting is about completed. It has
Memphis, Tenn.
-We have had rain on two days of the
• Nacogdoches, Tex.
rainfall reaching twentythe rainfall being one and seven hundredths of rained on two days of the week, the
past week,

OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:




THE CHRONICLE

MAY 5 1917.1

nine hundredths of an inch. The thermometer has averaged
67, the highest being 81 and the lowest 45.
Dyersburg, Tenn.
-The week's rainfall has been one inch
and fifty hundredths, on three days. The thermometer has
averaged 65, ranging from 46 to 83.
COTTON IMPORTATIONS FROM LOWER CALIFORNIA TO BE MORE CLOSELY INSPECTED.
The Department of Agriculture announces that because
of the existence of the pink boll worm in Modco, a stricter
system of control over the entry into the United States of
cotton lint, cotton seed, seed cotton, and cottonseed hulls
from the Imperial Valley of Lower California, Mexico, is to
be instituted on July 1, 1917. Two orders to this effect
have recently been issued by the Secretary of Agriculture.
Hitherto, cotton lint from Lower California has been allowed entry into the United States without restriction. One
of the new orders now provides that such cotton lint shall be
subject to the regulations governing the importation of other
foreign cotton into the United States, with the exception
that the cotton from Lower California need not be disinfected after it has entered and may be consigned to persons
who are not licensed to utilize other imported cotton. The
second order provides that, in addition to the permits already required, all importations of cotton seed, seed cotton,
.and cottonseed hulls shall be promptly reported to the
Secretary of Agriculture. Under the new orders, however,
all importations of the products mentioned are permitted
only on condition that the State of Lower California shall
maintain an effective quarantine prohibiting the entry into
that State of such products which have been grown in other
parts of Mexico or in foreign countries. It is pointed out
that if cotton products are to continue to be moved from
the Imperial Valley of Lower California, it is essential that
this State should be protected from the rest of Mexico and
from other countries where the pink boll worm is known to
exist. The Governor of Lower California has already issued,
under date of Feb. 8 1917 an order prohibiting'the importation into Lower California of raw cotton products.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Week.
Visible supply April 27
Visible supply Aug 1
American Insight to May 4_ Bombay receipts to May 3
Other India ship'ts to May 3
Alexandria receipts to May
Other supply to May 2*

Season.

4,446,743
3,198,251
122,364 11,419,484
670,000 2,073,000
65,000
186,000
b5,000
666,000
b7,000
158,000

Total supply
Deduct
Visible supply May 4

Week.

Season.

5,296,542
4,664,410
147,972 10,923,447
58,000 2,715,000
5,000
311,000
1,000
604,000
10,000
177,000

4,656,107 17,700,73515,518,514 19.394,857
4,412,740 4,412,740 5,093,387 5,093,387

Total takings to May 4 a
Of which American
Of which other

243,367 13,287,995
214,367 10,457,995
29,000 2,830,000

425,127 14,301,470
269,127 10,648,470
156,000 3,653,000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
• a This total embraces the estimated consumption by Southern mills.
3,236,000 bales in 1916-17 and 2,970,000 in 1915-16
-takings no being
available-and he aggrega,e amounts taken by Nortnorn and foreign
spinners, 10,051.995 bales in 1916-17 and 11,331,470 bales in 1915-16, of
which 7,221.995 and 7,678,470 bales American.
b Estimated.

ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-The following are the receipts and shipments for
the week ending Apr. 4 and for the corresponding week
of the two previous years:
Alexandria, Egypt,
April 4.

1915-16.

56,323
4,747,714

Receipts (cantata)
This week
Since Aug. 1

1916-17.

25,174
4,487,116

1914-15.

68,000
5,900,322

Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
I
To Liverpool
172,626 5,718 187,276 4,000 168,545
To Manchester
5,422 115,258
____ 118,803 4,800 130,220
To Continent and India_
97,897 9,423 150,895 6,150 232,739
To America
_ 105,215 2,510 182,583
900,122,911
Total exports
5,422 491,086 17,651 639,557 15,850654,515

Exports (bales)-

-A can'ax is 99 lbs. Egyp Ian bales weigh about 750 lbs.
Note.

The statement shows that the receipts for the week ending Apr. 4 were 56,323 cantars and the foreign shipments
were 5,422 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
Indian demand is unworkable at current quotations.
quiet.
We give prices for to-day below and leave those foriprevious weeks of this and last year for comparison:
1917.

d. s. d.
17 9 5
17% g 5
18 9 4
18
18
18
18

1916.

834 bs. airi- Cot's
ings, common Mid.
to finest.
Up's.

9
9
9
9

Sy, bs. Shirt- Corn
32s Cop
tugs, common Slid.
Twit.
to finest.
Up's.
-s. d. d. d.
d. s. d.
s. d. d.
@12134 12.08 12%
13% 7 13409 3
7.87
012 1% 12.47 12%
13% 7 13469 3
7.73
@12434 12.77 12%
13 7 0 09 2
7.77

4 @12434
9 @130
414012 734
414012 734

18% 9 434412112 9




12.89 12%
13.08 12
12.28 12
12.88 12%
12.89 12%

0 0000 000

Feb. d.
16 15%
23 18
30 18%
Apr.
18%
13 18%
20 18%
27 18%
May
4 18%

0 0000 000

32s Cop
Twist.

SHIPPING NEWS.-L-In harmony with the desire of the
Government to observe secrecy as to the destination of cotton
leaving United States ports, our usual details of shipment are
suspended until further notice.
COTTON FREIGHTS.
-Current rates for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool. 2.50c. asked; Manchester, 2 50c. asked; Havre, 5.00c. plus
10% nom.; Genoa 7.00c. nom.; Leghorn, . Oc. nom.;Christiania, 4.013c.;
Gothenburg, 4.00d.; Barcelona, 6.00c.nom.;Lisbn, 6.00c. plus 5% nom.;
:7°
Japan, 3.00c.; Shanghai, 3.00c.; Vladivostok, 3.00c. nom.

LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
April 13. April 20. April 27. May 4.
Iles 45,000
2 :888
37:000

wf the
o
ki speculators took......
Babe;which exporters took w
Of

I
LI
IV: American

22 0 0
4:00

Forwarded
Total stock American

63,000

Total imports of the week
Of which American
Amount afloat
Of which American

575,000
54,000
48,000
155,000
97,000

13 70 (59 2
12% 70
2
12% 70
2
13 70 @go 2

7.82
7.78
7.82
7.94

13% 7 1%09 3

8.12

27,000
38,000
2.000
67,000
60,000
680,000 650,000
560,000 537,000
69,000
32,000
52,000
20,000
131,000 130.000
67,000,

40,000
73.000
616,000
493,000
37,000
9,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Market, f
12:15 4
P. M. (

Monday.
Fair
business
doing,

Tuesday. Wednesday. Thursday.
Good
demand.

Good
demand,

Fair
business
doing.

Friday.
Quiet.

hild.Uprds

13.00

12.96

12.97

12.96

12.89

HOLISales
Spec.&exp. DAY.

8,000
500

10,000
1,500

10,000
1,000

8,000
800

6,000
600

Futures.
Market {
opened

Steady
Steady
18020 pta. 405 pts.
advance, advance.

Market I
closed. {
t

Barely st'y Steady
Quiet
Steady
Quiet
409 pts. 18®20 pts. 10®14 pts. 8®11 pts. 14017 pts.
advance, advance, decline.
advance.
decline.

Quiet Barely st'y Steady
102 pts. unch. to 9010 Pts.
advance. 2 pts. dec. decline.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.

1915-16.

1916-17.

Cotton Takings.
Week and Season.

1819

Thus: 12 54 means 12 54-100d.

Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Apr.23
to
1234 1234 123( 4 1234 4 1234 4 1234 4 12341 4
May 4. P.m.Pm. P.m. p.m. P.m. P.m.P.m.P.m. p.m. P.m.P.m.,ILIn•
d. d.
d.
d.
May
May-June
12 47 36
July-Aug_ HOLI- 12 36 23
Oct.
DAY. 11 87 72
-Nov
Jan.
-Feb..
11 74 59
Mar.
-Apr
11 68 53

d.
51
43
30
81
67
61

I d.
63
56
41
91
77
71

d.
51
44
29
80
67
62

d.
49
42
27
79
66
61

d.
50
43
29
82
69
64

d.
57
50
35
89
76
72

d.
43
38
21
75
62
57

d.
43
36
24
73
60
55

BREADSTUFFS
Friday Night, May 4 1917.
Flour has been in the main strong, owing to higher prices
for wheat, but at times a reactionary tendency has been
noticeable, though it was not marked. Still, a sharp break
in wheat at one time did cause more or less unsettlement in
the flour market. Peace rumors have also served to restrict
buying at times, especially as there have been reports of
purchases of wheat for this country not only in Canada but
also in Australia. Smaller buyers have purchased more
cautiously. Exporters have not been doing much. They
are supposed to be awaiting a lower level. Lake navigation
opened on the 30th ult., and this will open up larger supplies
of Canadian wheat. Both flour merchants and mills condemn the hysterical buying and hoarding of flour by small
consumers during the last few weeks. They anticipate no
extreme scarcity. On the other hand, Liverpool has reported
prices firm with millers carrying small supplies, and arrivals
moderate. They add that foreign purchases are difficult,
owing to the scarcity of offerings and that there has been
a liberal Continental demand. There is no gainsaying the
fact that the grain and flour markets of the world are in a
strong position, but, on the other hand, dangers of scarcity
have been magnified to a degree which has had regrettable
results in a phenomenal rise of prices. The total output last
week at Minneapolis, Duluth and Milwaukee was 483,000
barrels, against 465,000 in the previous week and 393,000
in the same week last year; total since Sept. 1, 12,495,000
barrels, against 15,977,000 last year.
Wheat advanced to a new high level early in the week,
putty owing to a big advance in Canada. May on the 2d
inst. advanced at Winnipeg 333'c. and closed at $2 8036,
or 21 cents over May in Chicago. Reports from Winnipeg
stated that no new contracts will be made for shipping out
No. 1, No. 2 and No. 3 wheat until the May situation is relieved. It is said to be badly congested there. The trouble
in Winnipeg, it appears, was due to the fact that holders of
low-grade wheat who had hedged by selling May now find it
hard to cover. It looks, too, as though the censorship at
Winnipeg had been acting as a check on speculation. The supply of wheat in Canada is stated
as 72,874,000 bushels, against 73,489,000 a year ago,
and only 17,501,000 at this time in 1915. This looks like a
pretty good supply of wheat, but it is believed that Europe
is long both of May and July, and will want the wheat for
export, so that a good deal of the Canadian stock, it appears,
will be earmarked for shipment to Europe. The inference

1820

'[VOL. 104.

THE CHRONICLE

drawn here is that the firmness of the cash situation at Winnipeg will check shipments of high-grade wheat to American
markets. American mills will not find Canadian supplies
as bountiful as they had expected. Peace rumors, which
at one time had more or less depressing effect, were followed
by denials which caused a rally. Moreover, the seeding of
spring wheat has been considerably delayed in Montana and
North Dakota. Germination of spring wheat has been slow
in the Northern districts. As regards winter wheat, dry weather in Western Texas was unfavorable, and in Southwestern Oklahoma the situation is not altogether
favorable. The outlook for the crop in France is said to be
bad. Certainly, weather conditions have been adverse.
Labor is scarce. France, according to Liverpool advices,
will have to import ona large scale. French millers' supplies
are moderate, as foreign arrivals are small, and native supplies are far from large. In Italy, crop prospects are not
good either. The weather has been cold and wet and spring
seeding is greatly retarded. At the same time Italian supplies
are light, and there is a delay in receiving wheat recently
purchased by the Government. In Russia, the acreage has
been reduced, and interior prices are very high, so much so
that rigid economy is being practiced in the consumption of
all kinds of breadstuffs. Broomhall says that Russia has
a supply -of rye and wheat, after deducting the quantity
needed for seeding, of some 720,000,000 bushels, which
is greatly under the five-year average. The weather,
moreover, has been bad, being cold and wet. According to neutral advices, Germany's crop prospects
are not favorable, as the weather has been bad and
much of the planted area has had to b abandoned. In
Spain crop prospects are only fair, supplies are light, and
the Government is talking over the entire stock of foodstuffs. Spain has bought liberally in foreign markets, but
the wheat is not being received: Of late some stress has
been laid on reports that in a single week German submarines have sunk ,a very large tonnage. Winnipeg advices say that there is a much larger short interest than was
generally believed to be the case. Much of the hedge
selling there has been against low grade wheat which is not
tenderable on contracts. With a view of relieving the
situation, agents of the Government have agreed to take a
certain amount of low grade wheat at discounts ranging
from 15c. to 40c. for which they will give May contracts.
No. 1 Northern Manitoba wheat which was recently at a
large discount under American wheat is now at a very
noticeable premium over our grades. One estimate, given
for what is worth is that 40,000,000 bushels have been
hedged at Winnipeg. To-day prices broke 8c. to 21c.
owing to growing fears that Congress will empower the
Government to regulate prices of food. Authority is to be
asked to do so. Yet prices are higher for the week.

tion of food supplies and markets by the Government is not
impossible. The Secretary of Agriculture will, it is believed,
have large powers in this direction. The available supply
in North America decreased last week only 924,000 bushels,
against 2,542,000 during the same week last year, and the total supply is 47,395,000 bushels, or 18,000,000 more than a
year ago and 16,000,000 more than at this time in 1915.
Liverpool has latterly reported prices easy, owing to favorable American crop reports. They add that recent purchases
were liberal both for the United Kingdom and the Continent, and these oats are now coming forward; that the weather
is mild, thus reducing consumption. Canada is said to
hold fair reserves. Much stress is laid on the fine outlook
for the crop in this country. In Europe, however, it is a
totally different story. The crop there is believed to be
short and Europe has been a fair buyer at Chicago. To-day
prices declined with other grain, though nothing like as much.
Final prices, however, are lower for the week.

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
302
cts_
307
317
295 308
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. 'Wed. Thurs. Fri.
272
257A 269A 280
271
ct,s_274
May delivery in elevator
225 225k 212j 2205, 225M 220
July delivery in elevator
189X 188% 182
1863 190M 186
September delivery in elevator

Total bush 33,251,936 197,169,474 28,908,300211,051,189 36,242,550299,314,370

Indian corn though some four cents higher at one time,
reaching another new high level, declined later owing to
peace rumors, a falling off in the shipping demand and a
reaction in wheat. Cash premiums have declined. Nor is
the possibility of a regulation of food markets by the U. S.
Government lost sight of. Also, the Government's weekly
report states that last week the weather was generally
favorable for the growth of corn in the States from Oklahoma and central Texas eastward, except where germination was delayed by the lack of rainfall in some Southeastern
States. In western Texas, because of the extreme drought,
corn is several weeks late. The early corn is up in most of
the Gulf States, and is being cultivated and has a fairly
good stand. Planting was going on as far north as the
Ohio Valley. On the whole the weather has latterly been
more favorable and this of itself has caused selling. Rapid
progressin planting isexpectedfrom now on in the Ohio Valley.
Outside speculation has fallen off. Yet higher prices for
wheat have affected corn. Besides, the available North
American supply is only 9,100,000 bushels, against 23,482,000 bushels a year ago, and 23,001,000 in 1915. Liverpool
advices state that the general situation is very firm, with a
demand everywhere urgent, and export offerings light.
American shipments are small and Argentine holders are
reserved, with harvesting there disappointing. These are
some of the things which have acted as a brake on any
decline. To-day prices fell in sympathy with wheat.

DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Tues. Wed. Thurs. Fri.
Sat.
Standards
cts_77-78 77A-78X 77-77A 78-79 77-78 764-78
78
79
No. 2 white
78
79
773
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Mon Tues Wed Thurs. Fri.
Sat
64
3
6
68
i
May delivery in elevator____cts_ 68 y 68% 66% 68
63
July delivery in elevator
65% 65A, 63
6434 64
,
56% 56% 5534 55% 55
September delivery in elevator_

The following are closing quotations:
FLOUR
$8 75@11 00
Winter. low grades__-$9 50@11 00 Spring, low grades
13 90@14 15 Kansas straights,sacks-13 85@14 25
Winter patents
13 50@13 75 Kansas clears, sacks.....11 25@12 75
Winter straights
16 00
13 15@13 40 City patents
Winter clears
10 50011 25
13 75@14 00 Rye flour
Spring patents
13 35(13 60 Buckwheat flour
Spring straights
0iii 50
9 5612 75@13 00 Graham flour
Spring clears
GRAIN
per bushel
Corn,
-f.o. b.Wheat,per bushel
f. of b.$1 57
No 3 mixed
N.Spring. No. 1. new_-_-$2 95%
No. 2 yellow kiln dried..- 1 62
N. spring, No. 2
No.3 yellow
1 60
Red winter, No. 2. new...... 3 02
Argentina
nom.
3 03 A
Hard winter, No. 2
Rye, per bushel
cts.
Oats, per bushel, newNew York
c. I. f. $2 18
Standard
8
76@7
c. I. f. $2 18
Western
77
No. 2, white
$1 55©$1 65
Barley. malting
76
No. 3. white
$1 35
7534
Barley. feeding _
No. 4. white

EXPORTS OF BREADSTUFFS, PROVISIONS, COT-The exports of these articles
TON AND PETROLEUM.
during the month of March and the nine months for the
past three years have been as follows:
Exports
from
U. S.
Quantities
Wheat_ bu
Flour_bbls

1914-15.

1915-10.

1918-17.
March.

9 Months.

March.

9 Months.

March.

9 Months.

7,884,906 108,435,092 17,293,515 136,292,302 20,534,982 212,637,348
1,007,3911 8,674,272 1,506,074 11,463,725 1,084,524 12,307,955

Wheat*bu 12,418,1651147,469,316 24,070.848 187,879,124 28,115,340 208,023,145
Corn__ _bu 10,833,771 49.700,158 4,837,452 23,172,005 8,127,210 31,291,225

Values.
I3readstffs
Provisions
Cotton.. _ _
Petrol.,&e.
CoVe'd oil

41,858,103 373,164,204
39,590,028 246,062,145
31.988,226 454,760,955
16,739,617 161,959,333
1,919,017 11,999,481

43,839,940 313,554,568
19,590,407 182,027,325
30,281,068268,611.180
10,272,472 110,085,303
3,150,178 17,533,501

59,661,670417,920,371
28,274,194 132,322,601
63,524,279297,471,471
10,044,994 94,393,058
2,131,516 14,247,470

Total val.. 132,124,99111247940178 113,134,125 897,811,877 154.236,683 956,355,571
* Including flour reduced to bushels.

The statements of the movementof breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last thiee years have been:
Receipts at-

Flour.

Wheat.

Corn.

Oats.

Barley.

Rye.

.
bbls.1981bs bush. 00 lbs.bush. 50 lbs. bush. 32 lbs.bush.481bs. bush.15(libs
122,000
400,000
903,000 2,190,000
908,000
190,0. i
Chicago
90,000
390,000
278,000
41,000
1,980,000
Minneapolis
4,000
75,000
4,000
105,000
Duluth
353,000
245,000
15,000
97,000
283,000
17,000
Milwaukee -42,000
43,000
25,000
Toledo
93,000
35,000
40,000
0,000
Detroit
7,000
4,000
62,000
78,000
9,000
Cleveland ..
19,000
2,000
019,000
606,000
784,000
70,000
St. Lours_ _ .._
2,000
53,000
382,000
444,000
46,000
28,000
Peoria
213,000
410,000
638,000
Kansas City_
580,000
497,000
183,000
Omaha
330,000
462,000
390.000

Total wk. '17
Same wk. '16
Same wk. '15

5,007,000
6,014,000
4,842,000

3,197,000
5,834,000
4,057,000

4,839,000 1,107,000
6,388,000 1,152,000
761,000
3,006,000

242,000
267,000
86,000

Since Aug.11916-17 ..._ 14,729,000 304,506,000 108,597,000 222,776,000 75,199,000 19,378,000
16,221,000442,064,000 185,610,000 160,822,000 97,887,000 20,209,000
1915-16
IC Ana Ann qAq MIR non 90f1 agn non A9 Rna.neo 76.863 000 lit 322 000
101A,C

Total receipts of flour and grain at the seaboard ports for
the week ended Apl. 28 1917 follow:

Oats.
Barley.
Rye.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK. Receipts atCorn.
Wheat.
Flour.
Sat. Mon. Tues. Wed. Thurs. Fri.
1733 16234
Bushels.
cts_1733 169A 16634 170
Bushels. Bushels.
Bushels.
No. 2 yellow
Bushels.
Barrels.
19,000
620,000 106,000
227,000
926,000
179,000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. New York___
110,000 222,000 216,000
75,000
Sat. Mon. Tues. Wed. Thurs. Fri.
40,000 1,172,000
Portland, Me.
41,000
3,000
87,000
207,000
152M 151
150
149M 145
739,000
cts_150
39,000
May delivery In elevator
Philadelphia..
3,000 224,000
196,000
90,000
1387 142M 1443-i 143
145M 144
608,000
50,000
Baltimore ___
July delivery in elevator
325,000
137
1363 132 8 134% 1364 135 A N'port News_
6,000
September delivery in elevator
103,000
491,000
271,000
69,000
New Orleans.
Oats have been irregular within moderate limits, alter- Galveston ___
5,000
0,000
3,000
326,000
nately advancing and declining. • Early in the week there Montreal...... 15,000 367,000
2,000
24,000
217,000
240,000
49,000
Boston
3 cents, but later on a decline oc-

was an advance of about
curred. The weather and crop reports of late have been favorable. Some estimates of the acreage put it as 14M%
larger than that of last year. It will be the largest on record.
In the extreme North, the seeding of spring oats has been delayed by bad weather, but this work has been well advanced
elsewhere, and the same is true of rye and barley. Regula.




345,000 500,000
Total wk. '17 447,000 4,328,000 • 715,000 2,392,000 0,771,000 4,285,000
SinceJan.1'17 6,974,000 68,557,000 28,382,000 36,568,000
Week 1910.....
ci,,,... T.. 1.1a

509,00d
R

5,730,000

871,000

4,037,000

392,000

186,000

min anal 13.04R nnn 10.258 nnn 48.433.00010,738,000 4,917.000

for foreign ports
• Receipts do not include grain passing through New Orleans
on through bills of lading.

MAY 5 1917.)

THE CHRONICLE

The exports from the several seaboard ports for the week
ending Apl. 28 are show in the annexed statement:

1821

THE DRY GOODS TRADE

New York, Friday Night, May 4 1917.
Throughout the dry goods trade a feeling of conservatism
Wheal.
Rye. Barley. Peas.
Oats.
Flour.
Corn.
Exports frombushels. bushels. barrels. bushels. bushels. bushels. bushels. is steadily gaining ground, both on the part of consumers and
431,243 9,873 manufacturers. Business during the past week has been
New York
79,445
1,981,141 669,692219,901
Portland, Me
1,172,000
75,000 40,000 110,000 216,000 222,000
quiet in almost all branches of the trade with the principal
160,000
Boston
24,000
17,143
224,383 6,000
Baltimore
buying coming from the Government. Buyers as a rule are
729,296 332,464
Newport News_ _ _ _
6,000 325,000
disposed to await developments before entering into new_
Total week
3,906,437 1,094,299 265,901 674,445 440,363 713,243 9,873 commitmen
ts, as owing to the many uncertainties they are
284,133 2,595
Week 1916
5,552,831 961,582 348,750 2,224,161
unable to forecast the future. It is generally believed that
The destination of these exports for the week and since the policy of economy which is being adopted
throughout
July 1 1916 is as below:
the country will greatly curtail consumption, and in many
quarters preparations are already under way for a slower
Wheat.
Corn.
Flour.
distribution of dry goods. Advices from retail centres tell
Exports for Week
Week
Since
Week
Since
Since
and Since
Week
of a less active demand as a result of the advancing prices
July 1
April 28
April 28
July 1
Apr. 28 July 1
July 1 to1916.
1917.
1917.
1916.
1916.
1917.
for foodstuffs, and it has been rumored that some of the
Bushels.
Bushels.
Bushels. Bushels.
prominent department stores have started to reduce their
Barrels. Barrels.
92,143 22,405,137
United Kingdom_ 89,172 3,445,876 1,391,848 97,504,981
46,368 4,611,638 2,496,473 113,059,128 981,42119.061:
Continent
842 sales forces. As the country becomes more actively en18,116
216,188
1,254 1,087,029 gaged in the
So.8. Cent. Amer. 50,514 1,230,220
war the economic situation will no doubt
75,150 1,596,154
15,083
17,927 1,893,350
West Indies
11,533
Brit.No.Am.Cols_
265
1,014
3,024 become more of a factor, and the heavy finanical
needs of
162,517
4,432
196,660
Other countries
540
26,154
the Government are expected to further restrict the buying
265,901 11,058,588 3,906,437 210,992,040 1,094,299 44,476,536
Total
101A-1(i
348.750 12.938.666 5.552.831 281.129.202 961.582 21.849.491 power of the public. While there has been a general falling
The world s shipments of wheat and corn for the week off in the demand for dry goods, however, there has been no
ending Apr. 28 1917 and since July 1 1916 and 1915 are lowering of values, which are firmly maintained at recent
high levels. The easier undertone of the raw material marshown in the following:
kets nevertheless has given hope of reductions in the near
future. Merchants realize that the high prices are one of
Wheat.
Corn.
the chief restraining influences on consumption, and are
Exports.
1916-17.
al915-16.
1916-17.
a1915-16.
making every effort to prevent further advances. During
Week
Since
Week
Since
Since
Since
the recent urgent buying movement many retailers and
April 28. July 1.
July 1. April 28. July 1.
lidy 1.
jobbers provided for their summer and fall requirements,
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer. 5,707,000293,780,000 371,926,000
805,000 44,492,000 18,975,000 and are now beginning to fear that they will have consider0,262,000 3,608,000
Russia
281,000
able surplus stocks left on their hands. Mills at present are
Danube _
Argentina _
194,000 59,005,000 41,568,000 2,173,000 94,451,000 133,497,000 devoting
all their attention to providing for Government
Australia _
420,000 34,130,000 22,424,000
needs and are not encouraging ordinary business. They are
116,000 25,220,000 8,744,000
India
16,000 4,464,000 5,888,000
0th. countr's
3,890,000 9,182,000 beginning to feel the labor shortage and are not very opTotal ____ 6,453,000 422,861,000 454,158,000 2,978,000 143,114,000 161,654,000 timistic regarding the situation as operatives are continually
leaving for more remunerative occupation. Export business
-The Canadian Government has officially prohibited
* North America.
the
issuance of both manifests and exports until after ten days. This is effective continues quiet, and shipments on old orders are being deduring the continuance of the war. a Revised.
layed by transportation difficulties.
DOMESTIC COTTON GOODS.
The quantity of wheat and corn afloat for Europe on dates
-Buying of all classes
of goods by the Government continues to be the feature in
mentioned was as follows:
markets for staple cottons, and while ordinary business is
quiet, prices rule firm. Sheetings have been in good deWheat.
Corn.
mand for hospital use, while other lines have been well taken
United
United
for Red Cross purposes. Mills although actively engaged
Kingdom. Continent. Total.
Kingdom. Continent.1 Total,
in meeting the needs of the Government are making every
Bushels.
Bushels.
Bushels.
effort to clear up old business on their books, but are findBushels.
Bushels.
Bushels.
Apri128 1917_ _ Not avail able
ing it difficult to make shipments owing to the scarcity of
April 21 1917__ Not avail able
Apr1129 1916..
57,720,000
9,215,000 transportation facilities. The unseasonable weather conMay 1 1915_
62,696,000
11,356,000 tinues to check demand for wash goods, but there
has been
The visible supply of grain, comprising the stocks in a fair inquiry for various lines of cotton dress fabrics which
granary at principal points of accumulation at lake and are evidently wanted to replace woollens and worsted as the
latter are becoming very scarce and high priced. Colored
seaboard ports Apl. 28 1917 was as follows:
goods are firmly held and are difficult to obtain owing to the
scarcity of good dyes and delay in conversion and finishing.
GRAIN STOCKS.
Duck mills are well sold ahead and in some instances are
Wheat.
Corn,
Oats.
Rye..
Barley.
United Statesbush,
bush.
bush.
bush.
bush. said to be refusing to accept new orders. Business in the
New York
683,000
629,000
956,000 258,000 655,000 print-cloth division of the market continues
limited and
Boston
28,000
118,000
208,000
12,000
without feature. Buyers are not displaying much interest
Philadelphia
1,393,000
160,000
282,000
16,000
2,000
Baltimore
876,000
548,000
309,000 311,000 348,000 in contract deliveries, while mills are not offering
nearby
Newport News
4,000
180,000
goods at prices buyers are willing to pay. Gray goods 381 2
New Orleans
1,003,000
177,000
708,000
/
499,000
15,000
1,019,000
Galveston
inch are quoted at 9c.
3,000
Buffalo
384,000
554,000 1,093,000
3,000
Toledo
724,000
120,000
WOOLEN GOODS.
-Aside from orders being placed by
245,000
3,000
Detroit
327,000
117,000
171,000
22,000
the Government, business in woolens and worsteds is quiet.
Chicago
931,000 1,456,000 10,700,000 116,000
3,000 Ordinary
Milwaukee
479,000
trade is not being encouraged by mills, and what
47,000
585,000
21,000
5,000
Duluth
5,091,000
1,000 1,249,000 249,000 1,210,000 orders are accepted are
mostly confined to constructions
" afloat
881,000
205,000
Minneapolis
8,210,000
that are not available for Government use. Many mills
182,000 6,119,000 260,000 832,000
St. Louis
627,000
131,000
are believed to have sold their entire production of heavy176,000
5,000
10,000
Kansas City
2,599,000
265,000
996,000
39,000
weight goods for the coming season. Prices continue firm in
Peoria
4,000
34,000
396,000
Indianapolis
150,000
658,000
sympathy with the strength of raw material, and as a re428,000
Omaha
134,000
820,000
601,000
19,000
4,000 sult demand for a number of lines has fallen
537,000
On Lakes
off materially.
813.000 3,538,000
While many had hoped that the high level of prices on dress
Total April 28 1017
25,756,000 7,173,000 28,933,000
1,536,000 3,022,000 goods had been reached, some predict that
Apri121 1917
Total
30,257,000 9,506,000 29,766,000 1,841,0004,320
still higher prices
,000
48,864,000 21,004,000 12,096,000
Total April 29 1916
will have to be paid for this class of goods when the Spring
26,439,000 20,203,000 23,022,000 1,687,000 2,530,000
Total May 11915
956,000 2,394,000 1918, season opens owing to the growing shortage
of labor
Note.-13onded grain not included above: Wheat,
394,000 bushels at New
417,000 Philadelphia, 251,000 Boston, 14,000 Buffalo, 5,957,000 Duluth, York, and raw material.
418,000
Duluth afloat, total, 7,451,000 bushels, against 7,186,000 bushels in 1916.
FOREIGN DRY GOODS.
Oats,
-Nothing of interest has
87,000 New York, 61,000 Boston, 4,062,000 Duluth, total, 4,210,000 bushels,
developed in markets for linens during the past week, busiagainst 1,551,000 in 1916 and barley, 25,000 New York, 2,000 Baltimore,
238,000
Duluth, 165,000 Buffalo, total, 430,000, against 294,000 in 1916.
ness continuing quiet and prices firm. Arrivals have failed
Canadian
to show any improvement and pass quickly into consump1,104,000
Montreal
631,000 1,674,000
46,000 209,000 tion, and as
8 00
0
a result stocks do not increase. Retailers are
Ft. William and Pt. Arthur_23,272e00
9,394,000
" afloat
looking forward to a less active demand owing to the eco101,000
0,249,000
Other Canadian
4,505,000
nomic measures being practiced throughout the country, an
30,714.000
Total April 28 1917
631,000 15,654.000
46,000 209,000 are therefore buying more conservatively. Many buyers
30,853,000
Total April 21 1917
448,000 15,774,000
43,000 206,000 are diverting their attention to cotton
26,991,000
Total April 29 1916
substitutes, but in18,000 11,918,000
41,000
89,000
10,652,000
Total May 1 1915
95,000 5,849,000
15,000 130,000 quiry for the latter is also beginning to show some falling
Summary
off. Advices from abroad are not very reassuring where
25,756,000 7,173,000 28,033,000
American
1,536,000 3,922,000 the outlook is for decreased
30,714,000
production owing to the scarcity
Canadian
631,000 15,654,000
46,000 209,000
of raw material and labor. Markets for burlaps continue
Total April 28 1017
56,470,000 7,804,000 44,587,000 1,582,000
Total April 21 1917
61,119,000 9,954,000 45,540,000 1,884,000 4,131,000 firm with an active demand for heavy weights offering of
Total April 29 1916
75,855,000 21,022,000 24,014,000 1,728,000 4,526,000 which are limited. Light weights are quoted
at 8.00c. to
Total May 1 1015
37,091,0(30 20,298,000 28,871,000 971,000 2,619,000 8.10c,
2,524,000
and heavy weights at 10.00c.




ThT

[VOL. 104.

THE CHRONICLE

1822

MO

CITY DETWITIVIEVL

Witt Throuide.

For comparative purposes we add the following table,
showing the aggregates of long-term issues for April and the
four months for a series of years:

1917
1916
PUBLISHED WEEKLY.
1915
1914
Terms of Subscription-Payable In Advance
$lo 00 1913
1912
For One Year
6 00
1911
For Six Months
• 13 00
1910
European Subscription (including postage)
7 50
1909
European Subscription six months (including postage)
.22 14s. 1908
Annual Subscription in London (including postage)
11 118. 1907
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
1906
1905
Subscription includes following Supplements

I

Month of
For the
Four Months.
April.
$63,234,111 5163,386,128
x86,899,155 206,902,393
26,402,049 171,261,251
V103,224,074 268,986,826
96,258,461
23,644,915
97,951,422
22,317,243
38,562,686 162,026,305
20,691,260 124,708,581
37,462,552 117,402,998
21,426,859 112,196,084
19,909,004
78,235,067
65,755,686
8,725,437
40,409,428
76,137,234

For the
Mcnith of
FourMonths.
April.
511,814,584 558,333,230
48,803,588
17,626,820
6,735,283
38,254,819
33,192,622
9,298,268
14,157,809
48,650,275
26,098,992
7,477,408
27,336,696
3,570,963
13,060,323
48,631,385
19,672,118
4,521,850
29,496,406
8,469,464
35,718,205
11,599,392
26,680,211
9,175,788
28,987,431
6,723,000

1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

x Includes 555.000,000 bonds issued by New York City at public sale.
BANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
y Including $70,000,000 bonds sold by New York City-565,000,000 at public
RAILWAY EARNINGS(monthly)
sale and $5,000,000 to the Sinking Fund.
STATE AND CITY (semi-annually) BASHERS' CONVENTION (yearly)

Terms of Advertising-Per Inch Space
$4 20
Transient matter per inch space(14 agate lines)
22 00
(8 times)
Two Months
29 00
Three
Standing Business Cards
50 00
ii
lonfths RR fli=
87 00
Twelve Months(52 times)
CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 73'6
LONDON OFFICE-Edwards 84 Smith,1 Drapers' Gardens,E. C.
WILLIAM B. DANA COMPANY,Publishers,
Front. Pine and Depeyster Sts., New York.

MUNICIPAL BOND SALES IN APRIL.
Disposals of long-term municipal bonds during the month
of April amounted to $63,234,111, including the $25,000,000
4% gold bonds sold by New York State on the 5th to a syndicate composed of Kuhn, Loeb & Co., William A. Read &
Co.and Kidder,Peabody & Co., on their joint bid of 104.817
-a
(a premium of $1,204,250) for "all or none" of the bonds
basis of about 3.79%. The premium paid by the bankers is
the largest for New York State bonds sine() April 1910, when
$5,000,000 4s were sold at 105.376-a basis of about 3.761%.
The April 1917 total also includes $5,000,000 3% assessment
bonds issued by New York City and purchased by the Sinking
Fund at par.
While the total sales for last month was far below the
aggregate of 6,899,155 for April 1916, it seems proper to
point out that $55,000,000 of this latter consisted of bonds
issued at public sale by New York City. In April 1914
$103,224,074 bonds were placed, but this total, too, included
a large block of bonds sold by New York City-$65,000,000
at public sale and $5,000,000 purchased by the Sinking Fund.
No public offerings of long-term bonds have been made by
New York City so far this year.
Prices received for bonds during last month were considerably below what might have been expected had conditions
throughout the country been better. The city of Albany,
N. Y., sold at par $651,000 of an issue of 1.::5,000 4s,
Bridgeport, Conn., $2,575,000 43s at 100.17; State of California $625,000 4s at 100; Central Falls, R. I., $545,000 4s
at 96.18; Chicago (Ill.) Sanitary District, $1,500,000 4s at
95.587 and $1,500,000 4s at 96.087; Galveston, Tex.,$1,693,0005s at 101; State of Idaho,$500,000 43s at 100.577; State
of Maine, $200,000 4s at 101.47; Marion County, W. Va.,
$1,175,000 5s at 100;San Diego, Calif., $682,200 5s at 104.17;
Summit County, Ohio, $1,200,000 43/2s at 100.154, and Tulare County, Calif., $1,000,000 5s at 106.70. According to
our records, over $4,000,000 of bonds were offered without
success during April. Important among these were: $1,225,000 4s of St. Paul, Minn.; 00,000 4s of Erie,Pa.; $461,000
43s of Middlesex County,N.J.; $457,000 4s of Des Moines,
Iowa;$300,000 6s of Lake Chelan (Wash.)Irrigation District,
of Barberton, Ohio.
and $250,000 4
In addition to the $63,234,111 permanent or long-term
bonds disposed of in April, $37,518,000 temporary loans were
negotiated, including $31,510,000 revenue bonds and bills
and corporate stock notes issued by New York City. The
April total is also exclusive of $300,000 Porto Rico bonds
and $2,045,521 Canadian securities, of which $1,500,000
were sold by the city of Toronto.
In the following we furnish a comparison of all the various
forms of obligations put out in April in the last five years:
1917.

1916.

1915.

1914.

1913.

Perman't loans(U.S.).63,234,111 86,899,155 26,402,049 103,224,074 23,644,915
•Temp'y loans(U.8.),37,518,000 28,215,365 19,210,613 19,477,440 53,289,709
5,600,919 15,658,750 18,177,148 24,653,751
Canadian loans (per't) 2,045,521
180,000
Bonds U.B.Posseea'ns 300,000 1,750,000
Total

103,097,632 122,465,439 61,451,412 140,878,662 101,588,375

•Includes temporary securities issued by New York City, $31,510,000 in April
1917, 523,500,000 in 1916,510,627,525 in 1915,$12,707,415 in 1914 and $50,485,235
In 1913.

The number of municipalities emitting permanent bonds
and the number of separate issues made during April 1917
were 301 and 463, respectively. This contrasts with 342 and
-and 732 for April 1916.
542 for March 1917 and with 543




In the following table we give a list of April loans to the
amount of $63,234,111, issued by 301 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given. •
APRIL BOND SALES.

Rate.
Page.
Name.
1825_ _Adams, Mass
43.
1825__Adams County. Ind.(2 issues) 4%
1722_ _Akeley, Minn
5%
5
1411 Akron, N.Y
4M
1825_ _Akron Sch. Dist., Ohio
4
1514_ _Albany, N.Y.(3 issues)
4
1514_ -Albany, N.Y.(2issues)
4
1722_Albany, N.Y

Maturity.
1918-1927
1918-1927
1918-1926

Amount. Price.
$20,000 102.382
10,080 101.816
10,000 101
19.000 103.954
125,000 100.696
186.000 *100
65,000 100
1270,000 100
1130,000 *100
40,000 102.21
4,200 101.384
80,000 103.375
10.000 105
15,000 101.25
3,600 100.027
35,000 101.071
8,000 106.33
125.000 102.38
25,000 100.36
5,800 100.689
15,000 99
4,5001 100.39

1618_ _Albuquerque 8. D., New Meac_ 5 d1927-1937
1618_ _Alexandria, Ohio (2 issues)__.. 5
1957
1722_ _AndersonCo.S.D.No.17.8o.Car 5
1932
5
1514_ _Argyle, Minn
5
1922-1926
1722_ _Ashland, Ore
5
.Ashland County, Ohio
1722.
1919-1936
5
1722_ _Asheville, No. Caro
1947
1514- _Aston Twp. Sch. Dist., Pa.... 4%
1937
5
1618-Astoria, Ore
1918-1927
1411._Barnstable County, Mass.... 4
a1923
1722--Bartholomew County,Ind__ _ _ 4
5
1825__Beaufort, So. Caro
4
1918-1926
1411_ _Belmont, Mass
1918-1922
4
7,5001
1411_ _Belmont, Mass
1937
5,000 106.15
6
1514...Belzone, Miss
1722_ -Benton & Linn Co.'s S. D.
5 d1927-1937
35,000 102.99
No. 9, Ore
155,500
1825...Binghamton, N. Y (2 issues). 43i
4
*30,000
1825-Binghamton, N. Y
*6,000
1825--Binghamton, N. Y.(2 issues). 4%
1937
32,500
1722--Bladen Co., No.Car.(2 issues) 5
1937-1940
16,000 101.718
1722__Boonville School City, Ind__ - 4
58,000 104.068
1618_ _Bourbon School Twp., Id... 4%
25,000 101.67
43.i 1923-1938
1515__Boyne City, Mich
25,000
1825.._Bradford, Ohio
48,000 104.299
..Bradley County, Tenn.(3 iss.) 5
1818.
1918-1937
5
9,500 102.66
1515_ _Bremen,Ohio
2,575,000 100.17
1722_ _ Bridgeport. Conn.(9 issues)_ _ 41.4
4
1942
14,500 *100
1825_ _Buffalo, N.Y.(2 issues)
4
1918
120,225 100
1722_ _Buffalo, N. Y.(6 issues)
10,000 104.86
1515_ _Burbank School District, Cal_ 5
1723_ _Burlington Co., N.J.(2 issues) 4%
34,000 101.507
1411_ _Burlington, N. J
1618- _Burton Township, Ohio
1515--Cabarrus County, No. Caro_ 1515_ _Cairo, Ga
1618_ _Caldwell Ind. S. D., Idaho_ _ 1723_ _California

4
5
5
5
5
4

1918-1925
1919-1943
1930-1046
d1927-1937
a1936-1985

17,700
15,300
50,000
28,000
60,000

100
103.58
105.25

625,000 100
1825_ _Calvert School District, Texas
60,000
43
105,6001 103.10
1515_ _Canton, Ohio (3 issues)
5
1515_ _Canton, Ohio (6 issues)
75,0001
4N 1918-1931
14,000 100.22
1826_ _Canisteo (V.), N Y
1723_ _Canton City Sch. Dist., Ohio- 4% 1918-1937 191,000 100
5
1918-1927
20,000 100
Minn
1619__Cass County,
4
545,000 96.18
1412_ _Central Falls, R. I
68,916 101.596
1723_ _Cerro Gordo County, Iowa... 4%
1918-1927
5
56,000 101.08
1723.._Charleston (T.), Ill
5 d1937-1947
35,500 103.118
1515_ _Charlotte County, Va
198,000 100
1619_ _Chattanooga,Tenn.(3 issues)_ 4%
1918-1937 1,500,000 95.587
1723_ _Chicago Sanitary District, Ill. 4
1918-1937 1,500,000 96.087
1723_ _Chicago Sanitary District, Ill- 4
5
1923-1937
1723_ _Churchill County, Nev
85,000 101.341
5
1937
1619...Claiborne County, Miss
40,000 103.25
5
26,000 100.845
1619_ _Ciaridon Township, Ohio
1937
5
25,000 102.56
1412_ _Clear Lake. So. Dak
4
10,000 106.66
1515__Clinton County, Ohio
4h 1918-1937 150,000 100
1826_ _Cohoes. N. Y
5
2,500 101.21
1927-1931
1826_ _Coldwater, Ohio
15,000
5 d1927-1937
1619_ _Conde, So. Dak
80,000 101.17
4% 1918-1937
-Cortland, N. Y
17235,100 100.918
1918-1926
5
1515_ -Crooksville, Ohio
15,000 104
5
1515_ _Crooksville Sch. D.,Ohio
44&5
334,000
1826__Dayton, Ohio (4 issues)
4
15,600 100.355
.Decatur County, Ind
1516.
1516_ _Defiance County, Ohio(3 iss.)- 43
85,700 100.637
a1023
4
1412_ _ Dekalb County, Ind
13,600 100,481
1723_ _Delaware County, Ind.(5 iss.) 4%
103,840 101.741
5
1619_ _ Denair Sch. Dist., Calif
28,000 102.50
4%
1723_ _Dover, Ohio
30,000 100.42
6
8,000 101.25
1619_ _Drew. Miss
5
32,000 103.016
1826...Dumont Sch. Dist., N..)
1928-1944
45,000
43
1920-1937
1619_ _Dunlap Sch. Dist., Iowa
1412_ _Durham County, No. Caro_ _ _434 1919-1936 125,000 100.32
d1922-1937
5
1516 _ _Earlington, Hy
1516_ _East Cleveland, Ohio (4 iss.)- 43
1619_ _East Cleveland, Ohio
434

15,000
358,925

101

575,000

100.086

1918-1027

10,000
31,500
23,000
84,000

100
102.631
100.869
102.30

30,900
40;500

100.745

1619--East Feliciano Par. S. D. No.
10, La
1516_ _Eaton, Ohio
1724_ _Edwards, Miss
1724...Elizabeth City, No. Caro
1619__Elkhart County,Ind.(2 iss.)-

5
5
534
5
434

1826_ _Elkhorn, Wis
1826_ _Ellis Co. Levee Impt. D.No.2,
6
Tex

1918-1936
1927-1947

15,000
1918-1947
3,000
1937
6
1826 _ _Elm City, So. Caro
434 1919-1928 200,000
1826_ _Erie Sch. Dist., Pa
45,000
6
1937
1516_ _Erwin,Tenn
24,800
4
d1927-1947
1619_ _Falls Twp.Sch. Dist.,Pa
96,000
5
1922-1926
1516_ _Farmers' Dr. D.,Iowa
60,000
534 1928-1937
1826...Flagstaff, Ariz
50,000
6
1937
1619_ _Florence, Ariz
182,500
1619_ _Fort Wayne,Ind.(2 issues)_ _ _ 4
42,500
4
1922
1724_ _Fort Wayne, Ind
63,900
a1923
1619_ _Fountain County,Ind.(7 iss.)_ 434
13,000
4
_Franklin Sch. Twp.,Ind
1516_
13,500
1937
5
1516_ _Frederick, So. Dak
161,500
5
1412_ _Fulton County, Ohio
20,000
1826_ _Fulton Sch. Dist., So. Dak
1918-1927
10,000
1826...Fulton Tvrp. S. D.No.8.Mie,h. 5
1724-Fuquay Springs Consol. S. D.,
1947
15,000
5
No.Caro
1918-1947 1,693.000
5
1826-Galveston, Tex

106
100
100
100
100
100
100.814
100.277
101.573
h101

MAY 5 1917.]

THE CHRONICLE

1823

Page.
Name.
Raid. Maturity. Amount. Price. Page.
Name.
Rate. Maturity. Amount. Price.
1516_ _German Flats (T.) Un. Fr. S.
1726_ _Sandusky, Ohio (4 issues)____ 43%
371,5001 100.706
D.No.2,N.Y
4A 1932-1952
$9,800 103.68
1726_ _Sandusky, Ohio (2 issues)
5
43,9001
1620.. _ Glenrock, Wyo.(3 issues)--- - 6
25,000 103.388 1727__San Francisco, Calif
43% 1926-1963 1,640,000
1724_ _Gloucester, Mass
4
1918-1927
30,000 100.153 1727_ _Santa Clara Co. Red. Dist.
1516_ _Grant Co.S. D.No.33, Minn_ 5
12,000 102.30
No. 1663, Calif
6
1920-1927
30,000 102.666
434 d1918-1937
1620_ _Grays Co.S. D.No.5, Wash
36,000 100
1727__Sarasota, Fla
5
1947
40,000 97.50
3
1620_ _Grays Co.S. D.No. 13, Wash.. 4% d1919-1923
5,000 100
1727_ _Scotts Bluff, Neb
5 41922-1936
32,000 100.471
1724_ _Greene County, Ohio
43% 1929-1931
29,000
1727_ _Shenandoah Ind. S. D., Iowa_ 43%
160,000 101.562
,
1724_ _Greenville S. D. Pa.(2 issues) 43%
1947
171,000 103.449 1623__Sherman, Tex
5
50,000 105.04
1724_ _Guymon S. D. Olds
6
1922-1937
57,000
1727_ _Somerville, Mass
4
1918-1927 131,0001 100.14
1413-Hancock, Minn
5
1927-1938
6,000 102.633 1727.._Somerville, Mass
4
1918-1922
5,000j
1620_ _Hancock Co., Ind
4
a1923
5,000 101
1520_ _So. San Joaquin Irr. D., Calif_ 5
1943
114,500 97.80
1516.. _Hardin County, Ohio
43%
30,000 100.775 1727_ _South Stillwater, Minn
51922-1931
5,000 101.92
1516 ..HardinCounty, Ohio
5
9,720 100.733 1520_ _Spartanburg So. Caro
1937
43%
15,000 100.315
1517_ _Hartley, Iowa
5 d1927-1937
7,000 100.357 1829__Spokane S. D. No.81, Wash
43% d1927-1937 260,000 h100.575
__Hemingford, Neb
9,000
1520....Springfield, Ohio (2 issues)..... __
*18,162
1724_ _Henry County,Ind
4
a1922
10,800 100.50
1727__Starkville, Miss.(2 issues)____ 53%
1937
27,500 101.818
1724_ _Henry County, Ohio
5
5,820 100
1520_ _Statesboro, Ga. (2 issues)..__.. 5
60,000 104.333
1517 _Hickory, No. Caro
1927
5
11,000 1*101.113 1415_ _Steubenville, Ohio
5
11,500 103.313
1517_ _Highland Sch. Twp.,Ind
8,000 102.20
43%
1829__Struthers VII. S. D. Obio_
5
15,000 102.60
1724__Hillsboro Sch. Dist., Tex
33,000
1520__Sullivan County,Ind. issues) 43%
(7
86,070 102.87
-Hinds County, Miss
1620.
5
15,000
1624__Summit County, Ohio
43%
68,000 100
1724__Howard County, Ind
01923
3,600 100.555 1520_ _Sumter, So. Caro
43%
5
1918-1937
75,000 102.125
1620....Huron County, Ohio (2 issues) 5
106,550
1727_ _Summit County, Ohio
43%
1,200,000 100.154
1724_ _ Hutchinson S. D., Kama
43% 1918-1947 128,000 101.171 1520__Sunflower Sep. S. D., Miss..- 53%
1937
10,000 100.75
1620....Idaho, State of
43% d1927-1937 500,000 100.577 1829__Tarrytown N Y
4.30
26,000 100.28
1517_ _Indianapolis,Ind
72,000 101.043 1624_ _Thomasville, Ga
4
5
1947
8,000 7*100
1937
1620_ _Iowa City Ind. S. D.,Iowa..- 43%
50,000 102.08
1520.._Tippecanoe County, Ind
4
a1923
8,400 100.095
01923
1724...Jasper County,Ind.(7 issues)_ 43%
45,800
1727_ _Tiipecanoe School Twp.,Ind
5
22,000 7*104.386
1827 Jasper County, Ind
4,755
5
1520....Trenton School District, Mo... 43% 41927-1937
65,000 101.473
1517__Jeanette, Pa
30,000
43%
1727_ Troy, Ohio
43%
29,000 100.034
1724_Jefferson County,Ind.(2188.).. 43%
31,540
1520_ Tulare County, Calif
5
1,000,000 106.70
1620__Johnson County, Ind
4
15,600 100
1624_ Union (T.), N T.(2 issues)
43%
77,000 101.543
4
1620....Johnson County, Ind
15,400 100.032 1624_ Union Twp , N. J
43%
1918
275,000
1620....Johnstown,Pa.(2 issues)
4
1927
75,000 100.19
1624_ Utica. Ohio
issues)
5
11.775 103.033
1620_ _Kenosha County, Wisc
43% 1918-1927
45,000 100.731 1415.. Uxbridge, Mass
4
1918-1927
20,000 100.458
1413_ _Kingsbury (T.) Un. Fr. S. D.
1830_ _Valley Co. S. D. No.4, Mont.. 6 41922-1937
15,000 102.50
No. 1, N. Y.(2 issues)
43%
148,000 102.601 1520__Van Buren Bch TWp ,Ind_
43%
31.000 103.87
1725_ _Kingston, Ohio
5
1918-1927
4,605 102.171 1520_ _Vanderburgh Co., Ind
4
7,200 103.105
1725.....Klickitat Co. S. D., Wash_ _ _ 5 d1918-1937
2,500 100
1624_ _Ventnor City, N.3
1919-1935
50,000 100.955
1621_ -La Grange, Ore
6
.1918-1927
13,644
1520_ _Vermilion, Ohio
5
1920-1931
12,000 102.75
1413_ _Lakewood, Ohio (6 issues)---- 5
47,645 102.644 1727_ _Vermilion VII. Sch. D., Ohio.... 5
a1923
8,000 101.825
__Lakewood, Ohio (6 issues)_ __ _ 5
57,405 100
1727__Violet Twp.Sch. Dist., Ohio 5
1918-1925
16,000 100.705
1517__Lancaster City S. D,Pa
4
1947
65,000 102.266 1624._ _Wabash Sch. City,Ind
4
1924-1927
20,000 100
1827....Lancaster County, Neb
5
1918-1927
59,260 1*100
1727_ _Waco, Texas (3 issues)
5
*85,000
1827 ..Lawrence County, Ind
01923
43%
9,500 100.924 1727_ Wadena,Minn.(2 issues)
5
18,500 102.783
1621_ _Lawrence County, Ark
120,000 101.40
1727_ _Wake Forest S. D., No. Caro.... 5
1947
25,000 102.58
1827_ _Lebanon, Ky
4 d19304937
40,000 100
1521_ Washington Sch Twp ,Ind
43%
28,000 104.581
1621__Lexington, Ky
1922-1943 130,000 *100
4
1727_ Watertown, Mass (3 issues).. 4
56,500 100.24
1725_ _Licking Sch. Twp., Ind
6,000 101.576 1830_ _Waterloo (V.). N Y
43%
22,000
1413.._Lima, Ohio (2 Issues)
*36,500
1416_ Waukesha, Wise
4
220,000
1621__Lorain, Ohio (2 issues)
70,000
1521_ Wauseon, Ohio
5
25,000 103.932
1621_ -Lorain Sch. Dist .Pa
20,000
1521_ Waveland,Miss
6
1918-1934
25,000 101
1827...Lore City Sch. Dist., Ohio-- 5
11,000 102.34
1727_ Waverly, Ohio
43%
9,500 100
1827.._Lowell, Mass.(4 iss)
107,000 100
ues
4
1728_ Wellston T . Okla
6
1942
12.000
1725_ _Lower Merlon Twp.S. D ,Pa_ 4
1922-1946
90,000 100.47
1728_ _West Park, Ohio(4 issues)__....
79,544 105.806
1621_ _Lyon Co. Ind. S.D.NoS.
25,000 101.648 1830_ _WhitmanCo.S.D.No.1,Wash.. 5
1937
'Minn 43%
10.500 100
1413_ _Madison Twp. S. D. Ohio--- 53%
8,500 103.352 1831_WhitmanCo.S.D.No.82,Wash. 43% a1922-1937
43% a1922-1937
12,000 100
149,000
1621_ _ Mahoning Co.,Ohio(3 issues).
1728_ _Wilkinson County, Miss
5
1922-1941
50,000 102.26
4 d19274937 500,000 102
1725._Maine, State of
1417_ Williams County, Ohio
43%
119,000 100.695
1937-1946 200,000 101.47
4
1725_Maine. State of
1624 _Winchester,
24,000 100.534
4
1517__Malden, Mass
108,000 100.659 1624_ _Wolf Point, Mass (3 issues). 4
Mont
1928-1937
17,000 100.588
1725__Mamaroneck (V.), N Y
4.40
8,850 100.084 1831_ _Wood County, Ohio (3 Issues).. 6
5
150,000 100.63
4
1621_..Mansfield, Ohio
35,000 100.518 1624__Wooster, Ohio (3 issues)
5
4,574 100.448
Ohio
4
1918-1942
75,000 100
1728_ _Wooster, Ohio
30,600
1517.. _Marion do., Ind.(2 issues)- _ .. 4
99,300
1624.._Worcester, Mass.(4 Issues)...... 4
1918-1927 255,000 100.669
1517...Marion Co.. Ind.(2 issues)...... 43%
38,500
1522_ _Yeadon Sch. Dist., Pa
43%
1947
65,000 105.718
725_ _Marion eo., W.Va.(3 issues). 5
1,175,000 100
1624__Youngstown, Ohio
43%
225,000 102.168
1725-Marion Sch. Twp. Ind
43% 1918-1932
31,350 101.993 1624- _Youngstown, Ohio
5
57,235
1518__Marshall Co.,Ind;(2 issues).- 4
a1923
18,000 102.872
1518...Marshall Sch. Twp Ind
4
20,000 102.904
Total bond sales for April 1917 (301 municipalities,
1725__Mason City Ind.S. D.,Iowa 43%
1937
38,000 102.368
covering 463 separate issues)
1463.234,111
1827....Massachusetts, State of
33% 1918-1922 500,000
a
.
1725_ Maumee, Ohio (2 issues)
5
1918-1922
4,621 100.246 yearAverage date of maturity. d Subject to call In and after the earlier
1518__Maysville Sch. Dist.. Mo.
and mature in the later year. k Not including 337,518,18 of tem43% 1918-1937
,
35,000 101.142 porary loans reported,
1827.. _Melrose, Mass. (3 issues)
and which do not belong in the list. * Taken by
4
25,000 100.53
1518_Melrose S. D.No. 12, N.Mex_ 5 d1927-1947
sinking fund as an investment. h And other considerations.
26,000 1*100.35
1518_ _Memphis City Schools, Tenn.. 43% 1923-1935 325,000 100.34
REVISED TOTALS FOR PREVIOUS MONTHS.
1725...Mention, Ohio
5
1926-1929
2,000
1518__Miami County,Ind.(4 issues).
The following items, included in our totals for previous
24,229 101.91
1621_ _Michigan City Sch. City, Ind- 4
40,000 102.017 months, should be eliminated from the same.
1725-Miller County, Ark
We give the
5
177,000
1518_ _Minnesota, State of
43% 1926-1928 125,000 100.012 page number of the issue of our paper in which the reasons
1518_Missouri Valley Ind. S. D.,Ia- 5
43%
1937
4 :000 10 . 5 for these eliminations may be found.
2 00
0 0
.4
3 27
2 8
1725....Moffat County, Colo
d1929-37
1
7
1725.._ Monroe County, Ind
4A
Name.
Amount.
8,500 102.529 Page.
1518_ _Monroe County, Miss
5A
1826_ _Detroit, Mich. (February list)
50,000 1*104.54
31,066,000
1828 __Montgomery Co., Ind.(2 iss.) 4
46,300 101.097 1830_ _Warmsprings Irrigation Dist., Ore.(January list)
750,000
1725_ _Montgomery County, Ohio..... 4
1828_ _Perry County, Ohio (January list)
1918-1921
1,200 100
60,000
1725__Mosquito Creek Dr. D.,Iowa.. 5
11,000 100
learned of the following additional sales for
We have also
,
1726-MountPleasant Vii.S.D. Ohio 5
50,000 104.07
1518...Mount Vernon, Ohio
5
previous months:
6,500 101.453
1518_ _Muskegon Hts. S. D. 1, Mich_ 4
1918-1927
10,000 100.175 Page.
Name.
Rate.
Maturity. Amount. Price.
1518_ _Napoleon, Ohio (4 issues).- 5 4 1918-1927
25,163 103.285 1825_ _Astoria H.S. D.No. 187,
5
1935
319,000 102.631
1726.._Nashville, Tenn
5
100,000 103.111 1827_ _Hamtranick S. D. No.8,1ich.
5
1828....Neenah, Wis
1920-1924
5,000 103.568
(Feb.)
43%
1932
150.000
726_ New Bedford, Maas.(3 issues) 4
200,000 100
1726_ _Pierce County, Wash
500,000
4
1622....New Haven, Conn
1942
110,000 101.60
1828.._Pointe Coupee Parish, La_
5
1918-1947
90,000
1828_ -New Kensington S. D., Pa..... 43%
20,000
1829_ _Stamburgh Sch. District,Mich. 43%
100,000 100
1828....Now York City
3
5,000,000
1829_ _Struthers S. D , Ohio (Feb.)_ 5
1920-1934
15,000
1414_ _New York State
4
1967 25,000,000 104.817
1518_ _Noble County, Ind
4%
All the above sales (except as indicated) are for March.
10,000 103.70
1828_ _Noble County, Ind.(3 iss.)- -- 43%
100.588 These additional March issues will make the total sales (not
1828_ _North Arlington S. D., N. J-- 43% 1922-1946 124,900 101.55
25,000
1828...Nortn Carolina (State of)_ ..-- 4
including temporary loans) for that month $36,446,036.
1923-1927 600,000
1622_ _Norwich Two., Ohio
5
50,000 101.486
BONDS OF UNITED STATES POSSESSIONS.
1828__Oakwood, Mich
6
1918-1922 198,000
1828....0kmulgee County, Okla
,
Name.
Page.
Rate. Maturity. Amount. Price.
125,000
1518__Orange County, Ind
4
4%
1918-1927 3300.000 99.30
al923
7,120 101.573 1617_ _Porto Rico
1726_0regon, State of
4
250,000 100
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
1622-Oskaloosa Ind. S. D., Iowa...._ 43% 1927-1937 120,000 101.521
APRIL.
1720...Palmyra Two., Ohio.
5
4,000 102.945 Page.
Name.
Rate. Maturity. Amount. Price.
1828_Paris Twp. Rural S. D., Ohio_ 5
_
al923
14,000
1728_Alberta Sch. Dists.(10 issues). 63E7 1918-1927 311,140
1519_POAS Christian, Miss.(2 issues) 5
60,000 1*100.167 1625_ _Chatham, Ont
53% 1918-1947
45,0001 100.10
4
1726.- Paterson, N. J
1918-1926
45,000 *100
1625.._Chatham, Ont
53% 1918-1927
26,0001
1828_Perry County, Ohio
60,000 100
1625__Cochrane, Ont
10,000
_Perry Twp..... D., Ohio
1828_
5
60,000 101.591 1728_ _Ethelbert Sch
Man_
6
1937
12,000
1622_ _Pima Co. S. D. No. 1, Ariz_ _ _ 5
1937
150,000 101.25
1522_ _Lincoln County, Ont
Dist.'
5
1927
16,000 96.63
1828_ _PineCo.Ind.Cons.S.D.71Minn. 5
1932
7,500 101.433 1625__Longueuil, Quo
5
1927
100,000
1622....Pioneer, Ohio
6
1918-1923
3,600 102.55
1625...Manitoba Sch. Diets.(4 issues) 7
6.450
5 d1927-1957
1726_ _Plainview,Tex
40,000 100.617 1522_ _Massey,Ont
6
1918-1932
1.500
1414_ _Pocahontas County, Iowa _ .. _ - 43% 1921-1927
60,000 100.75
1728_ _No. Vancouver (Dist.of), B.C. 6
1947
95,000
5
1519_ _Ponca City, Okla
20,000
1625....Peterborough, Ont
5
60,000 94.70
1622_ _Pontiac Sch. Dist., Mich
4%
1932
60,000 101.841 1831_ _St. Francois Xavier S. D.,Man. 6
1918-1937
4.000 100
1726_ _Porter County, Ind
4%
al923
15,500 101.096 1625....Saskatchewan S. D's(14 issues)
25,300
,H
4
1726_ _Portsmouth N
1922-1932
65,000 100.27
1831_ _Saskatchewan,Prov. of(6 is.s.)
12,700
1519...Posey County, Ind.(2 Lssues)- 43%
1923
15,840 103.012 1625_ _Sault Ste.Marie,Ont.(5 issues) 53%
63,200 95.83
1726- _Pottawattomie County, Iowa_ 4
268,500 101.778 1728_ _Smith's Falls, Ont
53% 1937&1947
21.379
4 41927-1937
1828_Powell County, Mont
60,000 100
1522_ _Stockton Consol.S. D., Man_ _ 63% 1918-1932
12,000
1623_ _Putnam Co., Ind.(6 issues)- 4
a1923
61,500 102.08
1728.._Toronto, Ont
43%
1953
1,500,000
623- _ Queen City Sch. Dist., Mo
43% d1927-1937
9,000
1625_ _York Township, Ont
53%
23,852 99.57
4X
-_
1623_ _Ramsey County, Minn
115,000 100
1623._ Randolph County, Ind
43% - a1923 -6,600 102.045
Total debentures sold in April
32,045,521
4
1829...Rhode Island, State of
1967
175,000 102.87
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
1726_ _Riceville,Iowa
6,000
43% 1918-1927 100,000 101.092
1415._ Richmond County Oa
,
Name.
Rate.
Maturity. Amount. Price.
1519_..Rockledge School District, Pa- 43%
Vancouver (C.), B.
19,000
1829..Rome N Y
4
.
1918-1921
(2 issues)
38,948 100
5 1963 & 1965 $73.000 $78.20
4%
1726_ _Rush County, Ind
6,800 102.426 1831_ _North Vancouver (C.), B. C.._ 6
1945
47,440 95.14
1829_ _Rye Un. Fr. S. D.No.4, N.Y_ 4A 1919-1932
10 7
4
14,000 101
All the above sales of debentures (except as indicated) took
1720...8t. Bernard, Ohio (4 issues)__ 4
92,000 100.217
1726_ _St. Joseph County. Ind
a1922
place in March. These additional March sales make the
27,500
1519_ _Sand Creek Sch. Twp.,Ind_ _ 12,000 103.75
total sales of debentures for that month, $152,465,274, in..
1623._ _Sandersville, Oa
5
1947
20,000 107.05
1726...San Diego, Calif
5
eluding the $150,000,000 Dominion Government loan.
682,200 104.17




_North

THE CHRONICLE

1824

[VoL. 104.

Assembly providing for a direct State tax in 1918 of 1.08
this will yield a revenue of $12,mills.
In- 843,380It is estimated that revenues from indirect taxation.
Argentina.—Government Raises Loan to Pay Last
to supplement the
in our The proceeds of the direct tax will pay the interest and amorstallment of One Year Notes.—See reference this week
editorial columns.
tization charges on the funded debt. New York City's proDallas, Tex.—Charter Amendment Election Upheld.— portion of the direct tax will be, it is said, around $9,000,000.
According to local papers the validity of the election held There was no direct tax imposed this year, but in 1916 it was
April 4 1916, involving a number of city charter changes, 1.7 mills. The total amount levied then was $20,000,000,
including the provisions under which the public utility fran- of which New York City was compelled to pay $13,975,000.
chises were voted April 3 of this year, was upheld in the Fifth
It is figured by Legislative leaders that with the direct
Court of Civil Appeals in a decision handed down on April 29. tax, nearly $94,000,000 will be available to meet estimated
The opinion affirmed the decision of Judges E. B. Muse, expenditures of 0,000,000 provided for in the budget, makKenneth Force and W. F. Whitehurst, sitting en bane, in ing a surplus of $14,000,000. The revenues anticipated are:
deciding against the election contest filed in the District Indirect taxation, $52,000,000; direct tax, $12,843,380;
Court. Under the special provisions enacted to prevent excise surtax, auto tax and minor revenues, $5,000,000; 3%
delays in the results of elections becoming effective, no writ tax on the net income of manufacturing and mercantile corof error can be taken to the Supreme Court. The contest- porations, $24,000,000; totaling $93,843,380.
ants may still file an application for a rehearing in the Court
Senate Passes Measure Proposing a State Tax on Net Inof Appeals, which, it is said, will likely be done.
comes of Manufacturing and Mercantile Corporations.—The
Two legal points were involved. One was whether it was Senate on April 27 by a vote of 37 to 6 passed the bill intronecessary for the measures voted upon to carry by a majority duced by Senator Mills, discussed in our editorial columns
of the voting strength of the city, a majority of the total last week and also referred to in this Department, imposing
vote cast at the election or a majority of those actually an annual tax of 3% upon the net income of manufacturing
voting on each proposition. The court held a majority of and mercantile corporations.
those actually voting on each proposition was sufficient.
Proposed Amendment to Inheritance Tax Law.—Reference
The other point was whether the printing of franchises on to this was given in our editorial columns last week.
the ballot. The
the ballot for a "straw vote" invalidated
Ohio.—Legislature Approves Appropriation for War Purcourt held that it did not.
Nine propositions were voted upon at the April 1916 poses.—The 1917 Legislature, recently adjourned, passed a
election. One of these provided for an increase in the bill appropriating the sum of $250,000 from any moneys in
general bonded indebtedness of the city from $8,000,000 to the general revenue fund not heretofore appropriated for
$9,000,000, but this was defeated by a vote of 5,900 to 6,306. the use of the Ohio National Guard in case of war.
The other propositions which carried were:
Pennsylvania.—House Defeats Proposed Suffrage AmendCharter amendments permitting the issuance of indeterminate franchises ment.—A proposed amendment to the constitution granting
supervision and rate fixing.
with municipal
Amending provisions relating to street paving, permitting the city to equal suffrage to women was defeated in the lower branch of
assess the entire cost of paving against abutting property and pay for the the Legislature on April 17, lacking three votes, it is said, of
Intersections.
the number necessary to pass it. The vote was 101 to 94.
Permitting pensions for the police and fire departments.
Increasing the park bond limit from $500,000 to $750,000.
Porto Rico.—Legislature Adjourns.—The Legislature, it
Authorizing limitation of business districts.
Providing a change in the method of naming the City Auditor.
is stated, has adjourned after passing, among other bills,
Permitting segregation of races and changing saloon limits, thus taking
three measures of preparedness. A food commission with
liquor from the State Fair Grounds.
A decision against the city would have removed, it is said, broad powers has been established, it is said, and the creation
the authority under which the public utility franchises were of a Porto Rican militia provided for. The third measure
voted at the election in 1916, and thus have made them void. is in the form of a resolution requesting the Congress of the
For particulars of the election held on April 3 1917 see our United States to suspend the coastwise shipping laws so that
foreign vessels may engage in trade between the United States
issue of April 14, page 1516.
Florida.—Senate Favors Equal Suffrage.—A joint resolu- and Porto Rico during the war.
Racine, Wisc.—City to Purchase Local Water Co.—Bonds
tion was passed by the Senate on April 23,23 to 7, providing
for the submission to the voters at the general election in to be Issued.—E. R. Burgess, City Attorney, writes us as
1918 of a proposed amendment to the constitution granting follows concerning the proposed purchase by the city of the
plant of the Racine Water Co. at the price of $1,015,000, as
equal suffrage to women.
Galveston, Tex.—Bonds Legal for Postal Savings Bank fixed by the Railroad Rate Commission. Bonds amounting
Deposits.—Bolger, Mosser & Willaman, of Chicago and De- to $1,020,000 will be issued for this purpose.
Racine,
troit, have, it is said, secured the approval of the U. S. Gov- William B.Dana Company, New York City, N. Wis., May 2 1917.
ernment, whereby the City of Galveston bonds are legal for
Dear Sirs.—The Railroad Rate Commission fixed the price to be paid by
at $1,015,000.
postal savings banks deposits at 90% of their par value. The the city for the Racine Water Company's plantthat the suppliesThis was
on hand
exclusive of supplies on hand. It is estimated
firm is now offering $325,000 (of an issue of $1,693,000) will be of a value of something less than $5,000 and we are, therefore,
of $1,020,000. The ordinance on these
4
5% serial bonds of this city to net 4% to 43 %. Particu- Issuing bonds to the amountreading before the Common Council lastbonds
evensecond
received its
lars of these bonds are given on a subsequent page of this ing and willfirst and be adopted on the 15th day of May. The city will
probably
then wait thirty days before offering the bonds for sale.
department.
Respectfully yours,
(Signed) E. R. BURGESS.
Lamesa, Dawson County, Tex.—Commission Form of
Government Adopted.—Reports state that the election held
Rhode Island.—Savings Bank Investment Law Amended.—
April 3 resulted in favor of the question of establishing the The 1917 Legislature passed an Act amending Clause 5,
commission form of government.
Section 1 of Chapter 232 of the General Laws in regard to
Mississippi.—State Supreme Court Upholds Initiative and public service securities eligible for investment by savings
has banks in Rhode Island by adding a new section, to be known
Referendum Amendment.—The State Supreme Court
declared, it is stated, through a majority of its members that as paragraph "k" and providing for the investment, in
the initiative and referendum to the State Constitution passed addition to the securities already prescribed,in the following
by the Legislature in 1914 and adopted by the voters at the obligations: A digest of the law regulating the investments
general election on Nov. 3 1914, together with eight other for savings banks in Rhode Island will be found on pages
amendments (V. 100, p. 1017), was properly phrased, 30, 31 and 32 of our "State and City Section" for May 27,
properly submitted and ultimately legally adopted by the 1916:
(k) Notes, warrants and obligations, running for a period of not exceedvoters of the State.
years from date of issue, of any electric railroad, street railway, gas
New Hampshire.—Legislature Provides for Issuance of ing ten
and electric light or power company such as is described in paragraph (b) of
this clause, and which has earned and paid dividends at the rate of not less
$1,000,000 War Emergency Bonds.—The recent session of the than 4% per annum on all its outstanding stock for a term of not less than
Legislature authorized the issuance of bonds for war purposes, five years next prior to the date of issue; and in the notes, warrants and
obligations, running for a period of not exceeding ten years from date of
not exceeding $1,000,000.
issue, of any such corporation which arc secured by the deposit of colNew Mexico.—Special Session of Legislature.—The Legis- lateral security having value in excess of the amount loaned of nor less than
lature of this State was called in special session on May 1 by
acts and parts of acts inconsistent herewith are hereby reSec.
Governor Lindsey. The purpose of the session, it is said, is pealed,2. All act shall take effect upon its passage.
and this
to provide for New Mexico's defense and to assist tho United
Appropriation for War Purposes.—The General Assembly
States in the prosecution of the war. Provide for and regu- of 1917 provided for an appropriation for war purposes under
late the production, conservation, distribution and market- the approval and direction of the Governor, of $150,000.
ing of foods, and enact such laws as will provide the necesSeattle, Wash.—Legality of Bonds Upheld.—The State
sary resources to meet expenses arising out of the emergenSupreme Court on April 11 upheld the legality of the $390,000
cies of the war.
construction bonds and the $60,000
New York City.—Teachers' Pension Measure Signed by steam-electric nplant authorized by the City Council in
bonds
Governor Whitman.—Governor Whitman on May 1 signed the water-extensio issue having been awarded to Morris Bros.,
1916, the latter
Lockwood-Ellenbogen bill referred to in these columns on Inc., of Portland.—V. 103, p. 2261 and V. 104, p. 89.
April 14 (page 1513), providing for a readjustment of the
attack on the two issues was, it is
The
teachers' pension system of this city and the re-establish- stated,principal ground of been submitted to the voters for
had not
that
ment of the pension fund. In approving the bill the Governor ratification. they
said:
This bill now before me was framed by the Mayor's Commission on PenTaylor County (P. 0. Campbellsville), Ky.—U. S. Susions, and has been approved by the Mayor of the City of Now York. It
Hearing Concerning Paywas unanimously approved by the Board of Education. It is constructed preme Court Grants County Officials a
on a sound actuarial basis, approved by life insurance actuaries, and by the ment of Old Debt.—It is stated in the Louisville "Herald" that
Superintendent of Insurance of the State. It is based on a system of equal
the payment of refunding
contributions by the city and by the employees, which is generally recog- the county officials who are fighting
nized the world over as equitable to both interests.
railroad bonds put out more than thirty years ago have sucNew York State.—Direct State Tax Measure Introduced ceeded in getting the U. S. $upremo Court to allow them a
in Assembly.—On April 30 a measure was introduced in the chance to show cause why the bonds should not be paid. A

News Items.




MAY 5 1917.]

THE CHRONICLE

1825

writ of certiorari transferring the case from the Kentucky
courts to the U.S. Supreme Court was received on March 29.
Bond Proposals and Negotiations thisweek
In May 1916 Judge Walter Evans of the U. S. District have been as follows:
Court granted an extension of a writ of mandamus issued
ADAMS, Berkshire County, Mass.
-BOND SALE.
-On April 27 an
several years ago in favor of representatives of holders of issue of $20,000 4 % 1-10-yr. serial coupon street-construction bonds was
awarded to the Natick Five Cent Says.
Bank at 102.382 and int. The
about $25,000 of these bonds.
-V.102, p. 2095.
other bidders were:
Geo. A. Fernald & Co
102.04 IS. N. Bond & Co
United States.
-$7,000,000,000 Loan.
101.31
-See pages 1649 F. C. Peach
101.79 ICurtis&Sanger
101.17
to 1651, inclusive, of last week's issue of our paper for full Arthur Perry & Co
101.73 iBlodget & Co
101.089
Harris, Forbes & Co
101.54 IMerrTll Oldham & Co
text of bill authorizing the issuance of the $5,000,000,000
100.76
Denom.$1,000. Date
1 1917. Prin. and
of long-term bonds and $2,000,000,000 certificates of in- -payable at Old Colony MayCo., Boston, Due semi-ann.int.-M.& N.
Tr.
$2,000 yearly on May 1
debtedness, the latter to be redeemed at the expiration of from 1918 to 1927, incl.
ADAMS COUNTY (P. 0. Council),
one-year. Reference was also made on page 1651 to the The propositio
Idaho.
-BOND ELECTION.
n to
$100,000 coupon
success of the first offering of treasury certificates author- at not exceeding 6%issue will be submitted road and bridge-constr. bonds
int.
to a
$1,000. Date July 1 1917. Int. J. & J. Due vote on May 12. Denom.
ized in the $7,000,000,000 war finance bill.
1927 to 1936, incl. C. H. Holmes is Clerk of $10,000 yearly May 1 from
Bd. of Co. Commrs.
Loan to Great Britain.
-Full particulars of this loan, which
ADAMS COUNTY(P.O. Decatur), Ind.
-BOND SALE.
-On April 30
was for $200,000,000, were also reported by us last week, the two Issues of4M % highway bonds aggregating
-we awarded to the Old Adams County Bank $10,080-V. 101, p. 1722
pages 1651 and 1652.
for $10,263 27
-equal to
101. re816
Postal Savings System Regulations Amended in Regard to
AKRON SCHOOL DISTRICT (P. 0. Akron),
Summit County,
Municipal Bonds, Farm Loan Bonds and Interest-Bearing Ohio.
-BOND SALE.
-R. M.Grant & Co., of Chicago, were awarded, at
100.696, on April 12,
Certificates of Indebtedness of the U. S. Government.
-See offered on that day. the $125,000 4%% I-9-year serial school bonds
-V. 104, p. 1308.
references in our editorial columns of last week's issue,
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
page 1660.
Additional information is at hand relative to the -BOND OFFERING.
May 14 of
$2,400 4% Geo. W.Miller et at road-impt. bonds offering on Twp.-V. the
-Special Session of Legislature.
in Monroe
West Virginia..
-Gover- p. 1722. Bids for these bonds will be received until 10 a. m. on that 104.
day
by Wm. F. Ranke, Co. Treas. Denom. $120. Date
nor Cornwell has issued a proclamation calling the
May
Int.
ture in special session May 14 for the considerationLegisla- M & N. Due $120 each six months from May 15 1918 to 15 1917. 1927.
Nov. 15
of war
measures, questions arising from the Virginia-West
ANDERS
ginia debt suit, legalizing of the transfer of more than Vir- Anderson),ON-COTTONWOOD IRRIGATION DISTRICT (P. 0.
-BOND ELECTIO -An election
200 will be held Shasta County, Calif.
acres of land in the city of Charleston to the Federal Gov- irrigation May 11, it is stated, to vote on the question ofN.
issuing
system impt. bonds. A similar issue of bonds was voted $575,000
ernment for an armor plate plant and the passage of approMar. 12.
ASTORIA HIGH SCHOOL DISTRICT NO. 187 (P.
priation bills that failed through deadlock in the regular Fulton County, Ills.
0. Astoria),
-BOND SALE.
-An issue of $19,000 5% school
session and the recent special session. Included in the war bonds was awarded to Elston & Co. of Chicago on Mar.? for $19,500,equal
to 102.631. Denom. $500. Date Apr. 1
1917. Int. ann. on April 1.
measures to be taken up at the special session are:
Due Apr. 1 1935.
Appropriation of State money for extraordinary expenses
ATHENS, Athens County, Ohio.
-BOND OFFERING.
-Proposals
that may be incurred in assisting the Federal Government will be received until 12 m. May 26 by C. W. Gross, City Aud.,for $5,500
fire-ap
in the prosecution of the war, enlargement of the ,powers 5% & S. paratus bonds. Denom. $550. Date Mar. 1 1917. Int..
.
M.
Due $550 yrly. on Sept. 1 from 1918 to 1927 incl. Cert. check
of State officials to enable them to deal with emergencies for $150, payable to the City Treas., required. Bonds
.
and
arising from the war and the granting of power to the re- paid for within 10 days from time of award. Purchaser to be delivered int.
to pay accrued
ATTALLA, Etowah County Ala.
cently appointed State Council of Defense.
-BONDS VOTED.
-The election

Bond Calls and Redemptions.
Denver, Colo.
-Bond Call.
-The following bonds have
been called for payment at the City Treasurer's office
on
April 30:
Storm Sewer Bonds.
Sub-Dist. No. 6, North Denver Storm Sewer Dist.
No. 1, bond No. 11.
Washington Park, Storm Sewer Dist., bond No.
136.
Sanitary Sewer Bonds.
Elyria Special Sanitary Sewer Dist, bond No.
6.
West and South Side Sanitary Sewer Dist., bonds
Sub-Dist. No.10, West and South Side SanitaryS Nos. 318 to 322 incl.
ewer
Sub-Dist. No. ii.West and South Side Sanitary Sewer Dist., bond No.22.
Dist.,
Part "A" Sub-Dist. No. 14, West and South Side Sanitary bond No.13.
Sewer Dist..
bond No. 31.
Part "A" Sub-Dist. No. 18, West and South Side Sanitary
Sewer Dist,
bond No. 6.
Improvement Bonds.
Arlington Park Improvement Dist., bond
No.
Capitol Hill Improvement Dist. No. 6, bond 80.
No.
East Denver Improvement Dist. No. 5, bond 59.
No. 91.
East Side Improvement Dist. No. 2, bonds
East Side Improvement Dist. No. 3, bond Nos. 93 and 94.
No. 13.
East Side Improvement Dist. No. 4. bond
Montclair Parkway Suburban ImprovementNo. 14.
North Side Improvement Dist. No. 7, bondDist. No. 1, bond No.69.
No. 15.
North Side Improvement Dist. No. 15,
North Side Improvement Dist. No. 20, bond No. 29.
bond
North Side Improvement Dist. No. 23, bonds No. 15.
Nos. 24 to 26 inclusive.
South Broadway Improvement Dist. No.
South Denver Improvement Dist. No. 4, 2, bond No. 137.
bond No. 80.
South Denver Improvement Dist. No. 11,
bond No. 19.
Paving Bonds.
Alley Paving Dist. No. 22, bond No. 20.
Broadway Paving Dist. No. 4, bond No. 41.
West Denver Paving Dist. No. 1, bond No. 30.
Surfacing Bonds.
Surfacing Dist. No. 4, bond No. 24.
Park Bonds.
East Denver Park Dist., bonds Nos. 886 to
905 inclusive.

Galveston, Tex,
-Bond Call.'Attention is called
the official advertisement, on a subsequent page of to
today's issue, of the calling for payment on June 1
at the
office of the City Treasurer in Galveston or at the National
City Bank, N. Y., of certain bonds, known as "Galveston
40-year Limited Debt Bonds."
Nashville, Tenn.
-Bond Call.--Whitaker & Co., of St.
Louis in their Ruotation pamphlet, dated April 16, report
that this city will pay par and accrued interest for any of
Y
2
its 4% Waterworks Bonds, due July 1 1918; its 4% Funding Bonds, due July 1 1918, and its Viaduct Bonds (4%),
due Oct. 1 1918.
Spokane, Wash.
-Bond Call.
-The following special
improvement bonds have been called for payment at the
City
Treasurer's office:
TO DE PAID MAY 1 1917.
Name and
Up to and Name and
Up to and
Up to and
District No. Including Name and
District No. Including
District No. Including
Water Main.
Grade.
Sewer.
3 Washington St., W92. 3 Alley, 995
Gardner Ave., 961
3
Ivory St., 91
33 Olympia St., W98
3 Grand St., 431
5
Pacific Ave., 238
57
Condemnation.
27th Ave., 826
12
Arthur St., 1
21 25th Ave., 1071
4
TO BE PAID MAY 15 1917.
Name and
Name and
U
Up to an Name and
Up to ang
District No. including
District No. including
District No.
includind
Grade (Cond.)
Pave.
Water Main
Olive Ave.,
67927Normandie St., (Cosa.)
87 Lacy Street, 509
W97_ _ _ 3
Grade.
Marietta Ave.,593
4 Washington St., W100._ 3
Ash Street, 523
32 20th Ave., 277
31
Sewer,
Cedar Street, 399
Water Main.
13
McClellan Street, 594.. 8
Freya Street, 907
19 Atlantic Street, W94...... 3 Third Ward, 4
38
Howard Street, W96--. 4




held April 12 resulted, ills stated, favor of the question of
street and school bonds (V. 104, p. 1176). The vote was issuing $11,000
58 to 0.
BABYLON (Town), Suffolk County, N. Y.
Proposals will be received until 1:30 p. m. May-BOND OFFERING.
16 by Ellis A. Taylor,
Town Clerk, for $35,000 of the $245,000 town-hall bonds voted
April 3
(V. 104, p. 1411). Denom. $3,500. Interest rate not to exceed
Due $3,500 yearly beginning within one year from date. Bonded 5%.
debt
May 2 1917, this issue; assessed valuation 1916, $7,164,229; tax
rate per
$1,000, $15 10.
BEAUFORT, Beaufort County, So. Caro.
-BOND SALE.
-On
April 25 the $15,000 5% coupon

tax-free
p. 1411) were awarded to R. M. Marshall &Bay St.-impt. bonds (V. 104,
Bros. of Charleston at par and

int., less $100. Other bids were:
John Nuveen & Co. Chicago, par, less $285.
Sidney Spitzer & Co. Toledo, par, less $355,
'
A. J. Hood & Co., Detroit, par, less $578.
Carolina Bond & Mtge. Co., par, less $600.
BELLEFONTAINE, Logan County, Ohio.
-BONDS PROPOSED.According to reports, the City Council has decided to issue $85,000 municipal gas plant bonds.
BENSON, Douglas County, Neb.-BOND
state that C. Hallestelle, City Clerk, will receiveOFFERING.-DIspatches
sealed bids until 8 P. M.
May 7 for $30,000 5% 20
-year paving bonds. Int. payable semi-ann.
BEVERLY, Essex County, Mass.
-LOAN OFFERIN -Proposals
will be received until 12 m. May 7 by the City TreasurerG.
for
$200,000 issued in anticipation of revenue and maturing Nov.a loan of
20 1917.
reports state.
BINGHAMTON, Broome County, N. Y.
-BONDS AWARDED IN
PART.
-Of six issues of bonds aggregating $213,500 offered on April
28
$191,500 was awarded as follows:
$150,000 4 % 1-30-yr. school bonds to Crandell, Sheppard & Co. of N. Y.
at 102.30.
5,500
% 1-11-yr. park creek bonds to Mrs. Alice Branan at 100.25.
30,000 4% school bonds to the Sinking Fund.
1,000 454% quarantine bonds to the Fire Pension Fund.
5,000 4J4% war emergency bonds to the Police Pension Fund.
The issue a $22.000 4 % pavement bowls offered, together
above issues but not sold on April 28, received the following bids: with the
Geo. B. Gibbons & Co
1043.7511H. A. Kehler & Co
100.29
BOYERTOWN SCHOOL DISTRICT (P. 0. Boyertown), Barks
County, Pa.
-BONDS VOTED.
-At a recent eelction the question of issuing the $75,000 school bonds (V. 104, p. 1177) carried, reports state, by
a vote of 280 to 86.
BRADFORD, Miami County, Ohio.
-BOND SALE.
water-works bonds, which were voted March 20, have been-The $25,000
sold at private
sale to J. C. Mayer & Co., of Cincinnati.
-V. 104, p. 1177.
BRIGHTWATERS (Village), Suffolk County, N. Y.
-BOND ELECTION.
-Reports state that this village is holding an election to-day(May 5)
to vote on the propositions to issue $34,500 canal impt. and $21.000
road
bonds.
BRONSON CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (P. 0. Bronson), Woodbury County, Iowa.
-BOND ELECTION.
-An election will be held May 8 to submit to a vote the question
of issuing $50,000 building bonds.
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-On
April 30 a loan of $200,000 dated May 1 and maturing Nov. 6 1917 was
awarded, reports state, to H.C. Grafton Jr. of Boston at 4.049% discount.
BUCHANAN SCHOOL DISTRICT (P. 0. Buchanan), Berrien
County, Mich.
-BONDS VOTED.
-A vote of 177 to 129
election held April 18 in favor of the question of issuing was cast at an
$15,000 434%
school bonds, reports state.

BUFFALO, N. Y.
-BOND SALE.
-During the month
lowing three issues of 4% bonds, aggregating $17,688 32,of April the folwere purchased
at par by the City Comptroller for the account of various sinking funds:
$4,500 00 refunding water bonds. Date Apr. 11917. Due Apr. 11942.
3,188 32 Dept. of Public Works bonds. Date Apr. 16 1917. Due
Apr. 16 1918.
10,000 00 refunding water bonds. Date Apr. 11017. Due Apr. 11942.
BUFFALO COUNTY (P. 0. Gann Valley), So. Dak.-BOND OFFERING.
-According to reports, the Board of Co. Commrs.
sealed bids until May 10 for $150,000 5% 10-yr. improvemwill receive
ent bonds.
Interest semi-annual.
CALVERT SCHOOL DISTRICT(P.O. Calvert), Robertson County,
Texas.
-BOND SALE.
-We are advised that the $60,000 school bonds
authorized at the election held April 25 have been sold.
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Proposals will
be received until 12 m. May 28 by Samuel E. Barr, City Aud. for $71.000
% 7 -year serial water-works bonds. Denom.$1,000. '
-20
Date Mar. 1
1917. Prin. and semi-ann. Int.-M. & S.
-payable at office of City
Treas. Due $6.000 Mar. 1 1924 and $5,000 yearly on Mar. 1 from 1925
to 1937, incl. Certified check on a Canton bank for 5% of bonds bid for.

1826

[VOL. 104.

THE CHRONICLE

-Local papers
-BONDS VOTED.
DOUGLAS, Cochise County, Ariz.
payable to the City Treasurer, required. Bonds to be delivered and paid state that the election held April 17 resulted in favor of the questions of
accrued interest.
for within ten days from time of award. Purchaser to pay the issue will be issuing the $16,000 sewer-system ext.$16,000 city-hall impt., $4,000 fireof
A certified copy of the abstract showing the legality
house erection and $10.000 paving bonds(V. 104, p. 1516). The vote was
furnished purchaser. Successful bidder to print, at own expense, the as follows: (sewer) 90 to 61; (city-hall) 121 to 31; (fire) 87 to 62; (Paving)
necessary blank bonds, on special bond orders and coupon sheets to be 107 to 44. Fred Lindner is City Clerk.
furnished by the city.
DUMONT SCHOOL DISTRICT (P. 0. Dumont), Bergen County,
-On
-BOND SALE.
-On April 13 the $32,000 5% 11-26-year serial
CANISTEO (Village), Steuben County, N. Y.
-BOND SALE.
N. J.
-were awarded coupon school bonds wero awarded at 103.016 to Ludwig & Crane of N. Y.
-V.104, p. 1723
April 30 the $14,000 coupon street bonds
to Geo. B. Gibbons & Co. at 100.22 for 43s, plus cost of preparing and -V.104, p. 1412.
printing bonds. Other bidders were:
Int.
Price.
EAGLE ROCK CITY SCHOOL DISTRICT, Los Angeles County,
Price.
Int.I
m.
-Proposals will be received until 2 p. Los
-BOND OFFERING.
I. W. Sherrill Co_ _$14,009 94 4.70s Calif.
H.A.Kehler & Co.$14,070 00 5s
Board of Supervisors (P. O.
May 7 by 3. H. Lelande, ex-officio Clerk equipment bonds voted March 2.
State Bank,
R. B. Price, Rock, 14,000 00 4.90s First
and
14,000 00 4.906 Angeles),for $65,000 5% construction
Canistoo
14,007 56 4.60s
John J. Hart
interest
Denom. $1,000. Date April 1 1917. Principal and semi-annual
These bonds were authorized at an election held March 20. Denom. at County Treasury. Due $1,000 yearly April 1 from 1918 to 1922, incl.
on
$500. Int. ann. at First State Bank of Canisteo. Due $1,000 yrly.
1952, incl. Cert. or cashier's
and $2,000 yearly April 1 from 1923 to
Supervisors,
July 1 from 1918 to 1931 inclusive.
check for 3% of bonds bid for, payable to Chairman Board of
this
- required. Purchaser to pay accrued interest. Bonded debt, includingwere
-BONDS NOT SOLD.
CARROLL COUNTY (P. 0. Delphi), Ind.
Those bonds
-year aver,road bonds issue, $74,000. Assess. value 1916, $1,669,255.
No bids were received on May 1 for the $12,700 4% 6
previously advertised to be sold April 23(V. 104, p. 1516).
offered on that day. V. 104, P. 1619.
-BONDS
EAST CARROLL PARISH (P. 0. Lake Providence), La. a vote of
-The
-BONDS PROPOSED.
CHICOPEE, Hampden County, Mass.
-The election held April 24 resulted, reports state, in
VOTED.
Board of Aldermen passed an ordinance on first reading on May 3 providing 169 to 2 in favor of the proposition to Issue $100,000 5% road bonds.
for the issuance of $400,000 school bonds, it is stated.
-Further
-BOND OFFERING.
EASTLEY,Pickens County,So. Caro.
--BONDS VOTED.
to the offering on May 10 of the $20,000 sewer
CHILTON COUNTY (P. 0. Clanton), Ala.
taxques- details are at hand relative
Reports state that the election held April 16 resulted in favor of thebonds and $25,000 street and sidewalk paving 5% 20-40-yr. (opt.) coupon on
p. m.
tion of issuing the $200,000 5% 30-year road and bridge-building
free bonds. Proposals for these bonds will be received until 4 Works.
of Commissioners of Public
(V. 104, p. 1515.)
that day by P. M. Taylor, Clerk Board
Prin. and semi-annual int.(M.& N.)
Date
CHOUTEAU SCHOOL DISTRICT(P.O.Chouteau),Teton County Denom.$1,000. York. May 1 1917. for 1%, payable to the above Board,
Cert. check
-Reports state that the question of issuing payable in New
-BONDS VOTED.
Mont.
required. Bonded debt, inclusive of the above issues (April 20 1917).
Assess. vat.
$20,000 building bonds carried at a recent election.
$29,500. Floating debt, $9,500. Sinking fund, $2,2010.
SCHOOL DISTRICT NO. 2 (P. 0. Bisbee), 1916, $802,085. Total tax rate (per $1,000). $38.50.
COCHISE COUNTY
Bd. of Trustees, will
-John Mason Ross, Pres.
St.
-BOND OFFERING.
Ariz.
EAST ST. LOUIS SCHOOL DISTRICT (P. 0. East St. Louis),
receive sealed bids until 12 m. May 14 for $100,000 5% gold school bonds Clair County, Ills.
-Reports state that the question
-BONDS VOTED.
voted Mar. 24. Denom. $1,000. Int. semi-annual. Due $10,000 in of issuing $135,000 school bonds carried at an election, held Apr. 21,by a
Cert.
1930; $20,000 yearly from 1931 to 1934, incl., and $10,000 in 1935.
vote of 416 to 318.
check for 5% of amount of bid required.
-On April 24
ELKHORN, Walworth County, Wisc.-BOND SALE.stated, to the
-On April 30 the
-BOND SALE.
COHOES, Albany County, N. Y.
awarded, it is
bonds were awarded to the an issue of $40,500 street-impt. bonds was and interest.
$150,000 44% 1-20-yr. serial reg. school
State Bank of Elkhorn for $40,802 (100.745)
National Bank, Manufacturers Bank and the Cohoes Says. Inst. of Cohoes
2, Texas.
ELLIS COUNTY LEVEE IMPROVEMENT DISTRICT NO.Co. of St.
at par and int.-V. 104, p. 1723.
Smith-Emerb
-On Apr. 30 -BONDS OFFERED BY BANKERS.-Kauffman- impt. bonds. Denom.
-BOND SALE.
COLDWATER, Mercer County, Ohio.
Louis is offering to investors $15,000 6% levee int.(A.& 0.), payable
-14-year serial coupon water-works bonds were awarded
the $2,500 5% 10
Date April 101917. Prin. and semi-annual
to W. L. Slayton & Co. of Toledo at 101.21 and int.-V. 104, p. 1619. $500. Y. Due serially April 10 from 1918 to 1947, inclusive.
in N.
There were no other bidders.
-On April 30
-BOND SALE.
ELM CITY, Wilson County, So. Caro.
COULTERVILLE SCHOOL DISTRICT, Mariposa County, Calif.
20-yr. coupon water and sewer ext. bonds(V. 104, p. 1516).
-Proposals will be received until May 8 by the Clerk the $3,000 69' to H. C. Stolz at 106 and int.
BOND OFFERING.
awarded
Bd. of Co. Supers. (P. O. Mariposa), it is stated, for $3,600 6% school were
Daviess
ELMORE SCHOOL TOWNSHIP (P. 0. Elnora),until 2 p.County,
bonds.
m. May
-Proposals will be received
-BOND OFFERING.
Ind.
CROSBYTON INDEPENDENT SCHOOL DISTRICT(P.O. Crosby- 21 by Clifford Farris, Twp. Trustee, for $32,000 4% coupon school
-The
-DESCRIPTION OF BONDS.
Texas.
J. Due yrly. on
ton), Crosby County,
bonds. Denom. $500. Date June 1 1917. Int. J. &
$25.000 5% building bonds recently awarded at 100.20 to Stern & Stern, July 15 as follows: $2,000 1919 to 1923 incl., $2,500 1924 to 1927 incl. and
of Kansas City (V. 104, p. 1516), are in the denom. of $1,000 and dated $3,000 1928 to 1931 incl. Cert. check for $960, payable to the Twp.
in April. Due in 1957, subject to
day of sale.
March 15 1917. Interest annually
Trustee, required. Bonds to be delivered and paid for on
call after ten years.
Purchaser to furnish bonds.
-BOND
Calif.CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.by E. G. OFFERENTERPRISE SCHOOL DISTRICT,San Joaquin County, May 8
Krause.
-Proposals will be received until 10 a. m. May 23
ING.
-Sealed proposals will be received until 11 a. in.
BOND OFFERING.
Clerk Board of County Commissioners, for the following 4% coupon by Eugene D. Graham, Co. Clerk (P.0. Stockton), it is stated, for $3,300
the
road-Improvement bonds:
6% building bonds. Cert. check for 10% of amount of bid, payable to
$17,615 assess. bonds. Denom. 1 for $615 and 34 for $500. Due $615 Chairman Bd. of Co. Supervisors, required.
Oct. 1 1918,$500 Apr. 1 and Oct. 1 1919 and Apr. 1 1920; $1,000
-BONDS
ERIE SCHOOL DISTRICT (P. 0. Erie), Erie County, Pa. to InvesOct. 1 1920 and Apr. 1 and Oct. 1 1921 to 1923, incl., and Apr. 1
-Martin & Co. of Phila. are offering
1924; $1,500 Oct. 1 1924 and Apr. 1 1925; $2,000 Oct. 1 1925 and OFFERED BY BANKERS.
% coupon tax-free school bonds. Date June 1
Apr. 1 1926.
tors an issue of $200,000
incl.
Due
17,616 county's portion bonds. Denom. 1 for $616 and 34 for $500.1919, 1917. Int. J. & D. Due $20,000 yearly on June!from 1919 to 1928,
-Proeach six months as follows: $616 Oct. 11918, $500 Apr. 1
-BOND OFFERING.
FARMINGTON, Fulton County, Ms.
31,000 Oct. 1 1919 to Oct. 1 1923,Incl., 31,500 Apr.1 1924 to Oct. 1 posals will be received until 8 p. m. May 7 by Geo. F. Hubbard, City Clerk,
1925, incl., and $2,000 Apr. 1 1926.
5% 1-19-yr. serial coup. water-works bonds. Denom. $1,000.
Auth. Sec. 6929, Gen. Code. Date May 1 1917. Prin. and semi-ann. for $19,0001 1917. Prin. and ann. int.-May 1-payable at office of Clty
-payable at office of County Treas. Certified check on a Date May
int.-A. & 0.
yearly on May 1 from 1918 to 1936, incl. Bonded
bank other than the one making the bid, for 1% of bonds bid for, payable Treas. Due $1,000
(incl. this issue), $21,400; assess. val. $457,000.
Purto the County Treasurer, required. Checks must be unconditional. issue. debt April 28 1917 authorized at an election held April'24 by a vote of
bonds were
These
chaser to pay accrued interest. Separate bids must be made for each
326 to 94.
Bonds to be delivered and paid for within ten days from time of award.
-On April 16
-BOND SALE.
FLAGSTAFF, Coconimo County, Ariz.
SCHOOL DISTRICT (P.O. Cuyahoga Falls),
CUYAHOGA FALLS
% 11-20-yr. serial sewer system bonds (V. 104. p. 977)
-According to reports, a vote the $60,000
-BONDS VOTED.
Summit County, Ohio.
Bros. of Denver at a price above par.
to Keeler
of 177 to 156 was cast at the election held April 17 in favor of the question were awarded
-BOND OFFERING.
FLOYD COUNTY (P. 0. New Albany), Ind.Claude A. Sittason, Co.
of issuing the $50,000 school bonds (V. 104. p. 1516)•
a. m. May 7 by
bids were received Proposals will be received until 10Twp. road impt. bonds. Denom. 1242.
-The following
-BOND SALE.
DAYTON, Ohio.
4% Greenville
$9,680
for the four issues of 434% and 5% bonds, aggregating $334,000, offered Treas., for 7 1917. Int. M. & N.
Date May
on Apr. 26.-V. 104, p. 1309:
County,
$334,000
$40,000
$67,000 3200,000 327,000
FORWARD TOWNSHIP SCHOOL DISTRICT, Allegheny
Total.
Sewer.
Garbage.
Street.
-Proposals will be received until 5:30 p. m.
Sewer.
-BOND OFFERING.
Pa.
$
Bd. of School Directors (P. 0. Elizabeth.
$
May 10 by 0. P. Gamble, Secy.
of State
*68,380 20 *204,120 00
Estabrook & Co
R. D. 3), for an issue of 350,000 43.5% coupon school bonds, free $3,000
Denom. $1,000. Date May 1 1917. Int. M. & N. Due
Breed,Elliott,& Harrison
00 339,043 40 tax. on May 1 beginning 1925. Cert. check for $1,000, required.
and C.E.Denlson & Co. 68,011 70 203,020 00 *27,40770 40,604
yearly
40,604 00
-BOND OFFERING.
Prov. Sav.Bk.& Tr.Co_
FRANKLIN COUNTY (P. 0. Brookville), Ind.
339,614 60
it is said, for an
National Shawmut Bk_
-Proposals will be received by Chas. G. Reifel, Co. Aud.,
Field, Richards & Co.,)
until 1 p. m. Juno 4.
funding bonds
Roth & Co.and 67,844 20 202,560 00 27,347 00 *40,720 00 338,471 20 issue of $1,700 4%
Weil,
County,
FULTON SCHOOL DISTRICT (P. 0. Fulton), Hanson disposed
Seasongood & Mayer.)
338,350 00 So. Dak.-BOND SALE.
-We are advised that this district has
Otis & Co
336,775 54 of an Issue of $20,000 school bonds.
Harris Forbes& Co
Tillotson & Wolcott Co_ 67,355 10 201,06000 27,143 10 40,568 00 336,126 20
FULTON TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0. Peering'.
27,070 00 40,480 00
Dayton Says. & Tr. Co_
-On April 25 the $10,000
-BOND SALE.
ton), Gratiot County, Mich.
40,452 50
Ohio National Bank_ ___ 67,070 00
-were awarded to the
-V.
5% 1-10-yr. serial school bondsfor 104, p. 1620
40,445 00
Spitzer Bolick & Co_
$10,027 75 (100.277) and Int. Other
Hanchett Bond Co. of Chicago
27,001 00 40,520 00
13k. Co_
Brighton Germ.
bids were:
* These bids were accepted.
W. L. Slayton .3; Co. $10,017 40 and int.
-The City Commission passed an ordinan.ce on
BONDS AUTHORIZED.
John F. McLean & Co. $10,010 00 and int. int.
April 25 providing for the issuance of $400,000 water-works bonds, it is
Bolger, Mosser & Williaman $10,000 00 and
stated.
Harris & Co. par and hit., less $100.
-Local papers state that an issue
-On May 3 a loan of$30,000,
-TEMPORARY LOAN.
NTexas.-BOND SALE.
DEDHAM,Mass.
of Boston,it is said. of GALVESTO
refunding bonds has been purchased by Bolger, Mosser
$1,693,000
maturing Nov.5 1917, was awarded to R.L.Day & Co.
printing and en- & Willaman of hic.ago at 101 and int.; also pay cost of legal opinion in
.
-BOND OFFERING
DEKALB COUNTY (P. 0. Auburn), Ind.
graving of the bonds and cost of obtaining an approving
Proposals will be received until 10 a. m. May 15 by Sam G. Stone, regard to the status of the bonds from Wood & Oakley of Chicago. These
-year average Hiram B. Coz et al
security on postal savings
County Treasurer, for $8,700 4% 55i
15 1917. Int. bonds have been accepted by the United States as acceptance. The bonds
road-improvement bonds. Denom. $435. Date Mayto
Nov. 15 1927. deposits. The sale was conditioned upon such
1918 to 1922, incl.:
M.& N. Due $435 each six months from May 15 1918
mature yearly on April 1 as follows: $25,000 from 1932, incl.; $60,000
to
inclusive.
$30,000 from 1923 to 1927, incl.; $50,000 from 1928
OFFERING.- from 1933 to 1937, incl.; 175,000 from 1938 to 1942, incl.; $100,000 from
-BOND
DELAWARE COUNTY (P. 0. Muncie), Ind.
The new bonds are In the denom.
G. G. Williamson, Co. Treas., will receive bids until 10 a. m. May 9 for 1943 to 1946, incl., and 393,000 in 1947. old bonds: Limited debt bonds of
% 6-year average road impt. bonds. of $1,000 and will refund the following
35,400, 37,200, 311,200 and $5,400
nt bonds of 1888, limited debt
-improveme
Denom. 20 bonds of equal amounts to each issue. Date March 15 1917. 1881, waterworks and street
funding bonds of 1895. These
Int. M.& N. Due one-twentieth of each issue each six months from May bonds of 1891, and general indebtedness
issues aggregate approximately $1,693,000.
15 1918 to Nov. 15 1927, inclusive.
-BOND OFFERING.
Princeton), Ind.
will be received
-Proposals
-BOND OFFERING.
GIBSON COUNTY (P. 0.
DETROIT, Mich.
until 3p. m. May 15 by D. H.
public
until 11 a. n,t. May 14 by Geo. Engel, City Controller, for $966,000bonds. Reports state that proposals will be received and $19,200 45'5% highwayTreas., for $10,800, $18,000, $4,200
or registered (purchaser's option) tax-free
Swan, Co.
-year coupon
school 4% 30
Denom.$1,000. Date March 1 1917. Principal and semi-annual interest improvement bonds.
payable at the current official bank of the City of Detroit in New York or
Fowler), Benton County,
GILBOA SCHOOL TOWNSHIP (P. 0. Twp. Trustee, will receive
check on any national bank or a
at City Treasurer's office. Certified
-James Sheedy,
-BOND OFFERING.
State bank in Detroit (or cash) for 2% of bonds bid for, required. No Ind.until 3 p. m. May 26 for $7,000 4% school bonds. Denom. $500.
bids
bids will be considered for less than $1,000. The above bonds, together Date Oct. 1 1916. Int. J. & J. Due $1,000 yrly. on July 1 from 1920 to
with an issue of $100,000 4% grade-separation bonds, were awarded on 1926 incl. Purchaser to furnish proper blank bonds without additional
Feb. 10 to Stacy & Braun, of Toledo; this sale was subsequently canceled charge.
-V.104, p. 680.
upon agreement of the city.
-Pro-BOND OFFERING.
GRAND RAPIDS, Kent County, Mich.
DIXON COUNTY SCHOOL DISTRICT NO.1(P.O. Ponca), Neb.- posals will be received until 3 p. m. to-day (May 5) by James Schriver,
-Sealed bids will be received until 12 m. May 9 by
BOND OFFERING.
and 350,0100 sewer *51 tax-free bonds.
City Clerk, for $250,000 street
of City Tress.
F. D. Fake, Dist. Director, for $27,000 5% building and equipment bonds Denom. $1,000. Date Aug. 1 1916. Int. F. & A. at of
authorized by vote of 115 to 15 at the election held April 4. Int. annual. Due one-fifth of each issue yearly on Aug. 1 from 1917 to 1921, incl. Cer.t.
Due $2,000 May 1 1922, $5,000 May 1 1927 and 1932, and $15,000 May 1 check for 3% of bonds bid for, payable to the City Treas., required. Offic 'al
1937. Cert. check for $1,000 required. Bonded debt, including this circular states that there Is no question as to the legality of the corporate
Issue, $30,000. Assess. val. $250,871.




5g,

MAY 5 1917.1

THE CHRONICLE

1827

-On
LANCASTER COUNTY (P. 0. Lincoln), Neb.-BOND SALE.
existence of the city or as to the legality of the terms of the officials, and
that the city has never defaulted payment on any bonds at maturity and April 20 the $59,260 Paving Dist. assessment bonds were awarded to the
the validity of a bond issue has never been questioned. Total bonded First Trust Co. of Lincoln at par and int. for 5s. Purchaser to print
debt April 1 1917, $4,695,600; water debt (incl.), $1,561,000; assess. debt. bonds. Nelson Brock, the Lincoln Trust Co., and the State of Nebraska
(incl.) $376,000; tozal sinking fund (all water), $482,155; cash on hand each bid par for 58. Date April 1 1917. Prin. and annual int., payable
at the Co. Treas. office or at the State Treas. office. Due $5,926 yrly,
(addlj, $334,483; assess. val. 1917, $172,801,790.
from 1918 to 1927 Inc.
-BOND April 1
GRANT COUNTY SCHOOL DISTRICT NO. 77, Wash.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
-BOND SALE.
-On
-Proposals will be received until 2 p. In. May 12 by W. J.
OFFERING.
-V. 104, p.
% -year average road impt. bonds
Hauser, Co. Treas.(P. 0. Ephrata), for $4,000 1-10-yr. (opt.) school bonds April 30 the $9,500 4%4 6
-were awarded to the Merchants Nat. Bank of Muncie.for $9,587 85,
at not exceeding 6% int. Prin. and annual int., payable at the Co. Treas. 1725
office. This district has no indebtedness. Assess. val., $239,666; true equal to 100.924. Other bidders were:
Flet. Amer. Nat. Bk
$9,550 00
$9,576 I R. L Dollings Co
value, $479,332.
9.50950
Breed, Elliott & Harrison_ ___ 9,550 I J. F. Wild & Co
GREECE (TOWN) SCHOOL DISTRICT NO. 1, Monroe County,
OFFERING.
-Proposals will be received until 4 p. in. May
-BOND
N. Y.
LEBANON, Marion County, Ky.-BOND SALE.
-On April 28 the
15 at office of Geo. Y. Webster, 303 Wilder Bldg., Rochester, for an issue $40,000 4% 13-20-yr. (opt.) gold reg. high-school-bldg. bonds (V. 104.
of $75,000 school bldg. bonds at not exceeding 5% int. Due beginning p. 1517) were awarded to the Citizens Nat., the Farmers Nat. and the
Dec. 1 1919.
Marion Nat. Banks, all of Lebanon, at par.
HAMILTON, Butler County, Ohio.
-The Citizens' Savings
-BID.
LELAND, Washington County, Miss.
-BOND OFFERING.
-Sealed
Bank of Hamilton, bidding $2,381 80, was the highest offer received for bids will be received until 8 p. in. May 8 by J. H. O'Quinn, Town Clerk,
the $2,356 80 5% sidewalk bonds offered on April 26-V. 104, p. 1310.
sewerage system bonds. Bids are requested at 53
% street for $40,000 sanitary June 1 1917.
BONDS NOT SOLD.-No bids were received for the $65,000
and 6% int. Date
Prin. and semi-annual int. payable at
bonds which were also offered on April 26.
a bank to be named by ,
Vae purchaser. Cert. or cashier's check for $2,000,
HAMTRAMCK SCHOOL DISTRICT NO. 8, Wayne County, Mich. payable to the "Town, required. Bonded debt, including this issue,
-BOND SALES.
-Matthew Finn of Detroit has purchased the following $56,000. No floating debt. Assess. val. as of Jan 1 1917, $740,872;
est. actual value, $1,500,000.
4%% school bonds:
$150,000 bonds purchased Sept. 11916. Date Sept. 11916. Due Sept.
LEMON COVE SCHOOL DISTRICT (P. 0. Lemon Cove), Tulare
1 1931.
County, Calif.
-BOND ELECTION.
-The question of issuing $14,500
150,000 bonds purchased Feb. 1 1917. Date Feb. 1 1917. Due Feb. building bonds will be submitted to a vote, it is stated, on May 12.
1 1932.
LONE TREE SCHOOL DISTRICT, San Joaquin County, Calif.
M.& S.
Denom. $1,000. Int. payable
-Sealed proposals will be received until 11 a. m. May
-Proposals will be received BOND OFFERING.
-BOND OFFERING.
HARTFORD, Conn.
8 by Eugene D. Graham, Co. Clerk (P. 0. Stockton),for the $5,000
%
2 p. m. May 15 by Chas. H. Slocum, City Treas., for $600,000 4% building bonds. Denom. $500. Date May 1 1917. Int. M.& N. Due
until
23-25-year serial gold water-supply bonds. Date June 1 1917. Due $500 yrly. May 1 from 1923 to 1932,incl. Cert. check for 107 of amount
of bid, payable to the Chairman Bd. of Co. Supers. required. These bonds
$200,000 on June 1 1940, 1941 and 1942. Bonds may be either coupon or
registered. at option of purchaser. Prin. and semi-ann. int.-J. & D.
- were authorized at an election held March 24.
LORE CITY SCHOOL DISTRICT (P. 0. Lore City), Guernsey
payable at office of City Treas. on coupon bonds and by mail on registered
-BOND SALE.
-On Apr. 30 an issue of $11,000 5% school
County, Ohio.
bonds. Cert. check for 2% of bonds bid for, payable to the City Treas., bonds was awarded to the Quaker City Nat. Bank of Quaker City for $11,Bonds or temporary receipts will be ready for delivery on June 1. 257 50, equal to 102.34. The other bidders were:
required.
$11,010
Official circular states that there has never been any litigation, nor is there W.L. Slayton & Co
$11,060 50IDurfee, Niles & Co
11,021 50 I
any pending, affecting the bonds of the city, and that the city has never de- Spitzer, Rorick & Co
LOWELL, Middlesex County, Mass.
-BOND SALE.-Ourtis &
faulted in its obligations. Bonds are tax-free in Conn. Total debt Apr. 1
of 4%
1917, $9,573,481; sinking fund, $1,327,656; water debt (incl.), $2,475,000: Sanger of Boston have purchased at par and int., the four issuessuccess
coupon bonds, aggregating $107,000, which were offered without
water sinking fund, $654,650; assess. val. Oct. 11916, real, $114,874,788; on Apr. 24.-V. 104, p. 1725.
personal,$19,832,830; ten per cent addition for neglect to file lists, $1,169,LUCAS COUNTY
-On May 1
-BOND SALE.
0. Toledo), Ohio.
648; personal (corporation stock), $100,467,135; total list, $236,344,401. the $90,365 45 57 bridge bonds
-were awarded to F. C.
-V. 104, p. 1517
Hoehler & Co. a Toledo for $90,510 (100.159) and int. There were no
Tax rate (per $1,000), $20 50.
The official notice of this bond offering will be found among the advertise- other bidders.
MAINE (State of).
-BIDS.
-The other bids received for the $200,000
ments elsewhere in this Department.
- 4% 20-29 year serial coupon highway bonds, awarded to the Fidelity Tr.
HARTFORD TOWNSHIP (P. 0. Berne), Adams County, Ind.
received until 10 a. in. May 23 by P. Fox, Co. of Portland at 101.47 and int. on Apr. 2'7, were as follows:
BOND OFFERING.
-Bids will be
101.42 Merrill, Oldham & Co
100.57
Twp. Trustee, for an issue of $11,000 school and $11,000 township 4% Burgess, Lang & Co
Sidney W. Noyes
101.39 Canal Nat. Bk. (20.000)._ - 101.99
bonds, reports state.
Harris, Forbes & Co
101.01 Chapman Nat. Bk. (20,000)
Par
-This Chas. H.IGilman & Co_ _.-1 101 Pius Blake, Barrows & Brown
HEMINGFORD, Box Butte County, Neb.-BOND SALE.
village has disposed of an issue of $9,000 refunding bonds.
& Merrill Tr. Co
par
1$1 prom. (5,000)
-We are aavised that this village proposes to issue Hornbiower & Weeks
BONDS PROPOSED.
100.631 Jno. A .Woodsun(5,000)
.par plus h
$5,000 city hall bonds.
I. L. Perry (2,000)
(Vol. 104, p. 1725.)
Pa
-BOND OFFERING.HENRY COUNTY (P. 0. Napoleon), Ohio.
MALTA-McCONNELLSVILLE SCHOOL DISTRICT (P. O. Malta),
Newspaper reports state that the County Commissioners will receive bids
Morgon County, Ohio.
-BOND OFFERING.
-Proposals will be received
until May 10 for an issue of $53,000
% road impt. bonds.
until 12 m. May 25 for an issue of $40,000 43% school bonds, which was
HOPEWELL TOWNSHIP SCHOOL DISTRICT(P.O.Pennington), voted at an election, held Apr. 3, by a vote of 459 to 118. Int. M.& 8.
Mercer County, N. J.
-BOND ELECTION.
-Reports state that this 'Due $1,000 each six months from Mar.
to Sept. 1 1939 incl. Alfred
district is holding an election to-day (May 5) to vote on the question of H. Mercer is Clerk of the Bd. of Ed. 1 1920
Issuing $25,000 school bonds.
-It is stated that the
MANCHESTER N. H.
-LOAN OFFERING.
HUNTINGTON COUNTY(P.O. Huntington), Ind.
-BOND OFFER- Treasurer will receive bids until 11 a. m. May 9 for a temporary loan of
ING.
-Proposals will be received until 2
in. June 1 by Ovid E. Eviston, $200,000, in anticipation of revenue, dated May 1 1917 and maturing
County Auditor, for an issue of $12,000 4% hospital completion bonds. Dec. 12 1917.
p.
Denom. $500. Date May 15 1917. Int. M. & N. Due $6,000 May 15
MANNING SCHOOL DISTRICT, Fresno County, Calif.
-BOND
1018 and Nov. 15 1918.
OFFERING.
-Proposals will be received until 2 p.in. May 8 by D.M.BarnHUNTSVILLE, Logan County, Ohio.
-Reports well, Clerk Bd. of Co. Supers (P. 0. Fresno), it is stated. for $3,500 6%
-BONDS VOTED.
state that at the election held April 26 a favorable vote was cast for the school bonds. Cert. check for 10% of amount of bid, payable to the Chairquestion of Issuing the $3,500 electric light bonds.
-V.104, p. 1620.
man of Bd. of Co. Supers., required.
HYDE COUNTY (P. 0. Swan Quarter), No. Caro.
-BOND OFFERWashington C ounty, Ohio.
-BOND SALE.
-On April
ING.
-Sealed bids will be received until 12 m. May 21 by the Board of Co. 28MARIETTA, % 1-25
-year serial
the $75,000 4
Commrs. Walter C. Harris, Chairman, for $25,000 6% coupon indebted- s stated, to the First Nat. Bank of water-works bonds were awarded, it
Marietta at par and int.-V. 104.
ness and improvement bonds. Denom.$1,000. Date Mar. 11917. Int.
annual. Due $1,000 yearly Mar. 1 from 1920 to 1944, incl. Cert. check P. 1621.
MARION COUNTY (P. 0. Fairmont), W. Va.-DESCRIPTION OF
on some reutable bank for $200, payable to the Co. Treas., required.
BONDS.
-The $195,000 5% coupon Grant District road-impt. bonds
Bidders shall state the amount charged for lithographing bonds.
awarded at par and int. on Apr. 16 to the State of West Virginia (V. 104,
JACKSON, Jackson County, Mich.
-BOND OFFERING -Proposals p. 1725), are in the denom. of $500 and $1,000 and dated June 11917.
will be received until 8 p. m. May 7 by C. H. Vedder, City CI,erk, for the Int. June & Dec. 1. Due serially for 26 years.
following 4%% bonds:
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
-On
$50,000 hospital bonds. Due $2,000 on May 1 in even years and $3,000
-year average road bonds
on May 1 in odd years, from 1918 to 1937, incl.
May 1 the $15,100 45j% 6
-V. 104, p. 1518
40,000 water-works bonds. Due $2,000 yearly on May 1 from 1918 to were awarded to C. A. Reeve at 101.20 and int. The other bidders were:
1937, incl.
Fletcher Amer. Nat. Bank_ _315,150 I J. F. Wild & Co
$15,105 10
61,500 street-paving bonds, consisting of 13 issues. Due part yearly on
MARTIN'S FERRY SCHOOL DISTRICT (P. 0. Martin's Ferry),
May 1 from 1918 to 1927, incl.
-BONDS VOTED.
-The question of issuing the
40,000 sewer bonds, consisting of 8 Issues. Due on May 1 from 1918 Belmont County, Ohio.
$150,000 school bonds failed to carry at the election held May 1.-V.
to 1927, incl.
104, p. 1725.
Prin. and semi-ann. int.-M. & N.
Date May 1 1917.
-payable at
Union Bank of Jackson, or at Liberty Nat. Bank in N. Y. Cert. check for
MASSACHUSETTS, State of.
-NOTE SALE.
-This State has nego3
2% of amount of bid, payable to the City Clerk, required. Official circular tiated at private sale at 34% int. an issue of $500,000 1-5-year serial notes
states that no previous issues of bonds have been contested and that no issued to pay the extra compensation to State soldiers. Denom. $1,000.
controversy or litigation is pending or threatening the corporate existence Int. M. & N. Due from 1918 to 1922.
or the boundaries of this municipality, or the title of its present officials to
MELROSE, Middlesex County, Mass.
their respective offices, or the validity of these or any other outstanding
-BOND SALE.
-On April 30
bonds. Bonded debt, incl. these issues, $1,120,814; sinking fund (est.), the three issues of4% coupon bonds aggregating $25,000-V. 104, p. 1725
$130,000; assess. val. 1916, $37,355,825.
were awarded, reports state, to Chandler, Wilbor & Co. at 100.53.
JASPER COUNTY (P. 0. Rensselaer), Ind.
-BOND SALE.
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND OFFERING.
-The
following bids were received for the $4,755 25 5% Baker ditch bonds, Proposals will be received until 1 p in. May 14 by J. F. Steinbrunner,
offered on April 27.-V. 104, P. 1517:
Co. Commrs., for the following 43 % coup. road bonds:
Clerk
Elliott & Harrison_$4,765 00'Fletcher Amer. Nat. Bank_ 4,756 75 $5,200Bd. of
Br ed,
e
Huffman road bonds. Due $500 yrly. on May 15 from 1918 to
1926, incl. and $700 May 15 1927.
KELLOGG,Shoshone County, Idaho.
-BONDS VOTED.
-The ques8,200 Mauer road bonds. Due $800 yrly. on May 15 from 1918 to 1926,
tion of issuing city-ball building bonds carri-, is stated, at an election
euit
incl. and $1,000 May 15 1927.
held April 24.
11,000 Bauer road bonds. Due $1,000 yrly. on May 15 from 1918 to 1927,
KENT, Portage County, Ohio.
incl., except that in 1923. $2,000 is due.
-BOND OFFERING.-Blds will be
received until 12 m. May 21 by Fred Bechtle, VII. Clerk, for $6,000 4%%
5,000 Miller-Springer road bonds. Due $500 yrly. on May 15 from 1918
street-impt. (village's portion) bonds. Int. semi-ann. Cert. check for
to 1927, inclusive.
the VII. Treas., required. Bonds to be delivered and paid
Date May 15 1917. Int. M.& N.at office of Co. Treas. Each bid must
$100, payable to
for within 10 days from time of award. Purchaser to pay accrued interest. be accompanied by a deposit of $100. County to furnish bond blanks.
Bonded debt April 15 1917 (excl. these issues), $860,410; floating debt.
LAFAYETTE COUNTY (P. 0. Mayo), Fla.
-BOND OFFERING.- $5,000; sinking fund, $80,000; assess. val. 1916, $45,004,050.
Further details are at hand relative to the offering on May 7 of the $250,000
MIDDLESEX COUNTY(P.O. New Brunswick), N. J.
5% Dixie Highway Special Road & Bridge Dist. road and bridge building
-BONDS NOT
-No bids at par or over were received on April 30 for the issue of
bonds. Proposals for these bonds will be received until 10 a. in. on that SOLD.
-V. 104, p.
day by Cullen W. Edwards, Clerk of Circuit Court. Denoms. $1,000, 434% road bonds not to exceed $461,000 offered on that day.
$5,000 and $10,000. Date probably May 1 1917. Prin. and semi-annual 1621.
int. (J. & J.), payable in N. Y. City, Mayo or Jacksonville. Due $41,MILBANK, Grant County, So. Dak.-BOND OFFERING.
-Further
years. Cert. check for 5% required with bids up to
666 66 yearly for 5
details are at hand relative to the offering on May 25
$12,000 5%
$25,000 and a cert, check for 2% required with bids for more than $25,000. 5-10-yr. (opt.) coupon water filtration plant erection of the (V. 104, p.
bonds
The district has no indebtedness. Total assess. val. of Dist. 1916, $1,1725). Proposals for these bonds will be received until
319,155. These bonds were authorized by vote of 164 to 41 at an election by A. A. Blanquist, City Auditor. Auth. Chap. 14,8 p. in. on that day
Secs. 1391 to 1393
held Jan. 16.
incl. Pol. Code of 1913. also vote of 336 to 59 at the election held Apr. 17.
LAKE CHELAN IRRIGATION DISTRICT (P. 0. Manson), Chelan Denom.$1,000. Date May 1 1917. Int. M.& N.at Minneapolis. Cert.
REJECTED.
-All bids received for the $300,000 check for $600, payable to the City Treas., required. Bonded debt, in-BIDS
County, Wash.
6% gold water plant purchase and impt. bonds offered on April 21 (V. 104, cluding this issue, $45,000. No floating debt. Sinking fund $518 80.
Assess. val. 1916 $1,399,509. Total tax rate (per $1,000) $21 84.
P. 1621) were rejected.
LAKESIDE SCHOOL DISTRICT, Coos County, Ore.
-BONDS
MINNEAPOLIS, Minn.
-On May 1 the $24,700 1-20
-BOND SALE.
hold Apr. 14 resulted, it is stated, in favor of the year serial gold coupon park-impt. bonds
VOTED.
-The election
-V.104, p. 1725
-were awarded
question of issuing the $5,000 building bonds (V. 104, p. 1517).
-100.263
to the Minnesotas Loan& Trust Co., Minneapolis, for $24,765
County, Ohio.
-BOND SALE.
LAKEWOOD, Cuyahoga
-The State and int., as 4.658. Other bids were:
Industrial Commission has purchased at par six issues of 5% impt. bonds. Kalman, Matteson & Wood St. Paul
$24.760 for 4.658
Seasongood & Mayer. Cincinnati
25,393 for 58
aggregatinga$57,405.




1828

THE CHRONICLE

[VOL. 104.

NORTH ARLINGTON SCHOOL DISTRICT, Bergen County, N. J.
-29
-On April 30 an issue of $25,000 5 -year serial school
-BOND SALE.
bonds was awarded to the First National Bank of Lyndhurst at 101.55 for
434s. There were three other bidders. Denom. $1,000. Date June 1
1917. Int. J. & D. at the West Hudson County Trust Co., Harrison.
Due $1,000 yearly on June 1 from 1922 to 1946, inclusive.
These bonds were voted at an election held Feb. 23.
-Sealed proposals will be
-BOND OFFERING.
NORTH CAROLINA.
received until 12 in. May 24 by B. R. Lacy, State Treasurer, at Raleigh,
-V. 104, p. 1622:
for the following 4% coupon tax-free bonds
$25,000 10-year State Home & Training School bonds.
-year Caswell Training School bonds.
75,000 10
400,000 41-year road-building bonds.
Date July 1 1917. Blanks for bidding will be furnished upon application.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
-10
BOND SALE.
-On April 27 the $500,000 6 -year serial permanent
-were disposed of as 4s, according
-V. 104, p. 1518
improvement bonds
to reports.
-On Apr. 1 an
-BOND SALE.
OAKWOOD, Wayne County, Mich.
-year serial coupon sewer assess; bonds was disissue of $198,000 6% 1-5
posed of. Int. semi-ann. at Peoples State Bank.
-BOND SALE.
OKMULGEE COUNTY (P. 0. Okmulgee), Okla.
Reports state that an issue of $125,000 court-house-erection bonds has been
Fixico, of Okmulgee.
purchased by Kate
-Bids will be
-BOND OFFERING.
OPELIKA, Lee County, Ala.
received until 10 a. in. May 14 by J. G. Palmer, Mayor, for $30,000 5%
school bonds. Int. annually at the Hanover Nat. Bank, N. Y. Cert.
check for 2% of the amount of issue, required.
-G. G. Brown, Clerk of the
-BOND OFFERING.
OREGON,State of.
State Land Board, will receive bids at his office in Salem for an issue of
4% farm-credit bonds until 11 a. m. May 22. Denom.$25,$100,
$500,000
$500 and $1,000. Date June 1 1917. Int. semi-annual. Due June 1
1937, subject to call 10% in 5 years and the remainder in 10 years, at the
option of the Board. Principal and interest payable at the State Treasurer's office. Certified check for 5% of amount of bid, payable to the
State Land Board, required.
-BOND ELECTION PROPOSED.
ORLANDO, Orange County, Fla.
Local papers state that the City Commissioners have been petitioned to
call an election to vote on the question of issuing $70,000 paving and $30,000
city-hall-building bonds.
PALO ALTO UNION HIGH SCHOOL DISTRICT, Santa Clara
-Proposals will be received until
-BOND OFFERING.
County, Calif.
11 a. m. May 7 by Henry A. Pfister, County Clerk (P. 0. San Jose), for
coupon building bonds. Denom.$1.000. Date May 11917.
$200,000 5%
Principal and semi-annual interest (M. & N.) payable at the County
.
Treasurer's office. Due $1,000 yearly from 1919 to 1924,inclusive; $2,000
yearly from 1925 to 1929, inclusive; $4,000 yearly from 1930 to 1934, inclusive; $6,000 yearly from 1935 to 1939, inclusive; $8,000 yearly from
1940 to 1944, inclusive: $11,000 yearly from 1945 to 1949, inclusive, and
0
$13,000 1950, 1951 and 1952. Certified check on a reliable bank for 5•7
of bonds bid for, payable to the County Clerk, required. Bids must be
Purchaser to pay accrued interest. The district has no
unconditional.
bonded debt. Assess val. 1916-1917. $6,218,215. These bonds were voted
on Jan. 27.
PALO VERDE VALLEY UNION HIGH SCHOOL DISTRICT,
-BOND OFFERING.
-Sealed proposals will
Riverside County, Calif.
be received until 11 a. in. May 9 by A. B. Pilch, Clerk Bd. of Co. SuperRiverside), for $43,000 5% school bonds. Denom. $1,000.
visors (P. 0.
Date Apr. 18 1917. Int. annual. Due $1,000 1919, 1920 and 19211
$2,000 yrly. from 1922 to 1929 incl. and $3,000 yrly. from 1930 to 1937
incl. Cert. check for 10% of amount of bid, payable to the above Clerk,
required. This district has no indebtedness. Assess. val., less operative
property. $863,250.
PARIS TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Way-The following bids were
-BOND SALE.
land), Portage County, Ohio.
received for an issue of $14,000 5% 7%-year average school bonds, offered
on Apr. 27:
$14,133 80 Spitzer, Rorick & Co-_ --$14,026 50
Durfee, Niles 8c Co
14,022 40
14,109 20 F.0. Hoehler & Co
Tillotson & Wolcott Co
14,010 00
& Mayer__ 14,085 00 Western Reserve Bank..
Seasongood
14,000 00
14,056 00 Otis & Co
Davies-Bertram Co
14,029 54 Hayden, Miller & Co_ _ _- 14,000 00
W. L. Slayton & Co
-As
-BOND SALE.
PELHAM (Village), Westchester County, N. Y.
reporting that the Southold Savings Bank pura matter of record we are
chased at par on May 24 1916 an issue of $10,600 434% refunding bonds.
Denom. $300 and $500. Date July 1 1916. Int. J. & J. Due on July
1 from 1925 to 1945.
-BOND SALE.
PERRY COUNTY (P. 0. New Lexington), Ohio.
The State Industrial Commission purchased at par on April 14 an issue of
reports state.
$60,000 funding bonds,
A similar issue of bonds was awarded on Jan. 9 to Stacy & Braun, of
Toledo. See V. 104, p. 182.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Columbus),
-On April 30 the $60,000 5%
-BOND SALE.
Franklin County, Ohio.
coupon school bonds (V. 104, p. 1622) were awarded to the Ohio National
equal to 101.591, reports state.
Bank of Columbus for $60,055,
PINE COUNTY INDEPENDENT CONSOLIDATED SCHOOL DIS-On Apr. 20 the
-BOND SALE.
TRICT NO. 71 (P. 0. Askov), Minn.
$7,500 5% 15-yr. building bonds were awarded to the Capital Trust &
101.433. Denoms. $500
Say. Bank of St. Paul for $7,607 50, equal to
and $1,000. Date Apr. 15 1917. Prin. and semi-ann. int. (F. & A.),
payable at the Capital Trust & Say. Bank, St. Paul.
-No bids were received on
-BONDS NOT SOLD.
PITTSBURGH, Pa.
May 3 for the $80,0004% 1-20-year serial coup.or reg.(purchaser's option)
bonds offered on that day. Date Mar. 1 1917. Prin. and semicity-hall
-payable at office of City Treasurer. Due $20,000
ann. int.-M. & S.
yearly on Mar. 1 from 1920 to 1939, incl.
-BONDS OFPOINTE COUPEE PARISH (P. 0. New Roads), La.
FERED BY BANKERS.-Kauffman-Smith-Emert Invest. Co. of St.
Louis is offering to investors the $90,000 5% 1-30-yr. serial gold coupon
Road Dist. No. 2 road constr. bonds which were offered for sale by the
parish on March 23 (V. 104, p. 1077). Denom. $500. Date Apr. 1 1917.
Prin. and semi-annual int. (A. & 0.), payable in St. Louis. Bonded debt
of Dist., this issue, $90,000. Assess. val. of Dist. $941,405.
-BOND
PORT CHESTER (Village), Westchester County, N. Y.
-Proposals will be received until 8 p. in. May 11 by Louis
$14,510,000 OFFERING.
Total revenue bills of 1917
0. A. Lewin, Village Clerk, for $5,500 434% gold registered fire apparatus
Stock Notes
Corporate
June 1 1917 $1,500,000 bonds. Denom. 1 for $500, 5 for $1,000. Date June 11917. Principal
3 7-20%
Rapid Transit
-payable at First Nat. Bank, Port Chester.
2,500,000 and semi-annual int.-J. & D.
May 31 1917
do
do
3I%
2,000,000 Due $1,500 June 1 1918 and $1,000 yearly on June 1 from 1919 to 1922,incl.
May 31 1917
3.237
do
do
for 5% of bonds, payable to Village Treasurer, required.
1,750,000 Certified check
May 31 1917
do
3.39
do
100,000
May 31 1917
3.19
-BOND OFFERING.
do
do
PORT CLINTON, Ottawa County, Ohio.
150,000 Wm. H. Williamson, Vii. Clerk, will receive bids until 12 m. May 29 for
May 31 1917
3.22
do
do
250,000 $15,750 village's portion, and $4,000 street-impt. 5 % 2-11-yr. ser. coup.
May 31 1917
3.24 o
do
do
f On or beforel
4,000,000 bonds. Date May 15 1917. Int. M.& N. at VII. Treasurer's office.
3%
do
do
1June 30 19171
Cert. check for $300, payable to the VII. Treas., required with each issue.
500,000 Bonds to be delivered and paid for within 10 days from time of award.
June 1 1917
3 7-20%
Dock Notes
750,000 Purchaser to pay accrued interest.
May 31 1917
3.397
do do
500,000
May 31 1917
3.39
Various Municipal Purposes
Total debt Apr. 11917,inci these issues, $162,620;sinking fund,$16,421;
250,000 assess. val. 1916, $3,622,390; total tax rate (per $1,000), $13.40.
May 31 1917
do
3.09
do
do •
250.000
May 31 1917
3.11
do
do
do
-On
-BOND SALE.
POWELL COUNTY (P. 0. Deer Lodge), Mont.
1,000,000
May 31 1917
do
do
do
330t
-20
500,000 April 23 the $60,000 10 -year (opt.) high-school-building bonds (V. 104,
May 31 1917
Water Supply
3.39%
were awarded to the State Board of Land Commissioners at par
fOn or before'
500,000 p. 1415),
3%
do
do
for 430. The following bids were for 5°)t bonds:
1June 30 19171
Spokane & Eastern Trust Co_$61,355 Pa mer Bond & Mtge. Co.,
$60,744
Salt LakeCity
$16,500,000 Ferris & Hardgrove, Spokane) 61,325
Total corporate stock notes
Sweet, Causey, Foster & Co.,
Trust Co.,Den-On April 30 International
60,600
-BOND SALE.
Pr NOBLE COUNTY (P. 0. Albion), Ind.
Denver
61,207
ver
the three issues of 434% road bonds, aggregating $124,900-V. 104, P.
U. S. Nat. Bank, Deer Lodge 60,420
-were awarded to R. L. Dollings Co. of Indianapolis for $125,634 50,
1518
-BONDS TO BE OFFERED
PRINGLE, Luzerne County, Pa.
equal to 100.588. The other bidders were:
$125,212 25 SHORTLY.-Thls borough will shortly offer for sale an issue of $43,000
Fletcher Am. Nat. Bank_ __$125,4031J. F. Wild & Co
bonds. John Kelley is Chief Burgess( 0.440W. Hoyt.St.,1Kingston).16
Breed, Elliott & Harrison__ 125,3931

-BOND
MISSOULA COUNTY SCHOOL DISTRICT NO. 3, Mont.
-Proposals will be received until May 19 by Joseph Dussault,
OFFERING.
Clerk Bd. of School Trustees, at the Co. Treas., Missoula,for $5,000, 1020-yr. (opt.) school bonds at not exceeding 6%. Denom. $1,000. Int.
semi-annual.
MONROE SCHOOL DISTRICT (P. 0. Monroe), Monroe County,
-Proposals will be received until 7 p. m. May
Mich.
-BOND OFFERING.
% school
10, by Thos. R. Waters, Secy., Bd. of Ed., for the $65,000
bonds, voted Apr. 10.-V. 104, P. 1621. Denom. to suit purchaser, not
to exceed $2,500. Date June 1 1917. Int. semi-ann. Cert. check for
$1,000, payable to the Board of Education, required.
-Sealed
MONTICELLO, Green County, Wisc.-BOND OFFERING.
bids will be received by Henry M. Martz, Vil. Clerk, until 8 p. m. May 18
for $12,000 57 coupon electric-light bonds voted April 3. Denoms. $250,
°
$500 and $1,000. Date Mar. 1 1917. Int. M.& S. at the Bank of Monticello. Due $1,000 yearly Mar. 1 from 1918 to 1929 incl. Cert. check for
10%, payable to the "Village," required. Bonded debt, including this issue,(Apr. 30 1917), $28,600. Assess. val. $900,000.
-BOND
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-On April 30 the two issues of 434% road bonds, aggregating $46,SALE.
-were awarded, it is stated, to Charles Whittington,
104, p. 1725
300-V.
of Crawfordsville for $46,808, equal to 101.097.
-BOND OFFERING.
MORROW COUNTY (P.O. Mt. Gilead), Ohio.
-Proposals will be received until 11 a. in. May 18 by C. 0. Higgins, Co.
Aud., for four issues of 5% coup. road-impt. (township's and assess. portion) bonds, aggregating$107015. Auth. Sec. 6929, Gen. Code. Date
mt. M.& S. hue part each six months from Sept. 1 1918
Mar. 11917. I
to Sept. 1 1926 incl. Cert. check on a Morrow County bank for 5% of
bonds bid for, payable to the County Auditor, required. Bids must be
unconditional and upon forms furnished by the above Auditor. Bonds will
be printed and ready for delivery on date of sale. Purchaser to pay accrued
Interest.
MOUNTAIN VIEW SCHOOL DISTRICT, Kern County, Calif.
-F. E. Smith, Co. Clerk, will receive sealed bids at
BOND OFFERING.
Bakersfield until 10 a. in. May 8 for an issue of $6,500 6% school bonds,
reports state. Cert. check for 10% of amount of bid, payable to the Chairman Bd. of Co. Supers, required.
-BOND SALE.
MOUNT CARMEL, Northumberland County, Pa.
Mullin, Briggs & Co. of Phila., were awarded, at par and int. on May 1,
,
% 1736-year aver,funding bonds,
under private agreement,the $100,000
V. 104, p. 1518. Denom.$1,000. Date May 1 1917. Int. M.& N.
NAPIER CONSOLIDATED SCHOOL DISTRICT, (P. 0. Boone)
-The questionEof
-BONDS VOTED.
Boone and Storey Counties, Iowa.
Issuing $50,000 building and site-purchase bonds carried, it is stated, by a
vote of 47 to 15 at a recent election.
-On Apr. 28
NEENAH, Winnebago County, Wisc.-BOND SALE.
$5,000 5% motor fire truck purchase bonds were awarded to the Exchange
Bank of Oshkosh for $5,178 43, equal to 103.568. Denom. $100. Date
Oct. 1 1916. Int. ann. on Oct. 1. Due $1,000 yearly Oct. 1 from 1920 to
1924 incl.
•
-On Apr. 30 this city nego-TEMPORARY LOAN.
NEWARK, N. J.
tiated a loan of $700,000 with local bankers at 4% int., it is stated. Duo
$500,000 June 13 and $200,000 in six months.
-BOND OFFERING.
NEW ATHENS, Harrison County, Ohio.
J. E. Williams, Clerk of Bd. of Ed., will receive bids until 12 m. May 28
for $2.000 534% street-impt. (village's share) bonds. Auth. Sec. 3939,
Gen. Code. Denom. $100. Date June 1 1917. Int. ann. Due $100
yearly on Mar. 1 from 1919 to 1938 incl. Cert. check for 5% of bonds bid
for, payable to the Vii. Treas., required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
-BOND
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
-Proposals will be received until 12 m. May 26 by Thos. D.
OFFERING.
-year serial street assessment
O'Neal, Village Clerk, for $41,500 5% 1-10
coupon bonds. Denom. $500. Date Sept. 1 1917. Principal and semi-payable at office of Village Treasurer. Due
annual interest
-M. & S.
$4,000 yearly on Sept. 1 from 1918 to 1926. inclusive, and $5,500 Sept. 1
1927. Certified check for 2% of bonds bid for, payable to the Village
Treasurer, required. Bonds to be delivered and paid for within ten days
from time of award. Purchaser to pay accrued interest.
NEW KENSINGTON SCHOOL DISTRICT(P.O. New Kensington),
-The $20,-DESCRIPTION OF BONDS.
Westmoreland County, Pa.
000 431,% coupon tax-free school bonds recently awarded to Lyon, Singer
-V. 104. p. 1726
& Co. of Pittsburgh.
-are dated Apr. 1 1917 and are in
-payable
denominations of $1,000. Prin. and semi-ann. int.-A. & 0.
at First Nat. Bank, New Kensington. Bonds may be registered as to
principal. Due $5,000 Apr. 1 1937 and 1942 and 310,000 Apr. 1 1947.
Total bonded debt (incl. this issue) $343,500; assess. val. $5,600,000.
NEWMAN GROVE SCHOOL DISTRICT (P. 0. Newman Grove),
Madison County, Neb.-BONDS VOTED.-Bv a vote of 294 to 45 the
question of issuing $12,000 high-school-building improvement bonds
carried, it is stated, at the election held April 28.
-This
-LOAN OFFERING.
NEWTON, Middlesex County, Mass.
city is offering, subject to prior sale, the whole or any reasonable part of
$150,000 4% coupon notes in anticipation of revenue, at 100 and, if necessary, accrued interest to date of delivery. Notes will be issued upon the
following terms: to be dated and delivered not earlier than one day after
sale and to mature one year after date of issue; will have two coupons attached, one coupon due six months and the other twelve months after date
of issue, each at 2%; will be in reasonable amounts to suit purchasers; and
will be payable in Boston or New York in whole or in part, buyer's option
at time of purchase; any other terms by mutual agreement. Notes will be
certified by Old Colony Trust Co. of Boston, who have the legal opinion
of Ropes, Gray, Boyden & Perkins of Boston on file. The notes are exempt from Massachusetts and Federal income taxes. The right is reserved
to withdraw this offer without notice.
-BOND SALE AND TEMPORARY LOANS.
NEW YORK CITY.
During the month of April this city sold an issue of $5,000,000 3% assessment bonds maturing on or after Nov. 1 1917. The following short-term
securities, aggregating $31,510,000, and consisting of revenue bonds and
bills and corporate stock notes, were also issued during the month:
Maturity.
Amount.
Interest.
$500,000
f On or after1
3%
Special revenue bonds of 1917
1Jan. 2 19181
•
$500,000
Total special revenue bonds
100,000
3 11-40% June 1 1917
Revenue bills of 1917
900,000
June 1 1917
3 7-20%
do
do
do
3,510,000
June 1 1917
do
do
do
%
May 28 1917 10,000,000
3.48%
do
do
do




MAY 5 1917.]

THE CHRONICLE

1829

PUTNAM COUNTY(P.O. Greencastle), Ind.
-BOND OFFERING.
- Secy. Board of Commissioners (P. 0. Statesville), for $36,000 6% drainage
Bids will be considered until 2 p. m. May 12 by H. H. Runyan, County bonds. Denom.
$1,000. Date Jan. 1 1917. Interest semi-annual.
Treasurer, for $21,700, $11,300, $12,900 and $9,800 434% 6
-year average
road-improvement bonds. There are 20 bonds of equal amounts to each
SOUTH PORTLAND, Cumberland County, Maine.
-BOND SALE
.
issue. Date April 211917. Int. M. & N. Due one bond of each issue Merrill, Oldham & Co. were awarded at 100.279 during December 1916,
each six months from May 15 1918 to Nov. 15 1927. inclusive.
$28,000 impt. and 37,000 refunding 4% bonds. Denom. $1,000. Date
Jan. 1 1917. Int. j. & J. Due $10,000 in 1931, 1932 and 1933 and
PUTNAM COUNTY (P. 0. Winfield), W. Va.-BOND SALE.
-On $5,000 In 1934.
May 1 the $95,000 5% Curry Dist. road-impt. bonds
-V. 104. p. 1726_
SHERBURNE (Village), Chenango County, N. Y.
were awarded to Board of Public Works of State of West Virginia at par
-BOND OFFERING.
-Proposals will be received until 2 p. m. May 8 (not May 7 as first
and int. Other bids were:
reported)
Well, Roth & Co., Cincinnati
-13-year serial
Par less $2,375 reg. waterby Levi Collins, VII. Clerk, for $11,000 434% 3
bonds
-V. 104, p. 1727. Denom. $1,000. Date June 1 1917.
F. 0. Hochler & Co., Toledo
Par less $2,500 Int. J. & D.
A. J. Hood & Co., Detroit
Par less $2,610 1920 to 1930 at Sherburne Nat. Bank. Due $1,000 yrly. on June 1 from
incl. Cert. check for $550, payable to the above Clerk, reRAMSEY COUNTY (P. 0. St. Paul), Minn.
-BOND OFFERING.- quired. Bonded debt Apr. 28 1917 (excl. this issue) $47,500, floating
Sealed bids will be received until 10 a. m. Ma3r 7 by Geo. J. Ries, County debt 84.000. assess. val. 1916 $456,965, total tax rate (per $1.000),$20 14.
Auditor, for $25,000 Lake improvement bonds at not exceeding 5% int.
0
SPOKANE SCHOOL DISTRICT NO.81 (P. 0. Spokane), Spokane
Denom. $100 or multiple thereof. Date May 14 1917. Int. M.& N. at
County, Wash.
-BOND SALE.
-On Apr.'21 the $260,00010-20-yr. (opt.)
the Merchants' National Bank, St. Paul. Due on May 14 in not less than gold
coupon building and equipment bonds(V. 104, p. 1623), were awarded
one year, nor more than 20 years. Certified check on a national bank for Jointly
to Ferris & Hardgrove and the Exchange Nat'l Bank of Spokane
County Auditor, required.
2% of bonds bid for, payable to the
at 100.575 and int. for 43(s. Purchaser to furnish blank bonds. Other
RAPIDES COUNTY (P. 0. Alexandria), La.
-BIDS.
-The following bids were:
bids were received for the $67,000 5% Road Dist. No. 1 road bonds offered State Board of Finance, par and int., for 4qs;also furnish blank bonds.
Irving Whitehouse Co., Spokane $130,000 at par and int. for 43is and
on April 19:
$130,000 at par and int. for 434s; also furnish
Commercial Bank & Trust Co., Alexandria, $67,300 and int.
Tillotson & Wolcott Co., Cleveland. $263,068 andblank bonds.
W. L. Slayton & Co., Toledo, par and int., less $300.
int. for 5s.
Spokane & Eastern Trust Co.. Spokane, $262,765 and int. for 434s; also
Mississippi Valley Tr. Co., St. Louis, par and int., less $325 discount.
furnish blank bonds.
Well, Roth & Co. of Cincinnati, par and int.. less $3,350.
Provident Say. Bank & Trust Co.. Cincinnati, $260.100 and int. for 5s.
RHODE ISLAND (State of).
-BOND SALE.
-On Apr. 27 the $175,000 4% 50
-year gold bridge bonds
-V. 104, p. 1623
SPRING VALLEY TOWNSHIP SCHOOL DISTRICT (P.O. Spring
-were awarded to
Fred S. Peck of the Nat. Exch. Bank of Providence at 102.87 and int. Valley), Greene County, Ohio.
-BONDS DEFEATED.
-The question
Other bidders were:
of issuing the $35,000 school-building bonds
-V. 104, p. 1623
-was deIndustrial Tr. Co., Providence102.80 Merrill, Oldham & Co
101.19 feated at the election held April 24 by a vote of 79 "for" to 213 "against."
Brown, Lisle&Marshall,Prov.102.27 S. J. Foster (for $l0.000)..._104.46
STAMBAUGH SCHOOL DISTRICT (P. 0. Stambaugh), Iron
Wilson, Slade & Co., Prov_ _102.13 W.R.Whitman (for $5,000)-103.50
County, Mich.
-BOND SALE.
-The Hanchett Bond Co. of Chicago
W. White & Co
101.69
purchased on Mar. 17 at par and int. the $100,000 43i% school bonds.
ROCHESTER, N. Y.
-NOTE OFFERING.
-Sealed bids will be received voted Mar. 13.-V. 104, p. 883. Denom. $1,000. Int. J. & J.
by E. S. Osborne, City Comptroller, until 2 p. m. May 10 for $100,000
school and $50,000 home-defense notes. The notes will be payable eight
SWAMPSCOTT, Essex County, Mass.
-TEMPORARY LOAN.
months from May 14 1917, at the Union Trust Co. of New York. Notes On Apr. 27, a loan of S100,000 was negotiated with H. C. Grafton, Jr.. of
will be drawn with interest and will be deliverable at the Union Trust Co. Boston at 434% discount. Due $60,000 Nov. 15 and $40,000 Dec. 15
of New York,80 Broadway, New York City, on May 14. Bids must state 1917.
rate of interest and designate to whom (not bearer) notes shall be made
STRUTHERS SCHOOL DISTRICT (P. 0. Struthers), Mahoning
payable and denominations desired.
County, Ohio.
-BOND SALE.
-The Sinking Fund Commissioners have
ROCKY RIVER SCHOOL DISTRICT (P. 0. Rocky River), Cuya- purchased $15,000 5% school bonds, maturing from 1926 to 1934.
The bonds are part of an issue of $40,000, $25.000 having been sold
hoga County, Ohio.
-BONDS VOTED.
-At the election held April 24
the proposition to issue the $75,000 school bonds carried by a vote of 91 on Feb. 26 to Cummings, Prudden & Co. See V. 104, p. 883.
-On April 30 an issue of $15,000 5% coup. school bonds was awarded to
to 34, it is stated.
-V. 104, p. 1623.
Seasongood & Mayer of Cincin. at 102.60 and int. The other bidders were:
ROME, Oneida County, N. Y.
-DESCRIPTION OF BONDS.
$15,3751Prov. Say. Bk. & Tr. Co___$15,267
-We J. C. Mayer & Co
learn that the $39,948 13 4% paving bonds awarded to the Rome Tr. Co. Struthers Say. & Bkg. Co
15,324 Spitzer, Rorick & Co
15,236
at par on Apr. 24-V. 104, p. 1726
-are dated May 1 1917 and mature
SWITZERLAND COUNTY (P. 0. Vevey), Ind.
one-fourth each year. Int. ann. on May 1.
-BOND SALE.
-On
May 1 the 812,000414% highway bonds (V. 104, _p. 1520) were awarded
RYE UNION FREE SCHOOL DISTRICT NO. 4 (P. 0. Rye), West- to the Vevey Deposit Bank. There were three other bidders.
chester County, N. Y.
-BOND SALE.
-On April 24 an issue of $14,000
TARRYTOWN, Westchester County, N. Y.
-BOND SALE.
434% school bonds was awarded to the Port Chester Savings Bank of Port
-ReChester at 101. Date May 1 1917. Int. M. & N. Due $1,000 yearly ports state that on April 24 the $26,000 water bonds
-V. 104, p. 1624
were awarded to Isaac W.Sherrill Co.of Poughkeepsie at 100.28 for 4.30s.
from 1019 to 1932, incl.
TAUNTON, Bristol County, Mass.
ST. JOHN PARISH (P. 0. Edgard), La.
-BOND ELECTION PRO-BOND OFFERING.
-Proposals
POSED.
-Reports state that an election will imobably be called early in will be received until 7 p. m. May 8 by Lewis A. Hodges, City Treas., for
the 8200,0004% 1-20-yr. serial coupon school bonds authorized last DecemJune to vote on the proposition to issue $180,000 road bonds.
ber
-V. 103, p. 2261. Date Dec. 1 1916. Prin. and semi-ann. int.ST. LOUIS, Mo.-BOND ELECTION PROPOSED.
-Local papers
-payable
that the Board of Aldermen will be asked to call a special election to state J.& D. Dec. at the Webster & Atlas Nat. Bank,Boston. Due $10,000
yearly on
1 from
to the voters the question of issuing $18.840,000 bonds: $9,905,000 submit as to their genuineness 1917 to 1936, incl. These bonds will be certified
for
by the Old Colony Trust Co.and this trust company
Improvement of River Des Peres, $3,325,000 for sowers, $2,750,000 the will further
for
certify that the legality of this issue has been approved by
playgrounds,$250,000 for a garbage plant. $100,000 for material
parks and
Ropes, Gray, Boyden & Perkins of Boston, a copy of whose opinion will
yards for the street department, $100,000 for fire-proofing the city stables, accompany
the bonds when delivered, without charge to the purchaser.
$1,000,000 for the south approach of the Free Bridge,$500,000 for brid'ges, Total
bonded debt (excl. this issue) April 27 1917. $2,601,718; amount outviaducts and street openings, $450,000 for a municipal farm, $300,000 for side of
debt limit, $2,010,200; total sinking fund, $1,243,374; assess. val.
motorizing the Fire Department, and $150,000 for the improvement of
1916, $27,705.962.
Koch Hospital.
.TENNESSEE,
-BOND OFFERING POSTPONED.
-We are
SAN ANTONIO UNION SCHOOL DISTRICT, Monterey County, advised that the State of.
-BOND OFFERING.
Calif.
-Proposals will be received until 10 a. m. Herbert Domain$1,000,000 1-50-yr. serial University of Tennessee,$80,000
Impt. and S300,000 charitable institutions-improvement
May 8 by T. P. Joy, Clerk. Dd. of Co. Supervisors (P. 0. Salinas), it is bonds, which were to have been
sold on May 10(V. 104, p. 1520) have been
reported, for $6,000 6% school bonds. Cert. check for 10% of amount of withdrawn
from the market for the present.
bid, payable to the above Clerk, required.
We are not informed as to whether the $625,000 4% 40
-year school bonds
SAN FRANCISCO, Calif.
-PRICE PAID FOR
-OPTION also advertised to be sold on May 10, have been withdrawn or not.
GRANTED.
-As reported in last week's "Chronicle," BONDS
page 1727, the bid
TERRE HAUTE SCHOOL CITY (P.0.Terre Haute), Vigo County,
of the syndicate, of which Wm. A. Read
-BONDS NOT SOLD.
-Reports state that no bids were received for
London & Paris National Bank, of San & Co., of Chicago, and the Anglo- Ind.
-20
$11,090,000 414% gold coupon tax-freeFrancisco, were members, for the the $180,000 4% 12 -year serial school bonds offered on April 30.-V.
water bonds of 1910, offered on 104, p. 1520.
April 16, was accepted by the Board of Supervisors on April 23. According
to San Francisco newspapers, under the terms
TEXAS.
-BONDS REGISTERED.
-The following bonds have been
the award
accepts Immediately $1,640,000 of the issue for ofpremium ofthe syndicate registered by the State Comptroller:
a
$1,148,
a basis of 100.07, and receives an option to take up 35,000,000 moreor at Amount. Place and Purpose of Issue. Rate.
Due.
Date Registered.
at a $40,000
basis of 100.50 before July 1, providing notification is made of the syndiAmarillo Paying Dist
Apr. 18'17
5% $1,000 yearly
cate's willingness to do so on or before June 1, and the remaining $4450,000
10,000 Amarillo Paving Dist
1,000 yearly
5,
0
pr. l8'17
at a basis of 101 before Oct. 1, with the same thirty days' provision.
20,000 Lone Oak Ind. Sch. Dist
500 yearly
5%
Apr. 18'17
90,000 Clarksville Ind. Sch. Dist
5
3,000 yearly
Apr. 18'17
SAN JUAN GRAMMAR SCHOOL DISTRICT, Sacramento County,
50,000 Red River Co., Levee Dist..
6 o
1.000 for 10 years.
-BONDS VOTED.
Calif.
-The question of issuing $6,000 building bonds
then $2,000 yearly Apr. 18'17
carried, it is stated, by a vote of 80 to 38 at an election held April 18.
80.000 Brovrnwood School House
5% 20-40-yrs.(opt.i Apr. 18'17
30,000 Brovrnwood Fire Station
5% 20-40-yrs.
(opt. Apr. 18'17
SCIOTO TOWNSHIP SCHOOL DISTRICT (P. 0. Wakefield), Pike
6,000 Throckmorton Co.C.S.D.No.21.57
5-40-yrs.
(opt. Apr. 19'17
County, Ohio.
-BONDS NOT SOLD.
-No sale was made on May 1 of
1,500 Crosby Co. C. S. D. No. 2_ - _ _5
20 years
Apr. 19'17
the $15,000 434% 1-20
-year serial coupon school bonds offered on that day.
2,500 Collin Co. C. S. D. No. 1
5
500 yearly
Apr. 19'17
--V. 104, p. 1727.
50,000 Hearne Ind. Sch. Dist
5% $1,000 yearly to 1947,
SCOTT COUNTY (P. 0. Huntsville), Tenn.
-BOND
then $2,000 yearly Apr. 24'17
H. W. Potter, co, judge, will receive sealed bids until 12OFFERING.
25,000 Welling Ind. Sch. Dist
m. May
5%
1.000 yearly to 1952,
$300,000 coupon tax-free pike road construction bonds. These bonds 8 for
then $2,000 yearly Apr. 24'17
were
authorized by vote of692 to 624 at an election, held Aug.
85,000 Victoria Ind. Sch. Dist
4Yi 7 2,000 early to 1952,
0
$1,000. Date June 1 1917. Int. (rate not to exceed 12 1915. Denom.
then $2,000 yearly Apr. 24'17
annual (J. & D.) at the Natl. Bank of Commerce, 570), Payable semi1,200 Scurry and Mitchell Co. Com.
June 1 1927; $15,000 yearly June 1 from 1928 to N. Y. Due $25,000
Sch. Dist. No.24
1944 incl. and $20,000
57
2-25-yrs.(opt.) Apr. 24'17
June 11945. Cert, check for $1,000, payable to the
15,000 Ellis County Levee Dist
Co. Judge, required.
1,000 yearly
6%
Apr. 24'17
The county has no bonded debt. Assess. val.,
1,500 Ellis Co.C.S. D.No.93
$3,095,000; taxable value
5-15-yrs.(opt.) Apr. 26'17
5%
(est.), $5.500,000. The approving opinion of Caldwell & Reed of N.
500,000 Dallas Co. Road and Bridge_ ._4 %10-40-yrs.
(opt.) Apr. 26'17
or some other reliable bond attorney will be furnished free of charge. Y., 100,000 Victoria Public Improvement_44,%
$5,000 yearly
Apr. 27'17
14,500 Alba Ind. Sch. Dist
5% 20-40-yrs.(opt.) Apr. 27'17
SEATTLE, Wash.
-BOND OFFERING.
-Sealed bids will be received
TOLONO SCHOOL DISTRICT(P.O.Tolono), Champaign County,
until 12 in. Juno 16 by H. W. Carroll, City Comptroller, for the following
-BONDS VOTED.
gold coupon bonds at not exceeding 5% int.:
Ills.
-At a recent election this district voted in favor of
$70,000 sower refunding bonds. Denom. $500. Duo $35,000 July
the question of issuing $10,000 bldg. bonds, it is stated.
1
1919 and 1920. Cert. check for 2% of bonds bid
for, required.
TOWER,St. Louis County, Minn.
-BOND ELECTION.
refunding bonds First Series. Denom.
-An election
30,000
Cert. check for 2% of bonds bid for,$500. Due July 1 1918. will be held May 9, it is stated, to vote on the question of issuing $4,C00
required.
100,000 refunding bonds, Second Series. Denom. $500. Due $50,000 public-hall bonds.
July 1 1921 and 1022. Cert. check for 2% of bonds
TRIPP COUNTY (P.O. Winner), So. Dak.-BONDS DEFEATED.bid for,
required.
Reports state that the election held April 17 resulted in the defeat of the
200,000 bridge bonds, Series "B." Denom. $1,000. Due $20,000 yrly. questions of issuing $200,000 refunding and $65,000 court-house-bldg.
from 1928 to 1937 incl. Cert. check for $4,000, required. bonds(V. 104, p. 1520.)
July 1
Denom. $1,000. Date July 1 1917. Prin, and semi-annual int. (J. & J.),
TROY, N. -BOND SALE.
-An issue of 8100,0005% certificates of
payable at the State of Washington fiscal agency in N. Y. or at the City indebtedness Y.
or revenue bonds VMS awarded on Mar. 13 to the ManufacTreas. office at the option of holder. All certified checks must be drawn
on a national bank or trust company, payable to the City Comptroller; turers' National Bank of Troy at 100.42. Denom. $25,000. Date Mar.
no deposit is required from the State of Washington. Bids must be made 13 1917. Due June 19 1917. Debt statement as of Mar. 3 1917 follows:
on forms furnished by the city. Gen'l bonded debt Apr. 1 1917 816,847,- General debt, $2,003,282; water debt, $2,721,386; sinking fund, $94,043;
revenue bonds. $350,000; certificates of indebtedness for public improve400. Assess. val. 1916 $212,868,707.
ments, $66,600; assess. val., real, $54,434,518; franchLse, $4,477,671; PerSHARKEY COUNTY (P. 0. Rolling Fork), Miss.
sonal, $2,178,217; total val. 1916, $61,090,406.
-BOND
received until May 7 by F. B. Boykin, OFFERING.
-Proposals will be
County
TRUMBULL COUNTY(P.O. Warren), Ohlo.-BOND OFFERING.
Treasurer, it is stated, for $18,500 6% school bonds.
Proposals will be received until 12 m. May 14 by the County CommissionSHENANDOAH, Page County, Iowa.
ers, M. H. Evans, Clerk, for $60,000 434°f coupon road bonds. Auth.,
-BOND ELECTION.
-An
it is stated, to vote on the question of issuing Secs. 6906 to 6956. Gen. Code. Denom. $500. Date May 11917. Int.
election will be held May 8,
$30,000 hydro-electric plant erection bonds.
A. & 0. at office of County Treasurer. Due $3,000 each six months from
April 1 1918 to Oct. 11927,inclusive. Certified check for $500, payable to
SHERIDAN, Sheridan County, Wyo.-BONDS VOTED.
-The ques- J. 0. Cratsley, County Treasurer, required. Bonded debt May 3 1917,
tion of issuing $30000 cemetery improvement bonds
(V. 104, p. 1623). including this issue, $674,699; State and county tax rate per $1,000, $4 00.
carried at the election, held April 24.
TUTTLE TOWNSHIP (P. 0. Tuttle), Grady County, Okla.
Is SNOW CREEK DRAINAGE DISTRICT,
,
Iredell County, No. Caro. BONDS VOTED.
-The proposition to issue $10,000 road bonds carried
BOND_OFFERING.-Blds will be received until May 8 by
R. Cowles, at a recent election.




[VOL. 104.

THE CHRONICLE

1830

-WARRANT OFUNION COUNTY (P. 0. Maynardville), Tenn.
-Sealed bids will be received until 1 p. m. May 21 by Geo. N.
FERING.
warTaylor, co. Judge, for $50,000 6% 10-yr. coupon road and bridgecheck
rants. Denom. $1,000. Date July 1 1917. Int. J. & J. Cert.
for $1,000, payable to the "County," required. Bonded debt Apr. 30
1917 (exclusive of this issue), $150,000. No floating debt. Sinking fund,
$15,000.
UNION TOWNSHIP (P. 0. Union), Union County, So. Caro. ,
-A. G. Kennedy, Chairman of Highway Commission
BOND OFFERING.
(opt.)
will receive bids until 12 m. May 22 for the $125,000 20-40-yr. July 1
coupon highway bonds voted March 20. Denom. $1,000. l Date J.) in
1917. Int. (rate to be named in bid), payable semi-annua (J. &
N. Y. City. Cert. check for $1,000 required.
-Proposals will
-BOND OFFERING.
UTICA, Oneida County, N. Y.
be received until 12 m. May 11 by Stuart W. Snyder, City Comptroller,
for the
for $8,164 45 44% reg. tax-free bonds issued to provide funds the city
payment of the amount remaining unpaid upon the county tax for semiand
for 1916. Denom. to suit purchaser. Date April 7 1917. Prin. registered
of
ann. int., payable at office of City Treasurer, or upon request1% of bonds
holder, will be remitted in N. Y. exchange. Cert. check for
bid for, payable to the City Treasurer, required.
VALLEY COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Hinsdale),
-year (opt.) school
-On April 18 $15,000 6% 5-20
-BOND SALE.
Mont.
bonds were awarded to Sweet, Causey, Foster & Co. of Denver at 102.50.
Denom. $1,000.
-BOND OFFERING.
WABASH COUNTY (P. 0. Wabash), Ind.
Valentine Freising, County Treasurer, will receive bids until 5 p. m. May
15 for $14,560 and $14,000 4 % highway impt. bonds, It is stated.
WARMSPRINGS IRRIGATION DISTRICT (P. 0. Vale), Malheur
-Proposals will be received until
-BOND OFFERING.
County, Ore.
for $750,000 6%
3 p. m. May 15 by John Rigby, Secy. Board of Directors,bonds. Denom.
m
gold coupon or registered tax-free irrigation-systeat the fiscal agency
1917. Interest payable J. & J.
$1,000. Date Jan. 1
of the State of.Oregon in N. Y. City. Due $37,000 1938, $45,000 1939,
353,000 1940, $60,000 1941, $67,000 1942, $75,000 1943, 183,000 1944,
$97.000 1945,$113,000 1946 and $120,000 1947. Cert. check for 1% ,payable to the above Secretary, required. The district has no bonded debt.
Assess. val. 1915,$700,000; real value (approximately). $1,800,000. These
bonds were authorized by vote of 86 to 23 at an election held Aug. 15 1916.
A similar issue of bonds was reported sold on Jan. 5 to the Lumbermen's
Trust Co. of Portland (V. 104, p. 283).
WASHINtTON SCHOOL TOWNSHIP (P. 0. Columbia City),
-Bids will be received
-BOND OFFERING.
Whitley County, Ind.
until 1 p. m. to-day (May 5) by D. V. White, Twp. Trustee, for an issue
of $22,000 4j4% school bonds, reports state.

NEW LOANS.

This item was erroneously reported under the head of Washington Sch.
Twp., Ohio, in V. 104, p. 1624.
-The
-BOND SALE.
WATERLOO (Village), Seneca County, N. Y.
Village Clerk advises us that the $22,000 paving bonds recently authorized
-V.104, p. 1727.
by the State Legislature, have been sold.
-BOND ELECTION PROWATERTOWN, Jefferson County, N. Y.
POSED.
-Reports state that an election will probably be held the latter
part of this month to vote on the question of issuing $84,000 school-impt.
bonds.
-Pro-BOND OFFERING.
WAYNESBORO, Franklin County, Pa.
posals will be received until 7:30 p. m. May 10 by A. S. Fitz, Secretary of
Finance Committee, for an issue of $100,000 4% coupon tax-free refunding
103,
and improvement bonds. These bonds were voted Nov. 7 1916 (V. Due
p. 1915). Denom. $500. Date March 1 1917. Int. M. & S.
$50,000 March 1 1932 and 1937 and $100,000 March 1 1947. Certified
check for 2% of bonds bid for, payable to T. S. Cunningham, Borough
Treasurer, required. Purchaser to pay accrued interest. Bonded debt
May 2 1917, including this issue, $225,000. Assessed valuation 1917.
$4,500,000; total tax rate per $1,000, $8 50.
-BONDS NOT SOLD.WELLSVILE, Columbiana County, Ohio.
-year street
No bids were received on Apr. 28 for the $1,773 86 5% 5
-V. 104, p. 1416.
bonds offered on that day.
impt.(city's portion)
-BOND
(P. 0. Berwick), Columbia County, Pa.
WEST BERWICK
OFFERING.-ProposaLs will be received until 12 m. May 10 by C. W.
Dickson, Boro. Solicitor, for the following 43i% tax-free paving bonds:
,
$32,000 bonds. Due $8,000 3 rly. on May 10, from 1919 to 1922 incl.
redeemable any interest period.
incl.
18,000 bonds. Due $1,000 yrly. on May 10, from 1923 to 1940check for
Denom. $1,000. Date May 10 1917. Int. semi-ann. Cert.
$1.000 required.
These bonds were offered but not sold on April 16.-V. 104, P• 1079.
WEST MINNEAPOLIS (P. 0. Hopkins), Hennepin County, Minn.
-On May 1 the $8,000 5% 1-4-year serial gold coupon
-BOND SALE.
tax-free sewer-construction bonds (V. 104, p. 1624) were awarded to the
State Bank of Hopkins for $8,033 33, equal to 100.416.
-BOND OFFERING.
WHEELER COUNTY (P. 0. Wheeler), Tex.
for
Sealed bids will be received until May 14 by H. M. Wiley, Co. Clerk,
10-40-yr. (opt.) Road Dist. No.2 road impt. bonds. Denom.
335.000 5%
The district has no indebtedness
$1,000. Cert. check for $500 required.
Assess. val. of Dist. 1916, $1,047,650.
-BOND
NO. 1, Wash.
WHITMAN COUNTY SCHOOL DISTRICT-school-bldg. bonds were
-On April 14 $10,500 5-20-yr. (opt.) high par and int. for Ois.
SALE.
Nat. Bank, Colfax, at
awarded to the Farmers
Denom. $500. Date May 1 1917. Int. ann. on May 1.

NEW LOANS.

NEW LOANS

CITY OF GALVESTON, TEXAS NORTH CAROLINA,
RALEIGH, N. C.
BOND CALL

$600,000

City of Hartford, Connecticut,

Sealed proposals will be received at the office
Additional Water Supply Bonds
-Year Limited of State Treasurer until NOON, THURSDAY,
Notice to redeem Galveston 40
Debt Bonds of 1881 of the City of Galveston, MAY 24th, 1917, for the purchase of all or any
Sealed proposals will be received by the City
issued by said city on June 1. 1883, and April 1, part of the following bonds:
Treasurer at his office In the City of Hartford
1884, and March 18, 1887, May 2, 1887, and
23, 1887, and $25,000 00
until Tuesday. May 15, 1917, at two o'clock P.
from July 2, 1887, to August
or any part of
of the
September 1st and 2nd, 1887.
4% ten-year bonds for "The State M., for the purchasebonds, whole
to Six
Notice is hereby given to the holders of bonds
Home and Training School for the above named Dollars amounting00) with
($000,000
the Galveston
of the City of Galveston known as
Girls and Women,"dated July 1st, Hundred Thousand cent (4%) per annum, to be
Interest at four per
-Year Limited Debt Bonds issued by said city
40
1917, expiring July 1st, 1927.
dated June 1, 191.7, and maturing serially, $200,June 1, 1883, and numbered
00000 June 1, 1940, 1941 and 1942. Principal
1126, 1138, 1139, 1140, 1141, 1142, 1143, 1144, $75,000 00
United
1145, 1146, 1147, 1148, 1151, 1152, 1153, 1154,
for "Caswell and interest payable in gold coin of the
4% ten-year bonds
of America.
1165, 1156, 1157, 1158. 1159, 1160, 1161, 1162,
Training School," dated July 1st, Statesfurther information and conditions governFor
1163, 1164, 1165, 1166,1167, 1169, 1171, 1172,
1917, expiring July 1st, 1927.
ing proposals and sale address,
1173, 1174, 1175, 1176, 1177, 1178, 1179, 1180.
CHAS. H. SLOCUM,
1181, 1182, 1183, 1184, 1185, 1186, 1187, 1188, $400,000 00
City Treasurer.
1189, 1190, 1191, 1192, 1193, 1194, 1195, 1196,
a
el t Jrudlsy for
1197, 1198, 1199, 1200, 1201, 1202, 1203, 1204,
1st
l&ac
lo
f
1210. 1211, 1212, 1213,
1205, 1206, 1207, 1208,
1917, expiring July 1st. 1958.
1214, 1215, 1216. 1217, 1218. 1219, 1220, 1221,
Blanks for bidding will be furnished upon appli1222, 1223, 1224, 1225.
cation to me.
and numbered
Bonds issued April 1, 1884,
B. R. LACY, State Treasurer.
1226, 1227, 1228, 1229, 1230, 1231, 1232, 1233,
1234, 1235, 1236, 1237, 1238,.1239, 1240, 1241,
1249,
1242, 1243, 1244, 1245, 1246, 1247, 1248,
1250.
14 Wall Street, New York
Bonds issued March 18, 1887, and numbered
1251. 1252, 1253, 1254, 1255, 1256, 1257, 1258,
1261, 1262, 1263, 1264, 1265, 1266,
1259, 1260,
1267, 1268, 1269, 1270, 1271, 1272, 1273, 1274,
1275, 1326, 1328, 1329, 1330, 1331, 1332, 1334.
Bonds issued May 2, 1887, and numbered
Newark, N. J.
786 Broad St.
1463,
1456, 1457, 1458, 1459, 1460, 146`?, 1471. 1464,
1472,
1465, 1466, 1467, 1468, 1469, 1470,
1473, 1474, 1475, 1476, 1477, 1478, 1479, 1480,
1481, 1482, 1483, 1484, 1485. 1486, 1487, 1488,
1489, 1490, 1491, 1492. 1493, 1494, 1495, 1496,
1497, 1498, 1499, 1500, 1501, 1502, 1503, 1504,
1505, 1506, 1507, 1508, 1509, 1510, 1511, 1512,
1513, 1514, 1515, 1516, 1517, 1518. 1519, 1520,
1521, 1522, 1523, 1524, 1525, 1526, 1527, 1528,
1529, 1530, 1531, 1532, 1533, 1534, 1535, 1536,
CHICAGO
1537, 1538, 1539, 1540, 1541, 1542, 1543, 1544,
1548, 1553, 1554.
Bonds issued from July 2, 1887, to August 23,
1887, and numbered
1581, 1582, 1583, 1584, 1586, 1587, 1588, 1589,
1590, 1591, 1592, 1593, 1594, 1595, 1596, 1597,
1605,
1598, 1599, 1600, 1601, 1602, 1603, 1604, 1613,
1606, 1607, 1608, 1609, 1610, 1611, 1612,
1630.
1614,
Has on hand at all times a variety of exPays Interest on Time
Bonds issued September 1 and 2. 1887, and
cellent securities. Buys and sells
numbered
Reserve
Deposits, Current and
1631, 1632, 1633, 1634, 1635, 1636, 1637, 1638,
1639, 1640, 1641, 1642, 1643, 1644, 1645, 1646,
Government, Municipal and
A000unts. Deals in Foreign Ex1647. 1648. 1649, 1650, 1651, 1652, 1653, 1654,
Corporation Bonds.
1657, 1658, 1659, 1660, 1661, 1662,
1655, 1656,
ohange. Transacts a General Trust Business.
1663, 1664, 1665, 1666. 1667, 1668,1670, 1671,
1672, 1673, 1674, 1675, 1676, 1677, 1678, 1679,
1680, 1681, 1682, 1683. 1684. 1685, 1686, 1687,
1688, 1689. 1690, 1691, 1692, 1693, 1694, 1695,
1696, 1697, 1698, 1699, 1700, 1701, 1702, 1703,
1704, 1705, 1706, 1707, 1708, 1709, 1710, 1711,
1712, 1713, 1714, 1715, 1716, 1717, 1718, 1719,
PITTSBURGH, PA.
1720, 1721, 1722, 1723, 1724, 1725, 1726, 1727,
BUSINESS MARCH 5, 1917
STATEMENT OF CONDITION AT THE CLOSE OF
1728, 1729, 1730, 1731.
each of said bonds being for $1,000; that the City
RESOURCES
will redeem at par the hereinbefore
of Galveston
Loans, Bonds and Investment Securities-- $88,265,620 02
named and numbered bonds upon their presenNone
tation at the office of the Treasurer of the City,
Overdrafts
or at the National City
7,277,164 67
at Galveston, Texas,
Cash
Bank of New York, on June 1, 1917, and any of
23,443,686 63
the bonds herein described and designated, which
Due from Banks
are not presented for redemption as aforesaid,
$118,986,471 32
on the first day of June, 1917, shaH cease to bear
Interest from and after said date.
LIABILITIES
$6,000,000 00
This notice is given in pursuance of Section 2
Capital
of the ordinance of the City of Galveston by virtue
3,813,044 13
of which ordinance the said bonds hereinbefore
Surplus and Undivided Profits
435,937 68
described, designated and numbered were issued.
Reserved for Depreciation, &c
•
LEWIS FISHER,
3,696,297 50
Circulating Notes
Mayor-President of the Board of Com105,041,192 01
missioners of City of Galveston.
Deposits
H. 0. STEIN,
$118,986,471 32
Treasurer of said City of Galveston.
Galveston, Texas, April 28, 1917.




H. D. Walbridge & Co.

F.M.Chadbourne& Co.
Investment Securities

Public Utility Securities

iffllitoisTrurst&SavingsBank

Capital, Surplus and Undivided Profits

-

$16,400,000

MELLON NATIONAL BANK

1831

THE CHRONICLE

MAY 5 1917.1

-BOND
, WHITMAN COUNTY SCHOOL DISTRICT NO. 82, Wash.
-On April 21 $12,000 5-20-yr. (opt.) building bonds were awarded
SALE.
to the Tekoa State Bank of Tekoa for $12,010, (100.083) as 4 -is. Denom.
$500. Date May 11917. Int. ann. on May 1.
-BOND SALE.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
On Apr. 30, the three issues of 5% road impt. (county's share) bonds,
Breed.
3150,000, were awarded to J. C. Mayer & Co. and were:
aggregating
Elliott & Harrison on their Joint bid of 100.63. The other bidders
$70,000 $45,000 $35.000
Road.
Road.
Road.
$70,420 00 $45,270 00 $35,210 00
Hayden. Miller & Co
70,409 50 45,184 50 35,143 50
F. C. Hochler & Co
70,350 00 45,113 00 35,088 00
Davies-Bertram Co
70,306 00 45,182 60 35,152 60
Ohio National Bank
70,28000 45,180 00 35,140 00
Seasongood & Mayer
70,210 00
& Sawyer
Charmer
70,154 20 45,099 40 35,077 20
First Nat. Bank, Cleveland
-BOND OFFERING.
YORK TOWNSHIP, Belmont County, Ohio.
Proposals will be received until 12 m. May 19 by 0. L. Bonar, Clerk Bd. of
Trustees, for $20,000 of an issue of $30,000 5% road bonds. Denom.
Twp.
S.
31,000. Date June 1 1917. Prin. and semi-ann. int.-M. &of -payable
bonds bid
check
at First Nat. Bank of Powhatan Point. Cert. Bondsfor 5%delivered and
to be
to the Twp. Trustees, required.
for, payable
paid for within 10 days from time of award. Successful bidder to furnish
blank bonds of legal form.
-

Canada. Its Provinces and Municipalities.

-On April
-DEBENTURE SALE.
ALBERTA SCHOOL DISTRICTS.
17 the ten issues of 10 installment school district debentures, aggregating
-were awarded as follows:
$11,140-V. 104, p. 1417
$1,200 7% Birdsview School District No. 3415 debentures to Wood.
Gundy & Co. at 103.67.
1,000 6% Fosk Consolidated School District No. 25 debentures to 11.
O'Hara & Co. at 99.40.
1,800 7% Lac la Biche Sch. Dist. No. 3305 debentures to the Manufacturer's Life Ins. Co. at 103.50.
7,140 7% school district debentures, consisting of seven separate issues
to H. O'Hara & Co. for $7,397.12, equal to 103.601.
-The question of
ALLISTO N, Ont.-DEBENTURE ELECTION.
Issuing $32,000 electric power debentures will be submitted to a vote on
stated.
May 7, it is
-Proposals will be
COBOURG, Ont.-DEBENTURE OFFERING.
$10,000
received until 12 m. May 7 by Ben Ewing, Town Clerk, for the p. 1315.
10 installment bonus debentures voted March 12-V. 104,
5
11917. Int. M.& N.
Date May

-It is stated that an
KINCARDINE,Ont.-DEBENTURE ELECTION.
election will be held May 15 to vote on the proposition to issue $20,000
J. B. Watson to establish a furniture factory.
debentures to assist
-A local paper
MONTREAC, Que.-DEBENTURES AUTHORIZED.
states that the City Treasurer has been given authority to issue $1,400,000
debentures.
deficiency
-W. L.
-DEBENTURE SALE.
NORTH VANCOUVER (City), B. C.
Slayton & Co. of Toledo. Ohio, were awarded the following debentures on
Mar. 13:
$38.000 5% B. 1. T. & B. Co.'s shares debentures at 78.20. Date Mar.
26 1913. Duo in 50 years.
35,000 5% street impt. debentures at 78.20. Date Mar. 26 1915. Due
in 50 years.
47,440 6% local impt. debentures at 95.14. Date Apr. 15 1915. Due
Apr. 15 1945.
Denom. $500. Int. payable A. & 0.
ST.FRANCOIS XAVIER SCHOOL DISTRICT,Man.-DEBENTURE
-On April 21 an issue of $4,000 6% 20 installment school debentures
SALE.
was awarded, reports state, to the Canada Landed & Nat.Inv. Co.at par.
-The fol-DEBENTURE SALES.
SASKATCHEWAN (Province of).
lowing six issues of debentures, aggregating $12,700, issued by various
of Saskatchewan, are
school districts, town and villages in the Province
reported sold by the Local Government Board from Apr. 16 to Apr. 20:
$1,000 Podole Sch. Dist. No.3227 debentutes to Nay & James of Regina.
1,600 Carmen Silva Sch. Dist. No. 3859 debentures to Goldman & Co.
of Regina.
2,500 Frobisher Sch. Dist. No. 810 debentures to Goldman & Co.
3,000 Fertile Sch. Dist. No. 235 debentures to John Kirby of Fertile.
2.800 Town of Morse debentures to W. L. McKinnon & Co. of Regina.
1,800 Village of Young debentures to W. L. McKinnon & Co.
-According to
TILLSONBURG, Ont.-DEBENTURE ELECTION.
newspaper reports an election has been called for May 14 to vote on the
question of granting a loan of $10,000 to the Tillsonburg Foundry & Machine
Co., Ltd.
-Reports
-SINKING FUND LOAN FAVORED.
VANCOUVER, B. C.
has
state that the Private Bills Committee of the Provincial Legislature rate
favored this cify's application for authority to raise $5,000.000 at the
a year.
of not exceeding $1,000,000
WENTWORTH COUNTY (P. 0. Hamilton), Ont.-DEBENTURE
-Proposals will be received until 12 m. May 7 by J. W.
OFFERING.
Jardine, Co. Clerk, for an issue of $72.000 5% debentures, maturing in
20 ann. installments.
-The Council
WOLSELEY, Sask.-DEBENTURES AUTHORIZED.
on April 7 authorized the issuance of $9,000 debentures for the extension
of the municipal light and power plant and drainage system, reports state.

FINANCIAL

FINANCIAL

Why Burden a Friend with
the Care of Your Estate?

STONE &WEBSTER
FINANCE public utility developments.

BUY AND SELL securities.
DESIGN steam power stations, hydroelectric developments, transmission
lines, city and interurban railways,
gas plants, industrial plants and
buildings.
CONSTRUCT either from our own designs Or from designs of other engineers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway, light, power and gas
companies.

NEW YORK

BOSTON

CHICAGO

Unquestionably it shows confidence
in your friend's ability and integrity
to name him as executor and trustee of
your estate, but is it fair to place on him
such a burden of responsibility? Can
he afford, from the standpoint of his
own personal interests, to accept such
an appointment?
Why not consider the selection of an
executor and trustee as a business matter
and appoint the Bankers Trust Company, which is organized especially to
undertake the duties of trusteeship?
If there is some special reason for
having a friend serve, appoint him coexecutor and co-trustee with the Company, thus relieving him of most of the
burden.
An officer will be glad to confer withyou
asgarding trust,banking and foreign business.
Telephone 8900 Rector, or call at 16 Wall St.

BANKERS TRUST COMPANY
Resources, over $350,000,000

We Buy and Sell

City of St.Louis
and other high-grade
municipals of the
Middle West.
We also specialize in
Drainage bonds of the
Mississippi Valley.
Correspondence invited

EXEMPT FROM FEDERAL INCOME TAX

High-Grade Southern Municipal Bonds
Suitable for conservative investment
Descriptive circular and prices upon request
BOND DEPARTMENT

BOND DEPARTMENT

HIBERNIA BANK & TRUST CO.

Mississippi Valley Trust Co.

NEW ORLEANS

Capital, Surplus and Profits
over $8,000,000
ST. LOUIS

F. WM. KRAFT
LAWYER.

Specializing in Examination of

W. H. Goadby & Co.
Members Now York Stock

.NO. 74 BROADWAY



Exchange

NEW YORK

Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING
11 WEST MONROE STREET

CHICAGO, ILL.

RAYMOND M. HUDSON
ATTORNEY AT LAW
WASHINGTON, D. C.
BOND BUILDING
Practice before U. S. Supremo Court, U. S. Court
of Claims, D.C. Court of Appeals, D.C.Supreme
Court, Va. and Md. Courts, Executive Departments, Congressional Committees, Federal Reserve Board, Federal Trade Commission, InterState Commerce Commission. Cable "Rayhud."

1832

THE CHRONICLE

[Vol,. 104.

INSURANCE

ifactons

ATLANTIC MUTUAL INSURANCE COMPANY

JAMES TALCOTT, Inc.

New York, January 25th, 1917._
The Trustees, in conformity with the Charter of the Company,submit the follotsing statement of Us affairs on the
31st of December, 1916.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the let January, 1916. to the 31st December, 1916
$8,087,174.02
Premiums on Policies not marked off 1st January. 1916
903,703.68
Total Premiums

$8,990,877.68

Premiums marked off from 1st January. 1916, to 31st December. 1916

57,855,092.25

oiterest on the investments of the Companyreceived during the year $337,271.73
Interest on Deposits in Banks and Trust Companies, etc.
103,475.76
Rent received less Taxes and Expenses
109,638.08 3 530,335.62
Losses paid during the year
53.360.156.87
Less* Salvages
$322,138.57
Re
-insurances
586,832.53 S 908,971.10
$2,451,185,77
Re-insurance Premiums and Returns of Premiums
$1,339,298.73
Expenses, Including compensation of officers and clerks, taxes, stationery,
advertisements. etc.
$ 740,899.72
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1911 will be redeemed anti paid to the holders thereof, or
their legal representatives, on and after Tuesday the sixth of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent. is declared on the earned premiums of the Company for the year ending
31st December, 1916, which are entitled to participate in dividend, for which, upon application. certificates
Will be issued on and after Tuesday the first of May next.
By order of the Board,
G STANTON FLOYD-JONES, Secretary,
TRUSTEES.
EDMUND L. BAYLIES,
ANSON W. HARD,
ANTON A. RAVEN,
JOHN N.BEACH,
SAMUEL T. HUBBARD.
JOHN .1. HIKER,
NICHOLAS BIDDLE,
LEWIS CASS LED YARD,
DOUGLAS ROBINSON.
JAMES BROWN,
WILLIAM It. LEFFERTS,
JusTus RUPERTI
JOHN CLAFLIN,
CHARLES D. LEVERIC41,
,
WILLIAM JAY SCHIEFFELIN,
GEORGE C. CLARK,
H.
SAMUEL SLOAN,
CLEVELAND H. DODGE.
NICHOLAS F. PALMER,
WILLIAM SLOANE,
CORNELIUS ELDERT,
WALTER WOOD PARSONS. LOUIS STERN,
RICHARD H. EWART,
CHARLES A. PEABODY.
WILLIAM A. STREET,
G.STANTON FLOYD-JONES, JAMES H. POST,
GEORGE E. TURNURE,
PHILIP A.S. FRANKLIN,
CHARLES M.PRATT,
GEORGE C. VAN TUYL,Jr.
HERBERT L. GRIGGS
DALLAS B.PRATT,
RICHARD H. 1VIL1IAMS.
A. A. RAVEN, Chairman of the Board.
CORNELIUS ELDERT, President.
WALTER WOOD PA RSON'3, Vice-President.
CHARLES E. FAY, 2d Vice-President.
ASSETS.
United States and State of New lief..k
Bonds
$
Stock and Warrants of the City of
New York and Stocks of Trust
Companies and Banks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall Street, William
Street and Exchange Place__
Real Estate on Staten Island (held
under provisions of Chapter 481.
Laws of 1887)
Premium Notes
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
In foreign countries
Cash in Bank
Loans

670,000.00
1,773,550.00
3,588,575.20
367.185.00
2,000,000.00
3,900.000.00
75,000.00
866,035.06
1,068.547.73

LI.4BILI7'IES.
Estimated Losses and Losses Unsettled in process of Adjustment
$ 3,632,239.00
Premiums on Unterrninated Risks__ _ 1,135,786.43
Certificates of Profit* and Interest
Unpaid
266,399.25
Return Premiums Unpaid
106,624.24
Taxes Unpaid
174,943.90
Re-Insurance Premiums on Terminated Risks
373,669.04
Claims not Settled, including Compensation, etc
158,309.94
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Premiums
22,557.84
Income Tax Withheld at the Source
1,210.29
Suspense Account
5,899.75
Certificates of Profits Outetanding..... 7.668.850.00

206,311.98
2,808,785.77
135,000.00

$17,453.090.74
513,546,488.68
Thus leaving a balance of
$3,912,502.06
Accrued Interest on the 31st day of December, 1916, amounted to
$49,286.30
Rents due and accrued on the 31st day of December 1916, amounted to
$25,933.03
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of
December, 1916, amounted to
$ 245,472.80
Note The Insurance Department has estimated the value of the Real Estate on Staten Island
in excess of the Book Value given above, at
$ 83790.90
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
$1,988,969.90
On the basis of these Increased valuations the balance would be

225 Fourth Avenue, New York City
Founded 1854
Tel. Gramercy 4798 Cable Address Quomakel
Transacts a general textile commission
business. Finances the entire produc.
tion of woolen, cotton, silk, underwear
and other mills and all lines of trade.
Discounts bills receivable with or without guarantee. Acts as factor and furnishes selling and storage facilities for
manufacturers, selling
agents, neer.
chants, &c.
Solicits Correspondence from Manufact•
um., for the sale and financing of
their ENTIRE PRODUCT

(engineers:1

THE
IGAWHilECOMPANIES
Purchasers
Contractors
Managers

Financies
Engineers
Operators

of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES

43 EXCHANGE PLACE, NEW YORK
LONDON

CHICAGO

SAN FRANCISCO

General Engineering &
Management Corporation
141 BROADWAY, NEW YORK.

Expert Operators and Engineers
of

Electric Light, Power, Water, Gas.
Ice and Street Railway Properties,
We are prepared at times to
offer Entire Issues of Public Utility First Mortgage
Bonds and Preferred Stocks.

Valuations, Reports and
Engineering.

General

Alten S. Miller

Alex. C. Humphreys

HUMPH REYS&MILLER,Inc.
ENGINEERS

$6,285,864.09

Power—Light—Gas'
NEW YORK

165 BROADWAY

DANIEL W. MEAD
SeHMIDT aALLATIN.
Members of the
New York Stock Exchange

111 Broadway
Now York

filettino
OFFICE OF THE UNITED OAS
IMPROVEMENT COMPANY.
N. W. Corner Broad and Arch Streets.
Philadelphia. March 2, 1917.
The Annual Meeting of the Stockholders of
The United Gas Improvement Company will be
held at the office of the Company, Northwest
Corner of Broad and Arch Sts., Philadelphia, on
Monday, May 7th. 1917. at 12 o'clock noon, for
the purposes of electing a President and six
Directors to serve for the ensuing year, considering and acting upon the subject of a proposed
Increase in the authorized capital stock of tho
Company from 1.110,414 shares of the par value,
of $50 00 each, to 1,221.456 shares, of the par
value of $50 00 each, and transacting such other
business as may properly come before the meeting.
'fhe stock transfer books will be closed from
3 p. in., April 25th, until 9 a. m., May 8, 1917.
By order of the Board of Directors.
W.CURRAN.
Secretary.




Our Record
years'
FIFTY-T W 0adminissuccessful
tration of Trusts.
While our existence is perpetual,
we cannot continue without the
good will and confidence of the
community. Our record proves
this. The cost of our service is
moderate and fixed by law.
The Union Trust Company of
New York is authorized to act as
Executor, Administrator, Guardian, Receiver or Trustee, and is
a legal Depository for funds of
every description. It attends especially to the management of
Personal Property and Real Estate
and to the collection and remittance of rents, interests and dividends.
Write for booklet
"Management of Your Estate."

UNION TRUST
COMPANY
OF

NEW

YORK

Eighty Broadway
Capital and Surplus $8,900,000

F. W.SCHEIDENHELM

Consulting
Engineers''

INVESTIGATIONS, REPORTS, DEBI('
AND CONSTRUCTION.

3

Hydro-electric developments dams, water
supply, flood control and reclamation works.
120 BROADWAY

NEW YORK

Stlining Cngineero
H. M. CHANCE & CO.
Mining Engineers and Geologists

COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
PHILADELPHIA

Drexel Bldg.

Adrian H. Muller & Son
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street

Regular Weekly Sales
OF

3TOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street